Major International Business Headlines Brief::: 10 February 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  10 February 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

¨¹  South Africa: SONA 2025 - Game-Changer or More of The Same?

¨¹  Kenya: DCI Scramble Response After Cyber-Attack On X, Facebook Accounts

¨¹  Nigeria: CBN Directors Kick As Cardoso's Illegal Consultants Earn
'Obscene' Salaries

¨¹  Somalia: Somali Minister of Foreign Affairs Meets Norwegian Diplomat to
Strengthen Bilateral Relations

¨¹  South Africa: The Green Connection and Earthlife Africa Comments on the
President's State of the Nation Address

¨¹  Africa: IMF Chief Expresses Confidence in Ethiopia's Growth, Its
Significance for the Whole Africa

¨¹  Liberia: Farhat Backs Trump's Aid Freeze, Urges Boakai to Fix Liberia's
Economy

¨¹  Zambia: Building Zambian Homes With Local Materials Delivers Benefits
That Imports Don't - Study

¨¹  Africa: U.S. Declares Interest in Developing African Mining Sector

¨¹  Enthusiasm over Trump and AI appears to be waning

¨¹  Kenyan shilling firms versus dollar, LSEG data shows

¨¹  DeepSeek has rattled large AI players ¡ª but smaller chip firms see it
as a force multiplier

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa: SONA 2025 - Game-Changer or More of The Same?

President Cyril Ramaphosa's State of the Nation Address (SONA) focused on
economic growth, job creation, infrastructure development, and reducing
household expenses. Ramaphosa also spoke out against bullying and investing
in the future of South Africa. His key announcements included significant
infrastructure investment, a digital ID system, and commitments to the
National Health Insurance (NHI) scheme, a Basic Income Grant (BIG), and an
R100 billion fund for Black Economic Empowerment (BEE).

 

Some ministers rallied behind Ramaphosa - John Steenhuisen, leader of the
Democratic Alliance and Minister of Agriculture, echoed the President's
sentiments, saying that South Africa needs to transform its economy.

 

Mmapaseka Steve Letsike, Deputy Minister for Women, Youth, and Persons with
Disabilities, believes that Ramaphosa outlined the government's action plan
for midterm development, while Minister of Health Dr Aaron Motsoaledi
expressed satisfaction that the president addressed the need to build the
economy to create jobs.

 

COSATU acknowledged the progressive commitments made in Ramaphosa's 2025
SONA, but is concerned about the slow implementation of those commitments.
The country faces numerous crises, especially the 41.9% unemployment rate,
entrenched poverty and inequality, paltry economic growth, crime and
corruption epidemics, struggling municipal and public services, and
embattled State Owned Enterprises (SOEs).

 

Some parties, however, were skeptical about Ramaphosa's promises.

 

Deputy president of the uMkhonto Wesizwe (MK) Party, John Hlophe, said
Ramaphosa's address was "hugely disappointing, uninspiring and hollow".

 

"The President ¡­ spoke regarding borrowing money, he's speaking about
billions of rands. He doesn't tell us, however, where money is going to be
borrowed from. The devil is in the details," said Hlophe.

 

Hlophe argued that Ramaphosa should have addressed rural infrastructure
investment during his speech. He also criticized the President's vision of a
united South Africa, saying that nothing has been done to "address racism in
this country."

 

Economic Freedom Fighters (EFF) leader Julius Malema criticized Ramaphosa's
SONA address, dismissing it as "nothing but waffle and empty words." Malema
argued that Ramaphosa's address lacked accountability.

 

"There is no accountability whatsoever. He says they will create jobs, but
he uses this platform to come and waffle. He says he will create jobs but
doesn't explain where and how. He mentions infrastructure development, with
lots of money allocated, but where and how? It looks like there's no plan,
just utterances."

 

Activist Athol Trollip expressed disappointment in Ramaphosa's speech. "I
said this morning this would be the acid test of how much influence the GNU
has in this government and I can just say this was vintage Ramaphosa -
nothing has changed".

 

Steenhuisen, leader of the Democratic Alliance said President Ramaphosa had
"diagnosed the problems perfectly" in his speech. However, he said that the
speech lacked urgency.

 

The Green Connection, an environmental and energy justice organization,
welcomed the government's focus on renewable energy as a driver of economic
growth and job creation. However, the organization expressed concern over
the choice to develop Boegoebaai Harbour for green hydrogen despite local
opposition and existing challenges at Port Nolloth and asked why alternative
energy sources were not prioritized, particularly given the Northern Cape's
solar potential.

 

Earthlife Africa's Director, Makoma Lekalakala, criticized the lack of
updates on the Just Energy Transition fund and the absence of a moratorium
on carbon-intensive projects, urging greater accountability for climate
change-induced disasters and the establishment of the climate change relief
fund.

 

South Africa's members of Parliament will convene again in a joint sitting
of the National Assembly (NA) and the National Council of Provinces (NCOP)
on February 11 and 12 to debate the Address. Ramaphosa will reply to the
debate on February 13.

 

 

 

Kenya: DCI Scramble Response After Cyber-Attack On X, Facebook Accounts

Nairobi ¡ª The Directorate of Criminal Investigations (DCI) has launched an
investigation into a cyber-attack on its X and Facebook accounts, stating
that the perpetrators will be brought to justice.

 

In a statement Sunday evening following the breaches, the DCI reported that
it had regained control of its X and Facebook accounts.

 

The agency stated that the cybercriminals who attempted to take over the
accounts had posted false information that did not originate from the DCI.

 

"SECURITY ALERT! For a short period this evening (Sunday), we experienced a
cyber-attack on the DCI digital platforms (X and Facebook) but have since
regained full control. A thorough investigation into the criminal activity
has been initiated to bring the perpetrators to justice," the statement
read.

 

The DCI has cautioned Kenyans to disregard the earlier message posted on the
page regarding cryptocurrency and blockchain, describing it as fake.

Capital FM.

 

 

 

 

 

 

Nigeria: CBN Directors Kick As Cardoso's Illegal Consultants Earn 'Obscene'
Salaries

The consultants are now mockingly called "Cardoso women" across the CBN. One
source giggled when our reporter requested a further explanation of the
term.

 

The women's presence, operation, and compensation have set tongues wagging
across the Central Bank of Nigeria (CBN).

 

Senior staff members across the CBN's 29 departments are fuming and
grumbling over how the women, arbitrarily brought in by Governor Olayemi
Cardoso as consultants, have amassed enormous powers enabling them to
sometimes issue directives to departmental directors.

 

There is also widespread anger across the board over what some insiders
describe as the "unbelievably high and obscene" compensation the consultants
earn monthly.

 

Mr Cardoso assumed duties as CBN governor on 22 September 2023. Some
insiders said the women arrived with him that day at the bank. But some
sources said the women only joined days later and have remained at the
regulatory institution ever since, sparking suspicion and debate about their
relationship with the governor, value to the institution, and huge monthly
pay.

 

The women at the centre of this raging controversy are Nkiru Balonwu,
founder of The Africa Soft Power Group, and Daphne Dafinome, a chartered
accountant and chief operating officer of Crowe Dafinone, a Nigerian
accounting firm.

 

There is a third "technical consultant" called Shola Phillips who joined Mr
Cardoso's kitchen cabinet from Citibank. But our sources said Shola's
presence and activities have not been as disruptive and controversial as
those of her two colleagues just as the terms of her engagement are not
immediately clear.

 

The consultants are now mockingly called "Cardoso women" across the bank.
One source giggled when our reporter requested a further explanation of the
term. "You should be able to decode what that means yourself," the official
said.

 

Directors at the CBN said Mr Cardoso arbitrarily hired the women as
consultants without following laid down rules, with no terms of reference,
deliverables or timelines for the delivery of their consultancies.

 

For instance, they queried the hiring of Ms Balonwu as a corporate
communication consultant when the CBN has an elaborate, efficient, and
well-staffed corporate communication department led by a director and tasked
with ensuring effective, timely and qualitative internal and external
communication engagement and feedback.

 

The consultants are now mockingly called "Cardoso women" across the bank.

 

On the other hand, insiders said Ms Dafinone's consultancy role is not
clearly defined; she merely takes on any responsibility assigned to her by
Mr Cardoso. Only recently, the governor tasked her with designing and
implementing a controversial early exit programme to pay off at least 1,000
staff members into voluntary retirements. Mr Cardoso tapped her for this
role while bypassing the bank's human resources department, which is
statutorily charged with developing and administering human capital
management policies, functions and processes.

 

Ms Balonwu and Dafinone as Fifth and Sixth CBN Deputy Governors

 

The CBN has four deputy governors: Emem Usoro (Corporate Services
Directorate), Muhammad Dattijo (Economic Policy Directorate), Philip Ikeazor
(Financial System Stability Directorate), and Bala Bello (Operations
Directorate). However, staff members now derisively refer to Ms Balonwu and
Dafinone as the fifth and sixth deputy governors of the bank, saying the two
have amassed so much power to be so called.

 

Directors said the consultants now write memos on CBN letterheads, issuing
directives even when they are unknown to the bank's structure and
organogram.

 

"They said they are consultants, but they have permanent offices in the
bank, and their consultancies have no end dates," one director said. "I am
tempted to say they are even more influential than the deputy governors.
Their offices are on the eleventh floor, just like the governor's. The
deputy governors are on the tenth floor, below the so-called consultants.
They even bypass deputy governors to give direct instructions to directors."

 

Another bank insider corroborated the director's claim, saying he once
overheard one of the women boasting that "if she draws a line at the bank,
even the governor dare not cross it".

 

"I can tell you the women are the real people running the CBN. Cardoso has
become a mere figurehead," a third director said.

 

Consultant earning salary of 15 directors

 

Staff members also accuse Mr Cardoso of paying the women obscene salaries.
For instance, Ms Balonwu, they said, pockets N50 million naira monthly,
earning more than the governor and the deputy governors. Her salary also
dwarfs the combined pay of 15 directors, who earn below N3 million monthly.

 

On her part, Ms Dafinone earns N35 million monthly, said to be higher than
the combined salaries of 10 directors.

 

"Why do you abuse your office to engage family and friends and make them
millionaires this way? a staff member lamented. "It is disturbing because
even Emefiele, with all his weaknesses, did not act with this impunity.

 

"These women are doing nothing. They are not adding any value to the bank.
The governor is just enriching them because they are his friends. There are
29 experienced directors, 170 deputy directors, and over 400 PhD holders in
CBN. There is no need to domicile consultants in the bank."

 

What the law says about hiring consultants

 

According to Nigeria's Public Procurement Act 2007, government agencies are
required to conduct transparent and competitive processes when hiring
consultants.

 

The Act mandates that consultancy opportunities be publicly
advertised--typically in at least two national newspapers and the official
procurement journal--with clear submission guidelines, defined terms of
reference, and detailed evaluation criteria.

 

Proposals must be assessed separately on technical merit and cost, ensuring
that only qualified candidates are engaged and that the process remains fair
and accountable.

 

In contrast, the apparent arbitrary appointment of the so-called
"consultants" at the CBN--hired without defined deliverables or competitive
process, and earning salaries that dwarf those of senior executives--raises
serious questions.

 

Their hiring appears to violate the strict procedures outlined in the Act,
which are designed to safeguard public funds and ensure value for money.

 

Consultant Dafinone for fraud trial

 

Meanwhile, one of the consultants, Ms Dafinone, is set to be arraigned on 4
March before Justice Ibrahim Kala of a Federal High Court in Lagos over an
alleged N100 million fraud. Her company, CEDDI Corporation Limited, is also
a defendant in the case.

 

She is accused of conspiring to defraud developer Lukman Adeleke in a 2019
property transaction.

 

According to court filings, Mr Adeleke paid N100 million for a property at
93 Broad Street, Lagos Island, but Ms Dafinone allegedly sold it to another
buyer.

 

Efforts to resolve the dispute amicably failed, leading Mr Adeleke to seek
legal redress.

 

According to the New Telegraph, Ms Dafinone was absent at the last court
hearing, with her lawyer, Dapo Akinosun, informing the court that she was
receiving medical treatment in London.

 

Ms Dafinone's ongoing legal troubles add to the controversy surrounding her
role at the CBN, where senior officials have raised concerns about her
influence and high remuneration, questioning the necessity of her
consultancy.

 

Meanwhile, Mr Cardoso, in September 2024, appointed Ms Dafinone to the board
of the Nigerian Incentive-based Risk Sharing System of Agricultural Lending
(NIRSAL), a non-bank financial institution owned by the CBN and charged with
redefining measuring, re-pricing and sharing agribusiness-related credit
risks in Nigeria.

 

Despite her ongoing trial, Ms Dafinone is combining her role on NIRSAL board
with her controversial consultancy at the CBN.

 

Efforts to reach the consultants were unsuccessful. Ms Dafinone did not
respond to telephone and WhatsApp calls. Neither did she reply to a text
message.

 

Attempts to contact Ms Balonwu were also unfruitful; her direct telephone
line did not connect while she did not answer or reply to a WhatsApp call.
An iMessage sent to her was delivered but went unanswered.

 

Similarly, CBN spokesperson Hakama Ali's known telephone line was
unreachable, and she did not respond to a text message and an email sent to
her.

Premium Times.

 

 

 

 

Somalia: Somali Minister of Foreign Affairs Meets Norwegian Diplomat to
Strengthen Bilateral Relations

Mogadishu, Somalia ¡ª Ambassador Ahmed Moallim Fiqi, Minister of Foreign
Affairs and International Cooperation, met with Carsten Carlsen, the Charg¨¦
d'Affaires of the Kingdom of Norway to the Federal Republic of Somalia, at
his office in the Ministry's headquarters in Mogadishu.

 

Sunday's closed-door meeting focused on enhancing bilateral relations
between the two friendly countries and strengthening cooperation in various
sectors.

 

The discussions centered on advancing the bilateral relationship and
expanding areas of mutual interest, emphasizing establishing a long-term
partnership based on shared benefits. Both parties reviewed strategies to
deepen cooperation in fields such as development, security, and social
affairs.

 

The meeting marked an important step in reinforcing the ties between Somalia
and Norway. Both sides expressed their commitment to continuing their
collaboration to achieve further progress and peace in the region.

Shabelle.

 

 

 

South Africa: The Green Connection and Earthlife Africa Comments on the
President's State of the Nation Address

The Green Connection, an Environmental Energy and Eco-Justice Organisation
says it welcomes the government's prioritising of renewable energy to
provide economic growth and employment opportunities for the industry. The
energy justice organisation's Advocacy Officer, Lisa Makaula, says "We
welcome the President's State of the Nation Address under the new Government
of National Unity. We are also happy that the government is prioritising the
growth of the renewable energy industry to provide more employment
opportunities. We really hope that the growing of this industry will help
curb carbon emissions and ensure that the people benefit from it and are not
left behind. This should be at the centre of decision making. These projects
must be centred on good governance and ensuring that our government meets
the needs of the people, especially marginalised communities."

 

The Green Connection's Community Outreach Coordinator, Neville van Rooy,
says as much as they welcome the President's speech about growing the
renewable potential of the country, they also hope that this will be an
inclusive process where no marginalised communities are left behind. "We are
very much concerned about the mention of the Boegoebaai Harbour Development
when there is an existing deteriorating harbour next to it, Port Nolloth,
which could be revamped instead. However, the President wants to develop
Boegoebaai instead for the unpopular green hydrogen which people on the
ground are very concerned about. We believe that the President should look
at these alternative energy sources. The Northern Cape is world-class solar,
why is it now being developed for green hydrogen where people have concerns
for water and land? This development in green hydrogen will not benefit the
people and that is of grave concern to us."

 

Makoma Lekalakala Director of Earthlife Africa says "The President announced
that there are increased pledges to the Just Energy Transition fund and
failed to update the nation on whether we are still on course for the
transition to a low carbon economic development. The MMSEZ if authorised
will increase the carbon budget of the country. We would have loved to hear
the President give a moratorium to hold proposed carbon intensive that
undermines country climate efforts. Last year we celebrated with the
initiation of the climate change relief fund, no mention nor hint as to what
is happening regarding the setting up of the fund. Does that mean climate
change induced disasters will continue destroying, displacing, and people
losing life with no regard from government?"

 

 

 

Africa: IMF Chief Expresses Confidence in Ethiopia's Growth, Its
Significance for the Whole Africa

Addis Ababa, ¡ª "I am confident that this country (Ethiopia) will grow
economically and it will grow in terms of its significance for the
neighborhood and the whole continent of Africa," International Monetary Fund
(IMF) Managing Director, Kristalina Georgieva underscored.

 

Georgieva praised the significant positive impact of the macroeconomic
reforms in the country.

 

Having concluded her two-day visit to Ethiopia today, the IMF Managing
Director Georgieva gave a press briefing.

 

She commended Ethiopia's impressive economic growth, noting that last year's
GDP growth reached 8.1 percent, surpassing the projected 6.1 percent.

 

Georgieva attributed this growth to the government's efforts to create space
for private initiatives and enhance productivity across agriculture,
industry, and service sectors.

 

She FURTHER expressed her confidence in Ethiopia's economic trajectory.

 

"There is a lot for Ethiopia to be proud of. Last year's growth exceeded
projection. It is because of freeing space for private initiatives and
higher productivity in agriculture, industries and services.

 

I am confident that this country will grow economically and it will grow in
terms of its significance for the neighborhood and the whole continent of
Africa," she elaborated.

 

Stressing the transformative potential of the macroeconomic reform of the
country, Georgieva reaffirmed the IMF's trust and ongoing support for
Ethiopia's economic initiatives, highlighting the largest concessional
program ever financed by the IMF--amounting to 3.5 billion USD --aimed at
supporting the country's economic transformation.

 

"IMF has shown trust in Ethiopia, proving that it earns this trust. The
largest concessional program we have ever financed 3.5 billion USD is to
support the transformation of the Ethiopian economy," she stated.

 

Moreover, the managing director urged Ethiopians to remain united behind the
reform, underscoring that it would bring tremendous outcomes.

 

"The reform program that Ethiopia has embraced is tough; it takes time, but
it would bring tremendous rewards. Some are already coming. The society has
to be united behind this reform."

 

Meanwhile, during her visit, Georgieva was captivated by the significant
developments, including the Adwa Memorial Museum, where she expressed her
admiration for Ethiopia's rich history.

 

"I just finished the visit to the Adwa Museum. You Ethiopians made Africans
proud once; and I am so confident that you will make Africa proud once again
with the strength of your economy and vibrancy that it will demonstrate,"
she concluded.

 

Overall, Georgieva's visit underscores the IMF's commitment to supporting
Ethiopia as it navigates its economic reforms and strives for sustainable
growth.

ENA.

 

 

Liberia: Farhat Backs Trump's Aid Freeze, Urges Boakai to Fix Liberia's
Economy

Monrovia ¡ª Former Finance Minister David M. Farhat has praised former U.S.
President Donald Trump for his decision to impose a 90-day moratorium on
U.S. funding and aid programs across the world, including Africa. According
to Mr. Farhat, the move is an opportunity for African leaders to strengthen
their leadership by prioritizing the welfare of their citizens.

 

"For over a century, the United States has played a crucial role in
supporting Liberia's hospitals, schools, and various government programs.
However, I believe it's time our leaders take full responsibility and make
proper use of the vast resources God has blessed this continent with," he
stated.

 

Reflecting on his tenure in government, Farhat revealed that he never earned
more than USD 2,000 as Finance Minister and Deputy Minister in various
ministries. "Why should a single person earn more than USD 15,000 when
children and their parents are on street corners begging just to survive?"
he questioned.

 

He attributed Liberia's economic struggles to years of bad governance,
despite the country's rich natural resources. Speaking in an exclusive
interview with The Liberian Investigator on Thursday in Congo Town, Farhat
also commended President Joseph N. Boakai for his recent decision to cut
benefits for some directors and board members in his administration.

 

He urged President Boakai to take further steps, as many Liberians continue
to struggle daily. Beyond immediate sacrifices, he said the government must
use this difficult period to realign the economy.

 

"The President must review every concession agreement in the country to
identify and renegotiate bad deals that have hindered Liberia's economic
growth. These agreements must be standardized, realigned, and restructured
to ensure fairness and maximize benefits for Liberians," he stressed.

 

Farhat also applauded Nimba County District #7 Representative Musa Bility
for his proposal to cut legislators' salaries and benefits by 50%. He
clarified that while he does not support the ongoing power struggle at the
Capitol, he stands by Bility's proposal for the common good of the country
and its citizens.

 

He blamed Liberia's and Africa's stagnation on bad leadership, accusing many
leaders of prioritizing personal and family interests over national
development.

Liberian Investigator.

 

 

 

 

 

 

Zambia: Building Zambian Homes With Local Materials Delivers Benefits That
Imports Don't - Study

People spend up to 90% of their lives in buildings. How these are designed
and built has a profound influence on our economies and how we live and
work.

 

Traditionally, buildings were constructed by local craftspeople, from
readily available materials. The result was buildings which were highly
suited to local contexts, cultures and climates.

 

Modern building materials and regulations changed that. Today, most
buildings are made of materials such as cement and steel. In African
countries that don't make these products themselves, this means that many
building materials and components are imported.

 

Read more: Hemp is more sustainable than timber - here's how it could
transform low-carbon construction

 

I'm an architect who researches environmental design and sustainable built
environments. I worked with a team on Zambia's Green Jobs programme. This
project aimed to produce more and better jobs in work that benefited the
environment.

 

The team I was part of used a Sustainable Building Assessment Tool that I
had developed to determine how local building materials could be used by
medium and small enterprises in Zambia's building construction sector to
become more sustainable. This tool also emphasises the use of local building
materials in housing developments.

 

We compared housing that was built with no preference for local materials
with alternative and local construction approaches. Our research found that
the way new housing developments are designed and built can create social
and economic benefits at a local level, especially if they focus on using
local building materials.

 

Urban housing projects and imported materials

 

Buildings based on local content are those where the planning, designing,
constructing, repairing, maintaining and deconstructing support the use of
local materials and components. This includes instances where imported raw
material is converted into products made locally.

 

The Green Jobs Programme built five alternative housing designs and compared
these to a conventional urban house.

 

In a conventional urban house, we found that a large proportion of the
components were imported. The imported components included:

 

roof materials: pressed aluminium roof sheeting

roof structure: steel trusses

ceiling: suspended panels

light and electrical fittings: imported

kitchen units: fibreboard

windows: aluminium

doors: pressed steel

flooring: tiles.

The alternative housing designs set out to mainly use local content. Most of
the materials used to build them were made and sourced locally in Zambia:

 

roof materials: concrete tiles

roof structure: timber trusses from local sustainably managed forests

ceiling: plasterboard

light and electrical fittings: local and imported

windows and doors: hardwood timber from local sustainably managed forests

walls: compressed earth blocks made from material excavated on site.

Benefits of local content

 

The research showed that if a housing project focused on using local
content, more than 90% of the capital costs for new buildings could be spent
in the local economy.

 

We calculated this by measuring the value of local materials and components
as a proportion of the total material and component cost of the project.
This allowed us to determine the percentage value of local content in the
construction materials and products.

 

We also found that using local content would potentially support a
diversified economy which is more resilient. This is because when there is a
demand for a diverse range of locally made building components and
materials, these local economies become more resilient than those that rely
mainly on imports, and only produce one or two products locally.

 

For example, a town that only has a concrete block manufacturing plant would
be very negatively affected by a downturn in this sector. A town with
window, door, furniture, truss, tile and insulation manufacturing plants
would be more resilient as only one sector would be affected.

 

Buying local materials for housing developments benefits the local economy.
For example, our project involved small businesses made up of local
carpenters who make high quality hardwood windows from timber grown in
sustainable Zambian forests. Jobs were created and skills were developed.

 

The environment was also protected because there was no need to transport
windows by truck from distant places. Carbon emissions were avoided. We also
found that the alternative buildings were more attuned to their contexts and
climate. For example, earth construction draws on local traditional skills
and provides for cooler, more comfortable indoor environments than
lightweight imported materials.

 

How the costs compare

 

Local, small-scale manufacturers of building materials can't always produce
these materials at a lower price than mass-produced imported materials. But
there is a broader set of potential economic benefits associated with buying
local materials and components.

 

Buildings with high levels of local content fund local manufacturing and
generate taxes which support the local economy and improve quality of life.
On the other hand, buildings that use mainly imported components result in
money leaving the country and do not support local development or generate
taxes.

 

Taxes paid by ordinary people are used by government to build infrastructure
and buildings, such as universities, schools, clinics and police stations.
Using local content in buildings generates more taxes that can be used to
improve education, health and quality of life.

 

Read more: How investing in green buildings, including cheaper home loans,
is a win for banks, people and our planet

 

Using local materials can also make it cheaper for building owners to adapt,
repair and maintain their buildings. This is because the skills and
materials required for this are locally available and there are no delays
waiting for imported material to arrive.

 

What needs to happen next

 

Using local materials for building needs to be encouraged. New housing
developments should be seen as part of a circular economy - where local
goods are used, recycled, and repaired in an environmentally friendly way.

 

Local content projects need to be scaled up and coordinated. Countries would
benefit from a framework that sets out how government and private developers
should use local content in buildings. New building regulations and
standards might be needed to enable local and traditional materials to be
safely used in buildings.

 

Read more: If companies want net-zero carbon offices, they need to focus on
building materials

 

Training for architects and other built environment professionals is also
needed. This will improve awareness and build the skills needed for
integrating locally produced components and materials into buildings.

 

The main emphasis needs to be on developing a thriving manufacturing and
construction sector that uses local content.

 

(Zambia's Green Jobs programme was managed by the United Nations Environment
Programme, the International Labour Organisation and the government of
Zambia.)

 

Jeremy Gibberd, Chief Researcher, Professor, Architect, Council for
Scientific and Industrial Research

 

 

 

 

 

 

Africa: U.S. Declares Interest in Developing African Mining Sector

Cape Town, South Africa ¡ª The administration of U.S. President Donald Trump
is interested in developing the mining sector in Africa. On the first day of
his second term, Trump signed an executive order focusing on minerals,
mineral extraction, and mineral processing.

 

"Mainly in the United States but if you read closely there are also multiple
references in that executive order to international partnerships and you
know, cooperating with partner nations," said Scott Woodard, the acting
deputy assistant secretary of state for energy transformation at the U.S.
State Department.

 

Woodard spoke at a recent African mining conference -- also known as an
indaba -- in Cape Town, South Africa.

 

Moderator Zainab Usman, director of the Africa Program at the Carnegie
Endowment for International Peace, asked Woodard whether the U.S.
understands that in addition to mineral extraction, Africans want projects
that add value to the raw material in order to boost the continent's
industrialization.

 

Woodard replied that the Trump administration is still putting together its
policies.

 

In recent years, America's investment in the African minerals needed for
cleaner energy has been driven by the Export-Import Bank of the United
States.

 

In 2022, the U.S. entered into agreements with the Democratic Republic of
Congo and Zambia to establish a supply chain for electric vehicle batteries,
underscoring its interest in both countries' copper, lithium and cobalt
resources.

 

The U.S. also has funded the rebuilding of the Lobito Rail Corridor, which
will transport minerals from Congo, Zambia and Angola on the west coast.

 

Speaking in the exhibition hall during the indaba, Zambia's minister of
transport and logistics, Frank Tayali, thanked the U.S. for its leadership.

 

"We have something like a $350 billion gap in terms of infrastructure gap
financing that the continent needs," said Tayali. "Now this focus on
infrastructure development is really key in helping the African economies to
be able to improve so that they are able to look after their people more
effectively."

 

China, meanwhile, is invested in rehabilitating the Tanzania-Zambia Railway
Authority -- known as TAZARA -- to bolster rail and sea transport in East
Africa.

 

And in South Africa, the conference's host country, transport and logistics
problems at the state-owned Transnet railway system are being considered.

 

"The CEO of Transnet is very open about the state of the rail network," said
Allan Seccombe, head of communications at the Minerals Council of South
Africa. " ... it needs a lot of work."

 

How will they raise the money?

 

"They are going out on public tenders to try and get that investment in,"
said Allan Seccombe, head of communications at the Minerals Council of South
Africa. "Also, significantly they're speaking to their customers who are by
and large, large mining companies to maybe through tariffs they can invest
in the rail network, improve it, then have private trains they can operate
on the network." VOA.

 

 

 

 

Enthusiasm over Trump and AI appears to be waning

The excitement over artificial intelligence and U.S. President Donald
Trump¡¯s perceived friendliness to the stock market buoyed investor
sentiment as recently as December. In 2025, it seems those animal spirits
have somewhat evaporated.

 

Any time Trump brings up tariffs, investors have been reacting badly (for
good reason). His threat of reciprocal tariffs on Friday ¡ª that is,
imposing on other countries the same degree of duties that they place on the
U.S. ¡ª sent stocks tumbling. New tariffs on steel and aluminum, which Trump
says he will announce on Monday, are likely to sink stocks further.

 

Likewise, AI, the engine that drove stocks higher in 2024, seems to present
investors with more uncertainty than opportunities this year. DeepSeek¡¯s
claim that its training required just a fraction of the billions of dollars
that U.S. AI models suck up have thrown Big Tech¡¯s investments ¡ª which
will amount to more than $300 billion in 2025 ¡ª as well as their stock
valuation into question.

 

While the main characters of the stock market remain the same as they were
in December, they are steering markets in a different direction.

 

What you need to know today

New steel and aluminum tariffs

Trump will announce on Monday additional 25% tariffs on all aluminum and
steel imports into the U.S., according to comments to reporters on Sunday.
Those will come on top of already existing levies. In a separate
steel-related development, Trump said on Friday at a news conference with
Japanese Prime Minister Shigeru Ishiba that Nippon Steel will invest in U.S.
Steel, giving up its attempt to buy it. 

 

EV price cuts in China amid mixed price signals

Consumer prices in China spiked 0.5% in January on an annual basis,
according to the country¡¯s National Bureau of Statistics on Sunday. The
figure is higher than the previous month¡¯s 0.1% increase and the 0.4%
expected in a Reuters poll. However, producer prices dropped 2.3% in January
year on year ¡ª the same degree as December and steeper than the 2.1%
estimate ¡ª for their 28th straight month of declines. Meanwhile, electric
car companies in China are offering discounts and interest-free loans to
boost sales amid a hotly contested industry and sluggish consumer sentiment
in the country.

 

Uneven report for U.S. labor market

The U.S. economy added 143,000 jobs in January, the Bureau of Labor
Statistics reported Friday. Nonfarm payrolls for the month dropped from an
upwardly revised 307,000 in December was and below the Dow Jones 169,000
estimate. However, the unemployment rate edged down to 4% from 4.1% the
prior month. Average hourly earnings in January were stronger than expected,
coming in at 0.5% for the month compared with the 0.3% forecast.

 

All major U.S. indexes ended last week lower after a losing day on Friday,
when the S&P 500 lost 0.95%, the Dow Jones Industrial Average slid 0.99% and
the Nasdaq Composite fell 1.36%. Stocks retreated after Trump mentioned the
possibility of reciprocal tariffs on trade partners. By contrast,
Asia-Pacific markets started the week higher. Hong Kong¡¯s Hang Seng Index
added around 1.8%. Singapore¡¯s Straits Times Index hit an all-time high,
lifted by shares of Singapore¡¯s largest bank DBS Group Holdings, which
jumped 2.6% and touched a new record.

 

Spending billions on artificial intelligence

SoftBank is close to finalizing a $40 billion primary investment in OpenAI
at a $260 billion pre-money valuation, sources told CNBC¡¯s David Faber. The
cost efficiency of DeepSeek doesn¡¯t seem to deter Big Tech: Meta, Amazon,
Alphabet and Microsoft have announced plans to spend a combined $320 billion
on AI and data centers. Demis Hassabis, the CEO of Google DeepMind, said on
Friday that while DeepSeek is ¡°the best work¡± he¡¯s seen from China,
¡°there¡¯s no actual new scientific advance.¡±

 

[PRO] Inflation in focus this week

The consumer and producer price indexes for January, out Wednesday and
Thursday respectively, will be especially important to investors. January¡¯s
jobs report showed a higher-than-anticipated wage growth and the University
of Michigan consumer survey revealed that respondents increased their
expectations of the inflation rate a year to 4.3%, a one percentage point
jump from January.

 

And finally¡­

The world isn¡¯t close to breaking free from coal ¡ª in some countries,
demand for it is surging

 

¡°Nothing can destroy coal,¡± U.S. President Donald Trump said at the recent
World Economic Forum. Statistics seem to prove him right. U.S. exports of
coal have been rising steadily to satisfy growing global demand ¡ª which is
expected to have breached another high of 8.77 billion tonnes in 2024 and
will remain at similar levels until 2027, the International Energy Agency
predicted. ¡°The global shift away from coal remains challenging, largely
driven by rising demand in Asia, even as Europe and the U.S. see significant
declines in coal consumption,¡± said Dorothy Mei, project manager for Global
Energy Monitor¡¯s Global Coal Mine Tracker.-cnbc

 

 

 

 

 

Kenyan shilling firms versus dollar, LSEG data shows

(Reuters) ¨C Kenya¡¯s shilling strengthened against the dollar on Friday,
London Stock Exchange Group data showed.

 

At 0715 GMT, the shilling was quoted at 128.25/129.25, compared with
Thursday¡¯s closing rate of 129.00/130.00.

 

 

 

 

DeepSeek has rattled large AI players ¡ª but smaller chip firms see it as a
force multiplier

DeepSeek has rattled the U.S.-led AI ecosystem with its latest model,
shaving hundreds of billions in chip leader Nvidia¡¯s market cap. While the
sector leaders grapple with the fallout, smaller AI companies see an
opportunity to scale with the Chinese startup.

 

Several AI-related firms told CNBC that DeepSeek¡¯s emergence is a
¡°massive¡± opportunity for them, rather than a threat. 

 

¡°Developers are very keen to replace OpenAI¡¯s expensive and closed models
with open source models like DeepSeek R1¡­¡± said Andrew Feldman, CEO of
artificial intelligence chip startup Cerebras Systems.

 

The company competes with Nvidia¡¯s graphic processing units and offers
cloud-based services through its own computing clusters. Feldman said the
release of the R1 model generated one of Cerebras¡¯ largest-ever spikes in
demand for its services. 

 

¡°R1 shows that [AI market] growth will not be dominated by a single company
¡ª hardware and software moats do not exist for open-source models,¡±
Feldman added. 

 

Open source refers to software in which the source code is made freely
available on the web for possible modification and redistribution.
DeepSeek¡¯s models are open source, unlike those of competitors such as
OpenAI.

 

DeepSeek also claims its R1 reasoning model rivals the best American tech,
despite running at lower costs and being trained without cutting-edge
graphic processing units, though industry watchers and competitors have
questioned these assertions.

 

Advertisement

¡°Like in the PC and internet markets, falling prices help fuel global
adoption. The AI market is on a similar secular growth path,¡± Feldman said.


 

Inference chips 

DeepSeek could increase the adoption of new chip technologies by
accelerating the AI cycle from the training to ¡°inference¡± phase, chip
start-ups and industry experts said.

 

Inference refers to the act of using and applying AI to make predictions or
decisions based on new information, rather than the building or training of
the model.

 

¡°To put it simply, AI training is about building a tool, or algorithm,
while inference is about actually deploying this tool for use in real
applications,¡± said Phelix Lee, an equity analyst at Morningstar, with a
focus on semiconductors.  

 

While Nvidia holds a dominant position in GPUs used for AI training, many
competitors see room for expansion in the ¡°inference¡± segment, where they
promise higher efficiency for lower costs.

 

AI training is very compute-intensive, but inference can work with less
powerful chips that are programmed to perform a narrower range of tasks, Lee
added.

 

Advertisement

A number of AI chip startups told CNBC that they were seeing more demand for
inference chips and computing as clients adopt and build on DeepSeek¡¯s open
source model. 

 

¡å[DeepSeek] has demonstrated that smaller open models can be trained to be
as capable or more capable than larger proprietary models and this can be
done at a fraction of the cost,¡± said Sid Sheth, CEO of AI chip start-up
d-Matrix. 

 

¡°With the broad availability of small capable models, they have catalyzed
the age of inference,¡± he told CNBC, adding that the company has recently
seen a surge in interest from global customers looking to speed up their
inference plans. 

 

Robert Wachen, co-founder and COO of AI chipmaker Etched, said dozens of
companies have reached out to the startup since DeepSeek released its
reasoning models.

 

¡°Companies are [now] shifting their spend from training clusters to
inference clusters,¡± he said. 

 

¡°DeepSeek-R1 proved that inference-time compute is now the
[state-of-the-art] approach for every major model vendor and thinking isn¡¯t
cheap ¨C we¡¯ll only need more and more compute capacity to scale these
models for millions of users.¡±

 

Jevon¡¯s Paradox 

Analysts and industry experts agree that DeepSeek¡¯s accomplishments are a
boost for AI inference and the wider AI chip industry. 

 

¡°DeepSeek¡¯s performance appears to be based on a series of engineering
innovations that significantly reduce inference costs while also improving
training cost,¡± according to a report from Bain & Company.

 

¡°In a bullish scenario, ongoing efficiency improvements would lead to
cheaper inference, spurring greater AI adoption,¡± it added. 

 

This pattern explains Jevon¡¯s Paradox, a theory in which cost reductions in
a new technology drive increased demand.

 

Financial services and investment firm Wedbush said in a research note last
week that it continues to expect the use of AI across enterprise and retail
consumers globally to drive demand.

 

Speaking to CNBC¡¯s ¡°Fast Money¡± last week, Sunny Madra, COO at Groq,
which develops chips for AI inference, suggested that as the overall demand
for AI grows, smaller players will have more room to grow.

 

¡°As the world is going to need more tokens [a unit of data that an AI model
processes] Nvidia can¡¯t supply enough chips to everyone, so it gives
opportunities for us to sell into the market even more aggressively,¡± Madra
said.

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ¡®n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ¡®n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
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