Major International Business Headlines Brief::: 19 July 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 19 July 2023 

 


 

 


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

 


 

 


 

ü  Tanzania: CCM Women Wing Chair Upbeat About Forthcoming Fishing Port

ü  Tanzania: Pemba Constructs Seawall to Protect Historical Tourists' Site

ü  Tanzania: Youths Under Bbt Programme Start Harvesting, Selling Produce

ü  Sudan: $49 Billion of Economic Loss and Looted Property in Sudan

ü  Africa: Continent's Biggest Port to be Partially Privatised

ü  Nigeria: Subsidy Removal - Nigeria's Daily Petrol Consumption Figure Reduces

ü  South Africa: Key Load Shedding Fighter Leaves Eskom

ü  Angola Continues to Focus On Investing in Digital Infrastructure

ü  Angola: President Tells Private Sector to Take Lead of Economic Growth

ü  Botswana: World Trade Centre President Praises Botswana

ü  McDonald's: Fresh harassment claims surface after BBC probe

ü  Jaguar Land Rover-owner to build UK battery factory in Somerset

ü  Russia: Chechen agriculture minister to run seized Danone unit

ü  McDonald's abuse: MeToo hasn’t helped these teenage workers

ü  Evergrande: Crisis-hit Chinese property giant reveals $81bn loss

 


 

 


 <https://www.cloverleaf.co.zw/>  Tanzania: CCM Women Wing Chair Upbeat About Forthcoming Fishing Port

THE chairperson of the Chama Cha Mapinduzi Women Wing (CWT), Ms Mary Chatanda has urged residents of Kilwa in Lindi region to protect construction project of the fishing port, whose completion will unleash economic potentials and create employments for them.

 

Ms Chatanda made the remark recently when she visited Kilwa district to inspect the implementation of the CCM Election Manifesto 2020 - 2025.

 

"Apart from protecting the project, the Kilwa residents have to cooperate with the contractor in implementing the project whose construction is carried out by a Chinese construction company, China Harbour Engineering Company (CHEC)," she underlined

 

 

In particular, she said, in implementation of the project, the government has allocated a total of 266bn/- to complete the construction that will take two years until completion.

 

The project has provided about 160 temporary and permanent jobs for Kilwa residents.

 

"Our President Dr Samia Suluhu Hassan has a good intention with residents of Lindi region and that's why she continues to allocate a more funds to implement the construction of fishing port that will stimulate the blue economy for individuals and the nation as a whole,"

 

Similarly, Ms Chatanda said that despite stimulating the blue economy, the envisaged port will also be attracting investors in the fishing sector, particularly in Lindi region and even protect the Kilwa district history.

 

In a related development, she said the project will attract trade and construction of fish processing industries in the region.

 

Kilwa District Commissioner (DC), Mr Christopher Ngubiagai, explained that upon completion the port will have socio-economic benefits.

 

"Once the project is complete it will increase the value of sea products due to the presence of a reliable market and will enable the Kilwa Masoko Council to get more revenue while increasing the individual output and the entire region as a whole," she said.

 

The DC also urged the residents to cooperate with the contractor in all stages of the project construction, including avoiding the evil acts, such as stealing construction materials.

 

Representative of the contractor, Engineer Yao Huafeng, said they are optimistic that the project will be completed on time and with high quality.

 

Completion of the port will allow three to 10 fishing vessels to dock, depending on size of the ship, while allowing about 30 small fishing boats to dock simultaneously.

 

-Daily News.

 

 

 

Tanzania: Pemba Constructs Seawall to Protect Historical Tourists' Site

Zanzibar — PLANS are underway for the Zanzibar government to construct a seawall of about 500 metres to protect 'Mkumbuu City ruins' from being washed away by rising sea levels.

 

The city is believed to have existed in the 11th century and it is one of the key tourists' attraction sites in Pemba Islands.

 

Some of the areas have been washed by the sea such as areas built in the 1st and 9th centuries, while other areas in Pemba and Unguja Islands are being threatened by rising ocean levels, resulting in shrinking land area for farming, resident, and salinization of freshwater for domestic use.

 

 

Mr Khamis Ali Juma, coordinator for Department of Museums and Antiquities in Pemba, said various strategies are being taken by his office under the Ministry of Tourism and Heritage, to ensure that the area of Mkumbuu is protected from sea water invasions.

 

"We have planned to construct a barrier measuring about five hundred metres to protect the historical site of Mkumbuu, along with rehabilitating other historic sites in Pemba Islands. The budget for the project is about 2.4bn/-," Mr Juma said, adding that the erosion and sea rise is due to the impact of climate change.

 

He said currently the 11th century Mosque is on the verge of disappearing, if adoption measures are not taken in time and that some historic sites are already under seawater or washed away after delays in taking adaption measures.

 

The coordinator emphasized that the Ministry understands risks of losing all historical sites close to the beaches and that strategies will be taken to protect the areas as they are important in attracting tourists, Zanzibar's leading source of income.

 

On his part, Mr Khalid Kombo Khamis, a senior officer from the Ministry of Tourism and Heritage said the effects of climate change continue to threaten some of the important historical sites in the country, including the Mkumbuu in Pemba.

 

According to the Director General (DG) of the Zanzibar Environment Management Authority (ZEMA), Mr Sheha Mjaja Juma, people living close to coastal areas and experts from his office should work together with support from the government and development partners to plan and implement climate change adaptation and mitigation measures to protect Zanzibar land from effects of rising sea.

 

-Daily News.

 

 

 

Tanzania: Youths Under Bbt Programme Start Harvesting, Selling Produce

AGRICULTURE Minister, Mr Hussein Bashe has been moved by the youths under the government's Building a Better Tomorrow: Youth Initiative for Agribusiness (BBT-YIA) programme who have started harvesting and selling their produce from the farms.

 

The youths have been selling their produce at the Bihawana Youth Training Centre in Dodoma.

 

Speaking to some of the young people who met him on Monday in Dodoma for thanksgiving and showing their produce, Mr Bashe said he was pleased with the results and the readiness of BBT youth.

 

"The BBT programme aims to address young people and women's challenges in the agriculture sector. What you have just presented today shows how successful the programme is and I am impressed. Your readiness is pleasing," he said.

 

 

Minister Bashe further encouraged the young people to expand the scope of distributing their harvests to various areas in Dodoma, including public offices, to meet demand of the consumers.

 

One of the beneficiaries of the programme, Ms Asia Msuya, thanked President Samia Suluhu Hassan for encouraging young people and women to participate in agricultural activities.

 

Ms Msuya explained that through the BBT programme, she gained agricultural knowledge and is now ready to farm professionally and earn income.

 

Another youth, Mr Razaki Mbaraka, said their group started delivering produce to consumers directly, a move that enables them to sell profitably and avoid middlemen.

 

"This is after we gained the knowledge about crop business that helps us avoid challenges that could have been experienced when using middlemen," he said.

 

Mr Mbaraka thanked the minister for motivating the young people to join BBT, which has proved success, so far.

 

In January this year, the Ministry of Agriculture announced a call for grant and soft loan applications for youth and women in agriculture.

 

According to the BBT-YIA booklet, over eight years, the programme aims to achieve 12,000 profitable enterprises across 12,000 villages in Tanzania.

 

This is done by training 200,000 youths and engaging 20,000 young people in internship programmes, as well as mentoring and coaching 15,000 youth-led agribusinesses through incubation programmes.

 

-Daily News.

 

 

 

Sudan: $49 Billion of Economic Loss and Looted Property in Sudan

Khartoum — Sudanese economists estimate the economic loss caused by the ongoing war over the past three months at $9 billion, or roughly $100 million per day, while the value of property and goods plundered is estimated at another $40 billion.

 

Economist Haisam Fathi told Radio Dabanga that these estimates are based on research conducted by economic experts. The war affected especially the industrial and banking sectors. The states where production is most affected are Khartoum and South Darfur.

 

 

The war also impacts exports, imports, investments, and production.

 

'The ongoing fighting damaged and destroyed much infrastructure'

 

"The ongoing fighting damaged and destroyed much infrastructure, especially for drinking water and power provision, and many health and educational services," Fathi said.

 

"Moreover, the magnitude of the losses of military equipment of both sides also seriously affects the state budget."

 

In early June, the economic loss was estimated at $4 billion, but it was noted that it would of course increase when the war continues.

 

Fathi suggested that the government should rely on the states in which the industrial production and the agricultural season are least affected while preparing the ports in Red Sea state for the resumption of most of the exports and imports.

 

The fact that salaries and entitlements have not been paid to employees for three months further complicates the economic situation.

 

The economist also warned of high rates of malnutrition and impending famine if the war would continue.

 

He called on the warring parties to listen to the voice of reason and stop the fighting.

 

-Dabanga.

 

 

Africa: Continent's Biggest Port to be Partially Privatised

Harare — In a first for South Africa's national ports business, the largest harbour in Africa, Port of Durban, will be operated and controlled in part by International Container Terminal Services Inc. of the Philippines.

 

"Private sector participation in Pier 2 is a key catalyst for repositioning the Port of Durban as a container hub port. We are delighted to have a global player of ICTSI's standing on board to drive this process," said Transnet Group CE Portia Derby.

 

Durban Harbour, the largest and busiest shipping terminal in sub-Saharan Africa, handling up to 31.4 million tons of cargo each year, was 364th out of 370 in a 2021 World Bank evaluation of container port performance, while two other Transnet ports were in the bottom 10.

 

According to the firm, Transnet will have a 50% plus one share ownership in a new company that will administer the port for 25 years and work to increase its yearly capacity.

 

 

"A new company will be formed to manage the operations at DCT Pier 2, in which Transnet will have majority ownership of 50% plus one share. The term of the transaction is 25 years, with an option to extend to a maximum of 30 years in the event that berth deepening of the North Quay at Pier 2 is delayed," Transnet said in a statement.

 

According to Transnet, there were six bids for the contract, including ICTSI, which runs terminals on six different continents. It was unclear if ICTSI would pay for its stake or if it would be required to pay for the expansion.

 

"A total of 18 responses were received to Transnet's initial call for request for interest in August 2021, nine of them from global terminal operators. Following this, a total of 10 bids were shortlisted in response to a request for qualifications. Of the shortlisted respondents, six bidders submitted proposals," Transnet said.

 

With its headquarters in Manila, the Philippines, and a publicly-listed corporation that is traded on the Philippine Stock Exchange and the Over-the-Counter Markets Group in the United States, CTSI is a prominent independent global developer and operator of origin and destination container terminals.

 

The company operates 34 terminal operations in 20 countries across six continents, including four in Africa.

 

 

 

Nigeria: Subsidy Removal - Nigeria's Daily Petrol Consumption Figure Reduces

NMDPRA says marketers can fix their prices, because it is a free market where there is competition.

 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday said the country's daily consumption of petrol has drastically reduced following the removal of subsidy by the Federal Government.

 

The daily consumption figure now stands at 46.38 million litres, down from the 65 million litres per day before the cut in subsidy.

 

The Chief Executive, NMDPRA, Ahmed Farouk, disclosed this during a stakeholders meeting with oil and gas downstream operators in Lagos.

 

He said that the figure represented 35 per cent reduction when compared with the 65 million litres per day, prior to subsidy removal.

 

According to him, an average truck out on daily basis for petrol consumption, after subsidy removal on May 29, reduced to 46.38 millions litres.

 

 

"The current daily petrol consumption has drastically reduced as against 65 million litres which had been the daily consumption before subsidy removal.

 

"In January, it was 62 million per litre; February, 62 million per litre; March, 71.4 million per litre; April, 67.7 million per litre; May 66.6 million per litre; June, 49. 5 million per litre and July, 46.3 million per litres," he said.

 

The NMDPRA boss said that the essence of the meeting was to review the downstream sector after the subsidy removal and also to thank marketers who had taken the offer to import petrol.

 

On petrol importation, Mr Farouk said over 56 companies applied for import licenses to bring in petrol, while only 10 made commitment to import.

 

He said that currently three marketers, namely Emadeb Energy, A.Y Shafa and Prudent Energy had imported petrol into the country.

 

He added that others, like 11 Plc, are also indicating interest to import petrol in August and September, respectively.

 

"The era of subsidy payment is gone, we encourage all marketers who are interested in importing petrol to apply for license.

 

"The meeting is to encourage marketers to import, so that there will be availability of petrol at every nooks and crannies of the nation.

 

"The marketers have the choice to fix their price, because it is a free market where there will be competition.

 

"It is no longer Nigeria National Petroleum Corporation Limited (NNPCL) dominating the market, there will be other players to compete with NNPCL.

 

"We do not want any dominant player in the market, that was why we liberalised the market for everybody to play, " Mr Farouk said.

 

Me Farouk said the Authority was working with the Federal Competition and Consumer Protection Commission (FCCPC), to checkmate marketers from taking unduly advantage of petrol consumers.

 

He said the NMDPRA would ensure consumer protection at every station, adding that the quality of products imported into the country would be scrutinised, to avoid substandard petrol.

 

"We will ensure safety, consumers protect and standard in ensuring quality control within marketers.

 

NAN reports that the meeting had in attendance managing directors of all downstream sector operators, delegation of Major Oil Marketers Association of Nigeria (MOMAN) and Depots Owners Association of Nigeria (DAPPMAN), among others.

 

NAN

 

-Premium Times.

 

 

 

South Africa: Key Load Shedding Fighter Leaves Eskom

Jan Oberholzer, the man Eskom tasked with managing the recovery of its Kusile and Koeberg Power Stations, is leaving the company.

 

His departure has huge implications for the resolution of the current power crisis.

 

Kusile Power Station is missing four generating units; 1, 2, 3 and 5, which together produce 3 200MW of electricity. That is effectively three stages of load shedding.

 

The current plan to stabilize the grid is heavily dependent on the recovery of this R161 billion coal plant.

 

Oberholzer was also contracted to manage the maintenance at Eskom's only nuclear power station, Koeberg.

 

The Cape Town plant is going through a maintenance programme designed to extend its lifespan by another 20 years.

 

Electricity Minister Kgosientsho Ramokgopa said he was worried that the work at Koeberg was at least 45 days behind schedule.

 

This means Koeberg would only produce 50% of its capacity this winter.

 

After 30 years at the power utility, Oberholzer retired in April but acting group CEO Calib Cassim asked him to stay on and oversee the recovery of Kusile and Koeberg. His resignation announcement comes just three months after he agreed to stay on.

 

On Monday, Eskom said it was parting ways with Oberholzer by mutual agreement, adding that his last day would be on 31 July 2023.

 

-Scrolla.

 

 

 

Angola Continues to Focus On Investing in Digital Infrastructure

Luanda — Angolan Head of State João Lourenço Tuesday in Luanda spoke of the country's commitment to continue investing in digital infrastructure in order to take full advantage of the benefits of the economy.

 

Delivering his speech at the opening ceremony of the Luanda International Fair (FILDA), João Lourenço mentioned the infrastructure linked to broadband networks, expand the fiber optic network and seeking to explore to the utmost the ANGOSAT satellite skills.

 

The Head of State said the country will expand internet access, promote digital inclusion and the development of digital skills, create a favorable regulatory environment and encourage technological innovation and digital entrepreneurship.

 

 

President João Lourenço also said that the digital economy plays a key role in the development and growth of countries.

 

"As the world becomes increasingly digitally connected, it is essential that Angola keeps up with the trend and seizes the opportunities offered by the digital economy to boost its economic and social progress," he said.

 

By removing physical or geographical barriers, the digital economy allows markets to be closer, technological innovation to be more accessible and entrepreneurship to be more vibrant.

 

He emphasized that the adoption of digital technologies can improve the efficiency and productivity of companies and organizations.

 

João Lourenço told the ceremony that the automation of processes, the digitization of documents, the implementation of management systems and data analysis can help improve operations, reduce costs and improve the quality of products and services, including in the public sector.

 

In his speech, the President thanked national and foreign entrepreneurs for their confidence in the political and economic reforms that the Executive is carrying out and for accepting the invitation to exhibit their products and services at FILDA.

 

He noted that the Angolan Executive has great confidence in the role of the private sector of the economy, because it believes that Angola will only have a strong and competitive economy if it has a strong business class.

 

The trade fair encourages exchange and diversification, bringing together national and foreign entrepreneurs in all its editions to establish business contacts, commercial and diplomatic relations with Angola.

 

The event gathers over 1,000 participants, exhibitors display products and services that will be on display until the July 22. AFL/SC/ADR/DAN/NIC

 

-ANGOP.

 

 

 

 

Angola: President Tells Private Sector to Take Lead of Economic Growth

Luanda — Angolan head of State João Lourenço Tuesday in Luanda encouraged the private sector to play the key role in driving the economic growth in the country, at a time the national economy faces the challenges in finding the new development paths.

 

João Lourenço launched the appeal at the opening ceremony of the 38th Edition of the Luanda International Fair (FILDA), adding that the Executive is permanently focused on the prevalence of a regulated, competitive and safe

 

market for business activity.

 

The statesman expressed the staunch commitment to improving the business environment and mindful that diversification is the only safer path for the country's economic, social and inclusive growth.

 

 

In his speech, João Lourenço guaranteed that the country will carry on the Support Production, Diversification of Exports and Substitution of Imports Programme (PRODESI).

 

He said PRODESI aims to increase the supply of essential consumer, food and industrial goods, as well as diversify the range of export products, in addition to allowing greater foreign exchange collection and an increase in job offers.

 

João Lourenço recalled that Angola has more than 50 million hectares of arable land, more than five percent of fresh water reserves, an ideal climate for agribusiness, a blue economy to be explored.

 

The holder of the Executive Power added that the country also has several sea ports and railways that guarantee the rapid flow and export of the local products.

 

 

As for the ensuring of the good business environment, the Statesman considered crucial the creation of infrastructure in the country to attract private investment.

 

"This is the way the Angolan government expresses its concern and do it by making investments in improving ports, airports, railways, roads, increasing the supply of water and electricity and telecommunications", said the head of State.

 

Addressing the event, which is taking place at the Special Economic Zone (ZEE), the Head of State announced the ongoing work for the completion of works on National Road 230, which connects Malanje to the eastern Lunda Sul and Lunda Norte provinces.

 

This year, he added, we started the works on the national road connecting the Nzeto and Soyo, in the province of Zaire, as well as the road Cabinda/Lândana/Miconje (Cabinda).

 

He also mentioned works underway on Sanza Pombo / Buengas (Uíge province), Luau / Marco 25 / Cazombo roads, as well as the Lumeji / Cameia / Luacano / Luau / Luzi / Cassamba and Cangamba road, in Moxico province.

 

President João Lourenço also said that Mavinga/Rivungo (Cuando Cubango) roads, as well as Cunji/Camacupa/Andulo (Bié province), Mussende (Cuanza Sul)/Cangandala (Malanje) roads are being rehabilitated.

 

According to president João Lourenço, the rehabilitation on the Munenga/Calulo and Luati bypass (Cuanza Sul) was approved, as well as on the Quiculungo/Bolongongo road, in the province of Cuanza Norte.

 

In his speech, the president said that the financing process for the execution of the Benguela / Lubango road (Huíla) is in completion stage.

 

As for the supply of drinking water, the Angolan statesman said that a plan is under way that aims to increase the supply of this good in the capital cities of provinces and municipalities to cater for the populations and industries.

 

As for the cities of Luanda and Lubango (Huila), which are experiencing a critical situation in terms of water supply, due to their large and disorderly population, the president said that the projects have already been approved and will start as soon as there are financing solutions.

 

The 38th Edition of FILDA gathers exhibitors from Portugal, Italy, Indonesia, Turkey, Germany, Japan and the United States. AL/FMA/ADR/TED/NIC

 

-ANGOP.

 

 

Botswana: World Trade Centre President Praises Botswana

Gaborone — Botswana has proved through the successful hosting of the US-Africa Business Summit that the country is capable of handling world class events and has a credible investment climate.

 

This was expressed by Ms Carla Stone, the president of the World Trade Centre in Delaware state in the US, during a courtesy call on President Dr Mokgweetsi Masisi at the Office of the President over the long weekend.

 

Ms Stone, who presented a tribute token from the Delaware House of Representatives, signed by all its members to President Masisi as an appreciation of Botswana's efforts and the business relationship being developed between the two, said Botswana's story was an enviable one of progress.

 

 

She said over the past week she was not only impressed with the hosting of the actual summit, but the presentation of Setswana culture, and how the diamonds for development story was told to the visiting delegates from the US and across the African continent.

 

Ms Stone said Botswana's prudent use of diamonds from being one of the worlds poorest and least developed countries at independence to investing in becoming a middle income state was an impressive one.

 

She said the state of Delaware, which was facilitating trade with Botswana, in partnership with the Ministry of Entrepreneurship, Botswana Investment and Trade Centre (BITC) for direct investment through the Special Economic Zones Agency (SEZA) was pleased to be doing business with this country.

 

Welcoming his guest, President Masisi said he hoped Ms Stone would relay the positive sentiments she expressed about Botswana to US President Joe Biden, who originated from Delaware.

 

He said Botswana and the US had enjoyed cordial relations since independence, and the partnership had continued to grow strong over the years.

 

Dr Masisi said Botswana prided itself in trading in authentic natural diamonds, and that they had been wisely invested in the development of human capital and physical infrastructure.

 

-Botswana Daily News.

 

 

 

McDonald's: Fresh harassment claims surface after BBC probe

Over 100 more former and current McDonald's workers have come forward to allege they faced harassment and bullying at the chain, following a BBC investigation.

 

The BBC's probe that found workers as young as 17 claiming they were being groped and harassed almost routinely.

 

Now more stories are surfacing, putting further pressure on McDonald's.

 

The chain said it had "stringent" standards and would investigate all allegations brought to it.

 

"There are clearly instances where we have fallen short and for that we deeply apologise," Alistair Macrow, chief executive of McDonald's UK & Ireland said in a statement given to the BBC.

 

The BBC's first investigation heard from 100 current and recent UK staff at outlets of the fast-food chain, who reported experiencing abuse, including sexual assault, harassment, racism and bullying.

 

After the article was published on Tuesday, a flood of others got in touch to share allegations of similar experiences, including parents of employees.

 

The new allegations made to the BBC include:

 

An older female manager forcing a younger worker's hand down her trousers and smacking her bum

Managers smoking cannabis and taking cocaine in the offices while at work

A manager dealing drugs to employees

Punching and other unwanted physical contact, passed off as "banter"

Sexual suggestions and comments made by managers to very young staff members, and about them in front of others

Name calling, including slurs

A manager threatening a staff member with a knife

Some workers told the BBC they felt too scared to report the alleged behaviour, others that they did complain but were ignored by managers or faced retribution.

 

Emily worked at a branch of McDonald's in the North West when she was 17. She told the BBC it was her first job after leaving college.

 

"The environment was really toxic - I was constantly being asked inappropriate things by other, male, crew members.

 

"At one point a manager groped me, and hit me on the bottom, and then laughed," she said.

 

"I didn't know who to go to... Everyone would have stuck up for the manager, so there was no one I could report to."

 

Emily said she told the manager who groped her, to leave her alone. She also emailed the company's staff support service to report him but received no reply.

 

Then, a week after the incident, she says she was fired for "being rude to staff". She is convinced it was because she spoke out.

 

On Tuesday, the prime minister described the allegations made to the BBC as "deeply concerning".

 

What counts as sexual harassment at work?

What counts as workplace bullying?

Caroline Nokes, chair of the Women and Equalities Select Committee, said the claims were "horrific" and were about power... older managers exploiting what is, at McDonald's, a very young workforce".

 

The chair of parliament's Business and Trade Committee, Darren Jones, said McDonald's should terminate franchise deals if branches were not following labour law correctly.

 

McDonald's said it took the additional reports brought to them by the BBC "extremely seriously".

 

The chain said it would look into all reports of harassment, abuse or discrimination of any kind and that proven allegations would be met with "the most severe measures we can legally impose, up to and including dismissal".

 

One allegation that was investigated at the time it was reported involved allegations of sexual harassment by a manager.

 

Caspar, who worked at a McDonald's in the West of England, claimed that a manager tried to kiss him while he was 17.

 

Caspar said that he had "backed away" but that the manager had put his hand on the back of Caspar's head, pulled it towards him and kissed him "on the lips".

 

The franchisee group supervisor interviewed Caspar about the situation, but the manager was not suspended.

 

McDonald's boss for UK & Ireland, Mr Macrow, said there was "simply no place for harassment, abuse, or discrimination" at the company.

 

The BBC began investigating working conditions at McDonald's in February, after the company signed a legally binding agreement with the Equality and Human Rights Commission (EHRC) in which it pledged to protect its staff from sexual harassment.

 

Mr Macrow said that more than 2,000 managers had completed full awareness training and that most restaurant teams were now working within the new protections, which aim to create "a safe and respectful workplace". He added that the company has stringent rules to ensure its workplaces around the world are safe and respectful.-bbc

 

 

 

Jaguar Land Rover-owner to build UK battery factory in Somerset

Jaguar Land Rover-owner Tata will announce plans to build its flagship electric car battery factory in the UK.

 

People familiar with the matter said the new plant in Somerset would be officially announced on Wednesday.

 

The government is providing subsidies worth hundreds of millions of pounds, sources said.

 

Some in the car industry have described the plant as the most important investment in UK automotive since Nissan came to Britain in the 1980s.

 

The investment could lead to the creation of up to 9,000 jobs around Bridgwater in Somerset. But its significance lies in the boost it will give to the car manufacturing sector as it transitions from petrol and diesel to making electric vehicles.

 

Batteries typically account for more than half of the value of an electric vehicle, so a reliable supply is expected to be vital for the future of the UK car industry.

 

The government has been criticised for lacking a clear industrial strategy and falling behind the US and EU in attracting investment in low-carbon technologies.

 

Some industry insiders hope that the Tata battery investment will open the door to further battery investments in the UK.

 

The UK currently only has one plant in operation next to Nissan's Sunderland factory, and one barely on the drawing board in Northumberland.

 

Another proposed battery manufacturer, in the north east of England, Britishvolt, went into administration earlier this year.

 

By contrast the EU has 35 plants open, under construction or planned.

 

The government has outlined a series of net zero goals, including a ban on the sale of new petrol and diesel cars from 2030. However its most recent five-year programme has been criticised for failing to provide the money and legislation required to meet those goals.

 

The UK also exports a large number of cars, and its overseas markets are committed to the transition to electric vehicles.

 

New global engine maker to have headquarters in UK

Trade deal will benefit UK if we use it - Badenoch

The new factory in Somerset will initially supply batteries for a new range of electric Jaguar and Land Rover models.

 

Tata Group, an Indian multinational, did consider a rival site in Spain for the battery plant. Its decision to choose the UK is likely to be viewed as a big win for Britain by the government.

 

However, sources said a significant level of subsidy has been provided, which are likely to be in the form of cash grants, discounts on the cost of energy, and training and research funding. The size of the incentive package has not been disclosed.

 

As well as owning Jaguar Land Rover, Tata has extensive steel interests in the UK including the Port Talbot plant in South Wales and the government is also expected to offer around £300m to subsidise, upgrade, and decarbonise those operations.

 

A UK government spokesperson said it would not comment on ongoing negotiations with a private company.

 

Parliament's cross-party Business and Trade Committee is holding an inquiry into the UK's electric vehicle battery manufacturing sector.

 

Its chairman Darren Jones, said Tata's decision to site the new plant in the UK was "very welcome" but raised questions over the scale of the subsidies provided.

 

"We will want to reflect, however, on the subsidy package that was required to secure this decision and if this approach is scalable to meet the need for further battery manufacturing sites for other car companies across the UK."

 

Those concerns were echoed by the FairCharge group, which represents other companies in the electric vehicle sector.

 

FairCharge's founder, Quentin Willson, said there was a fear in the industry that Tata's investment could "sweep up" all available government support.

 

"I truly hope that other companies in the battery, critical minerals, charging and EV supply chains won't be neglected," he said.

 

Andy Palmer, former executive at Nissan and Aston Martin - who is now at EV charging firm Pod Point - said the UK needed a strategic industrial strategy to "lift all boats".

 

"Support must come in all shapes and sizes for businesses of all shapes and sizes," he said. "One gigafactory doesn't equal success, it equals part of the puzzle."-bbc

 

 

 

Russia: Chechen agriculture minister to run seized Danone unit

Moscow has appointed a Chechen minister as the new head of yoghurt maker Danone's Russian subsidiary, according to the Spark-Interfax database.

 

Yakub Zakriev is listed as the firm's general director on the Russia-based professional information platform.

 

He is a deputy prime minister and the agriculture minister of the Russian republic of Chechnya.

 

On Sunday, the Russian units of Danone and beer giant Carlsberg were put under "temporary management" of the state.

 

President Vladimir Putin introduced new rules this year allowing Moscow to seize the assets of companies from "unfriendly" countries.

 

It came after many major Western companies halted their operations in Russia following the invasion of Ukraine.

 

Before they were put under state control, Danone and Carlsberg were in the process of selling their Russian businesses.

 

Danone's operation in Russia is the country's largest dairy company, with around 8,000 employees.

 

It was estimated that the sale of the business would result in a €1bn ($1.1bn; £861.7m) hit for the French company.

 

Russia seizes control of Danone and Carlsberg units

What sanctions are being imposed on Russia?

Mr Zakriev is reportedly the nephew of Chechen leader Ramzan Kadyrov - a key ally of President Putin.

 

He was appointed to the top job at Danone Russia on Tuesday, Russian media outlets reported.

 

It came as Taimuraz Bolloev was named as director of the Carlsberg's Russian unit Baltika Breweries, according to the Financial Times.

 

Kremlin spokesman Dmitry Peskov did not immediately respond to a BBC request for comment.

 

On Sunday, an order signed by Mr Putin placed the shares of Danone Russia and Carlsberg's Baltika Breweries under the control of Russian property agency Rosimushchestvo.

 

Danone, which started the process to sell its Russian business last October, said at the time that it was "investigating the situation".

 

Carlsberg said it had signed an agreement to sell Baltika Breweries last month but had not yet completed the deal.

 

The Danish brewer also said "the prospects for this sales process are now highly uncertain".

 

Carlsberg subsidiary Baltika produces some of the most recognisable beer brands in Russia, with 8,400 employees across eight plants, according to Carlsberg's website.

 

Danone and Carlsberg did not immediately respond to BBC requests for comment.-bbc

 

 

 

McDonald's abuse: MeToo hasn’t helped these teenage workers

McDonald's workers are so young that most of them were at school when the MeToo movement burst into life.

 

It was 2017 when the New York Times published its first story about the Hollywood mogul Harvey Weinstein. The scandal and his eventual imprisonment for rape and sexual assault led to people around the world opening up about their own experiences of sexual harassment.

 

Since then, the stories have tended to follow the same trajectory: a powerful man in a powerful place is brought low because of his behaviour towards female and sometimes male colleagues.

 

The scalp-collecting receives so much media attention you could be forgiven for thinking that the MeToo reckoning is reaching every corner of our society. After all, CEOs have workplace culture on their radars like never before.

 

Yet, here we are, six years on, and teenage McDonald's workers are telling us that behind the counter they're facing a hostile environment.

 

A graphic showing McDonald's employment stats

McDonald's doesn't run its restaurants - the overwhelming majority are franchises - but there's a limit to the room for manoeuvre given to these businesses. The Corporation requires them to ensure "uniformity and commitment" to the McDonald's brand. In other words, a customer can expect the same experience, the same quality of service, in every McDonald's restaurant in the country.

 

To achieve this uniformity, corporate HQ imposes strict rules on how these companies operate. There are inspections to make sure that each store is complying.

 

The question then is this: if they can ensure that a burger tastes the same whether you're in Carlisle or Canterbury why can't McDonald's ensure that every restaurant is imposing a zero-tolerance approach to sexual harassment?

 

Corporate HQ says it takes sexual harassment seriously, and there are lots of policies in place. For example: there's the training that's been rolling out for all the employees since the beginning of the year. There's a confidential staff survey and a helpline that people can call.

 

But our investigation raises questions over whether McDonald's is in danger of relying too much on young crew members to speak up.

 

When we first contacted McDonald's employees, they were incredibly nervous about talking to us. It wasn't just that they were worried about losing their jobs - they were also scared of being found out to be a snitch. Over four months we travelled the country to meet them and build trust. We promised anonymity if they would talk. Over four months we spoke to more than 100 employees who wanted to tell their stories. But in the end, we could only convince a handful to go on the record.

 

It's hardly surprising they're scared. Many join McDonald's at 16. It's their first ever job. They're supposed to respect authority. Yet too often, we're told, the people in charge are not behaving like the grown-ups in the room.

 

And the rooms are small. That's the other striking thing about this story. We're not talking about department stores here - we were told repeatedly about how cramped the kitchens can be. In such tight spaces, it's hard to believe that a store manager can't get a pretty good idea, pretty quickly, of how staff are treating each other. In a statement McDonald's told the BBC there was "simply no place for harassment, abuse, or discrimination" at the company.

 

Our interviewee, 18-year-old Shelby from Berkshire, gave her verdict: If McDonald's was really serious about sexual harassment, they'd do something about it.-bbc

 

 

Evergrande: Crisis-hit Chinese property giant reveals $81bn loss

Crisis-hit Chinese property giant Evergrande has revealed that in 2021 and 2022 it lost a combined 581.9bn yuan ($81.1bn; £62bn).

 

The firm, which defaulted on its debts in late-2021, reported its long overdue earnings to investors in Hong Kong.

 

Evergrande has been struggling with an estimated $300bn (£229bn) of debts.

 

The huge losses highlight how much the developer was rocked in recent years by the property market crisis in the world's second largest economy.

 

In filings to the Hong Kong Stock Exchange late on Monday, the company said it lost 476bn yuan in 2021 and 105.9bn yuan last year.

 

That came as revenue more than halved over the two-year period.

 

Evergrande said the losses were due to a number of reasons, including the falling value of properties and other assets as well as higher borrowing costs.

 

Shares in the firm, which was once China's top-selling property developer, have been suspended from trading since March last year.

 

Why people in China stopped paying their mortgages

Crisis-hit Evergrande offers restructuring plan

China's real estate industry was rocked when new rules to control the amount big real estate firms could borrow were introduced in 2020.

 

The following year, Evergrande missed a crucial deadline and failed to repay interest on around $1.2bn of international loans.

 

Its financial problems have rippled through the country's property industry, with a series of other developers defaulting on their debts and leaving unfinished building projects across the country.

 

Earlier this year, Evergrande laid out plans to restructure around $20bn in overseas debt.

 

The company racked up debts of more than $300bn as it expanded aggressively to become one of China's biggest companies.

 

Over the last decade and a half the company's expansion encompassed a wide range of industries including sports, entertainment and electric car making.

 

In 2010, Evergrande took control of Guangzhou FC and changed its name to Guangzhou Evergrande Taobao FC.

 

With an infusion of new money, the squad was strengthened and it immediately won promotion to the top tier of Chinese football. From 2011 it won the Chinese Super League title eight times, including seven seasons in a row.

 

Last year, the club was relegated from the Super League, while Evergrande's plans for a $1.8bn stadium were shelved. The club has also reverted to its previous name - Guangzhou FC.-bbc

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


CBZ

AGM

Virtual

July 21 2023 | 4pm

 


POSB

AGM

Chapman Golf Club

July 25 2023 |10am

 


Afdis

AGM

Virtual | St Marnocks, Lomagundi Road, Stapleford

July 26 2023 | 12pm

 


RTG

AGM

Rainbow Towers Hotel

July 27 2023 |12pm

 


ZHL

AGM

206 Samora Machel Avenue

July 28 2023 | 10am

 


Delta

AGM

Virtual | Head Office, Northridge Close, Borrowdale

July 28 2023 | 12:30pm

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <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 s 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 d 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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