Major International Business Headlines Brief::: 20 July 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 20 July 2023 

 


 

 


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ü  Congo-Kinshasa: DR Congo Signs U.S.$1.9 Billion Mining Deal With UAE

ü  South African Power Station Refurbishment Delayed Amid Blackouts

ü  Tanzanian Govt Ordered to Pay Australian Firm Over U.S.$100 Million

ü  Liberia: World Bank Latest Economic Update Shows Economic Expansion for Liberia in 2022 Despite Ukraine Crisis

ü  Ghana: Bond Market Sees Increase in Total Turnover

ü  Ghana: Absa Ghana 'Inspire Me Conference' Ends On High Note

ü  Ghana: Trade Show Ends in Kumasi

ü  Sudan Trade Union Front Demands Payment of Civil Servants' Dues

ü  Liberia: Govt Invests Over U.S.$50 Million in Electrification of Homes

ü  Liberia: ArcelorMittal Fosters Strong Relationships in Host Communities for Real Change

ü  Ukraine war: Wheat prices soar after Russia warns shipping

ü  AI: Workers need more protection - TUC union

ü  Netflix password crackdown fuels subscriber surge

ü  Interest rates: Big rise less likely after inflation surprise

ü  UK amends encrypted message scanning plans

 


 

 


 <https://www.cloverleaf.co.zw/>  THE 

Congo-Kinshasa: DR Congo Signs U.S.$1.9 Billion Mining Deal With UAE

Harare — The Democratic Republic of the Congo (DRC)'s national mining corporation and the United Arab Emirates agreed to a $1.9 billion contract to develop at least four mines in the country's troubled east, Al Jazeera reports.

 

The cooperation between Societe Aurifere du Kivu et du Maniema (Sakima) and the Emirati government was inked in the capital city of Kinshasa, President Felix Tshisekedi reportedly said.

 

According to the announcement, the agreement will allow for the "construction of more than 4 industrial mines" in the South Kivu and Maniema provinces. Sakima, a state-owned company, owns mining concessions in the DRC for tin, tantalum, tungsten, and gold.

 

The DR Congo and UAE company Primera Group entered into a 25-year deal for the export rights for select artisanally mined ores in December, which led to the signing of the current arrangement. These are metals that individual miners—those not working for mining corporations - extract.

 

No additional information concerning the agreement, such as the kind of minerals that will be mined, was shared in the announcement.

 

The idea was hailed by the DR Congo as a strategy to combat mineral smugglers and ensure that informal miners have a better standard of living.

 

Militias have been a problem in eastern DRC for decades; the United Nations counted up to 120 such groups. have been partially supported by the trade of illegally acquired minerals.

 

 

 

South African Power Station Refurbishment Delayed Amid Blackouts

Cape Town — The Koeberg nuclear power station, where work is under way to extend the plant's operational life by 20 years, will not be returning to full strength any time soon, News24 reports.

 

Departing Eskom executive Jan Oberholzer is believed to have delivered the bad news to the board of the power utility on July 12, 2023, adding to tensions between himself and chairperson Mpho Makwana, and precipitating Oberholzer's departure. Oberholzer had been overseeing the Koeberg project.

 

Each unit of Koeberg delivers 920MW of energy, equal to one stage of load shedding each. The extended Koeberg outage dims hope for an end to load shedding by the start of 2024.

 

South Africa has endured scheduled power cuts since 2007 due to mismanagement at the national power utility.

 

 

 

 

Tanzanian Govt Ordered to Pay Australian Firm Over U.S.$100 Million

The International Centre for Settlement of Investment Disputes (ICSID) reportedly ordered the Tanzania government to pay more than U.S.$109-million to a group of companies fronted by Australian miner Indiana Resources Ltd in compensation for the controversial 2018 expropriation of a nickel mine project.

 

An ICSID ad hoc tribunal on July 14 ruled that the government breached the UK-Tanzania Bilateral Investment Treaty when it seized the Ntaka Hill Project held by UK-registered Ntaka Nickel Holdings and Nachingwea UK along with Nachingwea Nickel, a Tanzania-registered firm, reports The East African .

 

The total award amount of U.S.$109.5 million includes interest already accrued to the claimants plus U.S.$3.859 million in legal costs to the claimants and the ICSID's own costs.

 

Under ICSID rules, Tanzania has 120 days to file an application for annulment of the order.

 

There are growing concerns in Tanzania that this enforcement may including moving to seize aircraft operated by national carrier Air Tanzania, a ploy that was tried before by other winners of international arbitration proceedings against Tanzania and which Indiana Resources previously threatened to pursue.

 

 

 

 

Liberia: World Bank Latest Economic Update Shows Economic Expansion for Liberia in 2022 Despite Ukraine Crisis

Monrovia — The World Bank has released its Fourth Edition of the annual Liberia Economic Update, titled "Getting Rice Right for Productivity and Poverty Alleviation," emphasizing the crucial role of improved rice production in achieving food security and reducing poverty. The report highlights significant progress in the agricultural sector, with rice and cassava production driving growth and contributing to a 5.9 percent expansion in the sector during 2022.

 

Despite facing global headwinds from the war in Ukraine, high global inflation, and depressed demand in advanced economies, Liberia's economy demonstrated resilience, expanding by 4.8 percent in 2022. This growth was attributed to increased gold production and a favorable agricultural harvest. However, despite these positive trends, the report underscored the persistent challenge of food insecurity, with over 80 percent of the population experiencing moderate or severe food insecurity.

 

 

Mack Capehart Mulbah, Acting World Bank Country Manager for Liberia, expressed concern about the prevailing food insecurity and stressed the importance of rice production for food security, poverty alleviation, and vulnerability reduction. Rice consumption constitutes over 20 percent of the country's total food intake, supplying almost half the calorie intake for adults and accounting for approximately 15 percent of the average household's expenditure. The report highlighted the disparity between high demand and low production of rice in Liberia, with the country currently producing only a third of its rice needs due to various constraints, including limited access to technology, inefficient farming practices, and insufficient public and private investments.

 

 

Gweh Gaye Tarwo, Liberia Country Economist and main author of the report, drew attention to the adverse impact of rising imported rice prices, exacerbating food insecurity, poverty, and vulnerabilities in Liberia. Tarwo emphasized the necessity of tripling domestic rice production to meet local demand, but achieving this goal would require significant investments and policy actions in the rice sector.

 

The report recommended several interventions to enhance the rice sector and improve the rice value chain. Key measures include stakeholder coordination and engagement to implement the Liberia National Rice Development Strategy and the Liberia Seed Development and Certification Agency Act of 2019. Strengthening tenure security through customary land registration, improving road infrastructure, providing affordable energy, and avoiding policies that distort the rice industry were identified as critical steps. Furthermore, enhancing information dissemination on regional market prices and adopting sectoral policies aimed at improving seed varieties, storage, processing, post-harvest management, and market access development were also emphasized.

 

Addressing the challenges faced by Liberia's rice sector is vital not only for achieving food security but also for reducing poverty and enhancing the overall economic development of the country. With concerted efforts from stakeholders and the implementation of targeted interventions, Liberia aims to improve rice production, ensuring a sustainable supply of this essential commodity for its population and transforming the agricultural sector for long-term growth and prosperity.

 

-FrontPageAfrica.

 

 

 

 

Ghana: Bond Market Sees Increase in Total Turnover

Trading activities on the Ghana secondary bond market recorded a recovery last week as the new bonds recorded major trades in the 4th and 5th sessions.

 

The total face value traded surged to ¢175.90 million, approximately 31.30%.

 

This was underpinned by a 42.08 per cent increase in transactions across the new bonds.

 

According to the trading activities, the average yield for the 2027-2030 maturities increased by 182 basis points, closing at 13.35 per cent.

 

Additionally, the 2031-2033 and 2034-2038 papers' average yields climbed to 13.68 per cent and 13.82 per cent respectively.

 

Analysts believe market activity will remain lively this week, with investors pricing near-term inflation risk into bond yields while waiting on the Monetary Policy Committee's response to inflation data. --Myjoyonline.com

 

-Ghanaian Times.

 

 

 

Ghana: Absa Ghana 'Inspire Me Conference' Ends On High Note

The Absa Ghana 'Inspire Me conference' has been held in Accra last week, bringing together prominent African women businesses and entrepreneurs to share ideas, empower each other and discuss emerging trends and skills necessary to transform their institutions.

 

Under the theme "Empowering women's economic growth together", it was also to support women-owned businesses with value-added financial solutions to drive sustainable growth.

 

A diversity of speakers, from accomplished women entrepreneurs to regulators at the Central Bank to leading legal minds on the continent, policymakers, CEOs and other governance experts, assembled to grace the two-day event.

 

 

Absa Ghana's Board Chair, Mrs Frances Adu-Mante, set the tone during her opening address when she said, "Women business owners must learn to cultivate the habit of partnerships and collaboration amongst themselves if we are to significantly contribute to Africa's economic growth sustainably."

 

Keynote speaker, a Nigerian entrepreneur, Ibukun Awosika, highlighted a fundamental point that no one loses in any thriving economy when women are given the platform to lead and create value consistently.

 

She urged male entrepreneurs to support the growth and sustainability of women businesses instead of approaching it with a competitive lens.

 

Mr David Ofosu-Dorte, Managing Partner at AB & David Law, a continental legal firm, said changes to intra-African travel and policies, such as AfCFTA, have narrowed the challenges of distance, tariffs and language on the continent, leaving women with no excuse not to succeed.

 

 

The event also featured industry and business heavyweights during the panel discussion sessions, speaking on topics including unlocking access to finance for women, building a sustainable business in a BANI world, Ghana's readiness to strengthen trade, and best practices.

 

Abena Osei-Poku, Managing Director at Absa bank Ghana, said, "The conference was a true opportunity for us to lead from the front in how we support, inspire and empower women businesses on the continent. Women are critical to progress; their dreams, ideas and voices matter and we have a responsibility to continue creating avenues for them to succeed."

 

An exhibition forum was organised as part of the conference for business owners from Ghana, Uganda, Kenya, Zambia and South Africa to display their products and services to participants and the general public.

 

Commenting after day two of the conference, Audrey Abakah, Director of SME and Agency banking at Absa Ghana, said: "We are happy with the participation and the collective willingness of women businesses to go above and beyond to create a better environment for transformation. It brings real meaning to our purpose of empowering Africa's tomorrow together - one story at a time."

 

-Ghanaian Times.

 

 

 

 

Sudan Trade Union Front Demands Payment of Civil Servants' Dues

Khartoum / Port Sudan — The Sudanese Trade Union Front (TUF) demands from the Ministry of Finance to make the necessary arrangements to pay the delayed salaries to the civil servants in the country. The ministry is able to pay the security forces but reportedly lacks resources to disburse the salaries of other employees.

 

The TUF alliance of eight professional bodies*, including the Sudanese Journalists Syndicate, the Doctors Union committee, and the Teachers Committee, said yesterday that the armed conflict that broke out in the country on April 15 "has created a catastrophic reality for both state employees and staff of the private sector".

 

 

The Front "holds the Sudanese Ministry of Finance and the government fully responsible for the abject failure to pay the salaries since April" and demands that they "carry out their duties towards workers in state institutions and pay their dues immediately and without any delay," leading TUF member Atiya Abdallah told Radio Dabanga.

 

"Remuneration is an inalienable right of workers under national laws and international labour standards, and we reserve our full right to defend this right through all legal and trade union means in a timely manner."

 

He said that the workers are living in tragic conditions as they did not receive their dues on time.

 

The Sudanese Teachers' Committee considers the non-payment of salaries for three months "a crime against the workers and their families".

 

The teachers committee that "the inconsistency in the statements made by those in charge of the matter in the de facto government. This confirms they follow the decision issued by the highest sovereign body since April 15, which is not to pay salaries during this war except to the security forces".

 

 

A senior official at the Finance Ministry acknowledged financial and technical problems related to banking systems and lack of liquidity which prevent the payment of salaries.

 

Loans

 

Online newspaper El Taghyeer yesterday quoted the director of the ministry's Financial and Administrative Affairs department who said on social media that "the current problems caused losses in revenues to the Khartoum public treasury of more than 90 per cent".

 

He explained that the "very small amount of collected revenues" is disbursed in accordance with the directives of the High Emergency Committee, which is to pay salaries and food supplies to the regular (military, security, and police) forces.

 

 

In addition, the revenues are used for the provision of life-saving medicines to patients, the transport and storage of relief materials, spare parts for maintenance, and drinking water purification materials in Khartoum and other major cities.

 

The High Emergency Committee has instructed the Finance Ministry to pay advances on salaries at a rate of 60 per cent for employees and 100 per cent for workers who are continuing their work in parts of the country not affected by the fighting.

 

The Central Bank of Sudan is providing the Finance Ministry with loans "to cover the salaries of the regular forces and the war effort," the finance expert said. "The ministry's liquidity position does not allow taking more loans to cover salaries of civil servants or any other expenses."

 

In early May, Jibril Ibrahim, Minister of Finance and Economic Planning and leader of the Justice and Equality Movement, announced ongoing efforts to pay salaries of civil servants, but it seems that these efforts stranded.

 

The economy was already in deep stagnation before the outbreak of violent hostilities between the Sudan Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF) on April 15. Many banks and factories have been forced to close, as they cannot be safely operated, which resulted in scarcity of cash flow and food supplies.

 

Economist Haisam Fathi told Radio Dabanga earlier this week that the estimated financial losses caused by the ongoing war over the past three months amount to $9 billion (roughly $100 million per day), while the value of property and goods plundered is estimated at another $40 billion.

 

* After Omar Al Bashir had taken power by a military coup in 1989, he banned the trade unions in the country, to forestall the sort of revolt that had toppled previous leaders. His regime then set up its own trade unions and appointed affiliated Islamists on leading positions. Following the ousting of Al Bashir in 2019, these unions were dissolved and the various professional groups were given the opportunity to set up 'real syndicates and unions' again. Journalists were the first to establish a syndicate and appoint elected leaders. Other groups, including medical doctors and engineers, were in the process of setting up a union but when the October 2021 coup d'état led to the reinstatement of the former trade unions, they were forced to postpone the undertaking.

 

-Dabanga.

 

 

 

 

Liberia: Govt Invests Over U.S.$50 Million in Electrification of Homes

The Dean of the College of Business and Public Administration at the University of Liberia, Dr. Lester Teeny has outlined some of President George M. Weah's achievements saying that the Weah administration has hugely invested in the development of the country.

 

Dr. Teeny disclosed that with the knowledge of the public, the government invested a little over US$50 million to intensify the connectivity of energy in various homes in Monrovia and its environs.

 

The UL Professor noted that though the government is actively participating in the construction sector, its effort is not only in the construction sector but also looking at the intensification of the electrification process in the country.

 

 

Dr. Teeny narrated that as the public is aware, the government invested a little over US$50 million to intensify the connectivity of energy in homes and communities across the city and its surroundings.

 

He disclosed that the West African Power Pool was a concept under the Sustainable Development of the Millennium Challenge Goal (MCG). Dr. Teeny disclosed that it was intense after Mr. Weah took power but understood the need that energy play a crucial role in any economic fragrance of a country.

 

Dr. Teeny pointed out that there is a net deficit of energy in the country adding that the Mount Coffee Hydro Power Plant generates eight-eight megawatts of power during the peak of the rainy season but has been upgraded by the Weah-administration.

 

On the economy, Dr. Teeny disclosed that the issue of addressing poverty is to address the issue of employment adding, "If the people are gainfully employed, receiving appreciable incomes then the issue of poverty will be addressed.

 

 

"The issue of poverty cannot be addressed through donations of goods or services by the government; Liberia is not a welfare state so the people need to be involved in the economy," he added.

 

Dr. Teeny pointed out that every construction company in the country has a labor force and those labor forces are captured by both for income tax purposes and for NASCOP compensation purposes noting that these numbers are accurate.

 

Professor Teeny added that the current issue facing the country is very important and the reason why the bread and butter issue becomes one of the burning problems is because of the presence of huge unemployment in the absence of sustainable income generation something that continues to burden the citizens with the enormous hardship in the country.

 

Dr. Teeny disclosed that the government's intent during its inception stage was to address the huge gap of unemployment that persisted in the economy over the years.

 

-New Republic.

 

 

 

Liberia: ArcelorMittal Fosters Strong Relationships in Host Communities for Real Change

ArcelorMittal Liberia says it subscribes to the basic ideal of relationships building with its host communities as strong bonds for all community organizing activities.

 

To promote peace, unity and common sense of dignity and human values, the company since it signed the first mineral development agreement with Liberia places community development at the center of its operations.

 

AML provides hundreds of local scholarships and international study grants for Liberians who hail from either Nimba, Bassa, or Bong Counties.

 

 

A few years back, the Belgium headquartered firm asked the government to permit the withholding of 20% of its social development funds to Grand Bassa, Nimba and Bong Counties.

 

AArcelorMittal pays $ 1.5 million to Nimba, one million to Bassa and 500k to Bong County each year.

 

Together with county authorities, ArcelorMittal uses this percentage of social development money to hire local contactors base in these counties to implement different projects that are resolved by the communities.

 

For example, in Grand Bassa, the company recently dedicated four projects form the 20% social development allotment.

 

Worth more than US$288,000, the four projects are the Siahn Public School construction, located in Siahn Town, near kilometer 31; Gorblee School Fencing project, in Compound #3 near kilometer 45; the FDA Market Construction, at FDA Junction near kilometer 58, and the Duwein Market construction project, located in Duwein, near kilometer 68. They were implemented by Liberian contractors that were independently vetted.

 

 

The remaining completed projects yet to be dedicated are the Wee Radio station extension project in Compound #3, the construction of three handpumps in Neekreen Statutory District, and the construction of a community town hall in Moore's Town, Buchanan City.

 

>From road rehabilitation to building schools and clinics, AML got host communities covered with meaningful development activities. Early this year, AML constructed three playgrounds in Grand Bassa, Bong and Nimba counties outside of its commitment to government.

 

This week , the company will launch and host a week-long football and kickball tournament among communities in AML operational areas in Nimba, Grand Bassa and Bong Counties.

 

The theme for the event is "Sporting Harmony: Sustaining Peace and valuing our people. "

 

According to the company this theme emphasizes the role of sports in maintaining social harmony, fostering mutual respect, and upholding the values that define us.

 

Furthermore, the tournament makes way for a unique opportunity to connect with communities close to AML operations and demonstrate ArcelorMittal support to strengthen and build strong community engagement and protect its social license to operate.

 

To further strengthen ties with the locals, ArcelorMittal assigns community relations officers in each of the three counties it operates.

 

The engage community members in problem-solving solutions to issues that affect them as one of the fundamental principles of social development.

 

This has proven to be one of most effective way to achieve public good, by involving community members in all activities--from identifying the relevant issues and making decisions about how to address them, to evaluating and sharing major issues concerning the company's operations with them.

 

-New Republic.

 

 

 

 

Ukraine war: Wheat prices soar after Russia warns shipping

Wheat prices have risen sharply on global markets after Russia said it would treat ships heading for Ukrainian ports as potential military targets.

 

Moscow pulled out of a deal this week that had guaranteed safe passage for grain shipments through the Black Sea.

 

A White House spokesperson accused Russia of planning to blame Ukraine for attacks on civilian ships.

 

Russia's President Vladimir Putin said he would return to the grain agreement immediately if his demands were met.

 

They include reconnecting Russia's agricultural bank to a global payment system.

 

A Russian air strike on the Ukrainian port city of Mykolaiv killed an unknown number of people on Wednesday night, according to a local official. Other air strikes were reported on the port of Odesa.

 

Elsewhere, a drone strike in Russian-controlled Crimea killed a teenage girl, a Russian-backed official said.

 

Following previous air strikes around Odesa this week, Ukraine's President Volodymyr Zelensky accused Russia of deliberately targeting grain export infrastructure and putting vulnerable countries at risk.

 

Kyiv urged other countries in the Black Sea region to intervene to assure the safe passage of cargo ships.

 

"From 00:00 Moscow time on 20 July 2023 [21:00 GMT Wednesday], all vessels sailing on the Black Sea to Ukrainian ports will be regarded as potential carriers of military cargo," the Russian defence ministry said.

 

"Flag states of such vessels will be considered to be involved in the Ukrainian conflict on the side of the Kyiv regime," it added.

 

Wheat prices on the European stock exchange soared by 8.2% on Wednesday from the previous day, to €253.75 (£219.78) per tonne, while corn prices were up 5.4%.

 

US wheat futures jumped 8.5% on Wednesday, their highest daily rise since just after Russia's invasion of Ukraine.

 

Ukrainian Agriculture Minister Mykola Solskyi said strikes had destroyed 60,000 tonnes of grain and damaged considerable parts of grain export infrastructure.

 

Russia began targeting Ukraine's ports in the early hours of Tuesday within hours of its withdrawal from the grain deal.

 

The Turkey flagged TQ Samsunhe, the last grain ship that left a Ukrainian port since Russia exit the Grain Corridor Agreement one day earlier, is seen in the Marmara 

 

Marex Capital analyst Charlie Sernatinger said the threat of this kind of escalation could "cut all of the waterborne grain shipments off from the Black Sea, both Russian, and Ukrainian" which would cause a similar situation to that at the start of the war.

 

Jim Gerlach, president of A/C Trading, said: "Things got heated back up over in Ukraine. There is some real shooting going on over there and nobody is going to get in the middle of that.

 

"That is the bread basket of Europe and shippers are pulling out."

 

On Wednesday Mr Putin accused the West of using the grain deal as "political blackmail".

 

Moscow also accused Ukraine of using the Black Sea grain corridor for "combat purposes". It struck at Ukraine's Black Sea ports after a suspected seaborne drone attack damaged its sea bridge to Crimea on Monday.-bbc

 

 

 

 

AI: Workers need more protection - TUC union

The UK is falling behind in protecting workers from artificial intelligence (AI), a trade union has warned.

 

The TUC said the UK had no plans, like the EU's AI Act, to regulate its use in hiring, firing and setting work conditions. The union has asked a taskforce to draft legal protections.

 

The government said it was committed to improving and upholding worker rights.

 

It comes as the boss of Octopus Energy told the BBC its customers prefer emails written by AI over his staff.

 

Business leaders are hailing the potential of AI to spur innovation, productivity and improve customer service.

 

But unions say they are "deeply worried" that UK employment law is not keeping pace with the AI revolution.

 

Mary Towers, employment rights policy officer at the TUC said: "The types of decisions that are being made by AI are significant and life changing - for example who should get a job, how work is carried out where it's carried out."

 

A lack of AI specific legislation meant the UK was being left behind, she said. "For example, in the EU, they are in the process of passing an AI Act. In this country, we don't have any equivalent."

 

'Prefer AI to humans'

At Octopus Energy, AI is used to read, interpret and answer customer service queries. Chief executive Greg Jackson said it was doing work that would otherwise need an extra 250 people.

 

He said customers appeared to prefer dealing with the AI than with a human.

 

"An email written by our team members has a 65% satisfaction rating from customers," he said. "An email written by a by AI has an 80 or 85% satisfaction rating. And so what the AI is doing is enabling our team to do a better job of serving customers at a time of great need."

 

Octopus Energy boss Greg Jackson said emails written by AI score higher for customer satisfaction than those written by humans

He added that a human commanding an AI to write an email "saves a lot of tedious typing".

 

"But we have to ensure this is all done responsibly. And we need governments and economists and businesses to be ensuring that we're doing this by enhancing and creating jobs, not replacing them."

 

'Better health outcomes'

AI could lead to huge breakthroughs in science and medicine according to the boss of drug giant GSK. Emma Walmsley told the BBC that the speed with which AI could process data and see patterns would revolutionise drug development.

 

"Biopharma is difficult. It takes sometimes a decade, billions, and it has a 90% failure rate," she said.

 

"But we are in the business of data at the heart of what we do. AI is helping us see things in this data faster."

 

She said this meant drug and vaccine discovery and development should become "more predictive and improve our probability of success".

 

And she said that could mean better health outcomes for hundreds of millions of people.

 

"One in three of us is going to be battling with dementia, there are still many cancers that don't have have solutions, infectious diseases are still causing one in six deaths in the world," she said.

 

There was "no doubt" that AI would "help us unlock better solutions to these challenges", she said. "And that's got to be something worth investing in with optimism whilst regulating responsibly."

 

Ms Walmsley thinks improving productivity through the use of AI will create more jobs and "change some jobs quite meaningfully".

 

"I think some will need maybe some less headcount on but there'll be other spaces where we need a lot more," she said.

 

It is sometimes assumed that the creative arts will be the least affected by AI as machine learning will struggle to replicate human creativity.

 

But that's wrong according to actress and voice over artist Laurence Bouvard who said that AI is being used to sample, analyse and replicate human voices without paying the original artist.

 

"When we do a job, in order to get paid, we have to sign away all our rights," she said. "And these AI companies are just taking it without asking who it belongs to."

 

She said AI was a particular threat to the "army" of lesser known artists who voice cartoons, video games, dictionaries and other audio work who could see their careers totally destroyed.

 

"A writer and an artist and a photographer, even if their work is stolen, they can create new work. If my voice is stolen, if my career is over," she said.

 

'Urgent action'

AI has great power and is already changing industries and the work place. Last week the OECD said the world was "on the cusp of an AI revolution".

 

The Paris-based body said: "Urgent action is required to make sure AI is used responsibly and in a trustworthy way in the workplace."

 

With great power comes great responsibility - and it is not yet clear in the UK or internationally - who will or who should take on that responsibility.

 

A government spokesperson said: "AI is set to fuel growth and create new highly-paid jobs throughout the UK, while allowing us to carry out our existing jobs more efficiently and safely.

 

"That is why we are working with businesses and regulators to ensure AI is used safely and responsibility in business settings."-bbc

 

 

 

 

Netflix password crackdown fuels subscriber surge

A burst of people signed up for Netflix this spring, after the streaming giant cracked down on password sharing.

 

The company ended June with more than 238 million subscribers, adding 5.9 million members since March.

 

That was bigger than expected and follows efforts by the company to re-ignite growth following unusual subscriber losses last spring.

 

It is also facing challenges from ongoing strikes in the US by writers and actors.

 

Netflix said it would spend less on content this year than expected as a result of the walkout - the industry's biggest in six decades, while boss Ted Sarandos said "we need to get this strike to a conclusion".

 

"This strike is not an outcome that we wanted," he said. He said the company was committed to reaching an "equitable" agreement that helped the industry move into the future.

 

But he added: "We've got a lot of work to do."

 

Netflix has been wrestling with a sharp slowdown in growth since the pandemic, as competition heats up, households grapple with rising costs and it reaches what analysts see as saturation point in some of its biggest markets.

 

In the first half of last year, it shed roughly 1 million accounts. Though it later more than made up those losses, the declines jolted the company and sent it scrambling to shore up its growth prospects.

 

Netflix said customers were enticed by new options it has introduced that cost less than a standard subscription.

 

The company introduced its "paid sharing" programme in the UK, US and other major markets in May, charging an extra fee if users want to share passwords with people outside their households.

 

In the UK, it asks a little less than half of the £10.99 cost of a standard subscription.

 

The programme is now present in more than 100 countries.

 

The company also launched a less expensive streaming plan with ads last year and cut prices in dozens of countries in February.

 

Netflix said few people had cancelled as a result of the password changes and it believed the programme would fuel similar subscriber gains in the months ahead.

 

It has estimated that more than 100 million households share passwords in breach of its official rules.

 

"While we're still in the early stages, we're seeing healthy conversion of borrower households," the company said in a quarterly update to investors. "Now that we've launched paid sharing broadly we have increased confidence in our financial outlook."

 

Paolo Pescatore, analyst at PP Foresight, said the subscriber gains were robust and a "strong endorsement" of Netflix's strategy.

 

But he called the password crackdown a short-term measure, saying the company would need to fine-tune its pricing in the months ahead.

 

"The company is still in a far stronger position compared to rivals and remains the benchmark," he said, noting that Netflix's streaming plan with advertising is much cheaper than many current offerings from rivals.

 

Analysts said the company's big library and the scale of its international production may help it in the months ahead, as Hollywood wrestles with the impact of the strikes.

 

These have already disrupted production schedules for a number of films and series.

 

"Of everyone in the entertainment industry, Netflix appears to be the best positioned," said Brandon Katz, entertainment industry strategist at Parrot Analytics, which tracks streaming demand, noting that the company still leads its peers, despite strong competition.

 

Advertising questions

Despite the subscriber gains, the $8.18bn (£6.32bn) in revenue Netflix reported disappointed investors, rising just 2.7% from last year. Profits were $1.49bn.

 

Netflix said that it has limited its price hikes in recent months, leading to a slowdown in revenue growth that gains from its password crackdown and new advertising were not big enough to offset.

 

It said it expected that to change by the end of this year, as advertising revenue increases.

 

It has stopped offering its least expensive commercial-free plan in the US, UK and Canada in a bid to push price-conscious customers to the ad-funded version.

 

Membership of its ads plan "nearly doubled" from March - though from a "small base", the company said.

 

"Netflix needs to squeeze as much juice as it can from different avenues, given a recent lack of price increases could suggest that inflation is starting to bite Netflix's ability to crank up its subscription price, as households look to trim their spending," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.

 

"Initial progress seems positive, but we are realms away from knowing for sure if this venture is the cash cow it's been sold as."

 

Shares, which have surged 60% this year amid investor enthusiasm for the company's plans, dipped in after-hours trade.

 

Ms Lund-Yates said the company had delivered a "sturdy" performance and the fall reflected the high expectations for the company.-bbc

 

 

 

Interest rates: Big rise less likely after inflation surprise

Interest rates are predicted to rise less sharply after the UK saw a surprise drop in inflation in June.

 

The Bank of England has raised rates 13 times since December 2021 to try to cool soaring price rises, driving up borrowing costs for millions.

 

Experts say it is now under less pressure to act after inflation slowed to 7.9% in June, down from 8.7% the previous month.

 

It means UK inflation has dropped to its lowest level in more than a year.

 

Falling fuel prices contributed to the slowdown in June, while food prices are rising less quickly, according to the Office for National Statistics (ONS) which publishes the figures.

 

However, the UK's inflation rate remains almost four times higher than the Bank's official 2% target - and far above other developed countries.

 

In the US, inflation is 3%, and in the eurozone it is 5.5%.

 

"It is a large drop [in the UK] but let's not forget that last month we saw no change at all in headline inflation so in some ways what we are seeing this morning is catching up with the falls we've seen in other similar countries," ONS chief economist Grant Fitzner told the BBC's Today Programme.

 

"It still looks like we may have the highest rate of inflation in the G7 [group of developed nations], so still some way go."

 

Prices of food, energy and services have shot up since last year, squeezing household incomes.

 

To tackle the problem the Bank has raised interest rates from near zero to their current level of 5%. The idea is that by making borrowing more expensive, consumers will spend less and price rises will cool.

 

 

Rising interest rates have also driven up mortgage borrowing costs to their highest level in 15 years, leaving millions of homeowners facing higher monthly repayments.

 

On Wednesday, the average two-year fixed residential mortgage rate crept up to 6.81%, while the five-year rate was 6.33%. This time last year rates were closer to 3%.

 

With inflation finally falling by more than expected, economists are scaling down their expectations of immediate interest rate rises - although they still think there are more in store.

 

At its next decision on 3 August, the Bank is now widely expected to raise rates to 5.25% from the current 5%.

 

Beyond that, analysts at Capital Economics predict rates will rise slightly higher due to the persistence of some inflation pressures - peaking at 5.5%. However, without June's drop in inflation, they say the peak would more likely have been above 6%.

 

So the pain faced by those due to re-mortgage may be less acute than it could have been. Even so, a million households will be paying an extra £200 - or more - on their monthly mortgage payments by the end of the year.

 

While inflation is falling it does not mean prices are falling, just that they are rising less quickly. Many households continue to struggle with the soaring cost of living.

 

Laura McLelland, a mum of three from Scorton in Lancashire, told BBC Breakfast that in order to give her family a treat meal every two weeks, she has to cut back on other household bills.

 

"I am just trying to reduce the washing in the house, trying not to put the light on, or put the cooker on twice a night, just trying to be outside more with my children," she says.

 

Every fortnight, the family has a chippy tea.

 

"I put the money aside so I know I've got it," she says. "I've got a budget. I sort of think, 'right I've got to put that aside' because everybody needs a treat now and again don't they?"

 

James Smith, research director at the Resolution Foundation think tank which focuses on improving living standards, said June's "chunky inflation rate fall" offered some "unambiguously good news" after months of disappointing data on the state of the economy.

 

An 18-month squeeze on people's "real" wages was "coming to an end", he said.

 

But Yael Selfin, chief economist at KPMG UK, said that while inflation was likely to continue falling, it would not return to the Bank of England's 2% target before early 2025.

 

As such, the Bank was likely to continue to raise rates.

 

Inflation is now expected to fall below 7% next month as drops in household energy bills impact the numbers.

 

So-called core inflation - which strips out volatile elements like fuel and energy prices - also dipped in June.

 

However, annual food price inflation remained stubbornly high at 17.3%.-bbc

 

 

 

UK amends encrypted message scanning plans

The UK government has amended powers that could be used to force tech firms to scan encrypted messages for child abuse images.

 

Tech firms such as Signal, WhatsApp and Apple have opposed the powers due to privacy concerns.

 

In amendments passed by the Lords on Wednesday, the government now expects a report to be written before the powers are used by the regulator.

 

But campaigners say this extra safeguard fails to protect privacy.

 

The government amendment comes after concerns have been raised by major messaging apps, other companies and technical experts.

 

The amendments to the Online Safety Bill say that a "skilled person" must write a report for communications regulator Ofcom before it uses the new powers to compel a firm to scan messages.

 

In previous versions of the bill this was optional.

 

The report could cover the impact of scanning on freedom of expression or privacy, and whether there are less intrusive technologies that could be used instead.

 

Another government amendment passed by peers means the regulator needs to consider the impact of the use of technology on journalism and the protection of journalistic sources.

 

The bill would let Ofcom force tech companies to use "accredited technology" to scan messages for child sexual abuse material.

 

The Online Safety Bill is currently in the later stages of its journey through Parliament,

 

Ministers, police and children's charities say the powers are necessary to tackle "record levels" of child abuse such as imagery and grooming on online platforms, and to prevent encrypted platforms allowing child abusers to "operate with impunity".

 

As end-to-end encrypted messages can only be read by the sender or recipient, critics suggest this means companies would need to scan messages before they are encrypted - so called client-side scanning.

 

This, they say, fundamentally undermines the privacy and security of encrypted messaging.

 

Meredith Whittaker president of Signal, an encrypted messaging app, previously told the BBC the powers would mean tech firms would have to "run government-mandated scanning services on their devices".

 

The BBC understands that the new amendment is in response to concerns about the privacy implications and technical feasibility of the powers in the bill.

 

Government minister Lord Parkinson told peers he acknowledged "the concerns which have been aired about how these powers work with encrypted services" but he said strong safeguards had been built in to protect privacy.

 

Privacy concerns

Ofcom must take the report into account when deciding if it is necessary and proportionate to force a firm to scan messages and share a summary of its findings with the tech firms.

 

But campaigners, who have dubbed the powers a "spy clause", said that as a minimum a judge should have to authorise the scanning of user messages.

 

Index on Censorship said of the new plans: "This is not the legal oversight that these important new powers require, and give short shrift to users' rights.

 

"Judicial oversight is a bare minimum for a government appointed body to be able to break encryption and access private messages" the free-speech campaigners said.

 

The Open Rights Group which campaigns for digital rights has also criticised the government amendment:

 

"Given that this 'skilled person' could be a political appointee, and they would be overseeing decisions about free speech and privacy rights, this would not be effective oversight", the group wrote.

 

Other campaigners noted that noted that the reports weren't binding and lacked legal authority.

 

An amendment supported by Labour and Liberal Democrat spokesmen proposes oversight by judges. But Labour's Lord Stevenson did not move the amendment to a vote, though he urged further discussion about the issue at a later stage of the bill.

 

And Conservative peer Lord Moylan had proposed an amendment that would exempt encrypted services from scanning altogether. He argued the governments plans "opened a hole" in encryption and said the powers were a "major assault on privacy". But he did not move it to a vote anticipating that the house would vote against it.

 

But Children's charity the NSPCC backed the powers in the bill, telling the BBC it set out "a balanced settlement that should encourage companies to mitigate the risks of child sexual abuse when designing and rolling out features like end-to-end encryption".-bbc

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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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