Major International Business Headlines Brief::: 18 January 2023

Wed Jan 18 10:14:55 CAT 2023

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Major International Business Headlines Brief::: 18 January 2023 

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

ü  South Africa: National Tragedy - Entire School Days Are Being Lost to Load Shedding

ü  Nigeria: Addressing Food Crisis Will Boost Jobs, Health, Climate Goals - Report

ü  Nigeria Has Enough External Reserves to Withstand Global Recession, Shocks - Govt

ü  Malawi: FDH Bank Partners Joyce Banda's Mwai for Soft Loans

ü  Nigeria: AfCFTA - Govt Calls for Trade Liberalization, Inter-Regional Synergy to Reap Benefits

ü  Nigeria: Despite Liquidity Squeeze, CBN Raises N4.74trn From Treasury Bills in 2022

ü  UK inflation dips but remains close to 40-year high

ü  UN workers' rights agency denies backing UK anti-strike laws

ü  Elon Musk trial: Prospective jurors call him narcissistic, smart

ü  Netflix offers pay of up to $385,000 for flight attendant

ü  FTX: Collapsed crypto exchange says $415m was hacked

ü  Alvin Chau: Macau gambling kingpin jailed for 18 years

ü  EU biometric border system faces more delays

ü  Covid: China 2022 economic growth hit by coronavirus restrictions

 <mailto:info at bulls.co.zw> 

South Africa: National Tragedy - Entire School Days Are Being Lost to Load Shedding

Millions of learners returning to school for the 2023 academic year are getting a nasty surprise: four to six hours of education lost because of rolling blackouts.

Stage 4 to Stage 6 load shedding, now being implemented indefinitely, cuts electricity for eight to 12 hours sending the learners out to recess for hours.

In most of the country's 24,900 schools, this means loitering on the school grounds as no-fee schools cannot afford electricity generators.

With load shedding at school during the day and at home in the evenings, learners battle to do homework while others get up at 3am to bathe just before the 4am to 8am schedule.

Nomusa Cembi, the spokesperson for SA Democratic Teachers Union (Sadtu), told Scrolla.Africa that schools that do not get natural sunlight are forced to stop functioning during load shedding.

"It has become quite urgent that Eskom resolves the load shedding problem because not all schools can afford generators and backup power.

"We are asking the government to pilot the introduction of solar power and other green energy solutions in schools."

So far in 2023, Eskom has implemented rolling blackouts every day in South Africa, and there are over 350 days of load shedding projected for the year.

This week, President Cyril Ramaphosa cancelled his scheduled trip to the World Economic Forum in Davos and assembled his National Energy Crisis Committee to find an immediate course of action to scale down load shedding.

The committee said at least 14 power generators are expected to return to service this week, while load shedding was scaled down to Stage 4 on Tuesday and then back up to Stage 5 on Wednesday.

At least 16,173 megawatts of generation capacity has been lost to breakdown in the national grid while a further 12 generators representing 5,804MW are on planned maintenance.

Necom announced the following measures to end load shedding;

· Approve the introduction of new power plants quicker

· Finish incomplete plants and refurbish others

· More money resources to be injected in six of Eskom's 14 coal fired power stations to ensure reliability

· 2,000 megawatts of power to come into the national grid (1000MW from neighbouring countries and 1,000MW from private producers)

· Fast track construction of renewable energy plants expected to produce 2,800MW

· The first of 100 private power stations is due to be completed this year. Together these plants are expected to produce 9,000MW.

-Scrolla.

Nigeria: Addressing Food Crisis Will Boost Jobs, Health, Climate Goals - Report

Abuja — A new report has established that early mover countries could accelerate the food systems transformation, boost job opportunities as well as meet targets on health and climate.

The report, Food, Nature and Health Transitions - Repeatable Country Models - offers insights into the actions and investments that can accelerate a country's transition towards food systems that deliver a stronger economy, better livelihoods for a more inclusive set of people, greater nutritional security and improved health, while causing a lower impact on the climate and nature.

The report was unveiled at the World Economic Forum Annual Meeting 2023, held in Switzerland.

Managing Director of the World Economic Forum's Centre for Nature and Climate, Gim Huay Neo, said, "Transforming food systems provide healthy and nutritious diets and dignified jobs for farmers and producers. This report shows how economic development with environment protection supports communities in climate adaption and mitigation efforts."

The report, written in collaboration with Bain & Company, presents "repeatable models" from seven "early mover" countries in Africa, Asia, the Americas, and Europe whose performance has been comparatively strong and whose examples and lessons are widely relevant.

Their stories of transformation identify common, repeatable elements, including the most critical actions and investments for driving change and how they should be coordinated.

Chief Economist at the UN Food and Agriculture Organization (FAO), Maximo Torero Cullen, said, "Depending on the country context, different pathways could be adopted to transform our agrifood systems for improved food security and nutrition and assuring sustainability. Scaling up climate resilience and strengthening our food environment to promote healthy diets are two key interventions with positive impacts on food security, nature, and health."

On his part, Co-Chief Executive Officer and Chief Financial Officer of Royal DSM, Geraldine Matchett, said, "When food fails, everything fails. We must work to transform our food systems to be resilient, sustainable, and healthy."

The report noted that a number of countries, including Ghana, India, and Viet Nam, have been able to evolve their food systems to improve a broader set of outcomes by unlocking the potential of small and medium-sized enterprises, particularly those that are farmer-allied and operating in local food chains.

Countries can also use innovation to improve productivity, sustainability, and nutritional outcomes, as demonstrated in Algeria, which has improved food security in the face of significant constraints on water availability, while Viet Nam has sustainably intensified its rice production.

The publication stated that farmers were more likely to adopt new practices if the economics work in their favour, but making this happen requires action from many stakeholders, it noted.

-This Day.

Nigeria Has Enough External Reserves to Withstand Global Recession, Shocks - Govt

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday admitted that although the projected global economic recession for 2023 appeared inevitable, with about $34 billion in the nation's foreign reserves, the projected headwinds shouldn't pose much threat to Nigeria.

The comment by the minister came on same day that the Senate directed her to liaise with the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, and submit details of President Muhammadu Buhari's N23. 7 trillion Ways and Means request, within three days, for scrutiny.

Speaking during an interview with Arise News Channel at the ongoing World Economic Forum (WEF) in Davos, Ahmed, also stated that the government was considering a gradual phasing out of petrol subsidy payments from April, instead of removing it in one fell swoop in June.

Ahmed further posited that she wasn't feeling 'betrayed' by the refusal of President Muhammadu Buhari to remove subsidy payments, having stuck out her neck on the issue for years without much success.

"It is quite likely that there will be a global recession. From the reports we've seen from the World Bank and the International Monetary Fund (IMF) and other forecasts, there will be a global recession. How it will affect the globe, of course will be different from sub-region to sub-region. But clearly there's going to be a decline in growth on a general basis," she projected.

She explained that even China was predicted to see a reduction in growth, partly because of the sustained economic impact of the COVID-19 pandemic.

"We have seen the resurgence of COVID-19 in some developed economies, especially China, but also the effect of the Russia Ukraine war that is having a global impact.

"The quantitative easing that is implemented by central banks across the world also contributes to high cost of interest, resulting in high inflation rate, which means people's spending power is weakened as a result. So there are all indications that there will be a global recession," she noted.

On the question of how Nigeria intends to weather the coming headwinds and whether Nigeria has enough foreign reserves like it did around 2008, when it had reserves of over $60 billion, Ahmed noted that at $34 billion, it was enough to sustain imports for six months.

"It is true we had higher reserves during the first global recession. Our reserves are now at $34 billion. So that is still a healthy level. It means we're able to meet at least six months of imports and other expenses into the country.

"It means we can withstand another global shock if we're able to carry through a coordinated response between the monetary, fiscal as well as trade authorities. We have learned a lot from the experience that we went through during the COVID. And it showed that when we plan as one, we can actually withstand the shocks," she explained.

According to her, the last recession in Nigeria was short-lived because of the coordinated response, which had not just government, but also private sector contributing to the efforts, including scaling back on some categories of government spending.

She maintained that Buhari has done well in terms of infrastructural growth even as the non-oil sector outperformed the cash cow, crude oil by a wide margin, a testimony to the efforts of the current administration to diversify the economy.

"Well, I will say that if you look at the numbers, the performance of the 2022 budget, you will see that oil and gas sector contribution was about 35 per cent, while the non oil sector had the largest contribution, but not only that, the non-oil sector contribution outperformed the budget by a very large proportion.

" For example, company income tax outperformed the budget by 158 per cent. So there's some foundational measures that have been taken that have enabled non-oil sector revenue to grow on a consistent basis and not just by a little bit but quite significantly.

"And secondly, the oil sector's contribution that was minimal in 2022 is looking good to pick up in 2023. The measures that the government has taken, a combined effort of security and intelligence agencies work have resulted in improved production from the oil and gas sector.

"And it looks like it will continue as well. Most of the fields that were previously not producing at the levels that they were supposed to produce can now produce at maximum capacity. And also, the oil price of the international market is still at a very reasonably high level.

"And we're doing a lot to encourage investments in gas so there'll be new and additional incremental streams that will come also from the gas sector, so we should be able to meet this.

"Then, also we introduced some new excise duties as some taxes, the full effect of which we will see in in 2023," she said.

But Ahmed admitted that Nigeria must rev up its revenue collection efforts in relation to debt, saying the government had embarked on borrowing to pay petrol subsidy.

"We have to improve on our revenue so that that revenue-to-debt service ratio improves. Again, we have had to borrow to be able to invest in our infrastructure. When this administration started, we had an infrastructure stock of about 22 per cent. We've been able to move that to 35 per cent.

"These are investments that are required to grow the economy on a sustainable basis. Also, we've been faced with two recessions. And we took expansionary stand to spend our way out of recession, because you cannot just contemplate what will happen," she posited.

On fuel subsidy removal, the minister said this year, it would be advisable to remove fuel subsidy, rather than waiting for June to withdraw payments which would hurt Nigerians.

"Where there is not enough revenue for government to buy the refined petroleum products, we have had to borrow to buy the petroleum products. So, if we take that out, that's about N3.25 trillion. That is a significant relief, that we don't incur any more than that number that we projected for in 2023.

She also pushed back on the question of whether she felt disappointed by the non-removal of subsidy despite all her efforts, stressing that it was a collective decision to retain the payments.

"Betrayed? No, It was a decision that was taken as a collective, recognising the fact that due to the lingering impact of the COVID-19 pandemic, and also heightened inflation, that removal of the first subsidy at that time will have increased more burden on the citizen.

"The president does not want to contemplate a situation where measures are taken that are further going to burden the citizens. So, the decision was to extend the period from June 2022 to 18 months, beginning from January 2022.

"So in June 2023, we should be able to exit. The good thing is, we hear a consistent message that everybody is saying this thing needs to go. It is not serving the majority of Nigeria's.

"What will be safer is for the current administration to maybe at the beginning of the second quarter to start removing the fuel subsidy, because it's more expedient if you remove it gradually, than to wait and move it all in one big swoop.

"So the idea for us in the budget, is that the subsidy costs should not exceed that N3.23 trillion. So whether it's done completely 100 per cent by June or by July, or whatever, it's a process," she said.

Senate Gives Finance Minister, Three Days Ultimatum to Submit N23.7trn Ways and Means Details

Meanwhile, the Senate has directed Ahmed to liaise with Emefiele and submit details of Buhari's N23. 7 trillion Ways and Means request, within three days, for scrutiny.

Buhari had in December last year's urged the Senate to approve the Ways and Means restructuring.

The red chamber, upon receiving the Presidential request, had set up an adhoc Committee chaired by the Senate Leader, Ibrahim Gobir, to carry out necessary legislative actions on it.

The panel then sent out invitations to the Finance Minister, the CBN Governor and other heads of federal ministries, departments and agencies that had direct connection with the fiscal document.

However, at the resumption of plenary after the New Year recess on Tuesday, Gobir informed his colleagues that the adhoc panel had not been able to sit because details of the Ways and Means Advances had not been provided by the executive arm of government.

The Chamber therefore ordered the Minister of Finance and the CBN Governor, to within three days, supply required information on the request to the ad hoc panel.

The red chamber warned that in view of presidential and National Assembly elections coming up next month, it would adjourn plenary this week or latest by Tuesday next week for practical participation in campaigns.

Senate's warning followed request made by Gobir for additional three days .

Gobir who rose through Order 40 of the Senate Standing rules under personal explanation, told the Senate that series of attempts made by the Committee from 28th December, 2022 to Tuesday, 17th January, 2023, to meet the Finance Minister and CBN Governor for the required details proved abortive.

He said: "As a special committee for urgent and thorough assignment, we hit the ground running immediately after composition on 28th of December last year.

"For required details on the N22.7trillion Ways and Means Restructuring, six vital questions were raised, five for the CBN governor and one for the Finance Minister, but their trips abroad, prevented us from asking them the questions.

"Now that they are around, we request the Senate to give us additional three days for thorough work on the assignment and submission of report," he said.

Obviously angry with Gobir's submissions, the President of the Senate Ahmad Lawan, in his response said the Ways and Means request from the president, was a very serious issue that must not be taken with levity by all those concerned .

He said the Senate was ready to approve the request after thorough scrutiny which could only be done if required details were provided by relevant officials from the executive arm of government.

Lawan said, "We must have necessary information for passage of the N22.7 trillion request and time is not on our side in the Senate now in view of coming general elections.

"If there is need for the Senate to sit up to Friday this week for thorough consideration and passage of the request, it will be done.

"However, the affected officials from the executive must also expedite action on provision of required information as regards documents authorising approval and disbursement of the monies totalling N22.7trillion," he said.

Meanwhile, the Senate has said it would adjourn plenary next week to enable lawmakers to embark on rigorous campaigns in their various constituencies in preparation for the forthcoming National Assembly elections.

The Senate President stated this during plenary in Abuja.

He said the break would enable lawmakers contesting for various offices during the 2023 general election to interact with their constituents and canvass for their votes.

He, however, said the Senate may possibly close this week if it was able to deal with urgent issues requiring its attention so that it would not have to sit next week.

-This Day.

Malawi: FDH Bank Partners Joyce Banda's Mwai for Soft Loans

Home-grown leading financial institution, FDH Bank plc has signed a memorandum of understanding (MOU) with the Market Women Activities Initiative, (MWAI) an organisation founded by former president and women rights activist and philanthropist Joyce Banda, to offer them soft revolving loans for the next five years.

FDH Bank Managing Director Noel Nkulichi made the commitment on Tuesday with MWAI's founder and former president Joyce Banda.

According to Nkulichi, hundreds of business women will have a chance to access up to K3 million loans to support their activities.

"FDH Bank believes in promoting and facilitating growth through various initiatives in the country under our sustainability program called FDH cares z

- This is a program that is pivoted on four pillars namely, Our People, Our Environment, Our Economy, and Our Community - The FDH Cares program is inspired by the Sustainable Development Goals and Malawi-2063 Masterplan.

"The partnership with MWAI is one of such partnerships that speak to Sustainable Development Goal Number 5 aimed at achieving Gender Equality and empowering all women and girls, consequently impacting the economy and community at large.

"FDH Bank plc is committed to both women empowerment and financial inclusion; both being championed through this initiative," Nkulichi said.

He further said that apart from being beneficial to the women, the country is also expected to benefit through increased number of women having access to banking services, and decreased number of unemployed women who will in-turn create jobs to complement the government's effort.

In her remarks, Madam Joyce Banda said the loans will empower the women of Small and Medium businesses through easy access to the loans.

"This is significant because it shows that we are growing. When I started the organisation, I was targeting market women. At first I was giving grants to those women at the bottom that needed to lift themselves.

"This partnership therefore recognizes that Malawian women are resilient and hardworking and have decided to lift themselves despite their education status. This now gives women an opportunity to access the loans without hurdles from FDH, the only bank that understood our concept," she said.

The former president started the organization in 2010 through her Joyce Banda Foundation.

-Nyasa Times.

Nigeria: AfCFTA - Govt Calls for Trade Liberalization, Inter-Regional Synergy to Reap Benefits

President Muhammadu Buhari, has called for trade liberalization and deepening in inter-regional synergy to reap the benefits of the African Continental Free Trade Agreement (AfCFTA).

Speaking at the 9th edition of the African Shippers' Day held in Lagos, the president stated that as African trade moves to a single market window, nations who are party to the agreement must ensure better inter-regional synergy hence stemming the fallbacks in trade as was experience during the Covid19 pandemic.

Represented by the Minister of State for Transportation, Mr. Ademola Adegoroye, stated that as the continent looks to reap the benefits of trading in the trillion-dollar African market, trade liberalization in the form of relaxation of tarrif and introducing favourable trade processes and policies would encourage free flow of goods from one African region to the other.

He said: "The imposition of export bans at the height of the pandemic showed just how exposed and vulnerable Africa countries are. Deepening regional integration to scale up supply capacity and build regional value chains is important to the continent's economic transformation.

"In Nigeria, AfCFTA would be a game changer when it comes to stimulating intra-African trade because the more ambitious the trade liberalization, the greater the expansion of Nigerian exports to it's African partners.

"The Nigerian Government have intensified efforts aimed at identifying new opportunities for diversification and value chains development under the AfCFTA and complementary actions considered necessary to overcome the existing constraints of intra-Africa trade"

Banking on Africa's teeming population, he stated that following the adoption of these reforms, trade would increase significantly among African nations with Nigeria among leading African nations to benefit from the increase in intra-African export.

-This Day.

Nigeria: Despite Liquidity Squeeze, CBN Raises N4.74trn From Treasury Bills in 2022

Despite liquidity squeeze in the economy, the Central Bank of Nigeria (CBN) raised a total of N4.74trillion via Nigerian Treasury Bills (NTB) in 2022, representing a decline of 21.64 per cent from N6.05 trillion raised in 2021.

The CBN raised fresh capital through the primary market (NTB) to mop up excess liquidity in the system and provide short-term bridging fund to support the federal government in its budget spending.

Data accessed by THISDAY from "government securities" auction results of CBN revealed that total offered amount at the primary market was at N3.98 trillion and it witnessed N9.22 billion subscription by investors.

THISDAY checks revealed that the stop rate on the first 91-day primary market auction in 2022 was at 2.5per cent and it moved to 2.75 per cent in December 28, 2022.

However, the stop rate on 365-day primary mark let auction ended 2022 at 8.49 per cent from 5.5 per cent it commenced the year under review.

It is worth noting that, despite the rise in the interest rate, increased inflationary pressure to 21.34per cent in 2022 still means that the NTBs printed a negative real yield of 12.85per cent.

Meanwhile, the uptrend in the 365-day NTBs interest rate is following the hawkish move by the CBN, raising the benchmark interest rate to 16.5 per cent in 2022.

A breakdown of trading activity revealed that at the two auctions in January 2022, a total of N206.95 billion, N588.70 billion and N281.30 billion were offered, subscribed and allotted, respectively.

"The stop rate for the 91-day bill was in the range of 2.49±0.01 per cent, compared with 2.50±0.01 per cent in the preceding month, while the 182-day instrument was in the range of 3.37±0.07 per cent, compared with 3.45±0.0 per cent in December 2021.

"Of the total subscription in the review period, there was strong investor preference for the 364-day paper as it accounted for 94.7 per cent of total bids and 96.5 per cent of total allotment, "said CBN in its economic report for January.

For February 2022, the bid and stop rates for the 91-day bill, 182-day bill, and 364-day bill trended downward.

Despite this, a higher total subscription and allotted of N1.05trillion and N472.97billion was recorded in February.

The NTB market in March show a N295.33 billion, N1,095.16 billion and N538.33 billion offered, subscribed to, and allotted compared with a total of N262.23 billion, N509.90 billion and N289.09 billion worth of NTBs were offered, subscribed to, and allotted, respectively in April.

For May 2022, the auctions conducted on behalf of the Debt Management Office (DMO), show a sums of N280.50 billion, N614.09 billion, and N311.35 billion offered, subscribed, and allotted, respectively.

In addition, the CBN NTBs for a 1-year tenor worth N158.04 billion, which was auctioned on June 27, 2022, accumulated a total subscription of N297.96 billion, representing 88.5 per cent oversubscription, albeit a 12.53 per cent real negative yield when it stop rate was at 6.07 per cent.

Further breakdown of the report for the month of June 2022 showed that the 91-day NTB recorded an under-subscription rate of 5.4 per cent, while the 182-day bill was oversubscribed at 702.12 per cent.

At the auctions in July , NTBs of 91-, 182- and 364- day tenors worth N407.55 billion, N231.80 billion and N133.68 billion were offered, subscribed and allotted, respectively and in August, NTBs of 91-, 182-, and 364- day tenors worth N446.15 billion, N395.37 billion and N342.86 billion were offered, subscribed to and allotted, respectively.

The economic report of CBN stated that, "NTBs of 91-, 182-, and 364- day tenors worth N431.16 billion, N248.90 billion, and N144.00 billion were offered, subscribed, and allotted relative in October to N515.68 billion, N867.17 billion, and N553.66 billion in September, respectively.

"The stop rates across all maturities increased to 10.5(±4.0) per cent, from 8.8(±3.3) per cent in September."

The report added that, "A breakdown of activities shows that total subscriptions for 91-day auction was N3.77 billion, 182-day auction, N13.23 billion and 364-day auction, N231.90 billion, compared with N14.83 billion, N18.52 billion and N833.82 billion in the preceding month, respectively.

"Total allotments for the 91-,182-, and 364- day auctions were N3.28 billion, N12.63 billion and N128.09billion, compared with N11.69 billion, N14.82 billion and N527.15 billion in September, respectively. The low demand could be due largely, to low level of liquidity in the banking system.

"With respect to demand for different maturities, investors maintained their preference for longer-term securities (364-day), as it accounted for 93.2 per cent of total subscriptions and 89.0 per cent of total allotments, "the CBN said.

-This Day.

UK inflation dips but remains close to 40-year high

UK inflation has fallen for a second month in a row but remains close to a 40-year high.

Inflation, which measures the rate of price rises, fell to 10.5% in the year to December, compared to 10.7% in November, official figures show.

The drop was due to fuel prices falling along with clothing and footwear prices, however, this was offset by rising costs in restaurants and hotels.

The cost of food also continued to rise last month in shops and cafes.

Inflation is the increase in the price of something over time and to calculate it, the Office for National Statistics (ONS) keeps track of the prices of hundreds of everyday items.

Lower inflation does not mean the prices of goods are going down, it just means prices are rising more slowly.

Some analysts believe that the cost of living may now slowly be beginning to ease.

-bbc

UN workers' rights agency denies backing UK anti-strike laws

The head of the UN's agency for workers' rights has denied the organisation backs the UK's tough new strike laws.

It comes after UK ministers repeatedly suggested the International Labour Organisation (ILO) supported government plans to enforce "minimum service levels" during public sector strikes.

The new laws are meant to protect the public from the impact of walkouts.

But unions have called them "undemocratic, unworkable and illegal".

The US labour secretary Marty Walsh has also told the BBC he disagrees with the idea of "minimum service agreements" for public sector workers, and suggested they may be detrimental to workers.

The UK's Strikes (Minimum Service Levels) Bill will give the government the power to unilaterally assert levels of service provision from striking workers in certain sectors, and could lead to workers losing their jobs or unions being sued.

It follows a wave of industrial action by frontline public sector workers such as ambulance staff, firefighters and railway workers, which the government says puts the public at risk.

UK ministers, including the prime minister, have repeatedly said that the ILO supports these "minimum service agreements" around the world.

But when asked about this at the World Economic Forum (WEF) in Davos, Gilbert Houngbo, the WEF's director general, said that while the organisation did not want to interfere in national discussions, "social dialogue" between employers and employees was especially important during the current economic downturn.

Mr Houngbo added that he was "very worried about workers having to accept situations" due to being faced with the threat of losing their jobs.

Powers for ministers unveiled in new strike laws

Unions criticise strikes bill as unworkable

He also told the BBC that British trade unions were able to file a complaint with the ILO to ascertain whether the UK was breaching international worker rights laws. The ILO "has been in discussions with the trade unions" over this, he said.

Hearing these answers from the ILO, US labour secretary Marty Walsh asked the BBC to ask him the same question about supporting "minimum service agreements".

Mr Walsh replied: "No. I don't know about the legislation. But I certainly will work with the ILO, [the United States] is a board member of the ILO as well… I would not support anything that would take away from workers."

Mr Walsh is the first former union leader to serve as US labour secretary for 45 years, and is President Biden's Cabinet minister responsible for workers' rights.

This autumn he spent 20 hours negotiating to avoid the prospect of a strike on freight train services.

After some unions did not back a negotiated settlement over a lack of sick pay, President Biden did ban their strike, imposing the settlement. Many individual US states also maintain restrictions on US public sector strikes.

The UK government has said it is introducing its anti-strike bill "to ensure that striking workers don't put the public's lives at risk and prevent people getting to work, accessing healthcare, and safely going about their daily lives".

Earlier in January, Prime Minister Rishi Sunak told parliament "the International Labour Organisation (ILO) supports minimum service levels… they're present in France, in Italy, in Spain".

And Business Secretary Grant Shapps added Germany to this list, also claiming the ILO "says that minimum service levels are a proportionate way of balancing the right to strike with the need to protect the wider public".

However, in a recent blog for the London School of Economics, Dr Ewan McGaughey, an expert on labour law at King's College London, said that these claims were untrue.

"In France, the so called 'minimum service' laws simply require 48 hours' notice for transport unions to strike, or five days for health workers. This is purely so that employers can find other staff to cover... There is no sacking or suing," Dr McGaughey wrote.

He added that rules in Italy, Spain and Germany were also less stringent than the UK's, and that the ILO did not "support" minimum service levels as Mr Sunak had claimed.

"It has never said a plan like [the UK's new bill] is a 'proportionate' balance. It requires that for any minimum service levels at all, unions 'must be able to participate' in setting them".

Unions are in talks about legal challenges to the UK's new bill, based on human rights law, but may also seek a judgement over whether the legislation conflicts with ILO labour rights conventions.

The post-Brexit trade deal with the EU mandates the UK and EU "respect" the ILO's conventions, including on freedom to strike.

A spokesman for the Department for Business, Energy & Industrial Strategy said YouGov polling suggested broad public support for the new laws, with 56% of those surveyed backing the government.

He added that the ILO recognised minimum service levels were a sensible solution to protect the public from serious consequences of strikes.

"We must keep the public safe, which is why we are introducing minimum service and safety levels across a range of sectors to ensure that lives and livelihoods are not lost," the spokesman said.-bbc

Elon Musk trial: Prospective jurors call him narcissistic, smart

Prospective jurors in a civil lawsuit against Elon Musk have mixed views of him - some calling him smart, and others saying he is "off his rocker".

Mr Musk, who is being sued by Tesla shareholders arguing he manipulated the firm's share price, has said he cannot get a fair trial in San Francisco.

He wanted the trial to take place in Texas - where he has moved Tesla's headquarters - but that was rejected.

A jury has been selected, after jurors completed a pre-trial questionnaire.

The case centres on 2018 tweets, saying that he would take Tesla private. US regulators removed Mr Musk as Tesla chairman because of the posts.

On 7 August 2018, he tweeted that he had "funding secured" to take the carmaker private in what would be a $72bn (£58.7bn) buyout.

In a second tweet, Musk added that "investor support is confirmed," and that the deal was only awaiting a vote by shareholders. No such deal went ahead.

"The claim is that the investors felt that they were defrauded by Musk's tweet, that he was considering taking Tesla private and critically, that he had funding secured for it," Robert Bartlett, law professor at the University of California, Berkeley, told Reuters.

"That turned out not to be the case. So when the stock price rose after the news, they allegedly bought, and then it collapsed when the truth came out. They claimed that that was fraud."

The Tesla CEO, however, argued that he believed he had secured funding from Saudi Arabia's Investment Fund, and did not commit securities fraud.

Twitter auctions bird statue and office furniture

"I think he's a little off his rocker, on a personal level," one possible juror wrote on a questionnaire asking whether they could be impartial.

"I truly believe you can't judge a person until you walk in their shoes," said another possible juror, who added that Mr Musk seemed "narcissistic".

Another person said Mr Musk had a "mercenary" personality because he's "willing to take risks… that's my image of him".

Another called him a "fast-rising business man", while yet another said he was a "smart, successful pioneer".

"I think he is not a very likable person," said one person, according to Yahoo.

When asked by the judge whether that meant she would not be impartial towards him, the woman responded:  "A lot of people are not necessarily likable people…. sometimes I don't like my husband."

Ultimately a jury of nine people was chosen, and opening arguments are set to begin on Wednesday.

Mr Musk argued that mass sackings at Twitter, a company he bought last year, affected many employees in the Californian city, and a fair trial couldn't take place there.

However, on Friday the judge said the trial would go ahead in California.

If a San Francisco jury rules in the shareholders' favour, Mr Musk could be ordered to pay billions of dollars in damages.

He has already paid $20m to the Securities and Exchange Commission (SEC) for the tweet, while Tesla had to pay another $20m.

His tweet has become legendary in Silicon Valley, as it showed the sheer power that Twitter can have.

Legal experts said they believe it will be a difficult case for Mr Musk to win, and that the fine he paid to the SEC will be used against him in the case. However, jury trials in cases of fraud are notoriously difficult to predict.

The case may see Mr Musk give evidence under oath. The witness list includes Oracle's CEO Larry Ellison and media tycoon James Murdoch. It is expected to last around three weeks.-BBC

Netflix offers pay of up to $385,000 for flight attendant

Netflix is hiring a flight attendant for one of its private jets - with the successful applicant being paid as much as $385,000 (£313,538) a year.

The streaming giant says it is looking for candidates with "independent judgement, discretion and outstanding customer service skills".

They should also be able to "operate with little direction and a lot of self-motivation."

Last year Netflix cut hundreds of jobs after a fall in subscriber numbers.

Will people sign up for Netflix's cheaper ad service?

How Netflix turned subscriber losses into growth

"The overall market range for this role is typically $60,000 - $385,000. This market range is based on total compensation (vs only base salary), which is in line with our compensation philosophy," Netflix said in a job listing on its website.

The company also said it determines an employee's salary by considering "compensation factors" such as their background, experience and skills.

The role - based in San Jose, California - requires travel in and beyond the US.

"The Netflix Aviation department provides exceptional, safe, confidential air transportation," it said.

The advert added that the team "helps Netflix reach the world more efficiently and effectively so the company can continue to create joy around the world."

The attendant's duties on a "Super Midsize Jet" will include inspecting emergency equipment in the cockpit, cabin and gallery before takeoff.

They will also have to be able to lift items as heavy as 13.6kg (30lb) when loading and stocking planes.

The average salary for flight attendants in the US is just over $62,000 a year, according to the US Bureau of Labor Statistics.

When contacted by the BBC, a Netflix spokesperson said the company "will not be commenting" on the details of how it calculates the salary of its flight attendants.

On Thursday the company is scheduled to announce its earnings for the last three months of 2022.

Last year Netflix said it had added 2.4 million households to its subscriber base in the three months to the end of September, reversing a decline in subscriber numbers.

Earlier in the year the company revealed its first fall in paying customers in more than a decade after raising prices in key markets.

Hit shows, including Stranger Things and Monster: The Jeffrey Dahmer Story helped attract viewers back to the service.

Netflix cut hundreds of jobs last year as it grappled with slowing growth and increased competition.

The firm has also launched a new streaming option with advertisements and is cracking down on password sharing as it tries to boost growth.-BBC

FTX: Collapsed crypto exchange says $415m was hacked

Collapsed cryptocurrency exchange FTX says that around $415m (£338m) of crypto has been stolen by hackers.

About $323m was hacked from its international exchange and $90m from its US platform since the firm filed for bankruptcy, FTX's CEO says.

FTX co-founder Sam Bankman-Fried has been accused of stealing billions of dollars from FTX users to pay debts at his other firm, Alameda Research.

Mr Bankman-Fried has pleaded not guilty to fraud charges.

Last week the company told a bankruptcy judge in Delaware that it had recovered more than $5bn in assets.

On Tuesday FTX provided further details, saying that it had recovered $1.7bn in cash, $3.5bn in so-called liquid cryptocurrency and $300m in liquid securities.

In finance the term "liquid" means that an asset can be easily converted into cash without affecting its value.

The firm also said that it had identified significant shortfalls at both its international and US exchanges.

However, it did not give an estimate of total liabilities.

Collapsed crypto giant FTX recovers $5bn of assets

UK investor reported losing £1m in FTX collapse

FTX founder released to parents on $250m bail

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.

Mr Bankman-Fried, who co-founded FTX in 2019, was one of the most high-profile figures in the cryptocurrency industry, known for his political ties, celebrity endorsements and bailouts of other struggling firms.

He was arrested in December in the Bahamas, where he lived and FTX was based.

Mr Bankman-Fried was extradited to the US, where he was freed on a $250m bail package. His bail conditions required that he wear an electronic monitoring bracelet and remain largely confined to the California home of his parents, law professors at Stanford University.

In a press conference last month, federal prosecutors said the meltdown at the platform, which allowed customers to buy and sell digital tokens, stemmed from "intentional fraud".

Prosecutors accused Mr Bankman-Fried of misappropriating FTX customer funds to pay debts at his other company, Alameda, and to make other investments.

They announced eight criminal charges, including wire fraud, money laundering and campaign finance violations. Financial regulators also brought claims against Mr Bankman-Fried. He has denied the charges.

Later on Tuesday, Mr Bankman-Fried reiterated his claim that "FTX US is solvent, as it always as been".

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

Alvin Chau: Macau gambling kingpin jailed for 18 years

Macau gambling kingpin Alvin Chau has been sentenced to 18 years in jail for more than 100 charges including organised crime and illegal gaming.

The 48-year-old was found guilty in a case that centred on illegal bets exceeding HK$823.7bn (£85.7bn; $105bn).

Chau, a high-profile and colourful figure in the local casino industry, had denied the charges.

Macau, a former Portuguese colony, is the only Chinese city where gambling is legal.

Chau was the chairman and founder of Suncity Group. It was Macau's biggest operator of junkets, or organised trips for wealthy gamblers to casinos.

It arranged for high rollers from mainland China to travel to Macau and gamble in the city's casinos, and offered loans to them. It also collected debts for casinos, and operated VIP rooms across Macau's casinos.

The businessman, nicknamed "Junket King", resigned in December 2021 days after his arrest.

Prosecutors had accused Chau of creating and leading a criminal syndicate that had facilitated undeclared bets. They said that as a result the government lost more than HK$8.26bn in tax income.

The court ruled in favour of the prosecutors for most of the charges, but acquitted Chau of money laundering. The high-profile case also involves 20 other defendants.

The gambling industry has been hit hard by coronavirus restrictions as well as a crackdown by the Chinese government's on money being moved out of the mainland.

In September, a court in the eastern Chinese city of Wenzhou jailed more than 30 people for cross-border gambling in connection with Chau's case.

Suncity shut all of its VIP rooms after Chau's arrest. But even before that the number of junkets in Macau had been on constant decline. There are now only 36 junket operators left, down from 100 in 2019, according to official figures.

With his slicked-back hair and tanned skin, Chau is a well-known figure in the Chinese-speaking world and a favourite among tabloids which have focused on his love affairs.

Local media labelled him 'Washing Rice Wa" after a sitcom character - though the name can also be seen as an euphemism for money laundering.-BC

EU biometric border system faces more delays

A new EU border control IT system which sparked fears of summer holiday queues at Dover has been delayed again.

The Entry/Exit System was due to be introduced in late May, having already been pushed back from last year.

A new timetable will aim to have the technology in place by the end of 2023.

Under the scheme people entering the bloc from non-EU countries - including the UK - will need to register fingerprints and a photo with their passport details.

Once travellers have given their fingerprints and details, that registration will be valid for three years.

During that time it must be validated every time someone crosses the border. This will replace passport-stamping.

The Port of Dover previously warned the time taken for initial registration at the port could cause queues.

The former boss of Eurostar, who left in the autumn, had also expressed concern.

Pushed back

Records from an EU agency's board meeting last week said the May 2023 date was "considered no longer achievable", blaming contractor delays.

The EU-LISA agency, which is based in Tallin and deals with big IT programmes for the bloc, is now planning a revised timetable.

A summary from a meeting last Thursday said: "Border crossing points should be fully equipped for the use of the Entry/Exit System by the end of the year."

The European Commission has been approached for comment.

Delay concerns

When travelling from Dover, entry to France is checked by passport officers at the UK port.

In September, Doug Bannister, chief executive of the Port of Dover, warned that it could take 10 minutes to register one car carrying four people.

The technology to be used was unclear, but if it was a tablet computer, it could cause delays as it was passed round in a car, he said at the time.

He warned the system seemed designed for an airport environment, rather than people travelling in vehicles, and the port had safety concerns around people being made to get out of their vehicles in the busy terminal.

However, a spokesperson for the UK government said on Tuesday that passengers would "not experience unnecessary delays at the border".

The government is "working closely with port authorities, operators and the French government to make sure passengers are prepared," the spokesperson said.-BBC

Covid: China 2022 economic growth hit by coronavirus restrictions

China's economy grew last year at the second slowest rate in almost half a century - in a sign of how the country's strict coronavirus regulations have affected businesses.

Official figures show the gross domestic product (GDP) of the world's second largest economy rose 3% in 2022.

That is way below the government's target of 5.5% but better than most economists had forecast.

Last month Beijing abruptly lifted its strict zero-Covid policy.

The policy had a major impact on the country's economic activity last year but the sudden relaxation of the rules has led to a jump in Covid cases that threatens to also drag on growth in the early part of this year.

Other than at the start of the pandemic in 2020, when full-year GDP expanded by 2.2%, last year's economic growth was the weakest since 1976, when the founder of the People's Republic of China Chairman Mao Zedong died.

"The data came in stronger than our expectation. Nevertheless, it reveals the hard hit to the Chinese economy from a zero-Covid policy and a property rout in 2022," Jacqueline Rong, deputy China economist from the BNP Paribas bank, told the BBC.

Experts have voiced caution over China's economic numbers - with some warning that the trajectory of the data rather than the figures themselves are a useful guide to how the country's economy is performing.

How China sneaks out America's technology secrets

China records 60,000 Covid-linked deaths in month

The US is beating China in the battle for chips

Other Chinese economic data such as retail sales and factory output for December, which were released along with GDP data, also beat expectations but were still weak compared to pre-pandemic levels.

"That is not bad news for the economy. It almost feels like household consumption held up well in spite of the surge of infections towards the end of last year," Qian Wang from the Vanguard investment firm said.

"We are heading into 2023 with stronger momentum... this will pose a lot of upside to economic growth," she added.

Economists have warned over the state of the global economy in recent months, pointing to several issues having an impact on growth.

Last week, the World Bank said that the global economy is "perilously close to falling into recession".

The organisation's latest forecast blamed a number of factors stemming from Russia's invasion of Ukraine and the impact of the pandemic.

It 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.

GDP is a measure - or an attempt to measure - all the activity of the government, companies and individuals in a country.

It helps businesses to judge when to expand and hire more people, and governments to work out how much to tax and spend.

On Monday, data released by China's National Bureau of Statistics showed that prices of new homes declined for the fifth straight month in December.

Prices in the final month of 2022 fell by 0.2% from a month earlier as Covid-19 outbreaks across the country hurt demand.

Last week, International Monetary Fund (IMF) managing director Kristalina Georgieva urged Beijing to continue reopening its economy.

"What is most important is for China to stay the course, not to back off from that reopening," Ms Georgieva said.

"If they stay the course, by mid-year or there around, China will turn into a positive contributor to average global growth," she added.

Yating Xu, principal economist at S&P Global Market Intelligence, told the BBC that she has seen signs of a gradual recovery in Chinese consumer activity since its reopening.

"The government's increasing pro-growth stance and the economic recovery entering 2023 reduces the likelihood of a pandemic-policy reversal," she said.

"However, the full reopening of mainland China's borders is likely to be delayed until international restrictions against China-originated travel are dropped," she added.

-BBC

Invest Wisely!

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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

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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.

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