Major International Business Headlines Brief::: 12 September 2024

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Major International Business Headlines Brief:::  12 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Global Labour Movement Petitions Tinubu Over Alleged Rights
Abuse

ü  Kenya: KETRACO Under Scrutiny Over Adani Energy Solutions Deal

ü  Nigeria: Emirates Hosts Travel Agents Ahead of Flight Resumption to
Nigeria

ü  Kenya: DP Gachagua Urges Politicians Not to Interfere in Key Sectors of
Economy

ü  Nigeria: Healing the Brain Drain - Nigeria's Move to Stem Health Workers
Migration

ü  South Africa: Limpopo Teacher Scammed Out of Her Savings

ü  Rwanda: What Rwanda Expects From COP29 in Azerbaijan

ü  Kenya: Adani's Proposed Takeover Deal of JKIA Triggers Millions in
Airline Losses

ü  East Africa: Why the Comesa Competition Commission Is Reviewing Its Laws

ü  Nigeria: Protect the Poor From Impact of Petrol Price Hike - IMF to Govt

ü  Boeing boss in last-ditch plea ahead of strike vote

ü  US inflation falls to lowest in over three years

ü  Firm wins trademark case with EasyJet brand owner

ü  Soaring cost of King’s Guards' real fur bearskin caps revealed

ü  Rightmove rejects £5.6bn offer from Murdoch's firm

 


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Nigeria: Global Labour Movement Petitions Tinubu Over Alleged Rights Abuse

International labour unions, under the aegis of the the International Trade
Union Conference, ITUC, and Public Service International, PSI, have
condemned perceived rights abuses and persecution of trade unions and labour
leaders in Nigeria, especially President of the Nigeria Labour Congress,
NLC, Joe Ajaero.

 

This came as indications emerged yesterday trade unions across the world are
planning a day of rage to protest and draw global attention to alleged
increasing rights abuse, intimidation and persecution of labour leaders in
Nigeria.

 

 

Sources in some of the international labour unions, told Vanguard the
protest would come before the end of September in major capitals across the
globe.

 

One of the labour leaders in Europe, told Vanguard: "We are certainly
becoming very uncomfortable and concerned about the happenings in Nigeria.
Nigeria, which is a respectable voice in global labour movement, is
degenerating.

 

"Many countries used to look up to Nigeria for direction but recently, the
situation has been changing to a very dangerous situation. If the situation
is not addressed now, smaller countries, especially the sub Saharan region,
may copy from the bad precedence Nigeria is setting.

 

Therefore, we are planning a day of rage, global protest in major cities
across the world to denounce and draw global attention to increasing human
rights abuses, attacks, intimidation and persecution of labour leaders in
Nigeria, particularly, the President of NLC, Joe Ajaero, by security
agents."

 

 

ITUC petitions Tinubu

 

Meanwhile, ITUC has petitioned President Bola Tinubu, seeking his
intervention over alleged harassment of Ajaero and other labour leaders by
security operatives.

 

ITUC, in a letter by its General Secretary, Luc Triangle, said: "I write on
behalf of the ITUC, which represents 191 million workers in 167 countries,
including Nigeria, to condemn the arbitrary arrest and detention of Joe
Ajaero, President of the Nigeria Labour Congress, NLC.

 

"The ILO principle on Freedom of Association provides that trade unionists
should enjoy freedom of movement to participate in trade union activities
abroad and to return to their country.

 

"His Excellency, there is a worrying trend in Nigeria of violations of trade
union rights and we ask that your office reins in this behaviour. On August
7, 2024, security forces forcibly raided and ransacked offices of the NLC
without any justification.

 

 

"They claimed to be looking for seditious information, which they did not
find. Some NLC publication materials were confiscated. These continued
assaults on Nigeria's trade movement put democracy in the country at risk.

 

PSI kicks

 

On its part, The Public Service International, PSI, while reacting to the
invasion, invitation, arrest and subsequent seizure of the international
passport of Ajaero, the global union federation of more than 700 trade
unions, representing 30 million workers in 154 countries, including Nigeria,
observed that democracy was endangered in an atmosphere which forbade
unfettered freedom of expression.

 

PSI General Secretary, Daniel Bertossa, while condemning the treatment meted
out on Ajaero by the security agents, said: "On September 9, 2024, Ajaero,
who is also the General Secretary of the PSI-affiliated National Union of
Electricity Employees of Nigeria, was arrested by operatives of the
Department of State Service, DSS, while on his way to the airport to meet
with Trade Union Congress colleagues in the United Kingdom..

 

"Our message is that our global union movement is closely monitoring the
ongoing harassment of Nigerian union leaders and will not accept this sort
of intimidation. Arrests of our comrades, such as Joe Ajaero, are damaging
Nigeria's international reputation.

 

NASU condemns

 

Similarly, the Non-Academic Staff Union of Educational and Associated
Institutions, NASU, in a statement by the General Secretary, Prince Peter
Adeyemi, cautioned the federal government against a blanket clampdown on
trade unions and opposing voices in Nigeria.

 

Adeyemi, who is also the PSI's Vice President, representing Africa and the
Arab world, said: "The arrest of Comrade Ajaero is not only an unnecessary
witch-hunt but also a clear attempt on the part of the Nigerian government
to intimidate and harass Nigeria trade unions leaders.

 

"Even during the reign of the military, we didn't witness this level of
excessive use of state powers to intimidate and coerce labour leaders.

 

"Rather than suppress the voice of dissent, the government should positively
redress its anti-people policies towards the emancipation of the downtrodden
Nigerian workers. While Ajaero has now been released on bail, the ramping up
of intimidation efforts against activists and union leaders is causing
concern around the world."

 

Vanguard.

 

 

 

 

Kenya: KETRACO Under Scrutiny Over Adani Energy Solutions Deal

Nairobi — The Kenya Electricity Transmission Company (KETRACO) is facing
scrutiny from a legal firm seeking transparency over its reported agreements
with Indian firm Adani Energy Solutions, whose sister company is also facing
opposition on the Jomo Kenyatta International Airport proposed lease.

 

In a letter addressed to its Managing Director, John Mativo, law firm IC Law
Advocates has requested access to critical information regarding the
partnership.

 

The letter, dated September 11, cites the firm's right to access public
information, as guaranteed by the Kenyan Constitution, demanding full
disclosure of the project agreements related to the partnership, the
financial capacity of Adani Energy Solutions as the tendering company, the
tendering process undertaken for the projects, and an appraisal of the
legal, regulatory, social, economic, and commercial viability of the
projects.

 

 

"We require this information within fourteen (14) days of receipt of this
letter. Failure to which we shall exercise our rights in accordance with the
law," read the letter by I.C. law in part.

 

Additionally, the firm is requesting details on public participation in the
decision-making process, approval from the Attorney General, and any letters
of support, credit guarantees, or risk guarantees issued by the relevant
ministries.

 

This comes on the back of a strike by the Kenya Aviation Workers Union on
Wednesday.

 

Several passengers were stranded at the airport as the aviation workers
dropped their tools over the controversial deal.

 

 

There were long lines of stranded travellers after boarding and takeoff were
delayed, sparking an outrage.

 

The strike has been building up for weeks now and followed a notice issued
by KAWU last month, where it strongly opposed the proposed leasing of JKIA
to the Indian conglomerate Adani Group.

 

It also followed the collapse of talks between the union and government
officials.

 

Aviation workers have over the past few weeks voiced opposition to the
proposed lease of Jkia to Adani Group, an Indian airport operator.

 

However, the government says that the company is only set to invest in a
second runway and refurbishment of the existing facilities at JKIA.

 

Last month, KAWU called off its planned strike that was set to kick off on
September 1, 2024, to review lease deal documents provided by the state
regarding the deal.

 

Adani Energy Solutions is India's largest private sector transmission
corporation.

 

Capital FM.

 

 

 

 

Nigeria: Emirates Hosts Travel Agents Ahead of Flight Resumption to Nigeria

Middle East mega carrier, Emirates Airlines has hosted key travel agent
stakeholders in a workshop to showcase its latest products and services, as
it prepares to resume flight service to Nigeria.

 

The airline used the workshop to also provide destination update on Dubai,
as it gears up to restart operations on October 1, 2024.

 

THISDAY learnt that with key travel agents in attendance, the workshop
demonstrated the importance of Nigeria on the airline's vast global network.

 

Through interactive sessions, Emirates familiarised attendees with the
products and services that will be available on the soon-to-resume flight
to/from Lagos, empowering them to provide even better services to their
customers.

 

 

The airline also highlighted its full-service offerings including gourmet
and regionally-inspired dining, the award-winning in-flight entertainment
system, ice, and the exceptional hospitality from its multinational Cabin
Crew.

 

Emirates Holidays, the airline's tour operator arm exhibited the curated
holiday packages both to Dubai and other in-demand destinations such as the
Indian Ocean, Southeast Asia and South Africa, in preparation to serve the
expectedly travel demand from Nigeria.

 

Attendees also heard from key stakeholders representing Destination Dubai,
to provide a macro view at what travellers can expect when travelling to and
through the UAE.

 

Dubai Economy and Tourism (DET) representatives offered a closer look at the
abundance of tourism and trade opportunities in Dubai; the Dubai Stopover
Experience team highlighted some of the must-see attractions; the Dubai
Health Authority (DHA) outlined the city as a leading medical tourism
destination; and Dubai Visa Processing Centres provided a closer look at how
to apply for UAE visas, both for tourists and those transiting the city.

 

 

The information-packed sessions at the Emirates Airline Travel Agency
Workshop, the company said, demonstrates the airline's commitment to
reinstating seamless and premium travel between Nigeria, the UAE and beyond,
powered by Emirates.

 

The Emirates Country Manager for Nigeria, Paulos Legesse, said: "Our travel
agency partners are core to our success and we have built strong and
prosperous relationships over the years, driving greater tourism and travel
links between Nigeria, the UAE and beyond.

 

" As we prepare to restart operations to Lagos, this workshop was essential
not just to showcase our world-class product and service to these important
partners, but also to hear from the wider industry on the latest services
that will suit customer demand, enabling us to better tailor our offering in
Nigeria.

 

" We have exciting plans and can't wait to add our industry-leading products
and services to the Nigerian market from 1 October."

 

In addition to preparing travel agents for the airline's return, Emirates
has reinstated previous tier status levels for Skywards members to ensure
continuation of earned benefits and recognition.

 

Skywards, Emirates award-winning loyalty programme, offers four tiers of
membership - Blue, Silver, Gold and Platinum - with each tier enabling
exclusive privileges, including: complimentary seat selection, priority
check-in and boarding, excess baggage allowance, lounge access, and
complimentary Wi-Fi internet on-board.

 

This Day.

 

 

 

Kenya: DP Gachagua Urges Politicians Not to Interfere in Key Sectors of
Economy

Nandi — Deputy President Rigathi Gachagua has asked politicians to stop
engaging in unnecessary politicking, including interfering with key sectors
like tea that could hamper higher income for thousands of farmers.

 

The Deputy President said it is wrong to politicise everything when Kenyans
are waiting for the Government to provide solutions to the economic
difficulties facing them.

 

At the same time, the Deputy President challenged the Ministry of Education
officials to carry out frequent inspection of dormitories in schools to
ensure safety of learners following the deadly fire at Hillside Endarasha
Academy last week.

 

 

Speaking in Ollessos, Nandi County on Wednesday when he attended the burial
of Mama Hellena Jepkosgei Bett, the mother of businessman David Lang'at--the
chairman of DL Group of Companies--the DP said petty politics of
chest-thumping and bragging is unnecessary and retrogressive.

 

"Stop politicking and let us work for Kenyans. We don't need to politick
everyday yet elections are still far away. Let us allow the President, the
Deputy President and those given responsibilities to work," said the DP.

 

He said President William Ruto is focused on improving the lives of all
Kenyans through key interventions aimed at making the economy better.

 

"I give an assurance that the President is doing everything possible as we
help him, to mobilise resources despite the economic challenges, to develop
the country. Let's stop chest-thumping, bragging and unnecessary engagements
but humble ourselves and serve the people," he said.

 

 

During the burial service, the Deputy President delivered President Ruto's
condolences to the family.

 

In his speech, Mr Gachagua mourned Mama Hellena as steadfast, loving and
focused on bringing up their children.

 

Further, he called on leaders not to drag politics into the sale of tea at
the Mombasa Auction saying the challenges reported recently have been dealt
with and now farmers should expect better earnings.

 

The DP said he had unlocked the impasse that had seen tea from the Western
region--including Nandi, Bomet, Kericho, Nyamira, Kakamega counties and
others--pile in warehouses in Mombasa for failure to be exported.

 

"We had a challenge on exporting tea from this region because there was high
production because of favourable weather conditions and subsidized
fertiliser. But we also had a problem of quality that led to a high reserve
price being put on the tea from this area. I was there last week, and we
solved the issue on reserve price and it has been lifted. Tea from the
region is now being sold at the auction," he assured.

 

It is wrong for some leaders to try to distabilise the sector through petty
politics, the DP said, asking them to desist from doing so.

 

"We are asking leaders not to politicise the sale of tea because it will
distabilise the sector yet thousands of farmers depend on it. We need to
check on quality and tea hawking, which is prevalent in this region. The
hawkers are stealing tea and taking it to factories which is contaminating
the quality of the tea processed," he said as he asked for consideration of
production of orthodox tea which is more beneficial to the farmers.

 

Capital FM.

 

 

 

 

Nigeria: Healing the Brain Drain - Nigeria's Move to Stem Health Workers
Migration

Ranked by WHO among the 37 countries with critical health workforce
shortages, Nigeria is battling an exodus of trained professionals abroad.

 

Recently, President Bola Tinubu approved a National Policy on Health
Workforce Migration to manage the exodus abroad of skilled Nigerian
healthcare professionals.

 

As announced by the Coordinating Minister of Health and Social Welfare,
Muhammad Pate, the 56-page document presents the national plan to address
the dynamics of health workers' migration, ensuring that it does not
compromise the needs of the country's healthcare system.

 

 

Mr Pate described the policy as a major part of Nigeria's efforts to manage
the current health crisis while promoting collaboration with critical
stakeholders at national and international levels.

 

Ranked among the 37 countries with critical health workforce shortages in
the 2023 WHO Health Workforce Support and Safeguards list, Nigeria has been
battling the increasing exodus of its trained professionals.

 

However, through this policy, the government seeks to address the
fundamental problems of health workforce shortage in Nigeria, particularly
in rural and underserved areas.

 

The policy outlines new initiatives such as bilateral agreements and
memorandums of understanding (MoU) between the Nigerian government and key
foreign destinations of Nigerian health workers.

 

It stipulates the establishment of training, opportunities for career
development, incentives and a conducive work environment.

 

 

Also, the policy introduces the creation of a digital registry for migrants
in the system, cross-border data-collection on Nigerian health workers,
ethical recruitments, research, innovation and equitable distribution of
healthcare providers across the country.

 

This analysis provides a breakdown of these emerging initiatives, and what
impacts they may have on the sector and the country.

 

Trends of migration among Nigeria health workers

 

Nigeria's health minister recently revealed that about 67 per cent of
Nigerian doctors migrating abroad practice in the United Kingdom and the
country now has only 55,000 licensed doctors to serve its growing population
of over 200 million.

 

With 0.363 medical doctors per 1,000 people, far below the WHO
recommendation of 4.45 per 1,000 population, Nigeria has continued to lose
even more and the uneven distribution in the ratio of doctors to population
is worsening.

 

 

The doctor-to-population ratio in Abuja is 4.7 per 10,000 population and in
Lagos, 4.6 per 10,000 population.

 

Between 2008 and 2021, 36,467 Nigerian doctors migrated to the United
Kingdom, a steady increase from 1,798 in 2008 to 4,880 in 2021.

 

A larger trend was observed for nurses. Between 2002 and 2021, 60,729
Nigerian nurses migrated to the United Kingdom. There was a consistent
increase from 1,393 nurses that migrated in 2002, to 5,543 in 2021.

 

Highlighting the trend of migration among Nigerian health workers in the
policy, data presented shows that 2022 represents the peak of migration of
medical doctors as over 3,000 doctors requested letters of good standing
from the Medical and Dental Council of Nigeria (MDCN).

 

The United Kingdom is the destination for 68 per cent of Nigeria's medical
and dental professionals who migrated out of Nigeria through MDCN.

 

Other destinations are Canada (10 per cent), USA (seven per cent), UAE (five
per cent), Australia (three per cent), Ireland (three per cent), Saudi
Arabia (one per cent) and Maldives (one per cent)

 

Proposed MoU

 

One of the new measures being adopted in the policy is the establishment of
a Memorandum of Understanding (MoU) with the USA, UK, Australia, and other
key destination countries of Nigerian health workers to align with the WHO
Global Code of Practice on the International Recruitment of Health
Personnel.

 

The policy stipulates that there should be an established bilateral or
multilateral agreement between Nigeria and foreign agencies trying to
recruit health workers in the country.

 

These agreements will be the basis on which a foreign recruitment agency can
engage a doctor, nurse, and every other member of the healthcare workforce.

 

The new development implies that the government is targeting a more
structured and controlled process for migration and the recruitment of
healthcare workers by other countries, "ensuring that it is done in a manner
that aligns with the country's interests."

 

While it states that the government does not intend to prohibit healthcare
workers from leaving randomly, the process may limit the flow of health
workers to other countries, as it seeks to ensure that it happens under
agreed terms rather than haphazardly.

 

In response, the National President of the Nigeria Medical Association
(NMA), Bala Audu, said the MoU idea is a good initiative to manage the
migration of health workers, if properly implemented.

 

 

Mr Audu told PREMIUM TIMES that destination countries are expected to make
certain commitments before taking Nigerian-trained health workers to serve
their health needs.

 

"From my understanding of the bilateral agreement, it is not bad. It is for
countries who come to our country to attract our skilled doctors to have
commitments they make.

 

"The way it appears, you have to give something back in return if you come
to take our professionals," he said.

 

There have been efforts by the Nigerian government in the past to regulate
health workers migration but the conditions have been rejected.

 

Last year, the House of Representatives proposed a bill to mandate
Nigeria-trained health workers to practise in Nigeria for a minimum of five
years before they are granted full licenses or travel abroad.

 

The bill, which passed a second reading, generated heated debates as doctors
threatened to down tools, vowing to resist any guise to "enslave" Nigerian
medical doctors.

 

Incentives for health workers

 

This is the first thematic area of the policy which mandates the provision
of "special incentives" for health workers in the country, especially for
those who choose to serve in rural and deprived parts of the country.

 

It affirmed that the government should create easy access to special credit
facilities, tax holidays and modalities for special mortgage facilities for
healthcare workers to easily own houses, cars, and other essential assets.

 

The policy stipulates a periodic review of healthcare workers' salaries,
benefits, pensions and allowances, and the provision of adequate equipment
and supplies.

 

It also mandates health agencies to invest in digital health infrastructure
(telehealth) in the Nigerian health system and the development of a
"return-to-practice" programme with special incentives for health workers
who want to return to Nigeria.

 

Over the years, health professionals in Nigeria have complained of low wages
and non-payment of their hazard allowances, among others, which has led to
industrial actions on numerous occasions.

 

In his remarks on the incentives, the NMA President said Nigeria's effort
towards curbing brain drain "depends largely on how effectively the
incentives are implemented."

 

"On our own side, as leaders in the healthcare industry, we will be
reviewing the policy and if there are additional areas we believe will
improve the retention of health workers and other providers, we will also
dialogue with the government to increase the area of incentive which they
may have not been included in the current policy," he said.

 

Also speaking to PREMIUM TIMES, the Vice President of the National
Association of Resident Doctors (NARD), Kefas Wida, said remuneration is the
major reason health workers are migrating and that for Nigeria to retain its
workforce, "it needs to adequately address the modalities for incentives
highlighted in the policy."

 

Mr Wida noted that without implementation, the government cannot stop anyone
from migrating, "even if they make the process difficult and tedious with
too many bureaucratic processes."

 

"People are looking for better remuneration. Anything we are doing that is
short of addressing issues around this, we are beating around the bush. This
policy is a good one and it is a step in the right direction. But we must
address the main crux of the workforce migration, particularly by adequate
remuneration," he said.

 

On health workers' safety, security

 

As Nigeria grapples with armed conflicts such as terrorism and banditry,
many health workers have been attacked, kidnapped, killed or displaced from
their homes.

 

Recently, the Nigerian Association of Residents Doctors (NARD) threatened to
down tools if the government failed to secure the release of Ganiyat
Popoola, a resident doctor at the National Eye Centre in Kaduna abducted in
December 2023.

 

The Safeguarding Health in Conflict Coalition (SHCC) identified 19 incidents
of violence against health workers in Nigeria in 2023, and 43 incidents in
2022, compared to 56 in 2021, in which 37 health workers were kidnapped,
seven others were killed, and health supplies were looted from pharmacies
and health centres.

 

SHCC reported that between 2016 and 2020, there were 4,094 reported attacks
and threats against healthcare in conflict areas across the world. During
this period, at least 1,524 health workers were injured, 681 were killed,
and 401 were kidnapped.

 

However, the government, through this policy, seeks to enhance and ensure
the safety of health workers serving at all levels of the Nigerian
healthcare system.

 

The policy mandates the provision of adequate security in health facilities
for the protection of the health workforce across the board.

 

Job for returnees, data collection

 

Unlike the current regulation that prevents returnees from reclaiming their
previous positions by banning leave of absence for health professionals
moving abroad, the new migration policy permits workers to be rehired if
they return to the country within a set period.

 

Also, the new policy mandates that the existing Public Service Rules
guarantee the right of return for health workers previously employed by the
government.

 

This policy allows for rehiring returning health workers, but within a
specified timeframe. This means that if workers miss this window, they may
face difficulties regaining employment, causing job insecurity.

 

The government, through the policy, also demands routine cross-border data
sharing regarding the licensing and performance of workers migrating to
foreign countries which it says should be done "on a quarterly basis."

 

The policy recommends that: "The Federal Ministry of Health must regularly
report on the trends, patterns, and impact of health workforce migration in
Nigeria.

 

"The report will disclose vacancies, remittances from migrant health
workers, and the conditions of Nigerian health workers in their destination
countries."

 

While this portends to be beneficial to the country and also migrating
healthcare providers, routine data sharing and reporting might add layers of
bureaucracy, potentially complicating the process for health workers seeking
to migrate or return.

 

The Nigerian government will reintroduce the one-year abroad training
programme, according to the new policy.

 

Capacity development, training programmes

 

Unlike India and the Philippines, Nigeria lacks a managed migration system
and a robust system to train healthcare workers to meet domestic and global
demands.

 

Identifying this deficit, the Nigerian government, through this policy,
seeks to improve training and recruitment programmes for health workers to
address the situation and contribute to progress towards the Sustainable
Development Goals (SDGs) especially on health.

 

The policy mandates increasing the capacity of health institutions and
strengthening the health workforce for "both local and international needs."

 

It also stipulates that the government must ensure that existing health
workers receive post-graduate degree training and the establishment of more
health training institutions to produce additional healthcare professionals
of "adequate quality and quantity."

 

Presently, there are 400 nursing training institutions, 139 approved Medical
Laboratory Science (MLS) training institutions and 37 fully accredited
medical schools.

 

Monitoring, implementation

 

Monitoring and evaluation is another thematic area highlighted in the policy
to institute an evidence-based health workforce migration information
system.

 

This mandates the inclusion of health workforce migration data in all
relevant national surveys, including the Nigeria Demographic and Health
Survey (NDHS) and facilitates cross-border data sharing on health workforce
migration.

 

Overall, the federal, state and local governments are expected to develop
appropriate strategies, plans and guidelines to facilitate the
implementation of the policy, while noting that civil society organisations
will monitor the implementation and provide feedback to the government on
the successes, challenges and solutions.

 

Meanwhile, Mr Audu noted in his comment that the NMA plans to meet with the
government to discuss the policy and implementation modalities.

 

"I believe we are going to sit with those that have fashioned this policy,
to negotiate in such a way that the conclusion will appease those who chose
to remain in Nigeria and probably attract whoever has left to come back.

 

"Implementation is sacrosanct for the policy to have its desired impact," he
told PREMIUM TIMES.

 

Premium Times.

 

 

 

 

South Africa: Limpopo Teacher Scammed Out of Her Savings

A Limpopo former teacher is one of several people taken in by fraudsters
claiming to work for Thebe Investment Corporation.

She paid several hundred thousand rand to Esrome Msindzu, who claimed to
work for "Thebe Stock Brokers".

But Thebe says he never worked there.

However he did have an account with Thebe Stockbrokers and the teacher's
money was paid into that account.

A 71-year-old former teacher is one of several people in Limpopo who lost
money after putting their savings into what they thought were investment
accounts at Thebe Investment Corporation.

 

 

The account into which she put her money turned out to be the private
account of Esrome Msindzu from Mulamula village. He did not even work for
Thebe.

 

The teacher, who does not want to be named, explained that she was
approached by Msindzu in 2014, who claimed to work with Thebe Stockbroking,
part of Thebe Investment Corporation. He persuaded her to put several
hundred thousand rand in what she thought was an investment fund.

 

Thebe Investment Corporation was founded in 1992, with as sole shareholder
the Batho Batho Trust, a community trust which had Nelson Mandela, Walter
Sisulu and Beyers Naude as trustees.

 

The teacher, who retired in 2013, wanted to use part of her pension money to
fund her son's education. She said she had heard that other teachers had
invested through Msindzu and had received good returns.

 

In September 2014, she and her elder sister accompanied Msindzu to her
Capitec Bank branch to make the investment. She transferred the money from
her Capitec account into an Absa Bank account, with the beneficiary listed
as "Thebe Stock Broking". At the time, she asked Msindzu for an investment
contract, which he promised to send once he had it stamped at work. It never
materialised.

 

 

Early in 2016, the former teacher asked Msindzu for a summary of her
investment portfolio, as she wanted to withdraw some funds to pay for her
son's tuition. Msindzu, however, started avoiding her, often turning off his
phone or not answering her calls.

 

According to the former teacher, she considered filing a police report, but
others who had invested advised against it, fearing that if Msindzu was
arrested, they might lose their money. Msindzu kept assuring them that they
would get their money back.

 

"He made fools of us," she said.

 

For the past eight years, the former teacher has made multiple attempts to
recover her money from Msindzu. She now believes she will never see her
money again.

 

 

GroundUp made several attempts to contact Msindzu for comment.

 

Phone calls from a landline did not go through to his number. Attempts were
then made to contact him via WhatsApp.

 

On Wednesday, 4 September, questions were sent to Msindzu. The message was
delivered but not opened. On 5 September, he was asked again via WhatsApp to
respond, but he blocked the reporter's number. A second number was used to
try to contact him, and although the message was opened, the number was also
blocked. Msindzu then changed his profile picture.

 

GroundUp sent questions to TSB Securities (formerly Thebe Stockbroking),
inquiring about the former teacher's investment and Msindzu's role.

 

In a detailed response, the chief executive officer of TSB Securities,
Saleem Symallin, said that Msindzu had never worked for Thebe Investment
Corporation or TSB Securities.

 

"Mr Msindzu did have a client account with TSB Securities under the name of
Msikho Property Investment, which was under his control and exclusively used
for derivatives trading," he said. Derivatives are complex financial
instruments whose value is derived from underlying assets such as shares or
commodities such as gold or copper.

 

Symallin said the funds deposited by the retired teacher had been deposited
with the reference of Msikho Property Investment's account number.
"Accordingly, the funds were credited to the account of Msikho Property
Investment, owned by Mr Msindzu. Further derivative trading on this account
continued until December 2014, after which the account went dormant," he
said.

 

"Any transactions, if any, between [the teacher] and Mr Msindzu would have
been a matter between the parties, and TSB would not have been privy to
those," he said.

 

Symallin concluded that it appears Msindzu fraudulently presented himself as
a representative or employee of TSB Securities. "In all cases, potential
clients deal directly with TSB Securities through our registered offices.
Where clients use independent financial advisors to place investment funds
with TSB or any other authorised member of the JSE, it is the client's
responsibility to verify that they are dealing with duly authorised
financial service providers," he said.

 

It is not clear how many other people lost money by investing in what they
thought were accounts at Thebe Investment Corporation or one of its
companies.

 

In November last year, Thebe Investment Corporation issued a warning on its
LinkedIn page about a scheme operating in the company's name.

 

"It has come to our attention that there may be a Ponzi Scheme asking people
to invest their hard-earned cash via WhatsApp or other social media
platforms. Thebe Investment Corporation does not run any such scheme
whatsoever. If you have become a victim of this scheme, kindly contact your
nearest law enforcement authorities." the warning said.

 

GroundUp.

 

 

 

Rwanda: What Rwanda Expects From COP29 in Azerbaijan

Following the launch of the 'Loss and Damage Fund' at the 28th UN Climate
Change Conference (COP28) in Dubai in 2023, Rwanda has its sights set on the
next round of global climate talks at the upcoming COP29, which will take
place in Azerbaijan in November.

 

At the top of Rwanda's agenda are securing additional funds and ensuring
transparent, inclusive funding structures for direct access to the fund,
according to Herman Hakuzimana, Rwanda's Deputy Lead Negotiator from the
Rwanda Environment Management Authority (REMA).

 

Loss and Damage Fund is a financial mechanism designed to provide crucial
support to vulnerable nations facing the brunt of climate change effects.

 

 

Rwanda also needs direct access to this fund given that it is among African
countries affected by climate change effects yet they contributed less than
4 per cent to global warming.

 

ALSO READ: Climate change could erode 7% of Rwanda's GDP by 2050

 

The expectations were shared, on September 11, 2024, with Rwanda Climate
Change and Development Network (RCCDN) comprising 73 organisations dealing
with environment and climate change during the consultation meeting about
COP28 outcomes and the upcoming COP29 expectations.

 

Currently Rwanda needs over Rwf518 billion to recover from disasters that
hit the country in May, 2023.

 

COP28 agreed on the operationalization of a loss and damage fund to support
especially vulnerable countries dealing with the effects of climate change

 

Pledges made to the fund totaled $772 million at COP28.

 

 

However, according to Hakuzimana, this is a drop in the ocean considering
the total amount of finance needed for loss and damage which is estimated to
reach up to $580 billion annually by 2030 and $1.7 trillion annually by
2050.

 

"Rwanda as a Party to the UNFCCC will play its role during COP29 by
participating in negotiations with the aim of ensuring that Rwanda's
interest and priorities are considered in the global climate agenda," he
said.

 

Faustin Munyazikwiye, Rwanda's lead negotiator in the UN Climate talks, says
Rwanda like other developing countries is vulnerable to the impacts of
climate change and is eagerly awaiting the outcome of the climate
negotiations.

 

ALSO READ: For Rwanda to Achieve Its Climate Goals, Finance is Essential

 

The New Collective Quantified Goal on Climate Finance (NCQG) is a new
financial target from the year 2025 onwards that developed countries, who
are the biggest contributors to climate change, must avail to developing
countries, replacing the previous commitment of $100 billion per year that
they pledged in 2009 but failed to deliver on time.

 

 

"This new goal where some propose $3 trillion must take into account the
needs and priorities of developing countries," he said.

 

The new goal will replace the current $100 billion annual commitment made by
developed countries back in 2009.

 

"The $100 billion pledge has never been met. In structuring the new goal on
climate finance, Rwanda will advocate for the special circumstances of most
vulnerable Countries to be considered and reporting issues from developed
country contributors to be clear to ensure the tracking of their pledges,"
he said.

 

Adaptation finance

 

According to experts, a lot of finance is going to mitigation measures, yet
Africa's priority is adaptation finance emphasizing that it should at least
be 50/50.

 

Last year at COP28, countries agreed to a new framework for the Global Goal
on Adaptation to build climate Resilience.

 

ALSO READ: A look at 15 major climate finance flows in Rwanda

 

"At COP29, it is essential that the enactment of the targets proposed by the
Global Goal on Adaptation framework is accelerated to enhance planning and
implementation," he noted.

 

COP29 will also be one of the last major opportunities for countries to
signal their intention to put together new and enhanced climate plans, known
as Nationally Determined Contributions (NDCs), before submitting them in
2025.

 

NDCs to date fall far short of what is required to avert dangerous levels of
climate change.

 

"In negotiations, it will be an opportunity for developing countries to urge
developed countries to increase the ambition in the next generation of
NDCs," he added.

 

The amount of adaptation finance needed is about $360 billion annually,
compared to about $18 billion that was available in 2019.

 

ALSO READ: Rwanda Faces $7 Billion Funding Gap to Implement Climate Action
Plan

 

Rwanda has identified a $7.1 billion funding gap to meet its climate action
targets under the Paris Agreement by 2030.

 

The country plans to invest $11.04 billion to cut carbon emissions by 4.6
million tonnes and adapt to climate change effects.

 

Adaptation projects require $5.4 billion by 2030, with 40% ($2.1 billion) to
be sourced domestically and 60% ($3.3 billion) internationally.

 

 

Agriculture sector priorities dominate adaptation costs, needing $3 billion,
which accounts for 55% of total adaptation costs.

 

What climate activists say

 

Faustin Vuningoma, Coordinator of the Rwanda Climate Change and Development
Network (RCCDN) which comprises of 73 organisations dealing with environment
and climate change said that $772 million mobilised at COP28 for the 'Loss
and Damage Fund' for climate vulnerable countries is a drop in the ocean
saying; "This money is not even enough for Rwanda alone."

 

He said that adaptation finance should be prioritised both in Rwanda and
other developing nations.

 

"Rwanda and African countries have the smallest contribution to global
warming yet they are most affected by climate change effects. Therefore, we
need finance to adapt to these effects. COP29 was nicknamed Finance COP,' he
said.

 

He said that while $100 billion annual climate finance pledged by developed
countries has not yet been met, Africa seeks trillions of money as a new
pledge from historical polluters.

 

African Ministerial Conference on the Environment (AMCEN) which took place
in Abidjan, Côte d'Ivoire, last week, declared that a New Collective
Quantified Goal (NCQG) on climate finance should be adopted, "one that would
require rich nations to mobilise a quantum of no less than $1.3 trillion per
year for developing nations."

 

The ministers have reiterated that "climate finance should be given in form
grants and not loans which have worsened the debt situation among developing
countries."

 

Mithika Mwenda, the Executive Director Pan African Climate Justice Alliance,
said Africa should have once voice to ensure climate justice for its people.

 

New Times.

 

 

 

 

Kenya: Adani's Proposed Takeover Deal of JKIA Triggers Millions in Airline
Losses

Kenya's Jomo Kenyatta International Airport (JKIA) faced significant
disruptions on Wednesday after aviation workers halted operations in protest
against the proposed 30 year lease plan by India's Adani Group, leading to
millions of dollars in losses due to flight cancellations and delays.

 

The strike, initiated by workers affiliated with the Kenya Airports
Authority (KAA), came in response to plans to modernise the airport through
the partial acquisition by Adani Group, which has raised concerns about
potential job losses.

 

The industrial action led to the suspension and cancellation of flights by
major airlines, including Kenya Airways, RwandAir, Ethiopian Airlines, and
Uganda Airlines.

 

 

RwandAir announced the immediate cancellation of flights, while Uganda
Airlines issued a statement warning of possible delays and disruptions in
its regional schedule.

 

"Due to the ongoing strike by airport staff at Jomo Kenyatta International
Airport, our flights WB452/WB453 KGL/NBO/KGL on September 11, 2024, are
canceled. All affected passengers will be rebooked on the next available
flights. We apologise for any inconvenience caused," RwandAir said in a post
on X.

 

In response to the strike, the Kenyan government held an urgent meeting with
KAA employees' union officials, resulting in a temporary suspension of the
strike for ten days to allow for further discussions.

 

The union released a statement outlining the conditions of the suspension,
emphasising that the final agreement on the airport's lease would not be
signed without their concurrence.

 

Kenya's aviation regulator, the Kenya Civil Aviation Authority (KCAA),
issued a Notice to Airmen (NOTAM) warning of ongoing disruptions for
arrivals and departures at JKIA and advising pilots to anticipate delays.

 

The strike was called at midnight on Wednesday after reports emerged that
the Kenyan government had moved ahead with the leasing of JKIA to the Adani
Group for 30 years despite the workers opposition.

 

The Kenya Aviation Workers Union (KAWU) fears the transaction could lead to
significant job losses among airport workers.

 

Uganda Airlines, which operates two daily flights between Entebbe and
Nairobi, and RwandAir, which flies three times daily from Kigali to Nairobi,
were among the carriers affected. Ethiopian Airlines, with four daily
flights in and out of Nairobi, also faced disruptions.

 

Business Day Africa.

 

 

 

 

East Africa: Why the Comesa Competition Commission Is Reviewing Its Laws

The regional competition watchdog is reviewing its regulations to keep pace
with rapid technological advancement and emerging issues in consumer
protection.

 

The new laws expected to be in place by December this year seek to improve
on the COMESA Competition Commission's (CCC) regulations that have remained
unchanged over the past two decades.

 

CCC chief executive Willard Mwemba noted the review process that begun in
May 2021 culminated to a draft document in May 2024 that is currently being
scrutinized by the COMESA's legislative committees.

 

"Our laws have been there since 2004 so we will have to review them, as they
did not envisage among other things digital markets, Artificial Intelligence
(AI), environmental issues of climate change and consumer violations
bordering on dark patterns," he told journalists recently in Livingstone,
Zambia.

 

 

The CCC is responsible for enforcement of the COMESA Competition Regulations
in territories of all the 21 Member States in relation to restrictive
business practices and mergers with a cross-border dimension and which
restrict competition in the Common Market.

 

Of the 21 Member States, only Eritrea and Somalia do not currently have
competition laws.

 

The CCC has MoUs with Burundi, DRC, Egypt, Eswatini, Ethiopia, Kenya, Libya,
Malawi, Madagascar, Mauritius, Rwanda, Seychelles, Sudan, Zambia, Zimbabwe.

 

Some of the issues introduced in the new laws extensively touch on consumer
rights, dark patterns and harmful digital content especially on children as
well as environmental concerns.

 

 

Dark patterns are tricks used on consumers on electronic devices, where they
find themselves unable to unsubscribe from active subscriptions or are
compelled to pay for unintentional purchases.

 

To reflect the consumer protection mandate, the CCC is mulling a change of
name to be known as the COMESA Competition and Consumer Commission (CCCC)

 

Other issues introduced under the new law include new merger notification
thresholds for digital market, provisions to address abuse of buyer power/
abuse of economic dependency as well as a shift from non- suspensory to
suspensory regime.

 

Under the current COMESA competition legal framework, parties do not have to
await the approval of the CCC once they file merger notification.

 

The new laws have proposed amendment for parties to seek approval of the
Commission before implementing a merger and that implementing a merger
without the approval of the Commission shall be a breach for which parties
can be fined.

 

Over the past year, the CCC has witnessed a steady increase in number of
mergers. As at July 2024, it had received some 29 merger notifications and
requests for comfort letters, highlighting a 16 percent increase from the 25
registered the year before.

 

The new act will introduce more robust mechanisms for enforcing consumer
rights.

 

Breaches of consumer protections will carry specific consequences, enhancing
the accountability of businesses and ensuring better protection for
consumers.

 

Business Day Africa.

 

 

 

 

Nigeria: Protect the Poor From Impact of Petrol Price Hike - IMF to Govt

Amid ongoing pricing and supply crises in the downstream sector of the
Nigerian oil industry, the International Monetary Fund, IMF, has tasked the
Federal Government to prioritize building and accelerating a social safety
net that protects vulnerable citizens.

 

But taking this position in an interview with Arise TV yesterday, the
Resident Representative of the IMF in Nigeria, Dr. Christian Ebeke, also
hinted that petrol is still selling below market price, indicating the
possibility of a further upward price movement.

 

Recall that the Nigerian National Petroleum Company Limited, NNPCL, has also
taken a similar position.

 

 

The IMF executive expressed worry that Nigerians are going through
significant hardship due to policies being implemented by the present
Federal Government.

 

Ebeke stated: "I think this upward adjustment of petrol price at the pump
comes at a time Nigerians are already feeling significant hardship.

 

"There is a lot of pain for Nigerians coming from multiple shocks,
compounded shocks, including high inflation, high food inflation. Now, the
country is dealing with devastating floods, among others.

 

"So the upward adjustment to pump rice comes at that particular moment when
the economy is also dealing with multiple shocks and Nigerians are feeling
this pain.

 

"I would advise that as we clearly stated in our annual review of the
Nigerian economy which we published in May and our advice is very clear.

 

"It is important to strengthen social protection in Nigeria. It is important
to accelerate the mechanism and the disbursement of this support to the most
vulnerable, so they can cope with this multiple shocks they are actually
facing now.

 

"The programme the Federal Government has is reaching out to 15 million
households, this is the way to go. This programme should be accelerated,
cushioning the impact of the pump price policy on the most vulnerable is the
immediate priority.

 

'NNPC fuel prices are not market-reflective'

 

Supporting the earlier position of the NNPCL that the current pump prices of
petrol were not yet market reflective, Ebeke said: "I think the starting
point should be to ensure that there is enough supply stability of this
product. The queues that we see at gas stations needs to be addressed.

 

"We also understand that for a long time, price at the pump has not been
reflective of market conditions and this led to challenges to petrol supply
and challenging situation also falls for NNPC.

 

 

"So our position again is while you are making these adjustments, it is very
important to be mindful of the potential impact these have on the most
vulnerable. Again, the narrative should really be about how to accelerate
support to the most vulnerable, so they can cope with this type of shock.

 

"Now, if this upward adjustment brings enough supply in the market and have
addressed fuel scarcity, this will be a very good development for many
Nigerians because the scarcity is not really helping the productive capacity
of the country and also with this situation, people normally don't get a
life".

 

Dangote supply, distribution

 

Ebeke also expressed the view that the controversy surrounding the earlier
claims that NNPCL would be the sole distributor of Dangote Refinery
petroleum products was better resolved in favour of consumers if
availability and competition were in place.

 

He stated: "Availability of supply, competition, those are principles that
usually work in favour of consumers. They bring good product quality when
you have competition, and when you have competition, you ensure that there
will be stability of the supply in the market.

 

"Again, everything that works in favour of those principles is something we
will welcome and the market should be a market where the two principles are
clearly achieved.

 

"Stability in supply with competition will ensure that consumers can have
the best deal and the best bargain."

 

Reacting to the position of the Federal Government that despite the hardship
on the citizens, its economic reforms were necessary for a sustainable
growth, Ebeke stated: "A constant topic and theme here for us is about how
you balance policy.

 

"When it comes to this type of challenging reforms, you have to look at them
as packages. You have a package where the first leg is having a clear
mechanism to discuss or implement a price modulation for this type of
products like petrol but you don't do it just alone.

 

"Then you have to blend this first pillar with another one, which is how do
you cushion the impact on the most vulnerable.

 

"So the price adjustments or any effort you are making to resolve the
balance sheet problem should be accompanied with something meaningful to the
people.

 

"That is why we see this as a package of policies in the recommendations
contained in our annual economic review of the Nigerian economy in May. It
clearly stated that those policies should be implemented as packages.

 

 

"So you have these price modulations that you can design and have a clear
and transparent framework for price determination for petroleum price at the
pump and also have a robust social safety net programme or a mix of
programmes that targets the most vulnerable, so they can really cope with
the multiple shocks they face now."

 

2024 economic outlook

 

Ebeke also took a look at the end-of-year position of Nigeria's economy and
the 2025 insight, stating: "I think, maybe three points here. First, the
authorities have an ambitious plan to transform the economy, restore market
stability, promote growth, and really, really deal with poverty.

 

"This is the ambition. We have clearly stated it. It's an impressive and
very ambitious plan they have. Meanwhile, there is also a recognition that
there is significant hardship in Nigeria. The population has to deal with
multiple shocks, and those shocks are not just one after the other; they're
also compounded.

 

"Clearly, there is a need right now to continue all the efforts to really
reach out to the most vulnerable and ensure that while the reforms are being
rolled out, those vulnerable can really be reached out to, and, the
administration can help them cope with the challenging situation they face.

 

"I think programmes like the one the Federal Government has, reaching out to
15 million households, providing direct payments, supporting with CNG buses,
plans that hopefully will be implemented soon, and additional plans,
providing grains, using strategic agricultural reserves to reach out.

 

"This is very, very important, and those type of initiatives should be
accelerated to ease the pain on Nigerians.

 

"Now, going forward, one of the key issues for Nigeria has always been the
revenue part. You can have all the plans, but how do you finance those
plans? So raising revenue in a country that has one of the lowest
revenue-to-GDP ratio in the world is one of the ultimate priorities for now
and also in the medium term.

 

"Again, why are revenues important? Because you will use them to promote
more infrastructure, more development spending, more health, more education
spending. So that's how we see the type of challenges, but also
opportunities for the Nigerian economy.

 

"Now for the remaining part of the year, one of the keys, I would say
milestone, or something you can put in the calendar, is really the 2025
budget.

 

"This budget will also set the stage for what would be the priorities for
the administration for 2025, given all the challenges and also how to create
the opportunities to really ensure that macro stability is restored and also
growth is really promoted, going forward."

 

Hike in fuel prices without adequate cushioning mechanisms worsen economic
hardship -- Egbomeade

 

Reacting to IMF concerns on the effect of the reforms, Clifford Egbomeade,
Public Analyst/ Communications Expert said: "IMF's statement about the pump
price of petrol not being market-reflective points to a familiar challenge
in the country's economy.

 

"Over the years, fuel subsidies have been a contentious issue as they
significantly strain government resources, but they also serve as a buffer
against the high cost of living for ordinary Nigerians.

 

"While IMF's call for market-reflective prices aligns with economic
sustainability, it's important to recognize that many Nigerians rely heavily
on petrol, not just for transportation but also for small-scale businesses
and power generation.

 

"Any hike in fuel prices without adequate cushioning mechanisms could worsen
economic hardship, especially in a country where inflation, unemployment,
and poverty are already pressing concerns."

 

On the advice for social net, Egbomeade, said: "The emphasis on social
safety nets for the vulnerable population is the right direction, but
implementation will be key.

 

"For this to work in Nigeria, the government must first ensure that programs
aimed at protecting the vulnerable are transparent, adequately funded, and
well-targeted.

 

"If not properly handled, Nigerians could lose faith in both the subsidy
removal and the promised social protections."

 

Major challenge with economy is failure of policies -- Olayinka

 

In his own reaction, Tajudeen Olayinka, Investment Banker & Stockbroker
said: " IMF is right with its advice to government but the major challenge
with the economy is failure of policies, which is making it difficult for
economy to be on right path to adjustment.

 

"Economy is simply not adjusting because the program is not well coordinated
with the right set of required policies, programs and structures.

 

"Unfortunately, the economy cannot recover from the current crisis without
taking it through a well coordinated adjustment program. Adjustment Program
is about the most complex program in macroeconomic management."

 

Vanguard News Nigeria

 

 

 

 

Boeing boss in last-ditch plea ahead of strike vote

New boss tells staff that a strike would put the firm's "recovery in
jeopardy"

Boeing's new chief executive Kelly Ortberg has pleaded with workers to not
go on strike as it would put the company's "recovery in jeopardy".

It comes hours ahead of a crucial union vote that could trigger industrial
action at the embattled company.

The aviation giant's executives and union representatives reached a deal
earlier this week that includes a 25% pay rise over four years but it has
yet to be approved by union members.

If workers vote against the agreement it would lead to a second ballot on
whether to start a strike as early as Friday.

 

"I ask you not to sacrifice the opportunity to secure our future together,
because of the frustrations of the past," said Mr Ortberg in his message to
staff.

"Working together, I know that we can get back on track, but a strike would
put our shared recovery in jeopardy".

On top of the proposed 25% pay rise, the preliminary deal would offer
workers improved healthcare and retirement benefits, as well as 12 weeks of
paid parental leave.

It would also include a commitment from Boeing to build its next commercial
plane in the Seattle area if the project is started during the lifetime of
the contract.

The union initially targeted a number of improvements to workers' packages,
including a 40% pay rise.

However, it appears the reaction from the 30,000 Boeing workers represented
by the union was not entirely positive.

Union leader and top negotiator, John Holden, said it was not clear whether
the deal had enough support among union members to be approved.

"They are angry," he told the Reuters news agency.

 

The current contract between Boeing and the unions was reached in 2008 after
an eight-week strike.

In 2014, the two sides agreed to extend the deal, which is due to expire at
midnight on Thursday.

A rejection of the preliminary agreement between Boeing and its largest
union would be a further significant setback for the firm.

A strike could potentially shut down aircraft production at a time when the
company is facing deepening financial losses and struggling to repair its
reputation following recent incidents and two fatal accidents five years
ago.

It would also be a major blow to Mr Ortberg, an aerospace industry veteran
and engineer, who took over as Boeing's chief executive last month with a
mission to turn the business around.-BBC

 

 

 

 

US inflation falls to lowest in over three years

Inflation in the US continued to cool last month, official figures showed,
raising confidence that the US central bank will cut interest rates next
week.

Consumer prices rose 2.5% over the 12 months to August, as prices for
petrol, used cars and trucks, and some other items fell.

That marked the slowest pace since February 2021 and was down from 2.9% in
July, despite an unexpected rise in housing costs.

The Labor Department figures come during a presidential campaign in which
rising living costs have been a key issue.

 

Analysts said the data increased the likelihood that the Federal Reserve
would cut interest rates by 0.25 percentage points at its meeting next week,
but reduced the odds of bigger cut.

 

"Overall, inflation appears to have been successfully tamed but, with
housing inflation still refusing to moderate as quickly as hoped, it hasn’t
been completely vanquished," said Paul Ashworth, chief North America
economist for Capital Economics.

The data shows price pressure is fading for key household items.

 

Grocery prices, which were surging just a few years ago, were unchanged from
July to August and are up less than 1% from a year ago, according to the
report.

The cost of petrol, another staple, has also dropped, falling over the month
and more than 10% from August 2023.

However, prices for other items continued to climb.

 

Not including food and energy - which tend to fluctuate and can obscure
underlying trends - prices were up 3.2% over the year, as airline tickets,
car insurance, rent, and other housing costs grew more expensive.

 

"This serves as a bit of a reminder not to get too carried away with a few
months of better inflation data," said Brian Coulton, Fitch Rating's chief
economist.

"Certainly not enough to stop the Fed cutting rates later this month, but
the stickiness of services inflation... will be one reason why the Fed will
not be cutting rates at an aggressive pace over the next year or so."

 

Central banks, including the Fed, started upping borrowing costs two years
ago in an attempt to slow inflation.

Prices began to rise globally in 2021 because of pandemic-related supply
issues and a jump in government spending.

Russia's invasion of Ukraine in 2022 then caused oil prices to surge,
further fuelling global inflation.

US inflation hit a high of 9.1% in June 2022, but has since fallen closer to
the 2% rate considered healthy.

'They've got red tags on everything'

 

Jasmine Loeber Jasmine Loeber sat in a car wearing a white cardigan and
black topJasmine Loeber

Jasmine Loeber shops strategically to avoid spending too much money

 

Jasmine Loeber, a stay-at-home mother from Pennsylvania, was so shocked by
price increases in recent years that she began posting on social media about
her expensive supermarket hauls.

 

But the 26-year-old told the BBC that prices have recently started to become
more affordable.

She is still shopping strategically - avoiding certain brands and sticking
with stores known for being budget friendly - but is now seeing more
discounts.

"I've noticed, over the last few months, they've got red tags on
everything," she said, adding that her family recently took its first
holiday in three years.

But she said wider financial pressures, like housing costs, still weighed so
heavily that she did not plan to have more than one child.

The latest figures went largely unremarked in the aftermath of the first
debate and as political leaders marked the anniversary of the 11 September
attacks on New York's world trade center.

 

Jasmine, who lives in a state both campaigns see as must-win in November,
said she did not vote in 2020 and was unsure whether she would this year.

"It's really hard to be believe that they're actually going to be able to do
anything about it," she said.-BBC

 

 

 

 

Firm wins trademark case with EasyJet brand owner

A fundraising firm has won its legal battle with the brand owner of EasyJet,
which had tried to sue for infringement of its trademarks.

Easyfundraising, based in Lichfield, Staffordshire, said it hoped the
judgement gave encouragement to other organisations being sued by EasyGroup
that they could win in court.

“Our decision to not back down against EasyGroup’s ridiculous claims and
tactics has been entirely vindicated,” chief executive James Moir said.

Sir Stelios Haji-Ioannou, founder and owner of EasyGroup, said he would
appeal against the decision.

 

"We are disappointed with this decision which has a number of contradictions
and will be appealing this judgement immediately," he said.

He accused Easyfundraising of being falsely marketed as a charity - a claim
the firm denies.

 

Mr Moir said the case had taken up months of management time at his company,
which could have been spent helping charities and good causes.

He added: “Essentially, this was a trademark case over the use of the word
‘easy’ in our name, even though Easyfundraising has existed for nearly 20
years.”

He said his company had never claimed to be part of EasyGroup as there would
be no reputational benefit for it to do so.

 

“It is telling that EasyGroup were not able to produce a single piece of
evidence showing any customer confusion has ever existed,” he said.

 

Reuters An easyJet-branded plane, with orange and white livery, is seen in
flight against a light grey skyReuters

EasyGroup, founded in 1998, manages the Easy brand

He added that his company had also never claimed to be a charity.

The firm provides a cashback platform on which customers can donate part of
the commission paid by companies when they shop online to the charity of
their choice.

“This was very clearly understood and acknowledged by the judge in his
ruling,” Mr Moir said.

He said the judge, Mr Justice Fancourt, had ruled there had been no evidence
that Easyfundraising obtained an unfair advantage from its use of the word
“easy”.

Easyfundraising said it had raised more than £55m for charities and good
causes since its formation in 2005.

Wednesday's ruling meant Easyfundraising could focus on its core business
without the distraction of a protracted and expensive legal battle, the firm
said.

 

Sir Stelios said EasyGroup would challenge the decision, as he believed such
a course of action to be in the interest of UK consumers and charities.

"They are a highly profitable organisation," he said.

Easyfundraising is the latest in a series of bodies which have faced
challenges by EasyGroup for using "easy" as part of their name.

Last month the owner of a jet wash firm in Stoke-on-Trent agreed to pay
damages and change the brand name after EasyGroup threatened legal action.

An indie band known as easy life also changed its name after a similar
challenge.-BBC

 

 

 

 

Soaring cost of King’s Guards' real fur bearskin caps revealed

The bearskin caps worn by soldiers outside Buckingham Palace now cost more
than £2,000 each, according to figures from the Ministry of Defence (MoD).

The cost of the ceremonial caps, made from the fur of black bears, soared by
30% in a year, according to figures revealed in response to a Freedom of
Information request from animal welfare campaigners.

 

The People for the Ethical Treatment of Animals (Peta) group are against
using real fur in principle, but they say it is also now a financial as well
as an ethical issue, with £1m spent on fur caps in recent years.

The MoD said: “We are open to exploring faux fur alternatives if they pass
the necessary requirements."

 

However, the ministry spokesman said a fake fur version would have to
satisfy "safety and durability considerations" and that "no alternative has
met all those criteria to date".

 

The sharp increase in price is explained by the MoD as the result of a
change in the "contractual arrangements" for the caps, which are all made
from the fur of bears hunted in Canada.

 

The cost of the caps worn by the King's Guard rose from £1,560 each in 2022
to £2,040 in 2023.

Elisa Allen of Peta called on the MoD to "stop wasting taxpayer pounds on
caps made from slaughtered wildlife, and switch to faux fur today".

The distinctive tall caps are worn on ceremonial events such as Trooping the
Colour, and the figures from the MoD show that 24 new caps were bought in
2023 and 13 in 2022. Over the past decade the amount spent on replacement
caps has been more than £1m.

 

Defenders of using real fur caps have argued that they are long-lasting and
maintain their appearance for such showcase military occasions.

Animal welfare campaigners have claimed it is cruel and unnecessary for the
King's Guard to use real fur, saying it takes the fur of one bear to make
each bearskin.

The decision on the use of real fur is up to the MoD rather than the royals,
but as the BBC previously revealed, Queen Camilla switched this year to only
buying fake fur clothes, saying in a letter she would "not procure any new
fur garments".

 

Queen Camilla will buy no more real-fur items

Foie gras ban for King Charles's royal residences

 

There has been criticism from Peta of how black bears are caught and killed,
with accusations that hunters can use crossbows, and the animals might
suffer for a long time.

However, the MoD says all of the fur it uses comes from legal and licensed
hunts from the regulated Canadian market, and that bears are not "hunted to
order" to make the caps.

 

In opposition, Labour's then-shadow defence minster Stephanie Peacock had
called for "an immediate review of the possible alternatives to bear fur,
taking an in-depth look at contracts and costs".

 

She had told the House of Commons: "It is incredibly important that
traditions develop and adapt if they are to survive."

With Labour now in government, the MoD says it would welcome the submission
of samples of fake fur for testing.

However, any alternative material for the caps would need to perform in
areas such as water absorption and keeping its shape.-BBC

 

 

 

 

Rightmove rejects £5.6bn offer from Murdoch's firm

Property listing website Rightmove has rejected a takeover approach from a
rival Australian site backed by Rupert Murdoch.

The £5.6bn offer from REA Group, which is majority-owned by Mr Murdoch's
News Corporation, was described by Rightmove's board as "wholly
opportunistic".

In a statement on Wednesday, they said REA Group had "fundamentally
undervalued Rightmove and its future prospects".

The rejection is another blow for the Murdoch business empire after the
failure of Talk TV earlier this year.

REA said in response it plans to "apply for a secondary listing of all of
its ordinary shares in London."

The offer valued Rightmove at over quarter of its share price on 30 August.
It would have meant Rightmove shareholders owning around 18.6% of the new
merged business.

REA said its plan is to create a property business with "strong margins and
significant cash generation' that holds the number one position in both the
UK and Australia."

 

It added that buying Rightmove would "enhance the UK property experience for
buyers, sellers, and renters, positively contributing to the property market
ecosystem."

Following the rejection from Rightmove's board, REA has until 5pm on 30
September to bid again or accept it was rejected.

The news comes as hedge fund Starboard Value confirmed it filed a
shareholder resolution to reduce Mr Murdoch's power at News Corp.

The hedge fund wants to abolish the structure which currently gives Mr
Murdoch 40% of News Corp's voting stock even though he only owns an equity
stake of about 14%.

Mr Murdoch stepped down as Fox and News Corp chairman in favour of his son
Lachlan in 2023.

 

Earlier this year, the company signed a multi-year deal with artificial
intelligence firm OpenAI, which means content from the likes of the Wall
Street Journal, the New York Post, and the Times will feed content to AI
bots like ChatGPT.

Mr Murdoch first bought a stake in REA in 2001and now News Corp owns 61% of
its shares.

The media tycoon's net worth is estimated at just over $20bn (£15bn).-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

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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.

 


 

 


 (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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