Major International Business Headlines Brief::: 08 May 2024

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Major International Business Headlines Brief:::  08 May 2024 

 


 


 

	
 


 

 


 

ü  South Africa: Power Utility Eskom Sues Johannesburg for Unpaid
Electricity Debt 

ü  Kenya: KQ to Resume Kinshasa Flights Tomorrow After Release of Detained
Staff

ü  Namibia: Maize Meal Price Set to Go Up

ü  Kenya: KRA Eyes MSMEs As It Targets to Expand Tax Base

ü  Kenya, Somalia Commits to Enhance Bilateral Relations in Trade Investment

ü  Ghana: NPA Makes Moves for Tax Removal On LPG

ü  Ethiopia Tamirt Expo Expected to Generate Over 3 Billion Birr in Market
Linkages

ü  Nigeria: No Moral Justification for Stopping N35,000 Wage Award - Labour

ü  Uganda: Govt Exempts Electric Vehicle Makers From Stamp Duty

ü  Nigeria: Groups Blame Management Team for Lagos Water Crisis

ü  TikTok sues to block US law that could ban app

ü  UK startup gets $1bn funding for self-driving car tech

ü  Disney says password crackdown will increase subscribers

ü  Microsoft axes four game studios including Hi-Fi Rush developer

ü  Nintendo Switch 2: Official announcement promised within next year

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Power Utility Eskom Sues
Johannesburg for Unpaid Electricity Debt 

Despite Johannesburg imposing a hefty 60% markup on electricity supplied to
its residents, Eskom has taken urgent legal action against the City for
failing to settle a debt exceeding R1 billion, reports  Alex Patrick and
Nicki Gules in an exclusive News24 report. Eskom's revenue management
manager, Susan Smith, highlighted the utility's strained efforts to prompt
payment, stressing that accommodating Johannesburg's debt would harm Eskom's
operations. Facing potential disconnection, Johannesburg, recognized as an
economic powerhouse, now confronts legal repercussions. Eskom's affidavit
outlines the City's persistent defaulting despite promises to rectify the
situation. The utility seeks court intervention to compel Johannesburg to
settle its outstanding bill, adhere to payment schedules, and propose a
resolution plan. Eskom criticizes regulatory inaction, particularly
targeting Nersa for failing to enforce compliance with licensing conditions,
deeming its inactivity detrimental.

 

 

Comedian Leon Schuster Struggles in Recovery After Second Surgery

 

Comedian Leon Schuster shared his struggle after undergoing a second surgery
following a fall at his home while still recovering from a previous surgery
related to an injury sustained while filming 'Mr. Bones 3' in August 2023,
reports IOL. The 72-year-old entertainer, known for his pranks, faced a
setback in his recovery journey after the second fall, expressing feelings
of depression and pain. Despite the challenges, Schuster remains grateful
and tries to maintain a positive outlook. However, he now relies on a
walking stick and faces the prospect of another operation, needing to lose
weight to minimize complications.

 

Trial Resumes - Witness Testifies of Intimidation and Coercion in Modack
Case

 

The murder trial of Nafiz Modack and others resumed with testimony detailing
the events leading up to the attempted murder of lawyer William Booth,
reports News24. The witness, identified as "Mr C," testified via Teams from
Dubai, revealing a complex financial dispute with an investor, Shanil
Maharaj, which allegedly led to threats and coercion by Modack's co-accused,
Jacques Cronje. Mr C recounted how he was pressured into acknowledging a
debt and faced intimidation tactics until seeking legal assistance from
Booth and subsequently moving to a safe location. Despite Cronje's defense
contending he acted as a mediator, Mr C described the situation as
"intimidatory encouragement." The trial, which also involves charges related
to the murder of various individuals, continues with further testimonies
expected.

 

-South African news

 

 

 

Kenya: KQ to Resume Kinshasa Flights Tomorrow After Release of Detained
Staff

Nairobi — Kenya Airways will resume its flights to the Democratic Republic
of Congo's Capital, Kinshasa, starting Wednesday following the release of
its detained staff by the Congolese Military on Monday.

 

The National carrier announced Monday that the decision follows the
"unconditional' release of two of its employees who had been in detention
since April 19.

 

The KQ had suspended its flights to Kinshasa on April 29 noting that the
detention of staff had made it difficult for the airline to supervise its
operations in Kinshasa.

 

"With the necessary ground support in place, we are pleased to announce that
Kenya Airways will resume flights to Kinshasa on 8 May 2024. We look forward
to serving our valued customers once again," KQ's Group Managing Director,
Allan Kilavuka stated.

 

The KQ staff had been arrested by the Congolese Military Intelligence Unit
over missing customs documentation on "valuable" cargo.

 

 

However, the airline protested the detention of its staff, clarifying that
the contested cargo had not been uplifted or accepted due to incomplete
documentation, maintaining that the detention was unjust.

 

Kilavuka confirmed the release Monday thanking all parties who played a role
in negotiating their release.

 

"Special thanks to KQ colleagues who have been on the ground in Kinshasa and
those in Nairobi working to secure their release," Kilavuka said.

 

Kilavuka also thanked the Kenyan government, led by Prime Cabinet Secretary
Musalia Mudavadi, and the Kenyan embassy in Kinshasa for the outcome.

 

The KQ boss maintained the innocence of their employees and reiterated that
they were only carrying out their duties in strict adherence to the laid-out
procedures.

 

"We stand by their innocence and will continue to support them," Kilavuka
said.

 

Kilavuka noted that they will continue cooperating with the investigating
agencies and the relevant government entities in both DRC and Kenya.

 

-Capital FM.

 

 

 

 

Namibia: Maize Meal Price Set to Go Up

The price of the staple white maize is likely to shoot up after the Namibian
Agronomic Board (NAB) set the floor price delivered to millers from 1 to 14
May at N$7 554,37 per tonne.

 

This was confirmed by NAB spokesperson Loide Uahengo, who said the floor
price for local white maize is higher this year compared to last year at N$5
595,00, due to the high demand for white maize in South Africa, where
Namibia imports most of its maize from.

 

"Millers will be expected to put their own mark up, pushing the prices up,"
she says.

 

Uahengo said 1 May marks the beginning of the maize marketing season for
2024, when NAB sets a fortnightly maize floor prize.

 

 

"The floor price for white maize marketed during the close border period
from 1 May is N$ 7 554,29 and will fluctuate every fortnight," she says.

 

Before that date, the maize prize was calculated daily based on the Import
Parity Price.

 

According to a notice to white maize grain producers and millers issued by
NAB chief executive Fidelis Mwazi dated 3 May 2024, in terms of the 2023
white maize marketing agreement, should the calculated South African Futures
Exchange (Safex) spot price weighted average for the previous fortnight be
higher than the staggered floor price, then the Safex fortnight weighted
average price formula shall be implemented.

 

"This is a way of safeguarding producers against fluctuating prices and
storage costs when they have to keep the maize for longer periods, because
millers might not have enough storage space to take large amounts of grain,"
said Mwazi.

 

Safex is the futures exchange subsidiary of the Johannesburg Stock Exchange,
consisting of two divisions; a financial market division for trading of
equity derivatives and an agricultural market division for trading of
agricultural derivatives.

 

According to Mwazi, the final Safex fortnight weighted average floor price
for the previous two weeks from 16 to 29 April of N$7 554,37 per tonne, is
higher than the Safex staggered floor price of N$5 884,01 per tonne by N$1
670,36 per tonne or 22%.

 

"Therefore the Safex fortnight weighted average floor price of N$7 554,37
per tonne shall be the applicable floor price for white maize grade 1 bought
or delivered within the fortnight of 1 to 14 May 2024," said Mwazi.

 

He added that NAB will continue monitoring the Safex fortnight weighted
average floor price for the upcoming two weeks and notify the industry
accordingly should this price be lower than the Safex fortnight weighted
average floor price for the same period.

 

Mwazi said the processor and producer levy of 1,4% should be calculated
based on the floor price of N$7 291,87, which excludes the import levy
differential and, thus, the producer levy to be deducted from the producer's
price by all processors is N$102,09 per tonne.

 

-Namibian.

 

 

 

 

Kenya: KRA Eyes MSMEs As It Targets to Expand Tax Base

Nairobi — Kenya Revenue Authority (KRA) and the Kenya National Chamber of
Commerce and Industry (KNCCI) have embarked on a joint tax education program
for micro, small, and medium-sized enterprises (MSMEs).

 

The move is aimed at encouraging tax compliance among MSMEs.

 

These include the establishment of tax clinics countrywide, which seek to
offer tax services to MSMEs.

 

KRA Commissioner General Humphrey Wattanga underscored the importance of
collaboration in addressing tax complexities and ensuring sustainable tax
base expansion, with a particular focus on the MSME sector.

 

He expressed KRA's commitment to working closely with KNCCI to roll out
outreach programs that will create awareness on tax matters and address the
challenges faced by traders.

 

 

"We have a committed focus on tackling matters of tax complexity," said
Wattanga.

 

On his part, KNCCI president Erick Rutto lauded the taxman for leveraging
technology to streamline tax processes and enhance compliance.

 

He committed to KNCCI's working closely with KRA to empower MSMEs with the
knowledge, resources, and support needed to thrive in the evolving business
landscape.

 

The taxman has previously engaged in aggressive tax compliance mechanisms in
a bid to ensure compliance and expand the tax base.

 

According to KRA, MSMEs, which are estimated to employ about 15 million
people, accounting for 83 percent of the country's total Labour force, have
great tax potential and should be facilitated to uphold compliance.

 

"One of the initiatives under KRA's tax base expansion Programme is netting
the informal sector into the tax bracket, the majority of whom are the
MSMEs. This, therefore, informs the need to design strategies and policy
interventions to enable KRA to tap this sector into the tax bracket," added
Wattaga earlier.

 

-Capital FM.

 

 

 

 

 

Kenya, Somalia Commits to Enhance Bilateral Relations in Trade Investment

Nairobi — Kenya and Somalia have committed to deepen their bilateral
relations and economic ties in trade and investment with a view of boosting
the economy of both nations.

 

Following a meeting between Deputy President Rigathi Gachagua and Somalia's
Prime Minister Hamza Abdi Barre in Nairobi on Tuesday, the two countries
also discussed joint elimination of cartels and promoting transparent and
sustainable trade practices that benefit all stakeholders.

 

The official visit comes on the heels of the third Session of the Joint
Commission of Cooperation (JCC) between the two countries held in Nairobi
from May 3 to 5, 2024.

 

 

"The two leaders reaffirmed their commitment to deepen bilateral relations
in trade and investment. They recognised the opportunity for both States to
complement each other's resources, goods, services and personnel resulting
in a cohesive bilateral trade system," Prime Cabinet Secretary and Cabinet
Secretary Musalia Mudavadi stated.

 

The meeting held at the Deputy President's Official Residence in Karen,
Nairobi, was also attended by senior Government officials from the two
nations.

 

In his remarks Gachagua noted that despite the rich historical and cultural
ties between the two neighbouring nations, the bilateral trade was still
minimal.

 

He observed that in 2022, Kenya's exports to Somalia amounted to USD124.5
million (Sh15 billion) and imports were USD581.7 thousand (Sh71.5 million).

 

 

"There is no doubt that these trade volumes could be increased through
leveraging the Kenya-Somalia relations into tangible benefits by creating
opportunities for our citizens," said Gachagua stated.

 

Kenya and Somalia further resolved to work on removing barriers to
facilitate the movement of people and goods, promote investment and open up
new markets of mutual interest.

 

Gachagua challenged the respective Chambers of Commerce of the two countries
to consider establishing a Memorandum of Understanding amongst them with the
objective of boosting interaction between the private sectors.

 

He stated that the enhanced bilateral relations will advance shared economic
prosperity for the benefit of the Kenyan and Somalia people.

 

On admission of Somalia into the East African Community integration process
in November 2023, the Deputy President said Somalia will benefit from the
EAC's regional infrastructure projects such as roads, railways and energy
networks.

 

This, he said, will improve connectivity and enhance transportation links
and boost regional trade.

 

Discussions of the two leaders also covered other areas of the economy such
as defence, internal security, immigration, economy, education, transport
and infrastructure, political affairs, among others.

 

To foster sustainable agricultural and livestock development, the two
Governments tasked their respective Cabinet ministries to initiate and
finalize the necessary MoUs to promote cooperation in Crop Development,
Livestock Health, Marketing, among others.

 

"The two Leaders emphasised the importance of the implementation of the
concluded instruments and directed the Ministries responsible for Foreign
Affairs to develop implementation modalities," said Mr Mudavadi in the joint
communique.

 

He said the leaders also noted that there were ongoing discussions to
conclude several bilateral instruments in other areas, including Internal
Security (immigration and police matters), Trade and Industrialisation,
Standards, Agriculture, Health, Education and Training, Cultural
Cooperation, Sports, among others.

 

-Capital FM.

 

 

 

 

Ghana: NPA Makes Moves for Tax Removal On LPG

The National Petroleum Authority (NPA) is taking steps to make liquefied
petroleum gas (LPG) more affordable and accessible to consumers.

 

It plans to work with the Ministry of Finance to reduce taxes on LPG, which
will encourage more women to use LPG for cooking.

 

Spearheaded by the NPA's Chief Executive, Dr Mustapha Abdul-Hamid, the move
aligns with the government's goal of increasing LPG usage to 50% by 2030.

 

Speaking at a regional town hall meeting on the Cylinder Recirculation Model
(CRM) in Tamale, Deputy Chief Executive of NPA, Linda Asante, said smoke
from using charcoal and firewood, can lead to severe lung diseases,
especially among women and children.

 

 

She called on the people to switch to LPG as it is a safer and more
convenient cooking solution as it does not emit smoke and said the
government introduced the Cylinder Recirculation Module (CRM) policy to make
LPG more affordable, accessible, and available.

 

- Advertisement -"The NPA implemented a tender process for LPG importation,
which has resulted in reduced costs for the product. This reduction will
cater for any additional cost associated with the CRM value chain, such as
filling cylinders and distributing them to exchange points", Linda Asante
said.

 

The Head of Gas, Commercial Regulation of NPA, Mr. Obed Kraine Boachie, said
four LPG cylinder bottling plants--three in Tema and one in Kumasi--have
been established to fill cylinders for distribution to LPG marketers for
onward distribution to cylinder exchange points.

 

"The CRM value chain would create more jobs, and LPG marketing companies
would be the key drivers of the policy", Boachie said.

 

-Accra Time.

 

 

 

 

Ethiopia Tamirt Expo Expected to Generate Over 3 Billion Birr in Market
Linkages

Addis Ababa — The second edition of "Let Ethiopia Produce" (ETHIOPIA TAMRIT)
expo will be held from May 9-13, 2024 at the Millennium Hall, in Addis
Ababa.

 

"Let Ethiopia Produce" is a national manufacturing industry movement that
was launched two years ago by Prime Minister Abiy Ahmed with the objective
to boosting competitiveness of the sector by solving the bottlenecks in a
sustainable, integrated and comprehensive manner

 

The 5-day expo will depict the two-year journey of the movement, it was
learned.

 

More than 230 industries engaged various sector including in leather and
leather products, textile and garment, food and drinks, woods and wood
products, chemicals, construction, automobile, machinery, electronics among
others will participate at the expo.

 

 

It is also expected to showcase efforts being carried out to support the
manufacturing industry over the last two years.

 

Discussion forum will be organized to introduce and promote the new industry
policy of the country.

 

The expo is expected to attract tens of thousands of local and foreign
visitors and generate three billion Birr in market linkages.

 

The movement, as part of the 10-year development plan for the industry
sector anticipates addressing the challenges that producers at all levels
confront and creating a favorable business environment in the manufacturing
process.

 

Since, then the movement has been registering remarkable accomplishments in
encouraging import substitution, promoting export and contributing to expand
production and productivity.

 

-ENA.

 

 

 

 

Nigeria: No Moral Justification for Stopping N35,000 Wage Award - Labour

The Organised Labour says there is no moral justification for the Federal
Government to stop the payment of monthly N35,000 wage award to workers.

 

Mr Etim Okon, the President of Association of Senior Civil Servant of
Nigeria (ASCSN) said this in an interview with the News Agency of Nigeria on
Tuesday in Abuja.

 

Okon, also the Vice-President of the Trade Union Congress (TUC) said that it
was worrisome that workers had yet to receive their monthly wage awards for
March and April.

 

"There is a misinformation going round that the N35, 000 wage award was just
for six months, so for anyone, either from government side or otherwise to
contemplate that, then it is a misconception.

 

 

"The wage award we signed with the federal government on Oct. 2, 2023 in the
Memorandum of Understanding (MoU), is that they will continue to pay on till
the new national minimum wage is implemented.

 

"So, there is no moral justification for stopping it at all. They have paid
up to February and we still have outstanding for March and April.

 

"The federal government has to continue to pay until the Minimum Wage Act is
passed and implemented and that was what was agreed upon," he said.

 

He called on the federal government to do the needful and ensure the payment
of the award without much delay due to hardship being faced by workers over
the removal of fuel subsidy.

 

Vanguard News Nigeria

 

-Vanguard.

 

 

 

Uganda: Govt Exempts Electric Vehicle Makers From Stamp Duty

Kampala, Uganda — Companies manufacturing electric vehicles, electric
batteries, or electric vehicle charging equipment or fabricator of a frame
and body of an electric vehicle; and employ 80 percent of Ugandans will not
pay Stamp Duty Tax in the 2024/2025 financial year.

 

The exemption is part of the amendments in the Stamp Duty (Amendment) Bill,
2024 that was passed during plenary sitting on Monday, 06 May 2024, chaired
by Speaker Anita Among.

 

According to the Bill, to further quality for the exemption; the companies
shall have the capacity to use at least 80 percent of the locally produced
raw materials, subject to availability;

 

 

The Chairperson of the Committee on Finance, Planning and Economic
Development, Amos Kankunda, added that the company is required to have a
minimum investment capital of US$10 million in case of a foreigner, or
US$300,000 in case of a citizen or US$150,000 in case of a citizen who
invests up country.

 

"This is intended to promote investment in an environmentally friendly
transport system in Uganda," he said.

 

Nathan Nandala-Mafabi (FDC, Budadiri County West) said that Uganda is
endowed with herbs and hence, promoting their use by manufacturers is a move
in the right direction.

 

Pian County Member of Parliament, Remigio Achia, said that the exemption is
timely since youths are increasingly investing in science and innovations.

 

"Young people are engaged in innovations and it is very good," said Achia.

 

 

Karim Masaba (Indep., Industrial Division, Mbale City) welcomed the
exemption, saying that by employing 80 percent of Ugandans in such
companies, government would be protecting the citizenry.

 

Kira Municipality MP, Ibrahim Ssemujju, however, dissented from the
committee's report, arguing that according to the Auditor General, out of
the 36 companies that obtained tax incentives and exemptions, 22 were
performing below the 50 percent threshold, thereby failing to achieve the
desired employment levels.

 

 

"The Auditor General is advising us to stop tax exemptions because they are
not serving the purpose. You may not listen to the Opposition but at least
listen to the Auditor General," he said.

 

He added that tax exemptions cost government Shs1.4 trillion annually.

 

Butambala County MP, Muhammad Muwanga Kivumbi, called for comprehensive
study companies that are considered for tax exemptions, saying that some of
them lobby so as to avoid taxes.

 

"We do not have revenue and we are exempting without specific studies to
form our exemptions. We can exempt but let us be very elaborate with
studies," he said.

 

The lawmakers also approved a proposal of Stamp Duty exemption on shares or
other securities by an investor in a private equity or venture capital fund
regulated under the Capital Markets Authority Act.

 

The Minister of State for Finance, Planning and Economic Development
(General Duties), Henry Musasizi, said that this will stimulate the
economy's growth.

 

He added that taxing private equity and venture capital has forced potential
investors into neighboring countries such as Kenya and Tanzania.

 

"It is a new area and in order to attract capital, we need to exempt them
from the stamp duty tax," said Musasizi.

 

Dicksons Kateshumbwa (NRM, Sheema Municipality) supported the minister,
saying that based on the nature of equity and venture capital investments,
it is prudent that tax is waived until profits are realised.

 

"When someone [Investor] is coming in, we should reduce our appetite to tax
where there is no interest yet," Katesumbwa said.

 

Relatedly, legislators passed the Tax Procedures Code (Amendment) Bill, 2024
whose objective is to ensure that a tax payer who intends to claim a
deduction of or credit for goods destroyed informs the Uganda Revenue
Authority's Commissioner General before destruction of goods.

 

-Independent (Kampala).

 

 

 

 

Nigeria: Groups Blame Management Team for Lagos Water Crisis

The Amalgamated Union of Public Corporations Civil Service Technical and
Recreational Services Employees (AUPCTRE), Renevlyn Development Initiative
(RDI) and the Joint Action Front (JAF) have called for a thorough probe of
the successive management of the Lagos State Water Corporation (LWC) from
1999 till date to unravel the cause of poor water supply in the state.

 

The three organisations made the call even as they urged the Lagos State
Government to immediately recall the 391 staff of the corporation disengaged
allegedly on the grounds of redundancy on 15 April 2024.

 

 

In a joint media briefing held yesterday (Monday) they described the
disengagement of the staff as illegal and insisted the action, coming barely
four months after 450 contract workers were also booted out, is an
escalation of a well-choreographed process which started more than ten years
ago when the state government conceived plans to privatize water resources
and services.

 

Reading the joint statement by the organisations, AUPCTRE National
President, Benjamin Anthony said that the action of the Tijani Muktar
management breached Section 20 of Nigeria's Labour Law which explicitly
requires an employer to notify the trade union or workers' representative of
the reasons for and the extent of redundancy before terminating the
employment of its staff on account of redundancy.

 

Mr Anthony said that successive allegedly corrupt management imposed on the
LWC by the Lagos State Government was responsible for the poor performance
of the water corporation in the state, even as he listed some of the
projects needing probe to include the sum of N4 billion voted for
construction of Otta-Ikosi waterworks in 2007 yet it is not working, and N3
billion expended on the construction of an Independent Power Plant (IPP) for
the waterworks in Adiyan in 2010 which also included an additional N180
million expended monthly on fueling.

 

 

Others are N897 million released by the Lagos State government in 2018 for
rehabilitation of Iju and Adiyan Waterworks even though they are still not
working, as well as the sum of N789m released by the Lagos State Government
in 2018 for rehabilitation of mini and micro waterworks across Lagos

 

They also alleged that between 2022 and the present a whooping N2.7bn was
voted by the Lagos State Government and expended on the rehabilitation of
Ishasi waterworks supervised by Mr. Governor with no visible result.

 

The probe, according to the text should be extended to the purchase of
chemicals for year 2023 which was N950 million yet there was nothing to show
in terms of water production that year; N315 million paid as 50% advance
payment to contractor for the supply of liquid alum in October 2023 which is
yet to be supplied; N1.2 billion voted for purchase of chemicals in 2024 and
yet no production of water since the beginning of the year.

 

 

Others are the N9.5 million for repair of chemical store gate at Iju and
Adiyan and another N7.3 million for construction of falling fence at Apapa
waterworks.

 

In his intervention, AUPCTRE Lagos Chapter Secretary, Abiodun Bakare said
that there was no going back in the demand for the unconditional
reinstatement of all disengaged staff of the LWC.

 

Mr Abiodun said that the decision of the workers to press on with lawful
actions to achieve their goals is being misconstrued as trouble making as he
has been invited to meet with the Nigeria Police possibly to stop a planned
march to the House of Assembly to intimate the lawmakers of their plight.

 

He said that the deaths of three of the disengaged staff within a period of
one week is indicative of the trauma that most of them were passing through
while those who were not laid off have to live with the fear of job
security.

 

Taking a cue from him, Executive Director of RDI, Philip Jakpor said that
employment is a right in the same manner as access to water is even as he
added that the LWC management sacked staff on unfounded grounds of
redundancy at a time the staff strength of the corporation was just a mere
588 and needing more hands.

 

Jakpor said the entire exercise is a grand ploy to finally ram through water
privatization plans by the Lagos State Government and would be resisted by
Lagosians through legitimate means.

 

His views were also amplified by Achike Chude of JAF who said the poor
masses have had enough of being victims of the excesses of the thieving
political class. He reiterated the commitment of organized labour and civil
society to defeat the systematic march towards water privatization.

 

On the way forward, the three organisations demanded the unconditional
reinstatement of all disengaged staff of the LWC; Probe of all the water
contracts in Lagos since 1999, blacklisting of identified contractors and
recouping of all monies diverted, halt to the ongoing privatization of water
in Lagos and termination of all partnerships and any other collaboration
that aims to foist water privatization in Lagos.

 

-Premium Times.

 

 

 

 

TikTok sues to block US law that could ban app

TikTok has filed a lawsuit aiming to block a US law that would ban the video
app in the country unless it is sold by its Chinese parent company.

 

In the filing, the social media company called the act an "extraordinary
intrusion on free speech rights" of the company and its 170 million American
users.

 

It said the US had put forward only "speculative concerns" to justify the
measure and asked the court to stop it.

 

President Joe Biden signed the bill into law last month, citing national
security justifications.

 

It followed years of debate in Washington, which has claimed that TikTok's
Chinese ownership raises the risk that data on US users could fall into the
hands of the Chinese government or be used for propaganda.

 

TikTok has maintained it is independent of the government, while parent
company ByteDance has said it has no plans to sell the business.

 

The Chinese government has criticised the law as US "bullying" of a foreign
firm and signalled it would oppose a sale.

 

In a briefing with reporters on Tuesday, White House press secretary Karine
Jean-Pierre said the law was "not a ban. It is a divestment".

 

She referred further questions to the Department of Justice which declined
to comment.

 

Under the US law, app stores would be barred from offering TikTok in the US
starting in January 2025, unless parent company ByteDance found a buyer.
President Biden could extend that deadline by 90 days if talks are making
progress.

 

In the filing with the DC Circuit Court of Appeals on Tuesday, TikTok said
the sale requirement was "simply not possible: not commercially, not
technologically, not legally. And certainly not on the 270-day timeline
required by the Act".

 

It said the measure had unfairly singled out TikTok, creating a “two-tiered
speech regime with one set of rules for one named platform, and another set
of rules for everyone else”.

 

It noted that similar attempted bans, including by former president Donald
Trump, had met with trouble in US courts.

 

The company added that the decision by many politicians, including Mr Biden,
to maintain accounts on the app undermined the claims of a security threat.

 

The US has in the past restricted foreign ownership of broadcast television
and radio stations, which require government licences to access public
airwaves.

 

TikTok said its business was distinct, and the government could not dictate
ownership of "privately created speech forums".

 

It said it had spent more than $2bn in an effort to address US concerns,
creating safeguards on US data.

 

Jacob Helberg, who leads a committee charged by Congress with monitoring the
national security implications of US-China trade, said TikTok's investments
were viewed in Washington as a "deceptive marketing effort".

 

He said the lawsuit was "unserious" and failed "to address the national
security question at hand".

 

But Ashley Gorski, a senior staff attorney at the American Civil Liberties
Union, said TikTok's lawsuit made a persuasive case that the measure was an
effective ban, despite White House claims to the contrary, raising free
speech concerns.

 

"The government can't impose this type of total ban unless it's the only way
to prevent extremely serious and imminent harm to national security," she
said.

 

"There is no public evidence of harm that would meet the extraordinarily
high bar imposed by the first amendment."

 

She said comments by lawmakers, such as US Senator Mitt Romney, who recently
tied the widespread support for the measure in Congress to the desire to
shape US perceptions of the Israel-Gaza conflict, would make it harder for
the US to defend the law.

 

But Congressman John Moolenaar, the current leader of the committee that
helped to craft the law, said he was confident it would be upheld.

 

“Congress and the Executive Branch have concluded, based on both publicly
available and classified information, that TikTok poses a grave risk to
national security and the American people," he said.

 

"It is telling that TikTok would rather spend its time, money, and effort
fighting in court than solving the problem by breaking up with the Chinese
Communist Party."

 

The law aimed at TikTok is part of a number of actions the US has taken
against Chinese technology firms in recent years, as tensions rise between
the world's two biggest economies.

 

Separately on Tuesday, the Department of Commerce confirmed it had revoked
permissions that had allowed US companies to export certain goods to Chinese
technology giant Huawei.

 

The US sharply limited exports of items such as computer chips to Huawei
starting in 2019, citing ties to the Chinese military.

 

The measures hit the company hard but more recently it appeared to mount a
comeback.-BBC

 

 

 

 

UK startup gets $1bn funding for self-driving car tech

A UK firm developing artificial intelligence (AI) tech to power self-driving
cars has raised $1.05bn (£840m) in funding.

 

Microsoft and leading chip-maker, Nvidia, are among the companies investing
in Wayve's latest funding round, led by investment firm SoftBank.

 

It is the largest known investment in an AI company in Europe to date.

 

Wayve says the funding will allow it to help build the autonomous cars of
the future.

 

Prime Minister Rishi Sunak said it "anchors the UK’s position as an AI
superpower".

 

"The fact that a homegrown, British company has secured the biggest
investment yet in a UK AI start-up is a testament to our leadership in this
industry", he said.

 

"[The investment] sends a crucial signal to the market of the strength of
the UK’s AI ecosystem, and we look forward to watching more AI companies
here thrive and scale," said Wayve head Alex Kendall.

 

Despite their upbeat tone, all of the world's most valuable AI firms are
based in the United States or China.

 

The UK's competition watchdog is investigating whether a handful of big tech
firms are set to dominate much of the market.

 

Transport revolution

Wayve is developing technology intended to power future self-driving
vehicles by using what it calls "embodied AI".

 

Unlike AI models carrying out cognitive or generative tasks such as
answering questions or creating pictures, this new technology interacts with
and learns from real-world surroundings and environments.

 

What is AI, how does it work and what can it be used for?

UK transport secretary Mark Harper told the BBC in November that
self-driving vehicles could be on some UK roads by 2026.

 

The government's rules of the road for automated vehicles - which it says
will "unlock a transport revolution" - are expected to be passed by
parliament soon.

 

Its Automated Vehicles Bill establishes a regulatory framework for cars
enabled with assistive or autonomous driving features to be used safely on
UK roads.

 

The government says it will clear legal liability for companies and drivers.

 

Self-driving technology has though faced obstacles on its road to
international adoption.

 

US regulators continue to examine the safety of some manufacturers'
AI-powered assistive driving features following fatal crashes.

 

Ford is the latest car marker to face a probe by the National Highway
Traffic Safety Administration (NHTSA) over its BlueCruise driving tech
deployed in its Mustang Mach-E cars.

 

Tesla, owned by tech billionaire Elon Musk, recalled more than two million
of its vehicles in December following an NHTSA investigation into the safety
of its assistive driving system Autopilot.

 

The regulator asked Tesla on Tuesday to hand over information relating to
its fix as it probes whether this did enough to address its concerns.-BBC

 

 

 

 

Disney says password crackdown will increase subscribers

Disney is banking on a password crackdown and spate of sequels as it pushes
to make its streaming business profitable.

 

The company, which is under pressure as audiences move away from traditional
pay-TV and cinema, said it was on track to meet its goals after new
subscribers and price rises helped to narrow losses in its streaming
business.

 

Disney+ gained more than six million subscribers globally between January
and March, excluding India. The streaming service now has more than 117
million subscribers.

 

The increase is important for a service that has seen growth flag in recent
months but is viewed as critical to Disney's future.

 

However, Disney's share price tumbled by more than 8% with investors
remaining wary of its prospects.

 

Disney told investors that a planned password crackdown, which will start in
some countries this summer and roll out globally in September, should help
drive subscriber sign-ups in the months ahead.

 

It is also hoping a number of sequels bring fans to the box office.

 

Disney has follow-ups to its Moana and Inside Out movies as well as sequels
for Planet of the Apes and Deadpool.

 

Chief executive Bob Iger, whom Disney brought out of retirement in 2022 to
boost profits and investor confidence, admitted that the company was
"swinging back a bit to lean on sequels" after a period in which some of its
new films flopped.

 

"Given the competition in the overall movie market, there's a lot of value
in sequels obviously because they're known and cost less in terms of
marketing," he said.

 

Mr Iger added that the company would strike a "balance" with new films,
while cutting back on Marvel films and television shows to ensure what is
produced is higher quality.

 

Disney's sprawling empire, which includes news stations, sports-focused ESPN
as well as theme parks and cruise lines beyond its film and television
studio, has been buffeted by changes in the entertainment industry.

 

Mr Iger recently fended off a campaign by investment groups, which had
accused the company of being slow to respond.

 

In the most recent quarter, revenues in Disney's traditional television
business continued to drop, falling 8%, as subscribers cancelled and
advertising declined.

 

But Mr Iger said his turnaround plan was working, noting that Disney+
reported an operating profit of $47m in the first three months of the year,
compared with a loss of $587m in the same period a year ago.

 

Including ESPN+ and Hulu, home to hits such as Shogun, operating losses for
its streaming businesses narrowed to $18m in the quarter from $659m a year
ago.

 

“It’s extremely rare in streaming to hear the word ‘profitable’ but Disney
finally achieved it, kind of," said Mike Proulx, research director at
Forrester.

 

"This is a big turning point for Disney and for the streaming market in
general so long as content quality and frequency don’t get compromised," he
added.

 

Revenue in the company's experiences division, which includes its theme
parks and cruise lines, grew 10%.

 

It warned investors that it was seeing signs that travel was moderating from
the post-Covid boom, but said it expected growth to rebound later this year.

 

Overall, the company said revenue rose about 1% to $22.1bn.

 

It reported an overall loss of $20m, which was affected by a $2bn charge
related to the merger deal it struck for its business in India, which has
struggled after it lost key rights to show certain cricket matches.-BBC

 

 

 

 

Microsoft axes four game studios including Hi-Fi Rush developer

Microsoft is shutting four studios, including Tango Gameworks, the
developers of Bafta award-winning Hi-Fi Rush.

 

The Tokyo studio is being closed alongside Texas-based Arkane Austin and
Canadian developer Alpha Dog Studios.

 

Wisconsin-based Roundhouse Games will be absorbed into Elder Scrolls Online
developer ZeniMax Online Studios.

 

Microsoft has not said how many jobs will be cut as a result of the
closures, which are all being made at subsidiary Bethesda - which the tech
giant bought for $7.5bn (then £5.85bn) in 2020.

 

"I just want to say that I love all the people at Arkane Austin so much,"
said studio head Harvey Smith in a post on X.

 

"Great times, hard times, we went through so much, together."

 

Head of Xbox Games Studios Matt Booty announced the news in an email to
staff, seen by the BBC.

 

He said the move meant it was ending development on Arkane Austin game
Redfall, with "some members of the team" joining other studios.

 

The company plans to “provide make-good offers” to players who had
pre-ordered downloadable content for the game that will now never see the
light of day.

 

“These changes are grounded in prioritising high-impact titles and further
investing in Bethesda’s portfolio of blockbuster games and beloved worlds
which you have nurtured over many decades,” he wrote.

 

He said there would also be "a small number of roles" cut across Bethesda's
publishing and corporate teams.

 

'A gut stab'

Hi-Fi Rush was much admired by critics when it was released in 2023 - the
game went on to win several end-of-year awards for its animation and sound
design.

 

But alarm bells began ringing at Tango Gameworks after it was among the four
games Microsoft released on rival consoles this year.

 

Its founder, Shinji Mikami, had already left to start his own rival studio.

 

The closure of Tango Gameworks means an end to the studio responsible for
several popular games, including The Evil Within and Ghostwire: Tokyo.

 

In a short post on X, formerly Twitter, the developer thanked its fans.

 

"Thank you to everyone who explored the worlds we created," it said.

 

The move has been met with criticism from gamers as well as those within the
company, with Dinga Bakaba, the studio head of Arkane Austin sister studio
Arkane Lyon, calling the cuts "absolutely terrible".

 

"Permission to be human: to any executive reading this, friendly reminder
that video games are an entertainment/cultural industry, and your business
as a corporation is to take care of your artists/entertainers and help them
create value for you," he wrote on X.

 

"For now, great teams are sunsetting before our eyes again, and it's a gut
stab."

 

It is the latest string of cuts to come in an industry that has already seen
tens of thousands of jobs lost, with Bethesda itself already facing cuts
announced in January 2024.

 

At that point, Microsoft had around 22,000 people working in its gaming
division.-BBC

 

 

 

 

Nintendo Switch 2: Official announcement promised within next year

Nintendo has finally broken its silence on the successor to its smash-hit
Switch - but don't get too excited.

 

Fans have been eagerly awaiting news on the console for months, but little
official information has emerged.

 

Nintendo president Shuntaro Furukawa has now promised an announcement at
some point before March 2025.

 

But he also said there would be no mention of the new machine at the
company's Nintendo Direct event next month.

 

In a post on X, the boss of the Japanese company, said: "It will have been
over nine years since we announced the existence of Nintendo Switch back in
March 2015."

 

 

He said next month's Direct would focus on the "Nintendo Switch software
line-up for the latter half of 2024".

 

"But please be aware that there will be no mention of the Nintendo Switch
successor during that presentation," he said, adding that this information
would arrive "within this fiscal year".

 

The company holds several of the trailer showcases each year, and recent
outings have sparked masses of speculation about whether the "Switch 2" - as
fans have unofficially called the new machine - would appear.

 

Other announcements, such as the reveal of upcoming Pokemon Legends: Z-A,
have also sent the rumour mill into overdrive.

 

Fans might have to wait a little bit longer for news on Mario's next major
console game

 

There's never been much doubt that Nintendo was working on something - the
original Switch has sold more than 130 million units since it was released
in 2017.

 

It hasn't seen too many blockbuster releases since last year's Legend of
Zelda: Tears of the Kingdom and Super Mario Wonder.

 

The company has released Mario Vs. Donkey Kong and Princess Peach: Showtime!
this year, but beyond remakes of Luigi's Mansion 2 and role-playing game
Paper Mario: The Thousand-Year Door, no further in-house titles are planned.

 

There are also complaints that the seven-year-old console struggles to run
some newer games.

 

Piers Harding-Rolls, head of games research at Ampere Analytics, told the
BBC some Nintendo fans had been "demanding a more powerful Switch for at
least the last three years".

 

 

But, he said, the company has refused to rush out a new machine and kept
customers interested with upgrades such as the revised OLED screen model
released in 2021.

 

"From 2021 to the end of 2023, Nintendo sold 60 million more Switch consoles
to consumers globally and has generated operating profits in excess of $10bn
(£7.98 bn) based on today's exchange rates," he said.

 

The post from company boss Mr Furukawa coincided with Nintendo releasing its
financial results for the past year.

 

While it reported a rise in profits, sales of software and hardware were
down, but the company said the Switch had 123 million annual users despite
being eight years old.

 

It also said it had plans to expand the use of Nintendo characters into
other areas.

 

 

These include the next Mario movie, a Donkey Kong Country area of its Super
Nintendo World attraction at Universal Studios Japan, and a new company
museum near its HQ in Kyoto, Japan.

 

As for the Switch follow-up, various rumours and alleged leaks about the new
machine's capabilities have emerged over the past year, but nothing has been
confirmed by Nintendo itself.

 

Piers believes that the follow-up won't be a massive change in direction,
unlike some of Nintendo's previous console releases.

 

"Judging by the success of the Switch, we expect the new device to be a
similar form factor and to continue the legacy of the original product," he
said.

 

 

Piers said he expects the new console to be released in the first half of
2025.

 

But we can now say, with confidence, that we'll know something by the end of
this (financial) year.-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 

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www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


 (c) 2024 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

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