Major International Business Headlines Brief::: 19 September 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  19 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: Employment Court Halts Strike By University Staff in Urgent Suit
By Councils

ü  Nigeria: Why Cameroon's Lagdo Dam Releases Cause Devastating Floods in
Nigeria

ü  South Africa: Eviction Looms for 3,000 Shackdwellers in Tshwane

ü  South Africa: Grannies Battle Water Shortage in Kariega

ü  Nigeria: Major Marketers Begin Lifting Petrol From Dangote Refinery

ü  Nigeria: Rights Group Petitions DSS Over Activities of Alleged Oil
Thieves in Rivers Community

ü  Nigeria: Efforts to End Forced Labour May Increase Global GDP By
U.S.$611bn

ü  Nigeria: Organised Labour Expresses Concern Over Growing Cashless ATM
Machines

ü  Kenya: KDF to Handover Sh2.4bn MV Uhuru II to Kenya Railways

ü  East Africa: Comesa Competition Probes Amsons' Bid to Acquire Bamburi
Cement

ü  Nigeria: Lagos Warns Developers On High Safety Standards to Avert
Building Collapse

ü  Africa Needs Its Own Medical Research for Its Health Issues, Experts Say

ü  Gender Parity Will Unlock $287b for Africa's Economy By 2030 - Mastercard
Foundation Report

ü  Mohamed Al Fayed accused of multiple rapes by staff

ü  X says its return in Brazil after ban ‘inadvertent'

ü  UK interest rates expected to be held at 5%

 


 <mailto:info at bulls.co.zw> 

 


Kenya: Employment Court Halts Strike By University Staff in Urgent Suit By
Councils

Nairobi — The Employment and Labour Court has suspended a strike called by
the University staff under the Universities Academic Staff Union (UASU) and
Kenya Universities Staff Union (KUSU) that kicked off on Wednesday.

 

Justice Jacob Gakeri ordered suspension of industrial by the university
staff under the two unions following an urgent suit filed by the
Inter-Public Universities' Councils Consultative Forum (IPUCCF).

 

"Upon considering the Notice of Motion, Supporting Affidavit and annexures,
it is hereby ordered that in the meantime the respondent is temporarily
restrained from calling, instigating, or inciting others to take part in any
strike or other form of industrial action," he ordered in a directive on
Wednesday.

 

 

Justice Gakeri directed the parties to engage in negotiations with a view of
resolving the disputed issues consensually.

 

"It is hereby ordered that the parties continue negotiating with a view to
resolving the disputed issues consensually," he stated.

 

Both KUSU and UASU staff members had earlier downed their tools over the
non-implementation of the 2021-2025 Collective Bargaining Agreement (CBA).

 

Demands

 

Speaking while declaring the commencement of the strike on Wednesday, the
leaders of the unions expressed their frustrations over delays in 2021-2025
CBA.

 

They decried low pay and delayed, non-remittance of statutory deduction and
failure by the government to implement a comprehensive medical cover.

 

 

The unions announced the move following the expiry of a seven days strike
notice issued on September 11.

 

UASU Secretary General Constantine Wesonga said the unions demand a seven to
ten percent salary increment.

 

"We don't want promises we gave our proposal on 4th September 2020. If you
are still asking for more time in 2024 think twice! We are also government
employees and we want the 7-10 per cent other service employees were given,"
Wesonga stated.

 

"The 7 days' notice which lapsed we had extended the window for the
government to get back to us with a positive response but none has come,"
KUSU Seceratry General Charles Mukhwaya told the press.

 

The trial court will gie further directions on the matter on October 2.
Capital FM.

 

 

 

 

Nigeria: Why Cameroon's Lagdo Dam Releases Cause Devastating Floods in
Nigeria

The release of water from Cameroon's Lagdo Dam has been a major concern in
Nigeria for years, as it directly impacts states along the River Benue.

 

On Tuesday, September 17, 2024, the Nigeria Hydrological Services Agency
(NIHSA) announced the controlled release of water from the dam, which is
aimed to prevent flooding in Nigerian communities.

 

NIHSA Director-General Umar Mohammed explained that the water release would
start at 100 cubic meters per second, gradually increasing based on inflow
from the Garoua River, which feeds both the dam and the Benue River.

 

 

The goal is to manage the release carefully, ensuring it doesn't exceed the
Benue River's capacity and cause severe flooding downstream.

 

Mohammed reassured the public that this controlled release would be
monitored, and flooding is not expected to reach dangerous levels.

 

However, he urged residents in states along the River Benue--like Adamawa,
Taraba, Benue, Nasarawa, Kogi, and others--to stay alert and take necessary
precautions.

 

One of the biggest reasons for flooding when the Lagdo Dam releases water is
the lack of a buffer dam in Nigeria to contain the excess flow.

 

Initially, Nigeria and Cameroon had an agreement to build two dams: Lagdo in
Cameroon and Dasin Hausa in Nigeria. The Dasin Hausa Dam was meant to act as
a "shock absorber," protecting Nigerian communities from floods.

 

Unfortunately, although construction started in the 1980s, the Dasin Hausa
Dam remains unfinished to this day.

 

This delay has led to recurring floods in states like Kogi, Benue, and other
northeastern areas whenever excess water is released from Lagdo.

 

In 2022, Nigeria experienced one of its worst floods in a decade, largely
due to this issue.

 

Despite ongoing efforts, including a 2013 agreement between Nigeria and
Cameroon for early flood warnings, the problem remains unresolved.
Cameroon's water releases continue to cause flooding in Nigeria, leaving
communities in a constant state of red alert during rainy seasons.

 

Instead of completing the long-overdue Dasin Hausa Dam, Nigeria has relied
on warning systems and emergency responses.

 

In 2022, floods from the Lagdo release destroyed roads, farmland, houses,
and vehicles, which is an urgent call for a permanent solution.

 

Vanguard.

 

 

 

South Africa: Eviction Looms for 3,000 Shackdwellers in Tshwane

3,000 people in Mahlangu informal settlement in Tshwane face eviction from
privately-owned land.

Some have lived there for 40 years.

The City of Tshwane says it is trying to eradicate 500 informal settlements
across the metropole through upgrades and formalisation, but Mahlangu is not
on State land.

Families have returned to rebuild their shacks in Mahlangu informal
settlement in Olievenhoutbosch, Tshwane, after a devastating fire destroyed
more than 200 homes. But they face another threat: eviction from the land.

 

 

Approximately 3,000 people live in the informal settlement, according to the
City of Tshwane Emergency Services Department.

 

The department said 230 people affected by the fire were temporarily housed
in two church shelters, but these were closed on 13 September.

 

Some of those affected by the fire have rented places elsewhere in the
township. Others, like Lesotho national Thabang Motshekga have returned to
Mahlangu and rebuilt their shacks.

 

Motshekga, who has been living in the area since 2014, said he and his
girlfriend had nearly died in the fire.

 

"When I woke up it was smoke and fire all over my shack," he said. "We
couldn't save any of our belongings. I'm happy to be alive but I'm still
heartbroken."

 

"I had to rebuild, it's the only option I have," he said.

 

The settlement has no electricity or running water. People rely on two water
tanks which are filled by trucks, and some use water from a well dug at a
water source on one side of the settlement to wash clothes and blankets.
There are eight communal chemical toilets.

 

Those who can afford to, use small batteries to listen to the radio.

 

In April, lawyers for Crecora Investments, which owns the land, served
residents with a letter of demand, giving them 30 days to leave the land,
after which the owners would proceed with a court application for eviction.

 

The letter, from Patel Incorporated Attorneys, said the land had
"considerable dolomite deposits". "This is a considerable hazard and not
suitable for settlement as it could and can result in sinkholes which can
cause fatal injuries and loss of life".

 

Asked by GroundUp whether the owners had gone to court, attorney Ziyaad
Patel declined to answer. GroundUp has not been able to reach Crecora
Investments directly.

 

Philip Mampana says he came from KwaNdebele in Mpumalanga and settled in the
area in 1982. He said recycling from nearby dumps was the main source of
income for most residents.

 

 

He also does a little gardening.

 

Mampana said most of the residents arrived between 2005 and 2010 and were
from Lesotho. "We also have people from Zimbabwe, Mozambique, and other
locals."

 

Sitting with Mampana, listening to old disco music when GroundUp visited,
was Paulos Matheswa from Mozambique.

 

He arrived two years ago and was present when the sheriff brought the
eviction letter.

 

"We were asked to give it to the committee. But after months passed, we
didn't expect it to be enforced."

 

"When they remove us from here they must tell us where they will place us,"
he said.

 

Mampana said the settlement had been named after a football player called
Vuilduis Mahlangu, who was one of the first residents. "He was a very
prominent football player; everyone knew him here. Even during his old age
he would do moves that would get the crowd roaring." Mahlangu has since
returned to his home province of Mpumalanga, said Mampana.

 

Mohlokwane Mohlokwane from Lesotho has been living in Mahlangu for nine
years and makes a living selling traditional medicine. "I sell moriana to
everyone; they all know me. Even police come here to buy it," he said.

 

He said one side of his shack had been burned in the fire. He said the well
was too far for him to get water. "I put the fire out with my hands
literally."

 

Recently appointed mayco member for human settlements Ofentse Madzebatela
said the City was looking into eradicating informal settlements across the
metropole.

 

"We are working very hard to eradicate areas such as this. Our plan is that
every financial year there are at least 20 areas such as this that we can
upgrade. Part of that is to 're-block', so that when one shack catches fire
it does not affect other shacks."

 

He said it would take time to formalise informal settlements because there
were more than 500 in the City of Tshwane.

 

"We encourage people not to invade land because when we continue to invade
land we slow down the process of ensuring there is housing for all."

 

His spokesperson Mfundo Mazwi said that 13 settlements had been upgraded
last year, and 27 would be upgraded this financial year. This involved
better provision of water, sanitation, electricity and access roads and
pathways. But because the land in Mahlangu was privately owned, the
municipality could not offer services.

 

He said up to 95% of people in Mahlangu were undocumented immigrants.

 

GroundUp.

 

 

 

 

South Africa: Grannies Battle Water Shortage in Kariega

Toilets are dirty and washing piles up after a month without running water

 

Thousands of RDP houses and an informal settlement with over 300 shacks in
Kariega have been without tap water for a month now.

 

Grandmother Siphokazi Hoyi was fetching water from a truck in Nomakhwezana
Street in Chris Hani village, KwaNobuhle, when GroundUp visited.

 

Hoyi said she has to hoard water in her RDP house as if she were planning to
sell it.

 

"My husband died a few years ago and I stay with six children. I keep
buckets of water like a stock, because we don't know when the truck will
come again. My house is stinking, because of the dirty toilet and washing
that is piling up. There is no water to flush the toilet and wash clothes."

 

 

"We don't know what the problem is, causing a water scarcity for four weeks.
Everyone is complaining," she said.

 

Resident Nomakula Gcukumane, who has eight grandchildren aged between three
and 21, says there is no water to flush the toilet and her grandchildren are
afraid of going to the bush to relieve themselves.

 

"We struggle to go to the toilet, dishes are stinking, and we haven't bathed
on a daily basis for a month now. They just clean their faces when going to
school."

 

"Water, as a basic need ... We should get it," she said.

 

At the site where the truck was stationed, residents were arguing about
postions in the queue.

 

"We just sit in the truck and let them draw water by themselves, because
they want to beat us up when we control the hose," said the truck driver,
who did not want to be named. "They know who came first," he said.

 

Resident Sizwe Makaka said Nelson Mandela Bay Municipality should send a
20,000-litre truck with five hose pipes instead of a 5,000-litre truck, with
one hose.

 

"This is the second time the truck has arrived in four weeks. We have kids
and parents who all depend on water but are now panicking."

 

Resident Hector Peter said a meeting at 5pm on Wednesday an official from
Infrastructure and Engineering directorate told them there was an ongoing
pressure problem with Molly Blackburn reservoir.

 

"We have been promised three trucks would be sent to deliver water and we
are still waiting," he said on Thursday.

 

Municipality spokesperson Sithembiso Soyaya acknowledged GroundUp's
questions and promised a response. No answers had been received at the time
of publication.

 

GroundUp.

 

 

 

 

Nigeria: Major Marketers Begin Lifting Petrol From Dangote Refinery

The Nigerian National Petroleum Company Limited, NNPCL, has authorised major
petroleum marketers to commence lifting premium motor spirit, PMDS,
otherwise known as petrol, from Dangote Petroleum Refinery under the
existing agreement between it and the refinery.

 

The initial agreement stated that NNPCL is the sole distributor of the
refinery's petrol with the first batch of the consignment put at 16.8
million liters lifted by NNPCL's retail entity. Findings by Vanguard
indicated that some major marketers, including 11 Plc have already lifted
the product for distribution to their outlets in Lagos and other parts of
the nation.

 

 

One of the marketers who pleaded anonymity, said: "I can confirm that we
have some major marketers already lifting from the Dangote Refinery, but it
is still under the NNPC arrangement with the refinery, in other words, we
are lifting NNPC product from the Dangote refinery. It is not our product.
We have no direct arrangement with the refinery."

 

But Vanguard also learnt that independent marketers have not been included
in this modified arrangement.

 

In a telephone interview with Vanguard, the National President of
Independent Petroleum Marketers Association of Nigeria, IPMAN, Alhaji
Abubakar Garima, confirmed that only NNPCL has access to Dangote fuel and
they discharge the bulk of the products to their retail outlets.

 

He added that they are not yet buying from the NNPCL under the Dangote
Refinery arrangement.

 

He stated: "Independent marketers are waiting for NNPCL to give the new
price of the petroleum products in order to lift from them. We load at the
old rate of N875 per litre as most of our members have outstanding stock
with NNPCL; we were told that they will be cleared this week."

 

We want to import, compete with NNPC, Dangote - Marketers

 

Under the deal that made NNPCL the sole off-taker of petrol from Dangote
Refinery marketers have said they may have to resort to importation in order
to continue in business. Marketers have therefore asked the Federal
Government to completely open up the sector to all players.

 

Meanwhile, checks around Abuja and Lagos yesterday showed that four days
after NNPC began loading of petrol from Dangote Refinery, many filling
stations were yet to be supplied with the product and they have been locked
up.

 

Speaking to Vanguard, the Public Relations Officer, Independent Petroleum
Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike, said the
group plans to begin importing their own petrol.

 

"There has been no progress in the situation. We have been waiting for NNPC
and nothing has changed. We have information that at least three marketers
are bringing in products from outside of the country. This is Dangote's
chance to work with independent marketers.

 

"We are asking Dangote to sell to us at the same price as NNPC. We don't
understand why he has to depend solely on NNPC to distribute its product
when he has other willing buyers.

 

"We are also looking at importing to keep our business. We are also asking
the Federal Government to also hand over the Port Harcourt Refinery to
independent marketers. We will engage capable people to manage it. That is
the only panacea to this problem", he added.

 

FG, others should be transparent -- CPPE

 

Commenting on the new product lifting arrangement with the major marketers,
the Chief Executive Officer, Centre for the Promotion of Private Enterprise,
Dr. Muda Yusuf, said: "Well, ordinarily, this should be a good development,
but, we need more information. We need to know the framework under which
they are lifting. We need to know the pricing framework and other details,
including the involvement of NNPC."

 

Vanguard.

 

 

 

 

Nigeria: Rights Group Petitions DSS Over Activities of Alleged Oil Thieves
in Rivers Community

Rivers Coalition for Human Rights, RCHR, has called for the immediate
deployment of a security crack team to restore normalcy in the Oshiugbokor
Community in Ahoada East Local Government Area of Rivers State, where
residents have become hapless victims of criminals operating in the area.

 

In a petition to the Director General of the Department of State Service,
DSS, by the National Coordinator, Derefaka Green, Ndamzhi Amadi, Assistant
Secretary and Hannah Nikade

 

Programme/Research Officer of the rights group drew the attention to the
criminal activities of oil bunkerers, kidnappers and murderers in the
community and called for urgent intervention to save the people and the
economy of the country.

 

 

The petition read, "It is on the strength of this that we wish to draw your
attention to the organised criminal activities around the formally Niger
Delta Petroleum Resources Limited, NDPR, refinery in Ogbele community in
Ahoada East Local Government Area of Rivers State, involving intimidation,
harassment, torture, bunkering, pipeline vandalism, terrorism, kidnapping"
spearheaded by alleged retired superintendent of Police.

 

"The retired Chief Superintendent of Police has been in the employment of
this firm for over 10 years as community liaison manager wherein he
superintends the company's relationship with the host communities of Ogbele,
Oshiugbokor and Ubumeze. With his influence on the communities, he has been
able to gain the company's confidence to see him as their point man to
manage the company's relationship with the communities.

 

"In doing this, he allegedly co-opted two brothers from Oshiugbokor as
fronts to conduct illegal bunkering activities by bringing in tankers at
late nights to load crude oil and refined products from the refinery unknown
to the management of the firm.

 

"To consolidate the illegal activities, they engaged the services of a
notorious cultist and criminal, who has a gang of over 50 boys armed with
dangerous weapons such as AK 47 and other assault rifles and operate a camp
at Okporowo community, where they carry out various criminal activities,
including assassinations, murder, kidnapping and rape etc."

 

"The suspected criminal who had allegedly chased away and later killed a
paramount ruler of the oil producing community, a former student union
government president among other innocent victims, is said to have cornered
the royalties due to the community amounting to over N200million to in five
years to himself and his criminal gang members to the detriment of the
residents.

 

"We, therefore, wish to appeal to the DG DSS to send a crack team to address
this national security issue that is affecting Nigeria's oil revenue by
virtue of the illegal bunkering and creating insecurity in Ahoada East LGA
through the establishment of a criminal gang with over 50 heavily armed boys
who have subjugated the communities under their control," the petition
added.

 

Vanguard.

 

 

 

 

Nigeria: Efforts to End Forced Labour May Increase Global GDP By U.S.$611bn

About 1.6 million Nigerians have been recorded as working under forced
labour, as the International Labour Organisation, ILO, said freeing people
from forced labour and reintegrating them into the mainstream workforce
could lead to a $611 billion demand-driven rise in Gross Domestic Product
(GDP) globally including Nigeria.

 

ILO in a report titled "Acting against Forced Labour: an Assessment of
Investment Requirements and Economic Benefits", said freeing people from
forced labour and bringing them into formal employment could generate US$611
billion in additional GDP.

 

 

This would represent a transfer from the perpetrators and the illicit
economy to the freed workers and the formal economy.

 

"Ending forced labour is first and foremost a human imperative and legal
obligation. The financial benefits identified in our study also suggest it
makes clear economic sense," explained Francesca Francavilla, Senior
Economist in the ILO's Fundamentals branch.

 

The paper shows that the one-time cost of implementing key interventions to
combat forced labour is estimated at US$212 billion - or 0.14 per cent of
global GDP - though this figure only covers targeted efforts and does not
include broader policy and legal reforms needed.

 

More than 27.6 million people are in forced labour worldwide, according to
the ILO's 2022 Global Estimates of Modern Slavery publication. This was an
increase of 2.7 million people in forced labour since 2016.

 

"The risk of forced labour continues to threaten millions worldwide. If we
want to reverse this trend and return to a path of progress we need to
urgently invest more in action," said Scott Lyon, ILO Senior Project Policy
Researcher, Fundamentals.

 

The projected rise in GDP would also lead to increased tax revenues and
savings on forced labour victim services. These additional public resources
could be used to advance national development goals.

 

The ILO report stresses the findings cannot be presented in simple
cost-benefit terms because of the need for broader investments to tackle the
root cause of forced labour.

 

But it also suggests the potential increase in GDP from ending forced labour
provides economic justification for this additional investment.

 

The ILO calls on governments, employers' and workers' organizations to
develop national strategies that mobilize resources and address financing
gaps, with international support playing a crucial role.

 

Vanguard.

 

 

 

 

Nigeria: Organised Labour Expresses Concern Over Growing Cashless ATM
Machines

Organised Labour in the financial sector, Association of Senior Staff of
Banks, Insurance and Financial Institutions (ASSBIFI), and National Union of
Banks, Insurance and Financial Institutions Employees (NUBIFIE) have
expressed worry over scarcity of funds in ATM machines.

 

They claimed that the purposes of ATM and POS are nowadays being eroded with
the current applications. In their different chats with LEADERSHIP, they
reiterated that customers are indirectly being compelled to patronise POS
operators due to noneavailability of cash in ATM.

 

The President of ASSBIFI, Comrade Olusoji Oluwole, noted that such shortages
in dispensing of funds could take place when there is not enough allocation
of funds to banks, adding that managers of Banks may not be blamed since
they are working with allocated funds.

 

 

Responding on the the operations of POS agents which tends to overshadow ATM
machines, Oluwole said, "Banks have invested heavily in ATM infrastructure
and will always desire to yield the benefits of the investment. Funds in
ATMs may not be adequate due to shortages of cash but no institution will be
stylishly sidelining use of ATM to the advantage of POS Operators whose
primary function was to provide community banking services."

 

On his part, the deputy general, secretary, NUBIFIE, Comrade Aboderin Philip
Olusola said he wondered how mopping of funds should be done without proper
study by the constituted authority.

 

ATM and POS are supposed to be for financial inclusion. They are meant to
take care of the unbanked areas, but competing with commercial banks is
absurd or else the jobs of those employed to feed ATM machines will be on
the line as they may have no need of their services anymore.

 

"First and foremost, the purpose of ATM machines and POS are meant to serve
the unbanked communities where banks are not available. But nowadays, one
sees POS operators near banking premises. What are they doing there, they
are supposed to go into interior parts or hotel etc premises to meet needs
of people."

 

According to Aboderin, as banks are paying tax for each ATM to interswitxh
and the apex bank for use of ATM machines, they should serve customers with
functional ATM.

 

Although jobs have been created for POS operators, he wondered where they
are getting funds and called on government for proper regulation to save
customers from too much taxes.

 

Leadership.

 

 

 

 

Kenya: KDF to Handover Sh2.4bn MV Uhuru II to Kenya Railways

Kisumu — The Kenya Defence Forces will hand over the Sh2.4 billion MV Uhuru
II to Kenya Railways Corporation in Kisumu on Thursday.

 

Kenya Shipyards Limited (KSL), a state-owned corporation, commenced the
construction of MV Uhuru II in June 2021. President William Ruto
commissioned the vessel operating in Lake Victoria in October 2023.

 

Cabinet Secretary for Defence Soipan Tuya and her Roads counterpart Davis
Chirchir will grace the event at the KSL facility along the Lake Victoria
shores.

 

The government undertook the construction of the 100-metre-long vessel to
complement MV Uhuru I and meet the rising demand for transportation of goods
within the Lake Victoria region.

 

 

The milestone has position the country as a shipbuilding and repair
destination in the East Africa region.

 

The transfer will open up many job opportunities for locals at the Port as
the vessel will be transporting goods to the neighboring countries of Uganda
and Tanzania.

 

The construction of the vessel underscored Kenya Shipyards' ability to
build, repair, and maintain ships for the local and regional markets.

 

The revival of Kenya's maritime transport and logistics sector through
shipbuilding augments the Bottom Up Economic Transformation Agenda (BETA) of
the Kenya Kwanza government.

 

MV Uhuru I, built in 1965, resumed operation after her successful
rehabilitation by the Kenya Defence Forces in 2019 with a capacity to carry
1,260 tonnes of cargo.

 

MV Uhuru II, capable of transporting 1,063 metric tonnes of cargo, is
optimized for the transportation of petroleum oil products as well as
cereals, fertilisers, sugar, and seeds.  Capital FM.

 

 

 

 

East Africa: Comesa Competition Probes Amsons' Bid to Acquire Bamburi Cement

The regional competition watchdog has initiated an inquiry into the proposed
acquisition of Bamburi Cement Plc by Amsons Industries (K) Limited,
following a notification under Article 24 of the COMESA Competition
Regulations.

 

The COMESA Competition Commission says the deal would see Amsons, a
Kenyan-incorporated firm backed by Tanzania's Amsons Industries, acquire
Bamburi Cement and its subsidiaries.

 

Amsons operates in Tanzania's grey cement market through Mbeya Cement, in
which it holds a 65 percent stake, and Camel Concrete (T) Ltd.

 

The group has a presence in several COMESA countries, including Burundi, the
Democratic Republic of Congo (DRC), Malawi, and Zambia.

 

 

Bamburi Cement, listed on the Nairobi Securities Exchange, operates two
integrated cement plants and various concrete facilities in Kenya, with
additional operations in Ethiopia, Rwanda, Uganda, Burundi, and the DRC.

 

The acquisition involves a public bid by Amsons for up to 100 percent of
Bamburi's ordinary shares at KES 65 per share, translating to $180 million

 

The move is set to intensify competition with other established players such
as Simba cement owned by billionaire Narendra Raval, which recently
commissioned a clinker plant in West Pokot.

 

The Commission will assess whether the transaction could stifle competition
or conflict with public interest under Article 26 of the regulations.
Stakeholders, including competitors, suppliers, and customers, have been
invited to submit their views on the inquiry.

 

Business Day Africa.

 

 

 

 

Nigeria: Lagos Warns Developers On High Safety Standards to Avert Building
Collapse

The General Manager, Lagos State Materials Testing Laboratory Agency
(LSMTL), Engr. Olayinka Abdul, has warned building developers in Lagos to
adhere strictly to the highest standards of safety and quality to prevent
the avoidable collapse of buildings in the state.

 

She stated this during a visit of a delegation from the Lagos State
Parastatals Monitoring Office, led by its Permanent Secretary, Mrs. Aderemi
Oluremi Ososanya, saying the warning was to effectively fulfill the mandate
of her agency in protecting the integrity of structures.

 

She said: "The Lagos State Materials Testing Laboratory Agency checks all
construction materials; asphalt, sand, steel, concrete, bitumen, water and
particularly granite which has various forms that can either aid in
collapse, or enhance durability of structures.

 

 

"Granite has various tenacity ratios to complement the construction process,
hence, the Lagos residents have to know this to avoid buildings' collapse
being induced by their incapabilities to withstand structural changes, along
with other factors which LSMTL is going to rigorously sensitise about in
averting disasters across Lagos State."

 

She emphasised that the use of substandard steel, stanchions, brittled
concrete mix and salinated soil, often prevail upon buildings to cause
ripple effects to peoples' lives from caved-in structures.

 

Engr. Abdul reiterated: "Our advocacy and operations will focus on shore
settlements of Lagos State, because soil salinity from Makoko, Iyana -
Oworoshoki, Lagos Island, Irewe and its environs, as well as Badagry and the
connecting Islands are not ideal for buildings' construction.

 

"But people dredge these soil contents from the water in minute forms using
canoes at the detriment of residents' safety because they come cheap. All
these things seemed right, but upon laboratory scrutiny they definitely
constitute to buildings' collapse".

 

"To rectify the defects being shaped by this anomaly, non-destructive tests
will be conducted as calibrated per house process to standing buildings that
have been erected for more than10 years, to indicate precision in
performance. We do not want episodes of collapse in Lagos State anymore,"
she added.

 

The General Manager said: "Education is paramount which truly affects many
developers who may not fully understand the importance of using tested
materials. We will initiate awareness campaigns, workshops, and seminars
designed to educate stakeholders about the value of quality materials
testing. These campaigns will highlight the long-term benefits - both
economic and safety-related - of adhering to the set standards."

 

Earlier in her address, the Permanent Secretary, Parastatals Monitoring
Office, Mrs. Adetutu Oluremi Ososanya averred that 'walk the talk' move of
her agency was targeted at grooming values in parastatals and agencies of
government to mitigate effects shaped by execution of responsibilities for
optimal delivery.

 

She implored for collaborations of LSMTL with other government agencies, in
measuring up her standards as the bedrock of the built industry to ensure
safety to structures.

 

Mrs. Ososanya stated: "Everyone should be involved in ensuring safety to
buildings in the state, for every Nigerian wants to reside in Lagos State.
Every day, development tends towards massive pace, hence, technology needs
to be deployed by your agency to step-up its game in keeping proper order in
place.

 

"I proffer buildings' regeneration process with LASURA as obtained in better
climes in order to check wide defects to buildings. Moreso, all residents
should see and say those compromising signs even as they also avoid
nonchalant attitude that could cause pain to lives."

 

This Day.

 

 

Africa Needs Its Own Medical Research for Its Health Issues, Experts Say

Addis Ababa, Ethiopia — One of the hurdles to improving health care systems
for African countries is the shortage of scientists and lack of meaningful
medical research on the continent, experts say.

 

An organization hopes to change that by enabling researchers and
policymakers in three large African countries to develop more extensive and
relevant research.

 

According to a 2017 report by the World Economic Forum, Africa is home to
15% of the world's population and 25% of the world's disease burden -- but
produces just 2% of the world's medical research.

 

The report said of the medical research that does occur, much of it fails to
prioritize diseases or health problems most pressing for Africans.

 

A group of African health researchers and institutions are now pushing for
the continent's medical research to be more focused on the continent's own
medical problems.

 

 

The African Population and Health Research Center is bringing together
scientists, academics, policymakers and government officials from Ethiopia,
Kenya and Nigeria.

 

Their goal is to strengthen African leadership in research and development,
ensuring that the findings from these researchers are relevant and
accessible to decision-makers, leading to better health care systems across
the continent.

 

Catherine Kyobutungi, head of the organization, said African-led research
can help solve health problems on the continent much more easily and
quickly.

 

"If we want the research to be done by Africans in Africa on African issues,
that is [how] the priorities for what research should be done are defined,
not just by academics, but by the people who are going to use that research
for decision-making," she said.

 

"What we are trying to achieve is to shift what research is and what it is
for and to create an army of African scientists that do research to solve
African problems in real time, not after 50 years," Kyobutungi said.

 

Dr. Hadiza Galadanci, a professor of obstetrics and gynecology at Bayero
University in Nigeria, said her country accounts for about 28% of maternal
deaths worldwide each year.

 

She and researchers from four African countries, Birmingham University in
the United Kingdom and the World Health Organization published research on
the best way to save women who were dying from postpartum hemorrhage, or
excessive bleeding after childbirth. Their innovation -- a calibrated
obstetric drape, which is placed beneath a birthing mother -- allows
physicians to collect and precisely measure blood and fluid loss.

 

"The drape is just put under ... the woman when she's going to deliver. And
then, as soon as she delivers, any blood that comes out goes to the drape.
So, we have an objective assessment," Galadanci explained, saying that the
process allows for more specific treatment.

 

"When we did this, we found out that we could reduce the rate of severe
[postpartum hemorrhage] leading to maternal death by 60%."

 

African researchers face challenges ranging from a lack of reliable data and
funding to poor infrastructure to cultural and religious issues.

 

With the support of the Bill and Melinda Gates Foundation, Africa Research
Connect was developed to connect and enhance the visibility of scientists,
institutions, policymakers and donors.

 

Jude Igumbor, an associate professor at Wits School of Public Health in
South Africa, wants to improve the visibility of African scientists and
their work.

 

"What we give African scientists is they are able to find each other for
collaboration," he said.

 

The African Population and Health Research Center is calling on donors to
fund African institutions and researchers directly instead of going through
other organizations, saying that doing so helps the money create
opportunities and hone the skills of researchers on the continent.

 

VOA.

 

 

 

 

Gender Parity Will Unlock $287b for Africa's Economy By 2030 - Mastercard
Foundation Report

New York, USA. — Tackling systemic barriers towards the participation of
young women in Africa's workforce will drive an estimated $287 billion to
its economy by 2030, boosting GDP by five percent, a new report commissioned
by the Mastercard Foundation reveals. Conducted in collaboration with
McKinsey & Company, the study reinforces the crucial role of women's
economic empowerment in driving the continent into a new era of
transformational growth.

 

The report, Young Women in Africa: Agents of Economic Growth and
Transformation By 2030 - Mastercard Foundation, outlines a series of
immediate, actionable solutions for government, private sector, and civil
society to reverse the steep decline of young women's contribution to
Africa's GDP from 18 percent in 2000 to just 11 percent in 2022. The most
pivotal areas to tackle include care burdens that restrict women's access to
the labour market, poor education completion rates, the need to bolster
competitive skills in key sectors and adopt gender-inclusive employment
policies, and lack of access to financial services.

 

The report notes that effective private sector-led approaches and
government-funded models focused on expanding childcare centres and
employer-provided childcare can alleviate the burden of care on young women
and create over 11 million jobs by 2030. With agriculture, education, food
and accommodation, trade, wholesale, and retail sectors among Africa's
highest employers of young women, the Foundation advocates for the roll-out
of apprenticeships and boot camps to accelerate women's participation in
these high-growth areas. The ICT sector is also identified as a leading
industry to catalyze substantial productivity, boasting a higher rate of
remuneration for women compared to men in Nigeria, Ghana and Uganda.

 

 

Mastercard Foundation

Findings from the "Young Women in Africa: Agents of Economic Growth and
Transformation by 2030" report will inform the Mastercard Foundation’s
sideline event "Invincible: Empowering Women, Transforming Africa" at the
79th Session of the United Nations General Assembly (UNGA 79) on September
22, 2024.

The study spotlights Namibia as a key model for other African nations to
follow in prioritizing the economic benefits of gender equality, having
increased women's economic participation from 40 percent to 42 percent in
just five years. Egypt, the Democratic Republic of Congo, Ethiopia, Kenya,
Mali, Nigeria, Rwanda, Senegal, Tanzania, and Uganda have the potential to
achieve the fastest growth should they replicate Namibia's strategy.

 

Speaking on the launch of the report, Marieme Esther Dassanou, Director,
Gender Programs at the Mastercard Foundation, said: "Empowering young women
in Africa is both an economic imperative and a transformative opportunity
for the continent. By addressing systemic barriers, enhancing skills, and
fostering gender-inclusive policies, we can unlock $287 billion in
additional GDP by 2030. We need to create environments where women can
succeed as employees and entrepreneurs, ensuring Africa's growth will be
inclusive, sustainable, and driven by the full potential of its young
women's population."

 

Women's unemployment rates have historically been higher than those of men,
a disparity further exacerbated by the COVID-19 pandemic. Only 26 percent of
girls complete secondary school, and the high burden of unpaid care work
keeps 35-to-40 percent of women out of the workforce. Furthermore, financial
inclusion remains a significant challenge, with 63 percent of African women
being unbanked compared to 52 percent of men.

 

 

Mastercard Foundation

The Mastercard Foundation also plans to expand successful programs aimed at
transforming the educational landscape for women and girls. Over the next
seven years, the Foundation will scale its long-standing partnerships with
Campaign for Female Education (CAMFED) and Forum for African Women
Educationalists (FAWE) with $360 million to support more than 70,400 young
women and girls in completing their education journeys, starting their own
businesses, or accessing employment opportunities.

The Foundation also plans to expand successful programs aimed at
transforming the educational landscape for women and girls. Over the next
seven years, the Foundation will scale its long-standing partnerships with
Campaign for Female Education (CAMFED) and Forum for African Women
Educationalists (FAWE) with $360 million to support more than 70,400 young
women and girls in completing their education journeys, starting their own
businesses, or accessing employment opportunities.

 

The report findings inform the Mastercard Foundation's sideline event
Invincible: Empowering Women, Transforming Africa at the 79th Session of the
United Nations General Assembly (UNGA 79) on September 22, 2024, at the
Millenium Hilton New York, One UN Plaza Hotel. Held in collaboration with
ALADI - African Leadership and Dialogue Institute, the event will spotlight
the unrivalled impact of young African women in driving economic
transformation and propose bold strategies to bolster their access to
critical and affordable finance.

 

To download the full report, please click here.

 

About the Mastercard Foundation:

 

The Mastercard Foundation is a registered Canadian charity and one of the
largest foundations in the world. It works with visionary organizations to
advance education and financial inclusion to enable young people in Africa
and Indigenous youth in Canada to access dignified and fulfilling work.
Established in 2006 through the generosity of Mastercard when it became a
public company, the Foundation is an independent organization separate from
the company, with offices in Toronto, Kigali, Accra, Nairobi, Kampala,
Lagos, Dakar, and Addis Ababa. Its policies, operations, and program
decisions are determined by the Foundation's Board of Directors and
leadership.

 

Mastercard Foundation.

 

 

 

 

Mohamed Al Fayed accused of multiple rapes by staff

Five women say they were raped by former Harrods boss Mohamed Al Fayed when
they worked at the luxury London department store.

The BBC has heard testimony from more than 20 female ex-employees who say
the billionaire, who died last year aged 94, sexually assaulted them -
including rape.

The documentary and podcast - Al-Fayed: Predator at Harrods - gathered
evidence that, during Fayed’s ownership, Harrods not only failed to
intervene, but helped cover up abuse allegations.

Harrods’ current owners said they were “utterly appalled” by the allegations
and that his victims had been failed - for which the store sincerely
apologised.

 

“The spider’s web of corruption and abuse in this company was unbelievable
and very dark,” says barrister Bruce Drummond, from a legal team
representing a number of the women.

Warning: this story contains details some may find distressing.

 

The incidents took place in London, Paris, St Tropez and Abu Dhabi.

“I made it obvious that I didn't want that to happen. I did not give
consent. I just wanted it to be over,” says one of the women, who says Fayed
raped her at his Park Lane apartment.

Another woman says she was a teenager when he raped her at the Mayfair
address.

“Mohamed Al Fayed was a monster, a sexual predator with no moral compass
whatsoever,” she says, adding that all the staff at Harrods were his
“playthings”.

“We were all so scared. He actively cultivated fear. If he said ‘jump’
employees would ask ‘how high’.”

Fayed faced sexual assault claims while he was alive, but these allegations
are of unprecedented scale and seriousness. The BBC believes many more women
may have been assaulted.

'Fayed was vile'

Fayed's entrepreneurial career began on the streets of Alexandria, Egypt,
where he hawked fizzy drinks to passers-by. But it was his marriage to the
sister of a millionaire Saudi arms dealer that helped him forge new
connections and build a business empire.

He moved to the UK in 1974 and was already a well-known public figure when
he took over Harrods in 1985. In the 1990s and 2000s, he would regularly
appear as a guest on prime-time TV chat and entertainment shows.

Meanwhile, Fayed - whose son Dodi was killed in a car crash alongside Diana,
Princess of Wales, in 1997 - has become known to a new generation through
the two most recent Netflix series of The Crown.

 

Getty Images Princess Diana, pictured smiling in the 1980s, handing a glass
trophy plate to Prince Charles, who has his back to the camera wearing a
sports t shirt with a number two written on it. She has short blonde hair, a
white blouse and chunky black belt. Mohamed Al Fayed is pictured at the
right of the shot, smiling at them both, in the conversation, wearing a dark
suit. A crowd of spectators are behind them. Getty Images

Fayed had courted the Royal Family for years

But the women we have spoken to say his portrayal as pleasant and gregarious
was far from the truth.

“He was vile,” says one of the women, Sophia, who worked as his personal
assistant from 1988 to 1991. She says he tried to rape her more than once.

“That makes me angry, people shouldn't remember him like that. It's not how
he was.”

Some of the women waived, or partially waived, their right to anonymity to
be filmed - and the BBC agreed not to use surnames. Others chose to remain
anonymous. Put together, their testimonies reveal a pattern of predatory
behaviour and sexual abuse by Fayed.

The Harrods owner would regularly tour the department store's vast sales
floors and identify young female assistants he found attractive, who would
then be promoted to work in his offices upstairs - former staff, male and
female, told us.

The assaults would be carried out in Harrods’ offices, in Fayed's London
apartment, or on foreign trips - often in Paris at the Ritz hotel, which he
also owned, or his nearby Villa Windsor property.

At Harrods, other former staff members told us it was clear what was
happening.

“We all watched each other walk through that door thinking, ‘you poor girl,
it's you today’ and feeling utterly powerless to stop it,” Alice, not her
real name, says.

 

'He raped me'

Rachel, not her real name, worked as a personal assistant in Harrods in the
1990s.

One night after work, she says she was called to his luxury apartment, in a
large block on Park Lane overlooking London's Hyde Park. The building was
protected by security staff and had an on-site office staffed by Harrods
employees.

Rachel says Fayed asked her to sit on his bed and then put his hand on her
leg, making it clear what he wanted.

“I remember feeling his body on me, the weight of him. Just hearing him make
these noises. And
 just going somewhere else in my head.

“He raped me.”

The BBC has spoken to 13 women who say Fayed sexually assaulted them at 60
Park Lane. Four of them, including Rachel, say they were raped.

Sophia, who says she was sexually assaulted, described the whole situation
as an inescapable nightmare.

“I couldn't leave. I didn’t have a [family] home to go back to, I had to pay
rent,” she says. “I knew I had to go through this and I didn’t want to. It
was horrible and my head was scrambled.”

 

 

1:10

Watch: “Everything was shredded in front of us
 tapes
 nasty voicemails,”
says Gemma

 

Gemma, who worked as one of Fayed’s personal assistants between 2007-09,
says his behaviour became more frightening during work trips abroad.

She says it culminated in her being raped at Villa Windsor in Paris's Bois
de Boulogne - a former home, post-abdication, of King Edward VIII and his
wife Wallis Simpson.

Gemma says she woke up startled in her bedroom. Fayed was next to her bed
wearing just a silk dressing gown. He then tried to get into bed with her.

“I told him, ‘no, I don't want you to’. And he proceeded to just keep trying
to get in the bed, at which point he was kind of on top of me and [I] really
couldn't move anywhere.

“I was kind of face down on the bed and he just pressed himself on me.”

She says after Fayed raped her she cried, while he got up and told her
aggressively to wash herself with Dettol.

“Obviously he wanted me to erase any trace of him being anywhere near me,”
she explains.

Eight other women have also told us they were sexually assaulted by Fayed at
his properties in Paris. Five women described the assaults as an attempted
rape.

iPlayer banner

 

Al-Fayed: Predator at Harrods

 

A BBC investigation into allegations of rape and attempted rape by Mohamed
Al Fayed, the former owner of Harrods. Did the luxury store protect a
billionaire predator?

 

Watch Al-Fayed: Predator at Harrods on BBC iPlayer now or on BBC Two at
21:00 on Thursday 19 September.

 

Sounds logo 

 

Listen to World of Secrets, Season 4: Al Fayed, Predator at Harrods on BBC
Sounds. If you’re outside the UK, you can listen wherever you get your
podcasts.

 

'Open secret'

“The abuse of women, I was aware of it when I was on the shop floor," says
Tony Leeming, a Harrods department manager from 1994 to 2004. It “wasn't
even a secret”, recalls Mr Leeming, who says he did not know about more
serious allegations of assault or rape.

"And I think if I knew, everybody knew. Anyone who says they didn't are
lying, I'm sorry".

Mr Leeming's testimony is backed up by former members of Fayed's security
team.

“We were aware that he had this very strong interest in young girls,” says
Eamon Coyle, who joined Harrods in 1979 as a store detective, then became
deputy director of security from 1989-95.

Meanwhile Steve, who does not want us to use his surname, worked for the
billionaire between 1994-95. He told us that security staff “did know that
certain things were happening to certain female employees at Harrods and
Park Lane”.

Many of the women told us that when they began working directly for Fayed
they underwent medicals - including invasive sexual health tests carried out
by doctors.

This was presented as a perk, the women told us, but many did not see their
own results - even though they were sent to Fayed.

“There is no benefit to anybody knowing what my sexual health is, unless
you're planning to sleep with somebody, which I find quite chilling now,”
says Katherine, who was an executive assistant in 2005.

 

'Culture of fear'

All the women we spoke to described having felt intimidated at work - which
had made it difficult for them to speak out.

Sarah, not her real name, explained: “There was most definitely a culture of
fear across the whole store - from the lowliest of the low, to the most
senior person.”

Others told us they believed the phones in Harrods had been tapped - and
that women had been scared of talking to each other about Fayed’s abuse,
fearing they were being filmed by hidden cameras.

The ex-deputy director of security, Eamon Coyle, confirmed this - explaining
how part of his job was to listen to tapes of recorded calls. Cameras that
could record had also been installed throughout the store, he said,
including in the executive suites.

“He [Fayed] bugged everybody that he wanted to bug.”

Harrods told the BBC in a statement these had been the actions of an
individual “intent on abusing his power” which it condemned in the strongest
terms.

It said: “The Harrods of today is a very different organisation to the one
owned and controlled by Al Fayed between 1985 and 2010, it is one that seeks
to put the welfare of our employees at the heart of everything we do.”

Getty Images Picture of Harrods taken in the dark. It has seven floors and
many windows, with white bulbs outlining the edges. The large shop windows
on the ground floor have dark green awnings. Getty Images

Harrods' new owners started settling claims with Fayed's victims in 2023

 

There were a number of attempts to expose Fayed before his death - notably
by Vanity Fair in 1995 - with an article alleging racism, staff surveillance
and sexual misconduct. This sparked a libel lawsuit.

Mohamed Al Fayed later agreed to drop the case as long as all the further
evidence the magazine had gathered of his sexual misconduct in preparation
for a trial was locked away. Fayed’s settlement was negotiated by a senior
Harrods executive.

In 1997, ITV’s The Big Story reported further serious allegations including
sexual harassment and groping - which is classed as sexual assault.

One of the women in the BBC investigation, Ellie, not her real name, was 15
in 2008 when she reported an assault to the police - an allegation that made
headlines - but did not result in any charge.

In 2017, Channel 4’s Dispatches broadcast allegations of groping, assault
and harassment, with one woman waiving her right to anonymity for the first
time. It gave some women the courage to come forward - and was followed by a
2018 investigation on Channel 4 News.

But it is only now, with Mohamed Al Fayed having died last year, that many
of the women have felt able to speak publicly about rape and attempted rape.

Cash and NDAs

The BBC documentary reveals that, as part of Gemma's settlement in 2009, she
had to sign a non-disclosure agreement (NDA), a legally-binding contract
which ensures information remains confidential.

She says after she was raped, she contacted a lawyer who told Harrods she
was leaving her job on the grounds of sexual harassment. Gemma says she did
not feel able, at that time, to disclose the full extent and seriousness of
Fayed's assaults.

Harrods agreed she could leave and it would pay a sum of money in exchange
for her shredding all evidence and signing an NDA. Gemma says a member of
Harrods’ HR team was present as the shredding took place.

The BBC has heard that women were threatened and intimidated by Harrods'
then-director of security, John Macnamara, to stop them speaking out.

Fourteen of the women we spoke to recently brought civil claims against
Harrods for damages. The shop's current owners, who are not asking women to
sign NDAs, started settling these in July 2023.

It took Sophia and Harrods five years to reach an agreement. In her case,
the store expressed regret but did not admit liability. Many more women are
now considering legal action against Harrods.

___

If you are affected by issues of sexual assault you can contact the BBC
Action Line here

 

___

The barristers representing some of the women we spoke to - Bruce Drummond
and Dean Armstrong KC - argue the store was responsible for an unsafe system
of work.

“Any place of work has a duty to ensure the safety of its employees. Without
question, the company failed these ladies,” says Mr Drummond.

“That’s why we step in. Because they just did nothing to actually prevent
this. They did the opposite. They enabled it.”

Mr Armstrong adds: “We say there have been clearly attempts by the senior
people at Harrods to sweep this under the carpet.”

Many more women are now considering legal action against Harrods.

Barrister Maria Mulla - who is also on the legal team representing some of
the women - says clients are coming forward now, because previously they
have been “absolutely petrified” to speak out.

“They want to be part of this movement of holding people accountable for
what has happened to them, and trying to make sure these things don't happen
again in the future for their own children and for their children.”

Harrods told the BBC: “Since new information came to light in 2023 about
historic allegations of sexual abuse by Al Fayed, it has been our priority
to settle claims in the quickest way possible. This process is still
available for any current or former Harrods employees.

“While we cannot undo the past, we have been determined to do the right
thing as an organisation, driven by the values we hold today, while ensuring
that such behaviour can never be repeated in the future.”

The Ritz hotel in Paris said it “strongly condemns all forms of behaviour
that do not align with the values of the establishment”.

When Fayed died, unconfirmed reports estimated his worth in excess of £1bn.
But money is not the motivation for the women to speak out, they say.

“I’ve spent so many years being quiet and silent, not speaking up,” says
Gemma, “and I hope talking about it now helps. We can all start feeling
better and healing from it.”-BBC

 

 

 

 

X says its return in Brazil after ban ‘inadvertent'

Some X users in Brazil were once again able to access the social media
platform on Wednesday despite a ban imposed by the nation’s judiciary last
month.

Brazilian users swarmed the site after X, which is owned by tech billionaire
Elon Musk, updated how its servers within the country are accessed.

The platform’s restoration in Brazil was unintended, an X spokesperson said
in a statement late on Wednesday.

“To continue providing optimal service to our users, we changed network
providers. This change resulted in an inadvertent and temporary service
restoration to Brazilian users.”

 

“While we expect the platform to be inaccessible again in Brazil soon, we
continue efforts to work with the Brazilian government to return very soon
for the people of Brazil,” an X spokesperson said in a statement.

The company’s explanation caught some observers by surprise.

"Everything that happened during the day led us to believe that it was on
purpose," said Basílio Rodriguez Pérez, advisor to ABRINT, the country's
leading trade group for Internet Service Providers (ISP).

ABRINT said X moved to servers hosted by Cloudflare, and that the site
appeared to be using dynamic internet protocol (IP) addresses that change
constantly, indicating to him that the change in access to Brazilian users
was purposeful. By contrast, the previous system had relied on specific IP
addresses that could be more easily blocked.

Basílio Rodriguez Pérez, ABRINT advisor, said those dynamic IP addresses
could also be linked to critical services within Brazil.

"Many of these IP [addresses] are shared with other legitimate services,
such as banks and large internet platforms, making it impossible to block an
IP [address] without affecting other services."

That includes the service PIX, which millions of Brazilians depend on to
make digital payments.

Despite the change, some experts said Cloudflare was well-positioned to help
Brazil reinforce the ban.

“Actually, I think the ban would be even more effective if Cloudflare really
cooperates with the government,” said Felipe Autran, a constitutional lawyer
in Brasilia, the country’s capital.

“I think they will, since they are such a huge provider for many Brazilian
enterprises and also the government.”

Cloudflare declined to comment when contacted by the BBC.

Top Brazil court upholds ban of Musk's X

Musk's X banned in Brazil after disinformation row

Brazil Supreme Court judge opens inquiry into Musk

 

Brazil is said to be one of the largest markets for Mr Musk's social media
network.

The platform was banned in the country last month after failing to meet a
court deadline to appoint a new legal representative in the country.

It marked the most significant development in a feud between Supreme Court
Justice Alexandre de Moraes and Mr Musk, which began in April, when the
judge ordered the suspension of dozens of X accounts for allegedly spreading
disinformation.

At one point, Musk’s satellite internet provider Starlink - a subsidiary of
spacecraft manufacturer SpaceX - declared it would allow its customers in
Brazil to log onto X. Starlink backed down after the nation’s
telecommunication agency threatened to revoke its licence to operate there.

Observers in Brazil have expressed frustration with both X and the Brazilian
government over the fractured relationship.

“It’s a game of chess and we are the pieces on the board,” Mr Pérez said.
“But it's not us who are playing. It's the government and X who are
playing.”-bbc

 

 

 

 

UK interest rates expected to be held at 5%

The decision at midday comes after it was revealed inflation, which measures
the rate UK consumer prices are rising at, remained at 2.2% last month.

The figure is just above the Bank's 2% target, but its governor Andrew
Bailey has warned people not to expect a sharp fall in rates in the coming
months.

Economists and investors are betting on rates to be left unchanged on
Thursday and for the Bank to opt to cut them again in November instead.

When will mortgage rates come down?

 

How quickly are prices rising in the UK?

Rob Wood, chief UK economist at economic research consultancy Pantheon
Macroeconomics, said the inflation data released on Wednesday gave the Bank
of England "little reason to rush to cut interest rates again" on Thursday.

"It still seems likely that they will decide to keep interest rates paused
this month, and instead wait to cut rates again in November and December,"
added Susannah Streeter, head of money and markets, at investment firm
Hargreaves Lansdown.

 

Interest rates dictate the cost of borrowing set by lenders for loans such
as mortgages and credit cards - as well as the returns on savings.

While rates were cut for the first time since March 2020 last month, the
cost of borrowing remains high, with homeowners on fixed rate mortgages
still facing the prospect of much higher repayments when deals expire over
the next few years.

 

Mr Bailey has previously warned the Bank must "make sure inflation stays low
and be careful not to cut interest rates too quickly or by too much".

The decision to cut rates in August was tight. Five of the Bank’s
nine-member Monetary Policy Committee (MPC), voted for a quarter point cut.

Allan Monks, UK economist at investment bank JP Morgan, said it expected the
Bank to hold rates.

"The MPC is minded to ease cautiously and we look for the next cut in
November," he added.

 

"The Bank has been turning more dovish lately, but requires more favourable
data surprises to easing more quickly."

Rates have climbed in recent years as the Bank has tried to slow the pace of
consumer price rises.

Prices started rising quickly as demand for goods increased when Covid
lockdown restrictions were lifted. But energy and food prices then soared
following Russia's invasion of Ukraine. This led to inflation peaking at
11.1% in October 2022 - the highest rate in 40 years.

The theory behind increasing interest rates to tackle inflation is that by
making borrowing more expensive, more people will cut back on spending and
that leads to demand for goods falling and price rises easing.

But it is a balancing act as high interest rates can harm the economy as
businesses hold off on investing in production and jobs.-BBC

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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