Major International Business Headlines Brief ::: 11 April 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  11 April 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Africa: Trump 'Pauses' Huge Trade Tariff Hikes

ü  Africa Has Potential to Lead the Way in AI, Says Bill Gates

ü  Nigeria: Dangote Refinery Puts Price of Petrol At N865/Litre

ü  Nigeria: We're Sorry - Presidency Apologises Over Errors in Federal
Appointments List

ü  Uganda: 'Uganda's Speedy Motorbike Taxis Will Slow Down for Cash'

ü  Liberia: USAID Contractor Allegedly Refuses to Compensate Employees

ü  Nigeria: Records Tumble On Day One of MTN Champs Lagos

ü  Liberia: Greenville Port Undergoes Renovation

ü  Kenya to Host Global Open Source Office As ITU Unveils Tech Projects

ü  Nigeria: Pay Gencos to Avoid Power Sector Collapse, Elumelu Tells Govt

ü  Trade war fears trigger safe-haven flight

ü  Will trade-shy India gain edge in tariff-driven slowdown?

ü  OpenAI sues Elon Musk claiming 'bad-faith tactics'

ü  Investors facing tariff turmoil: 'It's fastest finger first'

 


 <mailto:info at bulls.co.zw> 

 


 

 

Africa: Trump 'Pauses' Huge Trade Tariff Hikes

Cape Town — US President Donald Trump has announced a 90-day "pause" of
trade tariffs for all countries except China. Trump shared the decision via
social media, saying more than 75 countries made contact with the U.S.
administration to "negotiate a solution".

 

The adjusted tariffs will now remain at 10% for three months, Trump wrote.

 

The decision will bring relief for key exporters like South Africa, Nigeria,
and Madagascar, as well as Lesotho, which had the highest tariff set at 50%.
Lesotho reportedly exported $264 million more to the U.S. than it imported
in 2022, mainly in diamonds and apparel, and imposes a 99% tariff on U.S.
goods.

 

China is the only country not being offered the reduction - the U.S. will
increase tariffs to 125% after the Xi Jinping  administration responded to
the U.S.'s 34% tariff by slapping an 84% tariff on imports from the United
States.

 

“Based on the lack of respect that China has shown to the World’s Markets, I
am hereby raising the Tariff charged to China by the United States of
America to 125%, effective immediately. At some point, hopefully in the near
future, China will realize that the days of ripping off the USA, and other
countries, is no longer sustainable or acceptable.” Trump wrote from The
White House social media account.

 

 

 

Africa Has Potential to Lead the Way in AI, Says Bill Gates

Addis Ababa — Bill Gates, Chair of the Gates Foundation and Founder of
Breakthrough Energy, has expressed optimism about Africa's potential to lead
in artificial intelligence (AI), calling it a powerful tool to tackle some
of the continent's most pressing challenges--from maternal health to
agriculture.

 

Speaking virtually at the Global AI Summit on Africa, held in Kigali from
April 3-4, 2025, Gates emphasized that AI is more than a technological
advancement--it is a life-saving opportunity.

 

"Pregnancies are high risk," he said. "And by identifying those, you could
save millions of other lives across Africa. Because in rural areas, where
we've talked about nearby, you'll know who needs to go and be at a center to
get better care."

 

Gates highlighted the growing role of AI in mental health, agriculture,
education, and governance, according to TOP AFRICAN NEWS.

 

He noted that AI tools are already making a difference in helping farmers
understand weather patterns--particularly important as climate change
continues to disrupt traditional seasons--and are starting to support
students in the classroom.

 

 

AI is helping students in the classroom, Gates said.

 

According to him: "And it's fantastic to keep the kind of paperwork and
complex policies that governments have and connect the citizens so they
understand how to work efficiently with the government."

 

The Gates Foundation, he added, is prioritizing AI innovations with the
potential to "save their food lives"--a phrase emphasizing the vital
intersection of nutrition, agriculture, and technology.

 

He hinted at upcoming initiatives and partnerships set to be unveiled over
the summer that will deepen the Foundation's commitment to AI for
development.

 

"Today, the world faces big challenges," Gates acknowledged. "And it's a
critical moment because some countries are, at least for now, reducing their
commitments to global health and development."

 

However, he remained hopeful, stressing that innovation--particularly AI--is
accelerating progress across sectors. "The good news is that innovation is
giving us an opportunity, whether it's in health or agriculture... And
that's also being accelerated through artificial intelligence."

 

In a message of empowerment, Gates urged Africa not just to adopt AI
solutions but to become a pioneer in the space.

 

"Africa's not just poised to benefit from AI," he said, adding that "It has
a chance in many areas to absolutely lead the way."

 

Read the original article on ENA.

 

 

 

Nigeria: Dangote Refinery Puts Price of Petrol At N865/Litre

Dangote Refinery has started selling petrol at N865 per liter, a N50
increase from its previous price of N815 per liter.

 

This move comes after the suspension of the Naira for crude deal with the
federal government.

 

Oil marketers, including MRS, have begun lifting petrol from the refinery,
which has a capacity of 650,000 barrels per day.

 

The refinery had previously reduced its price to N815 per liter, its third
reduction in 2025.

 

Despite the fall in crude oil prices to $59 per barrel, yesterday, the cost
of refining remains high due to increased costs of importing crude oil in
dollars.

 

Experts had expected lower petrol prices following the decline in crude oil
prices, but the high refining costs have offset the benefits.

 

Vanguard News

 

Read the original article on Vanguard.

 

 

 

 

 

Nigeria: We're Sorry - Presidency Apologises Over Errors in Federal
Appointments List

The Presidency has apologised for the errors in the list of appointments
released to counter the narrative about President Bola Tinubu's alleged
lopsided appointments.

 

The President's appointments have been a topic of conversation lately as
opposition politicians accuse him of favouring his tribesmen and women over
Nigerians from other ethnic groups.

 

In a recent interview with Arise Television, Senator Ali Ndume, an APC
lawmaker representing Borno South, accused the President of violating the
federal character principle in his appointments.

 

Ndume said he decided to call the President's attention to his 'lopsided
appointment' because, as a lawmaker, he has the right to criticize the
President even though they belong to the same party.

 

 

To counter the allegation, the Presidency released a list of President
Tinubu's appointees and their geo-political zones.

 

The list showed that the President had appointed 29 people from the South
West, his home region, 35 from the North West, 22 from the South-South, 16
from the South East, 25 from North Central and 24 from the North East.

 

However, the President's critics have pointed out that the list was not
comprehensive, as the name of a major appointee from the President's home
region was missing.

 

The omission of the President's Chief of Staff, Femi Gbajabiamila, from the
list further strengthened the regional imbalance narrative against President
Tinubu's administration, as the list clearly showed that the South East is
highly underrepresented in his government.

 

As the document sparked debate on social media, Sunday Dare, the Special
Adviser, Media & Public Communication/Spokesperson to the President, has
tendered an apology for the errors in the list.

 

"We have noticed a number of errors in the list of appointments tweeted. We
are sorry. We will provide an updated list later. Thank you," Dare appealed
to Nigerians on X.

 

However, Dare did not explain why Gbajabiamila's name was omitted from the
list.

 

Vanguard News

 

Read the original article on Vanguard.

 

 

 

 

 

 

Uganda: 'Uganda's Speedy Motorbike Taxis Will Slow Down for Cash'

Every day, 10 people die on the roads of Kampala, Uganda's capital. Road
accidents cost Uganda US$1.2 billion annually, which is about 5% of its GDP.
The cost typically arises from healthcare spending. Families face crippling
medical bills and businesses lose workers.

 

Motorbike taxis, which are popular in Uganda, are a leading cause of
accidents. They are responsible for 64% of all recorded accidents - mostly
as a result of speeding.

 

Why do so many motorbike taxi drivers in Uganda speed? The common wisdom
suggests that they do it for financial reasons. Higher speed translates to
more trips, and more trips mean more income.

 

 

But a closer look reveals a more complex reality: speeding isn't just a
money decision - it's about social pressure among motorbike taxi drivers and
the need to adhere with behaviours that signal masculinity. Most drivers are
male.

 

Uganda's current approaches to counter speeding include fines and awareness
campaigns. There is little evidence that these methods have been effective.

 

My recent study in Kampala challenges these traditional road safety
approaches, which often fail to change behaviour. I am a behavioural
economist, and my findings show offering financial incentives can work - but
only if these incentives provide drivers with a socially acceptable reason
to slow down.

 

Financial incentives need to be made public, and only work when they allow
motorbike taxi drivers to justify safer behaviour to their peers. This is
key, because getting road safety incentives right saves lives. It also
reduces healthcare costs, lowers fuel consumption and emissions, and helps
shift harmful social norms that encourage reckless driving.

 

 

Why drivers speed

 

My research finds that speeding among motorbike taxi drivers isn't just a
financial decision in Uganda, it's a social one. Drivers work in tight-knit
communities where reputation matters as much as income.

 

I collected data from a representative sample of 386 passengers and found
commuters prefer safer drivers and are willing to pay up to 8% more for
careful driving. Yet, speeding remains the norm.

 

The reason? Driving fast is a status symbol for motorbike taxi drivers.

 

I carried out an experiment to test whether drivers who speed are perceived
more positively by their co-workers. Results are clear: fast drivers are
perceived as more skilled and have a higher social status, measured as their
ability to influence decisions at their taxi stations.

 

 

This presents a policy challenge: how can financial incentives encourage
safer driving without making drivers feel like they are losing respect among
their peers?

 

To test how financial incentives could encourage safer driving, I conducted
an experiment in which a research team offered 360 drivers two options:

 

1. a contract that paid them a daily incentive of UGSh6,000 (US$1.64) -
roughly a third of their daily income - for observing speed limits

 

2. or an equivalent lump sum cash payment with no conditions attached,
including limiting a driver's speed.

 

But the framing of these choices mattered.

 

· Some drivers knew their decision would be private, meaning no one else
would know if they took the safe-driving contract.

 

· Others knew that only the safe-driving contract would be public, while the
alternative lump sum cash option remained private - giving them a socially
acceptable reason to slow down.

 

· A third group knew their decision would be fully public, meaning their
peers would see if they chose the safe-driving contract over the lump sum.

 

The results were clear. Twice as many drivers accepted the safe-driving
contract when it was public and provided a justification for slower speeds.

 

Why? Because when the incentive was visible but also justified, drivers
could explain their decision as a financial one: I'm not driving slower
because I'm scared, I'm doing it because I'm getting paid.

 

The design of this experiment allowed me to answer the question: what
mechanism favours socially desirable behaviours when incentives are offered?

 

But would the drivers actually slow down?

 

Did it work?

 

To see whether these contracts actually changed driving behaviour, I
conducted an impact experiment, offering incentives for two weeks and
tracking drivers for six months.

 

Drivers were randomly offered one of the following contracts:

 

1. a private safe-driving contract - where only the driver knew about the
financial reward

 

2. a public safe-driving contract - where their peers knew they were being
paid to slow down

 

3. a control group - who received a contract consisting of a simple cash
payment with no conditions.

 

The results were striking. While both safe-driving contracts reduced
speeding, the public contract was nearly twice as effective as the private
one. The most significant reductions were seen in extreme speeding
(occurrences of 80km/h or more) - the kind most likely to cause severe
accidents.

 

The key takeaway is that visibility makes incentives work, but only when it
provides justification. If a driver had to publicly choose the safe-driving
contract over another cash offer, it lost effectiveness. But when structured
as a justifiable contract, it allowed drivers to slow down without social
consequences.

 

Reframing safe driving as a smart decision, not just a rule, is important.
Featuring respected drivers in safety programmes can potentially help shift
perceptions of what makes a "good" driver.

 

Finally, drivers operate in tight social networks. Policies should be
developed with their input rather than imposed externally. Programmes that
actively engage drivers will be more widely accepted and successful.

 

Rethinking how incentives shape behaviour

 

Speeding is often framed as a problem of reckless individuals making bad
choices. My research shows that's rarely the case - rather it's about social
incentives and peer influence.

 

A poorly designed financial incentive may slow drivers down temporarily, but
it won't change long-term behaviour. Incentives that help drivers escape the
social pressure of adopting risky behaviours may shift norms - creating
lasting improvements in road safety, economic efficiency and environmental
impact.

 

Read the original article on Independent (Kampala).

 

 

 

 

Liberia: USAID Contractor Allegedly Refuses to Compensate Employees

A USAID contractor, RTI International, is now subject to legal action after
reportedly refusing to properly compensate employees whose contracts it
terminated after USAID ended its projects in Liberia.

 

Since taking office, U.S. President Donald Trump's administration has
canceled hundreds of USAID projects around the world as it dismantles USAID,
which it accuses of wastefulness and of advancing liberal causes. Liberia
has seen dozens of projects canceled by USAID, the West African country's
largest development partner.

 

RTI International operated two USAID-funded projects in Liberia - the US$20
million Food Security Nutrition and Resilience activity (FSNR) and the US$24
million Transforming the Education System for Teachers and Students in
Liberia activity (TESTS). Both projects were shut down by the Trump
administration.

 

 

Per Liberian labor regulations, RTI International must pay for benefits owed
until the end of the contract. The two employees suing the USAID contractor,
who asked to remain anonymous for fear of retribution, say RTI International
is skirting Liberian laws by not paying employees their proper benefits.

 

Since they decided to challenge the organization, they say they have been
intimidated and bullied. Initially, RTI International withheld their March
salaries to deliberately pressure them into submission. However, one of the
staff emailed RTI International's senior vice president for Human Resources
in the U.S., resulting in the organization caving and paying their March
salaries.

 

Additionally, the company agreed to allow all staff to keep their work
laptops at the end of the project, but they withheld those devices from the
two staff who demanded their legal benefits.

 

 

It is not clear why RTI International is so adamant in denying the legal
benefits of its fixed-term staff when other USAID projects are complying
with Liberian law. Inquiries were made at six other USAID-funded projects
where employees confirmed that those projects have complied with labor
regulations and are paying their former employees who were hired on
fixed-term contracts appropriately.

 

In an email communication between the company's senior leaders and the
aggrieved staff, RTI International cited "force majeure", a legal concept
that refers to an event that is unforeseeable, unavoidable, and beyond the
control of the parties involved in a contract.

 

Typically, it can excuse both parties from fulfilling their obligations.
This is a stance that has been reiterated by the RTI International's defiant
chief of party Michael Tewolde Ghebrab in a failed mediation conference
after the two former staff asked the Labour Ministry to intervene.

 

However, RTI International's force majeure claim is unusual, given that the
company is donating assets, including four Toyota Landcruiser's that were
purchased over three years ago for US$35,000 each. Those assets are being
distributed to organizations that RTI International has no legal obligation
to provide those donations to, unlike its legal obligations to the two
employees.

 

Moreover, all USAID contractors submit reimbursement requests to the U.S.
government for necessary and lawful expenses that come as a result of doing
their job. When the U.S. government decided to cancel all USAID projects, it
came with the understanding that they would be responsible for paying for
any lawful costs associated with the closure. Moreover, the U.S. Supreme
Court has already ruled that the U.S. government must pay contractors for
work it obligated them to.

 

The aggrieved former employees say RTI International is simply trying to
avoid meeting its legal responsibilities in Liberia and is depriving honest
working Liberians of benefits to which they are entitled and the Liberian
government of much-needed revenues.

 

"I don't understand why the company will give away vehicles for free and
claim that it's not able to pay. RTI International's actions don't only
violate our rights, but it also deprives the Liberian government of
much-needed tax revenues," one said. "When RTI International refuses to pay
our just benefits, they also avoid paying the government the appropriate
amount in payroll and income taxes, preventing almost US$10,000 from going
to the government."

 

Read the original article on Liberian Observer.

 

 

 

 

 

Nigeria: Records Tumble On Day One of MTN Champs Lagos

The sprint events, especially the 100m and 400m races, produced a flurry of
Personal Bests (PBs), setting the tone for a thrilling athletics weekend.

 

The 2024 MTN CHAMPS Continental Relays began on a high note in Lagos on
Wednesday, with an action-packed Day 1 that delivered excitement, energy,
and a string of impressive personal records.

 

Taking place across two major venues -- Yabatech and the University of Lagos
Sports Complex -- the event saw young athletes from across Nigeria competing
fiercely for medals and points on behalf of their schools and teams.

 

 

The sprint events, especially the 100m and 400m races, produced a flurry of
Personal Bests (PBs), setting the tone for a thrilling athletics weekend.

 

Two-time Olympian Emmanuel Ojeli was one of the standout performers,
smashing his three-year-old PB in the men's 100m semifinals with a blazing
time of 10.24s.

 

He comfortably won his heat, finishing ahead of Emmanuel Babalola (10.55s)
and Ganiu Hassan (10.63s).

 

Also in strong form was Favour Ashe, fresh from a stellar showing at the
Niger Delta Sports Festival.

 

He clocked a wind-assisted 10.14s to take his heat, beating ThankGod Igube
(10.23s), while Chidera Ezeakor controlled his semifinal with a solid
10.43s, ahead of Oriyomi Akala (10.56s).

 

In the women's 100m, Iyanu Bada delivered one of the most exciting
performances of the day.

 

After running a PB of 11.48s in the prelims, she went even faster in the
semifinals with 11.38s, showing she's a name to watch.

 

Janet Adesiyan and Favour Odiyeye followed in the same heat, clocking 11.88s
and 11.97s, respectively.

 

In the junior men's category, John Caleb stood out by recording a PB of
10.38s in the semifinals, making him the fastest qualifier in his division.

 

Qudus Akintoye (10.59s) and Abdulrahman Jimoh (10.61s) completed the top
three semifinal times.

 

On the junior women's side, Lucy Nwankwo of Team MTN impressed with a PB of
12.07s, the fastest across all semifinal heats.

 

Her teammate Azeezat Muhammed-Raji followed closely with 12.20s, while Ojone
Akubo-Adegbe rounded out the top three in 12.47s.

 

The men's 400m heats saw Samson Nathaniel top the field with a Season's Best
(SB) of 46.20s, followed by Benjamin Magaji, who won his heat in 48.28s to
rank second overall.

 

MTN CHAMPS: Over 2,500 athletes to compete in Lagos

 

In the women's 400m, another two-time Olympian, Patience Okon George, opened
her season with a time of 53.19s, while Miracle Donald-Uwem thrilled the
crowd by setting a new PB of 54.59s, winning her heat and securing the
second-fastest overall time.

 

As Day 1 came to a close, athletes, coaches, and fans were left buzzing with
anticipation for what was to come.

 

With personal records falling left and right, MTN CHAMPS Lagos is already
shaping up to be a showcase of Nigeria's rising track and field stars.

 

Read the original article on Premium Times.

 

 

 

Liberia: Greenville Port Undergoes Renovation

In an effort to improve infrastructure development in Liberia's Port sector,
the Management of Greenville Port in Sinoe County has embarked upon a
massive renovation work at the Port's facility in Southeastern Liberia.

 

The move by the visionary management team led by SekouDukuly is among other
things, part of the NPA'S broader commitment to modernizing port
infrastructure development across Liberia.

 

The ongoing renovation which began Sunday focuses on upgrading six key
infrastructure facilities including the rehabilitation of the road leading
from the port entrance to the pier.

 

 

According to the management's team, such an initiative is a significant step
towards ensuring improved operational standards and strengthening the port's
capacity to accommodate increased maritime activities.

 

Additionally, The NPA Management's move is also in alignment with the Board
of Directors' resolution and its commitment to the development of port
infrastructures around the country.

 

As a means of empowering local businesses within the County, The contract
for the renovation of infrastructures at Greenville Port was awarded to the
PA Engineering and Construction Company (PAECC) and Raph Engineer and
Construction Associates--two reputable construction firms operating in Sinoe
County.

 

The NPA stated that as part of best practices, the selection followed a
rigorous bidding process in adherence to Public Procurement and Concessions
Commission (PPCC) regulations, ensuring transparency and competitive
participation.

 

During the official signing ceremony and project handover, Cllr. Sylvia A.
Tarley, Director of the Port of Greenville, emphasized the importance of
timely and quality execution.

 

She noted that the Board of Directors and the senior management team are
keen on efficiency and effectiveness in the project's implementation.

 

Madam Tarley urged contractors to adhere to the highest engineering
standards as they work to revitalize the port's key infrastructure.

 

The Greenville Port Boss at the same time extended profound gratitude and
appreciation to President Joseph N. Boakai for his unwavering support of
Liberia's infrastructure agenda and his commitment to the NPA's
modernization efforts.

 

According to Cllr. Tarley, the NPA Management headed by Sekou A. M. Dukuly
is fully involved with the rehabilitation of the Port of Greenville which is
a significant milestone in strengthening Liberia's seaport facilities and
bolstering economic activities within the region.

 

Read the original article on New Republic.

 

 

 

 

Kenya to Host Global Open Source Office As ITU Unveils Tech Projects

Nairobi — Kenya has been selected to host an Open Source Programme Office
(OSPO) under a new pilot project launched by the International
Telecommunication Union (ITU), the United Nations Development Programme
(UNDP), and the European Union.

 

The announcement was made during the World Telecommunication Development
Conference 2025, where ITU revealed several initiatives aimed at
strengthening digital ecosystems in Africa.

 

The OSPO, part of the Open Source Ecosystem Enabler (OSEE) project, is
expected to support open-source software development and digital capacity
building.

 

Other highlights included a EUR 15 million broadband mapping project for
African countries, backed by the EU, and a digital public infrastructure
roadmap for Kenya in partnership with Germany's GIZ and Foreign Office.

 

ITU also launched the fourth ATU Africa Innovation Challenge and unveiled
the second cohort of its Generation Connect Young Leadership Programme,
which attracted nearly 7,000 applicants from 185 countries.

 

The event featured sessions on women's participation in digital development
and youth involvement in shaping tech policy.

 

The next regional meeting will take place in Kyrgyz Republic later this
month, ahead of the WTDC-25 global summit scheduled for November in
Azerbaijan.

 

Read the original article on Capital FM.

 

 

 

 

Nigeria: Pay Gencos to Avoid Power Sector Collapse, Elumelu Tells Govt

"As of date, our federal government owes your company over N600 billion.
That is $400 million."

 

Transcorp Group chairman Tony Elumelu has warned that the country's
electricity supply system will collapse if the federal government fails to
urgently pay debts owed to power generation companies and accelerate
long-delayed sector reforms.

 

Speaking Wednesday in Abuja at the 19th Annual General Meeting of
Transnational Corporation Plc (Transcorp), Mr Elumelu said his company alone
is owed over N600 billion -- approximately $400 million -- for electricity
already generated and supplied to the national grid.

 

 

"As of date, our federal government owes your company over N600 billion.
That is $400 million," Mr Elumelu said to the shareholders. "Much as we, as
patriotic Nigerian investors, are committed to supporting the effort of the
federal government facing the economy, we have another excruciating burden
of subsidising the sector as producers who do not get paid for the
electricity we generate."

 

"We put it on the grid, and it is consumed on the grid," he added. "This,
you will ask, is totally not sustainable. It requires urgent attention."

 

Mr Elumelu's warning comes as Nigeria continues to grapple with power
outages, unstable grid performance and chronic liquidity shortfalls in the
electricity market, over a decade after the country privatised generation
and distribution assets in hopes of attracting investment and improving
supply.

 

He acknowledged that President Bola Tinubu's administration had taken some
steps to reform the sector, including efforts to clear GenCo debts, expand
metering under the Presidential Metering Initiative (PMI), and separate
Independent System Operations from Transmission System Operations. However,
he expressed concern that implementation has been slow and uncoordinated.

 

 

"While the intention behind this initiative is very good, these intentions
can only be achieved through ruthless, result-oriented and timely execution
before this sector collapses in our very lives," Mr Elumelu said.

 

"Let me therefore use this opportunity of our AGM to call on all those
involved in executing our president's directives to please prioritise this
critical national task immediately."

 

He called on the government to complete debt repayment processes initiated
late last year and fast-track delivery of meters nationwide.

 

Mr Elumelu also urged stronger investment in gas infrastructure, warning
that gas supply constraints continue to hinder power generation across the
country. He pointed to the ongoing OB3 pipeline project, designed to link
the eastern and western gas networks, as a critical intervention that needs
to be completed.

 

"Nigerians need improvement in access to electricity," he said. "The
Transcorp Group alone is owed over $400 million. We want this paid so that
we can help actualise the president's vision for improving electricity
supply to Nigeria."

 

Despite these challenges, the chairman said Transcorp's diversified
businesses continue to perform strongly. He cited growth across Transcorp
Hotels, Transcorp Power (managed by Abuja Electricity Distribution Company),
and Transcorp Energy, noting that the group's combined listed market
capitalisation has crossed N4.5 trillion from less than N20bn in 2011 when
his group took over the company.

 

Unlisted assets, such as AEDC and Transcorp Energy's OPL 2SL, are expected
to boost the group's value even further.

 

Read the original article on Premium Times.

 

 

 

 

Trade war fears trigger safe-haven flight

The price of gold has hit a fresh record high as concerns grow about the
US-China trade war.

 

Bullion is above $3,200 (£2,454) a troy ounce for the first time as
investors flock to so-called safe-haven assets.

 

The Swiss franc, another safe-haven asset, hit a new decade high against the
US dollar, while a sell-off in US government bonds seen earlier this week
has resumed.

 

"The massive flight to safety... all reflects the lack of clarity in
financial markets today," Olivier d'Assier, from investment management
solutions firm SimCorp, told the BBC.

 

"We now live in a no-rulebook world, on trade, security, health, and
sovereignty even," he adds.

 

"So safe havens like gold, the Swiss franc, non-US government bonds, are the
only option left for now."

 

A safe-haven asset is an investment that is expected to retain, or even gain
value during periods of economic uncertainty.

 

It comes after Wall Street shares slumped on Thursday and stock markets in
Asia fall today.-bbc

 

 

 

 

 

Will trade-shy India gain edge in tariff-driven slowdown?

India is the world's fifth-largest and fastest-growing major economy.

 

Yet, a recent legacy of protectionism and inward-focused trade policies have
held back its global competitiveness.

 

Its tariffs are high and the share of global exports remains under 2%.
India's vast domestic market has fuelled its growth - outpacing many others,
economists argue, largely because the rest of the world is slowing. But in a
turbulent, increasingly protectionist era, India's instinct for
self-reliance may oddly serve as a short-term shield.

 

As countries scramble to recalibrate in response to shifting US trade
policies - like Donald Trump's latest 90-day tariff pause after weeks of
sabre-rattling - India's relative detachment may have helped it weather
shocks that have jolted more trade-dependent economies.

 

"India's lower exposure to global goods trade could work in our favour. If
export-driven economies slow down under tariff pressure, and we continue
growing at 6%, we'll start looking stronger by comparison - especially with
our large domestic market to fall back on," says Rajeswari Sengupta, an
associate professor of economics at Mumbai-based Indira Gandhi Institute of
Development Research.

 

"Being trade-shy has turned into an advantage - but we can't afford
complacency. To seize new opportunities, India must stay nimble and open up
more to trade gradually and strategically," she adds.

 

It may not be easy, given India's long and complicated relationship with
trade barriers and tariffs.

 

 

AFP A crane loads shipping containers on a truck at the Deendayal Port
Authority (DPA) in Kandla in India's Gujarat state on April 5, 2025.AFP

In 2024, India exported $89bn worth of goods to the American market

In his book India's Trade Policy: The 1990s and Beyond, Columbia University
economist and noted trade expert Arvind Panagariya traces the complex and
often inconsistent evolution of India's approach to trade.

 

During the inter-war years, industries like textiles and iron and steel
lobbied for - and received - high levels of protection. The chronic
shortages of World War Two led to even stricter import controls, enforced
through an elaborate licensing system.

 

While Asian peers such as Taiwan, South Korea and Singapore shifted to
export-led strategies in the 1960s - and began posting impressive growth
rates of 8–10% annually - India chose to double down on import substitution.
As a result, imports as a share of GDP shrank from 10% in 1957–58 to just 4%
by 1969–70.

 

By the mid-1960s, India had banned imports of consumer goods altogether.
This not only removed the pressure on domestic producers to improve quality
but also denied them access to world-class inputs and technology.

 

As a result, Indian products lost their competitiveness in global markets
and exports stagnated. The resulting foreign exchange shortages led to even
tighter import controls, creating a vicious cycle that stifled growth.
Between 1951 and 1981, per capita income grew at a sluggish pace of just
1.5% a year.

 

The turning point came in 1991. Faced with a balance-of-payments crisis,
India dismantled many import controls and let the rupee depreciate - a move
that gave a much-needed boost to exporters and domestic producers competing
with imports. Import licensing on consumer goods ended only in 2001, after
the World Trade Organisation (WTO) ruled against it.

 

The impact was striking: between 2002–03 and 2011–12, India's exports of
goods and services surged six-fold, soaring from $75bn to over $400bn.

 

With trade liberalisation and other reforms, India's per capita income grew
more in the first 17 years of the 21st Century than it did throughout the
entire 20th Century, notes Prof Panagariya.

 

But the pushback to trade didn't end.

 

Trade liberalisation in India was reversed twice - in 1996–97 and again
since 2018 - with extensive use of anti-dumping measures to block imports
from the most competitive sources, according to Prof Panagariya.

 

"Many post-colonial states like India harbour a deep-rooted suspicion that
international commerce and trade are simply new forms of colonisation.
Unfortunately, this mindset still lingers among some policymakers - and
that's a shame," says Vivek Dehejia, a professor of economics at Carleton
University in Canada.

 

Reuters Craftsmen work on diamonds inside a diamond processing unit in
Surat, India, April 3, 2025. REUTERS/Anushree FadnavisReuters

A diamond factory in Surat - India exported nearly $12bn in gold jewellery
and diamonds to the US in 2024

Many economists argue that a decade of protectionist policies has undercut
Prime Minister Narendra Modi's Make in India initiative, which focused on
capital and technology-intensive sectors while sidelining labour-intensive
industries like textiles. As a result, the programme has struggled to
deliver meaningful gains in manufacturing and exports.

 

"If foreigners cannot sell their goods to us, they will not have the
revenues to pay for the goods they buy from us. If we cut back on their
goods, they will have to cut back on ours," Prof Panagariya wrote.

 

Such protectionism has also led to allegations of cronyism.

 

"Tariffs have created protectionism in several Indian industries,
disincentivising investments in efficiency by cosy incumbents and allowing
them to steadily garner market power by building up concentrated positions,"
according to Viral Acharya, a professor of economics at New York University
Stern School of Business.

 

With the US turning inward and China under pressure, countries belonging to
the European Union are scrambling for reliable trade partners - and India
could be one of them. To seize this moment, economists believe India must
lower its tariffs, boost export competitiveness and signal its openness to
global trade.

 

Sectors like garments, textiles and toys present a golden opportunity,
especially for the medium and small-scale sectors. But after a decade of
stagnation, the big question is: can they scale up - and will the government
back them?

 

If Trump follows through on his tariff plans after the current pause, India
could see a $7.76bn - or 6.4% - drop in exports to the US this year,
according to an estimate by Global Trade Research Initiative (GTRI), a
Delhi-based think tank. (In 2024, India exported $89bn worth of goods to the
American market.)

 

"The Trump tariffs are expected to deliver a mild blow to India's
merchandise exports to the US," says Ajay Srivastava of GTRI.

 

He emphasises the need for India to broaden its trade base after securing a
balanced deal with the US. This includes fast-tracking agreements with the
EU, UK and Canada, while deepening ties with China, Russia, Japan, South
Korea, and Asean.

 

At home, real impact hinges on reforms: simpler tariffs, a smoother goods
and services tax (GST), better trade processes and fair implementation of
quality controls. Without these, India risks missing the global moment.-bbc

 

 

 

 

OpenAI sues Elon Musk claiming 'bad-faith tactics'

OpenAI is suing Elon Musk over claims he has tried "nonstop" to slow down
its business for his own benefit.

 

The company accuses the Tesla boss of using "bad-faith tactics" against
OpenAI to help him control cutting-edge AI technology.

 

Mr Musk sued OpenAI chief executive Sam Altman last year in a bid to stop
him from changing its corporate structure. Mr Musk co-founded OpenAI with Mr
Altman but left several years ago.

 

The BBC has approached his lawyer for a response to OpenAI's lawsuit, which
was filed on Wednesday.

 

 

The countersuit opens up a new front in the high-stakes battle between two
Silicon Valley heavyweights.

 

"Elon's nonstop actions against us are just bad-faith tactics to slow down
OpenAI and seize control of the leading AI innovations for his personal
benefit," OpenAI said in a statement on Wednesday. "Today, we countersued to
stop him."

 

Last week, a federal judge in Oakland, California, set a March 2026 trial
date in Mr Musk's suit in a bid to fast-track the legal fight.

 

US District Judge Yvonne Gonzalez Rogers previously declined to grant Mr
Musk an injunction that would temporarily halt OpenAI's conversion from a
non-profit to a for-profit company.

 

She also said that she expected Mr Musk to give evidence in the case.

 

Mr Musk alleges that OpenAI strayed from its founding mission as a
non-profit to develop AI for the benefit of humanity and is therefore in
breach of contract.

 

He left the company in 2018.

 

"This is about control. This is about revenue. It's basically about one
person saying, 'I want control of that startup'," said Ari Lightman,
professor of digital media and marketing at Carnegie Mellon University.

 

Lightman said it has been a distraction from making AI safe and equitable.

 

"That takes a backseat with all this rigmarole over control and
monetization," Lightman said.

 

OpenAI claims Mr Musk has "been spreading false information about us," in a
X post on Wednesday, adding "Elon's never been about the mission. He's
always been about his own agenda."

 

Musk's xAI is a competitor to OpenAI, but has so far lagged behind. Last
month, xAI acquired Musk's social media platform X - formerly Twitter.

 

Mr Musk claims the combined company, XAI Holdings, is valued at more than
$100 billion.

 

In February, Mr Musk made an unsolicited bid for OpenAI, offering to buy it
for $97.4 billion, which Mr Altman rejected by posting: "no thank you but we
will buy twitter for $9.74 billion if you want."-bbc

 

 

 

Investors facing tariff turmoil: 'It's fastest finger first'

As a former champion runner, Richard McDonald can move quickly.

 

But the speed of the market falls, triggered by the sweeping global tariffs
Donald Trump announced last week, still kept him on his toes.

 

Previously a trader for Credit Suisse, he now buys and sells stocks
privately. At his laptop in London last week, he watched as the president
unveiled a poster board outlining tariff rates, some as high as 50%, for
imports from countries around the world.

 

He raced to understand which companies might be worst hit. Then he sold.

 

 

"There are billions being wiped off share prices every second, so it's
really 'fastest finger first'," he said. "My mind was sprinting."

 

In 25 years of trading, he said he had rarely experienced anything like it.

 

Richard McDonald Richard McDonald, with blond hair and stubble, in a navy
blue button down shirtRichard McDonald

 

Trillions were wiped off the value of financial markets around the world in
the aftermath of Trump's "Liberation Day" announcement.

 

Leading share indexes in the US and UK saw some of the steepest declines
since the onset of the Covid-19 pandemic, dropping more than 10% over three
days.

 

Oil prices sank and so did the dollar.

 

By Wednesday, the worries had spread to the bond market, as investors
started dumping US government debt, usually a safe haven for investors in
times of uncertainty.

 

When Trump announced he was putting some of the most eye-watering tariffs on
pause, shares stopped sliding and rallied.

 

But the market turmoil was far from over.

 

Trump left in place a tariff of 10% on imports from most countries and a
tariff of 145% on goods from China, America's third largest source of
imports after the European Union and Mexico.

 

A day after the announcement, the S&P 500 dropped another 3.5%, the Dow slid
2.5% and the Nasdaq fell 4.3%.

 

At St Louis-based Argent Capital Management, the mood, said portfolio
manager Jed Ellerbroek, was "still miserable".

 

Some of his firm's holdings, like health insurance giant United Healthcare,
have done well over the last week, as investors look for companies likely to
be able to weather the tariff storm.

 

But his third largest investment is Apple, which makes the majority of its
iPhones and other products in China.

 

"Trump has induced a gigantic amount of uncertainty into the global economy
and consumers and investors and business managers are reeling and unable to
make long-term decisions," Mr Ellerboek said.

 

"We are really on hold, because we only trade when we have high conviction
levels," he said.

 

"What do we do with Apple? I don't know. I'm not going to change when I have
no clue what the tariff rate is going to be next week," he said.

 

 

Faced with so many uncertainties, some investors are simply quitting the
market, said John Canavan, lead analyst at Oxford Economics.

 

"What you're looking at, broadly speaking, is a market that is frustrated,
uncertain and confused about where we're going to be one day to the next,"
he said. "In that environment you have a tendency to see some investors
choosing the safety of cash."

 

While Trump's tariff rollback was a "relief", he said it did not change the
bigger picture: firms in the US that are bringing in parts or products are
facing significantly higher import taxes than they were at the start of the
year.

 

"The tariffs that remain are still high enough that they are likely to push
up inflation and weigh significantly on the economy as we go forward," he
said.

 

"We're just back trading again on the broader long-term outlook of the
tariff implications, which is still negative."-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

Email:                <mailto:bulls at bullszimbabwe.com>
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.

 


 

 


 (c) 2025 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

 


 

 

 

 

 

 

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