Why Elon Musk Is Betting Big On Supercomputers To Boost Tesla And xAI

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" data-id="534062" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107394950-1711983152049-gettyimages-1438254100-asgf02927-820x462.webp" alt="" class="wp-image-534062" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107394950-1711983152049-gettyimages-1438254100-asgf02927-820x462.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107394950-1711983152049-gettyimages-1438254100-asgf02927-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107394950-1711983152049-gettyimages-1438254100-asgf02927-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107394950-1711983152049-gettyimages-1438254100-asgf02927-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107394950-1711983152049-gettyimages-1438254100-asgf02927.webp 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Westend61 | Westend61 | Getty Images</figcaption></figure>
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Some young people are splashing out on luxuries like travel and designer clothes instead of saving, in a trend that’s being characterized as&nbsp;<a href="https://www.cnbc.com/2023/11/29/americans-are-doom-spending-heres-why-thats-a-problem.html">“doom spending”</a>&nbsp;on social media.



Doom spending is when a person&nbsp;<a href="https://www.psychologytoday.com/gb/blog/a-funny-bone-to-pick/202312/27-of-americans-are-doom-spending-due-to-stress" target="_blank" rel="noreferrer noopener">mindlessly shops</a>&nbsp;to self-soothe because they feel pessimistic about the economy and their future, according to Psychology Today.



The practice is both “unhealthy and fatalistic,” Ylva Baeckström, a senior lecturer in finance at King’s Business School and a former banker, told CNBC Make It.



It’s happening because young people are chronically online and feel like they’re constantly receiving “bad news,” she said. “It makes them feel like Armageddon.”



These young people are then translating these bad feelings into bad spending habits, Baeckström added.



In fact, 96% of Americans are concerned about the current state of the economy and more than a quarter are doom spending to deal with the stress, an Intuit Credit Karma survey of over 1,000 Americans found in November 2023.



And the phenomenon is not exclusive to America.



Stefania Troncoso Fernández, a 28-year-old publicist based in Colombia who lives with her parents, told CNBC Make It that she’s a recovered doom spender, but that high levels of inflation and political uncertainty make it very difficult to rationalize saving money.



“I know for a fact that food [costs] are getting higher and higher every day, and in my house we can’t afford to eat the same way we did maybe a year ago because things are getting more expensive,” Fernández said.



Two years ago, Fernández said she was spending carelessly on clothes and travel despite the fact that she was earning less money than she does now. It was largely because she felt like she couldn’t afford to buy a house.



“We used to have this program by the government that would lend us money to invest in real estate and at a really low rate, but with the change of government, that is not available for us anymore so we will need to pay more,” she said.



And Fernández said she’s not alone in doom spending. “It’s not just me. It’s something that is happening within my circle.”



<h2 class="wp-block-heading" id="h-first-generation-that-s-going-to-be-poorer"><a></a>‘First generation that’s going to be poorer’</h2>



Only 36.5% of adults globally feel like they’re doing better than their parents financially while 42.8% think they’re actually worse off than their parents, according to&nbsp;<a href="https://www.cnbc.com/2024/04/03/survey-adults-say-theyre-doing-worse-financially-than-their-parents.html">CNBC’s International Your Money Financial Security Survey</a>, conducted by Survey Monkey which questioned 4,342 adults globally.



“The generation growing up now is the first generation that’s going to be poorer than its parents for a very long time,” Baeckström said. “There’s that feeling that you might never be able to achieve what your parents achieved.”



As a result, doom spending creates the illusion of control in what feels like an out-of-control world, according to Baeckström.



“But what happens really, is that it gives you less control in the future, because if you save that money instead and invest it and do all of those things, you might actually be able to buy a house,” she said.



<h2 class="wp-block-heading" id="h-the-sense-of-trying-to-escape"><a></a>‘The sense of trying to escape’</h2>



Daivik Goel, a 25-year-old startup founder living in Silicon Valley, said he was a doom spender when he worked as a product manager at a biotech startup.



The habit originated from a sense of dissatisfaction with his work as well as peer pressure, he said. “It’s just all the sense of trying to escape.”



Goel, who used to spend lavishly on designer clothes, the latest technology products and going out for drinks, says doom spending is very common in Silicon Valley.



He said people will buy two of three brand-new cars, “and the reason why is because they realize that saving up for a house is going to take a very long time &#8230; so they will spend on other different items instead.”



San Francisco has some of the&nbsp;<a href="https://www.cnbc.com/2023/07/11/us-cities-most-million-dollar-homes.html">highest property prices in the U.S.</a>, according to a 2023 analysis by real estate website Point2. It found that 62% of properties listed in San Francisco cost over $1 million. &nbsp;



Goel says that since starting his fintech company Intrepid in 2023, his doom spending habit has “completely gone” because he’s found happiness in his work. “My whole mindset shifted.”



<h2 class="wp-block-heading" id="h-get-to-know-your-relationship-with-money"><a></a>Get to know your relationship with money</h2>



Finance lecturer Baeckström stressed the importance of understanding your relationship with money if you want to overcome doom spending.



She said a relationship with money is like a relationship with people: it starts during childhood and sees people form different types of attachments.



“If you feel like you have a secure attachment with money, you can make a sound evaluation of something. You gather knowledge and you can evaluate [it] &#8230; But if you are insecure, or if you’re avoidant, then you’re more likely to get lured into this unhealthy spending behavior.”



These attitudes stem from a person’s upbringing: whether they were rich or poor, for example, how their family managed money, and who controlled it, Baeckström said.



Fernández said part of the reason she had felt compelled to doom spend was a lack of financial literacy. She said her dad grew up poor and nobody had ever encouraged her to save.



<h2 class="wp-block-heading" id="h-increase-the-pain-of-paying"><a></a>‘Increase the pain of paying’</h2>



Making a transaction more visceral and difficult can make people think twice about doom spending, Samantha Rosenberg, co-founder and COO of Belong, a wealth-building platform, told CNBC Make It.



Rosenberg explained that online shopping aggravates the doom spending issue, but looking at items in-person may prevent impulse purchases.



“The extra decision points like choosing the store, traveling there, evaluating the item in the flesh, and then having to stand in line to buy it will help you slow down and think more critically about your purchases,” she said.



Additionally setting up mobile banking notifications creates an “extra pinch of pain” when you see the transaction authorizations coming through.



Rosenberg also recommended maybe going back to using cash. Seamless payment methods like Apple Pay and Google Pay “increase the risk of mindless spending,” she said, because it’s so quick and easy. &nbsp;



“They bypass the emotion associated with the purchasing decision process. They also eliminate the pain of handing over money,” Rosenberg said. You have to “increase the pain of paying,” she added.

107394950-1711983152049-gettyimages-1438254100-asgf02927

Gen Z and millennials are increasingly ‘doom spending.’ Here’s what it is and how to stop it

Hezbollah and Israel exchange heavy fire as fear grows of widening conflict

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="720" height="483" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHOTO-2024-08-28-12-04-29-1-1.jpg" alt="" class="wp-image-532940" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHOTO-2024-08-28-12-04-29-1-1.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHOTO-2024-08-28-12-04-29-1-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHOTO-2024-08-28-12-04-29-1-1-134x90.jpg 134w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Babatunde Majiyagbe, Chief Executive, Stanbic IBTC Nominees</figcaption></figure>



Custodial and securities services in Nigeria have been evolving gradually for some time now. What would you say is the state of the market at this time?



Nigeria&#8217;s capital market is progressing, with custodial organisations transforming from passive players to proactive account administrators and capital enablers. As the market deepens, custodians are becoming vital in capital market development, supporting the increasing volume and activity, and meeting evolving business and client needs.



An essential development is the formation of associations like the Association of Asset Custodians of Nigeria (AACN), which amplifies the value custodians offer. Stanbic IBTC Nominees is a key member of this association, actively participating in conferences and discussions that promote industry growth.



It is interesting how you mention that custodian organisations are now regarded as initiators of capital market development rather than recipients. Can you shed more light on this?



Traditionally, custodians safeguarded financial assets, minimising risks. Today, their role has expanded to include account administration, transaction settlements, and tax support. More importantly, custodians now lead advocacy efforts by engaging regulators and market participants to initiate market changes, leveraging their expertise to enhance local market capabilities.



By working closely with regulators and market participants, custodians have driven initiatives like securities lending to improve market liquidity. This collaborative effort has led to the introduction and regulation of securities lending in Nigeria, contributing significantly to market development.



In 2015, Stanbic IBTC Bank introduced securities lending in Nigeria. How would you describe the process and journey that led to this feat?



SEC issued licenses for Securities Lending Agents in 2012, and by 2015, securities lending was officially launched. Since then, Stanbic IBTC has been the most active participant. We have increased market awareness and engagement, collaborating with key market participants to drive adoption.



Now, we are excited to include fixed income securities like Federal Government Bonds and Treasury Bills in our lending services. This expansion provides more opportunities for our clients and enhances market liquidity.&nbsp;



What exactly does securities lending entail?



Securities lending involves the temporary transfer of securities from a lender to a borrower, with an agreement to return the securities either on demand or at a specified future date. The borrower gains full legal title and can sell the securities, often for short selling.



Transactions are governed by formal agreements detailing the loan terms, fees, and collateral. During the lending period, the borrower is obligated to return the securities upon request at the expiration of the agreement.



How does securities lending contribute to the overall capital markets’ efficiency and liquidity?&nbsp;



Securities lending is crucial for effective market-making, increasing overall market liquidity, and enhancing the efficiency of price discovery mechanisms. It allows market-makers and investors to take and cover short positions, supporting their market-making activities, investment strategies, or hedging purposes. By enabling these activities, securities lending fosters a more dynamic and liquid market, which benefits all participants.



Can you elaborate on this recent development in the securities lending service in Stanbic IBTC Bank?



Previously, our securities lending services were limited to equities. Now, we are excited to extend this service to include fixed income securities such as Federal Government Bonds and treasury bills. This expansion allows us to offer more comprehensive solutions to our local and international institutional clients; providing greater opportunities for income generation and liquidity creation in the market. We have also opened this offering up to international investors. In 2024 alone, we successfully loaned out assets worth 150 million Naira, underscoring the growing demand and trust in our securities lending services.



What are the implications of increased securities lending for market participants and regulators?



Increased securities lending boosts market activity and liquidity, benefiting both buy-side and sell-side participants. It paves the way for new products like derivatives and attracts more investors. For regulators, it means maintaining oversight and adapting to evolving market practices to ensure a stable and efficient market.



Can you highlight the involvement of The Nigerian Exchange Limited (NGX) and The Financial Market Dealers Quotation (FMDQ) in securities lending?



The NGX and FMDQ play crucial roles in facilitating and regulating the securities market. The NGX provides guidelines for securities lending transactions and ensures adherence to best practices. FMDQ, particularly in the fixed income market, supports the inclusion of bonds and treasury bills, enhancing market liquidity.



Are securities lending transactions permitted in asset classes other than equities, such as government bonds and ETFs?



Yes, securities lending is permitted for all listed securities, including equities, government bonds, and treasury bills. As the market develops, we aim to include more diverse and liquid assets in the securities lending pool.



How much of Standard Bank’s expertise was leveraged in establishing securities lending in Nigeria?



Standard Bank, as a leading custodial bank in Africa, provided invaluable technical guidance, training, and platforms for securities lending. Their support was instrumental in launching and operationalising securities lending in Nigeria, enhancing our market&#8217;s functionality and appeal.



Stanbic IBTC Bank recently won awards for its custodial services. Some of these include Best Sub-Custodian Bank in Nigeria at the Global Finance Awards for the 15th consecutive time; Best Sub-Custodian Bank at the 2023 International Finance Awards; Best Custodian Bank in Nigeria at the Digital Banker&#8217;s Global Transaction Banking Innovation Awards 2023 and Custodian Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions’ (BAFI) Awards. What would you say is the key driver of these achievements?



Our success is driven by our commitment to excellence, innovation, and client satisfaction. We constantly raise the bar, leveraging cutting-edge technology and focusing on client-centric services. Our dedication to transparency, efficiency, and accuracy has earned us the trust of investors and recognition through these recognitions. As Investor Services at Stanbic IBTC Bank Limited, can you highlight some of its services?



Stanbic IBTC Bank Limited is the leading custodial and investor services company in Nigeria. We offer a wide range of services, including asset safekeeping, transaction processing, foreign exchange trades, derivatives clearing and top-notch securities lending. Our robust systems ensure seamless operations and business continuity.



How can interested persons or firms register as participants in securities lending? Interested parties can contact us at callme@stanbicibtc.com for information on securities lending. We will guide them through the required documentation and onboarding process to become participants in this exciting market opportunity.

PHOTO-2024-08-28-12-04-29 1

NGN150mn worth of securities loaned to local and international clients in 2023

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg" alt="" class="wp-image-534014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-768x402.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s shilling&nbsp;KES=&nbsp;was unchanged against the U.S. dollar on Monday, data from the London Stock Exchange Group showed.



At 1039 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same as Friday&#8217;s closing rate.



The shilling has been relatively stable for several months,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3EZ12H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">after rallying</a>&nbsp;in the first half of 2024 as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June.



(Reporting by Hereward Holland; Editing by Anait Miridzhanian)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling stable, LSEG data shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="502" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-820x502.jpg" alt="" class="wp-image-534011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-820x502.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-300x184.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-147x90.jpg 147w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-768x470.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-1536x940.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Sumaya Hatungimana, 12, shows the marks on her hands after recovering from Mpox, outside her house in Kinama zone, in Bujumbura, Burundi, August 28, 2024. REUTERS/Ngendakumana Evrard/File Photo</figcaption></figure>



LONDON, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Nearly 30,000 suspected mpox cases have been reported in Africa so far this year, most of them in Democratic Republic of Congo where&nbsp;tests have run out, the World Health Organization said on Monday.



More than 800 people died of suspected mpox across the continent in that time, the U.N. health body said in its report. Congo&#8217;s central African neighbour Burundi has also been hit by a growing outbreak, it added.



Mpox can spread through close contact. Usually mild, it is fatal in rare cases. It&nbsp;typically&nbsp;causes flu-like symptoms and pus-filled lesions on the body.



The WHO statement did not give comparative figures from previous years. The African Union&#8217;s public health agency has said 14,957 cases and 739 deaths were reported from seven affected states in 2023 &#8211; a 78.5% increase in new cases from 2022.



There were 29,342 suspected cases and 812 deaths across Africa from January to Sept.&nbsp;15&nbsp;this year, according to the WHO report.



A total of 2,082 confirmed cases were reported across the world in August alone, the highest since November 2022, the WHO said.



On Saturday, the World Bank&#8217;s pandemic fund said it would give $128.89 million to ten African countries to help fight the outbreak.



(Reporting by Jennifer Rigby; Editing by Andrew Heavens)

FILE PHOTO: Mpox survivors return home after recovering in Kinama zone, in Bujumbura

Almost 30,000 suspected mpox cases in Africa this year, WHO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-820x462.webp" alt="" class="wp-image-533991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-820x462.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JAPAN.webp 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An office worker studying electronic diagrams on a computer at control-panel maker in Japan. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Japan has ramped up its push for companies to adopt a four-day workweek, but those efforts face steep challenges in a country famous for its workaholic culture.



The Japanese government recently&nbsp;<a href="https://jsite.mhlw.go.jp/shiga-roudoukyoku/hourei_seido_tetsuzuki/_119416/consultant.html" target="_blank" rel="noreferrer noopener">initiated a “work style reform” campaign</a>&nbsp;aimed at promoting flexible work arrangements, shorter hours and overtime limits. To further encourage this initiative, the labor ministry has also begun&nbsp;<a href="https://www.mhlw.go.jp/stf/seisakunitsuite/bunya/0000120692.html" target="_blank" rel="noreferrer noopener">providing subsidies</a>&nbsp;and&nbsp;<a href="https://jsite.mhlw.go.jp/shiga-roudoukyoku/hourei_seido_tetsuzuki/hatarkikata-kaikaku.html" target="_blank" rel="noreferrer noopener">free consulting services</a>.&nbsp;



The move marks a more concerted effort after the government first floated support for a shorter workweek in 2021 when lawmakers endorsed the idea. But the concept has not been mandated, and has been slow to gain traction.



“The reasons Japanese work long hours are cultural and social; those things don’t change quickly,” said&nbsp;Tim Craig, who spent over&nbsp;<a href="https://blueskyacademic.net/welcome-to-bluesky/about-us/" target="_blank" rel="noreferrer noopener">20 years teaching and conducting research&nbsp;</a>in top business schools in Japan.



According to the Ministry of Health, Labor and Welfare,&nbsp;<a href="https://www.e-stat.go.jp/en/stat-search/files?page=1&amp;amp;query=week&amp;amp;layout=dataset&amp;amp;toukei=00200531&amp;amp;tstat=000000110001&amp;amp;tclass1=000001215302&amp;amp;stat_infid=000040169039&amp;amp;metadata=1&amp;amp;data=1" target="_blank" rel="noreferrer noopener">only about 8% of companies</a>&nbsp;in Japan permit employees to take three or more days off each week.&nbsp;



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
If they go home early, then their colleagues will (a) look askance at them, and (b) have to work more to cover for them.



Tim Craig &#8211; Founder of BlueSky Academic Services
</blockquote>



Craig, who also&nbsp;<a href="https://www.amazon.sg/Cool-Japan-Cultural-Creative-Industries/dp/4990982215" target="_blank" rel="noreferrer noopener">wrote a book on Japanese popular and traditional culture</a>, explained that the Japanese place a high premium on work because they tend to view it as a “positive part of life,” but social pressure also plays a role.



“If they go home early, then their colleagues will (a) look askance at them, and (b) have to work more to cover for them. Either way, it’s not a good feeling,” Craig elaborated.&nbsp;



The workplace is also where most Japanese have most of their social interactions, where employees are often willing to stay around longer to help the team and attend long company dinners, observed Martin Schulz, chief policy economist at Fujitsu.



“Being part of a company is almost part of a community, and this results often in longer work hours, not as efficient work hours,” he told CNBC.



Last October, the health ministry&nbsp;<a href="https://www.mhlw.go.jp/stf/wp/hakusyo/karoushi/23/index.html" target="_blank" rel="noreferrer noopener">published its annual white paper</a>&nbsp;addressing Japan’s excessively long working hours and their connection to depression and karoshi, or death from overwork. In 2022, 2,968 people in Japan died by suicide attributed to karoshi, an increase from 1,935 in 2021. Japan has not released its white paper for 2023′s statistics yet.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
I think that it’s going to take time [for the four-day workweek] to penetrate… we’re not used to being flexible.



Hiroshi Ono &#8211; Professor at Hitotsubashi University
</blockquote>



The report highlighted that 10.1% of men and 4.2% of women work over 60 hours a week, linking these long hours to the incidence of karoshi.



“I think that it’s going to take time [for the four-day work week] to penetrate… we’re not used to being flexible,” said Hiroshi Ono, professor of human resources at Hitotsubashi University.



“It’s still pretty rare in other countries as well. So I think that Japan especially will take some time to do that,” he added.



The small number of companies implementing a four-day workweek are also generally not traditional Japanese companies, Ono also observed,&nbsp;<a href="https://www.weforum.org/agenda/2022/01/four-day-week-work-life-balance-trial/" target="_blank" rel="noreferrer noopener">citing the example of Microsoft Japan</a>.&nbsp;



“So for the traditional Japanese companies, it might even take longer,” he said.



One of Japan’s largest companies,&nbsp;<a href="https://www.cnbc.com/quotes/6752.T-JP/">Panasonic</a>, rolled out the four-day workweek option for employees in 2022, but&nbsp;<a href="https://4dayweek.io/country/japan" target="_blank" rel="noreferrer noopener">only about 150 of 63,000 eligible workers</a>&nbsp;opted in.&nbsp;



Brokerage firm&nbsp;<a href="https://work-holiday.mhlw.go.jp/detail/11010.html#:~:text=%E9%80%B1%EF%BC%94%E6%97%A5%E5%8B%A4%E5%8B%99%E3%81%AE,%E9%81%B8%E6%8A%9E%E3%81%A7%E3%81%8D%E3%82%8B%E3%82%88%E3%81%86%E3%81%AB%E3%81%97%E3%81%9F%E3%80%82" target="_blank" rel="noreferrer noopener">SMBC has also offered employees a four-day workweek</a>&nbsp;option since 2020. But it has limited eligibility to workers aged 40 years or older for either family care or “autonomous career development.” The option is also only available from the fourth year of employment.&nbsp;



While the adoption rates are slim, the initiative is not all moot.



“The overall flexibility helps, definitely,” said Fujitsu’s Schulz, adding that the government has been pushing companies harder on work-life balance such that endless overtime hours are not allowed anymore.&nbsp;



Additionally, experts told CNBC that the concept of karoshi is not a phenomenon unique to Japan. In 2019,&nbsp;<a href="https://www.arbetarskydd.se/arbetsmiljo-stress/over-770-svenskar-dor-av-stress-varje-ar/1486737" target="_blank" rel="noreferrer noopener">more than 770 workers reportedly died due to work stress in Sweden</a>.



“The only thing that’s unique to Japan is that the ministry actually collects data on karoshi,” said Ono.

An office worker studying electronic diagrams on a computer at control-panel maker in Japan. Bloomberg | Bloomberg | Getty Images

Japan is pushing a 4-day working week — but its workaholic culture makes it a hard sell

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS.jpg" alt="" class="wp-image-533973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.



ECONOMIC EVENTS



Foreigners&#8217; trading in South African bonds and equities



Weekly treasury bill auction



SOUTH AFRICAN MARKETS



The South African rand softened on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank, plus a local inflation print.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;closed little changed.&nbsp;.JZAR/



GLOBAL MARKETS



World stocks stuck around record highs as investors turned their attention to China and Switzerland as the next central banks to add vim to the global economy with rate cuts after last week&#8217;s decisive move by the U.S. Federal Reserve.&nbsp;MKTS/GLOB



WALL STREET



U.S. stocks closed nearly unchanged on Friday, as investors paused buying after a strong rally in the prior session that was fueled by an upsized interest-rate cut by the Federal Reserve, while Nike&#8217;s gains helped nudge the Dow to a record.&nbsp;.N



GOLD



Gold extended gains to scale a record high on Monday, driven by the momentum generated by the Federal Reserve&#8217;s interest rate cut and safe-haven demand due to geopolitical risks in the Middle East.&nbsp;GOL/



EMERGING MARKETS



For the top emerging markets news, double click on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ATOPEMRG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



BUSINESS DAY



&#8211; Home deliveries give sales of motorbikes a lift



&#8211; GNU boosts business confidence in property market, survey shows



FIN 24



&#8211; SABC household levy: SARS, MultiChoice must help collect, says broadcaster



(Compiled by Bhargav Acharya)

MARKETS

South African Markets – Factors to watch on Sept 23

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand softened against the dollar on Monday, retreating from a fresh 20-month high it hit earlier in the session.



At 0820 GMT, the rand traded at 17.455 against the greenback&nbsp;ZAR=D3, 0.27% weaker than its previous close.



The local unit earlier hit 17.37 per dollar, its strongest level since February 2023, as it continued to rally following strong&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3L20LG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">gains last week</a>&nbsp;after a super-sized interest rate cut by the Federal Reserve. That was followed by a rate cut by the South African Reserve Bank (SARB) along expected lines.



The local currency benefited from the positive sentiment in the wake of the Fed and SARB rate cuts, said Andre Cilliers, currency strategist at TreasuryONE.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was up 0.4%.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat, with the yield at 8.88%.



(Reporting by Bhargav Acharya; Editing by Andrew Cawthorne)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand softens against the dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE.jpg" alt="" class="wp-image-533967" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Roasted coffee beans are seen on display in Bogota, Colombia June 5, 2019. REUTERS/Luisa Gonzalez</figcaption></figure>



KAMPALA, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;The value of Uganda&#8217;s coffee exports in August soared 82.9% versus a year earlier helped by higher global prices, the state-run sector regulator said in a report on Monday.



Uganda is Africa&#8217;s largest exporter of the beans which are, alongside gold, the country&#8217;s biggest sources of foreign exchange.



In August Uganda shipped 837,915 60-kilogram bags of coffee worth $221.6 million, according to the Uganda Coffee Development Authority (UCDA).



&#8220;The value of coffee exports was higher as global coffee prices continue to rise as dry conditions in Brazil and Vietnam are seen to affect coffee crop yields,&#8221; UCDA said in the report.



Uganda&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3AU2BC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">exported</a>&nbsp;743,517 60-kilogram bags in August last year, worth $121.64 million.



Uganda earned $1.4 billion from coffee exports in the 12 months to August, up from $918.4 million last year, continuing a general upward trend in earnings in recent years, the UCDA said.



(Reporting by Elias Biryabarema; editing by Hereward Holland and Jason Neely)

Roasted coffee beans on display in Bogota, Colombia

Value of Uganda’s coffee exports up 83% in August, regulator says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="554" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-820x554.jpg" alt="" class="wp-image-533948" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-820x554.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Job seekers wait beside a road for casual work offered by passing motorists, in Eikenhof, south of Johannesburg, South Africa, September 19, 2024. REUTERS/Siphiwe Sibeko/File Photo&nbsp;<a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing&nbsp;Rights</a></figcaption></figure>







JOHANNESBURG, Sept 23 (Reuters) &#8211; The head of South Africa&#8217;s flagship Black economic empowerment programme plans to introduce additional incentives and potential fines to improve corporate participation and curb exploitation of the system meant to tackle the country&#8217;s gross inequality, he said.



The African National Congress, which had ruled unchallenged for 30 years until it lost its parliamentary majority in May elections, is under intense pressure to improve the lives of Black people left disadvantaged by decades of white minority rule.



The empowerment law enacted in 2003 created a scorecard system that encourages companies to hire and promote Black people by offering them tax breaks and access to government contracts.



Two decades later, unemployment is five times higher for Black people than for white people and income inequality is the worst in the world, according to the World Bank, and critics say the empowerment policy has not worked.



&#8220;There&#8217;s no society that can be viable with (this) level of inequality,&#8221; Tshediso Matona, head of the Broad-based Black Economic Empowerment Commission told Reuters.



Under the voluntary programme, companies earn points in categories such as Black ownership, management control and skills development.



However, Matona says some companies inflate their scores by falsely listing Black people as managers, a practice commonly known in South Africa as &#8220;fronting&#8221;, a crime under the law.



The commission, which refers cases of infringement to state prosecutors, has received 1,348 complaints of fronting since 2017, said Matona. He added, without saying how many cases had been sent to trial, that no one had yet been convicted of fronting largely because the criminal justice system was &#8220;still figuring out how to work with the B-BBEE regulation&#8221;.



Listed companies are required to disclose their Black empowerment status in annual reports, but fewer and fewer are doing so. In 2022, only 141 of about 400 listed companies submitted a report.



Matona said he hoped to enhance company incentives for compliance while &#8220;naming and shaming&#8221; and possibly fining those which fail to submit the reports.



President Cyril Ramaphosa has said he wants to focus on showing companies the advantages of Black empowerment, but that if they refuse to comply then penalties would be needed.



&#8220;On this one (Black empowerment), we are unequivocal,&#8221; Ramaphosa told reporters over a week ago, describing racial inequality as an &#8220;existential challenge&#8221; for South Africa.



&#8220;It must be done, and it will be done.&#8221;



Matona would not be drawn on the specifics of the proposals but said incentives could focus on increasing recognition for companies that invest in skills and enterprise development and should not be &#8220;too obsessed about ownership in existing businesses&#8221;.



He said he hoped to have amendments to the law tabled in parliament within 12 months.



Any inclusion of punitive measures could set the ANC on a collision course with its coalition partner, the pro-business Democratic Alliance party, which has said it would resist them.



&#8220;Businesses don&#8217;t exist for altruistic purposes, we must accept that,&#8221; said DA labour spokesperson Michael Bagraim.



&#8216;BLACKWASHING&#8217; AND TRAINING LOOPHOLES



A common criticism of the affirmative action system is that it made a small number of political insiders extremely wealthy through shareholding deals, especially in its early years.



Economist Duma Gqubule said his research &#8211; based on an analysis of companies&#8217; annual reports and shareholding plans &#8211; found Black ownership of the 50 biggest firms listed on the Johannesburg bourse was barely 1%, far below the official average figure of about 30%.



This was because legal loopholes allowed firms to count Black shareholders even after they sold their stake, or to use shareholding structures that artificially increase Black ownership, a practice Gqubule described as &#8220;Blackwashing&#8221;.



Matona blamed a lack of oversight of independent agencies which issue Black empowerment scorecards and said the industry needed regulation.



His attempt to shift the focus away from ownership to skills development and training also has loopholes, consultants and trainees Reuters spoke to said.



To get skills points companies must pay for training courses for Black people, but they don&#8217;t have to hire them. Some engage a consultancy to find them disabled people to train, because these earn more points, the head of one such consultancy said.



This often leaves Black job seekers in a cycle of training.



&#8220;They keep on promising us that they will hire us but they&#8217;ve never done that,&#8221; said Nonhle Mnguni, a 22-year-old woman in Soweto who has done such courses in business administration, banking, freight forwarding and call centre work since leaving high school.



Giles Von Broembsen, CEO of property management company Pretor Group, said his company ran training programmes for employees, more than half of whom are Black, but that he could only earn points by sending them on a training course elsewhere.



&#8220;The points and the scoring and the system is all very laudable, but it&#8217;s not practical,&#8221; he said.



While some political and economic analysts agree with Matona&#8217;s approach to push for more compliance, others want the law repealed, saying it adds unnecessary bureaucracy which increases business costs and deters foreign investment.



&#8220;I think the whole thing should be repealed,&#8221; said political analyst Moeletsi Mbeki. &#8220;(The state) should help entrepreneurs to develop new businesses, irrespective of their race.&#8221;



(Reporting by Nellie Peyton and Olivia Kumwenda-Mtambo; Editing by Estelle Shirbon and Emelia Sithole-Matarise)

Job seekers wait beside a road for casual work offered by passing motorists, in Eikenhof, south of Johannesburg, South Africa, September 19, 2024. REUTERS/Siphiwe Sibeko/File Photo Purchase Licensing Rights

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