Major International Business Headlines Brief::: 10 October 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  10 October 2023 

 


 

 


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

 


 

 


 

ü  Malawi Urged to Ratify ILO C190 to Achieve Decent Work

ü  Nigeria: Brain Drain - Nigerian Govt Approves Contract Appointments for
Retired Healthcare Workers

ü  Nigeria: Tinubu Swells Media Team As Nigerian Economy Bites Harder

ü  Ghana IMF Debt Review Looks Promising

ü  Niger Military Govt Slashes Budget as Sanctions Bite

ü  South Africa: Joburg City to Blame for 'Dark Buildings' Crisis Say
Property Owners

ü  Nigeria: N87.4 Trillion National Debt - Stakeholders Frown At Excessive
Borrowing

ü  Africa: UN Calls for Closing Internet Connectivity and Digital Governance
Gap

ü  Kenya: First Hybrid Solar, Hydro Power Plant Opened in Kirinyaga

ü  Kenya: President Ruto Assents to the Privatization Bill 2023

ü  Metro Bank strikes late-night rescue deal

ü  Nobel economics prize awarded to Claudia Goldin for work on women's pay

ü  California requires companies to report carbon emissions

ü  Airlines cancel or delay flights to Israel as fighting continues

 


 

 


 <https://www.cloverleaf.co.zw/> Malawi Urged to Ratify ILO C190 to Achieve
Decent Work

The Plantations and Workers Union (PAWU) has urged the Malawi Government to
seriously consider ratifying the International Labour Organization (ILO)'s
C190 in order to address violence and harassment at the workplace.

 

In the tea sector, progress has been made in sensitising workers on matters
violence, child labour among other. Wilfred Nkhoma prides in the continued
collaboration with the Tea Industry to undertake negotiation and jointly
agree to a Common Bargaining Agreement.

 

PAWU, noting that challenges still exist, are calling for the ratification
of ILO C190 and recommendation (No. 206), which provide a universal
framework for preventing, remedying and eliminating violence and harassment
in the world of work, including gender-based violence and harassment.

 

 

Speaking in an interview on this year's World Day for Decent Work,
TrustAfrica's Regional Coordinator, Beatrice Makwenda, commended the
Government of Malawi for demonstrating commitment towards creating safer
workplaces as evidenced by the various initiatives undertaken by the
Ministry of Labour over the years.

 

Makwenda cited the conducting of occupational safety and health inspections,
promoting decent work conditions and implementing social protection measures
as some of the measures the government has undertaken to address violence.

 

She, however, said that it is imperative for Malawi to ratify the
convention, stressing that it will help the government as well as industries
to achieve a workplace environment that is free from violence and harassment
and have a ratified framework of reference

 

 

"ILO C190 is the most comprehensive and progressive global instrument that
addresses violence in the workplace using an inclusive, integrated, and
gender-responsive approach.

 

"Thus, Malawi will build and strengthen its domestic laws and policies
around workplace harassment and violence based on a comprehensive framework
that is globally recognized," she said.

 

Makwenda further stated that by ratifying the convention, Malawi will
demonstrate its commitment to promoting decent work, protecting the rights
of workers.

 

"It also shows that the country recognizes the importance of addressing
violence and harassment in the workplace, and is willing to work with the
international community to address this issue."

 

WDWD is observed annually on October 7 with the aim of celebrating the world
of work and promoting the rights and interests of workers. This year, key
messages for the event focus on the need for governments to ensure fair and
living wages for all workers, addressing wage gaps and gender disparities,
improving health and safety standards.

 

They also stress the need for the government to enhance working conditions,
including access to clean water, sanitation facilities, and adequate rest
areas, address issues related to long working hours, overtime, and work-life
balance.

 

On gender equality and women empowerment, the organizations are calling for
the promotion of equal opportunities and elimination of gender-based
discrimination at the workplace.

 

-Nyasa Times.

 

 

 

 

Nigeria: Brain Drain - Nigerian Govt Approves Contract Appointments for
Retired Healthcare Workers

This is part of efforts to mitigate the mass exodus of health workers to
developed countries, which has led to an acute shortage of health
professionals in the nation's health sector.

 

The Nigerian government has approved the appointment of doctors, nurses, and
other clinical healthcare workers as contract staff after attaining their
compulsory retirement age or years in service.

 

This is part of efforts to mitigate the mass exodus of health workers to
developed countries, which has led to an acute shortage of health
professionals in the nation's health sector.

 

The approval was contained in a circular dated 5 October and issued by the
Federal Ministry of Health.

 

In the circular, the government directed all chief executive officers of
agencies, chief medical directors, medical directors, and heads of
regulatory bodies and schools to ensure strict compliance with a previous
circular issued by the Office of the Head of the Civil Service of the
Federation to all staff within their respective institutions.

 

 

Prior circular

 

This development follows a prior circular dated 30 August from the Office of
the Head of the Civil Service of the Federation (OHCSF).

 

The circular, titled 'Re: Review of retirement age to 65 and 70 years for
health professionals and medical/dental consultants,' with reference number
HCSF/SPSO/ODD/CND/100/S./145, was addressed to the Permanent Secretary of
the Federal Ministry of Health.

 

The circular, signed by Olufemi Oloruntoba, the Permanent Secretary of the
Service Policies and Strategies Office, on behalf of the HCSF, expressed the
rejection of the proposed increase in retirement age for medical and dental
consultants and other health professionals.

 

It cited several reasons for the rejection including the fact that
healthcare professionals were leaving the country not due to their
retirement age but primarily because of financial considerations and
unfavourable working conditions.

 

 

"Some state government had already increased the retirement age of medical
doctors and other health workers and this has not addressed the spate of
brain drain," it said.

 

The circular expressed dissatisfaction with the work ethic of healthcare
workers, despite the government's efforts to encourage them.

 

However, in a significant move, the circular also approved that clinical
health workers who have reached their compulsory retirement age or years of
service may be offered contract appointments.

 

These contract appointments would be on the same salary scale level that
they retired on, provided the healthcare worker desires and deserves it.

 

Relevant engagements

 

The circular calls on the government to engage with relevant bodies, such as
the Medical and Dental Council of Nigeria and the Nigerian Medical
Association, to secure a commitment from medical doctors.

 

 

It also calls for the establishment of an effective performance management
system within the public service to enhance the work ethics of medical
officers, consultants, and doctors.

 

"To address the observed dissatisfaction with the attitude of health workers
to work, there is a need to institutionalise an effective performance
management system in the public service in order to improve the work ethics
of the medical officers and consultant, and medical doctors should show more
patriotism in the discharge of their duties and avoid holding the system to
ransom," the circular also said.

 

The circular emphasised the importance of medical professionals showing
greater patriotism in the discharge of their duties and refraining from
actions that could disrupt the healthcare system.

 

Health workers' exodus

 

Nigeria's health sector is currently grappling with severe shortage of
skilled personnel, resulting from the mass departure of healthcare
professionals.

 

A 2022 UK immigration report showed that 13,609 Nigerian healthcare workers
(including doctors) were granted working visas in the past year, making the
country second only to the 42,966 from India.

 

As of October 2022, the Nigeria Medical Association disclosed that only
24,000 licensed medical doctors were available in the country, lamenting
that only one doctor is available to treat 30,000 patients in some southern
states, while in the north, it is one doctor to 45,000 patients.

 

Recently, at the Lagos University Teaching Hospital, a medical doctor
identified as Michael Umoh, died under a circumstance that was blamed on
stress by his colleagues.

 

In September, within the space of five days three senior medical doctors at
Alimosho General Hospital (ALGH), Igando, in Lagos, died under what some of
their colleagues described as demeaning circumstances.

 

There have been consistent reports of adverse effects of brain drain across
the Nigeria health sector.

 

-Premium Times.

 

 

 

Nigeria: Tinubu Swells Media Team As Nigerian Economy Bites Harder

The president, on Monday, appointed five more persons to the Presidential
Advisory Media Team, bringing the total number of such appointments to at
least 11.

 

Despite the bad state of Nigeria's economy, President Bola Tinubu has
appointed more persons to his media team, further bloating the size of the
government at a time of clamour for cutting down the cost of governance.

 

The president, on Monday, appointed five more persons to the Presidential
Advisory Media Team, bringing the total number of such appointments to at
least 11.

 

A statement by the Special Adviser to the President on Media and Publicity,
Ajuri Ngelale, listed the new appointees as Fela Durotoye, who will serve as
senior special assistant to the president on national values and social
justice, Frederick Nwabufo, senior special assistant on public engagement,
and Linda Akhigbe, senior special assistant on strategic communications.

 

 

Aliyu Audu was named special assistant on public affairs and Francis Abah as
personal assistant to the president on special duties.

 

The statement also said Mrs Akhigbe, who was until her appointment the
Senate correspondent for Channels Television, will also serve as the
communications adviser to the President of the ECOWAS Commission.

 

In a blithe insensitivity to the current economic adversities of the country
and the hardship the government's removal of fuel subsidy has plunged
millions of Nigerians into, an emerging attribute of the administration, the
president's son, Seyi Tinubu, recently flew in a presidential jet from Abuja
to see a game of polo in Kano, at the expense of public fund.

 

Previous appointments

 

In July, Mr Tinubu, who assumed office in May, made 20 new appointments out
of which no fewer than six were his media aides.

 

 

Among them were Tunde Rahman SSA (Media); Abdulaziz Abdulaziz (SSA Print
Media); O'tega Ogra, SSA (Digital/New Media); Tope Ajayi, SSA (Media &
Public Affairs); Segun Dada - Special Assistant (Social Media); Nosa Asemota
- Special Assistant (Visual Communication).

 

In the same month, announced Mr Ngelale as his special adviser on media and
publicity.

 

In September, among the 26 appointments the president made, some were
media-related though the appointees were to serve in the office of the vice
president.

 

The appointees were Stanley Nkwocha SSA Media and Publicity and Ahmed Ningi,
SSA Digital Media and Emergency Management.

 

Bloated team

 

President Tinubu may have surpassed his predecessors in making appointments
to the presidential media team.

 

This is besides the appointment of 48 ministers, secretary to the government
of the federation, chief of staff and other special aides to assist the
president in administering various sectors, including the economy, security,
tax, health, SDGs, education, food and agriculture.

 

 

The president's appointees are already running into hundreds.

 

Under his predecessor, Muhammadu Buhari, only two persons served as
presidential spokespersons, which in itself was unprecedented.

 

Femi Adesina, former managing director of the Sun newspapers and a former
president of the Nigeria Guild of Editors (NGE), served as the special
adviser on media and publicity while Garba Shehu, another former president
of the NGE was a special assistant on media.

 

A former editor of Nigerian Tribune on Saturday, Laolu Akande, was at the
time senior special assistant on media to the then vice president, Yemi
Osinbajo.

 

Ima Niboro and Reuben Abati served at different times as special advisers on
media to former President Goodluck Jonathan.

 

In 2012, a physician, Doyin Okupe, joined Mr Jonathan's media team as senior
special assistant on public affairs. He had previously served former
President Olusegun Obasanjo as special adviser on media and publicity.

 

State of the economy

 

With the fresh appointments, President Tinubu may be turning a blind eye to
the calls to cut down on the cost of governance. No doubt the swelling
number of presidential aides will fritter the nation's economy and its lean
resources.

 

The rising cost of governance takes a large portion of the national budget
without leaving much for developmental projects. Overheads, personnel costs,
debt servicing and other recurrent expenditures take a huge chunk of the
federal spending.

 

Remarkably, since assuming power, the president and some of his aides have
repeatedly pleaded with Nigerians to be patient with his administration,
especially in the face of rising costs of food and services occasioned by
the removal of fuel subsidy on 29 May.

 

"I make my pledge to the country that no decision will be difficult for this
administration to take for the prosperity and unity of this country.
Economic reforms could be slow. Be patient a little more," he once said
while addressing some members of his party, the All Progressives Congress
(APC).

 

As recently as 1 October, Mr Tinubu, in his Independence Day anniversary
broadcast, noted that his administration had embarked on several public
sector reforms to stabilise the economy and direct fiscal and monetary
policy to fight inflation.

 

According to him, the reforms were aimed at encouraging production, ensuring
the security of lives and property, and lending more support to the poor and
the vulnerable.

 

He, however, acknowledged that the reforms may be painful but are needed to
acquire a great future for Nigeria.

 

"We now carry the costs of reaching a future Nigeria where the abundance and
fruits of the nation are fairly shared among all, not hoarded by a select
and greedy few. A Nigeria where hunger, poverty, and hardship are pushed
into the shadows of an ever-fading past," he said.

 

President Bola Tinubu's Media Team

 

1. Ajuri Ngelale (Special Adviser Media and Publicity)

 

2. Tunde Rahman (Senior Special Assistant to the President -- Media)

 

3. Abdulaziz Abdulaziz (Senior Special Assistant to the President -- Print
Media)

 

4. O'tega Ogra - (Senior Special Assistant (Digital/New Media)

 

5. Tope Ajayi - Senior Special Assistant (Media & Public Affairs))

 

6. Segun Dada (Special Assistant -- Social Media)

 

7. Nosa Asemota - Special Assistant (Visual Communication)

 

8. Mr Fela Durotoye (Senior Special Assistant to the President -- National
Values & Social Justice)

 

9. Mr Fredrick Nwabufo (Senior Special Assistant to the President -- Public
Engagement)

 

10. Mrs Linda Nwabuwa Akhigbe (Senior Special Assistant to the President --
Strategic Communications)

 

11. Mr Aliyu Audu (Special Assistant to the President -- Public Affairs)

 

-Premium Times.

 

 

 

 

Ghana IMF Debt Review Looks Promising

Harare — The Ghanaian government and the International Monetary Fund agreed
at the staff level to the first review of a U.S.$3 billion loan program,
clearing the way for a transfer of U.S.$600 million once it has received the
IMF executive board's approval.

 

"IMF staff and the Ghanaian authorities have reached staff-level agreement
on economic policies and reforms to conclude the first review of the
36-month ECF-supported program. Performance with respect to the program's
targets and reform objectives has been very strong," IMF said in a
statement.

 

The second installment of Ghana's loan will be paid if the IMF board gives
its final approval, bringing the total amount disbursed since May to
U.S.$1.2 billion, according to the IMF.

 

"Ghana will have access to about U.S.$600 million in financing once the
review is approved by IMF Management and formally completed by the IMF
Executive Board. To ensure timely completion of the review, the country
needs official creditors to quickly reach agreement on a debt treatment in
line with the financing assurances they provided in May 2023," IMF said.

 

 

In order to recover from its worst economic crisis in decades, Ghana signed
an agreement with the IMF in December intended to strengthen its public
finances and better manage debt.

 

"Faced with an acute economic and financial crisis, the authorities have
adjusted macroeconomic policies, successfully completed their domestic debt
restructuring operation, and launched wide-ranging reforms. These actions
are already generating positive results, as growth in 2023 has proven more
resilient than initially envisaged, inflation has declined, the fiscal and
external positions have improved, and the exchange rate has stabilized,"
said Stéphane Roudet, IMF Mission Chief for Ghana.

 

The clinching of the U.S.$3 billion Extended Credit Facility with the IMF
will help bring Ghana back on the path of growth, macroeconomic stability
and debt sustainability, Finance Minister Ken Ofori-Atta said. The IMF's
bailout has been subject to the Ghanaian government getting its public debt
down to more manageable levels and also needed the buy-in from bond holders.
In December 2022, the Ghanaian government formally launched the country's
domestic exchange programme as part of measures to restructure and bring the
country's debt portfolio to sustainable levels, with a call on citizens to
support the rollout.

 

A top cocoa and gold producer, Ghana also has oil and gas reserves, but its
debt soared in 2022, and like the rest of sub-Saharan Africa it has been hit
by the fallout from the Covid-19 pandemic and the war between Russia and the
Ukraine.

 

 

 

Niger Military Govt Slashes Budget as Sanctions Bite

Harare — Niger reduced its projected spending for 2023 by 40% as a result of
international sanctions imposed after the military overthrew the government
in a coup in July, 2023, Reuters reports.

 

The announcement stated that the budget for this year, which was originally
estimated to be U.S.$5.3 billion (3.29 trillion CFA francs) had been reduced
to U.S.$3 billion (1.98 trillion CFA francs) but did not specify where the
budget cuts would occur.

 

On July 26, soldiers from the presidential guard detained President Mohamed
Bazoum and installed a transitional administration, one of several recent
coups in the Sahel area of West Africa. The regional ECOWAS bloc, the
European Union, and the U.S. all denounced the coup and responded by
imposing penalties, freezing assets, or stopping aid. Food prices have
increased and there is a shortage of essential items, such as life-saving
medicines, as a result of a trade blockade. However, it doesn't seem to have
lessened the junta's popularity at home, where many people were tired of the
suffering and apparent corruption they had to deal with under the Bazoum
administration.

 

France is to end its military cooperation with Niger and pull its 1,500
troops out of the African country by the end of the year after a military
coup there, French President Emmanuel Macron said in September, 2023.
Previously, the military government in Niger, which seized control in July
2023, accused France of stationing troops in various West African countries
in preparation for "military intervention".

 

 

 

 

South Africa: Joburg City to Blame for 'Dark Buildings' Crisis Say Property
Owners

Albert Street fire tragedy sparks renewed attempt to evict hundreds of
people living in derelict downtown buildings

 

Owners of a number of "dark buildings" in downtown Johannesburg have been
trying to evict hundreds of people occupying their properties for more than
a decade.

In the aftermath of the fire at 80 Albert Street that killed 77 people, the
owners have now restarted eviction proceedings, saying another such disaster
could be imminent.

The Social Economic Rights Institute has been acting for the rights of the
occupiers to prevent a situation in which about 600 people could find
themselves out on the street.

The owners of the buildings say the City has failed both them and the
occupants and is largely to blame for the unresolved deadlock and
deteriorating situation.

The City denies this and says the owners have bungled their case.

 

In the aftermath of the 80 Albert Street inferno in which 77 people died,
including 12 children, occupants of "dark buildings" in downtown
Johannesburg say attempts to evict them have intensified.

 

About 200 households comprising more than 600 individuals, some of whom have
been living in buildings in Davies Street, Doornfontein for 14 years, are
facing fresh eviction proceedings.

 

The Social Economic Rights Institute (SERI) is opposing the eviction on the
basis that the occupants have rights under the Prevention of Illegal
Eviction from and Unlawful Occupation of Land Act (PIE Act).

 

SERI attorney Khululiwe Bengu said the court battle goes back to 2011 when
White Wall Trading and Opal Wall Trading brought eviction applications
against the occupants of buildings they own: numbers 32, 34, 36, 38, 39, and
40 Davies Street, and nearby 19 Sherwell Street.

 

 

After a lengthy process the eviction eventually failed, mainly because no
suitable alternative accommodation was available for the occupants from the
City of Johannesburg.

 

Then, after a fatal fire in 2017 in the Cape York building on the corner of
Nugget and Rahima Moosa Street, there were renewed efforts to evict the
Davies Street occupants and to relocate them to a single-storey building
with two entrances, being 39 and 40 Davies Street.

 

At that time, the court ruled that the applicants had failed to prove that a
fire in one building downtown was proof there would be fires in other
buildings, Bhengu said. People could not be evicted on the basis of a future
possibility.

 

Tragedy also struck on 19 April 2018 when a wall in the relocation building
(39-40 Davies) collapsed, killing three children. The buildings' owners
furnish this as further proof that their buildings are dangerous and should
not be occupied by anyone.

 

 

Following the 2017 fire, the City conducted raids on the Davies Street
properties. These would later be ruled unlawful by the Constitutional Court
in 2021, describing them as "cruel, degrading and invasive".

 

GroundUp has also previously reported on the grim fate of City-relocated
occupiers, including people evicted from the Cape York Building, who were
left abandoned since 2017 at the City's "temporary emergency" Wembley
shelter.

 

In 2020, the owners approached the courts for case management after the
matter stalled, partly because an assessment report required from the City
had never been submitted despite numerous attempts to obtain it, according
to the owners.

 

A High Court judge was appointed to see that each party complied with the
previous court order. Case management meetings were held in which the City,
for various reasons explained and unexplained, kept failing to fulfil its
obligations, the owners say.

 

By October 2022 it was agreed the case management process had broken down
and was unlikely to progress the matter. The owners withdrew, saying they
had run out of funds after 12 years of litigation. The case went dormant.

 

After the Albert Street fire

 

Following the deadly Albert Street building fire, owners of the Davies
Street buildings raised funds and again applied for an eviction order in
September 2023 under a new case number.

 

Greg Vermaak of Vermaak Marshall Wellbeloved, representing White Wall
Trading and Opal Wall Trading, said the case had been ongoing for over 12
years because the City was unable to provide emergency accommodation and the
owner therefore cannot relocate the occupants.

 

"The buildings are the same as Albert Street. It's a death trap," said
Vermaak.

 

"There are some buildings that are more dangerous to occupy than to be in
the street. And this [Davies Buildings] is one of those."

 

The owners argue that the conditions have been hazardous for over a decade
and have only been deteriorating. They describe the property as "a powder
keg" and repeatedly reference the Albert Road inferno in court papers.

 

The owners argue the circumstances meet the criteria of section 5 of the PIE
Act that allows for eviction in a situation of imminent danger and where
there is no other feasible remedy.

 

In court papers, the owners say the City has "proved unhelpful, if not
recalcitrant" in attempts to resolve the state of the buildings. To the
frustration of the owners, for years the City failed to share its assessment
reports which would have seen the necessary steps taken to make the
buildings safer against fire, as ordered by the court, they say.

 

It has also failed to act on its own "Problem Property" bylaws, regarding
unsanitary and unsafe conditions. The City, the owners argue, has failed
both the applicants and the respondents.

 

At one point during case management, SERI eventually went to the courts to
compel the City to file its temporary relocation report. The City then
failed to file a responding affidavit.

 

The owners argue that the City has acted with utter disregard for its
constitutional obligations, and if the City is unable to fulfil these it
should have called upon the Province to provide support.

 

 

"If the occupiers were to be evicted ... without the provision of
alternative accommodation from the City, they would be rendered homeless, as
has been the case since 2011," said Bhengu.

 

The City opposed the owners' latest application. The matter was heard on 20
September. The case is awaiting judgment, said Bhengu.

 

SERI says the owners and the City can implement mitigation measures at the
property that will improve the conditions pending the finalisation of the
eviction application.

 

"Other avenues available to the owners include setting down the existing
eviction case and compelling the City to provide a report and alternative
accommodation to the occupiers," SERI says.

 

City responds in court

 

At the time of publishing, the City had not replied to our questions. But in
its heads of argument the City's lawyers state: "The applicants seek to
blame the City for the inappropriate bumbling of their own applications."
The City wants the owner's new application to be struck down.

 

The City states the applicants, in citing the Albert Street fire, are using
the same arguments they used after the York Street fire in 2017.

 

It states the owners, far from being concerned about the occupiers health
and safety, want to "clear the way" for their development plans.

 

In balancing the harm suffered by the occupants, were they to be evicted,
and that of the owners, were the occupants not evicted, the City argues:
"The only hardship that the applicants could conceivably suffer is
commercial. Moreover, that commercial hardship has prevailed since they
owned the buildings and it is not new."

 

The City lawyers state people have been occupying the buildings since 2001,
and "conditions at the properties have not significantly deteriorated since
the urgent proceedings brought in 2017".

 

The City states "simple measures" can be taken, such as moving people to
lower floors where necessary; maintaining and repair the premises; and
installing fire extinguishers.

 

Furthermore the City states: "There is no indication in the founding
affidavit that the supposed hijackers threaten the occupants in any way - on
the contrary, the occupants claimed (in 2017 at least) to enjoy a peaceful
existence and paying rental."

 

The City's lawyers also argue that bringing a new case under section 5 of
the PIE Act is "sophistry" as it is inseparable from the 2011 case.

 

With regards to providing temporary emergency accommodation, the City argues
that it has "not been established if the occupiers will be rendered homeless
or how many could be rendered homeless".

 

"Dire conditions"

 

The owners say the residents of their buildings live in "deplorable
conditions" that are inhumane and undignified. In court papers, the owners
suggest that the buildings are essentially vertical informal settlements
with cardboard partitioned dwellings instead of shacks.

 

But the City says in its papers that two expert reports furnished by SERI -
for the occupiers - suggest the conditions are not as bad as the owners make
out, and the occupiers have detailed their efforts to clean, maintain and
secure the properties at their own expense.

 

SERI counsel for the occupiers submits that: "The conditions in the building
are not ideal but they protect the residents from the elements, safeguard
them and their families from violent crime and are a secure place to keep
their limited belongings.

 

"The residents have lived at the properties for years and have not
experienced a fire or pest-driven disease outbreak at the properties or any
of the other alleged hazards raised by the owners. They have access to water
through shared communal taps and there is a refuse removal service at the
properties."

 

Water and electricity were cut off to Rosano Court, 32 Davies Street, years
ago, but the occupants managed to reconnect the water and use illegal
electricity connections.

 

When GroundUp visited, there were piles of refuse and a strong smell of
sewage hung in the air. There has been no formal maintenance done to the
buildings for more than a decade. There was also no sign of fire equipment.

 

Meet the residents

 

A "survey" by a task team from the social development department during
City-led raids on five buildings conducted in 2017 found that contrary to
popular belief, the occupants were mostly (60%) South Africans.

 

Lancy Moabi grew up at Rosano Court. He was a teenager when his mother, a
domestic worker, moved into the building. He is now 40, has his own family,
and has moved into another part of the building. Central Johannesburg is the
only place he has ever lived. He survives on piecemeal jobs around the City.

 

"It would make no sense for the City to move us out of the inner city,
because this is where we can survive. Even though I am unemployed, my family
never goes hungry, because it's easy to hustle in town," he said.

 

When Khulane Dube moved into Rosana Court five years ago, he was told that
they might be evicted at any time.

 

Dube survives on recycling and sometimes buying and selling merchandise on
the streets. He says he has not managed to raise enough money to move to a
better place. He hopes the City can provide alternative accommodation for
himself and the other residents.

 

"It's hard staying here ... But we have no choice," says Dube.

 

"Being evicted from here would kill us. How else will we afford rent and
send money home?" asks James Chiseko, another occupant of Rosana Court.

 

Chiseko has built up relationships over four years with various shop owners
who exclusively supply him with their recyclables. The building, with its
ideal location, allows him to securely store his materials. He makes about
R2,000 a month and is able to send remittances to his family in Chitungwiza,
Zimbabwe.

 

Petros Matimati lives nearby at 34 Davies Street, his home for more than ten
years. He shares a room with two other people and makes living by guarding
and washing cars in the surrounding streets.

 

"The City has been here," he said, "promising to get us places to live, but
we have been waiting for years."

 

-GroundUp.

 

 

 

Nigeria: N87.4 Trillion National Debt - Stakeholders Frown At Excessive
Borrowing

Stakeholders have called for more discipline to curb excessive borrowing at
all levels of government, especially in the face of the mounting national
debt now in the excess of N87.4billion.

 

Statistics from the Debt Management Office (DMO) revealed that Nigeria's
total public debt stock as of June 30, 2023 amounted to N87.4 trillion.

 

This comprises external debt of about N33.3 trillion (or $43.2 billion) and
domestic debt of about N54.1 trillion (or $70.3 billion). Meanwhile,
domestic debt data for 36 states and the FCT stood at N5,815,684,819,242.35,
as of June 30, 2023.

 

 

Experts at a stakeholder dialogue on Implementing Section 45 of the Fiscal
Responsibility Act (FRA) 2007, in Lagos, revealed that reports have showed
that some states borrow, not for development projects, but to pay salaries,
adding that this can impede the growth of capital market and threaten
financial stability which may create pressure on the federal government to
provide financial assistance to ensure a continuing provision of public
services.

 

The secretary to the government of the federation (SGF), George Akume,
averred that the dialogue is not against borrowing, but borrowing in the
right way and for the right reasons - for the good of the people of
Nigerians.

 

He urged government officials at all levels to follow the due process when
it came to borrowing.

 

Akume, who was represented by an official of the office of the SGF, Dr.
David Eze, however, gave assurance on implementing the recommendations from
stakeholders at the forum, while applauding Fiscal Responsibility Commission
(FRC) for carrying out its functions under the FRA 2007, which, among other
achievements, has helped to hugely improve the federal government
independent revenue by mopping up surpluses in government-owned enterprises.

 

 

Section 44 (1) of the Act stipulates that any government in the federation
or its agencies and corporations desirous of borrowing shall specify the
purpose for which the borrowing is intended and present a cost-benefit
analysis, detailing the economic and social benefits of the purpose to which
the intended borrowing is to be applied.

 

The deputy speaker, House of Representatives, Benjamin Kalu, who was
represented by the chairman of the House of Representatives Committee on
Aids, Loans and Debt Management, Abubakar Hassan Nalaraba, said the
stakeholders' meeting is crucial considering the rate at which state
governments are borrowing, just as he stressed the need for them to desist
from borrowing for consumption, which, he says, is worsening the country's
inflation.

 

 

"We encourage states to stop depending on federal government and focus on
what they can do to boost their internally generated revenue," he added.

 

In his remark, Hon Nalaraba averred that billions of dollars come into
Nigeria in the form of aids and grants, but that the country has no record
of these funds.

 

"Those grants don't come into Nigeria without processes and commercial banks
are part of the processes. So it is important and imperative for commercial
banks to work with the government to make disclosure on how those grants are
coming in, for accountability," he said.

 

The executive chairman, FRC, Victor Muruako, revealed that in the past two
years, the Commission had reviewed some loans contracted at different times
by 11 state governments and public institutions across six geopolitical
zones of Nigeria, from five local banks,

 

"We note, with a sense of alarm, that none of these loans passed FRC's basic
test of compliance! This 100 per cent failure rate is enough to warrant a
discussion of this nature," he said.

 

According to him, failure to mind provisions of the FRA, could lead to grave
consequences for both the banks and the Nigerian economy, Muruako averred.

 

On his part, the director general, Nigeria Governors' Forum (NGF), Asishana
Bayo Okauru, disclosed that over 25 states had passed the Fiscal
Responsibility Law (FRL) while 30 states had passed Debt Management Laws,
domesticating core principles of the FRA regarding fiscal planning and
management.

 

Okauru, who was represented by the senior programme manager, NGF, Olanrewaju
Ajogbasile, however, assured that the Secretariat would continue to advocate
the tenets and provisions of the Act, through engagements, initiatives and
discourse around fiscal transparency, accountability, and sustainability.

 

-Leadership.

 

 

 

 

 

 

Africa: UN Calls for Closing Internet Connectivity and Digital Governance
Gap

Against a backdrop of growing geopolitical tensions, proliferating crises
and widening inequalities, the challenges facing the global community in
reaching the 2030 Agenda for Sustainable Development are vast, the UN said
on Monday.

 

With the Internet holding a critical role in navigating these complexities,
the 18th annual Internet Governance Forum hosted by the Government of Japan
is under the overarching theme, 'The Internet We Want - Empowering All
People."

 

Mitigating the risks

 

Considering the rapid tech advances, including in Artificial Intelligence
(AI), risking exacerbating existing inequalities, the Forum focuses on how
we leverage the benefits of digital technologies, while mitigating the
risks.

 

 

While technology is moving at warp speed in a select group of countries, the
reality is that 2.6 billion people are still offline, mostly in the Global
South and vulnerable communities.

 

According to the UN, digitalization is a whole-of-society phenomenon,
impacting connected and unconnected populations alike, yet the distribution
of its benefits remains highly uneven.

 

Harnessing digital technologies

 

In his opening message to the Forum, UN Secretary-General António Guterres
underscored the need to work together to close the connectivity and digital
governance gap, and to re-enforce a human right, human-centered approach to
digital cooperation.

 

"We need to keep harnessing digital technologies enabled by the Internet to
help deliver on the Sustainable Development Goals, take climate action and
build a better world," Mr. Guterres said in a video message on Sunday.

 

 

The Secretary-General also highlighted the importance of the UN Global
Digital Compact which aims to set out principles, objectives and actions to
secure a human-centred digital future, which will be taken up at the Summit
of the Future next year.

 

He said "Governments, the private sector and civil society must come
together regularly to ensure that the commitments enshrined in the Compact
are followed up."

 

The internet we want

 

The opening day of the Forum also saw the release of the 'The Internet We
Want' vision paper by the UN Secretary-General-appointed IGF Leadership
Panel Chair, Vint Cerf, who is recognized as one of the "fathers of the
Internet", and Vice-Chair, journalist Maria Ressa, a 2021 Nobel Peace Prize
Winner.

 

 

The paper reiterated that digital governance is critical for economic,
social and environmental development, and is a crucial enabler of
sustainable development.

 

It further elaborated what it means for the Internet to be whole and open,
universal and inclusive, free-flowing and trustworthy, safe and secure and
rights-respecting.

 

"The Internet We Want is: Whole and open, Universal and inclusive,
Free-flowing and trustworthy, Safe and secure and Rights-respecting," The
IGF Leadership Panel added.

 

Navigating global challenges

 

Highlighting the integral role of the Internet in navigating global
challenges, moving towards a better and more resilient future, UN
Under-Secretary-General for Economic and Social Affairs, Li Junhua
cautioned: "But this requires responsive policies that leverage the benefits
of digital technologies while mitigating the risks.

 

"The Forum needs to further strengthen its role as being the global digital
policy forum, in finding points of convergence and consensus and in
identifying digital solutions in reaching the 2030 Agenda," he said.

 

Internet Governance Forum (IGF)

 

The Internet Governance Forum, convened by the United Nations
Secretary-General and hosted this year by the Government of Japan, is the
global multistakeholder forum for dialogue on Internet governance issues.

 

The IGF annual meeting brings together stakeholders from around the world to
discuss the most pressing Internet governance trends and challenges. The IGF
meetings facilitate the exchange of information and the sharing of good
policies and practices related to key elements of Internet governance in
order to foster the sustainability, robustness, security, stability and
development of the Internet.

 

Held from 8 to 12 October, this year's IGF is bringing together more than
8,000 registered participants from over 170 countries, making it the largest
and most geographically diverse Forum to date. Representatives from
governments, the private sector, civil society, the technical community and
international organizations, are participating.

 

The programme features over 300 sessions, with eight sub-themes: (1) AI &
Emerging Technologies; (2) Avoiding Internet Fragmentation; (3)
Cybersecurity, Cybercrime & Online Safety; (4) Data Governance & Trust; (5)
Digital Divides & Inclusion; (6) Global Digital Governance & Cooperation;
(7) Human Rights & Freedoms; and (8) Sustainability & Environment.

 

The outcomes of the IGF, including from its High-level, Parliamentary and
Youth tracks, will also serve as a concrete framework for the Global Digital
Compact that will be agreed on at the UN Summit of the Future next year.

 

-UN News.

 

 

 

 

Kenya: First Hybrid Solar, Hydro Power Plant Opened in Kirinyaga

Nairobi — Residents of Baricho in Kirinyaga County are set to enjoy
uninterrupted power supply after a new hybrid solar and hydropower plant was
unveiled.

 

The opening of the Gitwamba power plant was announced by the Renewable
Energy Forum Africa, a renewable energy investment forum organised by AFSIA
and SolarPower Europe, as well as Hydrobox and SolarNow.

 

The facility was designed as a hybrid hydro and solar power plant because
the flow rate of the river oscillates between the dry and rainy seasons.

 

Whereas the solar system provides additional power during the dry season,
the hydro plant offers additional capacity during the rainy season,
providing customers in Kirinyaga County with a stable base load day and
night.

 

 

The Gitwamba hydropower plant has a capacity of 170 kW.

 

The hydropower component has an installed capacity of 50 kW at a design flow
of 0.65 m3/s.

 

On the other hand, the solar component has an installed capacity of 150 kWp
and a capacity of 120 kVA (120 kW).

 

Hydrobox specialises in the development of small run-of-river hydropower
projects that provide communities and businesses with reliable, eco-friendly
electricity.

 

These power stations are deployed in areas with poor or no access to energy
and serve an ecosystem of anchor customers (large farms and factories),
small businesses (schools, hospitals, shops, restaurants, etc.), and
household customers through a self-owned mini grid.

 

Similarly, SolarNow is a full-service solar EPC company that has operated in
East Africa since 2011.

 

>From a company delivering energy to over 50,000 rural consumers and small
businesses, SolarNow has evolved into a solar EPC active within the
commercial and industrial (C&I) market in East Africa.

 

SolarNow offers client financing solutions and supports businesses as well
as institutions with the design and installation of their solar system
solutions.

 

It is primarily active in the education, healthcare, telecom, hospitality,
manufacturing, oil and gas, real estate, and non-profit sectors.

 

-Capital FM.

 

 

 

 

Kenya: President Ruto Assents to the Privatization Bill 2023

Nairobi — President William Ruto has signed into law a legislation which
seeks to speed up the process of privatising State owned corporations by
allowing the National Treasury the authority to sell off the entities
without Parliamentary approval.

 

The President who is on a tour of Kisumu and Siaya counties of Nyanza
region, assented to the Privatisation Act 2023 on Monday as he hopes it will
spur his plans to sell a number of State-owned firms through the Nairobi
Securities Exchange (NSE) this year.

 

The head of state said in June that his government would bring consider
Initial Public Offerings (IPOs) between six and 10 companies.

 

 

The Privatisation Commission has lined up 25 entities for state divestiture
including the Kenya Pipeline Company, the Kenya Ports Authority, the Kenya
Tourist Development Corporation, the Consolidated Bank, the Development Bank
of Kenya and the Agrochemical and Food Corporation.

 

The list also has ailing state millers including Chemilil Sugar, South
Nyanza, Nzoia, Miwani and Muhoroni.

 

The new Act has removed methods like liquidation and leasing that had been
suggested in the 2005 law.

 

Under the proposed changes, Treasury CS will appoint members of the
Privatisation Authority without oversight from Parliament, handing the
exchequer a greater role in the entity's running.

 

The Parliamentary Budget Office (PBO) offered rare support to the changes as
it noted that the repeal of the Privatization Act 2005 will grant the
government a clearer framework within which it will seamlessly run the
privatization program.

 

The budget office said privatizing state-owned businesses might generate
Sh30 billion in annual revenue.

 

In a report on budget options for FY 2023-2024, PBO highly recommended the
privatization of parastatals to improve the financial status of State Owned
Enterprises, projecting that the move will generate revenues of up to Sh30
billion annually.

 

-Capital FM.

 

 

 

 

 

 

Airlines cancel or delay flights to Israel as fighting continues

Major airlines around the world have cancelled flights to Israel or warned
of travel disruption as the security situation deteriorates.

 

Virgin Atlantic warned of cancellations and delays to Tel Aviv and British
Airways (BA) has altered its schedule.

 

Meanwhile, three US carriers, as well as Air France, Lufthansa and Emirates,
have suspended services.

 

Palestinian militants Hamas said that they had targeted Israel's Ben Gurion
airport with missiles on Monday.

 

About 700 people have been killed in Israel since Hamas launched its attack
on Saturday, with a further 500 having died in Gaza in retaliatory air
strikes.

 

The Foreign Office is advising against all but essential travel to Israel
and the Occupied Palestinian Territories, and against all travel to certain
parts of the region.

 

Virgin Atlantic said it had made eight cancellations between Tel Aviv and
London Heathrow, from Saturday until this coming Wednesday.

 

"The safety and security of our customers and our people always comes first
and our flying programme to Israel remains under constant review," a
spokesperson said.

 

UK budget carrier Wizz Air confirmed it had cancelled flights to and from
Tel Aviv until further notice, while EasyJet halted flights on Sunday and
Monday, adding that it would alter it schedule for the rest of this week.

 

Live: Israel orders 'complete siege' of Gaze as rocket attacks continue

BA has changed its daily flights from Heathrow to Tel Aviv so that they
depart in the morning instead of the afternoon. It is understood this is to
avoid crew having to stay overnight in Israel.

 

The airline said it was keeping the situation under review. A spokesperson
said a flexible booking policy had been brought in so customers could change
their travel dates free of charge if they wished.

 

Flight checking website FlightRadar24 showed some flights still arriving in
and departing from Tel Aviv on Monday morning, including by Ryanair and
Pegasus.

 

However, Ryanair subsequently said it had been forced to cancel a number of
flights to and from Tel Aviv on Monday and advised passengers to check for
the latest flight updates.

 

On Sunday, US carriers United Airlines, Delta Air Lines and American
Airlines said they had suspended direct flights to Israel.

 

In a statement, United said its flights would be paused "until conditions
allow them to resume".

 

Delta said flights "have been cancelled into this week".

 

Meanwhile, 300 Polish and Hungarian nationals have been evacuated on
flights, with Thailand and Nepal said to be considering similar moves.

 

Royal Caribbean, the cruise operator, said it was "adjusting several
itineraries in the area" and was notifying affected customers.

 

Holidaymakers due to travel to Israel imminently should discuss their
options with their travel agent or tour operator, said a spokesperson for
the Association of British Travel Agents.

 

"If you're travelling on a package and your holiday has been cancelled due
to the advice change, you can either defer your date of travel, travel to an
alternative destination or receive a full refund.

 

"If you're travelling independently you will need to discuss your options
with your airline and accommodation providers."-bbc

 

 

 

California requires companies to report carbon emissions

Major corporations like Apple and Disney will be forced to disclose their
carbon emissions under a new Californian law approved on Monday.

 

Governor Gavin Newsom signed bill - passed by the state legislature -
requiring companies with more than $1bn (£817m) in annual revenue to report
greenhouse gas emissions.

 

Similar efforts are moving slowly at the federal level.

 

Mr Newsom praised the law's aims, but questioned how it will be carried out.

 

"This important policy, once again, demonstrates California's continued
leadership with bold responses to the climate crisis," Mr Newsom wrote in a
signing statement. "However, the implementation deadlines in this bill are
likely infeasible."

 

He added that he is "concerned about the overall financial impact of this
bill on businesses".

 

The California Air Resources Board must put a system in place for reporting
emissions by January 1, 2025, a little more than a year from now, under the
law.

 

As the need to address climate change grows more urgent, pressure is
mounting on large corporations to come clean about how much they emit gases
that trap heat in the atmosphere, both directly through operations and
indirectly, such as purchasing electricity.

 

California, which has a record of enacting cutting-edge environmental laws,
is home to many multibillion dollar companies.

 

Chevron, Meta, Wells Fargo, Intel, and HP are all headquartered in the state
and all pull in more than $50bn (£40bn) a year.

 

The state also recently passed a law requiring companies with more than
$500m (£408m) in annual revenues to report their climate-related financial
risks, which Mr Newsom said would encourage companies to work to avoid those
risks. But, again, he raised concerns in a signing statement about the costs
to businesses.

 

The US regulator for stocks and markets - the Securities and Exchange
Commission (SEC) - has been working on similar federal requirements for
companies to report emissions and climate-related risks for more than a
year.

 

Supporters of the commission's proposed rule, such as Senator Elizabeth
Warren, say it would prevent "greenwashing", when a company exaggerates its
actions on the environment in its marketing, and that it would help
investors understand different companies' vulnerabilities.

 

The Chamber of Commerce, the country's largest business group, though, says
the rule could be costly for companies and difficult to follow.

 

The group has also raised questions about whether emissions and risk reports
are material to investment decisions and if a markets regulator should be
carrying out environmental policies.

 

It is not clear when the commission will approve a final version of the
rule.-bbc

 

 

 

 

Nobel economics prize awarded to Claudia Goldin for work on women's pay

This year's Nobel economics prize has been awarded to Claudia Goldin, an
American economic historian, for her work on women's employment and pay.

 

Prof Goldin's research uncovered key drivers behind the gender pay gap, the
Royal Swedish Academy of Sciences said.

 

She is only the third woman to receive the prize, and the first to not share
the award with male colleagues.

 

The 77-year-old academic currently teaches labour market history at Harvard
University in the US.

 

She had "advanced our understanding of women's labour market outcomes", the
Royal Swedish Academy of Sciences said, pointing to her work examining 200
years of data on the US workforce, showing how and why gender differences in
earnings and employment rates changed over time.

 

"This year's Laureate in the Economic Sciences, Claudia Goldin, provided the
first comprehensive account of women's earnings and labour market
participation through the centuries," the prize-giving body said in a
statement.

 

"Her research reveals the causes of change, as well as the main sources of
the remaining gender gap."

 

Her research found that married women started to work less after the arrival
of industrialisation in the 1800s, but their employment picked up again in
the 1900s as the service economy grew.

 

Higher educational levels for women and the contraceptive pill accelerated
change, but the gender pay gap remained.

 

While historically that earnings difference between men and women could be
blamed on educational choices made at a young age and career choices, Prof
Goldin found that the current earnings gap was now largely due to the impact
of having children.

 

"Claudia Goldin's discoveries have vast societal implications," said Randi
Hjalmarsson, a member of the committee awarding the prize.

 

"She has shown us that the nature of this problem or the source of this
underlying gender gap changes throughout history and with the course of
development," she said.

 

Describing her as "a detective", Prof Hjalmarsson said her work had provided
a foundation for policymakers in this area around the world.

 

Globally, about 50% of women participate in the labour market compared to
80% of men, but women earn less and are less likely to reach the top of the
career ladder, the prize committee noted.

 

Listen: Claudia Goldin on women in economics

The tiny pill which gave birth to an economic revolution

Prof Goldin was the first woman to receive tenure in Harvard's economics
department in 1989. Economics still had an image problem with women, she
told the BBC in 2018.

 

"Even before students enter university they believe economics is a field
more oriented to finance and management and women are less interested in
those than are men," she said. If we explained economics was about
"inequality, health, household behaviour, society, then there'd be a much
greater balance," she said.

 

The economics prize is different to the original prizes in physics,
chemistry, physiology or medicine, literature and peace, which were
established by Alfred Nobel and first awarded in 1901.

 

The Sveriges Riksbank Prize in Economic Sciences was established in 1968 and
funded by Sweden's central bank.

 

Elinor Ostrom was the first woman to win the economics prize in 2009, which
she was awarded jointly with Oliver E Williamson for research on economic
governance.

 

In 2019 Esther Duflo shared the award with her husband Abhijit Banerjee, and
Michael Kremer, for work that focused on poor communities in India and
Kenya.-bbc

 

 

 

Metro Bank strikes late-night rescue deal

Metro Bank has struck a deal to raise extra funds from investors that it
said will secure its future.

 

The deal was announced late on Sunday after days of intense speculation
about the bank's financial position.

 

The Bank of England reportedly asked larger lenders if they were interested
in buying Metro, while banks were said to be eyeing up some of its assets.

 

But on Sunday, Metro Bank said it had raised £325m in new funding, as well
as refinancing £600m of debt.

 

Metro's chief executive, Daniel Frumkin, said the deal marked "a new
chapter" for the troubled bank.

 

Metro Bank's shares had slumped last week after reports suggested it needed
to raise cash to shore up its finances. Its share price rebounded on Monday
in response to the deal.

 

However, Simon Samuels, a former managing director at Barclays and Citi,
told the BBC's Today programme that while the financing bought Metro Bank
some time, it did not address the "fundamental challenges" of the bank's
strategy of focusing on High Street branches which was "very expensive".

 

While many banks have been closing branches and shifting to online banking -
which accelerated during the Covid pandemic - Metro continues to focus on
bricks and mortar.

 

"Essentially, Metro finds itself with an unsustainable cost base," he said,
adding that he thought Metro's strategy "has got little chance of succeeding
in the long run".

 

"Eventually [Metro Bank] may end up being part of a larger group."

 

What's going on at Metro Bank?

The bank has insisted all along that its finances remain strong and it
continues to meet all regulatory requirements.

 

But under the deal announced on Sunday, Colombian billionaire Jaime Gilinski
Bacal will become Metro Bank's controlling shareholder with a 53% stake.

 

His firm, Spaldy Investments, will sink £102m into the bank.

 

 

In Colombia Jaime Gilinski is a household name. Locally, he's never too far
away from the headlines, with his business empire growing from strength to
strength it would seem, both at home and abroad.

 

 

The 65-year-old businessman was born in Cali, the descendant of Lithuanian
immigrants. His family set up several mid-sized businesses and built a
reputation for themselves within Colombia's Jewish community and across the
city.

 

But Mr Gilinski had bigger ambitions. After a US education he had a stint on
Wall Street, and led his family group into purchasing several banks in
Colombia and abroad.

 

A smart operator, Mr Gilinski has aligned himself with Colombia's political
and business elite over the years.

 

Most recently, in 2022 Gustavo Petro was elected as the country's first
left-wing president, promising action against what he called the country's
"oligarchy".

 

However, local media reported that Mr Gilinski had quietly been building
relations with Mr Petro, helping to avoid becoming a target.

 

2px presentational grey line

Metro Bank was founded in 2010 in the wake of the financial crisis and was
the first to open in the UK in more than 100 years.

 

It positioned itself as a so-called "challenger" bank to the big High Street
names, with its promise of keeping branches open seven days a week.

 

It now has 2.7 million customers and holds about £15bn worth of deposits in
76 branches.

 

But last week reports suggested it need to raise £600m. The Financial Times
also reported over the weekend that several rivals were weighing up
potential bids for part of the business.

 

In Sunday's announcement. Metro Bank said that it had raised £325m in
capital from existing shareholders and new backers.

 

The Bank of England, which had been monitoring the situation closely,
welcomed the deal.

 

Metro Bank also said it was still in discussions about raising cash by
selling up to £3bn of its residential mortgages.

 

Homeowners with mortgages from Metro Bank do not face any immediate change,
but if a deal goes through some customers might end up having their loans
managed by another bank in the future.

 

Line chart showing the price of Metro Bank stock

Metro Bank's shares rose by about 10% on Monday, taking its share price to
about 50p - close to the level it had been last week before reports on the
bank's financial situation emerged.

 

However, the share price is still down nearly 60% since the start of the
year, and well below the peak of £40.19 it reached in 2018.

 

Mr Frumkin said the new deal meant Metro Bank could continue expanding and
would become more profitable over the coming years.

 

"Our strong franchise is underpinned by our loyal customer base and engaged
colleagues and we will continue to develop the Metro Bank offer," he said.

 

The lender has faced a number of challenges in recent years after an
accounting scandal in 2019, which led to some top executives, including its
founder, leaving the company.

 

It returned to profit in the six months to the end of June this year - the
first half-year profit the bank had seen since 2019.

 

In July, Mr Frumkin said that 2023 would be a "transitional year" for the
firm and that it planned to open 11 more branches across the north of
England in 2024 and 2025.

 

More recently, Metro Bank had asked City watchdogs for permission to use its
own ratings system to value its mortgages and its assets.

 

But regulators turned down the request last month, saying that they wanted
the bank to use an external rating system for now.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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