Major International Business Headlines Brief::: 01 November 2023

Wed Nov 1 09:25:00 CAT 2023

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Major International Business Headlines Brief:::  01 November 2023 

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

ü  South Africa: Gold One Clamps Down On Striking Miners

ü  South Africa: Forget Power, Eskom's Dishing Out Millions On Logos

ü  South Africa: Eskom Finances Reveal More Dark Times Ahead

ü  Mozambique: Oil and Gas Hunters Target the Last Refuge of East Africa's
Vanishing Dugongs

ü  South Africa: Eskom Posts Record R23.9bn Financial Loss

ü  Nigeria: Over 90 Million Nigerians Lack Access to Electricity - Tinubu

ü  South Africa: Hundreds March in the Rain in Durban to Demand Municipal
Jobs

ü  Nigeria: LIRS Shuts 34 Companies Over Tax Debts

ü  Tanzania, Germany Eye to Boost Trade, Investments

ü  Nigerian Railways to Begin E-Ticketing - Minister

ü  WeWork plans to file for bankruptcy, reports say

ü  El Nino drought: Panama Canal cuts ship numbers further

ü  Temu adverts banned for sexualising a child and objectifying women

ü  Sam Bankman-Fried pressed in court over past comments

 <https://www.cloverleaf.co.zw/> South Africa: Gold One Clamps Down On
Striking Miners

The Gold One Mine is reportedly stopping any miner represented by the
Association of Mineworkers and Construction Union (Amcu) from entering the
mine following a three-day-long underground strike last week.

The East Modder mine operation has also sent suspension letters to 20 miners
suspected of being the ringleaders of the major strike.

On Tuesday morning a large group of miners responded to a call from the mine
to report for duty but to their shock, their tags were disabled and they
were denied entry into the mine.

Miners were seen standing in long queues braving the cold, stormy weather.

An SMS note sent to the miners relating to the long queues stated: "The
process of resuming normal work has begun. It is not safe to call everyone
at the same time, so people are being called in groups.

"The situation at the entrance is caused by people who came even when they
have not received an SMS to return."

Suspended miner Palesa Motloung told Scrolla.Africa that some of the miners
whose tags allowed them entry into the mine were asked by the security
guards stationed at the gate whether they were Amcu members or National
Union of Mineworkers (NUM) members before they were allowed to go any
further.

"If they responded that they were Amcu the guards tore up their forms and
they were told to return home and wait to receive further correspondence
from the mine," she said.

"Our future hangs in the balance for fighting for our rights."

Amcu delegate Musa Khalipha said he is number one on the list labelled as
the instigator of the strike.

"There are 20 Amcu miners on that list. This is to intimidate us from
fighting for the rights of the employees," he said.

"We are now waiting for the employer to send us further communication."

Last Monday a group of over 543 miners refused to resurface, demanding that
the mine acknowledge Amcu as a union with majority members to represent the
miners.

Since 2012 NUM has been the only union representing the miners at the mine,
which is a closed shop, but over the years NUM has lost members to Amcu.

When Scrolla.Africa reached out to Chris Nchabeleng, the spokesperson of the
Springs mine, he said the mine could not comment at the moment but will
release a statement later in the week.

- Scrolla.

South Africa: Forget Power, Eskom's Dishing Out Millions On Logos

Despite being on the brink of bankruptcy, Eskom is diving into a
multi-million-rand rebranding mission.

South Africa's power utility company is on the hunt for a new look,
launching a tender to design logos and establish a fresh corporate identity
for its three new subsidiaries: Generation, Transmission, and Distribution,
as well as any future Eskom Group entities.

Agencies are being asked to work around a whopping R5 million budget per
entity!

The tender isn't just about dreaming up a new logo. It's supposedly a major
task, containing everything from printed and digital materials to marketing
goodies and online assets.

And that's just the beginning. Rebranding means swapping out logos on
buildings, all sorts of materials, and various digital platforms,
MyBroadband reported.

With South Africans grappling with a 31.4% increase in electricity tariffs
over two years and the looming threat of load shedding, many are questioning
Eskom's decision to splurge on a logo facelift.

Ghaleb Cachalia, the DA's public enterprises spokesperson, isn't holding
back his criticism. He's calling out Eskom for its "astounding" priorities,
especially considering the company's life support system of taxpayer-funded
bailouts.

Cachalia is urging acting Eskom CEO, Calib Cassim, to pull the plug on this
tender, labelling it as foolish and a complete misdirection of funds.

While Eskom is busy picking out new fonts and colour palettes, Cachalia
suggests the utility giant should instead be channelling its energy (and
money) into boosting generation capacity and kicking load shedding to the
curb for good.

Compiled by staff writer

- Scrolla.

South Africa: Eskom Finances Reveal More Dark Times Ahead

Despite various interventions from the government, power utility Eskom is
bleeding billions of rands.

The company released its financial results on Tuesday saying it incurred a
net loss after tax of R23.9 billion.

This is a significant increase from the R11.9 billion net loss reported for
the previous financial year.

The company, whose load shedding programme is costing the South Africa
economy R1 billion a day, said its biggest expenses included the cost of
diesel and the cost of coal.

Criminal syndicates exploiting the company's procurement processes or
destroying its infrastructure network were also costing Eskom billions of
rands.

Previously former Eskom CEO Andre de Ruyter said criminal syndicates were
costing the company in excess of R1 billion a month.

"Primary energy expenses, specifically the expenditure to supplement
generation capacity through the usage of open-cycle gas turbines (OCGTs),
remained the biggest contributor to the financial loss, with a total of
R29.7 billion spent on both Eskom and independent power producers' (IPPs)
OCGTs in the period under review.

"This is almost double the R14.7 billion spent in the previous year," the
company said.

Eskom's acting Group Chief Executive, Calib Cassim, said they expected
things to improve with the return to service of various generating units at
Kusile power station and better management of ongoing maintenance of its
ageing fleet.

But a closer look at the rate of unplanned breakdowns shows that the old
power stations remain vulnerable and could continue to compromise South
Africa's energy security for the next few years.

"Generation unplanned load losses increased to 31.92% from 25.35% while
planned maintenance performed at a similar level as last year, 10.39% in
2023 and 10.23% in 2022," Eskom said in a statement.

These resulted in the implementation of load shedding for some 280 days
during the year under review.

This is thanks to a large extent to the flue gas duct failure incident at
Kusile power station in October 2022 which resulted in units 1, 2 and 3
being out of service for almost a year, removing 2,100MW from the national
electricity grid.

"At the same time, Koeberg Unit 1 remained on long-term outage, which is
nearing completion and will be followed by the Unit 2 outage. Over and above
the unavailable units at the other power stations, the unavailability of the
Koeberg unit and the Kusile units meant a shortfall of approximately 3,000MW
from only these two stations during the winter season."

Eskom said it was unlikely that it would require a further bailout from the
government, adding that the debt relief of R250 billion will go a long way
in improving its liquidity.

- Scrolla.

Mozambique: Oil and Gas Hunters Target the Last Refuge of East Africa's
Vanishing Dugongs

The global oil and gas survey company Searcher is gearing up to blast
powerful sound waves into the Indian Ocean, directly adjacent to the last
viable population of dugongs on Africa's east coast.

Searcher's hydrocarbon target area is a massive 42,000km2 swathe of sea
adjoining the Bazaruto Archipelago National Park, a chain of five islands in
central Mozambique famed for their idyllic white sand beaches, coral reefs
and clear blue waters that make for exceptional diving and snorkelling.

Bazaruto is also home to the mermaid-like dugong, a beleaguered marine
mammal that feeds on seagrass meadows. The neighbouring sea is considered to
be a globally important living space for whales, dolphins, sea turtles and
other marine species.

During the 1960s, large herds of hundreds of dugongs were reported as far
north as Kenya and Somalia, but over recent decades their numbers have
plummeted. The most recent scientific studies suggest there are now fewer
than 250 adult dugongs left along the east African coast - and Bazaruto is
home to about 90% of these survivors.

Just last year, the International Union for Conservation of Nature (IUCN)
reclassified the east African dugong population as "critically endangered",
the highest level of risk before a species is declared extinct in the wild.

Nevertheless, the Perth-based Searcher group has set its sights on a major
3-D seismic survey near Bazaruto that involves blasting sound waves into
the...

-Daily Maverick.

South Africa: Eskom Posts Record R23.9bn Financial Loss

Eskom earned less revenue than anticipated as a result of not recovering
electricity payments, and spent more money, especially on diesel, to run its
emergency generation fleet because there were more days of blackouts.

Eskom made a whopping R23.9-billion financial loss during the year ending
March 2023, which marks the largest in its 100-year operational history.

The figure widened by two times since the previous year, when the power
utility recorded a R11.9-billion loss.

Eskom unveiled its financial results on Tuesday, 31 October. They have been
submitted late to Parliament, with the utility missing the 30 September
submission deadline.

Its loss for the year comes despite a 9.61% electricity tariff increase and
a R21.9-billion bailout from National Treasury. These circumstances would,
in theory, help Eskom to increase its revenue or money generation potential.
And it did, since its revenue increased by 5% to R259.5-billion.

However, Eskom earned less revenue than anticipated as a result of not
recovering electricity payments, and spent more money, especially on diesel.
It spent R29.7-billion on diesel that is used to run its emergency
generation fleet (open-cycle gas turbines) and generate power. This was more
than double the previous financial year's spend.

Eskom had to rely on open-cycle gas turbines because 2023 is shaping up to
be the worst year for power disruptions. According to Eskom acting CEO Calib
Cassim, there have been 280 days of blackouts in 2023, which...

-Daily Maverick.

Nigeria: Over 90 Million Nigerians Lack Access to Electricity - Tinubu

"(Ten) years on, I believe it is fair to say that the objectives of sector
privatisation have, by and large, not been met," Mr Tinubu said.

President Bola Tinubu said on Monday that over 90 million Nigerians lack
access to electricity in the country.

Mr Tinubu disclosed this at the 10th anniversary of the privatisation of
Nigeria's power sector and the 1st Nigerian Electricity Supply Industry
(NESI) market participants and stakeholders roundtable (NMPSR) held in Abuja
on Monday.

Nigeria has struggled with poor power supply for decades, a challenge that
is estimated to cost businesses about $29 billion yearly, according to the
World Bank.

The power sector was privatised in 2013 with the distribution and generation
sub-sectors split and sold to private owners. This was aimed at enhancing
the power distribution in the country.

Only the transmission component, through the Transmission Company of
Nigeria, remains a public property.

Speaking on Monday, Mr Tinubu represented by Sodiq Wanka, the Special
Adviser to the President on Energy and Power Infrastructure, said 10 years
after the privatisation of the power sector, the objectives of the
privatisation have not been met.

"The key objectives of the privatisation effort were to improve the
efficiency of the power sector, unlock private sector investments and
unleash the potential of the nation through an energised economy.

"10 years on, I believe it is fair to say that the objectives of sector
privatisation have by and large, not been met. Over 90 million Nigerians
lack access to electricity," Mr Tinubu said.

He said the national grid only serves about 15 per cent of the country's
demand.

This, he said, has left households and factories to rely on expensive
self-generation, which supplies a staggering 40 per cent of the country's
demand.

"What is worse, is that the total amount of electricity that can be wheeled
through the national grid has remained relatively flat in the last 10 years.

"The grid capacity has increased from just over 3,000 MW to typically just
over 4,000MW today. Versus a 40,000MW target by 2020 that the federal
government had set pre-privatisation," he added.

He explained that the reasons for the underperformance of the sector in the
last decade are well known.

"There are deep commercial, governance and operational issues that have
beleaguered the sector."

He said as of Q2 2023, for every kWh of electricity sent to the grid, only
60 per cent of it is paid for.

"But as we know, even the tariff paid for that unit of electricity is far
from being cost-reflective, especially in light of the recent devaluation of
the Naira. The sector has suffered from chronic underinvestment, especially
in transmission and distribution."

Mr Tinubu further explained that many of the successor utilities of the PHCN
have failed to meet their performance improvement targets due to technical
and financial capacity issues.

"We are in a vicious cycle of under-performance and under-investment, and
everyone has a different view of which value chain player should be blamed
for continued sector malaise.

"But we are where we are! And the real question we should be asking
ourselves in our engagements in the next three days, is how do we move
forward from here?" he said.

He said only around 45 per cent of NESI customers are metered today, with
wide variations across DISCOS.

He added that the scale of investment needed to meter current and new
customers and replace obsolete meters is not trivial.

"The government is committed to supporting the metering drive through the
World Bank DISREP programme which should add at least 1.25 million meters,
while activating the meter acquisition fund to procure another 4 million
meters.

"But we must also realise that long-term sustainable metering should be
within the remit of DISCOS and their partners.

"We need to have a clear plan to rebase tariffs, so we recognise the real
costs and loss levels of the entire value chain, and we allow for adequate
cost recovery for investments. We need to be clear on what shortfalls are
and how we will finance them.

"And there must be a clear path to extinguishing historic sector debts to
various value chain stakeholders. A reconciliation exercise in this regard
is already underway," he said.

- Premium Times.

South Africa: Hundreds March in the Rain in Durban to Demand Municipal Jobs

The workers also want the eThekwini municipality to pay them on a higher
salary scale

Over 300 workers marched in the pouring rain from King Dinuzulu Park to the
city hall in Durban's city centre on Tuesday, demanding to be insourced by
the eThekwini municipality, among other things.

They marched under the banners of the Municipal and Allied Trade Union of
South Africa (MATUSA) and South African Federation of Trade Unions (SAFTU).

According to their memorandum, the workers want security guards, water meter
readers and those on contracts to the solid waste department to get
permanent jobs at the municipality.

Dora Mnguni, who is employed as a contractor as an Expanded Public Works
Programme (EPWP) employee, said that she earns R3,500 a month which is not
enough to cover expenses or get proper housing.

"I am a single mother of four children. I can't afford to make them happy
because the cost of everything is always increasing," said Mnguni.

The marchers were told that their memorandum would be accepted by Thulani
Mahlobo from the mayor's office, but they demanded that the mayor come down
himself.

SAFTU general secretary Zwelinzima Vavi addressed marchers, claiming that
workers at eThekwini municipality earn less than their counterparts in other
metros like Cape Town, Nelson Mandela and Johannesburg.

MATUSA president Thulani Ngwenya Matusa said the workers wanted the union
recognised and they wanted to be paid on a higher salary scale.

Thembo Ntuli from the mayor's office eventually accepted the memorandum
after two hours. He promised that the municipality would respond within a
week.

"I will definitely make sure that the Mayor makes time to meet with MATUSA's
leadership," said Ntuli.

- GroundUp.

Nigeria: LIRS Shuts 34 Companies Over Tax Debts

Hotels, restaurants, and event facilities were also closed for failure to
deduct and remit consumption taxes.

The Lagos State Internal Revenue Service (LIRS) on Monday shut 34 corporate
organisations for failing to remit Personal Income Taxes (PIT) of their
employees and for non-remittance of consumption taxes by operators in the
hospitality sector to the Lagos State Government.

A statement by the LIRS listed some of these companies including NTS Nigeria
Ltd., Med-In Hospital & Pharma Services Ltd., Danvic Petroleum Int'l Ltd.,
Business Intelligence Technology, Avaya Nigeria Ltd., Gladstone Tech Ltd.,
Courier Plus Services Ltd., Kurioucity Ltd., Medilag Ventures Ltd., Future
Oilfields, and Seven Six & Ten Limited.

During the same operation, 23 hotels, restaurants, and event facilities were
also closed for failure to deduct and remit Consumption taxes.

These businesses include Blitz Suites & Hotel, Offshoroomz Hotel, God's
Grace Hotel, De Orange Place Ltd., De Santos Hotel, Kentade Hotel Limited,
Chamcee, Chelsea Suites, Falode Hotels, High Climax Hotel, Chez Moi
Apartment, Excellence Hotel, Bereans Venture (Tantalizer Ebute Metta), La
Avril Hotel & Suites, De Orange Place Ltd., Milaco Guest House, New World
Inn, Model Motels Ltd, Rely Maritime Ltd, 4 Seasons Hotel, Dream Land Hotel,
343 North Restaurant and Lounge, and Jade Palace Chinese Restaurant.

Seyi Alade, the director of Legal Services at LIRS, made this announcement
while addressing a state-wide tax law enforcement exercise conducted by the
Service in Lagos on Monday. Mr Alade reported that the tax liabilities of
these companies and hotels amounted to more than N356 million. He said their
actions have caused the state government loss of revenue.

He explained that the agency had previously reduced its enforcement
activities to promote voluntary compliance by taxpayers. However, certain
companies and hotels chose to engage in tax evasion.

Therefore, the renewed enforcement activities of the service are targeted at
such companies, restaurants, hotels, and event centres. He emphasized that
the primary goal is to secure compliance with the remittance of Consumption
and Personal Income taxes, enabling the Lagos State Government to carry out
projects intended for the well-being of the vast populace resident in Lagos
State.

Mr Alade further reiterated that "these companies deduct Personal Income
taxes from their employees' salaries at the end of each month, and charge
consumption taxes on goods and services purchased by customers.

Unfortunately, some unpatriotic firms choose to withhold these payments,
illegally converting the funds for their own use."

He issued a warning that failing to file tax returns or engaging in tax
evasion are considered criminal offences that may result in financial
penalties and, in some cases, custodial sentences upon conviction.

The agency is currently prosecuting some high-net-worth individuals and
companies that failed to file their Returns, he said courts have issued
Bench Warrants for some taxpayers in this category and three arrests have
been made pursuant to these Warrants, they are Platinum Apartments & Suites,
The Moonlight Place Enterprises and Jezreel Nursery and Primary School.

He warned that the enforcement exercise shall be a continuous one and it
shall be visited on all erring companies, hotels, restaurants, and
individuals in the state if they refuse to regularise their tax positions
immediately or if they fail to comply with all extant tax laws operational
in Lagos State.

- Premium Times.

Tanzania, Germany Eye to Boost Trade, Investments

Dar es Salaam — President Samia Suluhu Hassan has announced a historic
agreement with German President Frank Steinmeier aimed at strengthening the
trade and investment ties between their nations.

Tanzania's Head of State revealed this at a joint press conference with her
German counterpart Steinmeier at the State House in Dar es Salaam.

She acknowledged the enduring 60-year partnership between the two nations,
with Germany having played a pivotal role as an important business and
investment partner to Tanzania.

Notably, Germany has invested in approximately 180 projects within Tanzania,
reflecting a deep-rooted commitment to the nation's growth and development.

During the meeting, both leaders expressed their mutual commitment to
further promoting trade and investment.

To turn the agreed issues into reality, the duo announced plans for a
business and investment conference, bringing together Tanzanian and German
businessmen to explore new opportunities and collaborations.

Additionally, President Samia expressed Tanzania's readiness to host the
next development cooperation talks, scheduled for next year, underscoring
the significance of this visit.

"This visit by President Steinmeier confirms the commitment of our two
governments in developing and strengthening the relationship between our
countries and their people," President Samia affirmed, highlighting the
importance of democracy and good governance in attracting German businessmen
to Tanzania.

Equally, she said both countries have agreed to empower youth and harness
the potential of young Tanzanians by building their capacity in the digital
economy as well as addressing the matter of families affected by the
Majimaji War, focusing on repatriating the remains of their loved ones from
Germany.

She announced that Tanzania and Germany are actively exploring the
possibility of repatriating the remains of various Tanzanian heroes
currently housed in German museums as their families are eagerly waiting for
the return of their cherished ancestors.

Other key areas of cooperation outlined in the meeting included social and
economic development, with expert teams from both nations poised to engage
in regular discussions to bolster existing collaborations and identify new
areas of partnership.

President Samia further disclosed that Tanzania and Germany are set to
continue collaborating in the health sector.

The German government is actively involved in building a substantial
military hospital in Dodoma and a major infectious diseases hospital at
Lugalo, Dar es Salaam, underscoring the humanitarian aspect of their
partnership.

- Daily News.

Nigerian Railways to Begin E-Ticketing - Minister

The Nigerian Railways flagged off e-ticketing for the Lagos-Ibadan and
Itakpe-Warri routes on Monday.

Said Alkali, the Minister of Transportation, says the Nigerian Railways,
will commence e-ticketing on Wednesday.

Mr Alkali said this on Monday in Abuja during the flag-off of e-ticketing
for the Lagos-Ibadan and Itakpe-Warri routes.

According to him, the e-ticketing system will direct ticket sales revenue to
the government's funds.

He added the e-ticketing platform would significantly reduce the potential
for corruption and revenue leakage.

"It will also help to ensure the security of our passengers and avoid
racketeering.

"It is the desire of this administration to have zero tolerance for
corruption. All these are aimed to benefit our citizens," he said.

Contributing, the Permanent Secretary of the Ministry, Magdalene Ajani, said
the Federal Government had really deepened efforts to ensure the dream of
having an e-ticketing platform come to reality.

Ms Ajani explained that electronic ticketing for the standard gauge would
comfortably curb racketeering that is capable of negatively affecting the
economy.

Speaking, Fidet Okhiria, the Managing Director, Nigerian Railway Corporation
(NRC), said the e-ticketing system would improve the integrity of operations
in the sector.

Mr Okhiria expressed optimism that the e-ticketing platform would increase
revenue generation for the Federal Government.

According to him, the federal government had concessioned the Warri-Itakpe
and Lagos-Ibadan routes to "Ticketing Solutions Limited" and "Global
Software and Digital Solution" respectively for 10 years.

The two private firms said they would work effectively and efficiently to
fulfil mandates to operate the system.

- Premium Times.

WeWork plans to file for bankruptcy, reports say

Troubled office-sharing firm WeWork may file for bankruptcy as early as next
week, according to US media reports.

WeWork declined to comment when contacted by the BBC.

Earlier on Tuesday, the company told the US financial regulator it had
agreed with creditors to temporarily postpone payments for some of its debt.

The firm, which as a private business was once valued at $47bn (£38.7bn),
has lost almost 98% of its stock market valuation in the last year.

WeWork is considering filing for bankruptcy in New Jersey, according to the
Wall Street Journal, which first reported the story.

The Reuters news agency also reported the story, citing a source familiar
with the matter.

In response to the reports a WeWork spokesperson said: "We do not comment on
speculation."

WeWork shares fell by more than 40% in after-hours in New York trading on
Tuesday.

What went wrong for the much-hyped WeWork?

The New York-based firm has been struggling since its initial attempt to
sell shares on the stock market collapsed in 2019 due to concerns about its
debts, losses and management.

A week before the company confirmed that its share sale had been scrapped
founder Adam Neumann stepped down as chief executive.

Scrutiny of his leadership had "become a significant distraction," the firm
said.

The company was also hit hard by the pandemic as social distancing rules
drove people to work from home.

WeWork finally listed on the New York Stock Exchange in 2021 with a much
lower valuation.

The Japanese conglomerate SoftBank has pumped tens of billions of dollars
into WeWork as it continued to lose money.

In August, WeWork raised "substantial doubt" about its ability to continue
operations.

At the time, the company said in a statement that it faced challenges
including softer demand and a "difficult" operating environment.

It has also seen the exit of several top executives this year, including
chief executive and chairman Sandeep Mathrani.

As of the end of June WeWork had 777 locations in 39 countries around the
world, according to the company.

-bbc

El Nino drought: Panama Canal cuts ship numbers further

The Panama Canal will make more cuts to the number of ships using the
waterway due to the worst drought in over 70 years, authorities say.

The Panama Canal Authority (ACP) says it has been forced to make the
decision due to the driest October since records began in 1950.

The El Niño weather phenomenon has contributed to the severe drought, the
ACP says.

It is expected to increase the cost of shipping goods around the world.

The Panama Canal greatly reduces the time and distance for ships to travel
between the Atlantic and Pacific oceans. Operating 24 hours a day, 365 days
a year, between 13,000 and 14,000 ships use it annually, according to the
canal authority.

A naturally occurring El Nino climate pattern associated with
warmer-than-usual water in the central and eastern tropical Pacific Ocean is
contributing to Panama's drought.

Water levels in Gatun Lake, the rainfall-fed reservoir that is the main
source of water used in the canal's lock system, have "continued to decline
to unprecedented levels for this time of year," according to the ACP.

Starting from 3 November, booking slots will be cut to 25 per day from an
already reduced 31 per day, the ACP said.

That number will be further reduced over the next three months to 18 slots
per day from the start of February 2024.

In recent months, the ACP has imposed various passage restrictions to
conserve scarce water.

Earlier this year, authorities cut the number of ships passing through the
canal for the first time ever.

The measures already in place have caused long delays, with tens of ships
having to wait to use the canal.

Those delays have "pushed shipping rates higher elsewhere by decreasing the
globally available number of vessels," according to an analyst note from the
US Energy Information Administration.

Delays for some gas transporters were at record highs in Panama, pushing up
the cost of shipping liquefied gas from the US, it added.-bbc

Temu adverts banned for sexualising a child and objectifying women

The online retailer Temu has had an advert banned for sexualising a child.

It showed a girl aged between eight and 11 wearing a bikini in a pose that
was "was quite adult for a girl of her age", the Advertising Standards
Authority (ASA) said.

It banned four other adverts for showing sexual images and pictures which
objectified women.

Temu said the picture of the child violated their marketing policy and would
not be shown again.

It disputed the other complaints but all were ruled to be inappropriate by
the ASA.

Temu is a Chinese-owned online marketplace where sellers can upload pictures
of their products.

The sellers have to follow rules against using pornographic, obscene or
harassing pictures.

Since its UK launch earlier in 2023, Temu has become known for its wide
range of products which are advertised at cheap prices.

It told the ASA that it has over a million photos uploaded to its Google Ads
account but that it "did not get to decide the specific products
advertised," or where they were shown.

The Chinese apps taking the US by storm

Risk popular website sells forced labour goods

The images which received complaints included those of women's torsos in
low-cut dresses, a grey jockstrap and padded cycling underwear.

The ASA ruled that the jockstrap emphasised "the outline of the genitalia"
while the cycling shorts "appeared as underwear with the bottom cut out".

The pictures of the dresses, which did not show the models' faces, meant
"the women were presented as stereotypical sexual objects".

Furthermore, pictures of a facial roller and balloon ties "were phallic in
shape and appeared sexual in nature" when shown alongside the other ads.

The ads were shown on a local news website, a chess website, a translation
site and a puzzle app.

Temu said that the pictures of the models with their faces cut off were not
meant to objectify women and argued that other retail platforms showed
similar photos.

It also argued that the pictures of the other objects were accurate
representations of the products on sale.

The chess website and the news website said that they would not advertise
Temu products again.

The ASA said it had told Temu to make sure its future adverts were "prepared
with a sense of responsibility to consumers and to society".

It has also told the company that under-18s should not be shown in a sexual
way and that ads should be responsibly targeted.-bbc

Sam Bankman-Fried pressed in court over past comments

Sam Bankman-Fried struggled to account for the management of his
now-bankrupt crypto exchange, FTX, as his fraud trial neared its conclusion
on Tuesday.

Prosecutors in New York finished questioning the 31-year-old, who made the
risky decision to take the stand in his own defence.

The former billionaire is accused of stealing billions of dollars from FTX
customers and lying to investors and lenders.

He has denied the charges.

But he is facing the task of convincing a jury to discount weeks of evidence
they heard from his former top deputies, including his ex-girlfriend
Caroline Ellison, who have already pleaded guilty and were testifying
against him to reduce their sentences.

Prosecutors have tied Mr Bankman-Fried to decisions that allowed the crypto
trading firm he owned, Alameda Research, to take billions of dollars
deposited at FTX. He is accused of spending the money to repay lenders, buy
property, and make investments and political donations.

Prosecutors say he tried to hide the transfers between the two firms and
their close relationship - and have buttressed their allegations with text
messages, spreadsheets and tweets.

When FTX went bankrupt last November, Alameda owed the company $8bn
(£6.58bn), money prosecutors say had been taken from customers.

The court heard earlier in the trial from Ms Ellison that Alameda ultimately
took about $14bn (£11.4bn) from FTX clients, using it for investments and
repaying lenders.

During his testimony, which started last Thursday, Mr Bankman-Fried
expressed a mix of defiance, regret and frustration at comments and actions
he felt were being taken out of context.

On Tuesday, he told the court that he thought it was "permissible" for
Alameda to spend FTX customer funds but had not been aware until October
2022, just a few weeks before the bankruptcy, that the company had actually
done so.

"I deeply regret not taking a deeper look into it," he said.

Prosecutor Danielle Sassoon pressed Mr Bankman-Fried to explain why he had
not tried to understand what was happening between Alameda and FTX by June
2022, when it appeared at one point that the trading firm had gone bankrupt.

He said that he had "trusted" that his former friends and deputies had the
situation under control.

"I was told they were busy and should stop asking questions," he said.

Mr Bankman-Fried has maintained that he was far more absent from
decision-making than his friends had suggested, saying he could not recall,
for example, going over spreadsheets that had been presented to him.

He has said Ms Ellison failed to "hedge" bets to better protect Alameda from
a downturn in the market, as he had instructed her to do. But he
acknowledged that he did not take action in response to the failure.

"I wasn't particularly interested in trying to dole out blame," he said, in
explaining his decision not to fire anyone. "It generally wasn't something I
tried to prioritize as a leader."

One last gamble beckons for Sam Bankman-Fried

What you need to know about Sam Bankman-Fried trial

What is 'effective altruism'?

At times during Ms Sassoon's questions, Mr Bankman-Fried appeared visibly
restless, blinking furiously and shifting back and forth, responding with
curt "yeps".

Questioned by his own attorney, Mark Cohen, he was more expansive.

Under questioning from Mr Cohen, he said that he had stepped back from
Alameda after handing off the chief executive role and was "essentially
uninvolved" in core operations like day-to-day trading.

Mr Bankman-Fried finished testifying around mid-day and the jury was
dismissed, while the judge conducted a hearing with lawyers from the two
sides on what instructions he will give to the jury.

The entrepreneur has pleaded not guilty to seven federal charges including
wire fraud, securities fraud and money laundering and could face a life
sentence in prison if convicted.

Mr Bankman-Fried's defence team has argued he was following "reasonable"
business practices, as his companies grew rapidly.

After the collapse of his companies last year, he admitted in media
interviews, including with the BBC, to managerial mistakes but said he never
intended fraud.

Closing arguments are expected to start on Wednesday.-bbc

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Companies under Cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

 <mailto:info at bulls.co.zw> 

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