Major International Business Headlines Brief::: 08 April 2025

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Major International Business Headlines Brief:::  08 April 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigerian Stock Market Declines N659 Billion On Monday

ü  Malawi: Balancing Hope and Reality in Malawi's Mining Sector

ü  Nigeria: US Tariff Not Too Bad for Nigeria - - Minister

ü  Nigeria Reacts to Trump's Tariffs, Avoids Retaliation

ü  Liberia's Offshore Potential Gets Boost

ü  The Trump administration wants more than 0% tariffs

ü  US tariffs threaten 35,000 citrus jobs in South Africa, farmers say

ü  South African rand recovers some ground with coalition's future the focus

ü  South Africa Asks Kenya to support AfDB Presidential candidate

ü  Trump threatens new 50% tariffs on China

ü  A revolution is under way in India's trainer industry

ü  Wild market swings as tariffs rattle US economy

ü  Stocks, tariffs and pensions - your questions answered

 


 <mailto:info at bulls.co.zw> 

 


Nigerian Stock Market Declines N659 Billion On Monday

Market breadth also closed negative, with 51 losers and nine gainers.

 

The stock market opened the week on a negative note, with performance
indices showing mixed results.

 

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation
declined by N659 billion or 1.01 per cent, falling to N65.488 trillion from
N66.147 trillion recorded on Friday.

 

Similarly, the All-Share Index dropped sharply by 1.23 per cent or 1,295.02
points, closing at 104,216.87 compared to 105,511.89 posted on Friday.

 

The mixed performance was largely attributed to the listing of First Holdco
Plc's Rights Issue of 5,982,548,799 ordinary shares at 50 kobo each, priced
at N25 per share on the basis of one for six, which became effective on 7
April.

 

 

Market breadth also closed negative, with 51 losers and nine gainers.

 

On the losers' chart, Cornerstone Insurance declined by 10 per cent to close
at N2.97, while Oando Plc also fell by 10 per cent to N37.80 per share.

 

Secured Electronic Technology dropped 10 per cent to 45k and RT Briscoe lost
10 per cent to close at N2.16 per share.

 

Similarly, Honeywell Flour Mills declined by 9.98 per cent to close at
N10.19 per share.

 

Conversely, on the gainers' chart, VFD Group soared by 10 per cent to close
at N62.70, while TotalEnergies Marketing Nigeria rose by 9.61 per cent to
N745.00 per share.

 

Guinea Insurance grew by 9.52 per cent to close at 69k, and International
Energy Insurance increased by 9.33 per cent to N1.64 per share.

 

Also, Abbey Mortgage Bank gained 8.88 per cent to close at N5.15 per share.

 

In terms of volume, First City Monument Bank led the activity chart with
65.5 million shares worth N588.99 million.

 

Fidelity Bank followed with 42.53 million shares valued at N818.38 million,
while Guaranty Trust Holding Company sold 34.49 million shares worth N2.33
billion.

 

Access Corporation recorded 31.83 million shares traded, valued at N687
million, and Zenith Bank moved 31.68 million shares worth N1.47 billion.

 

(NAN)

 

Read the original article on Premium Times.

 

 

 

 

Malawi: Balancing Hope and Reality in Malawi's Mining Sector

In this article, Frank Eagar-managing director and CEO of Sovereign Services
Ltd, the company behind the new Kasiya rutile and graphite project outside
Lilongwe-argues that that the project has the potential to transform and
contribute significantly to Malawi's mining sector, generate jobs, pay
royalties and taxes, generate economic and secondary economic growth whilst
improving rural livelihoods.

 

It is exciting to be part of a project that will unlock the world's largest
known natural rutile deposit, containing an estimated 17.9 million tonnes of
natural rutile. Rutile is the purest form of titanium dioxide (TiO2) at 95
percent TiO. This makes the Kasiya deposit a significant source of the
titanium feedstock used in pigments for paints, plastics, paper and
refractory ceramics. Approximately 10 percent of the world's titanium demand
is driven by the high-tech aerospace and military defense industries. For
this reason, titanium has been designated by the US, the EU and more
recently NATO as a critical and strategic metal.

 

 

The strategic importance of the world's largest known natural rutile deposit
and its contribution to Malawi's Vision 2063 if implemented successfully
should not be taken lightly.

 

Kasiya falls within the category of a mega mining project and will take
roughly six years to become a fully operational mine, however, and in the
meantime several key elements need to fall into place to bring the prospect
to reality.

 

As the project's timeline and complexities become clearer, it is essential
to manage expectations and avoid unrealistic optimism.

 

 

We are making significant progress towards the completion of a Definitive
Feasibility Study (DFS), finding committed investors, lenders and product
off-takers, all in support of an eventual final investment decision to
unlock the promise below the ground.

 

And even while this is all progressing, we are working to improve the lives
of people within Kasiya and its surroundings. This includes training in
climate resilient farming techniques to improve crop yields on the test site
where we have rehabilitated earthworks, restoring it to agricultural land
without farmers missing a single planting season, in a graphic demonstration
of our two immediate priorities: community livelihoods and protecting the
environment.

 

Malawi's mining industry showed some promise early in 2010 but has grown in
fits and starts, with moments of highs and lows. Now, as the country stands
poised to revamp its mining sector, it is crucial to acknowledge the
delicate balance between economic promise, and environmental and social
responsibility.

 

 

We also need to understand the harsh realities of today's global mining
industry and the age-old challenges of mineral exploration, geological
surveying, the sheer expertise, risk capital, resources and time required to
achieve an economic mineral discovery, and then turn a greenfield project
into a fully operational - and feasible - mining operation for the benefit
of all stakeholders.

 

How can Malawi harness the transformative power of mining while safeguarding
the well-being of its people and its environment?

 

As we embark on this journey, it is time to separate the hype from the
reality and to chart a course that balances hope with prudence and promise
with protection.

 

Inclusive Investment

 

Located in the Central Region of Malawi, in Lilongwe District, the proposed
Kasiya rutile and graphite project being developed by Sovereign has been
generating significant excitement and anticipation throughout the country.
At the local administrative level the project area is governed by four
traditional authorities, covering Khongoni, Kabudula and Kalolo in Lilongwe
District, and Kayembe in the Dowa District.

 

The project has the potential to deliver an enormous positive impact for the
country, including skilled and semi-skilled jobs, as well as significant
royalties and taxation. Due to the scale and size of the mineral discovery,
Kasiya has the potential to deliver these benefits well beyond its initial
25 year life of mine. However, as with any mining project, environmental and
social risks must be assessed and mitigated to ensure that the host
communities benefit and the environment is protected.

 

The project is expected to create hundreds of jobs during the construction
phase and over 1,100 permanent jobs during full-scale operations. To achieve
this though, significant infrastructure in power reticulation, rail line
connectivity, water storage and mine development need to be constructed with
an estimated investment close to MWK2 trillion to reach full scale
operations over a seven-year construction and ramp-up period.

 

One of Sovereign's key objectives is skills development and training to
ensure the majority of these jobs are filled by Malawians as well as
providing the opportunity for local contractors and business to participate
in tender processes for future infrastructure development.

 

Stable and Attractive Policies

 

While the government and Sovereign are committed to expediting the project,
it is crucial to acknowledge the scale and intricacies involved. The
project's success depends on various factors, including regulatory
approvals, environmental considerations, community agreements, market demand
and a stable and attractive Malawian investment climate.

 

At the moment Sovereign is busy doing all the necessary engineering studies
and permitting required to get this project off the ground.

 

We hope it is going to be one of the largest projects Malawi has ever seen
and that it will be one of the biggest rutile and graphite producers
globally.

 

This brings a lot of opportunity and responsibility, not just to Sovereign
as a company but also to Malawi as a country. Mining projects of this scale
generally creates significant secondary economic development, and if planned
appropriately alongside the Malawian government, could have a substantial
economic multiplier effect. Planning and implementation require careful
consideration to ensure the well-being of local communities and the
environment. Sovereign will not progress hastily if either will be unduly
compromised.

 

These components are interrelated, and the project must have all those
elements in place to succeed.

 

Environmental and Social Governance

 

The project's success is not solely dependent on its economic benefits. As
the project progresses, it is important to maintain transparency and open
communication between Sovereign, the government, and local communities.

 

The company has initiated a comprehensive Environmental and Social Impact
Assessment (ESIA), which has already gone through its initial public
consultation process with the engagement of well over 10,000 people and
institutions. Once completed, the ESIA will provide a detailed evaluation of
the project's potential impacts on the environment and local communities and
identify mitigation measures to minimise potential disturbance. This is to
help manage expectations, address concerns, and ensure that the project's
benefits are shared equitably.

 

The procedure is a critical component of our project development process. It
will enable us to identify potential risks and opportunities, and develop
strategies to mitigate negative impacts and maximise benefits. The process
involves extensive stakeholder engagement, including consultations with
local communities, government agencies, and other interested parties. This
is to ensure that the project is developed in a transparent and inclusive
manner, and that the concerns and interests of all stakeholders are
considered.

 

Value Addition and Local Content

 

The question about the downstream beneficiation of minerals in Africa,
closer to where they are extracted, has been around for some time. This is
no different in Malawi. Sovereign is highly supportive of efforts to expand
the industrial base and capacity within the country, which will be a strong
driver of employment creation and economic growth. The secondary economic
activity brought about by a large-scale project such as Kasiya where energy,
infrastructure, local content, skills transfer, SMME's are prioritised, will
be the first step towards such long term development goals.

 

Over and above mineral deposits, key elements of downstream beneficiation
include a highly skilled workforce, surplus low-cost energy, economies of
scale, industrial capacity, attractive fiscal investment incentives and
large competitive markets.

 

These require long term planning and industrial partnerships that will be
necessary to better balance Malawi's economy between agriculture and
industry.

 

Over 90 percent of Malawi's population live in rural areas relying on
subsistence agriculture. National surveys estimate that crop production
accounts for 74 percent of all rural incomes. The agricultural sector is the
most important sector in the Malawian economy, accounting for about 39
percent of gross domestic product, employing 85 percent of the labour force
and generating about 83 percent of foreign exchange earnings.

 

We are committed to working with local communities, the government, and
other stakeholders to ensure that our project benefits as many Malawians as
possible so we can take some of the first steps towards these long term
development goals. From a social investment perspective, we are doing a lot
early on - much earlier than you would normally expect from a mining project
at this stage of its development. We are about implementation and action.

 

Improving Livelihoods

 

One of our key focus areas of livelihood restoration is Conservation
Farming. Conservation Farming is a climate resilient farming method which
promotes minimal soil disturbance and improved soil nutrients.

 

In Lilongwe District where the project is hosted, smallholder subsistence
farming accounts for 344,353 hectares of arable land, with estate land
holding comprising only 11,692 hectares, representing a mere 3 percent of
the total arable land. Excessive soil disturbance, soil erosion, climate
change, food pressure and population growth are all contributing to a
decrease in soil conditions and a negative growth rate in annual land
carrying capacity.

 

After achieving more than 300 percent yield increases during a 90-farmer
pilot phase in 2023/2024, we have now increased the participants to 350
farmers for the current planting season. Initial indications are that
farmers will achieve more than 400 percent yield increases. This all while
soil conditions are being improved through minimal soil disturbance. The
objective is to roll this out across the project-affected area, combine the
programme with Kasiya's secondary economic impacts and firmly align with
Malawi's 2063 vision development goals.

 

Continuous stakeholder engagement indicates a real need from communities to
improve the way they farm, enabling them to be self-sufficient throughout
the whole year.

 

Ultimately Sovereign is a mining company, but we want to mine in a
responsible way and leverage our infrastructure and develop partnerships to
create a smallholder farmer economy and secondary industry.

 

Stakeholder Engagement Remains Key

 

While the Sovereign exploration project in Malawi offers tremendous
potential, it is essential to manage expectations and acknowledge the
complexities and timelines involved. This will ensure that the project's
benefits are realised in a responsible and sustainable manner that benefits
all stakeholders.

 

Speaking during the parliamentary hearing Parliamentary Committee on
Industry, Trade and Tourism, chairperson Paul Nkhoma said the government of
Malawi had also expressed its commitment to ensuring that the project was
developed in a responsible and sustainable manner.

 

Sovereign will continue with its widespread and transparent community
engagement through which we engage with almost 15,000 people per quarter to
ensure affected people remain informed and up-to-date as to the status of
the project and its future timelines and implementation.

 

Ends

 

Frank Eagar managing director and CEO of Sovereign Services Ltd

 

Read the original article on Nyasa Times.

 

 

 

 

Nigeria: US Tariff Not Too Bad for Nigeria - - Minister

The U.S. tariff adjustment comes amid growing trade tensions and a review of
developing countries' access to preferential treatment under American trade
law.

 

Nigeria's Minister of Finance and Coordinating Minister of the Economy, Wale
Edun, has said the country will not be severely affected by the United
States' decision to impose a tariff on certain imports from countries
without a trade agreement, due to the dominance of crude oil and mineral
products in its US -bound exports.

 

"It's not too bad," Mr Edun said on Monday at the inaugural Corporate
Governance Forum organised by the Ministry of Finance Incorporated in Abuja.

 

"Oil minerals are excluded by America from being in any way sanctioned with
tariffs."

 

The US tariff adjustment comes amid growing trade tensions and a review of
developing countries' access to preferential treatment under American trade
law.

 

 

Although Nigeria is not among countries like Vietnam and Thailand facing
steeper duties, its non-oil exporters are now subject to a 14 per cent levy
-- potentially hurting sectors like agriculture, textiles and processed
goods.

 

But Mr Edun sought to allay concerns. He cited official data showing that
oil and minerals made up 92 per cent of Nigeria's exports to the US in 2024,
amounting to N5.08 trillion out of a total of N5.5 trillion. Non-oil exports
accounted for just N0.44 trillion.

 

"Consequently, the tariff effect on exports is negligible if we sustain our
oil and minerals export volume," he said.

 

"Based on the formula that the Americans [are] using, we do have a 14 per
cent tariff on our exports, but it's a lot better than Vietnam, which has 46
per cent."

 

Despite this, Mr Edun revealed that the Economic Management Team has been
instructed to re-examine the 2025 budget in light of global trade shifts and
first-quarter economic performance.

 

 

"We are going back to the drawing board to look at our budget all over
again, because we have to see what changes have been made in the assumptions
that underlay the production of that budget and the reality over the first
quarter and even projected into the future," he said.

 

The minister also used the occasion to reaffirm President Bola Tinubu's push
for private sector-led growth, asset optimisation and reforms within
state-owned enterprises.

 

"The commitment, the determination, the strategy of His Excellency, Mr
President, is private-sector-led investment and growth," Mr Edun said.

 

"These portfolio companies appear to attract, as is appropriate, private
sector investment. The first thing that they need is strong, efficient,
up-to-date corporate London practice and performance."

 

 

He suggested that global manufacturers facing high tariffs elsewhere could
consider Nigeria as an alternative production hub.

 

The minister pointed out that Nigeria could be an attractive alternative for
manufacturers currently facing high tariffs in other regions, particularly
Vietnam, which faces a 46 per cent tariff on its exports to the US.

 

In comparison, Nigeria's 14 per cent tariff is seen as less burdensome,
giving the country an edge. He emphasised that Nigeria's stable economy,
favourable exchange rate, and growing investment environment make it an
ideal destination for companies looking to relocate production from
higher-tariff nations.

 

He also stressed that Nigeria is prepared to take advantage of these
opportunities. With its relatively low tariff exposure and a market-friendly
environment, Mr Edun believes the country could benefit from companies
seeking to diversify their supply chains or shift production away from more
heavily taxed regions like Vietnam.

 

"Nigeria of today, with a relatively stable economy and an attractive
investment environment, including attractive exchange rate, is a place
where, if they can't produce in Vietnam, they can come and produce in
Nigeria. We are here already. We are waiting," he said.

 

Economic progress

 

The minister highlighted Nigeria's recent economic rebound. After years of
fragile growth and mounting debt, the economy expanded 3.40 per cent in
2024, its fastest pace in three years, led by growth in services such as
finance, ICT, and transport.

 

Inflation, which had spiked to worrying levels, according to him, slowed for
the second consecutive month in February, easing to 23.18 per cent. Food
inflation also dipped, a welcome relief for households grappling with a
cost-of-living crisis.

 

He also said the external sector has seen a dramatic turnaround. Net foreign
exchange reserves rose to $23.3 billion by end-2024, up from just $4 billion
a year earlier. Gross reserves stood at $40.9 billion. The naira, while
still trading at about N1,600 to the dollar, has shown signs of
stabilisation following earlier volatility.

 

Fiscal reset

 

He said Nigeria's public finances have also stabilised. According to him,
the removal of fuel subsidies and exchange rate reforms contributed to a
more than 60 per cent rise in federal revenues last year. Deficit-to-GDP has
narrowed from 6.2 per cent in 2023 to 4.4 per cent, while the government's
debt service-to-revenue ratio dropped sharply--from 149 per cent to 60 per
cent.

 

Mr Edun said the current N54.99 trillion ($36.7 billion) budget for 2025
reflects an ambitious plan to tackle Nigeria's massive infrastructure gap,
with a mix of domestic and foreign borrowing aimed at attracting private
investment. Debt levels remain high in nominal naira terms, due largely to
exchange rate depreciation, but the administration insists it is committed
to sustainable debt management under guidance from the Debt Management
Office.

 

SOEs and governance

 

The Finance minister's remarks also doubled as a call for better corporate
governance--particularly across Nigeria's State-Owned Enterprises (SOEs),
which he described as critical yet often underperforming assets.

 

"Too many of our SOEs have suffered from inefficiency, poor financial
stewardship, and weak oversight," Mr Edun said. "The issue is not whether
they should exist, but whether they can be reformed to deliver real value."

 

Key among those reforms is the restructured Ministry of Finance Incorporated
(MOFI), now functioning as Nigeria's official asset manager. MOFI is working
with the World Bank to implement a new corporate governance scorecard for
SOEs, aimed at boosting transparency, financial discipline and operational
efficiency.

 

Success stories are beginning to emerge. Mr Edun singled out Nigeria LNG,
the Development Bank of Nigeria, and the Bank of Industry for setting
examples in governance and performance. The Nigerian National Petroleum
Company Limited (NNPC), reconstituted as a commercial entity, is also
undergoing a major transformation.

 

The minister called for institutionalising governance metrics, strengthening
fiscal oversight, boosting public-private partnerships, and reforming
Nigeria's legal and regulatory frameworks.

 

"Reforms must be deepened, governance must be strengthened, and our export
resilience must extend beyond oil," he said.

 

Power Sector

 

At the event, Minister of Power Adebayo Adelabu said the unbundling of the
Transmission Company of Nigeria into two distinct entities--the Nigeria
Independent System Operator (NISO) and the Transmission Service Provider
(TSP)--demonstrated the government's resolve to embed better governance
within the sector.

 

"The unbundling is not merely administrative," Mr Adelabu said. "It reflects
our commitment to fostering operational clarity, transparency, and
ultimately, value creation through better corporate governance."

 

He stressed that both entities must be governed "with integrity,
independence and accountability" to fulfil their mandates. Good corporate
governance, he said, would not only ensure operational excellence but also
"bolster investor confidence, facilitate regulatory compliance and protect
public interest."

 

Mr Adelabu commended the MOFI for introducing a Corporate Governance
Scorecard, calling it "an important step in building a culture of
performance and transparency."

 

"We will continue to work with the relevant authorities to ensure that the
governance frameworks of NISO, TSP and other power sector entities are
clear, functional and fit for purpose," he added. "For us in the Nigeria
power sector, good corporate governance is not a luxury. It is a necessity."

 

Read the original article on Premium Times.

 

 

 

 

Nigeria Reacts to Trump's Tariffs, Avoids Retaliation

In her statement, Ms Oduwole highlighted that Nigeria's major export to the
US was oil and other minerals

 

The Nigerian government has avoided retaliation on the 14 per cent tariffs
imposed on the country's exports by US President Donald Trump. Instead,
Nigeria said it would approach the World Trade Organisation (WTO) for a
beneficial solution to all parties.

 

"In response to the recent tariff announcements, Nigeria remains actively
engaged in consultations with U.S. counterparts and the WTO, approaching
evolving trade dynamics with pragmatism and a commitment to mutually
beneficial solutions," Trade Minister Jumoke Oduwole said in a statement.

 

PREMIUM TIMES reported Mr Trump's announcement of a 10 per cent tariff on
exports to the US for almost all the countries of the world. He then imposed
higher tariffs on 60 named countries with Nigeria getting 14 per cent, the
second highest in West Africa. Some of those countries like China and Canada
have either threatened or announced retaliatory tariffs while the WTO has
called for calm.

 

 

In her statement, Ms Oduwole highlighted that Nigeria's major export to the
US was oil and other minerals.

 

"Nigeria's exports to the United States over the last two years has
consistently ranged between $5-6 billion annually. A significant
portion--over 90 per cent--comprises crude petroleum, mineral fuels, oils,
and gas products. The second-largest export category, accounting for
approximately 2-3 per cent, includes fertilizers and urea, followed by lead,
representing around 1 per cent of total exports (valued at approx $82
million)," she said.

 

"Nigeria also exports smaller quantities of agricultural products such as
live plants, flour, and nuts, which account for less than 2 per cent of our
total exports to the US."

 

The minister also acknowledged what experts had told PREMIUM TIMES that
small agro-allied businesses that were benefiting from AGOA (a former US
policy to encourage agricultural imports from developing countries) will
also be affected by the new tariffs.

 

 

Read the minister's full statement below.

 

Federal Ministry of Industry, Trade and Investment - Position Statement on
U.S. Tariff Measures

 

The Federal Government of Nigeria acknowledges the recent tariff measures
announced by the Government of the United States of America, including
imposing a 14% tariff on Nigerian exports. While these developments
potentially impact global trade negatively, under the Administration of
President Bola Ahmed Tinubu GCFR and the Renewed Hope Agenda, Nigeria
remains firmly committed to building economic resilience and accelerating
export diversification.

 

The Federal Government of Nigeria considers the United States a valued trade
and investment partner, bound by shared values and mutual economic
interests. The U.S. Ambassador's visit to the Honourable Minister of
Industry, Trade and Investment on March 26, 2025 reaffirmed our joint
commitment to strengthening economic ties that benefit both economies.

 

 

In response to the recent tariff announcements, Nigeria remains actively
engaged in consultations with U.S. counterparts and the WTO, approaching
evolving trade dynamics with pragmatism and a commitment to mutually
beneficial solutions.

 

Since May 2023, Mr President has remained actively committed to attracting
and retaining much-needed investments from old and new friends of Nigeria.
The FGN is implementing a range of interventions in policy, financing,
infrastructure, and diplomacy to help Nigerian businesses remain competitive
amidst regional and global tariff hikes, including expanding alternative
market access opportunities and ensuring off-take diversification to reduce
and mitigate trade risks.

 

Nigeria's exports to the United States over the last 2 years has
consistently ranged between $5-6 billion annually. A significant
portion--over 90%--comprises crude petroleum, mineral fuels, oils, and gas
products. The second-largest export category, accounting for approximately
2-3%, includes fertilizers and urea, followed by lead, representing around
1% of total exports (valued at approx $82 million). Nigeria also exports
smaller quantities of agricultural products such as live plants, flour, and
nuts, which account for less than 2% of our total exports to the U.S.

 

While oil has long dominated Nigeria's exports to the US, non-oil
products--many previously exempt under AGOA--now face potential disruption.
A new 10% tariff on key categories may impact the competitiveness of
Nigerian goods in the U.S. For businesses in the non-oil sector, these
measures present distabilizing challenges to price competitiveness and
market access, especially in emerging and value-added sectors vital to our
diversification agenda.

 

SMEs building their business models around AGOA exemptions will face the
pressures of rising costs and uncertain buyer commitments. This development
strengthens Nigeria's resolve to boost its non-oil exports by strengthening
quality assurance, control, and traceability in Nigerian exports to meet
global standards and improve market acceptance into more economies across
the globe. It also signals for Africa--and Nigeria in particular--the urgent
need to enhance intra-African trade through the African Continental Free
Trade Area (AfCFTA), reinforcing the case for Nigeria's accelerated
implementation of the AfCFTA, deepening regional integration, and leveraging
frameworks like the Pan-African Payment and Settlement System (PAPSS) to
lower trade costs and promote intra-African trade.

 

"According to Dr Jumoke Oduwole, the Honourable Minister responsible for
Nigeria's Trade policy, the Federal Ministry of Industry, Trade and
Investment is approaching this moment with pragmatism and purpose--turning
global and regional trade policy challenges into opportunities to grow our
non-oil export footprint and build a more resilient economy."

 

Read the original article on Premium Times.

 

 

 

 

 

Liberia's Offshore Potential Gets Boost

Monrovia - In presentation at the Executive Mansion over the weekend, Fabian
Lai, Acting CEO of the National Oil Company of Liberia (NOCAL), delivered a
comprehensive progress report on NOCAL's groundbreaking partnership with
global geological and geophysical leader TGS NOPEC to President Joseph Nyuma
Boakai, cabinet ministers, and industry leaders.

 

This transformative 23-year collaboration has positioned Liberia as West
Africa's most promising energy frontier while setting equitable resource
development benchmarks.

 

According to the Acting CEO, the strategic partnership has resulted in the
acquisition of an extensive multi-client 2D and 3D seismic survey program,
covering over 15,000 square kilometers of Liberia's offshore basins. This
has positioned Liberia as a promising player in the energy sector,
attracting interest and investment from supermajors and independent oil
companies.

 

 

Lai emphasized the partnership's economic impact, stating that Liberia
currently receives 80% of revenues from legacy 3D data sales. This
revenue-sharing model has significantly bolstered the government's financial
resources, allowing for enhanced public services and community development.

 

In response, President Joseph Boakai lauded TGS NOPEC for its enduring
partnership and highlighted its significant role in the country's frontier
oil and gas industry and national development.

 

Underscoring the difficult circumstances faced by the country, particularly
regarding the reduction in USAID aid, the Liberian leader proffered the need
for increased CSR contributions in order to solidify TGS NOPEC as a
responsible partner. President Boakai further mandated a follow-up with TGS
NOPEC on increasing its CSR contributions, while also exploring additional
avenues for collaboration.

 

 

A cornerstone of the collaboration has been its focus on capacity building
and local empowerment. NOCAL, together with TGS NOPEC, has committed to
funding the education and professional development of Liberian staff both
domestically and internationally, ensuring that local talent is nurtured and
retained within the industry. In his presentation, Lai indicated that the
partnership is not just about data and profits, but also about empowering
the people and building a future where Liberians lead their energy sector.

 

Additionally, the Corporate Social Responsibility initiatives undertaken by
NOCAL as a result of this partnership demonstrate a profound commitment to
the community. Lai revealed annual contributions of US$200,000 for social
and welfare programs. Notable projects supported by these funds include the
renovation of the Intensive Care Unit (ICU) and the expansion of the trauma
unit at the John F. Kennedy Medical Center, with a total investment of
US$15,000.

 

Moreover, the provision of medical equipment valued at US$60,000 and the
acquisition of ICU beds costing US$142,955 have greatly contributed to
enhancing healthcare services in the capital.

 

Lai highlighted the support for market women and the Group of 77 by
providing US$40,000 towards initiatives that benefit women entrepreneurs and
the disabled, ensuring that the economic empowerment of communities is
paramount.

 

Looking to the future, Lai shared his leadership's plans to attract
additional investment with the anticipated executive allocation and conduct
further geological and geophysical studies onshore. Plans are also underway
to conduct a feasibility study on constructing a shore base to support
offshore exploration activities, which will undoubtedly create jobs and
stimulate local economies.

 

NOCAL's acting CEO reaffirmed his team's unwavering commitment to leveraging
its partnership with TGS NOPEC for the collective benefit of all Liberians.

 

He emphasized their determination to ensure that the energy sector
transforms into a cornerstone of national development, paving the way for
prosperity and growth for future generations.

 

With these initiatives, the partnership between NOCAL and TGS NOPEC
continues to set a benchmark for corporate collaboration in Liberia,
blending technological growth with sustainable development and community
empowerment.

 

Read the original article on New Dawn.

 

 

 

 

The Trump administration wants more than 0% tariffs

The meaning of the word "reciprocity" is being strained by the Trump
administration. Not only did the White House use a bizarre formula to
determine the degree of its "reciprocal" tariffs on other countries, but it
also refused to return the favor when Vietnam and the European Union offered
to remove tariffs on U.S. imports.

 

White House trade advisor Peter Navarro said on CNBC's "Squawk Box" that
it's Vietnam's "nontariff cheating that matters," citing examples such as
how Chinese goods are often exported from Vietnam and intellectual property
theft. This suggests that the Trump administration sees tariffs not just as
a means to address U.S. trade imbalance (which, itself, is already not a
good indicator of economic health), but also a way of fundamentally changing
the way global trade and manufacturing are being conducted.

 

Business leaders, many of them steering companies that rely on - and have
profited from - the current economic paradigm, are starting to voice their
concerns and even vent their displeasure at Trump tariffs. Some are
supporters and donors of the Republican Party. With the Trump
administration's idiosyncratic understanding of "reciprocity," however, it
seems unlikely it will repay their goodwill with its own.

 

What you need to know today

Nasdaq rises and Asian shares rebound

U.S. markets mostly fell Monday. The S&P 500 lost 0.23% and was briefly in
bear market territory - a 20% fall from its recent high - during the trading
session. The Dow Jones Industrial Average dropped 0.91%, and swung 2,595
points from low to high, its largest intraday point swing ever recorded. But
the Nasdaq Composite edged up 0.1% as investors bought some megacap tech
stocks - but Apple was bludgeoned again. Asia-Pacific markets climbed
Tuesday, rebounding from heavy losses the previous day. Japan's Nikkei 225
jumped nearly 6% and Hong Kong's Hang Seng Index added 0.3%.

 

China pledges to 'fight to the end'

U.S. President Donald Trump on Monday threatened to slap additional 50%
tariffs on China - which would bring total duties on Chinese imports to 104%
- after Beijing retaliated with its own levies of 34% on all U.S. goods. On
Tuesday, China's Commerce Ministry said it "resolutely opposes" Trump's
additional tariffs and vowed to "fight to the end," according to a statement
translated by CNBC.

 

White House rejects 0% tariff deals

That said, even if China had offered concessions to the United States, the
Trump administration might not have budged. White House trade advisor Peter
Navarro said Monday that an offer by Vietnam to eliminate tariffs on U.S.
imports "means nothing to us because it's the nontariff cheating that
matters." Trump also rejected the European Union's offer of "zero-for-zero"
tariffs with the U.S. for industrial goods.

 

Growing fears and dissatisfaction

Business leaders are sounding the alarm over the potential fallout from
Trump tariffs. BlackRock CEO Larry Fink said Monday that "Most CEOs I talk
to would say we are probably in a recession right now." JPMorgan Chase CEO
Jamie Dimon, in his annual shareholder letter Monday, wrote that tariffs are
likely to cause "inflationary outcomes" and "will slow down growth" of an
"already weakening" economy. And Home Depot co-founder Ken Langone, a
megadonor to the Republican Party, called the 46% import duties on Vietnam
"bulls-."

 

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[PRO] Waiting for 'sustained bottom'

DoubleLine Capital CEO Jeffrey Gundlach said on CNBC's "Closing Bell" Monday
that he's concerned over the lack of bounce in the market, and would hold
cash until the S&P 500 hits a "sustained bottom." Here's where Gundlach
thinks the S&P 500 could end up before it starts to rise again.   

 

And finally.

European and Asian defense stocks have rallied this year. A lack of trust in
the U.S. could be driving those gains

 

While stocks have generally sold off after U.S. President Donald Trump
announced his plan for "reciprocal tariffs," European and Asian arms
manufacturers are still posting respectable gains on a year-to-date basis,
with some rising over 100%.

 

Veteran investor and strategist at Quantum Strategy David Roche told CNBC
the rise in defense stocks outside of the U.S is due to the reduction in
trust of the U.S. as an ally.

 

After the Trump administration's rattling of long-held global alliances,
countries have poured money into their own defense budgets, sending defense
stocks higher. In Germany, lawmakers passed a historic debt reform, paving
the way for a huge splurge on defense. U.K. Prime Minister Keir Starmer has
also pledged to hike Britain's national spending on defense.

 

 

 

 

US tariffs threaten 35,000 citrus jobs in South Africa, farmers say

(Reuters) - Tariffs announced by U.S. President Donald Trump will hurt South
African citrus farms and could potentially affect 35,000 jobs, a farmers'
association said on Tuesday.

 

Trump imposed a 31% tariff on U.S. imports from South Africa on April 2,
when he announced a 10% baseline tariff on all imports and higher targeted
duties on dozens of countries.

 

South Africa, the world's second largest citrus exporter after Spain, ships
between 5%-6% of its produce to the U.S., earning more than $100 million
annually.

 

The new tariff would place an additional $4.50 cost on each carton, making
South Africa's fruit less competitive in the U.S. market, the Citrus
Growers' Association of Southern Africa (CGA) said in a statement.

 

Towns such as Citrusdal in the Western Cape, which are heavily dependent on
citrus exports to the U.S., could be hit especially hard, CGA chairperson
Gerrit van der Merwe said.

 

"The severity and immediate nature of the impending tariffs could mean that
towns like it now face either increased unemployment or maybe even total
economic collapse," van der Merwe said. "There is immense anxiety in our
communities."

 

A total of 35,000 jobs are directly connected to South Africa's citrus
exports, he added.

 

Advertisement

 

With South African farmers starting to pack citrus destined for the U.S.
market this week, growers have called on the government "to prioritise
immediate negotiations with the U.S on tariff reductions or exemptions on
citrus".

 

Africa's most advanced economy has said it will not retaliate against the
U.S., its second largest bilateral trading partner after China. Instead,
South Africa says it will seek to negotiate exemptions and quota agreements.

 

South Africa has also said Trump's tariffs effectively nullified the
benefits African countries have enjoyed under the African Growth and
Opportunity Act, which grants qualifying states duty-free access to the U.S.
market. The 25-year-old trade initiative is set to expire in September.

 

 

 

 

 

South African rand recovers some ground with coalition's future the focus

(Reuters) - South Africa's rand strengthened in early trade on Tuesday,
recovering some of the ground it lost a day earlier, with the future of the
country's multi-party government the main focus.

 

At 0706 GMT, the rand traded at 19.44 against the dollar, 1% firmer on the
day after falling about 2.7% on Monday.

 

The two biggest political parties in the ruling coalition, the African
National Congress (ANC) and Democratic Alliance (DA), held meetings of their
senior officials on Monday to discuss the way forward after disagreements
over the budget.

 

Despite weeks of negotiations the two parties could not agree a common
strategy on the budget, leading to the pro-business DA voting against the
fiscal framework in parliament and some ANC figures pushing for the DA to
leave the government.

 

At 0900 GMT, the ANC will brief reporters on the outcome of its discussions
on Monday.

 

A DA spokesperson confirmed the party's Federal Executive met on Monday, but
said it had not yet taken a decision on its position in the coalition,
referred to locally as the Government of National Unity.

 

Local news website Eyewitness News reported that the ANC had resolved to
continue negotiations with coalition partners, including the DA, and had
reached out for talks.

 

The benchmark 2030 government bond was slightly stronger in early deals, as
the yield fell 5 basis points to 9.325%.

 

 

 

 

South Africa Asks Kenya to support AfDB Presidential candidate

South Africa has asked Kenya to support its candidate, Swazi Tshabalala, for
the Presidency of the African Development Bank (AfDB).

 

Kenya's Cabinet Secretary for Foreign Affairs Musalia Mudavadi and senior
ministry officials met Tshabalala at the weekend where a formal request for
support was made, Mudavadi's office said without revealing Kenya's position.

 

Tshabalala, a former African Development Bank Senior Vice President is
battling four other candidates for leadership of the only African financial
institution rated triple A by all three of the world's rating agencies. She
is the only female candidate.

 

"Leadership is not about gender-it's about vision, competence, and the
courage to transform Africa's financial future," Tshabalala said in a
statement after the meeting. "My three decades of experience and proven
track record at the AfDB position me as a candidate and the right leader to
steer this institution toward greater impact".

 

Tshabalala served as AfDB Vice President from 2021 until last September when
she resigned. Before that she held leadership roles at Old Mutual Employee
Benefits, Standard Bank Group and Transnet, South Africa's transport
parastatal. From 2006 to 2014, she served as the CEO of the Industrial
Development Corporation.

 

She says she ready to help transform Africa by prioritising infrastructure
development and allowing a greater role for the continent's private sector
if she is elected president next May.

 

Tshabalala is taking on Zambia's Samuel Maimbo, who says he has the support
of the Southern African Development Community and the Common Market for
Eastern and Southern Africa, Senegal's Amadou Hott, a former special envoy
for the bank's Alliance for Green Infrastructure in Africa, Mauritania's
Sidi Ould Tah, ex-President of the Arab Bank for Economic Development in
Africa and former Chad Finance Minister Abbas Mahamat Tolli.

 

African shareholders hold 60 percent of the bank, with the balance owned by
non- African shareholders. To win the presidency, a candidate must win a
majority of both sets of shareholders. The election will be held at the
bank's annual meetings in Abidjan, Cote d'Ivoire next month.

 

 

 

 

 

Trump threatens new 50% tariffs on China

Donald Trump has threatened China with an extra 50% tariff on goods imported
into the US if it does not withdraw its 34% counter-tariff, as global
markets continue to fall.

 

Beijing retaliated on Sunday, following last week's decision by Trump to
slap a 34% tax on Chinese imports as part of his "Liberation Day" that set a
minimum 10% levy on nearly all of America's trading partners.

 

In a social media post on Monday, Trump gave China until Tuesday to scrap
its countermeasure or face the 50% tax.

 

China's commerce ministry labelled the additional levy as "a mistake on top
of a mistake" saying it will never accept the "blackmail nature" of the US.

 

 

If Trump acts on his threat, US companies could face a total rate of 104% on
Chinese imports- as it comes on top of 20% tariffs already put in place in
March and the 34% announced last week.

 

There are fears that this could deepen a trade war between the world's two
biggest economies and global rivals.-BBC

 

 

 

 

 

A revolution is under way in India's trainer industry

It's likely that you have not heard of Taiwan's Hong Fu Industrial Group,
but look down on a busy street and you may well see its products.

 

Hong Fu is the world's second-biggest maker of trainers (sneakers) supplying
shoes to Nike, Converse, Adidas, Puma and many others. It makes around 200
million pairs of sports shoes a year.

 

So when it made a big investment in India's market, the footwear industry
took note.

 

Hong Fu is currently building a giant plant in Panapakkam, in the state of
Tamil Nadu in south eastern India. When fully operation, sometime in the
next three to five years, it will make 25 million pairs of shoes a year,
employing as many as 25,000 workers.

 

The project has Indian partners, including Aqeel Panaruna, the chairman of
Florence Shoe Company: "The international market is saturated and they [Hong
Fu] were looking for a new market," he explains.

 

"There is a drastic increase in non-leather footwear in India. It has huge
potential," Mr Panaruna added.

 

 

The Indian government is keen to attract such investment, hoping it will
raise standards in the footwear industry and boost exports.

 

To spur the industry, last August the Bureau of Indian Standards (BIS)
introduced new quality rules for all shoes sold in India.

 

Under those standards, for example, materials will have to pass tests of
strength and flexibility.

 

"These BIS standards are really about cleaning up the market. We've had too
many low-quality products flooding in, and consumers deserve better," says
Sandeep Sharma a journalist and footwear industry expert.

 

A worker sits cross-legged on the floor making shoes

India has a vast network of small-scale shoemakers

 

But many in India can't afford shoes from well-known brands.

 

Serving them is a huge and intricate network of small shoe makers, known as
the unorganised sector.

 

Their affordable products are estimated to account for two-thirds of the
total footwear market.

 

Ashok (he withheld his full name) counts himself as part of that sector,
with shoe making units all across the district of Agra in northern India. He
estimates that 200,0000 pairs of shoes are made everyday by operations like
his across Agra.

 

"Many consumers, especially in rural and lower-income urban areas, opt for
cheaper local footwear instead of branded options," he says.

 

"Many organised brands struggle to expand their retail footprint in
semi-urban and rural areas because we cater to them."

 

So how will the new government standards affect makers like Ashok?

 

"It's complicated," says Mr Sharma.

 

"I think the government is trying to walk a tightrope here. They can't just
shut down thousands of small businesses that employ millions of people -
that would be economic suicide.

 

"What I'm seeing is more of a carrot-and-stick approach. They're pushing for
standards, but also rolling out programs to help small manufacturers upgrade
their processes. It's not about wiping out the unorganised sector but
gradually bringing them into the fold."

 

Making the situation more complicated is that the unorganised sector is
well-known for making counterfeit shoes of big brands.

 

While popular among Indian shoppers looking for a stylish bargain, other
countries have long-complained about the losses caused.

 

Zen Barefoot Workers at a Zen Barefoot factory assemble shoesZen Barefoot

Zen Barefoot is trying to popularise barefoot shoes in India

 

Meanwhile, a host of new Indian trainer-makers are springing up, to serve
India's growing middle class.

 

Sabhib Agrawal is trying to get those buyers interested in barefoot footwear
- shoes which, their makers say, are healthy for the foot as they encourage
natural, or barefoot, movement.

 

Mr Agrawal says his company, Zen Barefoot, is unusual as much of the Indian
footwear industry is not very innovative.

 

"There are very few people who are ready to take time and invest in new
technologies here. Indian manufacturing is a very profit- first market, ROI
[return on investment] driven.

 

"And in a lot of cases, even the government is not ready to enable these
industries through grants or tax relief, which makes it quite difficult."

 

Comet is one Indian firm looking to innovate.

 

It claims to be the first homegrown trainer brand that owns the whole
production process, from design to manufacturing.

 

"This level of control allows us to experiment with materials, introduce
innovative silhouettes, and continuously refine comfort and fit based on
real feedback," says founder Utkarsh Gupta.

 

He says the Comet shoes are adapted to India's climate and roads.

 

"Most homegrown brands rely on off-the-shelf soles from the market, but when
we started Comet, we realized that these were lacking in quality,
durability, and grip," he says.

 

Change is coming to the footwear sector he says. "The shift to high value is
now happening."

 

"Many high value brands need to move their manufacturing to India. In 3-5
years, we should have a robust ecosystem to compete in the international
sneaker market," he adds.

 

Comet Workers inspect shoes at a Comet factoryComet

Comet shoes handles its own design and production

 

Back in Agra, Ashok hopes that the unorganised sector is not neglected amid
the growth of India's footwear industry.

 

"The government should give us accreditation and certificates so our
factories don't close down. Once we too are included in the organised sector
no one can beat India in the shoe manufacturing industry."

 

But Mr Sharma says change is inevitable.

 

"The market is definitely going to shift. We'll see the bigger players
getting bigger - they have the money to adapt quickly.

 

"But I don't think the small guys will disappear completely. The smart ones
will find their niche."-BBC

 

 

 

 

Wild market swings as tariffs rattle US economy

Shares in the US stemmed their losses on Monday, as investors clung to hopes
that US President Donald Trump would turn from tariffs to trade deals.

 

The S&P 500, which tracks 500 of the biggest companies in the US, ended the
day down about 0.2%, after a wild day of trading that saw shares gyrating
from losses to gains in some of the sharpest swings since the Covid-19
pandemic.

 

The respite came despite Trump escalating his tariff threats against China,
as US Treasury Secretary Scott Bessent said he was opening negotiations with
Japan, and looking forward to talks with other nations.

 

Trump offered mixed signals, saying he expected some tariffs to be permanent
and some to be negotiated.

 

 

"They can both be true," he said, while rejecting calls that he delay the
import taxes he unveiled on goods from every country in the world last
Wednesday.

 

The White House has said more than 50 countries have reached out to discuss
trade.

 

"I believe that sooner or later, we will be at the negotiating table,"
European Union trade official Maroš Šefčovič said, as the bloc prepared to
vote on how to respond.

 

Getty Images A trade in a blue coat with an American flag on the arm bows
his head on the floor of the New York Stock Exchange (NYSE) in New York, US,
on Monday, April 7, 2025.Getty Images

 

In the days after Trump's announcement, stock markets in the US and in the
UK were hit by their worst one-day falls since the beginning of the Covid
pandemic in 2020.

 

The S&P 500 has seen more than 10% of its value wiped out over three days -
a drop almost as steep as the declines seen during the 2008 financial crisis
and at the onset of the pandemic in 2020.

 

The index is now trading at levels seen roughly a year ago, reflecting
widespread concerns about the impact of the tariffs on the US and global
economies.

 

"It is frustrating for investors," said Mike Mussio, president of FBB
Capital. "This feels like kind of an unforced error in terms of policy."

 

High profile business leaders in the US including Jamie Dimon, Trump-backer
Bill Ackman and Daniel Loeb have started to speak out amid the market rout.

 

But Trump has doubled down on his strategy.

 

On Monday, he threatened to hit imports from China with an additional 50%
tariff, unless Beijing withdraws the retaliatory measures it announced last
week.

 

That would take the tax on Chinese goods coming into the US to at least 104%
- as it comes on top of the 34% tariff he announced on goods from China last
week, which themselves added to the tariff of at least 20% imposed since
January.

 

China's decision to impose retaliatory tariffs of 34% on the US had already
escalated worries about a trade war between the two nations

 

If world leaders are unable to agree terms with Trump, the tariffs may have
a destructive effect on economies globally, analysts have warned.

 

"Fundamentally, investors are worried about a big hit to corporate [profits]
and a massive slowdown in economic growth," said Russ Mould, investment
director at AJ Bell.

 

In early trading on Monday, the S&P 500 fell, briefly dropping more than 20%
since its most recent peak in February - which would mark a milestone known
as a "bear market".

 

But a rumour that the White House was considering putting tariffs on hold
sent shares surging more than 7% in a matter of minutes.

 

Howard Silverblatt, senior index analyst at S&P Dow Jones indices, said that
he had seen few comparable swings in a career spanning more than four
decades on Wall Street.

 

"That's enormous," he said. "There's a lot of uncertainty here and that's
what's driving the market."

 

The Dow Jones Industrial Average closed down 0.9%, but the Nasdaq was
roughly flat, up 0.1%.

 

European markets closed lower, with London's FTSE 100 falling 4.4% to 7,702,
its lowest level in more than a year.

 

Shares in Paris and Berlin also dropped, while earlier leading indexes in
Asia had plunged in what one analyst described as a "bloodbath".

 

The fears weighed on the price of oil which fell more than 4%, before
gaining back some ground.

 

Meanwhile, copper, an indicator of economic growth because it is widely used
in industry, fell roughly 3%, while the price of gold, which is usually seen
as a "safe" investment, also dropped.-BBC

 

 

 

Stocks, tariffs and pensions - your questions answered

Markets are reeling from US President Donald Trump's tariff announcements,
but the American leader is standing by his decisions, defending his policies
and saying "sometimes you have to take medicine to fix something".

 

Experts answered some of the questions you sent us as the world tries to
make sense of the turmoil and wonders how long it will continue.

 

Read their answers below.

 

 

How does a stock market index work?

Simon Jack, the BBC's business editor, said the FTSE 100, which represents
the 100 biggest companies publicly listed in the UK, were all "put in a big
bucket back in 1984" and given a certain weighting in that bucket depending
on how big those companies were.

 

The stock market is a reflection of their total value over time. The bigger
the company, the more weight it has in the index. For example, an
AstraZeneca or an HSBC has more weight than others.

 

It works the same in the US with the S&P500, which is made up of the 500
biggest companies, with an enormous concentration in some names like Apple,
Nvidia and Amazon.

 

The stock market tells you how the value of the shares in those companies
has changed - with a focus on those biggest names.

 

Generally speaking, it is an indication of what some of our biggest
companies are worth, and when they go up or down, it tells you something
about the sentiment of whether their profits are likely to rise or fall in
the future.

 

How does a market downturn affect pensions and daily life?

Jack explains that what happens in stock markets is not necessarily the same
thing that happens in the economy. They can be linked, but they are not
exactly the same.

 

Some people invest directly in shares - and this will definitely affect
them. These are some big falls, some of the biggest we have seen in a couple
days since pandemic panic gripped the markets back in 2020.

 

The other way that people are exposed to these changes is through their
pension funds. Pension fund investing is a long term game. Not all of your
money will go into shares - some will go into government bonds, and the
closer you get to retirement, the more weighting you will have in things
like cash and government bonds, so the less this will affect you.

 

There are two types of pensions: a defined benefit pension - where you get a
promised percentage of your salary at retirement - and defined contribution
- where your pension pots value will rise and fall with financial markets.

 

Pensions are exposed right now, but pension investing is a long term game.

 

The warning sign flashing here is not the value of your pension pot - it is
what is going to happen to the economies in which we all live and work.

 

A lot of people are saying the chance of recession in both the US, UK - and
even globally - have gone up a notch, which has implications for things like
jobs and wages.

 

 

How popular are tariffs in the US?

There is growing scepticism about tariffs among Americans, although views
still fall along partisan lines.

 

According to one poll released last week, slightly more than half of
Republicans, 52%, think tariffs help the economy, but 58% of independents
say they hurt the economy, as do 89% of Democrats.

 

However, that survey was held before Trump's global tariffs came into effect
and trillions of dollars was wiped off the value of the US stock market. We
will find out in the coming days how the economic turmoil has changed public
sentiment.

 

One of the key factors in President Trump's 2024 election victory was that
more voters trusted him to improve the US economy, and especially to tackle
high prices.

 

Yet most economists warn that tariffs could drive up prices for US consumers
as almost all imported goods will face a tax.

 

There could be inflation and we could also see an economic downturn, and
potentially a recession.

 

How much of this is about China?

Some think that the whole exercise is about an economic proxy war with China
and the entire game is about just trying to level that playing field a
little bit, Jack said.

 

But Trump is right in one regard, which is that American markets are much
more open to foreign goods than a lot of foreign markets are open to US
goods.

 

The UK, for example, puts a 10% tariff on US imported cars, 14% on some
kinds of beef, and 8% on other things. So there are barriers both ways.

 

And while Trump says that other countries have been ripping off the US, it
is American corporations that have reasonably pursued shareholder value by
trying to put their production facilities in the strategically and
economically best places.

 

It is the head of American corporations who opened subsidiaries in Ireland,
where there is a low tax rate, and put manufacturing in Vietnam or Cambodia.
In a way this has been the sort of rational pursuit of maximum profit, a
system which has made the US very rich indeed.

 

China is getting very rich indeed as well, and it is certainly moving up the
value chain.

 

There is a feeling that the US was very comfortable when China was making
cheap sneakers and t-shirts, but when China starts making supercomputers and
missiles the US gets a little bit more concerned, and that is one of the
reasons you are seeing some of these tensions come to the fore.

 

Will the markets recover?

That is really the unknown question right now, Davison said, but one thing
we can expect is more volatility.

 

We got a little bit of a sense of how markets react on Friday when Trump
said he had spoken with Vietnamese officials and there was potentially a
deal in the works for Vietnam.

 

The country has been hit with a 46% tariff by the US, which is quite a
significant level, and Vietnam has indicated that it could reduce to zero
all its tariffs on US goods going into that country. Stocks like Nike and
Lululemon actually increase on that news, because these are apparel
companies that have a very big presence in Vietnam.

 

Broadly, I believe we are going to see markets go down, but you could see
particular stocks moving in a more positive direction as there are
indications that there may be some exemptions allowed.

 

We do not know what Trump will allow - he has sent some big signals at times
saying that his policies will never change, but has also suggested that some
deals are possible.-BBC

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
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INVESTORS DIARY 2025

 


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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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

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