Major International Business Headlines Brief::: 26 September 2023

Tue Sep 26 10:57:04 CAT 2023

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Major International Business Headlines Brief::: 26 September 2023 

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

ü  Africa: How to Avoid a Debt Crisis in Sub-Saharan Africa

ü  Tanzania: Mwinyi Vows to Beat 300,000 Jobs Target

ü  Nigeria: Govt Opts for Low-Key Independence Anniversary, Cites Economic
Realities

ü  Nigeria's Oil Output Lags Behind 2023 Budget Target By 15%

ü  Malawi Govt Introduces Special Allowances for Civil Servants

ü  Kenya to Host Africa Energy Forum in October

ü  Africa: Sudan, Egypt, and Ethiopia Resume Negotiations On GERD

ü  Evergrande shares slide as mainland unit misses debt payment

ü  Nissan to go all-electric by 2030 despite petrol ban delay

ü  Sick days at work hit highest level for 10 years

ü  Hollywood writers in deal to end US studio strike

ü  Lego axes plan to make bricks from recycled bottles

 <https://www.cloverleaf.co.zw/> Africa: How to Avoid a Debt Crisis in
Sub-Saharan Africa

The average debt ratio in sub-Saharan Africa has almost doubled in just a
decade--from 30 percent of GDP at the end of 2013 to almost 60 percent of
GDP by end-2022. Repaying this debt has also become much costlier.

The region's ratio of interest payments to revenue, a key metric to assess
debt servicing capacity and predict the risk of a fiscal crisis, has more
than doubled since the early 2010s and is now close to four times the ratio
in advanced economies. As of 2022, more than half of the low-income
countries in sub-Saharan Africa were assessed by the IMF to be at high risk
or already in debt distress.

These trends have sparked concerns of a looming debt crisis in the region. A
recent IMF paper offers possible solutions to prevent this from happening.
It identifies five policy actions African governments can take to preserve
the sustainability of public finances, while also achieving the region's
development goals.

1. Set a course: re-anchor fiscal policy through a credible medium-term
strategy

In most sub-Saharan African countries, fiscal policy focuses excessively on
short-term goals and is not guided by a clear medium-term strategy. This
lack of anchoring has resulted in frequent breaches of fiscal rules and
ever-increasing public debt levels.

A more strategic approach to fiscal policy would be preferable by setting
explicit debt targets that integrate key policy trade-offs between debt
sustainability and development objectives, rather than focusing narrowly on
short-term fiscal deficits. The paper suggests a novel approach to
estimating country-specific medium-term debt anchors, which ensures that
debt service costs remain manageable. According to this methodology, the
median debt anchor for the region is about 55 percent of GDP; slightly more
than half of the countries were above their anchor at end-2022.

2. Get ready: undertake fiscal adjustment to bring debt back to a safer
level

IMF staff analysis shows that most countries in the region will need to
reduce their fiscal deficits in the coming years. For the average country,
the amount of adjustment is about 2 to 3 percent of GDP.

This adjustment seems feasible given historical experience--in the past,
countries in sub-Saharan African countries improved their primary balance by
1 percent of GDP a year over two to three years.

But not all countries face the same challenge. About a quarter of the
region's economies still have some fiscal space and can use it to maintain
and even increase vital investments in human and physical capital. On the
other hand, a few countries have very large adjustment needs; for them, it
is unlikely that fiscal consolidation alone will be enough to ensure fiscal
sustainability. It may need to be complemented by debt reprofiling or
restructuring.

3. Chip in: mobilize more domestic revenue

Sub-Saharan African countries tend to rely excessively on expenditure cuts
to reduce their fiscal deficits. Although this may be warranted in some
circumstances, revenue measures, like eliminating tax exemptions or
digitalizing filing and payment systems, should play a greater role.
Mobilizing domestic revenue is less detrimental to growth in countries where
initial tax levels are low, whereas the cost associated with reducing
expenditures is particularly high given Africa's large development needs.

While difficult to achieve, large and rapid increases in revenue have been
observed in some countries like The Gambia, Rwanda, Senegal, and Uganda,
which relied on a mix of revenue administration and tax policy measures.

4. Shore up the house: strengthen budget institutions to improve the
implementation of fiscal plans

Policy changes are more likely to yield tangible results if fiscal
institutions are strong and efficient. On the expenditure side,
well-designed plans too often yield disappointing results due to budgetary
slippages or an unforeseen materialization of fiscal risks. Adopting a
medium-term fiscal framework, putting in place tools to better assess and
manage fiscal risks, and enhancing controls over government expenditure
during the budget implementation phase are key to avoiding such pitfalls.

Strong expenditure controls--by strengthening the legal budgeting framework,
improving fiscal reporting, and empowering audit and control
institutions--are particularly important, as they help countries avoid
budgetary slippages, as well as decrease the risk of extra-budgetary
commitments, which are widespread in the region.

5. Get people on board: anticipate public resistance to reforms

The sustainability of a new fiscal strategy also depends on the government's
ability to secure public support by linking the policy measures to
longer-term benefits. Public acceptance should be a central consideration in
policy design--for instance, by sequencing reforms carefully and introducing
compensatory measures.

Communication campaigns that transparently and credibly outline the
long-term benefits of the reform, its distributional consequences, and the
costs of inaction are also critical. Public acceptance of reforms depends
more generally on the ability of governments to convince the population that
they will use public funds in an efficient, fair, and transparent manner.

****

Fabio Comelli is a senior economist in the IMF's African Department, where
Antonio David is a deputy division chief, Luc Eyraud is chief of the
Regional Studies division, Jimena Montoya is a senior research analyst, and
Arthur Sode is an economist. Peter Kovacs, formerly of the IMF, is an
economist with the European Commission.

- IMF.

Tanzania: Mwinyi Vows to Beat 300,000 Jobs Target

Zanzibar — ZANZIBAR: ZANZIBAR President Dr Hussein Mwinyi has said that it
is possible to create about 300,000 jobs before 2025 in the Islands.

However, to hit that mark, it was imperative for the Zanzibar Economic
Empowerment Agency (ZEEA) to continue with its measures of boosting the
private sector, he said.

Gracing the ZEEA one-year anniversary and the launching of Furaha ya
Zanzibar entrepreneurship festival, Dr Mwinyi stressed on collaboration
among key players in empowering the locals, adding that it's a cross-cutting
issue.

In particular, Dr Mwinyi praised ZEEA's performance in the past year,
saying: "This has been good and you are on right track and we hope a lot of
success will be recorded within the next two years. You are doing a lot to
ensure enough jobs are created through giving out loans to establish
projects."

On the continuing construction of modern markets, and infrastructures'
improvements to speed-up jobs' creations, he asked financial institutions in
Zanzibar, mainly banks, to inject funds as loans to supplement the
government's 20bn/- and 10 million US dollars (about 25bn/-) from Khalifa
Fund.

Elaborating, the president said the current demand of 80bn/- to support
young entrepreneurs as loans cannot be shouldered by the government alone,
hence he called upon the private sector, especially hoteliers to chip in by
buying locally produced goods.

He added: "Buying local products will reduce importation of goods that are
produced at home. Here, owners of more than 600 hotels in Zanzibar should
support."

Also, the government is planning to review policies and laws related to
employment to give priority to local content.

Meanwhile, before receiving an award in recognition of his initiatives in
empowering people economically, Dr Mwinyi was also handed over certificates
of appreciation.

In response, he thanked them and took the occasion to remind debtors and
ZEEA that they pay fast enough, because it is a revolving fund that others
also wait to apply for.

In a related development, President Mwinyi also launched APP/online that
will ease application for loans, where bureaucracies taking several weeks
would not be there.

Thanking the e-government department for the digitalisation development, it
was noted that the process was minimised to only 14 days or less, where
people can also apply through their mobile phones.

In a separate development, Dr Mwinyi graced a brief panel discussion of
ministers: Simai Mohamed Said (Tourism and Heritage), Omar said Shaaban
(Trade and Industrial Development), Suleiman Masoud Makame (Blue Economy and
Fisheries) and Minister of State President's Office Responsible for Economy
and Investment Mr Mudrik Ramadhan Soraga, who all promised to strengthen
collaboration in the interest of young people and women who want to borrow.

In his welcoming note, Mr Soraga commended Dr Mwinyi for his restless
efforts in finding ways to economically empower the locals, adding that the
ZEEA board is also behind the successes recorded since the agency was formed
last year.

ZEEA Executive Director Mr Juma Burhan Mohamed informed the gathering that
the organisation targets to reach at least 62,400 people by 2025, especially
by providing free interest loans and training.

He added: "So far, we have managed to reach 19,373 (including 11,846 women),
giving a loan amounting to 20bn/-."

He said that ZEEA has signed several agreements with other institutions to
clear challenges that were facing entrepreneurs.

"We thank Zanzibar Bureau of Standards (ZBS) for reducing the fee from
700,000/- to 50,000/- to enable many local producers to pay for
standardisation of their products."

Mr Burhan said that the aim of empowerment was to enable many Zanzibaris to
get engaged in work for self-reliance and also contribute to national
economic growth as a way to fight poverty.

He thanked development partners such as FAO for donating 18 processing
machines, Zanzibar Maisha Bora Foundation (ZMBF) for supporting seaweed
farmers and Tanzania Trade Development Authority (TanTrade) for helping find
a market for local products.

- Daily News.

Nigeria: Govt Opts for Low-Key Independence Anniversary, Cites Economic
Realities

The Secretary to the Government of the Federation, George Akume, yesterday
said foreign leaders would not be invited for the 63rd independence
anniversary of Nigeria.

Addressing a press conference in Abuja, he said anniversary would be low-key
owing to the economic realities in the country.

"As you're aware, the president has given his approval for this 63rd
anniversary to be low-key in line with the present economic realities. The
theme of the anniversary is 'Nigeria @ 63, Renewed Hope for Unity and
Prosperity'.

"No world leaders have been invited. This celebration is low-key as I said
due to the realities on ground. We've not invited foreign leaders. Time
would come that we would gather world leaders to celebrate with us. But for
now, none," Akume said.

He said the administration was still young and that Nigerians would see the
implementation of policies and execution of projects.

He said despite political tremors and a wave of coups in some parts of the
ECOWAS sub-region, Nigerians had fully embraced democracy with its core
values and practices as the best form of governance.

He said the government was aware of the economic challenges Nigerians were
confronted with since the removal of the fuel subsidy as well as the impact
of the global economic downturn.

He said the government was working to provide necessary palliatives and was
engaging with labour to address areas of concern for the wellbeing of all
Nigerian workers and Nigerians generally."

- Daily Trust.

Nigeria's Oil Output Lags Behind 2023 Budget Target By 15%

Nigeria's oil production in the first eight months of the year has fallen
short of the 2023 budget benchmark by over 20 million barrels, or 15 per
cent, the latest figures from the Nigerian Upstream Regulatory Commission,
NUPRC, have indicated.

Data from the Commission showed that from January to August, the total
liquid oil production (including condensate oil) was 349.01 million barrels,
with the highest production recorded in the month of March at 47.57 million
barrels. This is against the 2023 budget benchmark of 410.67 million barrels
at 1.69 million barrels per day. Compared to last year, oil production was
up by 6.66 per cent in the first eight months, with 328.58 million barrels
produced over the corresponding period in 2022.

A month-to-month analysis of the data showed that production in January 2023
was 46.86 million barrels, down by 9.8 per cent when compared to 51.95
million barrels produced in January 2022. Production was up by 1.8 percent
in February 2023 to 43.45 million barrels, compared to 42.66 million barrels
produced in February 2022. Similarly, the 47.57 million barrels of oil
production in March 2023 was 46.4 per cent higher when compared to 32.49
million barrels in March 2022. In April 2023, production was 37.56 million
barrels, a drop of 15.5 per cent when compared to a similar month last year.
The 44.33 million barrels produced in May this year were 11.8 per cent
higher than the 39.65 million barrels recorded in May last year.

Also, production, 44.98 million, was higher in June 2023 by 12.2 percent
compared to 40.09 million barrels recorded in June last year. It fell
marginally by 0.7 percent in July 2023 to 40.41 million barrels, compared to
40.73 million barrels recorded in July last year. In August 2023, total oil
production was 43.85 million barrels, a rise of 19.9 percent compared to
36.55 million barrels produced in August 2022.

With Nigeria's oil production quota set by the Organisation of Petroleum
Exporting Countries at 1.7 million barrels per day and the 2023 budget oil
benchmark at 1.69 mbpd, oil theft, pipeline vandalism, and a lack of
investment continue to hinder efforts to boost production.

- Vanguard.

Malawi Govt Introduces Special Allowances for Civil Servants

Malawi Government says it has introduced special allowances for some civil
servants, beginning from 1st October 2023.

According to a letter from the Secretary for Human Resource Management and
Development, Blessings Chilabade, to all controlling officers and heads of
departments, government has introduced the special allowances as part of its
ongoing efforts to improve civil servants welfare.

Officers from Grade C to R will be the ones to receive the special
allowances every month.

Officers from Grade C to I will be getting K40,000 special allowance every
month, Grade J to N will be getting K30,000 while Grade O to R will be
getting K20,000 per month.

"The special allowances shall be subject to periodic review alongside other
allowances," reads the letter in part.

- Nyasa Times.

Kenya to Host Africa Energy Forum in October

Nairobi — Renewable Energy Forum Africa (REFA), a European program supported
by GET.invest, which mobilizes investment projects in renewable energy in
developing countries, is set to hold a 3-day annual conference at the Sarit
Expo Centre in Nairobi.

The conference will take place from October 4-6, 2023, and seeks to drive
sustainable energy investments across the African continent.

It will also advance renewable energy investment on the continent.

The event will attract project developers, policymakers, energy utilities,
regulators, institutional and private investors, corporates, and influential
energy sector decision-makers.

Chief Executive Officer and CEO of the Africa Solar Industry Association
(AFSIA), Solar, John Van Zuylen, said that the meeting will foster
collaborations and drive investment projects in the renewable energy sector
across the African continent.

"Africa has ideal renewable energy resources and is well-positioned to play
a major role in the global effort against climate change. As an
international investor, this is the perfect moment to get closer to local
developers and create successful investment opportunities," he said.

According to Director of Global Affairs, SolarPower Europe, Máté Heisz, REFA
is committed to ensuring an efficient clean energy transition in Africa.

This year's event will focus on Africa's role in the global green hydrogen
race, market opportunities for green hydrogen in Kenya and East Africa,
financing small-scale commercial and industrial solar solutions across
Africa, and e-mobility technology in Africa.

The conference will bring together more than 150 exhibitors from the global
power industry, showcasing their latest products and solutions in the
renewable energy sector.

"Utilization of excess geothermal energy will gear a great opportunity which
will help lower down the cost of living in Kenya through the green hydrogen
production of fertilizer," Peter Njoroge, Senior regional manager for
Asronogy in East Africa added.

- Capital FM.

Africa: Sudan, Egypt, and Ethiopia Resume Negotiations On GERD

Negotiations between Sudan, Egypt, and Ethiopia on the Grand Ethiopian
Renaissance Dam (GERD) resumed on Saturday. The head of the Ethiopian
delegation said that the meeting will discuss outstanding issues regarding
filling and operating rules, noting that the meeting is being held after the
completion of the fourth filling.

As reported previously by Radio Dabanga, Addis Ababa announced on September
10 that the fourth filling of the GERD is now complete with transfer of
water from the middle corridor of the dam. The announcement was met with a
chorus of condemnation from both Sudan and Egypt, who have considered the
dam a bone of diplomatic contention from the outset.

During the new negotiation session, which concluded yesterday, Sudan's
acting Minister of Water Resources and Irrigation, Dawelbeit Abdelrahman
called on countries not to take hardline positions, reach compromise
solutions, and deal with the GERD as "a catalyst for cooperation".

Egyptian Foreign Affairs Minister Sameh Shoukry said during his address to
the United Nations General 78th Assembly in New York last week that Ethiopia
has gone too far in filling and operating the Renaissance Dam unilaterally
in clear violation of the rules of international law.

Ahmed El Mufti, a water expert and former member of the negotiating
delegation in the GERD negotiations, questioned the positive results of the
current GERD meetings held in Ethiopia.

"Meetings on the Renaissance Dam have been held for 10 years without
achieving anything for Sudan and Egypt, while Ethiopia has fully achieved
its demands," he told Radio Dabanga, "Ethiopia has completed the fourth
filling of the dam, where 40 billion cubic meters have been stored, despite
a decision by the African Union and the Security Council to stop
activities."

He criticised the Ethiopian intransigence and the failure of Sudan and Egypt
to take any measures to stop Ethiopian actions, noting that Ethiopia was
satisfied with the fourth filling to achieve its goals, as it stored 40
billion cubic meters.

The water expert downplayed the importance the meetings before stopping
activity in the dam and adhering to the resolutions of the African Union and
the Security Council.

"Starting the meetings now gives the ongoing activities in the Renaissance
Dam legitimacy," he said and expected that the final statements will include
protests from Sudan and Egypt about Ethiopia's non-cooperation, while Addis
Ababa continues to achieve its gains and continue activities in the dam.

He said that the negative effects of GERD for Sudan are beginning to be
seen, noting that the usual flooding of the Blue Nile and the River Nile
during the rainy season (June-September) has become less this year. "The
floods have not reached the Nile River banks in the north, which has led to
the cessation of agricultural activities on the shores and brick industries
in the region."

He warned of the dire consequences for Sudan if the dam would collapse, "for
natural or other reasons".

- Dabanga.

Evergrande shares slide as mainland unit misses debt payment

Shares in China's Evergrande have slumped as the crisis at the embattled
property developer has deepened.

Its mainland unit Hengda Real Estate has defaulted on 4 billion yuan (£449m;
$547m) of debt, it revealed on Monday.

Beijing-based news outlet Caixin has also reported that several current and
former Evergrande executives have been detained by authorities.

Former chief executive Xia Haijun and an ex-finance boss Pan Darong were
among those held, Caixin said.

The BBC has been unable to independently confirm Caixin's reporting.
Evergrande did not immediately respond to a request for comment from the
BBC.

Its share price fall on Tuesday followed an even sharper decline the
previous day. Evergrande's stock has fallen by more than 25% this week.

In a statement to the Hong Kong Stock Exchange on Sunday, Evergrande said it
was unable to sell new debt as part of its restructuring plan because Hengda
was being investigated by authorities.

Earlier this month, members of staff at Evergrande's wealth management unit
were detained by police in Shenzhen, southern China.

In a post on social media police called on the public to report any cases of
suspected fraud.

In the week prior to that, authorities announced that Evergrande's insurance
arm would be taken over by a newly created state-owned insurer.

Is China's economy a 'ticking time bomb'?

"The latest news will likely make it more challenging for Evergrande to pull
off its restructuring," Eveline Danubrata from REDD Intelligence Asia told
the BBC.

Evergrande also faces a court hearing in Hong Kong on a winding-up petition
which could potentially force it into liquidation. The hearing, which was
scheduled for July, is now due to take place on 30 October.

"Creditors may think twice about approving a restructuring proposal that
includes a repayment plan over a long period of time if they're concerned
about the company's ability to survive," Ms Danubrata said.

With more than $300bn (£246bn) of debts, Evergrande has been at the centre
of China's property debt crisis. Several major developers have defaulted
over the past year.

Most of Evergrande's debt is owed to people within China, many of whom are
ordinary citizens whose homes have not been finished.

These onshore debts are large, but the company has significant flexibility
in renegotiating how long it has to make the repayments.

In terms of survival, its big concern is the$31bn owed to creditors outside
of China who bought bonds from Evergrande.

Evergrande defaulted on its debts two years ago and has been working on a
new repayment plan ever since.

The company seemed to be moving closer to resolving the problem after it
filed for US bankruptcy protection in August.

Its latest plan was to reissue its overseas debt as new bonds that it had to
pay back in about 10 years' time, as well as offering their creditors stakes
in the company as shares.

However, its latest problems have put its turnaround plan into serious
doubt.-bbc

Nissan to go all-electric by 2030 despite petrol ban delay

Nissan will accelerate plans towards electrification by committing that all
vehicles sold in Europe will be electric by 2030.

The announcement comes despite the UK postponing its 2030 ban on the sale of
new petrol and diesel cars to 2035.

Nissan's boss said the firm's move was "the right thing to do".

Car trade body the SMMT has voiced concerns that the postponement of the ban
would see consumers delay the switch to electric vehicles.

Nissan will also introduce new battery technology by the end of the decade
that it said will reduce both the charging time and cost of electric
vehicles (EVs).

"Nissan will make the switch to full electric by 2030 in Europe. We believe
it is the right thing to do for our business, our customers and for the
planet," said Nissan's chief executive Makoto Uchida.

Cost target

In an interview with the BBC, Mr Uchida said the company was aiming to bring
down the cost of electric vehicles for customers, so that they were no more
expensive than petrol and diesel cars.

"It may take a bit of time, but we are looking at the next few years," he
said.

"We are looking at it from the point of view of the technology, from the
point of view of cooperating with suppliers, and of course working with the
government on how we can deliver that kind of cost competitiveness to the
consumer," Mr Uchida added.

Will that price parity happen by 2030? "That's what we're aiming for,"
confirmed Mr Uchida.

Mr Uchida also said that the company was fast-tracking a different kind of
battery technology, known as all-solid-state batteries (ASSB), which are
lighter, cheaper, and quicker to charge.

"We are going to have a pilot plant for ASSB in Japan from next year, and we
want to ensure they can be mass produced by 2028," he said.

"There are a lot of challenges with this, but we do have a solution, and we
are on track [to meet that target]", he added.

Battery factory

Nissan is the only car company to have its own battery manufacturing
capability in the UK.

Last year, it announced plans to invest £1bn in expanding the facility that
sits next to its Sunderland car plant. The government contributed £100m
towards the project.

That gives Nissan an advantage over other carmakers who import the vast
majority of their batteries from China.

Post-Brexit trading rules due to take effect in January next year require
vehicles made in the UK or EU to source 45% of their components by value
from the UK or EU to avoid a 10% tariff when exported either way.

As batteries are the most expensive part of an electric vehicle, some
manufacturers in both the UK and EU have said they will be unable to hit
that threshold and have called on the requirement to be deferred until
plants are ready and able to supply the batteries.

Business Secretary Kemi Badenoch recently told the BBC the government was
optimistic that a deferral could be secured.-bbc

Sick days at work hit highest level for 10 years

UK workers are taking more sick days than at any point in the last decade,
research suggests.

Staff took on average 7.8 sick days in the past year, up from 5.8 before the
pandemic, the Chartered Institute for Personnel and Development (CIPD)
found.

The trade group said the rise was a "worry" and blamed stress, Covid and the
cost-of-living crisis.

These conditions were having "profound impacts on many people's wellbeing",
it added.

The research analysed rates of absence in more than 900 organisations,
representing 6.5 million employees.

It was conducted by Simplyhealth, a healthcare company that provides
outpatient support.

The study found that minor illnesses were the main reason for short-term
absences, followed by musculoskeletal injuries and mental ill health.

Meanwhile, more than a third of organisations also reported Covid-19 was
still a significant cause of sick days.

Staff on long-term sick leave tended to blame mental health issues,
musculoskeletal injuries or conditions such as cancer and stroke.

'I can't wash my hair': How long-term sick are hitting UK

Record numbers not working due to ill health

Changes in working culture since the pandemic coupled with the
cost-of-living crisis have left some employees feeling disengaged and
stressed, the CIPD said.

Working from home could also present an issue for staff that lived alone or
had limited social contact.

Most of the organisations surveyed offered sick pay, while around half had a
strategy to improve staff wellbeing. However, the CIPD said rates of absence
were still rising and employers needed to do more.

"This means managing the main risks to people's health from work to prevent
stress as well as early intervention to prevent health issues from
escalating where possible," said Rachel Suff, senior employee wellbeing
adviser at the CIPD.

"It's important that organisations create an open, supportive culture where
employees feel they can come forward." .-bbc

Hollywood writers in deal to end US studio strike

Screenwriters in the US say they have reached a tentative deal with studio
bosses that could see them end a strike that has lasted nearly five months.

The Writers Guild of America (WGA) said it was "exceptional - with
meaningful gains and protections for writers". WGA members must still have a
final say.

Hollywood writers are striking in a row over pay and the use of artificial
intelligence (AI) in the industry.

Stranger Things and the Last of Us are among the shows which have been
paused.

It is the longest strike to affect Hollywood in decades and has halted most
film and TV production.

A separate dispute involves actors, who are also on strike.

The writers' walkout, which began on 2 May, has cost the US economy around
$5bn (£4.08bn), according to an estimate from Milken Institute economist
Kevin Klowden.

The dispute has shut down many of America's top shows, including Billions,
The Handmaid's Tale, Hacks, Severance, Yellowjackets, The Last of Us,
Stranger Things, Abbott Elementary and several daytime and late-night talk
shows.

As well as issues around pay, the writers fear the impact of artificial
intelligence potentially supplanting their talents.

Negotiations also broke down over staffing levels and the royalty payments
that writers receive for popular streaming shows. They complain that those
residuals are just a fraction of the earnings they would get from a
broadcast TV show.

Traditionally, writers would receive additional payments when their
programmes were repeated on a broadcast network. However, this model was
undermined with the advent of streaming.

As a result part of the payments writers now receive generally include a
certain amount of money which is intended to compensate for the royalties
they are not receiving from broadcast repeats.

The WGA leadership and union members need to agree a three-year contract
with the Alliance of Motion Picture and Television Producers (AMPTP) before
they return to work.

The guild's message on the proposed deal said details still had to be
finalised, and it was not yet calling off the strike, but "we are, as of
today, suspending WGA picketing".

Hollywood trade publication Variety reported that staff on late-night talk
shows could return to work as soon as Tuesday following the announcement,
adding broadcasts could resume as soon as October.

The next round of voting by the WGA's board and council is tentatively
scheduled for Tuesday.

During the WGA's last strike in 2007-08, it took four days after a tentative
agreement was reached for the finalized contract to be signed by all
parties, according to Deadline.

In its message to members, the union's negotiating committee asked for
patience on details of the pact.

"What remains now is for our staff to make sure everything we have agreed to
is codified in final contract language," the union said.

"And though we are eager to share the details of what has been achieved with
you, we cannot do that until the last 'i' is dotted."

'Strength and resilience'

Many related areas of the entertainment industry have been hit by the
strike, including caterers, costume suppliers, carpenters and camera
operators.

In the last few days the bosses of Netflix, Disney, Universal and Warner
Bros Discovery personally attended the negotiations, which provided new
impetus.

US actor Sheryl Lee Ralph speaks during a SAG-AFTRA rally at Paramount
Studios in Los Angeles, California, USA, 13 September 2023. Both the WGA and
SAG-AFTRA are on strike fighting for better compensation, contracts, and
protection against AI.

Actors have been on strike since mid-July - they are represented by the
160,000-strong SAG-AFTRA performers' union.

The body congratulated the striking writers on the outcome and praised their
"146 days of incredible strength, resiliency and solidarity".

The statement added: "Since the day the WGA strike began, Sag-Aftra members
have stood alongside the writers on the picket lines.

"We remain on strike in our TV/Theatrical contract and continue to urge the
studio and streamer CEOs and the AMPTP to return to the table and make the
fair deal that our members deserve and demand."

The governor of California, Gavin Newsom, said: "California's entertainment
industry would not be what is today without our world class writers.

"I am grateful that the two sides have come together to reach an agreement
that benefits all parties involved, and can put a major piece of
California's economy back to work."

Hollywood reacts

Writers and other figures in Hollywood warmly welcomed the news of a deal
being struck.

US comedian, writer and chat show host Larry Wilmore, simply posted on X:
"Finally!!!"

Alex Zaragoza, a writer on Amazon Freevee series Primo, wrote: "This strike
has been so hard. Necessary and invigorating, and really hard. But we did
it! We fought together.

"Thank you thank you thank you to all of our strike captains who have held
us down at every picket these last 146 days. Kept us hydrated, informed,
sunblocked, safe from cars, and feeling encouraged. Love y'all!!"

Writer Caroline Renard of Disney's Secrets Of Sulphur Springs, was also
among those celebrating the agreement news.

She tweeted: "We got a deal. That was the hardest I've worked in forever.
Captain signing off!"

James Norton poses during the presentation of the movie 'Ex-Husbands' at the
71st San Sebastian International Film Festival (SSIFF), in San Sebastian,
Basque Country, Spain, 24 September 2023

Actor James Norton said film crews had been making the "ultimate sacrifice
on our behalf" during the strikes

Actors also showed their support. The Shield star Michael Chiklis said:
"Phenomenal news! Now let's see this through and get us all back to work!"

Abbott Elementary actress Sheryl Lee Ralph said: "Congratulations to the WGA
on reaching a tentative agreement with the AMPTP after 146 days on the
picket lines.

She added: "Sag-Aftra remains committed in solidarity to achieving the
necessary terms for our members when it's our time back at the table."

Before the possible resolution of the writers' strike was announced, Happy
Valley star James Norton spoke about the ongoing impact of both that and the
actors' strikes on workers.

"Many, many crew members are also suffering," he said at the San Sebastian
International Film Festival, where he was granted permission by Sag-Aftra to
promote an independent film.

"There are so many people that are affected by this. Every single department
- caterers, grips, sparks
 It's a huge, huge problem," Norton said. "And for
them, not much is going to change. They're making the ultimate sacrifice on
our behalf." -bbc

Lego axes plan to make bricks from recycled bottles

Toy giant Lego has scrapped plans to make its bricks from recycled bottles,
in a blow to its efforts to cut carbon emissions.

The company said in 2021 that it aimed to produce bricks not containing
crude oil within two years.

But on Monday, it said it had found that using the new material didn't
reduce carbon emissions.

Lego said it remains "fully committed" to making bricks from sustainable
materials.

Lego makes about 4,400 different bricks. Currently, many of them are made
using acrylonitrile butadiene styrene (ABS), a virgin plastic made from
crude oil.

The move, which was first reported in the the Financial Times, will be seen
as a setback after a high-profile push by Lego to improve its green
credentials.

Like many other companies, Lego has been exploring alternative materials to
plastic as sustainability becomes more important to customers.

One of the challenges has been finding a material that is durable enough to
last for generations.

In 2021, it said it had developed prototype bricks made from polyethylene
terephthalate (PET) bottles, with some other chemicals added.

The hope was that material could have offered an alternative to oil-based
bricks.

But Lego has now revealed that after more than two years of testing, it had
found that using recycled PET didn't reduce carbon emissions.

It said the reason for that was because extra steps were required in the
production process, which meant it needed to use more energy.

As a result, it said it has "decided not to progress" with making bricks
from the material.

It said it was currently testing and developing bricks made from "a range of
alternative sustainable materials".

Niels Christiansen, chief executive of Lego, told the FT that there was no
"magic material" to resolve the firm's sustainability challenges.

"We tested hundreds and hundreds of materials. It's just not been possible
to find a material like that," he said.

A spokesperson for the company told the BBC: "We remain fully committed to
making Lego bricks from sustainable materials by 2032.

"We are investing more than $1.2bn in sustainability initiatives in the four
years to 2025 as part of our efforts to transition to more sustainable
materials and reduce our carbon emissions by 37% by 2032."-bbc

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Companies under Cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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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