Major International Business Headlines Brief::: 24 February 2025

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Major International Business Headlines Brief:::  24 February 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Mali: Mining Mali - How Policy Changes Are Reshaping the Sector

ü  Africa: Bringing Safe Surgical Care Closer to Home, In Africa and Beyond

ü  South Africa: Stellenbosch Students Join Nationwide Protests Over Fees 

ü  South Africa's Finance Minister Wanted to Raise VAT - the Pros and Cons
of a Tricky Tax

ü  Africa: Zambia - Who Will Benefit From the Global Copper Rush?

ü  Liberia: 'Prioritize Your Priorities Amid Fiscal Constraints'

ü  Gambia: Barrow Inaugurates First High Voltage Energy Infrastructure
Project in Salaji

ü  Ghana: Public Sector Base Pay Goes Up By 10 Percent - Minimum Wage Now
Gh¢19.97

ü  Ghana: National Petroleum Authority Must Scrap Zonalisation Policy -
Comac

ü  South Africa: Cabinet Commends Class of 2024 for Impressive Results

ü  South Africa: SA Pushes Forward With G20 Meetings

ü  South Africa: Cabinet Commends Police Efforts to Combat Illegal Mining

ü  UK and India to relaunch trade talks in Delhi

ü  Trump administration to cut thousands of jobs at Pentagon and IRS

 


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Mali: Mining Mali - How Policy Changes Are Reshaping the Sector

As Mali's mining sector faces growing tensions -- highlighted by the recent
seizure of gold stocks from the Canadian company Barrick by the military
government -- questions about economic sovereignty and mining governance
have become more relevant than ever.

 

The mining sector plays a strategic role in Mali's economy, with gold as its
driving force. Yet, governance challenges persist at the heart of the
sector's evolution. In this interview, Mamadou Camara, a mining policy
researcher, examines ongoing reforms, the impact of these developments, and
the key challenges that must be addressed to ensure the sustainable and
equitable exploitation of Mali's mineral resources.

 

 

What role does the mining sector play in the Malian economy?

 

In 2023, the mining sector contributed 644 billion CFA (about US$1 billion)
to Mali's state budget. This represents 21.5% of Mali's budget for the year
and a slight increase from the previous year.

 

Gold remains the main product, with a production of 70 tonnes in 2023. Of
these revenues, 644 billion CFA came from mining companies (US$1.1 billion),
and 3 billion CFA (US$4.7 million) came from social payments -- taxes based
on employee wages, such as housing tax, flat-rate contributions, and
professional training levies.

 

This highlights the significant role of the mining sector in the country's
economy. Including gold, the extractive sector contributed 6.3% of Malian
GDP in 2023, up from 5.9% in 2022.

 

Exports amounted to 500 billion CFA francs (about US$784 million),
accounting for three-quarters of the country's total export revenue. The
sector also created 61,023 new jobs in 2023, including 10,000 direct jobs.

 

Since 2013, Mali has been facing a security and political crisis that has
led to coups d'état and the occupation of part of its territory by rebel
groups. Amid this crisis, mining revenues have played a key role in
financing major infrastructure projects.

 

These investments have built and maintained schools, health centres, roads
and bridges, strengthening trade.

 

Today, the sector is increasingly seen as a pillar of national sovereignty,
a key objective for Malian authorities. In 2023, the government issued 12
new exploration licences, prioritising Malian companies while also granting
some permits to foreign firms.

 

Estimating the volumes extracted in the informal mining sector remains
highly complex. Many actors operate outside formal regulatory frameworks,
making precise data collection difficult.

 

What are the key changes in Mali's new mining code and their expected
impact?

 

The 2023 mining code reflects Mali's ambition to increase its gains from
mining, promote more inclusive local development, and strengthen sovereignty
(control) over its natural resources. It emphasises "local content".

 

With the introduction of specific legislation on local content, the new
mining code prioritises the inclusion of Malian businesses and workers in
the extractive sector.

 

The law sets clear guidelines for their participation and representation.

 

This initiative could boost local employment and strengthen the national
economy. The authorities want Malians to directly feel the benefits of
mining. Mining operators are now required to contribute 0.75% of their
quarterly revenue to a local development fund. The new code also revises tax
exemptions, particularly for fuel, to maximise state revenue.

 

As a strategic move, Mali now aims to increase its stake in mining projects.
The state is set to secure an initial 10% share in any project, and it may
get an additional 20% during the early years of production.

 

With 5% allocated to the Malian private sector, the total share could reach
35%, compared to the current 20%. This approach is expected to generate an
additional 500 billion CFA francs (approximately US$784 million) for the
national budget.

 

Mali has also restructured the duration and terms for granting mining
licences. The new code allows for better resource exploitation. Large mines
are now granted renewable permits for 12 years, while exploration licences
are issued for a maximum of nine years.

 

Before the new mining code was adopted in 2023, exploration licences were
granted for an initial period of three years, with the possibility of two
renewals of three years each, totalling a maximum duration of nine years.

 

These changes aim to encourage more intensive and structured resource
exploration.

 

What are the main challenges facing Mali's mining sector?

 

The rise of the mining industry has brought both benefits and challenges. To
manage these, the players involved have decided to develop a community
development policy. This approach aims to create income opportunities while
mitigating potential negative effects, such as environmental damage caused
by mining operations.

 

Adaptation strategies are essential. These include improving access to
financing, creating joint economic activities, and ensuring the security of
mining zones. Other key areas are land management, housing, healthcare and
schooling, as well as supporting public policies, programmes and civil
society initiatives.

 

Artisanal gold mining has environmental impacts: it causes deforestation and
pollution. Cutting trees destroys wildlife habitats, harms useful plant
species and weakens the soil.

 

Pollution is another major concern. Chemicals contaminate water, soil,
plants, animals and people. Air pollution is common due to overcrowding
around mining sites.

 

The mining industry affects the economy, environment and society. It is a
very important source of revenue for the country and it provides direct and
indirect jobs to many people through the provision of services to companies
operating in this sector.

 

To limit harm, mining communities should focus on four goals:

 

increase productivity by building the capacity of stakeholders

reduce the socio-economic vulnerability of local communities

strengthen stakeholders' resilience to the effects of mining industry
development

improve biodiversity conservation and mitigate environmental degradation.

How can Mali improve mining governance and sustainability?

 

The new mining code already improves governance by addressing the legitimate
expectations of Mali's population and government. It promotes a more
responsible approach to managing the sector.

 

This code ensures that mining benefits are shared fairly among all
stakeholders, including local communities, authorities and mining companies.

 

Mali is rich in mineral resources. The country has vast untapped potential
throughout its territory. However, security issues in the north hinder
exploration and mining activities. Some areas remain unassigned to companies
due to ongoing insecurity.

 

Mamadou Camara, enseignant-chercheur, Université des Sciences sociales et de
Gestion de Bamako

 

 

 

 

 

 

Africa: Bringing Safe Surgical Care Closer to Home, In Africa and Beyond

Today I am heading to Kigali, Rwanda, where more than 400 leading global
academics, policymakers, and healthcare experts will gather at the
Pan-African Surgical Conference to address a major global health problem:
bringing access to comprehensive surgical care closer to patients' homes.

 

This important gathering has me reflecting on a trip I took with my husband,
plastic surgeon Bill Magee, more than 40 years ago to the Philippines to
help children in need of life-changing surgeries. We dreamed of using our
healthcare expertise to bring new smiles to children who needed cleft lip
and palate surgeries. We operated on 40 children but had to turn away 300
more. The need was overwhelming—not just for cleft care, but all surgical
procedures in the Philippines and dozens of other countries worldwide.

 

 

We also realized that in many places, there was a lack of trained
physicians, nurses, equipment, and infrastructure, not just for cleft care
but for safe surgeries of all kinds. What started with a child with a cleft
condition led us to a community, which showed us the need for a movement.
That moment sparked Operation Smile, which was founded on the belief that
when you see a need, you take action toward addressing that need.

 

Today, we have helped over 400,000 patients worldwide with surgical care,
while supporting thousands more who received free comprehensive care
services. What started in a village in the Philippines has become a global
organization that works permanently in 37 countries.

 

But the need is still so great. Worldwide over 5 billion people—more than
two-thirds of the world's population—lack access to safe, affordable
surgery.

 

Real change happens when care is local. That's why we have evolved our
strategy to focus on training and equipping in-country surgeons and medical
teams to deliver life-saving procedures in their communities.

 

We work closely with local medical leaders, health ministries, universities,
accrediting institutions, NGOs, and international organizations. We listen
to our in-country professionals, support them, and learn from them to drive
impact.

 

In Africa we operate in 12 countries, working with top surgical and
anesthesiology institutions to build a sustainable workforce. Our work in
Africa started in Kenya in 1987, and in 2025, we're expanding to Tanzania.
Our key partners—COSECSA, CANECSA, the American Heart Association, and the
World Federation Society of Anesthesia—help us train and equip Africa's next
generation of surgeons and anesthesiologists.

 

In Rwanda, a nation of 13 million, there were just two plastic surgeons when
our work there began. Families seeking cleft surgery traveled hundreds of
miles—only to be turned away. To change this, we partnered with the Rwandan
government, introducing a hub-and-spoke model that trains medical
professionals locally. Today, Rwanda is scaling this model nationwide, and
we're proud to support this effort alongside the Rwanda Surgical Society,
the University of Rwanda, and the Rwandan Ministry of Health.

 

Our impact is real: from two plastic surgeons to nearly two dozen, and from
one country to a continent-wide movement. Across Africa, 55 universities and
institutions are training the next generation of surgeons, decentralizing
care, and cutting costs for patients.

 

This work is more than surgery—it is a system change that will future-proof
access to surgery. By strengthening local expertise, reducing reliance on
out-of-country medical support, and equipping governments with real-time
health data, we're creating a sustainable future for surgical care in
Africa.

 

At the Pan-African Surgical Conference in Kigali, global experts will come
together to push this agenda forward. Only by bringing safe, reliable
surgery closer to home can we deliver hope, have a lasting impact, and
ensure that no patient is left behind.

 

Kathy Magee is the co-founder, president, and CEO of Operation Smile and a
registered nurse.

 

 

 

 

South Africa: Stellenbosch Students Join Nationwide Protests Over Fees 

Students at Stellenbosch University (SU) have joined nationwide protests
demanding equitable access to education and highlighting systemic financial
exclusion, reports IOL. Over 400 SU students marched for four hours,
disrupting classes to draw attention to their plight, while similar protests
occurred at the University of Cape Town (UCT), eThekwini TVET College, and
the University of the Witwatersrand, where students staged a hunger strike
over registration blocks and accommodation crises. SU students handed over a
memorandum urging the university to address financial hardships, including
historical debt and housing shortages, with some students reportedly
homeless or sleeping in hubs. The protests, led by the Student
Representative Council (SRC) and supported by groups like the EFF Student
Command, said that the disparity in educational access and called for
lifting registration blocks and providing accommodation. SU acknowledged the
disruptions and talked with the SRC, offering solutions such as lifting
registration holds for NSFAS-funded students and extending registration
deadlines, but said that not all debt could be erased. The students vowed to
continue their academic boycott if their demands were unmet.

 

 

Joshlin Smith's Mother, Two Others Back in Court for Pre-Trial

 

Kelly Smith, the mother of missing six-year-old Joshlin Smith, is set to
appear in the Western Cape High Court for a pre-trial hearing, alongside her
co-accused, Jacquen Appolis and Stevano van Rhyn, who face charges of
kidnapping and human trafficking, reports EWN. Joshlin has been missing for
a year after allegedly being sold to an unknown woman near their Middelpos
home in Saldanha Bay. Despite the time that has passed, there remains hope
that Joshlin will be found alive, with community members like Greg Clifton,
founder of NPO Pay It Forward, continuing the search. The case is set to be
transferred to Saldanha Bay to allow community access to the trial, as the
accused remains in custody at Malmesbury Prison.

 

Rea Vaya Bus Services Suspended Amid Safety Concerns

 

Rea Vaya passengers may face disruptions on Friday morning due to a
temporary suspension of feeder bus services, prompted by safety and security
concerns raised by bus operating companies, reports EWN. This follows the
fatal shootings of two Rea Vaya bus drivers in separate incidents earlier in
February, with investigations still ongoing. The Johannesburg Metro is
engaging with the Bus Rapid Transit (BRT) system to address safety issues
and resume operations, while the Johannesburg Metropolitan Police Department
(JMPD) has been providing escort services to ensure passenger safety.

 

 

 

South Africa's Finance Minister Wanted to Raise VAT - the Pros and Cons of a
Tricky Tax

South Africa's finance minister, Enoch Godongwana, cancelled the unveiling
of the country's 2025 budget as it was due to be released. The move is
unprecedented in the country's history.

 

The reason for the abrupt cancellation was the failure of the minister to
get cabinet approval for the proposal to raise value added tax (VAT) from
15% to 17%. VAT is the second biggest contributor to tax collection after
personal income tax, followed by corporate taxes.

 

The strongest opposition to the idea came from parties that have joined the
African National Congress in a government of national unity which was formed
after the ruling party lost its majority in polls in June 2024.

 

To understand the finance minister's efforts to raise VAT it's helpful to
revisit the revenue proposals of a year ago.

 

In the 2024 budget, all the additional revenue was to come from a "stealth
tax" on personal income. Because personal income tax is levied at increasing
rates as income rises, the tax burden rises as wages go up if tax thresholds
are not adjusted for inflation.

 

 

In the Treasury's estimates, R16.3 billion (US$889 million) was raised in
2024/25 by not making inflation-related adjustments to the personal income
tax brackets and rebates. This meant that another 200,000 income-earners
became taxpayers, and everyone's effective tax rate was raised.

 

This has been a long-standing trend. Over the past decade, the tax threshold
(for individuals under the age of 65) has declined from R115,000 (in today's
prices) to R95,750, bringing about 850,000 more people into the tax net.

 

Above the threshold, tax rates were raised by one percentage point in 2015
and the 45% rate was introduced in 2017.

 

As a strategy for raising personal income tax, the results have been
impressive. Personal income tax has increased from 8% of GDP in 2014 to
nearly 10%. In the nine months to December 2024, personal income tax
increased by over 13% compared with the same period in 2023. Even after
taking account of the revenue windfall from retirement fund withdrawals
following recent reforms, this signals a substantial erosion of households'
disposable income.

 

But that is precisely the problem. Taxes collected on goods and services
(mainly VAT and excise duties) increased by just 0.4% last year by
comparison with 2023. Revenue from corporate income tax declined. The
implication is clear: higher taxes on personal income are at least partially
offset by reduced consumption and declines in revenue from other sources.

 

So the Treasury has taken the view, this year, that there should be relief
given in the personal income tax and that additional revenue will have to
come from taxes on consumption.

 

There are good reasons for this: personal income tax has contributed a
rising share of the overall tax burden over the past decade, while
households also face rising costs of electricity, housing and services.
However, raising VAT also has its downsides: it generates revenue by raising
prices relative to the costs of production, and effectively also reduces
households' spending power.

 

The Treasury's estimate is that an increase in VAT from 15% to 17% would
raise an additional R60 billion (US$3.3 billion) in revenue. To offset the
impact on low-income households, the schedule of basic foods that don't
attract VAT will be extended beyond the present list of 21 items to include
various specified meat cuts and tinned and bottled vegetables. In addition,
above-inflation adjustments to social grants are proposed.

 

The main argument against increasing the VAT rate is that it is regressive -
it has a greater impact on lower-income households than on the rich. But a
two percentage point VAT increase would also be a substantial shock to
overall consumption spending. It would temporarily raise inflation and it
would have a negative impact on business income and profitability.

 

The arguments for a higher VAT rate, rather than other tax increases, are in
part about its broad base and comparative ease of collection.

 

There are nonetheless valid concerns from an administrative perspective. The
Treasury argues that other countries have higher VAT rates than South Africa
(Morocco, Turkey, Brazil and India, for example). But this is not in itself
protection against the potential impact of a higher tax rate on
non-compliance and tax fraud.

 

The upsides

 

There may be deeper economic considerations behind the Treasury's tax
proposal.

 

The most compelling arguments for VAT as a revenue source are in its basic
design structure: what is taxed and what is not. There are two key features.
The first is that it taxes imports and zero-rates exports. The second is
that the VAT base excludes investment.

 

The import VAT is sometimes seen as an unfair form of trade protection. But
it simply levels the consumption tax across foreign and domestic-produced
goods. And it's simpler than excise and sales taxes.

 

The important consideration for domestic production is that by comparison
with alternative taxes on income, the VAT encourages exports.

 

The exclusion of investment from the VAT base caused some controversy when
the tax was introduced in 1990. Some argued that this would bias economic
development in favour of capital and against labour. But investment and
employment are complements. To achieve higher rates of employment, South
Africa needs far greater levels of investment. Since 2013, investment has
fallen as a percentage of GDP from 19% to less than 15%: nowhere near enough
to generate growth sufficient to bring down South Africa's unemployment
rate.

 

Because the VAT base is consumption, not investment, it supports expansion
of the economy's productive capacity.

 

Managing the fallout

 

But this doesn't change the short-term impact on the cost of living that
would result from a VAT rise. A higher tax burden will reduce demand and
inhibit growth at first, before potentially contributing to fiscal stability
and lower interest rates.

 

If the tax increase is to be avoided, then the spotlight will have to fall
on the expenditure side of the budget. This is a far harder discussion than
tax policy - there are a thousand options to consider, and there are vested
interests wherever you look.

 

If Godongwana's VAT rate increase is to be rejected, tough choices on the
alternatives will have to be confronted.

 

Andrew Robert Donaldson, Senior Research Associate, Southern Africa Labour
and Development Research Unit, University of Cape Town

 

 

 

 

Africa: Zambia - Who Will Benefit From the Global Copper Rush?

Zambia is wooing international investors to develop its copper resources but
communities dependent on illegal mining want a better deal.

 

This article was originally published by Climate Home News as part of its
Clean Energy Frontier series.

 

Monica Ngambi was born in Zambia's copper-rich northern province as the
nation declared its independence on 24 October 1964. For 60 years, she has
lived by the large copper mines on which the independent country tied its
economic prosperity.

 

But as miners scarred the land to extract the metal - at times polluting
water sources and destroying farmland - local people have reaped few of the
benefits.

 

Today, Ngambi doesn't earn enough selling groundnuts and cassava at a market
in the mining town of Chingola to feed her family.

 

Chingola sits atop one of the world's largest reserves of copper - a reddish
metal that is particularly good at conducting heat and electricity and is
pivotal to the world's clean energy transition.

 

 

But Ngambi, who barely earns 100 Zambian Kwacha (about $4) a week, survives
thanks to a cooperative of market traders, who pool funds to buy food. Her
neighbourhood doesn't have access to clean water, and local people buy
chlorine to purify the water from shallow wells.

 

"We don't know how our children's grandchildren will live. We need...a real
future," she told Climate Home News.

 

In 2022, Zambia was the world's top exporter of raw copper, selling $6.6
billion worth of the unprocessed metal. The same year, nearly two-thirds of
Zambia's population lived in extreme poverty.

 

Intense Chinese and Western interest in Zambia's copper resources, however,
has renewed the promise of using the mineral to lift people out of poverty,
free the country from debt and meet its development goals. Mining
investments have soared as the government seeks to massively boost copper
output and add value to its resources by processing the metal for the
electric vehicle (EV) industry.

 

But analysts warn that delivering on the ambitious plans while ensuring
local people benefit requires the nation to address its large informal
mining economy, end an opaque tax regime and deliver legislative efforts to
better regulate the sector.

 

In Chingola, that will mean clamping down on a dangerous - and sometimes
violent - illegal industry that sees gangs of youths scavenge and supply raw
copper to small-scale Chinese processors.

 

Open for business

 

Zambia is Africa's second-largest copper producer after the Democratic
Republic of the Congo (DRC). Its economy depends on the metal, which
accounts for around 70% of its export earnings.

 

Moving away from climate-warming fossil fuels and slashing greenhouse gas
emissions requires the electrification of global power, transport and
heating systems - none of which is possible without copper.

 

Copper is needed to manufacture everything from EV motors and batteries to
solar power wiring and cables for energy storage and distribution networks.

 

As a result, soaring demand for the metal is soon expected to outstrip
supply. The International Energy Agency has warned the world could see a 30%
copper deficit by 2035, with more investments required to scale copper
production than any other transition mineral.

 

To capture a slice of this booming market, the Zambian government has set
out highly ambitious plans to quadruple copper output to three million
tonnes annually by 2031. It recently launched a high-resolution aerial
geological survey of the country to determine mineral deposits across its
ten provinces - the first comprehensive mapping exercise since 1972.

 

To deliver on its growth plans, the government is wooing international
investors to inject capital into the country's ageing mining infrastructure,
with some success.

 

Between 2022 and the end of June 2024, Zambia received mining investment
pledges exceeding $7 billion for new and expansion projects, according to
the World Bank.

 

Among Zambia's flagship new investors is KoBold Metals, an AI-powered
critical mineral exploration start-up, which is backed by Bill Gates and
Jeff Bezos and is mooted to spend upwards of $2 billion on mining a vast
copper deposit it recently discovered north of Chingola.

 

Over a few days in October, in a leafy neighbourhood of the capital Lusaka,
government officials, investors, mining experts, and company representatives
gathered for the Zambia Mining and Investment Insaka - the country's first
international mining conference.

 

The event took stock of the impacts of a century of mining and pitched the
nation's mining opportunities to global mining companies and investors.

 

"We believe we have natural resources that can change the economy of this
country," Paul Kabuswe, Zambia's mines minister, told the conference. But
years of repeated policy changes created uncertainty in the mining sector,
which hurt investments, he said. "All we needed were good policies that make
investors comfortable," said Kabuswe.

 

Since coming to power in 2021, the government has sought to develop a tax
regime which is "stable, predictable and competitive" to drive investments
and scale mining output.

 

Mining companies have responded positively. Chinese firms, which have
invested more than $3.5 billion in Zambia's mining industry since the late
1990s, are planning to invest an additional $5 billion into the sector over
the next five years, Li Zhanyan, chair of the Chinese Mining Enterprises
Association, told the conference.

 

Shadow mines

 

The copper-rich soils under Chingola gave the province its name: the
Copperbelt.

 

For close to a century, the metal was extracted in some of the continent's
largest open-pit mines.

 

After Zambia's independence, copper mining companies were gradually
nationalised. Revenues from copper exports were used to boost public and
development spending: the sector created jobs, and helped fund hospitals,
healthcare facilities, and education scholarships.

 

Chingola thrived. "Even those who didn't work at the mines felt secure,"
remembered Ngambi.

 

But by the early 1990s, President Frederick Chiluba had sold off the mines
to private companies, including foreign firms, to withstand a long-term
decline in copper prices and an economic depression. Jobs were cut and
Chingola's fortunes faded.

 

Whether renewed large-scale foreign investments can help clean up and
modernise Zambia's mining sector remains to be seen. Today, the country's
copper extraction relies partially on a parallel informal mining economy,
fuelled by high youth unemployment, which has grown up to sustain the
livelihoods of thousands of people.

 

Across the Copperbelt, gangs of young artisanal miners, known as Jerabos,
scavenge copper scraps and mining waste known as tailings - dangerous work,
which often turns deadly.

 

Without formal training or safety gear, the Jerabos dig tunnels hundreds of
metres underground with minimal lighting and no structural reinforcements.
They risk exposure to toxic waste and death if the tunnels cave-in.

 

Over a 10-day period when Climate Home was reporting in the area in October
2024, ten men from Chingola died in both legal and illegal mining
operations, local police officers told us.

 

Edward Kapungwe joined Chingola's Jerabos at just 20 years old. Danger, he
says, is part of the job. But the work pays.

 

"We have a ready market - the Chinese," he said, describing a network of
buyers, some of whom operate unauthorised and makeshift smelters under
trees.

 

This informal economy often fuels gang violence in Chingola, as rival groups
compete for control over illegal copper trading networks, leading to
frequent clashes over mining sites and smuggling routes.

 

To tap into this vast workforce, the government wants to formalise the work
of thousands of young illegal miners.

 

"We are working towards giving artisan licences to the youths so that they
can legally mine and contribute to the tax base," said Raphael Chimupi,
Chingola's district commissioner.

 

The increasing presence of mini processing plants, often run by Chinese
companies, which purchase copper ore from unlicensed miners, indirectly
encourages illegal mining activities, he added.

 

In response, the government is advancing legislation to prohibit the
purchase of illegally mined copper through a licensing system which will
help establish a more regulated and transparent supply chain, Chimupi said.

 

But campaigners at Transparency International have raised concerns that the
government's dual approach of reforming the informal sector while
turbocharging production could undermine governance reforms.

 

A node in the EV battery supply chain

 

To better capitalise on its resources, the mineral-rich but debt-laden
nation has set out plans to shift away from exporting raw copper and to
refine minerals domestically.

 

The move is part of Zambia's plans to process its copper into high-value
battery-grade metals, becoming a vital node in the continent's aspiring EV
supply chain.

 

In late 2022, the US, Zambia and the DRC agreed to support the development
of a joint EV battery supply chain across the two African nations that would
cover mining, processing, manufacturing and assembly, sparking hope for
further value addition on their soil.

 

The DRC holds abundant reserves of copper and 70% of the world's reserves of
cobalt, another pivotal battery material.

 

While US President Donald Trump's support for the initiative agreed under
his predecessor is uncertain, Kabuswe told the mining summit that Zambia and
the DRC are working to develop a battery manufacturing supply chain. "This
transition would create jobs and bring substantial economic benefits to our
communities," he said, calling for the negotiations with the DRC to move
forwards.

 

Chingola is earmarked as a potential site for an EV battery production plant
and the plans have brought hope to the mining town.

 

Mulenga Pascal Bwalya arrived in Chingola in 1965 a young and ambitious man
with a job in the copper mining industry. Decades later and now retired,
Bwalya said the rise of EVs could mark a U-turn in Zambia's struggle to add
value to its resources.

 

"Copper is one of the valuable components of electric vehicles. I pray that
those will be assembled here one day, ensuring technology transfer, creating
employment for our people and fostering a prosperous Zambia," he said.

 

>From raw resources to processed wealth

 

Anticipating a jump in production, the US and China are reviving two major
railway projects to join the landlocked nation to the sea and get Zambia's
mineral resources to their own markets.

 

To the west, the US is supporting the Lobito Corridor, a massive railway
project linking the DRC to the Angolan port of Lobito, which previously
received Chinese investment. A new 830 km section would extend the railway
to Chingola in Zambia's Copperbelt.

 

The railway, which has received financing exceeding $1 billion, has been
designed to create a faster route to export DRC and Zambia's minerals. It
will reduce the journey time from 45 days using the existing road corridor
to the South African port of Durban to just seven days, lowering export
costs and cutting emissions, according to the project's developers.

 

The Biden administration backed the rehabilitation of the Angolan section of
the railway with a $553 million loan but it is unclear to what extent Trump
will support the project. Yet, KoBold Metals has already committed to use
the railway to export 300,000 tons of copper and related freight annually.

 

To the east, China is revamping the Tazara railway, which links Zambia's
Copperbelt to the Tanzanian port of Dar es Salaam. Plans to connect the two
rail projects would create a huge network of infrastructure to facilitate
trade across the continent.

 

Both projects have the potential to massively boost Zambia's copper exports.
But experts caution they could serve as fast lanes for exporting raw
minerals if the resources are not processed domestically before they are
shipped.

 

"The development of the Lobito Corridor and the modernisation of Tazara are
important for Zambia's mining sector. But we must ensure that these projects
focus on refining and value addition," Ashu Sagar, president of the Zambia
Association of Manufacturers, told the mining conference.

 

"If these transport corridors are used solely to export raw copper, we risk
losing out on the full economic potential that comes with value-added
products," he said.

 

KoBold didn't answer Climate Home's questions about whether it plans to
process the copper it is set to start commercially mining in 2026 in the
country.

 

An estimated 20% of Zambia's copper is processed domestically, according to
Zamefa, the nation's sole copper processor. Raw copper is exported for
processing, mostly to China, which refines the majority of the world's
minerals for producing clean energy technologies.

 

But some plans are afoot to process minerals in Zambia, including Africa's
first cobalt sulphate refinery to supply battery grade cobalt for EVs.

 

For the many, not the few

 

Civil society groups in Zambia have long demanded more accountability in the
country's mining sector so it maximises revenues, benefits local
communities, and helps finance local development.

 

OpenNet For All Zambia, a local NGO, has pointed to secretive mining
contracts and an opaque tax regime with loopholes allowing companies to
underreport earnings as part of the problem that keeps wealth from
communities.

 

"Mining must contribute to the social fabric, not just corporate profits,"
Sipho Mwanza, the NGO's executive director, told Climate Home.

 

"These opaque systems make it difficult for the government to monitor and
collect the fair share of revenues from the sector, often resulting in
substantial revenue losses for the country," he warned.

 

"Zambia's mining sector needs to be accountable," agreed Edward Lange, of
Southern Africa Resource Watch, which monitors resource extraction in the
region. He told Climate Home that fair taxation policies, stricter corporate
social responsibility laws and local value addition are essential to retain
more mining wealth in the country.

 

Lange welcomed the government's legislative push to create a more
transparent and better regulated mining sector.

 

This includes plans to reduce foreign dominance, increase Zambian ownership
through a local content requirement, and ensure the country benefits more
from its vast mineral resources by establishing a public investment company
that will control at least 30% of mineral production from future mines.

 

"By focusing on these fair and equitable policies, Zambia has the potential
to improve its national economy, increase job creation, and ensure that its
resources benefit the local population while still attracting foreign
investment," said Lange.

 

"Our resources should not be a curse," he added, "but uplift our
communities."

 

 

 

 

Liberia: 'Prioritize Your Priorities Amid Fiscal Constraints'

The Liberian Government has announced a policy reinforcing its austerity
measures in the wake of US aid cuts.

 

Amid the indefinite suspension of all USAID-funded projects across the
country, the Government of Liberia, through the Ministry of Finance and
Development Planning, has issued a strict directive to government spending
entities to prioritize their priorities amid resource constraints.

 

"Prioritize your priorities" as the scarcity of resources remains a
significant reality"

 

 

In a memo issued Thursday, February 20, 2025, by Finance Minister Augustine
Kpehe Ngafuan and addressed to Ministries, Agencies, and Commissions, the
Ministry emphasized the importance of remaining mindful of limited
resources.

 

"Scarcity of resources is a reality, and all Heads or Senior Management of
Spending Entities must not lose sight of this reality. You're advised to
prioritize the priorities," the Minister stated.

 

The Minister has issued strict instructions for all government spending
entities to adhere to their approved budgets for Fiscal Year 2025 and to
exercise fiscal prudence in what it describes as a "challenging fiscal
environment."

 

Additionally, the Ministry has reminded government institutions of the
importance of managing their budgets effectively.

 

"Please manage your budget well. Your budget is for the entire 12 months of
2025. So, you're strongly advised not to execute your budget as if it were a
six-month or one-quarter budget"

 

The Minister further said that all spending entities will likely not receive
any supplemental resources from the government if they exhaust their budget
lines early.

 

The Ministry memo further informed government institutions that the budget
is a projection until revenue is actually raised through the efforts,
dedication, integrity, and sacrifice of the Liberia Revenue Authority, the
MFDP, and all other stakeholders involved in revenue generation.

 

"This year's budget is US$880.7 million, reflecting a growth of 19.2% over
last year's Recast Budget of US$738.9 million.

 

While this US$141.8 million increase is undeniably impressive, it is still
far below the upwards of US$2 billion in funding requests for 2025 that the
MFDP received from spending entities during the formulation of the current
budget," the Ministry explained.

 

The memo informs senior management of spending entities that, with the
country now in the second month of the Fiscal 2025 National Budget, it has
been receiving a large number of requests for additional funds from spending
entities.

 

These requests seek to address new priorities and spending pressures that
were not included in the budgets of spending entities.

 

The Ministry stated, "The first source to fund an unforeseen demand or
priority that arises during budget execution should be the budget of the
spending entity itself."

 

The Ministry also reminded all spending entities that only US$3.26 million
was approved as a contingency reserve fund in the Fiscal Year 2025 budget.
This is the only source of unallocated funds from which the Ministry can
obtain additional funds to address unforeseen spending demands.

 

"This amount is obviously minuscule compared to the sheer number of
legitimate unforeseen spending pressures that arise during the course of the
year.

 

What this simply means is that the MFDP, operating within the structures of
the Public Financial Management and Budget Transfer laws, must make the
difficult decision of looking to other budgeted appropriations to fund
legitimate unforeseen spending demands," the Ministry added.

 

The Ministry concluded by emphasizing that the cooperation of all spending
entities is critical to ensuring the efficient, impactful, and equitable
execution of the national budget.

 

New Dawn.

 

 

 

 

Gambia: Barrow Inaugurates First High Voltage Energy Infrastructure Project
in Salaji

President Adama Barrow yesterday presided over the inauguration of the
country's first high voltage flagship energy infrastructure project at a
colourful ceremony held at Salaji.

 

The event formed part of activities marking The Gambia's Diamond Jubilee
anniversary.

 

The project, undertaken by the National Water and Electricity Company under
the Gambia Electricity Restoration and Modernization Project (GERMP), marks
a significant milestone in the country's journey towards a more improved and
modernised energy sector. It is being funded through the support of the
World Bank Group, the European Union and the European Investment Bank.

 

 

The move is another demonstration of government's quest to deliver
uninterrupted, affordable and sustainable power supply to Gambians.

 

Key components of the project include 18km-225kv transmission line from
Brikama to Jabang, National Control Centre, 225/33Kv sub-station in Jabang;
33KV sub-station in Kotu Tank, six 33KV MV lines, upgrade of the three
primary sub-stations, and rehabilitation of 52 secondary sub-stations.

 

In his inaugural statement, President Barrow describes the project as
milestone in the history of the country, saying it is the energy
transmission and distribution modernisation project for the Greater Banjul
Area.

 

The project, he said, is the result of an excellent partnership between his
government, the European Union and the European Investment Bank.

 

"We duly acknowledge and appreciate this valued partnership with these
esteemed organizations, and thank them most sincerely for their invaluable
contribution to the welfare and development of our people," the president
stated.

 

Barrow, while acknowledging the crucial role of energy in any country's
transformation and modernisation drive, maintains that his government since
2017 has strategically prioritised and invested huge in the country's energy
sector.

 

These eight years of commitment and investment in the sector, he said, has
yielded high dividend, noting that the country now enjoys more stable power
supply compared to the past.

 

To that end, he spoke about his resolve to continue this development
trajectory as spelt out in the country's Strategic Energy Road-map 2021 to
2024.

 

"This commitment to the energy sector will continue relentlessly until the
whole country has access to uninterrupted and affordable and sustainable
energy supply," he added.

 

Welcoming the gathering, Ousman Bojang, Governor of West Coast Region,
recalled how President Barrow during the inauguration of the Jambur Solar
Power Plant expressed his government's resolve to give every citizen of the
Gambia an effective, efficient and uninterrupted energy supply.

 

"Today in the heart of West Coast Region, here we are at a profound
historical moment of our country, commissioning the first national high
voltage infrastructure, which for the first time, enables transmitting of
high voltage through a long distance," he applauds the effort and commitment
displayed in commencing the project.

 

The West Coast Region, he said, is proud to house almost half of the 2.5
million population of the country, adding that this reality has put
significant demand and pressure on the energy needs of the population just
as any other socio-economic need.

 

Governor Bojang lauded the government the under President Barrow for his
commitment and foresight in transforming the country's development for the
better and putting in place robust plans to mitigate challenges "we face in
the country".

 

Roger Stuart - Regional Head of West and Central Africa for European
Investment Bank, expressed delight that EIB has continued to support the
Gambia Electricity Restoration and Modernization Project (GERMP), a key
driver for the economic and social development of the country.

 

He maintained that EIB has demonstrated its commitment to life skills
infrastructure project for the benefit of the local population of the
country, as the bank resolves to supporting the Gambia in meeting her
national desired goals.

 

Keiko Miwa, Country Director of World Bank in The Gambia, expressed delight
on behalf of the World Bank Group to be associated with the event, saying
the commissioning has come 11 months after the inauguration of the
23-megawatts Jambur Solar Plants, which, she added, now contributes 6 per
cent to the overall energy production in the country.

 

Co-financed by the European Union, EIB and the World Bank, the
infrastructure project, as stated by WB country director, is a significant
step towards transforming NAWEC into a 21st Century utility.

 

The project, she added, would significantly minimise frequent power cuts, as
well as energy transmission losses coupled with power cuts, acknowledging
that energy demand has increased to 144 percent since 2017. She highlighted
the need to re-enforce infrastructure across the value chain.

 

Immaculada Roca I Cortés, Ambassador of the European Union to The Gambia,
spoke on "the tremendous impact this energy infrastructure project will
bring about to the people" of The Gambia, saying the project would
significantly reduce frequent power outages and low voltage while ensuring
universal access to the energy.

 

She noted that the infrastructure upgrades within the Greater Banjul Area
(GBA) will enhance NAWEC's capacity to deliver reliable electricity to homes
and businesses, thus contributing to economic growth and improved living
conditions.

 

The Gambia Electricity Restoration and Modernization Project, she added, is
backed by significant funding from the EU amounting to EUR 105 million
(approximately 12 billion dalasis).

 

Over 800,000 Gambians would benefit from this newly generated energy
project, she said, adding that reliable access to energy is an indispensable
element to realising this vision.

 

 

 

Ghana: Public Sector Base Pay Goes Up By 10 Percent - Minimum Wage Now
Gh¢19.97

The government and organised labour have signed an agreement to increase the
base pay for public sector workers by 10 per cent.

 

The increment, announced yesterday took retrospective effect from January to
December 2025.

 

This is contained in a press statement issued in Accra yesterday by the Fair
Wages and Salaries Commission (FWSC), jointly signed by the negotiating
parties, and copied to The Ghanaian Times.

 

The negotiating parties are the FWSC, Ministry of Labour, Jobs and
Employment and the Ministry of Finance, representing the government and
Organised Labour.

 

 

The agreement on the base pay was witnessed by the Chief Executive of FWSC,
Mr Benjamin Arthur, Minister of Labour, Jobs and Employment, Dr Abdul-Rashid
Hassan Pelpuo, chairman of FORUM, Dr Isaac Bampoe Addo and Secretary-General
of Trades Union Congress, Joshua Ansah.

 

It is reported that Organised Labour had called for an increase in the base
pay to cushion public sector workers against the high cost of living.

 

The Minister of Labour, Jobs and Employment, Dr Rashid Pelpuo, had explained
that with the new agreement, the daily minimum wage had now risen to
GH¢19.97.

 

This is the second wage adjustment in less than a year, after the first one
in 2024.

 

The government last year increased public sector workers pay by 23 per cent.

 

-Ghanaian Times.

 

 

 

 

 

Ghana: National Petroleum Authority Must Scrap Zonalisation Policy - Comac

The National Petroleum Authority (NPA) should scrap the zonalisation policy
it is implementing to allow oil marketing companies to directly distribute
fuel to their stations across the country, the Chamber of Oil Marketing
Companies (COMAC) has suggested.

 

The zonalisation policy means that an oil marketing company cannot lift fuel
at a depot at Tema and distribute them to a fuel station in Takoradi, the
fuel has to be lifted from a depot in Takoradi and same distributed to fuel
stations in the catchment areas of the city.

 

The Chief Executive Officer (CEO) of COMAC, Dr Riverson Oppong, who stated
this in an interview with journalists in Accra yesterday after the end of
the Downstream Dialogue 2025 programme, said the zonalisation policy had
outlived its usefulness and it was time it was scrapped.

 

 

The two-day programme, organised by COMAC was on the theme: 'Ghana's
Downstream Oil and Gas Sector: Challenges and Opportunities,' brought
together key stakeholders in the downstream petroleum sector to discuss
pertinent issues, share insights, and develop actionable strategies for
industry growth and sustainability. .

 

Dr Oppong indicated that COMAC and other sector players would work together
to advocate the cancellation of the zonalisation policy.

 

"Zonalisation came temporarily to solve a problem. Today, that problem I
would say is solved and we should go back to the drawing board and look at
the zonalisation policy again. I think the time is far due. Because I don't
see the economics whereby Bulk Road Vehicles (BRVs) would lift a product
from Tema, bypass Konongo to Kumasi, and another BRV would go to Kumasi and
bring that same fuel back to Konongo," Dr Oppong stated.

 

Again, he said the zonalisation policy did not "Make any economic sense,"
and it made fuel more expensive in the country.

 

Dr Oppong noted that the cancellation of the zonalisation would help reduce
the price of fuel and help the oil marketing companies to charge unified
price for fuel across the fuel station in the country.

 

Also, he mentioned that it would also help address fuel shortages in some
parts of the country.

 

Additionally, the CEO of COMAC alleged that the Bulk Oil Storage and
Transport Company continued to charge Primary Distribution Margin (PDM) on
the pump price of fuel, whether it lifted depot-to-depot fuel or not.

 

"If we take that margin off, it would bring fuel prices down," he noted.

 

The CEO of COMAC further said the cancellation of the zonalisation policy
would address the current challenge where some of the Bulk Distribution
Companies complain of losses of their stocks with BOST.

 

Moreover, Dr Oppong called for a change in the current arrangement in which
fuel was transported by road.

 

"I am looking at an industry where we have a pipeline that could

 

transport petroleum products from Ghana to Burkina, instead of using the
BRVs," he stated.

 

Turning his focus on the programme, Dr Oppong said the dialogue discussed
the challenges that affected the downstream petroleum sector and strategies
to address them.

 

-Ghanaian Times.

 

 

 

South Africa: Cabinet Commends Class of 2024 for Impressive Results

Cabinet has commended the Class of 2024 for achieving the highest matric
pass rate since the advent of democracy in 1994.

 

The National Senior Certificate (NSC) results saw an impressive 87.3% pass
rate, marking a significant 4.4% increase from the previous year.

 

A total of 615 429 learners successfully passed the NSC examinations, with
nearly half of those who sat for the exams obtaining a Bachelor pass,
granting them access to higher education institutions. Additionally, close
to 320 000 distinctions were achieved, highlighting the academic excellence
of the matriculants.

 

 

Government lauded the results as a significant milestone in the country's
education sector, emphasising that the achievements of the Class of 2024
reflect the strides made in improving the quality of education in South
Africa.

 

These results coincide with the country's celebration of 30 years of freedom
and democracy, symbolising the ongoing efforts to dismantle the remnants of
apartheid-era educational disparities.

 

"The achievements of the Class of 2024 are a clear demonstration of the
progress we have made as we commemorate 30 Years of Freedom and Democracy.
They also provide proof that we are reversing apartheid's planned legacy of
intergenerational indignity, disadvantage and poverty for the majority of
South Africans," Cabinet said in a statement on Friday.

 

South Africa's education system has undergone significant reforms since
1994, with the government implementing policies aimed at improving access to
quality education for all learners.

 

Under the National Development Plan (NDP), education remains a key pillar in
addressing inequality and fostering economic growth.

 

Over the years, interventions such as the provision of no-fee schools, the
school nutrition program, improved infrastructure, and curriculum
enhancements have contributed to the steady improvement in matric results.

 

The increased focus on Science, Technology, Engineering, and Mathematics
(STEM) subjects, teacher training programs, and digital learning initiatives
has also played a crucial role in raising learner performance.

 

Despite these successes, challenges remain, including resource disparities
between urban and rural schools, socio-economic factors affecting learner
performance, and the need to further enhance post-matric opportunities.

 

However, the Class of 2024's results demonstrate resilience and a positive
trajectory for the country's education system.

 

Government has previously urged learners who did not pass to explore
alternative pathways such as the Second Chance Matric Programme and
Technical and Vocational Education and Training (TVET) colleges to ensure
they remain within the education and skills development pipeline.

 

- SAnews.gov.za.

 

 

 

South Africa: SA Pushes Forward With G20 Meetings

South Africa's Presidency of the Group of Twenty (G20) continues full steam
ahead as the country fosters greater collaboration among the G20 members to
address pressing global issues and find sustainable solutions that
prioritise the well-being of all people.

 

"The country plans to dispatch a delegation of government and other leaders
to various nations in Africa and across the world to explain the objectives
our country wishes to achieve during our Presidency of the G20," a Cabinet
statement, released on Friday said.

 

South Africa's G20 Presidency commenced on 1 December 2024 and all
engagements are being held under the theme: "Solidarity, Equality,
Sustainability" as the country endeavours to ensure that "no one is left
behind".

 

 

A number of key meetings are planned throughout the year, including the G20
Employment Working Group meetings from 18 to 21 February 2025 focusing on
labour and employment issues.

 

The First Foreign Ministers' meeting was scheduled from 20 to 21 February
2025 in Johannesburg. The meeting was expected to address ongoing
international tensions and discuss global governance reform.

 

South Africa will also host the first meeting of the G20 Finance Ministers
and Central Bank Governors from 26 to 27 February 2025 at the Cape Town
International Convention Centre. This meeting will be preceded by the
Finance and Central Bank Deputies meeting on 24 and 25 February 2025.

 

The G20 was established to tackle pressing global economic and financial
issues. Together, G20 members account for around 85% of global GDP and 75%
of international trade.

 

It comprises 19 countries including: Argentina, Australia, Brazil, Canada,
China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea,
Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and
United States and two regional bodies, namely the European Union and the
African Union.

 

The grouping therefore plays a critical role in influencing global policy
making and fostering global economic stability.

 

The statement was issued following the Cabinet Meeting of Wednesday, 12
February 2025, and Special Cabinet meeting of Wednesday, 29 January 2025.

 

= SAnews.gov.za.

 

 

 

 

South Africa: Cabinet Commends Police Efforts to Combat Illegal Mining

Cabinet has commended the South African Police Service efforts to combat
illegal mining through Operation Vala Umgodi, which has resulted in over 18
000 arrests since December 2023.

 

Cabinet highlighted that about 1 700 illegal miners were arrested from
August 2024 in Stilfontein.

 

"The [arrests] include the seizure of 458 firearms, 12 000 rounds of
ammunition, 283 trucks, 303 vehicles and 84 big machineries from illegal
mining. R5 million in cash and uncut diamonds worth R32 million were also
seized," Cabinet said in a statement on Friday, following a Cabinet meeting,
held on 12 February 2025 and a special Cabinet meeting on 29 January 2025.

 

 

Cabinet also welcomed ongoing efforts by law-enforcement agencies in the
fight against illegal mining, as Operation Vala Umgodi is rolled out to
various parts of the country.

 

Cabinet further commended the arrest of four police officers suspected of
aiding the escape of illegal mining kingpin, Neo James Tsoaeli, also known
as 'Tiger'.

 

It emphasised that police officers must always maintain the highest
standards of professional ethics and remain beyond reproach.

 

"Cabinet calls on the National Prosecuting Authority to ensure that those
involved in such corrupt activities are held accountable and get the
harshest possible sentence," Cabinet said.

 

Operation Vala Umgodi is a multidisciplinary initiative focused on combating
illicit mining activities that threaten South Africa's vital mineral
resources. The operation also plays a key role in addressing various other
criminal activities, providing crucial support to operational members at
both district and provincial levels.

 

-SAnews.gov.za.

 

 

 

 

UK and India to relaunch trade talks in Delhi

India and the UK will restart free trade talks on Monday, nearly a year
after negotiations were paused ahead of general elections in both countries.

 

Jonathan Reynolds, the UK's business and trade secretary, is in Delhi, where
he will meet his Indian counterpart Piyush Goyal to kick off the two-day
discussions.

 

Ahead of the meeting, Reynolds said it was a "no-brainer" to seek a trade
deal with India, which was forecast to become the world's third-largest
economy in a few years.

 

The countries have held more than a dozen rounds of negotiations since 2022,
but an agreement has remained out of reach.

 

Sticking points include high tariffs in India on Scotch whisky and demands
to relax fees and visa rules for Indian students and professionals going to
the UK.

 

Talks are being held for the first time after the Labour Party came to power
in the UK and Reynolds says securing a deal is a "top priority" for his
government.

 

"Growth will be the guiding principle in our trade negotiations with India
and I'm excited about the opportunities on offer in this vibrant market," he
said in a statement.

 

PA Media Business Secretary Jonathan Reynolds wearing a blue suit with a
white shirt and maroon tie talking to the media outside BBC Broadcasting
House in London, after appearing on the BBC One current affairs programme,
Sunday with Laura Kuenssberg. PA Media

Jonathan Reynolds, the UK's business and trade secretary, is in Delhi for
the talks

For Delhi, the trade talks have assumed renewed significance on the back of
US President Donald Trump's decision to impose reciprocal or tit-for-tat
tariffs on imported goods from countries, including India.

 

The UK is also a high-priority trading partner for Prime Minister Narendra
Modi's government, which has an ambitious target to grow exports by $1
trillion by FY30.

 

The UK had announced in November last year - soon after Sir Keir Starmer met
PM Modi at the G20 summit in Brazil - that talks would restart in the new
year.

 

The two countries share a trade relationship worth £41bn ($52bn) currently,
according to a UK government statement, and a trade deal could unlock new
opportunities for both countries.

 

London has identified sectors that could benefit, which include advanced
manufacturing, clean energy and professional and trade services. An
agreement could also potentially unlock a valuable market for British cars,
Scotch whisky and financial services worth billions of dollars.

 

India is seeking greater mobility for its working professionals and students
to the UK, while pushing for faster visa processing times.

 

It may also seek concessions for its residents working temporarily in the UK
on business visas, who are required to pay national insurance but are still
ineligible for social benefits.

 

During Reynolds' visit, he and Goyal will also visit the BT office in the
northern Indian city of Gurugram.

 

UK Investment Minister Poppy Gustafsson is also in India and will be
participating in events in India's two big business hubs - Mumbai and
Bengaluru.

 

After years of scepticism over free trade deals, India has been signing
agreements or is in talks with several countries or blocs. Last year, it
signed a $100bn free trade agreement with the European Free Trade
Association - a group of four European countries that are not members of the
European Union - after almost 16 years of negotiations.

 

It is also set to resume negotiations with the European Union this year.-BBC

 

 

 

Trump administration to cut thousands of jobs at Pentagon and IRS

The Trump administration is cutting more than 11,000 jobs at the Internal
Revenue Service (IRS) and the Pentagon, as part of its sweeping efforts to
shrink the size of the federal workforce.

 

Around 6,000 layoffs at the IRS began on Thursday, coming in the middle of
tax season as millions of Americans file their returns.

 

The defence department plans to axe more than 5,000 jobs next week as part
of a goal to reduce its nearly million-strong civilian workforce by 5 to 8%,
the Pentagon said on Friday. It will also put a hiring freeze in place.

 

The Trump administration has appointed Elon Musk's Department of Government
Efficiency (Doge) to implement the layoffs as part of a cost-cutting drive.

 

The probationary workers who are expected to lose their jobs at the IRS
"were not deemed as critical to filing season", according to an email seen
by CBS News, the BBC's US partner.

 

Most Americans have a deadline of 15 April to file their taxes, though the
government allows extensions under some circumstances.

 

Musk wields his Doge chainsaw - but is a backlash brewing?

Probationary employees are generally those on the job for less than a year.
A person who has been a long-serving employee but moved to a new position is
also often considered in a probationary position.

 

The BBC has contacted the IRS and treasury department for comment.

 

Reports suggest the terminations will target mostly new and newly promoted
employees, with half of the cuts hitting an office known as the Small
Business/Self-Employed (SBSE) Division.

 

The email from SBSE commissioner Lia Colbert says that "while details are
still developing, we understand that over 3,500 SB/SE probationary hires
will be terminated by the end of this week".

 

About 83,000 people worked for the IRS as of the 2023 fiscal year.

 

Many of the targeted roles appear to deal with compliance matters, or
ensuring Americans pay what the government says they owe.

 

Linda Bilmes, a professor at the Harvard Kennedy School, told the BBC: "What
people like even less than paying taxes is not being able to reach someone
to help them pay their taxes accurately."

 

The Biden administration had secured $80bn (£63bn) in funding for new
resources and staff at the IRS, to help the government bring in more
revenue.

 

Republicans, who generally advocate for lower taxes, opposed the effort and
have long targeted the IRS for funding cuts.

 

In an interview on Fox News, Commerce Secretary Howard Lutnick said Trump's
"goal is to abolish the Internal Revenue Service and let all the outsiders
pay".

 

The president has proposed an "External Revenue Service" to generate funds
from tariffs, or taxes on foreign imports, instead.

 

The firings at the Pentagon were expected to initially affect about 5,400
probationary workers beginning next week before freezing hiring, a defence
department statement said.

 

But these job losses might not be the last.

 

"We anticipate reducing the Department's civilian workforce by 5-8% to
produce efficiencies and refocus the Department on the President's
priorities and restoring readiness in the force," the statement added.

 

The defence department is the largest government agency, with a civilian
workforce of about 950,000 employees, according to Reuters.

 

Defence Secretary Pete Hegseth has supported these cuts, posting on X last
week that the Pentagon needs "to cut the fat (HQ) and grow the muscle
(warfighters)".

 

Polling indicates some discomfort among Americans for Trump's changes to the
federal workforce.

 

A Washington Post/Ipsos poll suggests that 54% of Americans disapproved of
the way Trump is managing the federal government, compared to 44% who
approved.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


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INVESTORS DIARY 2025

 


Company

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Companies under Cautionary

 

 

 


 

 

 

 


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Padenga

Econet

RTG

 


Fidelity

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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opinions expressed and recommendations made are subject to change without
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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
5557 | +263 71 944 1674

 


 

 

 

 

 

 

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