Major International Business Headlines Brief::: 09 May 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  09 May 2024 

 


 


 

	
 


 

 


 

ü  Kenya: KMPDU Calls Off Doctors Strike After 56 Days in Deal With MOH, COH

ü  South Africa: Commuters Battle to Get Refunds After Cape Town Train Lines
Suspended

ü  Kenya: Ketraco Restores Grid Supply to Kisii After Gang Attack On
Substation

ü  Namibia: Concern Over Declining Social Security Grants

ü  South Africa: Coal Mine Accused of Making 'Manifestly Scurrilous'
Allegations Against Opponents

ü  Nigeria: Just in - Bribery Allegation: Reps Vow to Take Action Against
Binance

ü  Africa: Artisanal Mining Key to Africa's Development

ü  Nigeria: Cyber Security Levy'll Push More Nigerians Into Poverty - Peter
Obi

ü  Kenya: Civil Aviation Stakeholders Validate New Regulations

ü  Parts supplied to Boeing had 'serious defects' - whistleblower

ü  Disney and Warner to bundle streaming services

ü  Chinese PR boss says sorry for glorifying overwork

ü  Anger in Nigeria over levy on money transfers

ü  US revokes licences for sales of chips to Huawei

 


 

 


 <https://www.cloverleaf.co.zw/> Kenya: KMPDU Calls Off Doctors Strike After
56 Days in Deal With MOH, COH

Nairobi — Doctors across the nation on Wednesday ended their nationwide
strike following the signing of a return-to-work agreement with the Ministry
of Health and counties.

 

The agreement was signed in the presence of Felix Koskei, the Head of Public
Service.

 

The Kenya Medical Practitioners and Dentists Union (KMPDU) members had been
on strike for 56 days until Wednesday.

 

"The strike has been called off and doctors should resume work immediately,"
Davji Atellah, KMPDU Secretary General said.

 

The strike's sticking points included the intern doctors' pay and working
conditions, as well as the implementation of a previously agreed-upon
collective bargaining agreement.

 

During the signing, Atellah revealed that the matter concerning interns had
not been definitively resolved.

 

As a result, there is a 60-day period during which the posting of medical
interns will be suspended until a binding agreement is reached.

 

- Capital FM.

 

 

 

 

South Africa: Commuters Battle to Get Refunds After Cape Town Train Lines
Suspended

Metrorail power failure affects Cape Flats and Southern Line commuters on
Tuesday

 

Cape Town train commuters struggled to get refunds on Tuesday afternoon
after trains on the Southern Line were suspended.

 

Metrorail provincial spokesperson Zino Mihi explained that trains were
briefly unable to run due to a power failure. "The power failure affected
the signaling equipment, which resulted in our service being impacted," said
Mihi.

 

According to Metrorail's Twitter page, the "signal equipment failure at
Muizenberg and Wynberg", impacted both the Southern and Cape Flats train
services. Consequently, trains on the Southern and Cape Flats lines were
temporarily suspended.

 

 

Meanwhile, commuters were left stranded on Tuesday afternoon. At the
Rondebosch station, one commuter, a GroundUp staff member, explained that he
had purchased a return ticket earlier that day at the Steenberg train
station. While waiting to return home, he was notified that the trains had
been suspended and commuters could request a refund.

 

When trying to get refunded, he was informed he could only request a refund
from the Steenberg station where he had purchased a return ticket.

 

In their updates, Metrorail stated: "Commuters are advised to make use of
[their] own alternative transport in the affected areas."

 

Asked why no alternative transport was provided by Metrorail for stranded
commuters, Mihi said they no longer have a contract with Golden Arrow bus
services.

 

 

"We are currently looking into a longer term solution on this. The provision
of public transport is provided in unison between the bus and train
operators. At the moment we are unable to do that because we don't have a
unified ticketing system that would be used on all subsidised modes of
transport," said Mihi.

 

When GroundUp visited the Rondebosch station around 4:15pm, we were told by
staff that they were awaiting a train from the Wynberg station. At the time,
there had been no trains since 1:20pm.

 

Several commuters asked for refunds at the Rondebosch station, but were told
by staff that they could not issue refunds as they feared there would not be
enough cash float to give other commuters change.

 

Mihi said commuters can get their refunds at any station. "We are
investigating the issue you are referring to," she said.

 

Phumza Mhlungwini, from the rail activist group #UniteBehind, said:
"Commuters, who budget and buy monthly tickets now do not get the value of
their purchase. For poor commuters, even the cost of a day's ticket can mean
the difference between having food on the table or not."

 

Speaking on the lack of alternative transport provided to commuters by
Metrorail, Mhlungwini said alternative transport like taxis and buses are
"around five times more expensive than using trains".

 

"This is a huge financial burden for commuters, especially the poor and
working class. Commuters will also be delayed and may face disciplinary
action. They will have fear and anxiety over the uncertainty that the
situation creates," Mhlungwini said.

 

- GroundUp.

 

 

 

 

Kenya: Ketraco Restores Grid Supply to Kisii After Gang Attack On Substation

Nairobi — The Kenya Electricity Transmission Company (KETRACO) has
reconnected Kisii County to the power grid after an attack on its substation
plunged the county into darkness on Tuesday.

 

A gang raided the KETRACO-owned Kegati 132/33kV power substation in an
unprecedented incident Tuesday morning.

 

KETRACO Managing Director John Mativo the transmission firm had energized
transformer TX1 and loaded four outgoing 33kV feeder lines to serve
customers.

 

The lines restored power to Kisii, Kiamakoma, Kilgoris, and Kisii East
towns.

 

 

"Following Tuesday's vandal invasion of KETRACO owned Kegati 132/33kV
sub-station in Kisii County, we are glad to report that we have managed to
energize KETRACO's transformer TX1 and loaded four outgoing 33kV feeder
lines to serve customers," he stated.

 

"We thank the residents of Kisii region for their patience as our engineers
work towards full restoration of normal power supply. KETRACO highly regrets
any inconvenience caused," Mativo added.

 

KETRACO said its team was working jointly with Kenya Power to lay and
terminate Homabay feeder cables vandalized by the gang.

 

The joint team will also repair and restore transmission transformer 2
belonging to Kenya Power.

 

KETRACO urged the members of the public to refrain from engaging themselves
in vandalism of any kind.

 

"If found involved in the mentioned criminal activities under the Act, one
would be liable to a fine of not less than Sh5 million" or face a ten-year
term imprisonment," Mativo warned.

 

"Members of the public are urged to report any such vandalism to the nearest
police station, or contact the KETRACO hotline on 991 (Toll-Free) or +254 20
4956000," he appealed. - Capital FM.

 

 

 

 

Namibia: Concern Over Declining Social Security Grants

Labour expert Herbert Jauch has raised concerns over the decline in payout
amounts and beneficiaries of social security grants, which is unusual
considering the ever-growing population.

 

He said this after Social Security Commission (SSC) spokesperson Unomengi
Kauapirura provided statistics for the last five years.

 

Jauch said every year, as the population grows and more babies are born,
more women should be receiving maternity benefits.

 

"However, we must keep in mind that SSC only pays out to those who are
registered with the commission and these are usually people who are formally
employed and who have completed the registration [process]," he said.

 

 

Ministry of Labour, Industrial Relations and Employment Creation executive
director Lydia Indombo says payouts to beneficiaries are determined by
various factors such as periods of leave taken and salary scales, among
others.

 

"It is difficult to fairly weigh where the decline is and to justify the
impact it has on the labour market, as the payout amount and beneficiaries
provided are a collective of the different benefits," she says.

 

She says the decline may be a result fewer employees taking sick and
maternity leave or an issue of non-compliance in terms of submitting claims
related to sickness, maternity and death.

 

SSC has paid out a total amount of N$1,7 billion to more than 190 000
beneficiaries for maternity and sick leave, death benefits and retirement in
the past five years.

 

The year 2023 saw a payout of N$257,8 million to 27 854 beneficiaries.

 

This is a gradual drop from 2022, when payouts done by the commission stood
at N$310,6 million to 35 173 beneficiaries.

 

- Namibian.

 

 

 

 

South Africa: Coal Mine Accused of Making 'Manifestly Scurrilous'
Allegations Against Opponents

A coalition against mining in the Mabola Protected Environment want
"scandalous" and "irrelevant" claims struck from court record

 

A coalition opposing a new coal mine in the Mabola Protected Environment say
the mine makes "scandalous, vexatious and irrelevant" claims about them in
its court papers.

The coalition wants the claims made by Uthaka Energy struck from the record.

The coalition is in court seeking to reverse changes to the boundaries of
the protected environment that it says were made to allow for coal mining.

Uthaka Energy accuses the coalition of applying a "not bona fide" strategy
to oppose coal mining everywhere.

 

A coalition opposing the development of a new coal mine in a protected area
has brought an application to have what it calls "scandalous, vexatious and
irrelevant" claims about it made in an affidavit by Uthaka Energy struck
from the record.

 

This forms a subsidiary application made during the recent hearing of the
coalition's main suit: a review and rescind application to reverse recent
changes to the boundaries of the Mabola Protected Environment near
Wakkerstroom, Mpumalanga, that were unlawfully made to facilitate the
establishment of the mine, the coalition says.

 

Uthaka Energy (previously Atha-Africa Ventures) has been trying for the past
decade to develop its proposed Yzermyn coal mine. It has been challenged at
every step by a coalition of eight faith, environmental and civic
organisations opposed to the mine project.

 

Uthaka Energy is the second respondent in the review application, but the
only one of seven respondents to file an answering affidavit and legally
oppose the review.

 

Its 36-page affidavit was deposed to by Praveer Tripathi, the South African
representative of the company. Tripathi made a number of contentious claims
and allegations about the coalition.

 

The coalition took exception to these. In its replying affidavit, signed by
Sven (Bobby) Peek, director of coalition member groundWork, allegations in
Tripathi's affidavit are described as "scandalous, vexatious and
irrelevant".

 

"Not only are these allegations baseless, but they are manifestly
scurrilous, and their inclusion prejudices the applicants. The publication
of these unfounded allegations may unreasonably cause injury to the
applicants' reputation and are prejudicial," states Peek.

 

"It goes without saying that the applicants deny that any of these vexatious
allegations are true or relevant to the matter. The applicants will seek a
costs order on the scale of attorney and client at the hearing of this
application."

 

 

During the hearing of the main review application on 16 April in the
Mbombela High Court, the coalition brought a separate application to
strike-out the eight contested paragraphs. Some of the claims made by
Tripathi in these paragraphs read:

 

"19.2. The applicants are a lobby group funded mainly from abroad, by the
European Union and other environment organisations such as Greenpeace,
Swedish Society for Conservation of Nature, and they have access to large
amounts of funds, which they spend on securing the services of teams of
lawyers and advocates, who are briefed to take any steps to frustrate the
implementation of any mining project that the Green Lobby contends will be
damaging to the environment, and their main tactic is to launch review after
review application against every decision taken by any government official
which opposes their position.

 

"The Court should be mindful of this tactic, and understand that this
current application is part of this overall strategy and tactic and is not
bona fide complaint to be considered on its merits...

 

"19.3. The Green Lobby operates out of Cape Town and/or Johannesburg, its
members sit in air-conditioned offices, and have access to large amounts of
resources, and the Lobby is run by educated and privileged personnel who
lack for nothing. There is no connection between the Green Lobby and the
local population in the mining areas, on whose behalf they purport to
speak...

 

"19.4. "In essence, this entire dispute can be summarised as a dispute
between rich whites and poor blacks, between left-wing politics and
right-wing politics, and the disputes which occur when balancing interests,
such as protecting the environment against economic growth and job
creation...

 

"19.5. ... In addition, the so-called articles attached to the affidavit [of
the coalition] should be taken with a large pinch of salt, and if the Court
wishes to consider same, it needs to do so with the following in mind:

 

44. 1 The authors of the articles all come out of the same stable as the
Applicants, and their aim is to achieve the Green Lobby's objective of no
coal mining.

 

44. 2 The articles are opinion articles, written with a clear perspective
opinion and do not contain the other side of the story, and do not
constitute scientific evidence and have never been subject to peer review.
The authors are paid by the Green Lobby, and are hardly independent minded
...

 

"19.6. The Green Lobby sets up group after group purporting to represent
different environmental issues, however these groups do not identify their
members, and constitute nothing than a few individuals [sic] operating out
of Cape Town or Johannesburg, and funded by European partners, to object to
any issues relating to mining in South Africa.

 

"19.7. The grounds of review are not bona fide and PAJA [Promotion of
Administrative Justice Act] is being abused."

 

Uthaka opposed this subsidiary application.

 

Acting Judge Mosidi Moleleki did not make any ruling on the strike-out
application and her judgment on the main review application was also
reserved.

 

In his response to an invitation to comment, Uthaka Energy's attorney Rael
Zimerman said, "Neither GroundUp nor any of the [coalition] parties to the
litigation have the support of the communities which they purport to
represent, and they certainly don't speak on their behalf." [Zimerman
appears to have mixed up GroundUp with groundWork. The two organisations are
completely unrelated. GroundUp is solely a news agency and has no
involvement in any of these court cases, while groundWork is one of the
coalition members. - Editor]

 

- GroundUp.

 

 

 

 

Nigeria: Just in - Bribery Allegation: Reps Vow to Take Action Against
Binance

The CEO of Binance, Richard Teng, claimed on Tuesday that the House
Committee on Financial Crimes demanded bribe from the representatives of the
firm during a meeting at the National Assembly Complex in January

 

The House of Representatives says it will be taking appropriate action
against cryptocurrency giant, Binance, over the latest bribery allegation
against it.

 

The CEO of Binance, Richard Teng, in a post on Tuesday, stated that the
House Committee on Financial Crimes, chaired by Ginger Onwusibe (LP, Abia),
demanded money from representatives of Binance during a meeting at the
National Assembly Complex in January.

 

 

"As our employees were leaving the venue, they were approached by unknown
persons who suggested to them to make a payment in settlement of the
allegations," Mr Teng wrote.

 

According to Mr Teng, the meeting was chaired by "Peter Akpanke, the
Honourable Philip Agbese, and the Honourable Peter Aniekwe, as well as a
clerk."

 

Upon resumption of plenary on Wednesday, a member, Kama NkemKanma raised an
order of privilege, stating that the claim by Binance CEO is an attempt to
embarrass the House.

 

In his submission, Mr Nkemkanma claimed that the House never had any
encounter with Binance.

 

"We have never invited this person before. This House has never had a
meeting with this person before. And this person woke up one morning and
decided to accuse this House of demanding a bribe from them. This House can
never allow itself to be embarrassed or talked down on in any way," he said.

 

However, the claim by Mr Nkemkanma is false because PREMIUM TIMES reported
that the House Committee had several interface with Binance.

 

In his ruling, Speaker Abbas Tajudeen also maintained the same false claim
that the committee never had an interface with Binance.

 

He, however, directed the Clerk of the House, Yahaya Danzaria, to use "media
available to us refute this allegation".

 

"Nothing like that has ever happened. No committee of the House has ever
engaged this man," Mr Tajudeen said.

 

Details later...

 

- Premium Times.

 

 

 

 

Africa: Artisanal Mining Key to Africa's Development

HARNESSING the potential of Artisanal Small Scale Miners (ASM) is key in
developing Africa's mineral sector and improving the livelihoods of its
people.

 

Africa has a rich endowment of various minerals and accounts for 30 per cent
of the world's mineral reserves.

 

The continent has reserves of metals such as copper, cobalt, iron, lithium
and gold as well as of gemstones like emeralds, amethyst and tourmaline.

 

The mining and mineral sector is currently dominated by ASM mostly in
gemstones and developmental minerals mining.

 

 

The ASM sector has for many years been a source of income for a significant
portion of the informal sector, particularly women in Africa.

 

Globally, it's estimated that more than 40 million people work in this
unregulated sector which is poverty driven.

 

In most African countries, ASM are facing various challenges like low
productivity, limited information on geological data, lack of capital and
equipment, limited access to markets and there is no regard for health and
environmental standards and the absence of social security among them.

 

This sector is largely unregulated resulting in limited information on
production, revenues, employment and operations.

 

Governments in many countries regard ASM as an illegal activity which
consequently lack adequate regulatory and policy framework which prevents
the formalisation of the sector.

 

ASM activities in Zambia are largely dominated by minerals such as amethyst,
manganese, red garnet, topaz, emeralds, gold, tourmaline and copper ore
dumpsites.

 

Despite the activities being in existence for many years, the sector has
remained informal due to lack of information on how to conduct the activity.

 

For this reason, the Africa Minerals Development Centre (AMDC) is developing
a Continental ASM Strategy that will be based on the African Mining Vision
(AMV) outcome desire for "improved and sustainable entrepreneurship in an
environmentally and socially responsible manner, leading to sustainable
livelihoods and growth".

 

AMDC programmes officer Mkhululi Ncube says the ASM continental strategy
will provide a road map for the continent in a manner that can provide
granularity of implementation to country-level in line with the mining
vision guidebook.

 

"The ASM strategy implementation plan will be allied to improving the
viability, progressivity and sustainability of artisanal and small scale
mining sector to enhance its contribution to growth and development through
gaining access to training, extension services, finance, marketing and
cleaner efficient technologies, "he said.

 

 

Mr Ncube explains that the ASM continental strategy implementation plan will
align to the African Union delivery strategic plan for 2024 to 2028 and
aligned to the agenda 2063.

 

Mr Ncube says the strategy will ensure advocacy for financial inclusion
through mobile phone operators.

 

He says AMDC will use mobile phone operators to get accurate data on the
number of ASM in Africa as it was currently in estimates.

 

The ASM associations and stakeholders from east and southern Africa recently
convened in Dar es salaam, Tanzania for a consultative workshop on ASM
continental strategy development.

 

The various associations proposed action that should be considered and fed
into the continental strategy with the first step being the formalisation of
the sector.

 

The ASM associations want the formalisation of the ASM sector in member
States and draw lessons from Tanzania which has achieved 85 per cent
formalisation.

 

The Emeralds and Semi-Precious Stones Mining Association of Zambia (ESMAZ)
president is of the view that there should be provision of exploration
equipment to define the geological data of their tenements.

 

ESMAZ president Victor Kalesha says the provision of equipment will empower
ASM and thereby grow the mining industry and create the much needed jobs and
wealth for the continent.

 

The Federation of Small Scale Miners of Zambia (FSSMAZ) says the strategy
should include the reduction of various mineral taxes and fees by
governments to help ASM grow and formalise their operations.

 

President Joseph Mwansa calls on African countries to look at the current
needs of the international market and invest in training and development.

 

Emerging Namibia Mining Association president Teckla Mutero says there is
need for support mechanisms to organise ASM operations in Africa.

 

Zimbabwean Women in Mining Association (ZWIMA) chairperson Kundai Chikonzo
calls for support mechanisms to organise women ASM operators as the majority
into association and cooperatives to make it easy for formalisation.

 

Kenya Chamber of Mines (KCM) president Patrick Kanyolo calls for the
collaboration from practical perspectives in Africa.

 

Centre for Occupational Health and Environment in Africa (COEHA) says health
of the ASM should be a priority in formalising their operations.

 

 

Chief executive officer Omer El-Nagieb says minerals such as silica are
poisonous and can kill ASM and the people around their operations.

 

Delve Exchange-knowledge exchange coordinator Blessings Hungwe calls for the
ASM to take care of their environment by land rehabilitation and tree
planting.

 

The Federation of Miners Association of Tanzania (FAMATA) president Lister
Bangelele says there is need to promote ASM inclusive dialogue and
empowering players.

 

Oxford Kenya extractive strategist Alaka Lungozo calls for ASM policies that
ensure information availability to communities through collaborations among
regulators, industry and civil society.

 

While access to finance by ASM is a challenge due to lack of collateral,
Aurelius Resources representative Tashinga Kanyemba calls for the provision
of alternative financing models for ASM.

 

Woow Me Jewelry proprietor Meckdilder Mchomvu, who is into gemstones value
addition, calls for technical intervention, investment in research and
development to help build capacity of ASM in Africa.

 

The Africa Legal Service Foundation representative Steven Muhammad says
while preparing for ASM growth, there was need for players to understand
legal frameworks that safeguard their operations.

 

Mr Muhammad says there is need for ASM to know the laws which govern them as
well as understand the contract that they enter into with other investors.

 

Africa Union Commission (AUC) acting director industry, minerals,
entrepreneurship and tourism Chiza Chiumya says the strategy should include
value addition of minerals produced in Africa.

 

Mr Chiumya says ASM can realise their potential through strategic
collaborations and innovative approaches.

 

He calls on African countries to sign and ratify the African Minerals
Development Centre (AMDC) statute as it can help them achieve progress and
the development of the sector.

 

- Times of Zambia.

 

 

 

 

Nigeria: Cyber Security Levy'll Push More Nigerians Into Poverty - Peter Obi

The presidential candidate of the Labour Party, in the 2023 general
election, Peter Obi, has described the newly introduced cyber security levy
by the President Bola Tinubu-led Federal Government, as one tax too many.

 

He noted that the tax is ill conceived and designed to milk a dying economy.

 

The former Anambra State governor said this in a series of tweets on his X
handle, on Wednesday.

 

According to him, instead of nurturing the economy back to health and
growth, the current administration with its multiple taxation, is more
interested in heaping additional burdens on Nigerians who are already under
severe economic stress.

 

 

Obi said, "The introduction of yet another tax, in the form of Cybersecurity
Levy, on Nigerians who are already suffering severe economic distress is
further proof that the government is more interested in milking a dying
economy instead of nurturing it to recovery and growth.

 

"This does not only amount to multiple taxation on banking transactions,
which are already subject to various other taxes including stamp duties but
negates the Government's avowed commitment to reduce the number of taxes and
streamline the tax system.

 

"The imposition of a Cybersecurity Levy on bank transactions is particularly
sad given that the tax is on the trading capital of businesses and not on
their profit hence will further erode whatever is left of their remaining
capital, after the impact of the Naira devaluation high inflation rate.

 

"It is inconceivable to expect the suffering citizens of Nigeria to
separately fund all activities of the government.

 

"Policies such as this not only impoverish the citizens but make the
country's economic environment less competitive.

 

"At a time when the government should be reducing taxes to curb inflation,
the government is instead introducing new taxes. And when did the office of
the NSA become a revenue-collecting center?

 

"And why should that purely national security office receive returns on a
specific tax as stated in the new cybersecurity law?"

 

- Vanguard.

 

 

 

Kenya: Civil Aviation Stakeholders Validate New Regulations

Nairobi — Stakeholders in the civil aviation sector have concluded
deliberations of new regulations proposed for promulgation under the Civil
Aviation Act.

 

Stakeholders engaged during a three-day validation conference that reviewed
the draft Aviation Regulations seeking to enhance the sector's safety,
efficiency, and sustainability.

 

The Kenya Civil Aviation Authority (KCAA) noted in a statement on Wednesday
that the engagement signifies a critical step in the rule-making process,
allowing aviation stakeholders to achieve consensus on regulatory provisions
by the Statutory Instruments Act and Kenya's Constitution.

 

 

Speaking during the closing session of the meeting, KCAA Board Chairperson
Brown Ondego applauded the stakeholders for offering crucial inputs to the
regulations.

 

"The feedback, insights, and constructive criticism provided during this
exercise will undoubtedly enrich the final draft of the regulations,
ensuring that Kenya promulgates a body of regulations that is robust and
effective," said Ondego.

 

He added that this collaboration will extend beyond the regulation-making
process to ensure effective implementation of the regulations and committed
that KCAA will remain available to support the industry.

 

Collaborative approach

 

Jacob Narengo, Chairperson of the Licensing Air Services Technical Committee
(LASTC) of the KCAA Board, said the exercise reflected the shared commitment
to fostering dialogue, promoting understanding, and collaborating to shape
the future of civil aviation in Kenya.

 

 

"This exercise underscores the Authority's commitment to ensuring compliance
and meaningful stakeholder engagement, tailored to the unique scope and
complexity of our aviation industry."

 

By ensuring passengers' safety, airlines' efficiency, and the aviation
industry's sustainability, aviation regulations are critical to operations.

 

Further, they reflect a country's dedication to maintaining the highest
standards in all aspects of civil aviation to address emerging aviation
security threats and challenges.

 

KCAA noted that as a contracting state of the International Civil Aviation
Organization (ICAO), Kenya is bound by the provisions of the Chicago
Convention.

 

Article 37 emphasizes the obligation for states to collaborate in ensuring
uniformity in regulations, standards, and procedures related to air
navigation.

 

The Authority noted the validation conference was key to fulfilling the
international obligation entrusted to Kenya, a responsibility KCAA noted
goes beyond national borders and is essential for advancing a country's
national interests.

 

When promulgated, the regulations will instill more confidence among
passengers, airlines, and other stakeholders, aligning Kenya's aviation
industry with international best practices, ultimately, creating a reliable
and trustworthy aviation environment, supporting the country's growth and
connectivity. - Capital FM.

 

 

 

 

Parts supplied to Boeing had 'serious defects' - whistleblower

Fuselages made by Boeing's largest supplier regularly left the factory with
serious defects, according to a former quality inspector at the firm.

 

Santiago Paredes who worked for Spirit AeroSystems in Kansas, told the BBC
he often found up to 200 defects on parts being readied for shipping to
Boeing.

 

He was nicknamed "showstopper" for slowing down production when he tried to
tackle his concerns, he claimed.

 

Spirit said it "strongly disagree[d]" with the allegations.

 

"We are vigorously defending against his claims," said a spokesperson for
Spirit, which remains Boeing's largest supplier.

 

Mr Paredes made the allegations against Spirit in an exclusive interview
with the BBC and the American network CBS, in which he described what he
said he experienced while working at the firm between 2010 and 2022.

 

He was accustomed to finding "anywhere from 50 to 100, 200" defects on
fuselages - the main body of the plane - that were due to be shipped to
Boeing, he said.

 

"I was finding a lot of missing fasteners, a lot of bent parts, sometimes
even missing parts."

 

Boeing declined to comment.

 

'Fuss'

Spirit AeroSystems and Boeing have both come under intense scrutiny after an
unused door came off a brand new 737 Max shortly after take-off in January,
leaving a gaping hole in the side of the plane. According to investigators,
the door had originally been fitted by Spirit, but had subsequently been
removed by Boeing technicians to rectify faulty riveting.

 

The incident prompted the US regulator, the Federal Aviation Administration,
to launch an audit of production practices at both firms. It found multiple
instances where the companies failed to comply with manufacturing control
practices.

 

Mr Paredes told the BBC that some of the defects he identified while at
Spirit were minor - but others were more serious.

 

He also claimed he was put under pressure to be less rigorous.

 

"They always made a fuss about why I was finding it, why I was looking at
it," he said.

 

"They just wanted the product shipped out. They weren't focused on the
consequences of shipping bad fuselages. They were just focused on meeting
the quotas, meeting the schedule, meeting the budget
 If the numbers looked
good, the state of the fuselages didn't really matter," he alleged.

 

Whistleblowing

Many of Mr Paredes' alleged experiences at Spirit form part of his testimony
in legal action that disgruntled shareholders have brought against the firm.

 

However, in legal documents he is referred to simply as "Former Employee 1".
This is the first time Mr Paredes, a former Air Force technician, has spoken
publicly.

 

Getty Images Boeing 737 Max planeGetty Images

Before his departure from the firm, Mr Paredes led a team of inspectors
based at the end of the 737 Max production line.

 

A second former quality auditor, Josh Dean, whose claims were also to form
part of the lawsuit, passed away last week after contracting a serious
bacterial infection.

 

The lawsuit accuses the company of deliberately attempting to cover up
serious and widespread quality failings, and exposing shareholders to
financial losses when those failings became exposed. Spirit said it
"strongly disagrees" with the assertions in the legal action.

 

Boeing support

Spirit was once part of Boeing and remains the planemaker's primary
supplier. It builds the fuselage for every 737 Max at its factory in
Wichita, Kansas, before shipping them to Boeing's own facility in Renton,
near Seattle, Washington. It also makes large parts of the 787 Dreamliner.

 

It is now in a difficult position. It is haemorrhaging cash, and lost $617m
(£494m) in the first three months of the year.

 

Boeing has agreed to provide financial support, and is in talks to buy back
its former subsidiary.

 

Sources within the aerospace giant insist that efforts are under way to
address quality concerns at Spirit, and these have succeeded in reducing the
number of faults in parts leaving the Wichita factory by around 80%.

 

Boeing in new inquiry over 787 inspection doubts

Dead whistleblower accused Boeing of safety breaches

How much trouble is Boeing in?

Mr Paredes said both companies were aware of the scale of the problem with
defects, and that it was discussed at weekly meetings between quality
inspectors from both firms.

 

'Cry for help'

Matters came to a head for Mr Paredes personally, he claimed, when he was
ordered by his manager to change the way in which defects were reported, in
order to reduce their overall number.

 

After he protested, he said, he was demoted and removed to another part of
the factory.

 

"I felt I was being threatened, and I felt I was being retaliated against
for raising concerns," he said.

 

Mr Paredes subsequently filed an "ethics complaint" with the company's human
resources department, and wrote to Spirit's then chief executive, Tom
Gentile.

 

In that email, he said "I have lost faith on the quality organisation here
at Spirit and this is my last cry for help".

 

Mr Paredes was subsequently reinstated in his leadership role and given
back-pay after his complaint was partially upheld. He left the company soon
afterwards.

 

He now maintains he would be reluctant to fly on a 737 Max, in case it still
carried flaws that originated in the Wichita factory.

 

"I'd never met a lot of people who were scared of flying until I worked at
Spirit," he said.

 

And then, being at Spirit, I met a lot of people who were afraid of flying -
because they saw how they were building the fuselages."-BBC

 

 

 

 

Disney and Warner to bundle streaming services

Walt Disney and Warner Bros Discovery say they will start to offer a bundle
of the Disney+, Hulu and Max streaming services to customers in the US this
summer.

 

The new package will be available to customers on all three streaming
platforms.

 

The media giants said they will offer plans with and without adverts but did
not reveal how much they will charge customers.

 

The move comes as Disney and Warner Bros face competition from rivals,
including Netflix and Amazon Prime Video.

 

“This new offering... will help drive incremental subscribers and much
stronger retention,” Warner Bros Discovery executive JB Perrette said in a
statement.

 

The two media companies said they will reveal more details about the plans
in the coming weeks.

 

As audiences move away from traditional TV, companies like Disney and Warner
Bros are under pressure to attract more subscribers to their streaming
services.

 

The companies will be hoping that their combined offering will complement
each other.

 

Disney+ is best known for its family-friendly shows and films, while
Warner's Max is home to HBO and its more adult-focussed content.

 

In recent years, streaming companies have been joining forces and offering
combinations of their services.

 

In February, Walt Disney's ESPN, Fox Corp and Warner Bros Discovery
announced a new sports platform to be launched in the autumn.

 

Between them they own a wide range of portfolios of sports rights including
those for the FIFA World Cup, Formula 1, NFL, NBA and Major League Baseball.

 

In its quarterly financial results released on Tuesday, Disney said that
Disney+ had 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.

 

Disney also told investors that a planned password crackdown, which will
start in the summer, should help drive up subscriber numbers.

 

The increasingly crowded streaming market has put off some customers who
have complained about having to sign up to multiple services.

 

Bundles can address this issue by simplifying payment and potentially
lowering the cost to users.-BBC

 

 

 

 

Chinese PR boss says sorry for glorifying overwork

The head of public relations at China's biggest search engine Baidu has
apologised after her comments glorifying a work-till-you-drop culture
sparked public outcry.

 

In a series of videos posted on Douyin, the Chinese version of TikTok, Qu
Jing, said she had no responsibility for employees' well-being "as I'm not
your mother".

 

She also threatened retaliation against subordinates who complained about
her management. "I can make it impossible for you to find a job in this
industry with just a short essay," she wrote.

 

On Wednesday, Ms Qu acknowledged that her posts - which have since been
taken down - drew "very pertinent" criticism.

 

"I deeply reflect on and humbly accept them,” she wrote on WeChat.

 

The furore stirred by Ms Qu highlights the notoriously poor work-life
balance in China's tech workplaces.

 

Alibaba founder Jack Ma had famously called it a "blessing" for anyone to be
part of the "996 work culture", where people work 9am to 9pm, six days a
week.

 

China steps in to regulate brutal '996' work culture

China's new 'tang ping' trend aims to highlight pressures of work culture

In one of her earlier videos, Ms Qu claimed to be so caught up in her work
that she does not know which grade her son is in.

 

In another video, she said: "If you work in public relations, don't expect
weekends off".

 

"Keep your phone on 24 hours a day, always ready to respond," she said.

 

Baidu has not commented on the matter.

 

In her apology, Ms Qu said her videos did not represent Baidu's stance and
that she had not sought the company's consent before posting them.

 

"I apologise that the inappropriate videos led to the public's
misunderstanding of my company's values and corporate culture.

 

"I will learn from my mistakes and improve the way I communicate, and care
more for my colleagues," she wrote.

 

Chinese social media platform Weibo has seen heated discussion over the
incident in the past few days.

 

"As the company's vice-president, [Ms Qu] should have known that her
comments and attitude would disgust her subordinates, yet she went ahead to
make them public. This speaks of how out-of-touch she is," one user wrote.

 

"She is supposed to lead Baidu's public relations department, yet she
herself is deeply involved in a public relations crisis. Talk about a lack
of professionalism," wrote another.-BBC

 

 

 

 

Anger in Nigeria over levy on money transfers

Many Nigerians have condemned the introduction of a new levy on electronic
banking transactions, with some saying it will push them back to using cash.

 

The Central Bank of Nigeria (CBN) has told financial institutions the 0.5%
levy intended to raise money to enhance cybersecurity will take effect in
two weeks' time.

 

Nigeria is experiencing its worst economic crisis in a generation and many
people say the levy will cause further hardship as they struggle to afford
basic items.

 

Dr Abdulrazaq Fagge, who teaches economics at Yusuf Maitama University,
tells the BBC this is a wrong move by the government that will have negative
effects on Nigeria’s struggling economy.

 

“It is not only bad timing but a wrong move altogether as no government
should put [an] additional burden on its citizens at a time they are
struggling to get by,” he says.

 

He said it would also hurt small businesses.

 

"If you transfer a million naira, five thousand naira gets deducted as
cybersecurity levy, which is not fair to ordinary persons."

 

The lecturer says the money should be paid by banks as they make huge
profits.

 

Bread seller Abubakar Sheka says he has already made up his mind to avoid
electronic banking transactions by the time the levy starts on 20 May.

 

“There is no way I will agree to be giving 0.5 percent on my transfers when
I earn very little, many people don't buy bread now and business is fragile.

 

“Why will this government further make us cry with this despite what we are
already going through with high cost of food and fuel?”

 

The Nigeria Labour Congress, which represents the country’s workers, has
released a statement rejecting the levy, while the Socio-Economic Rights and
Accountability Project (Serap) lobby group has threatened to sue the
government.

 

The government has not yet commented on the reaction.

 

Public affairs analyst Habu Sani believes the government has done a huge
disservice to its cashless economy drive as more people will be dealing in
cash now.

 

“Government pushed people to be using electronic transfers to reduce
printing of cash which takes a toll on government finances and now this will
further make people go back to cash to avoid paying the levy.

 

“I foresee a cash shortage soon if government doesn't reverse its decision.”

 

There was a major shortage of cash for much of 2023 after the CBN introduced
currency reforms intended to cut fraud in last year's election. This pushed
many people to start using mobile money.

 

The shortages only eased at the end of last year.

 

Only about eight percent of people aged between 16 and 64 have used mobile
payment services in 2024. This was an decrease from the previous year.

 

Digital penetration is low in Nigeria due to the lack of mobile signal in
many rural areas, while many people cannot afford smartphones.-BBC

 

 

 

 

US revokes licences for sales of chips to Huawei

The US government says it has revoked some licences that allowed US chip
makers to export certain goods to Chinese technology giant Huawei.

 

The Department of Commerce did not specify which permits were cancelled but
US chip giants Intel and Qualcomm said they had been informed that some
export licenses have been revoked.

 

Huawei did not immediately respond to a BBC request for comment.

 

Since 2019, the US has restricted technology exports to Huawei, citing
alleged ties to the Chinese military but companies like Intel and Qualcomm
were granted some exemptions.

 

Beijing condemned Washington's moves against its companies.

 

The US was "over-stretching the concept of national security and abusing
export controls to suppress Chinese companies without justification," the
Chinese foreign ministry said in a statement.

 

Some US lawmakers had criticised the administration of President Joe Biden
following the launch last month of Huawei's MateBook X Pro laptop.

 

"Make no mistake, the Biden Administration would not have taken this action
if Republicans in Congress were not holding them accountable," said
Republican Congresswoman Elise Stefanik in a social media post.

 

Huawei has been hit hard by US trade restrictions but more recently appeared
to mount a comeback.

 

The Chinese company has enjoyed a resurgence particularly after the launch
of the Mate 60 Pro smartphone in August.

 

In 2019, during the presidency of Donald Trump, US officials added Huawei to
a so-called "entity list."

 

It means that US companies need to obtain a licence from the government to
export or transfer some technologies, especially over concerns that they
will be used by the Chinese military.

 

However, in that time licences have been granted to some US companies,
including Intel and Qualcomm, to supply Huawei with technology that was not
related to 5G.

 

The US has imposed restrictions on several Chinese technology firms in
recent years, as tensions between the world's two biggest economies
intensified.

 

Earlier this month President Biden signed a law that could ban the video app
TikTok in the country unless it is sold by its Chinese parent company.
TikTok filed a lawsuit on Tuesday to block the legislation.-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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