Major International Business Headlines Brief ::: 28 April 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  28 April 2025 

 


 


 


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ü  Kenya: Ruto's Globe-Trotting Exposed Again After Rome Trip, Breaking
Cost-Cutting Promises

ü  Somalia's President Defends Oil Deal With Turkey Amid Criticism

ü  Nigeria Moves to Unlock AfCFTA Potential, Launches Maiden Hackathon With
N20m Grand Prize

ü  South Africa: Eskom Continues Planned Maintenance Plan

ü  Somalia: Russian Deputy Foreign Minister Visits Somalia to Strengthen
Diplomatic Ties

ü  Nigeria: Buhari's Fiscal Policy Almost Collapsed Nigeria's Economy, Says
Senator Adeola

ü  Egypt: Abdelatty Discusses Regional Updates With Omani, Iranian FMs, U.S.
Envoy

ü  Nigeria: Buhari's Govt Borrowed $400bn to Stabilise Naira - Senator
Adeola

ü  Namibia's Sovereign Credit Rating Remains Positive

ü  Namibia: Hengari Resigns As Minister of Agriculture and Fisheries

ü  Ethiopia, Morocco Defense Cooperation Eyes Cybersecurity, AI, and Defense
Industries

ü  South Africa: Power Utility Eskom Suspends Power Cuts

ü  Kenya Set to Overtake Ethiopia As East Africa's Largest Economy

ü  South Africa: Sassa Gold Cards to Continue Working Beyond 31 May 2025

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya: Ruto's Globe-Trotting Exposed Again After Rome Trip, Breaking
Cost-Cutting Promises

Nairobi — President William Ruto's unexpected attendance at Pope Francis'
funeral in Rome on Saturday has sparked a fresh wave of criticism,
particularly after he had earlier nominated National Assembly Speaker Moses
Wetangula to represent Kenya at the event.

 

Wetangula had publicly confirmed on April 24 that he would attend the
funeral on behalf of President Ruto, who had selected him for the diplomatic
mission.

 

After concluding a state visit to China, President Ruto surprised Kenyans by
redirecting his itinerary to Rome, becoming the only African head of state
to attend the funeral in person.

 

Accompanied by Prime Cabinet Secretary Musalia Mudavadi and other officials,
his decision raised questions about his commitment to cost-saving measures,
as many Kenyans continue to struggle with the rising cost of living.

 

While the Vatican extended invitations to global leaders for the funeral,
the precise number of African heads of state invited remains unclear.

 

 

Notably, only President Ruto, who is not Catholic and has previously clashed
with Kenyan bishops over his generous contributions to churches, attended in
person.

 

Other African countries were represented by senior officials like vice
presidents, ministers, and parliamentary leaders.

 

Former Deputy President Rigathi Gachagua criticized Ruto's decision,
accusing him of a "lack of trust" in others and contributing to wasteful
spending of public funds.

 

"The President doesn't trust anybody to handle anything. There was no reason
for him to go personally, especially after appointing the Speaker," Gachagua
said during an interview on Weru TV on Sunday.

 

Since taking office in September 2022, Ruto has embarked on an extensive
travel schedule, raising questions about the frequency of his international
trips and their cost amid his government's promises of fiscal
responsibility.

 

President Ruto was scheduled to return to the country on Monday after his
State Visit to China and the unexpected trip to Rome.

 

Read the original article on Capital FM.

 

 

 

 

Somalia's President Defends Oil Deal With Turkey Amid Criticism

Mogadishu, Somalia — Somali President Hassan Sheikh Mohamud has defended the
recent oil exploration deal with Turkey, calling it a mutually beneficial
agreement after online criticism emerged over the terms.

 

The president stated that the agreement represents shared interests and is a
significant step for the country, as it marks the first time in history that
Somalia is conducting oil exploration.

 

"Previously, Somalia did not engage with anyone regarding its oil and gas
resources, and this is the first time we are conducting exploration,"
President Mohamud said in a statement. Currently, exploration is taking
place offshore, and we have also signed another agreement for exploration
along the coast.

 

 

This does not mean that only Turkey is being given the opportunity--no
foreign country is being prioritized."

 

The president also emphasized that Turkey should not be compared to future
countries that might come to Somalia for similar opportunities, as Turkey is
the first nation to take the initiative in extracting oil from Somalia.

 

He further praised the relationship between Somalia and Turkey, highlighting
that Turkey is the only country that has offered mediation when Somalia has
had disputes with neighboring countries.

 

The deal has sparked controversy, particularly after a copy of the agreement
was leaked by the Nordic Press Agency. According to the document, Turkey is
set to receive 90% of the revenues generated from oil extraction, leaving
Somalia with only 5%.

 

Opposition politicians have criticized the agreement, claiming it amounts to
resource exploitation, and they have called on the Somali government to
provide further clarification on the deal.

 

In response to the concerns, the Somali government clarified that Turkey
would initially receive 90% of the revenue to cover the costs of exploration
and extraction. After that, Somalia will take control of its oil resources.

 

Read the original article on Shabelle.

 

 

 

Nigeria Moves to Unlock AfCFTA Potential, Launches Maiden Hackathon With
N20m Grand Prize

Abuja — The Nigeria the African Continental Free Trade Area (AfCFTA)
Coordination Office, has endorsed the launch of the first-ever AfCFTA
Hackathon in in the country with N20 million grand prize.

 

The bold move seeks to deepen the implementation and unlock the full
potential of the landmark trade agreement in Nigeria.

 

The Coordination Office is under the leadership of the National Coordinator,
Mr. Olusegun Awolowo.

 

The hackathon initiative, led by Cherith-Code Concept Limited, an
international trade consortium, is supported by a coalition of partners,
including Ascend Studios Foundation, Amazon Web Services, GFA Technologies,
the National Information Technology Development Agency (NITDA), and Real
Sources Africa, a Kenya-based company.

 

 

The annual, high-impact project will focus on unpacking the opportunities
presented by the newly adopted AfCFTA Digital Trade Protocol (DTP).

 

Senior Trade Expert and Lead at the Nigeria AfCFTA Coordination Office, Mr.
Olusegun Olutayo, im a statement, said the hackathon is an innovative,
tech-driven challenge specifically designed with Nigeria's enterprising
youth in mind.

 

He said the programme aligns with the Renewed Hope agenda of President Bola
Tinubu, aimed at strengthening Nigeria's vibrant entrepreneurial ecosystem.

 

Olutayo, who also serves as Director of the Nigerian AfCFTA-Hackathon
Project, further emphasised that the initiative will expand opportunities
under the AfCFTA framework, empowering Nigerian innovators to explore and
dominate the continental market through digital trade.

 

He said the platform will serve as a hub for developing competitive,
practical, and innovative solutions to power digital trade across Africa.

 

Held as a flagship event at the Science of Trade (SOT) Conference 2025,
hosted by Ascend Studios Foundation, the maiden AfCFTA Hackathon is set to
take place from May 1-3, 2025, in Lagos State, Nigeria's commercial and tech
innovation hub.

 

Convener of the SOT Conference, Dr. Inya Lawal, expressed enthusiasm about
the hackathon's transformative potential and the partnership with the
Nigeria AfCFTA Coordination Office.

 

The Chief Operating Officer (COO), Cherith-Code Concept,

 

Dr. Inya Lawal, said the event marked a pivotal shift in how Africa
approaches digital trade. It sparks practical innovations that shape the
continent's economic future.

 

Described as the first-of-its-kind on the continent, the hackathon seeks to
drive the implementation of the AfCFTA Digital Trade Protocol, positioning
the country as a trailblazer in Africa's evolving digital trade environment.

 

The Secretary-General of the AfCFTA Secretariat, Wamkele Mene, is expected
to attend the SOT Conference 2025 as a special guest.

 

He will deliver a keynote address, serve on the hackathon jury panel, and
offer mentorship and strategic policy guidance during the event.

 

Read the original article on This Day.

 

 

 

 

South Africa: Eskom Continues Planned Maintenance Plan

While planned maintenance continues, Eskom has assured the public of a
stable power system.

 

"In the past 24 hours a total of 3 320MW of generation capacity has been
restored, ensuring a stable power system with enough supply to meet the long
weekend's demand. Emergency reserves are adequate and will be strategically
utilised when necessary to manage peak demand," Eskom said on Friday.

 

In a statement, the power utility said that planned maintenance continues to
ensure system readiness for increased winter demand, to meet regulatory
requirements and to ensure environmental compliance.

 

 

"Year-to-date (1 to 24 April 2025), 7 164MW of the generation capacity has
been under planned maintenance, on average. This equates to 15.32% of
generation capacity, marking a 3.8% increase compared to the same period
last year.

 

The Unplanned Capacity Loss Factor (UCLF), or unplanned outages, for the
financial year-to-date (1 to 24 April 2025), stands at 27.82%, improving by
~2.1% from 29.89% achieved in the same period last year," it said.

 

"A total of 4 058MW will be returned to service before the evening peak on
Tuesday, 29 April 2025, to further stabilise the grid," it said.

 

This as the power utility implemented Stage 2 load shedding on Thursday
afternoon.

 

"While load shedding remains suspended and electricity demand continues to
rise, Eskom urges the public to help prevent transformer overloads and
related equipment failures, which can result in explosions and prolonged
outages.

 

"This can be achieved by avoiding illegal connections, purchasing
electricity only from Eskom-accredited vendors and ensuring that customers
take responsibility for regularising their electricity usage."

 

It further added that from 18 to 24 April 2025, average unplanned outages
reduced to 13 430MW, showing an improvement of 472MW compared to the same
period last year. Year-to-date (1 to 24 April 2025) average unplanned
outages stand at 13 243MW.

 

Year-to-date (1 to 24 April 2025), Eskom spent approximately R2.19 billion
on fuel for the Open-Cycle Gas Turbines (OCGTs) fleet, generating 372.05GWh.
This is higher than the 149.9GWh generated during the same period last year.
"This is expected to decrease as maintenance activities begin to slow down
in the winter period," it said.

 

Eskom further encouraged eligible households to register for free basic
electricity with their local municipalities while adding that any illegal
activity impacting its infrastructure should be reported to the Eskom Crime
Line at 0800 112 722 or via WhatsApp on 081 333 3323.

 

"With the winter period setting in, Eskom requests the public to continue to
use electricity efficiently."

 

Eskom is scheduled to announce its winter outlook on 5 May 2025.

 

Read the original article on SAnews.gov.za.

 

 

 

 

Somalia: Russian Deputy Foreign Minister Visits Somalia to Strengthen
Diplomatic Ties

Mogadishu, Somalia — Somalia's Deputy Foreign Minister Isaak Mohamud Mursal
officially welcomed his Russian counterpart, Mikhail Bogdanov, Deputy
Foreign Minister and Special Representative of the Russian President for the
Middle East and African Countries, upon his arrival at Aden Abdulle
International Airport in Mogadishu on Saturday.

 

The arrival of Bogdanov marks a significant milestone in the growing
relations between Somalia and Russia. The two officials exchanged cordial
greetings, underscoring the importance of strengthening bilateral ties,
especially in the context of regional security, economic cooperation, and
diplomatic engagement.

 

 

Mursal expressed Somalia's commitment to fostering deeper relations with
Russia, emphasizing the potential for collaboration in sectors such as
energy, infrastructure, and trade. "We are pleased to welcome Deputy Foreign
Minister Bogdanov to Somalia, and we look forward to discussing how we can
further enhance our partnership in the years ahead," he said in a brief
statement after the meeting.

 

Bogdanov's visit is also seen as part of Russia's broader strategy to
increase its influence in the Horn of Africa, a region of growing
geopolitical importance. Russia has been seeking to bolster its presence in
Africa through a combination of economic diplomacy, military cooperation,
and political engagement.

 

While details of the discussions between the two diplomats remain under
wraps, the visit is expected to pave the way for future engagements and
potential agreements aimed at addressing key challenges in both regions,
including security issues and economic development.

 

This visit follows a series of high-level meetings between Russia and
several African countries as part of its efforts to deepen its involvement
in the continent. It is also an opportunity for Somalia, which has faced
security and economic challenges in recent years, to seek additional
international support.

 

The diplomatic exchange between Mursal and Bogdanov is likely to shape the
future trajectory of Somalia's foreign policy and its position in the
broader geopolitical landscape of Africa and the Middle East.

 

Read the original article on Shabelle.

 

 

 

 

 

Nigeria: Buhari's Fiscal Policy Almost Collapsed Nigeria's Economy, Says
Senator Adeola

Abeokuta — The senator representing Ogun West senatorial district at the
National Assembly, Solomon Olamilekan Adeola has said that President Bola
Tinubu saved Nigeria's economy from total collapse by removing fuel subsidy
and floating the naira.

 

Adeola, who noted that President Muhammadu Buhari's administration had
borrowed heavily to fund fuel subsidy and stabilise the naira against the
dollar, added that the bold step of President Tinubu-led administration was
the saving grace for the nation.

 

The senator made the disclosure yesterday while speaking at the 2nd Edition
of Town Hall Meeting/Mega Empowerment and Thank You Tour, held at Ayetoro,
Yewa North Local Government Area (LGA) of Ogun State.

 

 

Adeola, who is the Chairman, Senate Committee on Appropriations, disclosed
that the immediate past administration had to borrow trillions of naira to
pay fuel subsidy, which according to him was being collected by less than
one per cent of Nigerians.

 

He disclosed further that no fewer than $400billion was equally borrowed to
stabilise naira against the dollars, a fiscal policy which left the
country's economy at the brink.

 

While commending President Tinubu for taking the hard decision to revamp the
hitherto comatose economy, Adeola observed that all the reforms being
undertaken by the incumbent administration in the country were to secure the
future of the unborn generations of Nigerians.

 

He, however, appealed to Nigerians to continue to be patient with the
administration of President Tinubu, declaring that the current economic
policies have started yielding positive results.

 

On the empowerment programme, the senator explained that the programme was
organised to reward and appreciate the constituents in Yewa North Local
Government Area for their support during the 2023 general election.

 

He added that the empowerment programme, which was also held in Imeko-Afon
LGA on Friday, will be held in Yewa South, Ipokia and.Ado-Odo/Ota LGAs.

 

Reeling out his achievements in the Senate in almost two years in the
saddle, Adeola, said he has taken the advantage of his position as the
Chairman of the Senate Committee on Appropriations to fight for the rights
of his constituents and facilitate developmental projects to Ogun West.

 

He listed road construction, power transformers, installation of solar
lights, ICT centres, construction of Primary Healthcare Centres,
ultra-modern markets, police stations as some of the infrastructural
projects he had facilitated and completed under two years

 

The senator, however, disclosed that another set of 3,000 students selected
across the six LGAs in Ogun West will be given scholarship and bursary
awards of N200,000 and N100,000, respectively.

 

While thanking Governor Dapo Abiodun of Ogun State for supporting all his
activities in Ogun West, especially the empowerment programmes, he urged the
people to continue to rally support for the incumbent administration in the
state.

 

Earlier in his remarks, the Minister of State for Health and Social Welfare,
Dr. Iziaq Kunle Salako, lauded Senator Adeola for facilitating real
dividends of democracy in Ogun West.

 

Read the original article on This Day.

 

 

 

 

Egypt: Abdelatty Discusses Regional Updates With Omani, Iranian FMs, U.S.
Envoy

Minister of Foreign Affairs, Emigration and Expatriates Badr Abdelatty
reaffirmed Egypt's firm rejection of any attempt to forcibly displace
Palestinians, calling this stance a fundamental part of Egypt's strategy to
defend the Palestinian cause.

 

During a National Dialogue session with political leaders and public
figures, the top diplomat stressed Egypt's support for a two-state solution
based on the 1967 borders with East Jerusalem as the capital of Palestine.

 

He discussed Egypt's reconstruction plans in Gaza and reviewed Egypt's fixed
positions on key regional issues, including those of Syria, Sudan, Libya,
the Sahel, and the Horn of Africa, which are all central to Egypt's national
security.

 

Abdelatty noted the progress in Egypt's human rights status following the
recent Universal Periodic Review at the UN, underlining the role of the
National Dialogue in enhancing political participation.

 

Participants praised the National Dialogue's contribution to strengthening
Egypt's internal unity and foreign policy, agreeing to hold specialized
sessions to deepen discussions on regional and international issues.

 

MENA

 

Read the original article on Egypt Online.

 

 

 

 

Nigeria: Buhari's Govt Borrowed $400bn to Stabilise Naira - Senator Adeola

The Chairman of the Senate Committee on Appropriation, Solomon Adeola
(Yayi), has alleged that former President Muhammadu Buhari's government
borrowed over 400billion dollars in order to stabilise the naira against the
US currency.

 

Adeola, who is representing Ogun West, also said the administration spent
trillions of naira on fuel subsidy, saying the funds were held by less one
percent of Nigeria's population.

 

He said President Bola Tinubu's two major decisions - fuel subsidy removal
and floating of naira - saved Nigeria's economy from total collapse.

 

 

The Senator spoke on Saturday at the 2nd Edition of Town Hall Meeting/Mega
Empowerment and Thank You Tour, held at Ayetoro, Yewa North Local Government
Area of Ogun State.

 

According to him, previous administration had borrowed heavily to fund fuel
subsidy and stabilise naira against the dollar, but the bold step of
Tinubu-led administration is the saving grace for the nation.

 

He praised President Tinubu for taking the "hard but necessary decision" to
revamp the hitherto comatose economy.

 

Adeola said, "When the president assumed office, he carried out two major
policies that hit Nigerians hard. We now heave a sigh of relief.

 

"First, he removed the fuel subsidy. He removed the fuel subsidy because the
subsidy payment ended up in the hands of people who are less than 1% of
Nigerians. Yearly, the former president would have to borrow huge amount of
money in the tune of trillions of naira in order to pay fuel subsidy.

 

 

"But when the current President, my father, Bola Ahmed Tinubu, assumed
office, the payment of subsidy elapsed the day the immediate past president
handed over power to Tinubu. So, there was no fund budgeted for the
continuous payment of the subsidy. The government that left had stopped
subsidy payment and when our father (referring to Tinubu) got to power, he
said he could no longer afford to be borrowing huge amount of money that
will end up in the hands of less than 1 percent of the country's population,
whereas the payment is made for all Nigerians.

 

"Today, anyone can bring in fuel and sell it at your own price as far as it
pays off. One person can own ten cars and the country is expected to pay
subsidy on all the cars. But if there is no subsidy, your cars won't be more
than one or two.

 

"The second policy has to do with the floating of the naira . Before, in
order to stabilise the dollar to naira rate, we have to borrow money. We
borrowed to suppress it.

 

"By the time this government assumed office, the amount borrowed is well
above 400billion dollars. In order to stabilise dollar to naira rate, we
were also paying subsidy. That President had to stop that."

 

He said following Tinubu's bold steps, "Nigerian economy is now flowing in
the right direction."

 

He, however, appealed to the people to continue to be patient with the
administration of President Tinubu, declaring that the current economic
policies have begun to yield positive results.

 

On the empowerment programme, the senator explained that the programme was
organized to reward and appreciate the constituents in Yewa North Local
Government Area for their support during the 2023 general elections.

 

He added that the empowerment programme which was also held in Imeko-Afon
LGA on Friday, will be held in Yewa South, Ipokia and.Ado-Odo/Ota local
government areas.

 

Reeling out his achievements in the Senate in almost two years in the
saddle, Adeola, said he has taken the advantage of his position as the
Chairman of the Senate Committee on Appropriations to fight for the rights
of his constituents and facilitate developmental projects to Ogun West.

 

He listed road construction, power transformers, installation of solar
lights, ICT centres, construction of Primary Healthcare Centres, ultra
modern markets, police stations as some of the infrastructural projects he
had facilitated and completed under two years

 

The Senator, however, disclosed that another set of 3,000 students selected
across the six LGAs in Ogun West will be given scholarship and bursary
awards of N200,000 and N100,000, respectively.

 

While thanking Governor Dapo Abiodun of Ogun State for supporting all his
activities in Ogun West, especially the empowerment programmes, he urged the
people to continue to rally support for the incumbent administration in the
state.

 

Earlier in his remarks, the Minister of State for Health and Social Welfare,
Dr. Iziaq Kunle Salako said Tinubu is "consistently remained committed to
the welfare of the people."

 

He urged Nigerians continue to cooperate and support the president.

 

Salako also applauded Adeola's empowerment drive, saying in less than two
years in office, the Senator has fulfilled his campaign promises.

 

Read the original article on Daily Trust.

 

 

 

Namibia's Sovereign Credit Rating Remains Positive

Namibia's sovereign credit rating has remained stable and positive,
according to Moody's and Fitch ratings.

 

Moody's rated Namibia with a B1 earlier this month.

 

This positive rating comes from the prospect of hydrocarbon and renewable
energy resource developments.

 

Additionally, Moody attributed the positive outlook to an increased
likelihood that new industry developments will help bolster growth in other
sectors.

 

"This is while helping to sustain primary budget surpluses and a continued
decline in the debt-to-gross domestic product (GDP) ratio," reads the Bank
of Namibia report.

 

 

Meanwhile, Fitch gave the country a BB-rating, which means stable.

 

"Namibia's rating was supported by governance indicators, institutional
frameworks, and fiscal financing flexibility, which were reinforced by its
large non-banking financial sector," reads the report.

 

According to the report, Namibia's rating was weighed against a larger
budget shortfall and high levels of government debt compared to other
similar countries.

 

"Fitch supports a stable outlook with the view that the government
debt-to-GDP ratio will stabilise over the medium term due to positive growth
prospects," reads the report.

 

A sovereign credit rating is an assessment of the creditworthiness of a
country's ability and willingness to meet its financial obligations,
including repaying its debts on time.

 

The rating provides investors with insights into the level of risk
associated with investing in Namibia's debt.

 

As of the end of February, Namibia's total debt stock stood at N$165.9
billion.

 

This represents more than 60% of GDP.

 

Included in the tabled 2025/26 national budget is N$13.7 billion in loan
repayments.

 

The International Monetary Fund (IMF) has recommended that an acceptable
debt-to-GDP ratio, a common benchmark for developed countries, is around
60%, with 40% suggested for developing and emerging economies.

 

The country will also have to pay off its Eurobond of US$750 million (about
N$14 billion) on 29 October.

 

Currently, the government has saved up US$463 million (about N$8.6 billion)
in the sinking fund over the past financial years.

 

The government plans to add N$3 billion to the sinking fund during the
course of the 2025/26 financial year before the maturity of the bond.

 

This will leave a balance of N$2.3 billion.

 

In addition to redeeming the Eurobond, the government is also making
substantial principal repayments to settle the IMF Rapid Financial
Instrument financing to the tune of N$2.3 billion in the 2025/26 financial
year and the final tranche of N$1.2 billion in the 2026/27 financial year.

 

Read the original article on Namibian.

 

 

 

 

Namibia: Hengari Resigns As Minister of Agriculture and Fisheries

Minister of agriculture, fisheries, water and land reform Mac Hengari has
resigned from his position.

 

This follows rape allegations involving a 21-year-old woman, and his arrest.

 

Hengari early on Sunday confirmed to The Namibian that he had stepped down.

 

"I resigned as minister, but l cannot comment further," he said.

 

Hengari's resignation follows allegations that he raped the woman when she
was still a minor.

 

National police spokesperson deputy commissioner Kauna Shikwambi on Saturday
confirmed Hengari's arrest, following an alleged attempt to bribe the woman
to withdraw the case she opened against him last year.

 

 

"Hengari is indeed arrested after he attempted to bribe the victim to
withdraw the case. That is what he was arrested for.

 

"That's all I have for now," she said.

 

The matter is currently under police investigation.

 

Police inspector general Joseph Shikongo this week confirmed that DNA
samples were collected from both Hengari and the alleged victim for testing.

 

Sources familiar with the case say the test results are still pending.

 

Hengari was appointed to the Cabinet in March after president Netumbo
Nandi-Ndaitwah included him among her top-eight parliamentary candidates.

 

Several allegations first surfaced earlier this month, prompting calls from
political commentators such as Rui Tyitendi, for Hengari to step down
pending investigations.

 

This is a developing story.

 

Read the original article on Namibian.

 

 

 

Ethiopia, Morocco Defense Cooperation Eyes Cybersecurity, AI, and Defense
Industries

Addis Ababa, — General Mohamed Berrid, Inspector General of Morocco's Royal
Armed Forces and Commander of the Southern Zone, is on a four-day official
visit to Ethiopia aimed at strengthening military cooperation and expanding
collaboration into cybersecurity, artificial intelligence, and defense
industries.

 

During his stay, General Berrid held talks with Field Marshal Birhanu Jula,
Chief of General Staff of the Ethiopian National Defense Forces, and State
Minister of Defense Martha Luigi. The discussions focused on boosting
bilateral military ties, with both sides expressing satisfaction over
growing cooperation and agreeing on a draft military partnership expected to
be signed soon.

 

 

General Berrid also toured key Ethiopian military installations, including
the Cyber Security Directorate, the Artificial Intelligence Institute, and
Bishoftu Air Base.

 

His visit follows a similar trip to Morocco by Field Marshal Birhanu Jula in
August 2024, signaling both countries' shared interest to deepening their
defense partnership across emerging sectors.

 

Ethiopia has recently signed a defense cooperation agreement with Rwanda,
adding to a growing list of countries with which it is expanding military
ties.

 

Over the past year, Ethiopia has taken steps to broaden similar defense
cooperations, including an agreement with neighboring Kenya where both
countries pledged to address shared security concerns.

 

Other recent developments include Field Marshal Birhanu's visit to South
Africa in September 2023. Ethiopia also formalized defense ties with South
and United Arab Emirates, indicating a broader approach to expand defense
partnerships across Africa and the Middle East.

 

Read the original article on Addis Standard.

 

 

 

South Africa: Power Utility Eskom Suspends Power Cuts 

Power utility Eskom has suspended load shedding following the recovery of
approximately 2,015 megawatts of generation capacity, an anticipated drop in
electricity demand, and adequate emergency reserves, reports SABC News.
Eskom had announced the implementation of stage 2 load shedding from 4 PM to
5 AM on Friday due to higher-than-expected demand, the loss of generation
units, and extensive planned maintenance. Eskom spokesperson Daphne Mokwena
said that planned maintenance was ongoing to prepare the system for
increased winter demand, meet regulatory requirements, and ensure
environmental compliance.

 

Gauteng and KwaZulu-Natal on Alert for Severe Thunderstorms and Flooding

 

Residents of Gauteng and KwaZulu-Natal (KZN) were warned to prepare for
continued rainy weather, with the South African Weather Service (SAWS)
issuing a level 4 warning for severe thunderstorms, reports SABC News. Both
provinces had experienced harsh weather recently, and the  SAWS indicated
that wet conditions were expected to persist throughout the week. Residents
in low-lying areas, informal settlements, and near rivers were urged to
avoid crossing water bodies during heavy rain. The yellow level 4 warning in
most parts of Gauteng signaled a drop in temperatures along with scattered
showers and severe thunderstorms, while an orange level 5 warning was issued
for the southern parts of the province. Forecaster Lehlohonolo Thobela said
that the risk of localised flooding, damaging winds, hail, and excessive
lightning exists. KZN residents were urged to exercise caution as extreme
weather conditions that could lead to flooding and further damage to
infrastructure are forecast for the province.

 

 

MK Party Demands Godongwana's Resignation Over Reversed VAT Decision

 

The uMkhonto weSizwe (MK) Party called for the resignation of Finance
Minister Enoch Godongwana after he reversed his decision to implement a
value-added tax (VAT) increase, reports SABC News. Godongwana announced that
the proposed hike would no longer be effected. MK Secretary General Floyd
Shivhambu, addressing supporters during Jacob Zuma's court case in
Pietermaritzburg, insisted that Godongwana should step down immediately.
However, the African National Congress (ANC) firmly backed the minister,
with Secretary General Fikile Mbalula declaring that Godongwana would remain
in his position, citing his consultations with political parties and
adherence to his duties.

 

More South African news

 

 

 

 

Kenya Set to Overtake Ethiopia As East Africa's Largest Economy

Kenya is projected to surpass Ethiopia as East Africa's largest economy in
2025, according to new data from the International Monetary Fund

The IMF forecasts Kenya's GDP will reach $132 billion next year, ahead of
Ethiopia's estimated $117 billion

The shift follows Ethiopia's sharp currency devaluation in July 2024, part
of reforms to secure a $3.4 billion IMF program and unlock $16.6 billion in
additional World Bank support

Kenya is projected to surpass Ethiopia as East Africa's largest economy in
2025, according to new data from the International Monetary Fund. The IMF
forecasts Kenya's GDP will reach $132 billion next year, ahead of Ethiopia's
estimated $117 billion.

 

 

The shift follows Ethiopia's sharp currency devaluation in July 2024, part
of reforms to secure a $3.4 billion IMF program and unlock $16.6 billion in
additional World Bank support. The 55% depreciation of the birr, while
stabilizing for external accounts, has raised import costs and inflation
pressures.

 

In contrast, Kenya has maintained macroeconomic stability and a strong
currency. The Kenyan shilling appreciated 21% in 2024, the best global
performance that year. The country's diversified economy and mature
financial sector have helped buffer fiscal risks. Despite this, Kenya
continues to face internal challenges, including backlash over tax hikes and
protests that wiped $600 million from the Nairobi Securities Exchange in
2023.

 

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Key Takeaways

 

Kenya's lead in East Africa reflects more than short-term currency dynamics.
Its economy benefits from services, manufacturing, and regional trade,
whereas Ethiopia has relied heavily on public infrastructure spending and
agriculture. Ethiopia's ongoing debt restructuring and post-conflict
recovery have complicated growth, while inflation remains elevated. In
liberalizing the exchange rate, Ethiopia took steps to regain access to
international markets, but at a short-term cost to consumer prices and GDP
measured in dollar terms. Kenya's economy is more integrated into global
markets and has attracted consistent foreign investment, particularly in
fintech, logistics, and agriculture. Its financial system and monetary
policy framework offer flexibility to absorb shocks. Both countries must
navigate rising global uncertainty, including slowing demand in major export
markets and potential fallout from higher U.S. tariffs. For Kenya,
sustaining momentum will require balancing fiscal reforms with political
stability. For Ethiopia, debt resolution and structural reform will be key
to regaining investor confidence.

 

Read the original article on Daba Finance.

 

 

 

 

South Africa: Sassa Gold Cards to Continue Working Beyond 31 May 2025

The Postbank has confirmed that South African Social Security Agency (SASSA)
Gold Cards will continue to work beyond 31 May 2025.

 

In a statement on Thursday, Postbank said grant beneficiaries with Gold
Cards will continue to be paid their SASSA grants in those cards until
further notice, which is great news for beneficiaries that have not yet
migrated to Postbank Black Cards.

 

According to Postbank, SASSA Gold Cards will continue to work across all
payment systems, including ATMs and POS machines. Beneficiaries can continue
to withdraw cash at all Postbank's partner retail stores and can continue
swiping for purchases.

 

 

This means that the Gold Cards will continue to work as they do now, even
after 31 May 2025.

 

"In keeping with our commitment that we made that Postbank will ensure that
no beneficiary will be left with no access to their grants and that there
will be no disruptions in payments of grants, Gold Cards will continue to
work until every beneficiary is transitioned to the new black card.

 

"We are therefore hopeful and confident that this announcement addresses any
concern relating to the payments of any beneficiaries that may not have yet
obtained their Black Cards," Postbank CEO, Nikki Mbengashe, explained.

 

The CEO advised social grant beneficiaries to ignore any call that they must
change banks, as this is unnecessary.

 

"We plead with them to be wary of misleading information that their Gold
Cards will not work and that they need to change banks because of this," she
said.

 

 

Beneficiaries are also asked to always only respond to Postbank published
communication when it comes to their SASSA Gold Cards and the Black Cards,
as the only authorised entity that is responsible for the issuing of these
cards.

 

Beneficiaries are further advised that whenever they come across any
information regarding their cards that has not been communicated by
Postbank, they should not believe what is being said.

 

Postbank said this will prevent beneficiaries from being misled as the
entity observes increased amounts of incorrect information being
communicated about the SASSA cards recently.

 

"As the Gold Cards will continue to work and all beneficiaries can continue
to use those cards and their Black Cards to access payments, Postbank
notifies the beneficiaries that it has put a temporary suspension of the
distribution of new Black Cards in its sites until further notice.

 

"This, however, has no impact on anyone who currently has a Postbank Black
Card, as that card will continue to work as per normal," the entity said.

 

The Postbank card distribution sites, however, will remain open and
available to beneficiaries to access the following services:

 

· PIN resets.

 

· Reissuing of Black Cards for any beneficiary that has experienced a
lost/stolen card incident.

 

· Beneficiaries seeking to register for the cardless payment alternative.

 

Postbank further extended its appreciation to all grant beneficiaries for
their cooperation and understanding as it works towards enhancing their
banking experience and service quality standards. - SAnews.gov.za

 

Read the original article on SAnews.gov.za.

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


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Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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for guideline purposes only and d from third parties.

 


 

 


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