Major International Business Headlines Brief::: 27 January 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  27 January 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: We Have Over a Billion Barrels of Oil Reserves, Says Tinubu At
WEF

ü  Nigeria: Enugu Govt Okays Landmark Climate, Off-Grid Electricity
Policies, Strategies

ü  Nigeria: How 14 States Accounted for 47 Building Collapse in 2024 -
Report

ü  Nigeria: Nasarawa Secures $370,000 Agra Grant to Bolster Agric Sector
Transformation

ü  Nigeria: Many Feared Dead As Petrol Tanker Explodes On Enugu-Onitsha
Expressway

ü  South African Telescope Discovers a Giant Galaxy That's 32 Times Bigger
Than Earth's

ü  Nigeria: Judiciary Workers Threaten Strike in Federal Courts, Others,
Issue Ultimatum

ü  Uganda: Turkish Flight Circles Entebbe Skies for Three Hours

ü  Uganda: President Museveni Directs Banks to Drop Charges On PDM Funds

ü  Kenya: Ruto Backs City Cleanup Campaign, Says Nairobi Must Give Right
Impression

ü  South Africa: Jet Fuel Secured for or Tambo International Airport

ü  Somalia Advances Social Development Initiatives

ü  Malawi: WFP, World Bank, and Malawi Unite to Combat Food Insecurity

ü  Kenya: Ruto Welcomes Moody's Positive Rating, Says 'God Healing Our
Economy'

ü  Jaguar Land Rover bets $80m on bespoke paint services

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: We Have Over a Billion Barrels of Oil Reserves, Says Tinubu At WEF

The Group Chief Executive, Oando Plc, Adewale Tinubu, has highlighted the
immense prospects of indigenous energy companies taking over the divested
assets by International Oil Companies (IOCs) in Nigeria, noting that Oando
is set to adopt artificial intelligence, amongst other technologies, in its
next drilling campaign to explore its over 1 billion barrels of oil reserves
to strengthen decision-making and optimize costs in oil exploration.

 

He stated this at a meeting for the world leaders, top executives of the
1,000 foremost global companies, leaders of international organizations and
relevant non-governmental organizations held in Davos, Switzerland last
week, to deliberate on ways to move the planet forward at the prestigious
World Economic Forum, WEF.

 

 

The strictly by-invitation event saw a Nigerian delegation, including
government officials such as Kashim Shettima, Vice President of Nigeria;
Wale Edun, Minister of Finance, Nigeria and Jumoke Oduwole, Minister of
Industry, Trade, and Investment, Nigeria as well as CEOs such as Tinubu,
Group Chief Executive, Oando PLC, amongst others.

 

The annual meeting in Davos remains a global platform that is unmatched in
engaging leaders from business, government, international organizations,
academia, and civil society in peer-to-peer working sessions. By coming
together at the start of the year, world leaders can shape the future by
joining the unparalleled global effort in co-design, co-creation and
collaboration to make the world a better place.

 

Speaking on the Nigerian Energy sector, Tinubu emphasized that by combining
robust working capital, advanced technologies, and the unique skills,
capacity, and local acumen of these indigenous players, who now
significantly control Nigeria's onshore assets, the industry can unlock
previously untapped potential.

 

As one of the first indigenous companies that successfully acquired an IOCs'
onshore assets, AGIP, Tinubu highlighted the importance of partnership and
critical financing to not only extract value from these material reserves
but also accelerate the rate of extraction.

 

"As a company, we have over a billion barrels of reserves, 300,000 barrels a
day of oil processing capacity, and over 2 billion cubic feet a day of gas
capacity. Effectively, the net present value of the oil we have in our
facilities is well over $10 billion." remarked Tinubu.

 

He stressed the critical role of Governments and regulators in maximizing
value from the industry to address economic challenges, improve the balance
of trade, and attract greater foreign investment to Nigeria.

 

"We need to increase our exports significantly to improve our balance of
trade and strengthen the Naira" he explained. "The oil and gas industry
offers the fastest path to achieving this, given our substantial reserves
and existing infrastructure"he added.

 

In addressing the ongoing conversations about decarbonization, Tinubu
reinforced the need for a just energy transition, stating that Africa
contributes a minuscule amount to global emissions, constituting about 20%
of the global population. He, however, expanded on the immediate steps Oando
has incorporated to reduce its carbon footprint

 

"We are actively working hard to ensure that every molecule of carbon we put
into the environment is mitigated through the implementation of effective
carbon capture techniques."

 

Vanguard.

 

 

 

 

Nigeria: Enugu Govt Okays Landmark Climate, Off-Grid Electricity Policies,
Strategies

Enugu State government has approved the State Climate Policy and Action
Plan, ESCPAP, making it the first subnational government in Nigeria to adopt
a long-term climate strategy that incorporates emissions modeling,
microenergy audits and extensive stakeholder engagement.

 

The State Executive Council, SEC, also approved Enugu State Off-Grid
Electrification, OGE, Policy Strategy Plan to expand electricity access to
unserved and underserved communities, leveraging distributed renewable
energy solutions to drive economic growth and improve public service
delivery.

 

 

The approvals were announced by the Secretary to State Government, SSG,
Prof. Chidiebere Onyia, at the end of the State Executive Council meeting at
the weekend.

 

Briefing newsmen alongside Commissioner for Environment and Climate Change,
Prof. Sam Ugwu and the Commissioner for Finance and Economic Development,
Dr. Nathaniel Uramah, Prof. Onyia said ESCPAP underscored Governor Mbah's
administration's commitment to balancing economic transformation,
environmental sustainability, innovation, inclusiveness, and climate
resilience, ensuring that key sectors, such as agriculture, energy, and
natural resources, were climate-resilient and future-proofed against
environmental challenges.

 

ESCPAP, according to the government, represents a pioneering effort to
facilitate clean energy development, stimulate job creation, and foster
green technology advancements.

 

"We do recall that Enugu State had started this policy design in the past
eight months, and finally, after the surveys and after crunching the numbers
from various instruments we used, we have come up with a policy and action
plan.

 

"This action plan will help us enhance economic growth. This is very
important for us in job creation, and we are looking at a situation where we
facilitate the creation of 792,000 jobs in renewable energy, waste
management, and reforestation by 2060," he said.

 

In terms of sustainable economic growth, ESCPAP is projected to drive a
25-fold increase in the state's GDP by 2060 through investments in renewable
energy, sustainable agriculture, and green technology.

 

In terms of energy transition, the state, going by the policy, targets 80
per cent renewable energy usage by 2060, with a 60 per cent emissions
reduction in the transport sector and a robust afforestation plan to enhance
carbon sequestration.

 

The comprehensive policy and action plan includes the setting up of an
ESCPAP Implementation Committee, comprising representatives from the
government, private sector, civil society, and international donor
organisations, to ensure effective execution of the policy's goals as well
as the introduction of a climate change curriculum in Enugu's Smart Green
Schools to equip the future generations with knowledge and skills in green
innovation.

 

Also highlighting the state's off-grid policy, Onyia said: "This policy is
designed to complement Enugu State Electrification Policy that was passed in
2023 - Enugu Electricity Law.

 

"This provides a framework that would catalyse private sector investment,
enhance socio-economic growth, and improve the overall quality of life of
Enugu people.

 

"This policy also recognises the importance of distributed renewable energy
solutions such as solar, wind, hydro and biomass. These will be the key
drivers for electrification in the rural and peri-urban areas."

 

All these, according to the government, were in sync with Mbah
administration's drive to grow Enugu's economy to a $30 billion economy by
2031.

 

Vanguard.

 

 

 

 

Nigeria: How 14 States Accounted for 47 Building Collapse in 2024 - Report

A report by the Building Collapse Prevention Guild has detailed how 47
building collapses were recorded across 14 states in Nigeria in 2024.

 

The guild, in the report, disclosed that building collapse rose to 640 from
October 1974 to January 9, 2025.

 

According to the report, "In 2024 alone, there were 47 recorded building
collapses across 14 states. Lagos continued to lead with 13 incidents,
followed by Abuja with six, Anambra five, and Kano and Rivers with four
each.

 

 

"Other states like Jigawa and Plateau recorded three collapses each, while
Osun and Delta saw two each. Additionally, Niger, Abia, Edo, Oyo and Ebonyi
each had one recorded collapse.

 

"Lagos State accounts for 55.15 per cent of the recorded incidents,
significantly higher than other regions. Abuja follows as the second-highest
contributor with 4.37 per cent, while Anambra ranks third with 4.06 per
cent. Oyo and Kano occupy the fourth and fifth positions with 3.44 per cent
and 3.28 per cent of the recorded incidents, respectively.

 

Taraba, Bayelsa, Gombe, and Yobe states had their first recorded building
collapse in 2022. Other states such as Zamfara, Taraba, Yobe, Bauchi,
Bayelsa, Sokoto, Gombe, Katsina, and Kebbi have had only one recorded
building collapse since their inclusion in the data.

 

The guild, however, noted that 1971, 1975, and 1981 recorded no building
collapse incidents.

 

It further stated that "However, despite the COVID lockdown in 2020, there
were still 45 recorded collapses, with Lagos accounting for 18 (40 per cent)
of those incidents. The year 2022 saw the highest number of collapses, with
62 nationwide, and Lagos again had the highest share, recording 20 (32 per
cent) incidents.

 

In 2023, 52 collapses were recorded nationwide, with Lagos contributing 17
(33 per cent).

 

"The first recorded building collapse in Nigeria took place in October 1974
in Oyo State, where a multi-storey building caved in due to excessive
loading, tragically killing 27 people. The tallest building collapse in the
country occurred in Lagos on November 1, 2021, resulting in the death of 52
people."

 

The latest report further noted that Lagos State had recorded the highest
cases with over 351 buildings caving in in the last 50 years.

 

The report showed that the 351 collapsed buildings in Lagos represented
55.28 per cent of the total of 635 recorded cases across the country during
this period.

 

Facility management crucial - Expert

 

Reacting to the development, a real estate expert, Musa Ibrahim, noted that
facility management can help prevent recurring building collapse in Nigeria,
stressing that the common factors leading to building collapse include the
use of unqualified professionals, poor construction practices and use of
substandard materials.

 

He noted that regular checks and facility management could help in detecting
proper leakages or cracks in buildings that lead to collapse.

 

"Facility management is solely for the maintenance of the built environment,
which when handled by qualified professionals applying global best
practices, ensures that there is no overloading, unsupported activities
don't take place and proper maintenance with regular audits including
structural, electrical and ambience integrity tests are conducted through
commissioning activities," he explained.

 

 

Daily Trust.

 

 

 

 

 

Nigeria: Nasarawa Secures $370,000 Agra Grant to Bolster Agric Sector
Transformation

The Nasarawa State Government has secured a $370,000 grant from the Alliance
for a Green Revolution in Africa (AGRA) to bolster transformation in the
agricultural sector.

 

Speaking at the inaugural meeting of the Nasarawa State Capability for
Inclusive Agriculture Transformation project on Friday in Lafia, AGRA's
Country Director, Mr. Rufus Idris, highlighted the organization's commitment
to empowering Africans to take charge of transforming their agriculture and
food systems.

 

AGRA has supported agricultural initiatives in Nigeria for 17 years,
particularly in Kaduna and Niger States. Idris revealed that over one
million smallholder farmers in Nigeria have benefitted from AGRA's
interventions.

 

 

Idris noted that Nasarawa State's partnership with AGRA is significant due
to the various initiatives of Governor Abdullahi Sule's administration and
the state's critical role in advancing Nigeria's agricultural landscape.

 

The Permanent Secretary of the Ministry of Agriculture, Mr. Umar Abdullahi,
represented by the Managing Director of NASIDA, Mr. Ibrahim Abdullahi,
expressed gratitude to AGRA for the partnership. He reiterated that
agriculture is central to Nasarawa's economic development, given the state's
agrarian nature.

 

"Nasarawa's Economic Development Strategy focuses on transitioning the state
from subsistence to commercial agriculture, creating jobs, and revitalizing
the economy. Agriculture is a major driver of growth for this new
trajectory," Abdullahi said.

 

He emphasized that the partnership with AGRA aligns with the agricultural
reforms implemented by Governor Sule's administration since 2019.

 

CEO of Jesnoch International, Dr. Charles Iyangbe, outlined that the project
will run from January 2025 to June 2027. It will work within the
institutional framework and enabling environment of agribusiness to develop
an updated State Agricultural Policy document.

 

This Day.

 

 

 

Nigeria: Many Feared Dead As Petrol Tanker Explodes On Enugu-Onitsha
Expressway

"The suspected petroleum-ladened tanker fell and exploded into flames at
about 11:30a.m.

 

Many commuters were feared dead and eight vehicles burnt as a fuel-laden
tanker fell and exploded at Ugwu- Onyeama axis of the Enugu-Onitsha
Expressway on Saturday.

 

The Director, Enugu State Fire Service, Okwudili Ohaa, confirmed the
incident to the News Agency of Nigeria (NAN) in Enugu.

 

Mr Ohaa told NAN that gallant fire fighting officers of the service
extinguished the fire which lasted over an hour.

 

He said the number of casualties in the inferno were uncertain as the
Federal Road Safety Commission (FRSC) and other security agencies are trying
to evacuate the charred bodies of the victims.

 

He said that about eight vehicles were burnt and scores of road users, who
scampered for safety, must have been injured in the incident.

 

"The suspected petroleum-ladened tanker fell and exploded into flames at
about 11:30a.m. and the gallant firefighting officers from our 9th Mile
Station immediately rushed to the scene; but got overwhelmed.

 

 

"I have to immediately send for re-enforcement from the Ogui Road and
Government House Fire Stations that supported the 9th Mile team.

 

"It took the combined efforts of 10 experienced and gallant fire fighters to
extinguish the fire before other paramilitary personnel came to evacuate
corpses and rescue those injured to nearby hospitals," he said.

 

The chief fire officer thanked members of the public for quickly alerting
the state fire service about the incident.

 

However, eyewitnesses described the tanker blast as devastating as it
destroyed nearby vehicles and caused widespread panic.

 

They said that initial rescue efforts were hindered by the intensity of the
fire - intense dark and choking smoke; thus, making it difficult for
bystanders to access the scene until the fire fighters put the raging
inferno under control.

 

They also said that some victims and vehicles were burnt beyond recognition.

 

(NAN)

 

Premium Times.

 

 

 

 

 

South African Telescope Discovers a Giant Galaxy That's 32 Times Bigger Than
Earth's

You may not know it, but right now there's a huge cosmic rave party
happening far, far above our heads. The chief party goers are known as
supermassive black holes. These mysterious objects can have masses several
million or billion times that of the Sun and are so dense that they warp
space time around them.

 

As far as astronomers know, all galaxies harbour a supermassive black hole
at their very centres. In some galaxies, large amounts of interstellar gas
are spiralling around the supermassive black hole and getting pulled in
beyond the event horizon and essentially on to the black hole. This process
creates a huge amount of friction and energy, which can cause the "rave" I'm
talking about - releasing huge amounts of light at many different colours
and frequencies across the electromagnetic spectrum.

 

In some cases, the black hole will even spew jets of plasma, millions of
light-years across intergalactic space. The plasma gas is so hot that it's
essentially a soup of electrons moving close to the speed of light. These
plasma jets glow at radio frequencies, so they can be seen with a radio
telescope and are, aptly, named radio galaxies. In a recent episode of the
astronomy podcast The Cosmic Savannah, I likened their appearance to two
glow sticks (the plasma jets) poking out of a ball of sticky tack (the
galaxy). Astronomers hypothesise that the plasma jets keep expanding
outwards as time passes, eventually growing so large that they become giant
radio galaxies.

 

 

Millions of normally sized radio galaxies are known to science. But by 2020
only about 800 giant radio galaxies had been found, nearly 50 years since
they had been initially discovered. They were considered rare. However, a
new generation of radio telescopes, including South Africa's MeerKAT, have
turned this idea on its head: in the past five years about 11,000 giants
have been discovered.

 

MeerKAT's newest giant radio galaxy find is extraordinary. The plasma jets
of this cosmic giant span 3.3 million light-years from end to end - over 32
times the size of the Milky Way. I'm one of the lead researchers who made
the discovery. We've nicknamed it Inkathazo, meaning "trouble" in South
Africa's isiXhosa and isiZulu languages. That's because it's been a bit
troublesome to understand the physics behind what's going on with Inkathazo.

 

This discovery has given us a unique opportunity to study giant radio
galaxies. The findings challenge existing models and suggest that we don't
yet understand much of the complicated plasma physics at play in these
extreme galaxies.

 

Here comes 'trouble'

 

The MeerKAT telescope is located in the Karoo region of South Africa, is
made up of 64 radio dishes and is operated and managed by the South African
Radio Astronomy Observatory. It's a precursor to the Square Kilometre Array,
which will, when it commences science operations around 2028, be the world's
largest telescope.

 

MeerKAT has already been pivotal in uncovering some of the hidden treasures
of the southern sky since it was first commissioned in 2018.

 

This is the third giant radio galaxy that my collaborators and I have
discovered with MeerKAT in a relatively small patch of sky near the equator,
around the size of five full moons, that astronomers refer to as the "COSMOS
field". We pointed MeerKAT at COSMOS during the early stages of the most
advanced surveys of distant galaxies ever conducted: the International
Gigahertz Tiered Extragalactic Exploration (MIGHTEE).

 

Read more: Discovery of two new giant radio galaxies offers fresh insights
into the universe

 

The MIGHTEE team, a collaboration of astronomers from around the world, and
I first published the discovery of the two other giant radio galaxies in
COSMOS in 2021.

 

We spotted Inkathazo more recently in my own MeerKAT follow-up observations
of COSMOS, as well as in the full MIGHTEE survey.

 

However, Inkathazo differs from its cosmic companions in several ways. It
doesn't have the same characteristics as many other giant radio galaxies.
For example, the plasma jets have an unusual shape. Rather than extending
straight across from end-to-end, one of the jets is bent.

 

Additionally, Inkathazo lives at the very centre of a cluster of galaxies,
rather than in relative isolation, which should make it difficult for the
plasma jets to grow to such enormous sizes. Its location in a cluster raises
questions about the role of environmental interactions in the formation and
evolution of these giant galaxies.

 

MeerKAT's exceptional capabilities are helping us to unravel this cosmic
conundrum. We've created some of the highest-resolution spectral maps ever
made for giant radio galaxies. These maps track the age of the plasma across
different parts of the galaxy, providing clues about the physical processes
at work.

 

The results revealed intriguing complexities in Inkathazo's jets. Some
electrons within the plasma jets receive unexpected boosts of energy. We
think this may occur when the jets collide with hot gas in the voids between
galaxies in a cluster. This gives us hints about what sort of plasma physics
might be happening in these extreme parts of the Universe that we didn't
previously predict.

 

A treasure trove

 

The fact that we unveiled three giant radio galaxies by pointing MeerKAT at
a single patch of sky suggests that there's likely a huge treasure trove of
these cosmic behemoths just waiting to be discovered in the southern sky.
The telescope is incredibly powerful and it's in a perfect location for this
kind of research, so it's ideally poised to uncover and learn more about
giant radio galaxies in the years to come.

 

Kathleen Charlton, a Master's student at the University of Cape Town, was
the lead author of the research on which this article was based.

 

Jacinta Delhaize, Lecturer, University of Cape Town

 

This article is republished from The Conversation Africa under a Creative
Commons license. Read the original article.

 

 

 

 

 

Nigeria: Judiciary Workers Threaten Strike in Federal Courts, Others, Issue
Ultimatum

Judiciary workers issued a 21 day notice to begin strike in 11 federal
courts and judiciary bodies across Nigeria.

 

The Judiciary Staff Union of Nigeria (JUSUN) has issued a 21-day ultimatum
to begin a strike in federal courts and judiciary bodies over
non-implementation of the national minimum wage and other outstanding pays
for the workers.

 

Past strikes by the workers had led to the shutdown of all federal and state
courts across Nigeria, causing a major disruption, compounding the generally
slow pace of court processes in the country..

 

The chapters of JUSUN are to convey the newly issued notice of ultimatum,
beginning 23 January, to the respective managements of the affected federal
judiciary institutions.

 

 

PREMIUM TIMES, on Sunday, saw a copy of JUSUN's circular dated 20 January,
issued to the union's chapters in the 11 federal courts and judiciary bodies
in the country.

 

Acting secretary of the union, M.J. Akwashi, addressed the circular to the
chairpersons of its chapters in all 11 federal institutions, including the
Supreme Court, the Court of Appeal, the National Industrial Court, the
Federal Judicial Service Commission (FJSC), and the FCT High Court.

 

The rest are the National Judicial Council (NJC), the FCT Judicial Service
Committee, the Customary Court of Appeal, the FCT Sharia Court of Appeal,
and the National Judicial Institute (NJI).

 

"I am directed to convey the approval of comrade president of JUSUN that all
federal chapters issue a 21-day ultimatum to your management effective from
Thursday, 23 January 2025," the circular read, adding, "Note that you are to
copy the national secretariat all your notices."

 

The union issued the ultimatum demanding the implementation of the new
national minimum wage, 25-35 per cent salary increase under the Consolidated
Judiciary Salary Structure (CONJUSS), and the N35,000 wage award that was
approved by the federal government last year while the minimum wage
implementation plan was being worked out.

 

JUSUN said the demand remained unmet and the federal government failed to
release the funds despite its efforts at resolving the issues.

 

FCT High Court workers comply

 

PREMIUM TIMES saw a copy of the ultimatum notice dated 23 January issued by
the FCT High Court, Abuja, chapter of JUSUN, warning of industrial
disruptions if the union's demands remained unmet at the expiration of the
ultimatum.

 

"Failure of the federal government to release funds for the above demands
will result in the union's inability to guarantee industrial harmony,"
warned the circular signed by the chairperson of JUSUN chapter of the FCT
High Court.

 

The circular addressed to the Chief Judge of the FCT High Court, through the
court's registrar, added, "We appreciate your attention to this pressing
matter and look forward to your kind response."

 

National minimum wage crisis widespread in federal, state courts

 

This is not the first time judiciary workers have resorted to industrial
action over the non-implementation of Ihe national minimum wage approved for
all federal and state workers in the aftermath of fuel subsidy removal by
the federal government last year.

 

The non-implementation of the N70,000 national minimum wage has raised the
spectre of strikes by JUSUN members in 12 states and the FCT since last
year.

 

The affected states are Abia, Akwa Ibom, Ebonyi, Ekiti, Enugu, Imo,
Nasarawa, Katsina, Oyo, Sokoto, Yobe, and Zamfara, in addition to the FCT.

 

The workers went on strike in some states including Abia.

 

In Abia State, the JUSUN chapter expressed disappointment over the state
government's failure to implement the agreed-upon wage increase.

 

The union accused the government of deliberately undermining the financial
autonomy and independence of the judiciary.

 

A statement signed by the union's chairperson in the state, Chinedu Ezeh,
and secretary, Chibueze Nwachukwu, recalled a Memorandum of Understanding
(MoU) signed with the Abia State Government on 8 November 2024.

 

The agreement stated that the new minimum wage, based on the Consolidated
Judiciary Salary Structure (CONJUSS), would be implemented from October
2024, alongside the payment of all outstanding entitlements.

 

However, JUSUN alleged that the state government has failed to honour the
agreement, withholding judiciary salaries and allocations since October
2024.

 

The union vowed on Sunday that it would not suspend its ongoing strike in
Abia State until its demands were met.

 

Premium Times.

 

 

 

 

Uganda: Turkish Flight Circles Entebbe Skies for Three Hours

The airline has not revealed the technical problem is cited but in 2023, a
bird strike forced another of its flights to go into an emergency holding
pattern and land back at Entebbe

 

A Turkish Airlines flight en route to Istanbul was forced into an emergency
landing back at Entebbe International Airport Sunday morning.

 

The A333 aircraft with 259 people on board landed back after three hours of
circling the Entebbe skies to reduce fuel for safe weight landing.

 

The Uganda Civil Aviation Authority (CAA) said the flight TK612, which
departed Entebbe International Airport for Istanbul on Sunday, January 26,
2025, at about 7.14am, was unable to proceed to its final destination due to
safety precautions.

 

 

The A333 aircraft successfully returned and landed at Entebbe International
Airport at 10.50am after safely circling the Northern Kampala airspace for
over three hours to reduce fuel to the required safe landing weight.

 

"The precautionary measures taken are standard safety procedures in the
aviation industry," CAA said in a statement.

 

"All the passengers and crew were safely disembarked."

 

It was not immediately clear what safety precautions caused the flight to
enter into an emergency holding pattern but Mr Vianney Luggya, the head of
corporate affairs and communication at CAA, said the airline merely cited
"technical problems".

 

The CAA is awaiting the results of the investigation to establish what
happened.

 

An "emergency holding pattern" after takeoff refers to a situation where an
aircraft, following a takeoff, is instructed to fly in a specific holding
pattern within the airspace.

 

Essentially, it's a way to safely delay the aircraft while assessing the
issue the crew would have reported and determining the best course of
action.

 

But it can also be to allow burning or dumping of fuel to reduce the weight
of the plane so the it can land back at the airport of origin.

 

In January 2023, another Turkish Airlines Airbus 330 was forced into a
costly emergency landing following bird strikes at takeoff.

 

The Flight 606 with 281 persons on board had to circle the skies for nearly
two hours before safely landing back at Entebbe.

 

Nile Post.

 

 

 

Uganda: President Museveni Directs Banks to Drop Charges On PDM Funds

During his speech at the 39th Liberation Day celebrations in Mubende
District, President Museveni ordered banks to immediately stop deducting
charges from the Parish Development Model (PDM) funds, stressing that
Ugandans are entitled to receive the full amount of Shs1 million.

 

The President tasked Mubende's Chief Administrative Officer (CAO), Peter
Ruhweeza, with providing an update on how PDM funds have been utilized in
the district.

 

"The government has done its best to boost the people's economy through the
Parish Development Model, and I would like someone to give us a broader
picture of how it is being used," the President said.

 

 

He also inquired whether the intended beneficiaries had received the funds
as outlined, but the audience responded negatively.

 

"I want someone to come and explain why they are not giving our people the
money," he ordered.

 

In response, CAO Ruhweeza revealed that Mubende had received Shs 16.4
billion, which had been transferred to Parish SACCOs for distribution.

 

"Your Excellency, Mubende has received Shs16.4 billion, and this money has
been deposited into Parish SACCO accounts, where beneficiaries receive Shs1
million each," Ruhweeza explained.

 

However, Ruhweeza acknowledged that banks had been deducting a portion of
the funds.

 

"When the money is deposited into Parish SACCO accounts, the banks deduct
some amount, although I do not have the exact figures," he said.

 

This explanation sparked dissatisfaction among the locals, who accused the
CAO of providing inaccurate information.

 

The President then instructed Ruhweeza to call the PDM focal person for
Mubende, Fred Kisaakye, to clarify the deductions.

 

"Your Excellency, let me invite the PDM focal person to explain how much is
deducted," said Ruhweeza.

 

Kisaakye informed the President that banks were deducting Shs4,000 under the
"WEENDI" initiative, leaving beneficiaries with Shs996,000.

 

However, this explanation failed to satisfy the audience, who accused
Kisaakye of lying.

 

The President then directed his security personnel to record the complaints
from the people and announced that the police would investigate the matter.

 

In response, President Museveni ordered banks to immediately stop deducting
any funds from PDM beneficiaries, insisting they must receive the full Shs1
million.

 

"I want to tell you that these banks are deducting that money illegally, and
I want them to stop immediately," the President said.

 

He also promised to return to Mubende to offer further guidance on
eradicating poverty.

 

"I will be coming back to Mubende to teach you how to fight poverty. The
government will cover the charges, so you will receive your full Shs1
million," he assured the people.

 

Nile Post.

 

 

 

 

 

Kenya: Ruto Backs City Cleanup Campaign, Says Nairobi Must Give Right
Impression

Nairobi — President William Ruto has commended the Nairobi City County
Government for its ongoing cleanup efforts.

 

Speaking at a church service on Sunday at the Global Cathedral in Nairobi,
President Ruto praised the initiatives undertaken by Governor Sakaja
Johnson, which include the removal of overhanging signage from walkways,
clearing hawkers from main streets and pedestrian paths, and general city
cleaning.

 

He described these efforts as a step in the right direction, noting their
potential to significantly transform the city's outlook.

 

In his address to the congregation, President Ruto, who was accompanied by
Nairobi Deputy Governor Njoroge Muchiri, expressed his approval of the
county's progress.

 

 

"Huge progress is being achieved. Deputy Governor Muchiri, tell the Governor
you [are] headed in the right direction, and the national government is with
you," Ruto said.

 

"Nairobi, as the capital and face of Kenya, must give the correct
impression."

 

The President emphasized the importance of presenting a positive image of
Nairobi and outlined plans for collaboration with the county government to
address critical infrastructural challenges and improvements.

 

"We shall work with the county government to collect all the garbage, to
repair and recarpet all the roads," the President affirmed.

 

The national government's commitment to supporting Nairobi's initiatives is
a significant boost to ongoing efforts aimed at improving the city's
infrastructure and air quality.

 

Capital FM.

 

 

 

 

South Africa: Jet Fuel Secured for or Tambo International Airport

The Department of Transport has announced that the fuels industry and its
stakeholders have in total secured the 121.1 million litres of jet fuel
needed at OR Tambo International Airport (ORTIA).

 

This is until the National Petroleum Refiners of South Africa (NATREF)
refinery opens its doors at the end of February 2025.

 

The announcement follows an urgent meeting convened by the Minister of
Transport, Barbara Creecy, last Friday with the relevant fuel industry
stakeholders to resolve jet fuel shortages.

 

The meeting was attended by Airport Company South Africa (ACSA), the Fuel
Industry Association of South Africa (FIASA) and SASOL.

 

 

The meeting was aimed at resolving the jet fuel shortages that were
threatening to disrupt flight operations at OR Tambo International Airport
in February 2025.

 

The anticipated fuel shortages was as a result of the shutdown of the
National Petroleum Refiners of South Africa (NATREF), which caught fire on
04 January 2025.

 

This led to some airlines having to make alternative arrangements to secure
fuel at Windhoek, King Shaka Airport and other destinations at considerable
inconvenience to passengers and crew.

 

On Monday last week, the fuels industry indicated to ACSA that it had
secured 50 million litres of jet fuel from various suppliers and on Friday
an additional 71.1 million litres were secured which brought the total to
121.1 million litres of jet fuel for OR Tambo.

 

The above total will be imported through the Port of Durban via three
vessels expected to arrive on 01 February and 10 February 2025.

 

"The meeting agreed that all parties will work on a logistics plan to ensure
the imported fuel supply moves from the Port of Durban to OR Tambo in time
for airline needs," the Department of Transport said in a statement.

 

An update on these logistics plans will be presented to the Minister on
Friday, 31 January 2025.

 

"Parties agreed it is necessary to build a fuel reserve to serve as a
critical safety buffer for unforeseen circumstances such as delays,
diversions or unexpected changes in flight conditions," the department said.

 

In this regard ACSA will engage the Department of Mineral and Petroleum
Resources and its entities.

 

The Minister expressed her appreciation to passengers, businesses and
stakeholders for their patience during this period of "unforeseen
difficulty" and apologised for the inconvenience caused.

 

SAnews.gov.za.

 

 

 

 

Somalia Advances Social Development Initiatives

Mogadishu, Somalia — Somalia's Second Deputy Prime Minister Abdisalan Abdi
Ali chaired a significant meeting on Monday to advance the country's social
service delivery, emphasizing the objectives of the Social Development
Pillar within the government's broader agenda.

 

The meeting, held in Mogadishu, drew senior officials from various
ministries and agencies, focusing on enhancing social welfare. Detailed
reports on human capital development were shared, along with strategic plans
to uplift public services.

 

Representatives from the Ministries of Health, Education, and Youth provided
updates on their current projects and future strategies aimed at extending
and refining service provision across Somalia's diverse regions.

 

 

Ali highlighted the critical nature of the Social Development Pillar,
describing it as foundational to the nation's development trajectory.

 

He called for an acceleration of efforts to ensure that governmental
services are not only accessible but also effective for all Somalis,
aligning with the country's comprehensive National Development Plan.

 

The Deputy Prime Minister stressed the need for inter-ministerial
cooperation to achieve these goals, advocating for a unified approach to
tackle Somalia's socio-economic challenges.

 

This meeting comes at a time when Somalia is striving to recover from
decades of civil unrest, with the government keen on demonstrating tangible
progress in social development to both its citizens and the international
community.

 

The focus on the Social Development Pillar is seen as a key component in
building a stable and prosperous Somalia.

 

Shabelle.

 

 

 

 

Malawi: WFP, World Bank, and Malawi Unite to Combat Food Insecurity

Malawi's fight against hunger has gained momentum with a groundbreaking
partnership between the World Food Programme (WFP), the Government of
Malawi, and the World Bank. The collaboration, fueled by a $35 million World
Bank fund, aims to address the severe food insecurity crisis exacerbated by
the El Niño-induced drought.

 

The partnership will facilitate the importation of 48,000 metric tons of
maize from Tanzania, providing essential relief to the 5.7 million Malawians
grappling with food shortages. Nearly one million households will receive
the maize through government-led distributions, ensuring vulnerable
communities endure until the next harvest season between April and July.

 

 

"This is a significant step in complementing the Malawi Government's efforts
in providing relief assistance to food-insecure households across the
country," said Charles Kalemba, Commissioner for Disaster Management
Affairs.

 

The initiative aligns with President Lazarus Chakwera's declaration of a
state of disaster last year, underscoring the government's commitment to
tackling the hunger crisis head-on.

 

A Unified Response to Climate Crises

 

WFP Regional Director for Southern Africa, Eric Perdison, highlighted the
strength of partnerships in addressing climate-related challenges.

 

"This collaboration shows the power of partnerships in tackling crises
caused by climate-related shocks. WFP is focused on ensuring that critical
resources reach the people who need them most," he said.

 

The $35 million funding is part of the Crisis Emergency Response Component
of the Food Systems Resilience Program for Eastern and Southern Africa -
Phase 3. This initiative is designed to rapidly mobilize resources during
emergencies, demonstrating the importance of preparedness in
climate-vulnerable regions.

 

Additional Support from WFP

 

Beyond maize distribution, WFP is assisting over two million Malawians
through food programs such as school meals, malnutrition treatment, and
logistical support to the government for food distribution.

 

Firas Raad, World Bank Country Manager for Malawi, reaffirmed the bank's
commitment to reducing hunger.

 

"We hope this financing will provide greater food security to vulnerable
households, and we are proud of our close collaboration with WFP," he
stated.

 

As Malawi continues to grapple with the devastating effects of climate
change, partnerships like these offer hope and a pathway to resilience for
millions of vulnerable citizens.

 

Nyasa Times.

 

 

 

 

Kenya: Ruto Welcomes Moody's Positive Rating, Says 'God Healing Our Economy'

President William Ruto has expressed confidence in the future of Kenya's
economy, citing a recent upgrade by global credit rating agency Moody's,
which revised the country's outlook from negative to positive.

 

Speaking during a church service in Nairobi on Sunday, Ruto said the
improved credit rating as a testament to the strengthening of Kenya's
economy, attributed to measures implemented by his administration to reverse
a downward economic trend.

 

"Just yesterday, we got good news about what God is doing in healing our
economy," he said.

 

 

"Working together, we have seen inflation numbers, exchange rates, and
interest rates come down."

 

Moody's attributed the outlook change to an improved likelihood of easing
liquidity risks and better debt affordability over time.

 

Default risk

 

The agency cited signs of reduced domestic financing costs due to recent
monetary easing measures and the Kenyan government's efforts to improve
fiscal management.

 

Despite the positive outlook, the new rating has sparked mixed reactions.
Some economists have questioned the country's economic stability, pointing
out that Moody's capped Kenya's credit rating at Caa1.

 

A Caa1 credit rating signals poor credit standing, indicating a high risk of
default. It is one of the lowest possible ratings, which considers the
issuer in question as highly speculative and near default on its debt
obligations.

 

The Caa1 rating serves as a warning that investing in this entity carries a
significant risk of financial loss.

 

While acknowledging the positive outlook, Moody's admitted that the rating
reflects elevated credit risks stemming from very weak debt affordability
and high gross financing needs relative to funding options.

 

"Additionally, Kenya also faces significant liquidity risks and
environmental and social challenges, including those arising from climate
events," the agency noted.

 

In 2022, Moody's rated Kenya at B2, a better rating compared to the current
Caa1.

 

A B2 credit rating indicates that while a government is still at high risk
of defaulting, it is considered capable of meeting its financial
obligations.

 

Capital FM.

 

 

Jaguar Land Rover bets $80m on bespoke paint services

The UK's largest luxury car maker, Jaguar Land Rover (JLR), says it will
invest £65m ($81m) to expand its bespoke paint services in response to
growing demand from wealthy customers.

 

The plan includes opening new paint facilities in Castle Bromwich, UK and
Nitra, Slovakia.

 

The firm, which is owned by India's Tata Group, says it expects to more than
double its bespoke paint operation, including helping clients match the
colour of exclusive Range Rover SV models to their private jets or yachts.

 

It follows a similar move by Rolls-Royce, which announced earlier this month
that it was investing £300m to build more highly-customised versions of its
cars for super-rich customers.

 

 

"Range Rover clients are increasingly choosing to tailor their vehicles with
more exclusive bespoke and elevated palette paints," said Jamal Hameedi,
director of special vehicle operations at JLR.

 

"By increasing our capacity we can satisfy the demand growth from our Range
Rover clients and... clients of our other brands."

 

The company says the plan will also help it cut energy and water use as well
as reduce paint waste.

 

Earlier this month, Rolls-Royce said it was expanding its Goodwood factory
and global headquarters to meet growing demand for bespoke models.

 

Rolls-Royce said the plan would "also ready the manufacturing facility for
the marque's transition to an all-battery electric vehicle future".

 

Last month, Jaguar unveiled a controversial new electric concept car.

 

Some on social media said the new Type 00 car was "exciting" and "absolutely
stunning", while others called it "rubbish" and told Jaguar's designers to
"go back to the drawing board".

 

However, the carmaker suggested the reaction was exactly what it wanted as
it was trying to reset the brand and revive sluggish sales.-BBC

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
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been compiled from s believed to be reliable, but no representation or
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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
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whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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