Major International Business Headlines Brief::: 16 October 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  16 October 2023 

 


 

 


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

 


 

 


 

ü  South Africa: Troubled State Transport Company Completes Turnaround Plan 

ü  Kenya: Ruto in China for Infrastructure Development Talks

ü  Rwanda: Kigali's Bus Lanes to Be Tested Before Mid-Next Year

ü  Kenya: Ruto Says Keen On Increasing Depth of Relations With China Under
New Silk Road to Upgrade Kenya's Infrastructure

ü  Nigeria Wants to Revamp Its Railway Network. Four Things It Needs to Do
to Succeed

ü  Kenya Power Announces Network Maintenance in 4 Counties

ü  Namibia: 'Friend or Fraud?' Mystery Man Behind Energy Indaba

ü  Nigeria: NDLEA Seizes $4.8m, CFA57 Million Suspected Fake Currencies On
Lokoja-Abuja Highway

ü  Nigeria: NNPC Jettisons Oil Swap Deals, Pays Cash for Fuel Imports

ü  Kenya: Safaricom Unveils New Product Targeting Youth in Tech

ü  Australia fines X for failing to crack down on child abuse content

ü  JP Morgan's Jamie Dimon warns world facing 'most dangerous time in
decades'

ü  Electric cars drive UK MG sales to more than £1bn

ü  TikTok says action taken on Israel conflict videos

ü  Microsoft completes $69bn takeover of Call of Duty maker Activision
Blizzard

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Troubled State Transport
Company Completes Turnaround Plan 

 

Transnet, the state-owned South African rail, port and pipeline company,
says it has completed a turnaround plan. eNCA reports that the plan outlines
operational and financial initiatives to be implemented over the next 18
months. It's hoped the focus on freight rail will help reverse a R,7,5
billion loss reported in September. The company has been rocked by a number
of resignations in recent weeks.

 

Pilot, Passenger Killed in Aircraft Crash

 

Two people, including a pilot, died after a fixed-wing aircraft they were
flying crashed at Springs Airfield in Ekurhuleni on Saturda, October 14,
2023, News24 reports. A spokesperson for the South African Civil Aviation
Authority said the aircraft was departing the airfield, and was intending to
return to the same airstrip. The aircraft was destroyed on impact. An
investigation is under way.

 

 

SANDF Sent Soldiers to Cuba for Medical Training That Cost More Than Double
What It Would Have Cost Locally 

 

Medical training for South African troops in Cuba was 136% more expensive
than an equivalent tertiary course in South Africa. The Department of
Defence (DOD) could have saved over R122 million if soldiers studied locally
in South Africa. News24 reports that these were the findings of the
Auditor-General (AG), who placed the DOD contract with Cuba - called Project
Thusano - under the magnifying glass as it scrutinised the department's
2022/23 annual report in Parliament. According to the AG, the DOD continues
to incur irregular expenditure relating to the project. Under Project
Thusano, the militaries of South Africa and Cuba conduct exchange
programmes, especially in field equipment, with the Cubans providing
maintenance and repair of South Africa's defence equipment/vehicles.

 

More South African news

 

 

 

Kenya: Ruto in China for Infrastructure Development Talks

Nairobi — President William Ruto is currently in China, where he is expected
to pitch Kenya's infrastructure development opportunities to Chinese
enterprises.

 

Ruto, who is attending the Third Belt and Road Forum in Beijing, China,
announced in his X app that the country is keen on working with like-minded
partners to spur development amid existing global challenges.

 

"We are particularly keen on increasing the depth of our relations with
China under the New Silk Road to upgrade our infrastructure," posted the
Head of State.

 

Earlier, State House spokesperson Hussein Mohamed revealed in a post that
the convention in China has attracted an array of world leaders who are
expected to pitch their own infrastructure development projects to China.

 

"This will offer a platform for cooperation and partnership talks focusing
on infrastructural developments," he posted.

 

-Capital FM.

 

 

 

 

Rwanda: Kigali's Bus Lanes to Be Tested Before Mid-Next Year

Dedicated bus lanes (DBL) for public transport are expected to get
operational on a pilot basis before mid-2024, according to information from
the City of Kigali.

 

A DBL is a lane designated to give priority to transit vehicles by
separating them from other modes of traffic and allowing them to move
through congested areas more quickly and efficiently.

 

Kigali's DBL will occupy two lanes of the CBD-Sonatubes-Giporoso road during
peak hours (early morning and evening) - the time when most people are going
to and from their workplaces.

 

Speaking to The New Times, Kigali's Vice-Mayor in charge of Urbanisation and
Infrastructure, Merard Mpabwanamaguru, said the testing phase is expected to
get operational before the end of this financial year.

 

 

"It is something that is being worked on and we hope that before the end of
this financial year, which means by mid-next year, we shall be having it
tested," he noted.

 

He said that the DBL is not something that you bring in one day, because
there are a number of supporting infrastructures that need to be put in
place.

 

"A study has been conducted and there are infrastructures to be put on the
ground to ensure that the buses are given a dedicated lane. So we are
working closely with different government institutions be it Mininfra
(Ministry of Infrastructure), Minecofin (Ministry of Finance and Economic
Planning), but we also have World Bank on board," he added.

 

Dodo Twahirwa, the CEO of Jali Transport, one of the major public transport
companies in the city, said the DBL is an important mechanism because
traffic jam is one of the big problems affecting public transport.

 

 

The CBD-Sonatubes-Giporoso corridor was chosen after a feasibility study was
done and different roads were examined.

 

"After a multi-criteria analysis, the CBD- Giporoso corridor was selected as
the pilot given the benefits it would yield," a source at the City of Kigali
said.

 

One of the key characteristics of the road is that it has four lanes, which
makes it easy to dedicate two to buses that are carrying passengers in peak
hours, while the remaining two are used by private cars.

 

In addition, it is a road that has high commutability demand.

 

"This corridor has a great travel demand. For the DBLs to work well, it
should have high demand corridors," said Alphonse Nkurunziza, a senior
lecturer of transport planning, engineering and urban structure at the
University of Rwanda.

 

 

According to the National Association of City Transportation Officials
(NACTO), an association of 100 major North American cities and transit
agencies, DBLs are typically applied on major routes with frequent headways
(10 minutes at peak) or where traffic congestion may significantly affect
reliability.

 

In a media interview, officials at the association of public transporters
said they had spent more than 10 years asking the government for the DBLs as
a solution to traffic jam.

 

"People spend time in queues waiting for buses not only because they are
few.

 

The scarcity of buses is an issue, but there are more problems in addition
to that, for example traffic jam. Sometimes, a bus can spend hours traveling
from Kanombe to the CBD due to traffic jam," noted Theoneste Mwunguzi, the
Chairman of the association.

 

Walter Rubegasa Hunde, the spokesperson of the Private Sector Federation,
said traffic jam is a major concern for public transport operators
especially in the morning and evening.

 

"This delays people going to work," he said.

 

"I think dedicating some lanes to public buses during morning and evening
hours will benefit both the travellers and the investors," he added.

 

Meanwhile, Chris Kost, a public transport expert working with the Institute
for Transportation and Development Policy as its program director for
Africa, said the DBLs are a good short-term measure but "it is crucial for
the city to move towards implementing a bus rapid transit (BRT) system
without further delay."

 

The BRT is a high-capacity public transport service that generally runs on
DBLs and corridors to avoid delays that typically slow regular bus services.
Although the characteristics of each system may vary, the BRT allows buses
to zoom past traffic and offer fast and predictable journey times.

 

Under the system, buses only stop at designated stations where passengers
typically prepay the fare before boarding, which streamlines and speeds up
operations.

 

-New Times.

 

 

 

 

Kenya: Ruto Says Keen On Increasing Depth of Relations With China Under New
Silk Road to Upgrade Kenya's Infrastructure

Nairobi — Kenyan President William Ruto has expressed commitment to
strengthen relations with China as he attended the Belt and Road Initiative
(BRI) in China.

 

The forum, held under the theme "High-quality Belt and Road Cooperation:
Together for Common Development and Prosperity," aims to foster
international collaboration and economic growth through infrastructure and
trade connectivity.

 

"Kenya will prioritize working with like-minded countries to confront shared
challenges and push for global prosperity. We are particularly keen on
increasing the depth of our relations with China under the New Silk Road to
upgrade our infrastructure." He highlighted the role of enhanced
infrastructure in facilitating connectivity and driving economic growth in
Kenya," he tweeted on arrival in Beijing Sunday.

 

He emphasized the need for like-minded nations to work together to address
shared challenges and promote global prosperity. In particular, he expressed
Kenya's commitment to strengthening its relationship with China under the
New Silk Road initiative.

 

 

The Belt and Road Initiative forum holds great diplomatic significance for
China, as it serves as the most important event of the year and marks the
notable celebration of the 10th anniversary of the initiative. Over 140
countries and 30 international organizations have confirmed their
participation in this year's forum.

 

The Belt and Road Initiative, initiated by China in 2013, seeks to create
comprehensive trade and infrastructure networks that connect regions
spanning Asia, Europe, Africa, and beyond, retracing the historic Silk Road
trade routes. Over the past decade, more than 150 countries and 30
international organizations have engaged with the Belt and Road Initiative
framework, marking a significant milestone in global cooperation.

 

Ruto's visit to China aligns with the nation's focus on bolstering economic
development and fostering cooperation in line with the Belt and Road
Initiative's objectives. The forum provides a platform for high-level
discussions, enabling participating countries to explore areas of
collaboration and investment.

 

 

President Ruto's visit also carries significant economic implications for
Kenya. He intends to request a $1 billion loan from China, as well as
propose a debt repayment restructuring plan. These financial endeavors are
expected to enhance the economic ties between Kenya and China, further
driving investment and infrastructure development in Kenya.

 

This forum represents a pivotal moment for Kenya, as it seeks to forge
closer ties with China and leverage the Belt and Road Initiative's potential
for infrastructure development and economic growth. Kenya's participation in
this event aligns with its broader vision for enhancing connectivity, trade,
and prosperity both domestically and on a global scale.

 

As President Ruto engages with world leaders and representatives at the Belt
and Road Forum, the outcomes of these discussions are anticipated to have a
far-reaching impact on Kenya's infrastructure development and international
economic cooperation. The forum offers an opportunity for countries to come
together, share expertise, and chart a course for mutually beneficial
collaboration in the years ahead.

 

-Capital FM.

 

 

 

 

Nigeria Wants to Revamp Its Railway Network. Four Things It Needs to Do to
Succeed

Nigeria's railway network serves only a small portion of the country. The
country is 923,770km², with a railway network of 3,505km colonial narrow
gauge and 669km modern standard gauge. Egypt, not that much larger than
Nigeria, has a network of 6,700km.

 

There are signs that the government in Abuja has decided to address the
inadequacy of the railway network. A number of projects are under way aimed
at revamping and extending it. Over the last few years these have included
the new rail corridor between Ibadan and Apapa port as well as the
Abuja-Kaduna line (2016), the Abuja light rail network (2018) and the
Itakpe-Warri line (2020).

 

In 2023 the Muhammadu Buhari administration introduced a new law that
enabled states to build railway lines. This was previously the preserve of
the national government.

 

As a Nigerian railway historian, I welcome renewed efforts to revitalise the
rail network.

 

 

The return of rail transport is important. Railways brought many social,
economic and cultural benefits. This is especially true of the colonial
period and in the postcolonial era up to the late 1960s.

 

But efforts to revive the network won't succeed unless four things happen.
The government invests in existing lines and new ones, the railway
corporation begins manufacturing some of its equipment and tools locally,
the laws governing road transport are enforced to ensure there's healthy
competition in the sector, and foreign investors are encouraged to come in.

 

The history

 

In 1896 the British colonial government in Nigeria started the construction
and development of the local railway network. This was part of European
"railway imperialism" in Africa, starting from the late 19th century. The
key purpose was exploitation of the colony's agricultural and mineral
resources.

 

 

The first phase of the system, the Lagos Railway, began in 1898.
Construction started from Iddo in Lagos. The line then extended to Abeokuta
and got to Ibadan in 1901, a distance of about 190km.

 

Over time, rail transport became the backbone of the country's import and
export economy.

 

Railway routes were laid before modern roads. In 1916 a line was constructed
between Port Harcourt and Enugu in eastern Nigeria to assist in transporting
coal to other parts of the country. On completion of the Markudi Bridge
across River Benue, the eastern line was extended northwards and reached
Kaduna in 1932.

 

Rail led to a host of villages and towns becoming large commercial cities -
like Lagos, Ibadan, Kano and Enugu.

 

There were also social benefits. By the early 1960s, the Nigeria railway
carried on average 12 million passengers annually. The population was 45.26
million according to the 1962 census. From Iddo, Lagos in 1898 to Abeokuta
and Ibadan in 1901, south-west Nigeria, to Jebba and Minna, the rail lines
linked many cities and towns and facilitated movement of people from the
rural areas to urban centres.

 

 

The transformation of the rail company itself had an impact on Nigerian
society. From the late 19th century until 1955, Nigerian Railways was owned
and managed by the colonial British government. It was transferred to a
public corporation in 1955 when it became known as the Nigerian Railway
Corporation. Nigerians assumed responsibility for managing the corporation
in 1960. The railway workshops and stations became centres of multi-ethnic,
multi-religious and multi-racial communities: oases of trading and
socialising.

 

Declining fortunes

 

In 1964 the railway corporation achieved its best financial performance in
the postcolonial era: revenue of about £16.30 million (US$19.90 million) and
a working surplus of about £2 million (US$2.4 million). After that, the
fortunes of rail transport in Nigeria began to decline rapidly and they have
not fully recovered. This has been due to a number of factors, including
ageing infrastructure, general neglect and mismanagement.

 

These days the railway and its facilities have lost their pride of place in
the country's social, economic and cultural life. Their value and importance
are now limited to a few parts of the country.

 

The volume of freight transport by rail is increasing. But it is minuscule
compared with the huge volume being carried by road and air transport.

 

There have been numerous efforts to reorganise and modernise the railway
infrastructure.

 

In 1978, under the Olusegun Obasanjo military regime, the Railway of India
Technical and Engineering Services was contracted to reorganise the
corporation and rehabilitate its infrastructure.

 

In 1995, the Sani Abacha military junta unveiled a three-year, US$528
million agreement with the China Civil Engineering and Construction Company.
The agreement was, again, to rehabilitate old assets. No new lines were
constructed.

 

Then between 1999 and 2007, 124 billion naira (about US$158 million) was
allocated to the project. But by 1999, when the civilian government of
Obasanjo came to power, there was virtually nothing to show for it, or the
almost US$600 million the Abacha government had spent on rail between 1995
and 1998.

 

In 1999, the administration appointed international consultants to develop a
25-year strategic vision for the Nigerian railway. This resulted in a report
which was approved in 2002. The aim was to change the existing rail routes
to higher-capacity standard-gauge tracks across the country.

 

A budget of US$60 billion was prepared for the work. This didn't start until
2007, Obasanjo's last year in office. In 2006, the government had signed an
US$8 billion agreement with China to design, construct and manage more than
1,315km of new and standard gauge railway from Lagos to Kano within four
years. The capital for the project would come from foreign exchange from the
sale of petroleum and a US$500 million concessionary loan from the Chinese
government.

 

 

In 2007, the government paid a US$250 million mobilisation fee to start the
project.

 

It ran into serious political headwinds after Obasanjo left office in 2007.
His successor, Musa Yar' Adua, suspended the contract, claiming that proper
procedures hadn't been followed. The government decided, once again, to
rehabilitate the existing narrow gauge network. But, in a sudden about turn,
it decided to resurrect the abandoned 25-year modernisation project.

 

On 18 July 2012, the Goodluck Jonathan government approved US$1.49 billion
for the Lagos-Ibadan double track railway line modernisation project.
Scheduled for completion in the second half of 2015, it was completed in
June 2021.

 

These improvements led to an increased number of passengers, from 1.28
million a year to about 5 million in 2014/2015. In 2021, 2.71 million
passengers used the trains and 3.21 million did in 2022.

 

State lines

 

As to whether allowing states to build railway lines will revolutionise rail
transport in Nigeria, I believe it won't, for three reasons.

 

First, it will be difficult for many of the 36 state governments to finance
and manage railway development. Second, unless states develop regional
railways together, individual urban and light railway services will run at a
loss. Third, foreign investors would only be interested if they could make
profits. And the most profitable aspect is freight railway.

 

Going forward

 

The central government should vote more money for capital and recurrent
expenditures for railway operations.

 

The railway corporation should endeavour to manufacture some of its
equipment and tools locally.

 

Abuja needs to enforce existing laws governing road transport in Nigeria,
for healthy competition and efficient service.

 

Finally, foreign investors should be encouraged to invest in rail
development, to help develop the Nigerian economy.

 

Tokunbo Aderemi Ayoola, Reader in History and International Studies, Anchor
University

 

This article is republished from The Conversation Africa under a Creative
Commons license. Read the original article.

 

 

 

Kenya Power Announces Network Maintenance in 4 Counties

Nairobi — Kenya Power announced scheduled power outages on Sunday as the
utility firm embarked on a scheduled maintenance of its network in four
counties.

 

Areas earmarked for power interruption include towns and neighborhoods in
Machakos, Trans Nzoia, Migori and Homa Bay counties.

 

"The listed areas will be affected by planned power interruptions tomorrow
(15th October, 2023). The interruption is part of network maintenance," the
firm stated.

 

In Machakos County parts of Mombasa Road will be affected including Nation
Printers, Gate Way Mall, Hilton Garden Inn, Soham Petrol Station, Scania and
adjacent areas.

 

 

Power outages in Machakos were expected to last from 9:00 am to 5:00 pm .

 

In Trans Nzoia County, parts of Amagoro, Endebes and Saboti will suffer
power disruptions. The affected areas include Gatua, Village Inn, Namgoi,
Khetias Amagoro , Mainek, Lolkeringet, Simatwet, Chorlim Suam, Chepchoina,
Salama and Molem.

 

Others include Kimwondo, Nai, Twiga, Elgon Orchards,Gitwamba, Saboti,
Muroki, Kapretwa, Kisawai, Kinyoro Lugonzo, Gumo Farm, Molem, Elgon Tea, Soy
Mining, Bull station, Sabwani, Kapkoi, Elgon Downs, Katuke and adjacent
areas.

 

Power outages in the county were set to run from 9:00 am to 5:00 pm .

 

In Migori County, residents and businesses in Uriri, Mariwa, Ulanda,
Kehancha, Rinya, Dede, Aora Jope, Omware, Kanyimach, Maroo, Otacho, Kokuro,
Komororume, Sigiria, Kogenya, Kamugundho, Nyakuru, Ombasa, Komire, Sande,
Rapogi and Awiro were notified of power disruptions.

 

Other areas affected are Akoko, Kokole Sukali, Ayego, Nyaroya Onditi, Othoro
Center, Ombo, Onduongo Village, Nyambeche, part of Gogo, Pinyo Owacho,
Migori Airstrip, KEFRI, N Nyanchabo, Masaba, Nyamamagagana, Kurutyange,
Ikerege, Tarawiti, Koego, Nyametaburo, Nyamaranya, Karosi, Maeta, Kegonga,
Igena, Nyabikongori, Kebarisia, Mosweto, Nyamutiro and Kebaroti

 

The blackouts in Migori County will also include Makararangwe, Ntimaru,
Mariwa, Mulo, Oyani Masai, Opasi, Ogwedhi, Malunga, Pehill, Rapogi Center,
Awiro Akoko, Ombo Kwale, Siwa Samji, Kokole, Sukari Mkt, Ayego, Rapogi,
Nyaroya, Onditi, Othoro Center, Ombo Center, Onduongo, Nyambeche, Gogo,
Pinyo Owacho, Sori, Osiri Matanda, Osiri Gold Mine, Nyakwere, Lwansa,
Nyandema, Otoch Rakwom, Bade, Kanga Onditi, Namba Kondelo, Macalder, and
adjacent areas.

 

The utility firm promised to restore supply at 3pm.

 

In Homa Bay County, Sukari Industries, Mirogi, Kalamindi, Pala Koguta, Aora
Chuodho, Obera, Homa Bay Town, Sindo Mkt, Moi Girls Sindo, Rowo, Victory
Farms, Nyandiwa, God Bura, Magunga, Tonga Boys, Wiga, Mbita, Malela were
under maintenance.

 

Power supply was set to be reinstated at 3pm.

 

-Capital FM.

 

 

 

Namibia: 'Friend or Fraud?' Mystery Man Behind Energy Indaba

Is the man behind one of South Africa's biggest energy showcase events a
convicted fraudster?

 

That's the question hovering over African Energy Week, due to start in Cape
Town on 16 October and be attended by petroleum ministers from several
countries.

 

The event is championed by controversial Cameroonian lawyer NJ Ayuk, who was
widely reported to have been convicted of fraud in 2007 for impersonating a
United States (US) congressman.

 

Though Ayuk denies having a conviction against him, court documents have
tracked his career in the petroleum industry to his detriment, most recently
last month in Namibia where his involvement with the state was flagged by a
prominent civil society think tank.

 

 

The US court documents, seen by the Sunday Times, allege a man called Njock
Eyong was convicted of masterminding a scheme involving fraudulent
documentation for African visa applicants.

 

Ayuk's full name is Njock Ayuk Eyong, though he now simply calls himself NJ
Ayuk. The documents identify the convicted man as a Cameroon citizen who
pleaded guilty to fraud and misuse of visas and permits, in addition to
impersonating a federal officer.

 

A copy of some of the documentation was forwarded to Ayuk last week via his
spokesperson Gradie Mbono, who declined to clarify the reported link.
However, Mbono reiterated that Ayuk was never convicted: "There are no
convictions, and any claims are false. These allegations have been debunked
many times."

 

Mbono added: "Mr Ayuk is a highly respected lawyer, two times best-selling
author ('Billions at Play' and, recently, 'A Just Transition') and founded a
law firm which became the first African law firm with 200 lawyers that is
listed on the German Stock Exchange in Düsseldorf. He has gone under the
most stringent scrutiny by all regulatory authorities which cleared
approval."

 

She said it's "a travesty and disgusting that this kind of treatment of
black and Jewish legal professionals still exists and should never occur
because of their work on energy poverty and fighting for the rule of law in
Africa".

 

Mbono declined to clarify the apparent link between Ayuk and the US court
documents.

 

Among his many titles, Ayuk is chair of the powerful Africa Energy Chamber
that hosts African Energy Week.

 

The chamber website touts African Energy Week as one of the premier
gatherings of its kind, curiously taking place just a week after Africa Oil
Week at the same venue, the Cape Town International Convention Centre.

 

 

"According to Ayuk, this event is set to elevate the conversation
surrounding Africa's rapidly expanding energy sector," the chamber website
says. "The continent, with its rich resources, must seize the opportunity to
capitalise on its vast oil and gas potential. The collective knowledge and
expertise of industry leaders present at the event aim to drive positive
change, prioritise the eradication of energy poverty, promote sustainable
practices, and foster an environment conducive for investment and growth."

 

Speakers featuring on the programme include heads of state and petroleum
ministers from across the continent, including Senegal's president Macky
Sall and Namibian president Hage Geingob. The mineral resources and energy
department last week said it was unaware of any concerns around Ayuk.

 

"The department has participated in the African Energy Week since its
inception in 2021. This year's edition is on the calendar of events that the
department intends to attend."

 

Despite Ayuk distancing himself from the US conviction, the claim has been
widely reported and even features on his Wikipedia profile. According to
UK-based Climate Change News, concerns about Ayuk explain why the UN
Economic Commission for Africa last year scrapped an energy investment
initiative.

 

In a statement in November last year, ECA said it had cancelled the
initiative "after reviewing its relationship with some of the private sector
partners" -- though the organisation did not give further details.

 

Ayuk's allegedly fraudulent past has also been flagged by the Namibian
Institute for Public Policy Research, which last month voiced concern about
his ties with the Namibian government.

 

IPPR executive director Graham Hopwood said the involvement of tainted
individuals in high-profile events did nothing to dispel the air of
corruption hanging over the petroleum industry in Africa, particularly in
light of recent scandals in Angola, Equatorial Guinea and Nigeria.

 

"From our point of view as a Namibian civil society organisation, we want to
keep corrupt influences well away from our developing upstream petroleum
sector," Hopwood told the Sunday Times last week. "We don't want to
replicate the experiences of Nigeria, Angola or Equatorial Guinea. In fact,
we have to learn from those mistakes and ring-fence our oil industry from
corrupt actors."

 

Contacted for comment this week, the US consulate in South Africa said it
had no mandate to authenticate US court documents. The defence counsel
involved in the case, now in Washington, has yet to respond to queries.

 

Local energy sector stakeholders this week said Ayuk's involvement in a
major event detracted from the industry's ambition of promoting good
governance.

 

"Energy has some skeletons in its closet, and this doesn't do the reputation
of the industry any good,"said one industry commentator who attended the
recent Johannesburg Mining Indaba. "We should indeed be talking more about
the [continent's] oil and gas endowment, but should we be talking about it
in a forum organised by an [alleged] convicted fraudster?"

 

Ayuk has previously made headlines in South Africa, notably a run-in with
the Mail & Guardian newspaper which reported on his link to a R14,5 billion
oil deal involving South Africa and South Sudan.

 

-Sunday Times

 

-Namibian.

 

 

 

Nigeria: NDLEA Seizes $4.8m, CFA57 Million Suspected Fake Currencies On
Lokoja-Abuja Highway

NDLEA said on Sunday in Abuja that the suspected counterfeit notes were
seized from a commercial bus travelling from Lagos to Kano on Tuesday

 

Anti-narcotics agency, NDLEA, has seized 4.9 million dollars and 57 million
CFA suspected to be counterfeits on the Abuja-Lokoja Highway.

 

The CFA, backed by the French treasury, is the legal tender in francophone
West and Central Africa accepted in 14 countries.

 

Director, Media and Advocacy at the NDLEA, Femi Babafemi, stated on Sunday
in Abuja that the suspected counterfeit notes were seized from a commercial
bus travelling from Lagos to Kano on Tuesday

 

 

"A search of the bus led to the seizure of the 4.8 million dollars and 57
million CFA suspected to be counterfeits," he stated.

 

District head jailed in Sokoto

 

Mr Babafemi also celebrated the jailing of an acting district head in
Sokoto, Alhaji Mohammed (aka Dan Bala), for five-and-a-half years for
dealing in drugs.

 

The Federal High Court in Sokoto presided over by Ahmad Mahmud sentenced the
acting district head after the NDLEA preferred a four-count charge of drug
dealing against him in October 2022.

 

The NDLEA told the court that Mr Mohammed was in possession of and dealing
in 436.38kg of Indian hemp and 7kg of other psychotropic drugs.

 

The court sentenced Mr Mohammed to two years on each of the first two counts
with an option of N1 million fine, and eight months on each of the third and
fourth counts without an option of fine.

 

Suspects arrested on Indian hemp farm

 

On 11 October, NDLEA operatives stormed Orue Forest in Owan West Local
Government Area of Edo where they arrested one Happy Akashili (37) and
Solomon Uwesue (40) in a hut located inside an Indian hemp farm.

 

Mr Babafemi stated that the farm measured 2.4 hectares and was destroyed,
adding that 92kg of already processed skunk were also recovered there.

 

He added that 49kg of skunk was also seized at Ogbeturu camp in the area.

 

The NDLEA spokesman stated also that the agency had been advancing its
advocacy on drug supply reduction with the War against Drug Abuse (WADA) in
campaigns in schools, markets, worship centres and communities.

 

Mr Babafemi added that one of the flagship programmes of the advocacy was
the WADA sensitisation lecture on drug use and mental health for students of
15 secondary schools at the University of Ibadan.

 

The sensitisation lecture was also delivered in schools in Badagry, Lagos
State; in Udi Local Government Area of Enugu State; in Awka; in Gombe; in
Benue, Zamfara and in Kano. (NAN)

 

-Premium Times.

 

 

 

Nigeria: NNPC Jettisons Oil Swap Deals, Pays Cash for Fuel Imports

The Nigerian National Petroleum Company Limited (NNPC) has begun buying
petrol via cash tenders, rather than oil swaps, for the first time in nearly
a decade, four sources familiar with the matter told Reuters.

 

This is coming as the Gbenga Komolafe-led Nigerian Upstream Regulatory
Commission (NUPRC) at the weekend moved to put an end to the perennial
altercations between oil and gas industry operators and their host
communities, with the introduction of a digital interface for both parties.

 

Also to ensure a harmonious relationship with its host communities, Shell
Petroleum Development Company Limited (SPDC) has also disbursed N3.72
billion and an additional $12.32 million (N9.48 billion) for host community
development in compliance with the provisions of the Petroleum Industry Act
(PIA),

 

 

NNPC Limited's latest tender to buy petrol for delivery in November closed
during the week, the sources said. Two of them added that NNPC would pay the
last debts owed under the long-running oil swaps by the end of next month.

 

According to the report, the shift is the result of efforts by President
Bola Tinubu to eliminate costly fuel subsidies as part of broader reforms
aimed at shoring up the country's struggling finances.

 

Last year, NNPC did not remit monies into the government coffers, even amid
surging oil prices, as oil-for-fuel swaps consumed all the crude oil it had
to sell.

 

NNPC owed traders up to $3 billion worth of crude oil this year, debts the
two sources said would be paid in November.

 

Tinubu's reforms in May more than tripled petrol prices, and virtually
eliminated cross-border smuggling, which drained millions of litres of
petrol daily out of Nigeria to neighbouring countries with higher pump
prices.

 

While it pumps more oil than any other African nation, Nigeria refines
little and is almost totally reliant on fuel imports to keep its 200 million
people moving.

 

The last round of swaps included more than a dozen consortia including
foreign oil traders such as Vitol, TotalEnergies and Mercuria and local
companies.

 

Despite the reforms, NNPC remains the sole petrol importer, sources said,
due to ongoing foreign exchange shortages and an effective pump price cap
that has meant private importers can't make money bringing in fuel.

 

 

Komolafe Moves to End Friction Between Oil Companies, Host Communities

 

Meanwhile, the NUPRC at the weekend moved to put an end to the perennial
altercations between oil and gas industry operators and their host
communities, with the introduction of a digital interface for both parties.

 

In a statement issued yesterday in Abuja, the Gbenga Komolafe-led NUPRC said
the online platform was designed to ease regulatory compliance, and
oversight functions and also enable operators in the industry to meet
regulatory requirements in a timely, efficient and cost-effective manner.

 

Known as HostComply, the commission said the platform will help to
streamline reporting of Environmental, Social and Governance (ESG)
management for operators, host communities, and regulators, describing it as
a cardinal requirement of the Petroleum Industry Act (PIA) 2021.

 

Given the friction often experienced between operators in the petroleum
sector and their host communities, the NUPRC stated that the platform was
developed to offer comfort to Host Communities Development Trusts (HCDT) by
providing a robust technological tool to interface and engage with the
settlors (operators).

 

NUPRC pointed out that HostComply offers numerous advantages to the
operating companies and the host communities, including streamlining
reporting and monitoring obligations, building trust and credibility as well
and providing a centralised system for managing data related to community
development and ESG reporting.

 

The agency added that it will ensure compliance with regulatory requirements
and build trust with communities, investors, and other stakeholders.

 

Furthermore, the industry regulator noted that it will help to ramp up oil
production and revenue for the settlors and the federal government as well
as provide business analytics that will help settlors, regulators and other
stakeholders identify trends, opportunities, and areas for improvement in
their community development and ESG reports.

 

"The portal will enable the settlor to upload the incorporated HCDT
registered, upload the three per cent operating expenditure (Opex) by assets
for verification by the regulator; track, analyse, and report on the use of
funds for community development initiatives and foresee failure points by
leveraging the data insights and mitigate against them," NUPRC said.

 

NUPRC said the portal will provide an opportunity to measure and monitor
distributional equity amongst the communities.

 

"The HostComply allows the regulator to detect and identify non-compliant
situations through IT forensics and compliance intelligence tools, real-time
monitoring of the progress of projects being executed by the HCDT, issue
demand notices on the payment of the three per cent Opex contribution by the
settlors and verify the three per cent Opex contribution and its
distribution," it said.

 

 

Urging stakeholders to fully utilise the portal to ensure regulatory
compliance with the provisions of the law, the NUPRC indicated that failure
of compliance has serious implications and attracts sanctions, which include
revocation of licence or lease.

 

"Pursuant to the following sections of the PIA, 2021, and for the avoidance
of doubt, the licence or lease of a settlor may be revoked if it fails to
comply with the host communities' obligations under Section 96(n) of the
Act," the commission said.

 

"It will be an interface for submission of complaints and petitions,
reporting of fraud, breaches, and malpractices; and an administrative module
which will act as a performance evaluation and analytics dashboard for each
user group and general overview, management of access rights and permissions
as well as review of audit trails," the NUPRC added.

 

Shell Releases N13.2bn for Community Development, Unveils More Trusts

 

In a related development, Shell Petroleum Development Company Limited (SPDC)
has disbursed N3.72 billion and an additional $12.32 million (N9.48 billion)
for host community development in compliance with the provisions of the PIA.

 

The Media Relations Manager of the oil giant, Abimbola Essien-Nelson, said
in a statement yesterday that the company had progressed implementation of
the PIA with the unveiling of two Trusts in Imo State on October 13, 2023.

 

As stipulated by the PIA, it said the funds were from the three per cent
operating expenditure of the Joint Venture from the previous year and
enables Trusts to plan and execute development projects in their
communities.

 

Essien-Nelson stated that SPDC, in collaboration with its joint venture
partners -- the Nigerian National Petroleum Company Limited (NNPC),
TotalEnergies and ENI had so far unveiled 27 Trusts out of the 33 proposed
in Rivers, Bayelsa, Delta and Imo states, with more to be funded as the
set-up processes mature.

 

The manager noted that the large number of fully established Trusts since
the signing of the PIA into law in August 2021 had been acknowledged as an
industry record.

 

According to the statement, officials of the Imo State Government and
community leaders cheered as Assa North and Egbema/Oguta Trusts were
formally presented as development vehicles to the public in Owerri.

 

"The Imo State Government is happy at the progress in the setting up of
Trusts and will continue to support them to achieve set objectives," the
statement quoted the Imo State Commissioner for Petroleum Resources, Prof.
Eugene Opara, to have said.

 

SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie
Okunbor, in an address read by Community Relations Manager, Central Hub,
Evans Krukrubo, advised Trusts to see themselves as partners to industry
operators.

 

"With funding of Trusts derived from operations, community disruptions and
vandalism will inevitably lead to fewer cash, resulting in fewer projects
and programmes. We expect communities to help ensure hitch-free operations
and fully benefit from the new dispensation", Okunbor said.

 

In their addresses, Chief Executive of the Nigerian Upstream Petroleum
Regulatory Commission, (NUPRC), Mr. Gbenga Komolafe and Chief Upstream
Investment Officer, NNPC Upstream Investment Management Services (NUIMS,)
Mr. Bala Wunti, noted that the idea of Trusts would boost community
development in oil producing areas if all parties collaborate well and
decide to resolve grievances through dialogue.

 

The chairman of Assa North Trust, Mrs. Eugene Onyiriuka and her counterpart
for Egbema/Oguta pledged to work for the development of their communities.

 

The two Trusts comprise 11 communities which were among the more than 300
that SPDC JV engaged in respect of the PIA implementation.

 

"Most of the Trusts are now ready to function fully, having set up the PIA
mandated three levels of governance -- Board of Trustees, Management
Committees and Community Advisory Committees," she added.

 

-This Day.

 

 

 

 

Kenya: Safaricom Unveils New Product Targeting Youth in Tech

Nairobi — Safaricom has introduced a new platform called 'Safaricom Hook'
that seeks to empower Kenyan youth in technology.

 

Safaricom CEO Peter Ndegwa says the company is keen on creating a lasting
connection with the youth, adding that they have unique and clearly cut-out
needs.

 

"At Safaricom, we are keen on helping our young people to leverage the
transformative power of technology," Ndegwa said.

 

"Through Safaricom Hook, we aim to provide a platform for young Kenyans
seeking inspiration, opportunities, and a sense of belonging in a constantly
evolving world," he added.

 

"As the name suggests, Safaricom wants to create a lasting connection with a
generation that has unique needs," he said.

 

Safaricom Hook seeks to enable Gen Z to maximise their online potential and
enjoy a digital lifestyle by facilitating smartphone access, among other
things.

 

The company adds that it will partner with an array of organisations,
including Kenya Powed Learning Project Meta, Brighter Monday, and Wowzi,
through the Safaricom Digital Talent Programme, to scale up the youth's
digital skills.

 

To promote a savings culture, Safaricom Hook will leverage M-PESA Go and the
Mali wealth management platform.

 

-Capital FM.

 

 

 

 

Australia fines X for failing to crack down on child abuse content

Australia internet safety watchdog has slapped a A$610,500 ($386,000;
£317,360) fine on Elon Musk's X for failing to cooperate with a probe into
anti-child abuse practices.

 

It comes after Mr Musk had in as post last November said that "removing
child exploitation is priority #1".

 

The eSafety Commission criticised the firm's "empty talk" on the issue.

 

Insiders had earlier told the BBC they would not be able to protect users
from trolling following mass lay-offs at X.

 

X, also known as Twitter, has seen a continuous revenue decline since Mr
Musk bought it for $44bn last year.

 

Under Australian laws that took effect in 2021, the regulator can force
internet companies to give information about their online safety practices
or face a fine. If the fine is not paid, the regulator can pursue the
company in court.

 

Twitter insiders: We can't protect users from trolling under Musk

Elon Musk's X probed over alleged disinformation

Alphabet's Google was also issued a warning for noncompliance with its
request for information about handling of child abuse content.

 

But X's noncompliance was more serious, with the regulator saying the
company failed to "provide any response to some questions, leaving some
sections entirely blank".

 

It added that: "Twitter/X did not respond to a number of key questions
including the time it takes the platform to respond to reports of child
sexual exploitation; the measures it has in place to detect child sexual
exploitation in livestreams; and the tools and technologies it uses to
detect child sexual exploitation material".

 

The company confirmed to the regulator that it had cut 80% of its workforce
globally and has no public policy staff in Australia, compared to two before
Mr Musk's takeover.

 

Last month, X was criticised by Australian researchers for disabling a
feature that allowed users to report misinformation about elections.

 

The move has fuelled concern as it came ahead of a key Australia referendum
which took place over the weekend to give Indigenous people more rights.

 

The BBC has approached X for comment.-bbc

 

 

 

 

JP Morgan's Jamie Dimon warns world facing 'most dangerous time in decades'

The world may be facing "the most dangerous time... in decades", bank boss
Jamie Dimon has warned.

 

The chief executive of JP Morgan Chase told investors that he was concerned
about the risks to the economy from rising geo-political tensions.

 

He said wars in Ukraine and Israel could hit energy and food prices, and
global trade.

 

Thousands have been killed in Israel and Gaza after an unprecedented attack
by Palestinian militant group Hamas.

 

Mr Dimon, who leads America's biggest bank, was speaking as the firm
revealed its latest quarterly results.

 

It reported $13bn (£10.7bn) in profit over the three months to September, up
35% from the same period in 2022.

 

Mr Dimon said the bank had benefited from US households and business in
healthy financial shape, but warned that he remained cautious about the
state of the global economy, given the many risks emerging.

 

"My caution is that we are facing so many uncertainties out there," he said.

 

He told investors they should be prepared to face higher interest rates,
persistent inflation, as well as fallout from the violent conflicts.

 

"The war in Ukraine compounded by last week's attacks on Israel may have
far-reaching impacts on energy and food markets, global trade, and
geopolitical relationships," he said.

 

He added: "This may be the most dangerous time the world has seen in
decades."

 

Concerns about how the wars will affect the economy also emerged during
Citigroup's discussions of its results with investors.

 

"There's a lot of uncertainty that ultimately gets factored into how things
play out," the bank's chief financial officer Mark Mason said.

 

Mr Dimon, who has led JP Morgan Chase for nearly two decades, is known for
being outspoken on political matters.

 

He has condemned attacks by the Hamas militant group, telling employees
earlier this week that the bank stood with "the people of Israel".

 

He opened the conference call with investors on Friday with another
statement on the ongoing violence, saying the bank was "deeply saddened ...
about the recent horrific attacks on Israel and the resulting bloodshed and
more."

 

"Terrorism and hatred have no place in our civilized world, and all of our
hearts here at JP Morgan Chase go out to all who are suffering."-bbc

 

 

 

 

Electric cars drive UK MG sales to more than £1bn

MG Motors has said it is in a "very strong position to take advantage" of
the shift to electric cars as it posted UK sales worth more than £1bn for
2022.

 

The brand, owned by Chinese company SAIC Motor Corp, said its sales volumes
more than doubled thanks to demand for its electric and hybrid vehicles.

 

It posted bumper pre-tax profits in the UK of £54.2m for 2022, compared with
£4.3m the year before.

 

The results come as China corners the market in electric vehicles.

 

Fuelled by state subsides, Chinese firms have ramped up production of
batteries, with several new car companies emerging. A growing number of
vehicles, including MG cars, are shipped from Shanghai across the world.

 

MG Rover was the last UK-owned volume car maker before it collapsed in 2005.

 

SAIC, a state-controlled company and China's largest car manufacturer,
bought much of the brand, with rival Nanjing Automobile Group acquiring the
rest. The two companies merged in 2007.

 

Production of MG vehicles, which has roots dating back over a century, was
moved to Shanghai in 2016, ending manufacturing at the UK's Longbridge
plant.

 

But the brand has been reinvigorated by its owners, who said in its latest
financial results release on Saturday that the company was in a "very strong
position to take advantage of the increasing consumer moves into electric
cars" in the next 10 to 15 years.

 

It added its UK latest sales were boosted thanks to the MG ZS, MG 5, and HS
PHEV models and added it had more cars in the pipeline for 2024.

 

"MG are turning a lot of heads - they've benefited from having good stock
availability and being affordable," said Ian Plummer, commercial director of
car selling site Auto Trader.

 

"They're quietly outselling the likes of Polestar and Tesla, so they are one
to watch."

 

The MG ZS is among the cheapest electric cars available in the UK, and was
one of five most popular cars last month, according to car trade industry
body the Society of Motor Manufacturers and Traders (SMMT).

 

"We have seen an increasing number of Chinese brands - and cars made in
China from other marques - enter the UK new car market in recent years with
considerable success," said Mike Hawes, SMMT chief executive, said.

 

"These models, which are often electrified, are finding strong demand in a
market that is fiercely competitive."

 

China exported more than a million vehicles across the globe in the first
three months of 2023, according to official figures, taking over Japan as
the world's biggest exporter of cars.

 

As well as demand for electric cars rising, exports from China have also
been boosted by sales to Russia, with many Western countries imposing
sanctions on Moscow after the invasion of Ukraine.

 

As well as exports, Mr Hawes said China was also in the top five export
destinations for UK-built vehicles, adding the UK needed to "ensure trade is
free and fair, with strong engagement to ensure the UK can equally take
advantage of fast growing Asian markets".

 

Latest figures from the SMMT showed sales of new electric cars to private
buyers in the UK fell sharply in September compared with the same period a
year ago.

 

Last month, Prime Minister Rishi Sunak confirmed a ban on new petrol and
diesel car sales was being pushed back five years from 2030 to 2035.

 

The announcement was met with a mixed response from car makers, many of
which have begun investing heavily in electric vehicle production.

 

But despite the delay in the ban, firms will still be forced to meet strict
quotas for selling electric cars from January, with just over a fifth of
vehicles sold having to be electric.-bbc

 

 

 

TikTok says action taken on Israel conflict videos

TikTok has said it "immediately" took action to counter misinformation after
the EU warned the platform following the attack by Hamas on Israel.

 

The EU called on TikTok boss Shou Zi Chew to "urgently step up" efforts, and
"spell out" within 24 hours how it was complying with European law on
Friday.

 

Social media firms have seen a surge of misinformation about the conflict
like doctored images and mislabelled videos.

 

TikTok said it had removed "violative content and accounts".

 

"We immediately mobilised significant resources and personnel to help
maintain the safety of our community and integrity of our platform," the
company said in a statement on Sunday.

 

In a letter to the company on Friday, EU commissioner Thierry Breton warned
TikTok needed to be mindful of its popularity with young people and "protect
children and teenagers from violent content and terrorist propaganda as well
as death challenges and potentially life-threatening content".

 

TikTok latest firm warned by EU over Hamas videos

EU safety laws start to bite for big tech

The bloc also handed X (formerly Twitter), YouTube, and Meta, the owner of
Facebook and Instagram, similar warnings about misinformation, along with a
24-hour deadline.

 

TikTok, which is owned by Chinese firm ByteDance, listed actions it said it
had taken on its website to combat misinformation and hateful content.

 

It said it had created a command centre, enhanced its automated detection
systems to remove graphic and violent content, and added more moderators who
speak Arabic and Hebrew.

 

"We do not tolerate attempts to incite violence or spread hateful
ideologies," TikTok said.

 

"We have a zero-tolerance policy for content praising violent and hateful
organisations and individuals, and those organisations and individuals
aren't allowed on our platform.

 

"TikTok stands against terrorism. We are shocked and appalled by the
horrific acts of terror in Israel last week. We are also deeply saddened by
the intensifying humanitarian crisis unfolding in Gaza."

 

The EU introduced new laws in August 2023 which regulate the kind of content
that is allowed online.

 

The Digital Services Act (DSA) requires so-called very large online
platforms - those with over 45 million EU users - to proactively remove
"illegal content", and show they have taken measures to do so if requested.

 

The EU previously told the BBC it was not currently in a position to comment
on what would come next in these specific cases, but has explained what was
hypothetically possible under the law.

 

The DSA allows the EU to conduct interviews and inspections and, if it is
unsatisfied, proceed to a formal investigation.

 

If it decides that a platform has not complied or is not addressing the
problems it has identified, and risks harming users, the commission can take
steps including issuing fines and as a last resort request judges to ban a
platform from the EU temporarily.

 

 

 

Microsoft completes $69bn takeover of Call of Duty maker Activision Blizzard

Microsoft has completed its $69bn (£56bn) takeover of Call of Duty maker
Activision Blizzard in the gaming industry's biggest ever deal.

 

It comes as Microsoft, which owns the Xbox gaming console, was given the
green light for the global deal after UK regulators approved it.

 

The Competition and Markets Authority said its concerns had been addressed,
after it blocked the original bid.

 

Microsoft's Phil Spencer said securing Activision was "incredible".

 

Following the announcement of the deal, Activision Blizzard CEO Bobby Kotick
confirmed in a letter to staff that he would step down at the end of 2023.

 

"I have long said that I am fully committed to helping with the transition,"
he said. "[Phil Spencer and I] both look forward to working together on a
smooth integration for our teams and players."

 

Despite concerns from rivals such as PlayStation-maker Sony, and regulators
over competition in the gaming industry, Mr Spencer, who is chief executive
of Microsoft Gaming, sought to reassure gamers.

 

"Whether you play on Xbox, PlayStation, Nintendo, PC or mobile, you are
welcome here - and will remain welcome, even if Xbox isn't where you play
your favorite franchise," Mr Spencer said in a statement following the
takeover.

 

"Because when everyone plays, we all win. We believe our news today will
unlock a world of possibilities for more ways to play."

 

'Preserve prices'

Under the re-worked deal, Microsoft has handed the rights to distribute
Activision's games on consoles and PCs over the cloud to French video game
publisher Ubisoft.

 

But while a concession has been made, Microsoft will now control games such
as Call of Duty, World of Warcraft, and Candy Crush that will provide the
firm with huge revenues.

 

The CMA said the revised deal would "preserve competitive prices" in the
gaming industry and provide more choice and better services.

 

But despite approving the takeover, the watchdog criticised Microsoft's
conduct over the near-two year battle.

 

"Businesses and their advisors should be in no doubt that the tactics
employed by Microsoft are no way to engage with the CMA," said chief
executive Sarah Cardell.

 

"Microsoft had the chance to restructure during our initial investigation
but instead continued to insist on a package of measures that we told them
simply wouldn't work. Dragging out proceedings in this way only wastes time
and money."

 

Microsoft's big deal - what you need to know

After the competition watchdog blocked the takeover earlier this year,
Microsoft's president Brad Smith hit out at the CMA's decision, which it
said was "bad for Britain" and contradicted "the ambitions of the UK to
become an attractive country to build technology businesses".

 

It has proved controversial and received a mixed response from regulators
around the world, but has already been passed by regulators in the European
Union. The US competition watchdog recently saw its attempt to pause the
purchase rejected by the courts.

 

But the CMA's Ms Cardell said with the sale of Activision's cloud streaming
rights to Ubisoft, which makes Assassin's Creed, "we've made sure Microsoft
can't have a stranglehold over this important and rapidly developing
market".

 

"We were clear that that deal couldn't go ahead, because it would have
harmed competition, and that would have been bad for UK gamers," she added.

 

"We take our decisions free from political influence and we won't be swayed
by corporate lobbying."

 

'Final hurdle crossed'

Mr Smith said Microsoft was "grateful for the CMA's thorough review and
decision".

 

Microsoft is paying cash for Activision at a premium price of $95 per share,
meaning Mr Kotick, Activision's outgoing chief executive, is set for a $400m
payday, with chairman Brian Kelly earning $100m, based on the shares they
own.

 

Under the restructured agreement, Microsoft has agreed to transfer the
rights to stream Activision games from the cloud to Ubisoft for 15 years
outside the European Economic Area (EEA). This includes EU countries as well
as Iceland, Liechtenstein and Norway.

 

After the 15 years are up, Ubisoft will no longer hold the cloud gaming
rights for Activision's content, but it is understood the regulator believes
the time span will see rivals become established for the cloud gaming market
to be more competitive.

 

Microsoft is hopeful the takeover will boost demand for its Xbox console and
enable the tech firm to add more titles to its Xbox Game Pass service, where
members pay a subscription fee to access a catalogue of games from the cloud
- either by downloading or by streaming.

 

The deal with Activision also means Microsoft will own its studio solely
purposed for mobile games, with hopes of expanding on the successes of
titles such as Candy Crush.

 

The takeover further cements Microsoft as a video game giant and could
catapult it ahead of Nintendo to become the third-biggest player in the
industry behind Sony, the owner of the PlayStation console, and market
leader Tencent.

 

Sony strongly opposed this deal over concerns that big Activision titles
like Call of Duty could become Xbox exclusives over time.

 

The PlayStation currently outsells Microsoft's Xbox but like all
entertainment platforms, the key to success is access to the best content,
though Sony is also not averse to buying up successful studios.

 

'More choice'

Nicky Stewart, a consultant and former commercial director of cloud services
provider UK Cloud, said the decision to approve the takeover was "great news
for gamers".

 

"[It will lead to] more choice, more innovation, better value and improved
gaming experiences and a healthy, competitive market," said Ms Stewart, who
is also a former head of ICT at the Cabinet Office government department.

 

"The CMA has forced Microsoft to make concessions in the UK that other
regulators have not. This is good news for the UK's nascent gaming
industry."-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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