Major International Business Headlines Brief::: 07 March 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  07 March 2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Congo-Kinshasa: DR Congo Mineral Contract With China Slammed By NGOs Citing 'Major Losses'

ü  Kenya, UK to Prioritize Iconic Railway City and Climate Action Projects

ü  Nigeria: Better Days Await Nigerians As Economic Hardship Eases

ü  Liberia: Sierra Leone Ministers Urge Bold Reforms in Environmental and Mining Laws for Africa's Development

ü  Nigeria: Better Days Await Nigerians As Economic Hardship Eases

ü  South Africa: Tshwane Court Orders Demolition of Illegal High-Rises - South African News Briefs - March 6, 2025

ü  Nigeria, China Crack Down On Chinese Nationals in Financial Crimes

ü  Trump expands exemptions from Canada and Mexico tariffs

ü  SpaceX rocket explodes, raining debris from sky for second time in a row

ü  Why did Trump just establish a crypto strategic reserve?

ü  Boots gets new US owner in multi-billion dollar deal

ü  Jack Daniel's hits out at Canada pulling US alcohol

 


 <mailto:info at bulls.co.zw> 

 


 

Congo-Kinshasa: DR Congo Mineral Contract With China Slammed By NGOs Citing 'Major Losses'

A controversial mining deal between the DRC and China has come under the spotlight, as NGOs and civil society groups warn of financial losses and lack of transparency, one year after the 'contract of the century' was updated.

 

A major mining agreement between the Democratic Republic of Congo and a Chinese consortium is facing renewed scrutiny, as civil society organisations allege that a recently renegotiated deal continues to put the Congolese state at a disadvantage.

 

The CNPAV coalition - "Le Congo n'est pas à vendre" or "Congo is not for sale" - comprises of anti-corruption NGOs who claim the new terms are still heavily skewed in favour of Chinese companies, resulting in a $132 million (€124 million) loss for the DRC in 2024 alone.

 

The group is urging the government to reopen negotiations to secure a fairer agreement.

 

 

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Accept Manage my choices The so-called "contract of the century" was originally signed in 2008 under then-president Joseph Kabila, granting Chinese companies access to extensive copper and cobalt mines in exchange for infrastructure development.

 

Renegotiated in early 2024, the agreement was meant to yield nearly $4 billion (€3.8 billion) in additional benefits for the Congolese.

 

However, watchdogs argue that the new terms fail to rectify previous imbalances.

 

Long road for DRC as it renegotiates minerals deal with China

 

Fluctuating markets

 

One of the primary concerns raised by CNPAV is the dependence of infrastructure funding on the fluctuating price of copper.

 

 

Under the revised terms, the DRC is supposed to receive $324 million (€312 million) annually for road infrastructure over a 20-year period.

 

However, these payments are only guaranteed if copper prices remain above $8,000 (€7,700) per tonne.

 

If prices fall below this threshold, "the state will receive less, or even nothing at all," warns the coalition.

 

Additionally, even if copper prices soar to $12,000 per tonne, the Congolese side will still receive the same $324 million, preventing the country from fully benefiting from market upswings.

 

Eastern DR Congo grapples with Chinese gold mining firms

 

Skewed payment structure

 

A further criticism of the deal lies in its fixed payment structure, regardless of the volume of minerals extracted.

 

Baby Matabishi, coordinator at the Carter Center-DRC and a member of CNPAV, highlighted the issue in an interview with RFI's Kinshasa correspondent Pascal Mulegwa.

 

"Everything depends on the price of copper. There is this volatility and uncertainty of price, which doesn't necessarily guarantee that the $324 million is secured," Matabishi explained to RFI.

 

The NGO also raises a key inconsistency: "How can it be understood that a company that produces 100,000 tonnes of copper pays $324 million - and on the day it produces 200,000 tonnes or 400,000 tonnes - and then pays the same amount?" Matabishi emphasised.

 

Hence, the lack of a production-based scaling mechanism means the DRC does not proportionally benefit from increased mining output.

 

CNPAV has also condemned ongoing tax exemptions granted to Chinese companies, which cost the DRC at least $100 million annually.

 

While the Kinshasa government argues that infrastructure development will offset any losses, civil society organisations claim that many promised projects remain incomplete or substandard.

 

Read or Listen to this story on the RFI website.

 

 

 

 

Kenya, UK to Prioritize Iconic Railway City and Climate Action Projects

Nairobi — Kenya and The United Kingdom have agreed to prioritize the advancement of key bilateral projects such as the Nairobi Railway City and climate action under the Africa Green Industrialisation Initiative.

 

President William Ruto made the revelation after he held talks with UK High Commissioner to Kenya Neil Wigan.

 

"At State House Nairobi, I met British High Commissioner at FCDONeilWigan, and discussed key areas of cooperation, focusing on economic collaboration, technology, innovation, and research. We also explored ways of advancing priority projects, including the Nairobi Railway City and climate action under the Africa Green Industrialisation Initiative," Ruto said.

 

 

Nairobi Railway City Project is a Vision 2030 flagship initiative which aims to decongest the existing central business district, improve urban mobility, and provide modern amenities to residents and visitors.

 

The project, designed by a UK firm, will allow the addition of four more lines for freight services upon completion in 2030. It was commissioned in February 2023.

 

Upon completion the Nairobi Railway City Project - funded by the UK through a public-private partnership (PPP) valued at 30 billion Shillings - will occupy 425 Acres of prime land on the outskirts of the Nairobi Business District.

 

The multi-billion shillings initiative will stretch from Haile Selassie Avenue, Uhuru Highway, Landhies Road, and Bunyala Road.

 

The ongoing construction of a pedestrian tunnel at the junction of Haile Selassie Avenue and Uhuru Highway will allow people to cross safely to the other side of the highway.

 

Matatus that have been dropping off and picking up passengers at the Nairobi Railways Station terminus have been relocated to pave way for the Project.

 

Read the original article on Capital FM.

 

 

 

 

 

Nigeria: Better Days Await Nigerians As Economic Hardship Eases

When President Bola Ahmed Tinubu took office on May 29, 2023, he took a different approach to governance. Two major decisions that attracted significant criticism were the removal of the fuel subsidy and the floating of the Naira. These policies were widely seen as anti-people, as they led to significant economic hardship for many Nigerians. However, the government consistently acknowledged the difficulties faced by the populace and assured them that these measures were short-term sacrifices necessary to revive the Nigerian economy, which had been in comatose for years.

 

Given the failures of previous administrations, many Nigerians were skeptical about the sincerity and effectiveness of the current government's economic reforms. Indeed, 2024 proved to be a tough year for many, with rising costs making it harder for citizens to meet their basic needs. Yet, the government showed sensitivity to the challenges, providing palliative measures such as foodstuffs, CNG buses, and conversion kits, as well as increasing the national minimum wage from N18000 to N70000, with state governments following suit with varying rates.

 

 

As I mentioned last year, the economic reforms implemented by the government are grounded in proven economic theories that promote market efficiency and the optimal use of resources. The government deserves commendation for not backing down despite public outcry. These reforms have freed up resources that the government can now invest in critical sectors, which in turn fosters economic growth and national development and the country's ability to address security challenges.

 

Last year, I projected that Nigeria would experience significant economic improvement in 2025, with the Naira gaining value and the price of PMS (Premium Motor Spirit, or fuel) dropping, leading to a ripple effect on the prices of goods and services. Although it is only March 2025, early signs indicate my projection is becoming a reality. According to the National Bureau of Statistics, headline inflation dropped to 24.48% in January 2025 from 34.8% in December 2024. It is important to note that the January inflation rate was calculated using the rebased Consumer Price Index (CPI). Beyond the numbers, the Naira now exchanges for about 1,500 Naira to the US dollar, and PMS sells for under 1,000 Naira. More importantly, food prices--the primary driver of Nigeria's headline inflation--are beginning to drop, bringing hope and excitement to citizens.

 

Critics of the economic reforms are gradually being proven wrong, and some have even reversed their stance to support government policies. Therefore, Nigerians should continue to be patient, as things are expected to improve further. The Naira is anticipated to appreciate even more, and inflation to decrease. The government should remain committed to its reforms and continue engaging with Nigerians to ensure they understand government policies and their benefits.

 

Kenechukwu Aguolu FCA, PMP, CBAP

 

Read the original article on This Day.

 

 

 

 

Liberia: Sierra Leone Ministers Urge Bold Reforms in Environmental and Mining Laws for Africa's Development

Two Sierra Leonean government officials have spoken of the need for comprehensive reforms across Africa's mineral, mining, environmental rights and climate justice frameworks for sustainable development.

 

At a recent joint conference on Natural Resources and the Environment in Freetown, Sierra Leone, Minister of Mines and Resources, Julius Daniel Mattai, advocated for the industrialization of Africa's mining sector. He said that industrialization would allow natural resources to be extracted and processed in ways that drive economic development while improving the lives of African citizens.

 

Delivering the keynote address at the conference - jointly organized by the Public Interest Lawyering Initiative for West Africa (PILIWA), the African Climate Platform (ACP), Environmental Rights Africa (ERA), and the Mano River Natural Resources Rights and Governance Platform (MRU CSO Platform), Minister Mattai stressed that despite Africa's wealth in natural resources, economic development remains a challenge.

 

 

"Africans are still struggling to make ends meet despite gaining independence decades ago," he lamented. "It's heartbreaking to walk through mining communities and not see real benefits--no quality schools, hospitals, or infrastructure. I challenge my colleagues to show me a mining community that has truly prospered."

 

Minister Mattai highlighted the African Mining Vision (2009) as a guiding framework for ensuring that natural resources benefit African economies. He urged African governments to take decisive action to address resource management challenges. Additionally, he emphasized the importance of "critical minerals" used in industries such as electric vehicle production, insisting that the continent must move beyond raw material exports to value-added processing.

 

 

"Minerals don't just appear from the sky. Someone must explore, mine, process, and manufacture before we can sell finished products," he stated. He encouraged civil society and social justice advocates to push for legal reforms that would revolutionize Africa's natural resource sector.

 

Convening under the theme: "Building a Just Future: Advancing Advocacy for Natural Resources, Social Justice, Civic Engagement, Environmental and Defenders Rights Across Africa" the gathering was dedicated to, among other activities, reviewing and validating the petition, seeking an advisory opinion from the African Court and reviewing and validating a five-year program of the Environmental Rights Africa (ERA) Coalition, aimed at adopting an environmental legal framework for Africa and adoption of a strategic African Climate litigation strategy.

 

 

Africa faces some of the world's most severe environmental challenges, including deforestation, desertification, biodiversity loss, and the escalating impacts of climate change. The continent is experiencing rising temperatures, prolonged droughts, extreme weather events, and increasing sea level rise, all of which threaten livelihoods, food security, and access to clean water. Despite contributing the least to global greenhouse gas emissions, African nations bear a disproportionate burden of climate change consequences.

 

Environmental justice movements across the continent have long fought for equitable access to natural resources and stronger protections against environmental degradation. However, weak enforcement of environmental laws, corruption, and the prioritization of extractive industries over sustainable development has hampered progress. Many communities affected by mining, logging, and industrial pollution continue to face land dispossession, water contamination, and inadequate compensation.

 

Environmental Sustainability

 

Also speaking the conference, Sierra Leone's Minister of Justice, Alpha Sesay, stressed the need for legal reforms to address environmental challenges and their impact on human rights.

 

"The environment is fundamental to human survival," he asserted. "Regardless of whether we're working within government or civil society, we must invest in reforms that empower communities to use the law to advocate for their rights."

 

Minister Sesay assured delegates that Sierra Leone is committed to justice sector reforms that address climate change and environmental governance. He underscored the country's growing role in global discussions on climate change, referencing Sierra Leone's participation in the International Tribunal for the Law of the Sea's advisory opinion on marine environmental damage in June 2024.

 

He warned that climate change extends beyond rising temperatures--it threatens food security, water access, and infrastructure. "We are witnessing erratic weather patterns, devastating floods, landslides, and worsening droughts," he said. "These crises displace vulnerable communities and threaten national stability."

 

Minister Sesay also highlighted Sierra Leone's legal submissions before the International Court of Justice, arguing that climate change is a human rights issue. He pointed to UN Human Rights Council resolutions affirming that climate change jeopardizes fundamental rights such as life, water, food, health, and self-determination.

 

As Sierra Leone continues its efforts in global climate governance, both ministers urged policymakers, activists, and legal professionals to push for meaningful reforms that align environmental sustainability with economic growth.

 

The call for environmental and climate justice in Africa is growing stronger. Civil society organizations, legal advocates, and grassroots movements are pushing for reforms that hold governments and corporations accountable for environmental harm. Additionally, international legal frameworks and climate agreements, such as the Paris Agreement and the African Union's Agenda 2063, offer pathways for African nations to demand climate financing, enforce stronger regulations, and transition towards a greener economy.

 

Written by Cecelia D. Morlue and edited by P. Quaqua for the MRU CSO Platform Secretariat - a network of grassroots land and environmental defenders across West Africa

 

Read the original article on New Dawn.

 

 

 

 

 

Nigeria: Better Days Await Nigerians As Economic Hardship Eases

When President Bola Ahmed Tinubu took office on May 29, 2023, he took a different approach to governance. Two major decisions that attracted significant criticism were the removal of the fuel subsidy and the floating of the Naira. These policies were widely seen as anti-people, as they led to significant economic hardship for many Nigerians. However, the government consistently acknowledged the difficulties faced by the populace and assured them that these measures were short-term sacrifices necessary to revive the Nigerian economy, which had been in comatose for years.

 

Given the failures of previous administrations, many Nigerians were skeptical about the sincerity and effectiveness of the current government's economic reforms. Indeed, 2024 proved to be a tough year for many, with rising costs making it harder for citizens to meet their basic needs. Yet, the government showed sensitivity to the challenges, providing palliative measures such as foodstuffs, CNG buses, and conversion kits, as well as increasing the national minimum wage from N18000 to N70000, with state governments following suit with varying rates.

 

 

As I mentioned last year, the economic reforms implemented by the government are grounded in proven economic theories that promote market efficiency and the optimal use of resources. The government deserves commendation for not backing down despite public outcry. These reforms have freed up resources that the government can now invest in critical sectors, which in turn fosters economic growth and national development and the country's ability to address security challenges.

 

Last year, I projected that Nigeria would experience significant economic improvement in 2025, with the Naira gaining value and the price of PMS (Premium Motor Spirit, or fuel) dropping, leading to a ripple effect on the prices of goods and services. Although it is only March 2025, early signs indicate my projection is becoming a reality. According to the National Bureau of Statistics, headline inflation dropped to 24.48% in January 2025 from 34.8% in December 2024. It is important to note that the January inflation rate was calculated using the rebased Consumer Price Index (CPI). Beyond the numbers, the Naira now exchanges for about 1,500 Naira to the US dollar, and PMS sells for under 1,000 Naira. More importantly, food prices--the primary driver of Nigeria's headline inflation--are beginning to drop, bringing hope and excitement to citizens.

 

Critics of the economic reforms are gradually being proven wrong, and some have even reversed their stance to support government policies. Therefore, Nigerians should continue to be patient, as things are expected to improve further. The Naira is anticipated to appreciate even more, and inflation to decrease. The government should remain committed to its reforms and continue engaging with Nigerians to ensure they understand government policies and their benefits.

 

Kenechukwu Aguolu FCA, PMP, CBAP

 

Read the original article on This Day.

 

 

 

 

South Africa: Tshwane Court Orders Demolition of Illegal High-

A Pretoria West property developer, George Asaba, and his company, Gabsa Consolidated Prop (PTY) Ltd, face legal consequences after the City of Tshwane secured a court order to demolish two high-rise buildings constructed without approved plans, reports IOL. The developers claimed their architect had submitted plans, but the court ruled that submission alone does not permit construction. The developers ignored a July 2024 court order stopping the construction, proceeding to build three-story, illegally-occupied structures. The court found the developers in contempt and liable for demolition costs, dismissing their rezoning application as a belated attempt to avoid consequences.

 

Johannesburg Hit by Flash Floods After Heavy Storms

 

Johannesburg experienced localized flooding after heavy overnight storms submerged bridges and caused flash floods in areas such as Weltevreden Park, Strubens Valley, Newlands, Parkhurst, and Randpark Ridge, reports eNCA. Power outages were reported in several regions, and Johannesburg Emergency Services warned drivers to exercise caution on the roads. Spokesperson Robert Mulaudzi confirmed that emergency teams responded to multiple incidents.

 

 

Former Nedbank Employee Debarred for Client Data Breach

 

A former Nedbank employee, Nkamogeleng Phillip Malahlela, has been debarred from the financial sector after sending 53 emails containing confidential client information to his personal email account just before resigning in April 2024, reports IOL. Despite his cooperation during the investigation and claims that the information was not shared externally, Nedbank found him guilty of gross misconduct and dishonesty, leading to his dismissal. Malahlela argued for leniency, citing his 16-year career and financial dependence on his four children, but the Financial Services Tribunal upheld his debarment, citing his breach of fiduciary duty and disregard for client confidentiality. In dismissing his appeal, the tribunal found that his actions demonstrated a lack of integrity, making him unfit to practice as a Financial Service Provider.

 

More South African news

 

 

 

 

Nigeria, China Crack Down On Chinese Nationals in Financial Crimes

Abuja, Nigeria — Nigeria and China said this week they will cooperate in efforts to crack down on the increasing number of Chinese nationals taking part in financial crimes in the African country.

 

The joint effort comes after Chinese Ambassador Yu Dunhai visited Nigeria's anti-graft agency, the Economic and Financial Crimes Commission, or EFCC, in Abuja.

 

In a statement posted to the EFCC website Tuesday, Dunhai expressed regret over the rising trend of Chinese nationals engaged in financial crimes in Nigeria.

 

He assured Nigerian authorities that the Chinese government is ready to send delegates to work with local law enforcement agencies to address the issue.

 

At the same time, Dunhai urged authorities to protect the rights of Chinese citizens while investigations are conducted.

 

Since November, Nigerian authorities have arrested at least 400 Chinese nationals suspected of cybercrime, telecom fraud and illegal mining. Many of them are facing trial.

 

 

But Nigerian political analyst Chukwudi Odoeme warned that China's influence over the process could undermine the rule of law.

 

"The collaboration looks good, but then the relationship between Nigeria and China is something that is suspicious in this particular arrangement," Odoeme said. "The collaboration may be defeated in the sense that China will have undue influence, and it may even lead to political release of those persons instead of subjecting them through the criminal trial system in Nigeria."

 

China is Nigeria's largest trading partner by value, with trade totaling $5 billion in 2023.

 

In the first quarter of last year, Chinese companies provided 23% of Nigeria's total imports.

 

Critics argue that Chinese nationals are exploiting trade routes and immigration loopholes to enter Nigeria illegally and engage in criminal activities.

 

Authorities say many of the arrested Chinese nationals were found to be living in Nigeria without proper documentation.

 

Public affairs analyst Jaye Gaskia raised concerns about the transparency of the collaboration.

 

"On what basis are you going into this collaboration? For what purpose?" he asked. "The conversations around trying to develop such collaborative strategies also need to be transparent, so that citizens will be able to interrogate the process to see whether national interest is going to be somehow undermined.

 

"We have to be careful, and we have to ensure who does the prosecution," Gaskia said. "The best-case scenario is for the country not to cede its own sovereignty in terms of how this is going to happen."

 

Nigeria's debt to China exceeds $5 billion -- more than the bilateral loans owed to all other countries combined.

 

Meanwhile, Nigeria is seeking China's backing to join the grouping of the world's 20 largest economies, the G20, and secure a permanent seat on the United Nations Security Council.

 

But political analyst Rotimi Olawale believes the debt should not influence how Nigeria handles criminal cases.

 

"I don't think that the debt we owe China, $5 billion, will affect anything," Olawale said. "That's government-to-government relations. The most important thing is that the case should not be politicized. We must clearly define our rules and uphold our laws."

 

Previously, Nigeria's parliament called for the mass deportation of illegal Chinese migrants.

 

Read the original article on VOA.

 

 

 

 

 

Trump expands exemptions from Canada and Mexico tariffs

US President Donald Trump has signed orders significantly expanding the goods exempted from his new tariffs on Canada and Mexico that were imposed this week.

 

It is the second time in two days that Trump has rolled back his taxes on imports from the US's two biggest trade partners, measures that have raised uncertainty for businesses and worried financial markets.

 

On Wednesday, he said he would temporarily spare carmakers from 25% import levies just a day after they came into effect.

 

Mexican President Claudia Sheinbaum thanked Trump for the move, while Canada's finance minister said the country would in turn hold off on its threatened second round of retaliatory tariffs on US products.

 

 

Canadian Prime Minister Justin Trudeau said on Thursday morning he had had a "colourful" conversation about tariffs in a phone call with Trump.

 

The US president used profane language more than once during Wednesday's heated exchange, according to US and Canadian media reports.

 

Trudeau told reporters that a trade war between the two allies was likely for the foreseeable future, despite some targeted relief.

 

"Our goal remains to get these tariffs, all tariffs removed," he said.

 

Sheinbaum said she had had an "excellent and respectful" call with Trump, adding that the two countries would work together to stem the flow of the opioid fentanyl from Mexico into the US and curb the trafficking of guns going the other way.

 

The carveout from the duties applies to goods shipped under North America's free trade pact, the US-Mexico-Canada agreement (USMCA) , which Trump signed during his first term.

 

Items that currently come into the US under the pact's rules include televisions, air conditioners, avocados and beef, according to analysis by the firm Trade Partnership Worldwide.

 

The measures also reduced tariffs on potash - a key ingredient for fertiliser needed by US farmers - from 25% to 10%.

 

A White House official said about 50% of US imports from Mexico and 62% from Canada may still face tariffs. Those proportions could change as firms change their practices in response to the order.

 

The White House has also continued to promote its plans for other tariffs, promising action on 2 April, when officials have said they will unveil recommendations for tailored, "reciprocal" trade duties on countries around the world.

 

As US and Canada trade barbs, it's so far so good for Mexico's Sheinbaum

What are tariffs and why is Trump using them?

 

The trade war tensions have rattled markets and raised fears of economic turbulence.

 

The S&P 500 share index, which tracks the biggest listed American companies, ended down nearly 1.8% on Thursday.

 

George Godber, fund manager at Polar Capital, said the "hokey cokey" with Trump's tariffs has it made it "nigh on impossible" for firms' to manage their production lines and is "putting pressure on the US economy".

 

Meanwhile, he said it is "galvanising a response from Europe, especially Germany, so we've seen a more positive reaction to European markets".

 

In signing the orders, Trump dismissed the suggestion that he was walking back the measures because of concerns about the stock market.

 

"Nothing to do with the market," Trump said. "I'm not even looking at the market, because long term, the United States will be very strong with what's happening."

 

'Numbskull'

Ontario Premier Doug Ford, who leads Canada's most populous province, said afterwards that "a pause on some tariffs means nothing".

 

Earlier, as relief looked likely but before it was announced, he told CNN that the province still planned to go ahead with a 25% tariff on the electricity it provides to 1.5 million homes and businesses in New York, Michigan and Minnesota from Monday.

 

"Honestly, it really bothers me. We have to do this, but I don't want to do this," he said.

 

Treasury Secretary Scott Bessent on Thursday dismissed retaliation as counter-productive for trade negotiations.

 

"If you want to be a numbskull like Justin Trudeau and say, 'Oh we're going to do this', then tariffs are probably going to go up," he said during a question-and-answer session after a speech at the Economic Club of New York on Thursday.

 

 

Goods worth billions cross the borders of the US, Canada and Mexico each day and the economies of the three countries are deeply integrated after decades of free trade.

 

Trump has argued introducing tariffs will protect American industry and boost manufacturing. However, many economists say tariffs could lead to prices rising for consumers in the US, while warning they could trigger severe economic downturns in Mexico and Canada.

 

About $1bn in trade enters the US from Mexico and Canada each day that does not claim duty-free exemptions under USMCA, since it has historically enjoyed low or no tariffs, said Daniel Anthony, president of Trade Partnership Worldwide.

 

"Whether importers can or will start claiming USMCA remains to be seen, but it's a huge amount of money at stake," he said.

 

In the US, the economy is already starting to show the effects of the disruption from Trump's policies.

 

Imports spiked in January on the back of tariff fears, with America's trade deficit increasing 34% to more than $130bn (£100bn), the Commerce Department reported.

 

Gregory Brown, who leads BenLee, a company that makes big trailers, said he had had to adjust prices multiple times over the last five weeks as a result of Trump's policies, which have included an order, set to go into effect later this month, expanding tariffs on steel and aluminium.

 

But Mr Brown, who attended Mr Bessent's speech, said that for now, his customers are agreeing to pay the higher prices – a sign that the economy is holding up.

 

"It's a great growth economy," he said, noting that the economy had been strong under Biden too. He said he saw Trump's decision to quickly offer relief from his new tariffs as a sign of a business-friendly president adjusting to the "business reality".-BBC

 

 

 

 

SpaceX rocket explodes, raining debris from sky for second time in a row

A SpaceX rocket exploded shortly after it was launched from Texas on Thursday, grounding flights and triggering warnings about falling spaceship debris.

 

SpaceX confirmed the un-crewed ship had suffered "a rapid unscheduled disassembly" during its ascent into space, and lost contact with the ground.

 

The massive SpaceX Starship, the largest rocket ever created, spun out of control shortly after its launch. No injuries or damage have been reported but images from those in Caribbean Sea island nations show fiery debris raining from the sky.

 

This was the eighth mission to test the rocket, and its second consecutive failure.

 

 

The 123m (403ft) spaceship was meant to re-enter Earth's orbit over the Indian Ocean after a one-hour flight.

 

Its Super Heavy booster, which helps it leave the ground, did manage successfully to return to the launchpad.

 

SpaceX, which is owned by billionaire Elon Musk, said teams immediately started co-ordinating with safety officials for "pre-planned contingency responses".

 

The statement added that SpaceX would review data "to better understand [the] root cause" of the misfire and noted the explosion happened after the loss of "several" engines.

 

"As always, success comes from what we learn, and today's flight will offer additional lessons to improve Starship's reliability."

 

The statement says debris should have fallen within a pre-planned area and the rocket did not contain any toxic materials. The company also included an email and phone number for those who believe they've found any remnants of the craft.

 

Musk has yet to comment on Thursday's explosion.

 

Reuters Debris is seen falling from the sky in The BahamasReuters

Debris was seen falling from The Bahamas

 

The accident briefly halted flights at several Florida airports, including in Miami and Orlando, over concerns about flaming debris.

 

A statement from the Federal Aviation Administration (FAA) said the flights in and out of airports were delayed due to a "space launch incident".

 

The incident follows a test in January, which saw a Starship rocket fail minutes after launching from SpaceX's Texas facility.

 

The FAA also briefly closed airports two months ago, due to the same concerns about falling debris.

 

After January's incident, the FAA grounded Starship launches and noted the incident had led to property damage in the Turks and Caicos Islands in the Caribbean.

 

"Unfortunately this happened last time too, so we have some practice at this now," SpaceX flight commentator Dan Huot told reporters at the launch site on Thursday.

 

This latest Starship launch was conducted before the FAA finished investigating January's explosion, according to US media reports.

 

A statement issued from the government of the Turks and Caicos said they were in contact with US authorities and SpaceX and would "continue to keep the public apprised as we work to ensure the safety and security of our Islands".

 

Footage posted on X purported to show flaming rocket debris falling over the Caribbean Sea. In the Bahamas, people posted that they were seeking shelter in order to take cover from debris.

 

Starship is the biggest, most powerful rocket ever built, and is key to Musk's ambitions for colonising Mars.

 

SpaceX's Starship spacecraft and Super Heavy rocket - collectively referred to as Starship - is intended to be fully reusable, the company says.

 

Nasa hopes to use a modified version of the spaceship as a human lunar lander for its Artemis missions to return to the Moon.

 

In the more distant future, Musk wants Starship to make long-haul trips to Mars and back - about a nine-month trip each way.-bbc

 

 

 

 

 

Why did Trump just establish a crypto strategic reserve?

President Donald Trump has signed an executive order to establish a strategic reserve for Bitcoin, making the US one of the few countries in the world to create a national stockpile of blockchain assets.

 

The reserve will hold cryptocurrency forfeited to the federal government as part of criminal or civil proceedings, White House AI and crypto tsar David Sacks said in a post on X.

 

The US will not sell any Bitcoin deposited in the reserve, said Sacks, and will instead keep it as an asset.

 

Trump - who just four years ago said Bitcoin "seems like a scam" - now says he plans to make the US "the Crypto Capital of the World".

 

 

Further details are expected when the president is due to host the first crypto summit at the White House on Friday.

 

It is unclear whether the planned reserve could face legal hurdles, or if it might require an act of Congress.

 

Sacks said the stockpile would serve as "a digital Fort Knox for the cryptocurrency", drawing comparison to a Kentucky military base that stores a significant portion of US gold assets.

 

Trump's order also creates a digital assets stockpile for cryptocurrencies other than Bitcoin that have been forfeited.

 

It directs a full accounting of the federal government's crypto reserves, which Sacks said are estimated at 200,000 Bitcoin alone. That's worth $17.5bn (£13.6bn) at today's prices.

 

It was unclear how the new stockpile would benefit Americans, but Sacks said it "will not cost taxpayers a dime".

 

His implication that the US government would not buy Bitcoin led prices of the world's largest cryptocurrency to fall by more than 5%.

 

Some countries maintain strategic reserves of national assets to diversify government holdings and hedge against financial risk.

 

The US also keeps a petroleum reserve. Canada has a maple syrup reserve.

 

Earlier this week, Trump revealed the names of five cryptocurrencies that he said he would like included in the strategic reserve.

 

The market prices of the five coins he named - Bitcoin, Ethereum, XRP, Solana and Cardano - swiftly jumped after that announcement.

 

Trump aggressively courted the crypto community during his presidential campaign. Former US President Joe Biden led a crackdown on crypto, citing concerns about fraud.-bbc

 

 

 

 

Boots gets new US owner in multi-billion dollar deal

Boots A woman wearing a purple coat and peach jumper looks at beauty products in a Boots shop. Company hand out.Boots

The US owner of the Boots pharmacy chain is being taken over by a private equity firm in a $10bn (£7.8bn) deal.

 

The price being paid for Walgreens Boots Alliance is a fraction of what the company was worth a decade ago, reflecting its struggles with growing debt and shoppers going online for cheaper products.

 

There have been reports that the Boots chain could be sold off seperately by its new owner, US private equity firm Sycamore Partners.

 

Walgreens chief executive Tim Wentworth said the firm was navigating the "challenges of a rapidly evolving pharmacy industry and an increasingly complex and competitive retail landscape".

 

"While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company," he added.

 

George Godber, fund manager at Polar Capital, told the BBC's Today programme that Boots had been "in and out of different ownership for some time" and that "its business model has struggled".

 

"People are buying more of those personal healthcare brands online than they are in the shop."

 

There are now 1,900 Boots stores left in the UK after the pharmacy chain began closing shops in June 2023.

 

Sycamore Partners is paying $11.45 per share for Walgreens Boots Alliance, which is more than its shares are currently worth on the US stock market.

 

Walgreens shares rose by nearly 6% in extended trading in New York. But the company's stock market value has fallen by around 80% over the past five years.

 

The deal is expected to be completed by the end of this year.

 

The Illinois-based Walgreens took a 45% stake in Boots in 2012.

 

It bought the remainder of the firm two years later in a deal that valued Boots at around £9bn.

 

Walgreens is also made up of its namesake US retail business, specialty pharmacy group Shields Health Solutions and healthcare provider VillageMD.

 

In recent years, the company has faced mounting challenges as customers turned to cheaper rivals.

 

In 2022, Walgreens put Boots up for sale but later dropped these plans, saying potential buyers had been unable to raise enough funds.

 

In October, it announced plans to shut 1,200 Walgreens stores in the US over the next three years under a cost-cutting programme.-bbc

 

 

 

 

 

 

Jack Daniel's hits out at Canada pulling US alcohol

Canadian provinces pulling US alcohol off store shelves in response to Trump trade policy is "worse than tariffs", the boss of Jack Daniel's maker Brown-Forman has said.

 

Several Canadian provinces, including Ontario, which is by far the most populated, took action this week in retaliation for US tariffs on Canadian goods.

 

The Liquor Control Board of Ontario (LCBO), one of the largest buyers of alcohol in the world, removed US-made alcoholic drinks from its shelves on Tuesday.

 

Brown-Forman boss Lawson Whiting said the Canadian response was "disproportionate" to the 25% levies on Canadian goods imposed by the Trump administration.

 

 

"I mean, that's worse than a tariff, because it's literally taking your sales away, completely removing our products from the shelves," Mr Whiting said.

 

In response to the tariffs, Canada has retaliated with 25% levies on goods imported from the US, including beer, spirits, and wine.

 

Some provinces also took action themselves, including Ontario and Nova Scotia.

 

Ontario Premier Doug Ford said the LCBO sells nearly $1bn of US alcohol per year. "As of today, every single one of these products is off the shelves," Mr Ford said on Tuesday.

 

The LCBO is the exclusive wholesaler in Ontario, which means other retailers, bars and restaurants in the province will no longer be able to restock US products, Mr Ford said.

 

Nevertheless, Mr Whiting said Canada makes up only 1% of Brown-Forman's total sales, so the firm can withstand the hit.

 

Canadians are being advised by the LCBO to buy products made in Canada. Some Canadians have been turning to local goods anyway in response to the Trump tariffs.

 

Getty Images A worker removes bottles of American-made Jack Daniel's whiskey from a shelf at the Liquor Control Board of Ontario (LCBO) Queen's Quay store in Toronto, Ontario, Canada.Getty Images

Canadian stores in some provinces, including Ontario, have been removing US-made alcohol from shelves in response to Trump tariffs

 

Canada's prime minister, Justin Trudeau, criticised the US tariffs on Tuesday, saying imposing them was "a very dumb thing to do".

 

He also accused the US president of planning "a total collapse of the Canadian economy because that will make it easier to annex us".

 

Trump has made a number of remarks about making Canada the 51st state of his country, which Canada's Foreign Minister Mélanie Joly has said she takes "very seriously".

 

Washington has also placed 25% tariffs on Mexico, although Trump has said he will temporarily spare carmakers in both Canada and Mexico from the taxes.

 

Trump has accused both Canada and Mexico of failing to do enough to stem the flow of the fentanyl opioid into the US, an argument that has been rejected by both countries.

 

Mr Whiting said Brown-Forman was going to see what happens in Mexico, which accounted for 7% of its sales in 2024.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


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

 


 

 


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