Major International Business Headlines Brief::: 28 November 2023

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Major International Business Headlines Brief:::  28 November 2023 

 


 

 




 


 

 


 

ü  South Africa: Activists Want Government to Do More to Register Domestic
Workers

ü  Malawi: President Chakwera Under Fire for Sending Malawians to Work on
Israeli Farms

ü  South Africa: If It Looks Like Stage 8, Mr Minister, It Is Stage 8

ü  South Africa: Transnet Blames the Weather for Ports Crisis

ü  South Africa: Stage 4 Load Shedding Until Saturday

ü  South Africa: Eskom Receives Global Credit Ratings Boost

ü  Tanzania: Remarkable Development in Isles Seaweed Farming

ü  Liberia: Poultry Farmer in Bong Grateful for Retrap Interventions

ü  Seychelles' Trade Officials Brush Up On Negotiating Skills With WTO
Experts

ü  Rwanda: Indian, Austrian Investors Mull 'Rent-to-Own' Housing Model in
Rwanda

ü  Vaping: Australia to ban disposable vape imports from January

ü  COP28: UAE planned to use climate talks to make oil deals

ü  TikTok owner ByteDance cuts gaming division jobs

ü  First transatlantic flight using 100% green fuels to take off

ü  Tesla sues Sweden as strikes target carmaker

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Activists Want Government to
Do More to Register Domestic Workers

Three years after the landmark Concourt ruling, very little has changed with
their access to compensation

 

It's been three years since the Constitutional Court's landmark ruling for
domestic workers to be covered by the provisions of the Compensation for
Occupational Injuries and Diseases Act (COIDA).

But activists say very little has changed for most workers.

According to SERI, fewer than 20 claims have been submitted with COIDA since
2020, despite a relatively larger number of cases reported to the
organisation and others representing domestic workers.

The Department of Labour says it is urging private employers to register
their domestic workers, adding that immigrant workers can also be registered
using their passport/ID, work permits and asylum seeker documents.

 

In November 2020, the Constitutional Court made a landmark ruling that
domestic workers be covered by the provisions of the Compensation for
Occupational Injuries and Diseases Act (COIDA) and that damages can be
claimed for work-related injuries, illnesses and death.

 

Three years later, domestic workers say they are still struggling to access
the compensation and the Unemployment Insurance Fund (UIF).

 

"For many years we have been struggling to get employers to register us for
UIF and COIDA. Domestic workers are still being mistreated," said Manyunyu
Florence Sosiba, national president of the South African Domestic Service
and Allied Workers Union (SADSAWU).

 

Sosiba was speaking at an event to mark the three-year anniversary of the
Mary Mahlangu judgment held at the Nelson Mandela Foundation in
Johannesburg.

 

 

Maria Mahlangu was a domestic worker who drowned in her employer's swimming
pool in Pretoria in March 2012. The compensation matter heard by the
Constitutional Court was rooted in a case brought by Mahlangu's daughter,
Sylvia Mahlangu, who was her sole dependent at the time. She was left
financially devastated after her mother's death. She approached the
Department of Labour to claim compensation but was turned away.

 

Last week's dialogue - organised by the Socio-Economic Rights Institute of
South Africa (SERI) - aimed to bring together government officials, civil
society, domestic workers and employers to find solutions to issues in the
domestic work sector.

 

Representatives from SERI said they were concerned that fewer than 20 claims
have been submitted with COIDA since 2020, despite a relatively larger
number of cases reported to the organisation and others representing
domestic workers.

 

 

Sosiba, who has been a domestic worker since 1983, said that she is yet to
be registered for COIDA and UIF. Domestic workers are still being
mistreated, earning far below the minimum wage, and not being compensated
after getting injured at work, she said.

 

"We want the Department of Labour to ensure that employers comply with the
registration of workers, and that failure to do so would constitute
exploitation," Sosiba said.

 

Maggie Mthombeni from Izwi Domestic Workers said she was particularly
concerned with the working conditions of mostly immigrant domestic workers.
She said they were aware of cases where employers deliberately employ
domestic workers who are undocumented to bypass labour laws.

 

According to Mthombeni some immigrant domestic workers struggled to claim
UIF or COIDA despite being registered due to "system glitches". She added
that while some employers had registered their domestic workers, but some
people do not include relevant documents needed when claims are submitted,
or they were still not contributing the 1% fee of the worker's salary.

 

She said Izwi and other domestic workers unions are working with SERI on a
campaign to educate domestic workers on their rights.

 

The dialogue ended with activists making a call for the government to ensure
that employers comply by registering their workers.

 

Spokesperson for the Department of Labour, Dikentsho Seabo, told GroundUp
that the department had amended the COIDA Act to include domestic workers.

 

"If employers refuse to register a claim, employees can visit any labour
centre to report their own claim. The department has inspectors to
investigate any unfair labour practices," Seabo said.

 

He urged private employers to register their workers with the fund, adding
that immigrant workers can also be registered using their passport/ID, work
permits and asylum seeker documents.

 

-GroundUp.

 

 

 

Malawi: President Chakwera Under Fire for Sending Malawians to Work on
Israeli Farms

Harare — President Lazarus Chakwera and his administration came under fire
from opposition parties and human rights organizations in Malawi, for a deal
allowing 221 young young Malawians to be airlifted on Saturday, November 25,
2023 to work on Israeli farms.

 

The action comes in the wake of Israel's U.S.$60 million aid package for
Malawi's economic recovery two weeks ago. Concerns are for the agreement's
secrecy and concerns for the safety of workers in light of Israel's
confrontation with Hamas.

 

Malawian opposition leader Kondwani Nankhumwa is reported to have questioned
why the administration had withheld information about the agreement, finally
telling parliament on November 22 that workers would be transferred to an
undisclosed nation. In defense of the agreement, the government said that
Malawians would be sent to Israel and other nations in order to "fulfill
this administration's commitment to job creation and youth empowerment."

 

 

The government also gave assurances on the security and safety of the
workers, saying that they will be given medical insurance and protections
against repatriation in addition to working in areas that are "classified as
fit and safe."

 

The agreement was made in the midst of Malawi's economic crisis, which is
characterised by a 44% currency devaluation and significant cost-cutting
measures implemented by Chakwera.

 

Added to the ailing economy, UNICEF fears that as least 573,000 children in
Malawi under five might become malnourished. Acute food insecurity, which is
exacerbated by frequent climatic shocks and avoidable disease outbreaks may
undo recent successes in decreasing chronic malnutrition. The devastating
impact of Tropical Cyclone Freddy in March 2023 is still being felt in
Malawi, where 659,000 people - many of them children - are internally
displaced. The cholera outbreaks that occurred after the cyclone has thus
far claimed 1,759 lives.

 

 

 

 

South Africa: If It Looks Like Stage 8, Mr Minister, It Is Stage 8

Minister of Electricity Kgosientsho Ramokgopa has denied claims that parts
of the country, notably Johannesburg, have experienced Stage 8 load
shedding.

 

Residents have reported up to 12 hours of blackouts during a 24-hour cycle
despite Eskom saying the country was only on Stage 6.

 

Energy expert Chris Yelland said South Africans had every right to doubt the
reliability of the information being shared by the state about the power
shortage.

 

Meanwhile, the minister said Joburg residents experienced extended hours of
load shedding because City Power had taken over the implementation of the
load shedding schedule from Eskom.

 

"In relation to the people of Johannesburg, the first is to say that we were
never at Stage 8. The experiences of people in various localities, that I
cannot deny. But remember that in the instance of Johannesburg, Eskom has
handed over responsibility to City Power.

 

 

"And I'm sure it's a conversation that we will have with City Power," said
Ramokgopa.

 

Ramokgopa once again promised the nation a December free of load shedding,
adding that they expected Kusile Power Station units 2 and 5 to return to
work soon.

 

"What we also know about December is that your energy intensive users, your
major industries, are closing, so the demand is going to dip. You will have
days where there is no load shedding," he said.

 

During his weekly update on the state of the grid, the minister said even
though system failures unexpectedly plunged the nation into Stage 6
blackouts, the grid was never near a system collapse.

 

"When you ramp up the levels of load shedding it does not mean you are close
to a system collapse. All it means is that the system operator is alert and
that he is doing everything to protect the grid."

 

As it ended Stage 6 load shedding on Sunday, Eskom said its blackouts
schedule will alternate between Stage 3 in the morning and Stage 4 in the
evening from Monday to Thursday this week.

 

As the unreliable nature of Eskom's ageing coal fleet continues, the
International Partners Group has increased its funding for South Africa's
just energy transition from $8.5 billion (R160.4 billion) to $9.3 billion
(R175.2 billion).

 

-Scrolla.

 

 

 

 

South Africa: Transnet Blames the Weather for Ports Crisis

Transnet authorities are putting the blame on the weather for disrupting the
handling by cranes of ships docking in the chaotic ports of Durban and
Richards Bay.

 

The revelations were made after an outcry over the congestion caused by coal
trucks causing massive traffic jams on the N2 in northern KwaZulu-Natal and
at the Durban harbour while waiting in queues for days to be processed.

 

At least 63 vessels were waiting at sea in Durban last week to be booked in
and the backlog is estimated to only be cleared by February 2024.

 

Trucks from Mpumalanga coal mines have turned the N2 in eMpangeni into a
waiting station to enter Richards Bay to offload coal waiting to be shipped
to Europe.

 

Cargo ships are said to be spending about four months at sea, waiting to
enter the ports while trucks are parked on the N2 and John Ross Highway for
weeks.

 

 

Bonginkosi Mabaso from Transnet told the SABC's uKhozi FM that the equipment
they use at their ports is affected by the weather. He said at the moment
work was disrupted because of the floods that wreaked havoc in some parts of
KZN.

 

"We are planning to buy new equipment to improve the infrastructure. We are
also being assisted by the private sector to improve the performance of the
ports and the whole organisation," said Mabaso.

 

He also said they were working on building 500 km of railway line between
Gauteng and KZN which will hopefully see a decrease in the number of trucks
on the roads.

 

In Richards Bay, the City of uMhlathuze has threatened to take legal action
against Transnet, which it has been accused of failing to come up with the
funding model to help the municipality to pay traffic police overtime.

 

President Cyril Ramaphosa said he is worried about the lack of
accountability and proper planning which has led to the ports crisis.

 

During the visit to Richards Bay harbour, Ramaphosa was told that Transnet
is negotiating with uMhlathuze Municipality to secure vacant land where
trucks can queue safely.

 

The City of uMhlathuze Communications Manager Bongani Gina told
Scrolla.Africa they are in talks with Transnet over a land that was reserved
for Economic Development which is close to the sea.

 

-Scrolla.

 

 

 

South Africa: Stage 4 Load Shedding Until Saturday

Eskom has announced that it will implement Stage 4 load shedding from 2pm on
Monday until 5am on Saturday morning.

 

On Sunday, the power utility had said it would implement Stage 3 load
shedding in the afternoons followed by Stage 4 only in the evening.

 

"Due to the increasing demand combined with insufficient generating capacity
and the need to manage the emergency reserves, Stage 4 load shedding will be
implemented.

 

"Eskom will closely monitor the power system and communicate any changes to
load shedding should it be required," the power utility said in a statement.

 

 

By Monday afternoon, unplanned outages at power stations stood at some 15
424MW with a further 6280MW unavailable due to maintenance.

 

"In the last 24 hours, 500MW of generating capacity was taken offline whilst
in the same period 600MW were returned to service. Approximately 1 300MW of
generating capacity is anticipated to return to service by Tuesday evening.

 

"Eskom teams are working tirelessly to ensure that this additional
generating units are returned to service as soon as possible," the statement
read.

 

The public is being urged to reduce electricity usage by switching off pool
pumps and geysers between the hours of 5pm and 9pm.

 

"We would like to thank those who do heed the call to use electricity
sparingly and efficiently from 17:00 to 21:00, as this lowers demand and
helps in alleviating the pressure on the power system and contributes to
lower stages of load shedding," Eskom said.

 

-SAnews.gov.za.

 

 

 

South Africa: Eskom Receives Global Credit Ratings Boost

Eskom has welcomed the decision by global ratings agency S&P Global to
upgrade the power utility's credit rating to 'B' from 'CCC+' with a stable
outlook on the company's senior secured and senior unsecured debt.

 

In addition, S&P Global also upgraded Eskom's South Africa national scale
rating to 'zaBBB/zaA-2' from 'zaB/zaB'.

 

Eskom Acting Group Chief Executive Calib Cassim said: "Eskom welcomes the
decision to upgrade the company's credit rating by S&P Global. We continue
to work with key stakeholders, particularly shareholder ministries as we
implement our turnaround plan with a focus on key strategic objectives which
include operations and financial recovery; people, culture and ethics, and
legal separation of the business."

 

 

The credit ratings agency cited government's R254 billion debt relief
package as key in the electricity company's credit quality.

 

"In their rationale, the credit rating agency stated that the upgrade is due
to their expectation that the South African government's R254 billion
financial support package, as part of the Eskom Debt Relief Act signed into
law on 7 July 2023, will cover Eskom's debt servicing and repayment
obligations over the current and coming two financial years resulting in an
improvement of the company's credit quality.

 

"The stable outlook reflects S&P Global's view that Eskom's creditworthiness
will continue to benefit from explicit and timely support from the South
African Government, facilitating a strengthening of Eskom's liquidity
position and less risk of default as the debt relief agreement is
implemented as stipulated," Eskom said.

 

-SAnews.gov.za.

 

 

 

Tanzania: Remarkable Development in Isles Seaweed Farming

Zanzibar — THE Zanzibar Seaweed Company (ZASCO) and the UK based company
'Nutri-san' Limited have signed a framework agreement for a joint operation
and management of a carrageenan factory at Chamanangwe industrial park,
Pemba Island.

 

Before witnessing the signing of documents in Unguja, the Zanzibar Minister
of Trade and Industries Development Mr Omar Said Shaaban said it is a
remarkable development in seaweed farming.

 

He told the gathering which included contractors of the processing factory
and other stakeholders in seaweed farming that the agreement to form a joint

 

 

 

 

Liberia: Poultry Farmer in Bong Grateful for Retrap Interventions

Gbarnga City, Bong County, Central Liberia -- In the bustling heart of
Gbarnga City, Tryphaina's Poultry and Farm has become a beacon of
agricultural progress, boasting over 1,800 chickens and a flourishing
vegetable production venture. Under the leadership of Miss Tryphaina Nyahn,
this farm has evolved into one of Liberia's largest poultry enterprises.

 

The pivotal moment in their journey occurred when Tryphaina and fellow
poultry farmers in Bong County received a transformative boost from the
Government of Liberia's Rural Economic Transformation Project (RETRAP).
Executed by the Ministry of Agriculture and funded by the World Bank, RETRAP
provided 2,000 chicks and essential chicken feed to farmers--a move hailed
by Tryphaina as a game-changer.

 

 

Expressing her gratitude, Tryphaina, the CEO of her farm and head of poultry
farmers in Bong County, acknowledged RETRAP's contribution, stating, "I am
grateful to RETRAP for the intervention, which has contributed to the
progress poultry farmers are making in Bong County, especially enhancing the
multiplication of chicks."

 

Despite her achievements, armed with a bachelor's degree in agriculture and
specialized certifications in poultry and vegetable farming, Tryphaina
believes there's room for more growth. "RETRAP should do more with training
or building the capacity of poultry farmers in Liberia to further enhance
productivity and growth," she emphasized.

 

A standout facet of Tryphaina's work is her unique ability to produce
chicken feed, setting her apart in Liberia. She highlighted the need for
additional support to expand this aspect of her operations, aiming to
provide affordable feed options for her birds and fellow poultry farmers. "I
need support to produce chicken feed at a lower cost. It's expensive, but I
want to make it affordable for everyone," she said.

 

 

Madam Deedee F. C. Cooper, a County-Level Facilitator of RETRAP in Bong
County, shed light on the project's vision. "RETRAP is keen on supporting
smallholder farmers and agribusiness SMEs in various value chains in
Liberia, including poultry," she stated. Deedee expressed satisfaction with
the progress made by Tryphaina's Poultry and Farm and other beneficiaries in
Bong County, highlighting their willingness to share knowledge and
experience--a testament to the community spirit fostered by RETRAP
interventions.

 

For the poultry value chain, Tryphaina's Poultry and Farm stands as a
testament to the transformative power of strategic interventions. With
RETRAP's support, Tryphaina and her fellow farmers are not only raising
birds but also sowing the seeds of knowledge and sustainable agricultural
practices, ensuring the availability of unfrozen chickens in Liberia.

 

-New Dawn.

 

 

 

Seychelles' Trade Officials Brush Up On Negotiating Skills With WTO Experts

Officers and partners of the Seychelles Department of Trade will improve
their negotiating skills through a one-week training programme starting
Monday, facilitated by the World Trade Organisation (WTO).

 

The training is expected to give the participants the required skills to
negotiate for Seychelles, other nations and organisations on trade issues.

 

"This training will help all the participants to better understand how trade
negotiations work and will do both theory and practical sessions during the
workshop," Veronique Brutus, a senior trade officer, told reporters.

 

 

The Trade Department is mandated to negotiate trade agreements for
Seychelles, an archipelago in the western Indian Ocean.

 

It also works with local authorities to establish these negotiations, and
aside from its officers, officers of the Customs Division, Seychelles Bureau
of Standards, Agriculture, Fisheries, and other departments are taking part
in the training.

 

During the workshop, the participants will learn about the WTO, the basic
concepts of negotiations, and negotiation techniques, as well as do
simulated negotiation exercises.

 

The training is being led by Willie Chatsika, head of Africa WTO, and
training officer, Franziska Kirschke.

 

"The WTO is set up primarily for the benefit of its members and our primary
is to help the members implement the agreements that they themselves have
negotiated," said Chatsika.

 

He added that these training programmes will help member countries, such as
Seychelles, to understand the rules and disciplines of the WTO, so that they
can then use them for their betterment.

 

"We hope that by the end of the week, the participants will be better
equipped to negotiate various areas of international trade on behalf of
Seychelles," added Chatsika.

 

The World Trade Organisation (WTO) is the only global international
organisation dealing with the rules of trade between nations.

 

At its heart are the WTO agreements, negotiated and signed by the bulk of
the world's trading nations and ratified in their parliaments.

 

The goal is to ensure that trade flows as smoothly, predictably and freely
as possible.

 

Seychelles has been a member of the WTO since April 26, 2015.

 

-Seychelles News Agency.

 

 

 

Rwanda: Indian, Austrian Investors Mull 'Rent-to-Own' Housing Model in
Rwanda

The government is in the final stages of implementing a 'Rent-To-Own' scheme
aimed at providing affordable housing for low-income earners. Investors from
India and Austria have expressed keen interest in this innovative model, The
New Times has learnt.

 

ALSO READ: Govt mulls direct investment in low-cost housing projects

 

The Rent-To-Own initiative is designed to empower low-income workers by
offering them the opportunity to rent homes with the ultimate goal of
ownership.

 

Under this model, tenants pay monthly rental fees along with an additional
amount, accumulating over several years, which will eventually enable them
to purchase and own the property.

 

This initiative was prompted by a study conducted in June 2023 by the Rwanda
Housing Authority (RHA), the Ministry of Infrastructure, and the Development
Bank of Rwanda (BRD). The study revealed that approximately 30% of urban
households in Rwanda earn a net monthly income of Rwf100,000 or less, while
an additional 27% fall within the monthly income range of Rwf100,001 to
Rwf200,000.

 

Despite completed and ongoing affordable housing projects, Minister of State
Patricie Uwase says that less than 10% of the population can afford the
so-called affordable houses in the country.

 

Addressing the need for a Rent-To-Own model, Eng. Edward Kyazze, Division
Manager of Urbanization, Human Settlement, and Housing Development at the
Ministry of Infrastructure, disclosed that investors from India and Vienna
have expressed interest. Kyazze emphasized the importance of a pilot project
to attract investors, with the government providing enhanced incentives.

 

 

Kyazze revealed that Indian investors are awaiting approval to construct
2,000 Rent-To-Own dwelling units, starting with approximately 300 units as a
test phase. Public-private partnerships and subsidies for such rent are
crucial components, and approval of the model by the cabinet is anticipated.

 

To ensure the scheme's success, Kyazze proposed land banking as a practice
to aggregate land parcels for future development. The Rwanda Housing
Authority has designated 6,100 hectares for private sector construction of
affordable housing, addressing Kigali's 30-year plan to alleviate the
shortage.

 

The government is also considering revising its housing strategy to
integrate new models for affordable housing, such as incremental housing
where residents buy incomplete houses and complete them gradually.

 

Furthermore, the government is exploring the possibility of direct
investment in a social rental housing program for individuals earning up to
Rwf200,000 per month.

 

ALSO READ: Foreign investors eye Rwanda's affordable housing scheme

 

Jean-Claude Benimana, a housing model consultant, emphasized the need for a
commercial feasibility study, an investment package, and government
infrastructure contributions. He lauded the Rent-To-Own scheme as a real
solution, suggesting that it would be a financial facility suitable for
informal economies like Africa's.

 

Benimana urged a trial project to attract investors, a collective investment
scheme, and a diverse pool of advantages for home acquirers to contribute to
the program's success.

 

For a lawful and structured economy like Rwanda's, Benimana underlined, the
Rent-To-Own model presents a 'juicy opportunity' for risk-taking investors,
with manageable risks in the affordable housing sector.

 

-New Times.

 

 

 

Vaping: Australia to ban disposable vape imports from January

Australia will ban imports of disposable vapes from January, in an effort to
curb nicotine addiction in children.

 

New laws to stop single-use vapes from being made, advertised, and supplied
in the country will also be introduced.

 

It comes amid a broader push to phase out recreational vaping completely.

 

Vaping has been marketed as a way to quit smoking, but Australia's health
minister says it has created a "new generation of nicotine dependency".

 

Vapes, or e-cigarettes, are lithium battery-powered devices that have
cartridges filled with liquids containing nicotine, artificial flavourings,
and a range of other chemicals.

 

It has been illegal for any Australian to purchase or import e-cigarettes or
nicotine vapes without a doctor's prescription since 2021, but despite those
restrictions rates of addiction have continued to skyrocket.

 

A study from the University of Sydney earlier this year found that over a
quarter of teenagers aged 14-17 had vaped, while research from Australia's
Cancer Council charity found that nine out of 10 teenagers in the same age
group found it easy to access nicotine vapes.

 

"All Australian governments are committed to working together to stop the
disturbing growth in vaping among our young people," said Mark Butler, the
federal health minister who is leading the ban.

 

In May, the Australian government signalled its intention to phase out the
use of single-use vapes, but until now it had provided no concrete timeline.

 

Mr Butler says that the import ban on disposable vapes will start on 1
January, and that by March refillable non-therapeutic vapes will also be
banned from entering the country.

 

Importers and manufacturers supplying therapeutic vapes will also have to
comply with tighter government regulation concerning the flavours, nicotine
levels, and packaging of their products.

 

Experts have warned that not enough is known yet about the long-term impacts
of vaping.

 

Research from Johns Hopkins University has linked the practice to chronic
lung disease and asthma.

 

And in Australia, scientists who have studied the liquids used in vapes have
warned that they contain "a suite of chemicals" known to impact lung health.

 

Australia's announcement comes just days after New Zealand's government
scrapped its world-leading smoking ban to pay for tax cuts.-bbc

 

 

 

 

COP28: UAE planned to use climate talks to make oil deals

The United Arab Emirates planned to use its role as the host of UN climate
talks as an opportunity to strike oil and gas deals, the BBC has learned.

 

Leaked briefing documents reveal plans to discuss fossil fuel deals with 15
nations.

 

The UN body responsible for the COP28 summit told the BBC hosts were
expected to act without bias or self-interest.

 

The UAE team did not deny using COP28 meetings for business talks, and said
"private meetings are private".

 

It declined to comment on what was discussed in the meetings and said its
work has been focused on "meaningful climate action".

 

The documents - obtained by independent journalists at the Centre for
Climate Reporting working alongside the BBC - were prepared by the UAE's
COP28 team for meetings with at least 27 foreign governments ahead of the
COP28 summit, which starts on 30 November.

 

They included proposed "talking points", such as one for China which says
Adnoc, the UAE's state oil company, is "willing to jointly evaluate
international LNG [liquefied natural gas] opportunities" in Mozambique,
Canada and Australia.

 

The documents suggest telling a Colombian minister that Adnoc "stands ready"
to support Colombia to develop its fossil fuel resources.

 

There are talking points for 13 other countries, including Germany and
Egypt, which suggest telling them Adnoc wants to work with their governments
to develop fossil fuel projects.

 

Graphic showing quotes from briefing document for the UAE COP28 team's
meeting with China, saying they were "willing to jointly evaluate
international LNG opportunities (Mozambique, Canada, Australia)"

The briefings show the UAE also prepared talking points on commercial
opportunities for its state renewable energy company, Masdar, ahead of
meetings with 20 countries, including the UK, United States, France,
Germany, the Netherlands, Brazil, China, Saudi Arabia, Egypt and Kenya.

 

COP28 is the UN's latest round of global climate talks. This year it is
being hosted by the UAE in Dubai and is due to be attended by 167 world
leaders, including the Pope and King Charles III.

 

These summits are the world's most important meetings to discuss how to
tackle climate change.

 

The hope is COP28 will help limit the long-term global temperature rise to
1.5C, which the UN's climate science body says is crucial to avoid the worst
impacts of climate change. But that will require drastic cuts in greenhouse
gas emissions, it says - a 43% reduction by 2030 from 2019 levels.

 

What is COP28 in Dubai and why is it important?

Deep divisions ahead of crucial UN climate talks

As part of the preparations for the conference, the UAE's COP28 team
arranged a series of ministerial meetings with governments from around the
world.

 

The meetings were to be hosted by the president of COP28, Dr Sultan
al-Jaber. Each year the host nation appoints a representative to be the COP
president.

 

Meeting representatives of foreign governments is one of the core
responsibilities of COP presidents. It is the president's job to encourage
countries to be as ambitious as possible in their efforts to cut emissions.

 

The leaked briefing documents seen by the BBC were prepared for Dr Jaber -
who is also CEO of the UAE's giant state oil company, Adnoc, and of the
state renewables business, Masdar.

 

An oil supertanker pictured at the Fujairah terminal in the UAE

IMAGE SOURCE,GETTY IMAGES

Image caption,

The UAE is one of the world's largest oil producers

The documents contain a summary of objectives for the meetings, including
information about the minister or official Dr Jaber was due to meet and what
issues he should raise in the UAE's efforts to progress the climate talks.

 

For more than two dozen countries, the documents also contain talking points
drawn up by Adnoc and Masdar:

 

The Brazilian environment minister was to be asked for help "securing
alignment and endorsement" for Adnoc's bid for Latin America's largest oil
and gas processing company, Braskem. Earlier this month, Adnoc made a $2.1bn
(£1.7bn) offer to buy a key stake

Germany was to be told by Adnoc: "We stand ready to continue our LNG
supplies"

Adnoc suggested the oil-producing nations of Saudi Arabia and Venezuela be
told "there is no conflict between the sustainable development of any
country's natural resources and its commitment to climate change"

The BBC has seen an email exchange in which COP28 staff members are told
Adnoc and Masdar talking points "always need to be included" in the briefing
notes. The COP28 team said it was "simply untrue" that staff had been told
this.

 

It is not clear on how many occasions Dr Jaber and his colleagues raised the
talking points in COP28 meetings with foreign governments.

 

We know, on at least one occasion, a nation followed up on commercial
discussions brought up in a meeting arranged by the UAE's COP28 team.

 

However, 12 nations have told the BBC there was either no discussion of
commercial activities during meetings, or a meeting did not take place.

 

These included the UK. The leaked documents show the COP28 president had
been briefed to "seek government support" to more than double the size of a
wind farm off the coast of Sheringham in Norfolk in which Masdar has a
stake.

 

Graphic showing quote from briefing document for the UAE COP28 team's
meeting with Brazil's environment minister, mentioning the Braskem deal and
saying "Securing alignment and endorsement for the deal at the highest level
is important for us"

Attempting to do business deals during the COP process appears to be a
serious breach of the standards of conduct expected of a COP president.

 

Those standards are set by the UN body responsible for the climate
negotiations, the United Nations Framework Convention on Climate Change
(UNFCCC).

 

The UNFCCC says the "cardinal principle" for COP presidents and their teams
is "the obligation of impartiality".

 

It told the BBC that COP presidents are "expected to act without bias,
prejudice, favouritism, caprice, self-interest, preference or deference,
strictly based on sound, independent and fair judgement".

 

"They are also expected to ensure that personal views and convictions do not
compromise or appear to compromise their role and functions as a UNFCCC
officer," it continued.

 

Manuel Pulgar-Vidal, the head of the COP20 summit in Peru in 2014, worries a
collapse in trust could mean no progress on tackling climate change in
Dubai.

 

"The president of the COP is the leader of the world, is trying to build
consensus on behalf of the planet," he told the BBC.

 

"If any president of the COP tries to bring a particular interest,
[including] commercial interest, that could mean the failure of the COP."

 

Prof Michael Jacobs of Sheffield University, who is an expert on UN climate
politics, told the BBC the COP28 team's actions looked "breathtakingly
hypocritical".

 

"I actually think it's worse than that," he said, "because the UAE at the
moment is the custodian of a United Nations process aimed at reducing global
emissions. And yet, in the very same meetings where it's apparently trying
to pursue that goal, it's actually trying to do side deals which will
increase global emissions."

 

Several of the proposed projects mentioned in the briefing documents appear
to represent new oil and gas developments. The International Energy Agency,
a global watchdog, has said that to keep temperature rises to the 1.5C
target, no new oil and gas fields should be developed.

 

Graphic showing quote from briefing document for the UAE COP28 team's
meeting with the UK, saying they would "seek UK government support to extend
the seabed rights for Dudgeon Offshore Wind Extension"

At a press conference last month, COP28 director-general Majid al-Suwaidi
said the UAE's climate summit team was "fully independent" of both Adnoc and
Masdar.

 

COP28 has been "very clear about our independence" in discussions with the
UNFCCC, he added.

 

In a statement, the COP28 team told the BBC: "The fact that Dr Sultan
al-Jaber holds a number of positions alongside his role as COP28
president-designate is public knowledge and something we have been
transparent about from the outset.

 

"Dr Sultan al-Jaber is singularly focused on the business of COP and
delivering ambitious and transformational climate outcomes at COP28," the
statement said, adding it would be a "distraction" to suggest that the work
he has undertaken has not "been focused on meaningful climate action".

 

These are serious allegations but ultimately the success of the UAE's
leadership of the climate talks, and of the COP28 president himself, will be
judged by the results achieved at the summit, experts say.

 

The COP28 summit is due to end on Tuesday 12 December.

 

Additional reporting by Adam Eley and Sophie Woodcock-bbc

 

 

 

TikTok owner ByteDance cuts gaming division jobs

ByteDance has confirmed that it will significantly downsize its gaming
business after reports of job cuts.

 

The Beijing-based company, which also owns popular social network TikTok,
entered the gaming market in 2019 to compete with industry leader Tencent.

 

But it has failed to grab market share.

 

The BBC understands that games with active players, such as Crystal of Atlan
and Earth: Revival will continue. Titles which have not yet launched will be
shut down in December.

 

The decision will likely impact hundreds of employees.

 

A spokesperson from ByteDance told the BBC the company regularly reviews its
business and it has "made the difficult decision to restructure our gaming
business".

 

The global video game market was estimated to be worth $217bn (£172bn) last
year, according to market research and consulting company Grand View
Research.

 

ByteDance's creation of its gaming division Nuverse in 2019 was widely seen
as a major push into a once booming sector.

 

In 2021, the company formalised its status as one of six business units
under a broader structural overhaul.

 

To build up production capacity, Nuverse acquired external studios such as
C4games.

 

But Nuverse's performance has been patchy with none of its games becoming a
commercial hit.

 

The latest move marks a retreat from the competitive video gaming sector.

 

ByteDance's competitor Tencent is the world's biggest gaming company in
terms of revenue.

 

Formed in 2012, ByteDance created the global smash-hit app TikTok which has
an estimated 1.1bn active monthly users.

 

Its massive popularity has meant it has been scrutinised by governments
around the world, including in the US and China.

 

During his term, US President Donald Trump regularly attacked ByteDance,
accusing TikTok of being a threat to US national security.

 

Politicians and officials raised concerns about users' personal data being
passed to the Chinese government.

 

TikTok has denied accusations that it shares user data but its CEO Shou Zi
Chew faced hours of questioning at a US congressional hearing in March.

 

There has been growing pressure on ByteDance to spin off its shares in
TikTok or risk facing a ban.

 

 

 

First transatlantic flight using 100% green fuels to take off

The first transatlantic flight powered only by alternative fuels is due to
take off on Tuesday morning.

 

Operated by Virgin Atlantic, it will fly from London's Heathrow to New
York's JFK airport at 11:30 GMT.

 

Airlines see the flight, which is supported by government funding, as
demonstrating that a greener way of flying is possible.

 

But a lack of supply remains a challenge, while other technology will be
needed to hit emissions targets.

 

So-called sustainable aviation fuels (SAF) can be made from a variety of
sources, including crops, household waste and cooking oils.

 

For this flight, a Boeing 787 will be filled with 50 tonnes of SAF. Two
types are being used, with 88% derived from waste fats and the rest from the
wastes of corn production in the US.

 

Following test and analysis, the flight was approved by UK regulator the
Civil Aviation Authority earlier this month. A number of companies have been
involved in the project including engine-maker Rolls-Royce and energy giant
BP.

 

The aviation industry is particularly difficult to decarbonise, but airline
bosses view SAF as the most effective tool available to help bring its net
emissions down to zero.

 

Planes still emit carbon when using SAF, but the industry says the
"lifecycle emissions" of these fuels can be up to 70% lower.

 

SAF is already used in small amounts, blended with traditional jet fuel, but
accounts for less than 0.1% of the aviation fuel consumed around the world.

 

It currently costs more than kerosene, and relatively small amounts are
made. Aircraft are usually only allowed to use up to 50% in a blend.

 

There are no dedicated commercial SAF plants in the UK, although the
government aim is to have five under construction by 2025, supported by
grant funding.

 

Airlines see the first long-haul flight using 100% SAF as a significant
milestone. But experts say such fuels are not a magic bullet.

 

Dr Guy Gratton, associate professor of aviation and the environment at
Cranfield University, said: "We can't produce a majority of our fuel
requirements this way because we just don't have the feedstocks. And even if
you do, these fuels are not true 'net zeros'."

 

He said the growing use of SAF had to be treated as "a stepping stone
towards future, genuinely net zero technologies".

 

"This might be e-fuels [which are manufactured using captured carbon dioxide
or carbon monoxide, together with hydrogen], it might be hydrogen, it might
be some technologies that we still really only have at the laboratory
stage."

 

The UK government also plans to require 10% of aviation fuel to be SAF by
2030.

 

Airlines UK, which represents UK-registered carriers, said they must be able
to access enough affordable SAF to meet such a requirement, with as much as
possible coming from the UK.

 

Its boss Tim Alderslade said: "The last thing we want is higher fuel costs
for UK passengers compared to the rest of Europe and the US, with worse
sustainability outcomes and thousands of new jobs lost overseas."

 

Environmental campaigners say the only way to cut emissions quickly is to
fly less.

 

But UK ministers and the industry have insisted they believe "net zero" by
2050 is achievable with passenger numbers increasing.

 

-bbc

 

 

 

 

Tesla sues Sweden as strikes target carmaker

Tesla has sued the Swedish Transport Agency after postal workers stopped
delivering licence plates connected to the electric car company.

 

The move is intended to support a strike by Tesla metal workers in the
country.

 

The IF Metall union is fighting the US carmaker for a collective bargaining
agreement, which is standard in Sweden.

 

Tesla boss, billionaire Elon Musk, said last week the potential impact of
the stand-off was "insane".

 

About 130 staff at Tesla's Swedish repair shops have been on strike since 27
October, demanding an agreement to guarantee "good wages, good pensions and
good insurance for staff", according to IF Metall.

 

Eight other unions have since announced their own actions targeting Tesla in
sympathy with the repair workers.

 

The postal workers' Swedish Union for Service and Communications Employees
(Seko) started its "blockade" on 20 November. Dockworkers also recently
stopped unloading Tesla cars.

 

Tesla's lawsuit, filed in district court on Monday, accuses the Transport
Agency, part of the Swedish government, of unfairly targeting Tesla by not
fulfilling the deliveries of the registration plates, according to reports.

 

It demanded access to the plates - a request that the court granted in a
preliminary ruling, according to Swedish media.

 

The temporary injunction means the Transport Agency, which had said it was
bound to use the state-backed mail carrier, must get the plates to Tesla
within seven days or face a fine.

 

A spokesperson for the agency said it had not seen the lawsuit but did not
share the view that it was failing to meet obligations.

 

"Tesla has decided to have the issue tested in court, which is their right,"
Mikael Andersson said.

 

"We need to look at the lawsuit and Tesla's reasoning in it. Reasonably, the
district court will allow the Swedish Transport Agency to express itself in
the case and thus our attitude to Tesla's reasoning will be clear. The
District Court may then hear the matter."

 

Tesla did not respond to a request for comment.

 

Mr Musk is known for opposing unionisation at the car company.

 

Last week, he weighed in on X, the social media platform he owns, responding
to an article about the strike with the comment: "This is insane".

 

In announcing its action last week, the Seko president, Gabriella Lavecchia,
said IF Metall's fight was "also our fight" and that Tesla was refusing to
play by the "rules of the game here in Sweden", according to a translation
of the announcement.

 

"It is of course completely unacceptable," she said. "The fight that IF
Metall is now taking is important for the entire Swedish collective
agreement model."

 

IF Metall has said Tesla workers have lower wages and are offered fewer
benefits than is the industry standard.

 

It said that while some big US companies, including Amazon, have resisted
collective bargaining agreements, most end up complying.

 

"We are convinced that even Tesla will realise that there is no tenable
reason to maintain its almost dogmatic resistance to signing contracts," the
union said.

 

 

 

 

 

 

 


 


 


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
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opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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other member of Bulls ‘n Bears nor any other person, accepts any liability
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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:
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