Major International Business Headlines Brief::: 14 March 2023

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Major International Business Headlines Brief::: 14 March 2023 

 


 

 


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ü  Silicon Valley Bank: Lessons learned from failed 'tech bank'

ü  Masatoshi Ito, billionaire who made 7-Eleven a global giant, dies at 98

ü  Silicon Valley Bank: Shares fall as fears persist about failed US bank

ü  HSBC swoops in to rescue UK arm of Silicon Valley Bank

ü  Vinyl records outsell CDs for first time in decades

ü  Shark Tank India: How a start-up in Kashmir is inspiring thousands

ü  Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

ü  US court rules Uber and Lyft workers are contractors

ü  Willow Project: US government approves Alaska oil and gas development

ü  Kenya: New Kpa Boss Pledges to Address Workers Grievances

ü  Malawi: Minister Sendeza Says Structural Challenges Hampering
Electricity, Internet Access in Malawi

ü  Nigeria: Beware of False Rainfall Onset, NiMet Warns Famers

ü  Botswana, Zimbabwe to Discuss Eliminating Use of Passports

ü  Kenya: Solar Powered Freezer Improving Immunization Coverage in
Hard-to-Reach Rural Villages

 


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Silicon Valley Bank: Lessons learned from failed 'tech bank'

Uncertainty, panic and urgency are three words I heard rather a lot on
Monday morning.

 

I have been talking to some of the UK-based tech firms which had accounts
with Silicon Valley Bank, the bank that failed rather dramatically towards
the end of last week.

 

The UK arm of it, with just over 3,000 business customers, has now been
rescued by HSBC but as I write, the online banking facility remains frozen.

 

SVB was primarily used by the tech sector, and I know there have been
mutterings about how much sympathy UK taxpayers should have for the "tech
bros" in the event of Treasury intervention.

 

The people I have been chatting to do not fit that description.

 

I asked one worker whether she expected to get paid this month as her firm
had only banked with SVB. It was still unclear how much operational cash -
money needed by businesses to pay bills and salaries - remained in limbo. "I
hope so," she said.

 

The one thing everyone I have spoken to had in common was that not only was
SVB their main bank - it was their only bank.

 

"At our next board meetings I want to talk about resource concentration,"
said Melanie Hayes, managing partner at the venture capitalist firm BGV,
which also banked exclusively with SVB.

 

"We also need to look at the rest of the business and see where else we
might have concentration risk."

 

To paraphrase: do not put all of your eggs in one basket.

 

And also, may I add - choose big, robust, protected baskets that are more
likely to be prevented from failing by regulators and governments.

 

It may sound like a no-brainer, but if you are a tech start-up, it is not as
easy as it sounds.

 

"The main High Street banks are not supportive to start-ups, because we have
perceived higher risks," says Elin Haf Davies, founder of Aparito, a
med-tech start up based in Wrexham that focuses on clinical trials.

 

Ms Davies said that SVB was popular with the med-tech sector, including both
her competitors and clients - many of whom are US-based.

 

Aparito is still scoping out how much of an impact those clients' banking
problems are likely to have on its own cash flow.

 

As well as financial services, you should also consider the breadth of your
client base, she added.

 

"Try to have a large distribution of clients so you have a secure revenue
stream," she said, acknowledging that "it's easier said than done".

 

The perception that the big banks are less keen on start-up customers is one
I hear echoed a lot.

 

"Many start-ups are with challenger banks because their account opening
procedures are so much more straightforward," said Ms Hayes.

 

"It's hard to open up a bank account with a High Street bank if you're a
start-up business."

 

But when I ask why, nobody is quite sure. "If I knew the answer to that..."
Ms Hayes laughs.

 

Chris Edson from Second Nature, a firm specialising in helping Type 2
diabetes patients manage their lifestyles, said that until recently his firm
banked with Metro, but had decided to switch to SVB.

 

The firm had transferred some money into a fixed-term bond before news began
to spread about SVB, but there was still about £1m in the account.

 

"We faced the dilemma of, 'do we withdraw our cash and make the problem
worse or do we wait?'. I was in a WhatsApp groups with other founders and
opinion was split."

 

In the end, Mr Edson opted for a transfer back to the old Metro account on
Friday morning and while the money appears to have left SVB, it has not yet
arrived in its new destination.

 

But he is confident that under HSBC ownership, all will be well.

 

"I think every chief financial officer has worked all weekend," he said.

 

"Sunday seemed like a real black swan, once in a generation, moment for
start-ups. It's shaken everybody in the VC [venture capital] world to their
core."

 

One thing it has also done is unite the tech sector together in an unusual
moment of business collaboration.

 

"I've never had so many messages from founders or investors as I have over
the last 48 hours," said Mr Edson.

 

Ms Hayes said she saw tech bosses sharing "practical stuff" like lists of
banks which were prepared to open accounts quickly, and personal contacts
who may be able to help.

 

They were also co-ordinating a data-gathering exercise to establish the
extent of the problem, which involved sharing quite sensitive company
information such as the amount of money firms had at risk and their cash
flow requirements.

 

"We saw other people just sharing solidarity and support," she said.

 

"It was good to see people pulling together."-bbc

 

 

 

 

Masatoshi Ito, billionaire who made 7-Eleven a global giant, dies at 98

Japanese billionaire Masatoshi Ito, who helped turn 7-Eleven convenience
stores into a global business empire, has died aged 98.

 

He died last Friday from old age, operator Seven & i Holdings said in a
statement.

 

"We would like to express our sincere gratitude to him for his kindness
during his lifetime," the firm said.

 

There are more than 83,000 7-Eleven stores around the world, with a quarter
of them located in Japan.

 

In 1956, Mr Ito took over a small Tokyo apparel store business that had been
run by his uncle then half-brother.

 

Mr Ito later renamed it Ito-Yokado and turned the business into a chain of
one-stop stores that sold everything from groceries to clothes. It went
public in 1972.

 

Around the same time, an executive at Ito-Yokado, Toshifumi Suzuki, spotted
a 7-Eleven store during a visit to the US.

 

Ito-Yokado later forged a deal with 7-Eleven's owner - the US-based
Southland Corporation - and opened Japan's first 7-Eleven in 1974. Mr Ito's
firm moved to acquire a controlling stake in Southland Corporation in March
1990.

 

"I am frequently asked if I succeeded because of hard work or because I was
just lucky. Actually the answer is some of both," Mr Ito said in an
interview.

 

"I was fortunate to have started out in business right after the war - the
same time that a broad-based consumer society was beginning to develop in
Japan."

 

In 1992, Mr Ito resigned from his position at Ito-Yokado over alleged
illegal payments made by three executives to yakuza gangsters to keep order
at a shareholders' meeting.

 

Ito-Yokado was renamed Seven & i Holdings in 2005. The "i" in its name is a
nod to Ito-Yokado and Mr Ito, who was the company's honorary chairman.

 

Mr Ito was also influenced by his friendship with Austrian-American
management guru Peter Drucker.

 

"In the early years of his relationship with Dr Drucker, the two would
connect in America or Japan and spend long evenings discussing the world
economy, the Japanese economy, and the direction in which Mr Ito should be
planning," according to the Drucker School of Management, that counts Mr Ito
as a major donor.

 

Prof Drucker called Mr Ito "one of the world's outstanding entrepreneurs and
business builders."-bbc

 

 

 

 

Silicon Valley Bank: Shares fall as fears persist about failed US bank

Stock markets in Europe fell on Monday as investors remained spooked by the
collapse of Silicon Valley Bank (SVB), despite efforts to limit the fallout.

 

Bank shares dropped sharply, with Germany's Commerzbank falling more than
12%, and Santander down 7%, reflecting fears over the health of the sector.

 

In London, the FTSE 100 index closed 2.6% lower, with shares falling even
after HSBC agreed to buy SVB's UK arm.

 

US markets were flat, recovering after initially being dragged lower by
banks.

 

Stock markets in Frankfurt, Paris and Milan suffered sharp losses.

 

George Godber, fund manager at Polar Capital, said markets had fallen
because of "a fear of what else might lie out there".

 

"The imminent crisis may have been averted but it's alerted people to the
fact that there's a group of companies out there with business models who
will struggle in a high interest rate environment - as that's what's undone
SVB," Mr Godber said.

 

But he added that the direct impact on UK economy and UK market was limited,
"because the UK financial sector is really healthy and well capitalised".

 

Silicon Valley Bank - which specialised in lending to technology companies -
was shut down by US regulators who seized its assets on Friday. It was the
biggest failure of a US bank since the financial crisis in 2008.

 

SVB was scrambling to raise money to plug a loss from the sale of assets
affected by higher interest rates.

 

The US has now agreed a rescue deal for customers of SVB, with all
depositors fully protected. The US government has also taken over Signature
Bank, saying it will guarantee all deposits as part of emergency measures to
shore up the banking system.

 

Wall Street's stock exchanges fell during early trading on Monday over fears
of contagion following SVB's collapse, although subsequently recovered
ground.

 

There were huge falls in the value of some US banking stocks, as markets
began to assess President Biden's response to the situation.

 

The value of shares in one bank, Western Alliance, tumbled by about 75% on
opening, while another, First Republic, was down 65%. Trading of more than a
dozen regional bank stocks, including First Republic, has now been halted.

 

Markets 'edgy'

On Monday, HSBC announced it was buying SVB's UK arm for £1. The deal
followed a frantic weekend of talks as the government and Bank of England
sought a solution, and the news bought relief to UK tech firms who feared
going bust without support.

 

The Bank of England said no other UK banks had been "materially affected" by
SVB's collapse. Chancellor Jeremy Hunt also said there was "never a systemic
risk" to the UK's financial stability.

 

Elsewhere, France's economy minister said US bank failures did not create a
risk of contagion, and Germany's finance watchdog said SVB's collapse did
not pose a threat to financial stability.

 

But investors nevertheless took fright on Monday, with the US dollar and oil
prices also slipping.

 

Russ Mould, AJ Bell's investment director, said the markets remained "edgy"
despite the best efforts of governments and regulators to contain the
situation.

 

"There's plenty to worry about whether it be the conflict in Ukraine,
inflation, rising interest rates and now a potential banking crisis has been
added to the mix," he said.

 

"Little surprise people are feeling a bit spooked."

 

Why should I care if share prices fall?

Big shifts in the stock market are often in the news, and for good reason,
as their performance can affect your life and finances.

 

Even if you don't invest money directly yourself, there are millions of
people with a pension - either private or through work - who will see their
savings invested by pension schemes. The value of their savings pot is
influenced by the performance of these investments.

 

So big rises or falls in share prices can affect your pension, although
pension savings are usually a long-term bet.

 

Anyone who has a pension pot invested and is taking an income from it will
again see their investment go up and down with the stock markets.

 

That could mean getting less than you expected if you cash in too much after
stock markets have fallen, making it important to plan how to make up any of
this shortfall, experts say.

 

So "the markets" matter - maybe not as much as everyday wages, but for the
future.-bbc

 

 

 

HSBC swoops in to rescue UK arm of Silicon Valley Bank

HSBC has swooped to buy the UK arm of collapsed US Silicon Valley Bank
(SVB), bringing relief to UK tech firms who warned they could go bust
without help.

 

Customers and businesses who had been unable to withdraw their money will
now be able to access it as normal.

 

The government and the Bank of England led the talks and worked through the
night to scramble together the deal, which involves no taxpayer money.

 

HSBC said it paid just £1 for the SVB's UK arm.

 

Speaking to the BBC, HSBC boss Noel Quinn said the deal had been "too good
an opportunity to miss" and had ensured "a crisis in one institution did not
become a systemic crisis".

 

Silicon Valley Bank - which specialised in lending to technology companies -
was shut down by US regulators on Friday in what was the largest failure of
a US bank since 2008.

 

Its collapse sent shockwaves across the tech industry over the possible
impact it could have on businesses, with some firms telling the BBC they
could go bust if deposits were not secured.

 

With fears over how firms would be able to access cash on Monday morning,
frantic talks were held between Chancellor Jeremy Hunt, the prime minister,
the Bank of England governor, HSBC bosses and civil servants to find a
solution.

 

The Bank of England said no other UK banks had been "materially affected" by
SVB's collapse and said the banking system remained "safe, sound, and well
capitalised".

 

Although the UK arm of SVB was small with just over 3,000 business
customers, its collapse would have presented a risk for a sector which the
government views as pivotal to the UK's future economic success.

 

Mr Hunt said some of the firms only had bank accounts with SVB UK, "so for
that reason we were faced with a situation where we could have seen some of
our most important companies, our most strategic companies, wiped out and
that would have been extremely dangerous".

 

However, he added there was "never a systemic risk to our financial
stability in the UK".

 

Toby Mather, chief executive and co-founder of Lingumi, an education
technology start-up, said 85% of its cash was tied up with the bank and he
had had a very "anxious weekend".

 

"We had enough money in bank accounts outside the UK and enough revenue
coming through each week from our customers that we could look our staff in
the eyes at nine o'clock this morning and say we can make payroll in two
weeks, but it would have been very uncertain from then", Mr Mather said.

 

Sebastian Weidt, chief executive of Universal Quantum, a tech company which
employs about 40 people and held all its funds with SVB, said the deal was a
"huge relief" after an "unbelievably stressful" few days.

 

Although its US parent was in financial trouble, Silicon Valley Bank UK was
in reasonable financial health when it was bought for £1 by HSBC.

 

It had adequate capital and was making reasonable profits. Bank of England
sources confirmed this weekend's intervention was more a preventive strike
before the collapse of its US parent sparked mass withdrawals from the UK
business.

 

What that means is that HSBC got one hell of a deal which it owed to its
size and strength - with regulators confident that Europe's largest bank
could easily take on any risk from SVB UK's customers.

 

It seems the only thing wrong with SVB UK was its name. While not a Lehman
Brothers moment, what the collapse of SVB US has highlighted is that many
banks are riskier than they look on paper as they have all sustained losses
on their investments in government bonds as interest rates have soared -
pushing their value down.

 

One reason why bank shares are lower again on Monday as that thought sinks
in with jittery investors.

 

The rescue deal for the UK arm comes after the US agreed a rescue deal for
customers in the US bank, with all depositors fully protected.

 

SVB specialised in lending to start-up firms, and the company served nearly
half of US venture-backed technology and healthcare companies that had
listed on stock markets last year.

 

The firm was under pressure as higher interest rates made it harder for its
customers to raise money through private fundraising or share sales. More
clients were withdrawing deposits in a trend that snowballed last week.

 

The bank collapsed in the US on Friday after failing to raise enough money
to plug losses from the sale of assets, mainly US government bonds, that
were affected by higher rates.

 

The knock-on impact on SVB's UK arm sparked fears it could lead to the
collapse of many smaller UK tech firms, with more than 200 tech bosses
signing a letter calling for the government to step in.

 

Former investment banker Sir Philip Augar said the UK government and
regulators had a "good weekend in actually avoiding a crisis", but warned
there was an irony in the collapse of SVB just as the government was
considering "slackening" regulations in the financial services industry.

 

"It shows that it's a dangerous industry that can cause damage to the whole
economy if it's not controlled properly," he said.

 

"It has the capability of delivering a nasty shock."

 

While the deal with HSBC was broadly welcomed, the Bank of London - a UK
clearing bank - said it was a "missed opportunity".

 

The bank, which was among firms that had put forward a rescue bid for SVB
UK, said: "It cannot be right that, once again, the heritage banks that have
provided a poor service to UK entrepreneurs over many years benefit from
their already dominant position."-bbc

 

 

 

 

Vinyl records outsell CDs for first time in decades

Vinyl record sales outperformed CDs in the US for the first time since 1987,
according to a new report.

 

Just over 41 million vinyl records were sold in 2022, to the tune of $1.2bn
(£.99bn). Only 33 million CDs were sold, amounting to $483m.

 

It was the 16th consecutive year of growth for record sales, about 71% of
physical format revenues.

 

Recorded music revenue in the US grew for the seventh consecutive year and
reached a record high of $15.9bn.

 

Overall, revenue for recorded music in 2022 increased by 6%, according to
the report released by the Recording Industry Association of America (RIAA),
driven largely by streaming but also by physical music format sales.

 

The report found that revenue for physical music formats has steadily risen
over the years, marked by a "remarkable resurgence" in 2021 after being
muted by Covid-19 in 2020. Physical music revenues as a whole were up 4%
last year, propelled by vinyl records which saw a 17% increase. Meanwhile,
revenue from CDs fell 18%.

 

Physical copies of music continued to perform better than digital downloads,
the report found, which saw yet another decline in revenue, dropping by 20%
to $495m. It's a stark contrast from the peak popularity digital downloads
once held, having made up 43% of recorded music revenues in 2012. Since
then, downloads have plummeted - to just 3% last year.

 

Revenue from streaming, which includes "paid subscriptions, ad-supported
services, digital and customized radio, social media platforms, digital
fitness apps and others," grew 7% to a record high $13.3bn. It accounted for
84% of total revenues.

 

Last year's vinyl record sales demonstrate that vinyl is "cementing its role
as a fixture of the modern music marketplace," RIAA Chairman and CEO Mitch
Glazier said in a post on Medium.

 

"Music lovers clearly can't get enough of the high-quality sound and
tangible connection to artists vinyl delivers," Glazier said, "and labels
have squarely met that demand with a steady stream of exclusives, special
reissues, and beautifully crafted packages and discs."-bbc

 

 

 

 

Shark Tank India: How a start-up in Kashmir is inspiring thousands

A start-up from Indian-administered Kashmir has raised funding on reality
show Shark Tank India, boosting hopes for other budding entrepreneurs from
the region. Auqib Javeed met the men behind the company.

 

FastBeetle - a courier delivery service based in Kashmir - raised 9m rupees
($109,295; £90,000) on the Indian version of the show, where entrepreneurs
present their product or service to a panel of investors or "sharks", who
then decide whether they want to invest in their companies or not.

 

The company's founders Sheikh Samiullah and Abdul Rashid, had applied to
Shark Tank on a whim after seeing an advertisement about the show on
LinkedIn.

 

Theirs is the first company from Kashmir to raise funding on the popular TV
show, prompting one of the judges to ask why he hadn't seen more
entrepreneurs from the region.

 

"We don't have such facilities. There aren't people like you [Shark Tank
judges] who can support us, that is why people in Kashmir are dependent on
employment," Mr Samiullah answered.

 

Mr Samiullah and Mr Rashid now hope that the funding they will receive will
encourage more young people in Kashmir to start their own businesses.

 

Kashmiri artisan giving finishing touch to a Christmas ornament in his
workshop ahead of Christmas celebrations in Srinagar,Kashmir on December 13
, 2021.The artisans say that the Christmas items are made of paper-mache and
are sent to local markets and also exported to the U.S, Italy and many other
parts of the world.

 

 

The Himalayan region of Kashmir has been a sensitive area as it is hotly
contested by India and Pakistan, who claim it in full but rule over parts.

 

For more than three decades, separatist militants have carried out an armed
rebellion against India's rule in the region. India has blamed Pakistan for
backing these militants, a charge Islamabad denies.

 

In August 2019, the BJP-led government revoked Article 370 - a part of the
Indian Constitution that guaranteed significant autonomy to the
Muslim-majority Jammu and Kashmir state - and downsized it into two
federally-administered territories.

 

The announcement was followed by internet shutdowns and curfew-like
conditions that lasted for several months and thousands of additional troops
were deployed to deal with situations of unrest.

 

What happened in Kashmir and why it matters

At the time, the Indian government had said that the revocation of special
status for the region was necessary for economic development, but official
figures show that investments have declined in the past four years.

 

Officials, however, insist that things are getting better and the region is
witnessing "a boom" in local start-ups.

 

Aijaz Ahamd Bhat, director of Jammu and Kashmir Entrepreneurship Development
Institute (JKEDI), says the government is working on "J&K Startup Policy
2023-2028", which aims to facilitate the setting up of 3,000 start-ups in
the region in the next five years.

 

He said that this would help create jobs and boost the region's economy.
"The policy was already there but we couldn't implement it due to some
issues, and then the pandemic. Now we are amending it with the help of
experts and a new policy will be in public in coming weeks."

 

The rise of homegrown militancy in Kashmir

Mr Samiullah and Mr Rashid started FastBeetle in 2019, just six months
before the abrogation of Article 370. Before starting his own business, Mr
Samiullah used to work for an e-commerce company that delivered products all
over India.

 

"We thought this model could be applied in Kashmir too so we created our own
brand," he said.

 

FastBeetle delivery agents would pick up products, pack them in their office
in the region's main city of Srinagar and deliver them on motorbikes and
minivans.

 

But the business came to a standstill following the scrapping of Article
370. Products couldn't be delivered as no vehicles, except for emergency
services, were allowed on roads.

 

Communication blockades prevented the founders from communicating with their
staff for months and the company's losses ran into hundreds of thousands of
rupees, says Mr Samiullah.

 

The founders say they paid salaries by dipping into their personal savings.
As soon as things started to normalise by the end of 2020, they decided to
restart their business. But then the Covid-19 pandemic hit the world and
they had to once again contend with months-long lockdowns.

 

But Mr Samiullah and Mr Rashid did not lose hope.

 

They realised that apple traders in the valley were struggling to deliver
their produce, and so FastBeetle stepped in to deliver the fruit across
Kashmir.

 

"The apple industry is the largest employment generator in the region, and
the profits we made by delivering the fruit helped the business recoup its
losses," says Mr Samiullah.

 

The company also started delivering oxygen cylinders and medicines to Covid
patients.

 

Today, FastBeetle delivers everything, has 130 employees and operates
throughout India and in several countries abroad. So far, it has delivered
100,000 orders in more than 55 countries. The company also works with over
1,500 Micro, Small and Medium Enterprises (MSMEs).

 

SRINAGAR, INDIA - 2022/09/09: A girl sorts fresh apples at an orchard during
harvesting season on the outskirts of Srinagar, Kashmir. Farmers across
Kashmir valley start harvesting different varieties of apples and the season
lasts until mid-November.

 

 

The apple industry is one of the largest employment generators in Kashmir

Mr Samiullah says they also try to help small-scale entrepreneurs by
delivering their products at reasonable prices.

 

Beenish Bahir Khan, 33, who runs Craft World Kashmir - an online store
selling hand-made crochet booties, bags and knitted winter clothing - says
her business has received a major push with FastBeetle.

 

"They pick-up and drop our products at the doorsteps of our customers and
this has helped us expand."

 

FastBeetle's success story is also serving as an inspiration to other
entrepreneurs in the region, such as Arif Irshad Dar.

 

The 30-year-old runs an organic store called Kashmir Origin that sells fresh
produce and hand-crafted products made by Kashmiri farmers and artisans.

 

Mr Dar says he wants to grow his business like Mr Samiullah and Mr Rashid so
that he can create more jobs for people.

 

The budding entrepreneur says it is heartening to see FastBeetle make waves
on Shark Tank "as it showed that even a start-up from Kashmir could make it
big".

 

TANGMARG, KASHMIR, INDIA - 2023/02/15: Residents cross the snow covered
foot-bridge during a sunny winter day in Tangmarg, about 50kms from
Srinagar, the summer capital of Jammu and Kashmir.

 

 

The founders say that they are now working to build an "ecosystem of
start-ups".

 

There are challenges - they say people are still reluctant to invest in
start-ups because of the uncertain political situation of the region.

 

"But we live here and we know the situation. We are aware of the snowfalls
and curfews, we have to get used to this atmosphere and keep moving
forward," Mr Rashid says.-bbc

 

 

 

Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

Bank shares in Asia and Europe have slumped, despite reassurances from the
US president that America's financial system is safe following the collapse
of two US lenders.

 

The falls come after authorities moved to protect customer deposits when the
US-based Silicon Valley Bank (SVB) and Signature Bank collapsed.

 

Joe Biden promised to do "whatever is needed" to protect the banking system.

 

But investors fear other lenders may still be hit by the fallout.

 

Tuesday trading saw sharp falls in share prices globally, with Japan's Topix
Banks index falling by more than 7%, putting it on course for its worst day
in more than three years.

 

Shares of Mitsubishi UFJ Financial Group, the country's largest lender by
assets, were down by 8.1% in mid-day Asian trading.

 

On Monday, Spain's Santander and Germany's Commerzbank saw their share
prices dive by more than 10% at one point.

 

A string of smaller US banks suffered even worse losses than European
counterparts, despite reassuring customers that they had more than enough
liquidity to protect themselves from shocks.

 

The volatility has led to speculation that America's Federal Reserve will
now pause its plans to keep raising interest rates, designed to tame
inflation.

 

Mr Biden said that people and businesses that had deposited money with
Silicon Valley Bank would be able to access all their cash from Monday,
after the government stepped in to protect their deposits in full.

 

Many business customers had faced the prospect of not being able to pay
staff and suppliers after their funds were frozen.

 

BBC North America Technology correspondent James Clayton spoke to people
queuing up all day outside the SVB branch in Menlo Park, California, to
access their funds.

 

As the bank was no longer offering wire transfers, they were taking out
their money in cashier cheques.

 

Silicon Valley Bank - which specialised in lending to technology companies -
was shut down by US regulators who seized its assets on Friday. It was the
biggest failure of a US bank since the financial crisis in 2008.

 

It had been trying to raise money to plug a loss from the sale of assets
affected by higher interest rates. Word of the troubles led customers to
race to withdraw funds, leading to a cash crisis.

 

Authorities on Sunday also took over Signature Bank in New York, which had
many clients involved in crypto and was seen as the institution most
vulnerable to a similar bank run.

 

Mr Biden promised that covering the deposits would not cost taxpayers
anything, and instead be funded by fees regulators charge to banks.

 

As part of efforts to restore confidence, US regulators also unveiled a new
way for banks to borrow emergency funds in a crisis.

 

Yet there is concern that the failures, which came after the collapse of
another US lender, Silvergate Bank, last week, are a sign of troubles at
other firms.

 

Paul Ashworth of Capital Economics said the US authorities had "acted
aggressively to prevent a contagion developing".

 

"But contagion has always been more about irrational fear, so we would
stress that there is no guarantee this will work," he added.

 

Danni Hewson, head of financial analysis at the stockbrokers AJ Bell, said:
"The first rush of relief has been replaced by niggling concerns that the
era of high rates might be more difficult for some banks to stomach than had
been previously thought.

 

"In the US, bank stocks slid despite Joe Biden's pledge that 'whatever is
needed' will be carried out to prevent more dominos from tumbling."

 

Political fallout

The failure of SVB has re-ignited debates - similar to those seen following
the 2008 financial crisis - about how much the government should do to
regulate and protect banks.

 

The chair of the US Federal Reserve, Jerome Powell, says there will be a
thorough and transparent review of the collapse.

 

Mr Biden called for tougher rules and emphasised that investors and bank
leaders would not be spared.

 

"They knowingly took a risk... that's how capitalism works," he said.

 

Still, Republican Senator Tim Scott, seen as a potential presidential
candidate in 2024, called the rescue "problematic".

 

"Building a culture of government intervention does nothing to stop future
institutions from relying on the government to swoop in after taking
excessive risks," he said.

 

Once again people are worried about banks. Once again there is intense
debate about bailouts. But this isn't 2008.

 

Following the global financial crisis, the focus was on reforming banks
considered "too big to fail". Today's problems are centred around medium-
and smaller-sized banks.

 

Both of the banks that collapsed - Silicon Valley Bank and Signature Bank -
had the same thing in common: their business models were too concentrated in
one sector and they were over exposed to assets whose values came under
pressure from rising interest rates.

 

The criticism is that they should have foreseen this and they didn't. US
Federal Reserve chair Jerome Powell has gone to great lengths to signal the
Fed's intention to raise interest rates.

 

Since most banks are well diversified and have plenty of cash on hand, the
assumption is that the risk to the rest of the banking sector is low. That
won't stop regulators looking into what went wrong and what rules need to
change.

 

And the pressure on small- and medium-sized banks hasn't gone away. What
happens to the US economy and the fight against inflation also remains to be
seen.-bbc

 

 

 

US court rules Uber and Lyft workers are contractors

A US court has ruled that "gig" economy giants including Uber and Lyft can
continue treating their workers as independent contractors in the state of
California.

 

The California appeals court found that a labour measure, known as
Proposition 22, was largely constitutional.

 

Labour groups and some workers had opposed the measure, saying it robbed
them of rights like sick leave.

 

The firms say the proposition protects other benefits such as flexibility.

 

The latest ruling overturns a decision made by a lower court in California
in 2021, which found that Proposition 22 affected lawmakers' powers to set
standards at the workplace.

 

The state of California and a group representing Uber, Lyft and other firms
appealed against the decision.

 

On Monday, a three-judge panel at the appeals court ruled that workers could
be treated as independent contractors. However it removed a clause, which
put restrictions on collective bargaining by workers, from Proposition 22.

 

Shares in Uber and Lyft were almost 5% higher in after-hours trading.

 

"Today's ruling is a victory for app-based workers and millions of
Californians who voted for Prop 22," Tony West, chief legal officer at Uber
said.

 

"We're pleased that the court respected the will of the people and that Prop
22 will remain in place, preserving independence for drivers," Mr West
added.

 

Lyft said that the proposition "protects the independence drivers value and
gives them new, historic benefits."

 

The Service Employees International Union, which challenged the
constitutionality of Proposition 22 with several drivers, said it was
considering appealing against the court's decision.

 

Biden 'gig' workers plan spooks Uber investors

What is the 'gig' economy?

In November 2020, voters in California passed Proposition 22 that allowed
freelance workers to be classified as independent contractors.

 

It was a victory for Uber and Lyft which run a $205m (£168.7m) campaign to
support the measure.

 

However, the win came with some concessions and companies were required to
offer workers some benefits, including healthcare and accident insurance.

 

Some drivers had backed Proposition 22 but other drivers and labour groups
opposed it, pointing out all the benefits of being classified as employees
including sick days, leave and overtime pay.

 

Tens of millions of people work in the global gig economy across services
like food delivery and transport.

 

Gig workers are paid for individual tasks, such as a food delivery or a car
journey, rather than getting a regular wage.

 

Most US federal and state labour laws, such as those requiring a minimum
wage or overtime pay, do not apply to gig workers.

 

Firms like Uber and Lyft have come under increased scrutiny as the industry
grows in size.-bbc

 

 

 

 

Willow Project: US government approves Alaska oil and gas development

US President Joe Biden has approved a major oil and gas drilling project in
Alaska that faced strong opposition from environmental activists.

 

The company behind the Willow project, ConocoPhillips, says it will create
local investment and thousands of jobs.

 

But the $8bn (£6.6bn) proposal faced a torrent of online activism in recent
weeks, particularly among youth activists on TikTok.

 

Opponents argued it should be halted over its climate and wildlife impacts.

 

Located on Alaska's remote North Slope, it is the largest oil development in
the region for decades and could produce up to 180,000 barrels of oil a day.

 

According to US Bureau of Land Management estimates, that means it will
generate up to 278 million metric tonnes of CO2e over its 30-year lifetime -
the equivalent of adding two million cars to US roads every year.

 

CO2e is a unit used to express the climate impact of all greenhouse gases
together, as if they were all emitted as carbon dioxide.

 

Monday's announcement will allow only three drill sites for the project
instead of the five that were initially proposed - a compromise of sorts
with anti-Willow activists.

 

The approval also comes one day after the Biden administration imposed
limits on oil and gas drilling in 16 million acres of Alaska and the Arctic
Ocean.

 

Environmentalists had argued Willow is inconsistent with President Biden's
pledges to lead on climate action.

 

More than one million letters of protest were written to the White House,
and a Change.org petition calling for Willow to be halted drew more than
three million signatures.

 

"It's the wrong move and will be a disaster for wildlife, lands,
communities, and our climate," environmental charity Sierra Club said on
Monday.

 

Sonny Ahk, a young Iñuipat activist from Alaska who campaigned against
Willow, said the development would "lock in Arctic oil and gas extraction
for another 30 years and catalyse future oil expansion in the Arctic".

 

"While out-of-state executives take in record profits, local residents are
left to contend with the detrimental impacts of being surrounded by massive
drilling operations," he said.

 

But all three lawmakers who represent Alaska in Congress, including one
Democrat, pushed for the project's approval, touting it as a much-needed
investment in the region's communities.

 

They also argued it would help boost domestic energy production and lessen
the country's reliance on foreign oil.

 

"This was the right decision for Alaska and our nation," added
ConocoPhillips CEO Ryan Lance on Monday.

 

The US energy giant, which is already Alaska's largest crude oil producer,
will enhance energy security, create good union jobs and provide benefits to
Alaska Native communities, he said.

 

Why has a president who has embraced strong action on climate change just
approved a project dubbed a "carbon bomb"?

 

It's because Willow is all about politics and the law - and not the
environment.

 

As a candidate Joe Biden promised "no more drilling on federal lands,
period".

 

But under pressure from the courts last year, he authorised plans to sell
new drilling leases. Similar pressure from the courts could be at play
again.

 

The Biden administration is obviously aware that, from a purely climate
perspective, the project can't really be justified.

 

So they've tried to balance the approval with new bans on oil and gas
leasing in the Arctic Ocean.

 

But most environmentalists aren't buying that trade-off.-bbc

 

 

 

Kenya: New Kpa Boss Pledges to Address Workers Grievances

Nairobi, Kenya — Newly appointed Kenya Ports Authority(KPA) managing
director Captain William Ruto has assured employees that he will take care
of their grievances.

 

Speaking shortly after taking over office in Mombasa, the seasoned mariner
said he would work towards creating a conducive working environment for them
to deliver their respective mandate.

 

Captain Ruto has taken over leadership at the Kenya Ports Authority against
the backdrop of workers going on a go slow to protest over overtime
allowances and a medical scheme that they want to be scrapped from their
terms of service.

 

"I want to assure you that performance will go high. From today, we want to
plan how we will start to break records", he said.

 

Captain Ruto spoke to the employees after they gathered at the KPA office
with a set of demands for the new managing director to address as he takes
charge of the parastatal.

 

The MD position at KPA has been vacant for three years following the
resignation of Daniel Manduku back in 2020.

 

Since Manduku's resignation, KPA has had two acting managing directors;
Engineer Rashid Salim (2020-2021) and Ambassador John Mwangemi.

 

Captain William Ruto who is the immediate former Kisumu ports boss traces
his career as a cadet joining in 1991 before joining the Kenya Ports
Authority in 2001 as a senior mariner rising through the ranks to his
current position.

 

Ruto was appointed through a gazette notice following a recruitment drive
carried out by the Kenya Port Authorities board of directors in December
last year.

 

The JKUAT and South Tyneside Marine College graduate boasts 32 years of
maritime experience.

 

-Capital FM.

 

 

 

Malawi: Minister Sendeza Says Structural Challenges Hampering Electricity,
Internet Access in Malawi

Minister of Gender, Community Development and Social Welfare, Jean
Muonaowauza Sendeza, has disclosed that structural challenges continue to
hamper digitalization in Malawi.

 

Sendeza highlighted access to electricity, internet connectivity, poor or
weak telecommunications infrastructure, low access to gadgets or high cost
of electronic gadgets, and the limited ability of individuals to use digital
solutions as some of the challenges hindering digitalization drive.

 

The minister made the remarks in New York in the United States of America
(USA) where she is attending the 67th Session of the Commission on the
Status of Women (CSW).

 

Sendeza disclosed that only 20 percent of Malawians have access to internet,
and this challenge largely affects women and girls.

 

"As reported by the African Union that poor access to broadband internet
represents a major hurdle, particularly for people living in rural and
remote areas, to fully harness the potential of digital transformation, also
affects Malawi. Malawi has been pursuing the course of reducing gender
inequalities in STEM through the implementation of the country's strategic
development blueprints, which are the Malawi Growth and Development
Strategies, and more recently the Malawi 2063 development agenda," she said.

 

 

She added "The Malawi 2063 development agenda identifies science and
technology as one of the enablers for achieving sustainable development. It
emphasizes the importance of reducing gender inequalities and improving
opportunities for all people without discrimination. It further regards
gender equality as one of the key human capital development enablers driving
economic growth and a vibrant knowledge-based digital economy. It further
recognizes the importance of science, technology and innovation to harness
the country's competitive advantage in the inclusive wealth creation and
self-reliance agenda."

 

 

Sendeza further stated that since the Government of Malawi places issues of
STEM at the center of the country's development, it instituted the National
Commission on Science and Technology, as a driver for propelling meaningful
development.

 

She said the Malawi Government realizes the importance of mainstreaming
gender in science, technology and innovation. In actualizing this
realization, the National Commission for Science and Technology has been
implementing a number of initiatives that aim at inculcating a science and
technology culture in the country.

 

She cited the establishment of the Women in Science and Technology Network,
comprising Malawian women scientists, researchers and technologists from the
academia, private sector, civil society and government, the Constitution of
Malawi, in Sections 20 and 41, which upholds the principle of equal rights
for men and women and prohibits any discrimination based on gender or
marital status.

 

 

"This is to ensure that women and girls fully participate in all development
activities including the participation in STEM and other digital
technologies and innovations. To demonstrate this, Malawi conducts the
Presidential Delivery Unit Digitalization labs to provide comprehensive
guidance to transform Malawi into a wealthy and self-reliant nation through
provision of integrated and inclusive ICT, digital systems and life
enhancing services, Annual commemoration of the International Girls ICT Day
since 2017, the African Development Bank-funded STEM in Universities Project
where scholarships are awarded to girls who have been admitted in STEM
programmes and academic staff proceeding for further studies in STEM
programmes. It is targeting especially all the public universities and their
research entities," said Sendeza.

 

She also cited A USAID Project entitled Strengthening Higher Education
Access in Malawi, which supports Adolescent Girls and Young Women with the
objective of increasing access to education for adolescent girls and young
women, persons with disabilities, vulnerable and other disadvantaged youth,
and the higher education institutions such as the Malawi University of
Science and Technology, which annually organize Girls Camps to encourage
adolescent girls in secondary schools and female first year students
studying STEM at MUST and other public universities to make good use of
science and technology opportunities in their institutions.

 

"Allow me to reiterate that the Malawi Government is committed to promoting
women's full, equal and meaningful participation in STEM and Innovation.

 

"While realizing that Technology is a gateway to accessing information and
services, and to participating in all spheres of life, we should be mindful
that other people's rights are not infringed upon, especially women and
girls, by the same technology through cyber bullying," thus concluded
Sendeza.

 

-Nyasa Times.

 

 

 

Nigeria: Beware of False Rainfall Onset, NiMet Warns Famers

Nigerian Meteorological Agency (NiMet), has warned farmers to beware of
false rainfall onset as the raining season commences.

 

NiMet stated that farmers in Abuja and some north central states who have
experienced some rainfall in the last two weeks should not commence with
planting crops as it is false onset.

 

The director-general of NiMet, Prof. Mansur Matazu, who stated this in
Abuja, said the rains that we have witnessed in Abuja and the environs are
just a false onset and don't represent the commencement of the rainy season.

 

According to him, "What happened in Abuja is a false onset as it was
predicted in our Seasonal Climate Prediction (SCP) which we categorized as
pre-onset activities. However, extreme southern coastal states like Akwa
Ibom State, Bayelsa, and a few other states have already reached their onset
which we predicted was starting from March 3rd.

 

"But for Abuja, it is pre-onset activities that are temporary. Farmers
should use the opportunity to do land clearing and pre-raining activities.
The onset for FCT is predicted to be from late April to early May depending
on the local council."

 

This is even as NiMet has warned pilots and the general public to be wary of
thunderstorms and other hazardous weather events.

 

NiMet, in a statement by its spokesman, Muntari Ibrahim, said, "NiMet
predicted rainfall onset to be earlier than the long-term average in most
parts of the country during the 2023 Seasonal Climate Prediction (SCP). The
onset is expected to start from the coastal states of Bayelsa, Rivers and
Akwa-Ibom in early March, progressively followed by the inland states and
the Central states."

 

The statement also stated that the recent thunderstorms recorded over parts
of the coastal and inland states showed that the agency's prediction is
on-point, reliable and accurate.

 

-Leadership.

 

 

Botswana, Zimbabwe to Discuss Eliminating Use of Passports

Gaborone, Botswana — The presidents of Botswana and Zimbabwe are to discuss
scrapping passport requirements between their countries to allow for the
easier flow of people and goods.

 

Addressing ruling party supporters over the weekend, Botswana's president,
Mokgweetsi Masisi, said he will soon meet his Zimbabwean counterpart,
Emmerson Mnangagwa, to discuss the issue.

 

Botswana reached a similar deal last month with Namibia, and Masisi said he
also plans to discuss the issue with the Zambian president.

 

Some analysts are wary of Botswana's aim to extend the open border to
Zimbabwe, which has a struggling economy and is a major source of illegal
migration. But Masisi said there is no reason for security concerns, as
smart technology will be used at entry points.

 

 

"Don't think by opening borders, we will open for criminal elements," he
said. "Criminals will be caught as we will be using advanced technology."

 

National security expert Pius Mokgware said while the move will benefit
Botswana's economy, it could allow criminals to cross the 840-kilometer
border undetected.

 

"We have to think twice on matters of security. The identity cards should be
machine readable. Security features will ensure that identity cards of
either country are not forged and used for other things," Mokgware said.

 

Mokgware added that the proposed border arrangement could keep law
enforcement agents vigilant.

 

"Right now, what we are using to pick illegal immigrants is the passport,
because we ask for the passport. The passport will definitely indicate when
you came into Botswana and when you are expected to leave the country,"
Mokgware said. "That element was not done for fun; it was done as a measure
of security, because you have to control the people who are coming into the
country."

 

The number of Zimbabweans living illegally in Botswana is not known, but a
Zimbabwean government report last year said 47,000 Zimbabweans had left for
Botswana over the past decade.

 

South Africa-based economist Colls Ndlovu said promoting the free movement
of people within the region is key to boosting trade.

 

"This is a very positive move by Botswana, which sends a very strong signal
that Botswana is an outward-looking economy," Ndlovu said. "If it continues
to do so, very soon, Botswana will be the key economy in Africa
characterized by free trade, free movement of people, free movement of goods
and services. These are policies that are long overdue."

 

Masisi's push to engage neighbors on opening up borders is in line with the
Africa Union's Protocol on Free Movement of Persons.

 

-VOA.

 

 

 

Kenya: Solar Powered Freezer Improving Immunization Coverage in
Hard-to-Reach Rural Villages

Nairobi — Up until 2019, nurses in three health facilities located in the
semi-arid south-eastern Kenya region of Makueni County struggled to bring
critical health services closer to a hard-to-reach population scattered
across three remote, far-flung villages.

 

"Kamboo, Yindalani and Yiuma Mavui villages are located 17 and 28 kilometres
away from Makindu sub-county hospital, and 10 and 22 kilometres away from
the nearest electricity grid," Benson Musyoka, the nurse in charge of
Ndalani dispensary in Yindalani village tells IPS.

 

Without a cold chain capacity to store vital vaccines and drugs, health
facilities records show vaccination coverage across these villages was well
below 25 percent.

 

Babies were delivered at home because mothers could not raise 6 to 12 USDs
to hire a boda boda or motorbike taxi, which is the only means of
transportation in the area. Others could not reach the hospital in time to
deliver.

 

 

"Every morning, I would collect vaccines at Makindu sub-county hospital and
transport them inside a vaccine carrier box to Ndalani dispensary. Once the
vaccines are inside the carrier box, they are only viable for up to six
hours, at which point whatever doses will have remained unused must be
returned to storage at Makindu sub-county hospital for refrigeration or
thrown away," Musyoka expounds.

 

In February 2019, a groundbreaking donation of a solar-powered freezer to
the Kamboo health centre significantly improved availability and access to
vaccinations as well as maternal health services across the three villages
and surrounding areas.

 

Francis Muli, the nurse in charge of Kamboo health centre, tells IPS that
without a fridge or freezer, "you cannot stock Oxytocin, and without
Oxytocin, you cannot provide labour and delivery services."

 

He says it would be extremely dangerous to do so because Oxytocin is
injected into all mothers immediately after delivery to prevent postpartum
haemorrhage. Oxytocin is also used to induce labour.

 

 

As recommended by the World Health Organization, Oxytocin is the gold
standard for preventing postpartum haemorrhage and is central to Kenya's
ambitious goal to achieve zero preventable maternal deaths.

 

In 2017, the Ministry of Health identified sub-standard care in 9 out of 10
maternal deaths owing to postpartum haemorrhage. Overall, postpartum
haemorrhage accounts for 25 percent of maternal deaths in this East African
nation.

 

Usungu dispensary and Ndalani dispensary are each located 10 kilometres away
from Kamboo health centre in different directions. Nurses in charge of the
facilities no longer make the long journey of 28 kilometres to and another
28 kilometres from Makindu to collect and return unused vaccine doses on
vaccination days.

 

"We collect vaccine doses from Makindu sub-county hospital at the beginning
of the month and store them in the freezer at Kamboo health centre. The
freezer is large enough to store thousands of various vaccine doses
collected from the sub-county hospital for all three facilities," says
Antony Matali, the nurse in charge of Usungu dispensary in Yiuma Mavui
village.

 

 

Two to three times a week, Matali and Musyoka collect doses of various
vaccines, including all standard routine immunization vaccines, with the
exception of Yellow Fever. The vaccines are transported to their respective
dispensaries in a carrier box that can hold up to 500 doses of different
vaccines, including the COVID-19 vaccines. All three facilities have
recorded significant improvement in immunization coverage from a low of 25
percent.

 

At Kamboo health centre, where the freezer is domiciled, records show
measles immunization rate has surpassed the target of 100 percent to include
additional clients outside the catchment population area of 4,560 people.
Overall immunization coverage is at 95 percent, well above the government
target of 90 percent.

 

At Ndalani dispensary, the immunization rate for measles has also surpassed
the target of 100 percent as additional patients, or transit patients from
four surrounding villages and neighbouring Kitui County, receive services at
the dispensary. The overall vaccination rate for all standard vaccines is 50
to 65 percent.

 

In the Usungu dispensary, the vaccination rate for measles is at 75 percent,
and for other vaccines, coverage is hovering at the 50 percent mark.

 

"Usungu and Ndalani have not reached the 90 percent mark because we suffer
from both missed opportunities and dropouts. Missed opportunities are
patients who drop by a facility seeking a service and find that it is not
available at that very moment. Dropouts are those who feel inconvenienced if
they do not find what they need in their subsequent visits, so they drop out
along the way," Musyoka explains.

 

A cold chain or storage facility such as the solar-powered freezer, Muli
says, is the cornerstone of any primary health unit in cash-strapped rural
settings, and all services related to mother and child are the pillars of
any health facility. Without these services, he emphasizes, all you have is
brick and mortar.

 

"At Usungu and Ndalani, we are currently not offering labour and delivery
services because we do not have Oxytocin in the facility at all times due to
lack of storage, and we cannot carry it around in the hope that a delivery
will materialize that day due to the six-hour time limit," Musyoka expounds.

 

Still, pregnant women receive the standard tetanus jabs and all other
prenatal services, but close to the delivery period, Ndalani and Usungu
refer the women to the Kamboo health centre and follow-up to ensure that
they receive referred services. Facility records show zero infant and
maternal mortality.

 

Annually, the Ministry of Health targets to vaccinate at least 1.5 million
children against vaccine-preventable diseases such as measles, polio,
tuberculosis, diarrhoea and pneumonia. Currently, one in six children under
one year does not complete their scheduled vaccines.

 

Only one in two children below two years have received the second jab of
Measles-Rubella, and only one in three girls aged 10 have received two doses
of the HPV vaccine which protects against cervical cancer.

 

Ongoing efforts are helping address these gaps. For instance, the HPV
vaccine was introduced in Makueni in March 2021. Musyoka vaccinated 46 girls
aged 10 years with the two doses of HPV vaccine in 2021, and another 17
girls received their first HPV dose in 2022 and are due for the second dose
in November 2022.

 

Healthcare providers say the freezer has transformed the delivery of mother
and child services in the area by bringing critical immunization services
closer to a marginalized and highly vulnerable community.

 

IPS UN Bureau Report

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Good Friday

 

April 7

 


 

Easter Saturday

 

April 8

 


 

Easter Sunday

 

April 9

 


 

Easter Monday

 

April 10

 


 

Independence Day

 

April 18

 


 

Workers’ Day

 

May 1

 


 

Africa Day

 

May 25

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

TSL

Fidelity

 


Willdale

FMHL

ZBFH

 


GetBucks

Zimre

Seed Co

 


 

 

 

 


 

 

 

 


 <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
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been compiled from sources believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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