Major International Business Headlines Brief::: 18 September 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  18 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: Ruto Rallies Broad-Based Cabinet Behind Reform Plan

ü  South Africa: West Coast Fishers Say Fishing Policy Is Crippling Them

ü  South Africa: Why the Woolies Boss Was Paid 1,300 Times As Much As a
Shopfloor Worker

ü  Nigeria: Insecurity, High Interest Rate, Multiple Taxes Pose Constraints
On Businesses - CBN's Survey

ü  Nigeria: Obasanjo Calls for Conducive Environment to Attract Investments

ü  Africa: Airbus Opens Support Centre in SA As Boeing Eyes Africa Expansion

ü  Tanzania: '4Rs Not Excuse for Indiscipline'

ü  Nigeria: Trapped in Digital Dark - How Nigeria's Financial System Fails
Persons With Disabilities

ü  Africa: Why China Is Seeking Greater Presence in Africa - the Strategy
Behind Its Financial Deals

ü  Kenya Could Run Out of Money to Repay Massive Debts - How to Avoid This

ü  Uganda: A Sneak Peek Into Uganda's Tenfold Growth Over the Next 15 Years

ü  South Africa: Concern Raised Over 'Risk of the Threat of Use of Nuclear
Weapons'

ü  Tupperware in fight to survive after bankruptcy filing

ü  Marlboro owner sells UK inhaler firm over backlash

ü  Facebook owner bans Russian state media networks

 


 <mailto:info at bulls.co.zw> 

 


Kenya: Ruto Rallies Broad-Based Cabinet Behind Reform Plan

Nairobi — President William Ruto chaired the first meeting of the newly
constituted Cabinet at State House Nairobi on Tuesday.

 

The President told Cabinet members to participate not only in issues related
to their ministries but also in matters of national importance.

 

He also said Cabinet meetings and committees must take precedence over any
other engagements.

 

At the meeting, the Cabinet was informed that progress had been made on the
issues that the President had committed to the country when he appointed the
Cabinet, including digitisation of public procurement to make it
transparent, and digitisation of the government payroll to eliminate
incidences of ghost workers.

 

 

The President also pledged to ensure an accountable government and a robust
fight against corruption.

 

On these issues, the Cabinet was informed that the digitisation of
government procurement has registered positive progress and is expected to
be rolled out early next year.

 

On cleaning up the government payroll through digitisation, the Cabinet was
told that the human resource development plan has been developed and
discussion on it will begin shortly.

 

Enhancing accountability

 

The Cabinet also considered the various Bills aimed at strengthening
accountability in government and the fight against corruption, with the
Attorney-General taking action to ensure that the necessary amendments are
made and taken to Parliament.

 

The Cabinet was briefed on the roll-out of the Universal Health Coverage, a
key government programme aimed at ensuring that all Kenyans have access to
fully paid healthcare.

 

The meeting was informed that UHC will be rolled out on October 1, 2024, and
that registration is going on. Already, 1.2 million Kenyans have registered,
while nine million members of the National Health Insurance Fund will
transition to the new Social Health Authority.

 

The Ministry of Interior was directed to help in public education on
registration and health benefits through the National Government
Administration Officers.

 

On the Hustler Fund, a key government programme on financial inclusion of
the people at the bottom of the pyramid, the Cabinet was informed that
250,000 beneficiaries have grown their personal loan limit and are now able
to borrow KSh50,000.

 

In addition, the Cabinet was told that two million people faithfully borrow
from the Hustler Fund every day. As a result, the Ministry of Cooperatives
and MSMEs plans to graduate them to an SME loan by the end of the year.

 

The meeting was also informed that 522,000 bags of subsidised fertiliser
have been procured and distributed for the short rains season in Central,
Eastern and Western Kenya regions.

 

Additionally, plans are in place to ensure that fertiliser will also be
available on time for the long rains season next year.

 

The Cabinet was also briefed on various programmes and events:

 

The Establishment of the Kenya Watershed Services Improvement Programme

 

National Wildlife Census

 

United Nations World Tourism Week

 

Mpox Disease Outbreak

 

Capital FM.

 

 

 

 

 

 

 

South Africa: West Coast Fishers Say Fishing Policy Is Crippling Them

Small-scale fishers from Saldanha and Langebaan on the West Coast say they
are not allowed to catch enough fish or use enough boats to sustain
themselves.

In Langebaan, fishers have not worked for about seven months of the year due
to delays in permits and other problems.

Saldanha cooperative members did not get permission to fish all the species
they applied to catch.

Fishers have asked to meet the new minister for fisheries Dion George.

Small-scale fishers on the West Coast say they are worse off than ever
despite being granted 15-year fishing rights through co-operatives last
year.

 

 

The fishing rights were granted after 62 small-scale fishing cooperatives
were established in the Western Cape, after years of temporary arrangements.

 

But fishers from Saldanha and Langebaan say they were not allocated enough
fish species or enough boat permits to make a living.

 

When the 15-year agreement for cooperatives was announced, then-Minister
Barbara Creecy said it signified "the formal inclusion of Western Cape
fishing communities, whose livelihoods have been intertwined with fishing
for centuries".

 

Rights had already been granted to cooperatives in the Northern Cape,
KwaZulu-Natal, and Eastern Cape in 2018, 2019 and 2020 respectively.

 

Species allocations

 

The Saldanha cooperative was allocated permits for crayfish, seagrass and
linefish - snoek and seabream (known as hottentot).

 

Christie Links, chairperson of the Saldanha Bay cooperative, said fishers
had applied for other species which would really make a difference to their
income, such as black mussels, red bait and white mussels, and especially
kelp, but these were refused. Kelp (known as "bamboes") is harvested for
agricultural products like fertilisers and animal feed and also to extract
agar, a jelly-like substance used in the food industry.

 

"All the species in our area from which we know we can make a living, we
were refused," said Links.

 

Fishers play an important role in their communities, said Saldanha fisher
Gerald Zacharias. "When they see we come out with fish, people are very
happy."

 

The refusal of their applications for various species was impoverishing
fishers, he said. "Life is getting expensive and the children need school
shoes."

 

 

Boat allocations

 

The number of boats that can be used by the Langebaan cooperative at any one
time restricts the fishers' ability to make a living. With the new
small-scale policy, fishers were only given netfish permits for three boats,
whereas they had been registered for 12 boats. The boats are used to catch
harder (a species of mullet), their main source of income.

 

Chairperson of the Langebaan cooperative Tommie Perzens said it took four
months, from February to June, before their permit for harder was approved.
Then they worked for just over a month before they had to get a security
certificate from the SA Maritime Safety Authority to be able to renew their
boat licences. They are currently waiting for these. He said these delays
have crippled small-scale fishers.

 

Impact of Marine Protected Areas

 

The fishers used to fish under special conditions and on a rotational basis
in the Langebaan lagoon, which is restricted in certain areas as a Marine
Protected Area. This followed a court ruling from 2016, which ordered that
the "restrictive conditions" stopping fishers from fishing in part of the
protected area were "arbitrary and irrational", constituted unfair
discrimination on the grounds of race, and were unconstitutional. The court
said the relevant government departments had to consult with the small-scale
fishers.

 

But when the small-scale fishing policy was officially introduced and the
Western Cape cooperatives set up last year, the rotational agreement fell
away. The Langebaan fishers said to GroundUp that they wanted the rotational
agreement to be reinstated, because their livelihoods depended on it.

 

Langebaan cooperative vice-secretary Hermann Conrad said that netfish
(harder) provided the "daily income" of the fishers for generations. They
used to go out daily in the lagoon during the day or night to catch the
fish. "That brings food to the table and generates some income for the
family," he said.

 

But now, with permits for only three vessels, some fishers will have to sell
their boats. "They've only allowed for a certain amount of people to work,"
said Conrad.

 

"Over the years, with the little that we got we put away savings to buy our
own equipment. A lot of money has been invested to buy your own equipment,
your own boats, your own motors. And now, boats are standing at home and
there is no work for those boats," said Perzens.

 

Conrad said other than harder, most of the species they have been allocated
are inaccessible to them because of the MPA. "The species we were allocated,
we are not allowed to access in the area we are situated in which we have
fished for generations already," said Conrad.

 

Quota allocations

 

The difficulties for fishers are exacerbated by the annual quota for the
species they have been allocated. The 2023/24 West Coast Rock Lobster quota
was reduced by 16% from the previous year. Links said their crayfish
allocation, now at about 30kg per person nearshore and 12kg offshore (42kg
total), was too little to support the fishers, bringing in about R8,900 for
the season per person.

 

Links said that in their area over the years, the fish stocks have dropped.
"The fish is not always as it was back in the day," he said.

 

But this was not the fault of Saldanha small-scale fishers, who he believed
helped protect the resource.

 

"We have one line for one fish. We catch one fish at a time and if it is too
small, we throw it back," said Links.

 

He said that fishers wanted to be "seen and heard" and that they wanted to
engage the new minister.

 

GroundUp sent questions to the minister a week ago, which were acknowledged,
but had not been answered at the time of publication.

 

GroundUp.

 

 

 

 

South Africa: Why the Woolies Boss Was Paid 1,300 Times As Much As a
Shopfloor Worker

Here are two unsettling facts apparently meant to assure us that the market
for labour is working well. A shopfloor worker at Woolworths would have had
to work for more than three years to earn as much money as the group's CEO
Roy Bagattini made in one day. And, over at Shoprite, where the internal
minimum wage is a good bit lower than at Woolies, a shopfloor worker would
have had to work almost three years to make as much as Shoprite CEO Pieter
Engelbrecht made in one day.

 

As disclosed in a recently released report by Just Share, Bagattini made
R122.5-million in 2023, while Woolworths' internal minimum wage was R93,600
for the year. The figures at Shoprite are R64.7-million for Engelbrecht and
a minimum wage of R65,263 for the year.

 

 

Many economists and all remuneration consultants and members of remuneration
committees will happily stress that this is precisely how things should be.
It is the efficient working of the law of supply and demand. In this case,
there is a huge supply of potential shopfloor workers and comparatively
limited demand. And there is, we are constantly told, a very limited supply
of potential CEOs and a comparatively hefty demand. The combined result is a
pay level for shopfloor workers that only has a floor because government
imposes one, and a pay level for CEOs that actually has no ceiling.

 

In theory, the shareholders of those companies should be imposing some sort
of ceiling. After all, the architects of executive pay assure us that
executive remuneration is designed to ensure that CEOs pursue the best
interests of shareholders. However, this has been taken to mean that the
more you pay CEOs the more keenly they will drive the interests of
shareholders.

 

 

It follows that if you pay them a little less, they'll slack off and
performance will drift towards mediocrity. That is the assumption.

 

In practice, the institutional fund managers who engage with the corporate
executives on behalf of workers and individual investors, whose money they
manage, are far too entwined with the executives to exert the sort of
discipline required by a robust market. They inevitably default to assuming
the more you pay executives, the better the results they will generate.

 

This assumption prevails despite screeds of evidence to the contrary - think
Steinhoff, Tongaat, Naspers, Massmart; even Woolworths offers caution about
assuming a positive link between pay and performance. The retailer's former
CEO Ian Moir destroyed billions of rands of value on an ill-considered
Australian acquisition despite being exceptionally well paid. Indeed, he
caused such extensive damage that the Woolworths remuneration committee
decided they had to use a massively generous carrot to entice Bagattini to
replace Moir when he was eventually nudged out.

 

 

Much of the generosity to Bagattini was in share-based awards, which became
enormously valuable when the share bounced back as the company seemed to put
its Australian nightmare behind it. That was evident in the group's
financial 2023 year (to June 2023), the year that Bagattini picked up
R122-million.

 

The 2024 remuneration report is not yet available, but the group has
disclosed Bagattini was paid R65.3-million for 2024, which, while just half
of the previous year's pay, still looks extremely generous in the context of
the group's recently released disappointing 2024 results.

 

The recovery in the share price has faltered, sparking fears the group may
never recover from its Australian adventure.

 

Just Share

 

Just Share's excellent report (Pay gaps and leadership diversity in the
JSE-listed wholesale and retail sector) isn't limited to Woolworths and
Shoprite. Just Share analyses the pay gaps at nine of the largest wholesale
and retail companies listed on the JSE. Because the nature of employment in
this sector tends to involve low skilled employees at the shop floor level,
the pay gap will inevitably be greater than in, say, the banking sector
where the lowest paid are relatively skilled individuals. But even allowing
for this, the pay gap in the retail/wholesale sector is immense.

 

Woolworths and Shoprite may be outliers in the sector, but in the sector as
a whole, the average lowest paid worker would need to work almost two years
(21 months) to earn what an average CEO gets in one day. "In other words,
CEOs in this sector earn on average 597 times the wages of the lowest paid
workers," says Just Share.

 

Foschini's CEO received R36-million, while the lowest paid Foschini employee
got R64,537 (pay gap 560). Spar's relatively new CEO picked up R25-million;
the lowest paid Spar employee got R59,483 (pay gap 420). Dis-Chem was at the
low end with its CEO getting R16.7-million, and the lowest paid employee
getting R64,537 (pay gap 259). The lowest pay gap (155) was at Pick 'n Pay,
where figures were distorted by the mid-year change in CEO.

 

One of the stark facts to emerge from the list is the lack of entrepreneurs
amongst our high-paid executives. These CEOs are what you might call
corporate bureaucrats who have worked their way through layers of management
to lead businesses set up by entrepreneurs years or decades ago.
Entrepreneurs, who have usually begged and borrowed money to set up a
business, tend to be more tight-fisted, and as significant shareholders they
are inevitably more active than the fund managers who now play at being
shareholders. Entrepreneurs are traditionally more circumspect when it comes
to remuneration.

 

Significantly, Dis-Chem is the "youngest" of these businesses. The founder,
Ivan Saltzman, who stepped down as CEO in 2023, was one of the lowest paid
CEOs in the sector. He was of course a major shareholder.

 

 

While Woolworths' generosity to Bagattini in 2023 has pumped up the average,
the seemingly low payment to Pick 'n Pay's recently re-appointed CEO Sean
Summers has reduced it. Summers' R10-milllion package comes with four
million shares, which will vest if certain performance targets are met over
the next three to five years. If the former CEO's pay had been used instead,
the pay gap would probably have been closer to Spar's. Pieter Boone, who
left Pick 'n Pay half way through the year, was paid R25-million, including
a "termination fee" of R16-million when he walked away from a company that
is facing an existential crisis.

 

Second-largest employer

 

As Just Share points out, the wholesale/retail sector is a key part of the
SA economy. It is the second-largest employer in the country after
government, employing about 17% of the workforce, and "it makes a
substantial contribution to GDP and holds considerable importance in the
daily lives of South Africans", says the report.

 

Just Share's senior inequality analyst Kwanele Ngogela adds: "While the
sector undoubtedly plays an important role in providing employment to low-
and semi-skilled workers, it is nevertheless crucial to also recognise the
contribution of the extreme vertical wage gaps which characterise these
companies to the country's overall high levels of inequality." The report
states: "Insisting on reasonable pay gaps is a key move towards a more
equitable and sustainable society and economy."

 

Coming ahead of the promulgation of the Companies Amendment Act, which was
recently signed by the President, the report highlights the pointlessness of
companies pushing back against the more detailed disclosure requirements. By
digging through the copious amounts of information already available and
making reasonable assumptions, Just Share was able to do its own pay gap
analysis.

 

"Only two of the ten companies - Woolworths and Shoprite - publicly disclose
their internal minimum wage. Woolworths' minimum wage is 57% higher than the
sectoral determined annual minimum wage, and Shoprite's is 10% higher," says
the report, explaining later that where the information was not provided by
the company the authors have used the prescribed minimum wage in the
sectoral determinations.

 

The report urges companies to be more forthcoming. "Without disclosure of
wage gaps and the remuneration of the lowest-paid employees, shareholders
cannot ascertain whether executive remuneration is fair and responsible
within the context of overall employee remuneration, as mandated by the King
Report on Corporate Governance (King IV)."

 

GroundUp.

 

 

 

Nigeria: Insecurity, High Interest Rate, Multiple Taxes Pose Constraints On
Businesses - CBN's Survey

The Central Bank of Nigeria, CBN, has revealed that insecurity, high
interest rate and high\ multiple taxes were the major constraints on
businesses last month.

 

Stating this in its 'Business Expectation Survey', BES, report for August
2024, released yesterday, the apex bank, however, said the firms involved in
the survey also expressed optimism over the outlook on volume of business
activities in the next six months.

 

Their optimism, according to the CBN, implied improved prospects for
employment in the same period.

 

The CBN noted that the sector with the highest prospect for employment was
the Agriculture Sector, followed by the Industry and Services Sectors.

 

 

The report stated: "The overall confidence index (CI) at 0.9 index points
indicates that respondent firms expressed optimism on the macroeconomy as
they expect business conditions to improve in the review period.

 

"The expected drivers for the optimism on the macroeconomy in the next month
are Mining, Quarrying, Electricity, Gas & Water Supply
(34.8points),Non-Market Services (12.8points), Market Services (12.4points),
Agriculture 11.7 points), and Manufacturing (7.7points).

 

"The index improved by 0.8 points compared with what was obtained in the
previous month.

 

"Respondents expressed optimism regarding the volume of business activities
and employment.

 

"The optimism in August 2024 is driven by the opinion of respondents from
the Mining, Quarrying, Electricity, Gas & Water Supply (30.4points),
Agriculture (5.2points) and Non-Market Services (2.7points).

 

"Similarly, the outlook for next month, the next three months,and next six
months all indicated optimism with indices of 11.1, 23.1and 34.2points,
respectively.

 

"The positive Business Activity Index and the Employment Index point to the
possibility of job growth during the review month.

 

"It is projected that this encouraging trend will support economic stability
and increase job possibilities in a variety of industries.

 

"Respondent firms indicated that various factors limit their business
activity in the current month, with insecurity being the highest factor
followed by high interest rate, high/multiple taxes, unfavourable economic
climate and insufficient power supply.

 

Vanguard.

 

 

 

 

Nigeria: Obasanjo Calls for Conducive Environment to Attract Investments

Former President Olusegun Obasanjo has called for a more conducive
environment in the country to attract large foreign investments.

 

Obasanjo made the call at the Exaugural Lecture and Book Launch by a former
Editor of Punch, Mr Adedayo Oketola in Lagos on Tuesday.

 

The News Agency of Nigeria (NAN) reports that the book is titled "The
Catalyst: Nigerian ICT Evolution Through A Journalist's Lens".

 

The former president said that with the right mindset and policies, any
country would attract growth and investments.

 

He said that his administration thrived on the investments from the
telecommunications sector.

 

 

Obasanjo recalled the early days when Nigeria's telecommunications industry
was in its infancy when millions of dollars were spent on infrastructure but
only managed to achieve 500,000 lines.

 

"People had to queue at telephone kiosks to make calls. It was a far cry
from the seamless communication we enjoy today but then came the mobile
telephone revolution.

 

"I recall how my officials had tried to give away a mobile line for three
million dollars, only for me to auction it off for a whopping 280 million
dollars.

 

"The competition that followed was fierce, with three major players emerging
MTN, Glo and Econet.

 

"The latter caused a stir among the others but eventually, they sorted out
their differences and became Airtel. Years later, we welcomed a fourth
player, Etisalat, which paid a staggering $450million for a licence.

 

According to him, the industry was booming and government was raking in the
revenue but the success was not just due to luck; it was the result of
creating a conducive environment for investments.

 

The former president said that the opportunity could still be made
available.

 

Obasanjo said that the money to develop Nigeria was out there but that money
would not come in unless a conducive atmosphere is created for that money to
come in.

 

Also speaking at the occasion, the Lagos State Government highlighted
achievements made in the Information Communications Technology sector.

 

The Lagos State Commissioner for Information and Strategy, Mr Gbenga
Omotoso, said that the state had achieved 99 per cent laying of fibre optic
cables for improved Internet connectivity.

 

Omotoso said that there was a huge connection between the industry and Lagos
State.

 

 

He said that technology had taken a very huge space in the affairs of
humanity, saying that in hubs across the state, young people were using
technology to solve everyday affairs.

 

The Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr
Aminu Maida, said that one of the major challenges of the telecommunications
sector was vandalisation of telecom infrastructure.

 

Maida who was represented by Head, Corporate Communication, NCC, Mrs. Nnena
Ukoha, said that such vandalisation affected everyone.

 

According to him, it affects me and you when you are in a place and you see
people vandalising ICT infrastructure, please speak out.

 

He said vandalisation of ICT infrastructure was a huge, huge problem in the
industry, saying they stole their diesel, vandalised their base stations,
amongst others.

 

"So we ask that if you are in such places, please kindly help NCC educate
people on the importance of protecting ICT infrastructure," he said.

 

Maida also said that the Commission was undertaking a holistic review of the
licensing regime to be in tune with the international and global standards.

 

Also speaking at the occasion the President of Association of Licensed
Telecommunication Operators of Nigeria (ALTON), Mr Gbenga Adebayo, mentioned
three very critical points for the industry to thrive.

 

Adebayo said national identity system was the bedrock of digital economy,
urging all to embrace the NIN-SIM linkage.

 

He also commented on the economic challenges and areas that affected the
industry, highlighting the protection of its equity.

 

According to him, the industry has invested over the last 20 years in
building this infrastructure and it has now become very vulnerable.

 

"People, including scavengers go on public highways to remove manhole
covers.

 

"But the good thing is that there has now been a law signed by the President
which penalises the vandalisation of the infrastructure," Adebayo said.

 

The Chairman of the occasion, Mr Michael Ikpoki, highlighted the qualities
of Oketola as an astute reporter and editor.

 

The President, Association of Telecommunication Companies of Nigeria
(ATCON), Mr Tony Emokpere, said that one of the things demonstrated by the
book was local content.

 

Emokpere said that there was need for more local players; with this book to
be the driving force for local content in our industry.

 

The Book Reviewer, Dr Akin Olaniyan, said that the book highlighted how
technological innovation in telecoms, fintech and infrastructure had
contributed to Nigeria's national development.

 

Olaniyan said the book also embodied the importance of strategic planning
and governance in the successful execution of these projects.

 

He said the theme, amongst others, addressed the marginalisation of certain
groups, particularly persons with disabilities and women in Nigeria's tech
revolution.

 

According to him, the chapters explored how inclusivity was integrated into
the technological advancement to ensure equitable access and opportunities.

 

In his Exaugural Lecture, titled "Print Journalism in Peril: Challenging
Times for Newspapers Editors", Oketola said the lecture marked the end of
his career in Punch and not as a journalist.

 

Oketola said that revenue remained a critical challenge in the print, saying
that misinformation and fake news had bedeviled the print media especially
with the advent of social media.

 

He, however, said that the print media still had the integrity and
credibility of correcting misinformation by the social media through
investigation and fact-checking.

 

He suggested a review of outdated business models by the print media.

 

In a goodwill message, the Founder, Love of Christ Generation Church (C&S),
Rev. Mother Esther Ajayi, urged Nigerians to pray and be very hopeful of a
buoyant economy.

 

Vanguard.

 

 

 

 

Africa: Airbus Opens Support Centre in SA As Boeing Eyes Africa Expansion

Airbus has opened a new Customer Support Centre in Johannesburg, South
Africa, as part of efforts to expand its presence on the continent.

 

The centre aims to improve operational support for airlines across Africa,
providing access to maintenance and training resources while helping to
strengthen local aviation capabilities.

 

This move comes as US plane maker Boeing prepares to open an office in
Ethiopia, positioning itself to compete more aggressively in the African
market.

 

The rivalry between the two aerospace giants is intensifying as they vie for
dominance in a region with growing demand for air travel.

 

Airbus forecasts that by 2043, Africa will need 1,460 passenger and freight
aircraft, including 1,210 single-aisle planes and 250 widebody models.

 

To support this expansion, the company estimates the continent will require
15,000 additional pilots and 20,000 mechanics over the coming decades.

 

Laurent Negre, Airbus' VP for Customer Services in Africa and the Middle
East, said the new centre is part of a strategy to better serve customers in
the region, aligning with the continent's expanding aviation needs.

 

The timing of Airbus' expansion points to a strategic response to Boeing's
efforts to strengthen its foothold in Africa.

 

Business Day Africa.

 

 

 

 

Tanzania: '4Rs Not Excuse for Indiscipline'

President Samia Suluhu Hassan has warned against the misuse of the 4Rs
philosophy, emphasising that it was crafted to unite the nation and not as a
justification for indiscipline.

 

The 4Rs representing Reconciliation, Resilience, Reforms and Rebuilding,
were introduced by the Head of State to address the current social,
political and economic issues in the country.

 

Through the philosophy, the country witnessed Dr Samia lifting the ban on
political rallies, allowing peaceful demonstration, enhancing freedom of
expression and increasing investment in economic sectors as well as revenue
collection.

 

 

Speaking during the closing of the annual general meeting of Senior Police
Officers and commemoration of the 60th anniversary of the Tanzania Police
Force in Dar es Salaam on Tuesday, President Samia said that she developed
the 4Rs philosophy to maintain peace and stability in the country.

 

Dr Samia said the philosophy has greatly united the nation, emphasising that
while the country is implementing the idea, it does not mean that it has
abandoned its laws or allowed any form of indiscipline.

 

"We are encouraged as a nation to see how this philosophy has successfully
united us. However, as we implement the idea, it does not mean we have
abandoned our country's laws. The laws, customs, traditions and guidelines
for holding rallies are intact," she emphasised.

 

She said following the significant transformation brought about by the
philosophy, particularly in uniting the nation, the government will not
tolerate any action aimed at causing chaos or division in the country.

 

 

Dr Samia noted that it is important for those who plan to incite chaos in
the country not to forget the difficulties they had gone through.

 

"It is through this philosophy that they were given an opportunity to return
to the country, we forget other issues and focus on building our nation,
while they plan for such things they also remember that the laws are still
applicable," Dr Samia noted.

 

The Head of State further said that the government has made significant
efforts to restore the freedom of political parties, the media and overall
freedom of expression.

 

She noted that those who were in exile have returned to the country, while
some had criminal cases, the government showed leniency and those who were
imprisoned have been released and are now free to continue with their
social, economic and political activities.

 

President Samia said that the 4Rs initiative aimed to unite the people and
build the nation, insisting that the efforts should not be forgotten when
some people make statements that seek to reverse the nation's progress.

 

ALSO READ: How Samia's 4Rs transformed Tanzania

 

"We will not allow this to happen. The government will protect the country's
peace and harmony at all cost, just as it is being done in other nations,"
she said.

 

Since ascending to the highest office in March 2021, President Samia has
piloted the country through a period of profound transformation, ushering in
an era defined by hope, inclusivity and progress.

 

Her philosophy is well received by some analysts, politicians, academicians
and other members of the public, who highlight the significant changes in
the country since she came to power over the past three years.

 

Daily News.

 

 

 

 

Nigeria: Trapped in Digital Dark - How Nigeria's Financial System Fails
Persons With Disabilities

As Nigeria rapidly embraces digital transformation and financial inclusion,
a significant portion of its population, Persons with Disabilities, PWDs,
remains left behind.

 

Despite advances in mobile banking and digital platforms, PWDs continue to
face barriers that underscore a larger issue of systematic marginalization.
>From inaccessible digital platforms to poorly trained personnel, these
challenges hinder PWDs' financial independence and limit their participation
in the economy.

 

Struggles in accessing financial services

 

Vice Chairman of the Association for the Blind in Nigeria, Mr Adeola Aina,
describes the frustration that many visually impaired individuals face when
navigating the banking system. He notes that digital platforms designed for
convenience are often inaccessible to PWDs. For visually impaired
individuals, USSD banking services, a widely used tool, pose serious
difficulties. The service's time constraints and non-speech-enabled token
systems are particularly problematic, requiring them to pay for alternative
token services that still don't offer independence.

 

 

Aina highlights the pervasive issue of inaccessible digital banking tools:
"Internet banking is a nightmare for us. While some banks have somewhat
accessible apps, it's more by chance than by design.

 

"A survey we conducted across 10 banks supports this claim, revealing that
most mobile apps remain unusable for PWDs due to poor design, buttons lack
labels, and built-in accessibility features like speech capabilities are
incompatible with the apps. Additionally, the increasing reliance on facial
recognition further alienates visually impaired users."

 

Aina continued: "The exclusion extends to those with other disabilities as
well. Individuals with albinism, for example, struggle with poor color
contrasts in mobile banking apps, while those using wheelchairs often find
ATM machines and banking halls physically inaccessible.

 

Discriminatory practices

 

Discrimination further compounds these challenges. Aina recalls being locked
out of a bank by a security guard in Lagos simply because he was using a
cane. Though he received an apology from the bank afterward, the experience
underscores the daily indignities PWDs face.

 

Aina proposes involving PWDs as testers in digital platform development to
identify accessibility issues early. He also advocates for speech-enabled
ATMs, citing their successful implementation in other countries.

 

 

Similarly, Chairman of the Nigerian Association for the Blind, Mr Lukman
Salami, shares a similar story.

 

When renewing his ATM card at a First Bank branch in the University of
Lagos, Unilag, he was required to sign an indemnity form that mandated
appointing someone else to operate the ATM on his behalf.

 

He questioned why banks punish visually impaired customers for their failure
to implement accessible technology like speech-enabled ATMs. "It's not about
our inability," he says. "It's about the bank's failure to innovate."

 

These experiences are not isolated but reflect systemic gaps that force PWDs
to rely on others, robbing them of financial independence and reinforcing
the notion that they are a burden.

 

A law with limited impact

 

In 2018, Nigeria enacted the Discrimination Against Persons with
Disabilities (Prohibition) Act to protect PWDs from exclusion and ensure
public spaces, including banks, are accessible. However, six years later,
enforcement remains weak.

 

Salami points out that while the law imposes fines for discrimination, the
true problem lies in the systems themselves being inaccessible.

 

He recounted a recent legal case where a woman with a disability sued a bank
for maltreatment.

 

He said: "The Federal Court in Lagos dismissed the case on a technicality,
highlighting the barriers PWDs face in seeking justice. Legal protections
without practical implementation only serve to reinforce the marginalization
of PWDs in Nigeria.

 

Seeking solutions

 

Experts and advocates call for a shift in how financial services are
designed and delivered.

 

Executive Director of the Consumer Advocacy and Empowerment Foundation,
CADEF, Prof. Chiso Ndukwe-Okafor, is pushing for inclusive financial
systems.

 

Speaking at a one-day workshop in Lagos organized by the Consumer Advocacy
and Empowerment Foundation, CADEF, in partnership with Consumers
International, she explained that CADEF has trained over 80 PWDs in digital
financial literacy, a vital step toward ensuring that PWDs are not further
marginalized in the digital age. Ndukwe-Okafor emphasizes that partnerships
between the public and private sectors are crucial in driving real change.

 

Universal design and way forward

 

A technology accessibility expert with Access, Opeodu Akinola, stresses that
the barriers PWDs face are both physical and psychological.

 

He advocates for the adoption of universal design principles--creating
products and services usable by all individuals, regardless of their
abilities.

 

He said: "By embracing universal design, financial institutions can ensure
PWDs have the same access and opportunities as others. Moreover, inclusive
financial services make good business sense, as they lead to increased
customer satisfaction, loyalty, and revenue by tapping into an underserved
market.

 

Financial institutions' commitment

 

Senior Manager at the Central Bank of Nigeria, CBN, Adeniyi Bunmi,
acknowledges the importance of addressing the financial exclusion of PWDs.

 

She stresses the need for alignment between disability groups and financial
institutions to meet Nigeria's 95 percent financial inclusion target.

 

"While progress has been made, more needs to be done," Bunmi says, noting
that the Financial Inclusion Steering Committee, chaired by the CBN
Governor, prioritizes PWDs.

 

Additionally, Arinola Momoh-Ayokanmbi of the Lagos State Consumer Protection
Agency, LASCOPA, reiterates the agency's commitment to holding financial
institutions accountable for ensuring access to PWDs.

 

Banks like Zenith have also expressed dedication to improving accessibility,
but the everyday experiences of people like Aina and Salami show there is
still a long way to go.

 

The digital exclusion of PWDs in Nigeria's financial services is both a
technical and a social problem. While legal frameworks like the 2018
Disabilities Act offer some protections, weak enforcement and inaccessible
systems continue to hinder PWDs' access to essential financial services. By
embracing universal design, training personnel, and actively involving PWDs
in digital product development, Nigeria can move closer to its goal of
financial inclusion for all citizens.

 

Vanguard.

 

 

 

 

Africa: Why China Is Seeking Greater Presence in Africa - the Strategy
Behind Its Financial Deals

China's relationship with Africa is set to deepen. At a summit in Beijing in
early September, China's president, Xi Jinping, pledged to deliver US$51
billion (£39 billion) in loans, investment and aid to the continent over the
next three years, as well as upgrading diplomatic ties.

 

Beijing's close engagement with Africa is not new. Since 1950, the first
overseas trip of the year for Chinese foreign ministers has almost always
been to one or more African countries. But Xi's commitments are still sure
to raise concerns in the US and other western countries, which are competing
with China for global influence.

 

They may well also bring back fears of China using "debt-trap diplomacy" to
push African countries into default and thereby gain leverage over them.
Such is the strength of this narrative that South Africa's president, Cyril
Ramaphosa, felt compelled to deny it at the summit.

 

The notion of Chinese debt traps, particularly the infamous case of Sri
Lanka's port of Hambantota that, in 2017, was leased by the Sri Lankan
government to a Chinese company to raise liquidity, has been debunked
several times.

 

 

But with African populations and economies growing, and China's engagement
with them continuing to deepen, it is important to understand what China
hopes to achieve with its diplomacy.

 

China's engagement with Africa is strategic as well as economic. Whether
it's gaining votes at the UN, better access to resources, or increasing the
international use of its currency, China's diplomatic relations with Africa
play into its ambitions of being a major player in a multipolar world.

 

The long game

 

>From a purely economic perspective, Africa is a potentially lucrative market
for China. With its under-served market and booming population, the scope
for expansion into Africa offers huge potential for Chinese firms.

 

This is particularly true now that the African Continental Free Trade Area
(which was established in 2018) opens up the possibility of cross-border
value chains developing in Africa.

 

Most of the goods that China imports from Africa are natural resources. Many
of these resources have strategic relevance, for example, in manufacturing
batteries. In return, Chinese companies export a wide range of goods to
Africa, including manufactured products, industrial and agricultural
machinery, and vehicles.

 

In terms of foreign direct investment, Chinese companies are still only the
fifth-largest investors in Africa after their Dutch, French, US and UK
counterparts. But their ascent has been relatively quick, and while western
companies are focused on resources and the financial sector, Chinese ones
also invest heavily in construction and manufacturing.

 

 

Chinese companies are major players in Africa's construction sector, often
working on projects funded by loans from Chinese banks to African
governments. In 2019, for example, Chinese contractors accounted for about
60% of the total value of construction work in Africa.

 

Some of the infrastructure financed by China has done little to improve
trade or economic development in Africa. And it has, admittedly, also
contributed to the increased debt burden of several African countries.

 

The costly expressways that connect Nairobi in Kenya and Kampala in Uganda
to the respective international airports, for instance, have made life
easier for city elites and international travellers. But they have not led
to economic growth.

 

So, China has moved to recalibrate its infrastructure finance in recent
years. In 2021, Xi introduced the concept of "small and beautiful" projects
better targeted at the partner country's needs - a concept he repeated at
the recent summit.

 

It is this alignment with the requests of African leaders that
differentiates China's engagement with Africa from that of the west. A key
request of many African leaders is for investment in manufacturing value
chains and imports of African processed goods rather than just raw
resources.

 

Xi's keynote speech addressed these two concerns. He promised more
investment in key sectors and to allow more African goods to enter China
without duties.

 

China's support to African nations is political as well as economic. Its
policy of non-interference in Africa's internal affairs have been well
received by African leaders - a sharp contrast to western nations who have
often tied their support to the respect of certain social or economic
conditions.

 

This has, in turn, bolstered China's diplomatic influence on the continent.
A good indicator of this influence is how many countries maintain diplomatic
relations with Taiwan, which the Chinese government sees as part of China's
territory. In Africa, only Eswatini has full relations with Taiwan and just
a handful of other countries have representative offices.

 

Another Chinese goal is to expand the global reach of its currency, the
renminbi. Its motive here is to challenge the dominance of the US dollar,
which gives America control over transactions anywhere in the world.

 

Since the late 2000s, the People's Bank of China has signed bilateral swap
agreements with Morocco, Egypt, Nigeria and South Africa to conduct
transactions in renminbi. And China is aiming to increase the use of
renminbi in official lending, both through domestic banks such as the China
Development Bank and regional institutions such as the New Development Bank.

 

Much like Africa's western partners, China pursues both political and
economic interests in its dealings with the continent. But, with western
leaders paying little attention to Africa, China doesn't need to pursue
debt-trap diplomacy to increase its influence there. It just needs to put
forward a better partnership offer to gain ground.

 

Linda Calabrese, Senior Research Fellow in the International Economic
Development Group, ODI

 

 

 

 

 

 

Kenya Could Run Out of Money to Repay Massive Debts - How to Avoid This

Data from Kenya's central bank show that public debt (total money owed)
declined between December 2023 and June 2024.

 

The drop in external debt - by 15.4 % - over this period does not mean that
the country's overall finances have improved. Rather, it is due to the gains
in the value of the Kenyan shilling, thanks to pervasive state interventions
since February 2024.

 

So high is Kenya's public debt that servicing it ate up 69.6% of domestic
revenues as of June 2024. This is more than double the recommended limit of
30%, making the country's public debt unsustainable. This has been the case
since at least 2019.

 

As a finance scholar with research interests that include development
finance and economic growth in Africa, I think the high ratio of debt
service to revenue leaves Kenya with few options and diminishing time to
steer out of trouble.

 

In this article, I explore possible effects of unsustainable public debt and
some ways through which Kenya could mitigate a sovereign debt default.

 

 

As late as January 2024, the International Monetary Fund (IMF) assessed
Kenya's debt as sustainable, even as it warned that "overall and external
ratings for risk of debt distress remained high". With its insistence, the
government proposed a raft of tax measures, through the 2024 Finance Bill,
aimed at raising additional revenues.

 

This ignited nationwide protests that forced the government to withdraw the
bill. Consequently, the country's tax revenue is expected to suffer a
shortfall of about KES 346 billion (US$2.7 billion) during the 2024/25
fiscal year.

 

This constricts the government's ability to repay debt. Despite its falling
ability to pay, the government continues to pile up debt. Indeed, as
recently as September 2024, senior government officials were in China
negotiating additional loans.

 

Unless it secures a debt write-off, debt rescheduling, or similar deal to
reduce the debt burden, Kenya will almost certainly end in debt default. The
country must use every effort to avoid this possibility.

 

Avoiding debt default

 

When creditors believe that a country is likely to default, they seek to
protect themselves from possible losses. Sometimes they force the government
to take austerity measures.

 

Austerity means reducing public spending on most needs, including education
and health, physical infrastructure such as roads, and social programmes
such as food subsidies. It may also force a country to raise revenues by
increasing taxes or selling state-owned enterprises.

 

Such measures can have a negative impact on development and on citizens'
quality of life. But countries on the brink of debt default often have no
other option.

 

Countries at a high risk of default and those that have defaulted usually
have their sovereign credit ratings downgraded by rating agencies. Kenya's
sovereign debt rating for example was downgraded in August 2024
notwithstanding that the IMF had earlier assessed it as "sustainable".
Sovereign credit ratings represent the confidence that creditors have about
a country's ability to pay its debt.

 

 

Rating downgrades lead creditors to demand higher interest rates on loans.
Higher interest rates make it expensive for businesses and individuals to
borrow. As a result, businesses may collapse, worsening unemployment, and
individuals may lose their livelihoods.

 

As economic conditions deteriorate, investors may sell their assets and take
their money elsewhere (capital flight). This triggers a drastic fall in
asset prices, which may cause some markets, such the stock exchange, to
collapse.

 

People who have money in banks may withdraw large amounts on short notice
(bank run).

 

For banks to make the money available to savers in such unanticipated large
amounts, they must sell some of their assets, such as treasury bills.
However, because of falling prices, the assets may have to be sold at a loss
and some banks may collapse.

 

If the failing banks make up a big part of the banking sector, the country's
financial system may fail altogether (financial crisis).

 

Kenya's options

 

Kenya's government has several options to avoid public debt default.

 

1. Dealing with wasteful spending: There is clear evidence of wasteful
public spending. Weeding it out would reduce debt service needs and the risk
of default. To start with, the 2024 Appropriation Bill could be amended to
target recurrent spending on things like transport and entertainment, and
allocations to spouses of senior government officials.

 

2. Fiscal policy rules: There is evidence that limiting the amount a country
can borrow and its budget deficit may lower the risk of sovereign default.
The rules limit what bureaucrats can spend. Kenya has on many occasions
breached such rules or simply changed them.

 

3. Institutional reform and whistleblowing: Strong institutions play an
important role in imposing fiscal discipline. Kenya has an elaborate
institutional and policy framework. But its institutions are largely
considered toothless and in need of reform.

 

For example, the auditor general could hold state officers criminally liable
for neglecting their accounting responsibilities. And more legal protection
and security would encourage whistleblowing.

 

4. Boosting tax revenue: Given the resistance to the IMF-backed taxation
strategy, Kenya has to be more inventive. The government could collect
revenue more efficiently, for example, through digitalisation and adoption
of artificial intelligence.

 

5. Off-balance sheet financing: The government can begin to finance more of
its development needs through private-public partnerships. But this is a
medium term measure; there are still capacity constraints.

 

Kenya's creditors can help, too

 

Kenya could also consider approaching creditors to negotiate pre-emptive
debt restructuring. The borrower can do this when a default is imminent but
before it occurs. Debt restructuring eases pressure on government finances
by reducing periodic repayments.

 

Another approach is debt reprofiling. This typically involves consolidating
several obligations into one obligation with a longer repayment period, or
changing the debt to a different currency. The government appeared to make a
reprofiling pitch to China as recently as September 2024.

 

What next

 

Excessive use of sovereign debt has caused serious economic problems in
countries such as Argentina and Greece. There are many lessons from such
countries that would help Kenya's government to steer the economy in the
right direction and avoid a debt crisis.

 

Odongo Kodongo, Associate professor, Finance, University of the
Witwatersrand

 

 

 

 

 

 

Uganda: A Sneak Peek Into Uganda's Tenfold Growth Over the Next 15 Years

As Uganda steps further into the 21st century, it stands at a pivotal
crossroads, poised to become one of Africa's most promising economic
powerhouses.

 

With projections indicating a potential tenfold growth in its economy over
the next 15 years, the country is on the brink of transformative change that
could elevate its status on the global stage.

 

Uganda's journey so far has been marked by resilience and immense potential.

 

Despite challenges such as political instability, infrastructure deficits,
and global economic fluctuations, the nation's GDP has continued to grow
steadily. As of 2023, Uganda's GDP stands at approximately $50 billion.

 

 

However, with targeted investments and reforms, the economy could skyrocket
to an estimated $400 billion by 2038.

 

Driving forces behind the growth

 

Several key factors are set to drive Uganda's impressive growth trajectory,
including investments in natural resources, infrastructure, agriculture, and
regional trade.

 

1 Natural Resources and Oil Discovery

 

Uganda is rich in natural resources, particularly oil reserves in the
Albertine region, which are estimated at over 6.5 billion barrels.

 

The anticipated commencement of oil production is expected to generate
substantial revenue and transform Uganda's economy.

 

The oil sector alone could significantly boost Uganda's income and fuel
growth in other industries.

 

2 Infrastructure Development

 

The government has placed a strong emphasis on infrastructure, recognizing
its importance in facilitating trade and investment.

 

Treasury Permanent Secretary Ramathan Ggoobi highlighted the importance of
focusing on sectors like infrastructure and mineral development.

 

"We are focusing on four sectors to drive the economy, with deliberate
actions that are both quantitative and qualitative," he said.

 

Uganda's infrastructure investments will support not just the oil sector but
also logistics, manufacturing, and regional trade.

 

3 Agriculture and Agro-Processing

 

With the majority of Uganda's population engaged in agriculture, the sector
remains a cornerstone of the economy.

 

Increasing investments in modern farming techniques, value addition, and
agro-processing are projected to significantly contribute to GDP growth.

 

 

Uganda's agricultural sector also holds promise for improving food security
and boosting exports, particularly as demand grows for processed
agricultural products in regional and global markets.

 

4 Regional Integration and Trade

 

Uganda's strategic location in East Africa makes it a gateway to
international markets.

 

Enhanced regional trade agreements and initiatives, such as the African
Continental Free Trade Area (AfCFTA), will help Uganda further integrate
into global supply chains.

 

The harmonization of trade policies and elimination of tariffs are expected
to increase exports and drive economic growth.

 

Improved regional infrastructure, including roads and railways, will also
play a critical role in connecting Uganda to its neighbors and expanding its
trade reach.

 

Challenges on the horizon

 

While the outlook for Uganda's economy is optimistic, several challenges
must be addressed to unlock the country's full potential.

 

Governance, corruption, and regulatory obstacles continue to pose risks for
businesses and investors

 

The Ugandan government will need to prioritize these issues to create a more
conducive environment for economic expansion.

 

Climate change is another pressing concern, particularly for Uganda's
agriculture sector.

 

Proactive measures in sustainable practices and climate-resilient
agriculture will be necessary to mitigate the impacts of extreme weather
patterns on crop yields and food production.

 

Uganda's Future on the Global Stage

 

If Uganda can navigate these challenges, the next 15 years could redefine
its future and solidify its place as a leader in Africa's economic
development.

 

As regional integration intensifies, oil production begins, and investments
in infrastructure and agriculture bear fruit, Uganda has the opportunity to
become an economic powerhouse, driving growth not only within its borders
but across the region.

 

With the right policies, Uganda's economy could experience a tenfold
increase, taking its GDP to new heights and enhancing the standard of living
for millions of Ugandans.

 

Nile Post.

 

 

 

 

South Africa: Concern Raised Over 'Risk of the Threat of Use of Nuclear
Weapons'

Minister of Energy and Electricity, Dr Kgosientsho Ramokgopa, has raised
concern about the "rising threat" to global peace and the risk of the threat
of nuclear weapons use amidst rising geopolitical tensions.

 

The Minister raised this while delivering South Africa's national statement
at the International Atomic Energy Agency (IAEA) general conference in
Austria.

 

"South Africa is deeply concerned about the rising threat to international
peace and security given the current intensifying geopolitical tensions
among nuclear powers. Similarly, the risk of the threat of use of nuclear
weapons is gaining traction, which is a serious concern.

 

 

"We remain gravely concerned about the persisting conflicts in
Ukraine-Russia, the Occupied Palestinian Territory, Sudan and the
devastating humanitarian effects these have on civilians, especially women
and children," he said.

 

The Minister added that South Africa remains steadfast in its "support for
advancing nuclear disarmament, non-proliferation and upholding the
inalienable and unconditional right of States to pursue peaceful nuclear
energy development".

 

"We remain steadfast in our conviction that nuclear weapons do not guarantee
security, but rather detracts from it. Simultaneously, we underscore the
central role of the IAEA in strengthening and coordinating the respective
nuclear security and safety frameworks globally.

 

"Therefore, it remains pivotal that the work of this body is not politicised
and that we do not detract from the important and competent technical
responsibilities that this Agency is seized with.

 

"I reiterate South Africa's unwavering and continued support for the
Agency's fundamental role in ensuring that nuclear science and technology is
used for peaceful purposes, and towards the achievement of the UN
Sustainable Development Goals and the African Union's Agenda 2063,"
Ramokgopa concluded.

 

SAnews.gov.za.

 

 

 

Tupperware in fight to survive after bankruptcy filing

US brand Tupperware has filed for bankruptcy as it struggles to survive in
the face of sliding sales.

The food storage container firm said it will ask for court permission to
start a sale of the business and that it aimed to continue operating.

The 78-year-old firm has become so synonymous with food storage that many
people use its name when referring to any old plastic container.

Despite attempts to freshen up its products in recent years and reposition
itself to a younger audience, it has failed to stand out from competitors.

 

Last year, the firm warned that it may go bust unless it could quickly raise
new funds.

The company's shares have fallen by more 50% this week after reports that it
was planning to file for bankruptcy.

After a brief surge in sales during the pandemic, as more people cooked at
home, the firm saw demand continue to slide.

The rising cost of raw materials, higher wages and transportation costs have
also eaten into its profit margins.

"Over the last several years, the company's financial position has been
severely impacted by the challenging macroeconomic environment,"
Tupperware's chief executive Laurie Ann Goldman said in a statement to
investors.

Tupperware was founded in 1946 by Earl Tupper, who patented the containers'
flexible airtight seal.

Tupperware was a major innovation, as it utilised new plastics to keep food
fresh for longer, which was invaluable when refrigerators were still too
expensive for many families.

However, it was not an immediate success.

It was the pioneering saleswoman Brownie Wise who helped turn the brand into
a household name, literally.

She developed an approach in which salespeople, who were mostly women, sold
Tupperware to other women in their homes, better known as "Tupperware
parties".

According to the company, Tupperware is now sold in 70 countries around the
world.

'The party is over'

"The party has been over for some time for Tupperware," said Susannah
Streeter, head of money and markets at Hargreaves Lansdown.

"Shifts in buyer behaviour pushed its containers out of fashion, as
consumers have started to wean themselves off addictions to plastics and
find more environmentally conscious ways of storing food."

Ms Streeter added that "serious hiccups" in Tupperware's financial reporting
also had a negative impact on the company, including the mis-stating of
results in 2021 and 2022.-BBC

 

 

 

 

Marlboro owner sells UK inhaler firm over backlash

The tobacco giant that makes Marlboro cigarettes has sold a UK inhaler
company for a knock-down price due to what it calls an "unwarranted"
backlash.

Philip Morris International (PMI) has offloaded Vectura Group for £150m
($198m) just three years after buying it in a deal worth more than £1bn.

PMI's decision to buy Vectura, which makes inhalers to treat lung conditions
such as asthma, was criticised as being hypocritical.

However, PMI defended the move as part of its strategy to away from
cigarettes and towards "smoke free" businesses like vaping.

PMI announced the sale to electronics firm Molex Asia Holdings on Wednesday,
saying it releases Vectura "from the unreasonable burden of external
constraints and criticism related to our ownership".

 

The deal, which still needs regulatory approval, will see Molex pay an
up-front fee of £150m and "potential deferred payments of up to £148m" if
certain requirements are met.

 

PMI's boss Jacek Olczak also said the company remains "committed to driving
innovation in this space over the long-term", suggesting it has not moved on
entirely from the inhaler sector.

 

The Vectura purchase was part of PMI's push towards a "smoke free world".
PMI has said it wants two thirds of its sales to come from non-cigarette
sales by 2030.

However, health charities have voiced scepticism about the sincerity of
PMI's pledge considering the billions of pounds it still makes from
cigarette sales.

Its latest financial results for the three months to the end of June showed
that more than 60% of its $9.47bn (£7.19bn) sales came from cigarettes.

Over that period, PMI accounted for 23.6% of the global cigarette market by
revenue.

The news comes as the new Labour government has said it is considering an
outdoor smoking ban at pubs.

Health experts have welcomed the plans, but many pub owners have told the
BBC that they were worried about the impact on their businesses.-BBC

 

 

 

Facebook owner bans Russian state media networks

Facebook owner Meta says it is banning several Russian state media networks,
alleging they use deceptive tactics to conduct influence operations and
avoid detection on its platforms.

 

"After careful consideration, we expanded our ongoing enforcement against
Russian state media outlets. Rossiya Segodnya, RT and other related entities
are now banned from our apps globally for foreign interference activity,"
Meta said.

 

In a news bulletin, RT newsreader Eunan O'Neill said the broadcaster "and
Russia as a whole denies the accusations that have been coming en masse
against this channel and others in the past number of days".

 

The bans are expected to come into effect in the next few days.

The Russian embassy in Washington and the owner of the Sputnik news agency,
Rossiya Segodnya, did not immediately respond to BBC requests for comment.

Russian state media outlets have come under increased scrutiny over claims
they have tried to influence politics in Western countries.

As well as Facebook, social media giant Meta owns Instagram, WhatsApp and
Threads.

In a statement to the BBC, RT said: "It’s cute how there’s a competition in
the West — who can try to spank RT the hardest, in order to make themselves
look better.

"Don’t worry, where they close a door, and then a window, our ‘partisans’
(or in your parlance, guerrilla fighters) will find the cracks to crawl
through — as by your own admission we are apt at doing."

Escalation

Meta's move marks an escalation in the world's biggest social media firm's
stance towards Russian state media companies.

Two years ago, Meta took more limited measures to restrict the spread of
Russian state-controlled media, including stopping the outlets from running
adverts on its platforms and limiting the reach of their content.

After the start of the war in Ukraine, Meta - like other social media
platforms - complied with requests from the EU, UK and Ukraine to block some
Russian state media in those regions.

Earlier this month, the US accused state broadcaster RT of paying a
Tennessee firm $10m (£7.6m) to "create and distribute content to US
audiences with hidden Russian government messaging".

An indictment said videos - which often promoted right-wing narratives on
issues such as immigration, gender and the economy - were secretly "edited,
posted, and directed" by two RT employees.

Last week, US Secretary of State Antony Blinken announced new sanctions
against RT, accusing it of being a "de facto arm of Russia's intelligence
apparatus".

The top US diplomat told reporters on Friday that RT was part of a network
of Russian-backed media outlets which have sought to covertly "undermine
democracy in the United States".

He added that the Russian government has "embedded within RT, a unit with
cyber-operational capabilities and ties to Russian intelligence".

RT livestreamed Mr Blinken's remarks on X and declared it the "US's latest
conspiracy theory".-BBC

 

 

 

 

 

 

 

 

 

 

 


 


 


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Companies under Cautionary

 

 

 


 

 

 

 


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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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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
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