Major International Business Headlines Brief::: 14 June 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 14 June 2023 

 


 

 


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ü  South Africa: Mozambique to Supply South Africa During Energy Crisis

ü  Ghana Regains First Position in Gold Production - Lands Minister

ü  Gambia: Dr. Tangara - Cybercrime Is Global Epidemic

ü  Ghana: Adehyeman, GCX Sign Partnership Agreement

ü  South Africa: Optimum Coal Mine Acknowledges R6 Million Vehicle Licensing
Debt

ü  Nigeria's Dollar Bonds Jump 5-Month High After Emefiele's Suspension

ü  Kenya: Demand for Beauty, Furniture, Phone, TV Products High in Rural
Areas, Jumia New Report

ü  Namibia: Nampower U-Turns On Electricity Cuts

ü  South Africa: Presidential Youth Employment Intervention Making
'Significant Progress'

ü  Nigeria: Petrol - Marketers Struggle to Raise Capital for New Supplies

ü  Liberia: Executive Order 119 Should Produce Fruits

ü  Microsoft-Activision: $69bn deal temporarily blocked in US

ü  Discrimination bigger concern from AI than human extinction, says EU

ü  US inflation at lowest since 2021 as fuel prices fall

ü  Pay rise surprise leads to forecasts of higher interest rates

ü  Sainsbury's and Asda told not to block rival stores

ü  Jack Dorsey: India threatened to shut Twitter and raid employees

 


 

 


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South Africa: Mozambique to Supply South Africa During Energy Crisis

Cape Town — A total of 1,000MW will be supplied to South Africa from
Mozambique as a means to ease the country's energy crisis.

 

While hosting Mozambique's Mineral Resources Minister, Carlos Zacarias, in
Pretoria on Monday, South African Electricity Minister Kgosientsho
Ramokgopasaid said the nation had to turn to its neighbours to stabilise the
national grid.

 

According to Eskom's Eric Shunmagum, Mozambique's assistance would ensure a
more manageable winter for citizens and businesses. "We anticipated a much
tougher winter but with us improving on the performance, we're actually
making up. So, if we continue on this trend, and once again I need to say
keeping breakdowns to below 15,000, having sufficient diesel reserves, I
think we're good to go," Shunmagum said.

 

Prior breakdowns at power stations raised uncertainty over the nation's
preparedness for the winter months. However, recent scaling back of power
cuts have seen a more regular electricity supply for citizens.

 

 

 

Ghana Regains First Position in Gold Production - Lands Minister

Ghana has regained her position as the number one gold producer in Africa
after losing the position to South Africa in 2021 due to a drastic fall in
output.

 

According to the Minister of Lands and Natural Resources, Mr Samuel Abu
Jinapor, gold production by large-scale mining companies increased from 2.2
million ounces in 2012 to 3.08 million ounces in 2022.

 

Gold exports from the small-scale sector on the other hand, Mr Jinapor
indicated rose from 98,001 ounces to 655,656 ounces over the same period.

 

Meanwhile, the country's overall gold output increased from 2.82 million
ounces in 2021 to 3.74 million ounces in 2022.

 

 

This was contained in a press statement signed and issued by the Minister
and copied the Ghanaian Times yesterday.

 

Mr Jinapor attributed the remarkable feat chalked by the country to the
policies and programmes implemented by the government of President Nana Addo
Dankwa Akufo-Addo in close collaboration with the Ghana Chamber of Mines.

 

The statement indicated that the revival of two mining companies, the
AngloGold Ashanti Obuasi Mine and the Bibiani Mine following active
intervention by President Akufo-Addo, expansion of output by some existing
mines, and the reduction of the withholding tax rate on unprocessed gold by
small-scale miners had contributed to the country's new position on the
continent.

 

The AngloGold Obuasi Mine, according to the statement increased its gold
production by 132 per cent in 2022 from the previous year, while the Bibiani
Mine which had not produced gold in the last seven years, contributed over
52000oz to the country's gold output.

 

 

It further pointed out that gold production in the country was expected to
increase exponentially in the next two years with the coming on-stream of
three new large-scale mining operations, namely, Cardinal Resources Namdini
in the Upper East Region, Azumah Resources in the Upper West Region, and
Newmont Ahafo North in the Ahafo Region.

 

Government, the statement said remained committed to increasing the
contribution of the mining industry to the local economy, as gold continued
to be the bulwark of the country's economy.

 

That, it sought to achieve through local content and participation as well
as value addition to minerals mined.

 

The statement emphasised the leverage of the country's gold resources
through a much more competitive trade, and stabilised currency while
delivering cheap oil under the Gold4Oil policy by the government.

 

"Government is grateful to the Ghana Chamber of Mines for their
collaboration and partnership in achieving this feat.

 

"Government through the Ministry of Lands and Natural Resources, will
continue to work with the Chamber, and all stakeholders, in the spirit of
transparency, integrity, and utmost good faith, to ensure optimal benefits
from our mineral resources, particularly, through value addition," the
statement added.

 

-Ghanaian Times.

 

 

 

Gambia: Dr. Tangara - Cybercrime Is Global Epidemic

Dr. Mamadou Tangara, the minister for Foreign Affairs and International
Cooperation and Gambians Abroad revealed that it has been widely recognised
that cybercrime has become a global epidemic with rapidly evolving threats
that transcend borders, geography and national jurisdictions.

 

He said the drivers behind cybercrime are diverse, ranging from financial
gain to political motivations, espionage and even terrorism.

 

The minister was speaking at a 4-day training on: Cybersecurity and
Cybercrime in the context of The Gambia for 45 Gambian public officials,
experts and practitioners drawn from relevant institutions.

 

 

The programme is currently holding at the International Conference Center in
Bijilo.

 

It is being organised by the Foreign Affairs Ministry in collaboration with
the Rule of Law and Anti-Corruption Center (ROLAAC) under the theme:
'Strengthening Cybercrime Knowledge and Skills in The Gambian Public
Services'. The CIFAL DOHA and UNITAR have all been highlighted as partners.

 

Also, the aim of the training is to provide skills and knowledge to relevant
public officers in order to best recognise and prevent potential cyber
threats and attacks before occurrence.

 

He mentioned that Cybercrime has emerged as a grave concern, affecting
nations globally and transcending boundaries that it does not discriminate;
but affects individuals, businesses and governments alike.

 

He noted that its impact extends far beyond financial losses, undermining
the trust and confidence placed in the digital systems and impeding
socioeconomic development.

 

 

He urged public officials to bear a significant responsibility in
safeguarding their nations from cyber threats as their governments rely
heavily on digital infrastructure to deliver services, manage critical
systems and communicate with citizens.

 

He said that Africa, with its vibrant and rapidly growing digital landscape,
is particularly vulnerable to the challenges of cybercrime. "And as they
strive to achieve a just and prosperous world, it is crucial that they
address the intricate relationship between cyber security and sustainable
development."

 

He added that a secure and resilient digital environment is a prerequisite
for inclusive growth, economic stability, and social progress. "We are
equally aware that the overall financial damage caused by Cybercrime is
staggering, with estimates reaching billions of dollars annually. Indeed,
these attacks can spread across the globe within minutes, wreaking havoc on
individuals, businesses, and governments alike," he said.

 

He advanced that to counter the borderless nature of cybercrime and achieve
cyber security worldwide, the establishment of cyber security strategies is
paramount which must encompass robust mechanisms to identify, manage, and
respond to cyber threats.

 

He recognised the efforts of the State of Qatar, particularly through the
Rule of Law and Anti-Corruption Center, UNITAR, and CIFAL that deserve
special recognition, noting that Qatar has consistently demonstrated its
commitment to being a responsible member of the international community and
an advocate for the rules-based system.

 

He concluded that Gambia government like the governments of other visiting
participants- is fully aware of the immense potential of ICT in driving
economic growth and development.

 

"We are thus committed to placing cyber security high on our agenda,
recognising its integral role in securing our digital future. We are
actively working to establish robust legal and regulatory frameworks,
develop national cyber security strategies, and enhance our capacities to
respond to cyber threats effectively," he stated.

 

For his part, Mr. Yussef Buhindi, the representative of ROLAC, noted that
Cybercrime is one of the most dangerous threats to governments, adding that
if countries don't take steps to protect themselves, the threats can stop
governments from being able to function and serve their citizens.

 

Academic strive of young Gambian women against all odds

 

Kiang West NAM faults Barrow's commitment to draft constitution

 

-The Point.

 

 

 

Ghana: Adehyeman, GCX Sign Partnership Agreement

Adehyeman Savings and Loans Ltd. (Adehyeman) has signed a partnership
agreement with the Ghana Commodity Exchange (GCX) to offer commodity-backed
loans to farmers and aggregators under a Warehouse Financing Receipt Scheme.

 

The agreement seeks to, among other things, create opportunities for
smallholder farmers to access credit for their farming activities.

 

At a short signing ceremony in Accra on Thursday, the Chief Operations
Officer, GCX, Mr Robbert Dowuona Owoo, said under the Scheme, agricultural
commodities would be used as collateral to secure loans.

 

He said the farmers would be issued with certificates that would enable them
to use their stored farm produce as collateral for loans from Adehyeman
worth up to 70 per cent of the value of the commodities in the certified
warehouse for a maximum period of six months.

 

 

"This agreement means interested farmers can store their commodities as a
certified independent warehouse, secure loan and repay after selling the
farm produce," he added.

 

Mr Owoo said GCX's key goal was to link Ghanaian smallholder farmers to
diverse agricultural and financial markets to ensure farmers secure
competitive prices for their commodities.

 

The Managing Director of Adehyeman, Mr Joe Emmim, expressed gratitude to the
Ghana Commodity Exchange for the opportunity, and said the agreement would
allow farmerss to use the receipts to access funds from Adehyeman.

 

"We are happy to offer this support to farmers in the country because we see
the agricultural sector of the economy as key to ensuring food security in
the country and for export to generate foreign exchange for the economy.
Against this background, we must step in when others deem the sector risky
and, therefore, shy away from providing the needed financial support to make
the farmers realise their potentials," he added.

 

-Ghanaian Times.

 

 

 

South Africa: Optimum Coal Mine Acknowledges R6 Million Vehicle Licensing
Debt

Optimum Coal Mine will pay back some R6.9 million in unpaid motoring
licenses and fees after it signed an Acknowledgement of Debt (AoD) with the
Special Investigating Unit (SIU).

 

According to the unit, the fees and penalties were racked up between January
2018 and November last year.

 

"The AoD emanates from the SIU's investigation under Proclamation R.37 of
2017, which authorised the SIU to investigate allegations of corruption and
maladministration in the affairs of the national and provincial Departments
of Transport. The SIU's investigation focused on any conduct by officials or
agents of the department or any other person who relate to the registration
of motor vehicle ownership and/or licensing details and non-payments of
motor vehicle licensing fees, arrears and penalties.

 

 

"After sifting through eNatis data, the SIU has determined that the
department is owed a sum of R6 914 304.52 in respect of the trucks and
smaller vehicles owned by Optimum. The SIU then wrote a letter of demand to
Optimum to pay the licensing fees, arrears and accumulated penalties on
those vehicles. Optimum will pay the debt in six equal instalments of R1 152
384.09. The last payment will be in August 2023," the SIU said.

 

The corruption busting unit said the AoD does not preclude any future legal
action against the mine.

 

"The SIU is empowered to institute civil action in the High Court or a
Special Tribunal in its name to correct any wrongdoing uncovered during its
investigations caused by acts of corruption, fraud or maladministration. In
line with the Special Investigating Units and Special Tribunals Act 74 of
1996, the SIU refers any evidence pointing to criminal conduct to the
National Prosecuting Authority (NPA) for further action," the unit said.

 

-SAnews.gov.za.

 

 

 

Nigeria's Dollar Bonds Jump 5-Month High After Emefiele's Suspension

Of the Eurobonds of emerging markets on Monday, Nigeria's bonds recorded the
sharpest rise.

 

Nigeria's bonds priced in the US dollar raced to their summit so far this
year on Monday as the market welcomed the suspension of the Central Bank of
Nigeria (CBN)'s governor, Godwin Emefiele.

 

Mr Emefiele's exit was considered a departure from a raft of policies that
have kept foreign investors away from Africa's largest economy.

 

The apex bank's helmsman was asked to step aside by newly-inaugurated
President Bola Tinubu from his position on Friday. He was taken into custody
by the State Security Service one day for what the secret police described
as "investigative reasons."

 

 

He oversaw a central bank that advanced a N22.7 trillion overdraft called
Ways and Means to the Nigerian Government over his nine years at the helm.

 

That has ramped up Nigeria's public debt by half to N77 trillion.

 

The Senate in early May assented to the move by former President Muhammadu
Buhari's government to convert the overdraft, statutorily repayable within
12 months, to a bond to be paid back in 40 years.

 

The day before Mr Buhari left office, the House of Representatives abruptly
convened an emergency session to approve an increase in the borrowing limit
from the CBN.

 

Of the Eurobonds of emerging markets on Monday, Nigeria's bonds recorded the
sharpest rise, with the country's bond having the longest maturity climbing
to its year-to-date high.

 

Debts due in 2051 rose by over 3 cents on the greenback to 73.74.

 

 

Nigeria's stock and fixed-income markets could not react to the development
on Monday, a public holiday, but are likely to respond when trading resumes
Tuesday.

 

Bloomberg reported that Wale Edun, an aide to President Tinubu, said that
harmonisation of Nigeria's problematic multiple exchange rate regime is
around the corner, adding that the unification could be done within a
quarter.

 

The gap between the official exchange rate of the naira to the dollar and
the parallel market rate is currently as wide as about 60 per cent.

 

A dire shortage of FX, whose supply has been severely limited following an
oil crash in 2020, means a chunk of foreign investors' money is trapped in
the system, denying them the liberty to exit the market at will, a put-off
for potential investors seeking havens for their investments.

 

"We shall ensure that investors and foreign businesses repatriate their
hard-earned dividends and profits home," President Tinubu promised in his
inauguration speech.

 

Foreign investors' participation in stock trading in Nigeria plunged to N8.5
billion in April from N104 billion in April 2015, a month before Mr Buhari
took office, according to Nigerian Exchange Limited data.

 

-Premium Times.

 

 

 

Kenya: Demand for Beauty, Furniture, Phone, TV Products High in Rural Areas,
Jumia New Report

Nairobi — Kenyans living in rural areas are buying beauty, home, phones, and
TVs on Jumia's e-commerce platform, highlighting its importance in last-mile
delivery.

 

Online purchases are competitive in terms of prices as well as diversity of
products.

 

"We are proud to bring a modern and convenient shopping experience to
customers located in small Kenyan towns and to give them access to millions
of products that are not available locally," Jumia Kenya CEO Charles Ballard
said.

 

"Jumia's development in peri-urban and rural areas of Kenya also shows our
commitment to driving economic growth and improving lives through the
Internet," Ballard added.

 

 

Ballard spoke during the unveiling of the e-commerce report dubbed
'E-Commerce in Rural Areas'.

 

It highlights how online marketplaces can bring opportunities to underserved
rural regions by providing access to millions of products and creating
employment.

 

The report further highlights the crucial role of JForce, a countrywide
network of over 25,000 independent sales agents who drive awareness in local
communities, inform customers about Jumia's offers, and help them order on
the platform.

 

JForce agents play a crucial role in boosting e-commerce awareness in rural
areas and fostering growth and brand adoption.

 

The agents are their own bosses and earn commissions based on their sales on
the platform.

 

 

They help rural consumers place online orders, which are then delivered
within 2 to 4 days to local pick-up stations where customers collect their
orders).

 

"E-commerce enables all consumers to buy products at the same price whether
they live in Nairobi, Meru, or Lodwar. Delivery costs have also decreased
over the years, the average delivery cost to rural areas is now around Ksh
300 depending on the item's size," Jumia's Head of Logistics Chrism Nyaga
stated.

 

"Pick-Up Station deliveries have helped reduce prizes and minimize
environmental impact," Nyaga said.

 

Eldoret, Nakuru, Kakamega, Kitale, and Kisumu show the most promising
consumer demand, the company said.

 

Physically present across the country through more than 350 Pick-Up Stations
(PUS), Jumia has developed its network of rural Pick-Up Stations to meet the
needs of rural consumers.

 

Its collaboration with over 45 local logistics partners ensures streamlined
supply chain operations.

 

It enables the company to offer competitive and timely delivery options to
these rural areas.

 

-Capital FM.

 

 

 

Namibia: Nampower U-Turns On Electricity Cuts

National power utility NamPower management and board members resolved to put
its plans on hold to disconnect defaulting customers until the end of August
2023.

 

The decision follows after NamPower and public enterprises minister Iipumbu
Shiimi met last Thursday, where government articulated its interventional
measures, aimed at assisting the company to collect money owed by its
customers.

 

In a statement issued yesterday, NamPower confirmed meeting Shiimi, noting
government's programme to implement needed measures has been put in motion
and will run until the end of August 2023.

 

 

"The minister will furthermore make the necessary recommendations to
government before the end of August on the matter. As such, the public is
hereby informed that the disconnections will no longer continue until the
end of August 2023.

 

"Meanwhile, NamPower is once again calling on its defaulting customers to
pay their dues to enable the company to continue delivering on its mandate,
that of ensuring the security of supply to the country," reads the
statement.

 

Last week, while announcing a raft of key decisions by the executive, deputy
information minister Emma Theofelus said cabinet endorsed the proposed short
and long-term solutions to address the structural problems in the supply of
utilities across the country, which, among others, include the roll-out of
prepaid metering systems, review of local authorities' financial status and
local authorities' reform.

 

The national power utility last month stated it was owed a staggering N$1.5
billion, of which N$842 million is overdue.

 

The utility stressed it is crucial to collect what is owed for the
sustainability of the corporation.

 

-New Era.

 

 

 

South Africa: Presidential Youth Employment Intervention Making 'Significant
Progress'

The Presidential Youth Employment Initiative (PYEI) has, since 2020, made
"significant progress" in tackling the challenge of transitioning youth from
learning to earning.

 

That is according to the Presidency's Lerato Shai, who was addressing the
media on Monday.

 

The PYEI was announced by President Cyril Ramaphosa during 2020 as an
intervention to rising youth unemployment in South Africa.

 

Shai explained that government has taken a partnership-based approach with
departments and society to create a network where youth from all over the
country can access opportunities to earn on the National Pathway Management
Network.

 

 

"How we are tackling this problem is through three key objectives: driving
systems change and focusing on the barriers that young people face;
stimulating demand and aggregating opportunities into a single network to
make it easy for young people to access opportunities, and of course, the
actual work of linking them to opportunities.

 

"We really have made significant progress since the President launched this
programme in 2020. It's been only two and a half years since then. Some four
million youth are in the network and accessing opportunities, and finding
more traction in the labour market than before," Shai said.

 

Since the launch of the National Pathway Management Network, young people
have been supported to access 934 563 temporary earning opportunities.

 

"The National Pathway Management Network... brought together all the
different networks, which are serving young people and providing them with
opportunities, into a single network and we are connecting these networks in
ways that allow young people to be more visible, as well as to able to be
linked to all the opportunities," Shai said.

 

 

She explained that the network is also reaching those who have not always
had access to opportunities to earn.

 

"In the last financial year alone, 380 556 opportunities were secured by
young people on this network. The NYS [National Youth Service] is starting
to show evidence that with more targeted design, we can really support
pathways to earning and transition young people more effectively from
learning to earning.

 

"The network is now reaching South Africa's most excluded young people.
Close to 70% of the opportunities on the SA Youth platform were secured by
young women, who are black Africans and are the most excluded in the labour
market.

 

"We are also reaching the poorest young people, with many of them reporting
that they live in households that are receiving a social grant, as well as
reporting that they attended some of the poorest schools in the country,"
Shai said.

 

Change of tact

 

At the same media briefing, National Youth Development Agency CEO, Waseem
Carrim, said the National Youth Day commemoration will have a strong
emphasis on bringing employment opportunities to young people.

 

The commemoration will be held at the Mangaung Outdoor Sports Centre in
Bloemfontein this coming Friday and Saturday.

 

Carrim said the agency's engagements with youth have revealed that rally
style commemorations of Youth Day no longer resonate with youth.

 

"Government really has adopted a differential approach to Youth Day. One of
the things that we have detected in our conversations with young people is
that the methodology of how we commemorate these events through mass-based
rallies is no longer relevant to the modern day generation.

 

"What we have found is that young people are responsive to opportunities. So
government will be hosting a very large scale opportunities and career expo
for young people in Mangaung on Friday as a response to what the actual
needs of young people are," Carrim said.

 

-SAnews.gov.za.

 

 

 

Nigeria: Petrol - Marketers Struggle to Raise Capital for New Supplies

Following the removal of subsidy on petrol, the marketers are struggling to
raise the required capital to purchase the product at the depots, a check by
Vanguard has shown.

 

Before the removal of subsidies, ticket prices to load at the depot averaged
N8.1 million per truck. The new price is now N21.8 million, much higher by
over 169 percent.

 

Marketers have said raising the new capital at short notice has become
extremely difficult.

 

Speaking on the challenges at the weekend, the Public Relations Officer,
Independent Petroleum Marketers Association, IPMAN, Chief Chinedu Ukadike,
told Vanguard that the financial implication for the independent marketers
is dire.

 

 

He stated: "We are facing a terrible situation. Our tickets are stuck. The
price now is too high. The challenge is that the ones we paid for at the old
rate, we were not supplied and now we have a new rate.

 

"The ex-depot price is now N484 per litre depending on the depot you are
loading from, compared to N180 per litre we paid.

 

"NNPC is the only source of petrol products and we are saying this is wrong.
The government must open the sector up. There cannot be deregulation and
NNPC would be setting profit margins for the marketers", he added.

 

He disclosed that in the Lagos area, independent marketers have 5,700
tickets outstanding, 600 tickets in Port Harcourt and 1,200 tickets in
Warri, Delta State.

 

Ukadike, who stressed that the marketers were ready to compete in the
deregulated market, urged the government to provide a level playing field
for all marketers.

 

"We cannot have only one source of petroleum products and claim that the
sector is deregulated. We are ready to compete but the business environment
must be the same for every player."

 

-Vanguard.

 

 

 

Liberia: Executive Order 119 Should Produce Fruits

President George Manneh Weah issued Executive Order 119 last week Thursday,
June 8, imposing surcharge on a few imported goods or raw materials to
protect domestic manufacturers and stimulate economic growth.

 

The Executive Mansion in Monrovia says Executive Order 119, which takes
immediate effect, seeks to solidify gains realized under Executive Order 103
and stimulate growth in the Liberian economy.

 

Government says this is her way of recognizing the need to provide
incentives for domestic job creation as envisaged under Pillar 2 (Economy
and Job) of the Pro-Poor Agenda for Prosperity and Development (PAPD) by
protecting local businesses from unfair competition and international brands
of locally manufactured goods.

 

 

We commend President George Weah for thinking of doing something to protect
local manufacturers in the last year of his first term when he had promised
in his inaugural speech in 2018 that Liberians will not be spectators in
their own economy during his administration.

 

Nearly six years after, the government is now coming to do what it should
have started earlier, because it is seeking re-election. This is why we say
it should produce fruits for the Liberian people to see.

 

Local businesses especially, Liberian-owned investments have suffered lack
of incentives from government in a harsh economic environment, putting them
at serious disadvantage with their foreign competitors like the Lebanese and
Indians.

 

It is time that government moves to protect Liberian entrepreneurs so that
they will be able to remain in business rather than leaving them vulnerable
to outside competition, as we have seen over the years.

 

Domestic investments are a bedrock of any economy, and they should be
encouraged to thrive, come what may because they represent the true face of
the Liberianization Policy.

 

But when leaders pay lip service and play politics with the business
environment, it is not only the economy that suffers, but the people as
well. While we hail President Weah for issuing Executive Order 119, we can
but only hope that its real intended purpose will be achieved other than
being a cosmetic approach.

 

We sincerely look forward to seeing its impact on domestic manufacturers
that would bring a turnaround to citizens venturing into entrepreneurship.

 

-New Dawn.

 

 

 

Microsoft-Activision: $69bn deal temporarily blocked in US

A judge has granted a request by regulators in the US to temporarily block
Microsoft's $69bn (£56bn) purchase of Activision Blizzard.

 

The court says the temporary restraining order "is necessary to maintain the
status quo while the complaint is pending".

 

The US Federal Trade Commission (FTC) says the deal could "substantially
lessen competition" in the sector.

 

A two-day hearing is now due to take place from 22 June in San Francisco.

 

The deal to buy the Call of Duty publisher would be the largest in the
history of the video games industry.

 

The FTC said that without a court order the deal could have been completed
as early as the end of this week, despite the UK blocking the takeover in
April.

 

Microsoft and Activision now have until 16 June to submit legal arguments to
oppose a preliminary injunction and the FTC, which enforces competition law
in the US, will have to reply on 20 June.

 

The FTC has argued that the deal would give Microsoft's Xbox exclusive
access to Activision games, leaving Nintendo consoles and Sony's PlayStation
out in the cold.

 

Microsoft has said the deal would benefit gamers and gaming companies, and
has offered to sign a legally binding agreement with the FTC to provide Call
of Duty games to rivals including Sony for a decade.

 

The move comes after the UK blocked the deal over concerns it would hurt
competition, but the EU approved it.

 

Microsoft's proposed takeover of Activision has split global regulators, and
in order for the deal to go through the parties need approval from
regulatory bodies in the UK, the EU and the US.

 

The European Commission has approved the acquisition, saying that
Microsoft's offer of 10-year free licensing deals - which promise European
consumers and cloud game streaming services access to Activision's PC and
console games - mean there would be fair competition in the market.

 

But the UK's Competition and Markets Authority (CMA) blocked the deal in
April, saying it was concerned the takeover would offer reduced innovation
and less choice for gamers.

 

Microsoft and Activision hit out at the CMA's decision and said they would
appeal.

 

Microsoft president Brad Smith said it marked the company's "darkest day" in
its four decades of working in Britain.

 

In response to the announcement by the FTC on Monday, Mr Smith said
Microsoft welcomed the "opportunity to present our case in federal court" in
its attempt to persuade US regulators to allow the deal to be completed.

 

"We believe accelerating the legal process in the US will ultimately bring
more choice and competition to the market," he added.

 

The purchase of Activision, which also makes Candy Crush, is seen to be
important for Microsoft, which is trying to catch up with its main
competitor Sony.

 

However, this attempted investment from Microsoft could be seen as a play
for the future of video games, with the firm betting big on its Xbox Game
Pass service, which has been described as the "Netflix of games".

 

Microsoft believes the future lies in players having subscriptions to
libraries and streaming games through "cloud gaming", rather than making
one-off purchases - which is the main way of accessing games at the
moment.-bbc

 

 

 

Discrimination bigger concern from AI than human extinction, says EU

Discrimination is a more pressing concern from advancing artificial
intelligence than human extinction, says the EU's competition chief.

 

Margrethe Vestager told the BBC "guardrails" were needed to counter the
technology's biggest risks.

 

She said this was key where AI is being used to help make decisions that can
affect someone's livelihood, such as whether they can apply for a mortgage.

 

The European Parliament will vote on its proposed AI rules on Wednesday.

 

The AI Act is being considered by politicians amid warnings over developing
the tech - which enables computers to perform tasks typically requiring
human intelligence - too quickly.

 

Some experts have warned that AI could lead to the extinction of humanity.

 

But Ms Vestager said AI's potential to amplify bias or discrimination, which
can be contained in the vast amounts of data sourced from the internet and
used to train models and tools, was a more pressing concern.

 

"Probably [the risk of extinction] may exist, but I think the likelihood is
quite small. I think the AI risks are more that people will be discriminated
[against], they will not be seen as who they are.

 

"If it's a bank using it to decide whether I can get a mortgage or not, or
if it's social services on your municipality, then you want to make sure
that you're not being discriminated [against] because of your gender or your
colour or your postal code," she said.

 

On Tuesday, Ireland's data protection authority said it had put Google's
planned EU roll-out of its AI chatbot Bard on hold.

 

It said it had been informed by Google that its ChatGPT competitor would be
introduced in the EU this week, but was yet to receive details or
information showing how the firm had identified and minimised data
protection risks to prospective users.

 

Deputy Commissioner Graham Doyle said the DPC was seeking the information
"as a matter of urgency" and had raised further data protection enquiries
about it with Google.

 

'A UN approach'

In an exclusive interview with the BBC, Ms Vestager, who is the European
Commission's executive vice president, said AI regulation needs to be a
"global affair".

 

But ahead of the European Parliament's vote on the AI Act, she insisted a
consensus among "like-minded" countries should be prioritised before getting
more jurisdictions, such as China, on board.

 

"Let's start working on a UN approach. But we shouldn't hold our breath,"
she said.

 

"We should do what we can here and now."

 

Ms Vestager is spearheading EU efforts to create a voluntary code of conduct
with the US government, which would see companies using or developing AI
sign up to a set of standards that are not legally binding.

 

Being 'pragmatic'

The current draft of the AI Act seeks to categorise applications of AI into
levels of risk to consumers, with AI-enabled video games or spam filters
falling into the lowest risk category.

 

High-risk AI systems include those that are used to evaluate credit scores
or access to loans and housing. This is where the focus of strict controls
on the tech will be.

 

But as AI continues to develop quickly, Ms Vestager said there was a need to
be pragmatic when it comes to fine-tuning rules around this technology.

 

"It's better to get, let's say 80% now than 100% never, so let's get started
and then return when we learn and then correct with others," she said.

 

Ms Vestager said there was "definitely a risk" that AI could be used to
influence the next elections.

 

She said the challenge for police and intelligence services would be to be
"fully on top" of a criminal sector where there is a risk they get ahead in
the race to utilise the tech.

 

"If your social feed can be scanned to get a thorough profile of you, the
risk of being manipulated is just enormous," she said, "and if we end up in
a situation where we believe nothing, then we have undermined our society
completely."

 

Many tech leaders and researchers signed a letter in March calling for a
pause in the development of AI systems more powerful than OpenAI's GPT-4.

 

But Ms Vestager said this was not realistic.

 

"No-one can enforce it. No-one can make sure that everyone is on board," she
said, pointing out that a pause could be used by some as an opportunity to
get ahead of competitors.

 

"What I think is important is that every developer knows that everyone has
signed up for the same guardrails so that no-one takes excessive risks."

 

Facial recognition

The European Parliament's proposals for the AI Act seek to restrict the use
of biometric identification systems and indiscriminate collection of user
data from social media or CCTV footage for purposes such as facial
recognition systems.

 

However, Ms Vestager said: "We want to put in strict guardrails so that it's
not used in real-time, but only in specific circumstances where you're
looking for a missing child or there's a terrorist fleeing.

 

"The Parliament has a much more principled position that they will vote on
tomorrow to basically ban it completely."

 

Before the AI Act can become finalised as the world's first rulebook on the
use and development of AI systems, the EU's three branches of power: the
Commission, Parliament and Council will all have to agree on its final
version.

 

It is not expected to come into effect before 2025.-bbc

 

 

 

US inflation at lowest since 2021 as fuel prices fall

Prices for eggs, petrol and furniture dropped in the US last month, helping
to slash inflation to less than half of its peak a year ago.

 

Inflation, the rate at which prices rise, was 4% over the 12 months to the
end of May, the Labor Department said.

 

That was down from 4.9% in April and marked the 11th month in a row that
price increases have eased.

 

The update comes as the US central bank meets to debate whether it needs to
do more to fight inflation.

 

Officials have raised borrowing costs in the world's largest economy sharply
since last year to try to rein in prices, pushing the Federal Reserve's key
interest rate to more than 5%, from near zero in March 2022.

 

Analysts expect the Fed to leave interest rates unchanged this month,
reflecting the progress made to ease price pressures as higher borrowing
costs weigh on borrowing and spending.

 

The price of eggs has dropped 13.8% since last year - the biggest drop since
1951. Gasoline prices are down nearly 20%.

 

Overall, at 4%, inflation is the lowest it has been since March 2021, the
Labor Department said.

 

But the update also showed that prices in many parts of the economy are
still rising steadily - and far faster than the 2% rate the Fed considers
healthy.

 

In particular, measures of housing costs, including rents, continue to climb
sharply.

 

There have also been steep price rises for beer, women's clothing, and
services from car maintenance to school fees.

 

"Don't be fooled by the sharp fall in headline inflation, which is nearly
all explained by falls in gasoline prices. These numbers show underlying
inflationary pressures are still stubbornly high," said Brian Coulton, chief
economist at Fitch.

 

Inflation in the US hit a peak of 9.1% in June 2022, as the war in Ukraine
led to spikes in energy and food prices. That was the fastest rate since
November 1981.

 

Though the problem has since subsided, some analysts say the Fed will have
to do more to get inflation under control.

 

So-called core inflation, which is seen as a better gauge of underlying
pressures because it does not include changeable food and energy products,
rose 0.4% from April to May.

 

That pace has held steady for three months in a row, the Labor Department
said.

 

Alexandra Wilson-Elizondo of Goldman Sachs Asset Management said she did not
expect the Fed to raise rates this week, but said the bank was likely to
return to the question when they meet in July.

 

"Today's... number was a relief for the market, as the data met
expectations, confirmed the dis-inflationary trend, and re-affirmed current
market pricing of a Fed pause tomorrow," she said. "However, the rate of
dis-inflation remains incompatible with the Fed's 2% target."

 

She noted similar that authorities in Australia and Canada recently
increased rates after pausing, citing stubborn inflationary pressures.

 

In Europe, the European Central Bank is widely expected to raise rates at
its meeting this week.-bbc

 

 

 

Pay rise surprise leads to forecasts of higher interest rates

UK wages have risen at their fastest rate in 20 years, excluding the
pandemic, raising expectations that UK interest rates will have to rise.

 

Regular pay excluding bonuses increased by 7.2% in the three months to
April, although it still lags behind inflation - the rate at which prices
rise.

 

The Bank of England has warned big pay rises are contributing to the UK's
still-high rates of inflation.

 

It has put up interest rates 12 times since 2021 to try to slow price rises.

 

Higher interest rates may be good for savers, but are driving up repayment
costs for millions of mortgage holders.

 

And fears the Bank of England will raise interest rates higher than
previously thought - from their current 4.5% to as high as 5.5% - have been
causing turbulence in the mortgage market.

 

Lenders have been putting up rates and pulling hundreds of deals, causing
uncertainty for borrowers.

 

On Tuesday, the government's borrowing costs - which directly impact
mortgage rates - rose to their highest rate since last year's mini-budget.

 

Samuel Tombs, chief UK economist at Pantheon Economics, said the renewed
pick-up in wage growth would "add fuel" to expectations for higher interest
rates.

 

This was because the figures were"fanning the impression that the UK has a
unique problem with ingrained high inflation".

 

Darren Morgan, director of economic statistics at the Office for National
Statistics (ONS), said in cash terms, basic pay is now growing at its
fastest since current records began, apart from the period when the figures
"were distorted by the pandemic".

 

"However, even so, wage rises continue to lag behind inflation."

 

According to the ONS, pay when adjusted for inflation fell by 1.3% in the
three months to April.-bbc

 

 

 

Sainsbury's and Asda told not to block rival stores

Sainsbury's and Asda have been told to stop using "unlawful" land agreements
to prevent rivals from opening stores near their own shops.

 

The move may have reduced consumer choice of groceries and access to cheaper
prices, the Competition and Markets Authority (CMA) said.

 

Asda and Sainsbury's played down the breaches, saying they had been
"technical" and not harmed consumers.

 

The regulator previously reprimanded Tesco and Waitrose for similar actions.

 

The CMA's latest action comes as supermarkets are being investigated by the
competition watchdog over high food and fuel prices.

 

According to the CMA, between 2011 and 2019 Sainsbury's and Asda had placed
restrictions on land they own to stop it being used by rival supermarkets.

 

They also used legal agreements to block landlords from allowing competing
stores on land in the same block as existing shops.

 

The regulator said Sainsbury's breached the Groceries Market Investigation
(Controlled Land) Order 2010 18 times, while Asda did it 14 times.

 

David Stewart, executive director of markets and mergers at the CMA, said:
"Restrictions of this nature are against the law, cause real harm to
shoppers and will not be tolerated. This is particularly important at a time
when many families are struggling to pay their weekly grocery bills.

 

Tesco told not to block rival supermarkets

Supermarkets probed over food and fuel prices

"With families under increasing pressure, it is even more critical that
competition between supermarkets is helping people to get the best deal."

 

Sainsbury's has agreed to remove the outstanding restrictions the CMA
identified from its land agreements. The restrictions identified within
Asda's land agreements have been removed.

 

A Sainsbury's spokesperson said the regulator had found "minor,
unintentional technical breaches" that did not reduce competition in the
grocery market .

 

It added that there had only been a "small number" of breaches, amounting to
less than 1% of its relevant land agreements over more than a decade. "We
have co-operated fully with the CMA throughout this process and we are now
resolving these issues, as well as taking steps to make sure this does not
happen again."

 

An Asda spokesman said: "We have reviewed details of over 1,600 property
related transactions which identified 14 issues. All of these relate to
legacy transactions that occurred between 2011 and 2019, when Asda was under
different ownership, and involve technical errors in documentation that have
all been resolved.

 

"We have also taken action to strengthen our CLO-related training and
guidance."

 

The CMA took action against Tesco in 2020 for 23 breaches of the land rules,
and and Waitrose in 2022 for seven breaches.

 

Grocery price inflation has soared in recent months, and some have
questioned whether supermarkets are passing on falling wholesale food costs.

 

However, the grocers have denied profiteering, with the British Retail
Consortium saying stores are working to keep prices "as low as
possible".-bbc

 

 

 

Jack Dorsey: India threatened to shut Twitter and raid employees

Former Twitter CEO Jack Dorsey has alleged that the Indian government
threatened to shut the platform and raid employees' houses in the country.

 

In an interview with a US-based YouTube channel, Mr Dorsey said India
requested removal of several tweets and accounts linked to the farmers'
protest in 2020.

 

Twitter was also asked to censor journalists critical of the government, he
alleged.

 

India has denied the allegations and accused Twitter of violating laws.

 

"This is an outright lie... Perhaps an attempt to brush out that very
dubious period of Twitter's history," federal minister Rajeev Chandrashekar
tweeted on Tuesday.

 

"No one went to jail nor was Twitter 'shutdown'. Dorsey's Twitter regime had
a problem accepting the sovereignty of Indian law. It behaved as if the laws
of India did not apply to it."

 

Mr Dorsey's comments - made to the American news series Breaking Points -
are the latest in an already troubled relationship between Prime Minister
Narendra Modi's Bharatiya Janata Party (BJP) government and Twitter.

 

It also comes at a time when the platform has been caught up in an
intensifying debate on its role in supporting principles of free speech amid
demands in several countries to control Twittter's influence.

 

The Indian government's war with Twitter

Mr Dorsey quit as the Twitter CEO in 2021 and the social media platform was
purchased by billionaire Elon Musk in 2022.

 

In the interview, which was uploaded on YouTube on Monday, Mr Dorsey said
"countries like India and Turkey made many requests to us to take down
journalists' accounts that give tactile information and remove them from the
platform".

 

He added that he was "surprised at the level of engagement and requests" by
governments of the world to censor content on the platform during his time.

 

"India, for example, was a country that had many requests around the
farmers' protests, around particular journalists that were critical of the
government," he said.

 

"It manifested in ways such as: 'we will shut Twitter down in India' - which
is a very large market for us; 'we will raid the homes of your employees,'
which they did; 'we will shut down your offices if you don't follow suit.'
And this is India, a democratic country," Mr Dorsey told the show's hosts
Krystal Ball and Saagar Enjeti.

 

At the height of the farmers' protests against a series of agriculture
reform laws, the government had asked Twitter to remove tweets it believed
that had used an incendiary hashtag, and accounts it alleged were used by
Pakistan-backed Sikh separatist groups.

 

The request came after the largely peaceful protest had been jolted by
violence on 26 January 2021, which left one person dead and hundreds of
policemen injured.

 

Twitter had first blocked some 250 accounts, including those of a news
magazine and activists and organisations associated with supporting the
year-long protests on the outskirts of capital Delhi.

 

But six hours later, Twitter restored the accounts, citing "insufficient
justification" for continuing the suspension.

 

The Indian government immediately ordered Twitter to block the accounts
again and told the company's employees in India that legal action would be
taken - which could be up to seven years in prison - if they did not comply.

 

Twitter responded, saying it would not block accounts belonging to media
companies, journalists, activists and politicians because that would
"violate their fundamental right to free expression under the Indian law".

 

Relations between Twitter and Mr Modi's government have been downhill ever
since.

 

Why India is the world leader of internet shutdowns

Critics say that at the heart of this is a new internet law that puts social
media platforms like Twitter and Facebook under the direct supervision of
the government. The government says the rules are meant to tackle
misinformation and hate speech, but experts worry it would lead to
censorship.

 

Mr Musk, who succeeded Mr Dorsey, said in April that "rules in India for
what can appear on social media are quite strict".

 

In Monday's interview, Mr Dorsey compared India's actions to those by
governments in Turkey and Nigeria, which have briefly restricted the
platform in the past.

 

"Turkey is very similar [to India], we had so many requests from Turkey. We
fought Turkey in their courts and often won, but they threatened to shut us
down constantly," he said.

 

"Nigeria is another example... The situation was such that we could not even
put our employees on the ground in the country out of fear of what the
government might do to them."-bbc

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

GetBucks

EcoCash

 


TSL

Econet

Turnall

 


First Capital Bank

ZBFH

Fidelity

 


Zimplow

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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