Major International Business Headlines Brief ::: 29 August 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  29 August   2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: NLC Urges States to Emulate Imo On N104,000 Minimum Wage

ü  Nigeria: Budget Commissioner Challenges Sokoto MDAs to Increase Revenue Generation

ü  Nigeria: Air Peace Unveils Direct Flight to Brazil, Cuts Travel Time to 7 Hours

ü  South Africa: New Oil Transfer Regulations a 'Lifeline for Penguins', Says Minister

ü  Nigeria: Govt Should Anchor Economic Growth On Productivity, Not Inflation - NESG

ü  Nigeria: Shettima, Edun, Cardoso Push Risk Management for Economic Growth

ü  Nigeria: Dangote to Build $2.5bn Fertiliser Plant in Ethiopia, Maintain 60 Percent Ownership

ü  Rwandan Company Seals Historic Deal to Supply Tungsten to the U.S.

ü  Nigeria: Criminal Networks Exploit Nigerian Children in Illegal Oil Trade

ü  Africa: Afreximbank's A-/Stable Rating Confirmed by Japan's Credit Rating Agency

ü  Liberian Legislature Slammed for 'Huge' Salaries, 'Endless' Breaks

ü  Malawi: Govt Urged to Introduce Tax Incentives for Agribusiness Entrepreneurships

ü  How US shoppers will be hit as tariff exemption ends

ü  Thirsty data centres boom in drought-hit Mexico

ü  'It's a chaotic mess': UK firms warn over US small parcel tax

ü  AI boom boosts Nvidia despite 'geopolitical issues'

ü  UK car sales to US rise following tariff deal

 


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Nigeria: NLC Urges States to Emulate Imo On N104,000 Minimum Wage

The Nigeria Labour Congress (NLC) has called on the Federal and other state governments to emulate Imo State in implementing the N104,000 minimum wage for workers in the country.

 

The President of NLC, Joe Ajaero, made the call in an interview with newsmen on the sideline of the National Union of Civil Engineering Construction, Furniture and Wood Workers (NUCECFWW) 7th National Quadrennial Delegates Conference in Abuja.

 

The conference tagged "Abuja 2025" has its theme as "Building Trade Unions' Future through Strategic Organising and Investments".

 

 

Ajaero said that the move by the Imo Governor, Hope Uzodinma, was commendable and worth emulating by others.

 

 

"So many people were asking me, is this real? I said, This is a report from Imo State so far.

 

"I have reached out to him. Although he told me about it before now. It is real. That is the highest, and to a very large extent, it is commendable."

 

Ajaero explained that during the wage negotiations with the Federal Government, the argument was that the Federal Government did not want to move too far because it needed to take into cognisance the sub-nationals.

 

He added that the federal government said it could afford to pay more, but it did not want to disorganise the wage system.

 

"But if the states have the capacity to pay N100,000 and above, and considering that Imo State is not the highest in terms of revenue, it then means others are encouraged to do more.

 

 

"That is the whole essence of the issue of the underlying issue of minimum wage. Minimum wage is the least; states can do better. I think this is an initiative that other governors are supposed to follow.

 

"You must not wait for the next three years for a wage to be reviewed, especially given the current economic situation, so that people can at least survive," he said.

 

Ajaero also expressed worry over some issues with the Nigeria Social Insurance Trust Fund (NSITF) and called for immediate action.

 

"It therefore becomes imperative that we also alert you to a dangerous development. The state, having diverted 40 per cent of workers' contributions in NSITF, is now seeking to unilaterally amend the NSITF Act.

 

"This is to allow the government to control a fund that entirely belongs to workers.

 

"We had demanded that the funds be accounted for and returned so that Nigerian workers will enjoy the benefits of the Agency."

 

Also, the NUCECFWW President, Stephen Okoro, complained about unfair labour practices by employers of construction workers prominent in most multinational and indigenous companies.

 

Okoro said that engineers bore the brunt of work in the construction industry in their quest to have a country that was well built and prepared for the future.

 

"We bear the pains, and our job is to ensure that construction work in this country is in good condition.

 

"We do our best to ensure that we have good roads, buildings well erected, and furniture put in good places. That is our major concern."

 

According to him, this is why the union's leadership, in the last four years, had zero tolerance for unfair labour practices in all ramifications.

 

"We believe in the slogan 'injury to one is injury to all."' Also our quest for a decent work agenda in all job sites remained relevant in our negotiations to preserve the lives of members and occupational health hazards.

 

"We look forward to abolishing casualisation in the industry in the near future," Okoro said. (NAN)

 

Read the original article on Vanguard.

 

 

 

 

 

Nigeria: Budget Commissioner Challenges Sokoto MDAs to Increase Revenue Generation

Sokoto State Ministries, Departments, and Agencies, MDAs, have been challenged to devise more ways to generate revenue for the government.

 

Commissioner for Budget and Economic Planning, Dr Abubakar Mohammad Zayyana, threw the challenge at a bilateral discussion on the proposed 2026 budget of the MDAs, held in the conference hall of the ministry.

 

According to him, "This would enable the government to continue executing laudable projects and programmes for the citizens. The budget is a function of revenue rather than expenditure and revenue drives expenditure."

 

 

 

The commissioner who presided over the bilateral talks, appreciated the performance of some MDAs for not overshooting their budget ceilings.

 

 

Speaking, after presenting their ministries' proposed budgets, all the commissioners assured of their readiness to comply for the positive development of the state.

 

They added that, the discussions was robust and apt, as it would enable them to project their Ministries' 2026 budget proposal within their allocated budget envelopes.

 

The commissioners who led their respective team members to the bilateral discussion, appreciated the innovations and ideas brought by the Commissioner For Budget, Dr Abubakar Zayyana.

 

Earlier, the director of Budget Alhaji Buhari Umar Musheshe, revealed that the focus of the discussion was on three guiding principles of the budget: ceiling, ranking, and description.

 

He added that, "All MDAs are expected to project their budgets within their ceilings, rank projects and programmes according to priorities, and provide clear descriptions for the success of the nine-point smart agenda of the Dr Ahmad Aliyu-led administration."

 

 

The bilateral discussion was witnessed by the permanent secretary of the ministry, Hajiya Maryam Ahmad Barade, state chairman, Coalition of Civil Society Organizations, Comrade Bello Gwadabawa; and representatives of the state internal revenue service.

 

Read the original article on Leadership.

 

 

 

 

Nigeria: Air Peace Unveils Direct Flight to Brazil, Cuts Travel Time to 7 Hours

Air Peace has taken centre stage in a new chapter of Nigeria-Brazil relations with the successful launch of its maiden Lagos-Brazil flight.

 

LEADERSHIP reports that the milestone marks a breakthrough in aviation and a powerful symbol of connectivity and enduring partnership between Africa's largest economy and South America's economic powerhouse.

 

Aviation featured prominently in their dialogue during a recent diplomatic meeting between President Bola Tinubu and President Luiz Inácio Lula da Silva of Brazil. Both leaders identified Air Peace as a central player in deepening the two nations' economic, cultural, and social ties.

 

 

Speaking at a press briefing after the inaugural flight arrived at Murtala Muhammed International Airport Terminal 2, Lagos, the Minister of Aviation and Aerospace Development, Festus Keyamo, commended President Tinubu for his remarkable contributions to the sector.

 

 

 

He noted that Air Peace's achievement was the first tangible fruit of the President's diplomatic shuttle to Brazil.

 

"What we are seeing today is the first fruit of the diplomatic shuttle of President Bola Ahmed Tinubu to Brazil. In his wisdom, the President has decided to reopen and expand our economic, diplomatic, and trade relations with Brazil. Brazil is the biggest economy in South America, and Nigeria is Africa's biggest economy. Connecting these two economies was very key to both presidents," he said, praising President Tinubu for empowering the aviation sector to deliver this milestone through Air Peace.

 

He further highlighted that Air Peace's direct service would simplify travel between Nigeria and Brazil, eliminating the need for long detours through Europe or the Middle East. With the new route, flight time is cut to just seven hours across the Atlantic, a move expected to unlock unprecedented opportunities in trade, tourism, and cultural exchange.

 

 

The minister also emphasised that the service would facilitate onward connections across South America, providing direct access to Nigeria and, by extension, to Africa, thereby boosting regional and economic integration.

 

Also speaking, the chairman of Air Peace, Dr Allen Onyema, lauded President Tinubu for his commitment to building a new Nigeria that offers greater opportunities for its youth.

 

He stressed that the vision behind Air Peace's expansion reflected partnership and a symbiotic relationship built on respect and mutual growth.

 

"The President is not seeking partnerships that will lord over us. He is seeking symbiotic partnerships--not parasitic--partners who will respect our sovereignty and not bully us," Onyema said.

 

He added on the broader connectivity impact: "This is not just a flight; it is a bridge. Connectivity is at the heart of true partnership. By opening this corridor, we are bringing Nigeria closer to Brazil and, by extension, to South America and the Caribbean. This is the beginning of long-lasting opportunities for both regions."

 

The new Lagos-Brazil service will operate three times weekly, with plans to scale up frequency soon. With this development, Air Peace positions Nigeria as the gateway for West and Central Africa into South America, while simultaneously giving Brazil onward access across the African continent.

 

Read the original article on Leadership.

 

 

 

 

South Africa: New Oil Transfer Regulations a 'Lifeline for Penguins', Says Minister

New regulations to manage ship-to-ship transfers of fuel, oil, liquid gas and other toxic chemicals have been signed by Environment Minister Dion George.

 

George said the new regulations were designed to avoid pollution, protect coastal ecosystems, and mitigate the impacts of a spill, to secure the survival of the African Penguin and other species.

But bird conservation groups have expressed concerns that the regulations may be insufficient.

Environment minister Dr Dion George has signed new regulations to manage potentially polluting offshore ship-to-ship transfers of fuel, oil, liquid gas and other toxic chemicals - a move he describes as "another lifeline" for the critically endangered African Penguin and a "decisive step" in the future conservation of this species.

 

 

But bird conservation groups, who earlier this year wrestled a settlement agreement with George to impose no-take fishing zones around crucial penguin breeding islands, have expressed doubts.

 

 

 

BirdLife South Africa and SANCCOB (Southern African Foundation for the Conservation of Coastal Birds) say the regulations signed by George last week have serious shortcomings and are actually more lenient towards shipowners and the bunkering industry than earlier drafts of these directives.

 

They say celebration of the new regulations is "premature", and are mulling a response that might include a return to the courts.

 

"While we are currently in conversation with our lawyers, we have yet to commit to a way forward," BirdLife South Africa's communications manager Kurt Martin told GroundUp.

 

 

"There is undoubtedly a strong case to be made against these regulations, not only as regards their substance and likely efficacy, or lack thereof, but also regarding the Minister's powers under the Integrated Coastal Management Act."

 

Ship-to-ship transfer refers to the transfer of liquid bulk cargoes from one vessel to another at sea. Such cargoes can include chemicals, oil, petroleum products, liquified petroleum gas or liquified natural gas, as well as bunkering (the supply of fuel for the vessel).

 

The new regulations have been published in terms of the Integrated Coastal Management Act, one of a suite of laws under the umbrella National Environmental Management Act.

 

"These regulations ... provide South Africa with a clear and enforceable environmental framework to manage offshore ship-to-ship transfer operations, including bunkering," George said in a statement.

 

 

"They are designed to prevent pollution, protect coastal ecosystems, minimise and mitigate the impacts of a spill in the unlikely event that one occurs and secure the survival of the African Penguin, together with other marine species and ecosystems in the rich biodiverse Algoa Bay and along South Africa's coastline in general."

 

The new measures include prohibited zones, with ship-to-ship operations banned from marine protected areas, aquaculture development zones, from five nautical miles of each of these zones, and within three nautical miles of the high-water mark.

 

Wildlife protection measures in the regulations compel operators to monitor for penguins and marine mammals, deploy hydrophone systems and report sightings and incidents, and to have immediate response plans in place to rescue any oiled or injured wildlife.

 

In Algoa Bay -- the only place on the entire coastline where ship-to-ship operations are currently authorised -- transfers may only take place in "safe" conditions, with wind speeds below 22 knots [40.7 km/h] and wave heights below two metres.

 

Site-specific Algoa Bay restrictions include confining operations to designated anchorages, with a limit on the number of operators and tankers, and seasonal restrictions to protect sensitive habitats.

 

"These regulations are a decisive step to safeguard our oceans and secure the future of our African Penguin," George said. "They set strict standards for offshore ship-to-ship transfers, ensuring that maritime activity can only proceed in a safe and responsible way."

 

St Croix Island

 

The two bird conservation organisations have long lobbied for a total ban on ship-to-ship operations in Algoa Bay, and say they doubt the effectiveness of the new regulations.

 

In a joint statement, they point to the findings of an ecological risk assessment of February last year that emphasised the severity of ship-to-ship risks to African Penguins - particularly in the anchorage area of Algoa Bay which is closest to St Croix Island.

 

St Croix was once home to the largest remaining African Penguin colony with almost 8,000 breeding pairs resident in 2015. But since the start of bunkering in the bay in 2016, this colony has dwindled to just 700 pairs.

 

"Scientific research has demonstrated the correlation between increased vessel traffic noise associated with bunkering in the vicinity of St Croix Island and the dramatic decline in penguin numbers," the two organisations state.

 

"In fact, when the activity was stopped in 2024, the African Penguin population on St Croix Island doubled, [but] this number halved again once bunkering resumed in 2025."

 

Also, since bunkering operations started, there have been four oil spills in Algoa Bay attributed to bunkering activities, resulting in the oiling of several hundred penguins and other seabirds, they say.

 

Of particular concern to the conservation organisations is that ship-to-ship operations in Algoa Bay are also exempt from several regulatory prohibitions specifically intended to protect sensitive sites. "This is not only detrimental to the St Croix penguin colony but also sets a worrying precedent about the meaning of prohibitions and how discriminately, or indiscriminately, they may be applied," they say.

 

Also, while the regulations' seasonal restrictions on bunkering during the penguins' breeding period are well-intentioned, the breeding season extends beyond the period stated in the regulations and penguins use Algoa Bay for foraging throughout the year.

 

In their joint statement, the two conservation organisations say they will "continue to be the fiercest defenders of the African Penguin".

 

"In keeping with the Minister's sentiments, as expressed [in his statement], we are willing to partner in initiatives the bring real change, and are open to reasonable compromise. However, we are also determined to fight for the survival of the African Penguin."

 

Read the original article on GroundUp.

 

 

 

Nigeria: Govt Should Anchor Economic Growth On Productivity, Not Inflation - NESG

The Nigeria Economic Summit Group, NESG, has called on the Federal Government to anchor its economic growth objectives on productivity and not inflation.

 

Making this call in a report on the outcome of the Gross Domestic Product, GDP, rebasing exercise recently concluded by the National Bureau of Statistics, NBS, NESG said: "The rebasing of Nigeria's GDP is more than a recalibration of economic statistics; it is a diagnostic scan revealing deep structural imbalances and fiscal vulnerabilities.

 

"While the upward revision in nominal GDP expands the statistical size of the economy, the real economy - where jobs, productivity, and welfare are determined - remains constrained. Closing this gap requires a coordinated, multi-pronged policy response that addresses both immediate recovery and long-term transformation."

 

 

Stressing the need to anchor economic growth on productivity, NESG said: "With real GDP having grown only 4.4 percent since 2019, the priority is to stimulate value-added growth in sectors with high employment multipliers. This means targeted industrial policy, sector-specific competitiveness programmes, and technology adoption in agriculture and manufacturing."

 

 

 

The economic think-tank group called for a state of emergency in the industrial sector, while also urging the government to address energy reliability, logistics bottlenecks, and input costs; deploy blended finance, targeted infrastructure tax investment incentives, to and resuscitate manufacturing, oil & gas operations, and construction.

 

NESG further recommended that the federal government should: "Leverage agriculture's resilience by moving beyond subsistence. Scale mechanisation, expand irrigation, improve rural transport, and build agro-processing hubs to raise productivity, value capture, and export potential;

 

 

"Integrate the Informal Sector into the Growth Model Design informal sector-centric trade and investment policies, given its resilience and dominance in GDP composition. Pathways to formalisation should be incentivised - easing business registration, extending credit, and providing social protections to micro and small enterprises."

 

Urging the need for Fiscal and Financial Recalibration, NESG, said: "The rebased ratios should not encourage complacency. Expand non-oil revenue through digital tax systems, broaden the tax net, and enforce compliance. Improve spending efficiency via performance-based budgeting. Deepen financial intermediation to expand credit access and mobilise capital market funding for the real economy."

 

 

 

 

 

Nigeria: Shettima, Edun, Cardoso Push Risk Management for Economic Growth

Vice President Kashim Shettima, Finance Minister Wale Edun, and Central Bank of Nigeria (CBN) Governor Olayemi Cardoso have urged Nigerians to embrace risk management as a national culture to strengthen economic resilience amid global uncertainties.

 

The call was made yesterday in Lagos at the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), themed "Global Risks, Local Solutions."

 

Represented by his adviser on Economic and Financial Inclusion, Nurudeen Zauro, Shettima said the risks facing Nigeria -- climate change, cybersecurity, pandemics, and disruptive technologies -- are immediate and evolving. He stressed that resilience must extend beyond government policies to shape decisions at the household, business, and institutional levels.

 

 

"We live in an interconnected world where these risks are here, not distant. Preparedness is not a luxury; it is the foundation of stability and prosperity. Leaders, institutions, and citizens must adopt risk management as culture," he stated.

 

 

 

CBN Governor Cardoso, represented by Blaise Ijebor, Director of Risk Management Department, said that Nigeria's economy is already under pressure from supply chain disruptions, capital flow reversals, and extreme weather. He noted that recent policy reforms are aimed at restoring stability by embedding risk-awareness in economic planning.

 

"Risk managers can no longer stay behind the scenes. We must project outcomes, advise policymakers, and shape solutions. Both lean and fat years must be anticipated, and the nation prepared accordingly," he said, commending CRMI for deepening risk awareness.

 

 

Finance Minister Edun, represented by Permanent Secretary Raymond Omachi, said reforms such as fuel subsidy removal and exchange rate unification were painful but necessary to reposition the economy for sustainable growth.

 

"The future will not be defined by the storms we face but by the solutions we craft together. Risk management is not about predicting the future; it is about preparing for it," he noted.

 

CRMI President Kevin Ugwuoke, in his opening address, stressed that risk should also be seen as a driver of innovation and competitiveness.

 

He described the conference as a platform for collaboration among policymakers, regulators, business leaders, and academics to turn vulnerabilities into opportunities for growth and resilience.

 

Read the original article on Vanguard.

 

 

 

 

Nigeria: Dangote to Build $2.5bn Fertiliser Plant in Ethiopia, Maintain 60 Percent Ownership

Ethiopian Investment Holdings (EIH), the strategic investment arm of the government of Ethiopia, and Dangote Group have signed a comprehensive shareholders' agreement to develop, construct, and operate a world-class urea fertiliser production complex in Gode, Ethiopia.

 

Under the partnership structure, EIH will hold a 40 per cent equity stake. At the same time, Dangote Group will maintain 60 per cent ownership of the transformative project, representing one of the largest industrial investments in Ethiopian history.

 

The ambitious project will establish one of the world's largest single-site urea fertiliser production complexes, with production facilities boasting a combined capacity of up to three million metric tons annually. The facility will rank among the top five largest urea production complexes globally.

 

 

Under the agreement, the two companies will jointly develop, own, construct, operate, maintain, insure, and finance the state-of-the-art urea fertiliser plants and associated infrastructure. The comprehensive development includes advanced gas transport pipelines to evacuate natural gas from Ethiopia's Hilal and Calub reserves, storage facilities, logistics infrastructure, and export capabilities designed to serve domestic and regional markets.

 

 

The Project Development costs are estimated not to exceed $2.5 billion, with completion targeted within 40 months from commencement. A significant component of this investment includes the construction of a dedicated pipeline infrastructure to transport natural gas from Ethiopia's proven Hilal and Calub gas reserves to the Gode production facility, ensuring a reliable and cost-effective feedstock supply for the fertiliser complex.

 

 

This substantial investment underscores both companies' commitment to transforming Ethiopia's agricultural sector and enhancing regional food security. The project is expected to significantly reduce Ethiopia's dependence on fertiliser imports, creating thousands of direct and indirect employment opportunities in the Somali Regional State and beyond.

 

The president/chief executive of Dangote Group, Aliko Dangote, said, "This partnership with Ethiopian Investment Holdings represents a pivotal moment in our shared vision to industrialise Africa and achieve food security across the continent.

 

The strategic location of Gode, combined with Ethiopia's abundant natural gas resources from the Hilal and Calub reserves, makes this an ideal location for what will become one of the world's largest fertiliser complexes."

 

According to Dangote, we are committed to bringing our decades of experience in large-scale industrial projects to ensure this venture becomes a cornerstone of Ethiopia's industrial transformation and a catalyst for agricultural productivity throughout the region. The 60-40 partnership structure reflects our commitment to this transformative project while ensuring strong Ethiopian participation.

 

The chief executive officer of Ethiopian Investment Holdings, Dr. Brook Taye stated, "This landmark agreement with Dangote Group marks a significant milestone in Ethiopia's journey toward industrial self-sufficiency and agricultural modernisation.

 

"As the strategic investment arm of the government of Ethiopia, EIH is proud to secure a 40 per cent stake in what will be one of the world's largest urea production facilities. The project aligns perfectly with our national development priorities and will substantially enhance our agricultural productivity while positioning Ethiopia as a regional hub for fertiliser production."

 

Taye noted that "the utilisation of our domestic Hilal and Calub gas reserves through dedicated pipeline infrastructure ensures energy security and cost competitiveness for decades to come. We are confident that this partnership will deliver tremendous value to Ethiopian farmers, contribute to food security, and generate substantial economic benefits for our nation."

 

Read the original article on Leadership.

 

 

 

 

Rwandan Company Seals Historic Deal to Supply Tungsten to the U.S.

A historic deal has been finalised to directly supply Tungsten concentrate from Rwanda to the United States, with the first shipment now being prepared, Trinity Metals has announced.

 

The development marks the first consistent and reliable supply of high-grade tungsten from Africa's Great Lakes region to the US.

 

Trinity Metals, which operates the Nyakabingo Mine, is Africa's largest tungsten producer and the fourth largest globally. The company produces about 120 tonnes of wolframite, the host mineral for tungsten, each month.

 

 

Tungsten is a key metal used in manufacturing wires, electrodes, and wear-resistant machine parts. Rwanda already exports significant quantities, particularly to Austria, where it is processed for industrial applications.

 

 

In a statement published on August 28, Trinity Metals announced that it has finalised a commercial agreement under which tungsten concentrate (W03) from its Nyakabingo Mine will be supplied directly to the United States. The deal involves Global Tungsten and Powders (GTP), part of the Plansee Group in Pennsylvania, and Trinity Metals' offtake partner, Traxys.

 

With over 100 years of experience, GTP is one of the largest tungsten processors in the world producing high-quality tungsten and tungsten carbide powders; it also processes tungsten heavy alloy powders to finished components for the aerospace and defence industries.

 

ALSO READ: Rwandan company in talks to supply Tungsten to US smelters

 

Reacting to the deal, Trinity Metals' Chairman Shawn McCormick, noted that as the largest producer of tungsten on the continent, the company is very pleased to be working with both Traxys and America's largest tungsten refiner, GTP, on "this historic agreement."

 

 

Plansee Group Director of Global Raw Materials Eric Rowe, said the agreement adds a new supply of responsibly produced tungsten raw material to their mix, "thereby further strengthening American national security and supporting the U.S. industrial base with this truly critical mineral.:

 

Traxys CEO Mark Kristoff commented that they are proud to initiate the supply of critical minerals from Rwanda's largest miner, Trinity Metals, to America's largest tungsten processor, GTP.

 

ALSO READ: High-grade lithium deposits found in Rwanda

 

"The clear alignment of corporate values and commitment for long-term partnership is ideal," he noted.

 

Trinity Metals was formed in 2022 by merging three mines, Nyakabingo Tungsten Mine, Rutongo Tin Mine and Musha Tin and Tantalum Mine. Trinity has also discovered a highly prospective Lithium deposit called Ntunga on its Musha concession.

 

Read the original article on New Times.

 

 

 

Nigeria: Criminal Networks Exploit Nigerian Children in Illegal Oil Trade

Children are drawn into dangerous oil theft operations after witnessing the financial benefits that peers and adults gain from this illicit work.

 

In 2024, Nigeria's Rivers State Governor, Siminalayi Fubara, admitted that 'children as young as 14 and 15' are involved in illegal oil theft and refining in the country's Rivers and Bayelsa States. Poverty, a lack of viable alternatives and normalised criminal enterprises in some communities have drawn children into these extremely hazardous illegal oil refining environments.

 

A recent study shows that almost 90% of Bayelsa State's population is experiencing extreme poverty, while 4.4 million people in Rivers State live in multidimensional poverty. This means many people in these states don't have access to education and affordable healthcare.

 

A woman from Ondewari (a community in the Southern Ijaw Local Government Area of Bayelsa State) told ENACT organised crime project researchers that children as young as 10 were working at the illegal refineries. She said they were active participants in the illicit economy, earning money and establishing their own income streams.

 

 

Children are often involved in 'sacking' - when crude oil is extracted and refined illegally in makeshift facilities, and the resulting fuels (such as diesel or petrol) are poured into resilient plastic sacks, jerrycans or other containers.

 

These sacks aid in transporting or concealing the products, especially when they are moved out of the creeks using wheelbarrows, motorcycles or small boats. Sacking a drum of petroleum product can earn children ₦5 000 to ₦15 000 (US$3 to US$9) based on local market conditions and the prevailing price of the petroleum product, the Ondewari woman said.

 

Recruiting and employing children for these activities is predominantly informal and opportunistic, relying on social networks and community ties rather than systematic coercion. Children typically volunteer or are encouraged by seeing the benefits that peers and adults derive from the trade.

 

 

Another respondent in Bayelsa State noted that the children 'go to the camps [illegal refinery sites] of their own volition. When they get to the camps and there are areas where certain jobs are needed, they get involved. Some are engaged in sacking [bagging the products] for buyers. Some are cart pushers of petroleum products for buyers.'

 

Their functions also go beyond menial tasks. Some gather intelligence or are assigned as watchers and informants because of their innocent appearance. An ex-militant in Oloibiri community told ENACT anonymously: 'We place [the children] in strategic areas, where they come to give us information. They just take small boats.

 

'As they are patrolling [on the creeks], you see them as children, but you don't know they are spies. [We] give them stipends; in fact, we know them and so we buy them over to be spies to us.

 

 

'If they find any military vessels [speedboats] passing by, immediately they would make sounds and give us a signal that such people are coming to the camp and immediately everybody would leave the camp.'

 

Children's involvement in the illicit refining economy reflects not only profound socioeconomic desperation but also highlights the complicity of the communities embedded in this criminal economy. Sophisticated, community-centred tactics of survival are used to evade state security crackdowns.

 

For example, organised criminal groups in Bayelsa State use women and children as human shields at illegal oil refining sites that come under attack or reconnaissance from Nigeria's military. By deliberately placing women and children near or at refining sites, they deter security forces from raiding them.

 

According to Bayelsa State Governor Douye Diri, 'Occasionally, when the military is authorised to eliminate these camps and they conduct reconnaissance, they uncover that children and women are used to shield those areas.' This results in the military withdrawing from immediate tactical actions aimed at destroying the camps.

 

The children recruited to work in illicit refining facilities face life-threatening conditions - including inhaling toxic fumes, or suffering from burns or respiratory illnesses, without access to medical help.

 

A former participant in illegal refining activities told ENACT that there was a constant danger of fire outbreaks at the camps. 'At such times, some would get burnt. Some unlucky ones die. I was [burnt]. Mine too was serious ... my elder sister and her daughter were [also victims of fire]. My elder sister's daughter didn't survive it. She was 15 years old when that incident happened - and she died.'

 

Nigeria's media is full of reports of women and children killed in explosions and fires at illegal oil refineries. This includes at least 25 people in Rivers State in 2021, hundreds in a border town between Rivers and Imo State States in 2022, at least 15 in the Niger Delta in 2023, and five in Omoku in Rivers State so far in 2025.

 

The state and communities in the Niger Delta should adopt a multi-pronged strategy to address this complex and serious problem.

 

A starting point would be legislation to foster deterrence. Nigeria is a signatory to the United Nations Convention on the Rights of the Child and the African Charter on the Rights and Welfare of the Child. The country must uphold all children's rights within its jurisdiction. Niger Delta state governments should start by enacting laws to ban the recruitment of children into illegal refining, with punitive penalties for those found guilty.

 

Prioritising security funding for improved surveillance in the Niger Delta creeks would contribute to dismantling illicit refining facilities and spur the arrest of illegal refiners.

 

Targeted funding and awareness campaigns could discourage vulnerable children's recruitment into petroleum refining activities and encourage them to enrol in schools. This could be done together with community-centred campaigns that deter their involvement in the criminal economy.

 

The media, traditional institutions and religious bodies, which significantly influence broader society, could be part of this campaign.

 

This article was first published by ENACT.

 

Oluwole Ojewale, ENACT Central Africa Organised Crime Observatory Coordinator, ISS

 

Dengiyefa Angalapu, Research Analyst, Centre for Democracy and Development, Abuja, Nigeria

 

Read the original article on ISS.

 

 

 

 

Africa: Afreximbank's A-/Stable Rating Confirmed by Japan's Credit Rating Agency

Japan Credit Rating Agency, Ltd. (JCR) has affirmed African Export-Import Bank’s (Afreximbank) A- issuer credit rating with a stable outlook.

 

The rating reflects JCR’s assessment of Afreximbank’s strong strategic positioning, robust risk management framework, consistent profitability, prudent liquidity policies and resilient capital base. JCR also noted the Bank’s important role in supporting trade finance and economic development across Africa and the Caribbean.

 

The rating agency stated that it expects Afreximbank’s rating to remain stable over the next 12 to 18 months, despite external macroeconomic challenges and potential pressures in its operating environment.

 

 

 

Reacting to the announcement, Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, said the affirmation reinforces the Bank’s credibility in global markets and highlights its systemic importance to Africa. “JCR’s rating underscores our strong fundamentals and prudent risk management practices,” he said. “It strengthens our ability to diversify our funding sources, including tapping into Japan’s capital markets, to further advance our mandate of promoting and financing intra- and extra-African trade.”

 

 

Mr. Denya reaffirmed Afreximbank’s unwavering commitment to its member states, partners and clients, noting that its consistent delivery, even in challenging times, has been a key driver behind its strong credit standing. “This rating is a testament to the Bank’s resilience and strategic focus, enabling us to mobilise resources to drive trade and development in Africa and the Caribbean,” he added.

 

The JCR affirmation is expected to bolster confidence among investors and stakeholders, supporting Afreximbank’s ongoing efforts to expand its global funding base and enhance its market presence.

 

 

In line with this, Afreximbank successfully completed its inaugural Samurai bond issuance in Japan in 2024, raising JPY 81.3 billion (US$530 million). The transaction, which attracted strong participation from a diverse pool of Japanese institutional investors, underscored the Bank’s growing appeal in international capital markets and its ability to mobilise resources beyond traditional geographies. The success of the issuance further demonstrates Afreximbank’s credibility and capacity to secure innovative funding solutions in support of its mandate.

 

About Afreximbank

 

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.

 

For more information, visit:  www.afreximbank.com

 

 

 

 

Liberian Legislature Slammed for 'Huge' Salaries, 'Endless' Breaks

Monrovia — The Liberian Legislature has once again come under sharp criticism from citizens and civil society groups for what many describe as "eating free money" while ordinary Liberians struggle with worsening economic conditions.

 

Observers say the Legislature is rapidly building a reputation as one of the least productive institutions in government. Despite receiving huge budgetary allocations, lawmakers are accused of spending more time on recesses, breaks, and political ceremonies than on actual legislative duties.

 

Currently, legislators are on another extended break--stretching from July through October--while only a handful of committees remain partially active. Critics argue that these constant interruptions serve the personal comfort of lawmakers rather than the interest of the people.

 

 

Under Rule 2, Section 2.1, regular sessions at the House of Representatives are already limited, held only on Tuesdays and Thursdays between 10:00 a.m. and 12:00 p.m., and 2:00 p.m. to 4:00 p.m. Mondays and Wednesdays are reserved for committee work, while Fridays are set aside for constituency business.

 

 

 

"This Legislature is eating free money. They collect huge salaries, benefits, and allowances every month, but when you check their output, it is nothing compared to what the country is facing. The economy is collapsing, schools are struggling, health centers are without drugs, yet lawmakers are on endless breaks," lamented Sarah Wleh, a Liberian businesswoman.

 

Records show that since the start of the year, the Legislature has taken multiple recesses, citing county consultations and political engagements. However, critics argue that many of these breaks are used for private activities and political maneuvering rather than genuine constituency work.

 

 

"What we are seeing is legalized exploitation. The Legislature is the only workplace in Liberia where employees can repeatedly abandon duty, go on endless recesses, yet still receive fat paychecks without accountability. That's why citizens say they are eating free money," political analyst Martin Kollie wrote recently on his social media page.

 

The Law Behind the Breaks

 

While public outrage continues over lawmakers' extended breaks, the current 55th Legislature did not pass the law that granted them this privilege.

 

In 2022, the 54th Legislature quietly enacted "An Act to Repeal an Act to Amend Section 1 of an Act Fixing Day for the Annual Adjournment of the Legislature of the Republic of Liberia, and to Establish in Lieu Thereof an Act Setting the Calendar of Adjournment for the Legislature."

 

 

This law allows the Legislature three adjournments each year, also known as "constituency breaks." According to the act:

 

The first break runs from the third Friday in March to the second Friday in May.

The second break spans from the third Friday in July to the third Friday in October.

The third break begins the second Friday in December and ends the Friday preceding the second working Monday in January--synchronized with the Public Financial Management (PFM) Law that changed Liberia's budget year from July-June to January-December.

Civil Society Outcry

 

The passage of the 2022 law sparked immediate condemnation from civil society organizations, including NAYMOTE Partners for Democratic Development and the Institute for Research and Democratic Development (IREDD).

 

They argued that the new schedule--which effectively reduces lawmakers' working year to six months--violates the Constitution.

 

Article 32(a) of the Liberian Constitution states: "The Legislature shall assemble in regular session once a year on the second working Monday in January."

 

"While lawmakers are paid to work for 12 months, with these new changes they will only work for six months every year. Sadly, this undermines governance. We therefore call for reconsideration of these changes," said IREDD Executive Director Matthias M. Yeanay, flanked by NAYMOTE Executive Director Eddie Jarwolo, in a joint statement at the time.

 

The groups further stressed: "The Legislature cannot do what the Constitution does not mandate without a referendum. Yet lawmakers continue to bend rules based on self-interest--changing electoral dates, postponing the national census, and showing a lack of accountability to the Liberian people. Poor leadership has engulfed the Legislature, making it a symbol of bad governance."

 

The Way Forward

 

Current lawmakers argue that they inherited the controversial law from the 54th Legislature. However, critics insist that if they are serious about reform, they must demonstrate it by repealing laws that are not in the public interest--beginning with the very act that grants them prolonged recesses at the expense of taxpayers.

 

Read the original article on FrontPageAfrica.

 

 

 

 

Malawi: Govt Urged to Introduce Tax Incentives for Agribusiness Entrepreneurships

A third-year student at the Lilongwe University of Agriculture and Natural Resources (LUANAR), Letson Sikweya, has emphasized the need for the government to introduce tax incentives for agribusinesses to stimulate agribusiness entrepreneurships in Malawi.

 

Sikweya made the sentiments during his presentation at fifth National Research Dissemination Conference currently underway at the Bingu International Convention Centre (BICC) in Lilongwe.

 

The National Commission for Science and Technology (NCST) has organized the three-day conference to provide a platform for researchers, innovators and entrepreneurs to showcase their research outputs.

 

 

The conference is being held under the theme "Research, Innovation, Commercialization and Entrepreneurship Towards a Productive and Resilient Nation" and has drawn participation from university students, lecturers, professors, innovators and researchers, among others.

 

 

 

In his presentation, Sikweya said taxes remain a great hindrance to viable agribusinesses.

 

"Taxes are one of the hindrances, or the impediments, that keep smallholder farmers away from agricultural productivity. A lot of farmers would want to do agriculture entrepreneurship, or may want to trade their products, but due to taxes, they might fail to do so because some taxes are so much higher to the point that small scale farmers cannot pay," he said.

 

Sikweya, therefore, asked the government to consider removing taxes or introducing tax incentives and holidays to attract investment as well as improving profitability, which would eventually stimulate growth.

 

 

"Tax incentives and holidays would attract investment by making new ventures more financially viable and encouraging expansion, particularly for small and growing businesses that may lack access to capital," he said.

 

He also echoed calls by the NCST Vice Board Chairperson, Dr. Cecilia Maliwichi Nyirenda, for increased resource allocation towards research and development, challenging that Malawi cannot attain its Malawi 2063 (MW2063) development agenda without research.

 

In her remarks, Nyirenda had lamented that underinvestment in research and development limits Malawi's capacity to generate new technologies and enhance productivity in strategic sectors.

 

"Malawi's current investment in research and development stands at 0.17% of GDP, which is significantly below the African Union target of 1% and the global average of 2.2%. This underinvestment limits Malawi's capacity to generate new technologies and enhance productivity in strategic sectors. For example, while agriculture employs over 80% of our population, it contributes only 23% to GDP, largely due to insufficient investment in research, innovation in crop varieties, irrigation systems, and mechanization," she said.

 

It is expected that by close of the conference, over 100 research outputs will have been presented covering fields such as agriculture, health, climate change, energy, education, digital technology, industry, and social sciences.

 

Read the original article on Nyasa Times.

 

 

 

 

How US shoppers will be hit as tariff exemption ends

The US has pulled the plug on a long-running global tariff exemption that has been widely used by buyers of low-cost goods.

 

>From Friday, imports valued at $800 (£592) or less will no longer be duty-free and will face tighter customs checks, in a move set to affect millions of shipments a day.

 

Last year, almost 1.4 billion packages - worth a total of more than $64bn - entered America without being charged duties under a rule called the de minimis exemption, according to US Customs.

 

Experts say US President Donald Trump's policy change will hit small businesses hardest and shoppers should brace for higher prices and fewer options - at least until the dust settles.

 

"I've reached the point of acceptance, but when I first heard the news about two and half, three weeks ago, I felt like it might be the end for my business," said Katherine Theobalds, founder and creative director of Buenos Aires-based shoe brand Zou Xou. "It still might - that remains to be seen."

 

 

'It's a chaotic mess': UK firms warn over US small parcel tax

What's the de minimis rule?

De minimis is a Latin term that broadly translates to "about the smallest things", often used in legal contexts to describe matters too trivial to merit concern.

 

The de minimis exemption was introduced in 1938 to avoid the expense of collecting only small amounts of import duties in the US.

 

The rule's threshold rose over the years, allowing e-commerce firms and global retailers that ship small packages to the US to thrive.

 

The exemption was often associated with companies like Chinese e-commerce giants Shein and Temu, which delivered Americans cheap goods that could be quickly shipped from the manufacturing source - with no warehouse stock or associated overhead costs.

 

But while Shein and Temu helped pioneer this way of working, many other businesses - foreign and domestic, large and small - came to incorporate the "loophole" into their supply chains and sales models.

 

Executives at Tapestry - the parent company of US fashion brand Coach, which is known for leather bags that sell from roughly $200 to $1,000 - told analysts this month that it expects to take a $160m hit to its profits due to changing tariff policies, with about a third of that attributed to the elimination of the de minimis rule.

 

Coach has rapidly expanded in recent years in a comeback campaign fuelled by Gen Z shoppers and Tapestry remains confident the momentum will offset some of the impact of tariffs. Still, the elimination of de minimis represents a logistical challenge.

 

Shipments under the exemption made up more than 90% of all the cargo entering the country, according to US customs.

 

The president and his predecessor, Joe Biden, criticised the policy as harmful to US businesses and said it has been abused to smuggle illegal goods, including drugs like fentanyl.

 

In a phone call with reporters on Thursday, Trump's trade adviser, Peter Navarro, said the move will "save thousands of American lives by restricting the flow of narcotics" through the mail, as well as add $10bn a year to US coffers.

 

 

Reuters Packs of clothing are pictured at a garment factory for Shein in Guangzhou, Guangdong province, China 1 April, 2025.Reuters

Firms like Shein used the exemption to ship low-cost items

Trump fast-tracked the rule's repeal with an executive order this year, well ahead of a planned 2027 expiry date.

 

With the necessary documentation, shippers will pay duties based on the country of origin's tariff rate. Otherwise, they can choose to pay a fixed fee between $80 and $200 per package, according to the White House.

 

The second option, which is aimed to give postal services more time to adjust to the change, will only be available for six months.

 

Mainland China and Hong Kong were the first to be cut from the de minimis rule in May, prompting e-commerce giant Temu to halt direct sales to the US.

 

Letters and personal gifts worth less than $100 will still be duty-free.

 

 

Smaller variety, longer waits

US consumers may see less variety of goods in shops and on e-commerce platforms as businesses get to grips with customs documentation, trade experts have told the BBC.

 

Smaller firms need time to adjust as they have mostly been spared from such paperwork until now, said Tam Nguyen from logistics administration firm GOL Solution. The company handles exports from South East Asia to the US.

 

"You need to indicate the source of all the materials in a product, which can come from many countries with different tax rates. This would absolutely make shipments slower."

 

The complexity could deter sellers from offering a broader range of products for export, she added.

 

That could have a particular impact on more niche markets.

 

Christopher Lundell, is a 53-year-old psychologist based in Portland, Oregon who also DJs and mixes music as a hobby. He is an avid vinyl record collector who recently became aware of the de minimis exemption suspension when he tried to - unsuccessfully - buy a $5 rare record from a seller in the UK.

 

"He cancelled my order and said, 'I'm sorry but the UK is not shipping to the United States anymore.'"

 

Mr Lundell says he tries his best to find US-based record sellers before searching online for overseas sellers based in countries like the UK, Japan and China. He adds that he understands the need to protect US businesses, but says that he believes a blanket suspension of the de minimis exemption is "political theatre".

 

Some orders may also be frozen for the next few weeks. Ms Nguyen said clients, including some in the healthcare sector, have halted orders.

 

Major postal services in the UK, Europe and and the Asia-Pacific region paused deliveries to the US this week.

 

The operators blamed uncertainty about how the tariffs would work and a lack of time to prepare.

 

Prices to rise

Without the exemption, businesses will have to factor in tariffs the US has imposed on the country of origin, which came into effect for most nations in August.

 

Those levies can be as low as 10% for countries like the UK and Australia, while goods from Brazil and India face the highest tariffs at 50%.

 

Following the change, specific duties will be imposed of $80 per item for countries with tariffs of 16% or less, $160 for shipments from countries with between 16% and 25% tariffs or $200 for items from countries with higher tariffs.

 

A senior administration official downplayed consumer concerns, saying that the move will "benefit" Americans by making them "safer" and "prosperous".

 

Some American businesses welcomed the news, arguing the elimination would level the playing field.

 

"Gap Inc. welcomes the Administration's decision to suspend duty-free de minimis treatment worldwide. The de minimis loophole has long provided an opportunity for some importers & retailers to avoid paying their fair share of US duties," the company said in a statement.

 

 

Tech manufacturing has powered Asia - now it's a casualty of Trump's tariffs

Value of small parcels sent from China to UK hits £3bn

Small firms, in particular, will feel the strain from the costly audits needed to clear US customs, making it tough for sellers to keep prices stable, said trade expert Deborah Elms.

 

With many postal services holding off on US shipments, sellers may have to pay for more expensive express couriers to reach American buyers for now, said Ms Elms from research firm Hinrich Foundation.

 

British retailer Wool Warehouse is among firms that have paused orders from the US.

 

"There is a lot of uncertainty at the moment" due to the short time firms have had to figure out shipment process and fees involved, said managing director Andrew Smith.

 

His firm hopes to resume orders to the US – its largest export market – within two weeks, he said, adding that time is needed to wait to see how other companies have responded to the changes.

 

Prices of its goods – mostly wool and crafting materials sourced globally - are likely to rise by up to 50%, said Mr Smith.

 

The company also plans to revamp its website to indicate the tariff rate chargeable for each product, he said.

 

"We're aiming for full transparency so people know what it will cost with certainty and then they can decide whether they want to make the purchase or not."

 

At Zou Xou, Ms Theobalds specialises in artisan-made women's shoes, crafted by small workshops in Argentina, that sell for between $200-$300. She began her career in New York, and has focussed her business on American customers.

 

She has long operated a two-tier system - customers either receive shoes from a US warehouse where she keeps some stock, or shipped direct from Argentina through DHL.

 

 

A boost for China?

Larger shipments of shoes into the US were already subject to customs fees, she says, but sending one or two pairs from Buenos Aires to a customer was achieved cheaply and efficiently because of the de minimis exemption.

 

Now, she's not sure how to factor in the added costs and is exploring several options and hoping to get more clarity on how to shift her business model.

 

Equally important, she said, is how businesses like hers explain the changes to consumers.

 

She worries that even if pricing doesn't change much, a duty process that seems too complicated could turn off even those who want a higher-end product.

 

"The reason our customers come to us is because they appreciate the artisanal quality. They could have always gone to a mass retailer," she says. "But what people will have to think about is 'does that matter to me all that much, or do I just want a pair of shoes?'"

 

AFP via Getty Images Boxes covered in tape and shipping labels are piled up in a DHL shipping facility.AFP via Getty Images

Closing the de minimis loophole has made shipping more complicated

US-based retailers stand to gain if prices of goods ordered from overseas rise, Ms Elms said.

 

"If it's too expensive, they'll probably go to Walmart or Target to buy it there," she said.

 

But with so many goods being sent from around world now being subject to customs duties, US consumers may once again turn to China for cheaper options.

 

Chinese companies like Shein and Temu have set up distribution centres in the US that will help ease some of the cost of tariffs, said Ms Nguyen.

 

And China is "months ahead" in figuring out the paperwork as compared to firms in other countries that are now scrambling to get up to speed, she added.

 

There may be fewer competitors in the overall market, as the end of the de minimis exemption makes it harder for small businesses to launch e-commerce sites, said Ms Nguyen.

 

"It used to be: Set up a site, list products and start shipping. But now that low-cost entry point is gone."-BBC

 

 

 

 

Thirsty data centres boom in drought-hit Mexico

Located in the middle of Mexico, Querétaro is a charming and colourful colonial-style city known for its dazzling stone aqueduct.

 

But the city, and state of the same name, is also recognised for a very different reason - as Mexico's data centre capital.

 

Across the state companies including Microsoft, Amazon Web Services and ODATA own these warehouse-like buildings, full of computer servers.

 

No one could supply an exact number, but there are scores of them, with more being built.

 

Ascenty, which claims to be the largest data centre company in Latin America, has two in Querétaro, both around 20,000 sq ft in size, with a third under construction.

 

It is forecast that more than $10bn (£7.4bn) in data centre-related investment will pour into the state in the next decade.

 

"The demand for AI is accelerating the construction of data centres at an unprecedented speed," says Shaolei Ren, associate professor of electrical and computer engineering at the University of California Riverside.

 

 

So, what's the attraction of Querétaro?

 

"It's a very strategic region," explains Arturo Bravo, Mexico country manager at Ascenty.

 

"Querétaro is right in the middle [of the country], connecting east, west, north and south," he says.

 

That means it is relatively close to Mexico City. It is also connected to high-speed data cables, so large amounts of data can be shifted quickly.

 

Mr Bravo also points out that there is support from the municipality and central government.

 

"It's been identified as a technology hub," he says. "Both provide a lot of good alternatives in terms of permits, regulation and zoning."

 

But why are many US companies choosing this state over somewhere closer to home?

 

"The power grid capacity constraint in the US is pushing tech companies to find available power anywhere they can," says Shaolei Ren, associate professor of electrical and computer engineering at the University of California Riverside, adding that the cost of land and energy, and business-friendly policies are also attractive.

 

Shaolei Ren Shaolei Ren sitting outside a shopShaolei Ren

Shaolei Ren says US tech firms are searching for electricity availability

 

Data centres host thousands of servers - a specialised type of computer for processing and sending data.

 

Anyone that's worked with a computer on their lap will know that they get uncomfortably hot. So to stop data centres melting down, elaborate cooling systems are needed which can use huge amounts of water.

 

However, not all data centres consume water at the same rate.

 

Some use water evaporation to dissipate the heat, which works well but is thirsty.

 

A small data centre using this type of cooling can use around 25.5 million litres of water per year.

 

Other data centres, like those owned by Ascenty, use a closed-loop system, which circulates water through chillers.

 

Meanwhile, Microsoft told the BBC it operates three data centres in Querétaro. They use direct outdoor air for cooling approximately 95% of the year, requiring zero water.

 

It said for the remaining 5% of the year, when ambient temperatures exceed 29.4°C, they use evaporative cooling.

 

For the fiscal year 2025, its Querétaro sites used 40 million litres of water, it added.

 

That's still a lot of water. And if you look at overall consumption at the biggest data centre owners then the numbers are huge.

 

For example, in its 2025 sustainability report Google stated that its total water consumption increased by 28% to 8.1bn gallons between 2023 to 2024.

 

The report also said that 72% of the freshwater it used came from sources at "low risk of water depletion or scarcity".

 

In addition, data centres also indirectly consume water, as water is needed to produce electricity.-BBC

 

 

 

 

 

'It's a chaotic mess': UK firms warn over US small parcel tax

Helen Hickman says new taxes on small parcels are causing "an absolute chaotic mess".

UK firms are warning that new taxes on sending low-value parcels to the US are bringing uncertainty and potential price hikes for their businesses.

 

US President Donald Trump cutting the "de minimis" exemption means parcels valued under $800 (£592) will be subject to tax from Friday.

 

The Federation of Small Businesses has warned this will push up costs and create new barriers for small firms in the UK trying to compete with bigger brands.

 

"I knew it was going to be an absolute chaotic mess," said Helen Hickman, who has stopped shipping wool to the US due to uncertainty about the costs.

 

 

How US shoppers will be hit as tariff exemption ends

Her hand-dyed wool company, Nellie and Eve, in Carmarthenshire, west Wales, used to make about 30% of its sales to the US - but she has put them on hold.

 

"I didn't have enough information to be able to comfortably say that I could ship as normal," she says. "There is no way of giving the customer an upfront cost."

 

"I didn't want products to be excessively charged or returned to me or lost," she says.

 

 

Helen Hickman Helen stands surrounded by wool from her businessHelen Hickman

The changes mean packages valued at under $800 will face the same tariff rate as other goods from their country of origin - for the UK that's 10%.

 

Previously, the de minimis exemption meant goods valued at $800 or less could enter the US without paying any border taxes.

 

The exemption was criticised by the president and his predecessor, Joe Biden, as harmful to US businesses as it allowed cheap goods from abroad to be quickly shipped from the manufacturing source - with no warehouse stock or associated overhead costs.

 

US consumers used the exemption to buy cheap clothes and household items from online commerce sites like Shein and Temu, as well as from countries other than China.

 

But from Friday, "a typical $100 order could now incur an additional $30 to $50 in costs, depending on the final sales tax rate adopted by US authorities," says Martin Hamilton, partner and head of retail at accountancy firm Menzies.

 

"On top of that, brands will face extra fees from shipping providers for handling duties and taxes," he says.

 

Julian Boaitey started his African skincare brand Yendy Skin in 2021 and said the US market had grown for his company with 20% of sales coming from across the Atlantic.

 

He had planned to make the American market 80% of his business but says he is now exploring whether to manufacture a small range in the US or export larger volumes there and ship directly to consumers from the US.

 

"The most frustrating thing is we don't know what to do," he says.

 

"I think we're all trying to figure out exactly what we're going to do and how we're going to go about it."

 

Earlier this month, postal services around the world paused some deliveries to the US over confusion around the new rules.

 

The Royal Mail says it has been working with the US authorities and international partners so its services will meet the new US de minimis requirements when they come into effect on Friday.

 

 

Jay Begum sells handmade wooden decorations and gifts through her small London-based business Knots of Pine.

 

She had already noticed a slowdown in orders from the US since President Trump announced tariffs earlier in the year, because it made American customers more jittery in general.

 

But now the de minimis tax change is having an even bigger impact, and she has decided to no longer ship to the US at all.

 

As the country makes up about 20% of her sales, it's a significant hit. "Now, I only have the UK market," she says.

 

Jay will have to put more money into marketing to boost her domestic sales if she is unable to start selling to the US again.

 

"It would be a lot of work, to claw back the sales that I'm losing."

 

Tina McKenzie, policy chair of the Federation of Small Businesses, says: "Small firms in the UK have already been hit by US tariffs, with just over two in ten saying they have stopped, or may stop, exporting there altogether."

 

She added: "The US Administration's decision to scrap the de minimis threshold, combined with postal carriers temporarily suspending deliveries in response, will push up costs and create new barriers."

 

Statistics published by HMRC show that in 2023 around 28,000 small businesses - companies with less than 49 employees - exported goods to the US.

 

 

'I might have to get another job'

Sophie Arnold runs a small jewellery business, the Little Vintage Emporium in Edinburgh, and stopped shipping to the US when she heard the $800 exemption was ending.

 

She says it will have a negative impact on her business.

 

"America is our main market," she adds.

 

Ms Arnold thinks "big hitters" in the antique world may have the finances to pay extra duties, but says smaller businesses like hers will suffer.

 

"I might have to look at returning into an office or doing other jobs and not running my business full time," she says.

 

The FSB says it wants the UK government to provide more support.

 

Ms McKenzie says raising the Trading Allowance - a tax-free allowance for casual income - from £1,000 to £3,000 would "make it easier for people to sell more, helping them cope with the extra costs that tariffs will bring in".

 

"The UK and US should be working together to make it easier for small businesses to reach customers across the Atlantic. That means clear, practical rules, time to adapt, and systems that keep trade moving," Ms Mckenzie added.

 

The BBC has asked the UK Treasury for comment.

 

In April, the UK government announced it was reviewing its own de minimis rules.

 

Low-value imports, which are worth £135 or less, are currently exempt from customs duties.

 

Emma Wall, head of platform investments at Hargreaves Lansdown, said changing the de minimis exemption, which is more than 100 years old, makes sense.

 

"The market has changed with ecommerce being a huge part of our everyday lives," she said, adding it would also mean fair competition for domestic businesses.-BBC

 

 

 

 

AI boom boosts Nvidia despite 'geopolitical issues'

Getty Images Nvidia chief executive Jensen Huang delivers a keynote address at the Consumer Electronics Show (CES) in Las Vegas, Nevada on January 6, 2025.Getty Images

Computer-chip designer Nvidia has been boosted by big tech firms keen to expand their AI capabilities, despite dealing with US and China tensions.

 

On Wednesday it reported $46.7bn revenue (£34.6bn) for the second three months of the year, a 56% surge from the same period in 2024.

 

But Nvidia, which has been caught in the crossfire of a trade war between the US and China, said it "continued to work through geopolitical issues" and its shares fell in after-hours trading.

 

The company has had to navigate the Trump administration's fast-changing policies aimed at ensuring the US remains ahead in AI development.

 

 

An ongoing AI boom

Nvidia's sophisticated chips have been an important part of the AI boom.

 

On Wednesday it said demand for its products remains strong, especially from big tech firms including Instagram-owner Meta, and ChatGPT-maker OpenAI, as they race to build-out AI.

 

"The AI race is now on," said Nvidia boss Jensen Huang in a call with analysts following the report's release, saying spending from four big tech firms had doubled to $600bn per year.

 

"Over time, you would think that artificial intelligence would... accelerate GDP growth," Huang said. "Our contribution to that is a large part of the AI infrastructure."

 

Colleen McHugh, chief investment officer at investment firm Wealthify, told the BBC's Today programme Nvidia was "at the heart of this AI boom".

 

"It's really largely unchallenged in the market for AI chips," she added.

 

She said the company was "very reliant" on tech giants for revenue and firms continuing to spend on its chips would mean Nvidia's "returns and share price continuing to move up".

 

The company's revenue from data centres surged by 56% to $41.1bn, even as it fell slightly short of analysts' expectations.

 

Eileen Burbridge, an investor and founding partner of Passion Capital, said the share price "wobble" was a result of its data centre division "not posting results as strong as it was hoping".

 

However, she said the company had seen "unbelievable" growth.

 

"There's clearly been so much capital that's gone in that I don't think it's unfair to say there's been maybe too much exuberance or a bit of a bubble," she added.

 

In July, Nvidia became the world's first $4trn company.

 

The Santa Clara, California-based designer of artificial intelligence (AI) chips said revenue in the current quarter would probably grow to $54bn, topping the expectations of Wall Street analysts.

 

'Geopolitical issues'

But Nvidia remains exposed to geopolitical tensions between the US and China.

 

The company announced in July that it would resume sales of its high-end artificial intelligence chips to China.

 

The move came after Huang successfully lobbied the Trump administration to reverse its ban on the sale of the company's H20 chips, developed specifically for the Chinese market.

 

The administration had imposed the ban amid worries that the chips might benefit the Chinese military, in addition to AI developers based in the country.

 

On Wednesday, executives said that in late July, the US government had started reviewing licenses for sales of H20 chips designed specifically for Chinese customers.

 

But the company added that it had not shipped any H20s, despite some China-based customers receiving those licenses in recent weeks.

 

The US government is expecting to get 15% of the revenue generated from licensed H20 sales.

 

Nvidia did not include H20 in its outlook for the current quarter and said it was also lobbying the US government to approve the sale of its Blackwell ships to China, the largest market for chips.

 

In the meantime, analysts say, China is cultivating competition in the sector that Nvidia currently dominates.

 

"US export restrictions are fuelling domestic chipmaking in China," said Emarketer analyst Jacob Bourne after the report's release.

 

He said the question now is whether Nvidia's "dive into robotics" will help it sustain its role as "the bellwether of the AI economy".-BBC

 

 

 

 

UK car sales to US rise following tariff deal

Sales of British-made cars to the US rose in July following the introduction of the UK-US tariff deal.

 

The 6.8% rise follows three months in a row of falling sales, according to data from the Society of Motor Manufacturers and Traders (SMMT).

 

In April, US President Donald Trump hiked import taxes on UK cars from 2.5% to 27.5%, which sent shockwaves through the industry, but in May both sides agreed this would be lowered to 10% from the end of June.

 

The SMMT said July's figures "illustrate the impact of this deal", though it added that UK car manufacturing was generally struggling.

 

 

"The US remains the largest single national market for British-built cars, underscoring the importance of the UK-US trade deal," the SMMT said.

 

The tariff cut from 27.5% to 10% only applies to the first 100,000 cars sent across the Atlantic, which is about the number of cars the UK exported to the US last year.

 

Any additional car imports above that number will be taxed at 27.5%, according to the agreement.

 

The US represented 18.1% of all UK car exports for July, while the European Union is a much bigger market for car makers, totalling 45.6% of exports.

 

Colleen McHugh, chief investment officer at investment firm Wealthify, said the US was "an important market for British-built cars".

 

"In particular, it is a key market for premium brands like Jaguar Land Rover (JLR)."

 

JLR paused shipments to the US in April after the initial higher tariffs were announced, before resuming them a month later.

 

What tariffs has Trump announced and why?

US and UK agree deal slashing Trump tariffs on cars and metals

The UK car industry is at a tipping point - can it be saved?

 

Overall, UK car manufacturing rose rose for the second consecutive month in July, due to rises in both domestic sales and exports.

 

However, overall vehicle output for the year to date is down 11.7%, a figure which includes both cars and commercial vehicles. Last month, car making in the UK fell to its lowest level since 1953.

 

Experts say the slump has been caused by a combination of higher UK labour costs, increased competition from overseas, and Brexit.

 

Commenting on July's numbers, Mike Hawes, SMMT chief executive, said: "It remains a turbulent time for automotive manufacturing, with consumer confidence weak, trade flows volatile and massive investment in new technologies underway both here and abroad.

 

"Given this backdrop, another month of growing car output is good news."-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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