Major International Business Headlines Brief::: 14 March 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  14 March 2024 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Controversial South African Airways-Takatso Deal Crashes as Govt Raises Price

ü  South Africa: The European Company That Profited From Corruption At Prasa

ü  Nigeria Clips Nurses' Wings to Prevent Brain Drain

ü  Uganda: High Cost of Internet, Smart Devices Frustrating Uganda's Digital Transformation Journey - Minister Baryomunsi

ü  Kenya: Cooperative University Gets Modern Server for Agricultural Transformation

ü  Kenya: KEG-Led Caucus Faults Memo Restricting Govt Adverts to KBC

ü  Kenya: Mobile Money Subscriptions Drop 3.1 Percent in Latest CA Data

ü  Africa: GITEX Africa returns in 2024 with strong line-up of tech topics, set to fast-track continent's future digital economy

ü  Africa: 'Record High' in UN Development Index Masks Stark Disparities

ü  Zambia: Blue Economies Could Take Zambia From Landlocked to 'land-Linked'

ü  US House passes bill that could ban TikTok nationwide

ü  Marlboro firm sells $2.2bn stake in Bud Light owner

ü  MH370: How Malaysia Airlines came back from twin tragedies

ü  Telegraph takeover: UK to ban foreign state ownership of newspapers

ü  The 'unhinged' product mash-ups that sell out in hours

 


 

 


Controversial South African Airways-Takatso Deal Crashes as Govt Raises Price

The highly debated sale of 51% of South African Airways (SAA) to the Takatso consortium for R51 came to an abrupt halt this week as the government raised the airline's price, reports News24. Minister of Public Enterprises Pravin Gordhan declared the termination after a Cabinet meeting, citing various factors and the failure to meet public interest and fair market price standards in renegotiations with Takatso. Despite criticisms from within his party and the Treasury, Gordhan asserted that SAA could sustain itself for the next 12 to 18 months without additional finance but stressed that it would not receive funds from the fiscus. The lack of transparency surrounding the deal fueled suspicions, with Gordhan defending his integrity amid accusations, as he announced his retirement from politics the week prior.

 

 

Thabo Mbeki Slams Zuma's MK Breakaway

 

Former President Thabo Mbeki has criticized former President Jacob Zuma's uMkhonto weSizwe breakaway political party, asserting that it is led by individuals who previously attempted to dismantle the South African Revenue Services, reports IOL. Speaking at the University of South Africa's annual lecture, Mbeki highlighted the contradiction in Zuma's stance, as Zuma declared support for the MKP while claiming to remain an ANC member. Mbeki emphasized the illogical nature of supporting a party aiming to defeat the ANC while remaining within the ANC ranks. He linked the MK party's leadership to those involved in the Sars controversy, implying a lack of credibility. Meanwhile, the MK party youth league proposed Zuma as their presidential candidate, threatening to disrupt elections if their party wasn't included on the ballot. The dispute over the use of the name uMkhonto weSizwe between the ANC and MKP will be brought before the Electoral Court.

 

 

FNB Slashes Vehicle Licence Disc Renewal Fee on App to R69, Offers Cashback Incentive

 

First National Bank (FNB) has announced a reduction in its service fee for vehicle license disc renewals through its app, lowering the combined service and delivery fee to R69 for a limited time, down from R99 previously, reports TimesLIVE. Customers can also receive a cashback offer of R99 in eBucks by obtaining a no-obligation insurance quote from FNB Insurance and renewing their license disc via the FNB app. This initiative aims to provide affordable and convenient solutions amid economic pressures such as high-interest rates and inflation. Collaborating with the Road Traffic Management Corporation, the service requires no paperwork for registered vehicle owners; users can simply scan their license disc with a smart device and complete the renewal securely within the app. Formerly available only at specific locations like the post office or driver's license centres, vehicle license disc renewals are now offered by various private institutions, including banks, supermarkets, and eNatis. FNB's chief imagineer, Jolandé Duvenage, highlighted the growing popularity of the service, with over one million vehicles uploaded to the platform and 107,000 license renewals completed in the past year. This service is part of FNB's broader Car ecosystem, offering solutions ranging from vehicle value estimates to insurance and repair options.

 

-African news

 

 

 

South Africa: The European Company That Profited From Corruption At Prasa

This article is the first in a series of articles on corruption in PRASA's dealings with a front company called Swifambo Rail Leasing. It focuses on Vossloh, a European rail technology company, which made billions of rands through a dubious partnership with Swifambo.

 

In 2012, a deal was struck that contributed to the near collapse of the Passenger Rail Agency of South Africa (PRASA). The Swifambo deal for 70 locomotives led to billions of rands in losses for PRASA and accelerated the decline of passenger rail services in South Africa.

 

Swifambo, a front company set up shortly before the deal, partnered with Vossloh España -- the Spanish subsidiary of Swiss railway stock manufacturing firm Stadler -- to supply the locomotives. Stadler acquired Vossloh España in 2016 from German headquartered rail technology company, Vossloh AG. Vossloh España was owned by Vossloh AG at the time it partnered with Swifambo on the PRASA deal which was worth R3.5-billion.

 

 

In 2018, the Supreme Court of Appeal upheld a decision by the Johannesburg High Court declaring the contract corrupt. The court said that Swifambo had acted as nothing but a front for Vossloh in the deal.

 

Vossloh made R1.8-billion from a dodgy deal and has not paid back a cent

 

The locomotives supplied by Vossloh, known as the Afro4000, were meant to improve long distance passenger services between South African cities, but were revealed to be too tall for South African railways. Yet PRASA ended up paying Swifambo R2.7-billion for the trains.

 

Swifambo went into voluntary liquidation in 2018. The trains are now being auctioned by Swifambo's liquidators, Tshwane Trust, to recover amounts owed to PRASA.

 

 

Vossloh received R1.8-billion of the R2.7-billion Swifambo was paid by PRASA. According to the draft report of a 2017 investigation by forensic auditor Ryan Sacks, commissioned by the Hawks, and a separate investigative report by forensic auditor Jan Dekker, commissioned by the liquidators, Vossloh made the most money from the corrupt contract -- even more than Swifambo's director, Auswell Mashaba.

 

Yet Vossloh has not paid back a single cent.

 

Vossloh's records show just how profitable the corruption at PRASA was for its European business. Before the locomotive contract, Vossloh had already scored a major cash injection from PRASA, when Its German subsidiary, Vossloh Kiepe, shipped 272 air conditioning units to PRASA in 2012 worth €80-million in a deal where there were "significant irregularities", according to Sacks's draft report.

 

 

That same year, Vossloh opened its South African headquarters, Vossloh Southern Africa Holding Company, in Midrand, Gauteng. A year later, in 2013, it landed the "megacontract" for the locomotives for PRASA through its front company, Swifambo. At the time Vossloh España agreed to partner with Swifambo to provide the trains, Vossloh AG's profit was declining. The company's annual report for the year ending 2011/2012 showed a 5.7% decline in sales. Then, in 2013, orders rose by more than 37% to €453-million. South Africa's order of 70 locomotives made up more than half the value of orders Vossloh received in 2013.

 

The deal was set up to benefit a few at the expense of PRASA and South African commuters.

 

Between 2011 and 2015, Vossloh made ten payments totalling R88.9-million to companies owned by Makhensa Mabunda, a well-connected businessman who is believed to have set up the Swifambo/Vossloh deal with PRASA. Popo Molefe, then chairman of the PRASA board, has revealed in court papers that Swifambo director Mashaba identified Mabunda as the businessman who engineered the PRASA deal by inviting Mashaba's company to submit a proposal for the tender.

 

The payments to Mabunda were flagged as suspicious in a report by the Reserve Bank in 2017, according to the Sacks report.

 

News24 first revealed the payments made by Vossloh to Mabunda in 2018, and Open Secrets referred to them in an article in its Unaccountable series on Vossloh in 2021. After the News24 story was published, Vossloh AG confirmed that it paid Mabunda and his company S-Investments about R90-million as an "independent sales representative" who simply acted as a middleman to bring "Vossloh España, the supplier, together with its customer Swifambo". But there is more to it than that.

 

As Open Secrets reported in 2021, Sacks found that Vossloh had paid the startup costs of Swifambo in 2011 and 2012 -- more than a year before Swifambo scored the PRASA contract and partnered with Vossloh España. And Mabunda's companies continued to receive money from Vossloh three years after the startup costs were paid.

 

Vossloh had no legitimate reason to pay Mabunda, but so far nothing has come from the Reserve Bank's report. There does not appear to have been any further investigation into whether these payments were potential kickbacks for Mabunda's role in securing the billion rand contract.

 

And little action has seemingly been taken by PRASA to recover the funds that are so vital to improve services for commuters. Molefe, as Prasa chairman, filed papers in court in 2017 to compel the Hawks to investigate corruption at PRASA. But so far, the Hawks have made no progress in their investigation into the PRASA and Swifambo corruption case, and there has been no judgment in the court action to compel the Hawks to investigate these matters.

 

 

Swifambo's liquidators have numerous ongoing civil claims to recover funds from Swifambo with regard to its contract with PRASA. So far the liquidators have auctioned 8 of the 13 locomotives Vossloh delivered for just under R100-million, but this is only a fraction of the R1.8-billion Vossloh made from the deal.

 

Nearly three years ago the Hawks told the Zondo Commission that the Swifambo investigation was "90% complete". But responding to questions by Open Secrets in March, the National Prosecuting Authority said the case was "still under investigation" and no prosecutions can take place until the Hawks finalise the police work. Deputy Head of Public Prosecutions Rodney de Kock said other law enforcement agencies were collaborating on the case.

 

However, PRASA's spokesperson Andiswa Makanda has told Open Secrets that the agency believes the Hawks are prioritising the case and the agency is "cooperating with law enforcement agencies involved in the investigations". And the Special Investigating Unit (SIU), which investigates matters referred to it by the Presidency, announced in February 2024 that its eye was now on the Swifambo contract, and investigations into Mashaba and PRASA are underway.

 

Vossloh España's parent company, Stadler, also declined to comment

 

Spanish authorities in 2022 submitted a Mutual Legal Assistance (MLA) request to South Africa in relation to an investigation into Vossloh España and others involved in the deal. Makhensa Mabunda is one of the individuals named in the Spanish MLA request. The NPA declined to comment to Open Secrets on the status of the MLA request.

 

Vossloh España's parent company, Stadler, also declined to comment on the allegations of its involvement in corruption with Swifambo, saying the matter is before the courts in South Africa.

 

The Reserve Bank told Open Secrets that it "does not comment on ongoing investigations" and did not "have further details that can be provided at this time".

 

Mabunda was the inside man behind the Swifambo deal, and bank records show just how much he gained from being well-connected. Our next article in this series focuses on the man who made the Swifambo deal possible, and who is complicit in creating the access to transport struggles faced by South African commuters today.

 

- GroundUp.

 

 

 

 

Nigeria Clips Nurses' Wings to Prevent Brain Drain

LAGOS/MUTARE, Zimbabwe - Nigerian nurse Temitope Ogundare has laid out a fastidious, one-year plan to get himself a well-paid nursing gig in Britain.

 

Saving half his monthly salary of 45,000 naira ($29) - hard earned in a private clinic - he successfully financed the key English language test needed to bolster his credentials.

 

Then nailed the required score to get to the next stage of his job hunt.

 

But now the 25-year-old nurse says his plans are stuck in limbo due to strict, new rules brought in by the Nigeria Nursing and Midwifery Council to ensure home-grown talent stays home.

 

 

Like many African, Caribbean and Asian nations with robust education systems and strong English language skills, Nigeria has a brain-drain crisis as an army of nurses, doctors and carers is increasingly drawn to work overseas.

 

According to its nursing council, about 15,000 nurses left Nigeria last year to take up jobs abroad.

 

Since 2016, the percentage of African clinical staff working in the National Health Service in Britain has risen from 1.9% to 3.8% in 2023, with most coming from Nigeria.

 

Stumbling block

 

The new regulations, which came into force this month, require that applicants to foreign nursing boards clock up two years work experience in Nigeria, and get letters of good standing from a current employer and a past training college.

 

 

Applicants must wait at least six months to get the documentation - a process that previously took a week.

 

The changes sparked protests by nurses who say the rules hold them back and open them to potential abuse from employers.

 

"This a stumbling block to my career. I am stuck," said Ogundare, a newly graduated nurse.

 

His current job pays less than $30 a month - income that barely cover his food and journey to work; it doesn't even stretch to his rent.

 

Nigeria is in the grip of a severe cost-of-living crisis, with consumer inflation running close to 30%, while the local currency has hit record lows and food prices have soared.

 

Mass exodus

 

A typical starting salary for a Nigerian nurses ranges from $18 - on a par with the national average - to $50 a month.

 

Widespread dissatisfaction among health professionals stems not just from the poor pay on offer, but also from the sector's limited career paths and its demanding conditions, leading many to move overseas where they can earn up to 10 times more.

 

 

Destinations of choice are Britain, Canada and the United States, countries where entry-level nurses can earn from $36,000 up to $55,000.

 

Last year, 12,099 Nigerian-trained nurses were registered with Britain's Nursing and Midwifery Council (NMC). Only the Philippines and India surpassed Nigeria as countries with more nurses working in Britain.

 

But Nigeria says the exodus is hurting its health system, as home-trained nurses head to more affluent countries.

 

Faruk Abubakar, the registrar of the nursing council - the body that regulates nursing practice - says the new vetting rules are vital if Nigeria is to stem its brain drain.

 

Abubakar told local media that his council was getting ever more complaints from hospital administrators about nurses quitting without giving due notice, creating scheduling havoc and leaving wards short-staffed.

 

More than 15,000 Nigerian nurses migrated last year to take overseas employment, he said.

 

"If we allow every Nigerian to leave as they graduate, who is going to handle our health care services?" Abubakar asked.

 

He said some of the new rules expressly aimed to protect the nurses, many of whom had to take lower-paying jobs in hospitals and care homes after relocating overseas.

 

Context reached out to Abubakar for comment on the new rules but received no reply.

 

Where Zimbabwe leads, Nigeria follows

 

What awaits nurses in Nigeria has already happened to many of their counterparts in Zimbabwe, which each year loses thousands of trained nurses to Britain and other rich nations.

 

The Home Office in London said it had issued health and care work visas to 21,130 Zimbabweans in 2023.

 

Seeking to slow the exit, Zimbabwe's health ministry in 2022 assumed control of the verification process previously run by the country's nursing council, and has since been accused of withholding documents that are crucial to winning foreign work.

 

Some nurses said they had waited many months for documents that had once taken days to land.

 

"It is clearly a sabotage plan. They want to frustrate me. I have been waiting for nearly two years," said Precious, 31.

 

After working five years at the state-run Sally Mugabe Central Hospital in Harare, Precious said she began looking for alternate jobs in Britain to boost her pay.

 

Most nurses in Zimbabwe earn less than $100 a month and could get at least 10 times that overseas.

 

Kundai, 38, who works at Chitungwiza Hospital outside the capital, has waited months for her exit documents - with no end yet in sight.

 

"I tried to follow up recently but was told the papers were not ready. This is so unfair ...," said Kundai, who gave only her first name.

 

Better pay

 

As for other ways to stop the brain drain, nursing advocates want governments to give health workers a good reason to stay rather than simply block their exit.

 

Authorities should provide better pay, offer more opportunities and boost work conditions, said Cynthia Adeyeri from the Nurses Reform Initiative, a Nigerian advocacy group fighting for industry change.

 

She said a survey of more than a thousand nurses had revealed that some midwives in Nigerian clinics earned as little as 25,000 naira a month - matching the earnings of domestic help and falling below the minimum wage of 30,000 naira.

 

"If a nurse falls ill, they can't pay for antibiotics from their salary because after they take out transportation (to get to work), there is nothing left to do much," she said.

 

($1 = 1,560.0100 naira)

 

(

 

- Thomson Reuters Foundation.

 

 

 

 

Uganda: High Cost of Internet, Smart Devices Frustrating Uganda's Digital Transformation Journey - Minister Baryomunsi

The Minister for ICT and National Guidance, Dr. Chris Baryomunsi has said the high cost of purchasing smart devices like phones is still frustrating Uganda's digital transformation journey.

 

"We have made advances in terms of embracing technology and I am sure Ugandans appreciate the situation today is not as it was 10 or so years ago. We have addressed issues of connectivity and extending internet to various parts of the country but there are a few challenges like the cost of smart devices like smart phones, Ipads and laptops which is still prohibitive for some sections of society," Dr.Baryomunsi said.

 

He was speaking during the opening ceremony of the 67th meeting of the governing council of the African Advanced Level Telecommunications Institute (AFRALTI) at Imperial Golf View Hotel in Entebbe.

 

 

AFRALTI is an Inter-Governmental Organisation that was established in 1991 to support ICT development efforts in Sub-Saharan Africa by developing human capacity in ICTs through training, consultancy, and research.

 

Baryomunsi said the high cost of smart devices has frustrated a number of people from accessing digital services.

 

The Uganda Communications Commission Executive Director, Nyombi Thembo said the high cost of internet is another challenge frustrating Uganda's digital transformation journey.

 

"The cost of internet is very high because technology is growing at a high speed and telecom operators have to invest in this technology like 5G, 6G and others. However, the capacity of 5G and 6G is very high and if the telecom companies are to recover money, they have to charge highly to recover their money. Therefore, telecom companies are investing a lot in order not to be left behind but the uptake of internet is still very low," Thembo said.

 

 

He said that the penetration of smart phones is also still very low which also means the uptake of internet is still very low which means cost has to be high for internet.

 

"In Uganda the penetration is only at 20% and when this penetration rate is very low, the cost will remain high for data. Whereas this cost has gone down to per $60 Mbps per month, we need to reduce it to at least $20 Mbps per month."

 

Not all is lost

 

The Minister for ICT, Dr.Chris Baryomunsi said government is doing whatever it takes to bring down the cost of smart devices as well as internet.

 

" One of the steps we are taking is taxation by waiving off a number of taxes but also encouraging technology companies to manufacture and assemble most of these devices within the country," Baryomunsi said.

 

He said at least two companies including Simi Mobile in Namanve Industrial Park and Mione in Mbale Industrial Park have started assembling phones locally.

 

"They are assembling mobile phones locally and selling them cheaper than those we import. This will ensure penetration of smart devices can increase so that even local people can afford them."

 

The UCC Exectuvie Director said Uganda will at the end of the ongoing meeting assume chairmanship of the governing council of the African Advanced Level Telecommunications Institute (AFRALTI) as an opportunity to take forward the country's digital transformation journey.

 

"Institutions like the African Advanced Level Telecommunications Institute (AFRALTI) are very important in terms of capacity building of our people in getting speciliazed knowledge and research to get on top of the learning curve. This is what AFRALTI does. We are therefore proud to have taken chairmanship of the council until next year," Thembo said.

 

He said as chairman, he will build on the successes of his predecessors but also look out for new areas ,especially capacity building in data analytics.

 

- Nile Post.

 

 

 

 

Kenya: Cooperative University Gets Modern Server for Agricultural Transformation

The Cooperative University has taken a major step in transforming Kenya's agricultural landscape with the acquisition of a state-of-the-art server, which is aimed at enhancing farmers productivity and income.

 

Donated by the African Development Bank (AfDB), this technological asset is poised to boost the Kenya Rural Transformation Centres Digital Platform (KRTCDP), a pioneering initiative aimed at enhancing farmer connectivity, combating market cartels, and bolstering farmer incomes.

 

Prof Kamau Ngamau, Vice-Chancellor of the Cooperative University, said the institution is set to leverage this robust infrastructure to facilitate seamless interactions between farmers and various stakeholders across the agricultural value chain.

 

 

Through the KRTCDP project, smallholder farmers will gain unprecedented access to vital services, including input suppliers, agro-dealers, and pertinent public resources.

 

Stressing the potential of the project, Prof Ngamau affirmed ongoing collaborations with numerous cooperatives, poised to support farmers engaged in key value chain targeted by this project, such as maize, Irish potatoes, and dairy.

 

Harnessing the ubiquity of mobile technology, farmers will utilise their smartphones to access a suite of services, ranging from market information to real-time weather updates, crucial for informed decision-making in agricultural practices.

 

"This milestone marks the commencement of an ambitious journey towards empowering our farmers and enhancing the efficiency of our agricultural sector," said Prof Ngamau, highlighting the institution's readiness to initiate the project's implementation phase.

 

 

Central to the initiative's objectives is the enhancement of productivity, profitability, and sustainability within agricultural cooperatives, thereby fortifying the broader agricultural and trade value chains.

 

Notably, beneficiaries comprise a diverse array of stakeholders, including agricultural cooperatives, agro-dealers, and smallholder farmers, alongside private sector entities, financial institutions such as the Co-operative Bank of Kenya, government agencies, development partners, and researchers.

 

Funded through the African Development Bank's Fund for Africa Private Sector Assistance (FAPA), the KRTCDP project is poised to undergo a pilot phase across Nakuru, Baringo, and Narok counties.

 

Speaking on the technical capabilities of the server, Prof Isaac Nyamongo, Deputy Vice-Chancellor, highlighted its cutting-edge specifications, including dual Intel Xeon Platinum processors, ensuring unparalleled computing power and speed.

 

Prof Nyamongo said the server is equipped with 24 Hard Drives, boasting ample storage capacity to accommodate the evolving needs of the university's digital ecosystem.

 

- Business Day Africa.

 

 

 

 

Kenya: KEG-Led Caucus Faults Memo Restricting Govt Adverts to KBC

Nairobi — Kenya Media Sector Working Group (KMSWG) member associations have faulted a memo restricting government advertising to the Kenya Broadcasting Corporation (KBC) as an inexcusable breach and an affront to free press.

 

In a statement released on Wednesday, KMSWG voiced concern over what it termed as a sustained government onslaught on independent media over the past 15 months.

 

"We are concerned by the systematic undermining of media freedom, freedom of expression, and freedom to access information by Kenya government and its agents, in blatant subversion of the Constitution," KMSWG pointed out.

 

 

"We have witnessed an assault on independent media in a manner never before witnessed since independence over the last 15 months," the caucus asserted.

 

In a memo dated March 7, the government through Broadcasting Principal Secretary Edward Kisiangani ordered public entities to exclusively advertise on the State broadcaster.

 

"In light of the foregoing, all public sector electronic (radio and television) advertisements from Ministries, Departments and Agencies (MDAs) that fall under the National Government, Independent Commissions and Public Universities shall be handled by the Kenya Broadcasting Corporation (KBC) upon authorization by the Government Advertising Agency," Kisiangani directed.

 

Led by the Kenya Editors Guild (KEG), Kenya Union of Journalists (KUJ), and Association of Media Women in Kenya (AMWIK), KMSWG however termed the directive unconstitutional.

 

 

State meddling

 

The associations called out Kisiangani's attempt to meddle in independent institutions and the government's "fixation on controlling advertisement through undemocratic means".

 

The caucus said the directive revealed the State's war on media freedom including attacks on senior editors, and media houses and "an attempt to limit political coverage and tying the hands and minds of professionals in KBC."

 

KMSWG further warned that the directive would cripple media investment and called for prompt action to protect media freedom and democratic principles.

 

"These directives are not merely misguided; they are a blatant assault on the very foundations of a free and democratic society," the caucus said.

 

 

"They violate the principles of media freedom enshrined in Kenya's Constitution, undermine free market principles, and create a hostile environment for media investment," KMSWG reiterated.

 

The associations noted that the Constitution of Kenya guarantees freedom of the media as a fundamental right, yet the government's directive to funnel government advertising exclusively through KBC restricts the influence of independent media.

 

"KBC's editorial line has historically mirrored the government's position, leaving little room for critical perspectives or investigative journalism," KMSWG held.

 

"This directive is a deliberate attempt to stifle dissenting voices, control the public narrative, and ultimately, weaken the democratic fabric of the nation," it noted.

 

Self-sabotage

 

Noting a decline in traditional revenue streams due to the influx of digital media, KMSWG pointed out that government advertising is crucial to fostering media diversity and supporting quality journalism.

 

KMSWG cautioned the government against self-sabotage holding that directing all the resources to KBC threatens independent media and stifles economic activity.

 

"A vibrant independent media landscape fosters a healthy business environment, attracting new investment and promoting economic growth," the caucus underscored.

 

It also warned that State interference sends a worrying signal to investors, suggesting a departure from a free market model driven by merit and innovation.

 

"Investors rely on a transparent and predictable business environment to make informed decisions. This government action undermines that very foundation," KMSWG noted.

 

"Foreign investors, in particular, may view Kenya's media landscape as risky and unstable, deterring much-needed investment that could fuel the growth of the sector and the economy as a whole," the caucus stated.

 

About The Author

 

ELSIE MURUNGA

 

See author's posts

 

- Capital FM.

 

 

 

 

Kenya: Mobile Money Subscriptions Drop 3.1 Percent in Latest CA Data

Nairobi — The Communications Authority of Kenya (CAK) has disclosed that there has been a 3.1 percent drop in mobile money subscriptions in the country.

 

According to the latest statistics, mobile money subscriptions dropped to stand at 38 million as of December 23, 2023, which is a 0.6 million decrease from what was recorded in the same period in 2022.

 

The Authority has accredited the decline to the reducing number of mobile (SIM) subscriptions, which has in turn resulted in fewer people accessing mobile money services such as M-Pesa and Airtel Money.

 

"As of 30th December 2023, mobile money subscriptions dropped to stand at 38.0 translating to a penetration rate of 75.1 percent," CA wrote in the report.

 

"The decline is attributed to the drop in number of mobile (SIM) subscriptions," it added.

 

There was a 0.4 million drop in the number of mobile subscriptions, a situation the authority links to high churn vis-à-vis acquisitions in mobile networks such as Telkom Kenya Mobile, which saw a 0.8 percent decrease in mobile penetration rate.

 

In their latest statistics, Safaricom led the race in mobile subscriptions, recording 44.13 million, followed by Airtel with 19.39 million, Telkom with 1.34 million, Equitel with 1.5 million, and JTL with 498,068 subscriptions.

 

- Capital FM.

 

 

 

Africa: GITEX Africa returns in 2024 with strong line-up of tech topics, set to fast-track continent's future digital economy

International tech companies ramp up partnerships with GITEX Africa to secure competitive advantage in the burgeoning African digital valley

 

H.E. Dr Ghita Mezzour: "Our ambitions are growing as we look ahead to the second edition of GITEX Africa Morocco in the beautiful city of Marrakech"

 

Dubai, UAE:  GITEX Africa, the continent's largest and most influential tech and start-up event is on high momentum to welcome the year's biggest tech conversations and collaborative ventures in Marrakech, Morocco.

 

Under the High Patronage of His Majesty King Mohammed VI of the Kingdom of Morocco, the 2nd edition of GITEX Africa will take place from 29-31 May 2024, under the authority of the Moroccan Ministry of Digital Transition and Administration Reform and hosted by the Digital Development Agency (ADD).

 

 

The 2nd blockbuster edition follows its pioneering debut in 2023, rated by the attending tech community as the world's best tech launch event. The intense global interest in exploring diverse tech themes is now powering GITEX Africa's growth, fuelling momentum in a maturing digital ecosystem while turbocharging a big tech rush into one of the world's most exciting and dynamic markets.

 

GITEX Africa 2024 shall welcome thousands of attendees from across the continent for large scale discourse and future-focused collaborations, while accelerating tech's massive advances across diverse industries, from cloud and IOT, cybersecurity, digital health, and future finance, to consumer tech, telecoms, and the great hype of artificial intelligence.

 

H.E. Dr Ghita Mezzour, the Moroccan Minister of Digital Transition and Administration Reform, met with organisers in Morocco recently as plans ramp up for the development of an expanded purpose-built venue to accommodate the surge in global exhibitor demand.

 

 

"The success of the 1st edition of GITEX Africa Morocco highlights our continent's enthusiastic embrace of the digital revolution and Morocco's commitment to strengthen South-South cooperation in the digital field, as well as its contribution to the international promotion of the African continent in accordance with the High Royal Vision of His Majesty King Mohammed VI, may God assist Him." said H.E. Dr Mezzour.

 

"Our ambitions are growing as we look ahead to the 2nd edition in the beautiful city of Marrakech. We're excited about making GITEX Africa Morocco even more remarkable and look forward to hosting a diverse and impactful African and international tech presence."

 

Mr. Mohammed Drissi Melyani, the General Director of ADD, added: "The Kingdom of Morocco successfully hosted the first edition of GITEX Africa Morocco in 2023, which showcased Africa as an emergent continent in the digital economy. The 2nd edition in 2024 is another opportunity to enhance and support Africa's digital transformation progress and boost the competitiveness of the continent's digital ecosystems."

 

 

World Future Health Africa debut accelerates continent's digital health revolution

 

GITEX Africa is organised by KAOUN International, the overseas affiliate of Dubai World Trade Centre (DWTC), which organises GITEX GLOBAL in the UAE, the world's largest and most trusted tech and start-up event. The expansion of Africa's powerhouse tech showcase is amplified by the debut of the co-located World Future Health Africa, accelerating the continent's ascending tech-fuelled digital health revolution.

 

World Future Health Africa is held under the auspices of the Moroccan Ministry of Digital Transition and Public Administration Reform, the Moroccan Ministry of Health and Social Protection, and the Digital Development Agency.

 

Trixie LohMirmand, CEO of KAOUN International, organiser of GITEX Africa and World Future Health Africa, said: "This sequel of GITEX Africa this year follows the upbeat trend of tech discovery we created last year in its inaugural edition.

 

"The global community is experiencing the growing energy, curiosity and demand for digital advancement from Africa which is outpacing that of matured developed continents. The depth and breadth of tech showcase, including the much-hyped AI in society and business at GITEX Africa shall be an eye-opening experience fostering great knowledge sharing and collaboration opportunities between the public and private sectors, and amongst businesses across the world."

 

Tech titans return intensifying cross-continental tech tussle

 

The 2nd edition of GITEX Africa will welcome returning exhibitors following their hugely successful participation at the show'smomentous debut in 2023. Multinational majors including Epson, Honeywell, Kaspersky, and Lexar are among those back for a second round of future-focused collaborations reviving a tech-enabled African investment race.

 

Neil Colquhoun, Vice President of Epson Europe and the Middle East, said: "Epson is delighted to announce its participation for the second consecutive year at GITEX Africa 2024. Epson's technology offering will focus primarily on a range of sustainable, energy-efficient solutions and products that address the pressing concerns of many industrial sectors, as well as small and medium-sized enterprises in the region."

 

UAE-headquartered Presight, the Middle East's leading big data analytics company powered by generative AI, and part of G42, a global leader in creating visionary AI, will also return: "Africa has been our focus; it's the newly emerging continent for the digital workforce and digital transformation," said Thomas Pramotedham, CEO of Presight.

 

"Presight has multiple digital transformation programmes with several African governments, and in 2024, we aim to contribute even more to the continent's thriving tech ecosystem. Our goal is to make a positive societal impact using our big data analytics capabilities powered by generative AI. With GITEX Africa playing a key role, we're excited to be part of discussions shaping the continent's digital transformation journey."

 

 

Bertrand Trastour, General Manager, France and North, Central and West Africa of global leading Cybersecurity company, Kaspersky, added: "GITEX Africa is a very important platform for Kaspersky as it allows us to inform our customers and partners about our growth strategy and potential.

 

"Digitalisation is a high priority in African markets, and cybersecurity is the foundation for this successful transformation. Kaspersky provides the most comprehensive cybersecurity for the growth of our customers' businesses, regardless of their sector, scenario or assets."

 

Moroccan trailblazers spotlight ground-breaking innovations

 

Moroccan headliners advancing tech and innovation across the region are also returning to GITEX Africa 2024, including Maroc Data Centre, Zen Networks, Dataprotect, and Mohammed VI Polytechnic University (UM6P), the show's official R&D partner.

 

"UM6P transcends the traditional boundaries of R&D, embodying a powerhouse of innovation and entrepreneurship for Africa and beyond," said Yassine Laghzioui, CEO of UM6P Ventures and Director of Entrepreneurship and Venturing at UM6P.

 

"We are excited to elevate our role at GITEX Africa, not merely as a leading R&D collaborator but as a beacon of innovation. Our partnership with GITEX Africa underscores our dedication to driving progress in science, technology, and investment realms.

 

Added Laghzioui: "We aim to nurture and scale DeepTech ventures across Africa through our targeted entrepreneurship and venturing programs, moving beyond Morocco's borders. GITEX Africa offers an unparalleled opportunity for UM6P to forge strategic partnerships, showcasing our ground-breaking initiatives in diverse sectors such as HealthTech, BioTech, AgriTech, and GreenTech. These efforts stem from UM6P's innovation labs and from our extended ecosystem, poised to tackle the continent's pressing challenges."

 

Regional start-up, VC investment surge on high revs at North Star Africa

 

GITEX Africa 2024 will feature an elevated North Star Africa start-up showcase, converging the largest curation of award-winning start-ups and scale-ups ever seen in the African continent. The most ambitious and forward-thinking entrepreneurs and founders will collaborate with African and global accelerators and investors to scale business opportunity in a region that is tipped to raise US$10 billion in VC funds by 2025.

 

North Star Africa is extending its far-reaching footprint to all ends of the world's second largest continent and beyond, spurring investors to seek out and uplift the next potential unicorns solving Africa's biggest challenges.

 

There'll be more awards too, with globe-trotting innovative companies battling for start-up supremacy at the Supernova Challenge, Africa's most coveted and valuable start-up pitch competition, with a prize pool of US$100,000 up for grabs across six categories.

 

-at www.gitexafrica.com.

 

 

Africa: 'Record High' in UN Development Index Masks Stark Disparities

Despite record high global human development scores in 2023, disparities between the haves and the have-nots are widening, a new UN report revealed on Wednesday.

 

The 2023 Human Development Index (HDI) stands at a new high following steep decline during 2020 and 2021 due to the COVID-19 pandemic, according to the UN Development Programme (UNDP).

 

Rich countries experienced unprecedented development, the Human Development Report details, yet half of the world's poorest nations continue to languish below their pre-COVID crisis levels.

 

The HDI is a composite of statistics measuring such factors as per capita income, educational attainment and life expectancy.

 

 

'Falling short'

 

"The widening human development gap revealed by the report shows that the two-decade trend of steadily reducing inequalities between wealthy and poor nations is now in reverse," said UNDP Administrator Achim Steiner.

 

"Despite our deeply interconnected global societies, we are falling short. We must leverage our interdependence as well as our capacities to address our shared and existential challenges and ensure people's aspirations are met," he added, noting a significant human toll behind the statistics.

 

"The failure of collective action to advance action on climate change, digitalization or poverty and inequality not only hinders human development but also worsens polarization and further erodes trust in people and institutions worldwide."

 

 

'Democracy paradox'

 

The UNDP Human Development Report (HDR) also identified an emerging "democracy paradox", with most of those surveyed expressed support for democracy but also endorsing leaders who may undermine democratic principles.

 

This paradox, coupled with a sense of powerlessness and a lack of control over government decisions, has fuelled political polarization and inward-looking policy approaches.

 

This is particularly alarming in light of 2023's record-breaking temperatures which highlight the immediate need for united action to tackle the climate crisis, combined with the new and fast-evolving technological frontier of Artificial Intelligence (AI) which has few regulatory guard rails, UNDP said.

 

Threat to the common wellbeing

 

UNDP head Achim Stiner further highlighted that in a world marked by increasing polarization and division, "neglecting to invest in each other poses a serious threat to our wellbeing and security".

 

"Protectionist approaches cannot address the complex, interconnected challenges we face, including pandemic prevention, climate change, and digital regulation," he said.

 

He added that interconnected problems require interconnected solutions.

 

"By adopting an opportunity-driven agenda that emphasizes the benefits of the energy transition and of Artificial Intelligence for human development, we have a chance to break through the current deadlock and reignite a commitment to a shared future."

 

Country ranking

 

The 2023-24 Human Development Report identified Switzerland, Norway and Iceland leading the national human development indices, while Central African Republic (CAR), South Sudan and Somalia lagged the furthest behind.

 

The Democratic People's Republic of Korea (more commonly known as North Korea) and Monaco were not ranked in the list of countries and economies.

 

- UN News.

 

 

 

Zambia: Blue Economies Could Take Zambia From Landlocked to 'land-Linked'

There is immense potential for Zambia's maritime ambitions to bolster the country's sustainable development.

 

The maritime industry is commonly associated with coastal states, but the maritime domain includes inland waterways such as lakes, rivers and dams. That means landlocked countries such as Zambia can actively advance their interests in the sector.

 

They can do so by using international cooperation and legal frameworks like the United Nations Convention on the Law of the Sea (UNCLOS). Several landlocked states helped draft the convention, which established the current maritime governance system. UNCLOS balances exclusive economic zones with navigation rights for all states - not just those at the sea. Switzerland and Austria, for example, are landlocked countries that are creating thriving maritime industries by becoming 'land-linked'.

 

 

African landlocked states have already shaped the maritime governance system. Ethiopia, in particular, often refers to itself as being confined in a 'geographical prison' - emphasising the need for coastal access and influencing maritime governance in the Horn of Africa and beyond.

 

The pull for access to ports is expected to rise for landlocked countries, particularly for trade and offshore resource exploitation. UNCLOS provisions offer these states coastal access rights, often through deals with coastal states, like the Ethiopia-Somaliland agreement granting Ethiopia access to the Berbera Port for commercial and military purposes.

 

 

Zambia's strategic location means it can serve as a hub connecting various regional trade corridors

 

The global shift towards sustainable energy has intensified demand for critical raw materials crucial for clean energy technologies. An International Energy Agency report says the copper, cobalt and lithium demand is expected to surge by 40%, 70% and 90% respectively in the coming decades.

 

This presents a major opportunity for Zambia, given its endowment of copper deposits - and the planned Lobito Corridor could hold the key. The 1 300 km rail line will connect the Democratic Republic of the Congo (DRC) and Zambia to the Atlantic Ocean through Angola's Lobito Port. In October 2023, the United States (US) and European Union signed an agreement on the corridor with the African Development Bank to support Angola and Africa's two largest copper producers, the DRC and Zambia.

 

 

The DRC and Zambia already export most of their copper to China. In February, Beijing announced a US$1 billion investment to refurbish the Tanzania-Zambia railway connecting Zambia's Copperbelt to the Indian Ocean through Dar es Salaam's port.

 

Although the global race for access to critical raw materials can unlock Zambia's development potential, it presents geopolitical complexities and potential risks. Some see renewed US interest in the Lobito Corridor as Washington's response to Beijing's Belt and Road Initiative - part of the broader US-China geopolitical rivalry.

 

The two global powers adopt divergent approaches. China is assertive, offering infrastructure projects and loans to secure access to resources, which has raised debt dependency concerns. China's aim is to strengthen its grip on the regional mining industry, particularly in copper exports. This growing influence has significant economic, environmental and political implications.

 

The US often employs a strategy centred on economic partnerships and investments, aiming to foster development and mutual benefits with developing countries. But will Washington deliver on its pledges and overcome political risk concerns?

 

Zambia's strategic central location - equidistant from the Atlantic and Indian oceans - means it can serve as a vital hub connecting various regional trade corridors. This allows for balanced engagement with the US and China, and a diplomatic approach that serves its economic and developmental goals. This stance resonates with President Hakainde Hichilema's foreign policy of courting the West while maintaining relations with China.

 

Zambia has 40% of Southern Africa's freshwater resources, which are crucial for sustainable development

 

The pressure of geopolitical competition requires Zambia to navigate carefully to safeguard its national interests. Priorities include transparency, infrastructure development, job creation and a meticulous assessment of agreement terms.

 

Zambia can also play an important role in international ocean governance, especially on climate change. The country joined the International Maritime Organization in 2015 - one of only six landlocked African countries out of the 16. It also recently signed the United Nations Biodiversity Beyond National Jurisdiction Treaty. Now Zambia must help develop and implement sustainable shipping practices and ratify the treaty to protect the world's oceans.

 

With vast water bodies such as the Zambezi River, lakes Tanganyika, Kariba, Bangweulu and Mweru - most of which are transboundary - Zambia has 40% of Southern Africa's freshwater resources, crucial for sustainable development.

 

 

However, the lack of a specific UNCLOS provision on inland waterways makes governing transboundary water bodies like lakes and rivers difficult. The 1996 UN Economic Commission for Europe Convention on the Protection and Use of Transboundary Watercourses and International Lakes is the sole globally binding legal framework for collaboration on shared water resources. Zambia hasn't signed or acceded to this convention - and should so.

 

Through maritime connectivity, larger volumes could be shipped, with the lowest environmental impact

 

Zambia's recent validation of a national blue economy strategy targeting biotechnology, environmental sustainability, ecosystem services, inland water transport, fishing industry management, and underwater mineral resources recognises the potential of these vast freshwater resources.

 

Economic growth must however be harmonised with environmental sustainability. To achieve that, the blue economy strategy should be housed under the Green Economy and Environment Ministry, in partnership with Trade and Industry. By creating a synergy between environmental conservation and economic development, Zambia can navigate climate-related challenges and foster a sustainable and inclusive approach to its maritime sector.

 

Zambia's strategic location and ratification of the African Continental Free Trade Area position it as a future trade hub in SADC and the Common Market for Eastern and Southern Africa. Through maritime connectivity, larger volumes could be shipped at more economical rates compared to road and air alternatives, with the lowest environmental impact per tonne in the transport sector.

 

As Zambia explores its potential maritime industry, it must look beyond extractives - where the US and China are the big winners - and consider how intracontinental trade could unlock opportunities for sustainable development.

 

David Willima, Research Officer, Maritime, ISS Pretoria- ISS.

 

 

 

US House passes bill that could ban TikTok nationwide

The US House of Representatives has passed a landmark bill that could see TikTok banned in America.

 

It would give the social media giant's Chinese parent company, ByteDance, six months to sell its controlling stake or the app would be blocked in the US.

 

While the bill passed overwhelmingly in a bipartisan vote, it still needs to clear the Senate and be signed by the president to become law.

 

Lawmakers have long held concerns about China's influence over TikTok.

 

TikTok is owned by Chinese company ByteDance, founded in 2012.

 

 

The Beijing-based firm is registered in the Cayman Islands, and has offices across Europe and the US.

 

If the bill does manage to secure approval in the Senate, President Joe Biden has promised to sign it as soon as it lands on his desk, which could prompt a diplomatic spat with China.

 

ByteDance would have to seek approval from Chinese officials to complete a forced divestiture, which Beijing has vowed to oppose. Foreign ministry spokesperson Wang Wenbin said the move would "come back to bite the US".

 

Mike Gallagher, a Wisconsin Republican who co-authored the bill, said the US could not "take the risk of having a dominant news platform in America controlled or owned by a company that is beholden to the Chinese Communist Party".

 

Chinese companies are subject to a national security law requiring them to share data with the government on request.

 

 

TikTok has tried to reassure regulators that it has taken steps to ensure the data of its 150 million users in the US has been walled off from ByteDance employees in China.

 

TikTok chief executive Shou Zi Chew said the company was committed to keeping its data secure and the platform "free from outside manipulation".

 

He warned the bill, if passed, would mean a ban on the app in the US, giving "more power to a handful of other social media companies" and putting thousands of American jobs at risk.

 

However, an investigation by the Wall Street Journal in January found the system was still "porous", with data being unofficially shared between TikTok in the US and ByteDance in China. High-profile cases, including one incident where ByteDance employees in China accessed a journalist's data to track down their sources, have stoked concerns.

 

Speaking ahead of the vote, Hakeem Jeffries - the top Democrat in the House - welcomed the bill, saying it would decrease "the likelihood that TikTok user data is exploited and privacy undermined by a hostile foreign adversary".

 

Senate Majority Leader Chuck Schumer said the chamber would now review the legislation.

 

Its prospects in the upper chamber of Congress are unclear in the wake of Republican White House candidate Donald Trump speaking out against the bill.

 

The former president, who tried to ban the app during his term in office, changed his position after a recent meeting with Republican donor Jeff Yass, who reportedly owns a minor stake in ByteDance.

 

Mr Trump's opposition was echoed by some House members on Wednesday. Marjorie Taylor Greene, a Georgia Republican, wrote on social media that the bill could allow Congress to force the sale of other corporations by claiming to be protecting US data from foreign adversaries.

 

 

Some Democrats are also opposed to a ban, fearing it could alienate the app's youthful userbase as the party struggles to retain its hold over younger voters.

 

But the leaders of the Senate intelligence committee welcomed the House vote. Mark Warner, a Democrat, and Marco Rubio, a Republican, said they were determined to shepherd the bill through the chamber.

 

"We are united in our concern about the national security threat posed by TikTok - a platform with enormous power to influence and divide Americans whose parent company ByteDance remains legally required to do the bidding of the Chinese Communist Party," they said in a statement.

 

After the vote, TikTok appeared to renew its push to have users lobby Congress, sending another notification urging them to contact their representatives. A similar move last week saw congressional offices bombarded with calls, a move that some staffers told the BBC had hardened opposition to the company.

 

 

Outside the White House on Wednesday a handful of supporters gathered to protest against the bill. Tiffany Yu, a young disability advocate from Los Angeles, told the BBC the platform was vital to her work.

 

"Fifteen years ago I only dreamed of reaching 30 to 40 people," she says. Now, she has millions. Another demonstrator, Ophelia Nichols, highlighted the bill's negative impact on US businesses.

 

"Shame on them, at the House," she said.

 

Content creator Mona Swain, 23, said her earnings from the app were paying her mother's mortgage and for her siblings' college educations.

 

"To be put out of work at such a crazy time in my life and just in a lot of other creators' lives, it's really, really scary right now," Ms Swain told Reuters news agency.

 

 

The Chinese foreign ministry's spokesperson said: "Although the United States has never found evidence that TikTok threatens US national security, it has not stopped suppressing TikTok.

 

"This kind of bullying behaviour that cannot win in fair competition disrupts companies' normal business activity, damages the confidence of international investors in the investment environment, and damages the normal international economic and trade order."

 

But White House Spokesperson Karine Jean Pierre insisted that the bill merely sought to ensure that ownership of major technology platforms operating in the US "wouldn't be in the hands of those who can exploit them".

 

Even if ByteDance does secure approval to sell its stake in TikTok, it is unclear whether any of its competitors have the funding to launch a bid for the platform. The company has previously valued the app at around $268bn. The price tag could scare off some investors.

 

 

But analysts told the BBC there would be plenty of potential buyers in the US. What deal might ultimately succeed is another question, given the cost and anti-monopoly concerns weighing on the tech sector.

 

"All the big social media companies would be interested but I think they would face a lot of anti-trust hurdles… There are other firms in the social media space that are smaller like Snapchat that would be interested but wouldn't be able to afford it," Emarketer analyst Jasmine Enberg told the BBC.

 

When the Trump administration ordered a sale in 2020, some of the biggest firms in the US emerged to explore bids, which then reportedly valued the firm at about $50bn.

 

Microsoft ultimately lost out to a team that included Walmart and software giant Oracle, led by Larry Ellison and Safra Catz, who had ties with the Trump administration. The deal fell apart amid legal challenges and the change-over to a new administration.

 

Today, TikTok's reach and advertising revenue have increased significantly. Research firm Emarketer estimates TikTok will bring in about $8.66bn in ad revenue from the US this year, compared with less than $1bn in 2020.-BBC

 

 

 

 

Marlboro firm sells $2.2bn stake in Bud Light owner

The maker of Marlboro cigarettes, Altria Group, says it will sell more than $2.2bn (£1.7bn) of shares in AB InBev, the owner of the Bud Light and Stella Artois beer brands.

 

The move will see Altria offloading 35 million AB InBev shares.

 

The tobacco giant currently owns a stake of around 10% in the world's biggest brewer, worth about $12.7bn.

 

Bud Light sales have been hit after a US boycott over its work with transgender influencer Dylan Mulvaney.

 

The sale is "an opportunistic transaction that realises a portion of the substantial return on our long-term investment," Altria's chief executive, Billy Gifford, said in a statement.

 

"Our continued investment reflects ongoing confidence in ABI's long-term strategies, premium global brands and experienced management team," he added.

 

Belgium-based AB InBev also said in a filing with regulators that it had agreed to buy $200m of its shares from Altria.

 

 

In February, the company - which also owns a stable of other major beer brands including Beck's, Corona and Leffe - said its annual revenues in the US fell by 9.5% "primarily due to the volume decline of Bud Light."

 

However, globally AB InBev saw total revenues rise by 7.8% for the year, which helped to boost 2023 profits to more than $6.1bn.

 

Bud Light faced a wave of criticism after it sent a personalised can of beer to Ms Mulvaney for an online post.

 

Within weeks, industry analysts reported that Modelo - sold in the US by a rival firm - had replaced Bud Light as the top-selling beer in the US, and rivals such as Coors Light and Miller Light were gaining fast.

 

Following Ms Mulvaney's social media post promoting the beer with her personalised can, many on the right criticised the company for going "woke".

 

Woke is an informal term from the US, meaning alert to injustice and discrimination in society, particularly racism and sexism. It is often used by the right in a derogatory way towards left-leaning views on topics from climate change to support for minorities.

 

Musician Kid Rock, NFL player Trae Waynes and model Bri Teresi all shared videos of themselves shooting Bud Light cans.

 

-BBC

 

 

 

 

MH370: How Malaysia Airlines came back from twin tragedies

Ten years ago, Malaysia Airlines was devastated by the twin disasters of MH370 and MH17.

 

Flight MH370 from Kuala Lumpur to Beijing disappeared over the Indian Ocean on 8 March 2014 with 239 people on board. Despite millions of dollars spent on the largest search in aviation history the plane has still not been found.

 

The airline was still reeling from that tragedy when in July of the same year, MH17 was shot down by a Russian-controlled armed group above conflict-ridden Ukraine. All 283 passengers and 15 flight crew were killed.

 

There had been 160 planes flying over the war zone that day but it was MH17 that was hit.

 

An airline losing two passenger jets in five months was an event that remains unprecedented to this day.

 

 

Many saw it like a curse, on an airline which had operated for 70 years largely unscathed.

 

Malaysia Airlines had long enjoyed an excellent safety record and had even won awards for service. It had a huge fleet flying all over the world from its base in Kuala Lumpur.

 

But after the calamities in 2014, passengers got the jitters. Customers switched to other airlines and media reports from the time showed near-empty flights on longer routes.

 

Last year, though, its chief executive said the company was on track to see its first annual net profit in a decade.

 

The airline did not respond to the BBC's questions but analysts say a slew of route cuts helped shore up its finances, while rebranding with an emphasis on safety has won back customers.

 

 

"It is now a leaner, more focused company - albeit one with somewhat reduced ambitions," says aviation industry watcher Greg Waldron.

 

Today, Malaysia Airlines continues to cross the skies, transporting millions of passengers around the world each year. So how did it keep going?

 

Malaysia to the rescue

Immediately after the second disaster, the Malaysian government sprang into action. The airline was the national flag carrier with more than 20,000 employees and its stock market value had plunged.

 

The country's sovereign wealth fund - Khazanah Nasional - stepped in. At that point, it already owned 69% of the company.

 

A month after the MH17 disaster, it bought out the airline's other shareholders, delisted the firm from the stock exchange, created a new company and declared the old firm bankrupt.

 

 

Malaysia Airlines was fully nationalised - the first key step to saving the company.

 

Under the government's recovery plan - named "Rebuilding a National Icon" - the cost of tickets was also slashed while accountants took a fine-toothed comb to the company's operations.

 

Prior to 2014, the airline had already begun to cut long, unprofitable routes to places like North and South America and South Africa.

 

After 2014 it shed these routes in earnest, axing several established long-haul flights, including those to New York and Stockholm. It eventually cut all of its European destinations except for London.

 

Today, Heathrow remains Malaysia Airlines' only European stop - and that has become a key money-making route, particularly in the wake of Covid.

 

 

For the last few years, it has been the only airline running a non-stop flight to London from Kuala Lumpur after British Airways dropped the route during the pandemic.

 

"With a monopoly like that, on a premier route, an airline can charge a lot of money, particularly to people who are not price-sensitive and must travel quickly," says aviation analyst Brian Sumers.

 

The company also took advantage of the global aviation pause during Covid to restructure its debts - but kept its planes in the air, being one of the key carriers operating repatriation flights from Europe to Asia.

 

Other airlines in Asia and Europe retired planes during the pandemic, so they were not ready for the quick bounce-back in demand.

 

Malaysia Airlines, on the other hand, had a head start when borders re-opened - and it made the most of that advantage, analysts say.

 

 

The Asia-Pacific region has the busiest routes in the world - claiming seven of the top 10 international routes - including the most-travelled one, from Kuala Lumpur to Singapore.

 

There were 4.9 million seats sold on that route alone last year, according to air traffic data firm OAG.

 

Today, Malaysia Airlines is viewed as a "middle-of-the-pack" carrier focused on Oceania, Asia and the UK.

 

"They've managed to stay afloat through the backing of the Malaysian government - been able to get things to a steady state, a modern fleet and modern aircraft and manage things in a way that keeps things going," says analyst Ellis Taylor from aviation data firm Cirium.

 

Dealing with perceptions

The airline's approach seems to have paid off - and it appears that, for many international fliers, pragmatic considerations outweigh the company's past.

 

 

"If air traffic is anything to go by, MH370 and other disasters are definitely not front of mind when passengers look to buy tickets," Mr Waldron says.

 

"Generally they are looking at price, but convenience also plays a role."

 

That was the case for Australian Hannah Blackiston, who took an MH flight from London back to Adelaide in late 2022. Malaysia was the only airline operating a direct flight.

 

"I booked it with them without really thinking about it just because it was cheap and I was popping back to see my dad because he was sick," she said.

 

When booking the flight, she says the tragedies did cross her mind but didn't faze her. However, her mother was much more upset.

 

 

"My mum, when she found out, was up in arms about it - she was like 'You can't fly with them!' And I was, like, 'Mum, if anybody's going to be on top of their safety regulations, it's going to be these guys'."

 

Getty Images A man writing messages at the Day of Remembrance for MH370 in Petaling Jaya, Malaysia, on 3 March, 2024.Getty Images

People paid tribute to the MH370 plane victims last week in Malaysia

Her journey was smooth and she had the service was good, she says.

 

"The flying experience was great, they were a really good provider. There was nothing that would put me off flying with them after having a positive experience. So if anything, yeah, it made me feel a bit better about the brand in general and safety and I would fly with them again."

 

Australian doctor Abdullah Naji, 25, who is currently based in the Malaysian city of Penang, says he flies with them frequently, but mainly domestic routes.

 

 

"Of course, there's a natural initial hesitancy that stems from such a historic event, but it's the actions taken post-MH370 that have reinstated my confidence in the airline," he said.

 

"The airline's efforts in rebranding and focusing on safety are evident, not just in words but in actionable measures," he said.

 

He pointed out the airline's safety video, a jazzy song and dance number which highlights Malaysian hospitality and features lyrics like: "We're all in this together" and "We'll take care of each other in any weather".

 

"There's a sense of national solidarity," Mr Naji suggests.

 

"Locals tend to view the airline as an emblem of national pride, acknowledging the steps it has taken towards recovery and improvement since MH370."

 

 

Analysts say the a staunch Malaysian customer base has helped to keep the airline going.

 

Mr Sumers also points out that the brand's resilience is in line with other national flag carriers. "It's surprisingly uncommon for big national airlines to go bust, even amid calamity."

 

But for those without that relationship, the tragedies associated with the brand seem to linger.

 

One Singapore-based passenger says she briefly panicked when she realised she was getting on a MH-coded short-haul route from Langkawi to Kuala Lumpur. She had booked the flight through Singapore Airlines and didn't realise it was the code-sharing deal.

 

It was an uneventful flight, she says. "But I do remember having a conversation around: 'Oh wow are we actually on a MH numbered flight when we were boarding."

 

 

Mr Naji says it just comes down to experience at the end of the day.

 

"I used to get very conscious of it when boarding but I'm OK now having flown with them a few times already."-BBC

 

 

 

 

Telegraph takeover: UK to ban foreign state ownership of newspapers

Foreign governments will be banned from owning UK newspapers and news magazines, the government has said.

 

It follows criticism of a proposed takeover of the Daily Telegraph and Spectator by a United Arab Emirates-backed investment firm, RedBird IMI.

 

The government said the proposed legislation would "deliver additional protections for a free press".

 

A spokesperson for the UAE-funded group said they were "extremely disappointed by today's development".

 

Labour has indicated it will back the change, which will be in an amendment to a new law being debated next week.

 

 

There had been growing cross-party pressure on the government to act and it was facing a possible defeat in the House of Lords on Wednesday from peers who wanted to see urgent action.

 

Announcing the ban, Lord Parkinson of Whitley Bay said the new law would "rule out newspaper and periodical news magazine mergers involving ownership, influence or control by foreign states".

 

The government will bring forward an amendment to the Digital Markets, Competition and Consumers Bill - which has its third reading next week - to block such deals, he added.

 

Lord Parkinson also confirmed the buyout ban would not apply to broadcasters.

 

It comes as the investment fund RedBird IMI continues its push to take control of the Daily and Sunday Telegraph newspaper titles and Spectator current affairs magazine, after paying off the debts of its previous owner.

 

 

The fund is 75%-owned by Sheikh Mansour, who is deputy prime minister and vice president of the UAE, and best known in the UK for transforming Manchester City Football Club.

 

Is Gulf-backed bid for Telegraph 'effectively dead'?

Government intervenes in UAE bid to buy Telegraph

The government's new law could apply to the Telegraph Media Group takeover if the law was passed swiftly, Lord Parkinson suggested.

 

But sources close to the matter have told the BBC's Business Editor Simon Jack the bid looks likely to fail, amid growing political opposition.

 

Wednesday's announcement raises serious questions over whether the RedBird IMI takeover can be revived.

 

 

In a statement reacting to the move, a spokesperson for the firm said they "remain committed" to investing in global media, adding: "We will now evaluate our next steps, with commercial interests continuing to be the sole priority."

 

They continued: "To date, Redbird IMI has made six investments across the UK and US, and we believed the UK's media environment was worthy of further investment.

 

"As with each of our deals, we have been clear that the acquisition of The Telegraph and The Spectator has been a fully commercial undertaking."

 

The other bidders for the newspapers include hedge fund tycoon Sir Paul Marshall, who owns GB News, Daily Mail owners DMGT, and Rupert Murdoch's News UK.

 

Andrew Neil - who is chairman of the Spectator and has been strongly critical of the proposed takeover - said the government's intervention on Wednesday meant the UAE bid "now looks dead in the water".

 

 

Lord Moore of Etchingham, a former Daily Telegraph editor, said there should have been "such a rule from the start" in order to provide "clarity" on proposed takeovers.

 

Baroness Stowell, the chair of the Communications and Digital Committee and a former Conservative cabinet minister, has led cross-party calls to prevent foreign powers acquiring UK news media organisations.

 

She told peers: "We can't ignore that public trust in news, Parliament and the political class has fallen significantly in recent years.

 

"Allowing foreign governments to own such a critical and sensitive part of our nation would damage public confidence in all of us yet further if it was allowed to happen."

 

An alternative amendment tabled by the Tory peer to the Digital Markets, Competition and Consumers Bill was felt by both the government and Labour to be unworkable.

 

 

Lord Parkinson said the government hoped instead to make the change at a later stage of the bill.

 

Explaining how it might work, he said the government would refer proposed media mergers to the Competition and Markets Authority where there are "reasonable grounds" to believe a deal "would give a foreign state or body connected to a foreign state, ownership, influence or control".

 

He continued: "The Competition and Markets Authority would be obliged to investigate the possible merger and if it concludes that the merger has resulted or would result in foreign state ownership, influence or control over a newspaper enterprise, the secretary of state would be required by statute to make an order blocking or unwinding the merger."-BBC

 

 

 

 

The 'unhinged' product mash-ups that sell out in hours

Brands are collaborating on increasingly odd-couple products. They're flying off shelves.

 

In January, natural skincare brand Burt's Bees teamed up with Hidden Valley Ranch, the American company behind the wildly popular creamy, tangy salad dressing, to create a four-pack of lip balms. The marketing boasted the "craveable flavour of ranch and buffalo wings". Salad dressing-flavoured lip balm may not seem like the next must-have trend – yet the mash-up sold out in a matter of hours, thanks to savvy positioning and curious customers. 

 

The cheeky collaboration is the latest in a years-long string of unexpected brand partnerships, from Velveeta-cheese-scented nail polish, to the Amsterdam Van Gogh Museum's 2023 collaboration with Pokémon. While the limited-run partnerships may not result in stunning profits, experts argue that they strike the perfect note with today's novelty-obsessed consumers, which makes them ultra-covetable.

 

The 'chronically-online marketing era'

Brand collaborations are nothing new, particularly in the luxury fashion and dining sectors. But the bizarre products sweeping TikTok – Kentucky Fried Chicken-branded Crocs clogs, for example – are a result of what Jenna Drenten calls our "unhinged, chronically-online marketing era".

 

"Brands are like, 'Let's do it. Let's throw it at the wall and see what sticks'," says Drenten, an associate professor of marketing at Loyola University Chicago's Quinlan School of Business. She cites brands like Duolingo, the language-learning app with a uniquely passive-aggressive social media presence, along with fast food chain Wendy's, known for its irreverent, to-the-minute responses to meme culture, as two beacons of the "chronically-online" brand movement.

 

 

Getty Images When two beloved brands – like Burt's Bees and Hidden Valley Ranch – combine, the result can be a viral sensation (Credit: Getty Images)Getty Images

When two beloved brands – like Burt's Bees and Hidden Valley Ranch – combine, the result can be a viral sensation (Credit: Getty Images)

It's a result of what Drenten calls an "attention deficit" in today's digital consumer culture. "Consumers get very bored with the existing offerings on the market," says Drenten. "Having unexpected, unconventional collaborations between brands is a way to revitalise the brand quickly, without a lot of effort on the brand side."

 

Meanwhile, she adds, social media has "shifted the power dynamic between brands and consumers". Drenten explains: "Consumers have a lot more opportunity to engage and interact with brands to tell them what they want – to have conversations." That same dynamic allows brands to have public-facing conversations, potentially sparking partnerships down the line.

 

That highly competitive ecosystem has created a perfect breeding ground for unexpected, sometimes edgy brand partnerships, says Shilpa Madan, an assistant professor of marketing at Singapore Management University. "Today's consumers, especially those with spending power, have grown up with the internet and social media," says Madan. "Cheeky collaborations that leverage these digital platforms for storytelling and engagement are great for capturing these consumers' interests and wallets."

 

Along with numerous fast-food chains, Crocs has teamed up with popular musicians – Justin Bieber, Bad Bunny and Post Malone – as well as luxury fashion brands including Balenciaga

 

Enter oddball campaigns like Hidden Valley Ranch x Burt's Bees, which initially sprang from a viral April Fools' Day social media post. Consumers responded positively to the hoax, and the brands raced to prove that they were in on the joke. The lip balms were born, ushering in instant social media clout for both brands. (“THEY ARE NOT A WANT THEY ARE A NEEEEDDD" commented one TikTok user on a video shared by Burt's Bees.)

 

The 'halo effect'

Collaborations can also produce what Drenten calls the "halo effect" – a marketing term that denotes a positive experience by association. "Our good feelings toward one brand carry over to another brand [during these collaborations]," she says. "That halo effect is happening with these brand collabs as well and giving them cultural capital."

 

Take Crocs, the American footwear company behind the Kentucky Fried Chicken-scented clogs. Along with numerous fast-food chains, Crocs has teamed up with popular musicians – Justin Bieber, Bad Bunny and Post Malone – as well as luxury fashion brands including Balenciaga. "[Collaborating] really has salvaged the brand and changed the brand image," says Drenten, noting Crocs' evolution from a no-frills, eco-friendly shoe to a "fashion footwear brand on the pulse of trends and culture", thanks largely to ongoing partnerships with global tastemakers.

 

The same goes for Kraft Heinz, the American multinational food company that worked with Absolut Vodka to launch a limited-edition pasta sauce in the UK last year. Caio Fontenele, new ventures director at Kraft Heinz, told the BBC that the collaboration allowed the brand to "tap into Absolut's 'cool factor', helping [Kraft Heinz] engage with younger audiences who might not consider us as a pasta sauce [company]". In turn, explains Fontenele, Absolut benefitted from Kraft Heinz's "brand equity, penetration and familiarity, opening up new usage occasions for its product".-BBC

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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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.

 


 

 


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