Major International Business Headlines Brief::: 20 February 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  20 February 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Tanker Fires - Govt Bans 60,000 Litres Capacity Trucks From
Lifting Petroleum Products

ü  Nigeria: Amid Global Rush, Nigeria's $34bn Lithium Reserves in High
Demand

ü  Africa Makes Progress in Public Finance Management, but Challenges
Persist

ü  Nigeria: Local Refinery Currently Meets 50% of Daily Petrol Consumption -
Nmdpra

ü  Nigeria: Senate Begins Public Hearing On Tax Reform Bills Monday

ü  Nigeria: Funding, Talent Pool Will Position Nigeria for AI-Driven
Economic Transformation - Report

ü  South Africa: A Budget Speech in Desperate Times

ü  South Africa: 6 in 10 Young South Africans Have No Jobs. Why Some Still
Reject Offers of Work

ü  Mauritius: Mauritians Invited to Transform Their Innovative Ideas Into
Impactful Projects

ü  South Africa: 2025 Budget - Close Out Period Extended to 12 March

ü  US Fed warns Trump's tariffs may increase prices

ü  I'm not happy with Boeing, Trump says over Air Force One

ü  Apple gambles on new iPhone with AI features at lower cost

ü  Powerful quantum computers in years not decades, says Microsoft


 


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Nigeria: Tanker Fires - Govt Bans 60,000 Litres Capacity Trucks From Lifting
Petroleum Products

The federal government has banned fuel tankers with a 60,000 litres capacity
from loading and transporting petroleum products from the various depots
across the country, effective from March 1, 2025.

 

Also, by the fourth quarter of 2025, the transportation of petroleum in
trucks exceeding 45,000 litres will also be prohibited.

 

This move comes after a series of tragic tanker explosions, which have
claimed numerous lives and caused significant property damage. In a meeting
held on Wednesday with key industry stakeholders, the NMDPRA outlined these
measures as the first step in tackling the ongoing safety crisis.

 

 

Chief executive of the Nigerian Midstream and Downstream Petroleum
Regulatory Authority (NMDPRA) Farouk Ahmed, who announced the ban, said this
is part of the measures taken by the federal government to curtail the
incidences of tanker explosions and fires in the country, following a series
of tragic explosions that have claimed numerous lives.

 

Recall that in January 2025 alone, over 100 lives were lost in
tanker-related accidents. The most devastating incident occurred on January
18 when a petrol tanker exploded at Dikko junction along the Abuja-Kaduna
expressway in Niger State, resulting in the deaths of at least 98 people.
The explosion happened when local residents attempted to scoop fuel from the
overturned tanker after an accident. The resulting fire left dozens of
people severely burned.

 

A week later, another explosion occurred along the Enugu-Onitsha Expressway,
killing 11 individuals. In this case, a tanker suffered brake failure,
toppled, and leaked fuel, which ignited and caused a deadly blaze.

 

Available data revealed that nearly 493 fatalities have occurred from
tanker-related incidents over the past three years, with 121 deaths already
reported in just the first two months of 2025 alone.

 

Ahmed, who was represented by executive director, Distribution, Systems,
Storage and Retailing Infrastructure, Ogbugo Ukoha, during a news briefing
in Abuja, on Wednesday, also said the ban will extend the loading or
transportation of petroleum products on any truck in excess of 45,000 litres
by the fourth quarter of 2025.

 

"The breaking news from today today's meeting comprising DSS, FEMA, Federal
Fire Service, Road Safety, NATO, NUPENG, MEMAN, PETROAN, IPMAN, DAPMAN, SON,
ONSA, is that beginning 1st March, any truck with an axle load that is
carrying more than 60,000 litres of hydrocarbon will not be allowed to load
at any loading depot.

 

"Let me repeat that again. Beginning 1st March, trucks with a capacity in
excess of 60,000 litres will not be allowed to load in any loading depot for
petroleum products.

 

"By Q4 of 2025, we will also preclude the loading or transportation of
petroleum products on any truck in excess of 45,000 litres. So that is the
breaking news for today.

 

"This is just one out of ten measures that stakeholders have agreed that
need to be addressed if we want to mitigate the high level of trucks in
transit accidents.

 

"The important thing about this is that for the first time consensus was
built amongst all stakeholders and we are continuing to encourage that we
work together cohesively to deliver a safe transportation of petroleum
products across the country, " Ahmed said.

 

The NMDPRA also confirmed that the Nigerian National Petroleum Company
Limited (NNPC) has not imported the Premium Motor Spirit (PMS) petrol this
year.

 

The confirmation came over the news reports that the state-owned oil firm
imported PMS burns faster than that of Dangote Refinery.

 

The NMDPRA said all the petroleum products imported to the country this year
are of standard quality.

 

It recalled after the removal of subsidy on petrol, national consumption of
the product declined from an average of 66 million litre (ml/d) to 50 ml/d.

 

According to him, less than 60 per cent of the national consumption is met
from domestic refineries while the shortfall is imported by Oil Marketing
Companies (OMCs).

 

He explained that the contribution of local refineries has been less than a
60 per cent shortfall in January and February 2025.

 

The executive director said 50 per cent of the shortfall is sourced from
importation.

 

He however specifically noted that none of the OMCs that owned refineries
have imported petroleum products this year.

 

"So just for clarity, what I am saying is that the contribution of local
refining towards the sufficiency is less than 60 per cent currently. January
and February 2025 is less than 50 of what we require daily. And that
shortfall is sourced by way of importation. Even though none of the OMCs
that owned refineries have imported PMS this year."

 

On quality, he said the NMDPRA always insists that all petroleum products
meet the specifications of the Standard Organization of Nigeria (SON) and
the Petroleum Industry Act (PIA) 2021.

 

According to him, the Authority does not permit the distribution of products
that fall short of quality standards.

 

"You must meet those specifications, otherwise we will not let those
products be distributed," he said.

 

He said some people have been releasing bogus claims concerning product
quality on social media.

 

He said, "Finally, let me just say a word about what the responsibility we
all bear. The regulator will usually be more circumspect and not run, chase,
or respond to every comment that is made by the public.

 

"But it is important that people who dabble within the social media space
are reminded that it is disrespectful if you imagine that Nigerians are
gullible.

 

"Innocent Nigerians are discerning enough to know that energies need to be
directed positively. So people who make unscientific claims, that make bogus
data expertise claims of that, are really not helping the situation.

 

"As a regulator, we are working very hard in compliance with the
presidential and statutory mandates we have to support the local refineries
to build capacity to the point that Nigerians will have sufficient products
and not just quality but pricing is also done in a transparent, competitive
and fair way."

 

Leadership.

 

 

 

 

Nigeria: Amid Global Rush, Nigeria's $34bn Lithium Reserves in High Demand

Nigeria's vast lithium reserves, estimated to be worth over $34 billion, is
attracting global demand.

 

Lithium is a key component in the production of batteries for electric
vehicles (EVs) and renewable energy storage systems. Nigeria is positioning
itself to become a major player in the global lithium market.

 

The growing interest in Nigeria's lithium reserves comes as countries and
companies worldwide scramble to secure supplies of the mineral, which is
essential for powering the green energy revolution.

 

"Lithium is topping the charts in terms of interest, and we have seen the
springing up of lithium factories in Nigeria already," special assistant on
media to Dele Alake, minister of solid minerals development, Segun Tomori,
said in a Twitter Space on Wednesday.

 

 

He noted, "The attention of the international mining industry is focused on
lithium because lithium is a critical raw material for the production of
solar panels and electric vehicles "

 

According to Tomori, the minister inaugurated a lithium factory in 2024.

 

He said so far, two factories have been commissioned, with another currently
under construction.

 

"We did the groundbreaking for another lithium factory in Abuja that would
come up this year, so lithium factories are springing up," he said.

 

Analysts predict that the global lithium market could grow exponentially
over the next decade, driven by the rapid adoption of EVs and renewable
energy technologies.

 

Data from a global Future Market Insight showed the lithium mining industry
has emerged as a cornerstone of the clean energy transition, driven by the
skyrocketing demand for lithium-ion batteries.

 

The surge in lithium demand is driven by the EV market, which accounted for
over 70 per cent of the global lithium consumption in 2024, according to the
India-based research firm.

 

With countries such as the United States, China, and members of the European
Union pushing for net-zero emissions by mid-century, lithium demand is
expected to escalate further.

 

"These batteries power electric vehicles (EVs), renewable energy storage
systems, and consumer electronics, making lithium a critical resource for a
sustainable future," the India-based firm further said.

 

Nigeria can get into an industry still considered mainly on the ground
floor. Discoveries of lithium deposits in Plateau, Oyo and Kaduna states
allow the country to craft better policies than it did with other minerals
like gold.

 

"Nigeria is sitting on a goldmine or rather a lithium mine," a geologist and
mining expert, Tomiwa Bayo-Ojo, said. "With the global demand for lithium
skyrocketing, Nigeria has a unique opportunity to leverage its reserves to
boost the economy and play a significant role in the global energy
transition."

 

For Nigeria to seamlessly tap into the global market, Bayo-Ojo advised state
and federal governments to ensure tailor-made policies.

 

"The federal government level would need to ease the documentation
procedures to attract investors. For instance, the Mining Cadastre Office
should create a one-stop shop in partnership with other government agencies
to make it easier for investors to obtain mining licences and permits for
lithium," Bayo Ojo said.

 

In 2024, findings showed global demand for lithium mining reached an
impressive $3.9 billion, highlighting its pivotal role in the energy sector.

 

Most of the world's lithium is produced in four countries: Australia (the
world's largest producer), China, Chile and Argentina.

 

However, these countries do not produce enough to fulfil the expanding
worldwide demand. As a result, the search for lithium has moved to Africa
and is already being extensively mined in Zimbabwe (Africa's largest
producer), Namibia, the Democratic Republic of the Congo, Mali, and Ghana.

 

Today, the quest for lithium is gaining traction in Nigeria, with
competition becoming increasingly fierce.

 

In Nigeria, lithium is currently mined in Nassarawa, Kogi, Kwara, Ekiti, and
Cross River States. In 2018, Kian Smith Trade & Co, a Nigerian mining
company, announced the discovery of 15,000 tonnes of commercial lithium in
Nigeria.

 

On February 5 2025, a Chinese company, Jiuling Lithium Mining Company,
announced plans to invest over $200 million in the establishment of a
lithium processing factory in the Endo community, Nasarawa Local Government
Area of Nasarawa State.

 

Managing director of the company, Xiong Jin, expressed his commitment to
build one of the largest lithium mining companies in Nasarawa State.

 

While giving specific technical details about the size of the factory, Xiong
Jin mentioned that the company would pay graduates employed to work at the
mining site a minimum of N500,000.

 

president of the Geological Society of Nigeria, Uba Saidu Malami, told
France24 that the Chinese will sometimes seek to move in before sufficient
exploration work has been done.

 

"There is a need for detailed exploration work to ascertain the reserves of
lithium in those areas," said Malami, stressing the need for better
regulation of the sector.

 

The Chinese "are cowboys when it comes to mining," he added.

 

"They move the excavator and just expand that physical extraction, which is
not smart mining in these days of sustainable practice and environmental
sensitivity."

 

As nations invest heavily in electrification and battery technologies,
Future Market Insight said the industry is expected to experience robust
growth, with revenues projected to reach $4.2 billion in 2025 and an
astounding $8.5 billion by 2035.

 

"This equates to a compound annual growth rate (CAGR) of 7.2 per cent during
the assessment period (2025-2035), underscoring the sector's critical
importance to the global economy," it added.

 

Leadership.

 

 

 

 

Africa Makes Progress in Public Finance Management, but Challenges Persist

The State Minister for Finance in charge of General Duties, Henry Musasizi,
delivered a keynote address at the ongoing two-day Public Finance Management
Conference for Africa (2025) at Golden Tulip Hotel, Kampala.

 

The conference, themed "Enhancing Public Finance in Africa: Progress and
Prospects," brought together experts to discuss the continent's progress and
challenges in public finance management.

 

"Public finance management is the foundation for economic growth, poverty
reduction, and social transformation," Musasizi emphasized.

 

He noted that while Africa has made significant strides in building public
finance systems, there are still substantial challenges that need to be
addressed.

 

Musasizi highlighted various reforms and initiatives aimed at improving
public finance management, including Strengthening legal and institutional
frameworks, Adopting technology and digital solutions, Revenue mobilization
and tax reforms, improving public debt management

 

However, he also acknowledged the challenges and gaps that continue to
hinder effective management of public finances in Africa, such as limited
domestic revenue mobilization, public debt sustainability concerns, Leakages
and corruption, weak expenditure management and budget implementation

 

Musasizi's remarks underscore the importance of addressing these challenges
to ensure that public finance management contributes to Africa's economic
growth, poverty reduction, and social transformation.

 

Nile Post.

 

 

 

 

 

Nigeria: Local Refinery Currently Meets 50% of Daily Petrol Consumption -
Nmdpra

The Nigerian Midstream and Downstream Petroleum Regulatory Authority
(NMDPRA) has disclosed that local refinery only meets 50 per cent of daily
fuel consumption, justifying the continued importation of Petroleum Motor
Spirit (PMS) to meet the shortfall.

 

NMDPRA also dispelled information making in the social media that the colour
and quality of PMS by some marketers are inferior, describing the claims as
bogus and unscientific.

 

Speaking at a special briefing yesterday, Executive Director, Distribution,
Systems, Storage, and Retailing Infrastructure of NMDPRA, Ogbugo Ukoha,
said: "Just before the current administration came in. The daily PMS supply
sufficiency was always in excess of 60 million. "In fact, averaging about 66
million a day for PMS. And following Mr. President's withdrawal of subsidy,
the announcement of May 29th, 2023, we immediately saw a steep decline in
consumption. And between then and as we speak, we've continued to do plus or
minus 50 million.

 

 

"Of these 50 million litres averaging for each day, less than 50% of that is
contributed by domestic refineries. And so the shortfall in accordance with
the PIA is sourced by way of imports."

 

The ED disclosed that none of the Oil Marketing Companies (OMCs) that own
refineries in the country for this year have imported any PMS.

 

The other OMCs are the ones that are importing the shortfall. And if we did
nothing to bridge that shortfall, we will have scarcity in our hands.

 

He said: "So just for clarity, what I'm saying is that the contribution of
local refineries towards the sufficiency is less than 50%. Currently,
between January and February, 2025, is less than 50% of what we require
daily."

 

Speaking to product quality, he said before any product is distributed in
Nigeria, the regulator ensures that from the load ports of the products,
whether from a domestic refinery or imported from outside the country,
accredited laboratories must test every product and duly issue certificates
of quality to say that the products that is laden in the vessel meets those
specifications.

 

Okoha said: "Colour, for instance, real terms, doesn't have any quality
impact. But the sun specification requires every product to have a color for
differentiation. The only color in the current specification that is
colorless is the ATK.

 

"So it enables from visual, just sighting of the product, for you to tell
that this is PMS, because it complies with the color, separate from AGO.

 

"But it's important that people who dabble within the social media space are
reminded that it's actually disrespectful if you imagine that Nigerians are
gullible. Nigerians are discerning enough to know that energies need to be
directed positively."

 

Daily Trust.

 

 

 

 

Nigeria: Senate Begins Public Hearing On Tax Reform Bills Monday

Abuja — The Senate will next Monday and Tuesday conduct a public hearing on
tax reform bills forwarded to both chambers of the National Assembly by
President Bola Tinubu in October

 

Addressing journalists yesterday in Abuja, Chairman of the Senate Committee
on Finance, Senator Sani Musa, APC, Niger East, after a closed-door meeting
held with members of the committee, said it would come after wide
consultations with relevant stakeholders.

 

Senator Musa said the bills on Joint Revenue Board establishment bill and
Nigerian Revenue Services Bill would be deliberated upon on Monday, while
the one on the Nigerian Tax Administration and Nigeria Tax bill would be
focused upon on Tuesday.

 

 

According to him , for thorough consideration of the bills that are designed
to change the dynamics of the nation's economy, the Minister of Finance and
Coordinating Minister of the Economy, Mr Wale Edun, the Attorney-General of
the Federation, and Minister of Justice, Lateef Fagbemi, SAN, and Chairman
of Federal Inland Revenue Service, FIRS, Zacch Adedeji , would be at the
public hearing.

 

Also expected to attend are the Statistician General of the Federation and
Chief Executive, National Bureau of Statistics, Prince Adeyemi Adeniran, the
Minister of Petroleum and his counterpart in the Ministry of Trade and
Investment etc.

 

He said: "The committee is inviting Nigerians, totalling 71 different groups
of stakeholders for the very important public hearing.

 

"Both the Senate and the House of Representatives have done the second
reading on the reform bills and are ready for the public hearing .

 

"The bills have been read by all members of the committee with better
understanding of what they are aimed at, such as in the areas of tax
administration, collection and operations in Nigeria.

 

"The main purpose of the reform bills is to see to how government will
generate more revenue, so we'll be able to put our country on the pedestal
of advanced economies where infrastructure, education, agricultural and
virtually every sector that revolves around the ecosystem of economy will be
adequately taken care of.

 

"Expectedly, we have had engagements with a lot of stakeholders before
arriving at where we are today, and I believe that the public hearing is
going to go on smoothly, and wherever the grey areas are, they will be
addressed .

 

"Mr. President himself has severally that he's not going to interfere. It is
our duty as legislators to do the needful for the good of this country.

 

" We are all representatives of different tribes, religion, geographic
history, but we are Nigerians. And what we will work towards giving Nigeria
are laws, legislations that will put us on track economically, and by the
grace of God, I think we will succeed."

 

Before the closed door session, the committee met top management of the
Ministry of Finance Incorporated, MOFI, led by its Managing Director and
Chief Executive Officer, Dr Armstrong Tokang, who was directed to provide
the committee the National Assets Register of the country .

 

Vanguard.

 

 

 

 

Nigeria: Funding, Talent Pool Will Position Nigeria for AI-Driven Economic
Transformation - Report

Boston Consulting Group (BCG), a management consulting solution team, has
revealed that Nigeria has the highest funding provided to AI companies among
countries in sub-Saharan Africa, indicating strong investor confidence and
potential for scaling Artificial Intelligence (AI) initiatives.

 

BCG, in a report, explained that with substantial funding and robust talent
pool, Nigeria is poised for AI-driven economic transformation, adding that
Nigeria has the second-highest number of AI specialists in sub-Saharan
Africa, after South Africa, showcasing a robust and growing talent base.

 

 

According to the report, AI is already transforming industries and starting
to reshape economies and is poised to shape the future of economic
development over the next few years.

 

"The expansive scale of this growth makes AI an economic priority in every
region around the globe," the report said. However, the BCG research has
established that most economies are underprepared for AI-driven disruption,
as the study shows that over 70 per cent of the economies studied, scored
below average in critical areas such as ecosystem participation, skills, and
research and development.

 

BCG's AI Maturity Matrix, a first of its kind study, offers a comprehensive
overview of the AI landscape across 73 economies by focusing on two pivotal
aspects. First, it assesses each economy's vulnerability to AI-driven
shifts, such as job displacement and industry wide productivity gains.
Second, it evaluates the preparedness of each economy to navigate the risks
associated with AI, while leveraging its potential to stimulate economic
growth.

 

The report offered recommendations tailored to the diverse groups to guide
policymakers and provided an interactive dashboard for a more detailed
exploration of the analysis.

 

The first-of-its-kind study offers a broad view of global adoption,
revealing that while most economies are gradually embracing AI, a small
influential group of pioneers is emerging as global leaders. The handful of
leading markets, according to the report, will stand to gain significant
economic advantages and are uniquely positioned to shape how humanity will
engage with this transformative technology.

 

The report listed six sectors that were most exposed to AI-driven changes to
include: information and communication, high-tech goods, retail, financial
services, public services, and motor vehicle manufacturing.

 

"Economies with a high share of sectors that are most exposed to AI are
among the world's most exposed to disruption. These include Luxembourg (with
financial services making up almost 30 per cent of GDP), Hong Kong (22 per
cent financial services and 22 per cent business services), and Singapore
(18 per cent business services, 16 per cent retail, and 14 per cent
financial services)," the report said.

 

Giving detailed report on its findings about the Nigerian market, the report
said: "Nigeria's GDP is composed of sectors with both high and limited
exposure to AI. Those with high exposure - retail and wholesale and
information and communication constitute a large share of the country's GDP,
which comprise of 18 per cent and 17 per cent respectively. Whilst the
country's largest sector, agriculture, forestry and fishery, which makes up
23 per cent of the economy, has limited AI exposure.

 

"This aligns with the wider report findings that show that economies with
industry sectors that are less susceptible to AI disruption are less
exposed. Such sectors include construction, agriculture, and furniture
manufacturing. The countries include Indonesia (13 per cent agriculture and
11 per cent construction of GDP), India (17 per cent agriculture and eight
per cent construction), and Ethiopia (36 per cent agriculture)."

 

The study measured readiness across the six dimensions that make up BCG's
ASPIRE index: Ambition, Skills, Policy and regulation, Investment, Research
and innovation, and Ecosystem.

 

When measured against the index for AI readiness compared to the average of
other sample economies in sub-Saharan Africa, Nigeria notably has the
highest value for funding provided to AI companies (investment), the second
highest number of AI specialists (skills) and the second highest value for
the composite index for research papers published in AI (research and
Innovation). South Africa leads in sub-Saharan Africa in both second place
instances," the report further said.

 

This Day.

 

 

South Africa: A Budget Speech in Desperate Times

When the minister of finance takes the podium to deliver his budget speech
today he will be addressing a nation of desperate people.

 

The majority of our people are impoverished. Rates of hunger are sky high.
The rates of unemployment, inequality and violence in our country are among
the worst in the world. Even the middle classes are going without water
these days, and roads, hospitals, schools, libraries, parks and whole city
centres are all falling apart before our eyes. Years of austerity,
kleptocracy and mismanagement have left the country broken.

 

Even the suburbs are decaying, and for most people life outside of the gated
residential complexes, office parks and malls is desperate. In the shack
settlements and townships young people are wandering around with nothing to
do. They are walking in the streets aimlessly like strollers.

 

As we speak, many young people who have passed their matric despite the
crisis in our schools are unable to further their studies. Many of those who
have been given places at universities and TVET colleges are struggling for
accommodation. Many are still waiting for financial aid. Our youth have lost
all hope in our government. Most have lost all hope in all political
parties.

 

 

There is no work and depression and anxiety are rampant. People are
increasingly numbing their pain with alcohol, heroin and other drugs, and
turning on each other. Some are joining the gangs that prey on society.
Poverty is being criminalised and the poor are being policed with increasing
and sometimes militarised violence.

 

More violence from the state and private security is not the solution.
Violence can never resolve a social crisis. Building a decent and just
society in which the lives and dignity of all people are valued is the only
way to resolve the social crisis.

 

With almost no economic growth year after year and relentless austerity,
which is just a polite way of describing brutal cuts to social spending, we
are in a frightening spiral of decline.

 

Now that there is a real threat from Trump's fascistic government against
the longstanding American support for the health care system to provide care
for people living with HIV and AIDS there may soon be a massive hole in the
health care budget. Many people who are kept alive and healthy by ARVs are
suffering a lot of stress and despair as they face Trump's cruelty. A lot of
people who are on this treatment will be going through depression. It is
imperative that the finance minister must find money to sustain the
treatment and care programme for people living with HIV and AIDS. We cannot
be dependent on a man as cruel and racist as Trump.

 

We are living in desperate times and Minister Godongwana must provide a
budget that will give hope to everyone, including the poor in shack
settlements and in the rural areas. It is time for the super-rich to give up
some of their privileges for those who go to sleep without food. Taxing the
rich for the benefit of the poor will be welcomed by our movement.

 

At the same time corruption needs to be decisively dealt with so that public
wealth is used for the public good. We need massive investment in schools,
universities, hospitals, housing and psychological and rehab services. We
need massive investment in building peace and safety. We need massive
investment in our cities. We need, above all, massive investment in our
people.

 

In the urgency of this desperate crisis the SRD grant must begin to pave the
way for a universal basic income grant and land must be allocated for people
to grow food and markets established for people to buy and sell food. There
must be support for grassroots cooperatives and communes. Young people must
be offered work in public works projects. These kinds of measures will begin
to instil confidence and hope for the poor.

More austerity can only lead to more suffering, more decay of our
institutions and infrastructure and more violence. There are alarming
rumours that the health and education budgets will be cut, and that VAT,
always an anti-poor tax, will be increased.

 

Austerity and regressive taxes must be opposed.

 

Desperate times call for bold, creative and decisive measures, measures in
the interests of the people.

 

We also take this opportunity to express our solidarity with the people of
Palestine, who continue to be attacked by Israel, the people of the Congo
who continue to be attacked by Rwanda and the friends, family and comrades
of Imam Muhsin Hendricks. As always, an injury to one is an injury to all.

 

 

 

 

 

South Africa: 6 in 10 Young South Africans Have No Jobs. Why Some Still
Reject Offers of Work

South Africa has one of the highest unemployment rates in the world. The
official rate is 32%, rising to 42% when discouraged job seekers are
included. Among young people aged 15 to 24, unemployment reaches a
staggering 60%. While much attention has focused on youth exclusion from the
labour market and their survival strategies, far less is said about their
experiences in precarious jobs, or why some choose to leave low-wage
employment.

 

Across South Africa, young people are encouraged by the government, NGOs and
society to accept unpaid internships, precarious apprenticeships and
low-wage jobs on the assumption that these opportunities will lead to better
employment. Those who quit or refuse low wage jobs are sometimes derided by
employers as "lazy" or "choosy".

 

In 2015 and 2016 I conducted in-depth interviews and a survey with 100 young
people (aged 18-35) in the settlement of Zandspruit, near Johannesburg, for
my PhD (unpublished). What they told me was that the wage work available to
them did not offer a pathway to a dignified life.

 

 

Read more: South Africa's youth are a generation lost under democracy -
study

 

Their stories challenge society to rethink the relationship between work,
dignity and citizenship. Addressing youth unemployment requires more than
increasing job numbers. It demands improving job quality and recognising the
aspirations of those without work.

 

My journal article, based on the PhD research, challenges the assumption
that wage employment automatically leads to economic and social inclusion.

 

Work around Zandspruit

 

Established in the early 1990s as a small informal settlement, Zandspruit
now houses over 50,000 residents within a two kilometre radius. Its
unplanned expansion reflects its strategic location near new economic hubs,
shaped by the shift from an industrial to a service-based economy.

 

Most low-end service jobs in surrounding suburbs, malls and industrial hubs
offer neither financial security nor routes to what the men in my study saw
as respectable adulthood.

 

I asked the men about their movement in and out of wage work, job
experiences and work trajectories. Most had only held low-wage service jobs,
which they ranked hierarchically: manual labour at the bottom, followed by
hospitality and cleaning, with security and retail slightly better. Over
half (57%) had never stayed in a job for more than a year. Many lasted only
weeks or months.

 

Short-term contracts were the leading cause of job loss (35%), followed by
voluntary quitting (18%) -- often due to low wages -- and retrenchment
(15%). While temporary contracts and retrenchments explain half of all job
losses, voluntary quitting is a striking trend in a country with such high
unemployment.

 

To understand these departures, I interviewed 37 young people, mainly young
men, who had left wage work in 2015-2016. They cited exploitative
conditions, workplace racism, and financial and social pressures as key
reasons. Their decisions reflect not just dissatisfaction with low wages but
a deeper aspiration for dignity, social recognition and economic progress.
Work, they insisted, should offer more than basic survival.

 

Why young men refuse low-wage work

 

All the young men I interviewed had cycled through low-paying jobs as
security guards, cashiers, golf caddies, petrol attendants and call centre
agents. Over half had quit because of dissatisfaction or exploitation.

 

The most common reason for quitting was exploitative labour conditions. They
spoke of employers bypassing minimum benefits, withholding pay and making
unfair deductions. Contracts were rarely made permanent. More than just poor
wages or bad working conditions, these jobs offered little prospect of
social mobility. Some felt that no matter how hard they worked, they would
never earn enough to improve their lives or achieve what they saw as key
markers of respected manhood, like marriage, establishing a home and
supporting a family.

 

Eric, who had moved on from low-end jobs to run a small IT business from
home, put it simply:

 

When you look for a job, you don't look for one that will drain you. You
need a job that will build you so you have a future tomorrow.

 

His words reflect a common view: young men do not judge jobs solely by their
ability to provide a means of survival, but by whether they offer a path to
stability, dignity and a better future.

 

Workplace racism and mistreatment were also factors. Many young men
recounted being undermined, insulted or unfairly treated by their superiors.
The workplace became a direct encounter with South Africa's racialised
inequalities, where almost all low-wage workers are black and most employers
and business owners are white.

 

Thatho, who quit a retail job after six months, described his frustration:

 

That guy [boss] is yelling at me for five days. On the sixth day I realised
it's too much. I can't do this. I'm trying my best ... It's better if I left
the company cause it's painful when you work hard and someone says you're
not doing anything.

 

Being disrespected in the workplace takes a psychological and emotional
toll. For some, quitting was a way to reclaim respect and a degree of
autonomy.

 

Young men faced financial and social pressures, shaped by the male
breadwinner ideal, to improve their own lives and support their families.
This responsibility often motivated young men to take up or keep jobs, but
it also led some to leave. Some quit in search of better-paying jobs. Others
quit to escape the social demands tied to earning a wage.

 

One young man, who struggled to send his son to a good crèche, keep his
girlfriend happy and support his unemployed siblings, explained:

 

Even though I'm working, I'm always left with nothing [...] sometimes I feel
like I'm drowning.

 

The inability of low-wage jobs to meet both personal and social expectations
drove some to make a living in the informal economy.

 

Rethinking work and citizenship

 

Wage labour, often idealised as a path to inclusion and citizenship, falls
short for many South Africans. By rejecting such jobs, these young men
challenge the notion that "any job is better than no job" and assert their
right to economic participation on fair and dignified terms.

 

Hannah J. Dawson, Senior Lecturer, Anthropology and Development Studies,
University of Johannesburg

 

 

 

 

Mauritius: Mauritians Invited to Transform Their Innovative Ideas Into
Impactful Projects

The Minister of Tertiary Education, Science, and Research, Dr Kaviraj Sharma
Sukon, proceeded yesterday, in Ebène, with the launch of the National
Innovator Hall of Fame 2025 competition to acknowledge outstanding local
innovators. On the same occasion, a Call for Proposals was also launched to
promote innovation in thematic areas .

 

Both initiatives, funded by the Mauritius Research and Innovative Council
(MRIC), aim at encouraging all Mauritians with innovative ideas to
participate and transform their concepts into impactful projects.

 

The Executive Director of the MRIC, Professor Theesan Bahorun, was also
present at the event.

 

 

According to Minister Sukon, innovation concerns everyone, regardless of age
or background. He urged the population to think differently in order to
achieve impactful outcomes, and called upon everyone, from young aspiring
innovators to seasoned entrepreneurs and retirees, to contribute their
ideas.

 

With regard to the Call for Proposals, Minister Sukon indicated that the
identified themes stemmed from consultations during 'Les Assises de la
Recherche et de l'Innovation 2.0', held in January 2025. The themes are;
Health Innovation, Financial Innovation, Creative Industry and e-Innovation,
Precision Engineering and Manufacturing Innovation, and Rodrigues
Innovation.

 

The Minister also outlined the funding options supporting this initiative.
These are the Innovation Boost Grant which offers up to Rs 1 million for
projects over a one-year period, and the Collaborative Research and
Innovation Grant Scheme which provides up to Rs 5 million, with a matching
contribution from the applicant, for projects with a maximum duration of two
years.

 

In respect of the National Innovator Hall of Fame 2025, Dr Sukon pointed out
that the competition would help trigger creativity, assess the level of
innovation in Mauritius, and inspire the younger generation to embrace
innovative thinking. He announced that the awards would be presented in
several categories, namely best National Innovator for Small and Medium
Enterprises, Individuals, Public Organisations, and Non-Governmental
Organisations, as well as Best Innovator for Rodrigues and the Outer
Islands.

 

The prizes for each category would be as follows: winners would receive Rs
75,000, while the runner-up would be awarded Rs 35,000, along with a trophy
and a certificate. For the Rodrigues and Outer Islands category, the winner
would receive Rs 50,000, and the runner-up would get Rs 25,000.

 

For his part, Professor Bahorun elaborated on MRIC's evolving role in
driving national innovation. He explained that MRIC had continuously adapted
to support research and development through strategic partnerships in
various industries, and using matching grants to develop research across
multiple sectors. He pointed out that while research and innovation were
dynamic processes, the Council remained committed to financing projects
aligned with evolving priorities of the country.

 

Government of Mauritius.

 

 

 

 

South Africa: 2025 Budget - Close Out Period Extended to 12 March

National Treasury says the embargo on budget documents made available to
certain members of the media and economists during the budget lock-up until
the Minister was to start his Budget Speech on 19 February 2025, is lifted
and reporting thereon is allowed.

 

"However, officials of the National Treasury will not be providing comments
or responding to queries related to the budget documents originally
scheduled for release on 19 February 2025," said Treasury in a statement.

 

This comes after the Minister of Finance Enoch Godongwana said in a media
briefing that the tabling of the 2025/26 annual budget, scheduled for 19
February 2025, was postponed to 12 March 2025.

 

The Minister was scheduled to outline the financial, economic, and social
commitments that the government would prioritise in its planned expenditure
as part of the 2025 Budget Speech in the National Assembly at 2pm.

 

"The close out period that was expected to end on 19 February 2025 is
extended until 12 March 2025 in line with the National Treasury's investor
engagement strategy."

 

Treasury said during this period, there would be no senior officials
available as preparation of the publication of the 2025 budget will be
underway.

 

In a statement, President Cyril Ramaphosa said Cabinet's continuing
deliberations on the 2025 Budget would deliver outcomes that will protect
vulnerable citizens and lay a platform for economic growth.

 

SAnews.gov.za.

 

 

 

 

US Fed warns Trump's tariffs may increase prices

American shoppers may face higher prices if US President Donald Trump goes
ahead with some of his proposed tariffs, the US central bank has warned.

 

Minutes from the Federal Reserve's January meeting released on Wednesday
revealed members of its committee believe Trump's policies might "hinder the
disinflation process".

 

"Business contacts in a number of districts had indicated that firms would
attempt to pass on to consumers higher input costs arising from potential
tariffs," the minutes said.

 

The release of the comments comes as the Fed faces criticism from Trump for
not cutting interest rates sooner after leaving rates unchanged in the
January meeting.

 

 

The Fed minutes also revealed "elevated uncertainty regarding the scope,
timing, and potential economic effects of possible changes to trade,
immigration, fiscal, and regulatory policies".

 

"A couple of participants remarked that, in the period ahead, it might be
especially difficult to distinguish between relatively persistent changes in
inflation and more temporary changes that might be associated with the
introduction of new government policies," the minutes added.

 

The Fed minutes also showed the central bank's readiness to hold rates
steady amid stubborn inflation and economic-policy uncertainty.

 

The central bank left the key interest rate unchanged in a range of 4.25% to
4.5% in the January meeting, hitting pause after a string of cuts late last
year.

 

The Fed's chair Jerome Powell has previously said the bank was not "in a
hurry" to cut more, given significant uncertainty about where the economy
might be headed

 

Analysts predict the Fed will likely cut the benchmark interest rate only
once in 2025, with a big possibility of no rate cuts at all.

 

Trump attacks Fed after no change in interest rates

 

Trump's campaign promises included calls for lower interest rates, which
would bring relief to borrowers.

 

It has sparked debate about whether he will respect the tradition of Fed
independence, which is meant to keep it focused on the long term health of
the US economy and away from politics.

 

Mr Powell previously told reporters that he had had "no contact" with Trump
and the bank was focused on the data in setting rates.

 

But questions Powell faced about how the Fed is handling a new order from
the White House to cancel diversity programmes - and why it had withdrawn
from a global group of central banks focused on the risks of climate change
to the financial system - underscored the challenges he will face keeping
the bank above the political fray.

 

 

 

 

I'm not happy with Boeing, Trump says over Air Force One

The US President Donald Trump has said he is not happy with Boeing over a
contract to build two new Air Force One planes that is running behind
schedule.

 

Speaking on board one of the 35-year-old presidential planes that are
currently in use, Trump also said he is looking for alternatives because it
is taking Boeing too long to build the planes.

 

The contract for two updated versions of the presidential plane based on the
modern Boeing 747-8 were negotiated during Trump's first term in office.

 

Boeing did not immediately respond to a request for comment from BBC News.

 

"No, I'm not happy with Boeing. It takes them a long time to do, you know,
Air Force One, we gave that contract out a long time ago," Trump said.

 

"We may buy a plane or get a plane, or something."

 

When asked whether he would consider buying new planes from Boeing's
European rival, Airbus, Trump said "No, I would not consider Airbus over
Boeing, but I could buy one that was used and convert it."

 

It comes days after Trump visited a 13-year-old Boeing 747-800 that had been
owned by the Qatari royal family while it was parked at Palm Beach
International Airport.

 

The new aircraft from Boeing were set for delivery in 2024 but the plane
maker has pushed the delivery back to 2027 or 2028.

 

During his first term as president, Trump forced the plane maker to
renegotiate its contract, calling the initial deal too expensive.

 

That contract has already cost Boeing billions of dollars.

 

Kitting out the planes for presidential use is extremely costly. It requires
installing highly-classified and complex communications, safety and
accessibility features.

 

Last year was dreadful for Boeing. The aerospace giant lost $11.8bn (£9.4bn)
across the whole of 2024, its worst result since 2020, when the aviation
industry was grounded by the Covid pandemic.

 

In the three months to the end of December, when strikes were affecting the
business, it lost $3.8bn.

 

As well as suffering from well-publicised problems at its commercial
aircraft unit, Boeing also faced issues with number of defence
programmes.-bbc

 

 

 

 

Apple gambles on new iPhone with AI features at lower cost

Apple has announced a new iPhone which brings artificial intelligence (AI)
features at a lower cost than its flagship handsets.

 

The iPhone 16e has the same processor as the larger iPhone 16, Apple said,
with similar storage options, though a lower spec elsewhere, including fewer
cameras.

 

Apple has been struggling to find a new product that excites consumers -
sales of iPhones dropped at the end of last year.

 

It will be hoping that bringing enhanced AI functionality to a less
expensive phone will address that - however analysts have been cautious
about the sales boost such tools bring.

 

Its name is clearly a nod to its iPhone SE series, which were released from
2016 to 2022, and similarly priced significantly lower.

 

Apple said the iPhone 16e will be available for pre-order from February 21
in 59 countries

 

It will launch in the UK for £599, which is £200 less than the iPhone 16 -
but more than double what the original iPhone SE went for when it launched
in 2016.

 

"This now becomes one of the most affordable powerful iPhones now on the
market," industry analyst Paolo Pescatore told BBC News.

 

"The move should help accelerate adoption and especially its foray into AI
with Apple Intelligence.

 

"Apple's trust and credibility is critical - this alone will help drive
sales and lure users from rival devices and platforms."

 

Apple Intelligence

Much of the conversation around the new handset will likely centre around
its power, with Apple electing to use the same A18 chip behind its more
expensive devices.

 

This means the 16e will be capable of playing the same games and running the
same apps as other iPhones - though AI is likely at the heart of this
decision.

 

Apple boss Tim Cook said in the announcement the new model featured "the
performance, intelligence and privacy" Apple fans "expect" from the firm.

 

And he said the Apple Intelligence features on the device would "help you
save time, quickly get more things done, and express yourself in new ways".

 

The firm introduced its spin on the tech - Apple Intelligence - with this
series of devices, which includes new tools for writing and incorporating
OpenAI's chatbot ChatGPT into Siri.

 

It hasn't always gone well, with the firm at one point suspending its
AI-generated news alerts after they created false headlines attributed to
news organisations including the BBC.

 

It now presents the summaries in italics.

 

Apple said its new phone is "built for Apple Intelligence", and pointed to
certain features of the tech, like an easy way to clean up photos or search
your image library.

 

Other phone manufacturers have similar features on their devices - though
the iPhone 16e will be by far the cheapest way to access AI on an Apple
handset.

 

"The iPhone 16e generates a new revenue stream for Apple, and this will be
particularly noticeable in key markets like India, where iPhones are out of
reach for most people," said Forrester principal analyst Dipanjan
Chatterjee.

 

"There is also a second-order effect of cheaper devices like the iPhone 16e,
bringing new customers into the Apple ecosystem.

 

"We've seen a limited appetite among many of the installed base to upgrade
from previous versions, but the new phone reduces the cost hurdle of joining
the Apple Intelligence bandwagon."

 

Apple's current offerings are also underwhelming in light of the company's
prolific investments in research and development. Cory Johnson, Epistrophy
Capital Research chief market strategist, said Apple has spent $189bn on R&D
over the last decade alone.

 

"All we have to show for that is the HomePod and $3,500 ski goggles,"
Johnson said. "AI should be right in Apple's wheelhouse. But Apple fanboys,
fangirls, and investors are right to be disappointed so far."-bbc

 

 

 

Powerful quantum computers in years not decades, says Microsoft

Microsoft has unveiled a new chip called Majorana 1 that it says will enable
the creation of quantum computers able to solve "meaningful,
industrial-scale problems in years, not decades".

 

It is the latest development in quantum computing - tech which uses
principles of particle physics to create a new type of computer able to
solve problems ordinary computers cannot.

 

Creating quantum computers powerful enough to solve important real-world
problems is very challenging - and some experts believe them to be decades
away.

 

Microsoft says this timetable can now be sped up because of the
"transformative" progress it has made in developing the new chip involving a
"topological conductor", based on a new material it has produced.

 

The firm believes its topoconductor has the potential to be as revolutionary
as the semiconductor was in the history of computing.

 

But experts have told the BBC more data is needed before the significance of
the new research - and its effect on quantum computing - can be fully
assessed.

 

 

Jensen Huang - boss of the leading chip firm, Nvidia - said in January he
believed "very useful" quantum computing would come in 20 years.

 

Chetan Nayak, a technical fellow of quantum hardware at Microsoft, said he
believed the developments would shake up conventional thinking about the
future of quantum computers.

 

"Many people have said that quantum computing, that is to say useful quantum
computers, are decades away," he said. "I think that this brings us into
years rather than decades."

 

Travis Humble, director of the Quantum Science Center of Oak Ridge National
Laboratory in the US, said he agreed Microsoft would now be able to deliver
prototypes faster - but warned there remained work to do.

 

"The long term goals for solving industrial applications on quantum
computers will require scaling up these prototypes even further," he said.

 

What is quantum computing?

 

 

1:43

Companies around the world are racing to make a revolutionary new generation
of computers.

 

Quantum computing holds the promise of carrying out calculations that would
take today's systems millions of years and could unlock discoveries in
medicine, chemistry and many other fields.

 

There are numerous important problems that "classical" computers, of the
sort we use every day in our phones, and laptops and power most modern
applications, cannot solve.

 

But these are problems quantum machines might be able to rapidly crack,
promising new discoveries by creating new medicines or designing better
batteries.

 

A host of technology firms, including the silicon valley giants, are
currently engaged in a multi-billion dollar race to develop a quantum
computer powerful enough to solve these problems.

 

Microsoft is approaching the problem differently to most of its rivals.

 

Its path to building a quantum computer relied upon being able to create a
"topoconductor" or topological conductor.

 

It uses the newly developed material to create a new state of matter- a
so-called "topological state" which isn't a gas, liquid or solid and, until
relatively recently, had existed only in theory.

 

Specifically, it relies on so-called Majorana particles, which themselves
were previously considered theoretical - work claiming that they had been
discovered in 2018 had to be retracted.

 

High risk, high reward?

While rivals produced a steady stream of announcements - notably Google's
"Willow" at the end of 2024 - Microsoft seemed to be taking longer.

 

Pursuing this approach was, in the company's own words, a "high-risk,
high-rewards" strategy, but one it now believes is going to pay off.

 

"In the same way that the invention of semiconductors made today's
smartphones, computers and electronics possible, topoconductors and the new
type of chip they enable offer a path to developing quantum system,"
Microsoft said.

 

The biggest challenge of quantum computers relates to their fundamental
building block, called a qubit, which is incredibly fast but also extremely
difficult to control and prone to errors.

 

The more qubits a chip has the more capable it is.

 

Microsoft says it has put eight of its new topological qubits on its new
chip - considerably less than the chips created by some of its rivals.

 

However, it claims to have a path to scaling it up to a million qubits -
which would create immense computing power.

 

Professor Paul Stevenson of Surrey University said the research published by
Microsoft was a "significant step", but he felt it had tough challenges
ahead.

 

"Until the next steps have been achieved, it is too soon to be anything more
than cautiously optimistic," he said.

 

Chris Heunen, Professor of Quantum Programming at the University of
Edinburgh, told the BBC he felt Microsoft's plans were "credible".

 

"This is promising progress after more than a decade of challenges, and the
next few years will see whether this exciting roadmap pans out," he
said.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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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.

 


 

 


 (c) 2025 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
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