Major International Business Headlines Brief::: 29 November 2024
Bulls n Bears
info at bulls.co.zw
Fri Nov 29 03:25:24 CAT 2024
<https://bullszimbabwe.com/>
<http://www.bullszimbabwe.com> Bullszimbabwe.com <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts <http://www.twitter.com/BullsBears2010> Twitter <https://www.facebook.com/BullsBearsZimbabwe> Facebook <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp <mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe
Major International Business Headlines Brief::: 29 November 2024
<mailto:info at bulls.co.zw>
ü Kenya: Govt Employees Face November Salary Delays Amid System Upgrade
ü Ethiopia: News - Ethiopia to Receive Additional $251 Million >From IMF Following Staff-Level Agreement On Second Review of $3.4 Billion ECF Deal
ü Nigeria: Ignore Engagement Bait Posts Promoting Non-Existent 'Christmas Funds' Giveaways in Nigeria
ü Nigeria: Brics Partnerships Drive $1.27 Billion Capital Inflow to Nigeria
ü Gambia: Earnings of Gambians and the Inflationary Challenges
ü South Africa: Digital Home Affairs Has the Potential to Revolutionise Government
ü South Africa: Government Welcomes Improvement in Audit Outcomes By Ag
ü Nigerian Union Denies Minimum Wage Strike Threat in Yobe State
ü South Africa: Eskom Issues Disconnection Notice for Services to Free State Municipality
ü Kenya's Craft Silicon Features in Forbes List of Firms With Growth Potential
ü Malawi Struggles to Tackle Hunger Despite Trillions Invested in Farm Input Subsidies Over 20 Years
ü Malawi Government Commits to Ensuring Safety, Protection of Workers
ü South Africa: Banxso Associates Sue Moneyweb and Groundup
ü Nigeria: AfDB Disburses $1bn to Women-Led Enterprises in Nigeria, Others
<mailto:info at bulls.co.zw>
Kenya: Govt Employees Face November Salary Delays Amid System Upgrade
Nairobi — The Ministry of Labour and Social Protection has announced a salary delay for all employees in ministries, departments, and agencies for November due to system upgrade.
In a memo directed to all department heads, the director of HRM&D, P.M. Mukiri noted that the delay was caused by the migration of ministries, departments, and agencies from the old manual Integrated Personal Payroll Database (IPPD) to the Human Resource Information System(IPPD) as required by the state Department for Public Service.
Employees have been requested to be patient as the migration process is finalized.
"This is to bring to your attention that there is a delay in processing the November 2024 salary. Kindly bring this information to all officers under your supervision," the memo read in part.
Capital FM.
Ethiopia: News - Ethiopia to Receive Additional $251 Million From IMF Following Staff-Level Agreement On Second Review of $3.4 Billion ECF Deal
Addis Abeba — Ethiopia is poised to receive an additional US$251 million from the International Monetary Fund (IMF) as part of a four-year, $3.4 billion Extended Credit Facility (ECF) arrangement finalized four months ago.
In a statement released on 27 November, 2024, the IMF announced that its staff and Ethiopian authorities have reached a staff-level agreement on economic policies to conclude the second review of the ECF arrangement, which was approved by the IMF Executive Board on 29 July, 2024.
This development follows the visit of an IMF staff team, led by Alvaro Piris, to Addis Abeba from 12 to 26 November, 2024. The mission aimed to evaluate progress on economic reforms and discuss policy priorities in the context of the ongoing review of Ethiopia's economic program.
According to the statement, the agreement remains subject to approval by IMF management and the Executive Board in the coming weeks.
In its latest announcement, the IMF also noted progress in Ethiopia's reforms.
"Implementation of Ethiopia's homegrown economic reform program, including the adoption of a market-determined exchange rate, continues to advance well," stated the IMF. "Foreign exchange shortages have eased substantially, and spreads between the official and parallel markets have again fallen below 10%."
The recent staff-level agreement follows a similar milestone two months ago, when both parties announced the completion of the first review under Ethiopia's four-year, $3.4 billion ECF program. On 18 October, 2024, the IMF Board approved the first review, enabling Ethiopia to receive $340.7 million.
In its latest statement, however, the IMF confirmed that subsequent reviews will be conducted on a six-monthly basis.
The IMF's loan package is part of a macroeconomic reform program implemented by Ethiopia in late July 2024. This reform marked a significant shift from a crawling peg exchange rate system to a market-based foreign currency regime.
Following the introduction of the reform, Central Bank Governor Mamo Mihretu disclosed in an online video that Ethiopia would receive $10.7 billion in external financing from the IMF, World Bank, and additional creditors as part of the reform package.
Addis Standard.
Nigeria: Ignore Engagement Bait Posts Promoting Non-Existent 'Christmas Funds' Giveaways in Nigeria
IN SHORT: According to several Facebook pages, users can get "Christmas funds" from Nigeria's federal government, OPay and some influential Nigerians. These posts are being used as engagement bait and users should ignore them.
The Facebook pages SolidTravels, Zaman aure, Nairahub.ng, GrantAid Hub and Bella Guide are promoting Christmas giveaways from the Nigerian government and influential Nigerians.
SolidTravels and Zaman aure claim that Ned Nwoko, a member of the Nigerian senate, is giving N50,000 (US$29.70) to the first 1,000 households to apply for the funds.
A post on 16 November reads: "Ned Nwoko ₦50,000 Christmas Gift for the First 1000 People! Apply Now."
Nairahub.ng claims the Nigerian government is empowering citizens, while the page GrantAid Hub claims OPay, a mobile money operator, is giving out N185,000 ($110.50).
Bella Guide, another page, also says politician and former vice president Atiku Abubakar is giving out N20,000 ($11.86) as Christmas funds.
Christmas commemorates the birth of Jesus and is traditionally observed on 25 December. In Nigeria, it is not uncommon for businesses and popular personalities to be generous leading up to or during the Christmas holidays.
Similar posts can be found here and here. (Note: See more instances at the end of this report).
But are any of these promises of "Christmas funds" legit? We checked.
Engagement bait
We would expect messages of "Christmas funds" from the federal government, popular Nigerians, and OPay to receive a great deal of publicity.
But there are no such messages from any of the platforms. OPay, in 2023, debunked such offers. The business hasn't announced such offers for 2024 either.
This is also not the first time Facebook pages have claimed that the federal government, Nwoko or Abubakar are giving out money. Africa Check has debunked similar scams in the past.
The posts include links to pages where users can supposedly access these funds, but the pages are unrelated to the giveaways.
The posts on Nwoko led to a blog post about US job visa opportunities, while the links on Nairahub.ng and Bella Guide's posts also led to a blog post on visa sponsorship.
This is called engagement bait, a tactic used on social media to encourage users to interact with content in ways that artificially boost its visibility. Here the pages are boosting the visibility of the blog, possibly in order to earn revenue.
Engagement bait is also associated with scams or phishing attempts that exploit unsuspecting users, leading to malicious websites or collecting personal data under false pretences. As evident in the comments, some users are sharing their personal details, hoping to win the giveaways, which could make them susceptible to phishing scams.
To spot similar scams using engagement bait on Facebook, look out for giveaway banners with a photo of popular Nigerians attached to a link. They may also ask you to click the link quickly to win the giveaway or "Christmas funds". Visit the official pages or social media accounts of the person to confirm whether the giveaway is legit - it usually isn't.
Similar posts can be found here, here, here, here and here.
Read the original story, with links and other resources.
Africa Check is a non-partisan organisation which promotes accuracy in public debate and in the media. Twitter @AfricaCheck and www.africacheck.org
Nigeria: Brics Partnerships Drive $1.27 Billion Capital Inflow to Nigeria
This marks a substantial rise from $438.72 million during the same period in 2023, reflecting Nigeria's strategic engagement with BRICS economies to drive development.
Vice President Kashim Shettima has lauded the deepening economic ties between Nigeria and BRICS nations, highlighting a significant $1.27 billion inflow of foreign capital from the bloc as of June.
The BRICS bloc-- originally comprising Brazil, Russia, India, China, and South Africa--is a coalition of major emerging economies focused on fostering economic cooperation, advocating for global governance reforms, and financing development through initiatives like the New Development Bank.
This marks a substantial rise from $438.72 million during the same period in 2023, reflecting Nigeria's strategic engagement with BRICS economies to drive development.
Speaking at the 2024 China-Africa Inter-Bank Association Forum on Wednesday, Mr Shettima, represented by the Special Adviser to the President on General Duties, Aliyu Modibbo, emphasised the pivotal role of international alliances in achieving Nigeria's growth ambitions.
The forum, hosted for the first time on African soil, provided a platform for fostering financial collaboration between the China Development Bank and 15 African banks.
"We are pleased to witness the growing influx of foreign capital from BRICS countries, which amounted to $1.27 billion as of June 2024, a substantial increase from just $438.72 million during the same period in 2023. This reflects the deepening of our development partnerships and the mutual trust that continues to grow between us.
"With a total trade value of NGN 7.38 trillion as of June 2024," he said.
He commended the role of financial institutions such as First Bank of Nigeria Limited in driving banking and financial synergies across Africa and with China.
The Vice President also underscored China's position as Nigeria's leading trading partner, with the total trade of NGN 7.38 trillion recorded as of mid-2024.
He highlighted President Bola Tinubu's commitment to enhancing Nigeria-China relations, as evidenced by the President's visit to China in September, which culminated in the signing of five memoranda of understanding.
These agreements include initiatives under the Belt and Road Initiative, aimed at fostering infrastructure and trade development in Nigeria.
"China remains Nigeria's number one trading partner. This underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems. President Bola Ahmed Tinubu's diplomatic efforts to strengthen our ties with China are clear evidence of our commitment to this strategic partnership.
"This was further highlighted by the President's official visit to China in September 2024, where he met with President Xi Jinping. During this meeting, five key Memoranda of Understanding (MOUs) were signed, marking a significant step in our collaboration, including initiatives related to the Belt and Road Initiative in Nigeria," he said.
Mr Shettima reiterated that the Tinubu administration's economic agenda focuses on trade expansion, industrialisation, and economic diversification.
Also at the event was the Vice President of China Development Bank, Wang Weidong, who emphasised the bank's significant contributions to Africa, noting that it has facilitated three major investments spanning 33 countries, resulting in the creation of 270,000 jobs.
He also highlighted the success of a Swiss-led economic zone, which has attracted over 140 companies with combined sales of $3.7 billion, generating over 200 million in income streams and nearly 3,000 direct jobs.
First Bank Group CEO Olusegun Alebiosu also noted the significant role of Chinese companies across African economies, driving growth and infrastructural development, and emphasized the need for stronger financial ties to support mutual socio-economic transformation.
Mr Alebiosu outlined FirstBank's commitment to deepening China-Africa cooperation, emphasizing the bank's strategic moves, such as the establishment of Chinese Desks to better serve the growing Chinese business presence in Africa.
He also revealed plans to expand FirstBank's presence in China, focusing on major commercial hubs like Guangdong and Shanghai. This effort aims to enhance understanding of Chinese business culture and improve services for Chinese companies operating across Africa.
Premium Times.
Gambia: Earnings of Gambians and the Inflationary Challenges
The cost of living has been rising above the earning capacity of many pensioners and low and middle income earners. A bag of American rice now costs D2260. This alone would consume the income of many pensioners and low income earners.
A government which is concerned about the living standard would first establish a salaries commission to weigh the cost of living against the existing income of pensioners and low and middle income earners in order to make recommendations that would actually address the living standards of the most disadvantaged income earners.
The minister of finance has indicated that the 2025 budget aims to address the income of low income earners. Foroyaa has looked at the workforce budget and what is clear is that a grade 1 income earner is now going to receive an estimated income of 36,000 dalasi per annum in 2025. This will translate into a monthly income of D3000 to enable the person to be left with D750 after buying a bag of rice. If its policies are to have a human face we must move away from propaganda and concentrate on assessing the real cost of living in the country and what ought to be done to move our people from poverty. This is the challenge.
Foroyaa.
South Africa: Digital Home Affairs Has the Potential to Revolutionise Government
Home Affairs Minister Dr Leon Schreiber says the successful implementation of Home Affairs' digital vision has the potential to revolutionise government in South Africa.
"Both public and private sector services that extend well beyond the immediate mandate of Home Affairs are entirely dependent on database management within this department," Schreiber said on Wednesday.
Presenting his department's executive statement before the National Council of Provinces (NCOP) on the Digital Transformation of Home Affairs for effective and efficient delivery of services to the public, Schreiber said his department has identified as its primary goal the need to digitally transform the department.
"Make no mistake about it, the successful implementation of this vision has the potential to revolutionise government as we know it in South Africa," he said.
Schreiber said Home Affairs was the heartbeat of the South African State.
"We all know that Home Affairs is central to managing civic services and immigration. Of particular importance is the department's mandate as the custodian of status for both citizens and non-citizens through the National Population Register (NPR).
"It is this status in the NPR database, secured through every person's unique biometrics, that is expressed through enabling documents such as IDs, passports and various certificates.
"Social grants, tax collection, student funding, access to healthcare and education, qualification for housing subsidies, and countless other government services - all depend directly on the data contained in Home Affairs' NPR," the Minister said.
Schreiber said it was not only government services that depend on Home Affairs services.
"Private institutions, including banks, credit bureaus, insurance companies and other financial services, similarly rely on Home Affairs to deliver critical services to the people of South Africa."
Schreiber said as a consequence, when the digital infrastructure of Home Affairs is allowed to decay, all forms of public and private sector services similarly decay.
He said when digital infrastructure is not secure, South Africa is not secure.
"Digital transformation that eradicates the use of paper, that records the biometrics of every person who wishes to enter this country, and that eliminates human discretion, holds the key to securing our borders and enforcing accountability for those who violate our immigration laws.
"Digital transformation that automates and biometrically secures access to IDs and passports holds the key to eliminating identity theft and erasing the value of fraudulent documents.
"Digital transformation that empowers every citizen, as well as legal residents and tourists, with secure digital products that cannot be faked or stolen holds the key to modernising every government service in South Africa," Schreiber said.
The Minister outlined the vision for the future, where critical government services like IDs, passports, drivers' licences, land titles, South African Social Security Agency grants, as well as South African Revenue Service and National Student Financial Aid Scheme services, can all be securely accessed through a single government portal.
Schreiber said Home Affairs could save South Africa billions of rands by making it impossible for fraudsters to steal social grants from the most vulnerable citizens by using fraudulent IDs.
SAnews.gov.za.
South Africa: Government Welcomes Improvement in Audit Outcomes By Ag
Government has welcomed the latest national and provincial audit outcomes from the Auditor-General (AG) of South Africa which reveal a remarkable leap in the number of clean audits across national and provincial government departments.
"These results show progress that has been made in strengthening financial and performance management in these two spheres of government," the Government Communication and Information System (GCIS) said on Thursday.
GCIS said the notable improvements highlight the commitment of government entities to accountability, transparency, and efficient use of public resources.
"Clean audits reflect adherence to sound governance principles, which are essential for fostering trust and delivering quality services to citizens.
"While there has been notable progress, Government acknowledges the concerns raised by the AG regarding instances of fruitless and wasteful expenditure. These findings serve as a critical reminder of the ongoing need to strengthen oversight, accountability, and compliance mechanisms to prevent the recurrence of such issues," GCIS said.
Government said it will continue its efforts to build a capable and developmental state that prioritises people and focuses on improved implementation capability.
This includes initiatives to enhance financial controls, upskill personnel, and cultivate a culture of ethical leadership across all spheres of government.
"Stakeholders, including public servants and communities, are urged to continue working together towards sustaining the gains that have been made and to address the challenges that remain. Together, we can ensure that public resources are used effectively and equitably to meet the needs of all citizens," GCIS said.
SAnews.gov.za.
Nigerian Union Denies Minimum Wage Strike Threat in Yobe State
IN SHORT: The Yobe state chapter of the Nigeria Labour Congress has denied circulating a notice of a planned strike on 1 December. It described the notice as false and urged workers to disregard it.
In July 2024, Nigerian president Bola Tinubu signed a N70,000 minimum wage into law after months of negotiations involving the government, labour unions and the private sector.
Yobe state has not yet implemented the new wage, but in October, the state government formed a 10-member committee to oversee its implementation for civil servants.
Against this backdrop, a circular allegedly from the Yobe state chapter of the Nigeria Labour Congress (NLC) appeared online, calling for a nationwide strike on 1 December.
The NLC is one of Nigeria's two biggest unions.
The circular was posted on Facebook with the caption: "Yobe state declare indefinite strike ahead of Dec 1 More ssates loading."
The same claim appeared on Facebook here and here. (Note: See more instances of the claim at the end of this report).
But did the Yobe branch of the NLC declare a statewide strike to start on 1 December? We checked.
Labour union says circular is fake
As reported by various media outlets, Muktar Tarbutu, the chairperson of the state NLC, dismissed the circular calling for a statewide strike as "entirely false and without any basis".
"You may recall that the joint committee between the government and the NLC has concluded its negotiation on new minimum wage and the report has since been forwarded to His Excellency the executive Governor of Yobe State Honourable Mai Mala Buni CON his consideration and approval," he said in a statement.
The NLC urged workers to ignore the circular, be wary of fake news and check sources before sharing.
The strike notice lacked key details such as the address, contact details, name of the union leader and signature, all of which were included in the official statement refuting the claim.
Local media reported that the Yobe state government had agreed to pay its workers the new minimum wage.
The claim that there is a call for a strike by Yobe state workers on 1 December is false.
The same claim appeared here, here, here, here and here.
Read the original story, with links and other resources.
Africa Check is a non-partisan organisation which promotes accuracy in public debate and in the media. Twitter @AfricaCheck and www.africacheck.org
South Africa: Eskom Issues Disconnection Notice for Services to Free State Municipality
Eskom has announced the publication of a disconnection notice for bulk electricity supply to Tokologo Local Municipality in the Free State due to an unpaid debt of R300 million.
The state-owned power utility said the action is per the provisions of the Promotion of Administrative Justice Act (PAJA).
"Should Eskom proceed with the disconnection, bulk electricity supply to Boshof, Seretse, Dealesville, and Hertzogville will be interrupted daily from 31 January 2025 for a set number of hours per day," the Eskom statement read.
Eskom said the municipality currently owes them R328 711 887 for the bulk supply of electricity, excluding the current account of a further R3 682 099, which became due and payable on 20 November 2024.
According to the utility, the last payment Eskom received from the municipality was R150 000 on 5 October 2021.
"The municipality charges, collects, and receives money from its customers for the supply of electricity but fails to hand over the portion due to Eskom.
"This is at Eskom's detriment and it is not sustainable. The municipality is responsible for discharging a constitutional obligation but decides to withhold payments to Eskom. The decision by Eskom to proceed with the process to disconnect electricity supply is a measure of last resort to prevent the debt from spiralling out of control."
The municipality's breach of its payment obligation to Eskom undermines and places in jeopardy the utility's ability to continue the national supply of electricity on a financially sustainable basis.
"Eskom must exercise its right to disconnect the supply of electricity to the municipality to protect the national interest in the sustainable supply of electricity to support economic growth."
The entity has since invited all affected parties to submit written representations, comments, or submissions indicating why Eskom should or should not proceed to reduce, disconnect, or terminate the bulk electricity supply points.
The closing date for submissions will be close of business on 6 January 2025 and Eskom will communicate the final decision on or before 16 January 2025.
"Eskom appreciates the hardships the community and the economy will suffer should it exercise its statutory powers to disconnect the municipality. There are no other meaningful options available for Eskom to stop the debt from growing and to collect for current consumption on bulk supply."
Eskom outlined interventions by stakeholders to empower the municipality to pay its Eskom debt since 2021.
"Despite all the avenues that Eskom explored and efforts to accommodate the municipality, the matter has reached a point where Eskom can simply no longer afford to accommodate the municipality without further financial strain and harming its own business.
"In terms of the Constitution and the Intergovernmental Relations Framework, the municipality is supposed to cooperate and assist Eskom with fulfilling its mandate of ensuring that citizens have access to affordable electricity.
"The municipality has breached these obligations by not paying Eskom for the bulk electricity it supplies, making it impossible for Eskom to fulfill its mandate."
SAnews.gov.za.
Kenya's Craft Silicon Features in Forbes List of Firms With Growth Potential
Nairobi — Craft Silicon, a financial and technology solutions provider, has been featured in the Forbes India Select 200 - DGEMS 2024, an exclusive list that recognizes entrepreneurs and companies with high global growth potential.
The selection highlights Craft Silicon's commitment to driving innovation in the financial space and serving enterprises across borders with cutting-edge solutions.
Operating in key global markets, including Africa, Asia, and Oceania, Craft Silicon offers a range of services that empower digitally driven enterprises.
The solutions cut across banks, microfinance, fund management, agri finance, SACCOs, analytics, and merchants.
"This prestigious accolade highlights our innovation, excellence, and driving digital transformation across industries," Mr. Kamal Budhabhatti, Craft Silicon Founder, said.
"As a leader in the fintech solutions, this recognition fuels our dedication to empowering businesses globally, fostering financial inclusion, and crafting a future driven by innovation," he added.
Craft Silicon was founded by Mr. Budhabhattii in the year 2000 with global headquarters in Nairobi & Asia Centre in Bangalore.
With consistent growth over the years, the company has expanded its employee base to over 600 globally, with a physical presence in Africa & Asia and supporting 350+ client businesses in over 30 countries.
The Forbes India Select 200 - DGEMS (Dynamic Growth Entrepreneurs and Market Shapers) is an exclusive recognition program that celebrates companies demonstrating exceptional growth potential and industry leadership on a global scale.
Curated by Forbes India in collaboration with D Globalist, the DGEMS list highlights businesses that are transforming industries through innovation, scalability, and impact. It serves as a platform to spotlight high-performing enterprises breaking geographical barriers and shaping the future of their sectors.
"With have witnessed companies from diverse domains, industries, and stages; and are thrilled to see our network grow into fast-growing companies with presence across the world. With such an ecosystem in place, our commitment continues to provide these founders with numerous opportunities to connect with our global ecosystem partners, thereby expanding and conquering beyond borders," Forbes said.
Other companies in the Forbes India Select 200 - DGEMS 2024 include Aegus, AirCity, CarePal, Captain, Accorian, CyberEye, Ecoratings, Cadabams, BeBetta Banglamark, Advantage, Admott, Altmobility, Brysk, etc.
Capital FM.
Malawi Struggles to Tackle Hunger Despite Trillions Invested in Farm Input Subsidies Over 20 Years
Malawi continues to grapple with widespread hunger and food insecurity despite billions of kwacha funneled into the Agricultural Input Program (AIP) and other agriculture-focused initiatives over the years. Analysts and stakeholders now question the efficiency of these investments as the country registers only minimal improvements in combating hunger.
The Global Hunger Index (GHI) ranks Malawi within the "serious" category, with a hunger score of 21.9, reflecting little change over the past eight years. Although Malawi has managed to avoid slipping into the alarming category, the incremental progress does not align with the significant resources committed to agriculture reforms and programs such as the AIP.
The AIP, introduced as a flagship program to subsidize fertilizer and seeds for millions of smallholder farmers, has faced repeated criticism for poor implementation and corruption. Reports show that substantial portions of allocated funds are lost to inefficiencies, with delayed distribution of inputs and targeting challenges undermining its impact.
According to the Ministry of Agriculture, over MWK 1.2 trillion has been invested in agricultural subsidies since the inception of similar programs. Yet, crop yields remain inconsistent, and food reserves often fail to meet national demand.
In addition to the AIP, Malawi has attracted donor funding for irrigation projects and climate-smart agriculture. However, recurrent climatic shocks--ranging from floods to prolonged droughts--continue to erode these gains.
Experts emphasize that structural issues such as gender inequality exacerbate the crisis. According to Claudia Plock, head of programs at Welthungerhilfe, the land tenure system and limited access to credit for women, who form 70% of the agricultural workforce, leave them disproportionately vulnerable.
"Empowering women is not just a moral imperative--it is a critical step toward sustainable food security. Women need access to resources to drive meaningful change," said Plock during a GHI report launch in Lilongwe.
Stakeholders argue that while the government has policies aimed at addressing food insecurity, translating them into action remains a significant hurdle. The slow pace of implementing mega-farm projects, for example, has diminished their anticipated impact.
Speaking at a recent event, Deputy Minister of Agriculture Madalitso Kambauwa acknowledged the challenges, stating: "We are aware of the gaps, and we are working to make the AIP and other programs more efficient. Hunger is a national concern, and we remain committed to solutions that work."
Catholic Relief Services (CRS) country representative Sekai Mudonhi recommends a shift in focus from subsidies to long-term resilience-building strategies. The organization advocates for the integration of data-driven tools like the Rapid Feedback Monitoring System (RFMS) to track community responses to climatic shocks and inform adaptive interventions.
"We need to move beyond quick fixes. Addressing food insecurity requires an overhaul of the system--investment in infrastructure, market access, and equitable resource distribution," said Mudonhi.
At the current pace of progress, experts warn that Malawi is unlikely to achieve Sustainable Development Goal 2, which aims for zero hunger by 2030. Without addressing systemic inefficiencies and prioritizing resilience to climate change, hunger will continue to haunt the nation, regardless of the billions spent.
As Malawi faces yet another season of uncertain rains, the need for decisive action has never been more urgent. While the government touts its efforts, the stark reality on the ground highlights the pressing need for reform.
Nyasa Times.
Malawi Government Commits to Ensuring Safety, Protection of Workers
Commissioner of Labour in the Ministry of Labour and Manpower Development, Hlalerwayo Nyangulu, has expressed Malawi Government's commitment to ensuring that workers are productive, protected and safeguarded against workplace injuries and diseases.
Nyangulu made the remarks at the start of week-long Capacity Building Training for Occupational Safety and Health (OSH) Inspectors on Occupational Monitoring in Lilongwe on Monday.
He said the ministry highly prioritizes OSH matters in its effort to to protect workers and promote decent work, social justice and sustainability of the workforce.
"Occupational injuries and diseases result in lost time, increased ill health and incapacity of workers to do their work, hence contributing to loss of productivity to the country. Government will therefore remain resolute towards ensuring that our workers are productive, are protected and safeguarded against workplace injuries and diseases," he said.
The European Union (EU) has financed the training through the Zantchito Skills for Jobs Project.
Nyangulu drew the attention of the participants to the Malawi 2063 (MW2063), which expresses the country's vision and aspirations of the nation regarding human capital as the "conductor of an orchestra" directing how other resources are put into productive use to attain desired outcomes.
He said human resource is a valuable asset for realisation of the three pillars; agriculture productivity and commercialization, industrialization and urbanization.
"Human life has no measurable cost and has to be protected from all forms of occupational risks and indeed all forms of exploitation at work. This is why the government puts safety and health of workers as a priority on the government agenda. As a Ministry responsible for the protection of workers, we will continue to ensure that the work on safeguarding the safety and health of workers is maintained and enhanced," said the Labour Commissioner.
Nyangulu therefore challenged the participants to take the training seriously and ensure they conduct meaningful occupational hygiene monitoring after the training.
In his remarks, OSH Expert for Zantchito Skills for Jobs, Johanes Mandowa, said the training is emanating from some training needs assessment that was carried out on the onset of the project.
Mandowa said the training program is meant to equip the occupational safety and health inspectors with knowledge on how to conduct patient hygiene monitoring in the workplace environment.
"We find that quite a number of workplaces in Malawi employees are exposed to physical hazards such as dust, for example, noise exposure, for example, issues of poor lighting in the workplace environment. Those particular hazards must be identified in a more scientific way. Hence the need for us to equip our operational safety and health inspectors with knowledge about occupational hygiene monitoring so that when they go out there, they're able to identify these hazards, they're able to recognize and anticipate them," he said.
Mandowa said after the training, they expect the trained inspectors to evaluate and control hazards in a more appropriate manner, which is actually backed by scientific evidence.
Nyasa Times.
South Africa: Banxso Associates Sue Moneyweb and Groundup
Moneyweb has since February been exposing the questionable practices of online trading company Banxso. GroundUp joined the fray in November when we published an article titled Pensioner loses everything on Banxso, which Moneyweb republished.
Deep fake adverts featuring famous people, without their consent, have enticed people to use Banxso's platform, though Banxso has denied it is associated with these adverts. The platform facilitates trade in extremely high risk financial products that should be traded only by experts, if anyone. There have been several reports of people losing their life savings through Banxso.
The Financial Sector Conduct Authority (FSCA) "provisionally withdrew" Banxso's licence on 16 October, following months of complaints by investors against the company.
GroundUp's article pointed out that Banxso directors Warwick David Sneider and Harel Adam Sekler are also directors of Afrimarkets Capital.
On Wednesday two summonses were served at the GroundUp office.
In the first summons Sneider is the plaintiff. The defendants are Moneyweb, Ryk van Niekerk, the editor of Moneyweb, and Tori Newby, the journalist who wrote the article for GroundUp.
Sneider is suing the defendants for defamation with regard to two articles. The first one was written by Van Niekerk and published on Moneyweb. It is titled: Banxso - beneficiary or victim of 'R4 800' Musk and Rupert scams? (It's well worth a read.)
Sneider is demanding a mere R7.5-million for this one. The second article is the one written by Newby, published by GroundUp and republished by Moneyweb. For this one Sneider is only demanding R5.8-million. No defamation award for anything remotely close to these amounts has ever been made in South Africa.
In his summons Sneider complains that readers of our article would understand him to be dishonest, unethical, untrustworthy, deceitful, unscrupulous, engaged in fraud, involved in illegal business practices, disreputable, and acting fraudulently.
In the second summons the plaintiff is Afrimarkets. The defendants are the same with the addition of GroundUp (not only our journalist).
Afrimarkets also complains about two articles. The first one is also by Van Niekerk and published on Moneyweb. It is titled AfriMarkets: Banxso's emerging twin? (It's also well worth a read). Afrimarkets has set its sights lower than Sneider, only demanding R5-million damages for this article.
The second article is again the GroundUp one. This time we are on a par with Moneyweb: the demand is also for R5-million.
Afrimarkets also alleges that readers would understand that it is associated with Banxso which operates without the required licence, perpetuates fraud and undertakes fake advertising. Further, readers would understand that Afrimarkets operates illegally, unethically, deceitfully, unscrupulously and in a disreputable manner.
GroundUp.
Nigeria: AfDB Disburses $1bn to Women-Led Enterprises in Nigeria, Others
The African Development Bank (AfDB) says it has so far disbursed $1 billion to women-led enterprises as part of the bank's efforts to bridge the financing gap among women entrepreneurs.
The Director General, AfDB, Nigeria Country Department, Dr. Abdul Kamara made the disclosure in Abuja yesterday at the High-Level Dialogue on Investment in Gender Equality and Ending Violence Against Women for Rights and Development organised in partnership with the United Nations Women (UN Women)
He said "The AfDB seeks to bridge the financing gap of $46 billion currently hindering women from accessing financing for their businesses. As part of the efforts, the bank has disbursed $1 billion to different women led businesses in Nigeria and parts of the continent to empower them and boost their businesses, thereby contributing to economic growth
"Subsequently, all our products and policies in Nigeria are targeted towards gender inclusivity for women and youths to boost market access and skills, which is why recently, we launched a $100m youth entrepreneurship investment fund for Nigeria," he highlighted.
Also speaking, the Country Representative for United Nations Women in Nigeria, Beatrice Eyong noted that the conversation to advance women growth and development has advanced in Nigeria with both national and subnationals showing commitment.
She said "We have always advocated for a gender responsive budgeting that will factor in the rights and empowerment of women, especially in the area of 35 per cent affirmative action and the efforts Nigeria is putting in the implementation of its National Gender Policy
"Already, Kaduna State has adopted a procurement policy, which gives women opportunity to access 30 per cent of public contracts in the state and Lagos State will be next,"
Daily Trust.
Invest Wisely!
Bulls n Bears
Cellphone: +263 71 944 1674 | +27 79 993 5557
Email: <mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com
Website: <http://www.bullszimbabwe.com> www.bullszimbabwe.com
Blog: <http://www.bullszimbabwe.com/blog> www.bullszimbabwe.com/blog
Twitter (X): @bullsbears2010
LinkedIn: Bulls n Bears Zimbabwe
Facebook: <http://www.facebook.com/BullsBearsZimbabwe> www.facebook.com/BullsBearsZimbabwe
INVESTORS DIARY 2024
Company
Event
Venue
Date & Time
Companies under Cautionary
CBZH
GetBucks
EcoCash
Padenga
Econet
RTG
Fidelity
TSL
FMHL
<mailto:info at bulls.co.zw>
DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and d from third parties.
(c) 2024 Web: <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email: <mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993 5557 | +263 71 944 1674
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241129/d298b686/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241129/d298b686/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29356 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241129/d298b686/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29321 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241129/d298b686/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241129/d298b686/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29321 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241129/d298b686/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65564 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241129/d298b686/attachment-0001.obj>
More information about the Bulls
mailing list