Major International Business Headlines Brief::: 25 January 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 25 January 2023 

 


 

 


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ü  Amazon strikes: Workers claim robots are treated better

ü  Elon Musk says Tesla tweet was genuine in fraud case

ü  US accuses Google of 'driving out' ad rivals

ü  Eurostar trains carrying almost a third fewer passengers

ü  Twitter sued by Crown Estate over alleged unpaid rent at UK HQ

ü  Microsoft sees slowest sales growth in six years

ü  Royal Mail boss accused of giving inaccurate evidence

ü  Sales of toys under £10 fall as cost of living rises

ü  Ticketmaster apologises for Taylor Swift tour sales fiasco

ü  Debt costs help push government borrowing to 30-year high

ü  Uganda: Historic Day As Uganda Starts Drilling Its Oil

ü  Nigeria: Jubilation As Govt Registers Informal Sector Trade Union

ü  Nigeria: Inside the Multi-Million-Dollar Business Dispute Between
Emefiele and 'Brother-in-Law'

ü  Uganda: Energy Ministry Hands Over EACOP Construction Licence

ü  Nigeria: Naira Gains Across All Markets As FX Reserves Rise

 


 <mailto:info at bulls.co.zw> 

 


 

Amazon strikes: Workers claim robots are treated better

Amazon workers are staging the first ever UK strike against the online giant
on Wednesday in a protest over pay.

 

Members of the GMB union are walking out at Amazon's Coventry warehouse over
what they call a "derisory" 50p an hour pay rise.

 

Workers told the BBC about "severe" conditions, claiming they are constantly
monitored and upbraided for "idle time" lasting just a few minutes.

 

Amazon said it has a system "that recognises great performance".

 

A spokesman said it "also encourages coaching to help employees improve if
they are not meeting their performance goals".

 

But two Amazon workers, who are members of the GMB, said the robots in the
warehouse "are treated better than us".

 

Darren Westwood and Garfield Hilton described to the BBC how even a trip to
the toilet can lead to questions by managers.

 

"The thing with stopping work is that they want to know why," said Mr
Hilton. "So if the time is beyond a couple of minutes they can see it on the
system."

 

Mr Hilton, who has diabetes, said it is not always possible to find toilets
close by in the building and the process of locating one and returning can
sometimes take upwards of 15 minutes.

 

"They will then question you, 'what were you doing?'"

 

The men said that managers track staff performance, and time that is not
spent scanning items is accrued.

 

Workers at the Coventry warehouse scan stock which is sent out to Amazon
fulfilment centres, to be shipped to consumers.

 

Instead of scanning, workers might be asked to handle pallets. "So when
there's problems with a pallet or a box, that time will accrue," said Mr
Westwood.

 

"Technically it could add up to 30 minutes. [The managers] will come down
and say, 'during today, you've had 34 minutes of idle time. What were you
doing?"

 

A spokesman for Amazon said: "Performance is only measured when an employee
is at their station and logged in to do their job.

 

"If an employee logs out, which they can do at any time, the performance
management tool is paused."

 

But Mr Westwood and Mr Hilton said working conditions are taking a toll on
their colleagues, some of whom are working 60-hour weeks to keep up with the
cost of living.

 

Mr Hilton said that he has seen workers falling asleep on the short bus ride
to Amazon's warehouse. "There's a huge amount of them in the building
virtually in ghost mode."

 

He said Amazon wants "every minute in that building to be maximised".

 

"You have to look at it this way, if the box with the product is not moving,
you're not making money. This is Amazon. If there's a problem with a box,
it's a loss-maker. If the box leaves a building it is making money."

 

In August, Amazon offered workers a 50p per hour payrise.

 

A spokesman for Amazon said: "We appreciate the great work our teams do
throughout the year and we're proud to offer competitive pay which starts at
a minimum of between £10.50 and £11.45 per hour, depending on location."

 

He said this marked a 29% increase in the minimum hourly wage paid to Amazon
employees since 2018.

 

But union members want to be paid £15 an hour. Mr Westwood said the 50p
offer was "a smack in the mouth".

 

"These people had worked two years through the pandemic, that had seen
Amazon's shares go through the roof. They had seen the profits just become
unimaginable," he said.

 

Amanda Gearing, a senior GMB union organiser, told the BBC's Today programme
that Wednesday's strike action would have a "massive impact" on the Coventry
warehouse.

 

Of the 1,500 workers at Amazon's Coventry site, around 300 will walk out,
the union says.

 

"Coventry might be the start [of the strikes], but it won't be the finish,"
Ms Gearing said from the picket line. "We know there are workers in other
centres that feel exactly the same."

 

She added: "People are having to choose between heating their homes and...
eating really, so it's not good enough, not from someone like Amazon that's
got billions and billions of pounds of profit during the pandemic."

 

Amazon's global sales and profits soared as Covid restrictions forced people
to shop online. Between 2019 and 2020, profits nearly doubled to $21.3bn
(£17.2bn) and rose again the following year to $33.3bn.

 

Growth has been uneven since economies have reopened and after taking on
thousands of staff since 2019, Amazon is now laying off 18,000 workers
worldwide.

 

Mr Westwood said "people might think we're being greedy" by asking for £15
an hour. But he pointed to Jeff Bezos, Amazon's founder, executive chairman
and space adventurer, who has a $120bn fortune according to Forbes magazine.

 

"We don't want his boat or his rockets," said Mr Westwood. "We just want to
be able to live. I just want to be able to pay my bills at the end of the
week. That's all we're asking for."

 

Amazon said: "A tiny proportion of our workforce is involved. In fact,
according to the verified figures, only a fraction of 1% of our UK employees
voted in the ballot - and that includes those who voted against industrial
action."

 

But Mr Westwood said the numbers were "brilliant". Amazon does not recognise
unions but, according to the GMB, there are members scattered throughout the
UK in varying numbers.

 

Amazon has been battling against unionisation in the US.

 

More than half of the 8,000 workers at a warehouse on Staten Island, New
York, voted to join the Amazon Labor Union which has now been officially
certified. However, the company has vowed to appeal the certification.

 

Mr Westwood said the number of union members in Coventry was not small.
"Back in July [it] was 30 people. Now it's over 300," he said.

 

He said that there is a huge range of different nationalities who work at
Coventry. "They don't understand this is the UK - we can organise a union,
we can protest, we can withdraw our labour.

 

"[Our workers] need someone," said Mr Westwood. "I know it's going to be a
long slog, but these people need someone who's not frightened. And I'm not
frightened."-bbc

 

 

Elon Musk says Tesla tweet was genuine in fraud case

Elon Musk has told a court that he was trying to do the "right thing" when
he issued a tweet claiming he had enough backing to take Tesla private.

 

The boss of the electric car company is on trial after investors claimed the
2018 tweet cost them millions of dollars when a deal did not go ahead.

 

Mr Musk claims that he had met with a Saudi Arabia sovereign wealth fund
which indicated support for a deal.

 

But he admitted he never discussed a specific funding amount.

 

Mr Musk is accused of defrauding investors after he tweeted on 7 August 2018
that he had "funding secured" to take Tesla private at $420 (£341) per
share, and that "investor support is confirmed".

 

Am considering taking Tesla private at $420. Funding secured.

 

The tweet sent shares in Tesla soaring, but weeks later they fell back when
Mr Musk said the plan was no longer going ahead, causing a significant
backlash for the billionaire.

 

He was forced by the Securities and Exchange Commission (SEC), the US
regulator, to step down as Tesla's chairman and had to have any tweets
related to Tesla vetted by an independent committee.

 

He and Tesla were also fined $20m each to settle a claim by the SEC that he
had committed securities fraud.

 

At the jury trial in a San Francisco court on Tuesday, Mr Musk and his
attorney argued that the deal was seriously considered for about two weeks,
with discussions with major investors and other firms.

 

Mr Musk said he eventually scrapped the plan after his discussions with
smaller investors led him to believe they would prefer that the firm remain
publicly traded on the stock market.

 

"I felt it was important to be responsive to their wishes," he said, later
citing a letter he received from Cathie Wood, chief executive of Ark
Investment, a firm that manages billions of dollars worth in assets.

 

Mr Musk said he thought sharing his consideration of the potential buyout
was the "right thing" to do because he was worried an article in the
Financial Times about Saudi Arabia's stake in the company would put ordinary
investors at a disadvantage.

 

"I thought I was doing the right thing," he said on Tuesday, his third day
testifying in the case.

 

"I was concerned when receiving the Financial Times article that the
information had leaked and that some investors would be aware that I was
considering taking the company private and this would disadvantage other
investors, especially small shareholders."

 

On Monday, Mr Musk told a court in San Francisco that he had met with people
from Saudi Arabia's Public Investment Fund on 31 July, 2018.

 

He said that while a price for taking Tesla private was not discussed, he
claimed that the representatives from the fund made it clear they backed a
deal.

 

Mr Musk claimed Yasir Al-Rumayyan, the fund's governor, then appeared to
backpedal on the pledge.

 

"I was very upset because he had been unequivocal in his support for taking
Tesla private when we met and now he appeared to be backpedaling," he said.

 

'Not a joke'

Mr Musk was also questioned about how he decided on a price of $420 a share
and whether it was a reference to marijuana.

 

In American counterculture, the significance of 420 is said to have come
from a group of students in California in the 1970s who used to meet after
school at 4:20pm to smoke and to search for a patch of cannabis plants.

 

Later on, 20 April became a day when thousands of people gathered to
celebrate marijuana. In the US, dates are written with the number of the
month first, then the day - in this case 4/20.

 

Mr Musk, who has smoked cannabis in public but claimed not to be a regular
user, told the court: "420 was not chosen because of a joke; it was chosen
because there was a 20% premium over the stock price."

 

He added that there was "some karma around 420", though "I should question
whether that is good or bad karma at this point."

 

Mr Musk, who bought the social media platform Twitter for $44bn last year,
had told the court on Friday that he did not think that his tweets had
affected Tesla's share price.

 

"Just because I tweet something does not mean people believe it or will act
accordingly," he told jurors.

 

'Off his rocker'

Mr Musk will continue testifying on Tuesday. He had attempted to have the
trial moved from California to Texas due to concerns that a jury would be
biased against him due to media coverage of the businessman.

 

Following his takeover of Twitter, which is headquartered in San Francisco,
thousands of staff lost their jobs.

 

"We don't think we can get a fair trial in this district, period, full
stop," said Alex Spiro, a lawyer for Mr Musk.

 

Mr Spiro claimed: "The media reports are character assassinations."

 

The request was denied by Judge Edward Chen.

 

During jury selection, potential jurors expressed a wide range of opinions
about Mr Musk. Some described him as "smart" and a "genius".

 

Another said he was "a little off his rocker".

 

One woman suggested that "he is not a very likable person,"

 

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."-bbc

 

 

 

US accuses Google of 'driving out' ad rivals

The US Department of Justice (DOJ) and eight US states have filed a case
against Google alleging it has too much power over the online ad market.

 

Its anti-competitive actions had "weakened if not destroyed competition in
the ad tech industry", US Attorney General Merrick Garland said.

 

Google accused the DOJ of "doubling down on a flawed argument".

 

The case attempted to "pick winners and losers" in a competitive industry,
the firm said.

 

Online advertising accounts for the lion's share of Google's multibillion
dollar revenue.

 

Google is the market leader, but its slice of total US digital ad income has
fallen from 36.7% in 2016 to 28.8% in 2022, according to market research
firm Insider Intelligence.

 

More paywalls

Mr Garland alleged that Google's anti-competitive conduct extended into
three key areas:

 

It controls the technology used by nearly all major website publishers to
offer ad space for sale.

It controls the leading tool used by advertisers to buy ad space.

It controls the largest ad exchange that matches publishers and advertisers.

As a result of Google's scheme, "website creators earn less and advertisers
pay more", Mr Garland said.

 

It meant that fewer publishers were able to offer content without
subscriptions, paywalls, or other forms of monetisation.

 

Assistant Attorney General Jonathan Kanter alleged that the firm's actions
over 15 years had the effect of "driving out rivals, diminishing
competition, inflating advertising costs, reducing website publisher
revenues, stymieing innovation and flattening our public marketplace of
ideas".

 

But in a statement to the BBC Google said the legal action "attempts to pick
winners and losers in the highly competitive advertising technology sector.

 

"It largely duplicates an unfounded lawsuit by the Texas Attorney General,
much of which was recently dismissed by a federal court.

 

"DOJ is doubling down on a flawed argument that would slow innovation, raise
advertising fees, and make it harder for thousands of small businesses and
publishers to grow."

 

In a blog post Dan Taylor, vice president of global ads said the DOJ's
action would "reverse years of innovation, harming the broader advertising
sector".

 

Eight states

The almost 150-page complaint accuses Google of breaches of US antitrust law
and aims to "halt Google's anti-competitive scheme, unwind Google's
monopolistic grip on the market, and restore competition to digital
advertising".

 

It could lead to the break-up of the firm's advertising business if the
courts side with the US government. The Justice Department complaint asks
the court to compel Google to divest parts of its ad business.

 

The US states of Connecticut, California, Colorado, New Jersey, New York,
Rhode Island, Tennessee and Virginia are also joining the legal action.

 

This latest case follows a 2020 action launched during the Trump presidency
against the tech giant over its dominance in search.-bbc

 

 

Eurostar trains carrying almost a third fewer passengers

The boss of Eurostar has said its trains between the UK and Paris are
carrying 30% fewer passengers.

 

Chief executive Gwendoline Cazenave said with post-Brexit border checks and
current levels of border staff, there were "bottlenecks" in stations.

 

Eurostar is currently running 14 services per day between London and Paris,
compared with 18 in 2019.

 

Ms Cazenave said the company might not restore some services suspended last
year due to the problems.

 

"The thing is now we are not able to run the same transport offer as what we
had before in 2019, because of bottlenecks in stations," she said.

 

"We have a main issue in Eurostar terminals because of the new boarding
conditions between the UK and EU, because of the impact of Covid, because of
staff in the stations."

 

Ms Cazenave also said that Eurostar and both French and UK authorities were
working hard on solutions such as having more border staff.

 

Last year, Eurostar announced it was halting its direct service from London
to Disneyland Paris and also stopped services calling at Ebbsfleet or
Ashford International stations.

 

It cited reasons which included financial problems due to losses suffered
during the height of the pandemic and post-Brexit border checks - with more
time needed to stamp UK passengers' passports

 

Asked if the services would be reinstated in the future, Ms Cazenave said:
"We'll see, it depends on the way we can handle the big stations' issues."

 

She said the company's "objective" was to "be this backbone between big
cities", such as London, Paris, Amsterdam and Brussels.

 

"These are the main cities, these are the main markets.... we are working
for, which is our main role I would say," she said.

 

Currently, UK passengers travelling to the EU need their passport stamped
when they cross the border, which has caused delays.

 

An Entry/Exit System, or EES, will replace the checks, but the technology
has been delayed several times and is now due to be implemented at the end
of 2023.

 

But concerns have been raised that initial registration for the system could
cause delays to Eurostar services and lead to queues at the Port of Dover,
as 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.

 

Ms Cazenave told the BBC Eurostar was "pushing" for the system to be
completely digital, meaning people could register details at home before
they travel and it would "not be a bad customer experience".

 

"We know it's a big deal, we know it's a really big challenge," she said.

 

The Eurostar boss said the system would still work without "digitisation",
but added it would need "a lot of investment, anticipation and staff.

 

On Tuesday, Eurostar announced its new brand which involved a merger between
Thalys and Eurostar and said it hopes to carry 30 million passengers a year
by 2030.-bbc

 

 

 

Twitter sued by Crown Estate over alleged unpaid rent at UK HQ

Twitter is being sued by the Crown Estate over alleged unpaid rent for their
London headquarters.

 

The Estate - which oversees a property portfolio belonging to the King -
filed a claim against Twitter in the High Court in London last week,
according to Reuters news agency.

 

The alleged arrears relate to office space near Piccadilly Circus in central
London, the BBC has been told.

 

The social media giant has not responded to requests for comment.

 

It comes after Elon Musk, the world's second richest man, paid $44bn (£36bn)
to take control of Twitter in October last year before slashing more than
half of the firm's global workforce of around 7,000.

 

The Crown Estate took legal action after previously contacting Twitter about
rental arrears over office space at Air Street.

 

The Estate is one of the UK's largest landowners and an independent
commercial business, generating profit for the Treasury for public spending.
The monarch is then given 15% of the annual surplus of the estate, known as
the Sovereign Grant, to support official duties

 

It owns 10 million sq ft of property in London's West End, as well as the
seabed around England, Wales and Northern Ireland among other properties.

 

Mr Musk, who also owns Tesla and Space X, said Twitter now employs 2,300
people.-bbc

 

 

 

 

Microsoft sees slowest sales growth in six years

Microsoft sales have slowed sharply as customers facing economic strains cut
their spending on technology.

 

The firm said sales rose just 2% in the three months to December, to $52.7bn
(£42.7bn), the smallest quarterly increase in more than six years.

 

The update came just days after the firm said it would reduce its workforce
by roughly 5%, eliminating 10,000 jobs.

 

The tech industry has been hammered by job cuts in recent months, as
advertising and other spending slows.

 

Businesses are worried about the economy, while households that splashed out
on computers and other tech while stuck at home during the pandemic have
been cutting back, especially as the cost of living rises.

 

Microsoft said revenue tied to the Xbox video game system fell 12%, while
spending on its Windows products plunged 39%.

 

Sales growth in the firm's Azure cloud computing unit - seen by analysts as
a key growth driver for the firm - was better than expected, up 31%, helping
to lift the firm's shares in after-hours trade.

 

But overall profits sank 12% to $16.4bn.

 

Prior to the update from the company, Wedbush Securities analyst Dan Ives
wrote in a note that he thought the slowdown for Microsoft would be
temporary.

 

"Our recent conversations with customers and partners underscores our
confidence that [Microsoft] can ride out this economic storm and ultimately
be in a stronger position in the other side with cost cutting and strategic
measures already in place," he said.-bbc

 

 

 

Royal Mail boss accused of giving inaccurate evidence

The boss of Royal Mail, Simon Thompson, is to be quizzed again by MPs after
"hundreds" of complaints were made about the accuracy of evidence he gave to
a committee last week.

 

The Business, Energy and Industrial Strategy committee said doubts were
raised after Mr Thompson denied the firm tracked workers' productivity
through their handheld computers.

 

It also questioned his denial that Royal Mail prioritised parcels.

 

Royal Mail said it is happy to clarify.

 

Mr Thompson gave his testimony to MPs on 17 January as the company continued
its dispute with members of the Communication Workers Union (CWU).

 

Thousands of postal workers have held strikes in recent months in a
long-running row over pay and conditions.

 

The chair of the committee, Darren Jones, said that since Mr Thompson had
appeared before the committee, they had received "significant quantities of
evidence" to suggest his responses might not have been "wholly correct".

 

Mr Jones added: "Giving inaccurate information to a parliamentary committee,
whether by accident or otherwise, is taken very seriously.

 

"We must get to the bottom of these inconsistencies on behalf of parliament
and intend to do so during this additional hearing."

 

The committee said the claim that Royal Mail prioritises parcels over
letters - which Mr Thompson denied - would potentially compromise the
delivery of the universal service obligation, that guarantees a minimum mail
service.

 

Royal Mail has been delivering fewer letters as people use email and other
forms of communication instead. It recently asked the government if it could
stop letter deliveries on a Saturday, but promised to keep running a
seven-day-a-week parcel service.

 

The committee also said it wants Mr Thompson to clarify what he said about
employee sick pay arrangements.

 

A Royal Mail spokesperson said: "We welcome the opportunity to expand on any
points on which the committee would like clarification, and share the steps
we are taking to resolve this dispute and secure the long-term future of
Royal Mail for our people and customers.

 

"As the CWU launches its third ballot for industrial action today, we are
seeing an increasingly false narrative circulating on our pay and change
dispute," it added.

 

A CWU spokesperson said: "In the interests of democracy and public
standards, we wholeheartedly welcome this decision.

 

"Politicians tasked by voters to conduct scrutinising work with the greatest
possible knowledge and clarity have grave concerns about Simon Thompson's
evasive conduct."-bbc

 

 

 

 

Sales of toys under £10 fall as cost of living rises

Toy sales fell last year as parents facing the soaring cost of living held
back on low-cost impulse buys.

 

The number of toys and games bought fell by 6% compared with the previous
year, according to analysts NPD.

 

Parents typically bought toys of £30 to £50, but resisted children's pester
power at the tills, ruling out small and unplanned purchases.

 

Toys under £10 accounted for three quarters of the drop in sales, NPD said.

 

Melissa Symonds, its executive director, said the toy industry faced a
similar scenario during the financial crisis of 2008, but rebounded within a
couple of years.

 

She added that parents facing rising bills and prices had become very price
savvy, seeking out "choice and value".

 

About a third of shoppers compared prices online and in-store before
deciding what to buy in the run-up to Christmas. Such considered shopping
habits were another factor in the drop in lower cost toy sales, she
suggested.

 

In-store sales accounted for half of last year's total, up 6% on the
previous year, owing in part to concern over delivery disruption and there
being a full shopping week before Christmas Day which fell on a Sunday.

 

Among the most popular items were soft toys - such as Squishmallows -
building sets, action figures and vehicles.

 

Parents also increasingly bought toys and games for themselves.

 

Ms Symonds said that these so-called kidults may have been spending their
limited disposable income on puzzles rather than nights out.

 

More than one in four toys and games bought last year went to teenagers and
adults, according to NPD research.

 

Despite consumers shopping around on price, the toy industry is
comparatively resilient to economic downturns compared with other sectors.

 

Sales last year, by value, were down 3% compared with the previous year, NPD
analysis suggests.

 

The average price of a toy is £10.54. With price so important to consumers,
the toy industry has been lobbying the government over rules regarding the
sale of cheap, potentially low-quality products on internet marketplaces.

 

The British Toy and Hobby Association, which is holding its annual Toy Fair
at London's Olympia, said there was a risk of dangerous products being sold
by third-party sellers on these sites.

 

Spokeswoman Kerri Atherton said that these portals did not have the same
obligations as the rest of the industry, allowing third-party sellers to
list cheaper products without having to invest in quality and safety
controls.

 

She said the association had been pressing ministers on the matter for four
years, but now a product safety review was imminent.-bbc

 

 

 

Ticketmaster apologises for Taylor Swift tour sales fiasco

Ticketmaster has apologised to Taylor Swift and her fans during a US Senate
hearing, months after its system was overwhelmed by demand for her Eras
Tour.

 

Thousands of 'Swifties' were unable to buy seats due to the issue.

 

"We need to do better and we will," Joe Berchtold, president of Live Nation,
Ticketmaster's parent company, told lawmakers on Tuesday.

 

A bot attack was responsible for "a terrible consumer experience", he said.

 

Ticketmaster, which merged with Live Nation in 2010, has repeatedly faced
criticism from fans and politicians, who say it has too much control over
the live music market and artificially inflates the cost of tickets with
fees and service charges.

 

According to Senator Amy Klobuchar, who chairs the US Senate committee on
consumer rights, Ticketmaster is responsible for 70% of ticket sales in the
US.

 

"In truth, there is no other choice. It is a monopoly," she told MSNBC last
year.

 

Regarding the Swift tour, she added: "The high fees, site disruptions and
cancellations that customers experienced shows how Ticketmaster's dominant
market position means the company does not face any pressure to continually
innovate and improve."

 

Swift herself said it was "excruciating" to watch fans struggling to get
tickets, and that she had been assured Ticketmaster could handle the demand.

 

In its written testimony ahead of its Tuesday grilling by US senators, the
company explained for the first time how its systems had been targeted by
software "bots" used to illegally obtain tickets.

 

The attacks came despite the use of Ticketmaster's "verified fan" scheme,
which requires customers to pre-register their interest, allowing the
company to check whether they are genuine fans intending to see the show.

 

"We knew bots would attack... and planned accordingly," wrote Mr Berchtold.

 

'Terrible consumer experience'

"We were then hit with three times the amount of bot traffic than we had
ever experienced, and for the first time in 400 Verified Fan onsales they
came after our Verified Fan access code servers.

 

"While the bots failed to penetrate our systems or acquire any tickets, the
attack required us to slow down and even pause our sales. This is what led
to a terrible consumer experience that we deeply regret."

 

Mr Berchtold also acknowledged that the company should have staggered the
sales "over a longer period of time" to stop its systems being overloaded,
and that it should have done "a better job setting fan expectations for
getting tickets".

 

Penny Harrison was part of a small group protesting Ticketmaster outside the
Capitol building as the hearing unfolded.

 

She recalls spending nine hours trying to get Swift tickets for her three
children. At first she was frustrated, then emotional, and finally angry.

 

"I was pissed off," Ms Harrison said, adding that she missed two doctor
appointments in her all-day attempt to secure tickets.

 

"As I'm sitting in the queue looking, I'm seeing tickets going on resale
prices for $10,000 or $20,000 (£16,223)," Ms Harrison said. "And if you were
lucky enough to get tickets in your cart, they were gone before you had a
chance to pay it."

 

In the end, Mr Berchtold said 2.2 million tickets were sold, with less than
5% ending up on resale sites, where scalpers tend to charge inflated prices.

 

In response to other criticisms, he said Ticketmaster does "not set ticket
prices" and that "the majority" of added fees "go to the venue, not to
Ticketmaster".

 

Ms Harrison believes anyone interested in ever attending a concert or
sporting event "need to speak up, they need to get mad, and they need to
demand a change".

 

She is one of over 300 plaintiffs who have filed a class-action lawsuit
against Ticketmaster and its parent company, Live Nation.

 

According to the lawsuit, the companies imposed artificially high pre-sale,
sale, and re-sale prices on fans.

 

The debacle over Swift's tour prompted Tuesday's hearing by the Senate
Judiciary Committee, which will examine competition in the ticketing
industry.

 

As well as Live Nation, senators will hear from representatives of SeatGeek,
concert promoter JAM Productions and singer-songwriter Clyde Lawrence, an
outspoken critic of Ticketmaster's business practices.

 

Live Nation included several letters of support with its testimony,
including one from country star Garth Brooks, who called on US lawmakers to
take a tougher stance on ticket touts.

 

"My question is, as a country, why don't we just make scalping illegal?" he
wrote. "The crush of bots during an on-sale is a huge reason for programme
failure.

 

"And the one who always pays for this atrocity is the customer, the last one
on whom that burden should fall."

 

However, it is unclear whether Tuesday's hearing will prompt any meaningful
change, unless evidence is presented of anti-competitive practices by
Ticketmaster - for example, unfairly pressuring artists to use their
services.

 

The company has repeatedly denied any such dealings.-bbc

 

 

 

 

Debt costs help push government borrowing to 30-year high

Government borrowing hit a new high in December, driven by the cost of
supporting households with their energy bills and rising debt interest
costs.

 

Borrowing, the difference between spending and tax income, was £27.4bn, the
most for any December since records began in 1993.

 

Interest on government debt hit £17.3bn, more than doubling in a year.

 

The Office for National Statistics (ONS) said inflation was the main factor
behind the rise in borrowing.

 

While gas prices have begun to come down, the typical UK energy bill is
still almost twice what it was before Russia invaded Ukraine.

 

To help ease the burden, the government cut energy bills in England,
Scotland and Wales by £400 this winter.

 

It also launched the Energy Price Guarantee scheme, which limits average
household bills to £2,500 per year.

 

What is the energy price cap and what will happen to bills?

>From where does the government borrow billions?

It comes as inflation, the rate at which prices rise, is at its highest
level for 40 years, putting millions of households under pressure.

 

Grant Fitzner, chief economist at the ONS, told the BBC that the cost of
energy bill support had added around £7bn to the December borrowing figures.

 

Meanwhile interest payable on UK gilts, or bonds, which the government sells
to international investors to raise the money it needs, has risen sharply,
he said. This is because many gilts are "index linked", meaning the
government's repayments rise in line with the Retail Prices Index measure of
inflation which is currently at double-digit levels.

 

"If you stripped those two factors out, then underlying public sector
borrowing would have been lower than a year ago," Mr Fitzner told the Today
programme:

 

He said government borrowing was likely to fall once the energy support
schemes were no longer needed and inflation - which is thought to have
peaked - finally comes down.

 

'Deteriorating fast'

But Ruth Gregory, senior UK economist at Capital Economics, said the
borrowing figures "provided more evidence that the government's fiscal
position is deteriorating fast".

 

She said borrowing was well above what economists had expected, debt
interest payments were at an "eye-watering" level, government spending was
high, and there were "pressures from the weakening economy".

 

Chancellor Jeremy Hunt has said he will have to make "eye watering" public
spending cuts to get the public finances back on track.

 

He has also had to reverse swathes of unfunded tax cuts promised by his
predecessor, Liz Truss, after her plans sparked panic on financial markets.

 

Commenting on the latest borrowing figures, Mr Hunt said the government was
"helping millions of families with the cost of living, but we must also
ensure that our level of debt is fair for future generations".

 

He added that the government has "already taken some tough decisions to get
debt falling" as it tries to halve inflation and boost economic growth.

 

'Turned a corner'

The ONS said total public sector debt reached £2.5 trillion at the end of
December, or around 99.5% of UK economic output, or gross domestic product
(GDP) - a level last seen in the early 1960s.

 

December's figure took borrowing to £128.1bn so far in the financial year to
the end of March, £5.1bn more year-on-year.

 

Bank Governor Andrew Bailey said last week that inflation might have turned
a corner after it fell in November and December, adding that it is "likely
to fall rapidly" this year as energy prices fall.

 

However, Mr Bailey also warned that high rates of job vacancies meant
employees were in a strong bargaining position for wage rises which could
stop inflation falling as quickly.

 

At 10.5%, the annual pace of price rises is more than five times higher than
the Bank's 2% target at the moment.

 

Without two factors - the energy support schemes and higher debt interest -
borrowing would have been lower, the ONS says.

 

That raises an interesting question: why, given that Retail Prices Index
(RPI) inflation is a discredited statistic, does the government pay higher
debt interest at RPI?

 

It's consistently higher than the official measure targeted by the Bank of
England - the Consumer Prices Index.

 

The surprising answer is that the government doesn't, as you or I would,
seek to find the cheapest interest rate it can.

 

Instead it's issuing "gilts", also known as bonds, to suit big investors
such as private pension funds, whose payouts to customers are linked to RPI
and therefore need an asset linked to it.

 

This is one of many reasons why when the government borrows, it's very
unlike the borrowing a household or business does.-bbc

 

 

 

Uganda: Historic Day As Uganda Starts Drilling Its Oil

It was a momentous occasion on Tuesday when President Museveni launched the
spudding process of its oil in the Kingfisher area in Kikuube district to
ensure the East African country joins the club of oil producing nations in
the world.

 

Spudding is the process of beginning or commissioning of drilling a well
whether for exploration, appraisal or development or production and in
Uganda's case, it was for production purposes.

 

Speaking during the function, President Museveni reiterated government's
commitment to use oil and petroleum resources carefully for a long time now
that the country has got capacity and expertise on what to do in the oil and
gas sector.

 

"We shall look for all these oils and use them carefully for a long time,"
Museveni said.

 

He also saluted Ugandan scientists for discovering oil resources in 2006
after the British's initial attempt in 1920 that he said saw oil oozing to
the surface at Kibiro but later said it had evaporated according to the
report of the commissioner of Geology by then.

 

 

The president explained that a few days into government in 1986, a group of
experts from Shell VP came and wanted to sign an agreement with him about
oil exploration in Uganda but declined since he did not have anybody with
knowledge about oil in his government by then.

 

He later sponsored Ugandans to train in petroleum studies and after return
to the country in 1989, they embarked on the journey to discover oil that
they later in 2006 found.

 

"This is where I want to appeal to leaders. Avoid bumping into things you
don't know about. If you are not sure of something, ask and you will be
helped. I'm very happy for these people (scientists) who went for training.
When they came back, they didn't let us down. I thank them very much and I
salute them," Museveni said.

 

The president applauded the partner oil companies for bringing their
experience and resources to invest in Uganda's oil industry.

 

 

"I want to thank CNOOC for moving, I hope others are also moving. We are
therefore moving forward with the oil. For us here we are very careful. We
shall develop our oil resources but also develop solar energy."

 

On the other hand, the president urged Ugandans to engage in agriculture and
produce food that will be consumed by those working in oil fields.

 

"That is one of the areas where you can tap wealth."

 

The president however cautioned against encroachment on Bugoma forest that
he said is so influential in environmental protection.

 

The Vice President Jessica Alupo described the occasion as "a very big
milestone" for the country.

 

The Minister for Energy Ruth Nankabirwa also reiterated the role played by
oil companies to ensure the country reaches the milestone.

 

 

She noted that the refinery project continues to register significant
progress and the Albertine Graben Energy Consortium undertook front end
engineering and design that was approved by government in July 2022, adding
that the environmental social impact assessment study is also near
completion.

 

"We have made sure that we leave no stone unturned on all the international
requirements because we know that not everybody wishes Uganda and Africa
well. What we have done is to make sure that we have put in place all the
requirements. We are going to drill, knowing that we have taken care of
environmental, health and safety issues."

 

The Tanzanian ambassador to Uganda, Dr. Aziz Mlima who represented the
country's minister for energy said they remain committed to the EACOP
project and so far about $120 million has been contributed in addition to
compensating project affected persons.

 

The Chinese Ambassador to Uganda, Zhang Lizhong congratulated Uganda on the
spudding of Kingfisher Oil Field, describing it as an important milestone
not only in the development of Uganda's oil industry but also a major event
in China-Uganda cooperation that is celebrating 60 years of diplomatic
relations.

 

"The Kingfisher Oilfield Project invested by CNOOC is China's largest
investment project in Uganda now. I firmly believe that it will bring new
development opportunities to the Ugandan economy, and will certainly
contribute more to the practical cooperation between our two countries,"
Lizhong said.

 

The CNOOC Uganda Limited president, Chen Zhuobiao, described the event as a
great event as a great step towards achieving Uganda's first oil by 2025.

 

Earlier, President Museveni had commissioned the Kingfisher oil management,
waste management, treatment and disposal facility constructed by Luwero
Industries Limited; a subsidiary commercial arm of the UPDF.

 

The facility is located at Ikamiro -A- Village, Kyangwali Parish, Kyangwali
Sub County in Kikuube.

 

Kingfisher area

 

The Kingfisher Development Area, located South of Lake Albert in Kyangwali
Sub-county, Kikuube District covers an area of approximately 344 km2.

 

The Buhuka flat area where the Kingfisher oil field is located, has eleven
(11) villages.

 

The rea is operated by China National Offshore Oil Corporation (CNOOC).

 

The drilling rig, LR8001, arrived in Mombasa on September 12, 2022, and a
total of 280 trucks delivered it in bits at the Pad-2 site in the
mid-western Uganda district of Kikuube. Its erection and installation works
were concluded in November 2022 following third-party inspections.

 

According to the Petroleum Authority of Uganda, the oil and gas resources
that have been discovered in Uganda to date, are close to 6.5 billion
barrels in place in the Albertine Graben.

 

Out of the 6.5 billion barrels, the country expects to recover about 1.4
billion barrels, at a peak production rate of about 230,000 barrels per day.

 

 

 

Nigeria: Jubilation As Govt Registers Informal Sector Trade Union

Amid jubilation, the Federal Government, yesterday presented a letter of
approval of registration to an informal sector trade union, the Amalgamated
Union of App-Based Transport Workers of Nigeria, AUATWON.

 

A statement by the Head, Press and Public Relations, Ministry of Labour and
Employment, Olajide Oshundun, informed that the Minister of Labour and
Employment, Senator Chris Ngige made the presentation at a ceremony in his
office.

 

The membership of the new union comprises all app-based transport workers,
online transport services, and e-hailing drivers and operators in Nigeria.

 

 

Making remarks before the presentation, Ngige described the registration of
the new union as a milestone in labour administration, particularly in the
trade union services segment, adding that it marks a continued global
journey to formalise the informal sector, which constitutes the larger
population in the world of work.

 

The Minister noted that prior to now, the informal sector had been
unmanageable, owing to a lack of an identifiable structural framework to
harmonise and demarcate its diverse sectors.

 

Ngige said, "hitherto, we gave recognition and certification to workers in
the formal sector, including the private sector, such as banks, oil and gas,
insurance, among other technical areas, and the public sector workers in the
unions of pensioners, teachers and recently, the two newly registered
university-based unions, the Congress for University Academics (CONUA) and
the National Association of Medical and Dental Academics (NAMDA).

 

 

"Today, we are breaking new ground with those in the informal sector who are
employing themselves and from there, employing others. The promoters of
AUTWON applied for registration as a trade union on April 27, 2021, to cater
for self-employed persons in the field of IT-based transportation services.

 

"We considered necessary factors and perimeters, especially the global
movement, which is sponsored mostly by the International Labour
Organisation, ILO, to formalise the informal sector that has most of the
working population in the world of work, characterised and independent
owned-account workers.

 

"In our case today, we have a hybrid of the forgone in the informal economy
who own and operate economic units which may also further include employers,
and members of cooperatives and of social and solidarity economy units."

 

Ngige said they also considered the changing world of work oiled by
technology transformation as contained in the Centenary Declaration of the
ILO in 2019, especially the need to ensure that such transformative changes
were human-driven.

 

 

He said in view of these considerations, his ministry decided to register
AUATWON to enable the organisation of the new but growing segment of the
informal economy.

 

Besides the creation of jobs, he said the registration of the union, would
enable the government to monitor the security component of transportation
systems in Nigeria

 

"We are also backed by an international position on the unionisation of
workers who are self-employed. The need to ensure that such workers enjoy
trade union rights for the purpose of furthering and defending their
interest, which includes collective bargaining, has often been emphasised in
different fora, concerning the world of work.

 

"But for the self-employed, it is a different kind of collective bargaining,
tailored to suit the peculiarities of the self-employed segment of workers,
and the collective bargaining mechanism may transverse international shores
of Nigeria, as such apps are usually foreign-owned and operated."

 

In this regard, he urged the union to observe the provisions of Section 3 of
the Trade Disputes Act, CAP.T8, Laws of the Federation of Nigeria (LFN),
2004, which demands that they should deposition copies of Collective
Bargaining Agreements (CBAs) with the Honourable Minister of Labour and
Employment.

 

He charged them to also discharge their obligations under the Trade Unions
Act, CAP T14, LFN, 2004, such as the rendition of annual returns to the
Registrar of Trade Unions.

 

"The office of the Registrar of Trade Union (RTU) will gazette your
organisation in consonance with Sections 5(2) and (3) of the Trade Unions
Act, and 90 days will be given for those who want to object to your
existence. We will look at each petition on its merit and the RTU will write
a recommendation. Afterwards, we will invite you to give you the certificate
of registration to operate as a full-fledged trade union."

 

-Vanguard.

 

 

 

Nigeria: Inside the Multi-Million-Dollar Business Dispute Between Emefiele
and 'Brother-in-Law'

John Omoile, who is demanding $36 million in damages, accuses Mr Emefiele of
breach of contract, fraudulent inducement, negligent representation and
fraud.

 

The governor of Nigeria's central bank, Godwin Emefiele, is embroiled in a
multi-million-dollar legal battle that has torn apart a once close family
relationship. The legal tussle is separate from the troubles he faces over
the handling of his job.

 

Mr Emefiele recently sneaked out and back to the country to avert the
possibility of arrest by the State Security Service (SSS) who accuse him of
financing terrorism.

 

He faces growing criticisms over the policies of the Central Bank of Nigeria
(CBN) often blamed for some of the nation's economic woes and the scarcity
of newly introduced currency notes just days before the deadline it set for
phasing out the old notes.

 

As all of these happen, Mr Emefiele quietly grapples with a long-running
feud which climaxed in a $36 million suit filed against him by a
brother-in-law, John Omoile, in faraway Texas, the United States of America,
in 2021.

 

 

The legal duel between Mr Emefiele and Mr Omoile is still on at the US
District Court in the Northern Texas District.

 

Mr Omoile is demanding $36 million in damages for the losses he allegedly
suffered as a result of the CBN governor's alleged breach of contract,
fraudulent inducement, negligent representation and fraud in course of their
business partnerships.

 

Apart from tearing apart a familial relationship, the feud has defied the
larger family's interventions, recorded a violation of a settlement
agreement, and pitted lawyers engaged by both sides in the US against
themselves.

 

The case has passed through at least five Texas law firms apart from the
Nigerian lawyers keeping watch over the Nigerian end of the battle on behalf
of the warring parties.

 

 

With the case just starting in court for the third time, Mr Omoile has
indicated it will cost him $200,000 in attorney's fees.

 

Mr Emefiele, too, has complained to the court that it will be
extraordinarily burdensome for him to defend himself in the US, where he
does not reside.

 

He has urged the court to dismiss the suit and hold that Nigeria is the
appropriate jurisdiction to pursue the case, for reasons including the fact
that the settlement agreement which covered all the issues between him and
Mr Omoile was signed in Nigeria in 2014.

 

Background: Emefiele Vs Omoile

 

Mr Emefiele's wife, Margaret, and John Omoile, a dual citizen of Nigeria and
the US, are cousins raised in their teenage years by an aunt in Agbor, Delta
State, South-south Nigeria, according to documents filed in court.

 

 

 

 

Uganda: Energy Ministry Hands Over EACOP Construction Licence

President Museveni has witnessed the handover of the licence for the
proposed East African Crude Oil Pipeline (EACOP) by the Ministry of Energy
and Mineral Development.

 

This was done on Tuesday as the president launched the spudding process of
Uganda's oil in the Kingfisher area in Kikuube district.

 

The handover was done by the Minister for Energy and Mineral Development,
Ruth Nanakabirwa following the grant of the licence that is required to
enable EACOP to formally start on the ground construction activities in
Uganda as part of the development of the 1,443km, 24-inch diameter insulated
and buried crude oil pipeline that will start from Kabaale, Hoima in Uganda
to Chongoleani, Tanga in Tanzania.

 

The license was granted by the ministry, following the application submitted
on July, 1, 2022, in compliance and accordance with Section 10 of the
Petroleum Act 2013, Regulation 59 of the Petroleum Act 2016, and the East
African Crude Oil Pipeline Special Provisions Act 2021 and found
satisfactory.

 

 

"This marks another step forward for EACOP as it allows the commencement of
our construction activities in Uganda upon completion of the ongoing land
access process. We are grateful to the government of Uganda for the
expedited delivery of the application as per the commitment in the Host
Government Agreement (HGA) and the continuous support for implementation of
the EACOP project," said Martin Tiffen, the EACOP Ltd Managing Director.

 

The licensed upstream oil companies are leading the development of this
pipeline in Uganda: Total Energies (62% shares), CNOOC Uganda (8%), Uganda
National Oil Company (UNOC) [15%), and the Tanzania Petroleum Development
Corporation (TPDC) (15%).

 

The EACOP Managing Director earlier this month said they are three quarters
through the land acquisition process that he said was in some parts delayed
by the recent Ebola lockdown, especially in Mubende district which is one of
the areas where the pipeline is to pass.

 

"It is a linear process and we have to physically access all the 170
villages along the pipeline but we have teams out in the field for the past
eight months and will continue for the next four to five months to complete
the exercise. In some places we either had to resolve grievances or do
re-evaluation and field visits which have taken longer and in some areas,
project affected persons have issues like death of the head of the family
and the dependents need letters of administration. All these have delayed us
but will soon be done away with," Tiffen said.

 

 

Nigeria: Naira Gains Across All Markets As FX Reserves Rise

The Naira gained across investors and exporters (I&E) window and the
parallel market with predictions by various analysts of the trend sustaining
as foreign reserves records gains as well.

 

Last week, the Naira appreciated by 0.1 per cent to N461.50/USD at the I&E
window as the external reserve rose marginally rising by $2.61 million
week-on-week (w/w) to $37.21 billion as of 18 January 2023.

 

Commenting, analysts at Cordos Securities stated: "Nigeria's FX reserve
recorded another accretion, rising by $2.61 million w/w to $37.21 billion as
of 18 January 2023. In the same vein, the naira appreciated by 0.1 per cent
to N461.50/$ at the I&E window with total turnover at the window as of 19
January increasing by 10.6 per cent week-to-date to $527.52 million, as
trades were consummated within the N440.00 - N478.80/$ band."

 

 

They further added that they believe the FX liquidity issues will remain
over the short-to-medium term as they do not see any positive signal that
denotes an improvement in FX supply relative to the pre-pandemic levels.

 

They said, "Moreover, considering the tepid accretion to the reserves given
low crude oil production and elevated premium motor spirit (PMS)
under-recovery costs, FPIs which have historically supported supply levels
in the I&W will be needed to sustain FX liquidity levels in the medium to
long-term. Hence, we think further adjustments in the NGN/$ peg closer to
its fair value and flexibility in the exchange rate would significantly
attract foreign inflows back to the market."

 

Also, activities at the Interbank Foreign Exchange Forward Contracts market,
the spot exchange rate remained unchained from the previous week as it
closed the week at N445/$ from last week.

 

In their weekly report, analysts at Cowry Asset Management Limited stated:
"Our analysis of the Naira/USD exchange rate in the Naira FX Forward
Contracts Markets, the trend across most tenors closed negative. Thus, the
six-month Forward Contract was the lone gainer against the dollar as it rose
1.83 per cent week on week to N500.42 per dollar. Meanwhile the 1-month,
2-month, 3 month and 12-month contracts all skid by 0.63 per cent, 0.87 per
cent, 0.88 per cent and 1.38 per cent w/w to close at contract offer prices
of N479.62/$, N485.03/$, N486.55/$ and N531.47/$ respectively."

 

-This Day.

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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Skype:         Bulls.Bears 



 

 

 


 

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
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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

 


 

 

 

 

 

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