Major International Business Headlines Brief::: 02 November 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  02 November 2023 

 


 

 


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

 


 

 


 

ü  South Africa: SA Swimming in Debt

ü  South Africa: MTBPS - Government to Borrow More Money As Revenue Dries Up

ü  Zambia: Communities Taking a Sting Out of Poaching With Alternative
Livelihoods

ü  Malawi Engineers Focused to 'Build Back Better' to Mitigate Effects of
Climate Change On Infrastructure

ü  Nigeria: World Bank Commits Over $11 Billion in Three Years in Nigeria -
Country Director

ü  Tanzania: No Miracle - It's All About Articulate Plans, Says Mwinyi

ü  South Africa: Gold One Clamps Down On Striking Miners

ü  South Africa: Rand and Bonds Post Mild Gains After Mini Budget Allays
Worst Fears

ü  Nigeria: Uproar As Nigerian Stock Market Hits All-Time High, Crosses
70,000 Mark

ü  South Africa: More Tax to Come, but No SOE Bailouts, As Godongwana
Juggles Public Finances to Extend R350 Grant

ü  US Federal Reserve holds interest rates at 22-year high

ü  WeWork to start closing some offices around the world

ü  Disney to buy remaining 33% stake in streaming service Hulu

ü  FTX: Prosecutors accuse Crypto King Sam Bankman-Fried of 'deceit'

ü  BP posts profits of $3.3bn as oil prices rise again

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: SA Swimming in Debt

After 15 years of spending more than it is able to collect from taxpayers,
the South African government is now swimming in debt.

 

Finance Minister Enoch Godongwana painted this grim reality in Parliament on
Wednesday when he presented the Treasury's Medium Term Budget Policy
Statement.

 

He said government debt would rise "from R4.8 trillion in 2023/24 to R5.2
trillion in the next financial year".

 

By 2025 the national debt will exceed the R6 trillion mark.

 

"Government spending has exceeded revenue since the 2008 global financial
crisis.

 

"These rising annual budget deficits have reached an extent where the
government will borrow an average of R553 billion per year over the medium
term," he said.

 

A large chunk of government spending is the salary bill of ministers and
government employees, while the almost 700 state-owned enterprises have also
been draining the coffers.

 

 

Eskom, which reported its biggest net loss at R24 billion, recently received
a R254 billion bailout.

 

Add to that over R330 billion of Eskom debt, which is already government
guaranteed.

 

Despite all this, Godongwana said he has found a way to extend the monthly
SASSA R350 grant beyond the 2024 national general elections.

 

The South African Social Security Agency says at least 7.8 million people
receive the grant, while a further 13 million have applied for it.

 

"R34 billion is allocated to extend the Covid-19 Social Relief of Distress
grant by another year. Over the medium term, a provisional allocation is
retained while a comprehensive review of the entire social grant system is
finalised," said Godongwana.

 

He also found a way to fund the presidential employment initiative by
another year.

 

President Cyril Ramaphosa hailed the initiative as a great success for
creating over 1.2 million so-called "work opportunities".

 

Its critics say it dumped over 350,000 college and university graduates when
the initiative ended in September.

 

Godongwana said he was able to breathe new life into the scheme "through
repurposing of a portion of funds from existing public employment programmes
such as the Expanded Public Works Programme and the Community Works
Programme".

 

"A comprehensive review of public employment programmes is underway," he
said.

 

While provinces like KwaZulu-Natal were failing to spend billions of rands
allocated for national disaster relief, Godongwana allocated a further R1.6
billion to the repair of bridges and infrastructure damaged by the recent
floods.

 

 

Scrolla.

 

 

 

 

South Africa: MTBPS - Government to Borrow More Money As Revenue Dries Up

The government plans to increase its borrowing requirements from
R515.6-billion to R563.6-billion during the 2023/24 fiscal year. Debt has
become an even bigger and scarier uncertainty for the government.

 

To shore up revenue and be able to meet the country's growing spending
requirements, the government plans to increase its borrowings -- making it
difficult to stabilise and reduce its indebtedness.

 

The government's revenue from tax collections has declined since the
February 2023 Budget was presented as economic conditions in SA have since
worsened, pushing it to find new sources of money.

 

To this end, the government plans to increase its borrowing requirements
from R515.6-billion to R563.6-billion during the 2023/24 fiscal year, the
Medium-Term Budget Policy Statement (MTBPS) review documents show.

 

Debt has become an even bigger and scarier uncertainty for the government.
Credit rating agencies and economists have warned numerous times about the
unsustainability of the government's debt level and need to reduce it, as it
crowds out expenditure on crucial service delivery programmes.

 

The government plans to raise more money in two ways.

 

First, it plans to raise money in the domestic bond market by issuing bonds
(inviting lenders to buy its debt). By doing this, it plans to raise debt or
issue bonds that come with shorter repayment terms of up to a year, instead
of opting for costly debt that matures at a later period of...

 

Daily Maverick.

 

 

 

 

Zambia: Communities Taking a Sting Out of Poaching With Alternative
Livelihoods

Chipata, Zambia — As we approach the forest in the village to appreciate
Andrew Mbewe's beekeeping enterprise, a bee from a hive close to the edge of
the natural woodland stings him on the cheek.

 

He steps back quickly, waving everyone away from danger, as he grimaces and
grumbles in pain while trying to take out the stinger to prevent his face
from swelling.

 

"That's one of the duties they are performing," he says through his gritted
teeth about his 18 beehives in this forest.

 

He examines the tips of his index and thumb fingernails to see if he has
taken out the bee's poison-injecting barb.

 

"These bees are guardians of this forest," he says. "They protect it from
invaders. That's one of the reasons this forest is still standing today."

 

Across the villages along the Chipata-Lundazi road, which cuts through a
landscape that stretches between Kasungu National Park in Malawi and
Lukusuzi and Luambe National Parks in Zambia's Eastern Province, one feature
is likely to catch the eye: impressive stands of natural forests among
villages and smallholder farms.

 

 

In Mbewe's village in Chikomeni chiefdom in Lundazi district, these
indigenous forests are home to over 700 beehives belonging to more than 140
families.

 

The forest protection duty that the bees are providing is an unintended
consequence of the beekeeping enterprise. Fundamentally, the communities are
sucking money out of the honeycombs in these beehives through sales of both
raw and processed honey, some of which find space on the shelves of Zambia's
supermarkets.

 

It is one of the livelihood activities which Community Markets for
Conservation (Comaco), in partnership with the International Fund for Animal
Welfare (IFAW), are implementing within the broader wildlife conservation
strategy in the Malawi-Zambia landscape.

 

 

Comaco's driving force is that conservation can work when rural communities
overcome the challenges of hunger and poverty.

 

It says these problems are often related to farming practices that degrade
soils and drive deforestation and biodiversity loss.

 

Therefore, Comaco works with small-scale farmers to adopt climate-smart
agriculture approaches such as making and using organic fertilisers and
agroecology to revitalise soils so farmers achieve maximum crop
productivity.

 

It also supports small farmers to add value to their produce and
attractively brand the products so they are competitive in the market.

 

With burgeoning carbon trading as another revenue stream, this wildlife
economy is raking in promising sums for both individual members and their
groups, communities say.

 

The cooperative to which Mbewe belongs has used part of its revenue to
purchase two vehicles - 5-tonne and 3-tonne trucks - which the group hires
out for income. The money is invested in community projects such as building
teachers' houses and hospital shelters.

 

 

Luke Japhet Lungu, assistant project manager for the IFAW-Comaco Partnership
Project, tells IPS that these activities are making people less and less
reliant on exploiting natural resources for a living.

 

"You will not find a bag of charcoal here," Lungu challenges.

 

"Because of the farming practices we adopted, people are realising that if
they destroy the forest, they also destroy the productivity of their land
and their income will suffer," he says.

 

Along the way, people are also learning to live with the animals.

 

"Animals are able to move from one forest to another without disturbance.
For the bigger ones, such as elephants, which would cause damage to our
crops, we have a rapid communication system through our community scouts who
work with government rangers.

 

"We have occasions of elephant invasions from the three parks. However, we
have learnt to handle them better to minimise conflict. It's a process,"
Lungu says.

 

One man who has learnt to manage the animals he once hunted is Mbewe
himself.

 

A battle-scared poacher for nearly a decade from the 1980s, he terrorised
the 5,000-square-kilometre conservation area on poaching missions.

 

For his operations, he used rifles he rented from some officials within the
government of Zambia, he claims.

 

"They were also my major market for ivory and other wildlife products," he
says.

 

Apparently, without knowing it, Mbewe was actually supplying a far bigger
transnational market.

 

For over 30 years, from the late 1970s, the Malawi-Zambia conservation area
was a major source and transit route for ivory to markets in China and
Southeast Asia.

 

Elephant poaching rocked the landscape resulting in the decline of the
species. In Kasungu National Park, for example, according to data from the
Department of National Parks and Wildlife in Malawi, elephant numbers
dwindled from 1,200 in the 1970s to just 50 in 2015.

 

In 2017, IFAW launched a five-year Combating Wildlife Crime project whose
aim was to see elephant populations stabilise and increase in the landscape
through reduced poaching.

 

The project supported park management operations and constructed or
rehabilitated requisite structures such as vehicle workshops and offices.

 

It trained game rangers and judiciary officers in wildlife crime
investigation and prosecution.

 

 

It provided game rangers with uniforms, decent housing, field allowances,
patrol vehicles and equipment.

 

It supported community livelihood activities such as beekeeping and
climate-friendly farming.

 

It also thrust communities to the centre of planning wildlife conservation
measures.

 

Erastus Kancheya is the Area Warden for the Department of National Parks and
Wildlife for the East Luangwa Area Management unit where Lukusuzi and Luambe
National Parks lie.

 

He says he sees these measures as enabling degraded protected areas like
Lukusuzi National Park to "rise from the long-forgotten dust [and] awakening
on the long road of meaningful conservation".

 

Kancheya says engaging communities in co-management of the protected areas
is also proving to be effective in the landscape.

 

Now, IFAW is leveraging this community partnership to sustain the
achievements of the Combating Wildlife Crime project through its flagship
Room to Roam initiative.

 

Patricio Ndadzela, Director for IFAW in Malawi and Zambia, describes Room to
Roam as a broad, people-centred conservation strategy.

 

"This is an initiative that cuts across land use and planning, promotes
climate-smart approaches to farming and ensures people and animals
co-exist," he says.

 

The approach aims to deliver benefits for climate, nature and people through
biodiversity protection and restoration.

 

Room to Roam intends to build landscapes in which both animals and people
can thrive.

 

In the process, some people are being transformed. Mbewe is one such person.
>From being a notorious poacher, he is now a ploughshare of conservation as
chairperson of the Community Forest Management Group in his area. The
cooperative enforces wildlife conservation and sustainable land management
practices.

 

It is not easy work, he admits.

 

"There are hardened attitudes to change, and patience is required to teach.
Sometimes, the earnings from the livelihood activities are insufficient or
irregular. For instance, you don't harvest honey every day or every month,"
he says.

 

Yet, he says, the prospects are good and the challenges he faces now rank
nowhere near what he encountered when he was a poacher.

 

One incident still makes him shudder: Stalking a herd of elephants at their
drinking spot in Kasungu National Park one day, he came under unexpected
gunfire from rangers.

 

"I was an experienced poacher. I knew at what time of the day to find the
elephants and at what location. But the rangers saw me first. I was dead. I
don't understand how I escaped," he says.

 

Today, on reflection, he regrets having ever lived the life of a poacher.

 

"I went into poaching for selfish reasons," Mbewe says thoughtfully.

 

"Poaching was benefiting me only; the conservation work I am doing now is
benefiting the entire community and future generations," he tells IPS while
rubbing the spot of the bee sting and looking relieved. IPS.

 

 

 

 

Malawi Engineers Focused to 'Build Back Better' to Mitigate Effects of
Climate Change On Infrastructure

In order to mitigate the effects of climate change, that the country has
experienced in recent years due to tropical cyclones Idai, Ana, Gombe and
Freddy -- that devastated public and private infrastructure -- Malawi
engineers are now focused to "build back better".

 

This is the theme of the 2023 conference & annual general meeting for the
Malawi Engineering Institute to be held on November 9-10 at Sunbird
Livingstonia in Salima, whose emphasis it to mitigate effects of climate
change on infrastructure.

 

In support of the all-important gathering, Electricity Generation Company
(Malawi) Limited (EGENCO) -- itself an engineering-based institution -- has
sponsored the conference with K5 million; taking cognizance of the
significant influence that engineering has in modern society.

 

At the handover of the support on Tuesday at EGENCO head office in Blantyre,
acting Chief Executive Officer, Eng. Dr. Maxon Chitawo said they value
engineering as it has "a significant impact on various sectors of the
economy and society".

 

 

"It is the discipline that has significantly contributed to making this
world a better place for us to live in," he said.

 

"By designing and building structures and systems, optimizing existing ones,
and developing new technologies, engineering has shaped the operations and
management of business in this world.

 

"You cannot talk of manufacturing, construction, transport, communication,
electrification, etc. without engineering. Engineering has contributed to
improving our health and safety and making it easier for us to connect and
trade with each other."

 

He further emphasized that the "influence of engineering in shaping this
world to make it a better place to live in, will continue to grow" and that
"it is necessary for engineers to continuously engage and interact with each
other to share lessons learnt from past experiences and to gain new insights
on how to shape the future".

 

 

He thus added that Malawi Engineering Institute is an essential stakeholder
to EGENCO as all its engineers are under the institution and that the
company is sending 21 of them as delegates to the conference to gain lessons
from the deliberations.

 

On the theme 'Building Back, Better', Chitao said it resonates well with
EGENCO's plans to rebuild resilient infrastructure as they have been victims
of climate change having experienced its effects first hand.

 

Cyclone Ana in 2022 damaged EGENCO's dam at Kapichira Hydro Power Station
that led to challenges to electricity generate for over a year, which was
successfully restored in May 2023.

 

When Cyclone Freddy hit the country, EGENCO was in the process to rebuilding
the dam, that affected meeting deadline for restoration of 130 megawatts of
power that Kapichira lost from the grid.

 

However, Chitao said EGENCO was more prepared for Freddy as they had to
suspend power generation operations during that period in March to preserve
machines.

 

 

"It is clear to see that we are affected by climate change," he emphasized.
"This is the reason we have taken interest in MEI's initiative to discuss
the effects of this phenomenon.

 

"We are glad to see that MEI will explore how to prepare for disasters that
result from climate change, how to mitigate them sustainably through
engineering, and develop guidelines and standards for climate change
resilient infrastructure.

 

"We strongly believe that a grouping of all engineers of the country, in one
place, should be able to look into this challenge and come up with
solutions," he said, while pledging that where the opportunity will arise,
EGENCO was ready to share its own lessons.

 

"Indeed, we have lessons to share -- lessons on how we rose back from the
Kapichira disaster, and on how we successfully handled Cyclone Freddy. It
was our very own engineers who brought back Kapichira; it was also our very
own engineers that managed Cyclone Freddy.

 

"Other companies and the country as a whole can indeed learn from our
experiences so that we can all, 'Build Back, Better."

 

MEI is the mother body of all engineers in Malawi, responsible for their
qualifications, registration and discipline, which MEI Board Member Susan
Bonongwe Mponda also emphasized in her vote of thanks.

 

She said going forward, after the resolutions from the conference, they
expect engineers to design climate change resilient structures, saying the
country lost millions of investment structures through the tropical
cyclone-induced floods.

 

"We will discuss how we can be prepared for climate challenges by making
sure engineering standards are not compromised," she said, adding that
Malawi has in abundance highly qualified engineers but are compromised due
to low resource allocation.

 

She emphasized that the country has very capable engineers but what they
lack are the resources that should be allocated to empower their shortfalls.

 

Nyasa Times.

 

 

 

 

Nigeria: World Bank Commits Over $11 Billion in Three Years in Nigeria -
Country Director

The World Bank Country Director for Nigeria, Shubham Chaudhuri, on
Wednesday, said the bank has committed over $11 billion in the past three
years for government at both the federal and the sub-national levels.

 

Chaudhuri stated this while giving his goodwill message at the opening of a
three-day cabinet retreat for ministers, presidential aides, permanent
secretaries and top government functionaries, at the State House Conference
Center, Abuja.

 

The World Bank Country Director Chaudhuri, assured President Bola Tinubu of
the bank's support in his administration's challenging task of lifting
millions of Nigerians out of poverty and making lives better for everyone.

 

He said Nigeria is at a critical juncture to either continue muddling
through business as usual with the risk of things falling apart or have the
courage to chart a new course, to take bold steps to finally see Nigeria
rise to its true potential.

 

 

He said, "I hope that through what we've been able to do we will be able to
continue supporting you, as you realize this enormously important task.

 

"Although we are at the World Bank, we're a development organisation and
over the last three and a half, four years that I've been here, our board
has committed over $11 billion in financing for the government, and our
financing is meant to go government at both the federal and at the
sub-national levels. So we're here to support your programmes, and we take
guidance from you.

 

"But even though we have the World Bank in our name, I hope you will think
of us as more than a bank. I mean, I hope that we will be able to earn your
trust that we have something more to offer like solutions to help you think
through and then implement the priorities, and the focus areas that you've
laid out by bringing in ideas and experience.

 

 

"Financing is only part of the solution. It's the ideas and the vision. So
you have my commitment. I and the team, the entire World Bank across the
globe, we're here to support you on that. I would also like to say that I
feel particularly privileged to have been here in Nigeria these last four
years, especially in the last few months at this critical juncture where
Nigeria faced a critical choice of whether to continue muddling through
business as usual with the risk of things falling apart growing by the day
or have the courage to chart a new course, to take bold steps to finally see
Nigeria rise to its true potential."

 

Chaudhuri commended President Tinubu's bold steps since the assumption of
office to chart a new course for Nigeria to provide the renewed hope agenda
that he promised the citizens.

 

He said: "Mr President from the inaugural address, you made it very clear
what your choice was. You've taken some incredibly bold steps, ones that
very few leaders, if any, would have had the courage to chart this new
course for Nigeria to provide that renewed hope. I think we all recognise
how truly kind and remarkable that has been and that it has not been easy.

 

 

"In these last few months, the economy, society, the people, Nigerians have
had to live through hard times. And Nigeria continues to be in a tender
spot, but you stopped the haemorrhage. But now comes the time to rebuild, to
recover. Please count on us, there will still be some incredibly hard
choices and decisions that you and your cabinet will need to make. Please
count on us to be there to help support you."

 

British High Commissioner, Richard Montgomery, on his part, noted that
Nigeria faces big security, economic and social challenges.

 

Montgomery said, "In a global context, the big challenges are the difficult
global economy, shifting geopolitical and foreign policy pressures. And as I
said in public before, I applaud the big and bold economic reforms that you
are taking forward. I admire your leadership of ECOWAS (Economic Community
of West African States), your strong voice on democracy, and your G20
international engagement, all of which have thrust Nigeria back onto the
international stage."

 

He affirmed the United Kingdom's renewed partnership with Nigeria, with
President Tinubu's cabinet and with the Nigerian people.

 

According to him, "Nigeria matters to the UK we share history, we share a
commitment to democratic politics, we share interests in defence and
security and trade and investment, which has strong people-to-people needs.
In the Nigerian diaspora creative industries, the sports stars are
increasingly central to the UK national culture and life. And we also have
strong mutual accountability, development agreements at the federal and the
state level, on health, on education on job creation, and government
effectiveness."

 

The British envoy noted that the High Commission has since 2019 had an
excellent partnership with the Office of the Secretary to the Government of
the Federation. This is called the partnership to engage, reform and learn.
The programme, he said largely handled by Nigerian experts has supported the
impressive central coordinating and delivery unit for presidential
priorities.

 

"We can only support the process, not the content that is your sovereign
decision of government. But your eight priorities area under the renewed
hope agenda, Mr. President, you provide a clarity of purpose.

 

"Your policy advisory committees have identified plans, milestones and
performance indicators that will be discussed at this retreat. And this
cabinet retreat can start to use the SGS tracking system for good effect
over the coming years to drive delivery learn from challenges, and move
Nigeria forward.

 

"Mr. President, no doubt there are challenges ahead. This government has
inherited big problems and a tough global context. These are difficult times
and people are hurting. Expectations are high. Better delivery is
desperately needed. But over my long association with Nigeria, and wherever
I go in this great country, I have seen the resilience of Nigerians by their
creative and can-do attitude and by their entrepreneurial spirit. And I'm
optimistic that your Government, Mr. President, with ambition and clear
plans, can remove the constraints on this entrepreneurial spirit give a
helping hand to those people who need it and help move Nigeria forward.

 

 

"So Mr. President, I'd like to recognize Nigeria as a growing regional and
global powerhouse. You are likely to become the third largest country in the
world by 2050. I applaud your plans to stabilise the economy and put it on a
higher growth path to prosperity, on which so much else depends.

 

"The UK stands ready to support in the spirit of mutual respect. The UK
stands ready to stand up on our partnerships across a range of areas. And I
wish you and your government all best wishes and goodwill in your work
ahead."

 

Day one of the retreat dealt with administrative processes for the delivery
of government policies, plans and projects.

 

The topics under this include the Roles and Responsibilities of Ministers
handled by the former president of the senate and former SGF, Anyim Pius
Anyim.

 

Management of the Federal Executive Council: Processes and Procedures by
former Head of Civil Service of the Federation, Oladapo Afolabi.

 

Administrative processes, Reforms in the civil service and managing
relations between the ministers, permanent secretaries and CEOs parastatals
by Head of Civil Service of the Federation, Folashade Yemi-Esan and
Financial Regulations and Fiscal Management by Accountant-General of the
Federation, Oluwatosin Madein.

 

Others are Federal Government Budget processes and the role of cabinet
members, by the Director-General, Budget Office of the Federation, Ben
Akabueze. Procurement processes in the public service, by former
Director-General of the Bureau of Public Procurement (BPP), and CEO, TBP
Solutions Ltd, Emeka Ezeh, two separate sessions on Corruption: Nipping it
in the bud by chairman EFCC, Ola Olukoyede and chairman ICPC, Musa Aliyu.

 

Others are Managing the relationship between the executive and the
legislature- Expectations from ministers - by the Chief of Staff to the
President, Femi Gbajabiamila, Public Relations to Citizens Engagement and
Town Hall meetings, by the President, Nigerian Institute of Public
Relations, Ike Neliaku and Ethics and Best practices in public communication
by political office holders by Minister of information and national
orientation, Mohammed Idris.

 

Vanguard.

 

 

 

 

 

Tanzania: No Miracle - It's All About Articulate Plans, Says Mwinyi

Zanzibar — Strict control of government revenues is the secret behind speedy
execution of development projects in Zanzibar, President Hussein Mwinyi
declared on Tuesday.

 

"There is nothing to hide here; we are using the same money, which some
unscrupulous individuals used to divert from government coffers into their
personal pockets," Dr Mwinyi told a colloquium on his three years in the
presidency.

 

President Mwinyi was responding to Infrastructure, Communication and
Transport Minister Dr Khalid Salum Mohamed, who besides commending him for
the exemplary leadership, especially implementation of mega development
projects, said Zanzibaris are curious on the source of funds.

 

 

Dr Khalid said majority islanders approve the great work under Dr Mwinyi but
wonder about the source of money he uses to execute grand development
projects. He said: "But, let the source of your resources remain your
secret."

 

Responding, the president said there was widespread theft of public funds,
crippling the government capacity to serve the people: "There were massive
losses at the seaports, airports...everywhere, literally."

 

The government has also opted to take loans for execution of the projects
and repay the money over time. Instead of constructing a 20bn/- road for ten
years through allocation of 2bn/- annually; we opted to take a loan;
construct it within a year and repay the loan in ten years. So, there is no
miracle; it's all about articulate plans," said President Mwinyi.

 

He attributed the impressive social and economic development under his reign
in the past three years to strong digital systems to control government
revenues and expenditures.

 

 

The president said Zanzibar has her doors open for domestic and foreign
investors under a win-win situation. "We want investors for mutual
benefits--both the investors and the government must benefit equally," he
said, citing taxes, jobs and markets as the obvious benefits that the
government reaps from investments.

 

He assured the islanders that tourism, which is the backbone of Zanzibar
economy has peaked after the 2020/2021 slowdown due to Covid-19, challenging
Zanzibaris to grab the business opportunities that come with the blossoming
industry.

 

"Zanzibar receives the highest number of tourists as compared to all
airports in Tanzania," he said, saying the country's 600 tourist hotels are
sometimes fully booked.

 

Enhanced good governance and rule of law that observes the country's
constitution, laws and regulations are the foundation of the impressive
achievements under Dr Mwinyi's three years in the country's most
authoritative office, he told the symposium.

 

President Mwinyi further explained that his participatory and inclusive
leadership has strengthened peace, tranquility and solidarity among
islanders irrespective of their political and religious ideologies or places
of domiciles.

 

"I have eliminated discrimination in government employment--right now there
is nothing as North or South Unguja; Pemba or Unguja; Arab or Ngazija
consideration in public recruitment," Dr Mwinyi said, adding that the
country's tranquility has helped to attract investors.

 

"Investors consider highly the peace in the country they aspire to inject
their capitals, we are lucky that our country observes rules, policies and
legislations that protect investors," he said, pledging more speedy
development in the remaining two years of his first five-year term that ends
in 2025.

 

Daily News.

 

 

 

 

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: Rand and Bonds Post Mild Gains After Mini Budget Allays Worst
Fears

The initial market reaction to Finance Minister Enoch Godongwana's mini
budget was cautiously positive as it allayed -- for now -- some of the
graver concerns among investors.

 

One key gauge of the reception of the annual Medium-Term Budget Policy
Statement (MTBPS) and the February Budget for the upcoming government fiscal
year is the reaction of the markets.

 

On that front, Finance Minister Enoch Godongwana once again pulled a rabbit
out of one of his stylish hats, as the rand and domestic bonds both made
mild gains in the wake of his speech.

 

By late Wednesday, the rand was fetching 18.59/dlr compared with about
18.70/dlr shortly before the minister began speaking, while the yield on the
benchmark 2030 government bond fell by nine basis points to 10.585%.

 

International investors also gave the MTBPS, which provides a broad fiscal
outlook for the next three years, a cautious thumbs up, with the
government's sovereign dollar bonds falling by as much as 0.6 cents.

 

The JSE put in marginal gains on the day but the equities market does not
follow the beat of fiscal policy in quite the same way.

 

"This MTBPS was better than many expected in the market and so there has
been some justified relief. The question is if it's credible," Peter Attard
Montalto of the consultancy Intellidex told Daily Maverick.

 

Spending cuts, for example, will be a...

 

Daily Maverick.

 

 

 

 

Nigeria: Uproar As Nigerian Stock Market Hits All-Time High, Crosses 70,000
Mark

The Nigerian stock market has sent shockwaves through the financial
community, as the Nigerian Exchange Limited, NGX All-Share Index surged to
an all-time high and shattered the 70,000-point barrier.

 

This remarkable milestone has stirred a frenzy of excitement among investors
and ignited fervent discussions about the nation's economic future.

 

At the end of trading on the floor of the Exchange on Wednesday, the ASI
jumped by 1.94% to 70,581.76 points from 69,236.19 with the market
capitalization of listed companies hitting N38.78 trillion.

 

The market has been on an upward trajectory since the entry of the new
administration led by President Bola Tinubu, due to proactiveness in
implementing necessary reforms such as the removal of fuel subsidy and the
liberalization of the foreign exchange market.

 

Data from NGX shows that while foreign investor participation in the capital
market is slowly rising, domestic investor sentiment has been highly
positive, with increased allocation into equities. Already, total
transactions in the equity market hit N2.71 trillion as of September end,
38% higher than the corresponding period in 2022.

 

Analysts stated that while investor sentiment suggests that the Nigerian
stock market's recent peak is not a mere flash in the pan, the importance of
ongoing stability, security, and continued economic reforms cannot be
overemphasized.

 

According to Analysts, " The historic high of the Nigerian stock market has
created ripples in the global financial arena, with investors keenly
observing the nation's economic trajectory. Although it does not guarantee
prosperity, it does signify global recognition of Nigeria's vast potential.
The hope is that this extraordinary accomplishment will lead to improved
living standards for Nigerians and bolstered economic stability for the
nation."

 

Vanguard News

 

 

 

South Africa: More Tax to Come, but No SOE Bailouts, As Godongwana Juggles
Public Finances to Extend R350 Grant

Enoch Godongwana's MTBPS highlighted tax hikes tempered by an extension to
the Social Relief of Distress grant.

 

With South Africa's debt service costs now the fastest-growing public
finance expenditure it's unsurprising Wednesday's Medium-Term Budget Policy
Statement (MTBPS) signalled tax hikes totalling R15-billion to be announced
in the February 2024 Budget.

 

But Finance Minister Enoch Godongwana budgeted another year of the R350
monthly Social Relief of Distress grant, which now ends in March 2025 - with
the condition that the government pursues broad social security reform.

 

In the face of sharp civil society and labour criticism over expenditure
cuts this grant extension is an important response on social protection that
the MTBPS hammers home - 61% of the non-interest government spending goes to
the social wage through health, education, housing and grants.

 

With a nod to the Springboks, Godongwana in his prepared speech told MPs: "I
am convinced that if we are united and remain committed to this trajectory
that will lift up our growth prospects, we leverage the power of the
collective, and persevere in this difficult environment, we will come out
victorious."

 

But the grim fact is that servicing debt is the fastest-growing government
expenditure. In the current 2023/24 financial year, R354.5-billion must go
to pay interest on debt - slightly more than R14-billion than was...

 

-Daily Maverick.

 

 

 

 

US Federal Reserve holds interest rates at 22-year high

The US central bank has held its key interest rate at its current 22-year
high as it seeks to stabilise price rises, which had recently reached
near-record levels.

 

The Federal Reserve's rate target remains at 5.25%-5.5%.

 

The bank has been raising borrowing costs with the hope of cooling the
economy and slowing inflation, the rate at which prices rise.

 

It comes after recent data showed the US economy grew faster than expected.

 

Raising interest rates is one mechanism that central banks can use to tackle
inflation. The theory is that by raising interest rates and making it more
expensive to borrow, consumers will spend less and that would lead to slower
price rises.

 

The bank had faced criticism, with some suggesting that holding interest
rates at higher levels could put the US economy at risk of entering a
recession.

 

But the economy grew by a better-than-expected 4.9% from July to September.
The figure was a big jump from the previous three months and was buoyed by a
tight jobs market and increased consumer spending.

 

In a statement on Wednesday, the Federal Reserve said that the vote in
favour of holding rates was unanimous, adding that it was prepared to adjust
its policy "as appropriate" if risks emerge.

 

It said that holding the rate would give the bank time to "assess additional
information" on how the economy is performing.

 

Its chair Jerome Powell said a few months of good data on the economy are
"only the beginning of building confidence" that inflation was moving
towards its target.

 

He said that there was still a "long way to go", and said that he understood
that high inflation causes "hardship" as it erodes spending power for
consumers.

 

He said that he understood the Fed's previous run of rate rises was
affecting communities and businesses, but that the rate of price rises still
remain well above its target.

 

It signals that the central bank may delay lowering interest rates, as
inflation currently stands at 3.7% in the US, which is still above the Fed's
target of 2%.

 

Independent US economic analyst Peter Jankovskis told the BBC that the rate
hold was "no great surprise" with "no immediate impact on stocks".

 

He added that "elevated long-term bond yields" also contributed to the Fed's
decision. The yield on long-term government bonds is a key indicator of how
investors perceive the strength of the US economy.

 

Chairman Powell also said that there were "significant issues" the central
bank had to take into account.

 

"Global geopolitical tensions are elevated, including Ukraine", he said,
adding that the Fed was watching the Israel-Gaza situation for its "economic
implications" and "proceeding carefully" given the risks faced globally.

 

But Mr Jankovskis said: "It appears that the Fed sees the economy as strong
and is focused on whether additional rate increases might be needed. Higher
for longer remains the theme."

 

In many economies, higher borrowing costs have led to more expensive loans
for businesses, homes and other goods and services, with the end of an era
of low-cost borrowing.

 

Similarly in the UK, households have seen their budgets squeezed by higher
mortgage payments or borrowing costs.

 

The Bank of England is widely expected to hold its current interest rate
when it announces its next decision on Thursday.

 

The rate was left unchanged in September, ending a run of 14 consecutive
rises.-bbc

 

 

 

 

WeWork to start closing some offices around the world

The troubled office-sharing firm WeWork is to start closing some of its
buildings around the world, the BBC understands.

 

The company, once valued at $47bn (£38.6bn), has seen its shares tumble
following reports it could file for bankruptcy as early as next week.

 

WeWork would not confirm exactly how many sites in the UK would close.

 

It did, however, say that it will shut one of its central London buildings
close to Blackfriars station.

 

The move would be part of what the company called "our previously-announced
strategy to improve liquidity and strengthen our balance sheet."

 

WeWork members at the building on London's Southbank told the BBC that they
had been emailed by the company telling them it was closing "unprofitable"
sites.

 

They said they had been asked to be out of the building by 30 November and
that WeWork had said it would find them "alternative workplace solutions".

 

It comes as the firm grapples with financial struggles. On Tuesday, it told
the US financial regulator it had agreed with creditors to temporarily
postpone payments for some of its debt.

 

The BBC understands the company will now be looking to renegotiate many of
its leases not just in the UK, but around the world, as it tries to solve
problems caused by rapid expansion, increasing interest rates, a disastrous
attempt to sell shares to the public and the exit of its co-founder.

 

In a statement to the BBC, WeWork said it was "fully committed" to the UK
and Ireland, but declined to comment on reports it was set to enter Chapter
11 bankruptcy proceedings in the United States.

 

What went wrong for the much-hyped WeWork?

As of the end of June, the firm had more than 700 locations in 39 countries
around the world.

 

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,
its founder Adam Neumann stepped down as chief executive.

 

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

 

A few months after the listing debacle, the pandemic hit, sparking a
revolution in remote work and exposing WeWork to public criticism from
tenants looking to escape their leases.

 

But the company kept operating as executives sold off some businesses, cut
jobs and cancelled or modified hundreds of leases, trying to stem the firm's
losses before it ran out of money.

 

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

 

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

 

The firm has seen its share price plunge by almost 99% in the last year.

 

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.-bbc

 

 

 

 

Disney to buy remaining 33% stake in streaming service Hulu

Disney has announced that it will buy the remaining stake in streaming
service Hulu, in a widely expected move.

 

The company said on Wednesday it would acquire the 33% stake it does not own
from TV giant Comcast.

 

This would give Disney full ownership of the streaming service and the
ability to incorporate it into its own Disney+ platform.

 

Disney has been locked in battle with other streamers as profits have
fallen.

 

Completing its takeover of Hulu is expected to cost some $8.6bn (£7bn),
Disney said in a statement.

 

But it added that the move would "further Disney's streaming objectives" as
it sought to boost subscriber numbers.

 

In the US, the entertainment giant already sells Hulu as part of bundled
offerings with its Disney+ and ESPN+ platforms.

 

In the UK, some Hulu content is already available to watch via the Disney+
app, such as The Kardashians and The Bear.

 

The price tag reflects a "guaranteed floor value" for the streaming service
that was established when California-based Disney took over Rupert Murdoch's
21st Century Fox in a huge deal in 2019, along with a majority stake in
Hulu.

 

Under an agreement between Disney and Comcast that year, both firms had the
right to force a sale of Comcast's stake in Hulu - and executives have been
vocal about wanting to do a deal.

 

But at a conference this year, Comcast chief executive Brian Roberts
described Hulu as a "scarce kingmaker asset", which was "way more valuable
today" due to its hits like the series Only Murders in the Building.

 

Disney said on Wednesday that it hoped the deal would be concluded by 1
December although negotiations with Comcast, NBC Universal's parent company,
are ongoing.

 

In the announcement, Disney said that if the current value of Hulu was
determined to be greater than the guaranteed price, it would pay NBC
Universal the difference.

 

Hulu currently has about 48.3 million subscribers, in comparison with
Disney's 146.1 million globally.

 

The boss of Disney, Bob Iger, told investors in August that the company was
moving towards having one app in the US where it could combine content from
its various brands.

 

Since economies have reopened from pandemic-related lockdowns, competition
for audience attention has been fierce.

 

Disney reported in August that profits continued to fall as it faced a raft
of issues including lacklustre film performance and a sharp drop in
advertising sales in its traditional television business.

 

Overall, revenue at the company grew by 4% year on year in the three months
ending 1 July, but it posted a loss of $460m, compared with a $1.4bn profit
in the same period last year.

 

Alongside Disney, other streamers have been weighing up how to generate cash
and crack down on password-sharing.

 

The film and television sector has also seen some productions paused by
strikes in the US, slowing down the turnaround of the new content needed to
hook audiences.

 

A senior Disney creative behind films like Frozen recently told the BBC that
the actors' strike could halt animation production later this year.-bbc

 

 

FTX: Prosecutors accuse Crypto King Sam Bankman-Fried of 'deceit'

Prosecutors have accused former crypto boss Sam Bankman-Fried of deceit as
his US fraud trial draws to a close, claiming he repeatedly lied to
customers, the public and the jury.

 

Mr Bankman-Fried is facing charges of fraud and money laundering.

 

Prosecutors say he precipitated the collapse of his cryptocurrency exchange,
FTX, by stealing billions of dollars from customers.

 

He denies the charges and has claimed he was acting in "good faith".

 

Mr Bankman-Fried's defence lawyer said that prosecutors had failed to prove
beyond reasonable doubt that the entrepreneur had acted with criminal
intent.

 

But prosecutor Nick Roos said that arguments that Mr Bankman-Fried was not
aware of what was going on at his company were not "remotely credible".

 

"This was a pyramid of deceit built by the defendant on a foundation of lies
and false promises," he told the jury that will decide his fate.

 

"He took the money, he knew it was wrong and he did it anyway because he
thought he was smarter and better
 He thought he could talk his way out of
it," he added. "That ends with you."

 

Prosecutors for the US government have argued that Mr Bankman-Fried directed
special systems to be set up, such as a massive line of credit, that allowed
his crypto hedge fund Alameda Research to take billions in FTX customer
deposits.

 

They say he then spent the money to repay Alameda lenders, buy property,
make investments and political donations.

 

When FTX collapsed last year, $8bn (£6.6bn) in customer funds was missing,
owed by Alameda.

 

'Crypto King' tells judge he acted on legal advice

"There is just one person who had the motive" for such activity, Mr Roos
said.

 

"This is not about complicated issues of crypto urgency, it's not about
hedging, it's not about technical jargon," Mr Roos said. "It's about
deception, it's about stealing, it's about greed."

 

He challenged Mr Bankman-Fried's testimony, saying he had become a
"different person" depending on whether he faced friendly questions from his
own lawyers or cross-examination by the government.

 

Lawyers for the two sides summed up their cases for the jury on Wednesday,
staying late to finish. Deliberations are expected to begin on Thursday.

 

The entrepreneur denies the charges and has claimed he was acting in "good
faith".

 

He spent much of his lawyer's closing argument facing the jury, his hands
resting below the desk, unlike the morning, when he could be seen passing
notes to his team and typing on the internet-disabled laptop he received a
special exception to have in the courtroom.

 

'Bad business judgements not a crime'

His lawyer, Mark Cohen, said the special features of Alameda's account that
prosecutors focused on had been set up for "valid business reasons, not to
carry out some grand fraudulent scheme".

 

"In the real world, things get messy," he said. "Bad business judgments are
not a crime."

 

He also said that prosecutors had sought to portray Mr Bankman-Fried as a
"villain" and "monster".

 

The 31-year-old is a former billionaire and was arrested last year after the
collapse of his firm, FTX.

 

The downfall left many customers unable to recover their funds.

 

Before the collapse of his companies, Mr Bankman-Fried was known for
socialising with celebrities and appearing frequently in Washington DC and
in the media with a head of wild curls to discuss the sector.

 

Mr Cohen said the government had introduced elements like Mr Bankman-Fried's
messy hair and cargo shorts that were irrelevant to criminality.

 

He added: "Every movie needs a villain... And let's face it, an awkward high
school math nerd doesn't look particularly villainous.

 

"So what did they do? They wrote him into the movie as a villain."

 

Mr Bankman-Fried faces decades in prison if convicted.

 

The rapid growth of his firm and his deal-making last year, when a market
downturn hit other firms, earned him the moniker the "Crypto King".

 

During the trial that began early in October, the entrepreneur admitted he
had made "mistakes" in managing his business empire, but said that he never
committed fraud.

 

He depicted himself as overwhelmed by work and claimed he only became aware
of the issues facing Alameda when it was too late.

 

He said the problems at the company arose because his instructions were
ignored by employees, including his former girlfriend.-bbc

 

 

BP posts profits of $3.3bn as oil prices rise again

Energy giant BP has reported lower than expected profits despite global oil
prices rising again.

 

The company posted profits of $3.3bn (£2.7bn) between July and September,
lower than predictions of $4bn.

 

Its earnings were down from $8.1bn in the same period in 2022 when BP made
huge profits following Russia's invasion of Ukraine, which led to oil prices
soaring.

 

Oil prices are currently lower than that period, but have risen recently.

 

BP said while oil production was strong, gas trading had been weak in recent
months.

 

Its latest results are the first to be released after Bernard Looney
resigned as the company's chief executive in September following a review of
his personal relationships with colleagues.

 

Mr Looney, who had led the company since 2020, stepped down with immediate
effect.

 

BP boss out after board misled over relationships

While BP's profits for the three months to the end of September were lower
than predicted by analysts, earnings were up from $2.6bn in the previous
quarter.

 

"I think the business is stable despite not having a chief executive at the
moment full-time properly, but I think there's a touch of complacency,"
former BP executive Nick Butler told the BBC's Today programme.

 

But interim chief executive Murray Auchincloss said the quarter had been
solid and the company expected to "grow earnings through this decade, and on
track to deliver strong returns for our shareholders".

 

The company said the rise in profits from earlier this year was a result of
higher oil refining margins and increased oil and gas production.

 

However, it added that money made on its oil was "partly offset by weak gas
marketing and trading".

 

BP said it expected refining margins across the oil and gas industry to be
"significantly lower" towards the end of 2023.

 

The World Bank has warned oil prices could rise to more than $150 a barrel
if the conflict in the Middle East escalates.

 

It said drawn-out war in the region could drive big rises in energy and food
prices in a worst-case scenario.

 

On Tuesday, Brent crude, the benchmark for global oil prices, was $86 a
barrel.

 

Separately, BP also said it had taken a $540m charge on three wind farm
projects off the coast of New York.

 

The company, which is carrying out the projects in partnership with Norway's
Equinor, said it had failed to renegotiate agreements with authorities in an
attempt to mitigate the impact of inflation and delays.

 

How much windfall tax are oil firms paying?

In the past couple of years, higher oil and gas prices have fuelled rises in
energy bills for households and businesses, which has resulted in the
government implementing a windfall tax on oil giants including BP and Shell.

 

Alt: Bar chart showing BP quarterly profits. In July-September 2023, the
company made a profit of £2.7bn

A windfall tax is a one-off levy that targets companies who benefit from
something they were not responsible for, in this case a sharp rise in oil
prices following Russia's invasion of Ukraine.

 

The policy is currently in place until March 2028 and means the firms pay
35% on UK profits.

 

Oil and gas firms operating in the North Sea are already taxed differently
to other firms. They pay 30% corporation tax on their profits as well as a
supplementary 10% rate. It means, with the windfall tax, firms have a total
tax rate of 75%.

 

Critics of the tax have argued such a high tax rate could hit investment in
UK projects.

 

BP said that in the first nine months of this year, it paid about $1.35bn in
tax on its North Sea business, $620m of which was as a result of the
windfall tax. In 2022, it paid $2.2bn in tax, of which $700m was a result of
the policy.-bbc

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

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Skype:         Bulls.Bears 



 

 

 


 

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> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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