Major International Business Headlines Brief::: 24 January 2024

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com         <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments        <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp         <mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief:::  24 January 2024 

 


 

 




 


 

 


 

ü  South Africa: Cape Fishers Worried About Declining Fish Populations

ü  Nigeria Must Fix Corruption, Investment Issues - Blinken

ü  Tanzania: SBL Programmes Entice Youth Towards Agriculture

ü  Africa: Blinken Expresses U.S. Commitment to Boosting Africa Partnerships

ü  South Africa: People Queue From 2 - 30am At Goodwood Labour Office

ü  Ghana: Vice President Bawumia Launches Ghc660m Project to Empower Youth, PWDs

ü  Uganda's Safeboda Eyes Kenyan Entry After Exit

ü  Seychelles' Central Common Cold Store Chairman Satisfied With 2023 'Modest Profit'

ü  Nigeria: Lekki Deep Seaport Berths Another Large Container Vessel

ü  Netflix password crackdown fuels sign-up surge

ü  SK-II skincare sales hurt by anti-Japan sentiment in China

ü  China appears to U-turn on 'obsessive' gaming crackdown

ü  Amazon fined for 'excessive' surveillance of workers

ü  J&J strikes US states deal over baby powder claims

ü  Los Angeles Times to lay off 20% of its workforce

ü  Badenoch blames Biden for missing post-Brexit trade targets

ü  Lower UK government borrowing raises prospects of tax cuts

ü  Tencent's Riot Games cuts 11% of global workforce

 


 

 


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

South Africa: Cape Fishers Worried About Declining Fish Populations

"The South African story has already been written in Namibia" where there was a three-year moratorium on sardine and anchovy catch because stocks were so low

 

Mario Jacobs is worried. He has had a commercial fishing license since 1998, and has an annual quota for catching sardines and anchovies. But sardine stocks have been in poor shape for years and 2023 was the worst year on record for anchovy stocks.

 

Jacobs, who is from Hangberg in Hout Bay, says his business has been suffering for years. He is battling to access funds to buy a new boat and to cover the costs of his crew. The dwindling catch is making it difficult to keep his head above water.

 

 

The Department of Forestry, Fisheries and the Environment (DFFE) measures sardine and anchovy stocks biannually with a total biomass survey and a recruitment survey. Recruitment refers to new fish entering the fisheries.

 

The DFFE states that sardine recruitment is very low but has shown some signs of increasing in recent years. The worst point in 30 years occurred in 2016 when it was estimated there were fewer than 1 billion sardines. The situation has improved since then but remained below average, so the DFFE is being conservative with its quotas.

 

In a 2023 report the DFFE stated the current low sardine catches meant major South Africa canning facilities had to source the bulk of their sardines from Morocco and other sources in order to stay profitable.

 

The anchovy situation is also troubling. Anchovy recruitment in 2021 and 2022 was below average and the 2023 recruitment is "the lowest recorded to date".

 

 

Fish stocks change dramatically year-by-year so not too much can be read into a single-year estimate, but as the graphs shows, since the mid-2000s the sardine and anchovy catches have been much lower on average.

 

Jim (name changed) is a skipper from Hout Bay. He works on contract for a big fishing company and has been in the industry for about 40 years. He confirmed their recent sardine catches have been poor, particularly since 2004.

 

He says it's important to have regulations that protect the species, such as not being able to catch them when they're too small.

 

"Us fishermen suffer but that's just something we have to live with. Instead of decreasing the species, rather protect it. If we're going to catch the small sardines, in a couple of years time, there will be no sardines left," he says.

 

Craig Smith, senior manager for the marine portfolio at World Wildlife Fund, South Africa, says it is "very worrying" that anchovy numbers are dropping because usually when sardine numbers are very low, anchovy numbers are at least good.

 

Smith says the likely causes are climate change and overfishing.

 

The DFFE' told GroundUp that "the actual reasons or causes of sardine decline are unknown" but then suggested "environmental variability" and "climate change" have "likely contributed".

 

Smith says we need to be cautious of heading in the same direction as Namibia, which had a sardine fishing industry much larger than South Africa's. From 2018 to 2020, the Namibian government placed a moratorium on catching sardines because of a complete collapse in fish stock.

 

"The South African story has already been written in Namibia," says Smith.

 

Smith also points to the declining numbers of birds such the African penguin and the Cape Gannet which feed on sardines and anchovies. These are "very useful indicators of the health of the ecosystem" and "directly correlated to the abundance of sardines".

 

Last year, the DFFE decided to exclude fishing around key penguin foraging areas from 1 September 2023 for a period of 10 years. This followed the decline of the African penguin population since 2005, according to the DFFE's expert review panel report.

 

Mario did not manage to fish his quota this past year. And Jim says the company he contracts to also did not catch their quota. "It was a weak season," says Jim.

 

Jim is waiting to see how the anchovy catch will turn out this season. Anchovies mostly come from the end of February, he says. "We're still waiting."

 

- GroundUp.

 

 

 

 

Nigeria Must Fix Corruption, Investment Issues - Blinken

United States Secretary of State, Anthony Blinken, on Tuesday, pressed Nigeria to tackle barriers like corruption and difficulty repatriating profits that have dampened the business climate for American companies looking to invest in Africa's largest economy.

 

He disclosed this to State House correspondents after meeting with President Bola Tinubu at the Presidential Villa in Abuja.

 

In a press briefing alongside Nigeria's Foreign Affairs Minister, Amb. Yusuf Tuggar, Blinken praised Nigeria's economic potential but said: "long-term challenges need to be overcomed to really unlock the full potential."

 

 

He said the U.S. was eager to partner with and invest in Nigeria's dynamic private sector, especially in technology and entrepreneurship.

 

However, Blinken noted that corruption remains a major obstacle, saying "companies that come in and invest, want to make sure that they're going to be investing with a fair and level playing field."

 

He also cited difficulty repatriating capital as an impediment to investment that Nigeria's government should address.

 

"And in so doing, create, create new jobs, new opportunities, and even new industries. This is a big focus of our binational position in the work that I mentioned as well as there remain some impediments systems.

 

"We hear from our own business community. That I think standard way of maximizing those opportunities. One is the repatriation of capital is important.

 

"I know the Central Bank governor is building on that. And second is the ongoing effort to combat corruption because companies that come in and invest, want to make sure that they're going to be investing with a fair and level playing field.

 

 

"And corruption, of course, is a big impediment. So, having said all of that, but I do think we're seeing a little bit when we had the Africa Leaders Summit hosted by President Biden.

 

"One of the commitments we made was to generate an additional $55 billion in the private sector investment in Africa over the next few years. Well, here we are one year after the signing, and we are 40% of the way to achieving that goal.

 

"By the end, like two years after the summit, based on the trajectory we're on now, we will be at 70% of that goal, and we will achieve the goal in the three years President Biden setup, that's just one important manifestation, not only of our commitment to generating private sector investment."

 

 

Blinken emphasised the importance of the US-Nigeria relationship and said Nigeria was "essential" to US efforts in Africa.

 

Blinken highlighted areas of cooperation between the two countries, including on climate action, blue economy development, science and technology exchange, and public health.

 

He commended Nigeria's progress in responding to HIV, COVID-19 and other diseases.

 

The Secretary of State also discussed opportunities for increased U.S. private sector investment in Nigeria's technology and entrepreneurship sectors.

 

On security, Blinken offered condolences for recent attacks in Nigeria and pledged continued U.S. support in combating terrorism and violent extremism in the country.

 

He emphasised the importance of civilian security, human rights and accountability.

 

Blinken said the U.S. was determined to be a security partner for Nigeria and the Lake Chad region.

 

He said the U.S. will provide security assistance through military training, equipment transfers, intelligence sharing and comprehensive approaches focusing on local communities.

 

Overall, Blinken characterised this as a consequential time for the US-Nigeria partnership.

 

He said the two countries were increasingly focused not only on bilateral issues but on addressing regional and global challenges together.

 

Blinken outlined the President Joe Biden administration's principles regarding the Gaza Strip.

 

Blinken stated the U.S. opposes any changes to Gaza's territory or displacement of people from the area.

 

He reaffirmed American support for "maintaining effective territorial integrity" between Gaza and the West Bank.

 

"We've been very clear about opposing any formal change to Gaza's territory configuration," Blinken said.

 

He indicated that U.S. believed there could be a role for "transitional arrangements" as Israel draws down military operations in Gaza.

 

On his part, Nigeria's Foreign Affairs Minister, Yussuf Tuggar, emphasised "commonalities" between the two countries in supporting a two-state solution.

 

Tuggar acknowledged Nigeria has been "very expressive" in criticising Israeli military actions in Gaza.

 

"It's not surprising that Nigeria of course, has been very expressive," Tuggar said.

 

Tuggar stated that Nigeria remains focused on the shared goal of a two-state solution despite differing responses to the violence.

 

"Each country behaves with regards to foreign policy with the influence of domestic politics and domestic influences," he stated.

 

- Leadership.

 

 

Tanzania: SBL Programmes Entice Youth Towards Agriculture

DAR ES SALAAM: Serengeti Breweries Limited (SBL) has crafted a narrative of empowerment and inclusivity through its innovative agriculture programmes namely Kilimo Viwanda and Science, technology, engineering, and mathematics (STEM) apprenticeship.

 

The SBL Government Relations Manager, Ms Neema Temba said in Dar es Salaam, "This initiative reflects SBL's commitment to education, sustainability and the growth of the country's agricultural sector while ensuring females aren't left behind,"

 

The agriculture sector, contributing 30 per cent to Tanzania's Gross Domestic Product (GDP) and employing 70 per cent of the population, plays a pivotal role in the nation's economy.

 

 

However, the sector faces a demographic challenge as young people hesitate to participate actively.

 

In response, SBL initiated the Kilimo Viwanda Programme, a beacon of hope for underprivileged students pursuing agricultural-related courses.

 

For the past four years, SBL has sponsored more than 200 students through this programme, creating a pool of knowledgeable professionals ready to make a significant impact in the agricultural sector.

 

Ms Temba said the Kilimo Viwanda Programme aligns seamlessly with the company's commitment to eco-friendly practices and sustainability within the supply chain.

 

"The Kilimo Viwanda Programme is not just a scholarship initiative, it's a strategic investment in the future of Tanzania's agricultural legacy by ensuring both girls and boys are equally educated," she said.

 

 

She added, "It reflects our commitment to nurturing talent and creating a more sustainable, inclusive and robust agricultural sector,"

 

Furthermore, Tanzania faces challenges in secondary education enrollment, particularly for girls, resulting in the under-representation of women in STEM fields.

 

Also, recognising the disparity in girls' enrolment in science subjects in secondary schools, SBL took a bold step by establishing the STEM Apprenticeship programme, part of its parent company Diageo's strategic 10-year plan, Society 2030: Spirit of Progress.

 

She said STEM Apprenticeship brings that narrative into practical terms as the beer maker is succeeding at uplifting young women ascending heights of STEM.

 

Tanzania is one of the African countries with the lowest secondary education enrollment, standing at 32 per cent.

 

Furthermore, only 25 per cent of women work in the tech industry and a mere 10 per cent pursue degrees in computer science.

 

 

In response, SBL's STEM Apprenticeship programme sponsors students in higher education, actively addressing the gender gap in STEM professions.

 

The SBL's commitment to national development is evident in its support for the Tanzanian government's Third Five-Year Development Plan 2021/22 - 2025/26.

 

By aligning with national development priorities, SBL ensures that its initiatives contribute effectively to the country's growth.

 

The impact of SBL's initiatives resonates in the success stories of its beneficiaries.

 

Some of the graduates of the STEM Apprenticeship programme Julieth Massawe and Christina Ndalichako are now working as Autonomous Maintenance Operators at the Moshi plant.

 

Speaking about the transformative power of inclusive education, Ms Massawe expressed gratitude for the chance to operate fully automated machines for a prestigious SBL company.

 

On her part, Ms Ndalichako underscored the tangible skills acquired through technical, business and supply chain training.

 

The second STEM cohort further exemplifies the programme's impact on breaking barriers for girls and women aspiring to enter STEM fields.

 

For Ms Miriam Masanja, majoring in Electrical and Electronics Engineering, attests to gaining problem-solving skills, functional capabilities in brewery operations, multitasking, and communications.

 

For Ms Glory Hungu, pursuing a degree in Food Science and Technology highlights the programme's crucial role in empowering girls and women, fostering curiosity and problem-solving through science.

 

The SBL efforts to support youth in STEM programme is not viewed as mere initiatives but as a pledge to continue supporting women in science and ICT fields.

 

As part of its ongoing commitment to bridge the gender gap, SBL ensures that its programmes actively contribute to a more inclusive and diverse society.

 

SBL's Kilimo Viwanda and STEM Apprenticeship programmes stand as inspiring models of corporate responsibility and commitment to inclusive education.

 

By investing in the potential of young girls in Tanzania and Youth in general, SBL not only transforms lives but also contributes significantly to the nation's sustainable development and the growth of its agricultural and technological sectors.

 

- Daily News.

 

 

 

 

Africa: Blinken Expresses U.S. Commitment to Boosting Africa Partnerships

State Department — U.S. Secretary of State Antony Blinken said Tuesday the United States is committed to growing its partnerships across the African continent and increasingly sees African countries "leading on issues of global consequence."

 

Speaking to reporters alongside Ivory Coast President Alassane Ouattara after talks in Abidjan, Blinken said the discussion included growing commercial ties to create jobs and growth in both the U.S. and Ivory Coast, as well as investing in public health initiatives and addressing regional security challenges.

 

Blinken said the United States and Ivory Coast "have a strong and growing bond."

 

Blinken's visit to Ivory Coast is seen as reflecting U.S. interests in the country's stability and its preparations for the 2025 presidential election.

 

The U.S. and international community are concerned about stability in the Sahel sub-region of West Africa following several coups in Mali, Burkina Faso, Guinea and Niger since 2020.

 

 

Ivory Coast borders three countries that have experienced coups in recent years: Guinea in September 2021; Mali in both August 2020 and May 2021; and Burkina Faso in January and September of 2022.

 

The United States announced $45 million in new funding to aid Ivory Coast and its neighbors in preventing conflict and promoting stability amid regional threats. This contribution brings the total U.S. stability-focused assistance in Coastal West Africa to nearly $300 million since 2022.

 

>From Ivory Coast, Blinken is traveling Tuesday to Nigeria where he is set to hold talks with Nigerian President Bola Tinubu and Foreign Minister Yusuf Maitama Tuggar in Abuja.

 

Regional security talks in Nigeria

 

Nigeria shares a border with Niger, where the military ousted its elected leader, Mohamed Bazoum, on July 26, 2023, and subsequently scrapped defense agreements with France, its traditional security partner.

 

 

In Abuja, Blinken is anticipated to discuss the military coup in Niger. The meeting comes just days after the country's military junta agreed to enhance relations with Russia.

 

American officials have stated that while the U.S. is open to countries diversifying their partnerships, aligning with nations like Russia could be problematic. They point to the situation in Mali, where rising civilian casualties and security issues have followed Russian paramilitary Wagner Group's involvement and France's withdrawal.

 

The French military withdrawal from the Sahel and the end of the U.N. peacekeeping mission in Mali in December have heightened concerns over regional security.

 

Nigeria is the largest country by population and economy in sub-Saharan Africa, and the dominant political, economic, and military power in the Economic Community of West African States, or ECOWAS.

 

 

The United States is the largest foreign investor in Nigeria, and the U.S. maintains a significant security partnership with Nigeria in its counterterrorism operations against both Boko Haram and ISIS-West Africa.

 

Cabo Verde

 

Blinken's fourth African trip began Monday in Cape Verde and is scheduled to close in Angola. State Department officials said key priorities included bolstering security partnerships and enhancing health and economic development in the region.

 

In Cape Verde's capital, Praia, Blinken held talks Monday with Prime Minister Ulisses Correia e Silva and visited the city's port, Porto da Praia, which received funding for modernization efforts from the U.S. government's Millennium Challenge Corporation.

 

"It is extraordinary that Cabo Verde is the first country to complete two Millennium Challenge Corporation compacts, and now you're starting to build a third one," said Blinken.

 

He also congratulated Cabo Verde's malaria-free certification by the World Health Organization.

 

Millennium Challenge Compacts are grant agreements designed to fund specific programs that support economic growth.

 

Silva said Cabo Verde shares values of democracy and good governance with the U.S. in its foreign policy.

 

"We strongly condemn Russia's invasion of Ukraine, we condemned the terrorist act of Hamas in Israel, and we defend solutions that make the two states of Israel and Palestine viable," he said. "We condemn coup d'etat and changes to constitutional term limits for presidents of the republic that have occurred in Africa."

 

Cabo Verde is a small island nation that has a large diaspora in the United States.

 

The U.S. and Cabo Verde signed a Memorandum of Understanding on defense cooperation in December 2022, focusing on maritime security.

 

Angola and Luanda Process

 

In a Monday call, Blinken spoke to Democratic Republic of Congo (DRC) President Félix Tshisekedi and discussed the concerns of election observers as well as the need to enhance democratic confidence moving forward.

 

State Department spokesperson Matthew Miller said in a statement that they also discussed the crisis in eastern DRC and potential diplomatic solutions.

 

Following a contentious December election, Tshisekedi, sworn in Saturday for a second term, pledged to unify the country and address conflicts in the east.

 

The worsening conflicts in eastern Congo have prompted countries in the region to broker two peace initiatives: the so-called Luanda Process and the Nairobi Process, according to Molly Phee, assistant secretary of state for African Affairs.

 

Increasing tensions between Rwanda and the DRC have led to several alleged attacks by Congolese and Rwandan forces on each other's territory.

 

Angola leads the Luanda Process, where Blinken plans to hold talks with Angolan President João Lourenço and Foreign Minister Téte António.

 

Last week, Blinken met with Rwandan President Paul Kagame on the sidelines of the World Economic Forum in Davos, Switzerland, where he reiterated the need for all actors to take concrete steps to ease tensions.

 

Last November, Avril Haines, the director of U.S. national intelligence, traveled to both Kinshasa and Kigali, meeting with leaders from the two neighboring countries to secure a commitment to de-escalate tensions in eastern DRC.

 

"We were able to institute a process of weekly check-ins that we undertook through the end of calendar year 2023," Phee told reporters during a Thursday briefing.- VOA.

 

 

South Africa: People Queue From 2 - 30am At Goodwood Labour Office

The department encourages the use of its online system but many can't use it

 

People are having to queue for more than nine hours before being helped at the labour office in Goodwood.

Last Wednesday, we found more than 100 people waiting outside the office's gates when it opened at 7:30am.

The Department of Labour has encouraged people to use its online system to avoid waiting in queues, but this is not feasible for many.

"We are standing outside like beggars for our own money," said former retail worker Adrienne Loufoukou. Last week Wednesday it was her fourth attempt to try and sort out her UIF claim at the Department of Labour office in Goodwood, Cape Town.

 

 

"We are not here for fun. We lost our jobs and we just want that little bit of money. But now we are being treated like we are nothing," she said. "I missed my children's first day back at school to be here."

 

Loufoukou lost her job in December and first went to the labour office on the 21st of that month. She was given a bank form to complete. The offices then closed for the festive season. Loufoukou returned on 8 January and was told that her company had not registered her for UIF and that she needed to return on 15 January. She was unable to go on Monday and went on Tuesday at 6am.

 

While waiting outside in the queue, loadshedding started at 10am.

 

She said the staff took their tea break during loadshedding and after loadshedding they took their lunch break. She said that when the staff returned they cut the line after 20 people and she and others were sent home. They were told to submit their documents online.

 

 

"We told them we've been standing here for long and I asked them why they didn't tell us before that we must do it online. They just said, 'Sorry, you must do it online. We are cutting people off now and we cannot help you,"' she said.

 

People queueing told GroundUp that homeless people sleep in front of the gates and offer their spots in exchange for money.

 

To avoid waiting in vain once again, Loufoukou paid a homeless person R50 for a spot in the front of the queue when she arrived at 6am on Wednesday last week.

 

When GroundUp arrived at 5:30am, about 60 people were waiting outside. By the time the offices opened at 7:35am, this number had doubled, with more people joining the queue. People sat on crates and chairs they brought from home, while others stood in the sun. Some waited in their cars parked across the road from the office.

 

The Department of Labour previously encouraged employees to use online tools like the uFiling system to "help curb snaking queues at labour centres across the country". It said the uFiling system "allows employees to submit claims, check their status and submit enquiries from the comfort of their homes".

 

 

In September last year, UIF commissioner Teboho Maruping told Parliament's Standing Committee on Public Accounts (SCOPA) that a new UIF app allowing people to lodge claims online would reduce the lines at labour centres. However, these methods are not accessible to everyone.

 

"We don't have internet or laptops to do it and not everyone is computer literate or has a smartphone," said Samantha Beerwinkle. She arrived at 2:30am on Wednesday and was eighth in the queue. "I was here yesterday[Tuesday] at 5:45am and at 2:25pm they sent me away and said they can't help anymore because it's full."

 

She was then told to complete the process online. "Not everyone understands the online system. What if you click something wrong?" she asked.

 

Beerwinkle paid a driver R200 to take her from Delft to the department on Wednesday. On Tuesday she had paid a driver R150 because minibus taxis only start operating from 5am.

 

"[On Tuesday], they just came out to check my forms and said it was right and gave me a bank form. After that, I wasn't helped," said Beerwinkle.

 

Also in the queue, Hilton Dickenson from Parow sat in a camping chair. It was his third time visiting the office to sort out his UIF payment. He arrived there shortly after 5am. During his previous visit, he arrived at 6:40am but still wasn't assisted when the office closed at 4pm.

 

"Sometimes they say the system is offline, and sometimes it's loadshedding ... Government departments should have generators or inverters."

 

Dickenson said phoning the call centre for assistance was unhelpful.

 

"Every time you call you get a different person who gives you a different answer. You do what they tell you, then when you call the next one they say, 'No, you shouldn't have done that' ... One told me to email the papers, but another said I must stand in the queue," he said.

 

We approached the department for comment on Thursday. This article will be updated once comment is received.

 

- GroundUp.

 

 

 

 

Ghana: Vice President Bawumia Launches Ghc660m Project to Empower Youth, PWDs

Vice President Mahamudu Bawumia has launched a multimillion-cedi project design to create employment and entrepreneurial opportunities for the youth, women and vulnerable persons.

 

The GHC660 million Ghana Enterprises Agency (GEA)/Mastercard Foundation Business in A Box (Bizbox) project aims to empower 250,000 individuals, support 125,000 with start-up kits and provide market access to 50,000 businesses and regulatory support to 40,000 businesses.

 

This is the largest ever funding for such an initiative and comes less than a month after the government, through the Ghana Enterprises Agency (GEA), provided an additional GHC31 million to 3000 youth-led start-ups and Micro, Small and Medium Scale Enterprises.

 

 

The government provided GHC 100 million to such enterprises in 2023.

 

Speaking at the launch of the BizBox project in Accra on Monday, Vice President Bawumia expressed delight at the ongoing measures to empower the youth and create decent jobs.

 

"The Bizbox is more than just a project; it symbolises hope and opportunity. It encompasses the tools, knowledge and support necessary to initiate, develop, own and grow successful businesses," Vice President Bawumia noted.

 

Drawing on the lessons from the previous Young Africa Works Project, Dr Bawumia said Bizbox would focus on expanding business formalisation and product certification and provide access to start-up kits, particularly in the Agricultural and Agri-adjacent sectors.

 

Spanning all 16 regions and 261 districts in Ghana, the BizBox project is expected to benefit 250,000 participants with the aim that 50% of these beneficiaries will create employment for at least one additional young person.

 

 

The project will be implemented under five pillars: youth skills development, access to market, access to start-up kits, youth social networks and institutional strengthening, and policy and regulatory support.

 

Additionally, it will also focus on 50% agriculture and agri-business, 30% tourism and creative industry, 10% building and construction and 10% other skills, whilst prioritising the "last mile" of value chains.

 

Thanking the Mastercard Foundation for its continued support to Ghana, Dr Bawumia challenged Ghanaian youth, women and Persons with Disabilities to take advantage of the opportunities to learn, create and manage successful businesses.

 

"I know for a fact that, with dedication, collaboration and a shared vision, I am very confident that we can achieve our goals and build a brighter future for Ghana."

 

- GhanaToday.

 

 

 

 

 

Uganda's Safeboda Eyes Kenyan Entry After Exit

Nairobi — Ugandan motorbike taxi and delivery platform SafeBoda will be resuming its operations in the country after exiting the market about three years ago.

 

The firm announced on its X platform that it will be making a comeback into the country within the next 12 days.

 

"SafeBoda is coming to Nairobi!" the tech firm posted.

 

At the height of the Covid-19 pandemic in 2020, SafeBoda left the Kenyan market, citing harsh economic challenges that impacted the boda boda sector, e-commerce, and food delivery businesses.

 

It then said that it would be focusing its operations on the Ugandan and Nigerian markets.

 

When it exited, it had enlisted over 4,000 riders in Kenya.

 

"This decision is a hard one for SafeBoda to make. We know that this will negatively impact our community of drivers. Our community is at the core of what we do as SafeBoda," it said in 2020.

 

- Capital FM.

 

 

 

Seychelles' Central Common Cold Store Chairman Satisfied With 2023 'Modest Profit'

The chairman of Central Common Cold Store (CCCS), Peter Sinon, congratulated the facility for having effectively and successfully climbed a steep learning curve in the initial year of operations in Seychelles.

 

Sinon made the statement at the annual general meeting of the CCCS last week in which he said that one of the achievements was that the company had an 80 percent Seychellois staff running the operations.

 

He said that "their hard work resulted in the company making a modest profit," which was not specified.

 

Located on the man-made island of Ile du Port in zone 14, the CCCS provides 12,600 tonnes of cold rental storage to clients who want to freeze their fish at either minus 20 or minus 40 degrees Celsius. It also provides grading, sorting, sizing, and storage of tuna in accordance with the specific requirements of clients since it began its operation in December 2021.

 

 

As the company made a profit in 2023, its board of directors agreed to pay their shareholders dividends depending on three critical ongoing factors that are being sorted out.

 

This includes the conclusion of ongoing re-negotiations with its creditors the Mauritius Commercial Bank and Ile Du Port Handling Services (IPHS) - which is one of its sponsors.

 

Sinon welcomed the newly introduced 'tax holiday' announced by Naadir Hassan, the Minister of Finance, National Planning and Trade in the Budget 2024 address.

 

He said that this will help "sort out the issues with one of its major foreign tenants that has publicly announced that it has gone into administration."

 

 

The tax holiday is being introduced for five years for new businesses in priority areas such as the Blue Economy, digital economy, and increase in production that will help reduce importation and increase exportation.

 

Fisheries is the second top economic contributor to the island nation in the western Indian Ocean.

 

Participants at the meeting also re-elected two members of the CCCS board of directors - Gregory Albert and the chairman, Peter Sinon.

 

The facility, which took about five years to be completed and cost $37 million, was made possible by both local and foreign investors. The shareholders are the government of Seychelles, the Seychelles Pension Fund, United Concrete Products Seychelles (UCPS), Ile Du Port Handling Services (IPHS) and SAPMER, holding 10 percent shares each.

 

The Indian Ocean Tuna (IOT) company holds a six percent share, while all Seychellois individuals together hold an 11.5 percent share. The largest shareholder is Luxembourg-based JACCAR Holdings with a 26 percent share.

 

- Seychelles News Agency.

 

 

 

Nigeria: Lekki Deep Seaport Berths Another Large Container Vessel

The Lekki Deep Seaport has berthed the largest container carrier to sail on Nigerian territorial waters on Sunday 21st January, 2024.

 

The vessel measuring 367M in length and christened 'Maersk Edirne' has a Breadth of 48.2 and carried a Gross Registered Tonnage (GRT) of 142,131metric tonnes and a Deadweight Tonnage (DWT) of 147,340 metric tonnes, constituting 3,376 total cargo onboard.

 

Before this time, the largest commercial vessels to sail on Nigerian waters were "MV Stadelhorn" and "MSC Maureen" at Onne Port and TinCan Island Port Complexes respectively.

 

The Managing Director / CEO Nigerian Ports Authority, Mr. Mohammed Bello Koko has said the Lekki Deep Seaport has by this feat in addition to its pioneering of full automation and facilitation of transhipment proven its readiness to exceed stakeholders' expectations.

 

- Daily Trust.

 

 

 

 

 

Netflix password crackdown fuels sign-up surge

Netflix sign-ups boomed at the end of last year as customers prodded by the firm's crackdown on password-sharing created their own accounts.

 

The streaming giant added more than 13.1 million subscriptions in the three months ended in December.

 

That was the most for any quarter since 2020, extending a streak of growth that started last year.

 

Netflix said it was confident in its growth path and was planning to raise prices.

 

"We largely put price increases on hold as we rolled out paid sharing. Now that we're through that, we're able to resume our standard approach," co-chief executive Greg Peters said on a call with analysts to discuss its latest quarterly update.

 

"The summary statement might be, 'back to business as usual'."

 

Many of its new members opted for the company's cheapest plan, undeterred by the prospect of seeing advertisements.

 

Netflix said in the 12 countries where it offers adverts - which include some of its biggest markets such as the UK and US - the plan accounted for 40% of the new sign-ups.

 

The gains are an ironic twist for a firm that resisted calls to sell ads for years, saying such a move would hurt the viewer experience and complicate its business with privacy risks and other issues.

 

But the company was jolted by an unexpected subscriber decline in the first half of 2022, followed by a fall in profits, which prompted it to seek out new ways to bring in new viewers - and more money.

 

As well as adverts and the password crackdown, it is experimenting with more live events to bring in new audiences.

 

On Tuesday, it announced a 10-year, $5bn (£3.9bn) deal to bring WWE Raw - pro-wrestling's most popular weekly show - to the platform.

 

Many of its rivals are making similar moves.

 

Amazon, for example, is trying to boost its slate of live sports events. It is also due to start showing adverts to Prime members when they watch starting this month, unless they pay $2.99 extra per month.

 

Paolo Pescatore, an analyst at PP Foresight, said the numbers validated Netflix's strategy.

 

"Another cracking quarter to finish the year," he said. "These latest results reaffirm that Netflix is firmly the king among all streamers."

 

Netflix charges £4.99 in the UK and $6.99 per month in the US for the standard plan with adverts, compared with £10.99 and $15.49 without.

 

It said it did not expect advertising to contribute meaningfully to growth this year.

 

But the programme has sparked excitement on Wall Street since selling ads, on top of subscriptions, has the potential to bolster the money a company can earn per account.

 

Netflix had already hinted that the plan was gaining traction, claiming earlier this month that it had more than 23 million accounts, compared with 15 million in November.

 

Why some streaming companies are leaning into adverts and raising prices

Still, the number of new subscribers it added in the quarter also surprised analysts, who had worried that sign-ups would suffer without the release of a stand-out hit.

 

Netflix said it had offered a strong slate of programmes, including hits like the Beckham documentary series and Adam Sandler's Leo.

 

The platform received 18 Oscar nominations on Tuesday, including "Best Picture" for Maestro starring Bradley Cooper and Carey Mulligan.

 

Shares jumped more than 6% in after-hours trade.

 

For the year, Netflix reported more than $33.7bn in revenue in 2023, up more than 6% over 2022.

 

Profits were $5.4bn for the year, compared with $4.49bn the year before.-bbc

 

 

 

 

SK-II skincare sales hurt by anti-Japan sentiment in China

Procter & Gamble has said sales of high-end SK-II skincare brand fell 34% between October and December.

 

In addition to China's slow recovery, the firm's executives blamed anti-Japanese sentiment.

 

Last year, Japan started releasing treated radioactive water from its Fukushima nuclear power plant which was hit by a huge tsunami in 2011.

 

China opposed the move and banned all seafood imports from Japan, despite the UN's assurance of its safety.

 

Scientists also largely agree that the environmental impact of the treated water will be negligible but as disinformation fuelled fear and suspicion in China, consumers boycotted Japanese brands, including P&G's SK-II.

 

Rocks were also thrown at Japanese schools and hundreds of hostile phone calls were also made to businesses in Fukushima.

 

But P&G executives said SK-II is already seeing sales turn around in recent months.

 

"Our consumer research indicates SK-II brand sentiment is improving, and we expect to see sequential improvement in the back half," the company's chief financial officer, Andre Schulten, was quoted as saying on the company's earnings conference call.

 

This is not the first time SK-II or Japanese brands face a boycott in China.

 

In 2012, a wave of anti-Japanese protests across China over a territorial dispute led to a halt in production at Japanese carmakers, Toyota, Honda and Nissan, whose showrooms were attacked.

 

Other Japanese companies affected included the electronics company Sony, fast fashion brand Uniqlo and the shopping chain stores Aeon.

 

The islands, known as Senkaku in Japan and Diaoyu in China, are controlled by Japan but both China and Taiwan lay claim to them.

 

P&G's chief executive officer, Jon Moeller, said on the earnings call that previous tensions have also hurt SK-II's sales, but the brand always bounced back.

 

The company's overall earnings were mixed as the firm cut its annual profit forecast due to a one-off charge related to its Gillette business.

 

But demand for the company's daily-use products, mainly in the grooming and home-care segments, remained strong despite high prices.-bbc

 

 

 

 

China appears to U-turn on 'obsessive' gaming crackdown

China seems to have backtracked on strict rules to combat what the regulator deemed "obsessive" gaming.

 

The National Press and Publication Administration (NPPA) had proposed regulations limiting the amount of money and time people spent playing video games.

 

However, on Tuesday the draft rules were no longer on the NPPA website.

 

China is the world's biggest online gaming market, but the industry has had frequent run-ins with the authorities.

 

The new rules would have limited in-game purchases. Incentives such as daily log-in rewards for gamers would also have come under fire, while the introduction of a pop-up warning players of "irrational" behaviour was proposed.

 

Share prices of Chinese gaming firms - including the world's biggest gaming company Tencent Holdings and its rival NetEase - jumped after the apparent U-turn.

 

They had plummeted after the rules were first proposed in December, wiping nearly $80bn (£63bn) off the value of the two companies.

 

However, analysts say the sector is still clouded by uncertainty about what the government might do next.

 

"I think this type of sentiment will probably last for quite some time, unless we get a very drastic turnaround in government rhetoric, or unless we get some super supportive policies," said Ivan Su, senior analyst at Morningstar.

 

"We don't know if it's going to happen in a week, in a couple months, or in a couple of years."

 

A screenshot of the website which shows a 404 error message

IMAGE SOURCE,NPPA

Image caption,

The NPPA website which previously showed the proposals now shows a 404 error

China's largest crackdown on gamers came in 2021 when children were banned from playing for more than an hour on certain days.

 

That same year, the government stopped gaming licences from being granted for eight months.

 

As a result, says Mr Su, "a lot of Chinese developers have started shifting their development pipeline toward overseas games".

 

NetEase and Tencent acquired or invested in companies in the likes of France, Japan and the United States.

 

It remains to be seen whether the current uncertainty will prompt another wave of overseas expansion.-bbc

 

 

 

 

Amazon fined for 'excessive' surveillance of workers

Amazon has been fined €32m (£27m) in France for "excessive" surveillance of its workers, including measures the data watchdog found to be illegal.

 

The CNIL said Amazon France Logistique, which manages warehouses, recorded data captured by workers' handheld scanners.

 

It found Amazon tracked activity so precisely that it led to workers having to potentially justify each break.

 

Amazon said it strongly disagreed with the CNIL's findings and called them "factually incorrect".

 

France's data protection agency investigated Amazon warehouses following complaints by employees as well as media coverage of conditions.

 

It outlined a number of areas where it found Amazon had breached General Data Protection Regulation (GDPR).

 

This included a system with three alerts in place to monitor employee activity, which the CNIL ruled to be illegal.

 

One alert triggered if an item was scanned too quickly or less than 1.25 seconds after scanning a previous item, increasing the risk of error.

 

Another signalled breaks of 10 minutes or more, while a third tracked breaks between one and 10 minutes.

 

The CNIL also questioned why Amazon needed to keep workers' data for 31 days.

 

Responding to the findings an Amazon spokesperson said: "We strongly disagree with the CNIL's conclusions which are factually incorrect and we reserve the right to file an appeal.

 

"Warehouse management systems are industry standard and are necessary for ensuring the safety, quality, and efficiency of operations and to track the storage of inventory and processing of packages on time and in line with customer expectations."

 

'Micromanagement'

A similar system for Amazon warehouses in the UK has been highlighted before.

 

Amazon's Europe policy chief Brian Palmer told a parliamentary select committee in November 2022 that if an employee had three productivity flags on the system they could be fired. The online giant later said they were not "fully correct".

 

The subsequent report published by the Business, Energy and Industrial Strategy Committee raised concerns about surveillance technology being used to set performance targets and monitor performance.

 

The report said there was evidence to suggest that Amazon's surveillance practices were "leading to distrust, micromanagement and, in some cases, disciplinary action against its workers".

 

The committee said it had written to Amazon outlining its concern the technology would put "undue stress on its workforce".

 

Amazon declined to comment on its UK warehouses.

 

Amazon takeover of iRobot to be blocked by EU

Controversial spy cameras for sale on Amazon

The CNIL said Amazon already had access to lots of data to achieve quality and safety in its warehouses, and called the system "excessively intrusive". It also noted that tracking employees so closely could lead to them having to justify even a brief interruption of scanning.

 

Amazon also used data collected by the scanner to plan work in its warehouses, evaluate employees on a weekly basis and train them. The watchdog ruled Amazon did not need access to the smallest details of data collected by the scanners to do so.

 

The online shopping giant was fined for not properly informing workers and external visitors about surveillance, with the watchdog also found to have had insufficient security on its video surveillance.

 

Reacting to the ruling, the GMB union which represents Amazon's UK warehouse workers, said the company's staff were facing "bruising levels of scrutiny and surveillance".-bbc

 

 

 

 

J&J strikes US states deal over baby powder claims

Johnson & Johnson (J&J) has said it has reached a tentative deal with more than 40 US states over their investigation of the marketing of its talc-based baby powder and other products.

 

The healthcare giant said it expected to pay $700m (£552m), confirming a figure that had been reported earlier.

 

The deal would be part of a far bigger settlement the firm has been trying to reach to resolve claims around the safety of the products.

 

J&J says they were safe for consumers.

 

But it is facing more than 50,000 cases from people who claim using its talc-based baby powder caused cancer, including some who allege the product contained cancer-causing asbestos.

 

The company created a subsidiary responsible for the claims in an effort to resolve the lawsuits in bankruptcy court.

 

Last year, it proposed a nearly $9bn settlement, saying the claims were "specious" but it wanted to move on from the issue.

 

But judges have blocked those plans, ruling that the subsidiary was not in financial distress and could not use the bankruptcy system to resolve the lawsuits.

 

State officials did not comment on the tentative deal.

 

Erik Haas, worldwide vice president of litigation for Johnson & Johnson, said the company was continuing to work on a wider resolution.

 

"The company continues to pursue several paths to achieve a comprehensive and final resolution of the talc litigation. As was leaked last week, that progress includes an agreement in principle that the company reached with a consortium of 43 state attorneys general to resolve their talc claims," he said in a statement.

 

"We will continue to address the claims of those who do not want to participate in our contemplated consensual bankruptcy resolution through litigation or settlement."

 

Johnson & Johnson has won a majority of the talc lawsuits against it and has maintained the products did not contain asbestos and did not cause cancer.

 

But it has been stuck with some significant losses, including one decision in which 22 women were awarded a judgement of more than $2bn.

 

Analysts estimate the company will end up spending more than $10bn to resolve the legal battles.

 

A lawyer representing some of the cases from former customers said earlier this month that the reported resolution of the state matters was "good news" for his clients because it cleared out "distractions".

 

"We need... attention focused on getting to a global talc powder settlement in 2024. This helps," Ronald Miller said in a statement.

 

Johnson & Johnson stopped US sales of its talc-based baby powder in 2020, citing "misinformation" that had sapped demand for the product, applied to prevent nappy rash and for other cosmetic uses, including dry shampoo. It later announced plans to end sales globally.

 

Before that decision, the company had sold the baby powder for almost 130 years. It continues to sell a version of the product that contains corn-starch.-bbc

 

 

 

 

Los Angeles Times to lay off 20% of its workforce

The Los Angeles Times announced on Tuesday that it will be laying off around 20% of its newsroom due to financial struggles.

 

The newspaper said it will let go of at least 115 people - the largest layoff in its 142 year history.

 

The news follows other mass layoffs in the US media industry, including at outlets like Sports Illustrated and independent music publisher Pitchfork.

 

A reporter described it as a "dark day" for the LA Times.

 

In a report published on Tuesday, the newspaper's owner said the layoffs were due to significant and unsustainable financial losses of $30m (£23.6m) to $40m per year.

 

"Today's decision is painful for all, but it is imperative that we act urgently and take steps to build a sustainable and thriving paper for the next generation," said Patrick Soon-Shiong.

 

A memo sent to newsroom union members informed staff that 94 guild-covered positions were among those being terminated. That is a quarter of all guild members, according to the newspaper.

 

"It's a dark day at the Los Angeles Times," said Matt Pearce, a reporter at the newspaper and president of Media Guild of the West.

 

"Many departments and clusters across the newsroom will be heavily hit."

 

Senior editors were among those affected, including Washington bureau chief Kimbriell Kelly. Several award-winning photographers and the paper's video unit also lost their jobs.

 

Patrick Soon-Shiong speaks during the annual Milken Institute Global Conference in California in 2015.

 

 

Mr Soon-Shiong had warned that layoffs were coming, prompting staff to stage a one-day walkout on Friday in protest.

 

The walk-out was followed by the resignation of the newspaper's managing editor Sara Yasin, who stepped-down on Monday citing "professional and personal decisions".

 

The paper's executive editor Kevin Merida also recently left.

 

In an interview with the LA Times, Mr Soon-Shiong blamed the newspaper's past leadership for the financial challenges it faces today.

 

The newspaper has fallen short of its digital subscriber goals and has struggled to generate sustainable advertising revenue, he said.

 

"It is indeed difficult to reflect upon the recent tumultuous years, during which our business faced significant challenges, including losses that surpassed $100 million in operational and capital expenses," he said.

 

But Mr Soon-Shiong said he still backs the company and believes in its future. He acquired ownership of the LA Times, its sister paper the San Diego Union-Tribune and a handful of other media properties in 2018 for $500m.

 

"We are not in turmoil. We have a real plan," he said.

 

The layoffs come a time of major disruption in the US news industry.

 

Last week, the union for Sports Illustrated said the publication planned to cut nearly all of it its unionised staff, after the publisher failed to pay its licensing fees to the magazine's parent company.

 

And Conde Nast, the company behind storied titles like Vogue, The New Yorker and Vanity Fair, said last fall that it planned to lay off more than 300 employees.

 

As part of the restructuring, Conde Nast said last week that its music journalism website Pitchfork will be folded into GQ Magazine and that all of its staff will be let go as a result.

 

The Washington Post, owned by Amazon CEO Jeff Bezos, recently offered voluntary buyouts to staff due to losses of around $100m in 2023.-bbc

 

 

 

 

Badenoch blames Biden for missing post-Brexit trade targets

The Business Secretary has blamed a change in US president for the UK's failure to hit post-Brexit trade targets.

 

Kemi Badenoch told MPs Joe Biden's administration had no appetite for trade deals.

 

She claimed it was why the government missed a manifesto pledge to strike deals with countries that account for 80% of UK trade by the end of 2022.

 

The UK has free trade agreements covering 60% of overseas trade.

 

Appearing before MPs on Tuesday, Ms Badenoch said: "The biggest thing that had an impact on us reaching that goal was the change in administration from President Trump to President Biden.

 

"The Biden administration decided it was not doing trade deals - with anyone not just us."

 

She noted that the US had moved to specific smaller deals in areas like semiconductors and critical minerals. That produced a change in her own strategy, Ms Badenoch said, causing her "to pivot away" from free trade agreements and instead focusing on smaller Memorandums of Understanding which she conceded were not based on enforceable international law.

 

But the Business Trade Secretary said she remained confident that the UK would reach a target of hitting £1 trillion in exports by 2030.

 

Liam Byrne, chair of the Business and Trade Select Committee, noted that the Institute of Directors business group had estimated that meeting that goal would require export growth of 3.5% per year.

 

That compares to a current forecast of 0.1% growth by the Office for Budget Responsibility (OBR), the independent fiscal watchdog.

 

Faced with questions on the UK's membership of a wider Trans-Pacific Partnership, known as CPTPP, Ms Badenoch refused to be drawn on whether Britain would support China or Taiwan joining the trade bloc.

 

It currently includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The UK already currently has trade deals with nine of the 11 members.

 

The OBR estimates that membership of the CPTPP trade bloc would boost UK economic growth by 0.04% over the next 15 years.

 

It has also estimated that the UK's departure from the EU single market and customs union would mean the UK economy being 4% smaller than it would have been if the UK had not left.

 

Ms Badenoch stopped short of saying the OBR was "wrong" but said while the government took account of the OBR's estimates, it thought its estimates were vulnerable to changing economic circumstances and outcomes.-bbc

 

 

 

 

Lower UK government borrowing raises prospects of tax cuts

Lower than expected government borrowing last month has increased the possibility of tax cuts in the Budget, analysts say.

 

Borrowing - the difference between spending and tax income - fell to £7.8bn in December, the Office for National Statistics (ONS) said.

 

Interest payments dropped sharply due to a rapid decline in inflation.

 

Analysts said the latest figures could give the chancellor more "wiggle room" for tax cuts.

 

Speaking at the World Economic Forum in Davos last week, Jeremy Hunt hinted that he wanted to cut taxes.

 

This has raised expectations that he will seek to do so in the Budget in March, ahead of a general election expected later in the year.

 

December's borrowing figure was £8.4bn less than a year earlier, and the lowest figure for the month since 2019.

 

Interest payments on government debt fell to £4bn, down by £14.1bn from December 2022.

 

It was helped by the fall in inflation last year. The government's interest payments are linked to the Retail Prices Index measure of inflation.

 

Graphic showing monthly interest payments on government debt

Ruth Gregory, deputy chief UK economist at Capital Economics, said the better-than-expected figures for December would give the chancellor "a bit more wiggle room for a big pre-election splash in the spring Budget on 6 March".

 

The ONS data showed that borrowing for the nine months to December 2023 was £119.1bn. While that was £11.1bn more than in the same period the year before, it was lower than the amount forecast by the government's economic watchdog, the Office for Budget Responsibility (OBR).

 

Ms Gregory said borrowing was on track to undershoot the OBR's full-year forecast of £123.9bn by £5bn.

 

Lower inflation has also led to expectations that interest rates will be cut at a faster pace than when the OBR made its last forecast in November.

 

Ms Gregory said the change to interest rate forecasts meant "we suspect the OBR will revise down its borrowing forecast significantly from 2025-26".

 

Chancellor Jeremy Hunt hints at further tax cuts

How does government borrowing work?

She added this could give the chancellor more scope to cut taxes while still meeting the government's self-imposed spending rules.

 

"That will probably allow him to unveil a freeze in fuel duty in April 2024 (costing about £6bn a year) but perhaps also to announce more crowd-pleasing measures, such as a 1p cut to income tax (costing £6.9bn a year), while still maintaining fiscally prudent appearances," Ms Gregory said.

 

Martin Beck, chief economic adviser to the EY Item Club, said the lower expectations for interest rates should cut the predicted spending on debt interest by about £10bn a year.

 

"Some high-profile tax cuts in the spring Budget appear likely," he said.

 

Total debt - which is the overall amount of money owed by the government that has built up over years - was £2.67 trillion at the end of December.

 

That is the equivalent of 97.7% of the size of the UK's economy as measured by gross domestic product (GDP), remaining at levels last seen in the early 1960s, the ONS said.

 

Government borrowing has increased sharply in recent years. The government spent billions on measures to support the economy during the Covid pandemic, and then also subsidised energy bills when costs surged after Russia's invasion of Ukraine.

 

Chief Secretary to the Treasury Laura Trott said: "Protecting millions of lives and livelihoods during Putin's energy shock and a once in a century pandemic has created economic challenges.

 

"However, it is right that we pay back these debts so future generations are not left to pick up the tab."

 

Labour's shadow chief secretary to the Treasury, Darren Jones, said: "National debt is now at the highest level since the 1960s - and has more than doubled since 2010.

 

"Britain cannot afford another five years of this low-growth, high-tax Conservative government that is leaving working people worse off."

 

Liberal Democrat Treasury spokesperson Sarah Olney said: "The brutal truth remains that as a result of Conservative ministers crashing the economy, the British public is now saddled with debt and endless tax hikes."-bbc

 

 

 

 

Tencent's Riot Games cuts 11% of global workforce

Tencent Holdings' Riot Games has said it will cut 530 jobs which account for about 11% of its global workforce.

 

Chief executive officer Dylan Jadeja told staff "our costs have grown to the point where they're unsustainable".

 

Los Angeles-based Riot said teams outside of core development will see the largest impact from layoffs.

 

The online gaming company says it will focus on its portfolio of live games such as League of Legends, Valorant, Teamfight Tactics, and Wild Rift.

 

Riot Games is the latest to cut jobs in the gaming industry.

 

Last year, Amazon and TikTok owner ByteDance both downsized their gaming divisions while Fortnite maker Epic Games, Assassin's Creed developer Ubisoft, and Pokemon Go creator Niantic all announced cuts.

 

The job losses in the sector are partly due to the mass hiring that happened at the start of the pandemic in 2020.

 

Riot Games acknowledged that it had "more than doubled in headcount" over the last several years.

 

When lockdowns ended across the world, sales started to slow. Customers are also holding off on buying expensive titles or stick to fewer games amid high inflation.

 

That is despite gamers having many highly rated titles to choose from including Baldur's Gate 3, Zelda: Tears of the Kingdom, and Spider-Man 2.

 

New entries in the Super Mario and Sonic the Hedgehog franchises have also drawn acclaim while there were surprise hits like Sea of Stars, Hi-Fi Rush and Dave the Diver.

 

But announcing the cut, Mr Jadeja says: "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway".

 

Riot will stop new game development under Riot Forge and drop some features in Legends of Runeterra which it said has not performed as well as it hoped.

 

Tencent bought a majority stake in Riot Games in 2011 but it also holds a stake in Epic Games.-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 

Blog:            <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

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 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) 2024 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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240124/95518bc0/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240124/95518bc0/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 359722 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240124/95518bc0/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 433502 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240124/95518bc0/attachment-0006.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 45715 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240124/95518bc0/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240124/95518bc0/attachment-0007.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240124/95518bc0/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65561 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240124/95518bc0/attachment-0001.obj>