Major International Business Headlines Brief::: 05 October 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  05 October 2023 

 


 

 


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

 


 

 


 

ü  Kenya Emerging As ICT Destination, President Ruto

ü  South Africa: Egg Rationing Begins as Avian Flu Wreaks Havoc on Poultry
Sector

ü  West Africa: Cocoa Prices Are Surging - West African Countries Should
Seize the Moment to Negotiate a Better Deal for Farmers

ü  African Airlines Record a Decline in Cargo Volumes in August

ü  Ethiopia: Authority Aspires Sharp Rise in Coffee Export Earnings

ü  Kenya: KeNHA Urges Caution on Nairobi's Southern Bypass Following
Multiple Accidents

ü  Kenya and US Finalizing Trade Deal

ü  Nigeria: Pollution - Reps to Probe Oil Companies for Alleged Violation of
PIA

ü  Angola: More Than 3,000 Foreign Illegal Miners Repatriated By Operation
Extension

ü  South Africa: Woolworths Ration Eggs as Shortages Persist

ü  Egypt: MOU Between Telecom Egypt, Hungary's 4iG

ü  Sam Bankman-Fried: FTX crypto empire 'built on lies' - prosecutors

ü  A certificate to own a car in Singapore now costs $106,000

ü  Amazon and Microsoft to face cloud computing competition probe

ü  Rishi Sunak promises more rail, road and bus links

 


 

 


 <https://www.cloverleaf.co.zw/> Kenya Emerging As ICT Destination,
President Ruto

Nairobi — Kenya's global and continental leadership in ICT is growing,
attracting the biggest technology companies in the world.

 

President William Ruto said the country's conducive investment climate and
tech savvy youth had made this possible.

 

Technology, he added, is a crucial emabler for the country's economic
growth.

 

"Kenya has emerged as one of the most exciting frontiers of global tech
competitiveness, with a high revolutionary potential across all sectors," he
said.

 

The President was speaking at the launch of the Amazon Web Services
Development Centre in Nairobi.

 

 

The centre is Amazon's second in Africa and will provide young people with
cloud computing skills and serve as a base for Amazon to extend its African
footprint.

 

"This Centre affirms Kenya's attractiveness as an investment destination and
recognises the opportunities in our digital and ICT sectors."

 

The launch comes just a fortnight after the President met AWS executives in
New York.

 

"We agreed that Kenya will develop and sustain a conducive business
environment that will allow them to expand their investment in Kenya," he
noted.

 

President Ruto said efforts to strengthen education in the country are meant
to enhance Kenya's human capital.

 

"We will continue investing in education and building partnerships so that
we can develop expertise to meet the needs of companies like Amazon," he
said.

 

US Ambassador to Kenya Meg Whitman pointed out that the launch of the centre
is an endorsement of Kenya's business environment.

 

"AWS is one of the most important tech companies in the world; the fact that
they have decided to set up a development centre in Kenya speaks volumes
about this country and this administration," she said.

 

AWS regional lead, public sector sub-Sahara, Robin Njiru lauded the
government's efforts to build a conducive environmental for foreign owned
firms.

 

Nairobi Governor Johnson Sakaja, ICT and the Digital Economy Principal
Secretary John Tanui his Investment counter Hassan Abubakar among other
leaders were present. - Presidential Communication Service

 

- Capital FM.

 

 

 

 

South Africa: Egg Rationing Begins as Avian Flu Wreaks Havoc on Poultry
Sector

Harare — As South Africa's worst-ever avian influenza outbreak continues to
spread, Woolworths and Pick n Pay are restricting eggs to consumers in an
effort to assure a steady supply, News24 reports. Shoprite reportedly said
that it had no such plans.

 

"Due to the shortage of eggs caused by the avian flu, we need to prioritise
the use of available whole eggs that meet our standards of food safety and
quality for Woolies products made with eggs. As a temporary measure, we
therefore have to limit whole egg purchases to 1 pack of 6 eggs per
customer. We are working with our farmers to ensure regular supply returns
as soon as possible," Woolworths said in a statement.

 

A six-egg limit per person is in effect up until further notice, unless the
store still stocks (rapidly running out) packs of 18 or 36 eggs, according
to BusinessLive.

 

According to industry sources, South Africans will pay much more for chicken
and eggs as farmers fight the worst avian influenza outbreak since 2017.
Millions of fertilized eggs may be imported into South Africa to help with
the country's current broiler chicken shortfall, and the industry
anticipates a large increase in chicken imports in the months running up to
December.

 

 

While the more dangerous H7 outbreaks are primarily in Limpopo, the North
West, the Free State, and Mpumalanga, the H5 type predominates in the
Western Cape and KwaZulu-Natal. Since the H7 strain takes significantly
longer for the hens to exhibit symptoms of infection, they remain infected
for a longer period of time and spread the virus to other flocks of fowl.

 

Although the extent of the projected price shocks is yet unknown, SA Poultry
Association (Sapa) general manager Izaak Breitenbach told Moneyweb said that
shortages might linger far into the holiday season as the industry works to
gain control of the situation.

 

"We are already seeing shortages in commercial table eggs in the marketplace
and that will put upwards pressure on the price of table eggs," Breitenbach
said.

 

When there is an avian influenza outbreak, farmers must to slaughter all
hens and destroy any eggs. The same goes for farms 3km away from the initial
infection site. This helped farmers in the past by stopping the spread of
disease and reducing its effects. According to Sapa, the first bird flu
outbreak in 2017 resulted in the culling of 2.7 million birds, while the
second outbreak in 2021 resulted in the culling of 3 million. Outbreaks of
the avian flu, which started towards the end of May 2023, killed nearly a
quarter of South Africa's poultry, with layer farms being the hardest hit,
according to the World Organisation for Animal Health.

 

 

 

 

West Africa: Cocoa Prices Are Surging - West African Countries Should Seize
the Moment to Negotiate a Better Deal for Farmers

The global price of cocoa is spiking, a direct response to dwindling cocoa
output in west Africa. In September, cocoa futures reached a 44-year price
peak due to mounting concerns over reduced supplies from the region.

 

The price surge could prove to be a critical moment for cocoa farming and
policy in west Africa.

 

The cocoa-producing belt of west Africa is responsible for generating over
80% of the total global output. Between them, Ghana and Côte d'Ivoire
contribute more than 60% to the global output. Ghana is the second-biggest
producer in the world and cocoa is a vital component of the country's
economy.

 

The global price spike has led west African governments to increase the
guaranteed producer prices to farmers. Ghana recently raised the
state-guaranteed cocoa price paid to farmers by two thirds. The announcement
means that Ghana's cocoa farmers will be paid 20,943 cedis (US$1,837) per
tonne for the upcoming 2023-2024 season, up from 12,800 cedis.

 

 

Cameroon, the world's fourth-largest cocoa producer, raised the price cocoa
farmers get to 1,500 CFA francs (US$2.50) per kilogram, a 25% jump from the
previous rate of 1,200 CFA francs. This increase is even more significant
than Ghana's when factoring in Cameroon's single-digit inflation.
Additionally, the Cote d'Ivoire government has announced a rise in the
producer price.

 

As an economics researcher who has extensively studied and written about
cocoa production in west Africa, I contend that the recent shortages can be
harnessed to strengthen the position of cocoa producers. This will enable
them to address the structural challenges ingrained in the cocoa production
value chain. Rising production costs have not been recognised in the value
of cocoa beans. Farmers therefore haven't been able to earn enough income
and this has led to unsustainable farming practices.

 

 

In my view, west African countries should use the cocoa shortage as
negotiating leverage against multinational corporations to address these
structural issues. Both Ghana and Côte d'Ivoire must recognise this pivotal
moment. They must take the lead, and frame the current production challenges
as deep-seated structural problems requiring solutions, rather than as
short-term issues.

 

What's driving the change?

 

Ghana's cocoa regulator recently indicated that its farmers might not be
able to meet some cocoa contract obligations for another season. Ghana's
projected cocoa yield for the 2022/23 planting season was the lowest in 13
years, falling 24% short of the initial estimates of 850,000 metric tonnes.

 

This trend has been repeated across the region, with production falling in
Côte d'Ivoire and Cameroon.

 

 

Reduced output means demand can't be met and global prices rise.

 

The reduction in cocoa output is attributed to short-term and long-term
factors.

 

Commentators typically emphasise the short-term factors:

 

poor weather conditions

black pod disease, which causes cocoa pods to rot

the decline in the number of cocoa farmers, some of them selling their land
to illegal miners

a shortage of fertilisers and pesticides, especially since the conflict in
Ukraine has curtailed Russia's export of potash and other fertilisers.

A number of long-term structural issues have beset cocoa farming in west
Africa for decades. They shouldn't be overshadowed by concerns with
short-term problems.

 

The first is the declining availability of forest land and its connection to
increasing production costs.

 

Over the last two decades, depletion of forest land has led farmers to turn
to grasslands for replanting cocoa plants. This requires extensive land
preparation, regular weeding around the cocoa trees, pruning, and the
application of fertilisers and pesticides. What's more, the plants are
highly susceptible to disease. All these things result in increased labour
costs.

 

None of these additional burdens have been incorporated into the pricing for
sustainable cocoa production. In light of the new cost structure, cocoa
beans have been undervalued for decades. Farmers have become poorer and are
exploring alternative sources of livelihood.

 

The cost of sustainably cultivating cocoa in grasslands must be reflected in
the price that farmers receive. Relying solely on market forces will not
achieve this. For instance, every year, typically in September, the Ghana
Cocoa Board announces the official producer price for cocoa beans for the
upcoming cocoa season on behalf of the government. This official price is
based on the anticipated export market price, with an understanding in Ghana
that farmers should receive approximately 70% of it. However, the resulting
market price, and consequently the producer price derived from it, often
falls short of covering the costs of sustainable cocoa cultivation.

 

A path forward

 

What would it cost for cocoa farmers to cultivate cocoa beans sustainably,
and ensure a living income, without contributing to deforestation or
resorting to child labour?

 

If the market price falls below this cost (which isn't static), then the
farmers face exploitation, giving rise to many of the problems that plague
the industry.

 

A few years ago, Ghana and Côte d'Ivoire pioneered the introduction of the
"living income differential" - a premium that cocoa buyers would pay on top
of the market price to ensure that farmers earned a sustainable income from
their produce. Despite its noble intent, the initiative faltered. It was not
well thought through. And it came at a time when these countries had
diminished bargaining clout in a saturated market. Now is a favourable
moment.

 

The crisis in the sector puts cocoa producers in a stronger negotiating
position.

 

Ghana and Côte d'Ivoire could collaborate with other regional countries,
such as Nigeria and Cameroon, to negotiate a better position for their cocoa
farmers, ensuring sustainable cultivation. There are many strategies these
countries can explore, including supply management (such as buffer stocks,
export controls, or quotas), price premiums and value addition.

 

Michael E Odijie, Research associate, UCL

 

 

 

African Airlines Record a Decline in Cargo Volumes in August

African airlines had the weakest performance in August 2023, with a 4.7%
decline in cargo volumes compared to August 2022, according to the
International Air Transport Association (IATA) Air Cargo Market Analysis
released this week.

 

According to the analysis, for Africa, this was a significant decrease in
performance compared to July (+2.3%).

 

Notably, Africa-Asia routes declined by 1.1% in August following an 11.2%
growth in July, while capacity was 3.8% above August 2022 levels.

 

The released data for August 2023 global air cargo markets, shows that
year-on-year air cargo demand grew.

 

"Air cargo demand grew by 1.5% over the previous August. This is the first
year-on-year growth in 19 months, so it is certainly welcome news. But it is
of a low 2022 base and market signals are mixed," said Willie Walsh, IATA's
Director General in a statement.

 

According to Walsh, looking ahead, while many uncertainties remain, we can
take some optimism from Purchasing Managers Index data moving toward
positive territory.

 

"This is particularly significant as we head into air cargo's traditional
peak year-end season," he concluded.

 

- Namibia Economist.

 

 

 

 

Ethiopia: Authority Aspires Sharp Rise in Coffee Export Earnings

The Ethiopian Coffee and Tea Authority disclosed that promotional and
capacity building activities are well underway to improve quality coffee
production and increase export revenue.

 

Approached by the Ethiopian Press Agency (EPA), Authority Chief Executive
Officer (CEO), Mohammed Shemsu stated that the nation has put emphasis on
promotional activities in business-to-business and business-to-government
conventions in the global arena.

 

Accordingly, he said, the authority is striving to utilize crucial platforms
such as Cup of Excellence, Women in Coffee Conventions, African Fine Coffee
Association to promote Ethiopia's coffee product to the global market.

 

 

"Our coffee products reach close to 70 countries of potential buyers in the
condition of variability," he noted.

 

The CEO said, "Currently, our products with varieties of flavors are
penetrating to East Asian, Arabian countries of which China and Korea are at
the forefront. Similarly, we are streamlining an online market platform with
some specialty coffees in the global market."

 

The authority also engaged in organizing various events since renewing and
rebranding coffee species are the major focus areas of the sector, he
indicated.

 

Besides, it has graduated students taking short and long term trainings in
two rounds in its center which is the first in East Africa for being
equipped with state-of-the-art technologies of brewing and roasting, and
sensory laboratories among other facilities, he mentioned.

 

The center has been nurturing professionals equipped with international
knowledge and skills in post-harvest activities such as coffee cupping,
grading, roasting, grinding, brewing, and packaging and marketing, according
to Mohammed.

 

 

Moreover, universities situated in coffee growing areas are delivering
trainings with the aim of supporting the private sector and creating decent
jobs, he stated.

 

"We are working to expand coffee export centers thereby launching processing
and inspection centers dawn to Jimma and Hawassa cities in a bid to
facilitate a direct export of the commodity," he remarked.

 

The expansion of coffee inspection and export terminals in the country halts
the occurrence of inconveniences during transportation and transaction
periods, he added.

 

Citing that coffee takes the highest shares in the agriculture sector, the
CEO called on the government and other stakeholders to practice and ensure
healthy market competition by tackling contraband and any illegal trading.

 

Mohammed point out that multifaceted initiatives are being implemented to
enhance coffee production through expanding cluster and irrigation farming
by taking lesson Honduras and Brazil.

 

The authority has been announced that efforts are well underway to generate
over 1.7 billion USD from 350,000 tons of coffee export this Ethiopian
fiscal year.

 

- Ethiopian Herald.

 

 

 

Kenya: KeNHA Urges Caution on Nairobi's Southern Bypass Following Multiple
Accidents

Nairobi — The Kenya National Highways Authority (KeNHA) has urged motorists
to exercise caution while using the Southern Bypass in Nairobi, following a
series of accidents that have resulted in casualties.

 

Reports indicate that at least three accidents have taken place on the road
since Tuesday afternoon, raising concern among the public and motorists
alike.

 

The accidents have been attributed to temporary speed bumps erected by the
contractor on the busy road, but KeNHA states that the bumps are essential
to safeguard completed road works

 

"The Authority cautions motorists to be careful on this road," KeNHA said in
a statement circulated to newsrooms.

 

 

The road agency further explained that the ongoing maintenance works along
the Southern Bypass include surface dressing of the road, which they say is
critical in sealing cracks that emerge as bitumen ages.

 

KeNHA clarified that the ongoing maintenance works on the Southern Bypass
include surface dressing to address the natural wear and tear of the road.

 

This surface dressing helps seal cracks that appear as the bitumen ages.

 

They advised motorists to heed to the signage installed along the road
warning of ongoing works and fresh, loose chippings pointing out that some
motorists have been ignoring them.

 

"It is unfortunate that despite the signage, a number of motorists do not
comply with the speed limits," the statement indicated.

 

"High speeds, through fresh section of chippings, would lead to loss of
chippings thereby compromising the quality of the finished section. Besides,
any attempt to brake a vehicle at high speeds would lead to skidding."

 

 

To monitor speeding along the Nairobi Southern Bypass, KeNHA announced the
installation of a speed camera on the road to ensure traffic compliance with
set speed limits.

 

"We encourage motorists to, at all times, adhere to set speed limits on this
road."

 

The road agency expressed regret over the recent accidents and promised to
address the situation promptly.

 

"The Authority wishes to convey sincere condolences to the bereaved families
and promises to walk with them during this difficult period of mourning
their beloved ones as we wish those injured quick recovery," it stated.

 

The accidents on the Southern Bypass has forced Transport Cabinet Secretary
Kipchumba Murkomen to visit the site and promised to issue further statement
later on the day.

 

"I am on site I will revert," Murkomen said in response to Kenyans who had
pleaded for his intervention.

 

- Capital FM.

 

 

 

 

Kenya and US Finalizing Trade Deal

Nairobi — I’m  Kenya and the United States are finalizing a new trade
agreement.

 

President William Ruto and his US counterpart, Joe Biden agreed to expedite
the Strategic Trade and Investment Partnership agreement.

 

The agreement will increase trade and investment between the countries,
boost manufacturing and create jobs.

 

President Biden said the US will work with Kenya and other nations in Africa
to scale up investment in renewable energy and infrastructure "as a way to
provide opportunities for jobs and industrialisation".

 

The two leaders also agreed to continue collaborating closely on security,
ending conflicts and fighting terrorism in the Horn of Africa.

 

This will allow people in the region to enjoy peace and focus on economic
engagement.

 

The two leaders had a telephone conversation on Tuesday evening.

 

President Biden thanked Kenya for accepting to lead the Multinational
Security Support mission to Haiti and confirmed America's support for the
mission.

 

He also congratulated Kenya for a successful African Climate Summit.

 

Also discussed by the two presidents was the place of technology in
development, fight against corruption and food security in Africa.

 

- Capital FM.

 

 

 

Nigeria: Pollution - Reps to Probe Oil Companies for Alleged Violation of
PIA

The lawmakers noted that many oil wells in oil-producing communities are
depleted and are no longer commercially viable, resulting in the sale of old
upstream assets by international and local oil and gas companies.

 

The House of Representatives has resolved to probe oil companies for alleged
environmental damage in oil-producing communities and non-compliance with
the Petroleum Industry Act (PIA).

 

The House mandated its Committee on Petroleum Resources (downstream) to
investigate environmental damage caused by non-compliance with extant laws
by oil-producing companies.

 

 

The resolution followed a motion moved by Ahmadu Jaha (APC, Borno) on
Wednesday during plenary.

 

While moving the motion, Mr Jaha said many oil wells in oil-producing
communities are depleted and are no longer commercially viable, resulting in
the sale of old upstream assets by international and local oil and gas
companies.

 

He said international best practice demands that commercially non-viable oil
well platforms be decommissioned to prevent environmental hazards or
interference with other maritime activities.

 

Citing section 232 of the PIA, Mr Jaha said the law stipulates that at the
end of their exploration activities, oil companies are to ensure that the
environment is returned to its original state by decommissioning and
disposing of non-viable platforms.

 

"Section 233 of the Petroleum Industry Act provides for the establishment of
a fund for the mitigation of negative environmental impacts associated with
decommissioning or abandonment of oil and gas fields and assets," he said.

 

Mr Jaha claimed that local and foreign oil and gas companies have
persistently disregarded the extant laws by abandoning non-viable platforms
and facilities at their operational bases without following standard
practices.

 

He said the situation poses "great risks to the host communities as the
emission of poisonous gases from abandoned facilities are resulting in
unexplainable ailments and terminal diseases amongst the people."

 

"The abandoned facilities are impeding water transportation causing
unimaginable dangers to farmers," he added.

 

The motion was adopted by voice vote without debate when it was put to vote
by the Deputy Speaker, Ben Kalu, who presided over the session.

 

- Premium Times.

 

 

 

 

Angola: More Than 3,000 Foreign Illegal Miners Repatriated By Operation
Extension

Lubango — More than 3,000 foreign illegal miners who worked in Malanje,
Lunda Norte and Lunda Sul were repatriated, from March to June this year, as
part of the first phase of the 'Micro Operation Extension' carried out by
the Angolan authorities.

 

According to the Minister of State and Head of the Military House of the
President of the Republic, Francisco Pereira Furtado, 57 industrial dredgers
with extraction capacity greater than of conventional production were also
dismantled.

 

Francisco Pereira Furtado, who was presenting the results of the
repatriation actions, on Wednesday, in Lubango, added that in the second
stage, the operation was extended to the provinces of Huambo, Bié and Cuanza
Sul and in the third to the provinces of Huíla, Namibe, Cunene and Cuando
Cubango.

 

 

The official considered the results satisfactory for the country, stating
that, once completed, there will be a general review meeting.

 

"We have seen that foreigners carry out mining activities in the country and
do not invest in anything in the social sector, but they acquire large
properties in their countries, and Angola loses a lot with this illicit
action of diamond exploration", he highlighted.

 

He suggested that, the Ministry of Mineral Resources, Oil and Gas must
create mechanisms for the reorganization of the informal sector, namely
diamond extraction cooperatives and the control of this production.

 

Asked about the mining of mineral resources in Huíla, the Minister of State
stated that the operation served to verify this reality and the
environmental degradation caused by the activity.

 

 

Francisco Pereira Furtado said that they ended up touching areas that were
not within the scope of the operation, such as logging.

 

In view of the situation observed, he said that some measures had been
taken, including the processes instructed by the command post and to be
presented to the Public Ministry.

 

According to Francisco Pereira Furtado, to stop the wave of illegal miners
it is necessary to have greater control of the territory, by municipal
administrations and provincial governments and by National Security and
Defense bodies in the efficient control of land, sea and borders. rivers.

 

Operation Extension also aims to better control and monitor forests and
environmental and biodiversity conservation areas.

 

The assessment of the third stage of Operation Expansion also served to
analyze the stability of the borders in the southern region and the level of
environmental degradation caused by mining in the country.

 

As part of strengthening the mechanisms of illegal immigration and illicit
mining trafficking in Angola, the Head of State created, through
Presidential Decree 298/17 of 27 November, the Interministerial Commission
to lead the process of stabilizing mining areas and at the same time
allowing the control of national land, sea and river borders.

 

A similar action, called Operation Transparency, took place from 2020-2022
across the country. MS/MS/DOJ

 

- ANGOP.

 

 

 

 

South Africa: Woolworths Ration Eggs as Shortages Persist

Due to the shortage of eggs caused by the avian flu, we need to prioritise
the use of available whole eggs that meet our standards of food safety and
quality for Woolies products made with eggs. As a temporary measure, we
therefore have to limit whole egg purchases to 1 pack of 6 eggs per
customer.

 

We are working with our farmers to ensure regular supply returns as soon as
possible.

 

 

 

 

Egypt: MOU Between Telecom Egypt, Hungary's 4iG

Communications and Information Technology Minister Amr Talaat attended on
Wednesday the signing of a memorandum of understanding between Telecom Egypt
and Hungary's 4iG for cooperation in constructing high-capacity submarine
fiber optic cable to directly connect Egypt and Albania and from there to
Eastern and Central Europe, with branches ready to connect other points
along the route.

 

The cable represents a new international traffic entrance to the continent
of Europe through Albania and adds a new and multiple path to traffic
between Egypt and Europe.

 

It represents a qualitative addition to the current paths in the
Mediterranean and connects the main communication points in Europe, such as
Budapest, Vienna and Frankfurt, in addition to many potential communication
points in the Eastern Europe region.

 

Talaat said that the memorandum is aiming to cooperate between Egypt and
Hungary to promote ways of connection via submarine cables through the
establishment of a cable between Egypt and Albania.

 

He added that the State is keen on expanding its international digital
infrastructure, given more than 90% of data volume between the East and the
West is passing through Egypt due to its unique distinguished and excellent
location.

 

- Egypt Online.

 

 

 

Sam Bankman-Fried: FTX crypto empire 'built on lies' - prosecutors

Former crypto CEO Sam Bankman-Fried has appeared in a New York court to
answer to charges that his bankrupted financial empire was "built on lies".

 

Prosecutors told the court on Wednesday that the former FTX boss stole
billions from clients and investors to "commit fraud on a massive scale".

 

His lawyers deny all charges, saying the so-called "crypto king" is a "math
nerd" who was acting in "good faith".

 

The blockbuster trial is expected to last about six weeks.

 

Mr Bankman-Fried rose to fame after founding FTX in 2019, once one of the
world's biggest cryptocurrency exchanges.

 

"It looked like Sam Bankman-Fried was on top of the world," lead prosecutor
Thane Rehn told the packed Manhattan courtroom as the trial kicked off.

 

"All of it was built on lies."

 

Mr Bankman-Fried became a kind of crypto spokesman in Washington DC, known
for his curly mop, sports sponsorships and for hobnobbing with celebrities.

 

All you need to know about the Sam Bankman-Fried trial

As markets for digital currencies soured in 2022, he stepped in as a saviour
for smaller firms, which earned him the nickname the "King of Crypto".

 

But a few months later, he was arrested and charged with fraud after FTX
collapsed into bankruptcy with billions being reported missing.

 

The 31-year-old is accused of stealing billions through wire fraud and money
laundering in what amounts to one of the largest financial crimes in US
history.

 

The central allegation is that he used customer funds to prop up his own
risky investments in his trading firm, Alameda Research, and to fund an
extravagant lifestyle.

 

He faces decades in prison if found guilty.

 

The trial opened on Wednesday after 12 jurors and six alternates were chosen
from a pool of 45 people.

 

Prosecutors say Mr Bankman-Fried took more than $10bn (£8.2bn) from
unsuspecting FTX customers.

 

"He was committing a massive fraud and taking billions of dollars from
thousands of victims," Mr Rehn said.

 

"He poured money - other people's money - into his own investments to try to
make himself even richer," he added.

 

Mr Bankman-Fried has admitted in media interviews there was mismanagement at
the firm but has denied he appropriated any funds.

 

"There was no theft," his lawyer Mark Cohen retorted during the defence
team's opening arguments.

 

"Sam didn't defraud anyone. Sam didn't intend to defraud anyone. Sam acted
in good faith."

 

U.S. attorney Damian Williams speaks to the media regarding the indictment
of Samuel Bankman-Fried, the founder of failed crypto exchange FTX in New
York City, U.S., 

 

 

The US Department of Justice alleges that Mr Bankman-Fried used customer
funds placed at FTX to spend extravagantly, buying property and making more
than $100m in political donations.

 

He also allegedly used the money to cover losses at Alameda Research, lying
to investors and banks about the ties between the two companies.

 

Is the US trying to kill crypto?

Mr Bankman-Fried's lawyers told the court that he was following legal advice
at key points and that his business practices were "reasonable".

 

"It's not a crime to be the CEO of a company that later filed for
bankruptcy," said his lawyer, Mr Cohen.

 

Because of the frantic pace of his company's growth, some crucial details
like risk management were "overlooked", he said, calling claims made by
prosecutors about FTX and Alameda's downfall "out of context".

 

Mr Bankman-Fried was "willing to give up everything he owned personally to
make things work", he said.

 

While known for his casual dress, he wore a grey suit to court and was seen
conferring with his lawyers throughout the day.

 

His parents, who are Stanford law professors, sat in the audience watching
the trial, but he appeared to never look back in their direction.

 

Four of his closest business colleagues and allies - including ex-girlfriend
and former Alameda executive Caroline Ellison - have already pleaded guilty.

 

Three are expected to testify against him.

 

The first witness to testify for the prosecution was former FTX customer,
Marc-Antoine Julliard, a French citizen who said he lost $133,000.

 

A commodities trader, he said he knew the risks of investing in crypto and
was prepared to take responsibility for losses.

 

'The King of Crypto lost me £1.7m'

"If I trade, I'm responsible for my own decisions," he told the court.

 

But he said he had never considered the risk that someone else would be
using his money to trade.

 

"That's not what I signed up for," he said.-bbc

 

 

 

 

A certificate to own a car in Singapore now costs $106,000

The cost of a certificate to own a large family car in Singapore has jumped
to a fresh record high of S$146,002 ($106,619; £87,684).

 

The city-state introduced the 10-year certificate of entitlement (COE)
system in 1990 as an anti-congestion measure.

 

Prospective car owners in Singapore must have a COE in order to be able to
purchase a vehicle.

 

They are sold in auctions every two weeks, with the government controlling
the number of certificates for sale.

 

With taxes and import duties, the system has made Singapore the most
expensive country in the world to buy a car.

 

For example, a new standard Toyota Camry Hybrid costs around S$250,000 in
Singapore, which includes the cost of a COE and taxes. That is about six
times more expensive than in the US.

 

There are different types of COEs for smaller cars, motorcycles and
commercial vehicles.

 

COE prices have hit record highs for several months in a row as a
post-pandemic recovery has driven up demand and ahead of the government
cutting rebates for the certificates next year.

 

The lowest COE for a car costs S$104,000, which has almost tripled since
2020 when there was less demand for new cars during the pandemic.

 

The so-called "Open" category, which has no restrictions on which cars it
can be used for, also hit a record high of S$152,000.

 

Alice Chang from Toyota Borneo Motors told the BBC that she had expected the
surge in the cost of COEs due to strong demand for new cars.

 

"Whenever we have luxury cars, buyers are queuing up outside our store," she
said.

 

Despite being relatively small, Singapore regularly ranks as having one of
the largest numbers of millionaires in the world.

 

However, for ordinary Singaporeans, with an average salary of about
S$70,000, the COE scheme means it can be difficult to afford a car.

 

The government is keen to encourage residents to use the public transport
system, which has been ranked as one of the best in the world.

 

Last year, more than S$60bn was committed to expand and renew the country's
rail network over the next decade.

 

The city-state, which has a population of around 5.5 million, had just under
1 million private cars on the road as of the end of last year.

 

The number of new COEs available depends on how many older cars are taken
off the road.-bbc

 

 

 

 

Amazon and Microsoft to face cloud computing competition probe

The UK's cloud computing market is to face a competition probe over concerns
it is being dominated by Amazon and Microsoft.

 

Media watchdog Ofcom said the two make up 70-80% of the sector in the UK,
while closest rival Google has 5-10%.

 

Ofcom had said in April it was worried a lack of competition made it
difficult for businesses to switch providers.

 

It has referred the sector to the UK's Competition and Markets Authority
(CMA) to look into the issue.

 

Cloud computing broadly refers to the storage of data online that can be
accessed anywhere at any time.

 

The services are used by businesses across the UK, and Ofcom estimated that
in 2022 the cloud services market in the UK was worth up to £7.5bn.

 

"Many businesses now completely rely on cloud services, making effective
competition in this market essential," said CMA chief executive Sarah
Cardell.

 

"Strong competition ensures a level playing field so that market power
doesn't end up in the hands of a few players - unlocking the full potential
of these rapidly evolving digital markets so that people, businesses, and
the UK economy can get the maximum benefits.

 

"The CMA's independent inquiry group will now carry out an investigation to
determine whether competition in this market is working well and if not,
what action should be taken to address any issues it finds."

 

The CMA said it would conclude its investigation by April 2025.

 

"All credit to Ofcom for addressing the anti-competitive issues such as data
egress fees, technical and commercial lock-ins that have damaged and
distorted the UK's growing cloud infrastructure market for too long," said
Nicky Stewart, former head of ICT at the Cabinet Office.

 

"It's imperative that the CMA thoroughly investigates all the deep-seated
issues in this critical market which underpins so much of our nation's
digital infrastructure - and that includes anti-competitive licensing."

 

'Difficult to switch'

Fergal Farragher, Ofcom's consumer protection director, told the BBC's Today
programme that cloud computing was "the hidden plumbing that underpins many
of the digital services that businesses and consumers use every day".

 

However, he said that Ofcom had concerns that competition was not working as
well as it should be in the cloud computing market.

 

"Some UK businesses have told us they find it difficult to switch, and mix
and match the best services from different cloud providers," he said.

 

Ofcom is concerned that there are obstacles to switching, including the fees
providers charge for moving data to a rival, which can put off people from
using different services.

 

Mr Farragher said perhaps those fees should be limited, or removed entirely.

 

Ofcom's referral of the cloud services market to the CMA was to make sure
the market "is working well for UK consumers and businesses in the future,"
he added.

 

Rivals such as IBM and Oracle should be able to challenge the more dominant
players, he said.

 

A Microsoft spokesperson said: "We are committed to ensuring the UK cloud
industry remains innovative, highly competitive and an accelerator for
growth across the economy.

 

"We will engage constructively with the CMA as they conduct their Cloud
Services Market Investigation."

 

In response to Ofcom's previous report in April, Amazon had said the
regulator's concerns were "based on fundamental misconceptions" about cloud
computing.

 

The BBC has approached Amazon for comment.-bbc

 

 

 

 

Rishi Sunak promises more rail, road and bus links

The prime minister has pledged billions for transport projects across the
country after scrapping the northern leg of the HS2 high speed rail link.

 

Rishi Sunak said in a speech at the Conservative party conference that £36bn
would be spent on alternative rail, road and bus schemes instead.

 

It came after he confirmed that the Birmingham-Manchester leg of HS2 would
be ditched after weeks of speculation.

 

He said the decision was due to huge costs and long delays.

 

But it has led to accusations the government is abandoning its mission to
"level up" different areas of the UK outside London.

 

In his speech, Mr Sunak said the government "will reinvest every single
penny" saved from cancelling the remainder of HS2, which he said totals
£36bn.

 

"Every region outside of London will receive the same or more government
investment than they would have done under HS2, with quicker results," he
said, although it is not clear when this money will be made available.

 

The high speed rail project was intended to link London, the Midlands and
the north of England.

 

But in his speech on Wednesday, the prime minister said that east-west links
were "far more important" than those linking up the north and the south of
England.

 

He said that his plans would see "hundreds" of alternative projects funded,
such as:

 

He also said that he would protect £12bn to "better connect" Manchester and
Liverpool - although this won't necessarily be with high speed rail.

 

The prime minister said on Wednesday it would be possible to get from
Manchester to Hull in 84 minutes on a fully-electrified line under the new
plans, known as "Network North". But it is not yet clear what the next few
years will hold for the Northern Powerhouse Rail (NPR) project, which aims
to improve connections between Leeds, Manchester and Liverpool.

 

A newly-published government document says that it will now be down to local
leaders to decide how to use the money.

 

NPR was originally designed to intersect with HS2, using a section of the
high speed line for a complicated section through central Manchester.

 

But Mr Sunak said that changes to travel seen since the coronavirus pandemic
meant that the economic case for HS2 "has been massively weakened".

 

The first part of HS2 between west London and Birmingham, which is already
being built, will be completed given how far along that section is.

 

HS2 new map

The scheme as a whole has faced delays, cost increases and cuts, with the
planned eastern leg between Birmingham and Leeds being axed in late 2021.

 

The last official estimate of HS2 costs, excluding the cancelled eastern
section, added up to about £71bn. But this was in 2019 prices so it does not
account for the rise in costs for materials and wages since then.

 

Promising to get a grip on costs, Mr Sunak said the HS2 rail link will now:

 

Only run to Birmingham before joining the existing West Coast Main Line to
Manchester

Not run to East Midlands Parkway

Definitely run to Euston in central London, rather than terminating at Old
Oak Common in the west of the capital

Have just six platforms at London Euston for high-speed trains, instead of
11.

Laurence Turner, head of research at the GMB union, said it was "essential"
that the planned HS2 route was now protected "so that a future government
can reverse this disastrous decision".

 

Northern leaders also hit out at the decision to axe HS2 between Birmingham
and Manchester, with Greater Manchester mayor Andy Burnham saying there was
"frustration and anger" in the region.

 

He said: "It always seems that people here where I live and where I kind of
represent can be treated as second class citizens when it comes to
transport."

 

Businesses in Liverpool called for "viable plans" to support them after the
speech on Wednesday.

 

The Liverpool BID Company, which represents more than 800 businesses in the
city centre, said it had been offered "no specific plans, no specific
timelines and no promise of impact."

 

The prime minister also came under fire from a number of senior
Conservatives in recent days, who urged him not to scrap the northern
section of the rail link and said the cancellation would be a "great
tragedy" that would put off potential investors into the UK.-bbc

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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