Major International Business Headlines Brief ::: 14 August 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  14 August   2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Rwanda: What Is Behind the Rise in Inflation?

ü  Nigeria: NMA Raises Alarm Over Mental Health Crisis Among Doctors

ü  Gambia: Govt Eyes 90 Percent Electricity Coverage By End of 2025

ü  Africa: Lagos Summit Weighs Ai Ambitions Against Africa's Tech Infrastructure Gap

ü  Kenya: 54 Tons of Kenyan Macadamia Nuts Land in Hunan

ü  Uganda: Empowering Youth to Shape Tomorrow - a Season of Sustainability, Skills, and Self-Reliance

ü  Nigeria: FG Reduces Kwam 1's Flight Ban to One Month

ü  Africa: Somali Delegation Attends Africa Water Investment Summit in Cape Town

ü  Mauritius: Responsibility of Banks and Money Laundering

ü  Kenya: Balancing the Books - As Debt Payments Soar, Kenyans Ask If Priorities Need to Shift

ü  UK economic growth slows but beats forecasts

ü  Air Canada to begin cancelling flights ahead of potential strike

ü  Claire's falls into administration with 2,150 jobs at risk

 


 <mailto:info at bulls.co.zw> 

 


Rwanda: What Is Behind the Rise in Inflation?

Rwanda's Urban Consumer Price Index (CPI), the main gauge of inflation, rose by 7.3 per cent year-on-year in July, up from 7 per cent in June, according to the latest figures from the National Institute of Statistics of Rwanda (NISR).

 

The sharpest increase came from medical costs, which surged by 70.7 per cent compared to the same month last year, and 69.6 per cent month-on-month.

 

Aloys Nzabonimpa, founder and Managing Director of Le Medical Ltd, a wholesaler and distributor of pharmaceutical products, attributed the spike in health costs mainly to the depreciation of the franc against the US dollar.

 

"The medical products we use are imported, and we purchase them in foreign currency, especially dollars," he said.

 

ALSO READ: Rising health, hotel costs push July inflation to 7.3%

 

By the end of December 2024, the Rwandan Franc had depreciated by 9.42 per cent against the US dollar, according to the National Bank of Rwanda (BNR). The franc has continued to lose value since then.

 

Figures show that the US dollar, which was being bought at Rwf1,298.98 and sold at Rwf1,324.96 last year, is now being bought at Rwf1,439.14 and sold at Rwf1,449.14.

 

Nzabonimpa suggested that local production could provide some relief, although certain raw materials would still need to be imported.

 

NISR data show that the imported goods index rose by 9.3 per cent in July.

 

Meat prices soar

 

The other aspect that saw a sharp increase is meat. Prices jumped 30.7 per cent year-on-year.

 

Themistocles Munyangeyo, a fish farmer in Kimironko Sector in Gasabo District, links the trend to the rise of living costs and rising fuel prices, which have had a knock-on effect on transport and the cost of imported animal feed ingredients.

 

"Ingredients like soybeans, silverfish, and maize are also staple foods for people, so demand is always high. That pushes up prices further," he said.

 

Recently, exotic chicken was Rwf2,500 per kilo at Kimironko Market. Today, it's Rwf3,200. Tilapia from farmers was Rwf4,500 two weeks ago, now it's Rwf5,000. Retailers are charging Rwf6,000, he said, adding that it takes 1.5kg of feed to produce one kilo of fish.

 

"Last year, 1kg of fish feed cost Rwf1,250. Now it's Rwf1,400. Rent, too, has gone up, from Rwf500,000 to Rwf850,000 per month, and it might rise again."

 

Restaurants, hotels feel the pinch

 

Restaurants and hotels recorded a 20.1 per cent annual increase and a 2.1 per cent monthly rise.

 

Eric Muvunyi, Marketing Manager at Grand Legacy Hotel, said higher hotel and restaurant prices were partly driven by fuel costs, which have a knock-on effect on farmers.

 

"Even vegetable farmers are affected because they need fertilisers, and their prices have gone up," he said. "When their produce is transported, they also face higher costs."

 

Muvunyi also blamed the stronger dollar for higher prices.

 

"We are still importing a lot of what we consume because we do not produce enough for our market. When we buy, we use foreign currency, and its value is rising every day," he noted.

 

Transport hit by fuel prices

 

Transport prices, on the other hand, rose by 7 per cent year on year.

 

Noel Nkurikiye, Secretary General of the Rwanda Professional Truck Drivers Union and Managing Director of Consultant Tarzan of Transport Rwanda (COTATRARWA), said transport prices were highly fueled by rising fuel costs and non-tariff barriers.

 

He explained that while East African Community (EAC) countries had previously worked to reduce such barriers, such as limiting the number of weighbridge stops to three, some deactivated checkpoints still have sensors that force trucks to stop and head to the weighbridges.

 

"This increases delays and costs. A stop that should take 10 minutes sometimes turns into long queues, which means higher expenses for transporters," he said.

 

According to the Rwanda Utilities Regulatory Authority (RURA), petrol prices increased to Rwf1,803 per litre and diesel to Rwf1,757 in July, up from Rwf1,663 and Rwf1,652, respectively, in June 2024.

 

Other items

 

According to NISR, prices of alcoholic beverages, tobacco, and narcotics rose by 12.2 per cent year-on-year and 3.6 per cent month-on-month.

 

Overall, food and non-alcoholic beverages went up by 6.4 per cent year-on-year, driven by a 30.7 per cent rise in meat, 8.9 per cent in bread and cereals, and 8.3 per cent in milk, cheese, and eggs.

 

Read the original article on New Times.

 

 

 

 

Nigeria: NMA Raises Alarm Over Mental Health Crisis Among Doctors

Kwara State chapter of Nigeria Medical Association, NMA, has expressed concern over the the growing mental health challenges and well-being of doctors in Nigeria.

 

Chairman of the association, Prof. AbdulRahman Afolabi, stated this at a briefing organised on the side lines of the 2025 Annual General Meeting, AGM, titled, "Mental Health and Well-being of Doctors in Nigeria: Importance of Mental Health", in Ilorin yesterday.

 

He said: "While we celebrate innovation and leadership, we must also confront a growing crisis of the mental health and well-being of doctors in Nigeria.

 

"Doctors are at the front lines of care, yet often face overwhelming stressors such as long working hours, high patient loads, poor remuneration, inadequate infrastructure, workplace insecurity and violence".

 

Afolabi maintained that these challenges have led to increased cases of burnout, anxiety, depression, and even suicide among medical practitioners.

 

According to him, an NMA survey recently found that many Nigerian doctors experience significant mental health issues.

 

"Yet very few have access to mental health support. Moreover, the stigma surrounding mental health continues to prevent many from seeking help. There is need for national attention to the mental health crisis affecting doctors in Nigeria," he said.

 

Afolabi advocated systemic reforms, including access to confidential counselling, wellness programs, and safer working conditions.

 

He urge the government and healthcare institutions to prioritise doctors' mental well-being as part of the broader health sector reforms.

 

The NMA chairman reminded stakeholders that a healthy doctor was essential to a healthy population.

 

"The mental health of doctors is not just a professional concern; it's a critical public health issue. Protecting and supporting our healthcare workers is key to sustaining Nigeria's healthcare system.

 

"We reaffirm our commitment to promoting the welfare, professional growth, and mental well-being of all doctors in Kwara and beyond."

 

He called on policymakers, healthcare institutions, professional bodies, and the public to invest in the mental health of doctors and empower them to lead innovative healthcare solutions for the benefit of all Nigerians.

 

According to him, the 2025 AGM is an occasion to review the association's achievements and celebrate the tireless efforts of healthcare professionals.

 

He noted that the event aims to discuss pressing matters affecting both the medical profession and the broader healthcare landscape.

 

Afolabi revealed that the association had earlier conducted a free medical outreach for over 1,000 residents at Sobi Military Cantonment.

 

Read the original article on Vanguard.

 

 

 

 

Gambia: Govt Eyes 90 Percent Electricity Coverage By End of 2025

The Minister of Petroleum, Energy and Mines, Mr. Nani Juwara, has announced that the government is on course to achieve 90% electricity coverage by the end of 2025, as part of its ambitious goal to deliver universal access to electricity for all Gambians by the close of 2026.

 

Mr. Juwara made this disclosure on Friday during his appearance at the Ministerial Town Hall meeting, where he outlined the administration's comprehensive plans to expand power supply nationwide.

 

"The government targets universal electricity access by the end of 2026, and we hope to achieve 90% coverage by the end of 2025," the minister said.

 

He revealed that the World Bank, the African Development Bank, and other philanthropic organizations are collaborating on Mission 300, an initiative aimed at providing electricity to 300 million people in sub-Saharan Africa by 2030, in line with Sustainable Development Goal 7. This effort seeks to address the plight of over 600 million people in the region who still lack access to power.

 

"We have developed a compact program with the World Bank, which has been validated and is expected to be approved in September for implementation settlement," he added.

 

As part of broader ECOWAS support, Mr. Juwara said the regional bloc's specialized agency, ECOREC, has provided a US$66 million grant. "Most of the projects we are implementing are all grant-funded, and as such, we will continue to push to achieve this universal access as directed by the President," he noted.

 

The minister disclosed that, in addition to international funding, the government will commit up to $500 million in local financing to electrify remaining unconnected communities within already electrified constituencies such as Niamina East, Niamina West, Lower Fuladu, Lower Saloum, and Upper Saloum.

 

He emphasized the importance of renewable energy solutions for hard-to-reach areas, citing Ginak Island as a prime example. Due to its UNESCO designation, extending a conventional power line there is impossible.

 

"We are promoting the development of mini-grids in hard-to-reach areas. We have already secured funding through UNDP for Ginak Island, and we hope this project will be implemented this year," he said.

 

Mr. Juwara also highlighted ongoing work to bring electricity to other communities, including Jawla in Wulli, and plans to expand existing mini-grids in Niamanarr and Sare Demba Toro. Efforts are underway to secure funding for the extension of the 225 kV transmission line from Jarra Soma to Basse, a project known as the Eastern Power Point.

 

"This means we can have a national grid, so you can send power from the Greater Banjul Area all the way to Basse, and vice versa," he explained.

 

He reiterated the government's commitment to strengthening electricity transmission and distribution within Greater Banjul and beyond, ensuring reliable and efficient supply.

 

"Everyone in this country will get electricity before the end of 2026," Mr. Juwara assured. "The Electricity Master Plan, updated for 2021-2024, calls for capacity from both imports and local generation."

 

The minister outlined what he described as "tremendous advancements" in the restoration, modernization, and expansion of the national transmission and distribution network across all regions. He noted that the government has secured a US$10 million grant from the Saudi Fund to upgrade the overloaded Bijilo substation, with plans to double the investment to $20 million to ensure long-term capacity.

 

Mr. Juwara also reported progress on the OIC Electricity Enhancement Project, launched in November 2020, and the Gambia Electricity Restoration and Modernisation Project, which targets 134 communities in the Central River Region (CRR), 204 in the Upper River Region (URR), and 76 in the North Bank Region (NBR), benefiting 20,591 households.

 

He further revealed that under the ECOWAS Renewable Energy Access Project (ECORIB), 395 communities are set to be connected, 103 in CRR, 85 in the Lower River Region (LRR), 115 in NBR, and 92 in the West Coast Region, by December 2025.

 

Additionally, through the African Development Bank-funded JIP project, 147 more communities will be electrified, including 111 in CRR, 27 in NBR, and 9 in the West Coast Region, serving over 10,000 households.

 

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Read the original article on Foroyaa.

 

 

 

 

Africa: Lagos Summit Weighs Ai Ambitions Against Africa's Tech Infrastructure Gap

Nigeria is hosting one of Africa's biggest tech gatherings on Tuesday, with debates ranging from Wolof-speaking chatbots to medical algorithms. The ambition is to harness artificial intelligence to transform economies - but patchy internet, unreliable electricity and low investment remain major obstacles.

 

In Lagos, the African Digital Economy and Inclusion Conference is bringing together policymakers, business leaders, academics and other stakeholders to explore how AI can drive growth while making sure no one is left behind.

 

The two-day event will examine ways to combine private innovation with public policy.

 

With the theme AI and the African Digital Economy: Leaving No One Behind, organisers say they want to "address systemic inequalities" in digital access, participation and adopting new technologies across the continent.

 

Discussions include using AI and big data for economic growth, digital identity systems for cross-border trade, and gender and youth inclusion in the digital workforce.

 

Why the African continent has a role to play in developing AI

 

Infrastructure gaps

 

Both public and private sectors are joining the race for AI on the African continent, whose digital economy is estimated at €155 billion and expected to reach almost €700 by 2050.

 

Adedayo Oketola, head of the AFDEIC organising committee, said despite rapid fintech, e-commerce, and AI-driven advancements, Africa still faces significant digital infrastructure gaps.

 

He said many rural Africans lack internet access, with millions still unable to benefit from digital financial services and e-learning platforms.

 

Other challenges include poor access to electricity and a lack of experts in this field.

 

"This disparity hinders the equitable distribution of opportunities associated with the digital economy and draws attention to the urgency for targeted interventions," Oketola said.

 

Last year, the African Union initiated a "Continental Strategy on AI" for 2030, initially developing regulatory frameworks and creating governance bodies, followed by a launch of projects.

 

Then, in February, some forty states joined forces to create the African AI Council, aimed at promoting the use of new technologies on the continent.

 

How technology is helping African countries fight malaria from the skies

 

Lack of political will

 

Professor Seydina Ndiaye, an AI specialist in Africa, delays - particularly in subsaharan Africa -stem from a lack of government investment.

 

"We have quite a few communities starting to use AI, but without government support," he told RFI.

 

"The necessary resources are already available: with what we have, we can do quite a lot. It's just a lack of real will. In speeches, everyone talks about AI, but in reality, structurally, we see very few concrete actions that allow us to move forward in this sector."

 

He explains that Africa has fallen behind because of a reliance on the use of foreign technologies.

 

"This creates a huge gap because we are dependent. The companies that produce in this sector are very behind in relation to what is happening internationally," he says.

 

The Kenyan teacher using laptop batteries to power motorbikes

 

Home-grown innovations

 

Despite this, some examples of home-grown technology are emerging.

 

At the private level, there are numerous initiatives around health, education and agriculture, such as DoctorIA algorithms in Rwanda which facilitate medical diagnoses in the absence of specialists.

 

Generative AI such as AWA in Senegal, speaks Wolof and can even be integrated into WhatsApp.

 

A pioneer of artificial intelligence in Côte d'Ivoire, Sah Analytics has developed an application that helps Ivorian authorities combat inflation.

 

"We support the Ivorian Ministry of Commerce with everything related to high-cost-of-living alerts," its CEO and founder, Yaya Sylla told RFI's Claire Fages.

 

"Citizens take photos via an application. The location is automatically geolocated. This helps the Ministry of Commerce staff respond quickly."

 

>From breast cancer to HIV, how AI is set to revolutionise healthcare

 

Facial recognition for cows

 

Fit For Purpose, based in Belgium, has created a subsidiary in Africa, Neotex.ai, to meet a very specific need in Kenya, where authorities required farmers to identify their cows.

 

Meshia Cédric Oveneke, Belgian-Congolese co-founder of the company told RFI that it took almost a year of research and development to create custom models.

 

"Now, with a photo, we can register a cow and recognise it at any time, just like with humans. And banks are now much more certain about who they are granting loans to and why, and this is an anti-fraud fight, an assurance to be able to collect the right data and be able to offer the right financial product."

 

For Paulin Melatagia, a lecturer and researcher at the University of Yaoundé I in Cameroon, "Africa has a role to play in the development of artificial intelligence to solve African societal problems."

 

He says artificial intelligence and its related tools is already helping in agriculture, particularly for predicting locust invasions and floods, using satellite images, for example.

 

"We can also use artificial intelligence for detecting plant diseases," he told RFI. "Today, with certain applications deployed on mobile phones, it is enough to scan leaves, and from these images, to detect a certain number of plant diseases."

 

He says artificial intelligence can help with "smart watering" for crops, which makes it possible to measure humidity, temperature and light in a field and then trigger the watering system.

 

Melatagia also insists that Africa's contribution will be not only beneficial to Africa, but to the world at large, "to develop new concepts, to develop new knowledge so that AI, from a global perspective, can advance."

 

Read or Listen to this story on the RFI website.

 

 

 

 

 

 

Kenya: 54 Tons of Kenyan Macadamia Nuts Land in Hunan

Nairobi — Kenya has exported 54 tons of macadamia nuts to Hunan, China, as part of the government's initiative to boost shipments to the world's second-largest economy.

 

This represents the first batch of exports to Hunan Province this year. By the end of 2025, the country is expected to have exported 2,000 tons to the country.

 

"Glad to see 54 tons of Kenyan macadamia nuts arrived in Hunan, which is the first batch of nut products imported from Africa to Hunan Province this year," China's Ministry of Foreign Affairs Department of African Affairs Director-General Du Xiaohui posted on X.

 

"Total imports of this delicious nut are expected to reach 2,000 tons this year. The Chinese market welcomes Kenyan products."

 

Growing demand for macadamia nuts in China has created an opportunity for Kenya to tap into a market of over 1 billion people.

 

Kenya, the world's third-largest macadamia producer, has been working to export both raw in-shell nuts and processed products.

 

Goods trade between China and Kenya in the first three months of this year climbed 11.9 percent year-on-year to reach 16.13 billion yuan (about USD 2.24 billion), according to the General Administration of Customs, marking the sixth consecutive quarter of growth.

 

China's exports to Kenya rose 11.8 percent during the period, while imports from Kenya grew 13.2 percent, the data showed.

 

Read the original article on Capital FM.

 

 

 

 

 

 

Uganda: Empowering Youth to Shape Tomorrow - a Season of Sustainability, Skills, and Self-Reliance

Kampala — Beyond delivering exceptional building solutions, Uganda Baati Limited continues to place sustainable community empowerment at the heart of its mission. Through the Safal Uganda Baati Foundation, the company invests intentionally in Uganda's youth, focusing on vocational and life skills development that connects them to meaningful opportunities and lays the foundation for a brighter future for generations to come.

 

In Tororo, ongoing initiatives demonstrate how structured, integrated programs can ignite youth- led transformation, paving the way for sustainable self-reliance. The foundation's vocational modular skilling program was designed to enhance the employability of young people, offering practical training in trades such as hairdressing, roof installation, liquid soap making, backyard gardening, and building and construction. Yet the program's vision extends beyond simply imparting skills -- it seeks to create job creators rather than job seekers, a goal that requires more than technical knowledge alone.

 

Recognizing that access to financial capital is critical for entrepreneurial success, the foundation earlier this year introduced the Youth Saving Scheme, adopting the Village Savings and Loans Association (VSLA) model. This initiative empowers program graduates to pool their resources, save collectively, and gain essential knowledge in financial literacy, business management, and peer-to-peer mentorship.

 

Participants meet weekly to contribute to their savings, which are strategically invested into micro-enterprises. Some have used the funds to purchase tools, others to market their services or expand their production capacity. The results are tangible -- practical skills are being converted into sustainable income streams, creating economic stability while fostering a culture of discipline, entrepreneurship, and self-sufficiency.

 

A defining feature of the foundation's youth programs is the emphasis on long-term peer-to-peer support. Graduates remain connected in a vibrant network that facilitates market access, knowledge exchange, and innovation across diverse trades. A vegetable farmer, for example, can tap into ready buyers through the network while also gaining insights from peers in unrelated fields like hairdressing or construction. This collaborative approach strengthens production, boosts sales, and builds an ecosystem of youth-led entrepreneurship that thrives on shared success.

 

The Safal Uganda Baati Foundation remains deeply committed to nurturing young people into productive citizens who contribute meaningfully to national development. When youth are entrusted with resources and responsibility, they become the architects of progress. The impact in Tororo proves that genuine change happens when young people are not only included but empowered to lead.

 

The foundation calls upon all stakeholders, especially in the private sector, to invest in youth-led social development programs. Such engagement not only transforms lives and strengthens communities but also fosters a healthier, more sustainable market environment that benefits all sectors of the economy.

 

Read the original article on Independent (Kampala).

 

 

 

 

Nigeria: FG Reduces Kwam 1's Flight Ban to One Month

The Federal Government has reduced the flight ban imposed on Fuji musician Wasiu Ayinde, popularly known as KWAM 1, to one month.

 

KWAM 1 had been blacklisted from flying within Nigeria for six months over alleged misconduct at the domestic terminal of the Nnamdi Azikiwe International Airport, Abuja.

 

In a statement on Wednesday, the Minister of Aviation and Aerospace Development, Festus Keyamo, also directed the Nigeria Civil Aviation Authority (NCAA) to withdraw its criminal complaint against the singer, who will be engaged by the Federal Airports Authority of Nigeria (FAAN) as an ambassador for proper airport security protocol.

 

Similarly, the licences of ValueJet pilot Captain Oluranti Ogoyi and co-pilot First Officer Ivan Oloba will be restored after a one-month suspension, subject to a mandatory professional reappraisal.

 

Keyamo said relevant aviation and complementary agencies will hold a retreat next week to retrain personnel on handling disruptive passengers and de-escalating tense situations. Airlines will also review their staff's conduct towards passengers.

 

Keyamo stressed that the decisions were made on compassionate grounds but warned that safety and security in the aviation sector remain paramount.

 

"These above decisions were taken by Government and the airline operators purely on COMPASSIONATE grounds as Government will never pander to base sentiments, politically-motivated views or warped legal opinions when clear encroachment of our laws are involved.

 

"We are also sending a CLEAR MESSAGE that we take safety and security in the aviation sector very seriously and we have decided to draw a line after these clemencies," the statement said.

 

Read the original article on Daily Trust.

 

 

 

Africa: Somali Delegation Attends Africa Water Investment Summit in Cape Town

Cape Town, South Africa — A high-level delegation from the Federal Government of Somalia, led by the country's Second Deputy Prime Minister, Jibril Abdirashid Haji Abdi, is currently in Cape Town to attend the Africa Water Investment Summit.

 

The summit brings together African leaders, policymakers, and development partners with the goal of accelerating investment in water infrastructure and ensuring water security across the continent.

 

Somalia views water investment as a strategic priority, essential for building resilience against worsening climate impacts, adapting to and mitigating climate change, fostering sustainable economic growth, and promoting long-term stability.

 

During the summit, the Somali delegation is expected to hold bilateral meetings with representatives from participating countries and international development institutions to strengthen partnerships and attract support for Somalia's water sector.

 

The summit is seen as a critical platform for African nations to secure funding and technical cooperation aimed at addressing pressing water challenges amid growing climate pressures.

 

Read the original article on Shabelle.

 

 

 

Mauritius: Responsibility of Banks and Money Laundering

Over the past months, many arrests involving charges of money laundering have been widely reported in the press based on information gathered from the Financial Crimes Commission (FCC). What is more disturbing is the arrest and detention of high-ranking police officers who apparently deposited and withdrew large sums of money from one or more banks. The question arises: what role or control these banks had, if any, on the transactions of the police officers.

 

In its Guideline, the Bank of Mauritius describes money laundering as follows: "Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities. If undertaken successfully, it allows them to maintain control over those proceeds and, ultimately, provides them with a legitimate cover for the source of their income." In the Guideline, the Bank of Mauritius emphasizes the need and duty to combat money laundering. Banks have a great responsibility in this sphere.

 

Under the Financial Intelligence and Anti-Money Laundering Act (FIAMLA), any person who engages in a transaction that involves property which is, or in whole or in part directly or indirectly represents the proceeds of any crime; or receives, is in possession of, conceals, disguises, transfers, converts, disposes of, removes from or brings into Mauritius any property which is, or in whole or in part directly or indirectly represents the proceeds of any crime, where he suspects or has reasonable grounds for suspecting that the property is derived or realized, in whole or in part, directly or indirectly from any crime, shall commit an offence. Additionally, a reporting person, which includes a bank and a financial institution, who fails to take such measures as are reasonably necessary to ensure that neither he, nor any service offered by him, is capable of being used by a person to commit or to facilitate the commission of a money laundering offence or the financing of terrorism shall commit an offence.

 

The FIAMLA contains a provision on the limitation of payment in cash. Any person who makes or accepts any payment in cash more than 500,000 rupees or an equivalent amount in foreign currency, or such amount as may be prescribed, shall commit an offence. The limitation does not apply to an exempt transaction. An exempt transaction is a transaction between the Bank of Mauritius and any other person; between a bank and another bank; between a bank and a financial institution. The exemption also extends to a bank or a financial institution and a customer.

 

This exemption is well regulated. The transaction should not exceed an amount that is commensurate with the lawful activities of the customer, and the customer is, at the time the transaction takes place, an established customer of the bank or financial institution; and the transaction consists of a deposit into, or withdrawal from, an account of a customer with the bank or financial institution. The Chief Executive Officer or Chief Operating Officer of the bank personally approves the transaction in accordance with any guidelines, instructions or rules issued by a supervisory authority, that is the Bank of Mauritius, in relation to exempt transactions.

 

The FIAMLA also gives power to the Chief Executive Officer or Chief Operating Officer of the bank or financial institution to personally approve the transaction in accordance with any guidelines, instructions or rules issued by a supervisory authority in relation to exempt transactions. In relation to banks, the Bank of Mauritius is the supervisory authority of banks and financial institutions as is explained in the 2020 Guidelines. The Bank is required to supervise financial institutions with respect to all the requirements set out under the banking laws by ascertaining that these requirements are effectively complied with and implemented by these financial institutions.

 

The question that is on the lips of most people is how and why some highranking police officers were allowed either to deposit or withdraw amounts of money exceeding the prescribed amount of 500,000 rupees. If the transactions of the police officers were exempt transactions, it would have to be demonstrated that the transactions of the police officers were commensurate with their lawful activities and that the police officers, at the time of the transactions, were established customers of the bank or banks and the transactions consisted of deposits or withdrawals from an account of the police officer or officers with the bank. Or else the Chief Executive of the bank might have personally approved the transactions provided he complied with any guidelines, instructions or rules issued by a supervisory authority in relation to exempt transactions.

 

Banks should be on the alert on suspicious transactions. Pursuant to Section 2 of the FIAMLA, a suspicious transaction is a transaction which gives rise to a reasonable suspicion that it may involve, amongst other matters, the laundering of money or the proceeds of any crime; or is made in circumstances of unusual or unjustified complexity; appears to have no economic justification or lawful objective; or gives rise to suspicion for any other reason.

 

Guidelines issued by the Bank of Mauritius embody several indicators on how to deal with cash transactions and how to detect suspicious transactions. One of the indicators reads: "Client conducts a transaction for an amount that is unusual compared to amounts of past transactions." In the Guidelines, indicators are given on a suspicious transaction. There is no monetary threshold for making a report concerning a suspicious transaction. A suspicious transaction may involve several factors that may on their own seem insignificant, but when taken together may raise suspicion that the transaction is related to the commission or proposed/attempted commission of a money laundering offence.

 

As a general guide, a transaction may be connected to money laundering when one thinks that it (or a group of transactions) raises questions or gives rise to discomfort, apprehension, or mistrust. An assessment of a suspicion should be based on a reasonable evaluation of relevant factors, including the knowledge of the customer's business, financial history, background, and behaviour. It is the behaviour which is suspicious, not the person.

 

So far, we have heard that the police officers involved are being questioned. Nothing has been heard about the bank or banks that have a heavy responsibility under the law and in compliance with the Guidelines issued by the Bank of Mauritius to make sure that no transaction becomes a vehicle for money laundering. No doubt the FCC with its armada of investigators will also start querying the bank or banks involved.

 

Read the original article on L'Express.

 

 

 

 

Kenya: Balancing the Books - As Debt Payments Soar, Kenyans Ask If Priorities Need to Shift

Nairobi — In a country plagued with many challenges that cut across healthcare, education, and youth unemployment Kenya's debt profile needs to be carefully examined for necessary fiscal adjustment. This will enable optimal utilisation of the country's budget.

 

Kenya's budget is funded mainly through domestic revenue and foreign debt. Its prudent therefore if Kenya's cumulative income is allocated in a manner that reflects attention to the various problems that face our country.

 

Areas such as healthcare of the nation, education and food security of our people must be prioritised to ensure the people come first.

 

Continuous borrowing for large infrastructure projects may project an image of a fast-growing economy but in the long run might expose future generations to debt saturation where the country reaches a point where we no longer take on additional debt without significant risk of default or financial collapse.

 

This is technically a point where Kenya might max out its borrowing capacity due to high existing debt levels relative to national income, assets or ability to repay making further borrowing unstainable or prohibitively expensive.

 

Discussions around national debt have gained popularity in the country over the last decade where some Kenyans hold the school of thought that the country needs to slow down on accumulation of foreign debt which currently stands at 11.5 trillion shillings according to the national treasury and central bank. Further to this, the debt to GDP ratio is approximately 66.8% with projections to reduce to 52.8% by 2027/2028 as per the 2025 medium term debt strategy.

 

Debt servicing cost for this year is about 1.8 billion which is about 67.1 percent of the country's revenue well above IMF recommended threshold of 30%.

 

This month, the government will spend Sh68.7 billion towards external debt repayments, denting the official forex reserves which are currently at an all-time high of KSh1.43 trillion.

 

January and July usually account for the biggest external debt service load due to principal and interest payments to China for the Ksh 656.5 billion loans contracted in 2014 and 2015 for construction of the Mombasa-Nairobi-Naivasha Standard Gauge Railway.

 

A World Bank analysis of Kenya's continuing external debt obligations shows that the payments to China stand at KSh55.8 billion, comprising a principal charge of KSh37.66 billion and interest of KSh15.6 billion. In July, the SGR payments accounted for 81.3 percent of the country's total outlay on external debt service which may point to an appetite for expenditure on huge projects that only benefits a small section of the population.

 

Other significant debt obligations included a semi-annual interest payment of KSh3.88 billion on the 12-year Eurobond that the country floated in mid-2021. The bond carries an annual coupon rate of 6.3 percent.

 

The Eastern and Southern African Trade and Development Bank is due to receive payments of Ksh2.57 billion, while bilateral lender France will be paid Ksh 2.4 billion, as per the World Bank disclosures.

 

Interest on external loans is usually paid on a semi-annual basis, with bilateral and multilateral loans also incorporating principal payments.

 

The Author is a Nairobi Based Journalist

 

Read the original article on Capital FM.

 

 

 

 

 

UK economic growth slows but beats forecasts

UK economic growth slowed between April and June, according to official figures, but was better than expected.

 

The economy expanded by 0.3%, down from 0.7% in the first three months of the year, the Office for National Statistics said.

 

The biggest contribution came from services while the construction industry also grew.

 

The UK government has made boosting economic growth a key priority and the latest data beat forecasts of 0.1% expansion, which would have been near stagnation.

 

 

Chancellor Rachel Reeves said the figures were "positive" for an economy that "has felt stuck for too long".

 

But she added: "There is more to do to deliver an economy that works for working people."

 

However, Conservative shadow chancellor Mel Stride accused her of "economic vandalism" while Liberal Democrat treasury spokeswoman Daisy Cooper MP said: "Snails would scoff at the pace that our economy is growing.

 

"The Conservative Party led us into this economic quagmire but this Labour government has failed to break from the years of mismanagement."

 

A Bar chart showing quarterly growth in UK gross domestic product (GDP) from April to June 2023 to 2025. The figures are as follows: Q2 2023 0%; Q3 2023 -0.1%; Q4 2023 -0.2%; Q1 2024 0.9%; Q2 2024 0.5%; Q3 2024 0%; Q4 2024 0.1%; Q1 2025 0.7%; Q2 2025 0.3%.

 

The economy performed better than expected in June, according to ONS figures, while previous estimates for April were revised upwards.

 

The ONS had initially said that gross domestic product (GDP) – a key measure of economic activity – had shrunk by 0.3% in April but now said it contracted by 0.1%.

 

Goldman Sachs, the US investment bank, lifted its forecast for UK annual growth from 1.2% to 1.4%

 

But Ruth Gregory, deputy chief UK economist at Capital Economics, said it was doubtful the country "will maintain this pace of growth" between July and September.

 

"The weak global economy will remain a drag on UK GDP growth for a while yet," she said.

 

"The full drag on business investment from April's tax rises has yet to be felt. And the ongoing speculation about further tax rises in the Autumn Budget will probably keep consumers in a cautious mood."

 

Figures from the ONS showed that business investment fell sharply, down 4%, compared with growth of 3.9% in the first three months of the year. Household spending also dipped.

 

James Smith, an economist at ING Bank, told the BBC's Today programme that the figure for the April-to-June period was "not bad".

 

In the first three months of the year, economic growth was "boosted by firms trying to get ahead of Donald Trump's tariffs", he said, as well as homebuyers rushing to complete before a change in stamp duty thresholds in April.

 

"Those factors were always going to be a drag, so the fact that we've ended up with 0.3% growth in an environment of global uncertainty isn't really a bad result," he said.

 

Experts suggested that hot, dry weather helped boost the construction sector which expanded by 1.2% between April and June.

 

 

'Unexpected sunshine'

Iain Hoskins, who owns several venues in Liverpool, said he was "very worried" after the last Budget, with increase National Insurance Contributions adding £100,000 to his costs.

 

However, he said he was "feeling more positive than we have done for the last few years," thanks largely to better weather and consumer confidence.

 

Iain Hoskins stands outside one of his hospitality venues in Liverpool, wearing a navy t-shirt

Iain Hoskins says falling interest rates have boosted customer spending

"The quarter that we are talking about, we had a very early summer and often that period can be a complete washout," he said. "Unexpected sunshine really did bring people out in force.

 

"Interest rates going down has really helped: more money in peoples' pockets. That is fundamental."

 

The Bank of England has cut interest rates five times over the past 12 months, taking borrowing to 4%.

-bbc

 

 

 

 

 

 

Air Canada to begin cancelling flights ahead of potential strike

Air Canada will begin cancelling flights on Thursday after the union representing its flight attendants voted to strike.

Canada's largest airline will begin suspending flights on Thursday after the union representing its flight attendants issued a 72-hour strike notice.

 

Air Canada will be gradually suspending flights over that period, the carrier said, warning that passengers without confirmed flights should not go to the airport.

 

The Canadian Union of Public Employees (CUPE), which represents 10,000 Air Canada flight attendants, provided a strike notice early on Wednesday after reaching an impasse in contract talks.

 

The union said that it has bargained in good faith but Air Canada "refused to address" core issues, such as proposals on wages, and unpaid work.

 

 

The airline responded by issuing a 72-hour lockout notice and said on Tuesday night that it had received a union counteroffer seeking "exorbitant increases" and that CUPE had rejected an offer to enter binding, third-party arbitration.

 

The strike is set to begin at about 01:00 EST (05:00 GMT) on Saturday.

 

The airline - which operates in 64 countries with a fleet of 259 aircraft - said the unplanned shutdown is "a major risk" to the company and its employees. The flight disruption could affect 130,000 daily customers, including 25,000 Canadians, amid the peak summer travel period.

 

"By optimally positioning aircraft and crews ahead of a possible stoppage, Air Canada will be able to provide required routine maintenance and more quickly restore regular service," the Montreal-based company said on Wednesday in response to the strike notice.

 

The first Air Canada and Air Canada Rouge flights will be cancelled on Thursday, with additional flights on Friday also expected to be grounded.

 

A "complete cessation of flying" will begin on Saturday, the airline said. Air Canada Express flights, which carry about 20% of Air Canada's daily customers, will not be affected.

 

Customers whose flights are cancelled will be notified and will receive a full refund, the airline said. The company has also made arrangements with other Canadian and foreign carriers to provide customers alternative travel options.

 

Customers will be notified of alternative options, but they could take time or might not be immediately possible.

 

Canada's top court upholds passenger protection rules for flight disruptions

 

Carlos Osorio / Reuters Air Canada flight attendants picket at Toronto Pearson airport holding signs that read "unfAir Canada" and "unpaid work won't fly". They are standing in a line and wearing their uniforms. 

 

 

Carlos Osorio / Reuters

Earlier this week, Air Canada flight attendants picketed at Toronto Pearson Airport amid the labour dispute

Toronto's Pearson International Airport - Canada's largest airport - said on Wednesday on X that it is closely monitoring the situation, and advised travellers to check directly with Air Canada for flight information. Other airports, including Vancouver International Airport, are also working on contingency plans.

 

In contract negotiations, the carrier said it offered flight attendants a 38% increase in total compensation over four years, with a 25% raise in the first year. CUPE said the offer is "below inflation, below market value, below minimum wage" and would still leave flight attendants unpaid for some hours of work, including boarding and waiting at airports ahead of flights.

 

The union asserted that it has bargained in good faith with the airline for more than eight months but Air Canada instead sought government-directed arbitration.

 

"When we stood strong together, Air Canada didn't come to the table in good faith," CUPE said in a statement to its members. "Instead, they called on the federal government to step in and take those rights away."

 

Earlier this month, 99.7% of employees represented by the union voted for a strike.-bbc

 

 

 

 

Claire's falls into administration with 2,150 jobs at risk

Fashion accessories chain Claire's has collapsed into administration in the UK and Ireland, putting 2,150 jobs at risk.

 

The company has 278 shops in the UK and 28 in Ireland but has been struggling with falling sales and fierce competition.

 

Claire's said all outlets will continue trading while it considers "the best possible path forward".

 

Its administrators from Interpath said they will "assess options for the company", which could include selling the business to "secure a future for this well-loved brand".

 

 

Claire's chief executive Chris Cramer said the "difficult" decision to appoint administrators allows its stores to remain open.

 

Claire's had been particularly popular for its ear piercing services and was a common stop in the early 2000s for tweens and teens during weekend shopping trips in malls across the world.

 

Its stores were known for their colourful selection of hair bands, earrings, jewellery, and occasionally for toys like slime and fluffy toys.

 

The company will no longer be issuing refunds, nor accepting online orders.

 

It will also not be delivering orders which have not yet shipped, but says customers are only charged on dispatch of items, so customers with outstanding online orders should not be out of pocket.

 

Claire's said that, in cases where it cannot issue refunds, customers should check with their card issuer for other avenues for refunds.

 

'Part of my childhood'

Caitlin, left, with blonde hair a white lacy top standing in central London, with Amy, right, wearing a navy strappy top, smiling

 

Caitlin, 21 (left) and Amy, 16 (right) from Oxfordshire were shopping at Claire's in central London on Wednesday and said the news was "quite sad because people have been going there since they were little."

 

"It's a part of my childhood personally, said Caitlin, said she used to go a lot when she was around 11 years old.

 

"It's aimed towards younger people and I don't know that there's something else on the market that does that. It's like a rainbow of things in there and I don't think a kid's going to be doing online shopping."

 

They both came out of the shop not having bought anything as Amy had second thoughts about getting a piercing.

 

'Increased competition'

The move in the UK comes after it filed for bankruptcy in the US earlier this month, where the firm said it was suffering from people moving away from bricks-and-mortar shops. The firm has $690m (£508m) of debt.

 

The company operates under two brand names, Claire's and Icing, and is owned by a group of firms, including investment giant Elliott Management.

 

Similar to its UK administration process, the firm said all of its US shops will remain open until an alternative future is found.

 

Claire's is the latest casualty in several shop-heavy firms who have suffered from the decline of the High Street as people move more towards shopping online.

 

In its US filing, Mr Cramer blamed "increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail" for the declaration of bankruptcy, as well as "debt obligations" and wider economic turmoil.

 

He said on Wednesday that it was a "challenging period" and that "in the UK, taking this step will allow us to continue to trade the business while we explore the best possible path forward".

 

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said the popularity of the Claire's brand had "waned".

 

While stores were once great for brand recognition, she said younger people now pay more attention to brands making their mark online.

 

"The chain is now faced with stiff competition from Tiktok and Insta shops, and by cheap accessories sold by fast fashion giants like Shein and Temu," she said.

 

Other analysts said many accessory shop chain like Claire's have been hit by US President Donald Trump's tariffs imposed on China and its neighbours.

 

"A lot of that category is sourced from Asia, and any increase in import costs hits hard when your price points are low and margins are tight," retail analyst Catherine Shuttleworth said at the time of Claire's US bankruptcy filing.-bbc

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

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

 


 

 

 

 


 <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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