Major International Business Headlines Brief::: 30 March 2023

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Major International Business Headlines Brief::: 30 March 2023 

 


 

 


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

 


 

 


 

ü  Warning UK car industry under threat without help

ü  Disney sidesteps DeSantis board with royal clause

ü  Ambani, Adani: Should India break up its big conglomerates?

ü  Starbucks' Howard Schultz denies chain is against unions

ü  Spice sales boom as home cooks get more adventurous

ü  Google: India tribunal upholds $160m fine on company

ü  State pension age rise to 68 will not be brought forward yet

ü  Adidas backtracks on Black Lives Matter design opposition

ü  Russian influx drives up rental prices in Dubai

ü  Alibaba: China tech giant shares jump after breakup plan announced

ü  Namibia Announces Third Offshore Oil Discovery

ü  Nigeria: Global Economy's 'Speed Limit' Set to Fall to Three-Decade Low -
World Bank

ü  Namibia: Bank of Namibia Gives Treasury More Millions

ü  Nigeria: Persistent Power Outage in Kano Blamed On National Grid

ü  Malawi: Airtel Malawi Revamps Chezani With 3 New Bundles

 


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

 


 

Warning UK car industry under threat without help

The UK's car sector could disappear unless the government follows the US and
EU in helping with the switch to electric, an industry veteran warned.

 

It was "probable" car firms would leave the UK without a huge subsidy
package similar to the billions of support the US is providing, Andy Palmer
said.

 

The sector is facing the "last throw of the dice", Mr Palmer added, who has
had senior jobs at Nissan and Aston Martin.

 

The chancellor has said the UK will not go "toe-to-toe" with the US and EU.

 

Jeremy Hunt told the Times newspaper that the UK's approach to attract
investment would be "better".

 

Mr Palmer is now chairman of electric battery firm Inno-bat, but has
previously worked as chief operating officer at Nissan and is a former chief
executive of Aston Martin.

 

He told the BBC's Today programme that said the UK was "managing decline" in
its car-making industry, but had a "last opportunity" to boost the sector
and jobs in the move to electric vehicles.

 

However, he warned huge subsidy packages were needed for UK-based companies,
similar to such schemes announced in the US and being consulted on currently
by the EU.

 

If such schemes are not created, Mr Palmer said, it was "not only possible,
it's probable" that the car manufacturers currently based in the UK would
leave and go elsewhere.

 

"You are into a period of either you compete... or you manage the decline of
the British industry down to fundamentally next to zero," he said.

 

"We have the last throw of the dice in order to bring back some part of that
industry, if we don't then we have to look for alternative employments for
the 820,000 people."

 

The warning comes after the US announced the Inflation Reduction Act (IRA),
which offers billions of dollars in subsidies and tax credits to US
businesses producing greener technologies, including electric vehicles,
renewable electricity and sustainable aviation fuel.

 

The EU has responded with plans for a Net Zero Industry Act to increase its
subsidies for green industry.

 

The UK government told the BBC officials were engaging with the US
administration "to address serious concerns" about the Inflation Reduction
Act, as well as talking to other countries across the world "who are
similarly affected".

 

The government said it would "continue to robustly defend the interests of
UK industry".

 

The latest comments come after Mr Hunt said in the Times that the UK would
not go toe-to-toe with its allies and get involved what he called "some
distortive global subsidy race".

 

"Our approach will be different - and better," Mr Hunt said. "With the
threat of protectionism creeping its way back into the world economy, the
long-term solution is not subsidy but security."

 

Business and Trade Secretary Kemi Badenoch has called the US support
"protectionist", while Energy Secretary Grant Shapps has said it is
"dangerous".

 

The car industry is undergoing a massive transformation as governments
across the world look to move away from using fossil fuels, meaning
traditional petrol and diesel vehicle combustion engines are to become a
thing of the past.

 

A part of plans to cut carbon emissions, the government has said sales of
new petrol and diesel cars will be banned in the UK by 2030.

 

But there are concerns that firms are not getting enough state support in
the journey to electric cars becoming mainstream.

 

In recent years, Honda has closed its Swindon car plant, with the loss of
about 3,500 jobs, due what it called to global changes in the car industry
and the need to launch electric vehicles.

 

But BMW is understood to preparing to invest up to £600m in its Mini plant
in Cowley, Oxford, for building electric models, though no final decision
has been announced.

 

In January, the number of new cars made in the UK sunk to its lowest level
since 1956.

 

The SMMT said Britain had a "firm foundation" for expanding the production
of electric vehicles, but warned "we must not squander these advantages".

 

"We need a framework and pitch that allows us to compete," it said.

 

But the government said it was providing support through existing schemes
and a research and development programme.

 

It said Nissan and Envision investing £1bn to create a electric vehicle
factory in Sunderland was an example of car manufacturers "choosing the UK
thanks to our competitive investment environment".

 

But Mr Palmer, who played a role in the launch of the Nissan Leaf car, said
firms were "bound to look at where the biggest subsidies are coming from"
while making investment decisions.

 

"If you're not prepared to compete, then you'll have to start managing
decline," he said.-bbc

 

 

 

 

Disney sidesteps DeSantis board with royal clause

A board picked by Florida's governor to oversee Disney's Orlando theme parks
says it has been neutered by a last-minute contract with a royal clause.

 

Disney ran the district for over half a century until Florida legislators
punished the conglomerate for slamming state laws regulating sex education.

 

But the new board says its authority has been bypassed by restrictive
covenants that cite King Charles III.

 

The Republican-aligned board is hiring lawyers to settle the matter.

 

"We're going to have to deal with it and correct it," board member Brian
Aungst said on Wednesday at a public meeting.

 

He called Disney's actions "a naked attempt to circumvent the will of the
voters and the will of the Florida Legislature".

 

In a brief statement, Disney said "all agreements signed between Disney and
the District were appropriate, and were discussed and approved in open,
noticed public forums".

 

The previous Disney-controlled board was known as the Reedy Creek
Improvement District, and it ran the sprawling theme park resort in central
Florida.

 

It approved the now-disputed agreement on 8 February, the day before the
state's Republican-led legislature voted to empower the governor to pick his
own board to oversee the 27,000 acres.

 

The newly created Central Florida Tourism Oversight District says the
binding agreement passed last month by the previous board hands Disney total
power over development of the area.

 

The declaration is valid until "21 years after the death of the last
survivor of the descendants of King Charles III, king of England", according
to the document.

 

Such so-called royal lives clauses have been inserted into legal
documentation since the late 17th Century, and they are still found in some
contracts in the UK, though rarely in the US.

 

The 151-page Florida agreement also states that no "fanciful characters"
owned by Disney, including Mickey Mouse, can be used by the board. The use
of the name Disney is also banned.

 

The new board's chairman, Martin Garcia, told an NBC affiliate that they may
have to challenge the agreement in "protracted litigation".

 

Disney made a political enemy of the governor after criticising the state's
Parental Rights in Education Act, signed by Mr DeSantis last April.

 

The measure bans instruction on sexual orientation and gender identity for
pupils aged nine and under.

 

Supporters of the bill said it protects children from inappropriate content.
Opponents dub the legislation "Don't Say Gay" and say it stigmatises LGBT
youth.

 

The culture war between Mr DeSantis and Disney has helped elevate the
governor's profile as a potential 2024 Republican presidential
candidate.-bbc

 

 

 

Ambani, Adani: Should India break up its big conglomerates?

India should dismantle its large conglomerates to increase competition and
reduce their ability to charge higher prices, former Reserve Bank of India
deputy governor Viral Acharya has argued in a new paper for Brookings
Institution, an American research group.

 

According to Mr Acharya, who is now a professor of economics at NYU Stern,
"industrial concentration" - which refers to the extent to which a smaller
number of firms account for total production in a country - fell sharply in
India after 1991 when the country opened up its economy and state-owned
monopolies began giving away their market share to private enterprises. But
after 2015, it began rising again.

 

The share of India's "big five" conglomerates - the Reliance Group, Adani
Group, Tata Group, Aditya Birla Group and Bharti Airtel - in total assets of
non-financial sectors rose from 10% in 1991 to nearly 18% in 2021.

 

They "grew not just at the expense of the smallest firms, but also of the
next largest firms", says Mr Acharya, because the share in total assets of
the next five business groups halved from 18% to 9% during this period.

 

There could have been many drivers of this, according to Mr Acharya - their
ability to acquire large distressed companies, a growing appetite for
mergers and acquisitions, and India's conscious industrial policy of
creating "national champions via preferential allocation of projects and in
some cases regulatory agencies turning a blind eye to predatory pricing".

 

The trend raises several concerns, according to the former deputy governor.
These include "the risk of crony capitalism, i.e., political connections and
inefficient project allocations, related party transactions within their
byzantine corporate organisation charts", taking on excess debt to fund
their expansion and preventing competitors from entering the market.

 

Excess leverage was, in fact, one of the many red flags that US-based short
seller Hindenburg Research had also raised against the Adani Group recently.
The report led to billions of dollars being wiped from the stock market.

 

In other countries this has had far graver spillover effects in the past.

 

"National champions can easily become overleveraged and collapse, severely
damaging the overall economy, as has occurred in other Asian countries, most
spectacularly Indonesia in 1998," Josh Felman, former India head of the
International Monetary Fund, told the BBC.

 

In a February column for Project Syndicate, the economist Nouriel Roubini
had also expressed concerns about India's economic model of giving a few
"national champions" or "large private oligopolistic conglomerates" control
over significant parts of the economy.

 

"These conglomerates have been able to capture policymaking to benefit
themselves," wrote Mr Roubini. The phenomenon was stifling innovation and
disallowing entry of start-ups and other domestic entrants in key
industries, he said.

 

India's policy of creating "national champions" is similar to those adopted
by China, Indonesia and particularly South Korea in the 1990s, where a group
of mostly family-run business conglomerates - called chaebols, of which
smartphone giant Samsung is the most prominent example - dominated its
economy.

 

But unlike India, these countries "did not protect their conglomerates with
sky-high tariffs", says Mr Acharya. India, however, has been becoming more
protectionist in order to "insulate domestic industries and conglomerates
from global competition", Mr Roubini wrote.

 

All of this has major implications on India's attempts to become the next
factory of the world.

 

South Kolkata District Congress organized a protest demonstration in front
of Governors house in Kolkata ,India , on 13 march 2023 , demanding
investigation against Adani enterprises on the Hindenburg claims that have
stir controversies against the companies legalities in their accounting and
share prices according to reports.

 

 

According to both Mr Acharya and Mr Roubini, India needs to reduce tariffs
to become more globally competitive and take advantage of the "China plus
one" trend where supply chains are moving away from mainland China into
geographies like India and Vietnam.

 

India's industrial concentration could also have domestic consequences, Mr
Acharya argues - the rising market power of the "big five" may be one of the
contributors to persistently high core inflation, or the rise in the price
of goods and services barring food and energy.

 

"While a deeper and fuller inquiry is warranted, we find that there is a
potentially causal link from market power to markups," writes Mr Acharya,
adding that these companies are able to "exert extraordinary pricing power
and capture economic rents relative to other firms in the industry".

 

But other economists told the BBC that they are sceptical of this
correlation.

 

"If a 'big five' firm enters a new sector, the group may become bigger, but
competition in that specific sector may increase and prices might actually
fall. A most spectacular example of this dynamic occurred when Reliance
decided to start [telecom company] Jio: telecoms prices crashed," says Mr
Felman.

 

Madan Sabnavis, chief economist at Bank of Baroda, says there isn't "enough
evidence" to support this thesis.

 

According to him, even in markets dominated by a small number of firms, such
as airlines - where most of these conglomerates do not have a presence -
prices have consistently been high.

 

He adds that the sectors that feed into core inflation at the consumer level
- recreation, education, health, household goods, consumer care - don't have
the presence of the big five either.-bbc

 

 

 

 

Starbucks' Howard Schultz denies chain is against unions

Former Starbucks chief executive, Howard Schultz, has denied union busting
in his most pointed public comments yet on the ongoing dispute between
labour unions and the coffee giant in the US.

 

Labour officials have repeatedly found that the firm has broken federal laws
in its response, including wrongfully firing workers.

 

Mr Schultz, who stepped down as boss this month, was called to appear before
Congress to answer for the findings.

 

He "unequivocally" denied the claims.

 

"Those are allegations and Starbucks has not broken the law," Mr Schultz
said, adding that the disputes were still being litigated.

 

While Republicans largely held back from criticism, Democrats challenged Mr
Schultz's assertions that the company was respecting worker rights.

 

"It is akin to someone ticketed for speeding 100 times saying I've never
violated the law because every single time the cop got it wrong," said
Senator Chris Murphy. "That would not be a believable contention."

 

The two-hour hearing in Washington comes more than a year after baristas at
a Starbucks coffee shop in Buffalo voted to form a union, a step since taken
by more than 270 stores, representing 7,000 people.

 

Starbucks has vigorously opposed the campaign, which has sparked a debate
about inequality and the workings of capitalism and threatened to tarnish
the firm's reputation as a progressive employer.

 

Mr Schultz, who led the company for years and returned as chief executive
last year, defended its practices, saying the union represented a tiny
fraction of the company's more than 9,000 US stores and the firm had a right
to share its preference that it have a "direct relationship" with its staff.

 

He said the company offered leading benefits, including average hourly wages
above $17, access to health insurance, college tuition support and stock
grants.

 

"It's unprecedented and it's why we don't need a union," he said. Mr
Schultz, who remains a Starbucks board member, later challenged lawmakers:
"Are you aware of a union contract that has those benefits?"

 

At times, the hearing grew testy as Mr Schultz, who grew up in subsidised
housing and has flirted with running for president, bristled at
characterisations that he was a heartless "billionaire".

 

"I came from nothing," he said, adding that he had earned his wealth, which
Forbes estimates at roughly $3.7bn. "It's unfair."

 

Democrats pressed Mr Schultz to explain why union members and the company
have yet to agree contracts and refused to extend raises and other perks
granted to non-union staff last year.

 

He said the company had met dozens of times and was willing to negotiate
with workers, but did not want to bargain on video calls, worried it could
not confirm who was participating.

 

He said the company did not have to extend benefits while bargaining and did
not want to negotiate a contract "piecemeal".

 

Republicans focused their questions on whether labour officials were biased
against the firm, describing the hearing, which was convened by Senator
Bernie Sanders, a "smear campaign".

 

"I am not here to defend Starbucks, I have my own questions about the
alleged misconduct and the law should be followed and upheld but let's not
kid ourselves - this is not a fair and impartial hearing," said Republican
Senator Bill Cassidy of Louisiana.

 

Mr Schultz's two-hour testimony was followed by a panel, which included
workers involved in the campaign.-bbc

 

 

 

Spice sales boom as home cooks get more adventurous

What are you planning to cook when you next make something from scratch in
the kitchen? A nice bit of salmon? Lamb chops? Or maybe a vegan pasta dish?

 

Whatever you have in mind, it will probably involve using some form of spice
or herb - whether it's just a sprinkle of freshly ground black pepper, a
hint of thyme, or a blizzard of cumin.

 

"Spice is the key," says UK TV chef and cookery book writer Parveen Ashraf -
also known as the "Spice Queen". "It livens up food, gives it flavour, it
makes it come alive."

 

She believes there's a clear current winner in the battle for our taste
buds. "The spice I think that's really taken over is turmeric," she says.
"Now next time you go out, you notice everything that's got turmeric in it.
It's everywhere."

 

If you are a big fan of spicy food, then buying spices for your cooking is
something you take for granted. Yet industry expert Donald Pratt says that
demand for herbs and spices has actually risen strongly in recent years.

 

Mr Pratt, who is in charge of sourcing for US giant McCormick - the biggest
spices and herbs company on the planet - says there are a number of factors
behind the current strength of the market.

 

"We think the pandemic accelerated the aspect of everyone being a bit more
sophisticated in the kitchen," he says.

 

"And you see younger generations getting into heat and flavour explorations
all over the place. We see it across the board globally as cultures and
cuisines come together."

 

He adds that increased health concerns are also playing a part. "The desire
to eat healthier is a global trend. So more home cooking with natural
ingredients, and replacing salt, sugar and fats with flavour from herbs and
spices."

 

Such is the increased use of herbs and spices in cooking around the world,
that one report estimates that the global market will be worth $126bn
(£103bn) by the end of this year, up from $79bn in 2022.

 

Ms Ashraf adds that the increased use of different spices is being fuelled
by people posting photos, videos and recipes of their cooking on social
media. "Suddenly you've got recipes that travel around the world at the
touch of your fingertips," she says.

 

In addition, Ms Ashraf points to studies which suggest that spices such as
turmeric, cumin and cinnamon have direct health benefits, which she says
further adds to their popularity.

 

AI and spices: Would you put cumin on a pizza?

On a country-by-country basis the biggest producer of spices is India. It is
also the largest exporter, and in the financial year 2021-22 the value of
its exports totalled $4.1bn. Other major spice-exporting countries include
Indonesia, China, Vietnam and Brazil.

 

But even if your country earns millions exporting spices, you won't
necessarily make a decent living working in the industry at the farm level.
In fact, some critics like Sana Javeri Khadri say poverty is endemic to the
sector.

 

She's the Mumbai-based founder of spice trading firm Diaspora Co. Her
venture now buys spices from 150 farms across India and Sri Lanka, and aims
to combat low pay in the industry. "Farmers are getting paid very little,"
says Ms Khadri.

 

To try to lift wages in the sector she is disrupting the traditional trading
model for Indian spice, by buying directly from farms instead of going via
middlemen. As a result she says that she can pay the farm owners four times
as much.

 

She adds that in turn she is encouraging the farm owners to pay more to
their workers out in the fields, "with moderate success". She wants to see
wages go up from about 300-350 rupees a day ($3.60-$4.20; £3-£3.50) to
500-600 rupees a day.

 

Ms Khadri also wants to see farm owners improve living conditions for
workers, which in poorer regions can be "absolutely awful".-bbc

 

 

 

Google: India tribunal upholds $160m fine on company

An Indian appeals court has upheld a $160m fine imposed on Google by the
country's antitrust regulator in a case related to Android's market
dominance.

 

The National Company Law Appellate Tribunal (NCLAT) said the Competition
Commission of India (CCI) findings were correct and Google was liable to pay
the fine.

 

But it set aside four of 10 antitrust directives imposed on the firm.

 

More than 95% of Indian smartphones use the Android system.

 

In October, the CCI accused Google of exploiting its dominant position and
imposed the fine for "unfair" business practices.

 

It also asked Google to make several changes to the Android ecosystem. This
included not forcing manufacturers to pre-install the entire suite of Google
apps and allowing users to choose their default search engine.

 

The Android-related inquiry was started in 2019, following complaints by
consumers of Android smartphones. The case was similar to the one Google
faced in Europe, where regulators imposed a $5bn fine on the company, saying
it used its Android operating system to gain unfair advantage in the market.

 

Google challenged the fine and the directives in India's Supreme Court,
saying "no other jurisdiction has ever asked for such far-reaching changes".

 

It argued that the changes would force the company to alter arrangements
with more than 1,100 device manufacturers and thousands of app developers.

 

The top court, however, refused to block the CCI directives and said that a
lower court could continue hearing the appeal.

 

In January, Google agreed to co-operate with the watchdog and announced a
series of changes to its Android system in India.

 

But the ruling by NCLAT means that the tech giant can stop users from
removing its pre-installed apps from their phones.

 

Google can also continue to impose curbs on users downloading apps without
using its app store and is free to block third-party app stores from its
Play Store.

 

BBC News India is now on YouTube. Click here to subscribe and watch our
documentaries, explainers and features.

-bbc

 

 

 

State pension age rise to 68 will not be brought forward yet

A rise in the state pension age to 68 will not be brought forward yet, the
government is to announce.

 

Those born on or after 5 April 1977 will be the first cohort to work to 68,
under current plans. A 2017 government review suggested expanding this
include to those born in the late 1960s.

 

The work and pensions secretary is expected to tell MPs on Thursday that now
is not the time to make the change.

 

A decision is now expected in 2026, after the next general election.

 

By law the government is required to examine planned changes to the system
every six years.

 

A recent report found life expectancy for retiring Britons is now two years
lower than when the government last reviewed the state pension age in 2017.

 

The current review, by Baroness Neville-Rolfe, is looking at what factors
the government should take into account when setting the pension age.

 

When do you get the state pension?

Chancellor announces state pension to rise by 10.1%

The state pension is a monthly payment currently made to 12.5 million people
who have reached qualifying age and have paid enough in national insurance
contributions.

 

Next week, the amount paid will increase by 10.1% in line with the rising
cost of living.

 

That means it will be worth:

 

£203.85 a week (up from £185.15) for the full, new flat-rate state pension
(for those who reached state pension age after April 2016)

£156.20 a week (up from £141.85) for the full, old basic state pension (for
those who reached state pension age before April 2016)

Work and Pensions Secretary Mel Stride will make a statement in the House of
Commons later to confirm the conclusions of the latest statutory review on
the pension age.

 

The Daily Express newspaper, where the story first appeared, said Mr Stride
would announce a new review to be carried out after the next election.

 

pension graphic

The qualifying age to receive the pension has been a matter of intense
speculation, with two reviews having been considering the appropriate age
and how that should be calculated.

 

The main argument for accelerating a rise in the state pension age has
always been that people are living for longer.

 

The state pension bill is estimated to grow by 35% to around £148bn by
2027-28 according to the Office for Budget Responsibility.

 

The Institute for Fiscal Studies, a leading economic research group, said
that it was a "reasonable estimate" that increasing the state pension age by
one year in the late 2030s would save the Government £8bn to £9bn a year in
today's terms.

 

But experts point out that, although the cost of the state pension has been
rising, life expectation has stalled recently.

 

There is also a wide difference in life expectancy across different parts of
the country, with people generally likely to live longer in more affluent
areas. That creates an added complication when setting a state pension age
which is uniform across the UK.

 

At the moment, the age limit is based on ensuring no-one spends more than
one third of their adult life in retirement.

 

State pension increases currently set out in legislation are:

 

A gradual rise to 67 for those born on or after April 5, 1960

A gradual rise to 68 between 2044 and 2046 for those born on or after April
5, 1977

Proposals to raise the state pension age are often controversial. Riots
broke out on the streets of France after the French government decided to
force through pension reforms without a vote in parliament.

 

A Department for Work and Pension spokesperson said: "The government is
required by law to regularly review the State Pension age and the next
review will be published by 7 May."-bbc

 

 

 

Adidas backtracks on Black Lives Matter design opposition

Adidas says it is withdrawing a request to the US Trademark Office to reject
a Black Lives Matter (BLM) application for a trademark featuring three
parallel stripes.

 

The sportwear giant did not give a reason for the reversal.

 

On Monday, Adidas said the Black Lives Matter Global Network Foundation
design would create confusion with its own famous three-stripe mark.

 

It added that it has been using its logo for more than 70 years.

 

"Adidas will withdraw its opposition to the Black Lives Matter Global
Network Foundation's trademark application as soon as possible," a
spokesperson for the German company said in a statement emailed to the BBC
on Wednesday.

 

The company declined to make any further comment on the decision.

 

Black Lives Matter Global Network Foundation is the most prominent entity in
the decentralised BLM movement.

 

The group applied for a US trademark in November 2020 for a yellow
three-stripe design to use on merchandise including clothing and bags.

 

In a notice of opposition submitted to the trademark office, Adidas said the
proposed design "incorporates three stripes in a manner that is confusingly
similar to the Three-Stripe Mark in appearance and overall commercial
impression".

 

The company added that consumers who are familiar with its goods and
services "are likely to assume" that those offered under the applicant's
mark "originate from the same source, or that they are affiliated,
connected, or associated with or sponsored by Adidas".

 

The US Patent and Trademark Office gave Black Lives Matter Global Network
Foundation until 6 May to respond to the challenge.

 

Black Lives Matter Global Network Foundation did not immediately respond to
a BBC request for comment.

 

BLM rose to prominence after the 2012 death of Trayvon Martin, an unarmed
black 17-year-old who was shot by neighbourhood watch volunteer George
Zimmerman, in Florida.

 

The movement gained further support in the summer of 2020 after George
Floyd, an unarmed black man, was murdered in Minneapolis, Minnesota by a
police officer who knelt on his neck.

 

In January this year, Adidas lost a court case to try to stop the luxury
brand Thom Browne from using a design.

 

The sportswear giant argued that Browne's four stripes were too similar to
its three stripes.

 

Browne argued that shoppers were unlikely to confuse the two brands as -
among other reasons - his had a different number of stripes.

 

Documents used in the case showed that Adidas had launched over 90 lawsuits
and signed more than 200 settlement agreements related to its trademark
since 2008.

 

According to Adidas, the number of stripes on its famous mark does not have
any significance. The company said its founder Adolf Dassler tested several
versions and combinations of stripes, and found that those shown on its mark
showed up most prominently in photographs.-bbc

 

 

 

Russian influx drives up rental prices in Dubai

The months of February and March were tense for Aretha Pretorius.

 

For weeks, she and her husband Chris went around Dubai desperately looking
for a new house.

 

They have lived in their three-bedroom villa located in the centre of the
city since 2019. But last year the family received an eviction notice from
their landlord saying he wouldn't be renewing the lease when it ended in
March because he planned to move into the house himself.

 

They started their hunt by checking out properties in the same community but
were shocked to discover that annual house rents were 75% higher than the
$34,000 (£28,000) they had been paying.

 

They widened their search by scouting out houses in other areas across the
city but failed to find a villa within a reasonable budget.

 

Finally, they signed up for a house that is substantially smaller than their
current place and located a long way from the city centre but will cost them
$45,000 - 32% more than the rent they've been paying.

 

''For weeks we went around like crazy people looking for a house.
Eventually, we had no choice but to compromise. Now we will have to live in
a smaller house and pay more," Aretha says.

 

Aretha and Chris's new home will be their fifth since they moved to Dubai
from South Africa in 2011. Dubai's real estate market has been through
various cycles in the last decade, but Aretha says they've never before
struggled to find a house like they did this time.

 

"Rents were quite high even 10 years ago but even then, it wasn't as
difficult to find a house as it was this time," she says.

Average rents in Dubai went up by 36% last year, according to real estate
agency, Betterhomes.

 

It's not just people looking for villas who are facing challenges. Rents
have gone up across all segments including apartments. Skyrocketing rental
costs are worsening a cost-of-living squeeze for the expatriates who are the
backbone of the country's economy. Nearly 90% of the UAE's roughly 10
million inhabitants are foreign nationals.

 

The current demand in the market has priced out some renters like Waquar
Ansari, forcing them to move from Dubai to the neighbouring Emirate of
Sharjah, where rents are lower.

 

Waquar and his family were staying in a one-bedroom apartment in South Dubai
paying $9,500 (£7,750) annually. When his lease was about to expire last
month, the owner wanted to raise the rent by about $3,000. He initially
searched for a new apartment in the same locality, but rents had gone up by
more than 40%.

 

"I was willing to pay 10-15% more, so I checked out some other localities in
Dubai as well but couldn't find any decent apartment in that price range.
The only option was to move to Sharjah," he says.

 

In the current market, demand is outstripping supply, according to
Betterhomes' group managing director Richard Waind, who is based in Dubai.

 

"There are far more people coming into Dubai compared to the properties that
are available in the areas they want to live in. There is a lack of supply
in the market that is driving up rents,'' he says.

 

In Dubai anti-price-gouging laws - increasing the price to unfair levels -
allow landlords to increase the rent for existing tenants by a maximum of
20%. Landlords can't evict tenants without good reason either.

 

However, many tenants, who didn't want to be named, told the BBC they had
received eviction notices from landlords who said they wanted to move into
the apartment themselves. But those tenants claimed this was just a pretext
and the landlords really wanted to re-let the apartments at a higher price.

 

But it is not just rentals that have touched record highs - the price of
buying a property has gone up substantially as well.

 

Apartment prices were up 35% in 2022 compared with 2020, the peak of the
pandemic, while villa prices have gone up by more than 50% during the same
period, according to real estate agency Savills.

 

Russian cash has been the biggest factor driving up demand for real estate,
both in terms of buying and leasing, since the outbreak of the Ukraine war
last year, according to Katie Burnell, associate director at Savills Middle
East, based in Dubai.

 

It has emerged as a haven for wealthy Russians including oligarchs,
billionaires and start-up founders. Many young Russian nationals have also
moved to the glitzy city looking for new employment opportunities.

 

Several multinational firms also relocated their staff from Russia to Dubai.

 

Overall Russians were the biggest international investors in Dubai real
estate last year.

 

"There are a lot of restrictions on Russians on where they can reside or buy
property. They face no such problems in the UAE. Here they have been able to
do business and operate financially," says Ms Burnell.

 

"Because of this convenience, they are really not focusing on the price
point in the property market and are willing to pay the price."

 

There is no report that spells out the precise figures, but it is estimated
that hundreds of thousands of people have left Russia since the war started.

 

According to one report by Forbes Russia, 700,000 Russian nationals have
left the country since President Putin ordered partial mobilisation, or
call-up to military service, in September last year. The Kremlin has denied
the figures reported in the article.

 

The UAE has adopted a neutral stance since the start of the Ukraine
conflict. It did not put sanctions on Russia or criticise its invasion of
Ukraine. It is providing visas to non-sanctioned Russians, while many
Western countries have restricted them.

 

Last month, the UAE Central Bank also issued a licence to Russia's MTS bank
to start operations. Russian nationals had been facing difficulties opening
bank accounts in the UAE and transferring money there due to Western
sanctions on many Russian banks.

 

Since the pandemic the UAE has introduced several new long-term visa
options, eliminating the need to have a sponsor - which helped attract an
enormous wave of investors, remote workers and entrepreneurs into the
country, creating more job opportunities.

 

The country's handling of the pandemic also played a key role in enhancing
its appeal and attracting investors from various countries. Dubai opened
tourism and eased restrictions in 2020, while most countries in Europe were
still under lockdown.

 

Dubai registered more than 86,000 residential sales transactions last year,
surpassing a previous record of 80,000 in 2009.

 

About $56.6bn worth of property was sold last year, almost 80% more than in
2021.

 

Richard Waind says global events over the last three years, including the
pandemic and the war in Ukraine, have enhanced Dubai's appeal as a major
financial hub, pushing up the domestic real estate market.

 

"Dubai offers security, safety, lifestyle and the ease of doing business.
This is a big factor why people from so many countries are migrating here
for opportunities"

 

Over the past year, real estate developers have announced several new
projects to capitalise on the increase in demand. However, Mr Waind expects
rents to remain high for at least another 18-24 months before new
residential units start coming onto the market in large numbers to ease the
pressure on supply.

 

There are concerns that if rents continue to rise then many tenants will be
priced out leading to many people moving out of Dubai to other cities in the
UAE.

 

"Yes, that is a high possibility, which is why it's important that rents
start to come down sooner rather than later," Mr Waind says.-bbc

 

 

 

Alibaba: China tech giant shares jump after breakup plan announced

Shares of Chinese technology giant Alibaba have jumped after it announced a
plan to break up the company.

 

The firm says five of the six units created by the move will explore raising
fresh funding and initial public offering (IPO) options.

 

Alibaba shares gained more than 14% in New York on Tuesday and were more
than 13% higher in Hong Kong on Wednesday.

 

Its US-listed shares have fallen by almost 70% since 2020 on concerns over
Beijing's crackdown on the tech sector.

 

The move comes after reports that Alibaba founder Jack Ma, who has rarely
been seen in public in the last three years, resurfaced in China this week
after a long absence.

 

Alibaba said the decision to split up the business is the biggest
restructuring in its 24-year history.

 

The units will have their own chief executives and boards of directors. They
will be allowed to raise capital and seek stock market listings, except for
the online retail platform Taobao Tmall Commerce Group, which will remain
wholly owned by Alibaba.

 

In filings to the US Securities and Exchange Commission and the Hong Kong
Stock Exchange, Alibaba said the units will "capture opportunities in their
respective markets and industries, thereby unlocking the value of Alibaba
Group's respective businesses".

 

"The market is the best litmus test, and each business group and company can
pursue independent fundraising and IPOs when they are ready," chief
executive Daniel Zhang said in a letter to staff.

 

What exactly is Alibaba?

Why do Chinese billionaires keep vanishing?

China technology analyst Rui Ma told the BBC that investors saw value in the
restructuring because Alibaba's business units will be able to grow at their
own pace.

 

She added that each unit will also be more streamlined and "less likely to
be subject to antitrust violations".

 

Alibaba's restructuring comes after years of tough regulation for Chinese
technology firms, said Scott Kessler, global sector lead for technology,
media and telecommunications at investment research firm Third Bridge.

 

"Over the past few months, the government has been less harsh on big
technology companies. People are wondering if this could be the beginning of
a period where the government shifts from being almost an adversary to
companies, to actually supporting them," he added.

 

Mr Ma, who founded Alibaba, recently returned to China after more than a
year overseas, according to a report in the Alibaba-owned South China
Morning Post newspaper this week.

 

He met staff and toured classrooms at the Yungu School in Hangzhou, the city
in which Alibaba is headquartered, the newspaper said.

 

Mr Ma was the most high-profile Chinese billionaire to disappear amid a
crackdown on technology entrepreneurs.

 

The 58-year-old has kept a low profile since criticising China's financial
regulators in 2020. He stepped down as the chairman of Alibaba in September
2019.-bbc

 

 

 

Namibia Announces Third Offshore Oil Discovery

The National Petroleum Corporation of Namibia (Namcor) has announced a third
oil discovery in the Orange Basin off Namibia's southern coast.

 

The discovery in the Jonker-1X deep-water exploration well, located anout
270 kilometres off the coast of Namibia, was made by a joint venture of
Shell, QatarEnergy and Namcor, the company announced on Monday.

 

Namcor managing director Immanuel Mulunga said: "We are delighted to
announce this third oil discovery after the success of the Graff-1X and
Venus-1X discoveries by Shell and TotalEnergies in 2022. This discovery has
proven the exciting and world-class potential of the deep-water Orange
Basin."

 

The drilling of the Jonker-1X exploration well started in December last
year.

 

Namcor said the well was drilled to a total depth of 6 168 metres, in a
water depth of 2 210 metres.

 

"The acquired data is currently being evaluated, and further appraisal
drilling is planned to determine the size and recoverable resources
potential of the discovery," the company stated.

 

Namcor has a stake of 10% in the joint venture, in which Shell and
QatarEnergy each has a stake of 45%.

 

-Namibian.

 

 

 

Nigeria: Global Economy's 'Speed Limit' Set to Fall to Three-Decade Low -
World Bank

"For developing economies, the decline will be equally steep from 6 per cent
a year between 2000 and 2010 to 4 per cent a year over the remainder of this
decade," the report said.

 

The global economy's "speed limit" is set to fall to a three-decade low by
2030, the World Bank has said.

 

The bank, in its report titled "Falling Long-Term Growth Prospects: Trends,
Expectations, and Policies" said the global potential growth rate, the
maximum rate at which an economy can grow without igniting inflation, is
expected to fall to a three-decade low over the remainder of the 2020s.

 

The report offers the first comprehensive assessment of long-term potential
output growth rates in the aftermath of the COVID-19 pandemic and the
Russian invasion of Ukraine. It introduced the world's first comprehensive
public database of multiple measures of potential Gross Domestic Product
(GDP) growth covering 173 economies from 1981 through 2021.

 

According to the report, nearly all the forces that have powered growth and
prosperity since the early 1990s have weakened, partly because of a series
of shocks to the global economy over the past three years.

 

It said the growth rates of investment and productivity are declining just
as the global labour force is ageing and expanding more slowly.

 

It added that the growth of international trade is much weaker now than it
was in the early 2000s, noting that the slowdown could be even more
pronounced if financial crises erupt in major economies and spread to other
countries as these types of episodes often lead to lasting damage to
potential growth.

 

As a result, the report said between 2022 and 2030, average global potential
GDP growth is expected to decline by roughly a third from the rate that
prevailed in the first decade of this century to 2.2 per cent a year.

 

"For developing economies, the decline will be equally steep from 6 per cent
a year between 2000 and 2010 to 4 per cent a year over the remainder of this
decade. These declines would be much steeper in the event of a global
financial crisis or a recession," it said.

 

Policy Response

 

The World Bank said these challenges call for an ambitious policy response
at the national and global levels.

 

"The slowdown can be reversed by the end of the 2020s if all countries
replicate some of their best policy efforts of recent decades and accompany
them with a major investment push grounded in robust macroeconomic
frameworks.

 

"Boosting human capital and labour force participation and making sound
climate-related investments can also make a measurable difference in lifting
growth prospects," the bank said.

 

It added that bold policy actions at the national level will need to be
supported by increased cross-border cooperation and substantial financing
from the global community.

 

However, the bank said the analysis shows that potential GDP growth can be
boosted by as much as 0.7 percentage points to an annual average rate of 2.9
per cent if countries adopt sustainable, growth-oriented policies.

 

The report also highlighted some specific policy actions that can make an
important difference in promoting long-term growth prospects.

 

It said policymakers should prioritize taming inflation, ensuring
financial-sector stability, reducing debt, and restoring fiscal prudence.

 

"Ramp up investment: In areas such as transportation and energy,
climate-smart agriculture and manufacturing, and land and water systems.

 

"Cut trade costs mostly associated with shipping, logistics, and
regulations, capitalize on services and increase labour force
participation," it said.

 

The report also underscores the need to strengthen global cooperation,
adding that international economic integration has helped to drive global
prosperity for more than two decades since 1990, but it has faltered.

 

"Restoring it is essential to catalyze trade, accelerate climate action, and
mobilize the investments needed to achieve Sustainable Development Goals,"
it said.

 

Franziska Ohnsorge, a lead author of the report and manager of the World
Bank's Prospects Group, said recessions tend to lower potential growth,
adding that "Systemic banking crises do greater immediate harm than
recessions", but their impact tends to ease over time.

 

"A lost decade could be in the making for the global economy. The ongoing
decline in potential growth has serious implications for the world's ability
to tackle the expanding array of challenges unique to our times, stubborn
poverty, diverging incomes, and climate change," the World Bank's Chief
Economist and Senior Vice President for Development Economics, Indermit Gill
said.

 

"But this decline is reversible. The global economy's speed limit can be
raised through policies that incentivize work, increase productivity, and
accelerate investment," he added..

 

A lead author of the report and Director of the World Bank's Prospects
Group, Ayhan Kose, said the world owes it to future generations to formulate
policies that can deliver robust, sustainable, and inclusive growth.

 

"A bold and collective policy push must be made now to rejuvenate growth. At
the national level, each developing economy will need to repeat its best
10-year record across a range of policies. At the international level, the
policy response requires stronger global cooperation and a reenergized push
to mobilize private capital," he added.

 

-Premium Times.

 

 

 

Namibia: Bank of Namibia Gives Treasury More Millions

THE Bank of Namibia has declared a flat N$413,7 million dividend to the
state for the 2022 financial year.

 

This will be distributed from the N$772 million net profit which the bank
earned for the year - while the rest of the funds will be channeled to the
general reserve, the development reserve and the training fund reserve.

 

Announcing the financial performance of the central bank, governor Johannes
!Gawaxab said the positive performance of the bank was on the back of higher
average interest rates during 2022, which increased the operating profit by
11,5% from N$584,2 million in 2021 to N$651,2 million.

 

The bank had a N$52 billion asset base at the end of the financial year,
which was mainly funded by deposits of N$36,5 billion.

 

Investments held by the bank at the end of the year were at N$43 billion and
remain the biggest asset, increasing by N$4 billion from 2021.

 

A big part of these assets are in South Africa (N$29 billion), and are
mainly debt and money market instruments.

 

About N$14 billion is held in other economies.

 

!Gawaxab said these results and the dividends show that the central bank
demonstrated further resilience in 2022.

 

At the dividend announcement, the central bank also launched its annual
report which covers the operations of the bank and the health of the
Namibian banking sector.

 

The governor noted that despite the local economy being exposed to much
global risk, and a challenging global climate, the banking sector's
performance remained sound during 2022.

 

He also noted that it was the need for the central bank to hike interest
rates last year, to strike a balance between anchoring inflation
expectations and supporting domestic economic recovery.

 

During 2022, the central bank through the Namibian Interbank Settlement
System (NISS) allowed payments to the tune of N$1,1 trillion - which
translates to an average of 299 transactions per settlement day.

 

This much money attracts fraud and saw the banking sector registering N$31,4
million worth of fraudulent transactions - much of this was perpetuated
through electronic fund transfers and about N$9 million through e-money
platforms.

 

Last year saw a 2,4% increase in the currency in circulation in 2022
compared to 2021. There was N$4,8 billion worth of notes and coins in
circulation.

 

Detected counterfeits making rounds increased by 32,9%, and the bank said
the N$200 banknote denomination was the most counterfeited at 55,8%, whereas
no counterfeits were recorded for the N$30 commemorative banknote.

 

On its failures, or partial attainment, the central bank noted that it had
not managed to have the SME loans scheme well taken up, as only about 5% of
the loan scheme was utilised.

 

Other than maintaining price, monetary and financial stability, !Gawaxab
said it was important for Namibia to preserve the integrity of its financial
system by remedying the gaps identified in the Anti-Money Laundering and
Combating the Financing of Terrorism and Proliferation Framework.

 

"We are making the necessary efforts to meet deadlines of the outcomes of
the mutual evaluation exercise in order to keep the country from being
greylisted after the current 12-month monitoring period expires," he said.

 

As an adviser to the state, the governor also said for Namibia to mitigate
the economic impact of global shocks and protect vulnerable groups, the
prioritisation of the building of fiscal buffers will be required as an
immediate policy action.

 

"In the medium term, policies should focus on structural reforms and the
modernisation of policy frameworks to boost growth, support the vulnerable,
strengthen governance and tackle rising levels of debt," he said.

 

Furthermore, he said to support private sector-led growth that is
underpinned by exports and investments, structural reforms should focus on
improving governance, diversifying exports, increasing productivity and
building climate resilience to lift the economy's growth potential.

 

"This will enhance diversification efforts, which will help the country to
manage volatility and provide a more stable path for equitable growth and
development. The country should enhance its food production capacity and
resilience to climate change through access to water, resilient seeds and
fertilisers, among other things," he said.

 

- Namibian.

 

 

 

Nigeria: Persistent Power Outage in Kano Blamed On National Grid

The Kano Electricity Distribution Company (KEDCO) has blamed the recent
serial power outage in Kano on the collapse of the national grid, a
situation that has led to an epileptic supply of power in the state.

 

The Management also appeals to the general public in its franchise locations
of Kano, Katsina and Jigawa states to exercise more patience as the company
is working hard to improve power supplies.

 

The Chief Commercial Officer of the company, Alhaji Abubakar Yusuf, made the
call while addressing newsmen in Kano on Wednesday, explaining that the
distribution companies only supply what is given to them by the generation
companies.

 

He explained further that KEDCO is aware of the inconveniences faced by
their customers in the three states resulting from drop in power supply
causing serial outage especially during the current Ramadan fasting.

 

"Kano state is entitled to 8 percent of total power generated by the Gencos.
Kano requires about 800mw to 1000mw for there to be a smooth and
uninterrupted power supply in the state.

 

"However, only 200mw to 250mw is supplied for distribution in the state.
Unfortunately, due to the technical situation on ground, only about 180mw
and below is available for distribution in the state" he stated.

 

He further explained that there are other problems the interim management
team of the company has inherited from the immediate past leadership that it
is working to reduce to the bearest minimum.

 

These include among others repairs of broken down transformers, checking
metre bypassing through the introduction of smart metres, reduction of
vandalization and enforcement of payments by consumers.

 

He dismissed negative statement doing the round on social media depicting
the company in bad image, insisting that DISCOs do not generate electricity,
they only distribute what is given to them by the GENCOs.

 

-Vanguard.

 

 

 

Malawi: Airtel Malawi Revamps Chezani With 3 New Bundles

Airtel customers can now comfortably call out to mobile numbers from other
networks through the its popular voice bundle portfolio, Chezani -- which
has been revamped by adding three new bundles.

 

A statement from Airtel Malawi Plc, one of the leading mobile network
service providers, announces that the three portfolios are Chezani Daily
K200 (for 10 minutes); Chezani Weekly K500 (for 30 minutes); and Chezani
Monthly K2,000 (for 140 minutes).

 

Marketing Director, Thokozani Kamkondo-Sande, is quoted as saying the three
Chezani bundles is on promotional offer for 90 days from Tuesday March 28
until June 26 and will be accessible under the 'Airtel to all networks'
option on the *301# or My Airtel mobile App menu listed as 'Chezani
Bundles'.

 

"With the world becoming more connected than ever, it's essential for
friends, family, and colleagues to always stay in touch regardless of the
network that they are using," Kamkondo-Sande is quoted as saying.

 

"And that is why we have created these new Chezani bundles to keep Malawians
connected anytime, anywhere, regardless of their network. All they have to
do is have an Airtel SIM card.

 

"The new Chezani bundle price ranges and minutes have been tailored for our
customers who might want to make a few quick calls or chat for hours on end.

 

"Furthermore, the My Airtel mobile App's user-friendly interface makes it
easy to manage all bundles, check balance, and even top up bundles from just
a few clicks," she said.

 

In addition to the three new Chezani voice bundles that will work across the
country's local networks, Airtel Malawi has also brought back the Chezani
Daily K100 bundle offering 5 minutes for Airtel-to-Airtel calls.

 

Headquartered in Lilongwe, Airtel Malawi Plc offers 4G/LTE, 2G and 3G
wireless networks; and high speed fixed broadband internet services.

 

The multinational also offers the largest mobile commerce service in the
country through Airtel Money which was launched in Malawi in February 2011.

 

It was established in Malawi in 2010 as a subsidiary of Airtel Africa Plc --
a Pan-African telecommunications company with operations in 14 countries
across Africa, primarily in East Africa and Central and West Africa.

 

Airtel Africa offers an integrated suite of telecommunications solutions to
its subscribers, including mobile voice and data services as well as mobile
money services both nationally and internationally.

 

The Group aims to continue providing a simple and intuitive customer
experience through streamlined customer journeys.

 

-Nyasa Times.

 

 

 

 

 

 

 

 

 


 


 


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 s believed to be reliable, but no representation or
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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
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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 d from third parties.

 


 

 


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