Major International Business Headlines Brief ::: 05 June 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  05 June  2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Cabinet Sent Basic Income Grant Plan Back to the Drawing Board

ü  Kenya: Treasury Shelves Paye Tax Cut Plan After KRA Misses Revenue Targets

ü  Uganda: Museveni Faces Tough Questions Ahead of 2025 State of the Nation Address

ü  Gambia: When Will the New Currency Notes Be the Only Notes in Circulation?

ü  Kenya: Taking a Step Back: Kenyans' Doubts About Tax System Predate 2024 Crisis

ü  Nigeria: PDP Criticises Tinubu's Fresh Borrowing Plan, Questions Subsidy Removal Gain

ü  Rwandans Could Start Using Methane Gas for Cooking in 2027

ü  Rwanda's Cooking Gas Storage Project Reaches 60% Completion

ü  Nigeria: 4 Teens to Represent Nigeria At Global Robotics Championship

ü  US-Boeing deal over crashes 'repugnant' - lawyer for victims' families

ü  How airline fees have turned baggage into billions

ü  Musk urges Americans to tell lawmakers to 'kill the bill'

ü  Stores open at midnight as fans rush to buy Nintendo Switch 2

 


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South Africa: Cabinet Sent Basic Income Grant Plan Back to the Drawing Board

Meanwhile the Department of Social Development will ask for another extension of the Social Relief of Distress grant, MPs told

 

Cabinet has not yet approved the draft basic income support policy, citing concerns around affordability and the need to link the grant to economic opportunities.

On Wednesday, the Department of Social Development briefed Parliament's portfolio committee, saying it will ask for another extension of the Social Relief of Distress grant in the meantime.

MPs criticised the slow progress and raised concerns about the long delays.

Cabinet has not yet approved publication of the Department of Social Development's (DSD) draft basic income support policy, Parliament's portfolio committee for social development heard on Wednesday.

 

The department said the draft policy had been tabled with the Social Protection, Community and Human Development Cabinet Committee in November 2024, but Cabinet requested changes, particularly on affordability and linking the grant to economic opportunities for beneficiaries.

 

A workshop is scheduled for the end of June, followed by engagements with the Presidency, National Treasury and the Department of Employment and Labour.

 

Once these are complete, the department intends to return to Cabinet in the second quarter of the 2025/26 financial year for approval to publish the revised draft for public comment.

 

Brenda Sibeko, DSD deputy director-general of comprehensive social security, said the draft had been revised to "better integrate" pathways from income support to employment and entrepreneurship. She acknowledged that the policy had been in development "for a long time", but said the delay was necessary to ensure the policy was evidence-based, financially sustainable, and aligned with broader economic objectives.

 

"There was acknowledgement that the country hasn't been able to create the jobs required for people not to need the grant," she said. "We still need a basic income grant for those not absorbed by jobs." She said the department was working to improve data systems, align government programmes and reduce long-term grant dependency.

 

Sibeko said the policy "was not rejected by Cabinet, but needed tightening" and the impact on the budget had to be considered. "Once you make the grant permanent, it must be budgeted for every year ... There's competition for different government interventions and the social grants are one of those."

 

She said the draft policy focused only on income support, but Cabinet had asked for stronger links to "to amend, off-ramp or graduate people from depending on the grant. Those are functions of other government departments ... But the Cabinet felt that we needed to draw those links much closer in the policy," Sibeko said.

 

 

Sibeko said the department had also asked the Treasury for an extension of the Social Relief of Distress (SRD) grant proposal for the next two years while finalising the basic income policy.

 

However, the Treasury only approved the continuation of the SRD grant until March 2026. Sibeko said the department intends to request a further extension for 2026/27 to avoid an interruption in income support while the new policy is being finalised.

 

MPs critical

 

MPs were critical of the pace of progress. The EFF's Noluvuyo Tafeni said the policy had been in development for over two decades and was still not ready. She also expressed concern that the SRD grant had never been increased to match inflation.

 

The DA's Alexandra Abrahams questioned whether the BIG policy would meet the same fate as other draft policies like the national strategy to accelerate action for children and the maternal support draft, which were submitted to Cabinet last year but had also stalled. "If these are policies from previous administrations, is it not foreseeable that the BIG policy is going to meet the same end?" she asked.

 

The MK's Nhlanhla Gcwabaza argued that social grants alone could not solve economic problems and called for the National Development Agency to be more actively involved in helping people exit the grant system.

 

Sibeko said the department still needs to obtain a socio-economic impact assessment system certificate before returning to Cabinet.

 

"One of the things we need to avoid is writing a glamorous policy that will never see the light of day because it's unaffordable. Once Cabinet has given us approval to consult [the public], we will then publish the document as a green paper for consideration by the country. Once that's done, we'll come back and see if we need to refine the policy. Those who refine it must go back to the Cabinet to get approval to implement the policy."

 

Minister of Social Development Nokuzola Tolashe told MPs that Cabinet wanted a policy that "can withstand the test of time".

 

"The majority of the time, like with the SRD grant, we went to and fro in court," she said.

 

"So if we say the BIG will start in 2026, in earnest, it will start so that we don't have to withdraw it because the processes weren't followed," she said.

 

Read the original article on GroundUp.

 

 

 

 

 

Kenya: Treasury Shelves Paye Tax Cut Plan After KRA Misses Revenue Targets

Nairobi — Treasury Cabinet Secretary John Mbadi has disclosed that plans to reduce Pay As You Earn (PAYE) tax were put on hold after the Kenya Revenue Authority (KRA) missed its revenue collection targets for the 2023/2024 financial year.

 

Appearing before the Senate, Mbadi said the government had conducted simulations aimed at easing the PAYE burden to boost disposable incomes, but the shortfall in tax collections forced the Treasury to shelve the proposal.

 

"We did some simulations on how to reduce the Pay As You Earn (PAYE)," he told Senators. "What stopped us from implementing it in this Finance Bill was the failure by KRA to meet its revenue targets."

 

 

KRA had revised its revenue collection target to Sh2.537 trillion for the fiscal year ending June 30, 2024, down from the original projection of Sh2.787 trillion. However, by the close of the year, the authority had raised Sh2.407 trillion--Sh130 billion below the revised goal--representing a 95.5 percent achievement.

 

Despite the underperformance, the figure marked an 11.1 percent increase from the previous year's collection of Sh2.166 trillion.

 

The Treasury attributed the shortfall to a combination of macroeconomic pressures, including the weakening of the Kenyan shilling against the US dollar, elevated bank lending rates, and ongoing global supply chain disruptions driven by international conflicts.

 

Mbadi expressed optimism that ongoing reforms at KRA--particularly in automation and systems modernisation--would enhance efficiency and pave the way for a PAYE reduction in future budgets.

 

The proposed tax cut was expected to offer relief to salaried Kenyans grappling with rising living costs. However, the government now appears focused on strengthening its revenue collection systems before adjusting income taxes.

 

Mbadi assured that the tax relief proposal will be revisited and incorporated in the next Finance Bill.

 

Read the original article on Capital FM.

 

 

 

Uganda: Museveni Faces Tough Questions Ahead of 2025 State of the Nation Address

President Museveni today delivers the 2025 State of the Nation Address at Kololo Ceremonial Grounds, but unlike past speeches, this year's event comes amid a deepening national reckoning over leadership transition, state accountability, and the future of Uganda's democracy.

 

At the centre of this year's address is a question that most Ugandans have already answered for themselves: who will lead Uganda after Museveni?

 

The speech will be delivered in fulfilment of Article 101(1) of the Constitution, which mandates the President to address the nation at the start of each session of Parliament.

 

But far from a formality, this year's address presents a test of Museveni's ability to reassure a restless population and defend his government's record ahead of an increasingly competitive political climate.

 

In last year's State of the Nation Address, President Museveni struck an optimistic tone, touting economic resilience, oil sector progress, and an improved security outlook.

 

He praised the Parish Development Model (PDM) and the Emyooga programme as revolutionary tools for transforming the economy from the bottom up.

 

But 12 months on, many of these promises remain mired in controversy, with questions lingering about transparency, implementation, and impact.

 

The 2024 address notably sidestepped the growing dissatisfaction in health and education. Underpaid teachers, broken public hospitals, and medicine stock-outs have persisted throughout the year.

 

 

With school dropout rates worsening, especially for girls, and the health sector crippled by frequent strikes, citizens will be looking for the President to move beyond platitudes and offer clear, actionable plans.

 

Economic hardship is expected to dominate this year's speech. Inflation may have slowed from the highs of 2022-2023, but prices remain steep, and salaries stagnant. Bread, soap, rent, and fuel are beyond the reach of many Ugandans.

 

Public servants, especially civil society actors and mid-level professionals, endure deteriorating work conditions.

 

Youth unemployment remains alarmingly high, with even university graduates struggling to secure meaningful work. The disconnect between economic indicators and daily life is likely to be a central point of public critique if the President fails to address it.

 

The President is also under pressure to address the worsening security situation in the eastern DR Congo and South Sudan, two countries where the Uganda People's Defence Forces (UPDF) are actively engaged in securing interests.

 

Internally, growing political repression and crackdowns on dissent have alarmed both domestic opposition groups and international observers.

 

Human rights violations, including enforced disappearances and arbitrary arrests, remain an unresolved concern. The sticky issue of the trial of civilians in military courts is sore thumb in Museveni's government.

 

With civic space shrinking, opposition parties will be watching to see whether the President makes any concessions toward electoral reform or political dialogue ahead of the 2026 elections.

 

This year's address also comes against the backdrop of mounting public anxiety over the question of presidential succession--arguably the most critical issue on Ugandans' minds today.

 

While Museveni has long avoided naming a successor, many now interpret the increasingly assertive role of his son, Gen Muhoozi Kainerugaba, as an implicit signal of dynastic intentions.

 

Muhoozi's frequent political posturing, erratic social media pronouncements, and growing visibility in state affairs have generated both domestic unease and international concern.

 

Tensions reached a new height recently when Uganda severed diplomatic ties with Germany, following accusations by the UPDF--under Muhoozi's command--that the German ambassador, Matthias Schauer, was funding rebel activities.

 

The claim, which was not supported by public evidence, marked a rare and dramatic breakdown with a long-standing European partner, raising questions about military overreach and Uganda's direction in foreign policy.

 

At 80, Museveni's political longevity itself looms over the occasion. Although he remains firmly in control of state institutions, questions about succession, generational leadership, and internal NRM cohesion are gaining traction.

 

Younger Ugandans, especially those born after the bush war era, want more than historical lectures--they demand tangible, equitable progress.

 

Unlike 2024, when Museveni largely stuck to his script of economic transformation, this year's address may be judged more on its realism than its ambition.

 

Whether he chooses to acknowledge public frustration or doubles down on the NRM's ideological roadmap remains to be seen.

 

But with Parliament increasingly assertive and public patience thinning, the President will find it harder to rely solely on defiant rhetoric.

 

The 2025 State of the Nation Address is not just a constitutional ritual--it is a moment of reckoning.

 

Read the original article on Nile Post.

 

 

 

 

 

Gambia: When Will the New Currency Notes Be the Only Notes in Circulation?

The whole nation has forgotten that it is government policy to put new currency notes into circulation. Foroyaa has followed the authorities on the implementation of the policy and many promises have been made to explain when the old notes will cease to be a legal tender and for the new notes to take their place. Up to this day, nothing is clear on the subject matter.

 

The monetary policy committee will hold a press conference on Thursday. It is hoped that the Governor will give further clarification on the plans of the government regarding the phasing out of the old currency and its replacement by the new. The economic implication in having both currencies in circulation should not be underestimated.

 

Read the original article on Foroyaa.

 

 

 

 

Kenya: Taking a Step Back: Kenyans' Doubts About Tax System Predate 2024 Crisis

Only 42% of respondents said they trust the KRA "somewhat" or "a lot." ▪ Four in 10 (39%) said "most" or "all" tax officials are corrupt, while a further 47% suspected that "some of them" are.

Large majorities of Kenyans reported difficulty in finding out what taxes and fees they are supposed to pay (75%) and in determining how the government uses taxpayer revenue (88%).

Fewer than half (48%) said the government generally uses taxes for citizens' well being.

While more than four in 10 Kenyans (44%) supported paying higher taxes in exchange for more government services, half (50%) said they would prefer lower taxes with fewer services.

But a majority (58%) of citizens favoured raising taxes to fund programmes to help the youth.

 

Kenya, East Africa's largest economy, has enjoyed significant economic growth over the past two decades, contributing to increased tax revenues (World Bank, 2023; Kisa, 2025). Since the establishment of the Kenya Revenue Authority (KRA) in 1995, Kenya has also strengthened its tax system through measures such as the VAT Act (2013) to streamline value added tax policies and the Tax Procedures Act (2015) to simplify tax compliance (Ouma, 2019).

 

In 2023, the government sought to introduce new taxes, including a housing levy first proposed in 2018, via the Finance Bill, which sparked widespread public debate (BBC, 2019; Grant Thornton, 2023). In June 2024, further proposed tax hikes and fees on a variety of everyday essentials and services sparked massive and fast-spreading protests that included the storming and burning of Parliament and dozens of deaths at the hands of the police (Ioanes, 2024; Muhumuza, 2024).

 

While the government argued that the revenues were needed to pay interest on public debt, lower the budget deficit, and fund government expenditures, a growing number of Kenyans made it clear that they were fed up with inflation, high unemployment, and official corruption and governance issues. The so-called "Gen Z" protests, led as they were by a large youth contingent, were spurred by the cost-of-living crisis, the high cost of doing business, and rising taxes (Robi, 2024; Lynch, 2024).

 

As the protests escalated and pressure mounted from across the country, President William Ruto announced the withdrawal of the Finance Bill and, soon thereafter, the reconstitution of his cabinet. Despite the withdrawal of the proposed levies, the Gen Z protests continued to gather momentum, which led the government to deploy the Kenya Defence Forces alongside the police. Escalating violence resulted in a surge of fatalities and injuries, numerous arrests, abductions, forced disappearances, and extensive property destruction (Lynch, 2024).

 

As the political fallout of the crisis continues, this dispatch takes a step back to examine the underlying attitudes of ordinary Kenyans toward taxation. Based on a 2019 Afrobarometer special survey module on taxation, its findings do not reflect possible attitude changes in response to the 2024 crisis, but they may serve as a reference point for policy makers and planners facing new political and economic realities.

 

Afrobarometer survey findings show that while seven in 10 Kenyans considered tax enforcement to be legitimate, fewer than half trusted the KRA. And four in 10 perceived widespread corruption among tax officials.

 

Majorities struggled to identify which taxes to pay and to understand how the government utilises the revenue generated from citizens' taxes.

 

Most believed that ordinary citizens pay too much tax, and fewer than half would endorse higher taxes in exchange for more government services.

 

Doreen Amoit Okisai Doreen Amoit Okisai is a development researcher, report writer, and founder of Citizen Research for Action, a community-based organisation in Kenya.

 

Read the original article on Afrobarometer.

 

 

 

 

 

Nigeria: PDP Criticises Tinubu's Fresh Borrowing Plan, Questions Subsidy Removal Gain

The PDP said the policy inconsistency of the Tinubu administration has left many Nigerians suffering under worsening economic conditions.

 

The opposition Peoples Democratic Party (PDP) has criticised President Bola Tinubu's recent request to borrow $21.5 million and ¥15 billion, as well as obtain a €65 million grant from international financial institutions, describing the move as contradictory and detrimental to Nigeria's economic future.

 

President Tinubu's loan request was transmitted to the National Assembly last Tuesday, seeking legislative approval to secure the external funding as part of the Medium-Term Expenditure Framework (MTEF) for the 2025-2026 fiscal period.

 

 

However, many Nigerians have criticised the loan request.

 

Some critics, including economists and civic advocates, have questioned the necessity of external borrowing in the aftermath of the fuel subsidy removal, a policy that was expected to free up resources for domestic development.

 

They argue that the subsidy removal should have created fiscal space to meet the nation's financial needs without resorting to additional borrowing. Some others are concerned about Nigeria's rising debt profile and the long-term implications for future generations.

 

At a press conference on Wednesday, the PDP National Publicity Secretary, Debo Ologunagba, questioned both the rationale for fresh borrowing and the earlier removal of fuel subsidy, which the government had claimed would ease fiscal pressure and reduce reliance on loans.

 

"Only last week, the president had just asked for and requested for a $24.5 billion loan. What they said that is actually very annoying was that they're going to use that money to cushion the effect of subsidy removal. We were here when they said to us, 'we're going remove subsidies, therefore, we will not borrow anymore. We're not going to put subsidy on petrol, and therefore, there'll be more money to provide cushioning policies and programmes, to take away the pain of the subsidy." So the question is - where is the money if indeed you're going to borrow money to cushion the effect of subsidy, two years after?" he said.

 

Mr Ologunagba added that the policy inconsistency has left many Nigerians suffering under worsening economic conditions.

 

"Many people have died on account of the irresponsibility of this government, because of their impoverishment and that's why we're here. So they said that part of that money will be used to take care of pensioners. Pension is a contributory scheme. So where's the money?" he said.

 

The PDP spokesperson also criticised the National Assembly, accusing it of failing in its oversight duties.

 

He insisted that the opposition is not merely criticising for political gain but seeking better governance.

 

"The National Assembly should interrogate, which they're not doing, of course, they have declared that whatever the president says, is okay by them, and we have seen it. These are the things that Nigerians are going to challenge in 2027.

 

"One thing is clear, and Nigerians should recognise that, we're not in opposition to just criticise. It is better for this country to do well, so that all of us can benefit from it. It is not in our interest that the government fails, but the government must be ready to listen to alternative views that could help us build a country that all of us can have what we call the pursuit of happiness," Mr Ologunagba said.

 

Nigeria's debt profile

 

According to Nigeria's Debt Management Office (DMO), as of 31 December 2024, Nigeria's total public debt stood at N144.7 trillion (approximately $94.2 billion). About 51.4 per cent of the total (N74.4 trillion) is domestic debt while 48.6 per cent (N70.3 trillion) is external debt.

 

The rising debt has resulted in increased debt servicing costs. In 2023, Nigeria spent N7.8 trillion on debt servicing, a 121 per cent increase when compared to N3.52 trillion in the previous year.

 

The amount spent on debt servicing rose to N13.12 trillion in 2024, a 68 per cent increase from the 2023 figure. These high debt servicing costs means less funds for important sectors such as infrastructure and social services, potentially hindering economic growth and development.

 

Government's justification

 

The Federal Ministry of Finance defended the borrowing plan last Wednesday. The ministry's Director of Information and Public Relations, Mohammed Manga, said the loans are part of a strategic, structured approach aligned with Nigeria's economic priorities.

 

He said the funds are earmarked for the 2025-2026 fiscal period and are part of the Medium-Term Expenditure Framework (MTEF).

 

MTEF is a planning and budgeting tool that helps the government manage its finances over a medium-term period, typically three years.

 

Mr Manga explained that the funds will be sourced from reputable development partners like World Bank, African Development Bank, French Development Agency, European Investment Bank, Japan International Cooperation Agency (JICA), China EximBank and Islamic Development Bank.

 

He said the funds will be used to support several infrastructure and security initiatives of the government including expansion and upgrade of power grids and transmission lines, development of irrigation systems to boost food security, installation of a nationwide fibre optics network, procurement of fighter jets to strengthen national security and enhancement of rail and road infrastructure across geopolitical zones.

 

The director noted that the projects will span multiple states, including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe, reflecting a national development agenda.

 

Read the original article on Premium Times.

 

 

 

 

 

Rwandans Could Start Using Methane Gas for Cooking in 2027

The Ministry of Environment has announced that Rwandans will begin using methane gas for cooking in 2027, as part of a clean energy initiative aimed at reducing the reliance on firewood and charcoal.

 

During a session with the Senate Committee on Economic Development and Finance on Tuesday, June 3, Minister of Environment Valentine Uwamariya said that preparations for the large-scale use of methane gas extracted from Lake Kivu are well underway.

 

ALSO READ: Rwanda's biggest methane power plant connected to national grid

 

Gasmeth Energy, a Rwandan-registered firm, signed a deal with the government in 2019 to invest in the extraction, processing, and compressing methane gas from Lake Kivu. In August 2022, the company unveiled a $530 million plant in Karongi District where compressed natural gas (CNG) will be produced for cooking, vehicles and industrial use.

 

 

"We see methane gas as a sustainable solution to reduce dependence on firewood and charcoal," Uwamariya told senators.

 

"Once production and distribution begin, priority will be given to high-energy-consuming institutions such as schools, which alone account for 45 percent of all firewood usage in the country. As [liquified petroleum gas] prices continue to rise, locally sourced methane will also help reduce costs and increase access to clean energy."

 

Lake Kivu has 60-70 cubic kilometres of methane, of which 44.7 cubic kilometres can be extracted, according to official estimates. Methane gas extracted from Lake Kivu is already used for power generation.

 

Rising LPG prices

 

Senator Pennine Uwimbabazi echoed calls for urgency to tame rising prices of liquefied petroleum gas (LPG).

 

"Gas prices have more than doubled over the last three years, from Rwf12,000 to over Rwf20,000 for a 12kg gas cylinder," Uwimbabazi said. "We must accelerate methane gas adoption and complete gas storage facilities to shield consumers from price instability."

 

ALSO READ: REMA reassures public over Lake Kivu methane gas safety

 

Uwamariya noted that to address existing supply gaps and stabilize gas prices, the government and private sector have begun constructing storage facilities in Rusororo Sector, Gasabo District that will store up to 15,000 cubic meters.

 

"The infrastructure is expected to serve as a backup during potential disruptions in imported gas supply," she added.

 

According to data from the 7th Integrated Household Living Conditions Survey (EICV7) conducted in 2023/24, Rwandan households still rely on firewood or charcoal for cooking. Some 75 per cent of households use firewood, 18.8 percent use charcoal, and only 5.4 percent use gas or biogas.

 

The Minister noted that firewood use remains dominant in rural areas, with 93 percent of households still relying on it.

 

"As schools consume nearly half of all firewood used in the country, if we transition to methane gas, we could save vast amounts of trees annually," she said.

 

ALSO READ: Rwanda targets firewood-free cooking in schools by 2032

 

Other major firewood users include restaurants and hotels, although many of these have also begun transitioning to gas, still, a weekly average of 61,000 bags of charcoal are brought into Kigali. The government and private sector actors have been working to reduce the quantities of trees cut down for use in cooking. This includes initiatives that provide improved cookstoves that consume less energy than traditional options.

 

Uwamariya cited data from Rwanda Energy Group (REG) that show that by 2024, more than 361,000 households had received improved cookstoves through a subsidised programme called Tekera Heza. Under the scheme, the government covers 70 percent of the cost, with beneficiaries contributing the remaining 30 percent.

 

"The goal is to reach at least 500,000 households with clean cooking solutions. The initiative is being implemented by REG in partnership with the Development Bank of Rwanda (BRD), with support from the World Bank," she said.

 

To further support the transition to clean energy, the Ministry of Infrastructure estimates that $1.37 billion in investment is required by 2030 to cut charcoal use to 42 percent.

 

ALSO READ: Inside major projects set to reduce reliance on wood fuel in Rwanda

 

Senator Marie Rose Mureshyankwano urged the government to also consider industrial users of firewood, such as tea processing factories.

 

"These factories consume massive quantities of wood, and their owners often say that switching to gas would reduce the flavour of tea," she said.

 

Uwamariya argued that gas does not affect the taste of tea. "Flavour depends more on how the tea is grown, soil quality, and climate, not the fuel source used in processing," she said.

 

Read the original article on New Times.

 

 

 

 

 

Rwanda's Cooking Gas Storage Project Reaches 60% Completion

The construction of cooking gas storage facilities in Kabuga, Rusororo Sector, Gasabo District, has reached 60 per cent completion, according to the Development Bank of Rwanda (BRD), the project's financier.

 

The storage depots will have a total capacity of 17,000 cubic metres--or 17 million litres--once complete.

 

The update was shared on Wednesday, June 4, during a Senate Committee on Economic Development and Finance session, as part of its oversight of government efforts to improve citizens' access to clean cooking energy.

 

The meeting brought together senators, BRD officials, and representatives of clean cooking solution providers under Energy Private Developers (EPD), an association of private energy companies operating in Rwanda.

 

 

ALSO READ: Rwanda to invest Rwf38bn in cooking gas storage depot

 

Philbert Dusenge, Coordinator of the Clean Cooking Project under the Energy Access and Quality Improvement Programme at BRD, told senators that the bank had issued a loan to finance the project, which is expected to boost the sustainability of the country's cooking gas supply.

 

"The availability of sufficient gas stock will help stabilise prices," Dusenge said. "We will soon have enough gas."

 

He urged private companies involved in cooking gas to scale up their operations countrywide and take advantage of the upcoming storage infrastructure.

 

ALSO READ: Rwanda to get 17,000-tonne strategic reserve for cooking gas

 

According to the Ministry of Infrastructure, the strategic reserve is designed to cushion the country against gas shortages and meet the rising demand for clean cooking solutions.

 

Jean Claude Uwizeye, Vice-Chairperson of EPD, called the project a "major venture," noting that it will establish a strategic reserve of 17 million litres of liquefied petroleum gas (LPG). He cited projections indicating that Rwanda will require 230 million litres of LPG by 2029.

 

Uwizeye emphasised the need for more funding avenues--especially low-interest loans--to support greater private sector involvement in such large-scale energy infrastructure.

 

In 2023, The New Times got information that the Rwf38 billion project was being implemented by the private sector in partnership with the government. The reserve's capacity is more than twice the country's monthly LPG consumption as of 2023, and completion is expected in 2025.

 

Developers say the project will enhance the availability, pricing, and usage of cooking gas nationwide.

 

Currently, 75 per cent of households in Rwanda still rely on firewood as their main cooking fuel. According to the Seventh Integrated Household Living Conditions Survey (EICV 7) published by the National Institute of Statistics of Rwanda (NISR) on April 16, 18.8 per cent of households use charcoal and only 5.4 per cent use gas.

 

In urban areas, charcoal is used by 51 per cent of households, compared to only 6 per cent in rural areas. Gas usage is significantly higher in urban settings--17 per cent of households--versus just 1 per cent in rural communities, highlighting continued disparities in access to clean cooking energy.

 

Read the original article on New Times.

 

 

 

 

Nigeria: 4 Teens to Represent Nigeria At Global Robotics Championship

In a stirring display of innovation and youthful determination, four Nigerian secondary school students have embarked on a journey to California, USA, to represent Nigeria at an international robotics championship.

 

Representing Federal Government College, Kaduna, at the prestigious 2025 First LEGO League Global Robotics Challenge are: Jovial Banki, Sinkalu Elizabeth, Obadaki Hiqmat, and Abubakar Aminu--a dynamic team driven by passion, hard work, and the dream of putting Nigeria on the global innovation map.

 

The team was met at the Murtala Muhammed International Airport (MMA), Lagos, with luggage and excitement, sharing the journey behind their groundbreaking project.

 

"Our robot is unique. We looked at existing underwater monitoring devices and made ours better. We added mobility, data transmission, and improved placement and stability. It's designed to send real-time information from marine environments back to researchers," said Jovial Banki.

 

Crafted with four motors and robust wheels, the robot was the result of months of rigorous teamwork, creativity, and resilience. The students proudly explained how they juggled academic studies and national exams with long hours in the robotics lab.

 

"Hard work, commitment, teamwork--it took everything we had," added Abubakar Aminu. "But it also gave us joy. I played a part in designing and assembling the robot. It made me realize that even people who think they 'can't' can still make a difference," added Aminu.

 

While some team members had to remain behind due to WAEC examinations, the four traveling students expressed a strong sense of responsibility and purpose.

 

"We're not just representing ourselves," said Sinkalu Elizabeth. "We're carrying the hopes of our school, our state, and our country. It wasn't easy balancing schoolwork and robotics, but our dream kept us going. We want to return as champions."

 

Their coach, Mohammed Magaji, who has guided the team from its earliest stages, was visibly proud of what they've accomplished.

 

"This didn't happen overnight," said Magaji. "We trained from scratch--teaching the robot to mimic life, testing and refining. From regional qualifiers to the national finals, it's been a journey of vision and discipline. Now, we're ready to show the world," Magaji added. He noted that, the team's rise has already sparked a wave of interest in STEM across their region.

 

'Younger students now come to us saying, 'We want to be part of this.' That's how transformation begins--student by student, dream by dream,' he stressed.

 

The school's principal, Mr. Adewale Adeyanju, whose unwavering support helped the team reach this milestone, emphasised the broader national implications of their success.

 

'This isn't just a robotics competition--it's a statement. It's about showcasing Nigerian talent to the world. It proves we can innovate, compete, and lead globally,' he said. Adeyanju highlighted how the team's journey aligns with Nigeria's national agenda for technological advancement.

 

This reflects what President Bola Tinubu's administration is pushing for--ICT growth, academic excellence, and international relevance, he explained.

 

"When I visited the robotics lab after assuming office, I told the staff: 'We must train these children to meet international standards.' Despite limited funding and setbacks, we did. And today, these students are going to represent Nigeria on a world stage," Adeyanju pointed out.

 

He also revealed that, visa challenges had prevented the original national winners from traveling, but he remained resolute in his belief that this team's journey was meant to be. "I told them, 'The grace we carry is different.' We are going with preparation, purpose, and the prayers of a nation.

 

"This journey is a beacon. It tells the world: look at what Nigerian students can do. Bring your investment, your collaboration, your trust. These are tomorrow's leaders and they're ready today." he concluded.

 

The tournament, which started on Saturday, 31st of May 2025, ended yesterday, 2nd of June, 2023.

 

According to the Principal of the school, Adewale Adeyanju, "it was an eye opener because we gathered experience. Meanwhile, we got medals for participation. We need to invest more in Robotics."

 

Read the original article on Leadership.

 

 

 

 

 

US-Boeing deal over crashes 'repugnant' - lawyer for victims' families

A lawyer for 16 families of the victims of a fatal Boeing 737 Max crash, has told the BBC that a deal between the aviation giant and the US Justice Department (DOJ) is "morally repugnant".

 

The firm said it agreed to pay $1.1bn (£811.5m) to avoid prosecution over two crashes that killed 346 people, in a filing on Wednesday.

 

Sanjiv Singh, counsel for family members of some of the victims of a 2018 crash in Indonesia, says the deal allows the firm to "sidestep true criminal accountability".

 

Boeing has previously said: "We are deeply sorry for their losses, and remain committed to honouring their loved ones' memories by pressing forward with the broad and deep changes to our company".

 

The deal includes the company paying $444.5m to families of crash victims. It will also put $455m towards improving its compliance, safety and quality programmes.

 

Under the deal, Boeing also agreed to pay a criminal penalty of $487.2m, although half of that was already paid in 2021.

 

"Boeing is committed to complying with its obligations under this resolution, which include a substantial additional fine and commitments to further institutional improvements and investments," said a company spokesperson.

 

If the deal is approved by a federal judge the plane maker will avoid a criminal fraud trial.

 

"The [DOJ] agreed that it will not further criminally prosecute the company", said Boeing in a Securities and Exchange Commission (SEC) filing.

 

The BBC has contacted the DOJ to request further comment on the agreement.

 

Two 737 Max aircraft crashed in separate but almost identical accidents that killed 346 people.

 

In October 2018, all 189 people on a Lion Air flight died after the aircraft crashed into the Java Sea 13 minutes after take-off from Jakarta, Indonesia.

 

In March 2019, an Ethiopian Airlines flight crashed six minutes after take-off from the Ethiopian capital of Addis Ababa. All 157 people on-board were killed. Both crashes were linked to faulty flight control systems.

 

In 2021, Boeing agreed to settle US fraud charges and admitted deception over hiding information from safety officials about the design of its 737 Max planes.

 

Relatives of the victims will have the chance to appeal this latest deal when it is considered by a federal judge.

 

Mr Singh says the latest agreement has provoked "visceral outrage" from his clients and believes the current payout is insufficient.

 

"If you look at that $1.1bn, it's actually like Boeing paying $10 to escape criminal liability. It's as if they got a misdemeanour ticket or a parking ticket."-BBC

 

 

 

 

 

How airline fees have turned baggage into billions

With Air Canada and Southwest the latest airlines to charge passengers for check-in luggage, the ballooning cost of such ancillary or "junk fees" is provoking anger among politicians and consumer groups. At the same time, sales of suitcases small enough for passengers to take on the plane as hand luggage are booming.

 

Standing outside Toronto's downtown airport, Lauren Alexander has flown over from Boston for the weekend. She describes such additional charges as "ridiculous".

 

"It feels like a trick," says the 24-year-old. "You buy the ticket, you think it's going to be less expensive, then you have to pay $200 (£148) extra [to bring a suitcase]."

 

To avoid the fee, Ms Alexander instead travelled with a small backpack as hand luggage.

 

Sage Riley, who is 27, agrees, telling the BBC, "It can be pricey."

 

 

There was a time when checked bags, seat selection and your meals all came as standard on commercial flights. But that all changed with the rise of the budget airlines, says Jay Sorensen of US aviation consultancy IdeaWorks.

 

It was in 2006 when UK low-cost carrier FlyBe became what is believed to be the world's first airline to start charging passengers to check in bags. It charged £2 for a pre-booked item of luggage, and £4 if the customer hadn't paid in advance.

 

Other budget carriers then quickly followed suit, with the so-called flag carriers or established airlines then also doing so, at least on shorter flights.

 

In 2008 American Airlines became the first US airline to charge a fee, $15, for the first checked bag on its domestic routes.

 

Mr Sorenson says such traditional airlines felt they had no choice when they "began to realise that the low-cost carriers were providing very significant competition". He adds: "They felt they had to do something to meet that."

 

Getty Images A SouthWest aircraftGetty Images

US carrier Southwest now charges passengers to check in bags on domestic flights

 

Fast forward to today, and US airlines alone made $7.27bn from check-in baggage fees last year, according to federal figures. That is up from $7bn in 2023, and $5.76bn in 2019.

 

Little wonder then that more of us are trying to just take carry-on. Kirsty Glenn, managing director of UK luggage firm Antler, confirms that there is an ongoing surge in demand for small suitcases that meet airline dimension limits for carry-on luggage.

 

"We have seen huge spikes in searches online and on our website," she says. Describing a new small-dimension case her company launched in April, Ms Glenn adds: "Testament to the trend of only travelling with hand luggage, it's sold like crazy."

 

At the same time, social media content about travel packing "hacks" and luggage that meets airlines' carry-on size measurements, have soared according to travel journalist Chelsea Dickenson. She makes this content for TikTok.

 

"Social media has really propelled this idea of needing a bag that fits the baggage allowance requirements, says Ms Dickenson. "It's become a core part of the content that I create and post on social media."

 

Ms Dickenson, whose social media following has ballooned to close to a million followers, adds that her luggage videos have become a "core part of the content" she creates.

 

"It blows my mind," she says. "I could spend weeks and weeks researching a big trip, and the resulting videos will not come close to doing as well as me going and buying a cheap suitcase, taking it to the airport, testing it in one of those baggage sizes and reporting back."

 

BBC Business Daily - Why sales of carry-on luggage are booming

The overall global cost of all airline extra fees, from luggage to seat selection, buying wifi access, lounge access, upgrades, and food and drink, is expected to reach $145bn this year, 14% of the sector's total revenues. That's according to the International Air Transport Association, which represents the industry. This compares with $137bn last year.

 

These numbers have caught the attention of some politicians in Washington, and last December airline bosses were grilled before a senate committee. It was a Democrat senator who used the term "junk fees".

 

He wants the federal government to review such costs and potentially fine airlines. We asked the US Department of Transportation for a comment, but did not get a response.

 

Chelsea Dickenson Travel journalist Chelsea Dickenson at an airportChelsea Dickenson

Chelsea Dickenson posts videos where she checks if bags are below airline's size limits

 

But if having to pay for check-in wasn't enough, a growing number of airlines are now charging for hand luggage. For example, Irish budget airline Ryanair will only allow you to carry a small bag that fits under the seat in front of you for free. If you want to take a bigger bag or suitcase to go in the overhead locker that will cost you from £6.

 

Other European airlines that now have similar charges for hand luggage are Easyjet, Norwegian Airlines, Transavia, Volotea, Vueling, and Wizzair.

 

This has annoyed pan-European consumer group Becu (The European Consumer Organisation), which last month filed a complaint with the European Commission.

 

Becu cites a 2014 EU Court of Justice ruling, which said "carriage of hand baggage cannot be made subject to a price supplement, provided that it meets reasonable requirements in terms of its weight and dimensions, and complies with applicable security requirements".

 

However, what determines "reasonable requirements" continues to be a grey area in need of an official ruling.

 

There can, however, be a different way of doing things, as shown by Indian airline IndiGo. Its boss Pieter Eibers says that it does not charge for check-in luggage.

 

"The entire philosophy here is different," he says. "We don't want long lines, and endless debates at gates about the weight of luggage. We don't have any of that. We turn our planes around in 35 minutes."-BBC

 

 

 

 

 

Musk urges Americans to tell lawmakers to 'kill the bill'

Elon Musk hit out at President Donald Trump's signature tax and spending bill again on Wednesday, calling on Americans to tell their representatives in Washington to "kill the bill".

 

The budget, which includes huge tax breaks and more defence spending, was passed by the House of Representatives last month and is now being considered by senators.

 

The tech billionaire posted on X earlier this week that the bill would add to the US budget deficit and saddle Americans with "crushing" debt.

 

On Tuesday, he described it as a "disgusting abomination", in a widening rift between the two.

 

 

0:50

Watch: Speaker Johnson "disappointed" in Musk's tax bill comment

The bill has the backing of President Donald Trump and would be the legislative linchpin of his second-term agenda if it passes Congress.

 

"Shame on those who voted for it," said Musk on Tuesday, hinting that he may try to unseat the politicians responsible at next year's midterm elections.

 

Musk left the administration abruptly last week after 129 days working to cut costs with his team, known as Doge. The comments mark his first public disagreement with Trump since leaving government, after having previously called the plan "disappointing".

 

Soon after Musk's tweet on Wednesday, the White House sent out a "myth buster" statement, calling any assertion that the bill would lead to higher deficits a "hoax".

 

"By every honest metric, President Donald J. Trump's One Big Beautiful Bill dramatically improves the fiscal trajectory of the United States and unleashes an era of unprecedented economic growth," the statement reads.

 

It made no mention of Musk or his tweets. The BBC has contacted the White House for comment.

 

The South African-born tech billionaire's time in the Trump administration came to an end on 31 May, although Trump said that "he will, always, be with us, helping all the way".

 

In its current form, the bill - which Trump refers to as the "big beautiful bill" - has been estimated to increase the budget deficit - the difference between what the government spends and the revenue it receives - by about $600bn (£444bn) in the next fiscal year.

 

It's Musk's last day - what has he achieved at the White House?

In a series of posts on X on Tuesday, Musk said that the "outrageous, pork-filled" spending bill will "massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America [sic] citizens with crushingly unsustainable debt".

 

In American politics "pork" refers to spending on projects in lawmakers' constituencies.

 

Musk has previously vowed to fund campaign challenges against any Republican that votes against Trump's agenda. But on Tuesday he fired a warning to those who backed the bill.

 

"In November next year, we fire all politicians who betrayed the American people," he wrote.-BBC

 

 

 

 

Stores open at midnight as fans rush to buy Nintendo Switch 2

The Nintendo Switch 2 has been released worldwide, with stores opening at midnight so fans could get their hands on the long-awaited console the moment it became available.

 

Some shops have the devices available to buy off the shelf - but in most cases customers have been picking up consoles they had ordered in advance, with UK retailer Currys calling it its "biggest gaming pre-order ever."

 

Despite the excitement there have been some setbacks, with one supplier, Game, cancelling some pre-orders.

 

In the US, Nintendo briefly pulled Switch 2 pre-orders in April over concerns around tariffs before starting again a few weeks later.

 

 

But that doesn't appear to have put fans off- with queues forming at stores around the world as gamers vied to be among the first to unbox their new console.

 

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Currys told the BBC it had sold 30,000 units - which it attributed to the "incredible excitement" associated with the launch.

 

Despite the initial excitement, questions remain over whether the Switch 2 will match the success of its predecessor - the third-best selling console in history - in part because of its high game prices.

 

A physical copy of its most high-profile game, Mario Kart World, comes in at £74.99 - £15 more expensive than a typical Switch title.

 

Approximately fifteen people can be seen queueing to get into Currys. It is a dark photo indicating it was taken late at night.

Fans lined up in the UK outside Currys in Oxford Street at midnight

 

'It's a big deal'

The original Nintendo Switch has shifted more than 150 million units since its 2017 release.

 

A successor has been in the works for years - so perhaps unsurprisingly Tushar Sandarka, the President of the University of York's Mario Kart society, is among those excited about the launch, and the new version of Mario coming with it.

 

"It's coming out with Mario Kart World - which is the first since 2014 - it's a big deal for us," the 19-year-old said.

 

"Securing a pre-order was such a tough decision because it's so expensive.

 

"Even if it's a bit higher than I would have wanted to pay for it, it's going to serve me well for the next 7 or 8 years."

 

Three people in a vintage gaming shop with Pokemon cards and physical video games on shelves behind them. Tushar is on the left with long hair in a ponytail. He’s wearing glasses and smiling, wearing a bright pink “Mario Kart Society” hoodie. Edward is smiling too. He has long hair and wears a red hoodie. Hasan is in a green hoodie and has long ruffled hair. He has a serious look with his arms folded.

Tushar (left) alongside the University of York's Mario Kart Society committee members Edward (middle) and Hasan

 

But not everyone the BBC spoke to said they would be picking up the console on launch.

 

Mae and Lottie, both students in York, said they would stick to the original Switch because of the cost.

 

"It's quite spenny," Mae said. "What we've got is fine."

 

Lottie agreed, but said she was disappointed not to play on the new Mario Kart game - which she said could cost her as much as "a day's pay".

 

"I'm not spending that on a game," she said.

 

Bloomberg via Getty Images Customers play the Mario Kart video game ahead of the sales launch of the Nintendo Switch 2 gaming console at a store on Oxford Street in London on 4 June 2025.Bloomberg via Getty Images

Customers play Mario Kart at a store on Oxford Street in London ahead of the sales launch of the Nintendo Switch 2

 

For Nintendo, the Switch 2 represents a change in strategy - in the past its new devices have been given an entirely new name.

 

"This is the first time Nintendo has ever launched a straight sequel," GamesRadar+ brand director Sam Loveridge told the BBC.

 

"It's a clear proposition for consumers - they know exactly what they're getting from this console if they are familiar with the original Switch."

 

She said "everything is pointing to" pre-orders having sold well.

 

"When pre-orders first went live, it was an absolute scramble to find any stock, but Nintendo was clearly prepared and since those early weeks, it's been a lot easier to secure yourself a console for launch day," she said.

 

A solid release line-up

Bloomberg via Getty Images Customers queue ahead of the sales launch of the Nintendo Switch 2 gaming console at a store on Oxford Street in London on 4 June 2025.Bloomberg via Getty Images

People queuing outside a store in London to buy the new Nintendo Switch 2

I was one of the lucky few to get my hands on the Switch 2 at an event in April.

 

Like its predecessor, it is a "hybrid" console - a handheld device which can also be plugged into a TV to play on the big screen.

 

But it has a bigger and brighter screen, along with lots more power and storage.

 

It still has a bit of innovation - you can use the controller like a computer mouse by twisting it on its side, making PC games such as Civilization VII a more enjoyable experience than using joysticks.

 

But many of the showcase Nintendo games on display at that event - including Metroid Prime 4, Donkey Kong: Bananza, and Super Mario Party Jamboree TV - won't be available at launch.

 

I played the £75 Mario Kart World on Switch 2 - was it worth it?

Instead the only new Nintendo game on the new console will be Mario Kart World, barring a small title called Welcome Tour which showcases some of the new hardware.

 

"It might seem like an odd bet, but with the original Mario Kart 8 being the best-selling Wii U game and Mario Kart 8 Deluxe being the best-selling Nintendo Switch game, there's a very established audience there," Ms Loveridge said.

 

The gaming giant is also releasing on day one upgraded versions of the Switch's Legend of Zelda games, Breath of the Wild and Tears of the Kingdom, which take advantage of the console's greater power.

 

Beyond that, gamers will have to look to third-party games for alternatives on launch.

 

The range of games includes Rune Factory: Guardians of Azuma, Cyberpunk 2077, and Bravely Default.

 

Nintendo Super Mario character Peach driving a pink F1 style racing car. In the background is her iconic castle building from Super Mario 64.Nintendo

The latest Mario Kart game has various new features this time around, including knock-out competition and a more relaxed driving mode

"This more powerful console offers plenty of opportunities for third-party games publishers bringing Nintendo into more direct competition with Sony and Microsoft," said Katie Holt, senior games industry research analyst at Ampere Analysis .

 

And fans can expect more from third-party games as the console develops too - with Nintendo senior director Takuhiro Dohta telling me he expected games to get even better.

 

"When there are software titles set for the launch of the hardware, the developers still don't fully know the capabilities and hardware well enough," he said.

 

"As developers continue to develop, they start to understand how it works and what it's capable of, so I think we can expect improvements not only in graphics but in gameplay too."-BBC

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

 


 

 


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