Major International Business Headlines Brief ::: 28 Jul 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  28 Jul  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Namibia's Tax Policy Gaps Threaten to Scare Investors Off, Experts Warn

ü  Ethiopia's Coffee Sector Sees Significant Growth, Ministry of Agriculture
Reports

ü  Nigeria: Passengers' Traffic - Anxiety As Local Airlines Raise Alarm Over
Consistent Decline

ü  Nigeria: Dangote Says Tinubu's Policies Are Reviving the Private Sector

ü  Nigeria: 2025 Budget Funding Under Pressure As Oil Output Under-Performs
in H1'25

ü  Nigeria: Electricity Supply Worsens Despite High Tariffs

ü  Rwanda: Why Rwanda-Tanzania Rail and Air Links Matter

ü  Tanzania Eyes Boost in Railway, Air Links With Rwanda

ü  Kenya's Gen Z Pitch Big Ideas After Salasya's Sh1m Tweet--but Frustration
Over Jobs Remains

ü  Egypt Records Highest-Ever Electricity Load At 38,800 Mw

ü  Kenya: KRA Seizes Suspected Narcotics in Bangkok Flight Bust At JKIA

ü  Kenya: Boda Boda Operators Say Proposed Law Will Render Them Jobless

 


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Namibia's Tax Policy Gaps Threaten to Scare Investors Off, Experts Warn

Namibia's limited network of tax treaties and lack of clear transfer pricing
rules undermine efforts to attract long-term international investment,
experts warn.

 

Speaking at the Taking Stock Namibia 2025 forum hosted in Windhoek last week
by Moore Infinity and Ellis & Partners, international tax expert Sven Helm
said the country's fiscal system urgently needs reform to align with
international standards and support sustainable economic growth.

 

"Namibia's current network of double taxation agreements remains narrow,
with only a few modern treaties that meet the Organisation for Economic
Co-operation and Development's expectations. This undermines cross-border
investment and legal certainty," Helm said.

 

He noted that while the government has introduced incentives such as tax
holidays, these often lack transparency and predictability, reducing their
impact.

 

Helm also criticised the country's transfer pricing framework, describing it
as underdeveloped and lacking in detailed guidance and local expertise.

 

"While Namibia shows intent to align with international norms, inconsistent
enforcement, limited legal certainty, and under-resourced tax administration
continue to deter global firms. Investors seek predictability, not political
discretion."

 

Helm recommended expanding Namibia's double taxation treaty network,
particularly with major investment source countries, and introducing
advanced pricing agreements to give investors more certainty.

 

Other proposals include reducing withholding taxes on inbound financing and
dividends, and strengthening anti-abuse provisions.

 

Echoing these concerns, economist Rowland Brown said rigid and outdated
policy choices are holding the country back from realising its global
potential.

 

"The world has far more to offer Namibia than we currently allow ourselves
to access. This is not about dependency but about leveraging global capital,
skills, and technology to transform our economy," Brown said.

 

He criticised what he described as ideological policymaking that puts
symbolic ownership ahead of real economic opportunity.

 

"Most Namibians want income security and dignified work, not symbolic shares
in struggling firms. Policies that elevate ideological purity over economic
opportunity end up hurting those with the least," he said.

 

Brown pointed to Namibia's high tax to gross domestic product ratio - among
the highest in the world - as a sign of misplaced priorities. Despite high
tax revenue, unemployment remains above 50%.

 

"This reflects not a lack of income, but poor prioritisation and spending.
Instead of enabling business, we burden it. The result is stagnation and
lost opportunities," he said.

 

According to Brown, Namibia has the core elements needed for success -
institutions, infrastructure, resources, and a small, manageable population
- but lacks the policy framework to unlock its potential.

 

"If we make the right decisions now, we can turn potential into prosperity."

 

He warned that fixed investment in Namibia remains concentrated in mining,
while other sectors are weighed down by a tax regime that is seen as
uncompetitive.

 

"Corporate tax, dividend tax, and the hidden costs of doing business
continue to discourage investment," Brown added.

 

Read the original article on Namibian.

 

 

 

 

 

Ethiopia's Coffee Sector Sees Significant Growth, Ministry of Agriculture
Reports

Addis Ababa, — Ethiopia's dedicated efforts to boost its coffee production
and productivity are yielding substantial results, the Ministry of
Agriculture announced at a high-level forum at UNFSS+4.

 

Minister of Agriculture Girma Amente underscored coffee's pivotal role for
Ethiopia and Africa, describing it not merely as an agricultural commodity
but as a strategic product intrinsically linked to history, identity, and
economic development.

 

The "Day of Action" summit, held today with field visits to various food
system transformation initiatives, featured a key forum at the Science
Museum focused on transforming the African coffee value chain.

 

The discussion emphasized the critical need for sustainable financing,
advanced technology, and expanded trade opportunities to enhance coffee
production, processing, and value addition across the continent.

 

The forum brought together a distinguished group of officials and
stakeholders, including UN Deputy Secretary-General Amina J. Mohammed,
Ugandan Vice President Jessica Alupo, FAO Director-General Qu Dongyu, and
Stefano Gatti, Director General for Development Cooperation at the Italian
Ministry of Foreign Affairs and International Cooperation.

 

International researchers, policymakers, and private sector representatives
also participated.

 

Minister Girma noted Ethiopia's success in increasing coffee output and
productivity through climate-resilient practices, noting the rising global
demand and competitiveness of Ethiopian coffee.

 

He reiterated that the sector remains a vital source of foreign exchange and
national pride.

 

UN Deputy Secretary-General Amina J. Mohammed echoed Minister Girma's
sentiments, emphasizing that coffee is the primary livelihood for millions,
especially smallholder farmers.

 

She stressed that scaling up production, enhancing value addition, and
investing in technology and market expansion are crucial for improving lives
and transforming the sector.

 

Ugandan Vice President Jessica Alupo reaffirmed coffee's significance to
national identity and economic development across Africa.

 

She detailed Uganda's initiatives to promote sustainable and inclusive
growth in coffee production and advocated for increased research and
innovation to combat climate change and elevate product quality.

 

Italy's Stefano Gatti affirmed his country's ongoing support for coffee
development programs in Ethiopia and Uganda, calling for strengthened
international collaboration to overcome challenges and unlock the sector's
full potential.

 

FAO Director-General Qu Dongyu pointed out that coffee is the main source of
income for over 80 percent of smallholder farmers globally.

 

He emphasized the growing threats these farmers face from climate change and
price volatility, which limit their ability to fully benefit from the coffee
trade, underscoring the urgent need for sustainable and cooperative global
action.

 

The panel discussion, titled "Enhancing the Transformation of the Coffee
Value Chain," was jointly organized by the governments of Ethiopia and
Italy, the United Nations Industrial Development Organization (UNIDO), and
the International and African Coffee Organizations.

 

Read the original article on ENA.

 

 

 

 

 

Nigeria: Passengers' Traffic - Anxiety As Local Airlines Raise Alarm Over
Consistent Decline

Consistent decline in domestic passenger traffic is creating anxiety among
operators in the country's air transport sector, with many warning that the
recently signed Tax Reform Acts could worsen the situation by 2026.

 

This came on the heels of a disclosure by Acting Managing Director of Ibom
Air, Mr George Uriesi, that domestic passenger traffic between January and
July 2025 had dropped by 27 per cent, compared to the same period in 2024.

 

Given that domestic throughput in 2022 was 16,172,433, which dropped to
15,685,272 in 2023 and 11,549,443 in 2024, operators are worried that the
harsh economy and the Tax Reform Acts, which would reintroduce the Value Add
ed Tax, VAT, on ticket sales in 2026, could compound the situation.

 

On June 26, 2025, President Bola Tinubu signed four Tax Reform Bills into
law, including the Nigeria Tax Act, NTA, The Nigeria Tax Administration Act,
NTAA, Nigeria Revenue Service Act, NRSA, and the Joint Revenue Board Act,
JRBA, to take effect on January 1, 2026.

 

In separate conversations with Vanguard, the operators, however, said
reducing fares through promos and cutting down on the multiple taxes which
affect the price of tickets were some of the methods through which the
market could be stimulated.

 

Managing Director of Aero Contractors, Ado Sanusi, said: "Airlines, the
aviation industry and the federal government can do something to reverse the
situation (decline in passenger load).

 

"First is the general economy of the country that has slowed down. But I
believe that with the recent increase in economic activities, business
travel will increase.

 

"For leisure travel and tourism that are declining, it is because the price
of tickets has made it a bit difficult for passengers to travel. When they
see that it is not a must travel, they decide not to travel.

 

"But we need to see how we can organically stimulate the market within the
space of aviation and the airlines' ability. How can we do that? Reducing
fares through promos. Most importantly, we need to look at the taxes.

 

"Aviation fuel is fixed, but the multiple taxes contribute a lot to ticket
prices. With the recent Tax Reform Acts, which reintroduced VAT, which is
7.5 per cent on ticket sales, it means that from January 2026, there will be
a 7.5 per cent increase on the tickets. This will also increase the price of
tickets and reduce the number of passengers flying."

 

On his part, a Trustee member of Airline Operators of Nigeria, AON, Roland
Iyayi, fingered the state of the economy as a major reason for the
persistent decline in passenger numbers.

 

He said: "If the economy is buoyant, there will be enough travel, mobility
will increase and there will be traffic.

 

"Disposable income, which is also affected by the economy, has also reduced.
Inflation has eaten deep into the disposable income of many. Air travel has
become a victim of the high level of inflation which we currently have in
the country."

 

He, however, warned that if taxes were increased on air transportation due
to the Tax Reform Acts, airlines would have no choice but to transmit it to
customers.

 

He said: "Invariably, what that does is reduce the number of people who can
travel. For every increase in tax, demand is suppressed."

 

Read the original article on Vanguard.

 

 

 

 

Nigeria: Dangote Says Tinubu's Policies Are Reviving the Private Sector

President/Chief Executive of the Dangote Group, Aliko Dangote, has hailed
President Bola Ahmed Tinubu as a listening president whose policies are
restoring private investors' confidence in Nigeria's economy.

 

Dangote made the remarks over the weekend during a visit by the Minister of
Industry, Trade and Investment, Dr Jumoke Oduwole, to the $20 billion
Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited
in Ibeju-Lekki, Lagos.

 

Commending President Tinubu's efforts at addressing the issue of crude
supply challenges to domestic refineries, Dangote praised the
Naira-for-Crude initiative and the Nigeria First policy as bold and
transformative steps capable of revitalising the economy faster than
expected.

 

"I believe we must sincerely thank His Excellency, President Bola Ahmed
Tinubu, for ensuring that there have been improvements in the supply of
crude oil. His insistence that all crude oil transactions be conducted in
naira has been particularly commendable. For us to effectively meet market
demand--which we can do--it is essential that crude is priced and purchased
in our local currency," he said.

 

The leading industrialist noted that these initiatives, along with other
economic reforms, have brought a measure of stability to the naira-to-dollar
exchange rate. He expressed optimism that the naira would continue to
strengthen in the coming weeks as the effects of the reforms become more
visible. According to him, the improved market predictability has helped
investors make sound business decisions and restored confidence in the
investment climate.

 

"We are also beginning to see some stability in the naira-to-dollar exchange
rate, which has had a positive impact. There is now less fluctuation, and
this has brought a degree of predictability to the market

 

"For those of us in the business sector, this is a welcome development, as
it allows us to plan more effectively. Looking ahead, as market conditions
continue to improve, we can expect to see a more favourable exchange rate,"
he said

 

Dangote also commended the Federal Government for establishing a One-Stop
Shop (OSS) initiative to improve coordination among regulatory and security
agencies, thereby facilitating smoother operations under the Naira-for-Crude
programme. He emphasized that the OSS had significantly reduced bottlenecks
and enabled the real-time resolution of issues, in line with President
Tinubu's directive.

 

"The administration of His Excellency, President Bola Ahmed Tinubu, has
established a One-Stop Shop that is working diligently. I am confident that
the government intends to replicate this model in other sectors,
particularly to streamline the clearing of goods--an essential area of
business.

 

"At present, we are not experiencing any significant issues with loading.
All the relevant agencies have been brought together under one roof,
including the Navy, NIMASA, NPA, and others. This coordination has greatly
improved efficiency. Whenever issues arise, they are promptly addressed
through the leadership of the Chairman of the Technical Committee, Mr Zack
Adedeji, who is doing an excellent job."

 

The business magnate further disclosed that the refinery is set to launch a
new initiative involving the deployment of 4,000 CNG (Compressed Natural
Gas) tankers to distribute petroleum products more efficiently and in an
environmentally friendly manner. He explained that the move would reduce
logistics costs and ensure Nigerians receive products at more affordable
prices, closer to their locations.

 

Meanwhile, the Minister of Industry, Trade and Investment, Dr Jumoke
Oduwole, reaffirmed the FG's commitment to promoting domestic investment and
addressing the challenges faced by local investors.

 

"We are here today as a result of President Bola Ahmed Tinubu's clear focus
on domestic investment. As you are aware, we held a Domestic Investment
Summit on Monday--the first of its kind. Today, we are gathered at the
invitation of Alhaji Aliko Dangote, a leading investor who has committed an
extraordinary amount of resources to Nigeria's development," she said.

 

Dr Oduwole hailed the refinery as a landmark project, noting that even
governments shy away from initiatives of such scale. She said the
administration is demonstrating real support for domestic investors by
taking practical steps to reduce constraints and foster growth.

 

"He has taken on a project of such magnitude--one that even governments
often hesitate to undertake. As an administration, we do not take this
lightly. We are here to show our full support for him, both as a foremost
domestic investor and as a prominent champion of African investment on the
global stage.

 

"Our support is not limited to words; we are demonstrating our commitment
through action. We are encouraging other domestic investors by recognising
and backing those, like Alhaji Dangote, who put Nigeria first. This is not
mere rhetoric--our time, attention, and effort are fully aligned with our
priorities.

 

"That is why we have dedicated an entire day to immersing ourselves in this
project--the Dangote Refinery."

 

She added that the Federal Government is continuously engaging with
stakeholders and reviewing regulatory and legislative frameworks to reduce
business costs and stimulate industrial development.

 

Read the original article on Vanguard.

 

 

 

 

 

 

Nigeria: 2025 Budget Funding Under Pressure As Oil Output Under-Performs in
H1'25

There are indications that the 2025 Federal Budget has come under funding
pressures as the petroleum industry regulator, Nigerian Upstream Regulatory
Commission, NUPRC, recorded significant under-performance of crude oil
output in the first half of 2025, H1'25.

 

The budget set to be mainly funded from oil revenue, was benchmarked on 2.06
million bpd oil output, $75 per barrel and an exchange rate of N1,
500/dollar.

 

The NUPRC reports for the H1'25 show that the target was not met.

 

The breakdown in the NUPRC July 2025 'Crude Oil and Condensate Production'
report indicated that 1.737 million bpd, 1.671 million bpd, 1.603 million
bpd, 1.683 million bpd, 1.657 million bpd and 1,697,045 were produced in
January, February, March, April, May and June 2025, respectively.

 

Also, in the report NUPRC stated: "Lowest and peak combined crude oil and
condensate production in June were 1.61 million bpd and 1.82 million bpd
respectively."

 

Bonny Light price hovers at $71 per barrel - OPEC

 

In addition to the underproduction, low crude oil prices marked the period
contrary to FG's projections as data obtained from the Monthly Oil Market
Reports, MOMRs, of the Organisation of Petroleum Exporting Countries, OPEC,
indicated that Nigeria's Bonny Light traded at an average of $71.73 per
barrel in June 2025.

 

It also indicated that the highest price of $80.14 per barrel was recorded
in January 2025 while the least price of $64.55 per barrel was recorded in
May 2025.

 

OPEC has also lamented the H1'25 global oil industry performance stating:
"Crude oil prices experienced heightened volatility during H1'25, largely
driven by geopolitical developments in the Middle East and Eastern Europe,
as well as uncertainty surrounding US trade policy toward key economic
partners.

 

"These developments weighed on market sentiment and contributed to
fluctuating risk premiums across the oil complex. Volatility was further
amplified in the oil futures market by elevated speculative activity.

 

"Hedge funds and other money managers frequently adjusted their net
positions in response to evolving geopolitical news and signals regarding
international trade policy, resulting in sharp price swings throughout the
period."

 

Situation may not improve in H2' 25 - Iledare, BudgIT

 

However, in an interview with Financial Vanguard, Wumi Iledare, Professor
Emeritus and Executive Director, Emmanuel Egbogah Foundation, Abuja, said:
"I recall clearly expressing concern at the time that the budget assumptions
bordered on daydreaming and were unrealistically optimistic. The key budget
anchors--production volume, oil price, and costs--remain highly
unpredictable, with significant deviations from the initial assumptions.

 

"This clearly shows that the budget process needs serious improvement.
Global oil market remains very unstable. Oil prices will rise but the prices
will not be stable. This will continue to impact on the implementation of
the budget in the second half of 2025."

 

Similarly, the Group Head of Research at BudgIT, Vahyala Kwaga, said: "These
budget assumptions must be looked at in isolation of each other. This is
because each of them concerns a separate aspect of the local and domestic
economy.

 

"The oil production benchmark was not met and will likely not be met due to
legacy issues in the Nigerian oil sector. Low production capacity, low
maintenance of oil facilities, vandalism and oil theft still plague the
sector till today.

 

Moreover, the foreign investments in the sector have reduced (many foreign
investors have moved to the deep offshore).

 

"The average oil price of $75 dollars was not met (due to global conflicts
and the actions of large economies) but can be met in the latter half of the
year due to geopolitical factors (conflict involving Iran, increased demand
from China, etc.).

 

"The Nigerian federal government has been advised to be pessimistic in their
oil price forecasts, so as to leave room for higher revenue where the
forecasts turn out to be incorrect.

 

"Yet, the government consistently predicts very high prices. In any case the
global price of oil has little to do with the Nigerian government.

 

FG revenue to decline in H2'25

 

He also said: "The inability of all of the above to be met will mean the
government will earn less than it projected.

 

Where this happens, the budget deficit will increase, widening the gap
between revenue and expenditure. This will mean there will be less money to
implement the budget and achieve public services.

 

"The government has the option to cut its costs, borrow or significantly
improve non-oil revenues. It can decide to focus on one, two or all three.
The implications are clear. Where it cuts costs, this will have an impact on
government service delivery and if the right components are cut, it could
reduce the deficit but the Nigerian budget is predominantly comprised of
recurrent spending (debt payments, salaries and overheads).

 

"Where the government decides to borrow, it will further increase the
deficit, leaving less money available for government services in the future.
The most sustainable decision, would be if the government seeks to increase
non-oil revenues.

 

"Where it does this fairly, efficiently and transparently, it can address
the looming fiscal problems in the economy. I would advise the government to
cut wasteful spending and increase non-oil revenue generation."

 

Uncertainty pervades H2'25 outlook - LCCI

 

Director General, Lagos Chamber of Commerce and Industry, LCCI, Dr. Chinyere
Almona, said: "The non-realisation in the year's first half targets reflects
deep-rooted structural and policy-related challenges.

 

"In the first half of 2025, oil production consistently underperformed,
averaging below 1.5 million bpd when condensates are included. This was due
to persistent issues such as pipeline vandalism, crude theft,
under-investment, and operational inefficiencies that constrain output.
Unless the government accelerates security reforms in oil-producing areas,
incentivises investment in upstream assets, and fast-tracks regulatory
approvals, achieving the 2.06 million bpd target in the second half remains
unlikely.

 

"Global oil prices have fluctuated within a relatively favourable range,
averaging between $70 and $67 per barrel in the year's first half. The price
of oil has remained below $75 since March to date. Geopolitical tensions and
OPEC+ production management buoyed this. "Looking ahead, while the $75
benchmark is still attainable, downside risks exist, particularly from a
potential global economic slowdown or increased output from non-OPEC
producers.

 

"Price volatility will likely persist, but there is cautious optimism that
this benchmark could be met or slightly exceeded.

 

"Lower-than-expected oil output and a volatile exchange rate could lead to
substantial revenue shortfalls.

 

"In short, the second half of 2025 provides a narrow window to reset fiscal
expectations and implement bold, realistic reforms. Bridging the gap between
budget assumptions and economic realities require strong political will,
policy coordination, and private sector engagement.

 

"The LCCI remains committed to supporting dialogue that fosters fiscal
sustainability and macroeconomic resilience."

 

Read the original article on Vanguard.

 

 

 

 

 

Nigeria: Electricity Supply Worsens Despite High Tariffs

Citizens in several states of the federation have continued to grapple with
epileptic electricity supply and soaring bills.

 

>From industrial hubs in Kano, Borno and Kaduna states to households in
Lagos, Ogun, Benue and Plateau, residents and small business owners, who
spoke to Daily Trust, expressed frustration over a system they said had
failed them.

 

But the Minister of Power, Adebayo Adelabu, through his media aide, Bolaji
Tunji, said said the government was trying to resolve the problems,
emphasising that "we won't get there overnight."

 

President Bola Ahmed Tinubu had, on February 9, 2024, signed the Nigeria's
Electricity Act (Amendment) Bill to decentralise power generation and allow
the states to take charge of their needs.

 

Under the Act, the states have the authority to control and regulate
electricity within their domains. They have the freedom to generate,
transmit and distribute power using the existing facilities of the
government.

 

Although the Act has been domesticated in 11 states: Enugu, Ondo, Ekiti,
Imo, Oyo, Edo, Kogi, Lagos, Ogun, Niger and Plateau, residents and business
owners said the impact is yet to be felt, decrying irregular power supply
and in some cases, low voltage.

 

The increase in electricity tariff for Band 'A' customers have also elicited
complaints from consumers who said it was taking a huge toll on their
finances.

 

Last Thursday, the Nigerian Electricity Regulatory Commission (NERC) had
said the Enugu Electricity Regulatory Commission (EERC) lacks the regulatory
power to fix the electricity price when the power is generated and
transmitted from the national grid. This followed the reduction of tariff
for Band A customers in the state.

 

Residents, businesses pay more for less

 

Many of the consumers placed on Band A, which promises 20 hours of power
daily or more, told Daily Trust that they were under the weight of high
tariffs and poor services.

 

Some of the customers also decried the huge amounts of money they were meant
to pay through the estimated bills as they do not have meters to get fair
billing.

 

According to the NERC, 6,468,036 of the 13,767,884 registered electricity
customers across the 12 distribution companies were metered as of March 31,
2025, leaving 53.2 percent unmetered.

 

In Kano, industrialists in Sharada and Dakata industrial areas said they
spend millions monthly on electricity while still relying on generators due
to inconsistent supply.

 

The allocation of power distributed by the Kano Electricity Distribution
Company (KEDCO) had, in the past three weeks, dropped from 300megawats to
130mw over what the KEDCO attributed to the reduced allocation from the
Transmission Company of Nigeria (TCN) due to an ongoing maintenance on the
330KV Shiroro-Kaduna transmission line.

 

The reduced allocation is being shared to the three franchise states of
KEDCO: Kano, Katsina and Jigawa.

 

Twenty seven of the 43 areas allocated to enjoy steady light on Band A from
KEDCO are in Kano State; while the remaining 16 are in Katsina and Jigawa.

 

Most of those areas in Kano fall under places identified as industrial
areas, mostly in Challawa, Sharada, Bompai and Dakata.

 

A small-scale industrialist in the state, Yusuf Bello Yakasai, who operates
in the Sharada Industrial area, said over 60 percent of his profit goes to
electricity bills amid declining supply.

 

He said, "If you visit Sharada and Dakata industrial estates, most of us pay
N260 per unit. So, for us who use heavy industry machines that consume a lot
of light, we end up using the bulk of our earnings to pay bills.

 

"For someone like me, despite having a small-scale recycling industry, I pay
as much as N4 million monthly. So, if you deduct that from my monthly
earnings, you will see that about two-third of the profit is gone. And even
at that, the supply has recently been very low," he lamented.

 

Yakasai also complained that the supply is not only expensive but also
unstable.

 

"We don't get up to the promised number of hours. Sometimes they bring the
light, and the moment production starts, it goes off. We're forced to switch
to generators while the meter continues to record usage."

 

Another small-scale industry owner in the state, Habibu Sulaiman, said he
pays up to N2m monthly, which is about 65 percent of his total profit.

 

He called on the federal government to restore electricity subsidies for
industries, arguing that no investor would put money in a system where there
is little or no return.

 

"We help the government by providing jobs for the citizens, so if the
environment we operate in is not favourable, others won't be motivated to
join us," Sulaiman said.

 

Another Band A user in Kano, Adamu Ismail, said he has begun switching to
solar energy due to high tariffs and unreliable supply.

 

"In a few months, I'll have all the equipment I need to run my home entirely
on solar. I can't keep spending over N200,000 every month on electricity.
It's just not sustainable."

 

Yakubu Usman, a Band A customer in the Jambulo area of Kano metropolis, said
the recent drop in supply is affecting both households and businesses.

 

He urged the state to take advantage of the recent constitutional amendment
allowing states to generate electricity.

 

"I learned that states can now produce their own electricity. Kano should
lead the way, given its economic importance," Usman said.

 

In Maiduguri, the Borno State capital, businesses and several banks said
they are operating almost entirely on diesel as they allege that the power
supply is often less than three hours a day.

 

The manager of Maiduguri Flour Mills, Mohammed Bukar, said: "We only get two
to three hours of electricity supply daily, and most times, the voltage is
low, which has forced us to switch to generators.

 

"We virtually operate our businesses on diesel, because you can't afford
failure at the peak of production due to the epileptic power supply.

 

"We decided to cut off from the grid when the problem persisted because our
machines got spoiled due to unsteady current supply and the outrageous bills
of N500,000 or N1m at the end of the month.

 

"We now operate strictly on generators, struggling with diesel costs that
eat into our profits. That has forced us to restructure our operations," he
said.

 

He lamented that most of the industries in Maiduguri have closed down
because of electricity issues.

 

A manager of a first-generation bank in Maiduguri said the Yola Electricity
Distribution Company (YEDC) has been inflating bills despite erratic
service.

 

"We're yet to understand the outrageous bills we get every month from YEDC.
Sometimes, we endure days of epileptic supply, yet our bills increase.

 

"If we paid N500,000 last month, this month it's N650,000 or even N700,000.
Whether we use electricity or not, the bills never go down.

 

"This is increasing the cost of doing business, and the burden is eventually
passed on to customers," he said.

 

Kaduna

 

In Kaduna, small business owners say electricity tariffs now take up over 60
per cent of their income, with some calling the band classification system a
"mistake" that punishes loyal consumers.

 

Abraham Benson, Managing Director of BEMAK International, a printing firm in
Kaduna, said the combination of economic hardship and rising power costs is
unbearable for small businesses.

 

"The tariff is killing small businesses," Benson said. "The economy is
already hard, and rising tariffs from all sides are biting us. It's
affecting every aspect of our operations."

 

He added that the entire business environment is tough, with no relief in
sight.

 

"Electricity is high, fuel is expensive, and raw materials are unaffordable.
It's just not encouraging anymore."

 

Benson also criticised the Band A-D classification system, calling it unfair
to consumers.

 

"This whole idea of Band A, B, C, D--the so-called tariff segregation--is
not the best approach. If electricity is available and tariffs are uniform,
more people will pay.

 

"But now, higher bands mean higher operating costs for us, which affects our
pricing and reduces competitiveness," he said.

 

Lawal Umar, who runs a large tailoring business in Kaduna, also expressed
frustration with the band tariff structure.

 

"The benefit of the Band A plan is the regular electricity supply, but the
charges are quite high, and you just have to endure it. It doesn't really
affect the work because we're still able to meet our needs, to be honest.
However, it has slightly affected the prices of our services," he stated.

 

When contacted yesterday to explain what the Nigerian Electricity Regulatory
Commission (NERC) was doing to get the distribution companies to supply
power regularly, the General Manager, Public Affairs of the commission,
Usman Arabi, neither answered calls to his mobile telephone line nor replied
to a message sent to him.

 

Similarly, the spokespersons of the Yola, Kaduna, Ibadan and Abuja
Electricity Distribution Companies, Gbenga Adebola, Abdulazeez Abdullahi,
Busolami Tunwase and Adefisayo Akinsanya respectively, did not respond to
calls and messages sent to their mobile telephone lines by our
correspondents, seeking their reactions to the allegations of poor
electricity supply and outrageous bills.

 

Benue, Plateau residents call govs to action

 

Edwin Torkuma, a resident of Makurdi, Benue State, expressed optimism "that
power supply will improve greatly when the state begins to generate its own
electricity. In fact, it will have multiple positive effects on businesses
and boost income."

 

Monica Itodo, another resident of the state, said: "I have been hearing that
Benue plans to generate its own electricity which is a good thing, but I
really doubt if this promise can be actualised. It's more like another
campaign project."

 

Abubakar Dashe, a resident of Jos in Plateau State, said if the state
generates its own power, "I am confident that things will go well because
there will be competition, and as such, prices will go down. So, we expect
the electricity tariff to be lower than what we're experiencing."

 

In Lagos, some Band A customers, especially traders and residents of Obawole
and Iju-Ishaga areas of the state, said they were in a fix over "outrageous"
electricity bills.

 

They, however, admitted that they were enjoying regular power supply.

 

"This Band A thing does not make sense at all. The bill is giving everybody
a setback. If you recharge electricity worth N30, 000 or N17,500, it may
last for just a day and some hours. For instance, I will pay the bill and
will still be buying ice blocks.

 

It does not make sense. I am not going forward," a female trader in Obawole,
said in a viral video.

 

Residents of Akinola-Aboru communities in Lagos on Band A demanded that the
area be degraded to Band B because of the exorbitant amounts they were
spending on electricity.

 

A former chairman of Peace Estate at Aboru area of Lagos, Olawale Famutimi,
said: "This band grading has caused problems in many compounds where three
to four people are using one prepaid meter and they always disagree. Some
houses don't even use light because it is too expensive.

 

"Let them reverse to Band B and give meters to everybody, then one can
decide or consider moving to Band A by choice."

 

Lawal Kazeem of Tebun Fagbemi Street, Kollington, Alagbado, Lagos, said they
enjoy regular power supply, but expressed worry over the outrageous
electricity bills.

 

A resident of Abeokuta, Ogun State, Mrs Akinsanya, said her community in
Obada area was moved from Band A to C due to an allegation of electricity
bypass by some households.

 

"Most times, there will be power supply in Obada Estate while the next
community that shares a connection with them will not have light.

 

"Sometimes, for three days at a stretch, we won't have power supply," she
said.

 

For Florence Ajayi, the upgrade of her estate in Lugbe has led to the
control of how she consumes electricity in her house.

 

Ajayi said before the tariff, she was using N2,000 electricity for a week
but now she spends about N7,000.

 

"The electricity is always available and if I don't monitor my usage, it
will cost me lots of money. I spent at least N25, 000 in a month on
electricity and it is just the fridge that is the only high-consuming
appliance I use."

 

Also, Imam Yahaya said though his community in Efab area is on Band A, "It
is outrageous that the electricity supply I get is not up to 20 hours.

 

"I am not sure that we get the supply as required because I know some of my
friends who are still on Band B in the same area. I don't know whether it is
due to the meter. I can't iron my clothes due to the way the token
disappears with appliances. I hope the tariff increment is just an
experiment because if it continues this way, more people will not be able to
afford electricity," he said.

 

Experts urge states to focus on local generation

 

Adetayo Adegbemle, Convener of PowerUp Nigeria, has urged states to use
their natural advantages, like coal in Enugu or solar potential in Jigawa,
to attract private investment and generate affordable electricity.

 

"You can't demand lower tariffs for power you don't generate. For a state
like Enugu, I would have expected them to start generating with coal so that
prices of electricity can be brought down to their desired tariff," he said.

 

Lanre Elatuyi, another expert, warned against focusing on tariff battles
without fixing generation and distribution capacity.

 

"Tariff reduction doesn't solve the real problem if people are still left in
darkness. The issue is that without guaranteeing reliable supply for the
people and without increasing the capacity of electricity being off-taken by
or being delivered to people, the issue of tariff is just to bring a bit of
diversion."

 

Problems being resolved - Minister's spokesman

 

When contacted, Bolaji Tunji, the media aide to the Minister of Power,
Adebayo Adelabu, said it was wrong to say the power sector had not improved.

 

He said: "There will be a little bit of complaints because we won't get
there overnight. These are problems that developed over the years, but this
government is trying to resolve all of them. Just last Friday, we
commissioned some projects in Oyo State, which is to further strengthen the
grid. It is part of the Siemens project, which is basically to strengthen
the grid.

 

"The final stage of the Siemens deal is what we are doing presently before
phase 1 will start. So, saying there is no improvement is quite wrong. There
has been improvement. As you can see, we have not had any grid collapse this
year."

 

Read the original article on Daily Trust.

 

 

 

 

 

Rwanda: Why Rwanda-Tanzania Rail and Air Links Matter

The announcement this past weekend that Tanzania and Rwanda are seeking to
bolster their railway and air connectivity marks a timely and strategic move
in reshaping the economic landscape of the region.

 

The truth of the matter is, despite the various protocols in place, without
affordable and efficient transport, the promise of regional integration will
remain just a promise.

 

Dar es Salaam is Rwanda's principal port of entry for goods and a vital
artery for the country's international trade, through the Central Corridor.
Yet, for years, the journey from port to destination has been hampered by
poor limited alternatives, with high costs and time consuming.

 

Faced with such a situation, the efforts to extend the Standard Gauge
Railway (SGR) and enhance air connectivity between the two countries become
an imperative, as this touches the very core of livelihoods.

 

Efficient transport systems reduce costs for businesses, enhance access to
markets, and make everyday goods more affordable for ordinary citizens. For
traders and small businesses in Kigali, better railway links mean cheaper
imports.

 

For farmers in rural Rwanda, improved air cargo networks could mean quicker
access to foreign markets. For Tanzanian exporters, it means a larger and
more accessible Rwandan market. This is economic empowerment in its most
practical form.

 

The bigger picture, however, is continental. Across Africa, high
transportation costs remain one of the biggest barriers to intra-African
trade. While landmark agreements such as the African Continental Free Trade
Area (AfCFTA) and the East African Community (EAC) Customs Union are steps
in the right direction, their impact will be stunted unless they are paired
with tangible improvements in physical infrastructure.

 

Trade corridors must be more than policy; they must be paved, connected, and
maintained.

 

Historically, Africa has been more connected to former colonial powers than
to itself. Goods can move faster and more cheaply from Europe to African
ports than they can between neighbouring African capitals. This must end. If
we are to truly integrate our economies and uplift our people, we must
confront and overcome the transportation jinx that has held back progress
for too long.

 

The Rwanda-Tanzania initiative is a clear signal of what is possible when
vision meets commitment. It is a model that others can emulate. Regional
development is not only about diplomatic handshakes and signed agreements;
it is about trains that run on time, planes that fly at affordable prices,
and roads that connect producers to consumers.

 

This renewed push for connectivity must be sustained and expanded. The
benefits are clear: stronger economies, empowered citizens, and a continent
that is finally learning to trade with itself.

 

Read the original article on New Times.

 

 

 

Tanzania Eyes Boost in Railway, Air Links With Rwanda

Tanzania and Rwanda have reaffirmed their commitment to deeper bilateral
ties, with expansion of air connectivity, a railway project, and the
promotion of Kiswahili as a shared official language being under
consideration.

 

Mahmoud Thabit Kombo, Tanzania's Minister of Foreign Affairs and East
African Cooperation, provided the updates on bilateral cooperation, on
Saturday, July 26, in Kigali, during a ministerial session of the 16th Joint
Permanent Commission between Rwanda and Tanzania.

 

ALSO READ: New deal to let Rwandan traders clear goods remotely from
Tanzania

 

He pointed out that that among all of Tanzania's neighbouring countries,
Rwanda--alongside Kenya--currently has the highest number of flights to and
from Tanzania. RwandAir operates daily flights to the country.

 

"That is very encouraging because connectivity is very important in any kind
of relationship. So, cooperation on air services is ongoing and we are
expecting to do more," he said.

 

Plan to resume Air Tanzania flights to Kigali

 

Kombo pointed to the strong presence of RwandAir, highlighting its
performance and service quality.

 

"I'm also informed that 90 per cent of Tanzania's delegation, including
myself, have come here with RwandAir. So, Rwanda Air is doing a great work,"
he said.

 

"We are also encouraging Air Tanzania to start their flights to Kigali," he
said, pointing out that it used to fly to the Rwandan capital but that
"stopped for several reasons."

 

Beyond passenger flights, he said that plans were underway to include cargo
services from Air Tanzania, indicating that it has a large cargo fleet, and
it can transport the cargo for Rwanda.

 

"So, the future is very bright," said the Tanzanian foreign minister, who
had held discussions with his Rwandan counterpart Olivier Nduhungirehe.

 

ALSO READ: What the SGR means for Kigali's ambition to become a services hub

 

Paving the way for the railway project

 

In addition to aviation, Kombo indicated the two governments were committed
to implementing more strategic and ambitious projects, such as the standard
gauge railway (SGR) to connect Tanzania and Rwanda and improve the transport
of goods between the two countries.

 

He said the technical matters of feasibility study and route planning for
the railway was under consideration at ministerial level in Tanzania.

 

ALSO READ: Proposed Isaka-Kigali railway could be extended to Rubavu

 

Promoting Kiswahili use in Rwanda

 

Kombo commended Rwanda for embracing Kiswahili as one of its official
languages, and the fact that Rwanda is among the very few countries in the
world with four official languages--English, French, Kinyarwanda, and
Kiswahili.

 

"In Tanzania, we have only two. And as you know, Tanzania is the guardian of
Kiswahili.," he said, pointing out that Tanzania hosts the headquarters of
Kiswahili not only for the East African Community, but also for Southern
African Development Community (SADC), the African Union, and globally
through UNESCO.

 

"We have a responsibility to do more."

 

Tanzania, he stated, was prepared to support Rwanda in further promoting the
language that's spoken by more than 200 million people, according to UNESCO.

 

"We want to provide more facilitation, including [Kiswahili] books and
teachers," he said, adding that in the future, they hope to support efforts
to foster Kiswahili teaching at the school level in Rwanda.

 

He pointed out that Kiswahili is now the most widely spoken language in East
and Central Africa.

 

Overall, Kombo also appreciated the broad scope of collaboration between
Tanzania and Rwanda.

 

"I am pleased to note that our two countries agree to strengthen and
intensify cooperation on political and diplomatic consultation, defense,
security, trade, investment, agriculture, tourism, infrastructure
development, ICT, energy and health sectors," he said.

 

Read the original article on New Times.

 

 

 

 

 

Kenya's Gen Z Pitch Big Ideas After Salasya's Sh1m Tweet--but Frustration
Over Jobs Remains

Nairobi — When Mumias East MP Peter Salasya posted a simple call for
business ideas on X (formerly Twitter), offering to co-invest Sh1 million in
any venture with a short payback period (excluding Airbnb and betting), he
likely didn't anticipate triggering a flood of pitches--ranging from serious
to outright absurd.

 

@pksalasya:

 

"Am looking for someone who have business idea that it's payback period is
short apart from airbnb and betting that with this one million we can invest
in. We shall share 70% me and him or her 30%. Tuende kazi i will be reading
the comment by comment."

 

That one tweet turned his feed into a fast-paced, crowdsourced Shark Tank,
Kenyan-style--complete with business plans, satire, and hustle energy.

 

The Real Hustle: Business Proposals That Just Might Work

 

Joy.Ride Carhire @JCarhire: "Invest in a campervan for road trips and
staycations... With 1M, you build or buy one and start earning right away."

 

Salasya: "Good idea."

 

Njenga Mwoha @mwoha_ke: "Niko na machines za 1M... wewe ulete 1M tuanze
kuunda Frames na Milango."

 

Salasya: "Good idea we can do something."

 

Shadrack Biwot @sediltd_: "Start a digital agency. High demand, low
overhead. Payback in under a year."

 

Salasya: "Mmmmmmh send me this on DM."

 

Byrum @ByrumWBarasa: "We can set up a medical centre for 500k. Returns 20k
per day."

 

Salasya: "Good idea."

 

When Satire Becomes Social Commentary

 

Among the flurry of tweets, one stood out for its biting wit:

 

Serious Joker @HESeriousJoker:

 

"We can open a private police station to arrest government officials and
agencies who think they're immune & above the constitution..."

 

The suggestion--clearly satirical--struck a nerve with many Kenyans. It
wasn't just funny; it was loaded with commentary on corruption, impunity,
and public frustration with the political elite.

 

Behind the Laughter: A Generation in Economic Crisis

 

Salasya's tweet may have generated laughs, but the depth of engagement it
received reflects a more serious national crisis: the struggle for economic
survival among Kenyan youth.

 

President William Ruto came to power promising to create jobs for millions
of unemployed youth. But for many Gen Z Kenyans, that promise remains unmet.
The disillusionment boiled over in the June 25, 2024 protests against the
Finance Bill, which saw taxes rise amid a cost-of-living crisis. Dozens were
killed in the crackdown.

 

A year later, on June 25, 2025, youth again took to the streets to
commemorate those lost--and over 60 more were killed.

 

While President Ruto often points to his Affordable Housing Programme and
bilateral job deals abroad as proof of job creation, many youth dismiss
these efforts as either unsustainable or inaccessible. The jobs
abroad--mainly in healthcare and tech--are too few to address the scale of
unemployment.

 

According to World Bank projections, Kenya's overall unemployment rate stood
at 5.7% in 2024, while KNBS reported 4.9% in Q4 2022. However, youth
unemployment paints a grimmer picture. The Federation of Kenya Employers
(FKE) estimates that up to 67% of Kenyans aged 15-34 are unemployed.

 

This is why Salasya's thread became a microcosm of a national mood: raw
creativity meeting real desperation.

 

Comic Relief, Hustler Spirit, and Flirtation

 

Asango @ann_asango: "Kuja tufungue shule for EYFS babe "

 

Salasya: "Very nice idea if you can run on my behalf."

 

Karomo @tonykaromo: "Legal but impossible to tax. 600k capital. DM if
serious."

 

Salasya laughed off the idea.

 

Millan @Oliat_: "Bring the one million. I'll give you 30% of my business for
five years."

 

Anyole Mwene @EphraimPa89709: "Pedi profit 200%."

 

Salasya posted emojis.

 

A New Kind of Political Conversation

 

Salasya's casual, emoji-laden responses added to the thread's appeal. In a
political class often viewed as aloof, he offered something
different--direct access, humour, and a willingness to listen (or at least
laugh).

 

The viral thread captured something rare: a fusion of civic engagement,
entrepreneurial thinking, and digital democracy--all unfolding in real time.

 

Whether Salasya actually backs a campervan start-up, a medical centre, or
launches a private anti-corruption police force, one thing is clear: the
hustle is real.

 

In a nation where opportunity is scarce and humour is currency, Kenyans are
pitching, dreaming, and surviving--one tweet at a time.

 

Read the original article on Capital FM.

 

 

 

Egypt Records Highest-Ever Electricity Load At 38,800 Mw

Egypt's unified electricity grid registered its highest-ever load on
Saturday, setting a new record of 38,800 megawatts--an increase of 800
megawatts in a single day.

 

The figure surpasses both last year's peak and this year's previous high of
38,000 megawatts.

 

In a statement, the Ministry of Electricity said the national grid
successfully withstood an unprecedented surge in demand, describing the
event as a real test unlike any it had faced before. The spike occurred amid
soaring temperatures, high humidity, and continued daily increases in
consumption.

 

The ministry added that it has raised the state of readiness across the
entire electrical system, from generation to transmission and distribution.
Emergency teams, technical support units, and maintenance crews have been
reinforced, with enhanced monitoring measures in place to ensure optimal
performance.

 

Central teams have also been deployed across affiliated companies to ensure
rapid response and operational support. Additional teams have been tasked
with ensuring occupational safety, inspections, and implementing the current
action plan aimed at preserving grid stability and securing a continuous
power supply.

 

The historic spike in load comes as the Egyptian Meteorological Authority
(EMA) warns of an ongoing heatwave gripping most parts of the country from
Saturday through Thursday, 31 July.

 

The heatwave is expected to peak on Sunday and Monday, particularly in
northern regions including Cairo, where real-feel temperatures may climb to
between 43°C and 45°C. A gradual drop in temperatures is forecast to begin
on Wednesday, 30 July, with Cairo and the Delta expected to see the first
signs of relief.

 

Last week, Petroleum Minister Karim Badawi affirmed that his ministry is
continuing to implement its plan to sustainably supply natural gas to the
local market, especially for the electricity and industrial sectors, as
electricity loads and fuel consumption rise amid the ongoing heatwave.

 

Ahram Online

 

Read the original article on Egypt Online.

 

 

 

Kenya: KRA Seizes Suspected Narcotics in Bangkok Flight Bust At JKIA

Nairobi — Kenya Revenue Authority (KRA) Customs officers have intercepted 41
sachets of suspected narcotics at Jomo Kenyatta International Airport (JKIA)
during a routine baggage scan of luggage from a Bangkok flight.

 

The discovery was made after two suspicious suitcases were flagged during
screening. A coordinated inspection led to the uncovering of the concealed
substances.

 

KRA credited the bust to the vigilance of its officers and the use of
advanced scanning technology.

 

The authority said it is working with other government agencies to curb drug
trafficking and enhance border security.

 

Read the original article on Capital FM.

 

 

 

 

Kenya: Boda Boda Operators Say Proposed Law Will Render Them Jobless

Boda boda operators have strongly opposed the proposed Public Transport
(Motorcycle Regulation) Bill, 2023, warning that its implementation could
push millions of Kenyans deeper into poverty and destabilize the informal
transport industry.

 

Appearing before the National Assembly's Committee on Transport and
Infrastructure on Thursday, representatives from the Boda Boda Safety
Association of Kenya and the Digital Boda Drivers and Deliveries Association
described the Bill as duplicative, overly bureaucratic, financially
punitive, and impractical.

 

"The Bill, in its current form, is fundamentally flawed," said Kevin Mubadi,
Chairperson of the Boda Boda Safety Association of Kenya. "Instead of
addressing existing challenges, it introduces costly new layers of
governance, stifles economic activity, and risks pushing millions into
destitution."

 

Mubadi told lawmakers that the boda boda sector employs more than two
million riders across the country, serving as a critical driver of last-mile
connectivity, youth employment, and grassroots commerce. He warned that
ill-conceived regulations could destabilize an entire economic ecosystem.

 

The contentious Bill, sponsored by Kakamega Senator Boni Khalwale and
already passed by the Senate, is currently under review by the National
Assembly. It proposes to:

 

Transfer oversight of boda boda operations to county governments

Mandate GPS tracking devices on all motorcycles

Impose penalties of up to Sh100,000 or one-year imprisonment for riders
involved in coordinated assaults

Enforce a 50-kilogram weight limit for motorcycle loads

Require all riders to join a Sacco

Establish county-level transport boards to manage registration, licensing,
and route allocation

However, sector representatives say these measures will introduce new
opportunities for corruption, undermine inter-county business, and impose
unsustainable costs on operators.

 

"The creation of 47 county transport and safety boards opens the door to
corruption and regulatory inconsistency," Mubadi said. "It will hinder
inter-county commerce and duplicate roles already handled by national
agencies like NTSA."

 

He called on Parliament to abandon the Bill and instead conduct a
comprehensive, stakeholder-driven review of existing
legislation--particularly the Traffic Act and the NTSA Act--to address
regulatory gaps in a more coordinated manner.

 

Inspector General of Police Douglas Kanja also raised concerns, urging
Parliament to align the proposed legislation with existing laws. He
suggested that boda boda regulation should be integrated into the Traffic
Act (Cap 403) and the National Transport and Safety Authority Act (Cap 33A)
to ensure consistency and avoid overlapping mandates.

 

"The role of the County Executive Committee Member should be anchored within
the NTSA Act, which remains the primary legal framework for managing public
transport," Kanja told the committee. "Any new functions should be
introduced under Section 21 of the NTSA Act to promote regulatory harmony."

 

He added that localized issues--such as motorcycle ambulances, parking fees,
and business permits--should be addressed through county-specific laws that
reflect regional realities.

 

Digital Boda Drivers and Deliveries Association Chairperson Calvins Okumu
also criticised the proposal to install GPS trackers on motorcycles, calling
it intrusive and unnecessary. He argued that supporting rider-led
cooperatives would foster better compliance and accountability.

 

"Promoting self-regulation through well-structured cooperative societies
will yield greater results than heavy-handed enforcement," Okumu said.

 

The Transport Committee is now consolidating feedback from stakeholders
ahead of tabling its final recommendations in the National Assembly.

 

Read the original article on Capital FM.

 

 

 

 

 

 

 

 

 

 

 


 


 


 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
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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
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companies typically involve a higher degree of risk and more volatility than
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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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