Major International Business Headlines Brief::: 31 May 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  31 May 2024 

 


                                                                                  

 

	
 


 

 


 

ü  Nigeria: Touting At Airports Impacting Negatively On Nigeria's Image Globally, Constituting Insider Threat - Experts

ü  Nigeria: Niger Wants Scavenger Market Relocated Over Insecurity

ü  East Africa: Kenya Faces EAC Clash Over New Cereal Import Levy

ü  Africa Leaders Call for Reform of 'Unjust' Debt Structure to Accelerate Growth

ü  Nigeria: Indonesia Wants Revival of Suspended Oil, Gas MOU With Nigeria

ü  Nigeria: 'It Doesn't Change Price of Food' - Experts Tackle Tinubu Over New National Anthem

ü  Angola: Eighty Companies Confirm Their Presence At the Angola Economic Forum

ü  Nigeria: Two Years After, $1.2bn ExxonMobil, Seplat Deal Takes Off

ü  Tanzania: TCC Boosts Samia's Clean Cooking Campaign

ü  Kenya: KQ Offers Group Travellers 35% Flight Discounts to South Africa

ü  Africa: AfDB Puts Africa's 2023 Economic Growth At 3.1 Percent

ü  Wordle in legal row with geography spinoff, Worldle

ü  Why France's start-up champion has struggled abroad

ü  WeWork set to emerge from bankruptcy

ü  Tycoon told to pay $1bn in record divorce ruling

ü  Data allegedly stolen from 560 million Ticketmaster users

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Touting At Airports Impacting Negatively On Nigeria's Image Globally, Constituting Insider Threat - Experts

Aviation security experts have called for a joint task force made up of security operatives to fight headlong, the illicit activities of touts at the nation's international airports, which they said, would continue to damage the image of Nigeria globally and constitute insider threat to security, if not addressed.

 

The experts, who spoke to THISDAY, said touting remained a protracted problem at the international airports, which has so far defied solution.

 

This, they said, is because some officials of the Federal Airports Authority of Nigeria (FAAN) abet the nefarious activity.

 

 

Aviation security expert and the Chief Executive Officer of Selective Security International Limited, Mr. Ayo Obilana, told THISDAY in a telephone interview that touting has been an age-long problem that is as old as the Murtala Muhammed International Airport (MMIA), Lagos, the nation's busiest gateway. According to him touting has been extended to other international airports in Kano, Abuja, Port Harcourt and Enugu.

 

Touting is a manifestation of what happens in our society, which include extortion, begging for arms and even stealing, he said.

 

Obilana categorised the touts into three groups to include: the group he referred to as executives that dresses in suits, always well dressed, which they use as cover to engage in illicit activities without suspicion. The second is the staff of the agencies that work at the airports and the third are outright criminals.

 

He noted that the staff and criminals have solidarity and are able to extort their victims, while the workers use their identity to cover up for the obnoxious action of the criminals, saying that touting is a network that has thrived for decades.

 

 

"When they are sacked they come back. The criminals partner with the staff. Criminals steal passengers' luggage and perpetrate all kinds of crimes. They are the most dangerous," he said.

 

Obilana said while touting has existed for a long time was because the law against their nefarious activities had not been stringent enough, and that when some of the touts are arrested and taken to the police they are released because they act in cahoots with some security operatives, including police officials that operate at the airport.

 

He also said penalty for loitering which could be N5,000 to N20, 000 is not high enough to deter the touts, considering the amount of money they make from passengers who become their victims and suggested that government should adopt a strategic means to eliminate them because they erode the security apparatus of the airports and damage the image of Nigeria abroad.

 

 

Another aviation security expert, and former Commandant at the Murtala Muhammed Airport, Lagos and currently the CEO of Centurion Security and Safety Consultant, Group Captain John Ojikutu (rtd), told THISDAY that most of the touts were mainly those who have worked before at the airports, well known to their colleagues who are still in service and are still with their ID cards and sometimes too, they still have their On Duty Cards (ODC) if they were not retrieved from them during their exit.

 

"These I consider as insiders threats to aviation security in the airports, on airlines and on cargo. There must be thorough profiling of everyone at the access into the passengers gate separate from the staff gates. Each passenger should not be allowed into the terminal buildings with more than two persons who must be identified with the passenger and pay the same airport service charge as the passenger. The gate for the staff must be electronically controlled; that would allow the staff in, if and only if he is on duty and his ODC must so be programmed. The peculiarity of the MMIA in the midst of uncontrolled urban development and complicated roads networks demanded such stringent control. I have even suggested that the present tollgate should be shifted to the two roads leading into the airport towards the domestic and international terminals to electronically capture and profile everyone and vehicles at entry and exit. Staff, passengers, and those on transit can be identified," Ojikutu said.

 

A senior Immigration official who worked at MMIA for several years told THISDAY that some of those who constitute touts at the airports include police, FAAN officials both retired and those still working, disclosing that they hide under protocol officers and use the cover to commit all kinds of atrocities at the airports.

 

According to him, Aviation Security officials of FAAN who stay at the gate, extort money from passengers. Parents who wish to see off their children travelling abroad are stopped at the gate and are only allowed when they pay some money.

 

"Some of the touts have understanding with FAAN officials. They do all sorts of nonsense. Touting can be stopped through joint efforts of police and FAAN in form of task force because FAAN officials and police at the airports know the faces of touts that operate at these airports," he said.

 

The Managing Director of Flight and Logistics Solutions Limited, Amos Akpan, who has operated many years at the Lagos airport and has managed airlines, told THISDAY that touting at the airports was a reflection of government's attitude towards governance.

 

"Touts at our airports reflect the manner our government agencies conduct their businesses in all sectors of governance. Officials and offices have non-staff members who "assist" members of public get their services at unofficial fees. The touts act as "brokers" to assist you get whatever services the agency provides. If you decide to personally process by yourself what services you require from that government agency, they will frustrate you. Even when they deploy modern technology that you could use to obtain their services by self-service, the system will frustrate you, but the tout will easily use same system.

 

"Every tout exists at the airport and operates at the airport with the knowledge of the airport officials. No strange 'unauthorized' fellow has the audacity to assist customers in the airport with tickets, cargo, immigration, customs, taxi, parking etc without the knowledge of officials including the officials of the airport authority, the handling companies, the airlines, the customs, the immigration, the security agencies. Most of the people we call touts are ex-staff of these agencies and companies in the airport who are very familiar with the geography of the territory and the processes of getting services in the airport," Akpan said.

 

Akpan said unknown and unidentified touts are security risks at the airports, noting that they will commit crimes and smear the image of the airports and the country.

 

"Airport authorities must have control over every traffic in and out of their airports. They should adopt, acquire, and use more modern technology to manage the airports. One can see FAAN's efforts at Murtala Mohammed International Airport. But FAAN needs cooperation of the agencies, the associations, and the unions like; the car hire unions, the association of Nigerian customs licensed agents, the courier companies, protocol companies, registered airport shuttle buses/cars, the domestic air cargo agents, the organized trade/labour unions, and the security agencies," he further said.

 

- This Day.

 

 

 

 

Nigeria: Niger Wants Scavenger Market Relocated Over Insecurity

The Niger House of Assembly has called for the relocation of the scavenger market between Bakin Kasuwa and Unguwan Kabula in Suleja over security threats to residents.

 

Alhaji Murtal Badaru (APC-Suleja), made the call in a motion presented during plenary, in Minna on Thursday.

 

Badaru said the market, attached to the popular IBB market in Suleja, had been turned into a place for peddling illicit drugs.

 

He said the market constitutes a security threat not only to the people patronising the IBB mar-ket, but also to residents of Suleja.

 

The lawmaker said that the scavenger market has become a haven for dangerous and notorious individuals, adding that illicit drugs were being sold in the market indiscriminately. (NAN)

 

- Daily Trust.

 

 

 

East Africa: Kenya Faces EAC Clash Over New Cereal Import Levy

Kenya is poised for a clash with its East African Community (EAC) partners following the introduction of a new import levy on cereals.

 

The Agriculture and Food Authority (AFA) has directed importers and exporters to comply with the new guidelines starting July 1.

 

The directive imposes a two percent tax on cereal imports and a 0.3 percent tax on exports, potentially viewed as a non-tariff barrier affecting regional trade. EAC protocols allow member states to trade freely without imposing duties on imports or exports.

 

Kenya, which imports more cereals than any other regional country to address significant deficits, particularly in maize and beans, relies heavily on Tanzania and Uganda. The new levy is expected to raise consumer costs.

 

 

"Under Section 40 of the Crops Act, the Cabinet Secretary is vested with powers to make regulations for better carrying into effect the provisions of the Act in consultation with the Authority and the County Governments," said AFA Director General Bruno Munyuri.

 

"Pursuant to these regulations, the Authority through the Food Crops Directorate hereby notifies all food crops importers and exporters that starting July 1, 2024, the imposition of levies will commence as provided for in regulation 37 sub regulations (1) to (8) of The Crops (Food Crops) Regulations, 2019."

 

This move comes as Tanzania has already imposed a non-tariff barrier on grain exports, significantly affecting imports to Kenya. Tanzanian restrictions require exporters to Kenya to apply for export certificates.

 

As a result, Kenya's maize imports from Tanzania declined by 41.78 percent to 412,755 tonnes in 2022/2023, from 708,978 tonnes in 2021/2022, according to a USDA report. Conversely, imports from Uganda increased to 34,590 tonnes, up from 2,629 tonnes.

 

Under the EAC Common External Tariff, maize imports from outside the region attract a 50 percent duty.

 

- Business Day Africa.

 

 

 

 

Africa Leaders Call for Reform of 'Unjust' Debt Structure to Accelerate Growth

Nairobi, Keny — Africa has what it takes to transform and grow its economy but faces rigid barriers, including a sometimes unfriendly global financial architecture, say leaders who gathered in Nairobi this week for the African Development Bank's annual summit.

 

While the continent's average GDP growth is estimated to have slowed in 2023, African economies remain resilient, Africa Development Bank President Akinwumi Adesina said at the meeting.

 

"The African Development Bank projects that Africa's real GDP growth will rise from 3.1 percent in 2023 to 3.7 percent in 2024 and 4.3 percent in 2025. Importantly, more than half -- that is 31 countries -- achieved higher GDP growth rates in 2023 than in 2022," Adesina said.

 

GDP, or gross domestic product, is used to measure the economic health of a country.

 

As Africa's bank, the AFDB -- which turns 60 this year -- has the responsibility to mobilize financing to develop the continent, said Adesina, the former Nigerian agriculture minister.

 

 

That work is done, he added, against the backdrop of major global challenges including "heightened geopolitical tensions, the disruption of global value chains, rising food and energy crisis, increasing debt service payments and, of course, the devastating effects of climate change ... from droughts to floods, cyclones to unpredictable weather patterns, the loss of lives and poverty. And enormous fiscal cost to countries."

 

Heavy rains and flash floods recently killed hundreds and displaced thousands across East Africa, where the U.N. estimates that 1.6 million people were affected.

 

In Kenya, the rains killed more than 280 people, displaced about 53,000, and destroyed thousands of crops.

 

Kenya's President William Ruto was among those who attended the summit, along with leaders and officials from Zimbabwe, Somalia, Namibia, Rwanda, Congo-Brazzaville, Libya and others.

 

 

Ruto said with the world's 10 fastest growing economies being in Africa, the continent has what it takes to succeed, but it faces the rigid barrier of the global financial architecture that is misaligned with the continent's aspirations.

 

"We routinely borrow from international markets at rates far above those paid by the rest of the world, often up to 8 or 10 times more," he said.

 

Ruto, Adesina and other leaders called for a reform of the global financial architecture to mobilize even more financial resources they say are needed to accelerate Africa's growth and development.

 

"The debt problem faced by many countries, which consume the largest share of national resources and starve [the] development agenda, we are a direct result of [this] unjust financial architecture," Ruto said. "This situation not only makes debt unsustainable but also undermines growth, prevents countries from investing in resilience."

 

That sentiment was echoed by African Union Commission Chairperson Moussa Faki Mahamat, who said the impact of the COVID-19 pandemic, which tested economies worldwide and especially in Africa, is still being felt.

 

He said that all of the African Union's member states have been caught in the spiral of an ever-pernicious debt which keeps them under the control of lenders with suffocating demands, despite numerous promises to alleviate this burden.

 

An economic outlook published during the summit by the bank lays out a mixture of policies that are needed to address some of the continent's challenges. These include promoting local production and diversifying import sources to address rising food prices, and helping reform the current global financial architecture to help with debt restructuring.

 

- VOA.

 

 

 

 

Nigeria: Indonesia Wants Revival of Suspended Oil, Gas MOU With Nigeria

The Republic of Indonesia has expressed its desire to foster the existing collaboration with Nigeria on the development of the nation's oil and gas sector, urging the country to revive a Memorandum of Understanding (MoU) with Nigeria which was suspended in 2017.

 

This was disclosed by the Indonesian Ambassador to Nigeria, Dr Usra Hendra Harahap, during a visit to the Permanent Secretary, Ministry of Petroleum Resources, Nicholas Ella in Abuja yesterday.

 

A statement by the Deputy Director ( Press and Public Relations) in the Ministry of Petroleum, Mrs Oluwakemi Ogunmakinwa, said the Indonesian ambassador said that Indonesia was exploring ways to sustain her relationship with Nigeria.

 

 

"We are looking for ways to maintain and improve a beneficial cooperation and relationship that we have held for the past 59 years," he said.

 

Specifically, the ambassador noted that the oil and gas sector of the economy was an area of common interest to both countries and would want to explore areas of more collaboration with Nigeria in that regard.

 

"He noted that Indonesia imported over $3.8 billion worth of oil and gas from Nigeria in 2023 and stressed the need for Nigeria and Indonesia to resume discussions on the establishment of a Memorandum of Understanding (MoU) on the oil and gas sector which had been suspended since 2017.

 

"He stated that the MoU would help bolster collaboration in the sector, citing the offer by the Enugu State Governor in 2023 to build a 500-megawatt capacity gas power plant," the statement added.

 

In his response, the Permanent Secretary, Ella said Indonesia had been a good friend of Nigeria, adding that the visit would help improve the relationship between the two countries in promoting Nigeria's oil and gas for mutual benefits.

 

While assuring the ambassador that the issues around the MoU and Enugu Gas plant would be looked into, he stated that other areas of collaboration and mutual interests would also be explored.

 

- This Day.

 

 

 

 

Nigeria: 'It Doesn't Change Price of Food' - Experts Tackle Tinubu Over New National Anthem

Experts have tackled President Bola Tinubu over the new national anthem, saying the national anthem does not change the price of food.

 

Political analysts, Jideofor Adibe and Sani Yabagi spoke on the first anniversary of President Tinubu in an interview on Channels Television.

 

Recall that President Tinubu signed the new national anthem, 'Nigeria, We Hail Thee' into law in the early hours of Wednesday.

 

The signing of the bill into law on Wednesday by President Tinubu, ensured that Nigeria jettisoned 'Arise, O Compatriots' as its national anthem.

 

 

The experts questioned the importance of changing the national anthem at this critical time, describing it as "shadowboxing".

 

Adobe said, "That for me is shadowboxing. Is that the problem? I think they are leaving the substance to chase the shadow. What does it change? Does it change the price of food in the market?"

 

Speaking on the development, Yabagi said he believes the issue of the national anthem was introduced as a kind of relief for Nigerians for all that is happening with the economy among others.

 

He said, "I think it is a way of giving us a kind of breather. It is a way of bringing out some substance in the whole thing that is called Nigeria so that we will now begin to appreciate who we are."

 

He, however, expressed concern that the old national anthem the country has now reverted to was written by the colonialists, saying "we are the pride of Africa, we shouldn't bring sentiments or things that define us in a different way."

 

- Vanguard.

 

 

 

Angola: Eighty Companies Confirm Their Presence At the Angola Economic Forum

Luanda — Eighty Angolan public and private companies have confirmed their participation in the second edition of the Angola Economic Forum (AEF), to be held from 12 to 14 June in Luanda, with a view to identifying the country's main political and economic challenges, ANGOP learned on Wednesday.

 

The event, which allows the exchange of experiences in various fields, aims to promote the Angolan economy, popularize investment opportunities and establish the necessary foundations for Angola's economic growth.

 

The national activity will have more than 30 exhibitors, in addition to the training of close to 140 citizens in various branches of the economy.

 

 

For three days, participants will discuss topics such as 'Challenges of fiscal policy and economic growth', 'Fiscal risks and sustainability of public finances', 'Entrepreneurship and entrepreneurial education', 'The reorganization of internal trade in Angola', among other subjects.

 

At a press conference to present the event, the president of the AEF, Alexandre Ernesto, said that about 100 million kwanzas were disbursed for the holding of this forum, which will also be attended by representatives of the provincial governments of Cuanza-Sul, Benguela, Huíla and Huambo.

 

According to the manager, the event will analyze economic issues, in order to promote debate and knowledge sharing with exclusive benefits for companies, government entities, investors, communities and policy makers.

 

 

The second edition of AEF/2024, he said, will also focus on issues related to public finances, education, employment, entrepreneurship, local economic development and internal trade, energy and transport economics, agricultural activity and exploitation of marine resources.

 

According to Alexandre Ernesto, the forum has established itself as a key and influential platform, led by national experts, policy makers, academics and entrepreneurs to discuss the direction of the Angolan economy and enhance current and future business and investment opportunities.

 

This edition will feature 12 panels, 25 diverse themes, 70 panelists (including national experts, policy makers, academics and entrepreneurs) and more than 600 participants.

 

Relevant Angolan professionals in the areas of economics, public finance, local economic development, labour market, energy economics and financial markets will also take part in the event.

 

- ANGOP.

 

 

 

Nigeria: Two Years After, $1.2bn ExxonMobil, Seplat Deal Takes Off

NNPCL has announced the signing of a settlement agreement involving ExxonMobil's divestment of its stake in MPNU to Seplat Energy.

 

The Nigerian National Petroleum Company (NNPC) Limited has announced the signing of a settlement agreement facilitating the divestment of ExxonMobil's stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc.

 

According to a statement released on Thursday by NNPC, the agreement involves MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc.

 

"Settlement agreement between NNPC Ltd. and Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100% interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited," NNPC stated.

 

This was coming two years after Seplat announced that it had bought the entire offshore shallow water business of ExxonMobil in Nigeria at a cost of $1.2 billion.

 

It would be recalled that President Bola Tinubu had directed the Ministry of State for Petroleum Resources (Oil) and NNPC to resolve the divestment issue that had stalled the Seplat and ExxonMobil deal for over two years.

 

- Daily Trust.

 

 

 

Tanzania: TCC Boosts Samia's Clean Cooking Campaign

Temeke Municipal Counci Mayor, Abdallah Mtinika (in black coat) handing over a gas cylinder to one of the beneficiaries of gas cylinders donated by Tanzania Cigarette Public Limited Company ( TCC Plc) to women entreprenuers from Temeke.

 

The donation, is part of TCC's countrywide campaign to distribute over 2000 gas cylinders to women entrepreneurs as a way of encouraging the use of clean cooking energy.

 

At the centre is TCC's Corporate Affairs and Communications Director, Patricia Mhondo and other dignitaries.

 

- Daily News.

 

 

 

Kenya: KQ Offers Group Travellers 35% Flight Discounts to South Africa

Group travellers will enjoy a 35 percent discount on flights booked on the Kenya Airway (KQ) between Nairobi and Johannesburg, South Africa, ahead of the deadline tomorrow.

 

Eligibility criteria are a group of seven travelling in the economy as well as five in business classes.

 

The deal will also apply to those flying to Capetown and will involve KQ's nine weekly flights.

 

Johannesburg and Cape Town are top tourist destinations that attract thousands of travellers from Kenya as well as globally.

 

In Johannesburg, visitors have the opportunity to visit Maboneng Precint, explore the apartheid history at the Apartheid Museum, marvel at the breathtaking vistas from the Top of Africa, and indulge in the city's electrifying nightlife and shopping scene.

 

While in Cape Town, individuals can ascend the iconic Table Mountain, stroll along the picturesque V&A Waterfront, bask in the natural beauty of Kirstenbosch National Botanical Garden, and shop.

 

- Capital FM.

 

 

 

 

Africa: AfDB Puts Africa's 2023 Economic Growth At 3.1 Percent

Africa's average economic growth in 2023 fell to an estimated 3.1 percent, down from 4.1 percent of the previous year, as successive shocks weakened post-pandemic gains, the African Development Bank (AfDB) said in a report released on Thursday, May 30, Xinhua reports. This comes as Rwanda's economy is projected to grow at 7.8 percent in 2023 and 8.1 percent in 2024, according to the AfDB.

 

The bank's latest report, African Economic Outlook 2024, attributed the decrease to such factors as persistently high food and energy prices, weak global demand weighing down export performance, climate change and extreme weather events on agricultural productivity and power generation, and pockets of political instability and conflict in some African countries.

 

"Despite the continuing headwinds, 15 countries recorded a growth rate of at least 5 percent in 2023," the report said.

 

It said that although South Africa, Egypt and Nigeria recorded lower economic rates, more than half of African countries recorded higher economic growth rates in 2023 than in 2022, with six of them -- Burkina Faso, Djibouti, Eswatini, Libya, the Democratic Republic of the Congo and South Sudan -- posting gross domestic product (GDP) growth rates of more than 2 percentage points.

 

Kevin Chika Urama, the chief economist and vice president for the bank's Economic Governance and Knowledge Management, said that despite the global challenges that tested economies worldwide, the African continent is projected to remain resilient.

 

He said that GDP growth for Africa is projected to rise to 3.7 percent in 2024 and 4.3 percent in 2025, as most of the effects weighing on growth in 2023 fade away.

 

The projected rebound in Africa's average growth will be led by East Africa, Southern Africa, and West Africa, Urama said.

 

- New Times.

 

 

 

 

Wordle in legal row with geography spinoff, Worldle

The owner of the hit online game Wordle is legally challenging a geography-based spinoff called Worldle.

In the filing, the New York Times, which purchased Wordle for a seven figure sum in 2022, accuses its near-namesake of "creating confusion" and attempting to capitalise on "the enormous goodwill” associated with its own brand.

But the creator of Worldle, software developer Kory McDonald, is vowing to fight back on the grounds that there are many other games with similar titles.

 

“There's a whole industry of [dot]LE games,” he told the BBC.

“Wordle is about words, Worldle is about the world, Flaggle is about flags," he pointed out.

The New York Times disagrees.

 

Worldle is “nearly identical in appearance, sound, meaning, and imparts the same commercial impression to… Wordle,” it says in its legal document.

The paper told the BBC it had no further comment to make beyond the contents of its legal submission.

 

Word association

British inventor Josh Wardle developed Wordle in 2021 as a side project to keep his girlfriend entertained.

But since then it has become a behemoth, reaching millions of people worldwide.

 

By contrast, around 100,000 people play Worldle every month, according to Mr McDonald, who is based in Seattle.

It is not available as an app and can only be played via a web browser.

It contains ads, with an option to play ad-free for £10 per year but Mr McDonald says that most of the money he makes from the game goes to Google because he uses Google Street View images, which players have to try to identify.

 

Kory McDonald Kory McDonaldKory McDonald

Kory McDonald says he is surprised he faces legal action

He chooses a different one himself every evening for a new game the following day.

“It's pretty humbling to think that so many people play every month,” he said.

 

“I didn't expect it to have this sort of success at all.”

He is not the only one riding on the coat-tails of Wordle's success. Others include:

Quordle, a set of four words to guess at the same time

Nerdle, a maths-based challenge

Heardle, which is based on identifying music

 

There's even another game called Worldle, which involves identifying countries by their outlines.

The New York Times declined to say whether it intended to pursue them as well.

Speaking to the BBC last year, its head of games, Jonathan Knight, said imitation was “the best form of flattery”.

 

“We've always been fine with [similar games] and think that they just help keep the game fresh and alive for people,” he said then.

This is not, though, the first time the New York Times has resorted to the courts to protect its prize game.

 

In March 2024, a Shetland dialect version of Wordle said it would be shutting down following a copyright challenge from the publishing group.

Prof David Levine, a copyright expert at Elon University School of Law, suggested the writing might be on the wall for Mr McDonald's project too.

He said the one-letter difference between the two names was potentially problematic, and added there were also "other aspects of likely consumer confusion".

 

"You've got the pronunciation," he told the BBC.

"I mean, I I have to make an effort here to say Wordle versus Worldle."

Mr McDonald said he was disappointed legal action was being taken against him, but insisted he was undaunted.

“I'm just a one-man operation here, so I was kinda surprised," he said.

"Worst-case scenario, we'll change the name, but I think we'll be okay.”-BBC

 

 

 

Why France's start-up champion has struggled abroad

Doctolib is one of the French start-up scene’s great success stories.

 

Founded in 2013 by Stanislas Niox-Chateau and his three co-founders, the software firm assists healthcare providers with administrative tasks, primarily appointment booking and management.

 

Rather than having to contact practices directly, patients can use Doctolib to check availability and book medical appointments online.

In a world where we book everything online, this might seem like a simple innovation, but in the slow, data-sensitive, bureaucratic healthcare industry, any software that can reliably simplify complexity and free up time is a welcome change.

 

Doctolib is free for patients. Medical doctors pay a monthly subscription fee of €139 ($151; £120) to use the core product, with various add-ons and upgrades available. There are also separate packages for hospitals and other practitioners like physiotherapists.

 

Already doing well by the time the pandemic hit, Doctolib benefited from the sudden boom in telemedicine, and partnering with the French government to facilitate the Covid-19 vaccine rollout made the company a household name in France.

 

The firm says it covers almost all of the French population, and it was valued at around £5bn during its last funding round in March 2022.

Doctolib Nikolay Kolev, managing director of Doctolib GermanyDoctolib

Nikolay Kolev is building Doctolib's market in Germany

But repeating that success in other markets has proved challenging.

 

Doctolib expanded into Germany in 2016, but after eight years in the German market, the company has only recently begun to gain traction.

Of the 900,000 healthcare providers and 80 million patients that have signed up to use Doctolib, Germans account for 200,000 providers and 19 million patients.

 

Adapting from the centralised French system to Germany’s federal setup was just the first among many obstacles that tested the flexibility of the platform.

 

“There is no [one] German market entry,” says Nikolay Kolev, managing director of Doctolib Germany.

Each of Germany's 16 federal states was a different market the firm had to adapt to.

 

However, the complications that initially make it hard to get off the ground in Germany also protect established companies and make it difficult for new competitors to pose much of a threat.

 

Dr Carol von Wildhagen, a medical doctor and health venture partner at Munich-based Caesar VC who previously led the German arm of Platform24, a Scandinavian telemedicine provider, says existing closed systems in practices are also a major barrier to entry.

 

“The companies who make and sell the many, many, many [practice management systems] construct them as fortresses, so it's very hard to connect any third-party software to a doctor's practice software. That makes it very hard to deliver value to the doctor,” she says.

 

“I can see how the big incumbents who traditionally produce practice information systems would be worried... they could become leapfrogged quickly because their systems are old, look old, feel old, are not very user-friendly, and might be replaced by something cloud-based that focuses on user experience.”

 

RAISE Summit Liam Boogar-Azoulay, who founded France’s bilingual startup blog, Rude BaguetteRAISE Summit

"Home field advantage" makes a big difference for European start-ups says Liam Boogar-Azoulay

“I think home field advantage always plays a big role in the European start-up scene”, says Liam Boogar-Azoulay, who founded France’s bilingual startup blog, Rude Baguette, in 2011, and is now a co-founder at Waypoint AI.

 

“Germans like buying from German companies and I think that can't be overstated. It's the same for almost every country,” says Mr Boogar-Azoulay.

Perhaps part of the reason for this reticence about non-German companies, and a hesitation to embrace digitisation more generally, is a belief that only a homegrown company will understand the German desire for high levels of data security.

 

Doctolib’s 2022 acquisition of French data encryption startup, Tanker, may be a gesture toward setting data security-conscious minds at ease.

But Mr Kolev doesn’t believe that data security is really why the German system has been slow to change.

 

“The best available security and privacy should be our baseline if we really want to move this industry forward. So I don't think that data privacy is the problem in the German healthcare market. I think it's more the fax machines.”

 

He’s not joking. A 2023 study by German digital advocacy group, Bitkom, found that 82% of German companies still use fax machines on a regular basis. In many cases, fax is the go-to method for sharing medical information.

 

Increasing digitisation has been on the German state’s agenda for a long time. Germany’s National Association of Statutory Health Insurance Physicians estimates that healthcare practices spend around 61 days per year on paperwork alone.

Doctolib relies on the move away from paperwork to digital services.

 

“[Outdated tech is] not a problem that can't be overcome. It’s just a barrier to adoption,” says Mr Boogar-Azoulay.

“I think just having the French tailwinds and having that market behind them, they're gonna be able to throw money at the problem for a long time. It doesn't have to be efficient. They can lose money in the German market for 10 years just to get over that barrier of fax machines.”

More Technology of Business

Why technology has not transformed building

Electricity grids creak as AI demands soar

Business locked in expensive AI 'arms race'

 

And it’s easy to see why Doctolib is willing to invest a lot in making their operation in Germany work. As Mr Boogar-Azoulay points out, the market opportunity is "insane".

 

As Germany’s 84-million-strong population continues to age and doctor shortages grow, the healthcare system sorely needs widespread optimisation to alleviate pressure and reinstate Germany’s reputation for efficiency.

 

The most recent available statistics show that Germany spent €495bn on health in 2023, around 13% of its total GDP. Germans visit the doctor around 9.6 times per year, which is significantly more often than most other Europeans.

 

In 2022, German primary care physicians saw a weekly average of 254 patients, where their French counterparts saw around 114, with UK doctors seeing 110.

Lessons learned from expanding into Germany are visible in how Doctolib approached the Italian market in 2021. Though Italian user numbers are still low, Doctolib acquired Italian competitor Dottori.it to gain an initial foothold in the market.

And what about crossing the channel?

 

“The UK is certainly an interesting one. But having said that, Germany, France, and Italy alone are 55% of the European healthcare market. So if you’re well positioned there, that’s already half the rent,” says Mr Kolev.-BBC

 

 

 

 

WeWork set to emerge from bankruptcy

WeWork is set to emerge from bankruptcy, hoping that less debt and fewer offices will give it a new lease of life.

The company which rents out shared office workspaces, founded in 2010 and once hailed as the future of the office, racked up losses during an aggressive global expansion.

 

It filed for bankruptcy last year, reeling from the sharp drop in demand for office space sparked by the pandemic.

The company has since used court protection to renegotiate the terms of its rental leases and work with its lenders.

WeWork has said it plans to operate 337 shared office spaces globally after the bankruptcy, about half the number of June 2023.

The US and Canada will remain its biggest market, with more than 170 locations.

 

The plan approved in a New Jersey bankruptcy court on Thursday also eliminates $4bn (£3.1bn) worth of the firm's debt, and reduces WeWork's future rent obligations by $12bn (£9.4bn), or more than half, according to the company.

The changes also include a new owner, Yardi Systems, which supplies software to office and residential landlords. The firm is taking a majority stake in the company, in exchange for providing $450m (£353m) in financing along with other investors.

Japan's SoftBank Group also remains a backer.

 

In approving the plan, Judge John Sherwood said the restructuring would position the firm to be "a viable, successful company".

WeWork said it expected the restructuring to be completed by mid-June.

The approval of the deal comes days after former WeWork boss Adam Neumann conceded that his effort to buy the company would not move forward.

At the time, he said he did not think WeWork's plan would put it on a viable path.

 

He had reportedly offered $500m for the company, which valued at nearly $50bn in a private investment round in 2019.

Mr Neumann left the company after a failed effort to raise more money by listing shares on the stock market revealed the scale of its financial losses and raised questions about his leadership.

 

The debacle inspired the Apple TV series WeCrashed, starring Jared Leto and Anne Hathaway.-BBC

 

 

 

 

Tycoon told to pay $1bn in record divorce ruling

South Korean tycoon Chey Tae-won has been ordered to pay his ex-wife 1.38 trillion won ($1bn; £788m) in cash - the country's largest ever divorce settlement.

 

It comes nearly a decade after Mr Chey's marriage fell apart following the revelation he had fathered a child with his lover.

The Seoul High Court on Thursday ruled that Roh So-young - whom he was married to for 35 years - was entitled to a portion of his company shares.

Lawyers for Mr Chey - chairman of the powerful SK Group conglomerate - said he would appeal, claiming the court had taken "Roh's one-sided claim as factual".

 

The amount awarded to Ms Roh was a significant increase from the 66.5bn-settlement ruled by a lower court in 2022.

That family court had also rejected Ms Roh's request that she be given a portion of Mr Chey's SK shares.

 

This was overturned on Thursday, when the High Court found that the shares should be considered joint property.

In its verdict, the court stated that "it was reasonable to rule that, as his wife, Roh played a role in increasing the value of SK Group and Chey's business activity".

 

The court put Mr Chey's wealth at around 4tn won, meaning Ms Roh - with whom Mr Chey had three children - would take an estimated 35%.

It also found that Ms Roh had helped ease regulatory hurdles for Mr Chey's business and that her father - former South Korean President Roh Tae-woo - had "played the role of a protective shield" for SK's ex-chairman Chey Jong-hyon.

 

The court said Mr Chey had not shown "any signs of remorse for his foul behaviour in the course of the trial... nor respect for monogamy" and said the new settlement took into account Ms Roh's suffering over her ex-husband's extramarital affair.

 

Mr Chey's lawyers argued that, rather than his ex-wife's political connections enhancing his business, they had been a disadvantage.

Shares in SK Inc - which is one of the world's biggest makers of semiconductors and also has interests in telecoms, chemicals and energy - jumped 9% following the ruling.-BBC

 

 

 

 

Data allegedly stolen from 560 million Ticketmaster users

ShinyHunters, the group claiming responsibility, says the stolen data includes names, addresses, phone numbers and partial credit card details from Ticketmaster users worldwide.

 

The hacking group is reportedly demanding a $500,000 (£400,000) ransom payment to prevent the data from being sold to other parties.

The Australian government says it is working with Ticketmaster to address the issue. The FBI has also offered to assist, a spokesperson for the US Embassy in Canberra told Agence France-Presse.

 

A spokesperson for the FBI told the BBC it "has no comment on this matter".

"The Australian Government is aware of a cyber incident impacting Ticketmaster," a spokesperson for the Australia Home Affairs Department said in a statement to the BBC's media partner CBS News.

 

"The National Office of Cyber Security is engaging with Ticketmaster to understand the incident."

The American website Ticketmaster, one of the largest online ticket sales platforms in the world, has yet to confirm whether it has experienced a security breach.

 

Cyber security experts are warning that the claims could be false but authorities in Australia, where it was first reported, have confirmed they are investigating.

 

An advert with some data samples allegedly obtained in the breach have been posted on the website BreachForums - a newly relaunched hacking forum.

ShinyHunters has been linked to a string of high-profile data breaches resulting in millions of dollars in losses to the companies involved.

In 2021 the group sold a genuine database of stolen information from 70 million customers of US telecoms firm AT&T.

In September last year, almost 200,000 Pizza Hut customers in Australia had their data breached.

EPA Taylor SwiftEPA

 

This latest alleged hack coincides with the relaunch of BreachForums, a site on the dark web where other hackers buy and sell stolen material, and information to enable hacks to take place.

The FBI cracked down on the domain in March 2023, arresting its administrator Conor Brian Fitzpatrick, but it has reappeared, according to tech media.

 

Users of the forums often inflate the scale of their hacking to attract attention from other hackers.

They are often where large stolen databases first appear but can also feature false allegations and claims.

"If Ticketmaster has had a breach of this scale it is important they inform customers but it is important to also consider that sometimes criminal hackers make false or inflated claims about data breaches - so people should not be overly concerned until a breach is confirmed," says security researcher Kevin Beaumont.

 

Individuals declaring large batches of data in the past have proven to be duplicates of previous hacks rather than newly stolen information.

But if verified, the hack could be the most significant breach ever in terms of numbers and the extent of the data stolen.

This is not the first time Ticketmaster has been hit with security issues.

 

In 2020 it admitted it hacked into one of its competitors and agreed to pay a $10m fine.

In November it was allegedly hit by a cyber attack which led to problems selling tickets for Taylor Swift's Era's tour.

 

Earlier this month, US regulators sued Live Nation, Ticketmaster's parent company, accusing the entertainment giant of using illegal tactics to maintain a monopoly over the live music industry.

 

The lawsuit from the Department of Justice said the firm's practices had kept out competitors, and led to higher ticket prices and worse service for customers.

 

The BBC has contacted Live Nation for comment.-BBC

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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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.

 


 

 


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