Major International Business Headlines Brief::: 09 February 2024

Fri Feb 9 10:28:45 CAT 2024

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Major International Business Headlines Brief:::  09 February 2024 

ü  Nigeria: Analysis - What Is Driving Nigeria's Stock Market Boom?

ü  Nigeria: We'll Open Reserves to Address Food Costs - FG

ü  Nigeria: Customs Set to Surpass N5 TRN Revenue Target

ü  Nigeria: Electronic Transmission of Election Results in Sight As Bill
Scales Second Reading

ü  Liberia: Chambers Wants Maritime Probed

ü  Nigeria: Newly-Uncovered False Foreign Exchange Claims Could Hurt
Nigerian Economy

ü  Malawi: Airtel Gets 10-Year Renewed License, Touts Its Over K50bn
Contribution to Macra

ü  Senegal Internet Restored After Election Postponement Unrest

ü  South Africa: 2023 Tax Laws Published

ü  Chocolate: Cocoa price hits record high as El Niño hits crops

ü  Super Bowl: Uber Eats advert criticised for peanut allergy joke

ü  TikTok and Temu pull cheap heaters after testing revealed fire risk

ü  Source oil and gas locally, urges Equinor energy boss

 <https://www.cloverleaf.co.zw/> Nigeria: Analysis - What Is Driving
Nigeria's Stock Market Boom?

The all-share index, which indicates the general market movement of stocks
on the NGX, has hit several record levels since the middle of last year.

What could be the propelling force of an equity market that has almost
doubled in value in eight months when other key macroeconomic indicators
like inflation, exchange rate, and lending rates are pretty much grim?

What magic wand does the Nigerian Exchange wield to merit the prestige of
being the world's best-performing stock exchange this year, yielding 35.3
per cent in January alone, when foreign capital inflow, once the lifeblood
of the market, is now significantly low?

Stocks are having their moment in Nigeria, gaining a major boost around the
middle of last year when President Bola Tinubu introduced a slew of
market-friendly reforms that wowed investors.

The immediate catalyst of growth was the announcement of the abolition of
popular but costly petrol subsidies which had been a big drain on the
government purse, gulping N4.4 trillion in 2022 alone.

Following this was the news that the fuel importation monopoly of the
state-owned oil company NNPC Limited had ended, opening the door for other
oil firms to partake. It spurred immediate interest in energy stocks, which
drove the overall market in early June, with the likes of Eterna Oil, Conoil
and MRS leading the charge.

The market rode on that wave until it found another stimulus to drive the
momentum further.

================================

===============================

Allowing the naira to sharply drop by around 40 per cent in mid-June created
a boon for banks that have assets denominated in foreign currency as the
value of such assets accelerated in naira terms after conversion.

PREMIUM TIMES estimates that the Big 5 lenders (FBN Holdings, UBA, GTCO,
Access Holdings and Zenith) alone earned N2.3 trillion from foreign
exchange/foreign currency translation gains at the half-year, UBA taking
approximately a third of the booty.

===============================

===============================

One big factor that kept equities soaring in 2023 was the shift of pension
funds and other institutional investors from fixed-income assets into
stocks.

Nigerian bonds had had to grapple with negative real yields since at least
June as inflation rates outpaced the nominal interest rates of bonds,
forcing investors like pension funds to dump them and look elsewhere for
assets promising better returns.

That implies that bond investors would, in reality, be recording losses were
they to hold on to their investments till maturity because such investments
would be worth less at expiration than the original principal because of the
lower time value of money even when the proceeds (principal plus interest)
seem on paper to be higher than the amount originally invested.

For this reason, pension managers and institutional investors were inclined
to reallocate some of the assets in their portfolios and direct the proceeds
to stocks, which were offering more attractive yields.

In the nine months to September, pension funds' investment in Nigerian
equities climbed 53 per cent to N1.4 trillion, according to industry
watchdog National Pension Commission.

The pension sector's investment in the equity market totalled N588.1 billion
for the year.

Banks' recapitalisation push

To boost the capital adequacy of lenders and help the Nigerian government
achieve its dream of N1 trillion economy in 2030, Olayemi Cardoso, the
Central Bank of Nigeria's chief, told bankers in November that banks would
be required to raise their capital levels.

The move further set the equity market on a bull run and drew greater
interest to bank stocks notably the Big 5, with the NGX Banking Index
touching its all-time high of 1,099.45 basis points on 16 January.

"Generally, for the recapitalisation, we will likely see mergers and
acquisitions. We will continue to see investors take positions across the
banking stocks that are likely to benefit from this," Olumide Sole,
sub-Saharan Africa banking research analyst at investment bank Vetiva
Capital Management told PREMIUM TIMES.

The strong performance of bank stocks "will definitely continue to spur
significant upside" in them, Mr Sole added.

The all-share index, which indicates the general market movement of stocks
on the NGX, has hit several record levels since the middle of last year
including, last month, its crossing of the 100,000 basis points mark.

===============================

===============================

Yet, the Nigerian equity market is not yet running at its full potential.
The lifeblood of the market in the years 2014, 2015 and 2018 were foreign
portfolio investment flows, accounting for 57.5 per cent, 53.8 per cent and
50.9 per cent of activities respectively, according to NGX Domestic and
Foreign Portfolio Investment Reports.

Foreign participation has been on the wane since 2019, sliding to as low as
11.5 per cent last year as a perennial dollar scarcity kept international
investors at bay, stoking in them the fear that they might not be able to
redeem their investments when they want.

It means if foreign portfolio flows were to regain their pre-pandemic
levels, especially those of the years 2014, 2015 and 2018, or even surpass
and sustain them, Nigerian stocks could be in for another big boom.

"Today, I will say we have a situation where a lot of portfolio investors
are very interested in coming back to the Nigerian market. It's incredible,"
Mr Cardoso said during an interview with Arise TV aired on Monday.

"And if there is any group that has taken an interest, very methodical
interest in understanding the reforms that have taken place, in
understanding it and see how it is taking the country in the direction they
believe is the right one, it is the foreign portfolio investors."

Dangote Cement's magic wand

Since January, the market has been riding on the momentum created by
elevated buy interest in the shares of Dangote Cement, which has returned
139 per cent this year, making it Nigeria's best-performing stock.

Until January, Dangote Cement, which closed trade at N763 per share on
Monday, had never moved past N370 since listing at N135 per unit in Lagos in
October 2010.

The run at Dangote Cement's shares has been led by the chairman of FBN
Holdings and Geregu Power, Femi Otedola, who has been racking up shares in
the corporation to the tune of N6 billion as of 19 January.

A sharp jump in Dangote Cement shares not only catapulted the company to the
position of Nigeria's biggest company by market value after leapfrogging
Airtel Africa and MTN Nigeria but also boosted its majority shareholder
Aliko Dangote's wealth by $6.9 billion in a few weeks, according to
Bloomberg Billionaire Index.

The development is a relief of sorts for the company, which said in the past
that its shares were undervalued, prompting it to execute two different
share buybacks to boost its valuation.

Dangote Cement is the "only Nigerian cement company with two export
terminals and a substantial export capacity," Mr Otedola told Bloomberg in
an interview as part of the reasons for investing in the company.

He said he would announce his stake once it reaches the five per cent
statutory minimum that will require him to make a public disclosure.

- Premium Times.

Nigeria: We'll Open Reserves to Address Food Costs - FG

Abuja — The Federal Government, yesterday, assured Nigerians that food items
would be released from the National Food Reserves as part of the measures to
crash food prices.

The Minister of Information and National Orientation, Mohammed Idris, said
this after the meeting of the Special Presidential Committee in Emergency
Food Intervention which was at the instance of President Bola Tinubu.

The meeting which was convened by the Chief of Staff to the President, Femi
Gbajabiamila, and the National Security Adviser, Nuhu Ribadu, is part of the
Federal Government's move to stem rising food prices in the country.

According to Idris, major millers and commodity traders would be engaged by
the government in order to make the food items readily available.

The minister said: "We just rounded off a meeting. It is a special
presidential committee to address the issue of food shortage or lack of
enough food on the table of most Nigerians.

"What I will tell Nigerians is that the President has directed that
government needs to step in to stem this tide. Government will not fold its
arms and see the way Nigerians are suffering in terms of the availability of
these food items.

"Now, some of these will involve unlocking the foods that are available in
most of the storage facilities (National Food Reserve) around the country.
You know that the Federal Ministry of Agriculture has some food reserves.
They are going to be made available to Nigerians.

"The government is also talking to major millers and major commodity
traders, to also see what is available in their stores. To open it up, so
the government will provide some intervention, discuss with them and provide
some intervention to make this food available to Nigerians."

He, however, alleged that some disgruntled Nigerians were taking advantage
of the situation adding that there is still food in this country.

Idris said: "What the government is noticing is that there is still food in
this country. Some people are taking advantage of the situation, especially
because of the high cost and the depreciation in the value of our currency
that has led to the cost of these food items also going up.

"All these issues were discussed; the Governor of the Central Bank of
Nigeria (Yemi Cardoso) was at the meeting. The Minister of Finance and the
Coordinating Minister for the Economy (Wale Edun) was there and of course,
the Chief of Staff and the National Security Adviser were there. The NSA was
there because of some national security implications.

"All these have been discussed and like I said, this conversation or
discussion is going to continue."

Assuring that the Federal Government would continue to take steps to
ameliorate the current situation, the Minister said: "This is just the
beginning of that meeting. It is going to continue tomorrow (today) and the
day after tomorrow. The government is very concerned about what Nigerians
are going through, especially what happened in Minna yesterday (Monday).
Government is taking some action to ensure that Nigerians have some relief
in terms of the availability of food on their tables. Of course, this
meeting is not by itself exhaustive. It's just like I said, the beginning.

"I want to plead with you to understand with the government. By the time
these meetings are concluded, we'll be able to issue a definite statement on
what the position of government is in this regard. But all I can say is that
discussions are ongoing, and very soon a solution will be in sight."

Asked if there were any immediate actions, Idris said: "Some of them are
dependent on the follow-up meeting on this hardship. The government is
stepping in a big way to ensure that Nigerians have succour."

- Vanguard.

Nigeria: Customs Set to Surpass N5 TRN Revenue Target

THE Comptroller-General of the Nigerian Customs Service (NCS), Adewale
Adeniyi, has told the National Assembly that the Service will surpass its
revenue target of N5.079 trillion in 2024.

Speaking while presenting the NCS's 2024 budget to the Senate Committee on
Customs, Adeniyi also defended its N706 billion budget saying attention will
be on consolidating carried-over projects, increasing staff welfare by
improving and motivating officers' performance, and integrating technologies
into Customs processes.

He outlined the strategies he hoped would drive the achievement of the 2024
target including implementing the National Single Window championed by the
Federal Ministry of Finance.

He also harped on strategies to agonize and standardize Customs processes,
port decongestion, collaboration with other agencies for efficiency and
competitiveness, anti-smuggling operations, integrating ICT into operations,
investing in capacity building, and stakeholder engagement, among others.

He emphasized supporting local production and taking food security
seriously.

- Vanguard.

Nigeria: Electronic Transmission of Election Results in Sight As Bill Scales
Second Reading

The House of Representatives yesterday passed for second reading a bill to
amend the 2022 Electoral Act by making electronic transmission of results
mandatory.

The amendment is also a bid to minimise fraud in the nation's electoral
process.

Titled, "A Bill for an Act to amend the Electoral Act, 2022 and for Related
Matters," the proposed legislation is sponsored by the member representing
Ughelli North/Ughelli South/Udu federal constituency of Delta State, Francis
Waive.

The bill seeks to amend selected sections of the current Electoral Act to
provide for the re-registration of voters, same day elections, electronic
transmission of results as well as punishment for frivolous election
petitions.

Debating the general principles of the bill, Waive lamented the gaps in the
current Electoral Act 2022, noting that an amendment of the law to pave way
for the electronic transmission of election results would help the nation's
democracy.

He also argued that a review of the voter register every 10 years would be a
good starting point.

The proposed legislation seeks to amend Section 10 of the Principal Act by
providing for a new subsection (3) that states that "without prejudice to
the provisions of this section and subject subsection (2), every 10 years,
the commission (INEC) shall carry out a reregistration of all eligible
voters in preparation for the next general elections."

Also, Section 28 (1) of the Principal Act is amended by adding anew
paragraph (c) as follows:

"Subject to paragraph (a) of this section, and without prejudice to other
sections of this act, election into the office of the President, National
Assembly, State Governors and State House of Assembly shall be conducted on
the same day."

Furthermore, Section 47 of the Principal Act is amended by inserting a new
subsection (3) and the current subsection (3) now becomes sub section (4) as
follows: "Where the process of accreditation specified in sub section (2)
above fails, such a voter is automatically disqualified from voting, that is
to say no accreditation, no voting".

Moreso, Section 60 (5) of the Principal Act is amended by inserting the word
"transmit" after transfer and also the word "electronically" at the end of
the subsection that: "The presiding officer shall transfer and/or transmit
the results, including total number of accredited voters and the results of
the ballot electronically."

- Vanguard.

Liberia: Chambers Wants Maritime Probed

The Former speaker of the House of Representatives Dr. Bhofal Chambers is
calling on the Boakai-led government to probe into the ongoing saga at the
LISCR Maritime office.

Addressing a press conference Wednesday at his Rehab residence, Mr. Chambers
urged the Government of Liberia to take a keen interest in scrutinizing
LISCR.

Chambers said LISCR recently cracked down on reporting honest earnings to
the Government of Liberia.

"What we want is accountability for government to take a keen interest in
this direction because it improved the livelihood of our people," Chambers
said.

He told reporters that over the years, LISCR has been truly generating and
rapidly improving the lives of the people, rising from being number two to
number one in ascension ranking.

But he noted that it has seen a sudden decline, something he said has got
Liberians wondering about their entitlement and what compensations and
arrears the blue-economic LISCR-Maritime is bringing because their
livelihood has declined.

Chambers noted that Liberians have been complaining about some of the
compensations and benefits from LISCR, adding that it is very small.

[bsa_pro_ad_space id=1]

He said if they are not ready to provide for the people for what they are
established, they should be closed.

Chambers continued that he has been doing some investigation and it appears
to him that LISCR has been falling through the cracks in terms of reporting
its honest earnings to the Republic of Liberia.

"What we want in Liberia is the survival of our people, what we want in our
country is prosperity for our people and true accountability," said Mr.
Chambers.

He asked the current Legislature to do justice to the Liberian people and
urged lawmakers to go forward to know what is unfolding at LISCR.

At the same time, he called for the collective engagement by all Liberians
as Liberia moves forward as a people.

- New Dawn.

Nigeria: Newly-Uncovered False Foreign Exchange Claims Could Hurt Nigerian
Economy

Abuja, Nigeria — Nigeria's central bank said this week it uncovered $2.4
billion in false foreign exchange claims after investigating backlogs of $7
billion due to be cleared. Authorities said the findings will reduce
pressures caused by foreign exchange shortages and warned that false claims
could harm Nigeria's economy.

The discovery of the invalid claims followed a comprehensive forensic audit
by the consulting company Deloitte on behalf of the Nigerian central cank.

The CBN described the discovery as startling and said the irregularities
include invalid documents, non-existent claimants and, in some cases,
beneficiaries receiving unauthorized foreign exchange allocations.

The bank also said some claimants received more than they had initially
requested.

CBN governor Olayemi Cardoso said the bank will not honor invalid
transactions.

Economic analyst Ogho Okiti said it is a step in the right direction.

"Given what we have now, about 50% has been cleared and we have about 50% to
go," said Okiti. "And whenever that is done, that should actually support or
help our improvement in liquidity. I think anyone found to be intentionally,
deliberately and by design wanting to defraud the Central Bank, I think they
should be made to account for that."

It is the first time in seven years that audited accounts of the CBN have
been made public.

Prolonged foreign exchange shortage

Nigeria has been struggling with a prolonged foreign exchange shortage that
has delayed economic progress, devalued the local currency, and worsened
inflation.

Authorities said the audit had become necessary in order to understand the
problems with the central bank and the economy.

So far, the CBN has paid out around $2.3 billion in the valid claims,
including money owed to airlines, manufacturing and energy sectors.

'It's not going to solve anything'

Economist and director at the Center for Social Justice Eze Onyekpere said
the audit will not fix what ails the Nigerian economy.

"It's not going to solve anything," said Onyekpere. "The currency's position
in terms of the value is beyond the CBN and it's monetary policies. It's a
whole lot about the governance architecture whether it's in the area of
fiscal, industrial, education, health policies. You heard the CBN governor
tell the house of representatives that medical tourism and payment of school
fees consumed about $40 billion within the space of 10 years -- that's $4
billion dollars a year."

However, Onyekpere said the findings of the audit reflect deeper problems
within Nigeria's foreign exchange system and must be addressed.

"Commonwealth, foreign exchange, the resources of Nigeria have not been
properly managed," said Onyekpere. "Over the years they have been
systematically stolen. The present economic situation we find ourselves is
as a result of outright stealing."

Upon taking office last year, President Bola Tinubu pledged to crack down on
corruption and enact reforms to boost the economy. So far, the economy has
not taken off and Nigerians remain in a wait-and-see mode.

- VOA.

Malawi: Airtel Gets 10-Year Renewed License, Touts Its Over K50bn
Contribution to Macra

Airtel Malawi PLC managing director Charles Kamoto, says the company has
paid over MK59.4 billion to MACRA for levies, fees and spectrum and over
MK17.6 billion in the international interconnect levies.

Addressing the media in Lilongwe during the handing over of a 10 year
renewed certificate from MACRA , Kamoto said Airtel has left a mark on the
country's economic growth.

"We have invested over 176 million USD in network infrastructure delivering
over 1,100 sites with all 2G, 3G, 4G services expanding our coverage to
88.2% of the country and serving 86.7% of the population," Kamoto said.

He also highlighted that they have managed to creating self-employment
through distribution network of 28,000 SIM selling and 115,000
airtime-recharge selling outlets.

"We have connected over 7 million customers to our network, with 2.6 million
of them using data services. We have increased smartphone penetration to
29.1% enabling more Malawians to access the digital world. We have also
rolled out home broadband, and fixed data solutions offering fast and
reliable internet connectivity to homes and businesses," Kamoto adds.

He also said Airtel has contributed a lot in giving back to the community
through sports, disaster reliefs, education as well as health and since 2016
they have paid over MK69 billion over corporate tax supporting government's
revenue collection.

Airtel Malawi also commended President Chakwera for creating a conducive
environment in the growth of communication sector as well collaborative
efforts within MACRA and the ministry of information and digitalization in
fostering environment that encourages innovation, investment and development
within the sector.

Airtel Malawi assured the regulator that with the renewal of their license
they will continue serving the nation by fulfilling their mission of
enriching lives through their services.

On his part MACRA Director General Daud Sulemani said this is an indication
that investors have confidence in communication sector and that investors
are still looking Malawi as a viable market and as the country is moving
towards Malawi 2063, digitalization is a key area.

He said in the new license as a regulator they are specifically looking at
quality of service and deepening of digitalization as they see 23% internet
penetration which the country has to be low and they are looking at hitting
to 60% by the year 2028.

Airtel Malawi Plc has been in existence for 25 years in the country since it
was given its first license in 1999.

- Nyasa Times.

Senegal Internet Restored After Election Postponement Unrest

Authorities cut access as the country grapples with the fallout of
postponing the presidential election to December. The delay sparked
protests.

Senegal's internet service was restored Wednesday, days after the government
suspended it following the postponement of this month's presidential
election.

"It remains unclear as to whether the restoration will be sustained,"
internet monitor Netblocks said.

Unrest erupted in Dakar after President Macky Sall postponed Senegal's
presidential election originally scheduled for February 25.

Access to mobile data had been blocked since early Monday when lawmakers
backed Sall's decision to hold the election in December. They took the
decision only after security forces stormed the chamber and removed some
opposition deputies, who were unable to cast their votes.

It sparked sporadic protests and international concern about Senegal's
democracy.

ECOWAS, US voice concern over new election date

The delay paves the way for Sall, who would have ended his second term in
early April, to remain in office until his successor takes over, probably in
2025.

The Economic Community of West African States (ECOWAS) said Tuesday it was
following events "with concern."

"The ECOWAS Commission encourages the political class to urgently take the
necessary measures to re-establish the electoral calendar in accordance with
the provisions of the constitution," it said.

The United States State Department said it saw no justification for the
postponement, saying the move was "contrary to Senegal's strong democratic
tradition."

"The postponement of Senegal's presidential election puts the country on a
dangerous path towards dictatorship and must not be allowed to stand," US
Senate Foreign Relations Committee Chair Ben Cardin said in a statement.

Authorities in Dakar have cracked down on street protests and taken a
private TV channel off air, in addition to restricting mobile internet.

The situation in the country remained calm on Wednesday but opposition
lawmakers have launched legal challenges that could lead to prolonged
wrangling in the courts.

lo/msh (Reuters, AFP)

South Africa: 2023 Tax Laws Published

National Treasury has announced the publication of the 2023 Tax Acts that
have been promulgated and give legislative effect to the tax proposals
outlined by the Minister of Finance in his annual National Budget Speech
last year.

The Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2023, (Act
No. 19 of 2023) (2023 Rates Act), Taxation Laws Amendment Act, 2023 (Act No
17 of 2023) (2023 TLAA) and Tax Administration Laws Amendment Act, 2023 (Act
No. 18 of 2023) (2023 TALAA) were promulgated on 22 December 2023.

"The 2023 Rates Act gives effect to changes in rates and monetary thresholds
and increases of the excise duties on alcohol and tobacco. The 2023 TLAA
contains more complex, technical, anti-avoidance legislative changes. The
2023 TALAA deals with tax proposals that are technical and administrative in
nature.

"A final Response Document on the 2023 Rates and Monetary Amounts and
Amendment of Revenue Laws Bill (2023 Rates Bill), 2023 Taxation Laws
Amendment Bill (2023 TLAB) and 2023 Tax Administration Laws Amendment Bill
(2023 TALAB), as well as the Explanatory Memorandum to the 2023 TLAB
(Explanatory Memorandum) and the Memorandum of Objects to the 2023 TALAB
(Memorandum of Objects) are also published," National Treasury said on
Tuesday.

The final Response Document updates the Draft Response Document to consider
submissions and decisions made following further inputs made by
stakeholders, the Standing Committee on Finance and the Select Committee on
Finance during public hearings regarding the 2023 Draft Rates Bill, 2023
Draft TLAB and 2023 Draft TALAB.

The 2023 Rates Act, 2023 TLAA, 2023 TALAA, final Response Document,
Explanatory Memorandum and Memorandum of Objects can be found on the
National Treasury (www.treasury.gov.za) and SARS (www.sars.gov.za) websites.

- SAnews.gov.za.

Chocolate: Cocoa price hits record high as El Niño hits crops

Global cocoa prices have hit a fresh record high as dry weather hurts crops
in West Africa.

Cocoa prices on the New York commodities market reached a new all-time high
of $5,874 (£4,655) a ton on Thursday.

The cost of the key ingredient for making chocolate has now roughly doubled
since the start of last year.

Soaring cocoa prices are already filtering through to consumers and
squeezing major chocolate makers.

On Thursday, one of the world's biggest chocolate manufacturers Hershey
warned: "Historic cocoa prices are expected to limit earnings growth this
year."

The company's chief executive Michele Buck also did not rule out putting up
prices for customers.

"We can't talk about future pricing," she said in a call with analysts but
added, "given where cocoa prices are, we will be using every tool in our
toolbox, including pricing, as a way to manage the business."

The comments came as Hershey announced its financial results for the three
months to 31 December. The figures showed sales fell by 6.6% as
inflation-hit consumers cut back spending on confectionary.

Last month, Mondelez, the company behind the Cadbury brand, identified
rising costs of ingredients as one of the challenges it faced in the year
ahead.

Chief financial officer Luca Zaramella said the firm had seen "significant
increases in both cocoa and sugar".

In December, UK consumer group Which? said the price of some festive
chocolate boxes had risen by at least 50% in a year.

While overall inflation for UK supermarket food and drink eased in November
to 8.3%, the rise in the chocolate prices was significantly higher at 15.3%.

Cocoa prices have been driven up by poor harvests in West Africa, which
produces the bulk of global supply.

The El Niño weather phenomenon has been causing drier weather in Ghana and
Ivory Coast, which are the world's two biggest producers of cocoa beans.

Hotter temperatures and shifts in rainfall patterns caused by climate change
can also have an impact on harvests.

"Traders are worried about another short production year and these feelings
have been enhanced by El Niño that is threatening West Africa crops with hot
and dry weather," said Jack Scoville, an analyst at Price Futures Group.-bbc

Super Bowl: Uber Eats advert criticised for peanut allergy joke

Uber Eats is facing a backlash after its Super Bowl advert appeared to make
light of a man having an allergic reaction to peanut butter.

The Food Allergy Research & Education (FARE) charity said it was "surprised
and disappointed" to see the company use allergies as a joke.

One person, himself allergic to peanuts, called the ad "disgusting,
tone-deaf and completely unnecessary".

The BBC has approached Uber Eats for a comment.

"Don't Forget Uber Eats" was launched as the company's Super Bowl advert
with millions of Americans expected to view it on Super Bowl Sunday.

It features former Friends co-stars Jennifer Aniston and David Schwimmer, as
well as David and Victoria Beckham.

The premise of the advert is about people forgetting things.

One scene shows the Beckhams in their kitchen, with David saying to former
Spice Girl Victoria, "Remember when you used to be a Pepper Lady?" She
responds, "Wasn't it the Cinnamon Sisters?"

But the controversy comes when it features a man - appearing to have an
allergic reaction with hives on his face and a swollen eye - asking,
"There's peanuts in peanut butter?" as he looks at the label of the jar.

He is shown later saying, "Oh, it's the primary ingredient."

Food Allergy Canada said that food allergy was "no laughing matter" and
asked the company to edit the ad.

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Dr Sung Poblete, head of the charity FARE, said she found adverts that use
food allergies as humour concerning as it could encourage bullying among
children.

"These types of commercials and types of jokes allow kids to think that
there's not going to be any harm and it's going to be funny," she said.

She said she wanted to educate Uber Eats on what it is like to live with a
food allergy to help raise awareness.

Anaphylaxis is defined by the NHS as a life-threatening allergic reaction
that happens very quickly. It can be caused by food, medicine or insect
stings.

The ad appears to try to cover its humour by stating in a small font at the
bottom of the screen: "Please please do not forget there are peanuts in
peanut butter."

But JD Arland in Indiana, who is allergic to peanuts and soy, said: "The
text at the bottom makes it even worse."

He took to social media to vent his frustration, saying: "Disgusting,
tone-deaf, and completely unnecessary use of an allergic reaction in an ad.

"I have been ruthlessly bullied throughout my life by this stereotypical
depiction of anaphylaxis. Perpetuating this offensive joke is unacceptable
Uber Eats."

Despite his anger, Mr Arland, who is a content manager for a sports website,
told the BBC he saw an opportunity for education.

"As somebody [with food allergies]... ordering delivery is really hard,
because you have to not only know the restaurant, but how it's being
prepared, and you have to rely on the the driver, or the app or the system
to relay your special instructions to the restaurant.

"So I'd love to see more of a commitment from Uber Eats to the food allergy
community on their platform."

Super Bowl adverts have become an important part of the NFL competition with
some viewers only watching the game to see the ads.

It is expected that more than 100 million people will watch the game on
Sunday when the Kansas City Chiefs take on the San Francisco 49ers in Las
Vegas.-bbc

TikTok and Temu pull cheap heaters after testing revealed fire risk

TikTok and Temu have pulled cheap electric heaters from their online stores
after Which? found they could explode or start house fires.

The consumer group tested eight heaters, the cheapest of which was £7.20,
and found most did not meet UK safety standards.

It said the devices, some of which had been promoted by influencers on
TikTok, posed "a serious safety risk" to users.

TikTok and Temu both said customer safety was their priority.

However, despite both companies removing the items from sale, Which? said it
had found that more similar listings had since appeared in their place.

Temu and TikTok, though its Shop platform, have emerged as rivals to more
established online marketplaces such as Amazon and eBay, with millions of UK
shoppers turning to them for seemingly affordable products.

Which? said its heater research showed they needed to be better regulated.

"Cheap electric heaters are a tempting purchase for consumers struggling
during the cold winter months, but our latest tests have revealed that
models sold on TikTok and Temu are a serious safety risk and must be avoided
at all costs," said Sue Davies, Which?'s head of consumer protection policy.

"It's vital that the government urgently gives greater legal responsibility
to online marketplaces for unsafe products so that they are forced to take
action to prevent dangerous products ending up in people's homes."

Bad influence

Which? has also highlighted the role influencers play in promoting the
heaters.

TikTok Shop is interwoven into the video-sharing app, with products
available on it frequently appearing in creators' videos on the platform.

Which? identified several posts from influencers promoting fire hazard
heaters in TikTok search results.

Lesley Rudd, chief executive of Electrical Safety First, urged them to take
responsibility for their actions, saying they had "a moral duty" to ensure
the products they recommended to followers were safe.

She also agreed current regulations were "broken", given the rise of new
online sellers.

"The way we shop has changed, possibly forever, yet it is utterly illogical
that our laws have not, leaving people shopping on these online platforms
grossly unprotected from dangerous electrical products," she said.

Which? purchased and tested five portable heaters from TikTok Shop, and
three from Temu. Only one was both safe for home use and legal for UK sale,
according to the group.

A Temu spokesperson told the BBC "we deeply regret any concern or
inconvenience caused by the safety issues" in the products identified by
Which?, saying it had removed the heaters.

"The safety of our customers is our highest priority, and we have taken
immediate action to address this issue," they said.

TikTok also pointed to the action it took to keep consumers safe.

"If TikTok finds merchants or products that violate their policies, they
remove them", it said in a statement.

Cost of living: Tackling it together

What can I do if I can't afford my energy bill?

Check your direct debit: Your monthly payment is based on your estimated
energy use for the year. Your supplier can reduce your bill if your actual
use is less than the estimation.

Pay what you can: If you can't meet your direct debit or quarterly payments,
ask your supplier for an "able to pay plan" based on what you can afford.

Claim what you are entitled to: Check you are claiming all the benefits you
can. The independent website has a useful guide.-bbc

Source oil and gas locally, urges Equinor energy boss

Countries should secure supplies of oil and gas by sourcing locally, the
boss of energy giant Equinor has said.

Anders Operdal told the BBC energy security should be top of the agenda
after Russia's invasion of Ukraine saw supplies disrupted and prices hiked.

Equinor is the biggest investor in the Rosebank oil field in the North Sea -
the largest new UK oil and gas field development in decades.

But critics say new oil fields will not make UK energy supplies more secure.

They argue a faster transition away from fossil fuels is a better strategy
to ensure more stable energy prices..

It was given the green light the day after the International Energy Agency
announced that any new oil and gas developments were inconsistent with an
international target of keeping the global temperature from rising more than
1.5 degrees above pre-industrial levels.

But Mr Opedal defended Equinor's investment in Rosebank, pointing to the
impact of Russia's invasion of Ukraine on supplies of oil and gas to Europe.

"One of the key learnings from 2022 is that energy security needs to be on
top of the agenda, together with affordability and sustainability," he said.

"Each country needs to, I think, look harder into producing the energy they
need closer to home, and that's really what we are working on to make sure
we can supply Europe, the UK, with gas and oil these days and for decades to
come."

Mr Opedal said that Equinor was taking what he described as "a balanced
view" of the transition away from fossil fuels. He said that investment in
renewables would rise from its current 20% of capital expenditure to 50% by
2030.

"We are investing in Rosebank but we are also investing in Dogger Bank - the
world's largest windfarm," he said.

"We know that, in time, demand for oil and gas will decline and we are
preparing our company for that. We are investing in the energy of the future
while supplying the energy the world needs now," he said.

'Madness'

However, there is a chorus of voices opposing new investment in oil and gas,
arguing it makes countries less secure.

The head of the United Nations, António Guterres, said in 2022 that
investment in new oil and gas was "economic and moral madness".

Piers Forster, the interim chair of parliament's Climate Change Committee
said by contrast shifting to renewables would help keep prices stable.

"The more we reduce our dependence on fossil fuels that are sold on
international markets, the less energy prices will fluctuate," he said.

Most oil produced in UK waters is not sold directly onto the UK market, but
is traded by the private companies that extract it, with the price set by
the global market. Much of the UK's North Sea gas does come into the
country, but still at internationally determined prices.

North Sea oil and gas claims fact-checked

Claire Fyson, from the think tank, Climate Analytics, said the UK should be
cutting fossil fuel use by 6% a year rather than investing in new
developments.

"Numerous studies have shown we'll have a big surplus in fossil fuels if
planned projects go ahead, creating huge risks for not only the climate but
also the economy," she said.

Red Sea attacks

Mr Opedal said attacks on shipping in the Red Sea did not affect Equinor
much directly, because it does not sail much oil through the waterway.

However he said geo-political events in Ukraine and the Middle East were
keeping prices at a higher level.

"It's too early to say but normally all these geopolitical events keep
prices at a higher level than normal supply and demand," he said.

He added that with Russian oil now largely redirected towards Asia, replaced
in Europe by oil from Norway and Europe increasing the number of LNG
terminals, there was now greater price stability than in 2022.

"I wouldn't say this is the new normal, because what is normal in an energy
market? But energy is now more affordable and prices are no longer at a
level where it hampers economic growth," he said.-bbc

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2024

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
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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
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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.

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