Major International Business Headlines Brief::: 03 March 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  03 March 2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Is Tax Alone Enough to Pay for NHI? We Do The Sums

ü  Uganda: Hot Weather, Rising Food Prices Push Up Inflation in Uganda

ü  Nigeria: You Must Get to Site Two Weeks Before Receiving Mobilisation Fee - Govt to Contractors

ü  Nigeria: Wema Bank, SMEDAN Sign MOU to Lift 800,000 Businesses

ü  South Africa: Spaza Shops Who Met Registration Deadline to Receive Support

ü  Liberia: Tension Continues in the United Methodist Church Amid Ongoing Dispute Over Church Properties

ü  Uganda: Museveni Gives Two-Month Deadline for Steel Factory Plans in Ankole-Kigezi

ü  Nigeria: NLC Rejects Migration of Lower Electricity Tariffs to Band A

ü  South Africa: SA and Chile Sign Trade Cooperation Agreement

ü  Africa: Skype Is Shutting Down After Two Decades

ü  Bubble tea chain bigger than Starbucks sees shares jump on debut

ü  Ban on India's stock market 'She-Wolf' puts regulators on the spot

ü  Ex-Barclays boss with Epstein links seeks to clear name

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa: Is Tax Alone Enough to Pay for NHI? We Do The Sums

 

Healthcare doesn't come cheap, and rolling out National Health Insurance — the government's plan to give everyone the same medical service regardless of whether they can pay for it — will cost a lot of money.

The NHI Act says that funding healthcare for all should come from tax.

But with economic growth in a vice, many people being without jobs and people living longer but more getting sick, will there be enough money to cover everyone?

We do some sums to look at different options.

Healthcare doesn't come cheap and rolling out National Health Insurance will cost a lot of money. The NHI Act says that funding healthcare for all should come from tax. But with tax payers already under pressure, will there be enough money to cover everyone? We do some sums to look at different options.

 

Medical aid costs too much, said Health Minister Aaron Motsoaledi at a  press briefing in Kempton Park last week  , speaking about the government's plans for acting on the recommendations of the  Competition Commission's    inquiry   into costs of private healthcare.

 

 

The news is not new, though; it's what the inquiry's report highlighted too — five years ago already.

 

The rate at which medical care prices have increased over the past few years is "far, far higher than the general consumer price index", said Motsoaledi. (Consumer inflation was at 3.2% in January, whereas inflation for healthcare costs was almost triple at 9.3%.)

 

Indeed, only about 15% of people in South Africa belong (or likely can afford to belong) to a medical scheme, which makes it possible for them to go to private doctors. The remaining 85% of the population depend on public health services.

 

The government's plan to make good on this is to roll out National Health Insurance (NHI) as a way to give everyone in the country the same healthcare, regardless of whether they can pay for it or not. It will essentially be a big state-run fund that will pay for people's health services. Private medical schemes, in their current form, will not exist and they will only be allowed to cover services that the government doesn't. (The package of services that the NHI will pay for is not yet known, though.)

 

But healthcare costs money — everywhere, not just in South Africa.

 

For example, the international auditing firm PwC projected earlier — before US politics up-ended many carts — that Americans will have to fork out 7.5% more this year to cover their medical costs than last year. This too is more than double the roughly 3% mark where the US's general consumer inflation is hovering at the moment.

 

What could the numbers mean for South Africans — and would the government be able to afford quality healthcare for all?

 

We looked at some options, using what we know about health spends in 2023 and what we think are reasonable assumptions, for how the pie could be sliced in future.

 

Here are our sums.

 

One country, two worlds

 

South Africa's health system operates at two extremes.

 

In 2023, 9.13-million people belonged to a private medical scheme, which was about 15% of a total population of just over 62-million. The other 85% of South Africans — about 53-million people — likely relied mostly on free health services from the government.

 

 

 

 

Figures   from the Council of Medical Schemes (CMS) show that R239-billion was paid to cover members' claims in that year, most to private health services. We therefore take being part of a medical aid as a reasonable proxy for using private healthcare.

 

Dividing R239-billion across 9.13-million people means about R26 000 would have been available to spend on each beneficiary's care (the CMS report shows the actual average was slightly higher at R26 400.)

 

The situation in the public sector looks very different. Having just over R259-billion available in the health budget in 2023 to cover 85% of the population — 53-million people — means that each person could get about R4 900 of medical care — a fifth of what was available in the private sector.

 

Switching the thinking

 

There are different ways money for health services can be divided among a country's citizens though, and making good care available to all doesn't have to mean that medical schemes can't exist — or that everyone must get services for free.

 

In Germany, for example, the law says everyone must pay for health insurance. Most choose to pay for the state-subsidised medical aid, but people who earn above a certain threshold or those who are self-employed can also opt to belong to a private medical scheme.

 

Healthcare is therefore funded partly by tax money and partly by people's insurance premiums, and in 2017, three-quarters of health spend was in the public system, with 57% of that from people who paid for state health insurance.

 

How much can everyone get?

 

To think about how money for healthcare could be spent in South Africa, let's start by considering a situation where no private care is available and the government has to foot everyone's medical bills just from the tax money available in the health budget.

 

 

 

Working on 2023 figures, there'd be about R4 200 available per person (point A on the graph). Everyone would be worse off: both the 85% of the population currently relying on the public system, and getting about R4 900 worth of care (point B), and the 15% who use private healthcare and could buy about R26 000 worth of services (point F).

 

An alternative could be to add together the money available for public spending (R259.2-billion for 2023) and the amount paid towards private healthcare (R239-billion that year) and divide the total pot equally between the population (point C). That would mean roughly R8 000 is available for everyone — leaving people relying on public doctors 1.5 times better off than now, but those using private services about three times worse off.

 

Another option could be to add the two spends together and divide it by two to get to a fairer average amount that should be available to everyone (point E). This would work out to about R15 500 per person. People currently relying on the public sector would be able to get three times the value of services they used to and those in the private sector would have to do with about 1.7 times less.

 

But to give this to the entire population, a total of almost R966-billion should be available, and the government would therefore have to get about R468-billion extra somewhere to cover the shortfall.

 

Perhaps a more attainable way to get to a fairer situation would be to have about R11 750 available for everyone, which is halfway between R8 000 and R15 500 per person (point D). It would make twice as much available to people who always used to have to go to state doctors and about half of what those in private care were used to. That would mean a total kitty of about R732-billion would be needed for healthcare in South Africa based on 2023 figures. If the sum of what was available from treasury (R259.2-billion) and what people paid privately (R239-billion) are subtracted, it leaves a gap of about R234-billion that the government would have to fill somehow.

 

Death and taxes

 

Funding universal healthcare simply by charging more tax —  as is the current plan for NHI   — is  unworkable  , says the Universal Healthcare Access Coalition (UHAC), a group made up of organisations that represent health professionals from both the private and private sector.

 

That's because the economy isn't growing much at the moment, which means businesses make only small profits after covering their costs, and so there's less tax that can be paid to the state. The situation also means lower pay rises for workers — if at all — and less chance of extra tax to fill the government's purse.

 

A better plan, says the UHAC in their proposal, is to get to a system where there's a state-sponsored medical scheme that people can belong to (and pay for), alongside private medical aids. But the government's fund has to be as good and well run as private plans so that it's an attractive yet affordable option. In this way the quality and efficiency in the public and private health systems could gradually become more alike.

 

 

 

Moreover, South Africans are  living longer   and in 20 years' time the share of the population over 60 is expected to be  close to 15%  , compared with the  10% it is now  . On top of that, the number of people with noncommunicable diseases such as cancer, diabetes or heart problems linked to high blood pressure  is growing   — and the country is  failing to stop the trend  .

 

This can be bad news if medical costs have to be covered from a small budget.

 

A general principle in health insurance is that each person's premium goes into a central pot. Not everyone claims for the full amount they contributed in a year, and so the leftover can subsidise people whose claims are more than what they contributed in a year, for example elderly people or those with illnesses that are expensive to treat.

 

But if the proportion of people who need extra healthcare grows, such as the elderly or those with chronic diseases, while the number of people who pay the biggest part into the pool shrinks — as could be the case in South Africa if health cover for all has to be covered by tax money alone — everyone will have to do with less.

 

 

 

 

 

Uganda: Hot Weather, Rising Food Prices Push Up Inflation in Uganda

Kampala, Uganda — The effects of harsh weather conditions are not only causing discomfort for Ugandans but are also impacting the economy, with rising food prices contributing to inflationary pressures. The latest Consumer Price Index (CPI) report from the Uganda Bureau of Statistics (UBOS) shows that annual inflation for the year ending February 2025 stood at 3.7 percent, slightly up from 3.6 percent in January 2025.

 

While the overall inflation rate remains relatively stable, the report highlights that fresh food prices have been a major driver of this increase. The Annual Food Crops and Related Items Inflation jumped significantly from 0.2 percent in January to 4.3 percent in February. This rise is largely attributed to the price increases of tomatoes, dry beans, cooking bananas (matoke), and green peppers.

 

 

Among the food items experiencing the most significant price hikes, green peppers saw the sharpest rise, with prices increasing by 17.2 percent in February 2025, in stark contrast to the 5.4 percent drop in January. Samuel Echoku, the UBOS head of economic statistics, noted that the price increase is linked to several factors, most notably the unfavorable weather conditions. "The recent dry spell has affected crop yields, reducing the availability of fresh produce in markets across the country, and consequently driving up prices," he explained.

 

Echoku also pointed out that the price increases for green peppers are part of a broader trend within the food market. For instance, tomato prices surged by 12.4 percent in February, compared to a 4.7 percent rise in January. Dry beans saw a price increase of 2.8 percent after only rising by 0.4 percent the previous month. Similarly, fresh leaf vegetables rose by 11.9 percent in February, compared to an 8.9 percent increase in January.

 

In contrast, some staple foods, such as fresh cassava, experienced relatively smaller increases, with prices rising by 4.1 percent in February, following a 2.5 percent increase in January. While foods like maize flour and rice have remained stable or even decreased in price, the overall impact on household budgets remains significant. The report also notes that core inflation, which excludes food and energy, stood at 3.9 percent in February, slightly down from 4.2 percent in January.

 

This suggests that food prices are playing a major role in the overall inflation rate. Meanwhile, the Annual Services Inflation, which includes costs for education, transport, and lodging, dropped from 6.3 percent in January to 5.4 percent in February. This decline was largely driven by a decrease in education-related costs, which fell from a 10.3 percent increase in January to 6.6 percent in February.

 

Meanwhile, the Annual Energy, Fuel, and Utilities (EFU) Inflation decreased slightly to 0.2 percent in February, down from 0.3 percent in January. This was primarily due to a decline in solid fuel prices, such as firewood and charcoal, despite slight increases in electricity and fuel prices. As food prices continue to climb, many Ugandan households are adjusting their spending habits to cope with the higher costs. The surge in green pepper prices, in particular, underscores the volatility of food inflation and the challenges faced by both farmers and consumers.

 

Some consumers are turning to cheaper alternatives, while businesses--especially those in the hospitality industry--are struggling to manage increased costs without significantly raising their prices. Echoku predicts that food prices may remain high in the coming months due to persistent climate conditions and ongoing supply chain issues. However, if agricultural output improves and transportation costs stabilize, there could be some relief for consumers.

 

To address these challenges, the government is expected to implement policies aimed at stabilizing food prices. One potential measure could involve providing support to farmers through subsidies and improved irrigation systems to mitigate the effects of weather-related challenges. For now, consumers will need to prepare for continued fluctuations in food prices, particularly for fresh vegetables like green peppers, which are vulnerable to supply chain disruptions and seasonal changes. As Uganda navigates these economic challenges, rising food prices are reshaping household spending, market dynamics, and broader inflation trends across the country.

 

Read the original article on Independent (Kampala).

 

 

 

 

 

Nigeria: You Must Get to Site Two Weeks Before Receiving Mobilisation Fee - Govt to Contractors

Abuja — The Minister of Works, David Umahi, at the weekend maintained that only contractors who can deliver quickly are needed to work on Nigerian roads, stressing that henceforth, contractors must get to site two weeks before they are paid mobilisation fees.

 

Speaking while inspecting ongoing works on the Abuja-Kaduna-Zaria-Kano Dual Carriageway, Section I (Abuja-Kaduna) from Zuba Interchange to Western Bypass in Kaduna, the minister said that this would guarantee that road projects are not abandoned by those he described as 'recalcitrant' contractors.

 

However, he lauded Messrs Infiouest International (Nig) Limited, which he said has proven its capacity to deliver quality jobs in record time, especially within a month of signing the contract.

 

 

"This is without being paid the initial 30 per cent mobilisation fee as against what has been the previous practice," Umahi emphasised, according to a statement by the Director of Press and Public Relations in the ministry, Mohammed Ahmed.

 

Umahi stressed that the ministry's decision that every contractor must be at the site and working for at least two weeks before the mobilisation fee is paid, was to ensure sustainable project development and delivery.

 

The minister urged resident engineers/engineer's representatives on other projects across the country, to be vigilant in ensuring that the correct composition of the stone-base is achieved, stating that it must contain at least 70 per cent stone.

 

"Any deviation from this ratio will compromise the road's structural integrity, leading to premature failure," he observed.

 

While promising that the remaining portion of the entire alignment, Section III (Zaria-Kano), which is at the Kano end of the project, will soon be approved and awarded, he advised that reinforced concrete overlay be completed on the underlying structures before the commencement of the rainy season.

 

The project earlier handled by Messrs Julius Berger was recently terminated by the minister and reassigned to the new contractors.

 

"This project is the heartbeat of Mr. President because of its economic value. We are committed to ensuring its timely completion, and by the first week of March, we will begin laying an eight-inch continuous reinforced concrete pavement," the minister stated.

 

He added: "The federal government remains resolute in its commitment to quality infrastructure development, ensuring that all projects under the ministry's supervision must meet the highest standards and be completed on schedule."

 

Umahi added that interested companies must adhere to international standards and recommended practices in road construction or exit the scene.

 

Also speaking, the Managing Director and Chief Executive Officer of the construction firm, Mr. Joseph Abougaoude disclosed that the company took the challenge to start the work without any payment of mobilisation fees because it has the capability and believes in the Bola Tinubu administration. He promised to deliver the contract following standards and on record time.

 

"My promise is that I will not let you down. I take this project as a challenge and accept my role in ensuring its success. I am fully committed to this project and will push ahead to meet expectations," he added.

 

While fielding questions from reporters on the Lagos-Calabar Coastal Highway and the status of Julius Berger vis-a-vis contract with the ministry, the minister confirmed that before the end of the year, the entire first section of the highway will be completed.

 

He stated that Julius Berger has not been sidelined from the ministry's contracts, but that on the contrary, they are still working for the ministry on other road infrastructure projects like the Bodo-Bonny Road and some major bridges in Lagos, among others.

 

He commended the new leadership of the company for aligning with the policies of the ministry and respecting professional engineering standards.

 

Read the original article on This Day.

 

 

 

 

Nigeria: Wema Bank, SMEDAN Sign MOU to Lift 800,000 Businesses

Wema Bank has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to empower 800,000 Nigerian businesses.

 

The partnership with Wema Bank is focused on training MSMEs on soft skills, technical skills, and business skills, empowering them to build profitable businesses, gain more visibility and scale sustainably.

 

To execute the initiative, which will take course over the next 12 to 18 months, Wema Bank will provide the training and resources for the 800,000 businesses which will be curated by SMEDAN, a statement from Wema Bank said.

 

 

Speaking on the partnership, Wema Bank's MD/CEO, Moruf Oseni said, "Over the past eight decades, Wema Bank has been driving this lifelong mission of empowering Nigerians with access to finance, constantly reinventing to develop more efficient ways of delivering value to the people. One cardinal thing that we haven't deviated from is that we are fully committed to empowering entrepreneurs and small businesses in Nigeria.

 

"The petty traders we provided for in the 1900s are the entrepreneurs and MSMEs that we continue to empower in the 2000s, and we will never relent in fulfilling this promise. So, MSME empowerment for us is not just a buzzword. It is what we have always done, what we are doing through this partnership with SMEDAN and what we will continue to do beyond 80 years."

 

Director-General of SMEDAN, Charles Odili, expressed confidence in the success of the partnership with Wema Bank towards building a sustainably successful future for Nigerian MSMEs.

 

 

Read the original article on Daily Trust.

 

 

 

 

South Africa: Spaza Shops Who Met Registration Deadline to Receive Support

Spaza shop and food handling businesses that applied to register their businesses with their local municipalities but were awaiting their registration outcomes will not be penalised, Small Business Development Minister Stella Ndabeni said.

 

"We know the process had challenges, with many municipalities not having electronic business registration systems. All those that have applied are within their constitutional rights to do business but still await the registration outcomes will not be penalised.

 

She revealed that only 60 out of the municipalities in the country had a digital registration system.

 

Additionally, 135 registration centres were visited to gain firsthand experience of the challenges.

 

"We understand the difficulties and costs associated with becoming compliant and this is why over the next six months we will be supporting these spaza shops who applied but are not yet compliant with non-financial support to enable their successful registration and compliance," the Minister said on Sunday.

 

 

Ndabeni was addressing media in Pretoria on the on Friday's the spaza shop and food outlet registration deadline.

 

This as the deadline for registration was on Friday, 28 February 2025.

 

"This is the developmental approach to compliance we have adopted, offering assistance to those seeking to comply through training programs provided by our agency, the Small Enterprise Development and Finance Agency (SEDFA). We already have a spaza shop support programme that we are running including with the Wholesale and Retail SETA and others partners where we train spaza shops on inventory management and assist with essential equipment such as point-of-sale systems as well as financial support for stock.

 

"This is our proof of concept which we will improve and scale going forward. We also have a range of other interventions and offerings to support township and rural enterprises, including asset assist, business infrastructure support, as well as wholesale and direct lending, as well as credit guarantees we offer to banks to get them to lend to township and rural enterprises," the Minister explained.

 

She said that Friday's deadline does not necessarily mean that the problems and challenges of compliance by spaza shops and food handling outlets are over.

 

"The aim of the registration drive was two-fold, to ensure compliance with all food safety standards and to rebuild a more competitive and compliant business in our country," Ndabeni said.

 

Ndabeni said the registration of spaza shops is but one of the interventions in a multi-disciplinary approach to curbing foodborne illnesses.

 

Sunday marked exactly 107 days since President Cyril Ramaphosa announced the registration of all spaza shops and food handling outlets. The announcement came after several incidents of food poisoning and deaths related to foodborne illnesses that were reported in different parts of the country.

 

The initial 21 days registration period, which would have ended in December last year, was subsequently extended by the President to 28 February as part of accommodating all eligible businesses to comply with the directive.

 

After the announcement by the President, through the National Joint Operational and Intelligence Structure (NATJOINTS), seven workstreams were established with the Department of Small Business Development (DSBD) leading the economic workstream focussing more on interventions to build capacity in township and rural spaza shops and food convenience stores.

 

"We have supported the registration process which the Minister of COGTA [Cooperative Governance and Traditional Affairs] will speak to in the NATJOINT briefing in two weeks' time," she said.

 

Read the original article on SAnews.gov.za.

 

 

 

 

Liberia: Tension Continues in the United Methodist Church Amid Ongoing Dispute Over Church Properties

Paynesville — Tensions are escalating across several United Methodist Church congregations due to an internal dispute over church properties, a conflict that many attribute to the denomination's decision to recognize same-sex marriage.

 

At the 72nd United Methodist Church in Paynesville, Rev. Dr. Jerry Kulah and several dissenting members were arrested and briefly detained by local police. Dr. Kulah, is a founding member of the Global Methodist Church, has been a vocal critic of regional leadership. Following his release, he stated that the head of the UMC could not be trusted after failing to break away from the universal United Methodist Church following its decision to recognize same-sex marriage.

 

 

In addition to the disturbance in Paynesville, clashes were reported in Buchanan, while in Nimba County, police were deployed at the Miller McAllister United Methodist Church in Ganta. The dispute in Ganta centers on ownership of church properties: the Global Methodist Church--an offshoot that split from the United Methodist Church--is claiming ownership of several properties, thereby impeding the United Methodist Church's regular activities at the facility.

 

These conflicts come on the heels of the Liberia Annual Conference of the United Methodist Church's 192nd Annual Session, during which two significant resolutions were unanimously adopted:

 

Marriage Resolution and Traditional Values

 

The first resolution reaffirms the Church's commitment to the traditional definition of marriage, aligning with both Biblical principles and Liberia's civil laws. This stance follows an amendment to The Book of Discipline (2020/2024), approved by the West Africa Central Conference (WACC), which mandates that marriage within the United Methodist Church in West Africa shall be between a man and a woman in accordance with national, state, and local laws.

 

Protecting Church Properties

 

The second resolution is aimed at protecting church assets from unauthorized encroachment, conversion, or misuse. It empowers the Board of Trustees to take necessary legal actions to secure and recover all properties held in trust for the Church. According to The Book of Discipline (2020/2024) and a prior resolution (No. 014/LAC/UMC) adopted at the 190th Annual Session, the Board of Trustees holds fiduciary responsibility for these assets. The Church has committed to rigorously safeguarding its properties not only within Liberia's 15 counties and 20 church districts, but also any assets held abroad.

 

Internal Disputes and Wider Context

 

The adoption of these resolutions comes amid ongoing internal disputes within the United Methodist Church over its evolving stance on LGBTQ+ issues. In 2024, the Church's rulebook was amended--removing a provision that stated homosexuality was incompatible with Christian teaching, eliminating penalties for ministers who officiate same-sex weddings, and broadening the definition of marriage to include any two consenting adults. These changes have sparked significant backlash across Africa, including Liberia.

 

Despite reassurances from LAC leadership, led by Bishop Samuel Jerome Quire, Jr., that the Church does not support same-sex marriage, dissenters have called for an emergency conference to clarify its official position. While the reaffirmation of marriage as a union between a man and a woman was expected to ease tensions, divisions persist, with several branches--particularly in Montserrado, Margibi, and Nimba Counties--continuing to experience unrest.

 

As the United Methodist Church experiences these turbulent issues, both doctrinal disputes and property battles threaten to further divide its congregations across Liberia.

 

Read the original article on FrontPageAfrica.

 

 

 

 

 

Uganda: Museveni Gives Two-Month Deadline for Steel Factory Plans in Ankole-Kigezi

Since last year, the government has banned the export of raw iron ore, pushing for local processing to boost industrial growth.

 

President Museveni has given a two-month deadline to a committee led by Education Minister Janet Museveni to finalise plans for a steel factory in the Ankole-Kigezi sub-regions.

 

The multi-billion project aims to tap into the region's vast iron ore deposits, particularly in Bukimbiri County, Kisoro, and Rubanda districts.

 

Since last year, the government has banned the export of raw iron ore, pushing for local processing to boost industrial growth.

 

 

Museveni instructed the committee to work with investors in selecting a suitable location for the factory.

 

He emphasised that the project is a zonal initiative designed to maximise the region's resources for economic development.

 

"Let Dr Baryomunsi work with Minister Mwebesa, Minister Bahati, and Mama because of Ntungamo, plus others who may be needed. Follow up with the investor so that you complete the groundwork findings. So two months I agree, this is really a zonal method," Museveni directed.

 

Chris Baryomunsi is the ICT minister and government spokesperson, Henry Mwebesa the trade minister and David Bahati is one Mwebesa's deputies.

 

Museveni expects the committee to submit a report by the end of May.

 

"End of May, I will need a report from the committee that I have appointed," he said.

 

ICT Minister Dr Baryomunsi welcomed the move, noting that value addition to iron ore would bring significant economic benefits.

 

State Minister for Trade David Bahati highlighted Ntungamo as a potential location and praised the project for its role in import substitution and export promotion.

 

The steel factory plan aligns with the government's broader push for industrialization. In 2021, Uganda suspended the mining and export of raw iron ore.

 

Since then, most of the mined ore has been sold to Tororo National Cement Company, which exports it to Kenya's Devki Group. Currently, about 90% of Uganda's iron ore is transported to Kenya.

 

The committee also includes Minister of Trade Francis Mwebesa and State Minister for Trade David Bahati, in addition to Janet Museveni and Dr. Baryomunsi.

 

Read the original article on Nile Post.

 

 

 

 

 

Nigeria: NLC Rejects Migration of Lower Electricity Tariffs to Band A

The labour leaders said the migration would further deepen the misery of Nigerians

 

The Nigeria Labour Congress (NLC) has rejected plans by the Nigerian Electricity Regulatory Commission (NERC) to migrate electricity consumers from lower tariffs to Band A.

 

This was contained in a communique issued at the end of the National Executive Council (NEC) meeting of the NLC held in Yola, Adamawa State.

 

The communique, jointly signed by Joe Ajaero, president of NLC and Emmanuel Ugboaja, general secretary of the Congress, was made available to journalists on Sunday in Abuja.

 

 

The labour leaders said NEC "unequivocally" rejected the ongoing reclassification of electricity consumers by the NERC.

 

They said the plan to migrate consumers from lower bands to band A under the guise of service improvement would lead to unjustified extortion of the masses and economic hardship for the working class and the broader Nigerian populace.

 

According to them, the migration would further deepen the misery of Nigerians.

 

"Whereas inflation has soared, wages remain stagnant, and the cost of living has become unbearable,

 

"The NEC-in-session warned that any attempt to announce further electricity tariff increases would be met with mass resistance.

 

"The Congress resolved to immediately mobilise for a nationwide protest should the Ministry of Power and NERC proceed with their exploitative plan to further hike electricity tariffs under any guise," they said

 

The labour leaders also said that NEC acknowledged the agreement between NLC and the federal government through the Joint 10-Man Committee, which reduced the initially proposed telecommunications tariff hike from 50 to 35 per cent.

 

They said NEC resolved that if the agreement us not implemented by March 1, it will direct its National Administrative Council (NAC) to deploy all necessary instruments to enforce compliance.

 

On the State of the Labour Party, they said NEC-in-session directed the National Administrative Council (NAC) to take some immediate steps.

 

According to the labour leaders, the steps included rebranding, merging or forming of coalitions to defend the interests of NLC and Nigerian workers in the Party to reclaim return and return it to its original ideological roots.

 

They said the congress would not allow the Labour Party to be hijacked by reactionary forces who do not represent the aspirations of the working people and broader Nigerian

 

They urged workers to remain resolute, organised, and uncompromising in the collective struggle for a fair and equitable Nigeria.

 

(NAN)

 

Read the original article on Premium Times.

 

 

 

South Africa: SA and Chile Sign Trade Cooperation Agreement

South Africa and Chile have signed an agreement that will see the two countries cooperate in areas of trade and industry promotion, decarbonisation and critical minerals among others, the Department of Trade, Industry and Competition (dtic) said.

 

The agreement was signed at the 8th meeting of the Joint Trade and Investment Commission (JTIC) between South Africa and Chile in Pretoria on Friday.

 

The agreement also extends to strengthening bilateral trade and investment relations in micro, small and medium enterprises (MSMEs) and women-led enterprises as well as value chains.

 

 

The JTIC was jointly led by the Deputy Minister of the dtic, Zuko Godlimpi and Chilean Vice Minister of Trade, Claudia Sanhueza Riveros.

 

Godlimpi said both countries have identified concrete steps to increase and further diversify trade and investment. These include exchange of products of export interest.

 

"In addition, we have also agreed on decarbonisation and adding value to our critical minerals, as President Cyril Ramaphosa has said that an era has passed whereas developing countries we find ourselves at the lower levels of global value chains.

 

"We agreed to explore cooperation to encourage beneficiation of these critical minerals. Beneficiation opportunities will include cooperation of fuels cell and battery manufacturing," said Godlimpi.

 

The Deputy Minister pointed out that while both countries used the opportunity to discuss trade and investment opportunities that exist between them, it would also be important to understand opportunities that the private sector identify, as well as challenges.

 

"For Chilean companies operating in South Africa, they will have access to markets in [the] Europe Union, the European Free Trade Association, Mercosur and also on the continent of Africa through the Africa Continental Free Trade Area. There is a great potential for South Africa to serve as [a] gateway for Chilean companies into Africa."

 

He further said that South Africa and Chile consider cooperation in small and medium enterprises and women-led enterprises as critical to promoting inclusive trade.

 

"There will be cooperation in exchange of knowledge and expertise, integration into global value chains, start-up programmes, export opportunities for incubators and finance for small businesses. Relevant ministries and agencies tasked with small and medium enterprises and women-led enterprises will make contact with each other before end of April 2025," he said.

 

Read the original article on SAnews.gov.za.

 

 

 

 

Africa: Skype Is Shutting Down After Two Decades

Skype will "no longer be available" to use starting in May, the company confirmed on X, telling users that their log-in information can be used on Microsoft Teams' free tier in the "coming days."

 

Microsoft is shutting down Skype, the internet-based phone and video service that was once the dominant way of staying connected in the mid 2000s.

 

Skype will "no longer be available" to use starting in May, the company confirmed on X, telling users that their log-in information can be used on Microsoft Teams' free tier in the "coming days."

 

Skype's shutdown comes 14 years after Microsoft bought the service for $8.5 billion in cash, marking the company's largest ever acquisition at the time.

 

 

Microsoft integrated the service into its other products, such as Office and its ill-fated mobile operating service Windows Phone.

 

"Skype has been an integral part of shaping modern communications and supporting countless meaningful moments, and we are honored to have been part of the journey," Jeff Teper, president of Microsoft 365 collaborative apps and platforms, said in a blog post.

 

"We're excited about the new opportunities that Teams brings and are committed to helping you stay connected in new and meaningful ways."

 

Skype's popularity has faded in recent years, despite a pandemic bounce that lifted other competing products, including Zoom, Google Meet and Cisco Webex.

 

Skype has also faced increased competition over the last decade and a half from apps like Apple's FaceTime and Meta's WhatsApp. Plus, Microsoft has been investing heavily in Teams, which offers many of the same services.

 

Skype launched in 2003 in Estonia and quickly caught on as a way to make free calls worldwide, a notable perk considering international calling on traditional phones used to be expensive.

 

The service quickly became popular, leading eBay to buy it in 2005 for $2.6 billion.

 

However, the partnership did not work out, and eBay sold its 65% stake in Skype to an investor group for $1.9 billion in 2009 before Microsoft bought it in 2011.

 

Read the original article on Nile Post.

 

 

 

 

Bubble tea chain bigger than Starbucks sees shares jump on debut

Mixue Ice Cream and Tea may be unfamiliar to many of us but the Chinese firm has more outlets than McDonald's and Starbucks.

 

On Monday, the bubble tea chain's shares jumped by more than 40% in their Hong Kong Stock Exchange debut.

 

The company raised $444m (£352m) in the financial hub's biggest initial public offering (IPO) of the year.

 

Mixue's popularity comes as many people in China are grappling with the country's economic challenges - including a property crisis, and weak consumer and business confidence. It sells ice creams and drinks for an average of six Chinese yuan ($0.82; £0.65).

 

 

The company was founded in 1997 by Zhang Hongchao, a student at Henan University of Finance and Economics, as a part time job to help his family's finances.

 

Its full name Mìxuě Bīngchéng means "honey snow ice city", with its stores adorned with its Snow King mascot and playing the firm's official theme tune on a loop.

 

According to Mixue, it has more than 45,000 stores across China and 11 other countries, including Singapore and Thailand. The firm has also said it plans to continue expanding.

 

That compares to "over 43,000 locations" for McDonald's and Starbucks' 40,576 outlets.

 

While it is often seen as China's biggest bubble tea, iced drinks, and ice cream chain, it operates more like a raw-materials supplier than a traditional brand.

 

Unlike Starbucks, which operates more than half of its stores directly, almost all of Mixue's outlets are run by franchisees.

 

Mixue's strong market debut contrasts with smaller rival Guming, which saw shares slide on its first day of trading in February.

 

Last year, shares in the owner of bubble tea chain Chabaidao also fell on their market debut.-bbc

 

 

 

 

Ban on India's stock market 'She-Wolf' puts regulators on the spot

The wildly popular financial influencer called herself the "She-Wolf of the stock market" - her take on the Hollywood film The Wolf of Wall Street. At last count, she had clocked upwards of half a million subscribers on YouTube and hundreds of thousands on Instagram. Fees for her stock trading courses ran into thousands of rupees.

 

Last month, the market regulator Securities and Exchange Board of India (Sebi) put a spanner in the works. It barred her and six others from trading, alleging she was selling illegal stock tips disguised as investor education and making millions of rupees in the bargain.

 

The regulator's crackdown on Patel is its latest attempt to tighten the noose around social media influencers offering quick money schemes and trading advice disguised as education.

 

 

India's post-pandemic market boom attracted a wave of new mom-and-pop investors. Online trading accounts grew from merely 36 million in 2019 to more than 150 million last year, data from the brokerage Zerodha shows.

 

Many of these first-time market entrants relied on social media for trading tips which, in turn, birthed a new breed of self-styled "investment gurus" or "financial influencers" like Ms Patel, promising quick money.

 

With only 950 registered investment advisors and 1,400 financial advisors in the country, these influencers quickly filled the void, amassing hundreds of thousands of subscribers and followers.

 

Most operated without regulatory registration, blurring the line between investment advice and stock market education. This prompted Sebi to crack down, banning at least a dozen influencers, including a Bollywood actor, from offering trading advice.

 

The regulator has also barred brokerages and market players from partnering with influencers who peddle illegal stock tips or make misleading return claims.

 

Sebi has also laid down strict guidelines for educators, effectively barring them from offering real-time trading tips or using live market data for educational purposes.

 

The regulator found Ms Patel and her husband, Jitesh, directing students and investors to trade specific stocks through their advisory firm. She allegedly used private Telegram channels, Zoom calls and courses to sell tips without mandatory registration.

 

Sebi acted in Ms Patel's case after 42 participants complained of trading losses and demanded compensation. It is now moving to seize millions of rupees that Patel and her associates earned from course fees between 2021 and 2024.

 

A man walks past the Securities and Exchange Board of India (SEBI) headquarters in Mumbai, India, April 19, 2023.

The regulator acted in Patel's case after 42 participants complained of trading losses

 

As markets correct, the economy slows and regulators crack down, other influencers face a credibility test.

 

Thousands of angry investors have recently accused high-profile influencers of faking their success to sell trading courses and earn millions in brokerage referrals.

 

Sebi's order in Ms Patel's case too revealed she made just over $13,700 (£10,800) as trading profits in the past five years but earned more than $11.4m (£9m) by selling courses.

 

Ms Patel didn't respond to the BBC's request for comment.

 

While Sebi's drive to protect small investors is well intentioned, its recent regulatory actions have drawn criticism for being delayed and lacking clarity.

 

The regulator has been both a "selective" and "reluctant regulator", Sucheta Dalal, veteran financial journalist and author, told the BBC.

 

"It should have acted a few years ago when trading sites started paying influencers to promote their products. Now this phenomenon has become too big."

 

Sumit Agrawal, a former officer with Sebi, says the regulator singled out a few as an example instead of enforcing a clear, comprehensive policy.

 

"Curbing unregulated stock tips is necessary, but requiring trading schools to use three-month-old data for educational purposes and not teaching practical experience of trading strategies on live market crosses into over-regulation," he says.

 

Manish Singh, a chartered accountant and YouTuber with half a million followers, makes market analysis videos. He says Sebi's new rules have created confusion over what's allowed.

 

"Even genuine content creators who are trying to guide people in the right direction will lose subscribers and the monetary incentive of brand deals as confidence to work with creators is shaken," Singh told the BBC.

 

Getty Images A stock broker and his family watch a terminal during a special trading session for Diwali, the Hindu festival of lights, at the Bombay Stock Exchange (BSE) in Mumbai, India, on November 1, 2024. Getty Images

Online trading accounts grew from merely 36 million in 2019 to over 150 million last year

Balancing this will be tough for the regulator, says Mr Agrawal.

 

Technology is inherently disruptive and the law is always "playing catch-up". Sebi's real challenge, he adds, is to monitor online content effectively without over-regulating. Notably, the Indian regulator wields broader powers than its counterparts in advanced markets like the US.

 

"It has extensive authority, including search and seizure powers and the ability to ban trading and freeze bank accounts without requiring a court order," says Mr Agrawal.

 

A Reuters report, citing sources, says the regulator has again sought greater powers - its second request in two years - to access call records and social media chats in investigations into influencer-led market violations.

 

The challenge, say experts, will be to ensure it doesn't throw the baby out with the bath water.-bbc

 

 

 

 

 

 

 

Ex-Barclays boss with Epstein links seeks to clear name

A former boss of Barclays, who was ousted from the bank over his links to convicted sex offender Jeffrey Epstein, will seek to clear his name in court this week.

 

Jes Staley was forced out in November 2021 after UK regulators ruled he had failed to accurately disclose the nature and length of his relationship with Epstein to the Barclays board.

 

The episode cost Mr Staley, a man with a glittering and rewarding career in investment banking, £18m in pay and bonuses and, more importantly, his reputation.

 

Mr Staley is seeking to overturn a decision by the Financial Conduct Authority in 2023 banning him from holding a senior position in financial services.

 

 

Jes Staley had been disciplined by regulators in 2018 over his attempts to unmask a whistleblower he felt was unfairly trying to smear a colleague. But the crucial blow to his position at Barclays was his insistence that his relationship with Epstein was "not close" and had ended before he took up the top job at the UK bank.

 

A cache of emails released by his former employer JP Morgan suggested the relationship was in fact very close.

 

Email exchanges describe time spent together at Mr Epstein's properties in New York and on his private island in the US Virgin Islands.

 

A now infamous email thread shows Mr Staley remarking to Epstein "that was fun, say hi to Snow White". Epstein replies "what character would you like next? To which Mr Staley replies "beauty and the beast!".

 

There are also allegations that he and Epstein stayed in contact indirectly after he took the Barclays job. Mr Staley's lawyers insist that any such moves were initiated by Epstein and Mr Staley made no attempt to contact Epstein.

 

All of this will be aired in a court that will call former regulators and executives as witnesses and many have questioned why Mr Staley, who is now 68 and extremely wealthy, would want this publicity all over again.

 

Jes Staley is a tough and fiercely proud man. He enjoyed a very successful career on Wall Street and many thought he was destined to take over at the helm of his old employer JP Morgan – the biggest investment bank in the world.

 

Internally he was popular with most of his banking colleagues. His ill-fated attempt to unmask a whistleblower he thought was smearing an old colleague, was seen by some – but not all – as evidence of fierce loyalty to his own troops.

 

That willingness to go into battle will be on show in the coming days, but seems unlikely to restore his reputation or future position to the one he enjoyed before he was shown the door at Barclays.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or 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.

 


 

 


 (c) 2025 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:  <mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993 5557 | +263 71 944 1674

 


 

 

 

 

 

 

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