Major International Business Headlines Brief::: 09 October 2020

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Major International Business Headlines Brief::: 09 October 2020

 


 

 


 <http://www.finsec.co.zw/> 

 


 

 


 

 

ü  Tim Hortons' UK expansion to create 2,000 jobs

ü  Hong Kong's last authentic junk in troubled waters

ü  IBM to split into two as it reinvents itself

ü  HK commerce chief: security law 'good for stability'

ü  WTO to name first female boss as shortlist narrows

ü  EasyJet to make first annual loss in its history

ü  Namibia Bans Cattle Transports

ü  Why the Tanzania-Kenya Economic Rivalry Misses the Point

ü  One Stop Border Posts to Enhance Business - Chakwera

ü  Manchester in Ruins - the Demise of Northern Nigeria's Industrial Hub

ü  Women Miners Get Political Voice, Urged to Take Lead in the Sector

ü  AfCFTA - The Government of Niger, the Eca and the Organization of
Industrial Professionals of Niger Organise the 4th Edition of the Trade Fair
"100 Percent Made in Niger"

ü  Another Recession Looms With 'Adverse Consequences' – Buhari

ü  U.S. appeals judge's ruling that blocked U.S. ban on TikTok downloads

ü  Asian shares close in on two and half-year peak as U.S. stimulus hopes
return

ü  Weed stocks surge as Kamala Harris vows to decriminalize pot in debate

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Tim Hortons' UK expansion to create 2,000 jobs

Canadian fast food chain Tim Hortons is planning a major expansion in the
UK, hoping to capitalise on increased demand for drive-through dining.

 

The move comes despite the recent collapse in sales at the chain due to the
coronavirus crisis.

 

The firm told the Telegraph it hopes to open an outlet in "every major city
and town" over the next two years.

 

The growth could create around 2,000 new jobs, it said.

 

Tim Hortons, which is known for its coffee and donuts, opened its first UK
location in 2017 and now has 23 locations.

 

The brand is owned by fast food giant Restaurant Brands International (RBI),
which also owns Burger King and Popeye's Chicken. Together, the company has
more than 27,000 restaurants globally, which it operates through a franchise
model.

 

The firm has been pushing to expand that footprint, especially outside the
US and Canada. In August, chief executive Jose Cil said the firm remained
focused on that goal, despite the upheaval caused by the pandemic.

 

"We cannot predict exactly when the dust will settle, but we're confident
that we will be well positioned to capitalise on opportunities for growth as
we emerge from the crisis and continue toward the 40,000 restaurant goal we
talked about last year," chief executive Jose Cil told investors.

 

Sales collapse

Sales at RBI dropped more than 20% in the three months to July, as lockdown
forced many locations to close or restrict their offerings.

 

At Tim Hortons, which has more than 4,900 locations globally, sales fell
more than 30%.

 

Mr Gil said the firm expected to end 2020 with roughly the same number of
restaurants as the year before, despite unusually high numbers of closures.

 

In June, Burger King's UK boss warned it might have to close up to 10% of
its restaurants.

 

Tim Horton's had just 937 locations outside of Canada as of June, including
23 in the UK.

 

The first new UK location is planned for Milton Keynes, according to the
Telegraph.—BBC

 

 

 

Hong Kong's last authentic junk in troubled waters

Hong Kong's last authentic junk boat is struggling to stay afloat due to a
lack of overseas tourists.

 

The Dukling normally takes foreign visitors on scenic trips around its bays
but these have dried up due to travel restrictions.

 

Its owner says it is fighting to survive and having to focus on local
citizens during the downturn.

 

Junk boats have a long history in the former British colony dating back to
the Han Dynasty.

 

"The Dukling is the icon of Hong Kong, I am not only running a business on
it, I am trying to maintain this treasurable piece of antique for Hong
Kong," owner Hazen Tang told the BBC.

 

"We keep struggling to survive, and we will survive in this tough year," he
added.

 

The Dukling is believed to be the last authentic junk boat left in Hong
Kong's waters. Other junks exist but they are replicas.

 

Its biggest market was overseas tourists but has now swapped its focus onto
local Hong Kong citizens during the Covid-19 pandemic.

 

"We treated it as a new opportunity for us to focus more on our local
market. We always hope to have more local people to experience a ride on our
antique junk," added Mr Tang.

 

New routes have been extended beyond cruising around Victoria Harbour to
local residential areas. And the onboard commentary has also changed.

 

"Now we focus more on introducing the history of Hong Kong and the olden
days when fishermen lived on the boats."

 

Mr Tang and his crew hope things will pick up in the first quarter of next
year if they can survive until then.

 

"We humans should always learn from the boats. We cannot control the
direction of the wind but we can adjust our sail."

 

The image of a Chinese junk boat is a popular symbol of Hong Kong and
recognised around the world. A junk boat with red sails is the symbol of the
Hong Kong Tourism Board.

 

The boats date back to the Han dynasty (202BC to 220AD) although some say
they first appeared in the 10th century when China began using them for
trading expeditions.

 

They were still very common on Victoria Harbour in the 1960s and 1970s. But
they have gradually disappeared as people prefer faster modes of transport.

 

The Dukling was built in 1955 and got its name because the shape of the hull
looks like a duck. The traditional three-mast Chinese wooden sailing boat
weighs 50 tonnes and has a length of 18 metres

 

The term "junk" likely comes from the Dutch word jonk and Spanish word
junco, which refers to any large to medium-sized ships, when they were used
during the colonial period.

 

The current pandemic is The Dukling's worst crisis and it is battening down
the hatches as it still needs to pay monthly expenses such as staff
salaries.--BBC

 

 

 

IBM to split into two as it reinvents itself

International Business Machines (IBM) has announced it will split into two
public companies.

 

The move is an attempt to shift its focus to higher-margin businesses like
cloud computing and artificial intelligence.

 

A new company focusing on legacy IT infrastructure will be named and spun
off next year.

 

IBM shares closed nearly 6% higher after the announcement.

 

It marks the latest shift by the world's first big computing firm to
diversify away from its traditional businesses.

 

“We divested networking back in the 1990s, we divested PCs back in the
2000s, we divested semiconductors about five years ago because all of them
didn’t necessarily play into the integrated value proposition,” Chief
Executive Arvind Krishna said.

 

Mr Krishna was the key architect behind IBM’s $34bn (£26bn) acquisition of
cloud company Red Hat last year.

 

Currently, Amazon Web Services and Microsoft dominate the market for cloud
services.

 

BBC - WebWise - What is cloud computing-

“To drive growth, our strategy must be rooted in the reality of the world we
live in and the future our clients strive to build. Today, hybrid cloud and
AI are swiftly becoming the locus of commerce, transactions, and over time,
of computing itself,” Mr Krishna wrote in a blog post.

 

IBM, which currently has more than 352,000 workers, said it expects the
separation to cost $5bn.

 

Everything NewCo

 

IBM’s legacy businesses will be spun off into a new company called NewCo.
This will encompass its “Managed Infrastructure Services” division.

 

Analysts said the move is an attempt to focus on more profitable business
models.

 

“IBM is essentially getting rid of a shrinking, low-margin operation given
the cannibalizing impact of automation and cloud, masking stronger growth
for the rest of the operation,” Wedbush Securities analyst Moshe Katri said.

 

Mr Arvind said NewCo will have $19bn in annual revenue and will serve 75% of
Fortune 100 companies when it makes its share market debut.

 

NewCo will have 90,000 employees and will receive a permanent name next
year, along with a share market listing.—BBC

 

 

 

HK commerce chief: security law 'good for stability'

The controversial national security law (NSL) imposed by Beijing will boost
rather than damage Hong Kong's status as a global financial hub.

 

This is the view of Edward Yau, Hong Kong's Secretary for Commerce.

 

In an interview with Talking Business Asia, Mr Yau said the
one-country-two-systems arrangement with China would remain intact under the
law.

 

The NSL came into effect in June after more than a year of protests sparked
by a proposed extradition bill.

 

The rule of law and judicial independence "are very important pillars,
particularly to the international business sector because when they come to
do business in Hong Kong they want legal certainty," he said.

 

"I think the best judgment would be left to people who actually work here
and see for themselves how things go," he added.

 

"Particularly when we are going through a difficult time from the social
unrest to Covid-19 and also heading towards a lot of uncertainty in the
international economic political climate."

 

The security law criminalises any act of secession, subversion, terrorism
and collusion.

 

A number of people have already been arrested under the NSL including
prominent businessman Jimmy Lai, who owns the pro-democracy newspaper Apple
Daily.

 

Its ambiguous wording has fuelled fears that it will be used to silence
critics and erode the city's independence from China.

 

While calm has returned to the streets, members of Hong Kong's international
business community have expressed concern about what it could mean for them.

 

In July, an American Chamber of Commerce in Hong Kong survey found that over
half of its members' main worries was that the law might jeopardise Hong
Kong's status as a financial hub.

 

Hong Kong saw over a year of protests sparked by a proposed extradition
bill.

 

Mr Yau pointed to the amount of money that has flowed into Hong Kong as a
testament to its international relevance.

 

"Since April this year, despite the global economic anxiety, over US$18bn
have actually come into Hong Kong," he said.

 

"(For) eight years we have enjoyed the highest IPOs globally so I think
money is finding Hong Kong as the place for (a) financial centre."

 

The most recent high profile listings to go to Hong Kong have been Chinese.

 

Mainland companies are flocking to the Hong Kong stock exchange, in what
some analysts say is an attempt to escape increased scrutiny of Chinese
firms in the US.

 

Open for business

He is also confident about Hong Kong's financial future, although he
acknowledges its destiny will be shaped even more by China in the years to
come.

 

"I think we will remain international, we will remain open, we will remain a
marketplace and not just for the mainland but also for this part of Asia,"
he said.

 

"We also see a lot of mainland companies using Hong Kong as a springboard
going to the wider world for outward investment, for trading, or sometimes
coming to Hong Kong to enjoy the professional services.

 

"I think that's the role Hong Kong will continue to serve."--BBC

 

 

 

WTO to name first female boss as shortlist narrows

The selection of a new director general of the World Trade Organisation
(WTO) is entering its final stage.

 

The final two - from an initial list of eight candidates - are Nigeria's
former finance minister Ngozi Okonjo-Iweala and South Korean trade minister
Yoo Myung-hee.

 

Both are female which means that if members of the WTO can coalesce around
one them in the final stages of selection, it will be the first time the job
has been taken by a woman.

 

Ms Okonjo-Iweala and Ms Yoo both have political and international experience
and both were students at American universities.

 

Ms Okonjo-Iweala, who also has US nationality, has had two spells as finance
minister and a short stint as foreign minister in Nigeria.

 

Much of her career was spent as an economist at the World Bank. She
eventually rose to the position of managing director, essentially second in
command at the institution. She has been an unsuccessful candidate for the
top job at the bank.

 

She is currently chair of the board of the international vaccines alliance,
Gavi.

 

She has not spent her career immersed in the details of trade policy as some
other candidates did. But her work as a development economist and finance
minister means she has often had to deal with international trade.

 

She describes trade as "a mission and a passion".

 

Ms Okonjo-Iweala would be the first African to be director general of the
WTO.

 

Ms Yoo is much more of a trade specialist.

 

Her statement to the WTO's general council hinted at a literal lifetime in
the area - she said she was born the same year that South Korea acceded to
the General Agreement on Tariffs and Trade, which became one of the key
elements of the WTO's rule book.

 

She started her career in trade, she said, in the year the WTO was born,
1995.

 

She has been involved in some of South Korea's key trade negotiations in
that period, including with China and the US. She makes a point of her "deep
knowledge and insight into the details of various areas of trade
agreements".

 

Under stress

Both candidates were keen to point out their abilities in bringing sides
together in negotiations.

 

That is a skill the successful candidate will have to draw on extensively.

 

It is important to remember that a WTO director general can only make
progress if they can get the member countries on board.

 

It has been said that the DG has no executive power; that they are more like
a butler announcing to the member countries) that dinner is served.

 

But the WTO is an organisation under stress. Two of the biggest commercial
powers on the planet - China and the US - are embroiled in bitter trade
conflict.

 

The US has some substantial concerns about the WTO. Many of them pre-date
President Trump, but his administration has taken a less collaborative
approach to pursuing them.

 

The US has undermined the WTO's ability to carry out one of its main
functions - settling trade disputes between member countries.

 

It has refused to allow the body which hears appeals to appoint new members,
effectively judges. That reflects US concerns that the body's judgements
were going beyond the WTO rulebook. The US block has left it unable to take
new appeal cases.

 

It doesn't mean the dispute settlement system doesn't work at all, but it is
seriously impaired.

 

In terms of diversity, the WTO seems to be heading into new territory. It
will, almost certainly, have a woman as Director General for the first time
a woman.

 

The regional representation might also break new ground, if the African
candidate gets the job - there has been an Asian director general before,
from Thailand.

 

If all goes to plan we will know who it is by early November.—BBC

 

 

 

EasyJet to make first annual loss in its history

EasyJet has warned it faces losses of more than £800m this year and that it
expects to fly at just 25% of normal capacity into next year.

 

The annual loss will be the first in EasyJet's 25-year history.

 

Although the airline said in a trading update it had taken tough action to
cut costs, the warning underlines the continuing challenges for the
industry.

 

Sky News has reported that EasyJet has signalled to the government that it
may need more financial support.

 

There was no reference about needing state aid in the trading statement.

 

However, chief executive Johan Lundgren said: "Aviation continues to face
the most severe threat in its history and the UK government urgently needs
to step up with a bespoke package of measures to ensure airlines are able to
support economic recovery when it comes."

 

Easyjet is putting a brave face on it, but these figures illustrate just how
tough life in the aviation industry is right now.

 

Hopes of a rapid recovery after the lockdown were dashed when the government
introduced quarantine restrictions on arrivals from abroad.

 

Over the summer peak , the airline was still able to operate at 38% capacity
- but its expectations for the final three months of the year are clearly
very limited.

 

Easyjet has shored up its finances by taking on loans, selling and leasing
back part of its fleet and doing cost-cutting deals with its staff.

 

But it's still burning through cash, and while it says bookings for next
summer are strong, the future remains deeply uncertain.

 

Like pretty much every other carrier right now, it's navigating through some
very stormy skies.

 

Presentational grey line

The airline said it expected to sink into a pre-tax loss of between £815m
and £845m in the current financial year. This is worse than analysts'
forecasts of a £794m loss.

 

State aid

The carrier has already taken a £600m loan from the government, cut 4,500
jobs, raised £608m from selling aircraft and tapped shareholders for £419m.

 

EasyJet's statement said it would "continue to review its liquidity position
on a regular basis and will continue to assess further funding
opportunities, including sale and lease backs, should the need arise".

 

Sky News reported on Wednesday that the airline had warned government
ministers it could need further financial support.

 

It is understood that no formal request has been made, but an EasyJet source
said the airline "would keep all its funding options open" as it enters what
could be a difficult winter trading period.

 

With air travel at very low levels because of the coronavirus pandemic, most
European airlines are losing money, and EasyJet's larger rival Ryanair has
called this winter a "write-off".

 

EasyJet said ongoing travel restrictions meant it would fly just 25% of
planned capacity for the rest of 2020 and into 2021, behind Ryanair which is
aiming for 40% in October. EasyJet's capacity figure for the key
July-September months was 38%.

 

Holidaymakers are booking at a "very late stage" and demand for destinations
is shifting rapidly due to ever-changing quarantine rules, EasyJet added.

 

UK airlines have called for tax breaks and other measures to help them
through the crisis as well as an airport testing regime for Covid-19 to
shorten the 14-day quarantine rule, which now applies to most European
countries.

 

On Wednesday, the UK government said it was looking at ways to reduce the
quarantine with a report due in early November.

 

The carrier grounded its entire fleet on 30 March as Britain went into a
lockdown before returning to the skies with only a very limited schedule in
the middle of June.

 

EasyJet has already announced it it cutting up to 4,500 jobs, or almost one
third of its staff, mirroring moves by airlines worldwide.

 

"Removing cost from the business is a key management priority and will
position EasyJet to emerge from the pandemic in an even more competitive
position for the long term," the company said.

 

"At this stage, given the continued level of short-term uncertainty, it
would not be appropriate to provide any financial guidance for the 2021
financial year," it added.

 

The airline will formally report its annual results for the year ending
September on 17 November.--BBC

 

 

 

Namibia Bans Cattle Transports

THE government has banned the transportation of cattle to Angola from the
Kavango regions in a move to contain fears of spreading foot-and-mouth
disease.

 

Executive director of agriculture, water and land reform Percy Misika in a
statement confirmed that experts have identified the possible spread of
foot-and-mouth disease on samples done on a herd of about 600 head of cattle
in the north-eastern Kavango regions.

 

"In line with the Animal Health Control Act 1 of 2001 the following measures
have been put in place with immediate effect: Temporary restriction of all
live cloven-hoofed animals north of the veterinary cordon fence has been
imposed with immediate effect; all animal gathering, including auctions,
except for vaccination, are also suspended; the slaughtering of
cloven-hoofed animals is also prohibited. A number of roadblocks will be set
up at strategic points, and members of the public are urged to cooperate
with veterinary officials," he said.

 

Misika announced they would also suspend any movement of cattle between
Namibia and Angola.

 

The government has cancelled all permits for the transportation of cattle in
Angola that were issued prior to the announcement.-Namibian.

 

 

 

Why the Tanzania-Kenya Economic Rivalry Misses the Point

So you are also sold into the Kenya-Tanzania rivalry thing? What you need to
know, then, is that the sky is big enough for two birds to fly without
colliding.

 

Apparently a titanic battle for geopolitical supremacy is raging in East
Africa, or this is how the issue is being presented. Whether it is the tale
of two railways or the tale of two ports, the tale of two airports or the
tale of two cities, it appears that there is little that the two nations do
that is not viewed with Kenya vs Tanzania lenses. The situation is presented
in such a way that one nation's gain automatically becomes another's loss.

 

The increased strategic awareness between these nations aside, there is a
danger of losing focus of bigger opportunities by competing for
competition's sake. The story of the two SGR railways provides one of the
most bizarre examples of this situation.

 

Both Kenya and Tanzania are constructing SGR lines connecting their coasts
with the hinterlands, including neighbouring landlocked countries. Given the
relative neglect of railway infrastructures in the region for many decades,
this is indeed welcome news.

 

 

Kenya's 'northern corridor' is proposed to run from Mombasa to Kampala to
Kigali. The now completed 580km Mombasa-Naivasha section, costing $3.6
billion, is the biggest infrastructure project in the history of Kenya,
making it possible to travel between Nairobi and Mombasa in 4 hours.

 

Tanzania's 'southern corridor' is planned to run from Dar to Kigali and
subsequently to Bujumbura. Construction has already started on the 202km Dar
to Morogoro section, and it is expected to be completed by December 2020.
Work for Morogoro-Dodoma section will follow soon, ultimately ending up with
the Isaka-Kigali section.

 

These projects have caused significant strain in regional relationships,
with Rwanda ultimately ditching the northern corridor due to existing
tensions with Uganda, and Uganda not committing to invest in SGR - for now,
choosing to focus on the crude oil pipeline project instead.

 

 

Some may argue that Tanzania has 'won' this round. But what has it won
exactly?

 

While Kenya and Tanzania were fixated on wooing partners for their projects,
it appears that some key common-sensical questions were not asked. For
example, why SGR?

 

A World Bank report entitled The Economics of Rail Gauge in the East Africa
Community highlights two reasons to choose SGR over narrow gauge options:
one, to ensure better interconnectivity between railways, and two, to
realise the potential for higher speeds in SGR.

 

Since all the railway systems in the EAC region use a one-metre gauge,
except the Tazara line, expanding those systems was a better option for
interconnectivity. With respect to speeds, it is possible to achieve higher
speeds than those anticipated in the region by using the narrow-gauge line,
something which South Africa, Japan, and Australia have accomplished.

 

 

Moreover, given that the region only needs an annual capacity for 1.5
million tonnes today, and projected 14.5 million tonnes in 2030, why choose
a 60 million tonnes SGR option while an upgraded narrow gauge option, at 15
percent of SGR option, would have sufficed?

 

That is exactly what EAC's Canadian consultants and WB experts recommended,
but somehow the region ended up paying billions of dollars, with about 60
percent of the investment in Kenya being spent outside of Kenya!

 

No amount of regional geopolitical fiddling would have made either of the
SGR projects financially viable. Increase in the number of passengers along
the Nairobi-Mombasa line aside, cargo demand is still relatively low,
leading to a loss of $100 million in the first year of operation.

 

It looks like what is presented as a battle of the titans is at best vita
vya panzi. The true titans are the ones pulling the strings behind these
projects - pocketing the lions' shares of the investments, plus interests.

 

The two railways lines, misguided as they are, should not have been pitched
as an either-or option. The region requires greater investment in its
railway network, and more stands to be gained through increased
interconnectivity and trade than through tariffs charged from transit goods.

 

While EAC's regional trade compares favourably with other blocs, it is still
extremely low compared to advanced markets. And the trends have been
negative lately - especially between the two countries in question, a
situation that needs to be reviewed in line with free trade and EAC ideals
that both nations subscribe to. After all, a 5 percent increase in exports
within a regional bloc results in 0.5 percent increase in GDP. Not an
opportunity that Kenyans and Tanzanians wish to miss.

 

Tanzania and Kenya need to let go of traditional zero-sum paradigms and
pursue the economics of growth. Singapore doesn't need to stagnate for
Malaysia to grow. It is actually more desirable to have a Hong Kong next to
a Shenzhen, and even a Havana next to a Miami.

 

We will continue digesting these ideas as we argue for increased integration
rather than protection, collaboration rather than suspicion, and innovation
rather than imitation.

 

If the pie is not big enough for both of you, the solution is to make it
bigger.-Citizen.

 

 

 

One Stop Border Posts to Enhance Business - Chakwera

Dar es Salaam — State President Dr. Lazarus McCarthy Chakwera has disclosed
that government plans to establish one stop border posts in the country's
borders to ensure smooth running of businesses with neighbouring countries.

 

Speaking soon after holding bilateral talks with his Tanzanian counterpart,
John Pombe Magufuli, at State House in Dar es Salaam, Tanzania where he is
on a two-day state visit, the President said the one stop border posts will
help facilitate movement of people and services much faster, besides
increased revenue collection.

 

"The one border posts will help to eradicate bureaucracy that sometimes only
fuels corruption and enable Malawians and other people from neighboring
countries do their businesses in a more transparent manner," he said.

 

He added that there is need to learn from best practices on how Tanzania and
other countries are managing their one stop border centres.

 

The president said it was his wish to have Malawian and Tanzanian business
people partnering more than they are doing now and fully utilize the port of
Dar es Salaam and the Mtwala port which is currently being rehabilitated and
will be ready by December this year.

 

 

"We need to utilize the natural resources that God has endowed upon us to
develop our countries. Time has come for Africa to tell its own story,
define its own destiny and move according to its own speed rather than
waiting for others to tell the story for u," said the President.

 

He said Malawi has lost a lot of natural resources unlike Tanzania through
people who have come to get minerals and other precious stones without the
country getting anything in return.

 

Tanzania President John Pombe Magufuli assured the Malawi President of the
country's continued good working relationship to ensure smooth running of
businesses.

 

Magufuli said he has instructed the Tanzania Port Authority (TPA) to open an
office in Lilongwe to enable people clear, pay and collect their cargo right
in Lilongwe.

 

 

"Tanzania too has a lot of people doing businesses in Malawi and we need to
create an enabling environment for business people from the two countries,"
said Magufuli.

 

He appealed to the joint permanent commission to do its work quickly on
mining, fisheries, trade and immigration in the two countries.

 

Malawi's Minister of Foreign Affairs and International Cooperation
Eisenhower Mkaka has since described the visit as very important considering
the strategic nature of Tanzania which apart from sharing borders with
Malawi, is also the main route which is used to transport both liquid and
dry cargo.

 

The President is today (Thursday) expected to visit the Malawi Cargo Centre,
the port of Dar es Salaam and also inaugurate the Mbezi Luis Upcountry Bus
Terminal before departing for Malawi.-Malawi News Agency.

 

 

 

Manchester in Ruins - the Demise of Northern Nigeria's Industrial Hub

A failed industrial boom in Kaduna ran one community aground. Decades later,
promises of industry have risen again, but the scars linger.

 

Kaduna, the former capital of colonial Northern Nigeria, named for the
rivers and crocodiles that once filled its territory, used to be home to an
industrial revolution. It was famed for its transport facilities, an
abundance of water from the river Kaduna and the presence of raw materials,
especially cotton.

 

In 1955, the premier of Northern Nigeria, Sir Ahmadu Bello, harnessed these
resources with a £1.25 million investment (pdf, about $40 million today).
Subsequently, around 60 industrial firms - including textile mills,
breweries, petrochemical and automobile factories - came to operate in
Kaduna, serving its immediate community and the entire country. These
companies collectively became the second largest employer after the
government with a 500,000-strong workforce. Once rural villages like Kakuri,
located in the industrial area of Kaduna, were transformed and uplifted.

 

 

Soon, Kaduna earned the alias "Manchester of West Africa". However, the
revolution did not live long.

 

In fact, it witnessed a stunning reversal. In the 1990s, Nigeria's military
regime of the time was pushed into implementing a structural adjustment
programme formulated by the International Monetary Fund. This deregulated
Nigeria's currency and led to the privatisation of public-owned industries,
which increased the costs of importing materials. At the same time, local
oil refineries deteriorated and electricity supply became erratic. The cost
of doing business shot up. Factories closed. In Kakuri community, hundreds
of thousands of workers lost their jobs without severance payments or
entitlements.

 

 

Fast forward almost three decades later, Kakuri is now a small city flanked
by massive walls, the edges of derelict companies' compounds. But a new
industrial boom is happening.

 

Going through Kakuri, you will see a new $200 million investment Mahindra
tractor assembly plant with the capacity to put together 3,000 tractors per
year. Across the street is Blue Camel energy, a renewable energy production
plant and training academy. On the Kaduna-Abuja expressway, there is an Olam
poultry and feed mill, a $150 million investment.

 

But Kakuri and its people are far from what and where they used to be. Many
still live in the shadows of the failed revolution that came before. Unlike
in the heydays of the previous boom, the new industrial buzz is attracting
skilled workers from outside the community. Kakuri's residents, many of whom
are unskilled in modern technology, will likely only be spectators.

 

 

We visited Kakuri and spoke to these survivors about the pain they inherited
from the previous downfall and whether this new industrial wave will heal
their scars.

 

We met Raymond Abah at the gate of Arewa Textiles, amid overgrown weeds and
derelict structures. He is the site's chief security officer, working with a
handful of police officers to prevent the pilfering of equipment.

 

"I have been working here since 1992. When I started, the Japanese were in
charge. Since the foreigners left, nothing is working. The government has
been making false promises. We are angry. I am angry. Many people have died
without their benefits. Some have run away from their families because of
shame. We are tired of the promises of new industries. Life is difficult."

 

Abdullahi Sani is the leader of Makera Youth Association in Kakuri. We met
him at the animal market where he was selling rams in preparation for the
Eid Festival.

 

"I have heard of the new solar panel company, but it is not my concern. It
is not helping me like the textile industries used to. What I am concerned
about is the textile industries. The current government bragged a lot about
reviving the textile mills in Kakuri before the election, but there is
nothing to show for it. I was born and bred here in Kakuri and I grew up
knowing the textile mills as the economic hub of this area. I used to buy
textile materials from the mills and take them into town to sell. If these
industries were working, my business of meat selling will have boosted too.
I could have been supplying the canteens with meat. They do not have any
canteen for my meat in the solar panel company. Everything is on
standstill."

 

Maryam Abdulkarim, a trader, has a ramshackle zinc and wooden kiosk just
outside Nortex Nigeria Limited, selling bread, biscuits sachet water and
soft drinks.

 

"I opened my shop 20 years ago and it was filled with provisions, but since
the mills closed, my shop became empty. I used to make up to two thousand
Naira in a day but now all I manage to sell is sachet water and if I am
lucky, I make fifty Naira in a day."

 

Isiyaku Adamu Baba is a former worker at Supertex Limited.

 

"I worked for five years at Supertex and I was a union member. The closure
of these mills has been a catastrophe. Our children and brothers are
vandalising and stealing equipment from these industries to sell. There are
no jobs, the children here could not afford a sound education, and now they
cannot even benefit from or work in the new industries coming up. Our
children do not have a future. All we can do now is pray. And for us the
reality is, it is impossible to revive these textile mills."

 

Ahmad Rufai works in the Environmental Health Department of the Kaduna State
Local Government.

 

"I once applied for a job at the textiles but unfortunately I wasn't
successful. I am sad with the closure of the textiles. I know people that
died of heart attacks due to the closure. Some hanged themselves to death,
some resorted to petty crimes and theft, while others had to leave Kaduna
completely because of frustration. Even with the coming of these new
industries, we have not seen any big economic change. One thing that was
constant when the textile mills were functioning was cash flow and life was
easy. I agree there are new industries now, but where is the money? Life is
just more difficult."

 

Kamaruddeen Jimoh is a carpenter.

 

"I am commonly known as Jasper from my footballing days with Arewa Textile
Football Club. I was paid 10 Naira then. But things broke down with the
sacking of workers and this place became an abandoned area. I am really
hoping our children can benefit from the new industries, but I am also
afraid. Everything is now computerised. It is not like the former textile
mills that needed 3,000 workers to operate. Now a single machine can do the
job and maybe only 200 workers needed to support it. I am still optimistic
though, at least the new industries will finally return this area into the
economic hub it used to be."

 

Hajiya Albarka is a food vendor.

 

"Before, my restaurant was inside the Arewa Textile canteen. People will eat
and pay after receiving salary. With the closing of the textile, some people
died without paying me, some people are still alive, but when you see them,
you pity them, so I can't ask for anything from their hand. I hope the new
industries can work, so people can enjoy again so that our children and
grandchildren can find work and maybe even us, we will enjoy life once
more."

 

Kabir Abdulrahman is a student.

 

"I was born and brought up in Kakuri. I am glad I am still in school right
now, but I live with unemployed and uneducated youth stealing equipment from
the abandoned industries. If the working condition of the textile industries
were still good, I will have loved to work there after graduating. I am
hoping the new industries will reduce the level of unemployment. Many people
here have no jobs, and no education. Only a few of us get to graduate from
secondary school. It is sad because a lot of my friends whose parents worked
in textile cannot even find work in the new industries because they have no
education as there was nobody to take care of them after their fathers died
or disappeared."

 

Sada Malumfashi is a writer and freelance journalist from Kaduna, Nigeria,
and a fellow of RSF Germany's Berlin Scholarship Programme. He focuses
mainly on sexual abuse, gender-based violence, and feminism in Nigeria's
conservative northern region. His reports have been published in various
media including The Africa Report, Saraba Magazine, This Is Africa,
Asymptote and Music in Africa. Salmah Ja'eh is a freelance photographer,
passionate about expressing stories in vivid images and using photography as
an artistic outlet. Her works have appeared in National Translation Month
Magazine, and she covers literary and art engagements within Kaduna and
Abuja, Nigeria.-African Arguments site.

 

 

 

Women Miners Get Political Voice, Urged to Take Lead in the Sector

Sarah Achieng Opendi, the state minster for Energy and Minerals Development,
has rallied women to embrace mining and take lead in the sector.

 

The minister's powerful call is particularly an expression of solidarity
with and morale booster to women miners who continue to bear the brunt of
the challenges in the sector that has overtime been a men's domain.

 

Opendi was appointed to office in the last cabinet reshuffle, succeeding
Peter Lokeris, who, though severally quoted as having miners' interests at
heart, never particularly expressed solidarity with women miners. Her
appointment makes her the most authoritative voice on mining in the country,
particularly giving women miners a political voice.

 

 

Speaking at the Citizens Convention on Mining held in Kampala on September
24, Opendi told participants that her ministry continues to call for
inclusion of all gender in the mining sector.

 

"I want to encourage more women to join the mining sector. I hope and pray
that more women take up many opportunities, acquire licenses and take the
front seat," she said.

 

Catherine Nyakecho, senior geochemist at the Ministry of Energy and Mineral
Development, speaking at the Convention, noted that the artisanal and small
scale mining sector is 70% made up of women who usually take on more
cumbersome roles like crushing ore, ferrying heavy ore in containers,
panning for gold with usage of mercury, sluicing and food vending while at
the same time balancing domestic chores.

 

Yet, the more lucrative roles like extracting the gold and selling the ore
are majorly a men's domain, leaving women more disadvantaged. Their
situation is exacerbated by domestic violence in their families occasioned
by accusations of infidelity and their hard earned money that men often take
forcefully for their own pleasure.

 

 

According to Doris Buss et al, authors of The Extractive Industries and
Society, in some countries, the relative economic opportunities in the ASM
sector are comparatively more valuable for women than men. For example,
while women in ASM in Uganda earn less than men, women can still earn 335%
more at the mine site compared to non-mining activities, while men can only
earn 65% more.

 

Despite this though, the mining laws do not have provisions that
specifically address issues pertaining to women ASMs yet initiatives such as
the Africa Mining Vision calls for" gender equity" in ASM and the
empowerment of women through integrating gender equity in mining policies,
laws, regulations, standards and codes."

 

 

Buss' study "offers an assessment of how gender operates to organize women's
ASM activities and relations in ways that make it unlikely women will access
ASM formalization efforts particularly those focused on mining licenses and
establishment of mining associations."

 

It also explores how the gendered organization of mining roles, when viewed
in relation to women's disproportionate household and care work, and the
gendered norms around what women should do, devalues and delimits women's
mining work.

 

There are just about seven location licenses for women only mining
associations in the country and Opendi's rallying call for more women to
take up licenses is a progressive move for the ASM sector in Uganda.

 

Literature on gender relations in the ASM sector is progressively focusing
on the important economic roles women can play in the sector particularly on
the income-generating opportunities for women involved in the various stages
of mineral extraction.

 

Increasingly, gender considerations are being incorporated into high-level
policy documents and due diligence systems such as the 2012 Washington
Declaration Diagnostic Framework, launched with support from USAID, which
includes a commitment to strengthening women's rights.-Oil in Uganda.

 

 

 

 

AfCFTA - The Government of Niger, the Eca and the Organization of Industrial
Professionals of Niger Organise the 4th Edition of the Trade Fair "100
Percent Made in Niger"

Niamey (Niger) — On Thursday, October 1, 2020, in Niamey, the Minister of
State, Minister of Agriculture and Livestock, Mr Albadé Abouba, representing
Prime Minister Brigi Rafini, officially launched the 4th edition of the
trade fair "100 % Made in Niger", together with the "Buy Nigerien" campaign.

 

It took place in the presence of the Minister of Trade and the Promotion of
the Private Sector, the Minister of Industry, the Director of the
Sub-Regional Office for West Africa of the United Nations Economic
Commission for Africa (SRO/WA-ECA), Ngone Diop, and the President of the
Organisation of Industrial Professionals of Niger (OPIN).

 

Organised by the Government of Niger, through the Ministry of Trade and the
Promotion of the Private Sector, the SRO/WA-ECA and the OPIN, this activity
aims to accelerate the process of the industrialisation and economic
diversification of the country in the context of the entry into force of the
African Continental Free Trade Area (AfCFTA) from January 2021.

 

In his speech, the Minister of Trade and the Promotion of the Private
Sector, Mr. Sadou Seydou, recalled that on October 25, 2019, during the
meeting of Ministers in charge of Trade in the UEMOA area, it was adopted
that the month of October be dedicated as "local consumption month" in the
Community area.

 

"This initiative aims to strengthen sub-regional economic integration and
the development of intra-community trade that is consistent with the
objectives set through the AfCFTA, the start of which is scheduled for
January 2021", explained Mr. Sadou Seydou.

 

For her part, the Director of the SRO/WA-ECA, Ngone Diop, recalled that "The
ECA played a vital role in the formulation of the AfCFTA and in its adoption
by the Heads of State and Government, and will continue to support our
countries to accelerate the implementation of this unprecedented Agreement".

 

"In this regard," continued Ngone Diop, "we are happy to recall that our
ongoing technical and financial support should enable Niger to equip itself
in the short term with a national AfCFTA strategy".

 

The Director of the SRO/WA-ECA then affirmed that "It is within this
framework that the ECA, in partnership with the OPIN, proposes, on the
side-lines of the "100% Made in Niger" trade fair and the launching of the
'Buy Nigerien' campaign, to organise a discussion panel on October 13, 2020
on the theme: 'Boost local production: Promote the Made in Niger label in
the context of the implementation of the AfCFTA'".

 

"This discussion, that we hope will be high level and extended to major
stakeholders, meaning the government, the private sector, the research
institutions, civil society actors and development partners, will enable us
to place the trade fair in a more fruitful and innovative dynamic, in view
of the imperative to make the most of the AfCFTA of which His Excellency Mr.
Mahamadou ISSOUFOU, President of the Republic of Niger, is the Champion",
said Ngone Diop.

 

"It will also enable us to explain to the actors of the industrial sector of
Niger the many opportunities provided by the AfCFTA, and the possibilities
for supporting them to create national and regional value chains", she
concluded.-UNECA.

 

 

 

Another Recession Looms With 'Adverse Consequences' - Buhari

Nigeria's economy may relapse into a second recession in four years with
significant negative consequences, President Muhammadu Buhari has said.

 

He said this during the 2021 budget presentation to a joint session of the
National Assembly on Thursday.

 

The proposed expenditure is put at N13.08 trillion with crude oil benchmark
price of $40 per barrel and daily oil production estimate of 1.86 million
barrels.

 

The budget includes a N1.35 trillion spending by government-owned
enterprises and grants and aid-funded expenditure of N354.85 billion.

 

In his presentation, the president said the 2021 budget was prepared amidst
a challenging global and domestic environment due to the the COVID-19
pandemic, low oil prices and heightened global economic uncertainty.

 

The Nigerian economy is currently facing serious challenges, he said, with
the macroeconomic environment being significantly disrupted by the pandemic.

 

 

Real GDP growth declined by 6.1 percent in the second quarter of 2020,
according to the National Bureau of Statistics.

 

"This ended the three-year trend of positive, but modest, real GDP growth
recorded since the second quarter of 2017. I am glad to note that, through
our collective efforts, our economy performed relatively better than that of
many other developed and emerging economies," Mr Buhari said.

 

"GDP growth is projected to be negative in the third quarter of this year.
As such, our economy may lapse into the second recession in four years, with
significant adverse consequences.

 

"However, we are working assiduously to ensure a rapid recovery in 2021. We
remain committed to implementing programmes to lift 100 million Nigerians
out of poverty over the next 10 years," he said.

 

The government is counting on its over N3 trillion economic stimulus plan to
reduce the impact of that recession.

 

Shrinking

 

In August, Nigeria's economy witnessed it's biggest decline in 10 years,
according to a report by the NBS.

 

The economy contracted by 6.10 per cent in the second quarter of 2020 from
5.06 per cent in the first quarter and 5.15 per cent in the second of 2019.

 

An economy is said to be in a recession when its size falls for two
consecutive quarters, that is six months.

 

The Nigerian economy suffered its last recession in 2016.-Premium Times.

 

 

U.S. appeals judge's ruling that blocked U.S. ban on TikTok downloads

WASHINGTON (Reuters) - The U.S. government said in a court filing on
Thursday it was appealing a judge’s ruling that prevented it from
prohibiting new downloads of the Chinese-owned short video-sharing app
TikTok.

 

The Justice Department said it appealed the order to the U.S. Court of
Appeals for the D.C. Circuit.

 

In late September, a U.S. judge temporarily blocked a Trump administration
order that was set to bar Apple Inc AAPL.O and Alphabet Inc's Google GOOGL.O
from offering new TikTok downloads.

 

China’s ByteDance, which owns TikTok, has been under pressure to sell the
popular app. The White House contends that TikTok poses national security
concerns as personal data collected on 100 million Americans who use the app
could be obtained by China’s government. Any deal will also still need to be
reviewed by the U.S. government’s Committee on Foreign Investment in the
United States (CFIUS).

 

Negotiations are under way for Walmart Inc WMT.N and Oracle Corp ORCL.N to
take stakes in a new company, TikTok Global, that would oversee U.S.
operations.

 

But key terms of the deal - including who will have majority ownership - are
in dispute. ByteDance has also said any deal will need to be approved by
China. Beijing has revised its list of technologies subject to export bans
in a way that gives it a say over any TikTok deal.

 

 

 

 

Asian shares close in on two and half-year peak as U.S. stimulus hopes
return

TOKYO/NEW YORK (Reuters) - Asian shares inched close to 2-1/2-year highs on
Friday as revived hopes for a U.S. stimulus deal eclipsed
weaker-than-expected jobs data, while mainland Chinese markets jumped after
a week-long holiday.

 

Investors are also increasingly expecting the Democrats to take back the
White House, and possibly the Senate as well, in the Nov. 3 U.S. election,
analysts said.

 

A widening lead for Democratic Presidential candidate Joe Biden is seen as
reducing the risk of a contested election and opening the way for a big
economic stimulus, helping to counter investors’ wariness about a Democrat
pledge to hike corporate tax rates.

 

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS
rose 0.15%, inching closer to its Aug. 31 peak, which was its highest level
since March 2018. China's CSI300 index .CSI300 gained 1.68% after the Golden
Week holidays.

 

Japan's Nikkei .N225 dipped 0.1% after hitting a 7 1/2-month high, while
futures for the S&P 500 EScv1 gained 0.47%.

 

“Markets are starting to assume a Biden victory,” said Osamu Takashima,
chief FX strategist at Citigroup Global Markets Japan.

 

U.S. President Donald Trump on Thursday said talks with Congress had
restarted on targeted fiscal relief, after calling off negotiations earlier
this week.

 

House of Representatives Speaker Nancy Pelosi expressed confidence about
reaching an agreement on the amount of aid in new legislation.

 

On Wall Street, the S&P 500 .SPX gained 0.80% and the Nasdaq Composite .IXIC
added 0.5%.

 

The S&P 500 energy index .SPNY led sector percentage gains, rising 3.8% on
the day, after a jump in oil prices due to production shutdowns ahead of a
storm in the U.S. Gulf of Mexico and the possibility of supply cuts from
Saudi Arabia and Norway.

 

Still, in a sign markets are pricing in a victory by Biden, clean
energy-related shares have outperformed in recent weeks.

 

The iShares Global Clean Energy ETF ICLN.O has gained 14% so far this month,
compared to 4% gains in the S&P 500 energy index.

 

“Biden seems to have a clear lead following the TV debate and a coronavirus
cluster in the White House, which has raised questions about Trump’s crisis
management capabilities,” said Mutsumi Kagawa, chief global strategist at
Rakuten Securities.

 

A new Reuters/Ipsos poll found Americans are steadily losing confidence in
Trump’s handling of the coronavirus pandemic, with his net approval on the
issue that has dominated the U.S. election hitting a record low.

 

The November contract of Volatility Index futures VXX0 dropped to 30.25, its
lowest level in three weeks, another sign of reduced worries about a
contested election.

 

The 10-year U.S. Treasuries yield was up 8.5 basis points so far this week
to stand at 0.779% US10YT=RR. It hit a four-month high of 0.797% on
Wednesday, but has slipped in part due to weak economic data.

 

The number of jobless claims in the U.S. came in 20,000 higher than
economists expected at 840,000, showing unemployment in the world’s largest
economy remains historically high and a recovery in the labor market is
losing momentum.

 

Additionally, the World Health Organization reported a record one-day
increase in global coronavirus cases on Thursday, led by a surge of
infections in Europe.

 

In the currency market, the dollar was on defensive against most other
currencies.

 

The euro firmed slightly to $1.1771 EUR= while the dollar slipped 0.17% to
105.85 yen JPY=.

 

The biggest mover was the yuan, which gained more than 1% in its first
onshore trade in a week, hitting a 1 1/2-year high of 6.7165 per dollar
CNY=CFXS.

 

Oil prices were little changed on Friday after gains the previous day on
output shutdowns and possible supply cuts.

 

Brent crude LCOc1 stood flat at $43.34 per barrel, following Thursday's 3.2%
gains. U.S. West Texas Intermediate (WTI) crude CLc1 was little changed at
$41.21 after having added $1.24 cents, or 3.1% on Thursday.

 

 

 

Weed stocks surge as Kamala Harris vows to decriminalize pot in debate

(Reuters) - U.S.-listed shares of major cannabis producers surged on
Thursday after Democratic vice president nominee Kamala Harris said
marijuana would be decriminalized at a federal level in the United States
under a Biden administration.

 

During Wednesday night’s debate with Vice President Mike Pence, Harris said
she and Democratic presidential nominee Joe Biden would also expunge the
criminal records of people convicted of marijuana-related offences in the
past.

 

Cannabis stock tracker MJ ETF MJ.P rose 5.5% to mark its best session since
early June, while Tilray Inc TLRY.O jumped 19.2% on the Nasdaq. U.S.-listed
shares of Canopy Growth Corp WEED.TO, Aphria Inc APHA.TO and Aurora Cannabis
Inc ACB.TO closed between 10% and 13% higher.

 

Even though many U.S. states have legalized marijuana use, banks and other
traditional financial institutions have so far largely refused to work with
the industry as cannabis is still a classified substance at the federal
level.

 

“Access to safe banking will transform the industry, freeing up capital
markets for investment and reducing the risk of operating a cannabis
business,” said Keith Cich, co-founder of cannabis-related products
manufacturer Sunderstorm Inc.

 

Regulatory issues have also restricted cash availability for companies in
the nascent sector at a time when they are struggling with a lack of
profitability due to high costs.

 

"From a business perspective, (decriminalization) will level the playing
field by allowing companies to expense normal operational costs instead of
being taxed on gross profit," said Sam Armenia, vice president at producer
C21 Investments Inc CXXI.CD.

 

Harris, who has supported cannabis decriminalization even before Biden
picked her as his running mate, is the lead sponsor of the Marijuana
Opportunity, Reinvestment and Expungement (MORE) Act of 2019, which sought
to end federal prohibition of marijuana.

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <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 sources 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 sourced from third parties.

 


 

 


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