Major International Business Headlines Brief::: 22 September 2023

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Major International Business Headlines Brief::: 22 September 2023 

 


 

 


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

 


 

 


 

ü  South Africa: Alarm Raised Over Amendments to Road Accident Fund Act

ü  Uganda: Museveni Preaches Money Economy in Bukedi

ü  Nigeria: Tinubu Rings Closing Bell At World's Second Largest Stock
Exchange, Woos Investors

ü  Nigeria: Catfish - a Big Business for a Big Nation

ü  South Africa to Host US-Africa Trade Summit Despite Diplomatic Tensions

ü  Uganda: The Bitter-Sweet Sides of Uganda's Oil and Gas Development

ü  Mozambique: Eskom's Debt Among Factors Delaying Import of More Power From
Mozambique

ü  Nigeria: CBN Postpones Interest Rate Decision Meeting Indefinitely

ü  Africa: Stop Colonising African Economic Assets, Chakwera Tells West

ü  Rwanda: Five Major Economic Highlights in First Six Months of 2023

ü  Microsoft's new Call of Duty deal set for approval

ü  Chevron and unions agree to end Western Australia gas strikes

ü  Rupert Murdoch steps down as Fox and News Corp chairman in favour of son
Lachlan

ü  JPEX: Hong Kong investigates influencer-backed crypto exchange

ü  UK interest rate freeze ends run of 14 straight increases

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Alarm Raised Over Amendments
to Road Accident Fund Act

The Law Society of South Africa has raised the alarm over proposed changes
to the Road Accident Fund Act.

The amendment bill removes the rights of drivers, passengers and pedestrians
to claim compensation for injuries but proposes the fund provide "social
benefits" instead.

Public and civic groups have been urged to submit comments before 8 October.

The Law Society of South Africa (LSSA) has urged members of the public and
civic associations to formally object to proposed amendments to the Road
Accident Fund Act which, if approved, will have "dire consequences" for all
South African road users.

 

The draft amendment bill was gazetted earlier this month by the transport
minister. It proposes major changes to how the fund operates and how it will
pay claims.

 

According to the LSSA, it proposes significant changes to the existing law,
including removing the rights of drivers, passengers and pedestrians to
claim compensation for injuries they have suffered. Instead, it proposes
that the fund will only provide significantly reduced "social benefits".

 

 

And, says the LSSA, an innocent injured party would still be denied the
common law claim against the guilty party for the balance of his or her
loss.

 

Yet all road users contribute directly or indirectly to the fund through the
fuel levy, estimated to be about R45-billion a year.

 

"The poor and disempowered, who make up the vast majority of claimants and
who are compelled to use public transport, will bear the brunt of the
consequences of these amendments. They will be forced into the public health
system, as the prescribed tariffs will not cover the actual costs incurred
at a private hospital. Under the present system, many receive treatment at
dedicated private healthcare facilities," the LSSA says in its statement.

 

 

Claimants will also not receive any lump sum payments and, if they are not
able to produce a payslip, it was unlikely that they would receive
compensation for loss of earnings.

 

The LSSA said those who can afford it will be compelled to take out private
accident cover for medical and other expenses as well as accident benefits.

 

"This is likely to be very costly, as there will be no reimbursement of
expenses covered from the fund. Medical aids will more than likely exclude
cover or the cost thereof will have to materially increase to preserve the
funds in the pool for all members."

 

The LSSA said road accident victims will be uniquely discriminated against
by the proposed legislation.

 

"Their rights to be compensated for harm suffered by the fault of another
will be taken away. Persons who suffer harm from medical negligence or are
injured in train or plane or boat accidents or in shopping centres, hotels,
construction sites, holiday resorts, private homes or by electrocution or
pollution and by a host of other causes, have unfettered rights to seek
compensation from the person or entity who caused them harm.

 

 

"Innocent motor vehicle accident victims, alone, do not have this right,
despite the fact that they pay premiums to the fund."

 

At present, injuries sustained in a motor car accident anywhere in South
Africa by any person are covered by the Fund.

 

The Bill now excludes injuries suffered in motor vehicle accidents in
parking areas, sports fields, farm roads, driveways, private estates, game
reserves or any other private road.

 

People who are not citizens or permanent residents are also not covered.

 

Persons crossing a highway are not covered. Persons injured in a hit and run
are not covered. Pedestrians, drivers and cyclist who may test over the
legal limit for alcohol and their dependents are not covered.

 

The Bill also proposes doing away with payments for pain and suffering, loss
of amenities of life, disability, disfigurement or shock.

 

It also does away with lump sum payments for loss of earnings or support,
replacing them with monthly payments, and giving the fund the right to
continually reassess its liability to continue to pay.

 

While at present all medical and other expenses reasonably incurred that
arise directly from the accident are covered, these will now be subject to a
prescribed tariff. Any future medical expenses have to be pre-authorised.

 

The LSSA said the Bill also largely ousts the role of the courts in
determining contested claims, establishing instead alternative dispute
resolution procedures followed by referral to be a yet-to-be established
Road Accident Fund Adjudicator.

 

Co-chair of the KZN Personal Injury Lawyers Association Anthony De Sousa
said the biggest issues around the Bill was what was not known, such as what
"social benefits" were and what the treatment tariffs would be.

 

"We don't know what we are signing up for".

 

"What also worries me is the people it excludes, such as pedestrians
crossing highways. They don't do that for fun. They do it because they have
no choice and are trying to get to work or home.

 

"They are poor people and if they are knocked down, they really need help.
To exclude them is just weird."

 

He said while there may be a case not to cover motorists who don't have
licences, or who are over the legal alcohol limit, the Bill also proposed
that their dependents are not covered, such as a child who is injured.

 

"The kids are not at fault, but suddenly they have no claim."

 

He said the approach seemed to be: "Let's try and save some money".

 

"We pay a lot of money to the fund in terms of the levy. If you were to take
that money and take up an insurance policy, you would probably get better
cover and better value for money.

 

"I don't think, no matter how they change it, it won't work until they sort
out the dysfunctionality, the administrative inefficiencies in the fund. You
can change it to whatever system. They cannot properly administer it and run
it.

 

"If they did their jobs properly, the fund would be saving itself a bucket
load of money."

 

De Sousa said the association was presently putting together its formal
response to the proposals.

 

Collen Msibi, spokesperson for the Department of Transport said, "The bill
is out for comments. The department will welcome all views and suggestions
for its consideration."

 

Comments and objections can be sent to Lindiwe Twala at twala at dot.gov.za or
Trevor Mphahlele at mphahlelet at dot.gov.za

 

The deadline for comments is 8 October.

 

- GroundUp.

 

 

Uganda: Museveni Preaches Money Economy in Bukedi

President Yoweri Kaguta Museveni has urged the people of Tororo District to
join the money economy in order to fight poverty.

 

"We have told you, please working only for the stomach is not good. You must
all join the money economy because you have got needs of the stomach and
non-stomach needs. So how will you solve the non-stomach needs like
education if you are looking at only the stomach?" President Museveni noted.

 

The President who was accompanied by the First Lady and Minister of
Education and Sports, Maama Janet Museveni, made the appeal today as they
commissioned a Church and a two-classroom block at St. Joseph's Catholic
Church and Siwa Primary School respectively at Siwa Sub County, West Budama,
Tororo District. The facilities were donated by Tororo Cement Ltd.

 

 

The President informed the residents that they could join the money economy
by engaging in the four sectors of the economy which include agriculture,
Industry, services and ICT.

 

He, however, advised that for people in rural areas, the best sector that
could quickly get them out of poverty is agriculture with "ekibaro"
(calculation), saying that those with small pieces of land like four acres,
can use the first acre for coffee because coffee is on high demand, the
second acre for fruits like Oranges, mangoes, then the third acre for
pasture for zero grazing of cows and the fourth one for food crop for the
family.

 

"In the backyard, you have poultry for eggs and also if you are not a Muslim
you have pigs and then if you are near the wetland, you do fish farming,"
President Museveni said.

 

 

President Museveni further cautioned Tororo residents to stop growing crops
that will not bring money quickly like maize and cotton which require one to
have huge chunks of land to benefit from them.

 

He also thanked the investors- Tororo Cement Ltd for not only bringing
investment to Uganda but also doing corporate social responsibility by
building schools and Churches.

 

The President attributed the growing number of investors in Uganda to the
wise policy decisions made by the National Resistance Movement (NRM)
government. President Museveni pointed out returning Indians' property that
was seized by former President Idi Amin to the owners, as one of the wise
policy decisions the government made.

 

"Wisdom is stronger than strength. This progress you see is mainly
policy-stimulated. Even before you do anything, just by a correct policy you
will get a lot of solutions," he noted.

 

President Museveni on the other hand, promised that he would return to the
Bukedi sub-region so that they could have a deep discussion with the
residents on the issue of wealth creation.

 

The Minister of State for Defense, Hon. Jacob Oboth Oboth thanked the
President and Maama for gracing the event.

 

The function was attended by Ministers and members of Parliament, among
others.

 

 

 

 

Nigeria: Tinubu Rings Closing Bell At World's Second Largest Stock Exchange,
Woos Investors

President Tinubu said Nigeria is Africa's greatest economy where investors
can do business without fear.

 

President Bola Tinubu on Wednesday in the United States rang the closing
bell at the world's second largest stock exchange, the National Association
of Securities Dealers Automatic Quotation System (NASDAQ), making him the
first African president to ever receive the honour.

 

Presidential spokesperson, Ajuri Ngelale, disclosed this in a statement on
Thursday.

 

NASDAQ is an online public marketplace for trading stock. It is an index of
approximately 5,000 stocks that predominantly includes large technology and
biotechnology corporations.

 

The president surrounded by Nigerian business leaders and officials of the
Nigerian Stock Exchange, in trademark fashion, did not fail to seize the
opportunity presented by the historic moment to boldly advance his foreign
investment push as he stood, live, in front of financial markets at the
famous stock exchange.

 

 

"It's a great honour for me to be here. I am happy to bring Nigeria to your
doorsteps and I am honoured that we are here today with a bubbling Nigerian
stock market that will evolve in the West African sub-region.

 

"The greatest economy in Africa is Nigeria, there is an immense opportunity
in Nigeria where you can invest your money without fear," he said.

 

President Tinubu noted that his government continues to address longstanding
problems and impediments, such as his work to restore and unify the foreign
exchange rate market to a stable and trustworthy level, allowing new
investors to seamlessly bring their money into the country, free of worries
about whether or not they can take their money out at any point in time.

 

"You're free to take in your money and bring out your money. I count on you
to invest in Nigeria," the president said.

 

 

At the Nigeria-U.S. Executive Business Roundtable held just after the
closing bell, President Tinubu assured prospective investors that while he
recognizes that investment capital is cowardly in nature, he intentionally
brought successful Nigerian industrialists and public officials to share
their experiences and operational plans respectively, in addition to all
that he has already done to boost the confidence of the global investment
community in Nigeria's presently reforming fiscal, monetary, regulatory and
tax policy environment.

 

"Nigeria is an opportunity that is impossible to replicate or find elsewhere
in any part of the world. We have brilliant young people who both innovate
and consume at a large scale. Our entrepreneurial spirit is a major part of
what makes our market totally unique, aside from demography.

 

"Nigerians build businesses and Nigerian businesses partner with other
businesses to conduct larger business. There is enough value to spread
around.

 

 

"Be careful of what you hear about Nigeria. You may be dissuaded out of a
major opportunity that others will take up. We are here for you. We will
give you all the support you need to succeed and succeed abundantly," the
President assured the roundtable as he pointed out cabinet officials.

 

U.S. Deputy Treasury Secretary, Wally Adeyemo, told U.S. business leaders
that he was just a few hours removed from arriving in New York from Lagos,
Nigeria, where he was on an official visit that later became a fact-finding
mission.

 

"In Lagos, I saw first hand some of the major reforms you implemented as the
Governor of Lagos and the transformative effect it has had on Nigeria's
commercial capital. People have attested to the fact that the reforms you
have put in place as President are quickly enhancing confidence. American
business is paying attention to that and from what we have seen for
ourselves, Nigeria is proving to be a new frontier for investment. We will
encourage our companies from our end as those reforms continue to deepen,"
Mr. Adeyemo said.

 

The American Business Council President, Sops Ideriah, said that the
extensive turnout at the roundtable by American Business Chief Executives
served as a testament to the degree to which confidence is rising in
response to the actions and words of President Bola Tinubu's administration
with respect to ease of business, investment promotion, and his willingness
to personally intervene where required to ease the historical concerns of
American business people about doing business in Nigeria.

 

"Having all the stakeholders in the room, His Excellency the President of
Nigeria being here, from government actors at the federal and state level to
ministers and tax authorities present, as well as private sector
industrialists in Nigeria. We are very positive about the potential of
Nigeria and we are just reinforcing to our colleagues the message about the
economic opportunities that exist there," Mr. Ideriah said.

 

Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji,
assured the American Captains of Industry that under the leadership of
President Bola Tinubu, the nation's apex tax authority will be focusing its
efforts not on taxing the seed, but only on the proportionate taxation of
the fruit of fully formed industry, through efficient policy synergy with
Nigeria's sub-national authorities.

 

"The president is a business enabler, not a handicapper. Everything we do
will be geared toward making your tax assessment and payment processes as
digitally efficient and transparent as possible. We are not after the seed,
but the fruit and we will keep to this commitment," Mr Adedeji said.

 

- Premium Times.

 

 

 

Nigeria: Catfish - a Big Business for a Big Nation

Bolstering Nigeria's booming catfish sector to help feed Africa's most
populous country

 

"Fish farming is my mother's business," says Nurudeen Quadri, a 38-year-old
fish farmer from Ijebu-Ode in southwest Nigeria as he enters Eriwe farm
village. "I have been coming here since I was very small. When I graduated
from university, I started my own farm."

 

Located at two hours' drive east of Lagos, Nigeria's sprawling business
capital, Eriwe farm village is the site of one of the countries' biggest
catfish clusters. Along the banks of a little river lie the ponds of nearly
600 fish farmers, organized in cooperatives as part of the Eriwe fishers'
union. These farmers produced some 2 000 tonnes of catfish in 2022.

 

It is seven o'clock in the morning, when Nurudeen's two workers switch on
the water pumps and fresh water starts pouring into the fish ponds. "It
gives the fish oxygen to open their appetite before they are fed in the
afternoon," Nurudeen says.

 

 

With the workers, he does maintenance and repairs in and around the ten
ponds of his farm, two of which are used for rearing fingerlings. During
harvest time, they sell the fish.

 

Nurudeen produces nearly 50 tonnes of catfish per year. Despite the rising
cost of feed and limited access to finance, this work allows him to sustain
himself and his family."I can make a good living out of it," he says.

 

Mary Stephens and her husband also have a few ponds in Eriwe farm village.
But their main business is fish processing. The racks that line the yard of
their facility are filled with slices of catfish, sizzling as they are
slowly smoked by the charcoal that can be seen glowing underneath.

 

"There are about 150 basins of catfish on the fire now," Mary says, or some
3 750 kilograms. She adds that most of them come from Eriwe farm. The smoked
catfish will be sold at the market in Onitsha, some 300 kilometres to the
east. "People, even from abroad, come there and buy our goods."

 

 

Capital is the major challenge, says Mary, who has been in this business for
25 years. She hopes to get a machine to replace some of their manual work.
She smiles: "Equipment and capital. If all those things are ready, the
business will go."

 

FISH4ACP, a global fish value chain development programme in partnership
between FAO, the EU, BMZ and the OACPS, is helping Nigeria to make its
catfish sector stronger. Together with Nigeria's Federal Ministry of
Agriculture and Food Security, it carried out an analysis of Nigeria's
catfish sector.

 

The analysis showed the sectors' importance for people's livelihoods.
Nigeria counts an estimated 285 000 catfish producers, 60 percent of which
are small-scale farmers. These businesses employ an estimated one million
people.

 

 

"Catfish is a good business," says Abubakar Usman, an FAO expert in
Nigeria's catfish sector and lead for the FISH4ACP programme in the country.
Demand for fish is huge. With over 223 million people, Nigeria is Africa's
most populous nation, and fish makes up over 40 percent of people's animal
protein intake, of which at least one-quarter is catfish.

 

According to preliminary findings of FISH4ACP's analysis, annual catfish
production could be as high as one million tonnes in 2021, worth around USD
2.6 billion, says Usman.

 

Catfish started booming in the 1990s, says Usman, when the government
established hatcheries for catfish fingerlings and seed became available.
Years of annual growth at over 20 percent followed between 2005 and 2015
before catfish production started declining in 2016, mainly due to rising
feed prices.

 

At the top of FISH4ACP's priorities to strengthen Nigeria's catfish sector
is to bring costs down. At the same time, the initiative is working on a
feed credit scheme to help farmers finance their operations before the money
comes in at harvest time.

 

There are concerns about sustainability too. Traditional fish smoking can
affect human health, while the use of firewood contributes to deforestation.
FISH4ACP is supporting the introduction of innovative smoking kilns that use
less wood and reduce people's exposure to smoke.

 

It's late afternoon when Nurudeen, waiting for his turn to join the daily
football match of fish farmers and workers, reflects on ways to grow his
business. The good thing about Eriwe farm village is that farmers work
together to make things better, he says.

 

The farmers of Eriwe want to go into fish processing, and they are
restricting intermediaries from entering the farm so they can negotiate
prices directly with buyers. "We are telling people that catfish is not only
for rich people. It's for everybody," Nurudeen says. "The more they consume,
the bigger the demand."

 

FISH4ACP can make a difference by working with clusters like Eriwe farm
village, says Usman. Together, the programme and cooperatives have the
capacity to rise up to the challenge of making Nigeria's catfish sector more
resilient, efficient and environmentally friendly. "If you touch the lives
of fish farmers here, the whole country can follow."

 

Just before entering the football pitch, Nurudeen says: "I like fish
farming. It gives you a bright future and lets you give back to the society,
because invariably you are feeding the nation."

 

Water is life; water is food. It is a driving force for people, economies
and nature and the foundation of our food systems. But this precious
resource is not infinite. In the run up to World Food Day on October 16, we
take the opportunity to thank the #FoodHeroes who are taking #WaterAction to
manage water wisely, while providing food for us now and in the future -
leaving no one behind.- FAO.

 

 

 

South Africa to Host US-Africa Trade Summit Despite Diplomatic Tensions

Harare — South Africa will host a U.S.-Africa trade meeting in November
despite earlier calls from U.S. politicians for the event to be shifted due
to what they claimed was the country's developing military connection with
Russia, Reuters reports.

 

The U.S.-sub-Saharan Africa Trade and Economic Cooperation Forum will be
held in Johannesburg, the capital of South Africa, from November 2 to 4,
according to a statement released on Wednesday by U.S. and South African
officials. The African Growth and Opportunity Act (AGOA), which offers
tariff-free access to the American market and is set to expire on September
30, 2025, will be discussed at the summit as well as the future of
Washington's main trade initiative for the continent.

 

Following Russia's invasion of Ukraine in February 2022, U.S. and European
leaders made an effort to mobilize African states against Moscow's actions.
However, the majority of African states refrained from taking a position.
Despite Pretoria's stated neutrality, Washington expressed concern over the
alleged tight relations between Russia and South Africa, a significant
commercial partner of the United States in Africa. Leading U.S. House of
Representatives and U.S. Senate figures encouraged the Joe Biden
administration to pick a different location for the US-Africa trade forum in
a letter from June.

 

 

They also suggested that South Africa's trade privileges under AGOA would be
terminated, citing the country's combined naval exercises with China and
Russia in February and plans to welcome Russian President Vladimir Putin at
a BRICS bloc conference. The senators seemed to support the U.S. ambassador
to South Africa's bombshell claim that a Russian warship under sanctions
amassed weaponry at a South African naval base last year.

 

Putin then decided against attending the BRICS conference despite being
sought by the International Criminal Court on suspicion of war crimes in
Ukraine. Additionally, a South African probe into the alleged consignment of
weaponry found no evidence to support the accusations. Ebrahim Patel, the
trade minister of South Africa, called for an extension of AGOA in his
remarks on September 20, in an effort to move past the event.

 

 

 

 

Uganda: The Bitter-Sweet Sides of Uganda's Oil and Gas Development

Kampala, Buliisa, Kikuube — French oil and gas giant TotalEnergies and China
National Offshore Oil Corporation (CNOOC) are moving with pace in the
development of oil and gas projects with a potential investment portfolio
estimated at more than USD 15 billion. IPS looks at the project's human
rights record for the compensation of affected communities.

 

The development of oil and gas infrastructure in Uganda's Albertine has been
moving quickly since February 2022 when China National Offshore Oil
Corporation (CNOOC) and France's TotalEnergies signed the Final Investment
Decision (FID).

 

It is anticipated that part of the 1.4 billion barrels of oil discovered in
the Rift Valley region bordering DRC should be pumped out of the ground by
the end of 2025.

 

TotalEnergies EP Uganda is working with CNOOC Uganda and Uganda National Oil
Company (UNOC) through a Joint Venture Partnership plan to invest more than
USD 10 billion to develop upstream facilities alongside the East African
Crude Oil Pipeline (EACOP) that will transport oil produced from Uganda's
Lake Albert oilfields to the port of Tanga in Tanzania onwards to world
markets.

 

 

Some Have Benefitted

 

The effect of the flow of so-called "petrodollars" to a region whose people
have for ages begged for development is visible to those who have been to
this area long before oil and gas were discovered there. From once-dirt
roads to several newly constructed tarmacked roads, an international airport
near completion, and new iron-roofed houses in some communities as
compensation to the Project-Affected Persons (PAPs), as they are commonly
referred to in the Districts of Hoima, Buliisa, Kikuube, and Nwoya.

 

"I think oil has impacted the Buliisa district greatly. Because I would not
expect this road. Can you imagine a tarmac road has reached my home? It is
because of oil. It was going to take us many years to get such good roads if
the oil project had not kicked off," says Mugaye Richard.

 

 

While there are serious environmental concerns related to the developments,
the developers and the government are determined to proceed. Some residents,
like Richard Mugaye, have benefited from compensation in cash or had new
houses say they benefited way before the oil gets out of the ground.

 

"I'm expecting an even better life when oil production begins," says Amina
Lubyayi, a 38-year-old mother of seven who lives near the Buhuka flats,
where China National Offshore Oil Corporation's (CNOOC) Kingfisher
development is located. The project will produce 40,000 barrels of crude oil
per day during peak production.

 

Lubyayi is among those who had houses constructed for by CNOOC under the
King Fisher resettlement action program in Buhuka flats.

 

"Our house was walled with mud and reeds. The mud would collapse whenever it
rained. That is no more; I used to cook from a makeshift kitchen, but now I
have a permanent one. We have light from solar, and we have a pit latrine,
too," Lubyayi told IPS.

 

 

Over 100 kilometers away from Kikuube to Buliisa district, 40-year-old
Phinehas Owor-Mungu is planting fruit trees in the gardens of his newly
acquired four-roomed stone-built house.

 

He told IPS that he was among the "lucky ones" whose land and developments
were affected by TotalEnergies projects. "Because I and my family live in a
much better house. I also got some cash in compensation for trees and crops
and a disturbance allowance," he explained.

 

"You see, sometimes, when you are eating well, your neighbors may be
jealous. People have been compensated. Those who opted for cash got their
cash, and we who opted for houses have had houses built for us. The roads
here have improved, and people are getting employed. And then one says
people are worse off?"

 

Down the road, 33-year-old Stephen Enach is busy placing a slab on a pit
latrine to one of the houses that will soon be handed over to another person
affected by the oil projects.

 

Jobs like Enach's have become plentiful, and many young men and women are
directly working with TotalEnergies or its subcontractors.

 

So far, 12,000 jobs have been created, according to Betty Namubiru, the
Manager of National Content at the Petroleum Authority of Uganda.

 

"It is important to note that 94 percent of the 12,000 are Ugandans. We hope
to hit 160,000 jobs when the construction of facilities is at its peak. And
more Ugandans will have more opportunities," Namubiru told IPS.

 

Compensation Complaints

 

Fred Lukumu, the District chairperson, told IPS that while the Buliisa
District is witnessing some of the benefits of oil and gas developments,
there has been an outcry over the delay in compensating the PAPs.

 

"So many people have lost their lives before earning their compensation
which they were entitled to because of the delay. There has also been an
outcry that compensation rates have been generally low. Especially for
land."

 

He told IPS that land in Buliisa district was valued at 3.5 million
shillings ($945) per acre, yet in the neighborhood, the cost of land there
was almost double the cost.

 

Fred Balikenda is one of those who have refused to be relocated from their
land before they are adequately compensated. He is a resident of Kigwera
sub-county, where TotalEnergies is putting up several structures, including
a central processing facility. While all his former village mates accepted
compensation and moved to their resettlement houses, Balikenda told IPS that
he was determined to die for his land.

 

"They came and fenced my land illegally. They were supposed to construct a
house for me before I vacated. The road which I was using was closed," he
narrated. "A man will remain a man. I will stay here. If they don't pay me
200 million shillings, I will not shift. They will kill me, and it will
remain as history."

 

Peter Lokeris, Minister of State for Minerals, is one of the government
officers who has tried to resolve compensation-related complaints. He told
IPS that the 200 million shillings ($540,000) that Balikenda was demanding
was exorbitant. He told IPS that the government has faced challenges with
"speculators" who said have tended to hike the price of the land beyond the
market rates.

 

"We shall have to repay the oil companies the money they have used to build
houses and pay compensation. They are not free," he said. "So, if we think
that we will cheat the companies, the companies will cheat us. If we produce
and there is no profit, we shall not earn anything as a country."

 

In July, Human Rights Watch released a report, "Our Trust is Broken," which
documented what it described as "devastating impacts" on the livelihoods of
Ugandan families from the land acquisition process.

 

"Critically, Human Rights Watch found that affected households are much
worse off than before," said the report.

 

"Most lands were initially evaluated in 2017-2019. Compensation was not
received until three to five years later, in 2022 or 2023. Considerable
hardship accrued from these delays that were also poorly communicated amidst
confusion over the ability to access crops during this time," the Human
Rights Watch report said.

 

"EACOP has been a disaster for the tens of thousands who have lost the land
that provided food for their families and an income to send their children
to school and who received too little compensation from TotalEnergies," said
Felix Horne, senior environment researcher at Human Rights Watch. "EACOP is
also a disaster for the planet, and the project should not be completed."

 

Dickens Kamugisha, a lawyer and the Executive Director of the African
Institute for Energy Governance (AFEIGO), told IPS that some of the PAPS
have waited for over five years without compensation.

 

"We have seen hundreds of Ugandans who are being displaced without fair and
adequate compensation. The constitution says you must give those who are
affected adequate and fair compensation."

 

TotalEnergies says it would apply an uplift of additional financial
compensation of 15 percent per year for the period between the valuation of
the inventory and payment in Uganda to mitigate the impact on the
communities.

 

"These measures were aimed at mitigating the effects of these delays on the
PAPs in their daily lives. In practice, most people interviewed by Human
Rights Watch only received 30 percent (two years of 15 percent) even though
compensation delays, in many cases, were between three and five years. One
man said: "This was grossly inadequate to make up for several years of
diminished or no revenue from lost land."

 

Another man said: "For three years, I did not access my coffee plants. Two
kids dropped out of school. My revenue went from 4 million [ush] to 1
million [ush] a year. They gave me 30 percent."

 

Patrick Jean Pouyanné, TotalEnergies' Chief Executive Officer, has continued
to dismiss reports like the one by Human Rights Watch.

 

"I can tell you that we always take care of community concerns. There are so
many reports by third parties. Not by us because nobody believes in us. The
fact is that you can have one or two people who may not be happy with the
way they are relocated. But we are doing that in the best standards
possible."

 

However, Human Rights Watch said TotalEnergies' practices on EACOP's land
acquisition process were inconsistent with its expressed commitment to
uphold relevant international standards on land acquisition.

 

Why the Delay in Compensation?

 

Ernest Rubondo, the Executive Director at the Petroleum Authority of Uganda,
whose Authority regulates the Oil and Gas Sector, told IPS that the delay in
compensation for EACOP, Tilenga, and Kingfisher developments was one of the
challenges. However, he noted that no land can be utilized for the projects
before full compensation.

 

He explained that the processes of land acquisition and compensation in
Uganda are not short.

 

"First of all, you have to properly identify the land that you would like to
acquire. Secondly, you have to confirm the number of people who are on the
land. And that isn't always easy because the land ownership systems in the
country are quite different," he said. "There are many people sitting in
Canada and the US, but they have land here."

 

Rubondo told IPS that in some instances, they found people occupying land
but had no proof of ownership and did not know how much land they had,
especially in the Albertine region, where land had not been titled right
from the colonial period.

 

The Determination of Compensation Rates

 

According to Rubondo, the determination of compensation rates originated
from the district where the land is located.

 

"The district has to propose the rate; the government Chief Government
Valuer has to compare them with what happens in other districts and the
other values. As you would expect, no one ever accepts that this is the
right amount for 'my land'. So, you start going back and forth," explained
Rubondo.

 

He said once the rates are determined, they are communicated to the
landowners who had options whether to receive cash compensation in exchange
land for land, or have houses built for them.

 

"For those that opt for cash, you have to help them to open bank accounts;
then you have to educate them on how to handle the money. Because NGOs are
saying it is unfair to get these large amounts of money and put them in the
hands of people who have never had such large sums of money," added Rubondo.
"You will never have all of them to agree. You put those who disagree in a
certain bracket. So that process is not short."

 

He noted that the value of the land identified for the project changes per
year.

 

"The delays have been recognized. And these project-affected persons are
being compensated for the delay at a rate of 15 percent per year. Thirty
percent of the value of land compensation for disturbance is a disturbance
allowance. And then they are given things like food to take them through the
transition."

 

However, Dickens Kamugisha told IPS that government officers tended to
prioritize fast-tracking projects like EACOP regardless of the complaints by
PAPs.

 

"It's those officials who say that they have learned from the failures of
those other oil producers, that they will not repeat those mistakes. But
when you say the project must move on when you know that there are things
you must address, what are you doing to your country? What are you doing to
your citizens?" asked Kamugisha.

 

Compensations Update

 

IPS received information from the Petroleum Authority about the status of
compensation under the King Fisher Development Project (KFDP) operated by
CNOOC, Tilenga Development, operated by TotalEnergies, and EACOP under a
joint venture led by TotalEnergies.

 

Tilenga Project by TotalEnergies

 

The total land requirement for the Tilenga Project is approximately 2,901
acres. The land acquisition process for the Tilenga project stands at 97
percent, with approximately 5,412 out of 5,523 PAPs fully compensated, with
143 resettlement houses handed over, 15 are ready to be handed over, and 77
under construction.

 

The Kingfisher Development Project (KFDA) by CNOOC.

 

The acquisition of land for the KFDA was concluded at 100%. The total land
requirement for the KFDA is approximately 1,020 acres with 727 Project
Affected Persons (PAPs). Sixty-five (65) resettlement houses were
constructed and handed over to the owners.

 

EACOP Compensation Ugandan Side

 

The total land taken for the EACOP project was estimated at 2,740 acres,
housing four construction camps, heating stations, and the pipeline right of
way (ROW). The compensation stood at 84 percent, with 3,062 out of 3,656
having received their compensation and a total of 177 resettlement houses
handed over to the respective owners.- IPS.

 

 

 

 

Mozambique: Eskom's Debt Among Factors Delaying Import of More Power From
Mozambique

Maputo — The South African Minister of Electricity, Kgosientsho Ramokgopa,
has claimed that the supposedly complicated nature of the transaction, a
lack of urgency from the South African electricity company, Eskom, and
Eskom's outstanding debt have contributed to the delay in importing a
further 100 megawatts of power from Mozambique, a deal which was agreed back
in June.

 

The five giant turbines at the Cahora Bassa dam in the western Mozambican
province of Tete can, in theory, generate 2,075 megawatts. Most of this
power is already sold to Eskom.

 

In the longer term, a new hydro-electric dam at Mphanda Nkuwa, on the
Zambezi will be built, about 60 kilometres downstream from Cahora Bassa. It
will generate 1,500 megawatts from 2030.

 

 

Earlier this month, the Mozambican government said it was frustrated that
there had been no progress from Eskom in finalising the acquisition of the
electricity pledged to help alleviate the rolling power cuts, known by the
euphemism "load shedding'.

 

According to Ramokgopa, cited by "News 24', "adding 100 megawatts of
electricity will increase SA's electricity resources by 0.2% and amounts to
approximately 10% of one load shedding stage. It was nevertheless important
for Eskom to access every megawatt it could.'

 

The legacy debt issues, the minister said, between Eskom and its Mozambican
counterpart, EDM, had been one stumbling block, while another had been the
complexity of the contracting, which needed to factor in commodity price and
currency risk.

 

"We will do everything possible to chase after every megawatt because the
aggregation will help us end load shedding', he said.

 

 

 

 

Nigeria: CBN Postpones Interest Rate Decision Meeting Indefinitely

"A new date will be communicated in new course," the apex bank disclosed in
the document seen by PREMIUM TIMES, with an apology for any inconvenience
the change might cause.

 

The Central Bank of Nigeria (CBN) shifted a meeting of its Monetary Policy
Committee (MPC), where the benchmark interest rate would have been decided,
a Thursday statement showed without stating the date of a new meeting.

 

"A new date will be communicated in new course," the apex bank disclosed in
the document seen by PREMIUM TIMES, with an apology for any inconvenience
the change might cause.

 

 

The rate-setting panel of the bank was due to meet on Monday and Tuesday 25
& 26 September for its 293rd session, days after the statistics office
announced that annual inflation in Africa's largest economy accelerated by
1.7 per cent to 25.8 per cent in August.

 

That was the highest price level in more than 18 years.

 

Deferment of the meeting is coming about a week after President Bola Tinubu
nominated investment banker and a former chair of Citibank Nigeria, Olayemi
Cardoso, to replace Godwin Emefiele, who was suspended in June and taken
into custody thereafter by the State Security Service.

 

Mr Cardoso's appointment awaits legislative approval from the Senate, which
is expected to resume from a recess next Tuesday.

 

Folashodun Shonubi, a CBN deputy governor overseeing operations, has been
holding the fort since Mr Emefiele's suspension.

 

Since May 2022, the CBN has upped the monetary policy rate by 725 basis
points in a move aimed at taming Nigeria's sticky inflation, which is now
more than double the top end of the apex bank's target range of six to nice
per cent.

 

A new upward adjustment to the rates is likely when next the MPC meets given
that price levels, which have been spurred by food costs and more recently
by fuel subsidy removal as well as by a much-pressured currency, will
possibly be the focus of rate-setters.

 

The local currency has weakened by around 40 per cent since a major foreign
exchange overhaul in June collapsed the country's multiple exchange rates
into a single window, allowing the naira to trade more freely.

 

- Premium Times.

 

 

 

Africa: Stop Colonising African Economic Assets, Chakwera Tells West

Malawi President Dr. Lazarus Chakwera has told Western governments to stop
colonising African economic assets and financial systems.

 

Chakwera has also discouraged African leaders from stashing corrupt proceeds
in Western banks and to prosecute western citizens that aid corruption in
Africa.

 

He made the remarks a short while ago at the Strategic Dialogue on Health
organised by Foundation S and The Africa Europe Foundation and Democracy
Delivers by USAID.

 

The Strategic Dialogue on Health convened Heads of State and Governments to
discuss how they must support communities to adapt to climate risks that
affect health systems functionality and health service delivery.

 

Chakwera said being someone with fresh memories of how effects of climate
change affects health systems, he decided to advise global policymakers to
improve early warning and response systems, enhance healthcare
infrastructure, amplify community voices on climate action and transition to
cleaner energy sources.

 

At the USAID event, the Malawi Head of State raised strong concern and
displeasure at the increased erosion of constitutionalism in some parts of
Africa where non-sanctioned elements are snatching power from
democratically-elected leadership.

 

 

 

 

Rwanda: Five Major Economic Highlights in First Six Months of 2023

The central bank on September 20 gave insights on how Rwanda's economy
performed in the first six months of 2023, the results of monetary policy
decisions taken, and an outlook on performance for the rest of the year.

 

The developments are projected in the Monetary Policy Committee and
Financial Stability Statement.

 

Poor agriculture performance

 

The agriculture sector performed poorly for two consecutive years, something
attributed to bad weather conditions. In the first half of 2022, the sector
grew by 0.3 percent, with food productivity performing negatively.

 

 

While other agricultural subsectors, including export crops, livestock,
forest, and fishery, grew by 6.4 percent collectively, their growth was not
sufficient to compensate for the poor performance of food crops which
decreased by 3.2 percent.

 

This remains a major reason behind the domestic increase in consumer prices
on the market.

 

Insurance sector makes first-time underwriting profit

 

For the first time, in six years, the insurance sector made an underwriting
profit. It has been making profit mostly from investment, as clarified by
John Rwangombwa, the central bank Governor.

 

In June 2021, the sector had an underwriting loss of Rwf200 million. In the
same period of 2022, it was Rwf400 million. However, in June 2023, it
recorded an underwriting profit of Rwf1.9 billion.

 

Overall, the sector saw an increase in profit from Rwf7.1 billion in 2021 to
Rwf12 billion in June 2023.

 

 

"The sector has stabilized and is on a good path, we expect to see more
innovations, development, and efficiency in the way they deliver their
services," Rwangombwa said.

 

Increase in loan book

 

The central bank took note of commercial banks' willingness to lend, with
new loans approved amounting to Rwf823 billion higher than Rwf586 billion
approved during the first half of 2022. This represents an increase of 40.4
percent compared to the decline of 7.2 percent registered in the
corresponding period of 2022.

 

The increase was driven by the growing demand for loans due to the gradual
recovery of economic activities after the Covid-19 pandemic. The four
sectors that received the most financing were commerce, public works and
building, personal loans, and manufacturing activities.

 

Patience Mutesi, the Managing Director of BPR, said that the financial
sector is very stable and profitable despite the increase in interbank rate
to 7.5 percent, up from 5.4 percent the previous year due to the central
bank's monetary policy that increased the key repo rate to 7.5 percent in
August.

 

 

When a bank increases its investments such as growing its loan book, it may
borrow money from the central bank or another bank (interbank) to support
this growth. An increase in the repo rate is therefore expected to result in
an increase in lending rates.

 

However, lending rates in Rwanda remained sticky and banks are absorbing the
costs of higher borrowing rates, thus reducing their margins rather than
passing the cost on to customers.

 

"The loan book across the country is increasing and we can anticipate
stability at a later stage, but there might be potentially an increase in
interest rate for borrowers," she noted.

 

As of now, Mutesi said, BPR recorded 18 percent increase in lending from
June 2022 to June 2023, reflecting a year-on-year growth above the industry
average of 5 percent, and that within the current economic context, some of
the growth in loans can be explained by the impact of inflation on business.

 

For instance, a businessperson who initially estimated a construction
project budget of Rwf500 million will need to borrow more money due to price
changes in 2022 and 2023.

 

Rwandan Franc depreciates

 

In the first six months of 2023, the Rwandan franc depreciated by 8.8
percent against the US dollar due to a mismatch between the supply and
demand for dollars to the widening of the trade deficit which was at 23
percent.

 

This can be seen from an increase in import bills by 18.5 percent against
export earnings which increased by 11.2 percent.

 

"It is unusual pressure but we believe it will ease next year because we can
see a decreasing trend in imports and an increase in tourism revenue, among
other avenues generating forex receipts," Rwangombwa noted.

 

Inflation to average 7.6 percent by end 2023

 

"Last year, inflation was really challenging, reaching a peak of 21.7
percent in November 2022 and easing from December, as we had projected, we
see it going down, though still high, at 12.3 percent in August this year,"
said Rwangombwa.

 

Inflation is the rate at which commodity prices increase over a specific
period on the market. The ideal inflation should be between a range of two
percent to eight percent and a benchmark of five percent, as per the central
bank target.

 

Rwangombwa said they expect consumer prices to increase to an average of 7.6
percent at the end of the year and around 5 percent in 2024.

 

However, he pointed out, there are still risks associated with this
considering the geopolitical tensions, effects of the Russia-Ukraine war,
and climate change which remains the biggest challenge to the economic
performance.

 

- New Times.

 

 

 

 

Microsoft's new Call of Duty deal set for approval

The UK's competition watchdog has said Microsoft's revised offer to buy the
Call of Duty maker Activision Blizzard "opens the door" to the deal being
cleared.

 

The Competition Markets Authority (CMA) said the updated deal appeared to
address concerns it had raised.

 

Under the new proposals, Microsoft will not buy the cloud gaming rights
owned by Activision Blizzard.

 

Its original $69bn (£59bn) deal was blocked by UK regulators.

 

Earlier this year, the CMA blocked Microsoft from taking on the whole of
Activision over concerns that the deal would harm competition in cloud
gaming in the UK.

 

Microsoft then submitted a restructured deal for the competition watchdog to
look at last month.

 

In a statement on Friday, the CMA's chief executive, Sarah Cardell, said:
"The CMA's position has been consistent throughout - this merger could only
go ahead if competition, innovation, and choice in cloud gaming was
preserved."

 

A consultation will be opened before a final decision on the deal is taken.

 

Microsoft's plan to buy Activision Blizzard was originally announced in
January last year, and would be the largest in the history of the gaming
industry.

 

However, it has proved controversial and received a mixed response from
regulators around the world.

 

The deal was passed by regulators in the European Union in May, while the US
competition watchdog recently saw its bid to pause the purchase rejected by
an appeals court.

 

When the deal was initially blocked in the UK in April, it was seen as a
blow for the government, which wants the country to become a tech
powerhouse.

 

The CMA's Ms Cardell said: "It would have been far better... if Microsoft
had put forward this restructure during our original investigation.

 

"This case illustrates the costs, uncertainty and delay that parties can
incur if a credible and effective remedy option exists but is not put on the
table at the right time."

 

Microsoft's big deal - what you need to know

Sony objected to the deal originally, concerned that Microsoft could stop
major games being made available to its own PlayStation business.

 

Under the new offer, Microsoft has agreed to transfer the rights to stream
Activision games from the cloud to the French video games publisher Ubisoft
for 15 years.

 

The sale to Ubisoft of this portion of Activision's business will mean the
cloud streaming of games like Call of Duty, Overwatch and World of Warcraft
will not come under Microsoft's control.

 

The CMA said that with extra protections, the move would mean that gamers
have the opportunity to access Activision's games in many different ways,
including through the cloud-based multigame subscription services.

 

It added that while it still had "limited residual concerns", the revised
deal was "new and substantially different, which keeps the cloud
distribution of these important games in the hands of a strong independent
supplier, Ubisoft, rather than under the control of Microsoft".

 

Microsoft still hopes the merger will boost demand for its Xbox console and
its gaming subscription business.

 

Its vice chairman and president Brad Smith said it was "encouraged" by this
positive step.

 

"We presented solutions that we believe fully address the CMA's remaining
concerns related to cloud game streaming, and we will continue to work
toward earning approval to close prior to the 18 October deadline."

 

Microsoft hopes the CMA will make a final decision on the revised bid next
month - after the consultation closes on 6 October. Without its approval,
the deal cannot go ahead globally.

 

Activision said that the preliminary approval was "great news" for its
future with Microsoft.

 

"We look forward to working with Microsoft toward completing the regulatory
review process," it added.-bbc

 

 

 

Chevron and unions agree to end Western Australia gas strikes

Energy giant Chevron and unions have struck a deal to end strikes at two
large liquefied natural gas (LNG) facilities in Australia.

 

Workers accepted a proposed agreement put forward by the country's labour
regulator, said the Offshore Alliance, which is a grouping of two unions.

 

The current industrial action has been suspended, the company said.

 

Strikes had been taking place at the Gorgon and Wheatstone facilities over
pay and conditions since 8 September.

 

"At a late night mass meeting members endorsed the latest offer which
incorporates the Fair Work Commission's recommendations," Brad Gandy, a
spokesperson for the Offshore Alliance said in a statement.

 

Australia's industrial arbitrator, the Fair Work Commission, had hosted
mediation negotiations between the company and union representatives.

 

"The Offshore Alliance will now work with Chevron to finalise the drafting
of the agreement and members will soon cease current industrial action," Mr
Gandy added.

 

A spokesperson for Chevron Australia told the BBC the agreement "resolves
the issues that remained outstanding following conciliation sessions this
week."

 

The US oil and gas giant's Gorgon and Wheatstone plants in Western Australia
account for more than 5% of global LNG capacity.

 

The dispute triggered volatile trading in LNG markets over concerns that the
walkouts could have an impact on global gas supplies.

 

The world's energy markets been under pressure since Russia's invasion of
Ukraine early last year. Oil and gas prices soared, leading to a sharp rise
in energy bills for homes and businesses.

 

The Kremlin has also slashed supplies of natural gas to Europe, which led
countries to find alternative sources of energy. Many countries are relying
on LNG to fill the gap.

 

Australia is one of the world's largest exporters of LNG, along with Qatar
and the US, and its supplies have helped to cool global energy prices.

 

"It was quite remarkable that a few hundred workers offshore Western
Australia have managed to roil global markets and cause tens of billions of
dollars in market movements," energy industry expert Saul Kavonic told the
BBC's Asia Business Report.

 

"But it happened because there is no resilience left in our global gas
system," he added.

 

LNG is methane, or methane mixed with ethane, cleansed of impurities and
cooled to approximately -160C.

 

This turns the gas into a liquid and it can then be shipped in pressurised
tankers.

 

At its destination, LNG is turned back into gas and used, like any other
natural gas, for heating, cooking and power.=bbc

 

 

 

 

Rupert Murdoch steps down as Fox and News Corp chairman in favour of son
Lachlan

Media mogul Rupert Murdoch says he is stepping down as chairman of Fox and
News Corp, with his son Lachlan to head both companies.

 

In a memo to employees, Murdoch said "the time is right" for him to take on
"different roles".

 

Murdoch, 92, launched Fox News in 1996. It is now the most watched TV news
channel in the US.

 

Murdoch said he will transition to the role of Chairman Emeritus of both
firms in mid-November.

 

"Our companies are in robust health, as am I. Our opportunities far exceed
our commercial challenges," he wrote. "We have every reason to be optimistic
about the coming years - I certainly am, and plan to be here to participate
in them."

 

Lachlan Murdoch, 52, is the son of Rupert Murdoch and his second wife, Anna
Maria dePeyster. The billionaire patriarch has been married four times and
has six children - many of whom followed their father into the family
business.

 

The question of succession had largely come down to the second, third and
fourth - Elisabeth, Lachlan and James.

 

Lachlan, 52, emerged as the heir apparent during his time as an executive in
the late 1990s. However, he left the business in 2005 after a feud with then
boss of Fox News, Roger Ailes. Lachlan returned to his father's empire in
2014 and has held top positions ever since.

 

James Murdoch, the more liberally-minded son, quit the News Corp board in
2020 because of "disagreements over certain editorial content" and other
grievances with the direction of the company.

 

Elisabeth, 55, held various high-ranking roles in the business but started
her own television company, Shine, which produced shows like MasterChef and
The Biggest Loser.

 

A 

The transition comes during a turbulent year for Fox, which in April agreed
to pay a $787.5m (£634m) settlement after being sued by voting machine
company Dominion over its reporting of the 2020 presidential election.

 

The network is still facing a second, similar lawsuit from another voting
technology firm, Smartmatic, seeking an even larger sum of $2.7bn.

 

Then on 25 April, Fox announced it would "part ways" with Tucker Carlson,
its highest rated TV host - amid reports the decision came from the very
top.

 

The Murdoch move falls a year before the US presidential election, in which
right-leaning Fox News has significant influence. The network is hosting a
number of debates between Republicans vying to be the party's 2024 White
House candidate.

 

How Murdoch ditches politicians... including Trump

Journalist Michael Wolff is set to release a highly anticipated tell-all
book about Fox's ruling family in just a few days, titled "The Fall: The End
of Fox News and the Murdoch Dynasty". A second Murdoch book, by CNN media
journalist Brian Stelter, will be published on 14 November.

 

In his memo to staff, Rupert Murdoch vowed to continue to be involved in the
"contest of ideas".

 

He also criticised other media outlets as being "in cahoots" with a
"rarefied class" of elites who he accused of "peddling political narratives
rather than pursuing the truth".

 

In a statement, Lachlan Murdoch said that his father "will continue to
provide valued counsel to both companies".

 

 

Media caption,

Some of Rupert Murdoch's biggest acquisitions, in his 70-year media career

 

The elder Murdoch began his career in his native Australia in the 1950s,
eventually buying the News of the World and The Sun newspapers in the UK in
1969.

 

He later purchased a number of US publications including the New York Post
and Wall Street Journal. Through News Corp, he remains the owner of hundreds
of local, national and international media outlets.

 

His career, however, has not been without its mishaps. In 2005, for example,
he bought the social media site Myspace for more than half a billion
dollars. It was crushed by Facebook and later sold for just $35m.

 

His most damaging moment in the UK was the notorious phone hacking scandal,
which erupted after it emerged that the News of the World had listened to
the murdered schoolgirl Milly Dowler's voicemails. It was a humiliation for
Murdoch personally - and came at huge financial cost. His company is
reported to have paid more than £1bn in pay-outs to phone hacking victims.

 

Until today's announcement, Lachlan Murdoch had served as the executive
chair of Fox Corporation and Nova Entertainment.

 

Fox shares rose almost 2% after the news, while News Corps shares rose a
more modest 0.6%.

 

Professor Anat Alon-Beck, a corporate law expert, said that ultimately
market reaction to Lachlan's promotion will depend on whether Fox has a
"solid and smart" plan that ensures "that the company's leadership isn't
jeopardised just because the most powerful person, CEO, leaves the role".

 

While Lachlan was the expected choice to replace his father, it is unclear
what will happen when the elder Murdoch dies.

 

Any transfer of shares from Murdoch to his six adult children could
potentially set the stage for a battle for the future of the media empire.

 

-bbc

 

 

 

 

JPEX: Hong Kong investigates influencer-backed crypto exchange

Hong Kong police are investigating allegations of fraud against
cryptocurrency trading platform JPEX after investors complained of HK$1.3bn
($166m; £134m) in losses.

 

Eleven people, including popular influencers, were arrested this week after
complaints filed by 2,000 people.

 

The case could be one of Hong Kong's biggest fraud cases, local media say.

 

It also tests new financial regulations as Hong Kong positions itself as a
global hub for virtual assets.

 

Bitcoin to blockchain: What key crypto words mean

Last week, Hong Kong's Securities and Futures Commission (SFC) revealed the
Dubai-based JPEX had been operating without a license for virtual asset
trading.

 

The platform, on the other hand, said it had "strived to comply" with the
local requirement which took effect in June this year, but its efforts were
"dismissed or sidestepped with official rhetoric" by the Commission.

 

Many of the complainants are inexperienced investors who were promised high
yields, police said. Aside from tapping influencers, JPEX also advertised
widely on Hong Kong's MTR train system with giant billboards.

 

Footage aired on local TV showed police escorting one of the arrested
influencers, Joseph Lam, onto a car following a raid on his house. Mr Lam is
a barrister turned insurance salesman who describes himself on Instagram as
Hong Kong's "Trolling King".

 

In his posts, Mr Lam showed his followers how Bitcoin profits could help
them buy a house and grow their social clout.

 

Also arrested was Chan Yee, a YouTube personality with 200,000 subscribers.

 

In Hong Kong, some trading operations on JPEX have been shut down since the
arrests and the city's authorities have appeared to block web access to it.

 

The platform has also said it is working to resolve a "liquidity shortage"
as some users have complained that they are unable to withdraw their funds.

 

Hong Kong Chief Executive John Lee said regulators will "monitor the
situation very closely and ensure that investors are sufficiently
protected".

 

"This incident highlights the importance that when investors want to invest
in virtual assets, then they must invest on platforms that are licensed," he
told reporters.

 

Hong Kong has required virtual asset trading platforms to be licensed by the
SFC since the start of June this year. That is an offshoot of the amended
Anti-Money Laundering and Counter-Terrorist Financing law from late 2022
that sought to reassert Hong Kong's position as a world financial centre,

 

Mr Lee said his government would step up investor education so that the
public could better understand risks and how platforms are regulated.

 

There have long been concerns about cryptocurrencies due to their lack of
regulation and oversight by central banks. Despite this, consumers have been
drawn to the appeal of of peer-to-peer digital currencies.

 

Crypto money laundering rises 30%, report finds

North Korea led 'biggest year ever' of crypto hacks

Hong Kong is one of Asia's financial capitals and since its handover to
China from British rule in 1997, it has become a gateway for investors to
the mainland.

 

Now, it is seeking to establish itself as a hub for the next generation of
internet technologies or Web 3.0, which includes cryptocurrency trading.
China has banned cryptocurrencies on the mainland since late 2021, saying it
"seriously endangers the safety of people's assets".

 

The license requirement for platforms like JPEX is meant to ensure
accountability and compensation when needed, Francis Fong, honorary
president of the Hong Kong Information Technology Federation, told BBC
Chinese.

 

"It means that if there is supervision, nothing bad will happen." he said.

 

Hong Kong Police hold press conference on the investigation into the
unlicensed virtual asset trading platform JPEX on 19 September 2023.

 

 

However, some digital economy experts have told the BBC that existing laws
may not be enough to prevent virtual asset platforms from operating
illegally and to protect investors from losses.

 

On Facebook, anguished investors have formed Facebook groups named "JPEX
Sufferers".

 

One group member said he was lured to JPEX because of the ubiquity of its
MTR ads. Criticism of the train operator from internet commentator Fung
Hei-kin received 3,700 likes and 400 reposts.

 

According to its website, JPEX is headquartered in Dubai in the United Arab
Emirates and is licensed to facilitate trade of digital assets in the US,
Canada and Australia. The About Us section of its website shows blurry
images of what appear to be the licenses from the three countries.

 

Founded in 2020, JPEX said it handled $2bn worth of assets and aimed to be
among the world's five largest virtual asset exchanges.

 

A check by Hong Kong's South China Morning Post on JPEX's Hong Kong address
showed the space was occupied by a co-working firm called Coffee.

 

The publication quoted the shop's staff as saying that they were unaware of
JPEX and that Hong Kong police had checked on the address earlier.

 

JPEX also has an office in Taiwan, according to local media. However, a
recent check showed it to be empty. It had employed popular Taiwanese
celebrity, Nine Chen, as its influencer and once sponsored a boxing match on
the island.

 

Mr Chen had posted on Instagram last week, after Hong Kong regulators had
said that JPEX was operating without a licence.

 

"After learning about the JPEX incident, I wanted to understand the
situation, but currently I can't contact the relevant people at JPEX," he
said.

 

"The company is handling other details. If relevant units need to
investigate, I will fully cooperate," he said.-bbc

 

 

 

 

UK interest rate freeze ends run of 14 straight increases

In a surprise move, UK interest rates have been left unchanged after the
Bank of England said price rises were slowing faster than expected.

 

Interest rates were held at 5.25%, already their highest for 15 years.

 

It comes after figures on Wednesday revealed an unexpected slowdown in
inflation in August.

 

"Inflation has fallen a lot in recent months, and we think it will continue
to do so," said Bank governor Andrew Bailey.

 

There were also "increasing signs" that higher rates were starting to hurt
the UK economy, the Bank said.

 

The Bank has raised rates for the past 14 times in a row in its battle to
tame inflation - the rate at which prices rise - which remains much higher
than usual.

 

The increases have led to higher mortgage payments for many homeowners and
on loans, but also higher savings rates.

 

Many analysts had expected rates to rise again, but the Bank's decision to
leave them on hold raises the prospect that this is a turning point.

 

Speaking to broadcasters, Mr Bailey warned against "complacency" and
"premature celebration" explaining "we've got a long way to go to bring
inflation down to the Bank's 2% target".

 

How the interest rate decision affects you

Why does the Bank of England change interest rates?

He also played down any chances that rates might start to be cut soon.

 

"I can tell you that we have not had any discussion... about reducing rates,
because that would be very, very premature. Our job is to get inflation
down."

 

Nicola Valentine said she was "breathing a sigh of relief" on hearing that
rates were being held.

 

But the tax accountant, from Isleham, Cambridgeshire, is still "hugely
anxious" because her mortgage is due to go up by about £300 a month.

 

Her 2.9% fixed-rate mortgage deal expires in November. She has cancelled TV
and gym subscriptions, and stopped buying new clothes and takeaways, but
still does not know how she will find the extra money.

 

"I'm praying the rates have peaked now and will start to go down because
this is really unsustainable for me. I feel completely helpless," she said.

 

Mortgage holders react to news of interest rate freeze

The Bank's decision was a very close call, with four of the nine-strong
rate-setting Monetary Policy Committee (MPC) voting for a rise, and five
opting for a pause. Mr Bailey used his casting vote to pause the relentless
series of rate rises.

 

In the end the inflation figures on Wednesday, which showed all of the main
measures on cost of living easing, was enough for the Bank to conclude its
medicine is working.

 

The chancellor has welcomed it as such.

 

"We are starting to see the tide turn against high inflation, but we will
continue to do what we can to help households struggling with mortgage
payments," said Jeremy Hunt.

 

"Now is the time to see the job through. We are on track to halve inflation
this year and sticking to our plan is the only way to bring interest and
mortgage rates down."

 

Both the Bank, and the Treasury, however, will be wary of warnings of
"premature celebration" from the International Monetary Fund, which has
flagged how the jump in energy prices in the 1970s triggered inflation that
proved tough to defeat.

 

Interest rate graph

The decision to hold rates will bring some relief to homeowners with tracker
mortgages who have seen their monthly repayments get consistently more
expensive.

 

For those coming to an end of their fixed-rate deal, there will also be some
hope that mortgage rate rises have halted.

 

There is some competition back in the mortgage market and, if this is the
end of a run of rate rises, then lenders may have even more confidence to
offer better deals.

 

However, there are warnings from the sector that this latest decision could
lead to more of a plateau than any significant drops in mortgage rates.

 

Savers, meanwhile, are likely to be told that the returns they can get - the
highest for about 15 years - may not improve much more, so shopping around
for the best deal becomes a little more urgent.

 

'Weaker' growth

The theory behind raising rates is that it makes it more expensive for
people to borrow money, so households will cut back and buy fewer things. It
also might mean that firms will raise prices less quickly.

 

But it is a tricky balancing act, as raising rates too aggressively could
cause people to cut back on their household spending, hitting businesses and
economic growth.

 

The MPC said that since June, inflation had fallen much faster than
expected, dropping to 6.7% in August.

 

But it also said that unemployment was inching up and overall economic
growth was "weaker than expected".

 

For these reasons it kept rates on hold. But the MPC added that rates would
need to remain "sufficiently restrictive for sufficiently long" to get
inflation back down to the Bank's 2% target. It is not expected reach this
rate until 2025.

 

Further rate increases might be needed if price rises start accelerating
again, it added.

 

Cost of living: Tackling it together

What can I do if I can't pay my debts

Talk to someone. You are not alone and there is help available. A trained
debt adviser can talk you through the options. Here are some organisations
to get in touch with.

Take control. Citizens Advice suggest you work out how much you owe, who to,
which debts are the most urgent and how much you need to pay each month.

Ask for a payment plan. Energy suppliers, for example, must give you a
chance to clear your debt before taking any action to recover the money

Check you're getting the right money. Use the independent MoneyHelper
website or benefits calculators run by Policy in Practice and charities
Entitledto and Turn2us

Ask for breathing space. If you're receiving debt advice in England and
Wales you can apply for a break to shield you from further interest and
charges for up to 60 days.

Tackling It Together: More tips to help you manage debt-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  

Website:         <http://www.bullszimbabwe.com> www.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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