Major International Business Headlines Brief::: 15 March 2023

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Major International Business Headlines Brief::: 15 March 2023 

 


 

 


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ü  Samsung to invest in South Korea mega chip-making plan

ü  Argentina inflation soars past 100% mark

ü  Meta lay-offs: Facebook owner to cut 10,000 staff

ü  What do we know about the Silicon Valley and Signature Bank collapse?

ü  Moody's warns of more pain for US banks as downgrades sector

ü  Could waste plastic become a useful fuel source?

ü  OpenAI announces ChatGPT successor GPT-4

ü  UK job vacancies fall for eighth time in a row

ü  Energy bill help to continue until end of June

ü  Ipswich Marks & Spencer store doors left open after closing

ü  Uganda: World Bank President Nominee Pledges Change

ü  Uganda: Comment - Is MTN Uganda On the Verge of Becoming a Bank?

ü  Nigeria, Japan Deepen Partnership As Trade Value Hits $10bn Annually

ü  Africa's Digital Economy Will Rise to $712bn By 2050 - AfDB

ü  Nigeria: CBN Yet to Release Old Notes to Banks

 


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Samsung to invest in South Korea mega chip-making plan

Electronics giant Samsung says it plans to invest around 300tn won
($230.8bn; £189.6bn) over 20 years in the South Korean government's push to
develop a mega semiconductor hub in the country.

 

This will be put towards building five chip factories, the firm told the
BBC.

 

Samsung is the world's biggest maker of memory chips, smartphones and TVs.

 

Under the official plan, companies in high-tech industries will be offered
incentives like expanded tax breaks and infrastructure support.

 

"The mega cluster will be the key base of our semiconductor ecosystem,"
South Korea's Ministry of Trade, Industry and Energy said in a statement on
Wednesday.

 

It said it planned to secure around 550tn won in private-sector investment
and "leap forward as a leading country in the middle of fierce global
competition over advanced industries".

 

South Korea's move comes as "major players are ramping up efforts to boost
onshore manufacturing in the semiconductor sector," Paul Triolo from the
global advisory firm Albright Stonebridge Group told the BBC.

 

"It wants to emulate to some degree Taiwan's clustering effect, where the
trifecta of science parks... form a massive cluster that has attracted
numerous other companies, both upstream and downstream in the supply chain,"
he said.

 

Semiconductors, which power everything from mobile phones to military
hardware, are at the centre of a bitter dispute between the US and China.

 

In October, Washington announced that it would require licences for
companies exporting chips to China using US tools or software, no matter
where they are made in the world.

 

Last week, the Netherlands said it also planned to put restrictions on its
"most advanced" microchip technology exports to protect national security.

 

Around the same time, South Korea's trade ministry raised concerns over the
US policy on semiconductors.

 

The ministry said the Chips Act "could deepen business uncertainties,
violate companies' management and technology rights as well as make the
United States less attractive as an investment option".

 

China has frequently called the US a "tech hegemony" in response to export
controls imposed by Washington.

 

South Korea is home to other major microprocessor manufacturers such as SK
Hynix.

 

-bbc

 

 

 

Argentina inflation soars past 100% mark

Argentina's inflation rate has soared past 100% for the first time since the
end of hyperinflation in the early 90s.

 

Inflation hit 102.5% in February, the country's statistics agency said,
meaning the price of many consumer goods has more than doubled since 2022.

 

Argentina has been in economic difficulty for years, and most of the
population now live in poverty.

 

Its government has being trying to stem price rises by capping the prices of
food and other products.

 

But the food and drink sectors saw the most dramatic increase recent, with
prices growing by 9.8% in February compared to January.

 

Argentinian media said that this increase could partly be due to a sharp
hike in the price of meat, which rose by almost 20% in the space of a month.
Adverse weather conditions, a prolonged heatwave and a drought seriously
impacted livestock and crops, said local news outlet Ambito.

 

Although the symbolism of the inflation rate shooting up past 100% is
striking, the effects of soaring inflation have long been felt in Argentina.

 

Last September, protesters took to the streets to demand action to counter
rising costs of living, and, in February, Argentina's central bank said that
a new 2,000-peso (£8.13; $9.9) banknote would be issued in response to the
jump in consumer prices.

 

The Argentinian government has long tried to contain inflation, but
divisions have marred the country's economic policy.

 

Last summer, three economy ministers succeeded one another in the space of
four weeks as the country's economic crisis deepened, and President Alberto
Fernández is said to be at odds with his deputy, Cristina Fernández de
Kirchner, over how to tackle Argentina's economic problems.

 

In December, the International Monetary Fund (IMF) approved another $6bn
(£4.9bn) of bailout money.

 

It was the latest payout for Argentina in a 30-month programme that is
expected to reach a total of $44bn.-bbc

 

 

 

 

Meta lay-offs: Facebook owner to cut 10,000 staff

Meta, which owns Facebook, Instagram and WhatsApp, has announced plans to
cut 10,000 jobs.

 

It will be the second wave of mass redundancies from the tech giant, which
laid off 11,000 employees last November.

 

Meta chief executive Mark Zuckerberg said the cuts - part of a "year of
efficiency" - would be "tough".

 

In addition to the 10,000 jobs cut, 5,000 vacancies at the firm will be left
unfilled, he told staff.

 

In a memo, Mr Zuckerberg told employees he believed the company had suffered
"a humbling wake-up call" in 2022 when it experienced a dramatic slowdown in
revenue.

 

Meta previously announced that in the three months to December 2022,
earnings were down 4% year-on-year - though it still managed to make a
profit of more than $23bn over the course of 2022.

 

Mr Zuckerberg cited higher interest rates in the US, global geopolitical
instability and increased regulation as some of the factors affecting Meta,
and contributing to the slowdown.

 

"I think we should prepare ourselves for the possibility that this new
economic reality will continue for many years," he said.

 

The latest job cuts come as companies, including Google and Amazon, have
been grappling with how to balance cost-cutting measures with the need to
remain competitive.

 

At the start of this year, Amazon announced it planned to close more than
18,000 jobs because of "the uncertain economy" and rapid hiring during the
pandemic, while Google's parent company Alphabet made 12,000 cuts.

 

According to layoffs.fyi, which tracks job losses in the tech sector, there
have been more than 128,000 job cuts in the tech industry so far in 2023.

 

Timeline for cuts

Mr Zuckerberg said the recruitment team would be the first to be told
whether they were affected by the cuts, and would find out on Wednesday.

 

He also outlined when other teams would be informed: "We expect to announce
restructurings and lay-offs in our tech groups in late April 2023, and then
our business groups in late May 2023," he wrote in the memo to staff on
Tuesday.

 

"In a small number of cases, it may take through to the end of the year to
complete these changes.

 

"Our timelines for international teams will also look different, and local
leaders will follow up with more details."

 

Sadly, we're getting used to hearing about big tech lay-offs, as the giants
of the sector continue to tighten their belts.

 

Many like Meta make most of their money from advertising. Now they're faced
with a perfect storm: of falling ad revenues from companies with their own
bills to pay, and a user base which has less money to spend, making existing
ad space less valuable.

 

It's interesting to note that Meta is looking to its recruitment team in the
latest round of cuts.

 

I often hear that Silicon Valley firms have a tendency to over-recruit, for
two reasons. Firstly, so they have staff ready to handle sudden growth,
which can happen (just look at TikTok). And, secondly, to retain those
people perceived to be "top tech talent", whom they don't want working for
their rivals.

 

Both are luxuries, it seems, that are no longer affordable.

 

Meta has the added risk of Mark Zuckerberg's enormous gamble on the
metaverse being The Next Big Thing. If he's right, his firm will regain its
crown, but if he's wrong, the $15bn+ dollars he has spent on it so far could
disappear in a puff of mixed reality smoke.

 

2px presentational grey line

Mr Zuckerberg said there would be no new hires until the restructuring was
complete, adding that he aimed to make the company "flatter" by "removing
multiple layers of management".

 

He also dedicated a section of his correspondence to hybrid work. His claims
that software engineers who joined Meta in person performed better than
those who joined remotely, suggest hybrid working will come under scrutiny
during the current "year of efficiency".

 

"Engineers earlier in their career perform better on average when they work
in person with teammates at least three days a week," wrote Mr Zuckerberg.

 

"We're focusing on understanding this further, and finding ways to make sure
people build the necessary connections to work effectively.

 

"In the meantime, I encourage all of you to find more opportunities to work
with your colleagues in person."-bbc

 

 

 

What do we know about the Silicon Valley and Signature Bank collapse?

The value of shares in some banks tumbled around the world after the
collapse of two US banks. So how bad is this and what does it mean for you?

 

When the US president himself goes out of his way to tell people that their
money is safe, then you know the government is taking a financial crash
seriously.

 

Joe Biden's assurances on Monday weren't just for the customers of the two
failed banks either. There are wider ramifications, in the US and across the
world.

 

Here are five of the big questions, following the collapse of Silicon Valley
Bank (SVB) and Signature Bank.

 

Why did Silicon Valley Bank and Signature Bank fail?

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.

 

Both SVB and Signature Bank specialised in one sector. They were also overly
exposed to assets whose values came under pressure from rising interest
rates.

 

What other banks are at risk?

Bank shares in the US, Asia and Europe slumped following the collapse of SVB
and Signature Bank, as investors fretted about the general state of the
banking sector.

 

Smaller US lenders were particularly hard hit, although they rallied on
Tuesday. The initial sell-off came despite them reassuring customers that
they had access to enough cash to be able to protect themselves from shocks.

 

Investors are worried that the failures of the two banks are a sign of
troubles at other firms.

 

Since most banks spread their exposure across lots of sectors, and also have
plenty of cash on hand, the assumption is that the risk to the rest of the
banking sector is low.

 

However, the failures have highlighted the fact that many banks are riskier
than they might look, because many will have sustained losses on their
investments in government bonds as interest rates soared, pushing their
value down.

 

That's a prospect investors have been waking up to in recent days, and is
one reason why bank shares fell.

 

Is your money safe?

The US government has long guaranteed bank deposits under $250,000 - and if
you are like most people, you probably do not have more than that sitting in
a bank account.

 

SVB and Signature had a different set of customers: SVB catered largely to
start-up tech firms, while Signature Bank was a commercial bank focusing on
corporate customers. Many of those accounts held amounts exceeding that
$250,000 level.

 

But action taken over the weekend by the Treasury Department, Federal
Reserve and the Federal Insurance Deposit Corporation (FDIC) meant even
those customers will not lose their money.

 

President Biden said this week that those moves should reassure Americans
worried about the banking system: "Your deposits will be there when you need
them."

 

Global bank stocks slump despite Biden reassurances

Lessons learned from failed 'tech bank' SVB

Meanwhile, HSBC has swooped to buy SVB's UK arm, bringing relief to UK tech
firms who warned they could go bust without help.

 

The move meant customers and businesses who had been unable to withdraw
their money were now able to access it as normal.

 

In the UK, the government and the Bank of England worked over the weekend to
scramble together the HSBC's purchase of SVB, which involved no taxpayer
money. HSBC paid just £1 for SVB's UK arm.

 

American regulators have tried to sell SVB. They have also created a
completely new lending programme. It allows banks that are facing similar
problems to use some of their financial assets as the means to get a loan
from the Federal Reserve, America's central bank.

 

This newly created programme essentially acts as a backstop to make sure
banks will be able to meet all the needs of their depositors.

 

But the question of whether the government is bailing out a troubled bank
remains a controversial political issue, reflecting lingering anger over aid
given to Wall Street during the 2008 financial crisis.

 

President Biden on Monday said the leadership of any bank that is taken over
by the FDIC will be fired, making it clear those responsible will be held
responsible. He went further to assure the American people will not pay the
price.

 

"No losses will be borne by the taxpayers. Let me repeat that: No losses
will be borne by the taxpayer," Mr Biden said. Instead, the money will come
from the fees that banks pay into the Deposit Insurance Fund.

 

But the reality is most Americans are bank customers. The fees that are
charged to banks eventually roll down to the consumer. So even if it's not
through their taxes, Americans are, in fact, on the hook.

 

What industries are hit?

SVB is a crucial lender for early-stage businesses, so its collapse led to
fears about a knock-on impact to many other industries, from climate tech to
medical research.

 

The company is the banking partner for nearly half of US venture-backed
technology and healthcare companies that listed on stock markets last year.

 

And although the UK arm of SVB was small with just over 3,000 business
customers, its collapse would have created "a serious risk to some of our
most promising companies in technology and life sciences", UK Chancellor
Jeremy Hunt said.

 

One company that was caught up in the fallout was US-based online crafts
marketplace Etsy.

 

Over the weekend, the company said that it had experienced a delay in
issuing payments to some sellers related to the collapse of SVB.

 

It said teams "worked around the clock to implement a solution" and that it
was able to issue the deposits on Monday.

 

The millions of 'missing' babies after 2008 crash

What does the bank collapse mean for interest rates?

The Federal Reserve has been aggressively raising interest rates to try and
slow down the economy. But rising interest rates were partly to blame for
this crisis.

 

Figures out on Tuesday showed US annual inflation at 6% in February, with
persistently higher prices highlighting the challenge for the Fed.

 

Now there is a general nervousness among investors about where the next
crisis caused by rising rates could turn up.

 

Who is it that will be at risk? Some investors and financial analysts are
even speculating that the Federal Reserve will stop hiking rates in response
to the events of the past few days, or even start cutting.

 

There is no playbook for this, it is uncharted territory.-bbc

 

 

 

 

Moody's warns of more pain for US banks as downgrades sector

Ratings giant Moody's has warned of more pain ahead for the US banking
system after a run on deposits led to the collapse of Silicon Valley Bank.

 

Moody's cut its outlook for the sector to "negative" from stable, warning of
"a rapid deterioration in the operating environment".

 

The downgrade came as banking shares in the US and Europe rebounded
following earlier losses.

 

But Moody's said some other banks faced risks of customer withdrawals.

 

It said rising interest rates also pose a challenge, exposing banks that
bought assets such as government bonds when interest rates were low, to
potential losses.

 

"Banks with substantial unrealized securities losses and with non-retail and
uninsured US depositors may still be more sensitive to depositor competition
or ultimate flight," Moody's said in the report.

 

"We expect pressures to persist and be exacerbated by ongoing monetary
policy tightening, with interest rates likely to remain higher for longer
until inflation returns to within the Fed's target range."

 

Silicon Valley Bank: Offer made for UK arm of failed US lender

Authorities have acted quickly to try to contain fallout after the shock
collapse of Silicon Valley Bank (SVB), the 16th largest in the US.

 

The firm, a key lender to technology firms, failed last week after a rush of
customer withdrawals, sparked by the bank's disclosure that it needed to
raise money and had been forced to sell a portfolio of assets, mostly
government bonds, at a loss.

 

US regulators took over the bank and said they would guarantee deposits
beyond the $250,000 level typically insured by the government. They took
similar steps at smaller Signature Bank.

 

Officials from the Department of Justice and Securities and Exchange
Commission are now investigating the collapse, US media reported.

 

Reports have suggested that some customers of smaller US banks have been
trying to put their money into bigger institutions.

 

However, ratings agency S&P Global said it hadn't seen evidence of runs on
banks other than at those that had collapsed.

 

It said emergency measures brought in by the Federal Reserve should lower
the risk of bank customers losing confidence.

 

However, it added that "conditions remain fluid" and "some banks are showing
greater signs of stress than others", including First Republic bank.

 

Analysts expect the turmoil in the financial system sparked by the failures
to lead the Fed to slow or pause its rate rises when it meets next week.

 

That view gained traction on Tuesday after the latest inflation report
showed prices in the US up 6% in the 12 months to February, in line with
expectations, helping to boost shares.

 

As trading began on Tuesday, San Francisco-based First Republic Bank - which
had seen its share price tank by 62% on Monday - jumped more than 50%, one
of a number of firms whose shares were staging a recovery. It ultimately
closed roughly 30% higher.

 

The three main stock indexes also climbed, with the Dow up 1%, the S&P 500
climbing 1.7% and the Nasdaq ending the day more than 2% higher.

 

In the UK, bank shares - which saw sharp falls on Monday - were all mostly
higher by Tuesday afternoon. The FTSE 100 ended up roughly 1.2%.

 

The European Stoxx banking index also opened lower on Tuesday but then
recovered to end nearly 3% higher.

 

But shares in HSBC, which rescued SVB's UK business for £1, closed down 1%,
and there were steep losses overnight in Japan, where major lenders such as
the country's largest bank MUFG, saw their share prices tumble by more than
8%.

 

An index of Japanese banking stocks, known as the Topix Banks Index, plunged
by 7.4%, despite reassurances from the Bank of Japan (BoJ).

 

"Japanese financial institutions' direct exposure to Silicon Valley Bank is
small, and thus the impact is likely limited," said a BoJ official.-bbc

 

 

 

Could waste plastic become a useful fuel source?

Plastic waste dumps, says Prof Erwin Reisner, could be the oil fields of the
future.

 

"Effectively, plastic is another form of fossil fuel," says Prof Reisner,
who is professor of energy and sustainability at the University of
Cambridge. "It's rich in energy and in chemical composition, which we want
to unlock."

 

But the chemical bonds that make up plastics are made to last and, of the
seven billion tonnes ever created, less than 10% has been recycled.

 

Dilyana Mihaylova, plastics programme manager for the Ellen MacArthur
Foundation, says: "Our extractive, take-make-waste economy [means] billions
of dollars' worth of valuable materials are lost."

 

Worldwide, more than 400 million tonnes of plastic is produced every year -
roughly the same weight as all of humanity. Today, around 85% ends up in
landfill or is lost to the environment where it will stay for hundreds,
perhaps thousands, of years.

 

Now the race is on to find the best way to break those chemical bonds and
reclaim the Earth's precious resources locked into plastic.

 

Mechanical recycling, where waste plastic is washed, shredded, melted and
reformed, degrades plastic over time and can result in inconsistent quality
products.

 

The plastics industry is keen on chemical recycling, where additives are
used to alter the chemical structure of waste plastic, turning it back into
substances that can be used as raw materials, perhaps for making fuel like
petrol and diesel.

 

But that approach is currently costly and inefficient and has been
criticised by environmental groups.

 

"So," says Ms Mihaylova, "just as we can't recycle our way out of the
plastics pollution crisis, we can't rely on plastics-to-fuel processes to
solve the problem either."

 

Could a new solar-powered system show the way forward?

 

Prof Reisner and his team have developed a process that can convert not one,
but two waste streams - plastic and CO2 - into two chemical products at the
same time - all powered by sunlight.

 

The technology transforms CO2 and plastic into syngas - the key component of
sustainable fuels such as hydrogen. It also produces glycolic acid, which is
widely used in the cosmetics industry.

 

The system works by integrating catalysts, chemical compounds which
accelerate a chemical reaction, into a light absorber.

 

"Our process works at room temperature and room pressure," he says.

 

"Reactions run automatically when you expose it to sunlight. You don't need
anything else."

 

And, assures Prof Reisner, the process produces no harmful waste.

 

"The chemistry is clean," he says.

 

Other solar-powered technologies hold promise for tackling plastic pollution
and CO2 conversion, but this is the first time they have been combined in a
single process.

 

"Combining the two means we add value to the process," says Prof Reisner.
"We now have four value streams - the mitigation of plastic waste, the
mitigation of CO2, and the production of two valuable chemicals. We hope
this will bring us close to commercialisation."

 

In addition, Prof Reiner says his system can handle otherwise unrecyclable
plastic waste.

 

"Usually, plastic contaminated with food waste goes to incineration, but
this plastic is really good for us. In fact, food is a good substrate - so
it makes our process work better."

 

Researchers around the world are looking for ways to turn unwanted plastic
into something useful.

 

When broken down, the elements of plastic can be re-made into a myriad of
new products including detergents, lubricants, paints and solvents, and
biodegradable compounds for use in biomedical applications.

 

Nature has found ways of breaking down polymers - substances made up of very
large molecules - and plastic is a synthetic polymer.

 

"There are already bacteria out there that have enzymes designed to break
[polymers] down," says Dr Victoria Bemmer, senior research fellow at the
University of Portsmouth.

 

"We can tweak these enzymes by changing the structure of them very slightly
- to make them go faster, make them more firm or stable."

 

Using machine learning, Dr Bemmer and her team have developed variants of
enzymes adapted to deconstruct all varieties of polyethylene terephthalate
(PET), a type of polyester.

 

The enzymes break the plastic down in a similar way to chemical recycling,
says Dr Bemmer but, because they are akin to enzymes found in nature, the
process can be done in much more "benign conditions".

 

Where chemical recycling uses chemicals, the Portsmouth University team are
able to use water. And the highest temperature they need is 70C, meaning
energy consumption can be kept low compared to other processes.

 

Dr Bemmer and her team are developing their enzymes further and hope that
their work will help them create a sustainable circular economy for
plastic-based clothing too.

 

Polyester made from PET is the most widely used clothing fibre in the world.

 

However, recycling synthetic fabrics using enzymes is not easy. The addition
of dyes and other chemical treatments make it difficult for them to be
degraded in a natural process.

 

"Polyester is an absolute pain," says Dr Bemmer. "Plus, it's very rarely
just pure polyester. You find mixed fibres as well."

 

The team hope their enzymes will reduce the PET in waste textiles to a soup
of simple building blocks, ready to be made back into new polyesters.

 

"We're at a very early stage," says Dr Bemmer. "We don't know yet if the
dyes and additives to these fabrics will inhibit the action of the enzymes
on the polyester chain. Hopefully they won't have an impact and we can just
carry on but if they do, we can develop our enzymes further."

 

Worldwide production of plastic continues to increase, and is expected to
triple by 2060. For many, recycling remains the focus in addressing the
issue, but some argue this will never be enough.

 

Back in Cambridge, Prof Reisner's team are taking "baby steps in the
direction" of commercialisation. They plan to develop the system over the
next five years to produce more complex products and hope that one day the
technique could be used to develop an entirely solar-powered recycling
plant.

 

Around 600 million tonnes of syngas is already produced every year, says
Prof Reisner, but it's largely from fossil fuels.

 

"If we can make syngas, we can access almost all of the petrochemical
industry and make it sustainable."-bbc

 

 

 

OpenAI announces ChatGPT successor GPT-4

OpenAI has released GPT-4, the latest version of its hugely popular
artificial intelligence chatbot ChatGPT.

 

The new model can respond to images - providing recipe suggestions from
photos of ingredients, for example, as well as writing captions and
descriptions.

 

It can also process up to 25,000 words, about eight times as many as
ChatGPT.

 

Millions of people have used ChatGPT since it launched in November 2022.

 

Popular requests for it include writing songs, poems, marketing copy,
computer code, and helping with homework - although teachers say students
shouldn't use it.

 

ChatGPT answers questions using natural human-like language, and it can also
mimic other writing styles such as songwriters and authors, using the
internet as it was in 2021 as its knowledge database.

 

There are concerns that it could one day take over many jobs currently done
by humans.

 

OpenAI said it had spent six months on safety features for GPT-4, and had
trained it on human feedback. However it warned that it may still be prone
to sharing disinformation.

 

GPT-4 will initially be available to ChatGPT Plus subscribers, who pay $20
per month for premium access to the service.

 

It's already powering Microsoft's Bing search engine platform. The tech
giant has invested $10b into OpenAI.

 

In a live demo it generated an answer to a complicated tax query - although
there was no way to verify its answer.

 

GPT-4, like ChatGPT, is a type of generative artificial intelligence.
Generative AI uses algorithms and predictive text to create new content
based on prompts.

 

GPT-4 has "more advanced reasoning skills" than ChatGPT, OpenAI said. The
model can, for example, find available meeting times for three schedules.

 

OpenAI also announced new partnerships with language learning app Duolingo
and Be My Eyes, an application for the visually impaired, to create AI
Chatbots which can assist their users using natural language.

 

However, like its predecessors, OpenAI has warned that GPT-4 is still not
fully reliable and may "hallucinate" --bbc

 

 

UK job vacancies fall for eighth time in a row

Job vacancies in the UK have fallen for the eighth time in a row as
companies blamed economic pressures for holding back on hiring new staff.

 

The official figures come a day ahead of Wednesday's Budget when the
chancellor is expected to set out plans to encourage people back into work.

 

The number of jobs on offer between December and February fell by 51,000
compared with the three months before.

 

Despite the drop, the number of job vacancies remains high at 1.1 million.

 

There are also 328,000 more vacancies compared to the pre-pandemic period of
between January and March 2020.

 

The rate of economic inactivity - people aged between 16 to 64 who are not
in work and not seeking a job - dipped to 21.3% between November and
January.

 

This was driven by younger people aged between 16 to 24 either getting jobs
or looking for work.

 

However, there are still nine million economically inactive Britons who are
not part of the workforce either because they are students, have retired or
are suffering from long-term illness.

 

On Wednesday, it is anticipated that Chancellor Jeremy Hunt will detail how
the government intends to entice people back into work. One measure expected
to be announced is a boost to the amount that people can save for their
pensions before it is taxed.

 

Danni Hewson, head of financial analysis at AJ Bell said this move was "an
incredibly welcome start", but added: "It does little to address labour
issues at the lower end of end of the scale."

 

Vacancies graphic

James Reed, chairman of recruitment firm Reed, said that while there was a
fall in new jobs "it's not cause to panic".

 

He told the BBC's Today programme: "Actually there are over 300,000 more
vacancies than there were this time pre-pandemic, three years ago, so the
labour market is pretty buoyant still which is surprising many people."

 

Robin Clevett, a self-employed carpenter and joiner who manages up to 10
subcontractors on construction projects, said that he was having to turn
down work because there are not enough skilled workers available.

 

"Business is really buoyant at the moment," he told the BBC. "Everyone needs
trades - they need people to do insulation work, they need people to do new
builds, refurbish old builds, replace cladding. There's so much work but
there's not enough labour to go around so that's what has driven this
massive demand and adverts everywhere for all kinds of trades."

 

He added: "I personally won't take on work now knowing I'm not going to find
the staff. So I'm turning down opportunities."

 

On the eve of the chancellor's so-called "back to work" Budget, the official
numbers show that is already beginning to happen.

 

Employment has risen again, but this time driven by part-time and the
self-employed. While vacancies have fallen they still remain very high.
Wages are growing in cash terms versus last year but by still well below the
inflation rate. On a month-to-month basis though, there is some evidence
that pay growth is starting to stall.

 

With unemployment still very low by international standards, and employment
high, the jobs market remains a bright spot in the figures. This has
underpinned a consumer more resilient than might be expected to the massive
energy price shock.

 

With the global financial system exhibiting some fragility after bank
collapses in the US, the Bank of England could decide to hold off on further
rate rises next week.

 

Meanwhile, pay growth appeared to be stalling, according to the data from
Office for National Statistics.

 

The average weekly salary in the UK, excluding bonuses, in January stood at
£589, up by £1 on a month before.

 

Throughout 2022, the average salary rose by nearly £3 a month.

 

That was not enough to keep up with the cost of living. The average salary
fell by 2.4% in the three months to January compared to the same period last
year after taking account rising prices, or inflation.

 

While the rate of inflation is falling, it remains high at 10.1%.

 

Darren Morgan, director of economic statistics at the ONS, said: "Although
the inflation rate has come down a little, it's still outstripping earnings
growth, meaning real pay continues to fall."

 

The ONS also detailed that there were 220,000 working days lost to strike
action in January. However, this was far lower than 822,000 recorded in
December when widespread industrial action hit areas such as postal
deliveries and train services.-bbc

 

 

 

Energy bill help to continue until end of June

The government will extend support for energy bills at current levels for a
further three months in Wednesday's Budget, as it seeks to boost growth.

 

Typical household energy bills in Britain had been due to rise to £3,000 a
year from April, but instead will be kept at £2,500 until the end of June.

 

But a £400 winter fuel payment will not be renewed, meaning households'
costs will still rise in the short term.

 

The chancellor is due to set out a broader plan later to grow the economy.

 

Among other things, he is expected to expand free childcare and ease pension
tax thresholds.

 

Under the Energy Price Guarantee, the government has been limiting energy
bills for a typical household to £2,500 a year, plus a £400 winter discount.

 

That help was set to be scaled back from 1 April, and with the £400 discount
also coming to an end many had warned this would heap hardship on families
already struggling with the cost of living.

 

Campaigners had urged the government to change course, pointing out that
falling wholesale energy prices have sharply cut the cost of offering
support.

 

Energy is regulated separately in Northern Ireland, where bills will be held
at £1,950 per year for an average household.

 

Chancellor Jeremy Hunt said: "High energy bills are one of the biggest
worries for families, which is why we're maintaining the Energy Price
Guarantee at its current level.

 

"With energy bills set to fall from July onwards, this temporary change will
bridge the gap and ease the pressure on families, while also helping to
lower inflation too."

 

Experts say the energy bill support scheme will not be needed this summer,
due to falling market gas prices.

 

Analysis firm Cornwall Insight forecasts that the Energy Price Cap - which
is set by the energy regulator Ofgem and limits what suppliers can charge
consumers per unit of energy - will fall to £2,100 a year for a typical
household from July.

 

Mr Hunt has said he will cut costs for vulnerable people by £45 a year by
bringing prepayment energy charges in line with customers who pay by direct
debit.

 

The Treasury said help for around eight million low income and vulnerable
households will continue, with families getting at least £900 in cash
payments over the next year.-bbc

 

 

 

Ipswich Marks & Spencer store doors left open after closing

A man has said he was shocked to see the doors of a major High Street
department store had been left open more than an hour after closing time.

 

Zaid Jamel said he was walking past Marks & Spencer on Westgate Street in
Ipswich at 19:35 GMT on Monday and spotted the automatic doors were wide
open. The store closes at 18:00.

 

A video he posted on social media has been viewed more than a million times.

 

The store said there was an error with the door and fixed the problem
quickly.

 

"Colleagues returned to lock the door within the hour and no-one entered the
building," a spokesman added.-bbc

 

 

 

 

Uganda: World Bank President Nominee Pledges Change

Kampala, Uganda — World Bank president nominee, Ajay Banga, pledges to
partner with African Development Bank for transformative results

 

U.S. nominee for World Bank Group President, Ajay Banga began his global
tour on March 06 with his first stop in Abidjan, Cote d'Ivoire where he met
the African Development Bank Group President Dr Akinwumi Adesina, senior
management and Board of Directors.

 

Banga spoke about the need for the World Bank Group to develop a strong
partnership with the African Development Bank Group that would help deliver
transformative results.

 

The candidate for the World Bank top job highlighted three major issues
affecting many parts of the world, which he said were of significant concern
to him. He said these were inequality, tension between humanity and nature,
and the tendency to apply short-term solutions to long-term problems which
only delivers poor results. Banga said the challenges facing the world got
complicated because of the Covid 19 pandemic, environmental degradation, and
the impact of the Russia-Ukraine War.

 

 

The former Mastercard CEO emphasised the role of technology in helping to
tackle challenges facing the world. He also talked about the role of the
private sector in mobilizing much-needed capital resources for significant
economic development. He said this applied both to private sector capital,
as well as to private sector ingenuity and innovation, which are needed to
tackle the many challenges facing the world.

 

Adesina said Banga's call for a regenerated partnership resonated with him.
He stressed the need for a new way of working between the World Bank and the
African Development Bank. "It is more than financial. It's more about how we
work to optimise resources by engaging governments, the private sector, and
other stakeholders to deliver meaningful change."

 

 

Adesina said climate change remained the most serious existential threat to
humanity. "Climate change is decimating lives, displacing people, creating
refugees and deepening poverty," he stressed.

 

He warned: "It is what I call the triangle of disaster. You have increasing
poverty, rising youth unemployment and environmental degradation, and this
is breeding ground for terrorism."

 

The African Development Bank head called for a global security council on
environment and biodiversity, issues which he said were not getting the
attention they deserved, compared to other global challenges such as war.

 

Adesina called for a new way of measuring the wealth of nations instead of
basing it on gross domestic product. "This does not consider important
factors like a country's contribution to carbon emission and impact on
biodiversity."

 

"Globally, there is need for greater responsibility to tackle the impact of
climate change, environmental degradation, and protect biodiversity," the
African Development Bank head said.

 

Adesina underscored the need for increased economic opportunities,
particularly in rural areas, where infrastructure investment is crucial. He
said thirty-four heads of state attended the recently held Dakar 2 Food
Summit and committed to country food and agriculture delivery compacts. He
said that close to 52 billion dollars of intended support to agriculture and
food security had been identified from developing partners for the next
three-year period.

 

Adesina called for a similar approach to solving the problem of lack of
energy in Africa, where more than 600 million people lack access to energy.
He explained that this could be resolved through initiatives like the
African Development Bank-led Desert to Power initiative, which aims to
deliver green electricity to more than 200 million people across eleven
countries by using solar capacity.

 

On the Feb.23, President Joe Biden announced Ajay Banga as the United
States' nominee for President of the World Bank Group. The institution's
current president, David Malpass, recently announced his intention to step
down by the end of June 2023.

 

-Independent (Kampala).

 

 

 

Uganda: Comment - Is MTN Uganda On the Verge of Becoming a Bank?

Comment — Imagine waking up one day to find MTN Uganda operating electric
purses, issuing debit cards and prepaid cards, taking fixed deposits, and
investing some of the money they get in bonds and securities.

 

Industry experts apparently believe this to be a fairly accurate dream.

 

The road to the reality of an 'MTN Uganda bank' could well have started a
few years ago.

 

In 2021 MTN Group announced a revised 'Ambition 2025' strategy. "Going
forward, we believe that Ambition 2025 will position the business to capture
the exciting opportunities across our markets ...." said President and Chief
Executive Officer Ralph Mupita.

 

 

That same year, May 2021, saw the separation of the MTN business from the
core telecom business, which resulted in the establishment and license of
MTN Mobile Money Uganda Ltd (MMMUL).

 

In Uganda, around 40% of the adult population is unbanked, so there lies an
opportunity. Uganda is dominated by a very informal market, which is a huge
potential customer base that stastistics indicate has been missed by 25
commercial banks, four microfinance deposit-taking institutions, three
credit institutions and more than 300 non-deposit-taking microfinance
institutions.

 

The Ambition 2015 strategy

 

Part of the strategy has been to grow MOMO Pay merchants and the results are
already out. MOMO merchants enable business to receive payments from
customers and businesses for goods and services. They can also pay salaries,
pay suppliers and transfer money to the bank.

 

 

As of February 2023, the MMMUL announced a MOMO pay merchant milestone with
the number of business services crossing the 200,000 mark. I have learned
from reliable insiders that the goal is to increase this number twofold, to
400,000.

 

According to MTN audited financial results for the period ending December
2022: "the MoMoPay platform has gained significant traction....Our
initiatives helped to drive a 27.8% expansion in the number of transactions
on our platform to 2.6 billion and transaction value growth of 39.8% to Ugx.
92.3 trillion."

 

On top of this, MTN has added more Service Centers in emerging and current
towns.

 

Analysts predict that these Service Centers can easily be transformed into
bank branches where the current more than 16 million MTN customers can
conduct financial transactions.

 

MTN also has over 16,000 mobile money agents scattered all over the country.
Analysts say, these agents could be important allies when the 'MTN bank'
dream comes true.

 

 

Expand the ecosystem

 

According to experts, MTN is expected to expand her ecosystem to a crucial
stage of being able to offer large loans, trade on stock exchanges, trade in
government securities, and accept fixed deposits.

 

This is emphasized in the 2022 MTN FY report: "In fintech we look forward to
launching new products to drive growth in our MoMo verticals, with a
priority to further accelerate growth in advanced services revenue."

 

Customers of MTN were able to purchase MTN shares in 2021 through MTN MoMo
via USSD or the MyMTN app. According to observers, MTN users will soon be
allowed to purchase government securities.

 

Via Mokash, MTN is currently providing micro-loans ranging from UGX 3,000 to
UGX 1,000,000 at 9% monthly interest. MTN is reportedly already profitable
from Mokash.

 

Mokash features a savings function as well, and customers can save from as
low as UGX. 50 shilling to any amount depending on their KYC.

 

According to analysts, the other significant next step will be to give
slightly larger loans to customers by increasing loan offer from the
existing UGX 1,000,000m limit. In the same vein, MTN, which has been urging
customers to save through Mokash, will soon begin accepting fixed deposits
from clients.

 

On top of all this, MTN already makes international money transfers
possible.

 

All MTN MoMo user can send and receive money internationally, thanks to MTN
MoMo Remittance. The money received from outside of Uganda is credited in
Ugandan shillings to the customer's MoMo account.

 

For the convenience of customers, the currency changes in both circumstances
are carried out automatically. Analysts claim, this alone is already
shrinking the remittance market for the banks.

 

Analysts expect that soon, MTN-Uganda will be able to meet the standard for
operating a commercial bank in Uganda as more transactions pass through its
system. A similar development happened In Nigeria, with the MTN payment
service bank rolled out In April 2022.

 

The potential impact on Uganda banking by an 'MTN bank'

 

The Ugandan traditional financial services system would definitely be
greatly impacted by an 'MTN bank' license, even if it might not be similar
to a conventional banking license given that it would allow MTN to accept
deposits while also allowing its customers to open savings accounts.

 

'MTN bank' customers would ordinarily include individuals and small
businesses, which would put MTN in direct competition with the over 20
existing commercial banks, who depend on deposit volumes and transactions
from individuals and small businesses, to remain profitable.

 

An 'MTN' Bank would also be able to issue debit, prepaid cards, and operate
electronic purses. It would also invest some of the deposits they collect in
bonds and Securities. This means the current banks may just have to offer
rates that are more competitive.

 

Enter FlexiPay

 

According to analysts, Stanbic Bank, Uganda's largest commercial bank by
assets and branch network is fully aware of MTN's efforts and the threat
they pose to her ability to survive in the long run. The market leader was
forced to relaunch FlexiPay, a brand that is thought of as a counter brand.

 

FlexiPay enables people without bank accounts to establish wallets, send and
receive money, deposit money into their wallets using mobile money, and
access their bank accounts using their phone numbers.

 

Other features are; Send and receive money on your phone from other Flexipay
users at no charge; Access to cross platform transactions i.e. deposit or
withdraw cash between the App, Mobile Networks and your bank; Make bill
payments with ease; Shop and pay multiple merchants for goods and services.

 

However, the problem with FlexiPay is that it runs on a bank model which is
restrictive. Already the bank has been slow on opening bank agents-agency
banking.

 

Well, as it is, if an 'MTN bank' happened today, it would have the most
coverage and immediately be the largest bank by customer base and value,
with over 16 million customers, 400,000 proposed merchants, over 160,000
mobile money agents on top of the many Service Centers dispersed across the
country.

 

Are Ugandan banks ready for this monster?

 

-Independent (Kampala).

 

 

 

Nigeria, Japan Deepen Partnership As Trade Value Hits $10bn Annually

The Executive Secretary of the Nigerian Investment Promotion Commission
(NIPC), Hajiya Saratu Umar, has reiterated the federal government's effort
to partner with the Japanese government to explore areas of business
partnerships to deepen the investment drive of both countries.

 

Saratu stated this yesterday when the Japanese Ambassador to Nigeria,
Matsunnaga Kazuyoshi, paid a courtesy visit to her office.

 

Speaking on the rationale behind the visit, the Japanese ambassador noted
that Nigeria has been a strategic business partner as the value of trade
volume between the two countries now stands at $10 billion annually with
expectations that the figure will rise in the coming years.

 

 

He said: "Nigeria's trade volume with Japan has reached 10 billion dollars,
and it is growing, which is why we are visiting to reiterate our
partnerships and build on it especially after the recently held Nigeria
Japan business forum which provided a very good opportunity to forward
business relationships.

 

"We also had an international trade meeting in Lagos last year where the
Japanese private sector was present. Also in January, we had a Nigeria-Japan
business forum where the private sector participated and it provided
opportunities for matchmaking and social issues.

 

He also raised concerns on the continuity of business policies and trade
relationships between both parties, especially as a new administration
beckons in a few months.

 

Matsunnaga added that TICAD 9 in 2025 in Japan will be a big opportunity for
Nigeria and Japan to advance business causes.

 

Responding, the NIPC ES said, "The federal government through the investment
masterplan is working to attract more investments by bringing Japanese
companies like Mitsubishi and others to assemble and manufacture their
vehicles in Nigeria as a way to conserve foreign exchange."

 

She added that NIPC is "Engaging the central bank and other agencies of
government to deal with the issues in the short term as the commission has a
bigger plan to address some investment challenges in the national investment
promotion master plan as Nigeria has a lot of potential waiting for
investors to tap.

 

-Daily Trust.

 

 

 

Africa's Digital Economy Will Rise to $712bn By 2050 - AfDB

The president, African Development Bank Group (AfDB), Dr Akinwumi A.
Adesina, has said the size of Africa's digital economy will rise from $115
billion today to $712 billion by 2050.

 

He said this Tuesday at the official launch of the Investment in Digital and
Creative Enterprises (I-DICE) by Vice President Yemi Osinbajo at the State
House Conference Centre, Abuja.

 

I-DICE, which is an initiative of the Federal Government of Nigeria to
promote entrepreneurship and innovation in the digital technology and
creative industries to create jobs, especially for young people, is
supported by the AfDB, Agence Francaise de Developpement (AFD) and Islamic
Development Bank with the Bank of Industry designated as executing agency.

 

 

Adesina said it was estimated that the size of digital global wealth would
expand from $217 billion in 2022 to over $1 trillion by 2031 with most of
this growth already being driven by four countries -Nigeria, South Africa,
Kenya and Egypt.

 

He said: "We are already witnessing in Nigeria the power of digital
technologies, tools and platforms. Nigeria currently has five out of the 11
digital companies that have reached the status of unicorn with market
valuation of $1 billion. Names that come to mind include Jumia, Interswitch,
Opay, Flutterwave and Andela, mainly in the fintech space.

 

"Nigeria's poor and fragmented cargo transport system is getting transformed
gradually, thanks to Kobo 360, a digital logistics platform launched by two
young Nigerians, Obi Ozor, and Ife Oyedele.

 

"It is incredible that between 2018 and 2020 the Kobo360 platform has
connected 50,000 trucks and truck drivers and helped to move freight worth
$200 billion (Source: Endeavor, 2022).

 

"The creative industry in Nigeria is growing rapidly, in line with similar
trend in Africa. The creative industry in Africa generated over $14 billion
in revenue annually between 2015 and 2018 and is projected to help create
close to three million jobs by 2025."

 

He said AfDB is pleased to be a partner with the Federal Government of
Nigeria on the $618 million I-DICE programme. The bank is providing $170
million in financing to the programme.

 

"I am delighted that we have been able to mobilise additional co-financing
of $217 million towards the programme," he stated.

 

The AfDB president said with over 70% of the population under the age of 30,
Nigeria has one of the greatest assets in the world.

 

He said AfDB had invested $2 billion in 37 tech projects to improve national
and regional broadband infrastructure, foster private investment and support
digital enterprises.

 

-Daily Trust.

 

 

Nigeria: CBN Yet to Release Old Notes to Banks

The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500
notes it mopped out of circulation despite asking commercial banks to
commence their recirculation, findings by Daily Trust have revealed.

 

This is amid the struggle by commercial banks to meet the increasing demands
of customers who besiege their branches across the states and the Federal
Capital Territory (FCT).

 

Traders, artisans, PoS operators, and students, among others, who visited
bank branches, said they were disappointed as they could not withdraw the
amounts they wanted.

 

 

Those who spoke to our correspondents said they were only given between
N5,000 and N10,000 while a few others managed to get N20,000.

 

The CBN said Monday in a statement by its spokesman, Isa AbdulMumin, that
deposit money banks operating in the country have been directed to comply
with the Supreme Court ruling of March 3 which said the old N1,000, N500 and
N200 remain legal tender until December 31.

 

The CBN's statement came a few hours after a statement from Aso Villa
quoting President Muhammadu Buhari as saying he did not direct the CBN and
the Attorney-General of the Federation not to comply with the Supreme Court
judgement.

 

Same old problem

 

Checks by our reporters yesterday indicated that the CBN was not releasing
the old notes it has already mopped out of circulation.

 

A senior management staff of Guarantee Trust Bank said: "We are not
receiving any old cash from the CBN. I have a substantial stock of the old
notes and that is what we are recirculating as of today."

 

 

The source explained that most commercial banks had retained the old notes
in the days leading up to the February 10 deadline, before the Supreme Court
order truncated the initial timeline by the CBN.

 

"We had that cash with us, and when the CBN became overwhelmed with those
rushing to beat the deadline, they also directed them to the commercial
banks, so we have that stock too. That is the reserve that we have built
up."

 

Also, a management staff of Polaris Bank who spoke to our reporter on
condition of anonymity said, "We have not received the old notes largely
because we have not finished dispensing our old naira stock.

 

"The instruction we have is to dispense every note at our disposal. We will
get a clear understanding of things when we exhaust what we have."

 

Banks comply with directive to disburse old N1000, N500

 

 

In Kaduna, Abuja, and Kano, our correspondents report that some banks,
including Sterling, GTB, First Bank, United Bank of Africa (UBA) and Access
Bank were yesterday dispensing the old N500 notes to their customers
following the directive by the CBN.

 

A customer at Sterling Bank who simply identified herself as Mrs Gabriel,
said, "I collected N20,000 old N500 notes from my bank today. I am so happy
because I have not seen this kind of money for weeks."

 

The automated teller machines of most banks in Lagos were seen dispensing
cash.

 

Although most of the banks were still rationing the available cash in order
to meet the needs of their customers, there was a clear improvement from the
chaos of previous weeks.

 

At Polaris Bank, Iju, customers were given N10, 000 each instead of the
stipulated N20,000.

 

Our correspondents, who visited two branches of Unity Bank in Bwari and the
Central Business District in Abuja, confirmed that they withdrew N5,000 and
N10,000, respectively.

 

The Head of Corporate Communication at Unity Bank, Matthew Obiazikwor,
confirmed that the bank had fully complied with the directive of the CBN.

 

"We are giving out cash to our customers. We have fully complied with the
directive. Our ATMs are also loaded. However, there is still the limitation
of daily withdrawal," he said.

 

Nigerians decry rejection of old notes by traders, transporters

 

Some transporters and traders yesterday rejected the old N500 and N1,000
bank notes despite the directive from the CBN that the old notes remain
legal tender till December 31 in accordance with the judgment of the Supreme
Court.

 

In Kaduna, many traders were still sceptical of collecting the old notes.
Most of them said they were studying the situation to see if the policy will
be reversed.

 

"I cannot collect it until Buhari (President) tells us to start collecting
it," a yam seller, Muhammad Isah, said.

 

However, Daily Trust learned that market leaders in Lagos have started
sensitizing their members to collect the old notes in line with the
directives of the CBN. Leaders from major markets were at Alausa yesterday.

 

"I have informed my people, and I will repeat the same tomorrow. We have
told them to accept the old notes from customers," the Iyaloja of Asejere
Market, Makoko, Alhaja Kasarat Adebayo, said.

 

State gov't urges residents to accept old notes

 

The Delta State government yesterday called on residents of the state to
comply with the CBN's directive that the old N1,000, N500, and N200 notes
remain legal tender until December 31.

 

The Commissioner for Information, Charles Aniagwu, made the call in a
statement in Asaba, urging people in the state to accept the notes as legal
tender in view of the Supreme Court ruling of March 3 and the central bank's
direction to continue recognition of the old bills as legal tender.

 

Similar calls have been made by Ogun, Kogi, Lagos, Kano and Jigawa, among
others.

 

Inject old notes to ease cash scarcity, Experts tell CBN

 

Experts have urged the CBN to make available the old notes, particularly the
N500 and N1000, to ease the current cash crunch.

 

Daily Trust reports that before the enforcement of the cashless policy, the
CBN said N3.2 trillion was in circulation, but during the last briefing by
Emefiele, he said N2.3 trillion had been mopped up.

 

Speaking to Daily Trust, a financial analyst, Prof. Uche Uwaleke, said the
directive by the Supreme Court will be futile if the old notes are not
injected into the system.

 

"My concern is that except a substantial quantity of already withdrawn notes
is re-injected and the cash withdrawal limit eased, the cash scarcity is
most likely to persist," he said.

 

He added that, "It is one thing for the CBN to obey the Supreme Court order
by recognizing the old notes as legal order and another for it to make the
cash available for transactions."

 

Also speaking, a development expert, Joseph Momoh, said: "Although some
banks have complied with the directive by the CBN following the Supreme
Court judgment, the amount they are dispensing is quite small.

 

"The CBN should make available the old notes that it earlier mopped up so
that the hardship that micro, small and medium enterprises are currently
undergoing can gradually ease off."

 

On his part, a chartered accountant, Umar Mohammed, who consults for some
banks said it will require political will to solve the problem of the cash
crunch.

 

"Nobody is saying the whole N2.3 trillion mopped up must be brought back.
What is clear is that Nigeria is not fully ready for the cashless policy.

 

"We have learnt many lessons that the banks do not have the requisite
infrastructure. There are millions of Nigerians that are unbanked. And the
citizens also need more sensitization.

 

"Therefore, I want to appeal that the president and the CBN swallow their
pride and appreciate these facts. Of course, some people have already keyed
into the cashless policy which is to their credit.

 

-Daily Trust.

 


 


 


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

 


 

 


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

 


 

 

 

 

 

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