Major International Business Headlines Brief::: 03 November 2023

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Major International Business Headlines Brief:::  03 November 2023 

 


 

 


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

 


 

 


 

ü  Rwanda: Low-Income Earners to Get Tax Cut as Rwanda Enforces Law

ü  Uganda: Entrepreneur Turns Waste into Opportunity, One 'Briquette' at a
Time #AfricaClimateHope

ü  East Africa: Cargo Volume at Lake Victoria Ports Rises

ü  Nigeria: Senate Passes U.S.$2.8 Billion Supplementary Budget

ü  Lesotho: Snowball Effects of Poultry Ban Adversely Affecting Retailers

ü  Nigeria: Wage Award, 40% Salary Increase - Govt Dashes Hope of Workers,
Can't Pay MDAs

ü  Huawei Announces Business Results for the First Three Quarters of 2023

ü  Nigeria: SMEDAN Wants Govt to Award 25% of Contracts to SMEs

ü  Nigerian Govt to Prioritise Domestic Crude Refining - NUPRC

ü  Africa: Call to Improve Jobs for Youth in Africa

ü  'Crypto King' Sam Bankman-Fried guilty of FTX fraud

ü  Uber and Lyft agree to pay $328m to New York drivers

ü  Apple sales dip again despite iPhone boost

ü  Killer robots and work-free lives - Sunak quizzes Musk on AI future

ü  Shell posts $6.2bn profit as oil prices rise again

 


 

 


 <https://www.cloverleaf.co.zw/> Rwanda: Low-Income Earners to Get Tax Cut
as Rwanda Enforces Law

Low-income earners, like primary school teacher Angelique Uwubuntu, will,
starting this November, receive relatively higher pay as the government
moves to enforce a relevant provision of the 2022 income tax law, The New
Times understands.

 

Uwubuntu told The New Times that the current tax rates of 20 per cent levied
on a monthly income of between Rwf60, 000 and Rwf100, 000 and 30 per cent
for that of 100,000 and Rwf200, 000, were high, and were limiting low-income
earners' ability to meet basic needs.

 

The problem is set to be alleviated thanks to the enforcement of a provision
on reducing such tax rates set in the 2022 income tax law, starting from
November 2023.

 

 

With the development, workers who earn Rwf60,000 to Rwf100,000 will be taxed
at the rate of 10 per cent instead of 20 per cent, and those who earn Rwf
100,000 to 200,000 will be taxed at the rate of 20 per cent instead of the
current 30 per cent.

 

Uwubuntu said her salary is between Rwf100,000 and Rwf200,000 a month, and
that the tax cut was necessary amid the rise in the cost of living which is
the case today.

 

"The tax cut decision is laudable since it will reduce my financial
obligation as a worker while increasing -- to some extent-- my ability
towards meeting my basic needs," she said, citing foodstuffs whose prices
went up.

 

According to an announcement issued by the Rwanda Revenue Authority (RRA) on
October 25, the second year of application of the new Pay As You Earn (PAYE)
tax bands commences with the November 2023 tax period, adding that the tax
declaration for this month will be declared not later than December 15.

 

 

This is in line with applying the law establishing taxes on income, which
was enacted in October 2022 - especially a provision of Article 56.

 

PAYE tax is an income tax that is determined by how much one earns and
directly deducted from their pay -- as a withholding tax on employment
income.

 

The president of the Labour Congress and Workers' Brotherhood in Rwanda
(COTRAF Rwanda), Eric Nzabandora,

 

told The New Times that tax reduction is a relief for workers who earn a
relatively small income.

 

 

"The tax waiver on income for employees earning up to Rwf60,000, and tax cut
for those receiving between Rwf60,000 and Rwf200,000 will help them to meet
their needs," he said, underscoring the essence of taxes as a contributor to
the country's development, but also the need to ensure that a citizen enjoys
welfare.

 

Meanwhile, Nzabandora appreciated the fact that the law also provides for
tax exemption for workers whose monthly income does not exceed Rwf60,000.

 

In October 2023, The New Times got information from the Ministry of Finance
and Economic Planning (MINECOFIN) showing that in the second year since the
law came into force (phase 2), the tax cut (for workers who earn Rwf60,
000-Rwf100, 000 and 200,000) was estimated to benefit at least 107,500
formal workers (20 per cent of total formal workers who were estimated at
more than 541,000 in Rwanda as of June 2022).

 

According to MINECOFIN, to implement the tax reform, the government will
forego more than Rwf43 billion for the two years (including Rwf20.7 billion
for phase 1 consisting of the tax waiver on the smallest income earners, and
Rwf22.5 billion for phase 2, which is about tax cut).

 

-New Times.

 

 

 

 

Uganda: Entrepreneur Turns Waste into Opportunity, One 'Briquette' at a Time
#AfricaClimateHope

Isaac Ndyamuhaki, a young Ugandan entrepreneur with a background in
forestry, is passionate about using solutions to help communities become
more resilient to shocks like poverty and the global climate crisis. He is
the founder and team leader of Asili Kwanza Uganda, a social enterprise that
provides safe, affordable, and sustainable energy solutions.

 

Ndyamuhaki comes from a country where agriculture is highly practiced and
large amounts of waste is generated. The majority of the population in
Uganda depends on biomass-based fuels, such as charcoal and firewood, which
are disastrous for the environment because they require cutting down trees
and reducing forest cover. These biomass-based fuels are associated with
indoor air pollution due to cooking fires and are responsible for hundreds
of deaths.

 

 

In response to these problems, Ndyamuhaki founded Asili Kwanza Uganda to
convert agricultural waste into briquettes, a smokeless, less expensive, and
more sustainable fuel. His social enterprise has served around 400-450
households to date, saving them from indoor pollution and reducing waste
dumping in Kampala. Asili Kwanza won the top finalist prize at the Africa
Climate Innovation Challenge 2023 for its campaign for safe, affordable, and
sustainable cooking solutions.

 

Ndyamuhaki was motivated to start Asili Kwanza after seeing the negative
impacts of agricultural waste disposal in his community. "I looked around
and thought, 'Hey, this agricultural waste that is generated is mostly
burned or dumped in landfills, which further releases emissions and
contributes to the deterioration of the environment. But it could be
harnessed into something better," he said.

 

"Briquettes are easy to make, even with simple locally fabricated machines.
The key is to know how to mix the waste materials (raw materials) in the
right proportions to ensure a good quality output," Ndyamuhaki said.
"Briquettes are a promising alternative to traditional cooking fuels, but
their quality and performance can vary depending on the mix of waste
materials used."

 

Reflecting on Asili Kwanza's impact, he said the organisation is proud of
its work in the past two and a half years to reduce indoor pollution, save
trees, and create jobs in Uganda.

 

"We're working with informal waste collectors to provide them with jobs," he
said. "They're the ones who provide us with the raw materials for our
briquettes. We have 12 full-time young employees working in administration,
production, and marketing, and another 18 people working indirectly ... such
as transporters, commission agents, suppliers of raw materials, and waste
pickers. In total, we have around 450 beneficiaries of our work, and we hope
to scale that up even more".

 

We've also recycled 80,000 tons of waste in Kampala, which helps to reduce
waste dumping in the city. It may not seem like a lot, but we think it's
quite important. And it also means that we're saving trees from being cut
down to satisfy the demand for charcoal and firewood, and contributing to
overall climate crisis solutions

 

In addition to discussing Asili Kwanza's impact, Ndyamuhaki also talked
about the challenges the organisation faces, such as educating the public
about the benefits of briquettes, increasing demand for the product, and
securing funding to scale-up operations. He said that Asili Kwanza is still
operating on a micro-scale and is unable to address bigger markets due to
its limited capacity of three tons per month, but demand is almost triple.

 

"Another challenge is the changing dynamics of government policies
regulating business operations through taxation and other regulations. This
makes it difficult for the organisation to operate as efficiently as it
could," he said. "Funding is also a major challenge... With additional
funding, Asili Kwanza could scale up its production and meet the demand for
its briquettes. Another challenge is accessing financing schemes, as
financial institutions often have stringent restrictions for startups."

 

 

Ndyamuhaki said their company's motto is "conserve and sustain". He also
talked about the three flagship products that have helped them to achieve
this goal. "We produce more than just briquettes. We also make multi-purpose
solar-aided improved stoves with solar panels, fans, and batteries. These
stoves burn biomass more efficiently and faster, and can also provide
additional energy for lighting and charging phones."

 

"Only 45% of Uganda has electricity coverage, so many people are left
behind. Our solar dryers for post-harvest handling can help. About 99% of
Ugandans still dry their crops on the ground, which leads to spoilage and
aflatoxin contamination," he said. "In 2021, Kenya refused to import Ugandan
maize because of aflatoxin contamination ... a global problem, but it is
most prevalent in developing countries where agricultural practices and food
storage conditions are less than ideal. Our solar dryers can help farmers
produce clean, safe food. We also have solar dryers for other crops, such as
cassava and bananas."

 

Briquettes are a more affordable and sustainable cooking fuel than
traditional options

 

Briquettes are a major advantage for many Ugandans because they are more
cost-effective than other cooking fuels and burn cleaner.

 

"Before I started using briquettes, I used to spend more money on charcoal,
and my house would fill with unpleasant fumes while cooking," said Grace
Nakatudde, a Ugandan resident. "But after switching to briquettes, I spend
less money on cooking and my kitchen no longer fills with fumes. I spend
less money on cooking, going from 5,000 Ugandan shillings (about 1.30 USD)
to 2,000 Ugandan shillings (about 0.52 USD) per day. Thanks to Asili Kwanza
for providing such a great product."

 

 

Supplied/IsaacNdyamuhaki

Asili Kwanza from Uganda offers sustainable cooking solutions to reduce wood
fuel demand.

Nakatudde is among hundreds of families in Uganda who use briquettes as a
cooking fuel source.

 

Wood fuels: Necessary, but at what cost?

 

Wood fuels are the most widely used source of energy for cooking in
sub-Saharan Africa, with over 90% of the population relying on firewood or
charcoal. Charcoal is mostly used in urban areas, while firewood is the
predominant form of wood fuel used in rural areas, according to the Food and
Agriculture Organization (FAO). Wood fuels are essential, but their use has
significant environmental and health costs.

 

Clean cooking is a major global challenge, with over 3 billion people
relying on polluting fuels and technologies for cooking and heating. This
indoor air pollution kills an estimated 4.1 million people each year,
including 3.2 million from exposure to soot and smoke from traditional
wood-burning cookstoves, according to the World Health Organization (WHO).

 

 

Some governments have tried to persuade their citizens to use other fuels,
such as liquefied natural gas and electricity because wood burning is seen
as outdated and environmentally unfriendly. However, many people cannot
afford to use cleaner alternatives and spend long hours each day searching
for fuel wood, or resort to collecting and using various forms of biomass,
such as grass, shrubs, sawdust, wood chips, trimmings, twigs, animal dung,
crop residue, and related plant materials.

 

The burden of this health crisis falls disproportionately on women and
children, as they spend more time in close proximity to the smoke from
traditional cooking methods, reports WHO.

 

Women's role in clean cooking

 

Women bear the brunt of traditional cooking methods, says clean energy
expert Ifeoma Malo. Malo is the Chief Executive at Clean Technology Hub, a
pioneering hybrid hub for the research, development, demonstration, and
incubation of clean energy ideas, technologies, and resources for clean
energy organisations and environment and climate-friendly initiatives across
Africa.

 

Women face grave health risks due to the smoke and residue from their open
fire stoves as well as their daily struggles to find enough wood. "While
women take up the majority of the burden of cooking activities globally, the
heavier risks and costs are largely borne by lower-income countries," she
said. "These risks are not just physical and medical (such as the health
risks associated with smoke inhalation from cooking with kerosene or
firewood); they also bear the risk of traveling far distances to fetch
firewood, as well as the risks of sexual harassment."

 

Malo added that clean cooking access can help mitigate the burden of
domestic chores for women and give them more time for other activities.
"Thus, if we want to improve clean cooking, women must play a significant
role and receive special attention, even as advocates for clean cooking,"
she said.

 

"Women are essential to expanding access to clean cooking because they are
the primary users and decision-makers, and because clean cooking can improve
their health, well-being, and economic opportunities," she said.
"Sustainable development and the enhancement of the lives of millions of
people worldwide depend on involving and empowering women in clean cooking
projects."

 

Benefits and drawbacks of using briquettes as a clean cooking source

 

Briquettes are a clean cooking source that offers a number of benefits, said
Malo. Briquettes produce fewer emissions and contribute less to indoor air
pollution, which can lead to better health outcomes. Briquettes are also
more efficient, meaning that they require less fuel and produce more heat
for cooking. This can save time and money, and reduce the need for fuel
collection, which is often a burden on women and girls. It can help to
reduce deforestation by lowering the demand for firewood and charcoal and
can be made from agricultural waste and crop byproducts. This can provide an
extra source of income for rural communities.

 

Ndyamuhaki the benefits of clean cooking for women, especially for
housewives in Uganda. "Clean cooking solutions protect housewives from the
harmful fumes emitted by traditional cooking methods. These fumes can cause
respiratory problems, hair loss, and other health problems," he said.

 

"Women can also save money on cooking fuel. Ugandan housewives typically
receive a daily allowance from their husbands, known as Kameeza money, which
means 'table money.' This money is usually a subsistence allowance left by
husbands in the morning before they go to work. This money is used to cover
the cost of basic household expenses. Since housewives do not have a source
of income, saving money on cooking fuel is a significant benefit. Asili
Kwanza also employs some women as salespeople, providing them with an
additional source of income."

 

Despite the many advantages of briquettes as a clean cooking source, there
are also some drawbacks to consider, said Malo. "Briquette production can be
labour-intensive and requires specialised tools that may not be easily
accessible in some locations. Briquette production requires infrastructure
and machinery setup, which can be expensive and burdensome for some people
and communities. Depending on the ingredients and manufacturing processes,
briquette quality can differ. Lower-grade briquettes may burn inefficiently
and emit more smoke. Briquettes are also less available than conventional
fuels on the market, and access to them can be restricted in some areas.
Briquettes must be carefully transported and stored, just like other types
of fuel. In some instances, storage space or shipping expenses may be an
obstacle."

 

 

Supplied/IsaacNdyamuhaki

Asili Kwanza from Uganda offers sustainable cooking solutions to reduce wood
fuel demand. 

"It can be difficult to persuade people to transition from conventional
fuels to briquettes. Cooking habits can be strongly influenced by cultural
preferences and behaviours," she added. Despite these drawbacks, briquettes
remain a promising clean cooking solution with the potential to improve the
health, well-being, and economic opportunities of millions of people around
the world.

 

Future of Clean Cooking in the Global South

 

In order to make rapid progress towards clean cooking, various enabling
factors must be addressed, including raising awareness about traditional
cooking methods' environmental and health impacts, providing access to clean
and affordable cooking technologies, ensuring capacity building and
financial support for the development of sustainable fuel supply chains, and
providing access to affordable and clean cooking technologies.

 

Ndyamuhaki envisions a bright future for clean cooking in the global South.
He says that "despite the challenges, the future of clean cooking in the
global South is bright, thanks to the growing number of initiatives in this
space. For example, we are not only looking at improved biomass fuel
manufacturing but also at innovative solutions such as solar-aided stoves
and affordable low-cost clean cooking technologies. Additionally, there are
many other players involved in the clean cooking sector, which validates my
statement that the future is bright. Finally, people are increasingly
adopting clean cooking technologies because they are tired of traditional
cooking methods and the associated health and environmental problems."

 

 

Ndyamuhaki believes carbon credits could help with costs for users. It can
play a significant role in the future of clean cooking by helping companies
to lower the cost of their products for consumers, making them more
affordable.

 

At the Africa Climate Summit, clean cooking was highlighted as a priority
climate solution for a sustainable future in Africa

 

Ndyamuhaki says "I see carbon finance as a very promising avenue for
achieving universal access to clean cooking by 2030. It can help business
players subsidise clean cooking technologies, making them more affordable
for grassroots people. For example, a carbon offset project or agent could
give 80% of the cost of an improved stove, leaving the final user to pay
just 20%. This would make these solutions much more scalable on the ground.
I see carbon finance as a good way to scale up clean cooking and other
climate-related solutions for grassroots people, because I've seen it work
with others."

 

The African Carbon Markets Initiative (ACMI) was launched at the United
Nations Climate Conference (COP27). It promised to unlock billions in
climate finance for Africa, but climate activists warn that it is a
dangerous distraction from reducing emissions at the source. A new report,
Africa Carbon Markets Initiative: A Wolf in Sheep's Clothing, by climate
think tank Power Shift Africa and partners details the dangers of carbon
credits and why African leaders must avoid falling into the trap of adopting
them. The report shows that the ACMI is riddled with deficiencies and
inconsistencies, and will only fling open the floodgates of pollution.

 

World needs global pledge on renewables, energy efficiency

 

In Sub-Saharan Africa, over 600 million people lack access to electricity,
and almost a billion do not have access to clean cooking fuels and
technologies. Africa has the largest gap in clean cooking access, and its
clean cooking plans often lack resources. At present, less than a third of
these plans are funded, and the COVID-19 pandemic and high fuel prices have
led to a reduction in incentives and financial support for households,
according to the International Energy Agency (IEA).

 

However, Africa can overcome its energy challenges and provide reliable,
cost-effective energy access to all by 2030 by harnessing its abundant
renewable resources, including abundant sunlight and strong winds.

 

Ndyamuhaki spoke about the partnerships he has established in Africa to
expand his clean cooking mission.

 

"I have established several partnerships in Uganda, given the scale at which
I am currently operating. My partners are mainly business development
partners, such as Challenges Uganda, an arm of Challenges Worldwide. They
are supporting me with business strategising. I also have a partnership with
Masrcorp company, which manufactures improved stoves specifically designed
for briquettes. We have a business-to-business collaboration where they sell
my products to their clients.

 

"I have also established a partnership with Green Africa Youth Organisation
(GAYO), which is supporting me with linkages to potential funders and
investing in business modeling and strategising on how to tackle the problem
of waste. GAYO has established a zero-waste project in Kampala .. and have
waste pickers who are related to my business for taking of the waste
recycling."

 

"The uptake of clean technology will transform the energy landscape by
reducing reliance on fossil fuels, mitigating climate change, and promoting
sustainable development," said energy expert Malo. "Clean technologies
adoption can lead to a more environmentally friendly energy system with
significant benefits, including reducing greenhouse gas emissions,
accelerating the transition to renewable energy, improving air quality,
enhancing energy independence, and creating job opportunities. It also
drives technological advancements, promotes energy efficiency, increases
resilience to climate change, and stimulates economic growth," she added.
"However, these benefits require addressing infrastructure, regulatory, and
financial challenges through collaborative efforts from governments,
businesses, and communities."

 

 

Supplied/IsaacNdyamuhaki

Asili Kwanza from Uganda offers sustainable cooking solutions to reduce wood
fuel demand.

Africa's green future - Jobs, sustainability, and transition

 

"Young people can position themselves for green jobs by training and
retooling themselves in relevant skills. This could include learning how to
recycle, make improved stoves, or other green technologies. The green
economy is a broad field, so young people should be flexible and open to new
opportunities," Ndyamuhaki said.

 

 

"The potential for green jobs is significant, as more and more companies are
adopting sustainability practices and incorporating green manufacturing into
their operations. If everyone continues to adopt sustainability principles,
the potential for green jobs is vast. African governments need to establish
solid structures and working policies to achieve a green economy. If you
look at different countries in Africa at the moment, there are many examples
of where these structures and policies are lacking".

 

For example, in Uganda, there is a problem with people encroaching on
natural resources, even though there are laws in place prohibiting this.
This is because the government is unable to enforce these laws. This is a
problem because the problems we have in Africa stem from structures and
policies that do not work."

 

"Without working structures and policies, it will be difficult to regenerate
industries, encourage cooperation on green economy initiatives, and invest
in the technology needed to usher in a green economy," said Ndyamuhaki.
"This includes investing in technology, such as digital payments, to reduce
the use of paper and other resources."

 

He urged African governments to invest in transitions to clean energy and
sustainable manufacturing. This would help to create jobs and boost economic
growth, while also protecting the environment. "The most effective way to
use green energy is to be sustainable at your own level," added Ndyamuhaki.
"This means using energy wisely and efficiently, regardless of the source.
We also need to incorporate green energy into manufacturing to reduce the
amount of energy needed to produce goods."

 

Make-or-Break Issues at COP28

 

As the 28th United Nations Framework Convention on Climate Change (COP28)
climate summit approaches, African countries are hoping to advance their
climate agendas and advocate for more global action.

 

The upcoming summit is generating excitement for a groundbreaking event: the
first Global Stocktake, a critical component of the Paris Agreement. The
Global Stocktake is a two-year process that happens every five years and
assesses the global response to the climate crisis. This is an opportunity
for countries to agree on concrete milestones toward achieving their 2030
targets, including climate adaptation, finance, and technology.

 

For Africa, this process is critical as the continent only contributes about
4% to global greenhouse gas emissions but is disproportionately affected by
the climate crisis, with increased droughts, floods, and other
weather-related disasters, impacting food security and socio-economic
development. The Global Stocktake is an opportunity to ensure that the
international community lives up to its commitments and that climate action
reflects the deep transformations needed across all sectors to build a
resilient future for Africa and the world. At COP28, countries must commit
to using the stocktake's findings to keep the 1.5°C goal alive and address
the impacts of the climate crisis.

 

COP27, also known as the "Africa COP," was held in Sharm El-Sheikh, Egypt,
and resulted in a significant milestone - the agreement on a loss and damage
fund.  However, many issues remain unresolved. At COP28, African delegates
are expected to focus on loss and damage, climate finance, and energy
transitions. They will urge other countries to adopt ambitious greenhouse
gas reduction targets, renewable energy, and low-carbon technologies, and
cooperate more closely with developing nations by providing financial and
technological assistance. Last but not least, they will advocate for climate
justice and equity, arguing that developed countries should take the lead in
mitigating the climate crisis and supporting vulnerable communities.

 

As for Ndyamuhaki, he wants to see more investment in climate solutions that
reach the people who need them most.

 

Hopes for the future of climate action in Africa

 

Ndyamuhaki said that his hope for the future is that young people see
themselves as solution providers to the climate crisis. He envisions himself
as a leader and a practitioner in providing real solutions and alternatives
to help everyone make a small contribution towards solving the climate
crisis.

 

He believes that climate activism is important, but that it is not enough to
simply tell people what not to do. We need to offer solutions and
alternatives. For example, instead of telling people to stop using plastic
bags, we need to provide them with affordable and accessible alternatives.

 

Ndyamuhaki wants to be the person who says: 'Don't cut down trees. Use
briquettes for cooking. Use an improved stove. Use this instead of that, and
I have justifiable reasons for what I'm saying.'

 

"I encourage young people and others to take it upon themselves to be
solution creators and value creators. This is what we stand for as young
people, and it is what we need to do to rebuild ourselves and the
communities we serve. Many portray Africans as poor people, but we need to
change the narrative and address that problem. While we are fighting climate
change, we can also look at it as a precursor for providing solutions to
poverty," he said.

 

 

 

 

East Africa: Cargo Volume at Lake Victoria Ports Rises

Mwanza — CARGO handled at Lake Victoria ports rose to 79,000 tonnes in the
first quarter of this fiscal year, which is above the target of 77,000
tonnes, thanks to increased business operations among East African member
states.

 

This was said by Lake Victoria Ports' Operation Officer, Mr Francisco Mwanga
at an event to receive the Kenyan Vessel (MV) Uhuru 1 that resumed its
operations after stopping for over a decade.

 

"The major improvements in the cargo served at the port have been mostly
fuel and other consignments. Our annual target is 310,000 cargo tonnes. The
current trend predicts that we will achieve such a goal before the end of
the fiscal year," said Mr Mwanga.

 

 

He said the cargo volume increased from 240,000 tonnes in 2020/2021 to
270,000 cargo tonnes in 2021/2022.

 

The Kenyan Vessel (MV) Uhuru 1 docked at the Mwanza South Port in Mwanza
Region loaded with 22 wagons and 771 tonnes of cement.

 

According to Lake Victoria Ports Manager, Mr Erasto Lugenge, the ship docked
once again at the port after a-10-year hiatus.

 

Tanzania Ports Authority (TPA) makes more improvements, in a bid to serve as
many cargo ships as possible, he said, adding that:

 

"Already Tanzanian MV Umoja and Ugandan MV Kaawa cargo ships are in
operations between the countries, transporting a good number of cargoes.

 

"The Authority also runs major improvement projects at various Lake Victoria
ports, at a tune of at-least 60bn/-. These are taking place especially here
at Mwanza South, Mwanza North as well as Bukoba and Kemondo ports in Kagera
Region."

 

The cement importer with MV Uhuru 1 ship, Mr Rono Josephat, commended the
mutual business cooperation between East African countries, saying a
situation would attract more investors in the maritime sector.

 

"Cargo safety is mostly convincing," he commented.

 

Daily News.

 

 

 

 

Nigeria: Senate Passes U.S.$2.8 Billion Supplementary Budget

President Bola Tinubu, on Tuesday, wrote to the National Assembly seeking
the consideration of the supplementary budget, a day after it was approved
by the Federal Executive Council (FEC).

 

The Senate has passed the N2.1 trillion supplementary budget for the 2023
fiscal year, as proposed by President Bola Tinubu.

 

The Senate President, Godswill Akpabio, announced the approval of the
supplementary budget after the majority of the Senate supported it through a
voice vote at the plenary on Thursday.

 

The supplementary budget was decided on at the Senate Committee of Supply
before it was announced.

 

The Chairperson of the Senate Committee on Appropriation, Adeola Olamilekan,
submitted a report of the committee on the budget at about 11:20 a.m.

 

Presenting the report, Mr Olamilekan said the committee recommended that N18
billion (18,000,000,000) be approved for Statutory Transfers, N1.3 trillion
(N1,033,471,162,373) for Recurrent (Non-Debt) expenditure and N1.1 trillion
(N1,125,320,123,660) be approved for contribution to the Development Fund
for Capital Expenditure for the year ending.

 

Ministries, Departments and Agencies (MDAs) of the federal government that
will benefit from the supplementary budget are Independent National
Electoral Commission (INEC), Ministry of Defence, Police Formations and
Command and Office of the National Security Adviser

 

Others are State Security Services, Federal Ministry of Agriculture and Food
Security, Ministry of Works, Ministry of Housing and Federal Capital
Territory Administration.

 

The committee's report which was accompanied with the draft budget was not
subjected to debate. The senators voted for the approval of the budget when
it was put to vote by the senate president.

 

-Premium Times.

 

 

 

 

Lesotho: Snowball Effects of Poultry Ban Adversely Affecting Retailers

RETAILERS and restaurants in Lesotho have been forced to issue notices
advising consumers of the lack of chicken products in their outlets while
others have already temporarily closed shop.

 

The absence of chicken and its byproducts in retail outlets is the snowball
effect of the government's decision to impose a ban on chicken imports,
following the outbreak of Avian Influenza in South Africa in June this year.

 

The Minister of Agriculture, Food Security and Nutrition, Thabo Mofosi,
imposed the ban, saying this was aimed at saving Basotho from the possible
risk of infections.

 

Most of the chickens and chicken products consumed in Lesotho are imported
from South Africa.

 

Outbreaks of the influenza A(H7N6) have been recorded in South Africa since
June 2023. Since then, 50 outbreaks have been reported in poultry farms in
Free State, Gauteng, Mpumalanga, Limpopo, North West and KwaZulu-Natal
provinces and non-poultry birds in Gauteng.

 

 

While the popular fried chicken franchise, KFC has already temporarily
closed its doors to customers as a result of the ban, another famous fried
chicken outlet, Crispy King, says it will close shop by the end of this week
due to the lack of chicken.

 

Speaking to the Lesotho Times this week, Crispy King Manager, Lemohang
Moshesha, said: "The issue of poultry imports ban has really hit us hard
because we cannot access our supplier in South Africa, and it is only now
that we are in search of new suppliers locally to save our business."

 

Moshesha said this should be a wake-up call to Basotho to have sustainable
local suppliers of chicken to avoid a similar predicament in the future.

 

He further expressed concern that closing shop, albeit temporarily, could
potentially cause them to lose their customers' trust "which we have earned
over time".

 

KFC, which stocks its chicken exclusively from South Africa, has also run
out of stock leading to last week's closure of the franchise's restaurants
accross the country.

 

"Our supply chain has been severely impacted due to unexpected government
regulations, we are sorry, but all our Lesotho restaurants will be
temporarily closed," KFC said in a statement.

 

Retailers, Pick n' Pay and Shoprite, have not been spared the effects of the
ban either. They have also notified their customers about the shortage of
poultry products in their outlets.

 

While neither the Shoprite nor Pick n' Pay management would issue a comment,
general manager of another retail outlet, Econo Foods, Katleho Moshesha,
told the Lesotho Times yesterday, that depending on demand, their current
stock could only last for a week.

 

"After that it is a waiting game for all, at least until the ban has been
lifted so we can access our suppliers in South Africa," Mr Moshesha said.

 

An estimated 2.1 billion chickens are imported into the country per annum
which makes Lesotho prone to poultry shortage if supplies from South Africa
are disrupted as in the current situation.

 

This state of affairs also speaks to the glaring lack of an entreprenurial
flare in the country. Most countries of the world are at least able to breed
business people capable of producing chicken and eggs for consumption within
their borders.

 

-Lesotho Times.

 

 

 

 

 

Nigeria: Wage Award, 40% Salary Increase - Govt Dashes Hope of Workers,
Can't Pay MDAs

The are indications that the Federal Government's promise to pay additional
N35,000 wage to its workers for six months may have run into a hitch due to
lack of cash.

 

Findings by Vanguard indicate that the Federal Government does not have
enough money to pay all federal employees as it initially announced when it
removed subsidy on premium motor spirit (petrol) in May 2023.

 

When President Bola Tinubu entered into a memorandum of understanding, MoU,
with the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, on
October 2 this year, he had accepted to pay N35,000 to each federal
government worker in addition to the payment of 40 per cent special salary
increase to the workers all in a bid to cushion the effects of the subsidy
removal.

 

 

The announcement was well received by workers, even though the NLC expressed
some reservations about the awards announced by the Presidency.

 

However, while all federal workers were expectant of getting more cash from
the federal treasury following the promise, Vanguard gathered that the
federal government does not have the required money to pay all categories of
workers under its employ.

 

The lack of cash to pay the workers has been expressly communicated to the
respective government agencies by the government, which has also asked them
to source for funds and pay their workers, rather than expect any funding
from the federation account.

 

It was learned that while the government has since paid workers under what
it called "treasury-funded staff", workers in most departments and agencies
that collect their allocations from the consolidated revenue funds, will not
be paid by the federal government.

 

 

Rather than being paid directly by the government, the affected federal MDAs
have been ordered to source for funds internally to pay their workers both
the N35,000 wage award and the 40 per cent special salary increase, a
directive that has left most of the MDAs frustrated as workers prepare for a
fight with them over non-payment, like their counterparts in ministries.

 

Indication of the Federal Government's inability to pay all the workers
under its employ emerged when the National Incomes and Wages Commission
wrote to the Chief of Staff to the President, Secretary to the Government of
the Federation, ministers and heads of government parastatals and agencies,
telling them the category of workers who should be paid and those to fend
for themselves.

 

In the memo dated October 19, 2023, with reference: SWC.04/T/33, the
National Incomes and Wages Commission, NIWC, asked all the MDAs on
consolidated revenue not to expect government allocation in paying the award
to their workers.

 

 

Although most of them are not revenue generating agencies, the Income and
Wages Commission in the memo signed by the chairman and Chief Executive
Officer, Mr. Ekpo Nta, asked them to either use their "internally-generated
revenue to pay their workers or rely on statutory allocation to pay same."

 

The memo sighted exclusively by Vanguard, read: "I refer to the Memorandum
of Understanding reached between the government of Nigeria and the Nigeria
Labour Congress, NLC, and the Trade Union Congress of Nigeria, TUC, on
Monday, October 2, 2023, as a result arising from withdrawal of subsidy on
the price of premium motor spirit and hereby convey the approval of the
President and Commander Armed Forces of the Federal Republic of Nigeria for
the grant of N35,000:00 only per month to all federal workers, with effect
from September 1, 2023, pending when minimum wage is expected to have been
signed into law.

 

Accordingly, the implementation of the N35,000,00 per month wage award for
all federal government ministries, departments and agencies will be funded
from the treasury.

 

"Non-treasury funded Federal Government agencies are to implement same from
their internally generated revenue, IGR, or statutory allocations.

 

Enquiries concerning this circular should be directed to the National
Incomes and Wages Commission.'

 

But most of the MDAs being asked by the government to look inwards for cash
to pay the wage award and the 40 per cent salary increase, are confused and
worried over government's position, as they lack the resources to pay.

 

Some of the workers, who spoke in confidence with our correspondent
yesterday, said they were shocked that the NIWC could turn around to
circumvent the decision of the President to pay all workers from its till
without discrimination between 'treasury and non-treasury-funded agencies.

 

"We strongly suspect that Mr. President has not been properly briefed by the
NIWC on the implementation of his wage award and salary increment with the
NLC and it is impossible for most of the MDAs excluded from Service Wide
Vote payment to secure cash to pay their agitated workers," a chief
executive officer of one of the federal parastatals, said yesterday.

 

Vanguard gathered that many workers' unions have already confronted heads of
MDAs with threats to disrupt their operations if they are not paid promptly
as their counterparts in core federal ministries.

 

-Vanguard.

 

 

 

 

Huawei Announces Business Results for the First Three Quarters of 2023

Huawei unveiled its business results for the first three quarters of 2023 on
October 27, 2023. During this period, Huawei generated CNY456.6 billion
($62,47 billion) in revenue, with a year-on-year increase of 2.4% and a net
profit margin of 16.0%.

 

"The company's performance is in line with forecast," said Ken Hu, Huawei's
Rotating Chairman. "I'd like to thank our customers and partners for their
ongoing trust and support. Moving forward, we will continue to increase our
investment in R&D to make the most of our business portfolio and take the
competitiveness of our products and services to new heights. As always, our
goal is to create greater value for our customers, partners, and society."

 

[1] The financial data disclosed here are unaudited figures compiled in
compliance with the International Financial Reporting Standards.

 

[2] Exchange rate at the end of September 2023: US$1 = CNY7.3095 (source:
external agencies).

 

About Huawei

 

Founded in 1987, Huawei is a leading global provider of information and
communications technology (ICT) infrastructure and smart devices. We have
207,000 employees and we operate in more than 170 countries and regions,
serving more than three billion people around the world.

 

Our vision and mission is to bring digital to every person, home and
organization for a fully connected, intelligent world. To this end, we will
work towards ubiquitous connectivity and inclusive network access, laying
the foundation for an intelligent world; provide diversified computing power
where you need it, when you need it, to bring cloud and intelligence to all
four corners of the earth; build digital platforms to help all industries
and organizations become more agile, efficient, and dynamic; and redefine
user experience with AI, making it smarter and more personalized for people
in all aspects of their life, whether they're at home, on the go, in the
office, having fun, or working out. For more information, please visit
Huawei online at www.huawei.com or follow us on:

 

http://www.linkedin.com/company/Huawei 

 

http://www.twitter.com/Huawei 

 

http://www.facebook.com/Huawei 

 

http://www.youtube.com/Huawei 

 

 

 

Nigeria: SMEDAN Wants Govt to Award 25% of Contracts to SMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on
Wednesday in Abuja enjoined the Federal Government to award 25 per cent of
its contracts to Small and Medium Enterprises (SMEs).

 

This is desirable as SMES contribute about 50 per cent of the country's GDP
and employ about 60 million people, SMEDAN's Director-General, Mr Charles
Odii, told newsmen.

 

"Government is the biggest spender; the biggest employer of labour. We want
small businesses to benefit from contract awards.

 

"What that means, however, is that small businesses need to be well-equipped
to be able to win government contracts.

 

"96% of businesses in Nigeria are small businesses; so it is only 4 per cent
that are big," Odii noted.

 

He said a meeting he held earlier with young legislators and small business
owners aimed at getting a first-hand view of their challenges which mostly
bothered on cost and funding.

 

He assured that SMEDAN would help small business owners to reduce cost of
production.

 

"A lot of banks want to give funding, but they can't give small businesses
because they are not adequately structured to receive the funding. NAN

 

"We shall help at least one million entrepreneurs to structure their
businesses to become eligible for such funding."

 

Daily Trust.

 

 

 

Nigerian Govt to Prioritise Domestic Crude Refining - NUPRC

Mr Komolafe disclosed this during a meeting with operators of domestic
refineries in Abuja on Wednesday.

 

The Nigerian government has expressed its readiness to prioritise domestic
refining of crude oil in the country, the Chief Executive of the Nigerian
Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said.

 

Mr Komolafe disclosed this during a meeting with operators of domestic
refineries in Abuja on Wednesday.

 

He explained that Nigeria, despite its huge oil reserve, has remained a net
importer of refined crude oil produce and a net exporter of crude oil.

 

 

According to him, the inability to meet domestic refining obligations has
impacted negatively on the state of the nation's economy.

 

"We all understand that if we can meet our refining obligation, we will be
able to impact largely on our economy and the attendant cost of pricing the
refined product.

 

"So it behooves us to make Nigeria the net exporter of refined product and
that is the issue we are gathered here to address. The Petroleum Industry
Act (PIA) has a provision that has become part of the mandate of the
commission to address, and that is the domestic crude oil obligation as
enshrined in the PIA," he said.

 

Mr Komolafe noted that the domestic crude oil supply obligation refers to
the requirement imposed by the government on oil producers to allocate a
certain portion of crude oil production for domestic consumption.

 

 

This, he said, is aimed at ensuring a reliable and stable supply of crude
oil for the country's domestic needs, including refined petroleum products.

 

"Section 109 of PIA introduces the domestic crude oil supply obligation in
the oil industry in a bid to ensure crude oil supply to local refineries.
The PIA stipulates that the supplier of crude oil to the domestic market
shall be on a willing buyer and willing supplier basis, as the Nigeria
mainstream and downstream petroleum regulatory agency shall report to the
commission where there is inadequate supply of crude oil to the refineries.

 

"This is a matter of importance to us as a nation, we have reached a point
where we need value addition to our crude, we cannot be exporting crude
without adding value to it and that is the intent of the PIA, and as a
responsible regulator, we have to enforce that.

 

"So our appeal is to you all as producers to collaborate with us in the
interest of our nation because if we develop our mainstream, that is where
value lies especially with the momentum in energy transition, so we need to
develop our mainstream given the multiplier effect and benefits of
developing our mainstream.

 

 

"So it is going to be a matter of national shame if we can not meet our
domestic obligation to step up domestic refining capacity. So this is the
issue. Good enough, we have the largest refinery in Africa, and that is the
Dangote refinery.

 

"It is ready to start operation, we have received a request from the company
to guarantee feedstock to the refinery, and we believe as a nation it will
be a shame if we can not meet up the feedstock," he said.

 

Mr Komolafe added that the commission shall take all necessary steps
required to ensure an adequate supply of crude oil to domestic refineries
while noting that any company that fails to respond to the request for crude
products will be liable to pay a $10,000 administrative fine.

 

"A company that does not comply with domestic crude obligations where a
willing buyer exists shall not be granted an export permit for the export of
crude oil. He shall incur a penalty of 50 per cent of the fiscal price per
barrel nor delivered, payable to the commission.

 

"What we are trying to do is to begin enforcement of this critical provision
of the PIA, and for us, it is another milestone in the implementation of the
Act. it is important for us to begin to develop our mainstream sector of the
industry," he added.

 

In his remarks, Ogbonnaya Orji, the executive secretary of Nigeria's
Extractive Industries Transparency Initiative, emphasized the need for more
collaboration to strengthen local crude oil production.

 

"Nigeria spent $74.6 billion on the importation of refined crude oil from
2006 to 2021. It is sad for a country that produces crude oil, so we share
in the commission's optimism and expectation that the local refineries are
coming up to production.

 

"Our collaboration with the commission is defined by our interest in
transparency and value for money. The fact that between 2006 and 2021 we
have spent $74.6 billion in 15 years on the importation of petrol motor
spirit (PMS).

 

"We encourage more dialogue, engagement, constructive debate and engagement
that allows free flow of information and clarification.

 

"My appeal is to continue to work with the regulators, they should not be
seen as enemies but partners. We need engagements which I think will be nice
to clarify issues that may have risen from our 2021 industry report," he
said.

 

Premium Times.

 

 

 

Africa: Call to Improve Jobs for Youth in Africa

Creating a skilled workforce requires better access to quality basic
education

 

Africa should improve the quality of basic education to ensure a skilled
workforce that will create more and better jobs to drive economic
transformation on the continent.

 

UN Economic Commission for Africa (UNECA) acting Director of the Gender,
Poverty and Social Policy division (GPSPD), Sweta Saxena, said creating
suitable jobs for its youth is one of the biggest challenges facing
policymakers in Africa, highlighting that growing young and working-age
population requires jobs if Africa is to benefit from a demographic dividend
and meet its development aspirations.

 

 

Speaking at the opening session of the Expert Group Meeting of the Social
Policy Section, organized by GPSPD, Ms. Saxena said Africa is challenged in
terms of providing jobs for the youth. She cited the lack of adequate skills
by the young population in Africa.

 

Data shows that nearly a quarter of the children enrolled at the primary
level do not complete primary education while less than 50% of young boys
and girls complete lower secondary education, compared to around 80% in
South Asia and Latin American countries. Worse still the tertiary level
enrollment rate is less than 10%.

 

"The quality of education is also very low, and so as a result, young people
in Africa enter the formal labour market with few employable skills," Ms.
Saxena said, commenting that it was no wonder that nearly 90% of the youth
start their working life in informal employment and almost a quarter of
businesses name lack of skilled workers as among the main constraints.

 

 

Another big challenge for Africa was having significant numbers of their
trained people ending up unemployed and working in areas unrelated to their
training or emigrating to other countries, which is a misallocation and
waste of resources that these countries can ill afford.

 

The two-day Expert Group Meeting has drawn technical experts from 16
countries including experts from government, academia, think tanks, and the
United Nations system to review the key findings of the draft report, Jobs
in Africa or Jobs for Africans.

 

The report aims to inform and stimulate debate, contribute to better
policies, facilitate further research, and identify prominent knowledge and
data gaps.

 

The meeting provides an opportunity to discuss questions related to the
issues of demography, education and skills migration in an integrated way so
as to accelerate national and regional-level actions for increasing
employment opportunities for young Africans.

 

 

The UNECA supports Member States through the convening function, which
supports the identification of key collective challenges facing the
continent along with appropriate responses.

 

The Commission also functions as a think tank which includes conducting
interdisciplinary research and analysis of key challenges facing Member
States and Africa as a whole, as well as the promotion of peer learning and
development.

 

Furthermore, the UNECA provides direct policy advice and support to Member
States and this usually comes about from meetings and interactions such as
the Experts Group Meeting.

 

Ms. Saxena said expert group meetings were important for the UNECA as they
contributed to the Commission fulfilling its core mandate of promoting
economic and social development among our member States.

 

In a globalized world with ease of movement of capital, goods and services,
the mobility of skilled workers across international borders was a natural
consequence of global integration and orderly migration.

 

It brought many benefits, including remittances, investment, and trade
linkages with countries of destination but the situation was different in
Africa.

 

She lamented that the "loss of skills is worrisome for countries in Africa
that already suffer from low human capital. As tertiary and professional
education are financed from severely limited public education budgets, in
effect poor African countries implicitly subsidize rich countries through
migration of highly skilled labour."

 

Properly managed migration presents an immense opportunity for alleviating
the challenge of job shortages for skilled workers in Africa with
development benefits for all parties.

 

"Creating a skilled workforce requires improvements in both access to, and
quality of, basic education," Ms. Saxena said, urging for rethinking
education under a New Social contract.

 

-Africa Renewal.

 

 

 

 

'Crypto King' Sam Bankman-Fried guilty of FTX fraud

Sam Bankman-Fried, who once ran one of the world's biggest cryptocurrency
exchanges, has been found guilty of fraud and money laundering at the end of
a month-long trial in New York.

 

The jury gave its verdict after just four and a half hours of deliberations.

 

It concludes a stunning fall from grace for the 31-year-old former
billionaire and one of the most public faces of the crypto industry.

 

Bankman-Fried was arrested last year after his firm, FTX, went bankrupt.

 

He now faces decades in prison. His sentencing has been set for 28 March
next year.

 

"Sam Bankman-Fried perpetrated one of the biggest financial frauds in
American history - a multibillion-dollar scheme designed to make him the
king of crypto," US attorney Damian Williams said in a statement after the
verdict.

 

"This case has always been about lying, cheating and stealing, and we have
no patience for it," he added.

 

Prosecutors had accused Bankman-Fried of lying to investors and lenders and
stealing billions of dollars from cryptocurrency exchange FTX, helping to
precipitate its collapse. They charged him with seven counts of fraud and
money laundering.

 

He had pleaded not guilty to all the charges, maintaining that, while he had
made mistakes, he had acted in good faith.

 

After the verdict Bankman-Fried's lawyer Mark Cohen said: "We respect the
jury's decision. But we are very disappointed with the result.

 

"Mr Bankman-Fried maintains his innocence and will continue to vigorously
fight the charges against him," he added.

 

A spokesperson for Bankman-Fried did not immediately respond to a BBC
request for comment on whether he planned to appeal against the verdict.

 

Three of his former close friends and colleagues, including his
ex-girlfriend Caroline Ellison, pleaded guilty and agreed to testify against
him in hopes of reducing their own sentences.

 

They are to be sentenced at a later date.

 

"The government won this case by putting a lot of pressure on cooperators,
getting deals with them very early on and trying this case in a very
streamlined way," said former federal prosecutor Renato Mariotti.

 

"Instead of overcomplicating the case, turning it into some complicated
crypto case, they tried it as a garden variety fraud."

 

The prosecution presented evidence that Bankman-Fried's crypto trading firm
Alameda Research received deposits on behalf of FTX customers from the early
days of the exchange, when traditional banks were unwilling to let it open
an account.

 

Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to
do in public, he spent the money to repay Alameda lenders, buy property and
make investments and political donations.

 

Barbara Fried and Joseph Bankman, parents of FTX founder Sam Bankman-Fried,
reacts after the verdict is read in Bankman-Fried's fraud trial over the
collapse of the bankrupt cryptocurrency exchange at federal court in New
York City, U.S., 2 November, 2023, in this courtroom sketch.

 

When FTX went bankrupt last November, Alameda owed the firm $8bn (£6.5bn).

 

"He took the money. He knew it was wrong. He did it anyway, because he
thought he was smarter and better and that he could figure his way out of
it," assistant US attorney Nicolas Roos said in his closing arguments.

 

Bankman-Fried made the risky move of taking the stand in his own defence,
hoping to convince jurors that prosecutors had failed to prove he acted with
criminal intent.

 

"There was bad judgment," said his lawyer Mr Cohen, offering a portrait of a
nerdy mathematician who was overwhelmed as his companies grew rapidly.

 

"That does not constitute a crime."

 

Bankman-Fried defended the money transfers between his firms as
"permissible" and testified that he was largely unaware of the financial
hole described by his deputies until a few weeks before the FTX collapse
last year.

 

The downfall left many customers unable to recover their funds.

 

Lawyers working on the bankruptcy case have since said they have recovered
the vast majority of the missing money.

 

Bankman-Fried's trial was closely watched for its implications for the
crypto industry as a whole, which has failed to recover from last year's
market turmoil.

 

He has been seen as a poster child for the problems in the sector, which top
regulators in the US have described as rife with criminality.

 

Before the collapse of his companies, he was known for hobnobbing with
celebrities and appearing frequently in Washington and in the media, to
discuss the sector.

 

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

 

With Congress unlikely to pass new rules for crypto anytime soon, Mr
Mariotti said he expected US courts to continue to be the site of battles
over the industry.

 

"I really think having specific crypto regulations in the United States
would reduce the sort of crime that occurred in this particular case," he
said.

 

"Sadly I don't think we're going to see regulation in the very short term

But it certainly means that the fight is going to continue in courts and
civil cases litigated by the SEC [Securities and Exchange Commission] and
CFTC [Commodity Futures Trading Commission]" he added, referring to US
financial regulatory agencies.

 

Panorama explores the breakneck rise and sensational fall of Sam
Bankman-Fried, the maths genius who set out to transform the world of crypto
but ended up being its biggest loser.-bbc

 

 

 

 

Uber and Lyft agree to pay $328m to New York drivers

Ride-sharing firms Uber and Lyft will pay $328m (£269m) to settle claims
they "systematically cheated" New York drivers out of pay and benefits.

 

It resolves a long investigation by the New York attorney general, who
called it the largest wage theft settlement in her office's history.

 

The agreement also means that drivers in the state will receive guaranteed
paid sick leave.

 

Uber called it a "landmark", while Lyft said it was "a win for drivers".

 

The settlement means that neither company has to admit fault, with Uber
paying $290m as part of it, while Lyft will pay $38m. Both have denied any
wrongdoing and praised the announcement.

 

It comes as part of a long-running debate over whether the ride-sharing apps
in the "gig economy" should class drivers as employees or as self-employed
workers.

 

"For years, Uber and Lyft systematically cheated their drivers out of
hundreds of millions of dollars in pay and benefits while they worked long
hours in challenging conditions," New York attorney general Letitia James
said in a statement.

 

Her office looked into claims that that Uber and Lyft improperly deducted
taxes and fees from New York drivers, rather than their passengers, between
2014 and 2017.

 

It also alleged that the companies failed to provide drivers with paid sick
leave, which employees are entitled to in New York law.

 

"These drivers overwhelmingly come from immigrant communities and rely on
these jobs to provide for their families," Ms James said.

 

"These settlements will ensure they finally get what they have rightfully
earned and are owed under the law."

 

According to Ms James, the money will go to "over 100,000 hardworking
people", and she encouraged those eligible to file a claim for funds they
might be owed.

 

Uber also said it would pay a undisclosed amount into New York State's
unemployment insurance fund, so drivers and delivery workers have access to
unemployment benefits, should they find themselves out of work.

 

Uber said the agreement on Thursday would serve as a "model for other
states", putting into place rules which mean New York City drivers receive
up to 56 hours of paid sick leave per year.

 

Uber drivers outside of New York will be entitled to an hour of sick leave
at full pay for every 30 hours worked and a minimum wage of at least $26 per
hour.

 

The earnings standard which has been in place for several years will remain
for drivers in New York City.

 

Both firms described the announcement as a "win for drivers".

 

Lyft drivers outside of New York City will also earn a minimum of $26 per
hour for "engaged time", while all of its New York drivers will be eligible
to accrue paid sick leave, it said in a statement.

 

In 2021, the UK Supreme Court ruled Uber drivers must be treated as workers
rather than as self-employed contractors, who have fewer entitlements.

 

At the time, the ride-hailing giant called it "turning the page" on workers'
rights and promised drivers would earn at least the National Living Wage.

 

After today's agreement in New York, Uber shares rose 5.2% in early trade,
while Lyft jumped 7.1%.

 

 

 

Apple sales dip again despite iPhone boost

Apple sales have continued to fall, despite strong demand for its iPhones
and services like streaming platform Apple TV+.

 

The tech giant says revenues dipped 1% to $89.5bn (£73.3bn) in the three
months to 30 September when compared with the same period last year.

 

Sales of its Mac computers and iPads struggled after a post-lockdown surge
in interest.

 

It marks the fourth quarter in a row where sales have fallen year on year.

 

In an update to investors, the firm said that profits had reached $23bn,
helped by a new record for iPhone sales in the three-month period.

 

The amount it took from services such as iCloud and Apple Music also hit a
high, bringing in $22.3bn for the California-based firm, up 16% from a year
before.

 

But it cited concerns over potential supply chain issues hampering
deliveries of its new iPhone 15 Pro and Pro Max devices.

 

Apple chief executive Tim Cook said it was "working hard to manufacture
more".

 

"We do believe that later this quarter, we'll reach a supply-demand
balance," he said.

 

Apple boss makes surprise China visit

Apple forced to ditch lightning in new iPhone 15

Mr Cook said he felt the firm had its "strongest line-up of products ever"
heading into the key Christmas trading period.

 

The latest update suggested, however, that other Apple items had been
failing to capture the customer's imagination more recently.

 

Its Mac computers, for example, saw sales drop to $7.6bn for the quarter,
down from $11.6bn the year before.

 

The company revealed its latest iPhone line-up in September at a highly
anticipated conference.

 

It announced that the iPhone 15 would not feature its proprietary lightning
charging port, after the European Union forced the change. Instead, it uses
a USB-C cable as the "universally-accepted standard".

 

It has also faced challenges elsewhere, with economic uncertainty weighing
on consumers in the Chinese market.

 

On Thursday, the company said that sales in China had dipped by 2.5%,
although Mr Cook said that after accounting for foreign exchange rates its
business there had grown year on year.

 

The executive made a surprise visit to China last month, meeting gamers in
the city of Chengdu.

 

It marked his second visit to China - a key market for Apple - this year, as
the firm's operations in the country have been complicated by Covid
restrictions and US-China tensions.

 

In March, Mr Cook said he felt Apple had a "symbiotic" relationship with
China, a key manufacturing base.-bbc

 

 

 

 

Killer robots and work-free lives - Sunak quizzes Musk on AI future

Deadly robots that can climb trees, AI friends and a work-less future were
among the topics as Rishi Sunak sat down with Elon Musk.

 

The prime minister held a highly unusual "in conversation" event with the
billionaire X and Tesla owner at the end of this week's summit on artificial
intelligence.

 

Throughout the wide-ranging and chummy discussion, Mr Musk held court as the
prime minister asked most of the questions.

 

The pair talked about how London was a leading hub for the AI industry and
how the technology could transform learning.

 

But the chat took some darker turns too, with Mr Sunak recognising the
"anxiety" people have about jobs being replaced, and the pair agreeing on
the need for a "referee" to keep an eye on the super-computers of the
future.

 

 

Media caption,

Billionaire Elon Musk tells the British prime minister that AI will be
smarter than the smartest human

 

Tech investor and inventor Mr Musk has put money into AI firms and has
employed the technology in his driverless Tesla cars - but he's also on the
record about his fears it could threaten society and human existence itself.

 

"There is a safety concern, especially with humanoid robots - at least a car
can't chase you into a building or up a tree," he told the audience.

 

Mr Sunak - who is keen to see investment in the UK's growing tech industry -
replied: "You're not selling this."

 

It's not every day you see the prime minister of a country interviewing a
businessman like this, but Mr Sunak seemed happy to play host to his famous
guest.

 

And if he seemed like he was enjoying it, it should be no surprise - he
previously lived in California, home to Silicon Valley, and his love of all
things tech is well-documented.

 

In a hall that size, Mr Musk was difficult to hear and mumbled through his
elaborate musings about the future, but refrained from any off-the-cuff
remarks that might have caused Downing Street embarrassment.

 

The event was held in front of invited guests from the tech industry in a
lavish hall in central London's Lancaster House.

 

Unusually for an event involving the prime minister, TV cameras were not
allowed inside, with Downing Street instead releasing their own footage.

 

Some reporters were allowed to observe - but told they could not ask
questions.

 

The pair discussed the potential benefits of AI, with Mr Musk saying: "One
of my sons has trouble making friends and an AI friend would be great for
him."

 

There was also agreement on the possibilities AI presents for young people's
learning, with Mr Musk saying it could be "the best and most patient tutor".

 

 

Media caption,

‘Like having a very smart friend’: Musk on impact of AI

 

But there was a stark warning on the potentially ruinous impact it could
have on traditional jobs.

 

"We are seeing the most destructive force in history here," Mr Musk said,
before speculating: "There will come a point where no job is needed - you
can have a job if you want one for personal satisfaction but AI will do
everything.

 

"It's both good and bad - one of the challenges in the future will be how do
we find meaning in life."

 

Amid all the philosophising, there was little in the way of new
announcements about how the technology will be employed and regulated in the
UK - aside from the prime minister's promise that AI could be used to
improve the government's own website.

 

Mr Musk was one of the star guests at this week's summit - but it briefly
looked like the event with Mr Sunak might be a little overshadowed.

 

Hours before it was due to begin, Mr Musk took to his own website X,
formerly known as Twitter, to take a swipe at the summit.

 

As Mr Sunak was on his feet giving his final press conference at Bletchley
Park, Mr Musk shared a cartoon parodying an "AI Safety Summit".

 

It depicted caricatures representing the UK, European Union, China and the
US with speech bubbles reading "We declare that AI posses a potentially
catastrophic risk to humankind" - while their thought bubbles read "And I
can not wait to develop it".

 

But in the end, the pair appeared at ease together, and Mr Sunak in
particular looked in his element - perhaps even slightly bowled over by the
controversial billionaire, who he called a "brilliant innovator and
technologist".

 

>From the cheap seats behind the dignitaries of the tech world, it was hard
to put your finger on who was really the powerful one out of this pair.

 

Was it Mr Sunak as he asked the celeb tech billionaire questions? Or was it
Mr Musk, who did much of the talking?

 

Either way, both men hope to have a say in whatever our AI future has in
store for us.-bbc

 

 

 

Shell posts $6.2bn profit as oil prices rise again

Oil and gas giant Shell has posted strong profits helped by oil prices
rising again.

 

The energy giant reported earnings of $6.2bn (£5.1bn) between July and
September, up sharply on the previous quarter.

 

Profits were down from $9.4bn in the same period last year, however, when
Russia's invasion of Ukraine caused a spike in oil and gas prices.

 

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

 

That is largely due to members of the Opec+ group of oil-producing nations
cutting output to support the market.

 

Earlier this week, the World Bank warned that the conflict in the Middle
East could push the price of crude oil up to $150 a barrel - compared to $85
today.

 

Shell said its earnings in the past three months were up 23% on the previous
quarter.

 

It said it had benefitted from higher oil prices and pumping more oil and
gas, along with making more money from refining and gas trading.

 

Oil prices surged in 2022 before falling back earlier this year, leading to
lower profits at energy firms.

 

However, the cost of crude oil has moved upwards again since the production
cuts in the summer.

 

Members of Opec+, led by Saudi Arabia and Russia, brought the cuts in due to
concerns about weakening global demand.

 

Moscow also blamed Western "interference with market dynamics", referring to
the cap on Russian oil brought in following its invasion of Ukraine.

 

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

Deep divisions ahead of crucial UN climate talks

It has already caused petrol prices to rise, hitting drivers at the pumps.

 

Following its results, Shell announced a plan to return $3.5bn to
shareholders through a share buyback programme. In total the firm will
return $23bn to shareholders this year.

 

Jonathan Noronha-Gant, of the climate campaign group Global Witness,
criticised the payouts.

 

"Shell's shareholders remain some of the biggest winners of Russia's brutal
war in Ukraine and ongoing global instability," he said.

 

"The turmoil in fossil fuel markets allows Shell to rake in enormous profits
- but instead of investing in clean energy, the company has doubled down on
oil, gas, and shareholder pay-outs."

 

Greenpeace campaigner Charlie Kronick said: "People are sick of watching oil
bosses feign concern about the planet while slashing jobs and investment in
renewables and ploughing money into dividends, share buybacks, and new
fossil fuel projects."

 

Shell boss Wael Sawan, who took up his post in January, changed Shell's
strategy to put more focus on oil and gas and announced plans to cut at
least 15% of the workforce at its low-carbon solutions division.

 

The firm declined to comment further.-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> 

 


 

 


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.

 


 

 


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<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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