Major International Business Headlines Brief ::: 06 June 2025

Fri Jun 6 11:36:36 CAT 2025

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Major International Business Headlines Brief :::  06 June  2025 

 <mailto:info at bulls.co.zw> 

ü  Tanzania: EU Bans All Tanzanian Aircraft Over Safety Concerns

ü  Nigeria: Businesses Express Confidence in Macroeconomy, Anticipate Hiring
More - CBN

ü  Rwanda: Govt Sets Up 24 Plastic Collection Points, Creates Nearly 1,500
Green Jobs

ü  Sierra Leone: IMF Spokesman in Exclusive Chat on Country's Program

ü  Rwanda's Economy Remains Strong, Says IMF

ü  Kenya's Ride-Hailing Drivers Say Their Jobs Offer Dignity Despite the
Challenges

ü  Nigeria: Lagos Takes Delivery of More Train Coaches

ü  Nigeria: Tinubu Commissions Lekki Deep Sea Port Access Road

ü  South Africa: Taxi Bosses Reject New R17-Million Taxi Rank Again

ü  Uganda: Museveni - Uganda Maintains Calm Amidst Regional Instability and
Economic Pressure

ü  Lululemon shares plunge as Trump tariffs bite

ü  India central bank delivers sharp rate cut as growth and inflation fall

ü  Tesla shares tumble as Trump-Musk feud erupts

ü  India leads in remittances - but Trump's tax could deal a blow

 <mailto:info at bulls.co.zw> 

Tanzania: EU Bans All Tanzanian Aircraft Over Safety Concerns

Nairobi — The European Union has barred all air carriers certified in
Tanzania, including flag carrier Air Tanzania, from operating in its
airspace, citing serious safety deficiencies uncovered in both operational
and regulatory areas.

The sweeping ban, announced on Tuesday by the European Commission, follows
an update to the EU Air Safety List, which now includes all Tanzanian and
Surinamese airlines.

The ban affects thirty-five Tanzanian air operators and comes after a
comprehensive safety assessment led by EU aviation experts.

Their findings revealed systemic weaknesses within Tanzania's civil aviation
oversight, including a shortage of qualified personnel, ineffective
enforcement of flight operations and airworthiness standards, and repeated
non-compliance with international aviation safety norms.

"Ensuring the highest level of air safety for all passengers remains our top
priority," the Commission stated, emphasizing that the decision was based on
technical and regulatory evaluations rather than political considerations.

Air Tanzania, is now prohibited from flying to any EU member state, a major
blow to the carrier's ambitions of expanding its global reach.

EU said Member State aviation safety experts unanimously agreed on the ban
during a meeting held in Brussels between 13 and 15 May 2025, under the EU
Air Safety Committee, which operates with support from the European Union
Aviation Safety Agency (EASA).

Tanzania now joins a list of seventeen countries whose aviation oversight is
deemed inadequate, with 142 airlines globally banned for regulatory
failings.

An additional twenty-seven airlines, including twenty-two Russian carriers
and five others from Venezuela, Iran, Zimbabwe, and Iraq, are also listed
due to specific safety deficiencies.

Tanzania is required to address the outlined safety shortcomings if they are
to regain access to the EU airspace in the future.

Read the original article on Capital FM.

Nigeria: Businesses Express Confidence in Macroeconomy, Anticipate Hiring
More - CBN

A Central Bank of Nigeria's (CBN) survey has shown that businesses
anticipate hiring more workers this month even as they expressed their
confidence in the macroeconomy in May 2025.

The report titled: "Business Expectation Survey", noted that the
Construction sector had the highest prospect for employment while the Mining
& Quarrying sector had the highest prospect for expansion in June 2025.

It stated: "In line with the expected business expansion, businesses
anticipate hiring more workers in June 2025.

"Analysis of the Sectors showed that the Construction sector had the highest
prospect for employment while the Mining & Quarrying sector had the highest
prospect for expansion in June 2025."

According to CBN, the Confidence Index stood at 18.7 index points in the
current month, reflecting the optimism of respondents regarding the
macroeconomy.

The apex bank's survey report, "This optimistic trend is projected to
persist over the next six months, steadying at 41.1 index points.

"All the sectors expressed optimism on the business outlook of the
macroeconomy in the current month with the Agriculture sector leading at
23.2 index points.

"The optimistic trend is expected to continue into the next six months with
the confidence index of the Industry sector more than doubling in the next
six months (42.2 index points).

"The positive outlook on the macroeconomy in the current month is influenced
by the views of respondents from all regions.

"This optimism was highest in the North- East region at 36.2 index points
and lowest in the South- East region at 2.3 index points.

"The level of optimism in the South-East could be attributed mainly to the
constraint imposed on businesses by insecurity.

"All Sectors expressed optimism on own operations in the review month with
the

Construction sector leading with 16.7 index points".

The report showed that businesses identified insecurity (74.5), high
interest rate (73.9) and high taxes (73.4) as the top three business
constraints in May 2025, highlighting concerns around factors that directly
impact operational stability and profitability.

They also expect the Naira to dollar exchange rate to appreciate across the
review periods, as indicated by a positive index. But they anticipated an
increase in the borrowing rate during the same period.

Read the original article on Vanguard.

Rwanda: Govt Sets Up 24 Plastic Collection Points, Creates Nearly 1,500
Green Jobs

Nearly 1,500 green jobs have so far been created through an initiative that
has established 24 centres for collecting plastic waste for recycling,
according to Juliet Kabera, Director General of the Rwanda Environment
Management Authority (REMA).

She was speaking on June 5 during World Environment Day, which was marked
under the campaign theme: Beat Plastic Pollution.

"Plastic pollution is more than just a visible problem. It threatens our
ecosystems, our health, and our climate. Across the world, plastic waste
continues to accumulate in rivers, cities, lakes, and even in our food
systems. Without action, projections show that plastic pollution will triple
by 2040. But Rwanda chose a different path--early, and with determination,"
she said.

In 2008, Rwanda became one of the first countries in the world to completely
ban plastic bags.

In 2019, legislation was expanded to cover all single-use plastics,
demonstrating Rwanda's continued commitment to environmental protection.

"In 2021, REMA and the Private Sector Federation introduced a levy on
plastic manufacturing to fund collection and recycling efforts. This
initiative has led to the creation of 24 plastic collection points, the
recovery of over 1,500 tonnes of single-use plastics, and the creation of
more than 1,200 jobs in waste collection and management," Kabera noted.

More than 14 companies are now producing alternative packaging to replace
non-biodegradable plastics, while over 15 are involved in plastic recycling,
according to REMA.

Pascal Gatete, Chief Executive Officer of Depot Kalisimbi Ltd, a licensed
waste management company, told The New Times that plastics collected from
various parts of the country during the pilot phase are being recycled to
produce bricks and pavers for construction.

He noted that the first house and road in Rwanda have been constructed
entirely from these plastic bricks and pavers.

ALSO READ: Are businesses ready to cope with ban on single-use plastics?

"This initiative marks a key milestone in sustainable engineering, serving
as proof of concept for the use of recycled materials in large-scale
construction projects. With its success, we plan to scale up the project and
extend the use of plastic pavers to other facilities and community
roads--further advancing our mission of waste valorisation."

Beathe Siborurema, CEO and founder of SIBO Engineering Company, recycles
plastics to produce decorative items and furniture.

"We started four years ago as a start-up, recycling 100 kilogrammes of
plastic per month. Currently, we can recycle 750 kilogrammes. We have five
permanent staff and 12 casual workers. However, we still need financial
support to purchase improved equipment," she said.

She is also transforming plastic waste into floor tiles.

"We are producing 50 large floor tiles and 70 small ones per day,"
Siborurema added.

Floor tiles made from recycled plastic are an emerging trend in sustainable
construction and interior design.

Nitesh Patel, General Manager of Soft Packaging Ltd, said the company
recycles plastics to produce black sheeting used at construction sites.

"We collect plastic waste from external sources, including airports and
border areas. Once the material arrives, we sort it on-site. Some plastics
are clean and can be sorted directly, while dirty plastics must be
thoroughly washed before processing. After cleaning, the material is sent to
the extrusion site for further processing. Our daily production capacity is
around 4 to 6 tonnes," he explained.

Investors in Rwanda are also recycling plastics to produce plant bags used
for growing seedlings in the agriculture and forestry sectors.

Read the original article on New Times.

Sierra Leone: IMF Spokesman in Exclusive Chat on Country's Program

The International Monetary Fund (IMF) through the Office of the IMF
Spokesman in Washington D.C. has confirmed that its ongoing program with the
Government of Sierra Leone was "current".

This was made known to Awareness Times Newspaper during a series of
exclusive email and phone chats with the IMF Office in Washington D.C.
concerning allegations of Sierra Leone being suspended from the IMF's
Extended Credit Facility (ECF) program with the country.

It can be recalled that in several recent news reports first triggered by a
local tabloid journalist, it was alleged that "Sierra Leone is suspended
from all IMF programs which has also affected all World Bank activities in
the country" with the tabloid journalist adding another claim that it "was
made known to the Ministry of Finance by the IMF team that visited the
country in April".

The tabloid initially published the claim on May 27th 2025 (last week
Tuesday) during which it was alleged further that "the reason for the
suspension" was because: "in November last year, State House authorized the
payment of 67 Million Dollars to Alimu Barrie for roads which are not seen".

The Government, through the Minister of Finance, immediately denounced the
report by the local journalist and assured that the relationship with both
the IMF and World Bank were on track and not suspended.

However, the $67 Million Dollars claim continued to gather steam with other
local journalists picking up the allegation and propagating it with speed.

Awareness Times Newspaper, as one of the country's leading investigative
journalism media, decided to go right to the source itself and seek
clarification right from the IMF headquarters in Washington DC.

What we can confirm from the official response of the IMF Spokesman's Office
is that the ECF program with Sierra Leone is still "current" and not
suspended as alleged by the tabloid.

The Awareness Times Newspaper first engaged with the IMF in Washington DC
for clarification last week Friday May 30th 2025 and we were directed to
Madam Tatiana Mossot of the Africa Division Press Office.

Explaining our required clarification, the matter was then escalated to the
IMF's Senior Communication Officer Madam Wafa Amr who treated the matter
with the utmost importance by issuing a formal assurance that stated the ECF
program with Sierra Leone was still "current".

The IMF Spokesman's Office also sent a formal written assurance to Awareness
Times Newspaper which we now reproduce verbatim below:

"IMF staff continues to engage with the Sierra Leone authorities on the
current Extended Credit Facility program. The ECF aims to support Sierra
Leone’s efforts to restore stability by bolstering debt sustainability,
addressing fiscal dominance, bringing down inflation and rebuilding
reserves; support inclusive growth through reforms and targeted social
spending; confront corruption, and strengthen governance, institutions, and
the rule of law."

Rwanda's Economy Remains Strong, Says IMF

Continued fiscal consolidation, supported by stronger domestic revenue
mobilisation and spending efficiency, is essential to safeguard Rwanda's
macroeconomic stability and debt sustainability, the International Monetary
Fund (IMF) Executive Board has said.

It made the observation at the conclusion of the fifth review under the
Policy Coordination Instrument (PCI), on June 4.

ALSO READ: What you need to know about Rwanda's new tax reforms

The Executive Board concluded that Rwanda's economic growth remains among
the strongest in sub-Saharan Africa, despite rising fiscal and external
pressures linked to large investment projects and reduced concessional
financing.

Rwanda's economy grew by 8.9 per cent in 2024, higher than the earlier
projected 8.3 per cent, driven by a rebound in agriculture and continued
strength in the services and construction sectors.

Inflation remained within the National Bank of Rwanda (NBR)'s 2-8 per cent
target band, reflecting tight monetary policy and improved domestic food
output.

The IMF indicated that Rwanda has met all quantitative targets, and that
most reform commitments were implemented, including in state-owned
enterprises (SOE) governance, monetary statistics, and digital public
financial management.

However, the the IMF said the approval of the comprehensive tax policy
package and the rollout of the Global Master Repurchase Agreement (GMRA)
were implemented with a delay.

GMRA is a standard legal agreement used for repurchase transactions (repos)
- also called buybacks - of securities globally.

ALSO READ: Proposed tax changes set to rake in Rwf300bn annually

New tax reforms

Rwanda's tax reforms - whose relevant laws were published in the Official
Gazette on May 29 after approval by Parliament - include a 15 per cent
excise duty cosmetic and beauty products, and an 18 per cent value-added
(VAT) on mobile telephones and ICT equipment in general.

They also include a hike in taxes on gambling revenue, introduction of a 3
per cent tourism tax on accommodation, and VAT and excise duty on hybrid
vehicles.

As part of the new reforms, the government hiked excise duty on cigarettes
from the current Rwf130 to Rwf230 per pack - which add to the already
existing 36 per cent of retail price - and 5-percentage point increase in
beer excise duty, from 60 per cent to 65 per cent of factory price.

Bo Li, IMF Deputy Managing Director, and Acting Chair, said that the
macroeconomic environment has become more complex due to a need to implement
difficult reforms against the background of worsening external conditions,
including aid withdrawals and regional tensions.

"Sustaining fiscal consolidation remains vital to preserving macroeconomic
stability and ensuring debt sustainability. The recently adopted tax reform
package is a welcome step toward broadening the tax base and enhancing
equity and efficiency," he observed at the conclusion of the Executive
Board's discussion.

"Continued expenditure rationalisation and close monitoring of fiscal risks,
particularly from SOEs and the ambitious priority investment project, are
essential. The fiscal implications of pension reform and the financing needs
for the priority infrastructure project must be carefully managed to
maintain fiscal discipline," he added.

ALSO READ: How Rwanda plans to fund, spend Rwf7tn budget for 2025/26

While monetary and financial policies remain focused on stability, he said,
vigilance is warranted.

"Inflationary pressures from fiscal loosening and tax policy changes may
necessitate a tightening of the policy stance. Greater exchange rate
flexibility is crucial to support external adjustment and safeguard reserve
adequacy," he stated.

On May 8, the Minister of Finance and Economic Planning, Yusuf Murangwa,
said that Rwanda's growth momentum remains strong, despite a challenging
environment caused by climate change effects, global inflation, geopolitical
tensions, trade wars, among other factors.

He was presenting the budget framework paper including the proposed more
than Rwf7 trillion national budget for the 2025/26 fiscal year to
Parliament.

He said the government remained committed to maintaining macroeconomic
stability and fostering inclusive growth by investing in key areas such as
agriculture, manufacturing, healthcare, social protection, and education.

Addressing fiscal pressures

Rwanda's current account deficit - the level at which the country's goods
and service imports exceeds its exports - widened in 2024 due to strong
consumer and capital goods imports, but reserves remained adequate at 4.7
months of imports as of end-year.

The IMF expects that the fiscal position will be under pressure from the
large infrastructure investment in the New Kigali International Airport
(located in Bugesera) and the expansion of RwandAir, as well as the recent
pension reform.

Public debt is projected to peak in 2025/26 at 78.7 per cent of GDP (as of
December 2024), with the PCI debt anchor target of 65 per cent now expected
to be achieved by 2033.

Accelerating domestic revenue mobilisation and maintaining a credible fiscal
consolidation path are crucial to restoring policy space and ensuring
long-term fiscal sustainability, the IMF observed.

Read the original article on New Times.

Kenya's Ride-Hailing Drivers Say Their Jobs Offer Dignity Despite the
Challenges

Many argue that gig work involves exploitation, as research and media
coverage have highlighted. But that doesn't seem to deter ride hailing
drivers on platforms like Uber and Bolt.

In Kenya, in fact, many new drivers continued to join platforms even as
fares were slashed starting in 2016.

As a PhD student studying the role of digitalisation in development, I spent
several years trying to understand how digital drivers experienced the
quality of their work. My research found that in 2019, a typical digital
driver in Nairobi worked about 58 hours a week and earned well below the
minimum wage on an hourly basis. What made this work attractive? Why did
drivers stay?

In a new paper, I draw on a 2019 survey of 450 drivers in Nairobi and 38
subsequent qualitative interviews in Nairobi and Kenya's second largest ride
hailing market, Mombasa, in 2021 that explored drivers' experiences in
detail.

In addition to measuring working hours and incomes, my survey team asked
drivers if they considered their work "dignified". Nearly eight in ten (78%)
of our survey participants said yes. While that specific share of drivers
may have changed since then, the underlying reasons drivers found the work
dignified remain unchanged.

In the global north, scholars have rung alarm bells about what "gig work"
means for the erosion of standard jobs with legal protections around working
hours, minimum wage and other benefits. But the drivers my team and I spoke
with in Kenya felt that digital driving was a step towards formalisation
rather than a drift away from an ideal formal job. Driving had diginity in
contrast to the indignities of low-wage work and the vast informal sector,
which was their realistic alternative for making a living.

My findings highlight that workers' experiences on global platforms like
Uber are not universal and that digitisation may deliver some improvements
in work quality relative to informal work in African contexts.

How did digital work deliver dignity?

Drivers explained that app companies imposed rules and structure that
provided "discipline" in a transport sector more broadly associated with
rudeness, unruliness, and disrespect towards passengers. Requirements for
things like driving licences, proof of insurance, and ratings seemed to make
drivers feel more professional and make passengers see them as such.

Drivers felt proud to be part of a driver community that behaved
professionally under these conditions. A 38-year-old male driver in Nairobi
who had been working on the platforms for three years told us:

We are very respected ... Everyone trusts you to carry them. It's not like
the old days, when the taxi driver might rob you and dump you or even kill
you. We are getting attraction from the society, even in the slums. They
know you are an app driver, and they trust you because app drivers are good
people. They know you can deliver, that you will be honest.

Read more: Zimbabwe's economy crashed -- so how do citizens still cling to
myths of urban and economic success?

On platforms, drivers were matched digitally with riders. Respondents said
this brought dignity by ensuring drivers would receive a fairly steady
stream of clients. This meant that a driver could rest assured he would earn
money every day.

The alternative was to "hustle" in the informal economy to shake loose
opportunities and constantly solicit those who might use their labour and
beg for payment after a job was done. Constant solicitation and bargaining
were exhausting and degrading.

One driver explained:

Most of us are poor. I have never walked out every morning sure that I would
do a job. But now I know that if my car has been serviced and my phone is
charged and working, I am going to work and not to some charity job. I used
to wait at the base all day without getting a customer. Now, ..... at least
two, three days are going to be good for you.

Digital matchmaking also meant that drivers were not limited to serving the
few clients they already knew or who happened to pass them at a fixed base.
They found themselves serving new parts of the city and carrying important
people, including business people, celebrities and local politicians.
Serving these high-end customers made them feel proud and important. Wealthy
neighbourhoods, luxury hotels and high-end restaurants felt more open to
them in otherwise exclusionary and segregated cities.

Some drivers felt that digitalisation had removed barriers to entry for taxi
driving, like paying to join a parking base and building a client list.

The app did away with parking bases, and about half of drivers joined the
system through a "partner", paying a fixed weekly fee to rent their car
instead of buying it themselves.

In efforts to make rides cheaper, in 2018 app companies in Kenya allowed
smaller, less expensive cars on their platforms, lowering costs of
ownership. Drivers in our survey showed that both formal and informal
financiers were willing to offer loans to digital drivers, knowing they
would have regular revenue to service their debt.

Buying a car was seen as a huge, dignifying accomplishment. One driver in
the survey told us:

Growing up, I thought vehicles were owned only by the rich, but now digital
driving has provided a means for me to own one and earn the respect of
society.

David Muteru, then chairman of the Digital Taxi Association of Kenya, echoed
this sentiment: "Owning a vehicle, that's an asset".

Dignity not always guaranteed

The dignifying value of order was only possible when app companies enforced
their own rules and did so fairly. Drivers preferred the stringent rule
enforcement of one major app over the lax enforcement of another, which made
for more stressful and undignified interactions with riders.

When the rules were enforced, drivers could be sure that the app company
would help if a rider refused to pay or if there was a dispute with the
client. Drivers felt the stricter environment kept bad actors out.

Over time, though, app companies slashed prices, competing for market share.
Drivers felt less respected by riders who saw them as desperate for money.
Low fares pressed drivers to negotiate with riders for offline trips and
higher rates, reintroducing the indignity of haggling.

Lessons for the future

Digitally mediated work raises many questions about labour standards.

This research shows how important it is to keep local context in mind.
Digital driving is not the same experience for drivers in every context.
Where people suffer indignities and deprivations in the informal sector,
digitalisation may offer gains. But this potential depends on rule
enforcement and pay. Material and subjective dignity are intertwined.

Julie Zollmann, Digital Planet Fellow, The Fletcher School, Tufts University

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

Nigeria: Lagos Takes Delivery of More Train Coaches

The governor reaffirmed his commitment to extend the rail line to Okokomaiko
by 2026.

The Lagos State Government has taken delivery of three new train sets,
comprising a total of twelve coaches for the Lagos Blue Line Rail.

Babajide Sanwo-Olu, the state governor, made the announcement via his
Facebook handle on Thursday.

This development will undoubtedly lead to shorter waiting times and more
comfortable journeys for all Lagos residents who utilise the Blue rail, said
Mr Sanwo-Olu.

The governor also announced that work is ongoing to extend the Blue Line to
Okokomaiko.

Presently, the train travels a 13 kilometre journey -- from Marina to
Mile-2. "We're aiming to finish that by 2026," the governor said.

Mr Sanwo-Olu acknowledged the anticipation surrounding the developments,
stating, "I know it's been a long time coming, but I truly believe we're
building something that will change how we move around this city for the
better."

The rail project was commissioned in January 2023 by the former President
Muhammadu Buhari but began commercial operations eight months later.

The Blue Rail Line is expected to be 27 kilometres long, connecting
Okokomaiko to Marina.

Read the original article on Premium Times.

Nigeria: Tinubu Commissions Lekki Deep Sea Port Access Road

"Please, my dear governors, let's work together. Don't give planning
approvals without collaboration with the Surveyor General and the Ministry
of Works."

President Bola Tinubu said more funds would be committed to infrastructure
development and urged governors to collaborate with the federal government
to align building approvals.

The president, who commissioned the Lekki Deep Sea Port Access Road at the
Dangote Refinery and Petrochemical Plant on Thursday in Lagos, said proper
approval alignment between subnational and federal governments will
facilitate the construction of major roads and bridges across the country.

"I have directed the Minister of Works, David Umahi, and the Surveyor
General of the federation to work more closely with the governors," the
president said.

Mr Tinubu said aligning state approvals with the federal government will
reduce the burden of compensation and delays in actualising people-oriented
projects.

"Please, my dear governors, let's work together. Don't give planning
approvals without collaboration with the Surveyor General and the Ministry
of Works. I am appealing to you to realise the same development goal.

" Let me emphasise the ban by the Federal Government of Nigeria on any
dredging within a 10km radius of all our Bridges nationwide. I appeal to all
governors, relevant agencies, and security agencies to implement this ban
immediately," Mr Tinubu said.

The ceremony came five days after the president commissioned Phase 1 of
Section One of the Lagos-Calabar Coastal Highway, also in Lagos.

He commended the Federal Ministry of Works, Messrs Hitech Construction
Company Limited, Messrs Dangote Industries Limited, BUA and all contractors
involved in the country's road development. He said his administration is
committed to building enduring infrastructure nationwide.

He dismissed critics of the government's legacy projects for being ignorant
about how the government awarded the legacy roads to contractors.

"It is necessary to note that the Federal Executive Council approved our
Legacy Projects to be procured, awarded and constructed in sections. The
completed 30 km segment of the Lagos-Calabar Coastal Highway is part of the
47.7 km, six-lane Section I contract, not a wholesale 750 km contract, as
some have suggested. No contractor has been awarded the entire corridor.

"Our approach has been systematic, transparent, and section-based. The
Sokoto-Badagry Superhighway envisioned 47 years ago under the Shagari
administration, is another legacy project we have revived. This corridor -
spanning Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos - holds immense
potential for agriculture, trade, and industrialisation.

"It connects over 58 dams, vast arable farmlands, and trade routes to our
West African neighbours and offers great promise for windmill energy
generation. Construction is well underway. In Kebbi, we have completed over
10 km of the 258 km three-lane carriageway, and today we flag off the second
carriageway. This section is the longest in all our Legacy Projects.

"In Sokoto, work has begun on the 120 km 2single-carriageway by three lanes
from Illela. I understand that over 10km of this project is already
completed. Today, we shall be flagging off the second carriageway of 120km
with three lanes.

"Work is also at an advanced stage in this section. More sections are being
designed for procurement and award within the whole length of the
Sokoto-Badagry Superhighway. On my way here, I witnessed significant
progress at Section II of the Lagos-Calabar Coastal Highway, with over 10 km
of the 55 km stretch already completed.

"I am also pleased to report ongoing works in the Cross River and Akwa Ibom
sections and have directed that more segments be designed and procured. The
Trans-Sahara Trade Route, another visionary project, is advancing steadily.
It will connect Calabar to Abuja via Ebonyi, Benue, Kogi, and Nasarawa," he
said.

President Tinubu said he had directed accelerated design on the 4th Legacy
Project of the Akwanga-Jos-Bauchi and Gombe corridor to enable procurement
to start.

"Let me assure you that with God on our side, we shall complete these
projects and deploy them for the economic benefit of our nation".

Other projects commissioned by the president include Yakasai to Zalli Road,
Kano State (CCECC), Shendam Bridge, Plateau State (Triacta), Kwanar-Hadejia
Section II (82km), Kano/Jigawa States (CCECC), Jimeta Bridge, Adamawa State
(Triacta), Ilobu-Erinle Road, Kwara/Osun States (IAC) and Cham-Numan Bridge,
Adamawa State (CGC).

President Tinubu flagged off the following projects for construction:
Section I Phase IB-120km of Sokoto-Badagry Superhighway in Sokoto State;
construction of Section II Phase 2 B-258 km of Sokoto-Badagry Superhighway
in Kebbi State; construction of Lagos-Calabar Coastal Highway (Section
II)-55km in Lagos to Ogun State Border; rehabilitation of Zaria-Hunkuyi to
Daya Road (Sections I, II & III) 152.67km in Kaduna/Kano States and
reconstruction of Dikwa - Gamboru - Ngala Road - 49.55km in Borno State.

Also flagged off was the completion of the dualisation of the Kano -
Maiduguri Road linking Kano - Jigawa - Bauchi - Yobe and Borno States;
100.95km, construction of Maiduguri Ring Road - 108km, construction of Kano
Northern Bypass Road in Kano State, - 74km; construction of 7th Axial Road
at Lekki Deep Sea Port, Lagos State to Ijebu-Ode, Ogun State- 25km by 6-lane
and completion of rehabilitation of Lokoja - Benin road on rigid pavement.

Other roads are the dualisation of Oyo--Ogbomoso Road in Oyo State, 104km;
the dualisation of Kano--Daura--Kongolam in Kano, Jigawa, and Katsina
States, 264km -BUA Tax Credit; and the reconstruction of Bama-Banki Road in
Borno State, 49.15 km Dangote Tax Credit.

The President thanked the "four wise men of the private sector": Jim Ovia,
Femi Otedola, Abdulsamad Rabiu, and Aliko Dangote, for contributing to
Nigeria's economy. He also commended the Minister of Works, Roland and
Gilbert Chagoury, and Aigboje Aig-Imoukhuede.

The governors of Plateau, Abia, Enugu, Ogun, Borno, and Kaduna states
attended the ceremony.

Speaking on behalf of the governors, the Governor of Kaduna State, Uba Sani,
thanked the president for removing the subsidy, which had translated into
increased allocations to the states for health, education, and
infrastructure investments.

Mr Sani assured the president of the sub-national collaboration to improve
infrastructure nationwide.

President Tinubu thanked Aliko Dangote for his interest in developing the
country through continuous investments.

"Having inspected the Dangote refinery, which is a great point of reference,
a great phenomenon of our time and a massive investment, I want to thank
Aliko Dangote," he stated. "I am happy that the Deep Sea Port I initiated as
Governor of Lagos State is a huge success today. Users save vast amounts of
money using this port because they no longer need to trans-ship their goods.
I commend the quality of the access road done by Messrs Dangote Industries
Limited on our Tax Credit Road programme and the subcontractor, Messrs
Hitech Construction Company Limited.

The president of the Dangote Group, Aliko Dangote, thanked the president for
envisioning and implementing the Lekki Deep Sea Port project and assured him
of the private sector's support for expanding infrastructure nationwide.

Read the original article on Premium Times.

South Africa: Taxi Bosses Reject New R17-Million Taxi Rank Again

A brand new R17-million taxi rank in Duduza is already going to waste after
taxi bosses walked away, again.

The Bluegum Taxi Rank was handed over to the Nigel Taxi Association just two
months ago by Ekurhuleni MMC of Transport, Andile Mngwevu. The facility had
stood empty for four years before the association agreed to start using it.

But after a short burst of activity, the rank is now deserted once more.
Only a few cleaners and a security guard are seen on the premises.

Taxi drivers say they fear losing passengers if they move to the new
facility, especially since a popular illegal taxi rank in Extension 15 is
still operating.

This is the second time the association has turned its back on a
multimillion-rand taxi facility. Local unemployed youth have now taken over
the space, using it as a car wash and a chisanyama.

Ward 87 councillor Bongani Hlophe said they are calling on the Gauteng
Department of Transport to step in.

"If it can't be used as a taxi rank, then let's put it to better use," he
said. "The municipality spent a lot of money. We can't allow it to be
vandalised."

During the handover earlier this year, taxi association chairperson Sello
Mabe said they were ready to use the rank. He promised to start a shuttle
system between the old pick-up spot and the new rank until commuters got
used to it.

MMC Mngwevu also said there was a deal to shut down all illegal ranks on the
route, including ones linked to the Brakpan Taxi Association. The Ekurhuleni
Metro Police were meant to help with enforcement.

But two months later, the illegal ranks are still fully operational.

City of Ekurhuleni spokesperson Zweli Dlamini said they cannot force the
taxi association to use the rank.

"For it to be used for something else, the city, community, and association
will need to sit down and talk," he said.

Read the original article on Scrolla.

Uganda: Museveni - Uganda Maintains Calm Amidst Regional Instability and
Economic Pressure

President Museveni today delivered a State of the Nation address emphasizing
Uganda's prevailing peace and security, even as it navigates regional
conflicts and economic headwinds.

While acknowledging ongoing threats from terrorism, political activism, and
cross-border crime, the President assured citizens that national borders
remain secure and security agencies are equipped to handle challenges.

"The general security situation, in the Country, is calm," President
Museveni stated, while also noting the "spillover effects" from conflicts in
the eastern Democratic Republic of Congo (DRC), South Sudan, Sudan, and
Somalia.

These effects include an influx of refugees, illegal immigration, and the
proliferation of small arms.

To counter these threats, the President highlighted enhancements in the
capacity of the Uganda Police Force, Internal Security Organization, and the
support of the Uganda People's Defence Forces (UPDF).

He specifically pointed to significant improvements in the Karamoja
Sub-region, despite isolated incidents of livestock theft and incursions
from Kenya.

Addressing operations in the Eastern DRC, President Museveni reported
considerable success in the joint FARDC-UPDF mission against the Allied
Democratic Forces (ADF).

"Since November, 2024, 223 abductees have been rescued from captivity," he
announced, detailing a substantial recovery of firearms, ammunition,
communication equipment, and bomb-making materials.

The President underscored the government's commitment to modernizing and
professionalizing security forces, including improving their welfare and
fostering cooperation with the civilian population.

He cited the UPDF Construction Brigade's work in rehabilitating rural
schools and, alongside the National Enterprises Corporation (NEC), its
involvement in major infrastructure projects like the Entebbe International
Airport.

On the political and economic front, President Museveni asserted Uganda's
resilience, stating, "All attempts to destabilise Uganda (by internal and
external actors), have been thwarted and defeated."

He emphasized Uganda's clear national priorities and interests, calling for
respect from international allies.

"The Patriotic leadership, in charge of the Country's affairs, cannot
deviate from its historical mission, to defend and transform Uganda and
Africa, on account of threats, by some of our allies, who misunderstand our
goals and methods of work," he affirmed.

Despite the suspension of new financing from the World Bank and the US, the
President highlighted the continuation of key development projects.

He pointed to the near completion of the 1,443km East African Crude Oil
Pipeline (EACOP) and the imminent commencement of the Standard Gauge Railway
(SGR) construction.

Furthermore, a Memorandum of Understanding has been signed with Alpha BMB
Investment Group of the United Arab Emirates for the construction of an oil
refinery in Hoima. Projects in roads, energy, ICT, education, healthcare,
and agriculture also continue to be implemented, the President assured the
nation.

Read the original article on Nile Post.

Lululemon shares plunge as Trump tariffs bite

Lululemon shares have plunged by more than 20% after it cut its annual
profit forecast, as the company navigates tariffs and fears about the US
economy slowing.

"We experienced lower store traffic in the Americas, partially reflective of
economic uncertainty, inflationary pressures, lower consumer confidence, and
changes in discretionary spending," Lululemon said in a statement.

The athleisure brand joins a growing list of big companies to warn about the
impact of US President Donald Trump's trade policies.

The Trump administration's approach to tariffs has triggered concerns over
rising prices and a weakening economy.

"We are planning to take strategic price increases... on a small portion of
our assortment, and they will be modest in nature," Lululemon's finance
chief Meghan Frank said.

The company also said it will cut costs and negotiate with its vendors.

Last year, 40% of its products were made in Vietnam, and 28% of its fabrics
came from mainland China.

Clothing and footwear brands are among the businesses hit hardest by tariffs
as they make goods in Asian countries, which have faced steep levies from
the US.

In April, sportswear giant Adidas warned that import taxes imposed by Trump
will lead to higher prices in the US for popular trainers including the
Gazelle and Samba.

"Since we currently cannot produce almost any of our products in the US,
these higher tariffs will eventually cause higher costs for all our products
for the US market," chief executive Bjorn Gulden said.

Also in April, footwear maker Skechers withdrew its annual results forecast,
citing economic uncertainty.

"The current environment is simply too dynamic from which to plan results
with a reasonable assurance of success," Skechers' chief operating officer,
David Weinberg, told investors in a post-earnings call.

Last month, Nike said it would raise prices on some trainers and clothing in
the US from early June.

The sportswear giant did not name US tariffs explicitly as a reason for the
increase, saying it regularly made "price adjustments".-BBC

India central bank delivers sharp rate cut as growth and inflation fall

India's central bank has lowered interest rates by a deeper-than-expected
half a percent - the third cut in a row amid falling inflation and lower
growth in Asia's third largest economy.

It also increased the amount of liquidity - or supply of money - available
in the system.

The repo rate - the level at which the central bank lends money to
commercial banks, influencing borrowing costs for home and car loans - now
stands at 5.5%, the lowest in three years.

Explaining the rationale for the cut, RBI governor Sanjay Malhotra said
growth is "lower than our aspirations" and the bank felt it was "imperative
to stimulate domestic consumption and investment" amid rising global
uncertainties.

The rate cut comes on the back of two previous reductions in April and
February.

Data released last week showed that India's economy grew by 6.5% in the
previous financial year ending March.

The country remains the world's fastest expanding major economy, although
growth has sharply dropped from the 9.2% high recorded in financial year
2023-24.

Meanwhile, retail prices in India have slowed faster than expected to 3.16%
in April - the lowest in six years - and below the RBI's 4% target, driven
down by falling food prices.

RBI has now forecast lower inflation than earlier projected for the year
ahead.

But the central bank has changed its monetary policy stance from
"accommodative" to "neutral", indicating that further rate cuts will depend
on how India's growth-inflation dynamic evolves.

However, fuller granaries due to a better-than-expected monsoon, weaker
prices of commodities like oil - of which India is a net importer - as well
as a strong currency are likely to help keep India's inflation in check in
the months ahead, allowing the RBI to keep rates low.

Lower borrowing costs could have a positive growth impact due to improved
purchasing power for households, lower input costs for companies and lower
debt servicing costs for the government.

They will also help homebuyers and a struggling real estate sector.

"This effectively lowers the cost of borrowing, making home loan EMIs
[mortgage payments] easier on the pocket and thereby directly improving
affordability for buyers. This can potentially boost demand in the Indian
real estate sector, especially in affordable and mid-income segments.
Affordable housing faced the sharpest pandemic fallout, with sales and new
launches shrinking in the top 7 cities," Anuj Puri, chairman of ANAROCK
Group, said.

Indian markets rallied sharply post the rate cut announcement.-BBC

Tesla shares tumble as Trump-Musk feud erupts

Investors sold off shares in Tesla on Thursday, as tensions erupted between
boss Elon Musk and US President Donald Trump.

Shares in the electric car company dropped 14%, wiping out roughly $150bn in
market value in one of the worst days in months.

The losses were an indication of what might be at stake for Musk, as he
breaks with a White House known for wielding the power of government against
what it sees as enemies.

As the dispute devolved, Trump threatened to cut off government contracts to
Musk's companies, including rocket firm SpaceX, which has contracts worth
tens of billions of dollars with the government.

"Go ahead, make my day," Musk fired back in response to the threat.

The stark turn in the relationship between the two men played out live on
social media, quickly spiralling from policy disagreements into personal
insults.

Trump and Musk enter bitter feud - and Washington buckles up

Trump 'very disappointed' by Musk as row explodes into public

Analyst Dan Ives of Wedbush Securities, a longtime Tesla cheerleader, called
it "jaw dropping and a shock to the market",

He said the clash had sparked fear among investors about what it might mean
for regulation of the company, which is seeking to expand self-driving and
robotics and had hoped for a more relaxed regulatory approach under the
Trump administration.

"This must start to be calmed down," Mr Ives wrote in a note, adding that it
"put a fly in the ointment of the Trump regulatory framework going forward".

Getty Images Tesla CEO Elon Musk speaks alongside U.S. President Donald
Trump to reporters in the Oval Office of the White House on May 30, 2025 in
Washington, DC. Musk, who served as an adviser to Trump and led the
Department of Government Efficiency, announced he would leave his role in
the Trump administration to refocus on his businesses.Getty Images

Musk's foray into government has already proven a wild ride for Tesla
investors.

Shares had surged last year, on hopes his alliance with Trump would benefit
the company.

But investor sentiment soured this year, as Musk's alliance with Trump and
his role leading controversial cuts to government spending proved a
lightning rod, sparking backlash and hurting sales, especially in Europe.

Investors were also concerned that Musk - who had been fighting for a
record-breaking pay package - was not focused on the company.

Last month, the head of Tesla's board was forced to publicly deny a report
that the company had started to look for someone else to lead the firm.

Musk's pledge on an investor call that he would be stepping back from his
role leading Doge had prompted an upswing in the stock. He formally left the
government at the end of last month.

But Tesla now finds itself back in the political crossfire.

The breach with Trump was sparked by Musk's criticism of a Trump-backed
spending bill.

Musk has sought to rally opposition, arguing that it will add too much the
government's debt load. He has also been critical of Trump's tariffs, which
he said on Thursday would cause an economic recession in the second half of
the year.

Trump said Musk's welcome at the White House was wearing thin and accused
him of being unhappy about the elimination of a tax credit for electric
vehicles, which has been key to Tesla's sales in the US.

The two men have also clashed over Trump's decision to withdraw his
nomination of Jared Isaacman, a Musk ally, to lead Nasa.

Thursday's fall put the company's share price at its lowest level since May,
erasing gains that had been made on hopes that Musk would refocus attention
on the company.

As the two men went at it, investors watched in disbelief.

"Can someone please take the phone away from him," wrote investor Ross
Gerber, who has been vocal about his concerns about the impact of Musk's
politics on Tesla and cut back his holdings. "Tesla is getting
destroyed."-BBC

India leads in remittances - but Trump's tax could deal a blow

Trump is pushing his party to back his "big, beautiful bill"

Tucked deep in Donald Trump's sprawling "One, Big, Beautiful Bill Act" is a
clause that could quietly take billions from money sent abroad.

It proposes a 3.5% tax on remittances sent abroad by foreign workers,
including green card holders and temporary visa workers such as those on
H-1B visas. For India - the world's top remittance recipient - the
implications are serious, say experts. Other major recipients include
Mexico, China, the Philippines, France, Pakistan and Bangladesh.

In 2023, Indians abroad sent home $119bn (£88bn) - enough to finance half of
India's goods trade deficit and outpace foreign direct investment, according
to a paper by Reserve Bank of India (RBI) economists. Of this, the largest
share came from the US. For millions of migrants, that includes the money
wired to cover a parent's medicine, a nephew's tuition or a mortgage back
home.

A blunt levy on remittances could skim billions from migrant workers, many
of whom already pay taxes in America. The likely result? A rise in informal,
untraceable cash transfers and a dent in India's most stable source of
external financing.

India has remained the top recipient of remittances since 2008, with its
share rising from 11% in 2001 to 14% in 2024, according to World Bank.
India’s central bank says that remittances are expected to stay strong,
reaching an estimated $160bn by 2029. The country's remittances have
consistently hovered around 3% of GDP since 2000.

India's international migrant population grew from 6.6 million in 1990 to
18.5 million in 2024, with its global share rising from 4.3% to over 6%.
While the Gulf still hosts nearly half of all Indian migrants, skilled
migration to advanced economies - especially the US - has increased
significantly, driven by India's global IT footprint.

The US remains the top source of remittances worldwide, with its share
rising from 23.4% in 2020–21 to nearly 28% in 2023–24, driven by a strong
post-pandemic job recovery and a 6.3% rise in foreign-born workers in 2022.
Notably, 78% of Indian migrants in the US work in high-earning sectors such
as management, business, science, and the arts.

Remittance costs - driven by fees and currency conversion - have long been a
global policy concern due to their impact on families. While global averages
of the costs remain above targets, India stands out as one of the most
affordable destinations, reflecting the rise of digital channels and
heightened market competition.

A 10-15% drop in remittances could cost India $12-18bn a year, tightening
dollar supply and putting pressure on the rupee, according to Ajay
Srivastava of Delhi-based think tank Global Trade Research Initiative
(GTRI). He reckons the central bank may have to step in more often to
stabilise the currency.

The bigger blow would land on households in states such as Kerala, Uttar
Pradesh and Bihar, where remittances fund essentials like education,
healthcare and housing. The tax could "hit household consumption hard" even
as the Indian economy grapples with global uncertainty and inflation, Mr
Srivastava says in a note.

The remittance tax could squeeze Indian household budgets, dampen
consumption and investment, and undermine one of India's steadiest sources
of foreign exchange, warns a brief by the Delhi-based Centre for WTO
Studies. Maharashtra, followed by Kerala and Tamil Nadu, continues to be
among the dominant recipient states.

Remittances in India are largely used for household consumption, savings and
investment in assets like housing, gold and small businesses. according to a
policy brief by the think tank's Pritam Banerjee, Saptarshee Mandal and
Divyansh Dua.

A drop in inflows could shrink domestic savings and reduce investment in
both financial and physical assets. When remittance inflows decline,
households are likely to "prioritise consumption needs (e.g. food,
healthcare, and education) over savings and investment", the brief says.

A 10-15% drop in remittances could cost India $12-18bn a year, say experts

A study by Center for Global Development, a Washington-based think tank,
suggests the proposed tax could sharply cut formal transfers, with Mexico
facing the biggest hit - over $2.6bn annually. Other major losers include
India, China, Vietnam and several Latin American nations like Guatemala, the
Dominican Republic and El Salvador.

To be sure, there's still some confusion surrounding the tax, and final
approval is pending Senate action and the President's signature.

"The tax applies to all non-citizens and even embassy and UN/World Bank
staff. But those who pay taxes can claim a tax credit. Thus, the remittance
tax would apply only to those migrants who do not pay taxes. That would
mostly include unauthorised migrants (and diplomats)," Dilip Ratha, the
World Bank lead economist for migration and remittances, told the BBC.

Dr Ratha wrote in a note on LinkedIn that migrants would try to cut
remittance costs by turning to informal methods - hand-carrying cash,
sending money through friends, couriers, bus drivers or airline staff,
arranging local currency payouts via friends in the US, or using hawala,
hundi and cryptocurrencies.

"Will the proposed tax deter unauthorised immigration to the US? Will it
encourage unauthorised migrants to return home?" wonders Dr Ratha.

Not quite, he says. A minimum wage job in the US earns over $24,000 a year -
roughly four to 30 times more than in many developing countries. Migrants
typically send home between $1,800 and $48,000 annually, estimates Dr Ratha.

"A 3.5% tax is unlikely to deter these remittances. After all the main
motivation for migration - migrants trying to cross oceans and rivers and
mountains - is to send money home to help helpless family members."-BBC

 Invest Wisely!

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