Major International Business Headlines Brief::: 12 March 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  12 March 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Tanzanian Shippers Choose Mombasa Port Over Dar Inefficiencies

ü  Ethiopian Airlines Reaffirms Confidence in Boeing Five Years After Fatal
Crash

ü  Africa: Broaden National Tax Base for More Resources, African Countries
Told

ü  Africa: It's Africa's Time to Shine, Says UN Under Secretary Claver
Gatete

ü  Nigeria: 59 Doctors Resign in Nasarawa, Allege Poor Welfare

ü  Rwanda's Economy Grew 8.2% in 2023

ü  Namibia: Chinese Firm Buys Tsumeb Smelter for N$930m

ü  South Africa: Challenges Remain, but There Is Improvement At Eskom -
Ramokgopa

ü  Nigeria: Energy Theft Affecting Power Supply in Kwara, Kogi, Others –
IBEDC

ü  Boeing whistleblower found dead in US

ü  Airbnb bans surveillance cameras inside rental properties

ü  China technology giant Xiaomi starts electric car sales

ü  Reddit aims for $6.4bn valuation ahead of initial public offering

 


 

 


Tanzanian Shippers Choose Mombasa Port Over Dar Inefficiencies

The Port of Mombasa is capitalising on inefficiencies at the Port of Dar es
Salaam as shipping companies opt for the expeditious and cost-effective
route through Kenya.

 

Last week, the MV Jolly Giada arrived at the Port of Mombasa, unloading
2,000 Tonne Equivalent Units (TEUs) at the harbour.

 

Notably, 35 percent of this cargo, totaling 700 containers, constituted
transit cargo destined for Dar es Salaam.

 

Dar es Salaam Port has grappled with a substantial backlog, imposing
elevated costs on shippers through demurrage payments.

 

The Kenya Ports Authority reported a surge in initial calls to the Port of
Mombasa, attributing the growth to operational efficiency enhancements that
have significantly reduced ship waiting times.

 

 

"Mombasa has observed a rise in the number of initial calls to the port,
with the growth credited to operational efficiency improvements that have
led to decreased ship waiting times," said Kenya Ports Authority.

 

Key metrics affirm the port's increased competitiveness. The turnaround time
for container vessels dropped from an average of three days in 2022 to two
days in 2023.

 

Furthermore, the average container dwell time decreased to 3.5 days from 3.9
days in 2022, marking a 10 percent improvement.

 

Ship waiting time for containerised vessels was reduced to a mere 0.2 days,
while the gross vessel turnaround time saw a substantial decline from 90.5
hours in 2022 to 64.1 hours in 2023.

 

The Port of Mombasa is experiencing a notable influx of transit cargo,
primarily from landlocked countries diverting to Kenya due to quicker
turnaround times in clearance processes, exacerbated by inefficiencies at
the Port of Dar es Salaam.

 

Transit traffic witnessed robust growth, reaching 10.4 million tonnes in the
11 months leading up to November 2023.

 

Dar es Salaam Port, a primary regional rival to Kenya, grapples with severe
congestion, leading to extended clearance times of up to seven days for
vessels.

 

MV Jolly Giada marked the third vessel to dock at the Port of Mombasa under
Messina's full container vessel service, introduced late last year.

 

- Business Day Africa.

 

 

 

Ethiopian Airlines Reaffirms Confidence in Boeing Five Years After Fatal
Crash

As Ethiopian Airlines commemorates the fifth anniversary of the 2019 Boeing
737 Max 8 crash, the carrier showcases renewed confidence in Boeing, evident
through additional orders, despite recent challenges faced by aircraft
within the same family.

 

Despite the tragic accident involving Flight ET 302 that claimed 157 lives
in Addis Ababa, Ethiopian Airlines has emerged as a significant client for
Boeing, affirming the carrier's confidence in the manufacturer's offerings.

 

Just last week, the Bole-based carrier announced the plans to acquire eight
Boeing 777X, the latest fuel-efficient variant, with an option for an
additional 12 aircraft.

 

During the Dubai Airshow last year, Ethiopian Airlines committed to
acquiring 11 787 Dreamliners and 20 737 MAX jets.

 

The Ethiopian crash occurred five months after Indonesia's Lion Air Flight
610, which crashed shortly after takeoff, resulting in the loss of all 189
passengers and crew onboard.

 

 

On March 10, 2019, at 08:38 local time, Ethiopian Airlines Flight 302
departed from Addis Ababa Bole International Airport en route to Jomo
Kenyatta International Airport in Nairobi, Kenya.

 

However, just a minute after takeoff, the first officer communicated a
flight control issue to the control tower in Bole.

 

The aircraft's Maneuvering Characteristics Augmentation System (MCAS)
engaged, causing the plane's nose to pitch downward as the crew attempted to
regain control in vain, ultimately leading to the fatal crash.

 

Following the Ethiopian Flight 302 crash, aviation regulators worldwide
grounded the 737 MAX to ascertain the causes behind the twin crashes.

 

In 2020, America's Federal Aviation Administration (FAA) recertified the 737
MAX 8, and other global safety aviation authorities followed suit.

 

 

As the dust settles over the 737 Max 8, additional technical issues
involving other variants of the 737 family have emerged. Earlier this year,
an Alaska Airlines Boeing 737 MAX 9 experienced a plug door blowout during
flight AS 1282.

 

Boeing acknowledged responsibility for the incident involving the 737-9
variant, where a mid-exit door panel dislodged during flight.

 

The company has implemented corrective measures, including a control plan to
ensure proper installation of all 737-9 mid-exit door plugs according to
specifications.

 

New inspections of the door plug assembly and similar structures have been
instituted at the supplier's factory and on Boeing's production line.

 

Additionally, signage and protocol have been added to thoroughly document
the opening and removal of the door plug at the firm's facility, ensuring it
is reinstalled and inspected before delivery.

 

Ethiopian Airlines, operating Africa's largest Dreamliner fleet, currently
incorporates a mix of 787-8s and 787-9s.

 

- Business Day Africa.

 

 

 

Africa: Broaden National Tax Base for More Resources, African Countries Told

UNECA's Hanan Morsy also called for digitalization of tax filing, removal of
tax exemptions and ensuring prudent public spending

 

To deepen domestic resource mobilization, countries should double efforts to
broaden their national tax base, said Hanan Morsy, Deputy Executive
Secretary and Chief Economist UN Economic Commission for Africa (UNECA)at
the 56th session of African Conference of Ministers in Victoria Falls,
Zimbabwe, last week.

 

On broadening the tax base, Ms. Morsy said that Africa has the lowest tax to
GDP ratio across the regions. Optimising our tax collection efforts is
imperative for sustainable development, adding that countries can begin by
improving their efficiency of public spending, ensuring that every dollar
invested delivers maximum returns.

 

"It is not just about investing in the right areas; it is also about doing
them in the best possible way to minimize waste and maximizing impact," she
stressed.

 

 

On the question of taxation, she recommended progressive tax systems,
digitalization through electronic tax filing and removing ineffective tax
exemptions.

 

UNECA is currently piloting research on assessing optimal taxation of the
digital and technology sectors.

 

Climate change, she said has exacerbated the situation of an already
shrinking fiscal space with increasing financing needs, leading to a vicious
cycle of investment shortfalls that increase exposure risk and worsen
impact, further eroding fiscal space and increasing financing cost.

 

"It is important for African countries to leverage their assets, starting by
harnessing the most valuable asset of all - human capital," said Ms. Morsy,
adding that "empowering and equipping our youth will be crucial to shape our
shared future.

 

"To achieve this, we must continue to prioritize innovation and invest in
skills and education."

 

 

She noted that Africa's path to sustainable development hinges on three
crucial elements:

 

First, addressing the issue of finance and investment to attract more
affordable and concessional finance to the continent through the reform of
the global financial architecture.

 

"This also requires de-risking projects to attract private sector investment
that is needed to boost the meagre 14% share of private sector in Africa,"
she said.

 

Secondly, at the regional level, countries must transform potential and
ideas into tangible action through concrete bankable projects.

 

She underscored that the success of regional initiatives and approaches
"depends greatly on our ability to effectively implement the African
Continental Free Trade Area (AfCFTA).

 

As such, countries should continue to foster the creation of regional value
chains in critical sectors like minerals and electric vehicles (EVs), food
and energy systems and technology."

 

"Regional collaboration can energize our joint determination to foster
economic diversification, industrialization, and intra-regional trade, to
catalyze positive transformation throughout our continent," stressed Ms.
Morsy.

 

Lastly, Ms. Morsy called for national level actions such as creating an
enabling environment and adequate policy and regulatory frameworks.

 

"This entails optimizing public revenue and spending, streamlining lengthy
permits and approval processes and fighting untransparent regulations and
policy inconsistencies, monitoring and reporting properly the use of
proceeds and aligning with medium- to long-term strategic priorities," she
said.

 

- Africa Renewal.

 

 

 

 

Africa: It's Africa's Time to Shine, Says UN Under Secretary Claver Gatete

Victoria Falls, Zimbabwe — With 20 percent of the global population and vast
untapped natural resources, not forgetting its human capital, it is time
Africa had its rightful seat at the global table, the United Nations Under
Secretary and Executive Secretary of the Economic Commission for Africa
(ECA), Claver Gatete, has called.

 

Decrying that Africa has been on the back foot on the global stage when key
political and economic decisions are made, Gatete says it is time Africa
claimed its voice. Gatete told a recent conference of African finance
ministers in Victoria Falls, Zimbabwe, that Africa is in a financial and
fiscal crisis because a global financial system does not have the interests
of the continent at heart.

 

 

Africa Must Be Heard

 

"So, what will it take for African countries to really feel heard? Gatete
asked.

 

"It is okay for us to say that 80 years ago, Africa was not at the table. It
is probably acceptable to say that when the Millennium Development Goals
were adopted, we were also at the periphery," he said, adding, "But we will
not be forgiven today if we do not occupy center stage as architects of a
new global financial architecture that works for us."

 

Africa, he noted, was facing multiple crises that it was not directly
responsible for but bore the worst impacts from the Ukraine-Russia war,
COVID-19, and high indebtedness to climate change.

 

The financial difficulties that Africa is currently facing are not solely
the result of COVID-19 or recent conflicts but also have their roots in an
inadequate global financial architecture and a multilateral financial system
that does not adequately serve Africa's needs, Gatete told IPS.

 

 

Referring to the creation of the UN in 1945, Gatate pointed out that the
five permanent members of the Security Council--China, the United States,
the United Kingdom, France, and Russia--made up almost 50 percent of the
world's population then, but today that figure is just 26 percent.

 

"While Africa now represents nearly 20 percent of the global population, it
is not represented at the G7, whose proportion of the global population is
only 9.7 percent. So how do you solve today's problems with outdated 80-year
old structures that do not reflect the global shifts that have occurred?"

 

Africa has long pushed for a seat on the UN Security Council, calling for
the reform of the United Nations in line with the Ezulwini Consensus, agreed
in 2022. The Ezulwini Consensus is a position on international relations and
UN reform agreed upon by the African Union. Africa wants at least two
permanent seats and five non-permanent Security Council seats chosen by the
African Union.

 

 

Addressing the third summit of a group of developing countries (G77) in
Uganda in January this year, UN Secretary General, Antonio Guterres said
there is agreement for Africa's representation on the Security Council.

 

"So for the first time, I'm hopeful that at least a partial reform of the UN
Security Council could be possible for this flagrant injustice to be
corrected and for Africa to have at least one permanent member in the
Security Council," Guterres said.

 

A Green Transition Good for Africa

 

Highlighting that a productive green finance system in Africa has the
potential to generate USD 3 trillion by 2030, Gatete urged that Africa needs
to move from 'potential' to tangible actions with bankable regional
projects.

 

Innovative instruments like debt-for-nature swaps, regional blue bonds,
natural capital accounting, and regional carbon markets can provide
financing that addresses debt issues and fosters environmental action, he
noted, emphasizing that Africa wants a fair price for carbon trading.

 

"It does not make sense for African countries to earn less than USD 10 per
ton of carbon while countries in Europe earn over USD 100."

 

A Call to Change the Global Financial Architecture

 

It is estimated that Africa spends nearly USD 100 billion on debt repayments
annually, forcing many governments to defer investments in social spending
on health, education, and food security.

 

ECA Deputy Executive Secretary and Chief Economist, Hanan Morsy, weighed in,
saying there is a need to reduce the debt burden on African countries to
enable them to allocate more resources to critical sectors like healthcare
and education instead of high debt service costs.

 

"It is imperative to enhance Africa's voice and representation, shifting
from being rule takers to rule makers," said Morsy, adding, "This involves
bolstering international cooperation on taxation and combating IFFs,
including reducing tax evasion and profit shifting."

 

Deputy Chairperson of the African Union Commission, Monique Nsanzabaganwa,
said Africa's potential to reclaim its long-overdue rightful treatment was
materializing as the global landscape took multi-polar shapes and the
African Union became a full member of the G20.

 

"Africa is stronger together," Nsanzabaganwa said, adding, "I will argue
that the value proposition of the African Union is indeed to foster
coherence in our strategies and amplify our common voice."- IPS.

 

 

 

Nigeria: 59 Doctors Resign in Nasarawa, Allege Poor Welfare

Lafia — A total of 59 medical doctors who were working with Dalhatu Araf
Specialist Hospital (DASH), Lafia, have withdrawn their services from the
Nasarawa State Government over the non-implementation of hazard allowances
and poor condition of service in the last three months.

 

Findings by Daily Trust indicated that 20 doctors left for Saudi Arabia
while 39 resigned on account of poor condition of service.

 

Our correspondent also gathered that in the last two years, Nasarawa State
Government-owned General and Specialist Hospitals have been characterized by
unstable industrial harmony, strikes, protests and resignation of health
workers particularly doctors owing to the non-implementation of hazard
allowances.

 

 

It was further learned that the situation became alarming following the
resignation of over 50 medical doctors from the state's services between
January and March 2024.

 

A top government official in the administrative unit of DASH who preferred
not to be mentioned told our correspondent that they received over 25
resignation letters from doctors within two days. The president of the
National Association of Resident Doctors in Nasarawa State, Dr Yakubu
Adeleke, explained that since 2022, they had been reaching out to the state
government to urgently address their demands which centred on welfare, but
all efforts proved abortive.

 

He said, "Doctors in Nasarawa State have been stagnated. No promotion. Some
doctors have been working for eight years without promotion."

 

Dr Adeleke said the recent massive resignation of the doctors would put more
pressure on the state's health system.

 

Some of the doctors, who spoke to journalists in the state, said they had
run out of patience.

 

The Commissioner for Health in the state, Dr Gaza Gwamna, explained that the
state government had begun the implementation of a welfare package for
doctors in the state.

 

He, however, appealed to the remaining doctors to remain calm, adding that
the state government had begun the process of employment to fill the vacant
positions.

 

Our correspondent observed that the impact of the mass exodus of doctors has
begun to manifest at DASH as a large number of patients were seen waiting
for long hours before they could access healthcare.

 

- Daily Trust.

 

 

 

Rwanda's Economy Grew 8.2% in 2023

Rwanda's Gross Domestic Product (GDP) grew by 8.2 per cent to Rwf 16,355
billion in 2023, boosted largely by the services sector, the National
Institute of Statistics of Rwanda (NISR) said on Monday, March 11.

 

The services sector grew by 11 per cent and accounted for 44 per cent of the
total GDP due to the good performance in information and communication
activities, air transport sector, as well as hotels and restaurants, all of
which improved 39 per cent, 29 per cent, and 18 per cent, respectively.

 

"We see increased activity in both calling and internet usage, which are the
primary drivers behind the growth [in information and communication
activities]. In previous years, growth was primarily spurred by investment,"
Yusuf Murangwa, NISR Director General said at a press conference.

 

 

The industry and agriculture sectors grew by 10 per cent and 2 per cent,
respectively. The industry sector accounted for 22 per cent of the GDP,
while agriculture contributed 27 per cent to the economy.

 

According to the latest statistics from NISR, manufacturing recorded
improved performance at 11 per cent and construction activities increased by
12 per cent.

 

Growth in manufacturing was fueled by a 14 per cent increase in food
processing activities, a 20 per cent surge in textiles, clothing, and
leather goods production, a 21 per cent rise in chemicals, rubber, and
plastic products, and a 19 per cent increase in wood, paper, and printing.

 

The agricultural performance was primarily driven by a 7 per cent increase
in livestock and livestock products. However, production of export crops
decreased by 4 per cent, mainly due to lower output in tea and coffee.

 

 

The Minister of Finance and Economic Planning Uzziel Ndagijimana told
reporters that the poor agricultural performance was due to adverse climate
conditions. However, he said that the Government targets to invest more
resources to increase production of tea, introduce new varieties of tea, and
ensure competitive prices in the market.

 

ALSO READ: Rwanda seeks to save 23% of GDP for 2023/24

 

GDP is a key metric used to measure the economic performance of a country.
It represents the total value of all goods and services produced within a
country's borders over a specific period of time, typically annually or
quarterly.

 

The economic growth seen in 2023 is higher than the government had initially
projected.

 

The Ministry of Finance and Economic Planning had forecast the economy to
grow at 6.2 per cent in 2023.

 

ALSO READ: Rwanda registers double-digit growth as more sectors recover from
Covid-19

 

Despite the improved economic performance, the Minister expressed concern
over the growing depreciation of the Rwandan franc against major foreign
currencies, the trend he said is linked to Rwanda's external trade
imbalance.

 

"Last year's droughts and floods resulted in reduced food production,
further driving up food imports. The dollar deficit has increased, exerting
pressure on forex demand, which contributed to the depreciation of the
Rwandan franc," he noted.

 

Last week, the Rwandan Franc depreciated a marginal 0.2 per cent against the
US Dollar to close at Frw 1,285.3 from Frw 1,282.4 the previous week, taking
the year-to-date depreciation to 1.7 per cent.

 

ALSO READ: Industrialists report growth as Rwanda seeks more manufacturers

 

- New Times.

 

 

 

Namibia: Chinese Firm Buys Tsumeb Smelter for N$930m

Dundee Precious Metals (DPM) Incorporated has agreed to sell its Tsumeb
smelter to Chinese-owned Sinomine Resource Group Corporation Limited for
N$930 million (approximately US$49 million).

 

This sale will include all associated assets and liabilities of the company.

 

It will be done through the disposition of all of the issued and outstanding
shares held by the company in Dundee Precious Metals Tsumeb Holding.

 

"We are pleased to announce the sale of the Tsumeb smelter, which is
consistent with our strategic objective of focusing on our gold-mining
assets and simplifying our portfolio going forward.

 

 

"We are extremely proud of the investments we have made to transform
Tsumeb's operational and environmental performance into a specialised custom
smelter with a highly skilled workforce," David Rae, the president and chief
executive, said in a statement.

 

"We would like to thank the government of Namibia, the community of Tsumeb
and our employees for their support over the past 13 years. We will work
closely with Sinomine to ensure a smooth transition to support a successful
future for the operation and all of its stakeholders."

 

DPM, which was recently beaten to the acquisition of Osino Resources gold
assets in Namibia by Chinese company Yintai Gold, acquired the smelter in
2010 to secure a processing outlet for the complex concentrate produced by
the company's Chelopech mine in Bulgaria.

 

With developments in the global smelting market and changes in the quality
of the Chelopech concentrate, DPM is able to place its Chelopech concentrate
at several other third-party facilities, providing secure and reliable
processing alternatives at favourable terms.

 

 

Under the terms of the sale, DPM will transfer, on a debt-free and cash-free
basis, all assets and liabilities associated with the Tsumeb smelter to
Sinomine for consideration of US$49 million in cash, subject to normal
working capital adjustments.

 

The company has made limited representations and warranties and provided
certain indemnities to Sinomine customary with transactions of this nature,
subject to a liability cap equal to 50% of the purchase price.

 

The cash received by DPM on closing will be less a US$5 million holdback, to
be held in security for a period of six months, to secure the company's
indemnity obligations under the agreement.

 

In addition, DPM is entitled to be paid all cash collected from IXM SA with
respect to a positive balance in metals exposure outstanding at Tsumeb,
currently estimated to be approximately US$17,2 million, which will
constitute an increase in the purchase price.

 

The transaction is subject to customary closing conditions, including
approval under the Namibian Competition Act and approvals required from
Chinese regulatory authorities for overseas investments and is expected to
close in the third quarter of 2024.

 

DPM expects to use the proceeds from the sale to further strengthen its
balance sheet and to support its core mining business in line with its
disciplined capital allocation framework.

 

DPM is a Canadian-based international gold-mining company with operations
and projects in Bulgaria, Namibia, Serbia and Ecuador.

 

The company's purpose is to unlock resources and generate value to thrive
and grow together.

 

- Namibian

 

 

South Africa: Challenges Remain, but There Is Improvement At Eskom -
Ramokgopa

Minister in the Presidency for Electricity, Dr Kgosientsho Ramokgopa, says
trends are showing that there are signs of improvement and progress at
Eskom.

 

He was briefing media on the implementation of the Energy Action Plan on
Monday.

 

"It is important that in the midst of momentary setbacks, when you go to
Stage 4 and occasionally go to Stage 6 [load shedding], we don't lose sight
of essentially what is the trendline.

 

"The best measure of this trendline is illustrated in the Unplanned Capacity
Loss Factor (UCLF), which is a combination of the reliability of the units
and partial load losses. When we entered May [2023]... the amount of
megawatts that were lost as a result of [UCLF] was averaging 17 369MW.

 

 

"The trendline has been going down and the best performance... was during
the month of December, where we had about 13 473MW. Essentially, we
retrieved about 4 000 additional megawatts. For the month of February, we
have been able to claw back about 3 000MW," he said.

 

On the question of why, if megwatts have been recovered, does load shedding
continue, Ramokgopa had this to say: "We use that improvement in the UCLF,
as we are taking units out on planned maintenance. We are using that
opportunity for us to ramp up planned maintenance.

 

"As these units return, you will be able to see a completely different
picture of the... intensity of load shedding and also the frequency of load
shedding."

 

Since May 2023, planned maintenance has ramped up from some 3 120MW to about
7 307MW in February this year.

 

 

Ramokgopa implored citizens to be patient, as the ministry and Eskom work to
resolve load shedding over the long-term.

 

"If we had not ramped up that planned maintenance... or reduced it from the
current levels by anything between 25% and 50%, we would have completely
eradicated load shedding at least between those periods.

 

"It's important that we play that long-term game... The outside experts have
told us to... focus on planned maintenance. And it is for this reason that
Eskom has gone to National Treasury and said 'we need additional fiscal
relief'.

 

"Eskom has deployed a significant amount of that money on planned
maintenance. The units will return. They will return healthier and they will
be able to perform," he said.

 

The Minister said that avoiding planned maintenance could usher in
catastrophic consequences.

 

"We could go on the short-term intervention expedient, [and] reduce this
maintenance by up to 50%. But we guarantee you that there will be
deterioration of these assets and then in three months, there'll be total
collapse, significant failures and we are going to find it very difficult to
recover these units.

 

"We are confident about the prospects going into the future and those
prospects are about reducing the intensity of load shedding, addressing the
regularity of load shedding in keeping with that mandate given by the
President," he said.

 

- SAnews.gov.za.

 

 

 

Nigeria: Energy Theft Affecting Power Supply in Kwara, Kogi, Others - IBEDC

The Ibadan Electricity Distribution Company (IBEDC) on Sunday said it
recorded "over 1,450 cases of energy theft between January and February
2024".

 

The affected franchise, according to IBEDC, includes Kwara, Oyo, Ogun, Osun
and part of Kogi, Niger and Ekiti states.

 

Daily Trust reports that incessant blackouts in the affected areas have
resulted in disruptions and inconveniences for residents and businesses.

 

Many households have also lamented the effects of the current heat waves on
them due to lack of electricity.

 

But IBEDC, in a statement by its media relations officer, Olori Busolami
Tunwase, said "One of the primary factors affecting its operations is the
low supply of gas to generating companies (GenCos) which has led to a
gradual decrease in available generation into the grid."

 

It also regretted that "vandalism and theft of electricity infrastructures
and payment apathy from customers remain a major issue negatively impacting
power supply.

 

"Despite these challenges, we remain optimistic that poor supply will soon
become a thing of the past."

 

On energy theft and vandalism, IBEDC said it is currently partnering with
security agencies to check the vice.

 

- Daily Trust.

 

 

 

Boeing whistleblower found dead in US

A former Boeing employee known for raising concerns about the firm's
production standards has been found dead in the US.

 

John Barnett had worked for Boeing for 32 years, until his retirement in
2017.

 

In the days before his death, he had been giving evidence in a whistleblower
lawsuit against the company.

 

Boeing said it was saddened to hear of Mr Barnett's passing. The Charleston
County coroner confirmed his death to the BBC on Monday.

 

It said the 62-year-old had died from a "self-inflicted" wound on 9 March
and police were investigating.

 

Mr Barnett had worked for the US plane giant for 32 years, until his
retirement in 2017 on health grounds.

 

>From 2010, he worked as a quality manager at the North Charleston plant
making the 787 Dreamliner, a state-of-the-art airliner used mainly on
long-haul routes.

 

In 2019, Mr Barnett told the BBC that under-pressure workers had been
deliberately fitting sub-standard parts to aircraft on the production line.

 

He also said he had uncovered serious problems with oxygen systems, which
could mean one in four breathing masks would not work in an emergency.

 

He said soon after starting work in South Carolina he had become concerned
that the push to get new aircraft built meant the assembly process was
rushed and safety was compromised, something the company denied.

 

He later told the BBC that workers had failed to follow procedures intended
to track components through the factory, allowing defective components to go
missing.

 

He said in some cases, sub-standard parts had even been removed from scrap
bins and fitted to planes that were being built to prevent delays on the
production line.

 

He also claimed that tests on emergency oxygen systems due to be fitted to
the 787 showed a failure rate of 25%, meaning that one in four could fail to
deploy in a real-life emergency.

 

Mr Barnett said he had alerted managers to his concerns, but no action had
been taken.

 

Boeing denied his assertions. However, a 2017 review by the US regulator,
the Federal Aviation Administration (FAA), did uphold some of Mr Barnett's
concerns.

 

It established that the location of at least 53 "non-conforming" parts in
the factory was unknown, and that they were considered lost. Boeing was
ordered to take remedial action.

 

On the oxygen cylinders issue, the company said that in 2017 it had
"identified some oxygen bottles received from the supplier that were not
deploying properly". But it denied that any of them were actually fitted on
aircraft.

 

After retiring, he embarked on a long-running legal action against the
company.

 

He accused it of denigrating his character and hampering his career because
of the issues he pointed out - charges rejected by Boeing.

 

At the time of his death, Mr Barnett had been in Charleston for legal
interviews linked to that case.

 

Last week, he gave a formal deposition in which he was questioned by
Boeing's lawyers, before being cross-examined by his own counsel.

 

He had been due to undergo further questioning on Saturday. When he did not
appear, enquiries were made at his hotel.

 

He was subsequently found dead in his truck in the hotel car park.

 

Speaking to the BBC, his lawyer described his death as "tragic".

 

In a statement Boeing said: "We are saddened by Mr. Barnett's passing, and
our thoughts are with his family and friends."

 

His death comes at a time when production standards at both Boeing and its
key supplier Spirit Aerosystems are under intense scrutiny.

 

This follows an incident in early January when an unused emergency exit door
blew off a brand-new Boeing 737 Max shortly after take-off from Portland
International Airport.

 

US launches Boeing investigation after blowout

Boeing review finds 'disconnect' on safety

A preliminary report from the US National Transportation Safety Board
suggested that four key bolts, designed to hold the door securely in place,
were not fitted.

 

Last week, the FAA said a six-week audit of the company had found "multiple
instances where the company allegedly failed to comply with manufacturing
quality control requirements".-BBC

 

 

 

 

Airbnb bans surveillance cameras inside rental properties

Airbnb says it is introducing a worldwide ban on the use of security cameras
inside rental properties.

 

The changes to the company's policy will come into affect at the end of next
month.

 

The online rental platform says the move aims to simplify its rules on
security cameras and prioritise the privacy of guests.

 

Airbnb users have previously voiced concerns about the use of indoor
surveillance cameras.

 

"These changes were made in consultation with our guests, hosts and privacy
experts, and we'll continue to seek feedback to help ensure our policies
work for our global community," Airbnb's Head of Community Policy and
Partnerships, Juniper Downs said in a statement.

 

"As the majority of listings on Airbnb do not report having a security
camera, this update is expected to impact a smaller subset of listings on
the platform," she added.

 

Airbnb's current rules allow the use of security cameras in common areas
such as living rooms and hallways, as long as the location of the equipment
is made clear on the property's listing.

 

The updated policy also bans the use of outdoor cameras that point inside
properties. Airbnb does not allow surveillance cameras to be placed in
private areas like bedrooms and bathrooms.

 

The new rules will still allow the use of doorbell cameras and noise
monitors in common areas. These devices also have to be disclosed on the
property's listing page.

 

Airbnb said it seeks to balance the need for hosts to be able to monitor the
security of their property and be aware of issues such as unauthorised
parties while prioritising the privacy of guests.

 

The announcement comes just over a week after US comedy show Saturday Night
Live aired a spoof Airbnb advert which included a joke about a camera being
hidden in a toilet. The sketch has been watched more than 1.2 million times
on YouTube.-BBC

 

 

 

China technology giant Xiaomi starts electric car sales

Chinese technology giant Xiaomi says it will start deliveries of its first
electric vehicle (EV) this month - its first ever foray into the competitive
automotive industry.

 

The car's price is expected to be announced on 28 March.

 

China's fifth-largest smartphone maker says it has 59 stores in 29 cities
around the country to take orders.

 

It comes as a price war intensifies between firms like BYD and Tesla in
China, the world's biggest car market.

 

At the unveiling of the Speed Ultra 7 (SU7) last year, Xiaomi's chief
executive Lei Jun said the company aims to become one of the top five car
makers in the world.

 

The smartphone giant has said it will invest $10bn (£7.8bn) in its vehicles
business over the next 10 years.

 

Mr Lei said the SU7 was "super electric motor" technology which is capable
of accelerating faster than some Tesla and Porsche EVs.

 

Xiaomi is also hoping that the car's shared operating system with its phones
and other devices will appeal to existing customers.

 

It is one of the few new prospective entrants to the China's electric car
market to gain approval from authorities as officials try to curb a flood of
new players.

 

The SU7 will be made by a unit of state-owned car manufacturer BAIC Group at
a plant in Beijing that can produce as many as 200,000 vehicles a year.

 

The launch of Xiaomi Automobile comes as a price war in China's EV market
has been intensifying.

 

Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of
its cars in China by thousands of dollars in recent months as local rivals
like BYD have slashed its prices.

 

Xiaomi shares jumped by more 10% in Hong Kong after today's
announcement.-BBC

 

 

 

 

Reddit aims for $6.4bn valuation ahead of initial public offering

Reddit, one of the most popular websites in the world, is hoping for a
valuation of up to $6.4bn (£5bn) when its shares go public next week.

 

The social media company, which has never made a profit, will float shares
on the New York Stock Exchange.

 

A filing in the US revealed that Reddit and its investors are hoping to sell
22 million shares for between $31 and $34 each.

 

However, many users worry the move will fundamentally change the website.

 

Some shares will be specially reserved for some Reddit users and moderators.

 

The company is planning an initial public offering (IPO) which would make
some of its shares publicly available to buy for the first time.

 

"Our users have a deep sense of ownership over the communities they create
on Reddit," wrote co-founder Steve Huffman in a letter to prospective
investors released a few weeks ago.

 

"We want this sense of ownership to be reflected in real ownership - for our
users to be our owners. Becoming a public company makes this possible."

 

Reddit, which was founded almost 20 years ago, is an online forum where
users can post questions and comment on topics that interest them.

 

The company makes most of its money through advertising on the platform,
although it recently struck a deal with Google which allows the tech giant
to access Reddit data to train its artificial intelligence (AI) models.

 

Reddit has recorded losses every year since its start, including more than
$90m last year.

 

The valuation is also far less than the $10bn at which it was valued in a
private fundraising round in 2021.

 

Currently, the biggest shareholders include media company Advance Magazine
Publishers, Chinese tech firm Tencent, US investment firm Fidelity, and Sam
Altman, the chief executive of ChatGPT makers OpenAI.

 

A website built on its users

Reddit, founded in 2005, has a different feel compared with other social
media companies such as Facebook or TikTok.

 

Users often feel freer to write what they like, although subreddits are
policed by moderators.

 

The power of Reddit communities has been seen through examples such as the
Gamestop saga in 2021, where users mobilised to drive up the share price of
the US video game retailer.

 

Shares which were initially worth $20 shot up to a peak of $350 after
co-ordination from Redditors.

 

However, some users are worried that the IPO would change the site for the
worse.

 

"When the most important customers shift from [users] to shareholders, the
product always [suffers]," said one person.

 

"It becomes 'what can we do this quarter to squeak out an additional point
of revenue', instead of 'how can we make this product better'."-BBC

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

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

Blog:                  <http://www.bullszimbabwe.com/blog>
www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

2024 auction tobacco marketing season opens

 

13 march

 


 

Good Friday

 

march 29

 


 

Easter Monday

 

1 April

 


 

Independence Day

 

April 18

 


 

Workers day

 

1 May

 


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:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

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