Major International Business Headlines Brief::: 11 February 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  11 February 2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: MPs Demand Annual Review of SHIF Cover Limits

ü  Kenya: Ruto Roots for Bold Decisions to Accelerate Agenda 2063

ü  Kenya: Govt's Sh25bn Debt to Defunct NHIF Stalls Payments to Hospitals

ü  Uganda: Museveni Meets Team From EcoNetix to Discuss Partnership On Ugandan Carbon Market

ü  Nigeria: Supreme Court Reserves Ruling in Four Rivers Cases, Dismisses Fubara's Appeal On Budget

ü  Nigeria: Govt Demands Efficient Toll Collection, Moves to End Traffic Build-Up

ü  Nigeria: Dangote Refinery to Operate At Full Capacity in 30 Days - Official

ü  Trump announces 25% tariffs on all steel and aluminium imports

ü  Elon Musk-led group in surprise $97bn bid for ChatGPT maker

ü  No more minting 'wasteful' pennies, Trump tells Treasury

ü  China's tit-for-tat tariffs on US take effect

ü  How Spain's economy became the envy of Europe

ü  M&S boss says retailers 'raided like a piggy bank'

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya: MPs Demand Annual Review of SHIF Cover Limits

Members of Parliament have called for timely annual reviews of the various cover limits under the Social Health Insurance Fund (SHIF) to ensure patients receive adequate medical services.

 

Legislators raised concerns over the capping of medical services, particularly for renal and dental care, arguing that the limits are insufficient compared to the actual costs incurred at different medical facilities.

 

Medical Services Principal Secretary Harry Kimutai revealed that the capping for optical services is set at Sh1,000 per family per year, with eligibility restricted to children under 18 years.

 

For oral health services, the limit is Sh2,000, while essential outpatient services--including laboratory investigations, imaging, prescription medication, vaccinations, management of mental health conditions, wellness programs, and counseling--are capped at Sh900 per beneficiary.

 

The cover also provides for Sh10,000 for normal delivery and essential newborn care, Sh30,000 for Caesarean section and essential newborn care, and Sh10,650 per week for renal care therapies such as haemodialysis.

 

Peritoneal dialysis is covered at Sh85,200 per month, with members required to top up any excess amounts beyond the cover limit.

 

Nyeri Town MP Duncan Mathenge questioned the feasibility of the current dental and optical cover limits, arguing that they are inadequate for family needs.

 

"For dental care, the cap is Sh2,000 per year, which only covers tooth extraction. This is unacceptable because modern dentistry focuses on saving teeth rather than extractions," Mathenge stated.

 

The MP also raised concerns over the ministry's preference for referring patients to hospitals in India for overseas treatment, rather than allowing them to choose their preferred hospitals. He alleged possible collusion between ministry officials and Indian hospitals.

 

"Mr. PS, explain why patients are being directed to specific hospitals facilitated by SHA. My own mother required endocrine services, and despite requesting treatment at a different hospital, we were denied. We had to pay out of pocket to take her to a hospital of our choice," Mathenge lamented.

 

Committee Chair Robert Pukose questioned how the ministry arrived at the Sh1,000 cap for optical care and sought clarity on who is responsible for selecting the hospitals that Kenyans can visit abroad.

 

"Who is in charge of empaneling these hospitals? We do not want a situation where ministry officials collude with hospital administrators to create preferential arrangements," Pukose noted.

 

Kitutu Chache South MP Anthony Kibagendi accused the PS of denying patients access to overseas treatment due to bureaucratic delays in forming review committees.

 

"I am not convinced that SHA is functioning as intended. In reality, SHA is frustrating patients who need medical treatment abroad," he argued.

 

Mogotio MP Reuben Kiborek raised concerns that the Sh500,000 cap for overseas treatment is insufficient to cover medical bills for patients seeking specialized services abroad.

 

Seme MP James Nyikal urged the PS to ensure that the capping limits are reviewed annually to reflect market rates and the actual cost of medical services.

 

The legislators emphasized the need for transparency and fairness in determining medical service limits and the selection of overseas treatment facilities to ensure Kenyans receive the best possible healthcare options.

 

Patient forced to pay out of pocket

 

Meanwhile, patients seeking treatment for chronic and critical illnesses in public hospitals are being forced to pay out-of-pocket due to ongoing government financial constraints.

 

The funding shortfall has disrupted healthcare services across level two to level six hospitals, with Kimutai acknowledging that SHIF remains only partially operational--currently covering emergency services for the first 24 hours after admission.

 

"At present, the fund provides coverage for urgent care, resuscitation, and stabilization for specific emergency services as outlined in the Gazetted benefit package," he stated.

 

He added that these services remain free for the first 24 hours, funded by the Exchequer. However, due to financial limitations, the chronic and critical illness components of SHIF have yet to be activated.

 

Despite the transition from the defunct National Health Insurance Fund (NHIF) to SHIF in October 2023, emergency, chronic, and critical illness packages were only partially implemented in December--covering emergency services in level five and six hospitals. The delay has left many patients stranded, with some turned away due to confusion over SHIF's implementation and budgetary constraints.

 

"The system for these specific services was only activated in December, starting with level five and six hospitals. As a result, claims only began coming in at the end of December," explained Tracy John, the acting director for benefits and claims management.

 

Anthony Lenaiyara, CEO of the Digital Health Agency, revealed that as of January, 21.6 million claims had been submitted under the fund, which was allocated Sh2 billion in the current financial year.

 

"This includes cases such as cardiac and pulmonary arrest, major trauma," he noted, emphasizing the strain on the healthcare system caused by the funding gap.

 

Capital FM.

 

 

 

 

 

Kenya: Ruto Roots for Bold Decisions to Accelerate Agenda 2063

Nairobi — President William Ruto has urged African leaders to take bold and decisive action to accelerate the realisation of Agenda 2063.

 

The President said the continent's leadership has the responsibility to shape the trajectory of the continent's sustainable development by domesticating, implementing, and championing Agenda 2063.

 

He said the programme holds the potential not only to uplift individual nations, but also to transform Africa as a whole.

 

"The success of Agenda 2063 depends not on chance or hope, but on choice, resolve and relentless implementation," he said.

 

"Let us mobilise resources, strengthen governance, and forge partnerships that drive tangible results for the people of Africa," he added.

 

The President made the remarks during the virtual 42nd Session of the African Union Development Agency-New Partnership for Africa's Development (AUDA-NEPAD) Heads of State and Government Orientation Committee on Monday.

 

The meeting was chaired by President Abdel Fattah El-Sisi of Egypt. Others who spoke were Presidents Mohamed Ould Ghazouani of Mauritania, who is also the African Union chairperson, Paul Kagame (Rwanda), Hakainde Hichilema (Zambia), Ismail Omar Guelleh (Djibouti), Bassirou Diomaye Faye (Senegal), Mahamat Idris Deby (Chad) and Mohamed al-Manfi (Libya), among others.

 

President Ruto called on African nations to establish and strengthen national AUDA-NEPAD offices to ensure the seamless execution, tracking, and reporting of Agenda 2063.

 

"I call upon the AUDA-NEPAD continental secretariat to enhance the capacity of national offices, ensuring that vision translates into impact and ambition materialises into achievement," he added.

 

The President emphasised the need for good governance in managing the African Union Development Fund.

 

He said integrity, efficiency, and foresight are essential for success in driving Agenda 2063.

 

"Good intentions alone will not deliver results; only sound governance, strategic oversight, and collective responsibility will," he said.

 

Bold innovative financing

 

The President called for bold and innovative financing solutions that go beyond the traditional to address the financial challenges of facing infrastructure development across the continent.

 

He noted that the grand ambitions under the Programme for Infrastructure Development in Africa and the Presidential Infrastructure Champion Initiative face a crippling financing deficit that hinders Africa's growth.

 

"This deficit is the barrier that slows our integration, deters investment, and stifles trade," he said.

 

He told the meeting that the first three berths of the Lamu Port are now complete and fully operational.

 

"I invite you all to utilise this new gateway for your shipping needs and be part of this transformative journey," he said.

 

President Ruto urged African nations that adopted the Kampala Declaration on agriculture to translate their commitments into action, investments into impact, and policies into prosperity.

 

He also called on the continent's leaders to champion green, climate-resilient growth by giving priority to sustainable energy, climate-smart agriculture, and bold mitigation measures.

 

"AUDA-NEPAD's role in supporting climate adaptation is indispensable, and we must forge strategic partnerships to combat this existential threat," he said.

 

On energy, the President said that the Energise Africa Initiative is designed to ignite opportunity, fuel enterprise, and power job creation, particularly for the youth, making it catalytic, inclusive, and transformational.

 

He noted that the initiative embodies Kenya's Bottom-Up Economic Transformation Agenda, which empowers individuals at the grassroots to shape their own economic future.

 

"Growth that is not inclusive is not real growth, just as progress that benefits only a few is not the progress Africa needs," he said.

 

Capital FM.

 

 

 

 

 

Kenya: Govt's Sh25bn Debt to Defunct NHIF Stalls Payments to Hospitals

Nairobi — Unpaid government premiums totalling Sh25 billion owed to the defunct National Health Insurance Fund (NHIF) have stalled the clearance of Sh30.9 billion in outstanding payments to hospitals and insurance providers.

 

Medical Services Principal Secretary Harry Kimutai told the National Assembly Health Committee that the Social Health Insurance Authority (SHA) inherited significant debts from NHIF, worsening its financial position. He said the delayed payments have disrupted service provision and placed pressure on both public and private health institutions relying on timely disbursements.

 

The Ministry of Public Service holds the largest share of the debt, owing Sh15.5 billion, broken down as Sh3 billion for civil servants' medical cover and Sh12 billion under the Workman Injury Benefit Act (WIBA) compensation scheme. The Ministry of Health owes Sh8 billion, covering unpaid services under programs such as Linda Mama, Primary Health Care, and emergency, chronic, and critical illness services. The Ministry of Interior and National Coordination has Sh1.6 billion in outstanding premiums for National Police Service staff.

 

Lawmakers raised concerns about the Sh12 billion WIBA claims, questioning their legitimacy after revelations that some payments lacked formal contracts. SHA Acting CEO Robert Ingasira admitted that Sh3.9 billion in WIBA claims made before April 2021 were processed based on an informal agreement between NHIF and state departments. He said they had validated the contracts, but there was no formal contract. There were instructions from the then Cabinet Secretary that NHIF receive, validate, and compile the claims while awaiting funding.

 

Documents presented to the Robert Pukose-led committee revealed that NHIF only signed formal WIBA contracts with two state departments in April 2021. The fund then subcontracted co-insurers, including Jubilee and Britam, with Sh8.1 billion still owed to insurers.

 

Lawmakers raised concerns over the funding mechanisms and contractual framework between NHIF and the government. Seme MP James Nyikal questioned whether the discussion was about money NHIF was owed or the money it owed service providers. Nandi Woman Representative Cynthia Muge sought clarity on whether the outstanding amount was government debt to SHA/NHIF or NHIF's debt to service providers.

 

Nyeri Town MP Duncan Mathenge also questioned why Sh3.9 billion in WIBA claims, submitted directly by civil servants to the Ministry of Public Service, were listed as NHIF debts. He argued that NHIF did not have a contract with the ministry, and the ministry never remitted money to NHIF, so the amount should not be recorded under NHIF's books.

 

Under WIBA, the State Department of Public Service and the State Department of Interior entered into an agreement with NHIF to provide group life cover, WIBA benefits, and GPA for National Police Service (NPS) members. Compensation under WIBA is structured as salary continuation or a lump sum, based on an employee's annual gross salary.

 

For permanent disability, a member receives one year's basic salary multiplied by the awarded disability percentage. In cases of death, illness, or injury from work-related incidents, an officer is entitled to compensation of eight years' gross salary.

 

With NHIF's financial standing in turmoil, questions remain on how the government will resolve the mounting debt and restore stability to the country's health insurance framework.

 

Capital FM.

 

 

 

 

 

Uganda: Museveni Meets Team From EcoNetix to Discuss Partnership On Ugandan Carbon Market

President Museveni has received an Austrian-based delegation who called on him at State House Entebbe to discuss, among other issues, Uganda's carbon removal potential.

 

The delegation was led by Mrs. Olivia Mugabe Mitterer, a Ugandan investment advisor; former consul general Mr. Karl Wipfler; Elisabeth Koestinger, the former Minister of Environment and Agriculture of Austria; Jakob Zenz and Paul Nimmerfall, the founders of EcoNetix.

 

President Museveni welcomed the Austrian entrepreneurs and urged them to exploit the opportunities available in the country.

 

"The Chinese have capital and entrepreneurship, and we have labor and land. So, I am very happy to see some European entrepreneurs," he said.

 

The delegation presented a groundbreaking partnership aimed at positioning Uganda as a leader in the carbon markets. With over 3 million hectares of forest and 14 million hectares of agricultural land, Uganda has enormous carbon removal potential.

 

As part of this collaboration, EcoNetix is set to become one of Uganda's implementation partners, helping to elevate the country's farmers and forestry projects to new levels of sustainability and economic potential.

 

"EcoNetix is delighted to work with the government of Uganda to unlock its full carbon removal potential," said Mr. Jakob.

 

The initiative is expected to generate up to $500 million in investments, reinforcing the nation's commitment to climate resilience while driving significant financial benefits for local communities.

 

The collaboration will focus on scaling up high-integrity carbon credit projects that align with Uganda's sustainable development objectives.

 

Nile Post.

 

 

 

 

Nigeria: Supreme Court Reserves Ruling in Four Rivers Cases, Dismisses Fubara's Appeal On Budget

The Supreme Court, yesterday, reserved judgements in four separate appeals surrounding the Rivers State political logjam, which has continued to pit the Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike against the incumbent governor, Siminalayi Fubara.

 

But the court dismissed the appeal by Fubara against the judgement ordering him to re-present the state's 2024 appropriation before the faction of the State House of Assembly led by Rt Hon. Martin Amaewhule.

 

A five-member panel of justices of the apex court led by Justice Uwani Musa Aba-Aji, dismissed the appeal shortly after it was withdrawn by Fubara's lawyers led by Mr Yusuf Ali, SAN.

 

Both the Federal High Court and Court of Appeal had in separate judgements, faulted Fubara's presentation of the 2024 appropriation before a five-member assembly led by Rt Hon. Edison Ehie.

 

Fubara predicated his decision to present to the Ehie-led Assembly on the grounds that the Amaewhule-led faction, having defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) ceases to be lawful members of the state assembly.

 

But the two lower courts held that he could not present the budget before a five member house of assembly, especially when he did not present any evidence that the faction of Amaewhule 27 lawmakers defected from the PDP to the APC.

 

Displeased with the judgements of the two lower courts, Fubara, last year, approached the apex court for an order setting aside the concurrent judgements ordering him to represent the budget to the Amaewhule-led faction.

 

However, when the matter came up up yesterday, Ali informed the five-member panel of justices of a notice of withdrawal filed on February 6, seeking to withdraw the appeal on the grounds that, "the appeal has been overtaken by events."

 

Responding, Wole Olanipekun, SAN, who represented Rivers State House of Assembly and Amaewhule, 1st and 2nd respondents respectively and Chief Joseph Daudu, SAN, who represented 3rd to 12th respondents (National Assembly and the leadership), said they were not opposed to the withdrawal, pointing out that since issues had been joined by all parties, the proper thing for the court to do was to dismiss the appeal instead of striking it out.

 

Besides, Olanipekun and Daudu also asked for a cost of N2 million for each of their clients.

 

In a short ruling, Justice Aba-Aji, granted the application and dismissed the appeal.

 

She also granted the request for cost of N2 million in favour of the 1st to 12 respondents.

 

But, the apex court reserved its verdicts on four other cases on the state political crisis, saying a date would be communicated to lawyers representing parties in the appeals shortly after the counsel adopted their processes for and against the various appeals.

 

The four appeals are marked SC/CV/1174/2024, between Rivers State House of Assembly and others against the Rivers State Government and nine others; SC/CV/1175/2024, between Rivers State House of Assembly and others against the Rivers State Governor and nine others.

 

The others are SC/CV/1176/2024, between Rivers State House of Assembly and others against Rivers State Independent Electoral Commission (RSIEC), and nine others; and SC/CV/1177/2024, between Rivers State House of Assembly and others against the Accountant General of Rivers State and nine others.

 

They were in respect of some judgements delivered by the Federal High Court, Abuja which prohibited the release of monthly allocations to Rivers State from the Federation Account and another that barred the Independent National Electoral Commission (INEC) from releasing voter's register to the state government for the purpose conducting local government election among others.

 

Justice Joyce Abdulmalik of the Federal High Court in Abuja, had ordered the stoppage of the release of allocations from the federal government to Rivers State until the governor presented the budget before the Martin Amaewhule-led House of Assembly members.

 

The Court of Appeal in Abuja, however, upturned the the judgement on the grounds of grave injustice in the findings and decisions.

 

In another judgement, the Court of Appeal, upturned the decision of Justice Peter Lifu, also of the Federal High Court, Abuja, which had ruled against the conduct of the October 5, 2024, local government council election in Rivers on the grounds that due process of Rivers State laws on local government elections had not been followed.

 

Shedding light on the development, senior lawyer, Mr Femi Falana, corrected the misconception that the Supreme Court recognised the Amaewhule-led faction as the authentic leadership of the Rivers State House of Assembly.

 

According to him, the issue of defection of the 27 lawmakers said to be loyal to Wike was still pending before a Federal High Court in Port Harcourt.

 

He explained that the withdrawal of the appeal against the budget had nothing to do with the issue of defection.

 

"With respect to what happened today which many of you are aware, we filed an appeal against the judgement of the Court of Appeal in respect of the budget of the state. The budget has since expired and we are talking of 2025 budget, but that appeal has to do with 2024 budget.

 

"Secondly, with respect to the legislators, it was after the judgement of Justice Omotosho of the Federal High Court and the Court of Appeal that they defected.

 

"So, the question of their defection is now pending before a Federal High Court in Port Harcourt that is why we withdrew the appeal on the grounds that it has been overtaken by events," he said.

 

Also, the Attorney-General and Commissioner for Justice, Dagodo Israel Iboroma, who said he was in court, lamented that there had been serial misrepresentation in social and electronic media, misrepresenting what transpired in court.

 

Saying it was important to trace the facts leading to SC/CV/1701/2024, he said, "On the 29th day of November, 2023, Martin Chike Amaewhule & Anor instituted Suit No: FHC/ABJ/CS/1613/2023 at the Federal High Court, Abuja. Here are copies of their originating summons containing the 11 (eleven) reliefs claimed by Martin Chike Amaewhule and others.

 

"On the 11th day of December, 2023 while Suit No: FHC/ABJ/CS/1613/2023 was pending at the Federal High Court, Abuja, Martin Chike Amaewhule & 26 others defected from the Peoples Democratic Party to the All Progressives Congress and automatically lost their seats as members of the Rivers State House of Assembly.

 

"In Suit No: FHC/ABJ/CS/1613/2023, the defection of Martin Amaewhule and 26 others was not an issue. Thus, it was not a question for determination. It was also not an issue for determination in the resultant appeals.

 

"Furthermore, before judgment was delivered in Suit No: FHC/ABJ/CS/1613/2023, Martin Chike Amaewhule and 26 others did not inform the court that they have defected from the Peoples Democratic Party to the All Progressives Congress.

 

"Suit No: FHC/ABJ/CS/1613/2023 amongst others was principally about the Appropriation Law 2024, (a.k.a 2024 budget). We are in the year 2025 with a 2025 Appropriation Bill already passed and signed into law and in operation.

 

"The Appropriation Law 2024 is now totally spent and cannot be brought back into operation. The monies in the Appropriation Law 2024 having been spent cannot be recalled and spent again.

 

"The Appropriation Law 2024 being spent by reason of its expiration, SC/CV/1701/2024 became merely academic and of no utilitarian value."

 

According to him, "The appellant in keeping with the time honoured practice of not wasting precious judicial time, filed a notice of withdrawal of his appeal and freely urged the Honourable Court to dismiss his appeal. Accordingly, the Honourable Court granted the prayer sought and dismissed the appeal. This is all that transpired.

 

"The Supreme Court made no order whatsoever reinstating Martin Chike Amaewhule and 26 others as members of Rivers State House of Assembly, neither did the Supreme Court make any finding on their status as members of Rivers State House of Assembly.

 

"We call on members of the public to ignore the false narrative and propaganda being spread by Martin Chike Amaewhule and his lawyers on what transpired in the Supreme Court today."

 

In its reaction, Commissioner for Information and Communication, Mr Joe Johnson, also clarified that the Supreme Court dismissed its case on re-presentation of the 2024 appropriation bill and not on eligibility of the 27 embattled lawmakers, as members of the Rivers State House of Assembly, adding that, the dismissed appeal was academic.

 

Johnson explained that, "The 2024 budget was spent on December 31, 2024 fiscal year. The appeal is of no useful purpose. The only reasonable thing left to do is to withdraw the appeal and have it dismissed.

 

"The Supreme Court is a very busy court. It will be most unwise to belabour the Honourable Court with academic appeals without any practical or utilitarian value. That is the appeal that the urchins are celebrating.

 

"There is no Supreme Court judgment against Governor Fubara, ignore the outdated political propaganda by some desperate politicians."

 

Also, the Chief of Staff to Fubara, Edison Ehie, said since the 2024 budget had been spent, the governor thought it wise to withdraw his appeal against the judgement because it will be a mere academic exercise to dwell on the matter.

 

Ehie, who made the explanation via his Facebook handle, stated "This appeal SC/CV/1071/ 2024: GOV of Rivers State vs Rivers State House of Assembly & Ors that came up today at the Supreme Court has become purely academic.

 

"The case leading to this appeal was before James Omotosho as SUIT NO. FHC/ABJ/CS/1613/2023. It was filed on November 29, 2023.

 

"SUIT NO. FHC/ABJ/CS/1613/2023 pertains to the 2024 budget, which is no longer alive, the monies appropriated therein having been judiciously spent for the benefit of the good people of Rivers State

 

"It is important to note that after Suit No. FHC/ABJ/CS/1613/2023 was filed on November 29, 2023, Martin Chike and his 26 friends defected from PDP to APC on Day of December 11, 2023. Their seats in the Rivers State House of Assembly became vacant.

 

"This appeal that was withdrawn today has nothing to do with the seats of Martin Chike Amaewhule and his 26 friends in the Rivers State House of Assembly. The members of the public should not be taken in by the misleading propaganda by Martin Chike Amaewhule and his 26 friends."

 

On their part, opposition lawmakers in the House of Representatives, have said the Supreme Court did not give any judgement against Fubara.

 

The lawmakers through their spokesperson, Hon. Ikenga Ugochinyere, while addressing a press conference on Monday in Abuja maintained that Fubara did not lose any case at the Supreme court.

 

He said the governor only withdrew his appeal over the 2024 budget which was already spent, executed.

 

Ugochinyere maintained that Hon. Victor Jumbo was still the authentic speaker and nothing could change that, saying Nigerians should disregard the political propaganda peddled by some sour losers who were still being delusional.

 

At the same time, the Human Rights Writers Association of Nigeria (HURIWA), in a statement, described reports misinterpreting the judgment as deliberate misinformation aimed at misleading the public and distorting the legal proceedings surrounding the case.

 

The group clarified that the Supreme Court did not issue any judgement in favour of the defected lawmakers, but merely dismissed the appeal filed by Fubara regarding the 2024 budget after his legal team voluntarily withdrew it.

 

According to HURIWA, the move was a procedural decision, not a loss, as the matter had already been overtaken by events.

 

Coordinator of the group, Comrade Emmanuel Onwubiko, stressed that, "The Supreme Court only acted in line with the governor's decision to discontinue his appeal against the Court of Appeal ruling on the 2024 budget.

 

"The 2024 budget has already been spent and executed, and governance has moved on to discussions on the 2025 budget. It is, therefore, unnecessary to continue litigating an issue that is no longer relevant to ongoing governance in Rivers State."

 

This Day.

 

 

 

 

 

 

Nigeria: Govt Demands Efficient Toll Collection, Moves to End Traffic Build-Up

The Minister of Works, David Umahi, has paid a visit to the Toll Plaza at Garaku, Nasarawa State, following the commencement of e-collection of tolls on the completed Keffi-Akwanga alignment of the Abuja-Keffi-Akwanga-Lafia-Makurdi dualisation project.

 

As a result of the outcry from commuters plying the route, Umahi expressed displeasure with how the tolls are being collected, stating that it is subjecting motorists to undue hardship.

 

As a remedial measure, he directed the concessionaire, Messrs China Harbour Operations and Maintenance Company (CHOMC) to immediately increase the number of collection points, deploy more Point-of-Sale (POS) devices, and as well as relief stations for public pleasure and convenience.

 

The minister, while assuring road users of smoother passage at the toll plaza, promised to revisit the site on Monday to assess compliance with his directives, according to a statement by the Director of Press and Public Relations, Mohammed Ahmed.

 

"The tollgate is not meant to have this kind of bottleneck. The current operation is inadequate, and we are giving the Concessionaire until Monday to make the necessary improvements. If by then this bottleneck is not resolved, I will release the traffic and replace them," Umahi warned.

 

Emphasising the importance of relief stations where vehicles can park and access essential amenities, the minister cautioned the operators that failure to comply with this requirement would result in the loss of their business.

 

"We will not tolerate anyone exploiting the plight of Nigerians," he emphasised. "If you wish to operate in this sector, you must meet the required standards," he added.

 

Umahi also addressed the slow progress of the remaining work, the Abuja-Keffi section, directing that the contractor, Messrs China Harbour Engineering Company (CHEC), directing that a 14-day notice of termination be issued to them, immediately, due to unsatisfactory performance and effluxion of time.

 

He berated the company for achieving a meagre 8.7 per cent of the project despite receiving mobilisation funds, also surpassing 46 per cent of the agreed timeline.

 

"The people are suffering, and the president is deeply concerned. Contractors cannot continue to mismanage Nigeria's resources while failing to deliver as agreed. If there is no significant improvement within 14 days, we will take over the job," he declared.

 

\He further directed that mobilisation funds already disbursed would not be subject to any review reiterating that contractors must be held accountable for delays resulting in cost escalations.

 

This Day.

 

 

 

 

 

Nigeria: Dangote Refinery to Operate At Full Capacity in 30 Days - Official

Mr Devakumar added that the refinery is actively exploring all available markets to expand its reach.

 

An official has said that the 650,000 barrels per day of the Dangote Refinery could begin operating at full capacity in 30 days.

 

"The refinery is currently operating at 85 per cent capacity, and we can go 100 per cent in 30 days," Reuters reported Monday, quoting Devakumar Edwin, a vice president at Dangote Industries Limited, as saying.

 

He said that the refinery had to import crude oil last year after it could not secure enough supply locally, despite an agreement with the Nigerian government to buy crude in the local naira currency.

 

Mr Devakumar added that the refinery is actively exploring all available markets to expand its reach.

 

"We are looking at all the markets right now."

 

The refinery commenced production of diesel and aviation fuel in January 2024.

 

Announcing the commencement of production, the company said the refinery had received six million barrels of crude oil at its two SPMs 25 kilometres from the shore.

 

The first crude delivery was done on 12 December 2023, and the sixth cargo was delivered on 8 January 2024.

 

The company made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company Limited (NNPC Ltd).

 

In April 2024, the company commenced supplying petroleum products to the local market.

 

Premium Times.

 

 

 

 

Trump announces 25% tariffs on all steel and aluminium imports

President Donald Trump has ordered a 25% import tax on all steel and aluminium entering the US in a major expansion of existing trade barriers.

 

The tariffs, which will increase the costs of importing the metals into the US, come despite warnings of retaliation from some political leaders in Canada - America's biggest supplier of the metals - as well as other countries.

 

US businesses dependent on the imports have also raised concerns, but Trump has said his plans will boost domestic production.

 

He warned there would be no exceptions, saying he was "simplifying" the rules, which are set to come into effect on 12 March.

 

 

"This is a big deal, the beginning of making America rich again," Trump said.

 

"Our nation requires steel and aluminium to be made in America, not in foreign lands," he added.

 

When asked if tariffs could increase prices for consumers, the US president responded: "Ultimately it will be cheaper."

 

"It's time for our great industries to come back to America... this is the first of many," he added, suggesting other tariffs could focus on pharmaceuticals and computer chips.

 

The US is the world's largest importer of steel, counting Canada, Brazil and Mexico as its top three suppliers.

 

 

 

Canada alone accounted for more than 50% of aluminium imported into the US last year. If the tariffs come into force, they are expected to have the most significant impact on Canada.

 

Late on Monday, Canada's Minister of Innovation, Francois-Phillippe Champagne, said the tariffs were "totally unjustified".

 

"Canadian steel and aluminium support key industries in the US from defence, shipbuilding, energy to automotive," Champagne said. "This is making North America more competitive and secure."

 

The lobby group for Canadian steel makers called on the Canadian government to retaliate against the US "immediately", while Kody Blois, a leading MP from Canada's governing Liberal Party, said his country was looking for ways to reduce its trade relationship with the US.

 

"This is completely upending what has been a very strong partnership," he told BBC Newshour ahead of the official order.

 

Meanwhile, share prices of the major US steelmakers rose on Monday in anticipation of the order, with the price of Cleveland-Cliffs jumping nearly 20%. Prices for steel and aluminium also jumped, while the Canadian dollar and the Mexican peso fell.

 

The response in much of the rest of the market was muted, reflecting questions about how serious Trump is about his plans, given his track record of postponing tariffs, or negotiating exemptions to the rules.

 

"The market I think is beginning to wonder, to what degree is this a negotiation tactic by Trump or to what degree is he really willing to push these tariffs through?" said Jane Foley from Rabobank.

 

In 2018, during his first term, Trump announced tariffs of 25% on steel and 15% on aluminium, but eventually negotiated carve-outs for many countries including Australia, Canada and Mexico.

 

Five ways China is hitting back against US tariffs

China's tit-for-tat tariffs on US take effect

 

'Replay of 2018'

"This is sort of a replay of 2018," said Douglas Irwin, a professor of economics at Dartmouth College.

 

"The biggest question is the uncertainty over whether this is a bargaining tactic or whether he just doesn't want to talk with other countries and really wants to help out the steel industry in that way."

 

Last week, Trump ordered import duties of 25% on all Canadian and Mexican products, only to delay that plan for 30 days. He also brought in new US levies of 10% on all Chinese goods coming into the US, prompting retaliation from China.

 

A tariff is a domestic tax levied on goods as they enter a country, proportional to the value of the import.

 

The prospect of higher tariffs being introduced on imports to the US has been concerning many world leaders because it will make it more expensive for companies to sell goods in the world's largest economy.

 

The taxes are a central part of Trump's economic vision. He sees them as a way of growing the US economy, protecting jobs and raising tax revenue.

 

But there are also concerns about the effect in the US, where many manufacturers inside the US use steel and aluminium in their products and now face the likelihood of added costs.

 

Industry groups from construction to can-makers warned about the hit.

 

In Trump's first term, the tariffs, despite many exemptions, raised the average price of steel and aluminium in the US by 2.4% and 1.6% respectively, according to the US International Trade Commission.

 

Stephen Moore, who advised Trump's campaign on economic issues in 2016 and is currently a senior fellow at the Heritage Foundation, a conservative think tank based in Washington, said he did not think tariffs on steel and aluminium were effective way to create jobs, noting the experience of the first term.

 

He said while Trump was "deadly serious" about trade, he thought the plan was "about getting the rest of the world's attention".

 

"Just about everything Donald Trump does in Washington is a negotiating tactic," he said.

 

 

Trump officials said the latest moves were aimed at stopping countries such as China and Russia from avoiding tariffs by routing low-cost products through other countries.

 

The US president said he was introducing new standards that require steel to be "melted and poured" and aluminium to be "smelted and cast" in North America.

 

Nick Iacovella, a spokesman for Coalition for a Prosperous America, which represents steel-makers and supports the tariffs, said his group is most concerned about a surge of steel imports from Mexico, above levels agreed in 2019.

 

But he noted that Canada sends far more goods to the US than it imports - a trade deficit that has been a key issue for Trump.

 

"There are still imbalances with the Canadian and United States trading relationship that should be addressed," he said.

 

He added: "I don't think they're planning to take a one-size-fits-all hammer approach to this, but I think early on, in the beginning at least right now, I do think what the president is saying ... [is] both of those countries [Canada and Mexico] are abusing their relationship with the US and we're going to do something about it."-BBC

 

 

 

 

Elon Musk-led group in surprise $97bn bid for ChatGPT maker

A consortium of investors led by Elon Musk offered $97.4bn to take over OpenAI, the maker of ChatGPT.

 

The billionaire's attorney, Marc Toberoff, confirmed he submitted the bid for "all assets" of the tech company to its board on Monday.

 

The offer is the latest twist in a longstanding battle between Musk, the world's richest man and right hand to US President Donald Trump, and Open AI chief executive Sam Altman over the future of the start-up at the centre of the AI boom.

 

In response to the bid, Altman posted on Musk's social media platform X: "no thank you but we will buy twitter for $9.74 billion if you want".

 

 

OpenAI is widely credited with helping bring artificial intelligence tools into the mainstream and sparking huge investment in the sector.

 

Musk and Altman co-founded the start-up in 2015 as a non-profit company, but the relationship has soured since the Tesla and X boss departed the firm in 2018.

 

Altman is said to be restructuring the company to become a for-profit entity, stripping it of its non-profit board - a move Musk argues means the company has abandoned its founding mission of developing AI for the benefit of humanity.

 

But OpenAI argues its transition into a for-profit firm is required to secure the money needed for developing the best artificial intelligence models.

 

The bid to take over OpenAI is being backed by Musk's AI company xAI, as well as several private equity firms, including Baron Capital Group and Valor Management.

 

"It's time for OpenAI to return to the open-source, safety-focused force for good it once was. We will make sure that happens," Musk said in a statement.

 

However, Christie Pitts, a tech investor in new businesses at Panasonic Well in San Francisco, expressed scepticism that that was the reason behind Musk's bid.

 

"I think it's fair to be pretty suspicious of this considering that he has a competitor himself... which is structured as a for-profit company, so I think there's more than meets the eye here," she told the BBC.

 

The offer tabled at $97.4bn is much lower than the $157bn the company was valued at in its latest funding round in October last year. Talks over a further funding round reportedly value it now at $300bn.

 

In a statement, Mr Toberoff said the consortium would be "prepared to consider matching or exceeding" any potential higher bid.

 

"As the co-founder of OpenAI and the most innovative and successful tech industry leader in history, Musk is the person best positioned to protect and grow OpenAI's technology," Musk's attorney added on his behalf and other investors.

 

The creator of ChatGPT is also teaming up with another US tech giant, Oracle, along with a Japanese investment firm and an Emirati sovereign wealth fund to build $500bn of artificial intelligence infrastructure in the US.

 

The new company, called The Stargate Project, was announced at the White House by President Donald Trump who billed it "the largest AI infrastructure project by far in history" and said it would help keep "the future of technology" in the US.

 

Musk, despite being a top advisor to Trump, has claimed the venture does not "actually have the money" it has pledged to invest, though he has also not provided any details or substantiation for the comments.--BBC

 

 

 

 

No more minting 'wasteful' pennies, Trump tells Treasury

The US Treasury Secretary Scott Bessent has been told to stop minting one-cent coins, or pennies as they are widely called, by US President Donald Trump in an announcement on his Truth Social media account.

 

"Let's rip the waste out of our great nations budget, even if it's a penny at a time," Trump's post said, describing the move as a cost-cutting measure.

 

It comes after Elon Musk's unofficial Department of Government Efficiency (Doge) drew attention to the cost of minting pennies in a post on X last month.

 

The debate over the cost and usefulness of pennies has been a long-running one in the US.

 

 

"This is so wasteful," Trump's Truth Social post said.

 

"I have instructed my Secretary of the US Treasury to stop producing new pennies."

 

According the US Mint's 2024 annual report, making and distributing a one cent coin costs 3.69 cents.

 

US government officials and members of Congress have in the past proposed discontinuing the penny without success.

 

While its detractors have argued that the zinc and copper coin is a waste of money and resources, those who support it say that the coin keeps prices lower and boosts fund-raising for charities.

 

Other countries have discontinued similar coins. Canada ditched its one-cent coin in 2012 citing the cost of minting it and its falling purchasing power due to higher prices.

 

The declining use of cash meant the UK did not mint any new coins in 2024, after officials decided there were already enough coins in circulation.

 

The UK Treasury has said that 1p or 2p coins are not being scrapped, but with more people living cashless lives, there have been several years when no 2p coins were produced. 20p coins have also seen various periods without new minting.-BBC

 

 

 

 

China's tit-for-tat tariffs on US take effect

China's tit-for-tat import taxes on some American goods came into effect on Monday, as the trade war between the world's two biggest economies escalates and US President Donald Trump threatens to hit more countries with tariffs.

 

Beijing announced the plan on 4 February, minutes after new US levies of 10% on all Chinese products came into effect.

 

On Sunday, Trump said he would impose a 25% tariff on all steel and aluminium imports into the US, with a full announcement to come on Monday.

 

Speaking to reporters on Air Force One en route to the Super Bowl, he also said he was planning reciprocal tariffs on other nations - but did not specify which ones would be targeted.

 

 

China's latest tariffs on US goods include a 15% border tax on imports of US coal and liquefied natural gas products. There is also a 10% tariff on American crude oil, agricultural machinery and large-engine cars.

 

Last week, Chinese authorities launched an anti-monopoly probe into technology giant Google, while PVH, the US owner of designer brands Calvin Klein and Tommy Hilfiger, was added to Beijing's so-called "unreliable entity" list.

 

China has also imposed export controls on 25 rare metals, some of which are key components for many electrical products and military equipment.

 

Trump's announcement over the weekend of plans to impose a 25% tax on the US's steel and aluminium imports comes days after he reached deals with Canada and Mexico to avoid 25% tariffs that he had threatened on all goods from the countries.

 

He introduced similar measures during his first term as president, imposing 25% tariffs on steel and 10% on aluminium, but later granted several trading partners duty-free quotas - including Canada, Mexico and Brazil.

 

The European Union (EU) import taxes were not resolved until the Biden administration took over the White House.

 

There was no mention on Sunday of which countries, if any, would be granted similar exemptions if these new tariffs are implemented in the following days.

 

Trump’s intention to implement reciprocal tariffs would fulfil an election campaign pledge to levy tariffs at the same rates that are imposed on US goods.

 

He also said import taxes for vehicles remained on the table after reports he was considering exemptions to universal tariffs.

 

Trump has repeatedly complained that EU tariffs on imports of American cars are much higher than US levies.

 

Last week, Trump told the BBC tariffs on EU goods could happen "pretty soon" - but suggested a deal could be "worked out" with the UK.

 

Five ways China is hitting back against US tariffs

How Japan sparked Trump's 40-year love affair with tariffs

 

The day after the latest US tariffs came into effect, Beijing accused Washington of making "unfounded and false allegations" about its role in the trade of the synthetic opioid fentanyl to justify the move.

 

In a complaint lodged with the World Trade Organization (WTO), China said the US import taxes were "discriminatory and protectionist" and violated trade rules.

 

But experts have warned China is unlikely to secure a ruling in its favour as the WTO panel that settles disputes remains unable to function.

 

Trump had been expected to speak to his Chinese counterpart Xi Jinping in recent days but the US president has said he was in no hurry to hold talks.

 

"China is much better prepared [than during Trump's first term]," said Scott Kennedy, an expert in Chinese business and economics at the Center for Strategic and International Studies.

 

"Although their economy cyclically has slowed down quite a bit, their technology capabilities are a lot greater than they were before and they have diversified their trade and investment with others".

 

Some of the many measures brought in by Trump since he took office on 20 January have been subject to change.

 

On Friday, he suspended tariffs on small packages from China, which, along with the additional 10% tariffs, came into effect on 4 February.

 

The suspension will stay in place until "adequate systems are in place to fully and expediently process and collect tariff revenue".

 

After the order ended duty-free treatment of shipments worth less than $800 (£645) the US Postal Service (USPS) and other agencies scrambled to comply.

 

USPS temporarily stopped accepting packages from China, only to U-turn a day later.-BBC

 

 

 

 

How Spain's economy became the envy of Europe

It's a chilly mid-winter afternoon in Segovia, in central Spain, and tourists are gathered at the foot of the city's Roman aqueduct, gazing up at its famous arches and taking selfies.

 

Many of the visitors are Spanish, but there are also people from other European countries, Asians and Latin Americans, all drawn by Segovia's historic charm, gastronomy and dramatic location just beyond the mountains north of Madrid.

 

"There was a moment during Covid when I thought 'maybe tourism will never, ever be like it was before'," says Elena Mirón, a local guide dressed in a fuchsia-coloured beret who is about to lead a group across the city.

 

"But now things are very good and I feel this year is going to be a good year, like 2023 and 2024. I'm happy, because I can live off this job I love."

 

Spain received a record 94 million visitors in 2024 and is now vying with France, which saw 100 million, to be the world's biggest foreign tourist hub.

 

And the tourism industry's post-Covid expansion is a major reason why the eurozone's fourth-biggest economy has been easily outgrowing the likes of Germany, France, Italy and the United Kingdom, posting an increase in GDP of 3.2% last year.

 

By contrast, the German economy contracted by 0.2% in 2024, while France grew by 1.1%, Italy by 0.5%, and the UK by an expected 0.9%.

 

This all helps explain why the Economist magazine has ranked Spain as the world's best-performing economy.

 

"The Spanish model is successful because it is a balanced model, and this is what guarantees the sustainability of growth," says Carlos Cuerpo, the business minister in the Socialist-led coalition government. He points out that Spain was responsible for 40% of eurozone growth last year.

 

Although he underlined the importance of tourism, Mr Cuerpo also pointed to financial services, technology, and investment as factors which have helped Spain bounce back from the depths of the pandemic, when GDP shrank by 11% in one year.

 

"We are getting out of Covid without scars and by modernising our economy and therefore lifting our potential GDP growth," he adds.

 

 

That modernisation process is being aided by post-pandemic recovery funds from the EU's Next Generation programme. Spain is due to receive up to €163bn by 2026 ($169bn; £136bn), making it the biggest recipient of these funds alongside Italy.

 

Spain is investing the money in the national rail system, low-emissions zones in towns and cities, as well as in the electric vehicle industry and subsidies for small businesses.

 

"Public spending has been high, and is responsible for approximately half our growth since the pandemic," says María Jesús Valdemoros, lecturer in economics at Spain's IESE Business School.

 

Other major European economies have seen their growth stymied by their greater reliance than Spain on industry, which, she says, "is suffering a lot at the moment due to factors such as the high cost of energy, competition from China and other Asian countries, the cost of the transition to a more sustainable environmental model and trade protectionism".

 

Since Covid, the other major economic challenge for Spain has been the cost-of-living crisis triggered by supply-chain bottlenecks and the Russian invasion of Ukraine in 2022. Inflation peaked at an annual rate of 11% in July of that year, with energy prices hitting Spaniards particularly hard, but by the end of 2024 it had fallen back to 2.8%.

 

Madrid believes that subsidies it introduced to cut the cost of fuel consumption and encourage public transport use were key in mitigating the impact of the energy price rises, as well as several increases to the minimum wage.

 

At the height of the European energy crisis, Spain and Portugal also negotiated with Brussels a so-called "Iberian exception", allowing them to cap the price of gas used to generate electricity in order to reduce consumers' bills.

 

Mr Cuerpo argues that such measures have helped counter Spain's traditional vulnerability to economic turmoil.

 

"Spain is proving to be more resilient to successive shocks – including the inflation shock that came with the war in Ukraine," he said. "And I think this is part of the overall protective shield that we have put in place for our consumers and for our firms."

 

 

The country's green energy output is seen as another favourable factor, not just in guaranteeing electricity, but also spurring investment. Spain has the second-largest renewable energy infrastructure in the EU.

 

The latter is a boon for a country that is Europe's second-biggest car producer, according to Wayne Griffiths, the British-born CEO of Seat and Cupra. Although Spanish electric vehicle production is lagging behind the rest of Europe, he sees enormous potential in that area.

 

"[In Spain] we have all the factors you need to be successful: competitive, well-trained people and also an energy policy behind that," he says. "There's no point in making zero-emission cars if you're using dirty energy."

 

 

Despite these positives, a longstanding weakness of Spain's economy has been a chronically high jobless rate, which is the biggest in the EU and almost double the block's average. However, the situation did improve in the last quarter of 2024, when the Spanish jobless unemployment rate declined to 10.6%, its lowest level since 2008.

 

Meanwhile the number of people in employment in Spain now stands at 22 million, a record high. A labour reform, encouraging job stability, is seen as a key reason for this.

 

This reform increased restrictions on the use of temporary contracts by companies, favouring greater flexibility in the use of permanent contracts. It has reduced the number of workers in temporary employment without hindering job creation.

 

Also, although the arrival of immigrants has driven a fierce political debate, their absorption into the labour market is seen by many as crucial for a country with a rapidly ageing population.

 

The Socialist prime minister, Pedro Sánchez, has been outspoken in underlining the need for immigrants, describing their contribution to the economy as "fundamental".

 

The European Commission has forecast that Spain will continue to lead growth among the bloc's big economies this year and remain ahead of the EU average. However, challenges are looming on the horizon.

 

Getty Images Locals in Fuerteventura complain about what they see as over tourismGetty Images

Protests against tourist numbers have taken place from the Canary Islands to Majorca

 

The heavy reliance on tourism - and a growing backlash against the industry by local people - is one concern.

 

Another is Spain's vast public debt, which is higher than the country's annual economic output.

 

María Jesús Valdemoros warns that this is "an imbalance that we need to correct, not just because the EU's new fiscal norms demand it, but because it could cause financial instability".

 

In addition, a housing crisis has erupted across the country, leaving millions of Spaniards struggling to find affordable accommodation.

 

With an uncertain and deeply polarised political landscape, it is difficult for Sánchez's minority government to tackle such problems. But, while it attempts to resolve these conundrums, Spain is enjoying its status as the motor of European growth.-BBC

 

 

 

M&S boss says retailers 'raided like a piggy bank'

UK retailers are being "raided like a piggy bank", the boss of Marks & Spencer has said, as the sector faces rising taxes.

 

Writing in the Sunday Times, Stuart Machin said retailers were facing a series of headwinds, including the increase in National Insurance Contributions (NICs) paid by firms and higher packaging levies.

 

He called for a number of changes from the government, including staggering the NIC changes over time.

 

A Treasury spokesperson said measures introduced in last year's Budget aimed to deliver stability to businesses and create the conditions for growth.

 

Mr Machin said that many of the announcements made by Chancellor Rachel Reeves in a speech last month were "commendable", such as the focus on long-term planning and attempts to boost investment in infrastructure.

 

But he added that if the government wanted to boost growth quickly, then "lightening the burden that the Budget loaded onto the retail sector" should be a priority.

 

In October's Budget, the government increased the rate of National Insurance (NI) paid by employers from April, and also reduced the threshold that employers start paying it at from £9,100 to £5,000. April will also see an increase in the National Living Wage.

 

The government has defended its tax rises as necessary to avoid cuts to public services, and the rise in the minimum wage, with a bigger boost for younger workers and apprentices, has been welcomed by trade unions.

 

The Treasury has also said that due to exemptions for smaller businesses, more than half of employers will either see a cut or no change in their National Insurance bills.

 

But the changes have provoked criticism from businesses, and in November last year M&S was one of the signatories to a letter sent by major retailers to the chancellor asking her to reconsider some of the measures.

 

Last year, M&S reported a jump in annual profits to £672m for the 12 months to March. In his article, Mr Machin said that M&S was "growing, but others are not and there is no doubt that there will be fewer jobs, fewer shops and slower wage growth across the sector as a whole".

 

As well as changes to employment rights and the increase in employers' NICs, Mr Machin also criticised a new packaging levy.

 

The extended producer responsibility (EPR) measure is designed to make producers pay the full net costs of managing and recycling packaging waste, and so aims to reduce unsustainable packaging.

 

In its letter to the chancellor in November, the British Retail Consortium estimated the measure would cost the sector £2bn.

 

Mr Machin said EPR would "give retailers a tax bill 20 times the current amount with £2bn going straight to the Treasury as general taxation and no improvement to recycling".

 

"Retail is being raided like a piggy bank and it's unacceptable."

 

He called for the government to phase in the timing of the NICs increase over two years - echoing a call by Next boss Lord Wolfson - to give retailers "breathing space".

 

Mr Machin also said the EPR fees should be delayed and the government should rethink its approach to business rates.

 

A Treasury spokesperson said: "We delivered a once-in-a-Parliament budget to wipe the slate clean and deliver the stability businesses need, laying the foundations for economic growth.

 

"In addition to capping corporation tax for the duration of parliament, we're permanently cutting business rates for retail, hospitality and leisure on the high street from 2026".-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

 


 

 

 

 


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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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