Major International Business Headlines Brief::: 11 April 2022

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Major International Business Headlines Brief::: 11 April 2022 

 


 

 


 <https://www.nedbank.co.zw/> 

 


 

 


ü  Elon Musk will not join Twitter board, says boss

ü  War set to cut Ukraine's economy by almost half

ü  Why are Sri Lankans protesting in the streets?

ü  1MDB scandal: Ex-Goldman Malaysia boss found guilty

ü  Full embargo on oil could stop war - ex-Putin aide

ü  The microchip implants that let you pay with your hand

ü  Kinder chocolate factory told to shut over salmonella cases

ü  Ukraine war causes giant leap in global food prices, says UN

ü  Kenya: Flour, Alcohol, Chocolates, Beauty Products to Cost More As Govt Revises Taxes

ü  Nigeria: Don't Blame Emefiele for Depreciation of Naira, Says Group

ü  Nigeria: National Grid Collapse - ADC Chairman Flays Govt, Calls for Power Minister's Resignation

ü  Biat And Backbase Power Digital Banking Innovation In Tunisia With a New Retail Banking App

ü  Kenya: Joy for Tea Farmers As Smart Cards Prove to Be a Game Changer

ü  ArcelorMittal Liberia Announces New Chief Executive Officer

ü  Sudan: Livestock Exports to Saudi Arabia Resume From Port Sudan

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Elon Musk will not join Twitter board, says boss

Elon Musk has decided not to join the board of Twitter, the company's chief executive Parag Agrawal says.

 

Mr Musk's appointment was due to become effective on Saturday after revealing last week that he had bought a 9.2% stake in the social media platform.

 

However, Mr Agrawal tweeted: "Elon shared that same morning that he will no longer be joining the board."

 

The Tesla boss remains Twitter's largest shareholder and the firm will remain open to his input, he added.

 

Just over an hour after Mr Agrawal's announcement, Mr Musk cryptically tweeted a single emoji. The tweet has since been deleted.

 

Over the weekend, Mr Musk suggested changes to Twitter Blue premium subscription service, including slashing its price, banning advertising and giving the option to pay in the cryptocurrency dogecoin.

 

Mr Musk also asked his more than 81m followers whether Twitter is "dying" and if its headquarters should be turned into a homeless shelter.

 

He also created a poll asking whether the letter "w" should be removed from the Twitter, with the only options being "yes" and "of course".

 

Mr Agrawal said Twitter offered Mr Musk a seat on its board as the company had believed it was "the best path forward", with board members having to "act in the best interests of the company and all our shareholders".

 

Addressing Mr Musk's decision, Mr Agrawal said: "I believe this is for the best".

 

"We have and will always value input from our shareholders whether they are on our board or not," he added. "Elon is our biggest shareholder and we will remain open to his input."

 

Laura Foll, portfolio manager at Janus Henderson Investors, said: "The statement from the Twitter chief executive is, I think, quite telling in that he says 'look, Elon decided not to join the board'. It says in the statement the board offered him a seat [and] it was Elon Musk's decision.

 

"But the Twitter chief executive goes on to say 'there will be distractions ahead but our goals and priorities remain unchanged. Let's tune out the noise.' I think this is the Twitter chief executive saying 'we want to get on with running the business without these distractions'.

 

She told BBC Radio 4's Today programme: "This is a very large publicly listed company. There are very strict rules around what board members, what executive members can say publicly. There has to be very strict controls and I think this is the Twitter chief executive just saying 'let's get on with it now, let's run this company and Elon Musk will be a shareholder and we will listen to him along with shareholders'."

 

Mr Musk is the largest shareholder in the company, with more than four times the 2.25% shareholding of Twitter co-founder Jack Dorsey.

 

Shares in Twitter soared by more than 27% last Monday after Mr Musk's stake was revealed.

 

However, many Twitter employees have felt disgruntled by the announcement that the Tesla chief executive had become the largest shareholder in the company and was subsequently invited to join the board.

 

According to company insiders, there was anxiety over what impact he would have on the social media company's ability to moderate content in the future.

 

Twitter's chief executive started his statement with a cryptic line.

 

"Here's what I can share…"

 

Clearly a lot has gone on behind the scenes that he has left out.

 

The announcement of Elon Musk's appointment to Twitter's board appeared to please everyone.

 

Mr Musk seemed happy, Parag Agrawal tweeted out his approval, as did Twitter's former boss Jack Dorsey.

 

The deal made sense for Twitter. Crucially, in exchange for a board seat, Mr Musk agreed not to buy more than 14.9% of the company.

 

Mr Musk is so wealthy that he could, in theory, afford to buy Twitter outright, very comfortably in fact.

 

His decision to reject the offer of a board seat now leaves the door open, if he so wishes, to take an even larger stake in the company.

 

There are other hints in Mr Agrawal's statement. He says Mr Musk was offered a position on the board - where he would have had to behave in the interests of shareholders.

 

Is this a cryptic clue that Twitter wanted him on the inside, where perhaps he might do less damage?

 

Musk is immensely powerful, his wealth and unpredictability makes him a possibly lucrative but also potentially dangerous investor.

 

He clearly wants to change Twitter. But as a major shareholder with no board seat, what he does next is anyone's guess.-BBC

 

 

 

War set to cut Ukraine's economy by almost half

Ukraine's economy is set to shrink by almost half this year as a result of the war, the World Bank has said.

 

The institution forecasts Russia's invasion will cause more economic damage across eastern Europe and parts of Asia than the coronavirus pandemic.

 

The conflict in Ukraine has shut half of the country's businesses and slashed exports, the World Bank said.

 

Anna Bjerde, the bank's vice-president, said Ukraine needed "massive financial support immediately".

 

The bank has sent almost $1bn of assistance to Ukraine so far and has promised a further $2bn in the coming months.

 

It said the closure of Black Sea shipping from Ukraine had cut off some 90% of the country's grain exports and half of its total exports.

 

 

Ukraine is the world's biggest exporter of sunflower oil and the shutdown of exports has affected global food prices.

 

The World Bank said the war had made economic activity impossible in large parts of the country, disrupting farming and harvest operations.

 

"The magnitude of the humanitarian crisis unleashed by the war is staggering. The Russian invasion is delivering a massive blow to Ukraine's economy and it has inflicted enormous damage to infrastructure," said Ms Bjerde.

 

The bank said the 45.1% contraction estimate excluded the impact of physical infrastructure destruction, but said this would hamper future economic output further.

 

While Ukraine's economy will suffer the most damage by the war, the World Bank said Russia's economy had been already plunged into a deep recession as a result of sanctions from Western countries.

 

The sanctions have ranged from cutting ties with Russian banks and targeting Russian politicians and oligarchs to banning luxury goods imports and flights.

 

The bank projected Russia's economy would contract by 11.2% in 2022 as the sanctions bite.

 

But while the US has banned all Russian oil and gas imports, the EU, which gets a quarter of its oil and 40% of its gas from Russia, has stopped short of such action.

 

EU countries continue to pay Moscow up to €800m (£674m; $884m) for energy every day, which amounts to an estimated 40% of the Kremlin's income.

 

The EU has proposed a plan to make Europe independent from Russian fossil fuels before 2030.

 

The World Bank said that in addition to Russia and Ukraine, Belarus, the Kyrgyz Republic, Moldova and Tajikistan were projected to fall into recession this year.

 

It said growth projections had been downgraded in all economies because of the war, with weaker-than-expected growth in the euro area.

 

"The Ukraine war and the pandemic have once again shown that crises can cause widespread economic damage and set back years of per capita income and development gains," said Asli Demirgüç-Kunt, World Bank chief economist for Europe and Central Asia.-BB

 

 

 

Why are Sri Lankans protesting in the streets?

In recent days, thousands of Sri Lankans have taken to the streets to demand the resignation of President Gotabaya Rajapaksa.

 

The island nation is facing its worst economic crisis since gaining independence from Britain in 1948 and is facing food shortages, soaring prices and power cuts.

 

Many say the government is to blame.

 

Why is there an economic crisis in Sri Lanka?

Sri Lanka's problems come down to the fact that its foreign currency reserves have virtually run dry.

 

It means it cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.

 

The government blames the pandemic, which all but killed off Sri Lanka's tourist trade - one of the island's biggest foreign currency earners.

 

It also says tourists were frightened off by a series of deadly bomb attacks on churches three years ago.

 

However, many experts say economic mismanagement is to blame.

 

There are many reasons for this, but one main factor is that at the end of its 30-year civil war in 2009, Sri Lanka chose to focus more on its domestic markets instead of exporting to foreign ones. So income from exports remained low, while the bill for imports kept growing.

 

The government also racked up huge amounts of debt to fund what critics have called unnecessary infrastructure projects.

 

At the end of 2019, Sri Lanka had $7.6bn (£5.8bn) in foreign currency reserves, but by March 2020 it had only $2.3bn (£1.75bn).

 

How did the government respond?

When he came to power in 2019, President Rajapaksa decided to cut taxes. This meant the government had less money to buy foreign currency on the international markets to increase its reserves.

 

When Sri Lanka's currency shortages became a really big problem in early 2021, the government tried to stop the outflow of foreign currency by banning all imports of chemical fertiliser, telling farmers to use organic fertilisers instead.

 

This led to widespread crop failures.

 

Sri Lanka had to supplement its food stocks from abroad, which made its foreign currency shortage even worse.

 

The switch from chemical to organic fertiliser resulted in widespread crop failure, exacerbating foreign currency shortages

Since then, the government has banned the import of a wide range of "non-essential" items - from cars to certain types of food and even shoes.

 

One way that countries can boost their exports is to cut the value of the currency, but the government refused to let the Sri Lankan rupee fall against other currencies.

 

It finally did so in March 2022, and the rupee fell more than 30% against the dollar.

 

How much foreign debt must Sri Lanka repay?

Sri Lanka's government has to raise $7bn in foreign currency this year to pay down its debt. It will have to make similar payments for years to come.

 

The government would like to make new finance deals to settle its debts, but its credit rating has fallen so low that very few institutions will lend it money. As a result, it has been running down its foreign reserves simply to pay the interest on the current loans.

 

Mass protests flared up in early April with people calling for President Rajapaksa to resign, which he has refused to do.

 

People are furious because the cost of living has become unaffordable. They are paying up to 30% more for food compared with a year earlier, which has led to some people having to cut down not only on what food they buy, but also the number of meals they eat every day.

 

Shortages of fuel have seen long lines at petrol stations, while the crisis has also hit public transport services.

 

"Earlier I used to get a bus in 15 minutes, now I have to wait one to two hours. Sometimes the bus stops midway with no fuel," one woman told the BBC.

 

As demonstrations grew, the president imposed a curfew, a draconian emergency law and a ban on social media. However, when these failed to keep protesters off the streets, he withdrew the measures.

 

President Rajapaksa then sacked everyone in his cabinet apart from the prime minister, Mahinda Rajapaksa, who is his brother. He also sacked the governor of the central bank.

 

The new finance minister he appointed resigned less than 24 hours after taking the job.

 

The president asked opposition MPs to help form a new government, but they have refused. Instead, more than 40 MPs aligned to the ruling coalition in parliament have left it.

 

What help can Sri Lanka get from abroad?

In March, Sri Lanka's government asked the International Monetary Fund (IMF) for a bailout.

 

The new central bank governor, P Nandalal Weerasinghe, will lead the negotiations between the government and the IMF. However, the talks have had to be postponed until a new finance minister is found.

 

Meanwhile, Sri Lanka is being helped by friendly neighbours such as India. It has begun supplying fuel to Sri Lanka on a $500m credit line.

 

China has agreed to bolster Sri Lanka's foreign currency reserves by swapping the Lankan rupee for its currency, the renminbi.

 

It has also taken loans from countries like Japan and Bangladesh.-BBC

 

 

 

1MDB scandal: Ex-Goldman Malaysia boss found guilty

The former head of Goldman Sachs in Malaysia has been convicted for helping to orchestrate one of the world's biggest financial corruption scandals.

 

A US jury found Roger Ng guilty on all charges in the trial, which concerned the looting of billions of dollars from Malaysia's 1MDB sovereign wealth fund.

 

He is the only Goldman Sachs banker to face a jury over the scandal, which rocked Malaysian politics and forced the bank to pay billions in fines.

 

He had pleaded not guilty.

 

Mr Ng's lawyer said he was a "fall guy "and attacked the credibility of the government's star witness, Tim Leissner, who was Mr Ng's boss at Goldman Sachs and pleaded guilty to his role in the scandal in 2018.

 

But after a nearly two-month trial and several days of deliberation, the jury in New York convicted Mr Ng of conspiring to launder money and violating an anti-corruption law.

 

 

US prosecutors said the decision was "a victory for not only the rule of law, but also for the people of Malaysia".

 

"The defendant and his cronies saw 1MDB not as an entity to do good for the people of Malaysia, but as a piggy bank to enrich themselves with piles of money siphoned from the fund," said US Attorney Breon Peace.

 

"With today's verdict, a powerful message has been delivered to those who commit financial crimes motivated by greed. You will be caught, prosecuted and convicted, like Ng, and face a long prison sentence."

 

What is the 1MDB scandal about?

The charges stemmed from bond deals that Goldman helped arrange in 2012 and 2013 that raised $6.5bn (£5bn) for the 1MDB fund, which was founded to finance public development projects.

 

Authorities say more than $4bn was stolen and spent on art, diamonds and property - even helping to finance Hollywood's Wolf of Wall Street film.

 

Prosecutors said Goldman Sachs bankers helped to arrange laundering of some of the money, some of which was paid as bribes to officials in Malaysia and Abu Dhabi to help win business for the bank.

 

Prosecutors said 49-year-old Mr Ng was central to the scheme, introducing Mr Leissner to Chinese-Malaysian financier Jho Low, the alleged mastermind and a confidant of former Malaysian Prime Minister Najib Razak.

 

Malaysia ex-PM given 12-year term for corruption

Ex-Goldman banker: 'Bribes' made business possible

Jho Low was indicted alongside Ng in 2018 but remains at large.

 

They told the court that Mr Ng, who worked for Goldman from 2005 to May 2014, received $35m in kickbacks for his role.

 

Mr Ng's team had claimed the payment was part of a legitimate business deal involving his wife.

 

His lawyer, Marc Agnifilo, also gave the court accounts of Mr Leissner's deceit, calling him a "double bigamist" for twice being married to two women at the same time. He previously admitted forging divorce papers to marry an analyst at the bank while still married to his first wife.

 

Mr Ng, who could be sentenced to decades in prison, may appeal, Mr Agnifilo said.

 

In 2020, Goldman reached a $3.9bn settlement with the Malaysian government for its role in the multi-billion-dollar corruption scheme.

 

It also paid nearly $3bn to authorities in four countries to end an investigation into work it performed for 1MDB.

 

The same year, Malaysia's former Prime Minister Najib Razak was sentenced to 12 years in jail after he was found guilty of abusing his power, laundering money and breaching the public's trust.-BBC

 

 

 

Full embargo on oil could stop war - ex-Putin aide

The war in Ukraine could be ended if western countries stopped buying Russian oil and gas, says President Putin's former chief economic adviser

A "real embargo" on Russian energy by Western countries could stop war in Ukraine, President Putin's former chief economic adviser has suggested.

 

Dr Andrei Illarionov said Russia "did not take seriously" other countries' threats to reduce their energy usage.

 

Despite trying to reduce its reliance on Russian sources, Europe is continuing to buy oil and gas.

 

Last year, soaring prices meant oil and gas revenues accounted for 36% of Russia's government spending.

 

Much of that income comes from the European Union, which imports about 40% of its gas and 27% of its oil from Russia.

 

This week, its top diplomat Josep Borrell said "a billion [euros] is what we pay Putin every day for the energy he supplies us".

 

Dr Illarionov said if Western countries "would try to implement a real embargo on oil and gas exports from Russia... I would bet that probably within a month or two, Russian military operations in Ukraine, probably will be ceased, will be stopped".

 

"It's one of the very effective instruments still in the possession of the Western countries," he added.

 

Dr Andrei Illarionov, President Putin's chief economic adviser from 2000 to 2005, says a total energy embargo would be "very effective".

While the oil and gas trade has continued during the conflict, widespread sanctions mean that a lot of other economic activity has stopped, many foreign companies have pulled out and exports have been disrupted.

 

One recent survey by Russia's own central bank even forecasts the economy will shrink by 8% this year, while the International Institute of Finance says it could fall by as much as 15%.

 

Dr Illarionov suggested that President Putin was prepared to endure a hit to the economy that shows where his priorities lie.

 

"His territorial ambitions, his imperial ambitions, are much more important than anything else, including the livelihood of the Russian population and of the financial situation in the country... even the financial state of the his government," he said.

 

Prices are rising for many food items in Russia as the country feels the impact of international sanctions.

Jobs under threat

Last week, amid tensions with Europe over how gas would be paid for, President Putin said that "key indicators" of the health of the Russian economy include the "creation of jobs, the reduction of poverty and inequality, the improvement of the quality of life of people, the availability of goods and services".

 

World Bank figures suggest that almost 20 million Russians live in poverty.

 

President Putin has, in recent years, pledged to halve that number.

 

Now Dr Illarionov said "we'll see probably doubling the number of those people, maybe even tripling" as the economy struggles.

 

The Moscow-based think tank, the Centre for Strategic Research, estimated two million jobs could be lost this year as the unemployment rate rises from a record low.

 

Those concerns are shared by Vladimir Milov, who is a former Russian deputy energy minister, but is now part of Alexei Navalny's Russia of the Future opposition party.

 

"Many people are concerned about losing their jobs, I think it's just that the majority does not really realise the severity of the economic situation," he said.

 

Inflation, which has already risen to 15.7% because of the war, means people might stop spending money on things such as gyms and meals in restaurants and "that's bad news for a lot of small businesses", said Mr Milov.

 

Some basic food items such as sugar, onions and cabbages have risen in price by more than 40% since the start of this year.

 

Mr Milov said any noticeable falls in living standards would help his party's cause as an opposition.

 

"We have been explaining to people all along [that] Putin's policy would lead Russia into a catastrophe, including a complete social and economic catastrophe, including [a] deterioration of living standards that we haven't seen in decades," he said.

 

"I have to say that comes at an extremely high price. We would prefer not to see what is happening today."

 

However Mr Milov, who fled to Lithuania last year, thinks it will take time for falling living standards to translate to political change.

 

"Russia is a country with big inertia in society, and a lot of fear instigated by the authorities. Specifically people really are very much afraid of protesting because right now they can end up in jail for a long, long time for doing that".

 

He added: "But I would say [that within a] few months [of] real deep economic trouble, that we haven't seen in 30 years, it will change the mood of the society. More people will start to speak out loudly."

 

President Putin's former adviser Dr Andrei Illarionov, who now lives in the United States, said a change of government is inevitable "sooner or later".

 

He said "it is absolutely impossible to have any positive future for Russia, with the current political regime".

 

Under President Putin, he suggested, "there is no way that country might be integrated back into the international relations, in the world economy".

 

You can watch Dr Andrei Illarionov and Vladimir Milov's interviews on Talking Business with Aaron Heslehurst this weekend.

 

Viewers in the UK can watch the show on BBC iPlayer.

 

In other countries, it will be on BBC World News on Sunday at 16:30 GMT and Monday at 07:30 and 16:30 GMT.-BBC

 

 

 

The microchip implants that let you pay with your hand

Patrick Paumen causes a stir whenever he pays for something in a shop or restaurant.

 

This is because the 37-year-old doesn't need to use a bank card or his mobile phone to pay. Instead, he simply places his left hand near the contactless card reader.

 

A small LED light under his skin then immediately glows, and the payment goes through.

 

"The reactions I get from cashiers are priceless!" says Mr Paumen, a security guard from the Netherlands.

 

He is able to pay using his hand because back in 2019 he had a contactless payment microchip, little bigger than a grain of rice, injected under his skin.

 

"The procedure hurts as much as when someone pinches your skin," says Mr Paumen.

 

A microchip was first implanted into a human back in 1998, but it is only during the past decade that the technology has been available commercially.

 

And when it comes to implantable payment chips, British-Polish firm, Walletmor, says that last year it became the first company to offer them for sale.

 

"The implant can be used to pay for a drink on the beach in Rio, a coffee in New York, a haircut in Paris - or at your local grocery store," says founder and chief executive Wojtek Paprota. "It can be used wherever contactless payments are accepted."

 

Walletmor's chip, which weights less than a gram, is comprised of a tiny microchip and an antenna encased in a biopolymer - a naturally sourced material, similar to plastic.

 

Mr Paprota adds that it is entirely safe, has regulatory approval, works immediately after being implanted, and will stay firmly in place. It also lasts indefinitely, and does not require a battery, or other power source. The firm says it has now sold more than 500 of the chips.

 

The technology Walletmor uses is near-field communication or NFC, the contactless payment system in smartphones. Other payment implants are based on radio-frequency identification (RFID), which is the technology typically found in physical contactless debit and credit cards.

 

For many of us, the idea of having such a chip implanted in our body is an appalling one, but a 2021 survey of more than 4,000 people across the UK and the European Union found that 51% would consider it.

 

However, without giving a percentage figure, the report added that "invasiveness and security issues remained a major concern" for respondents.

 

Mr Pauman says he is doesn't have any of these worries.

 

"Chip implants contain the same kind of technology that people use on a daily basis," he says, "From key fobs to unlock doors, public transit cards like the London Oyster card, or bank cards with contactless payment function.

 

"The reading distance is limited by the small antenna coil inside the implant. The implant needs to be within the electromagnetic field of a compatible RFID [or NFC] reader. Only when there is a magnetic coupling between the reader and the transponder can the implant can be read."

 

He adds that he is not concerned that his whereabouts could be tracked.

 

"RFID chips are used in pets to identify them when they're lost," he says. "But it's not possible to locate them using an RFID chip implant - the missing pet needs to be found physically. Then the entire body gets scanned until the RFID chip implant is found and read."

 

Yet the issue with such chips, (and what causes concern), is whether in the future they become ever more advanced, and packed full of a person's private data. And, in turn, whether this information is secure, and if a person could indeed be tracked.

 

Financial technology or fintech, expert Theodora Lau, is co-author of the book Beyond Good: How Technology Is Leading A Business Driven Revolution.

 

She says that implanted payment chips are just "an extension of the internet of things". By that she means another new way of connected and exchanging data.

 

Yet, while she says that many people are open to the idea - as it would make paying for things quicker and easier - the benefit must be weighed up with the risks. Especially as and when embedded chips carry more of our personal information.

 

"How much are we willing to pay, for the sake of convenience?" she says. "Where do we draw the line when it comes to privacy and security? Who will be protecting the critical infrastructure, and the humans that are part of it?"

 

New Tech Economy

New Tech Economy is a series exploring how technological innovation is set to shape the new emerging economic landscape.

 

Nada Kakabadse, professor of policy, governance and ethics at Reading University's Henley Business School, is also cautious about the future of more advanced embedded chips.

 

"There is a dark side to the technology that has a potential for abuse," she says. "To those with no love of individual freedom, it opens up seductive new vistas for control, manipulation and oppression.

 

"And who owns the data? Who has access to the data? And, is it ethical to chip people like we do pets?"

 

The result, she cautions, could be "the disempowerment of many for the benefits of a few".

 

Steven Northam, senior lecturer in innovation and entrepreneurship at the University of Winchester, says that the concerns are unwarranted. In addition to his academic work he is the founder of UK firm BioTeq, which has been making implanted, contactless chips since 2017.

 

Its implants are aimed at people with disabilities who can use the chips to automatically open doors.

 

"We have daily enquiries," he says, "And have carried out over 500 implants in the UK - but Covid caused some reduction in this."

 

"This technology has been used in animals for years," he argues. "They are very small, inert objects. There are no risks."

 

Back in the Netherlands, Mr Pauman's payment chip has a built-in LED light that is kinetically-powered by the moment of his body. Describing himself as a "biohacker" - someone who puts pieces of technology into his body to try to improve his performance - he has 32 implants in total, including chips to open doors and imbedded magnets.

 

"Technology keeps evolving, so I keep collecting more," he says. "My implants augment my body. I wouldn't want to live without them," he says.

 

"There will always be people who don't want to modify their body. We should respect that - and they should respect us as biohackers."-BBC

 

 

 

Kinder chocolate factory told to shut over salmonella cases

A Kinder chocolate factory in Belgium has been ordered to close after it was linked to dozens of salmonella cases.

 

Belgium's food safety authority has also ordered the recall of all Kinder products made at the factory in Arlon, which is owned by Ferrero.

 

Suspected salmonella cases linked to Kinder chocolate have been reported in countries including the UK, Germany, France and Belgium.

 

Ferrero has apologised and acknowledged "internal failures".

 

Belgium's food safety authority, the AFSCA, said the factory was ordered to shut after Ferrero was unable to provide complete information for its investigation.

 

The AFSCA said the investigation was ongoing and the factory would only be allowed to reopen if Ferrero could provide the necessary guarantees that it complied with food safety regulations.

 

Belgian Agriculture Minister David Clarinval said in a statement: "Such a decision is never taken lightly, but the current circumstances make it necessary. The food security of our citizens can never be neglected."

 

The recall includes all Kinder Surprise, Kinder Surprise Maxi, Kinder Mini Eggs and Kinder Schokobons products.

 

The AFSCA has also asked companies to remove the products from their shelves and advised people not to eat them.

 

On Thursday, Ferrero recalled some of its Kinder chocolates from shops in the US over concerns about potential salmonella contamination.

 

Earlier this week, a number of Kinder Surprise chocolate egg products were also recalled in the UK.

 

On Friday evening, the UK's Food Standards Agency said that none of the products recalled should be eaten, regardless of best before date.

 

All the sweets affected had been made in the same Belgian factory.

 

Tina Potter, head of incidents at the Food Standards Agency, said: "We have emphasised to the business and the authorities in Belgium the importance of taking as precautionary an approach to their recall as possible and trust that they will continue to put consumers' needs first in any action they take."

 

Customers can contact Ferrero directly for a full refund and the products will be taken off the shelves and notices put up in shops to warn consumers.

 

Some Kinder chocolates have also been recalled in parts of Asia, including Hong Kong and Singapore.

 

Ferrero has previously described the recalls as "precautionary" and said none of its Kinder products released for sale had tested positive for salmonella.

 

It came after more than 60 people in the UK, mostly young children, became infected with salmonella in an outbreak linked to Kinder Surprise eggs.

 

On Wednesday, Europe's health agency said it was also looking into dozens of suspected cases of salmonella linked with eating chocolate in at least nine countries including the UK, Germany, France and Belgium.

 

It did not mention Ferrero or any other confectioner in a statement, but warned that the reported cases were mostly among children under 10.

 

The salmonella bacteria can cause serious and severe infections, especially in children or elderly people and others with weak immune systems.-BBC

 

 

 

Ukraine war causes giant leap in global food prices, says UN

The Ukraine war led to a "giant leap" in food prices last month to another record high, the United Nations says.

 

The war has cut off supplies from the world's biggest exporter of sunflower oil which means the costs of alternatives have also climbed.

 

Ukraine is also a major producer of cereals such as maize and wheat which have risen sharply in price too.

 

The UN said "war in the Black Sea region spread shocks through markets for staple grains and vegetable oils".

 

The UN Food Prices Index tracks the world's most-traded food commodities measuring the average prices of cereal, vegetable oil, dairy, meat, and sugar.

 

Food prices are at their highest since records began 60 years ago according to the index, which jumped nearly 13% in March, following February's record high.

 

 

The price of vegetable oils soared 23% while cereals were up 17%. Sugar rose 7%, meat was up 5%, while dairy - which has been less affected by the war - only climbed 3%.

 

Food commodity prices were already at 10-year highs before the war in Ukraine according to the index because of global harvest issues.

 

That has fuelled a cost-of-living crisis that is worrying politicians and has sparked warnings of social unrest across the world.

 

In the UK, industry experts have warned that the cost of food could rise by up to 15% this year.

 

The UN's Food and Agricultural Organisation warned last month that food prices could rise by up to 20% as a result of the conflict in Ukraine, raising the risk of increased malnutrition across the world.

 

It has cut its world wheat projection for 2022 from 790 million tonnes to 784 million, because of the possibility that at least 20% of Ukraine's winter crop will not be harvested because of "direct destruction".

 

But it said global cereal stocks could end the year 2.4% higher than the start because of stockpiles building up in Russia and Ukraine as both countries exports would shrink.

 

 

 

Kenya: Flour, Alcohol, Chocolates, Beauty Products to Cost More As Govt Revises Taxes

Nairobi — Flour, alcohol, chocolates, and beauty products are among the items whose items are set to be slapped by higher taxes should the Finance Bill 2022 be passed by Members of Parliament.

 

Under the bill which was tabled by Gladys Wanga, the chairperson of the Finance and Planning Committee. wheat, maize, and cassava flour will attract a 16 percent value-added tax (VAT), or the consumption tax.

 

In the proposed changes, the Government also seeks to increase by 10 percent levy on bottled water, soda, beer, and spirits effective 1st Jan 2023.

 

If passed by lawmakers, the Government will gain more from betting, gaming, and lottery whose excise duty will triple from 7.5 percent to 20 percent.

These are part of efforts by the Government to raise an additional Sh50.4 billion to finance the Sh3.3 trillion budget.

 

While issuing the 2022/23 budget on Thursday, Treasury CS Ukur Yatani said that the government will continue to review the existing tax expenditure with the exemptions of petroleum products in order to boost the tax revenues.

 

"Mr Speaker, in the Bill, I have also proposed to increase the specific rates of excise duty for a number of products by 10 percent to generate additional revenue for the Government," he said.

 

The excise duty on alcohol, cigarettes, fruit juices, soft drinks, ice cream, cosmetics, and beauty products was also increased by 10 percent.

 

In the proposed changes, a unit of the imported motorcycle will be slapped with an excise duty of Sh13,403.64 compared to the current rate of Sh12,186.

 

Under the proposals, a liter of bottled water with an excise duty of Sh6.60 will go up from the current rate of Sh6.03.-Capital FM.

 

 

 

Nigeria: Don't Blame Emefiele for Depreciation of Naira, Says Group

The Nigeria Patriotic Quest (NPQ), a group of Nigerian professionals, mostly based in the Diaspora, committed to persuading Godwin Ifeanyichukwu Emefiele to run in the presidential elections come 2023, yesterday said the Central Bank of Nigeria (CBN) governor should not be blamed for the depreciation of the value of the Naira.

 

NPQ, in a statement signed by its Coordinator, Ahmed Ja'Usman Tijani, said rather than blame Emefiele, he should be hailed for ensuring that the naira has not depreciated beyond its present value.

 

According to NPQ, the weak economic base of the country that is import dependent, among other factors, are responsible for the weak naira.

The group said: "The persistent and drastic drop in the price of crude oil starting from 2015 up till the end of 2020 dealt a heavy blow on the Nigerian economy because its mono-product export nature. Some of us may recall that by end of March 2020, Nigeria's Brent crude was averaging $25 per barrel with Bonny Light even doing worse at $21 per barrel. We should not forget, that it was at this time that several cargoes of Nigerian crude oil were sailing the high seas with no takers. We should further, bear in mind that this was at the time when Russia and Saudi Arabia were engaged in the mutually destructive oil price war that wreaked havoc on the economy of most oil-producing nations, especially Nigeria.

 

This situation affected the inflow of dollars into the economy and as can be expected led to the drop in the value of the Naira, due to a surfeit of Naira pursuing very scarce dollars. To put this in stark relief, the nation's foreign reserves plunged from a high of $47 billion in 2012 to about $33 billion dollars in 2020."

NPQ said Emefiele and his team at the CBN should be given credit for how they managed the national economy at this very troubling time without it collapsing totally.

 

"The COVID-19 pandemic also dealt a heavy blow on the economy, as a result of the lockdown of most areas of national life and the resultant negative impact on productivity and employment. This impacted the Naira adversely due to the near drying-up of forex inflows from oil and non.oil sectors. Another major factor affecting the value of the Naira is the nation's very poor industrial and productive base.

 

We are an import dependent economy, as we import most of our major consumer and industrial goods including food, toiletries, textiles, cars, machineries etc. This resulted in very high demand for dollars in the face of ever dwindling forex inflows. Of course, this also impacted the value of the naira negatively," the group said.

 

 

PQ explained that in 2021 when the price of crude oil began to recover appreciably, one would have thought that it is time to shout "uhuru.,"

 

"However, this was not the case, as we were not in a position to benefit from the high prices as a result of our low oil production capacity. We have consistently been unable to meet up with our OPEC production quota of 1.8 million barrels per day due to persistent vandalisation of oil pipelines and facilities. Coupled with this is the blatant stealing of sometimes over 60 per cent of crude production. This has meant that our production has hovered around 1.3 million barrels per day, unlike in the past when Nigeria had the capacity to produce up to 2 million or more barrels of oil per day.

 

It was recently revealed that on a survey of a 12 km pipeline section, 300 theft points were discovered, this amounts to one theft point every 40 metres. No oil company or indeed nation can survive this rate of theft of it's resources, outside the huge costs of repeatedly repairing these facilities. This is why Nigeria has not been able to benefit from the current high oil prices, sometimes in excess of $100 per barrel.

 

Instead, what we have harvested from this, as a result of theft and disgraceful lack of refining capacity, is imported inflation as we are forced to import refined petroleum products at the high prevailing international prices with the associated high petroleum subsidies.These subsidies could have been invested in other productive sectors of the economy such as agriculture, industries and infrastructure, had it been we were able to fully leverage the benefits of being an oil-producing nation. As it stands now Nigeria sadly, cannot take advantage of the current boom in oil prices. The Naira definitely cannot fare better given such dire circumstances," it said.

 

NPQ noted that despite our low dollar earnings, Nigeria still expends a disproportionate portion of our forex in funding medical tourism, foreign education and other services as a result of the poor state of most of our health and educational institutions.

 

"As we speak now, ASUU is still on strike and nobody knows when the issues will be resolved. The continuous demand on the limited dollar reserves of the nation will continue to assert pressure on the value of the Naira leading to devaluation," it said.

 

NPQ noted that all the issues that have negatively impacted the value of the Naira, non is within the direct purview or supervision of the CBN.

 

"Despite these obvious facts, the detractors have gone to town heaping all the blame for the present state of the Naira on Emefiele.

 

They have mischievously refused to acknowledge the fact that the present CBN under Emefiele has gone out of its way in search of solutions to the numerous problems facing the economy. These efforts have manifested in the diverse and very innovative intervention programmes cutting across agriculture, industries, energy, infrastructure," it said.

 

Speaking on the solutions, the group said technology-driven security measures should be deployed to stop vandalism oil production facilities and theft of crude oil.

 

"Implement policies to enhance the local production of most consumer goods, including motor vehicles. Improve our health care facilities at all levels in order to reduce the current huge amount of forex expended on medical tourism. Address the persistent issues around our educational sector by improving the quality and standards in our educational system. This will reduce the need for many students to seek admission abroad. Resolve the crises affecting electricity, security and transport infrastructure. All these will help in boosting productivity across agriculture, manufacturing and other economic sectors," the group said.

 

NPQ stressed that the way and manner Emefiele has managed to combine the traditional duties of the CBN with interventions in the major sectors of the economy are the reasons for its unflinching support for him to contest the presidency of Nigeria in 2023.

 

"We are staunch believers in his capacity, given the impact he has made in diverse areas of the economy. We assert, with all sense of responsibility, that without these critical interventions Nigeria would have been in a more precarious economic situation than we are now.

 

Could we imagine if the right investments were not made in agriculture, especially rice, at the time it was made, how would we have been able to finance the rice armada from Thailand given the present situation of our economy? We implore all patriotic Nigerians to judge Emefiele by his concrete achievements as CBN governor rather than listen to the discordant sounds from the echo chambers of detractors and political mercenaries.

 

We strongly believe that Emefiele, if given the chance, will replicate his achievements in CBN on the national stage to the benefit and satisfaction of all citizens and residents of Nigeria," the group said.=This Day.

 

 

Nigeria: National Grid Collapse - ADC Chairman Flays Govt, Calls for Power Minister's Resignation

The National Chairman of the African Democratic Congress (ADC), Ralph Nwosu, has condemned President Muhammadu Buhari's ineptitude and lack of political will to ensure constant power supply in the country.

 

Nwosu who gave the condemnation yesterday, in reaction to the over 48 hours of electricity blackout nationwide due to grid collapse, lamented the concomitant negative effect of the development on the nation's economy, especially the poor masses and Small and Medium Scale Enterprises (SMEs), amid a surge in fuel and diesel prices.

 

He insisted that that the All Progressives Congress (APC) led administration had failed woefully in its electioneering promise to ensure stable power supply in the country, and therefore urged Nigerians not to hesitate to vote them out of power during the forthcoming general elections in 2023.

Nwosu called on the Minister of Power, Mr. Abubakar Aliyu, to resign or be sacked, over his inability to take responsibility and efficiently pilot the sector to achieve power infrastructure renewal and private sector investment in grid and off-grid renewable energy sources.

 

He blamed the incessant power failure in the country on the present administration's lack of vision, capacity and failure to formulate sustainable policies and governance model for the power sector as well as make required investment in renewable energy and strengthening of the nation's weak power infrastructure to efficiently distribute the paltry megawatts being generated.

 

According to him, the national grid had remained epileptic with a mere 2,000 megawatts of electricity in the past month.

 

He said while the installed power generation capacity of the country was about 12,522 megawatts, total output was still less than 3,500MW and with about 2,000 MW only available for distribution due to weak distribution infrastructure.

 

"This is why Nigerians need to elect a competent government with the required political will to tackle its myriad of existential challenges, including power, in 2023. The ADC with its array of young and dynamic leadership presents a credible alternative to the present failed political parties and their representatives in government that continue to push the country nearer the precipice of economic liquidation and state failure on daily basis," Nwosu further said.- This Day.

 

 

 

Biat And Backbase Power Digital Banking Innovation In Tunisia With a New Retail Banking App

The leading Tunisian bank BIAT has successfully partnered with Backbase, the Engagement Banking category leader, to launch a new and innovative digital mobile and web offer for retail customers that will significantly improve customer engagement, contributing to a greater share of the digital banking market

 

As part of its mission to be pioneers in banking innovation in Tunisia, BIAT has selected Backbase as its technology partner to deliver a retail banking offer. Leveraging the ready-to-go banking features on the Backbase Engagement Banking Platform, BIAT will now offer an innovative user experience available everywhere, at any time and on any device. Backbase has successfully translated BIAT’s vision and supported the bank in creating a web and mobile offer for retail customers. Value Digital Services, the implementation and integration partner, was instrumental in setting up BIAT’s digital factory to drive the implementation of the Backbase Engagement Banking platform.

 

Matthijs Eijpe, Regional Vice President EMEA at Backbase, who was involved in the project from its outset, added: “BIAT has been at the forefront of banking innovation in Tunisia, and with the launch of their new mobile and web retail offer, their customers will benefit from a frictionless user experience giving them more autonomy, saving time while facilitating communication with the bank and managing daily operations digitally. The new platform will help improve the efficiency of BIAT’s operations.”

 

“BIAT now has strong foundations to become a digital banking leader in Tunisia with the digital factory being the epicenter for innovation. The bank can now continue ongoing development leveraging the Backbase Engagement Platform and string digital teams with the support of Value Digital Services,” says Slim Besbes, Head of Digital Factory at Value Digital Services.

 

About BIAT

 

As a leading universal bank in Tunisia, BIAT is a long-standing banking group with subsidiaries in the field of insurance, asset management, investment capital, stock market intermediation and consulting. With a footprint spanning the country, BIAT now has 206 agencies in Tunisia. Nearly 2,000 employees support the bank’s customers across all segments: retail, business, SMEs, corporate and institutions.

 

With a keen attention to social responsibility, BIAT has translated its civic positioning through numerous commitments. The creation of the BIAT Foundation for Tunisian youth, in the spring of 2014, is emblematic of this and anchors this commitment in a lasting way. www.biat.com.tn

 

About BACKBASE

 

Backbase is on a mission to help banks re-architect around the customer and embrace the paradigm shift to a platform model.

 

The days of being held back by traditional legacy banking technology and infrastructure are over. Backbase is here to help financial institutions – from large banks to credit unions and everything in between – become customer-centric again.

 

We’re the creators of the Backbase Engagement Banking Platform – powering the full customer lifecycle. Our single, comprehensive platform powers every stage of the customer life cycle, deepening customer loyalty and growing share of wallet – all while delivering seamless, frictionless experiences for both your customers and employees.

 

Industry analysts Forrester, IDC, Aite, Omdia, and Celent have recognised Backbase’s front-runner position, and over 150 large financials around the world are powered by the Backbase Engagement Banking Platform – including AIB, Barclays, Banamex, Bank of the Philippine Islands, BNP Paribas, Bremer Bank, Islands, Citibank, Citizens Bank, CheBanca!, Discovery Bank, Greater Bank, HDFC, IDFC First, KeyBank, Lloyds Banking Group, Metrobank, Navy Federal Credit Union, PostFinance, RBC, Société Générale, TPBank, Vantage Bank Texas, Westpac, WSECU, and Wildfire CU.

 

About Value Digital Services

 

Value Digital Services is a digital service company, which was built as a "Digital-Native" company offering development and implementation services in the field of digital, data, advanced analytics and artificial intelligence with strong expertise in the financial sector.

 

We have a strong experience in the development and implementation of digital products and solutions in line with best practices and using to the correct methodologies.

 

We are a talent-focused company that supports its customers and partners in accelerating their digital projects and helping them meet the challenges of implementation.

 

www.value.com.tn

 

 

 

 

Kenya: Joy for Tea Farmers As Smart Cards Prove to Be a Game Changer

Nairobi — Weight falsification and theft is no longer concern for tea farmers who, for two years now, have enjoyed the use of smart card which automatically records the weight of the commodity thus eliminating human error.

 

During a tour of the Kangaita tea factory in Kirinyaga county, Capital FM Business witnessed an efficient process at the tea buying centre where farmers seamlessly delivered their produce before being taken to the factory.

 

Introduced in 2019, the card provides growers with a secure way of storing data, it contains the name of the farmer, the grower's number and the centre where one delivers their produce.

 

Upon arrival at the farm, the clerk inspects to check the quality before connecting it to the factory's electronic weighing system.

 

All farmers thereafter produce their cards which are connected to the weighing scale to capture and store data before it is issued back to the farmer through a printed receipt.

Peter Macharia Kinyua, a farmer and chairman of the buying centre told Capital Business that farmers no longer worry about weight falsification caused by human error, an issue that previously led to losses for the majority of the farmers.

 

"Before the introduction of the smart card, we had an old weighing scale which caused problems for farmers, one would come and mention their number to the clerk and should he/she get the wrong number, a farmer may lose the tea to another farmer," he said.

 

Tea Diversification takes root

 

In a separate interview with Capital FM, Mary Karani, an agriculturalist who has farmed for 17 years explained how diversification has enabled her to stay afloat, especially during the low season when tea produce is low.

 

"During the low season and mid-month when payments have not been disbursed, earnings from other crops like coffee and/or horticulture products like avocado and macadamia can help a farmer to get extra earnings," she said even as she urged other tea farmers to adopt diversification.

 

 

Karani called on farmers to be more involved in all the nitty gritties of farm management including how to properly pluck the tea.

 

Rhoda Riungu -, the unit's manager at the factory said the management has embarked on a sensitization program encouraging farmers to embrace animal farming and kitchen gardens in order to stay afloat.

 

Tea farming challenges

 

While Riungu underscored the progress made in tea farming, she said the factory still battles with high electricity tariffs and high labour costs.

 

"Kenya Power tariffs and high cost of labour are among our serious challenges, climate change is also a concern and sometimes we are not able to meet targets of daily production due to weather," she said.

 

Besides being the second oldest KTDA managed factory, the factory is the only one producing speciality tea.

 

"We have special orders, white tips, silver tips and crown teas, orders come from European countries and we are trying to make it common to local consumers," she added.

 

Having been opened in1964, the Kangaita factory has a 15 million capacity and manages 8,000 farmers.=Capital FM.

 

 

 

ArcelorMittal Liberia Announces New Chief Executive Officer

ArcelorMittal Liberia has announced Joep COENEN as the new Chief Executive Officer (CEO).

 

Joep COENEN joins ArcelorMittal from Ambatovy JV in Madagascar where he led the mining team as Director, Mining Operations. He has worked in mining operations across the world including Australia, Papua New Guinea, Guinea, Mauritania, Ghana, as well as Liberia, for various companies, on projects, and in both underground and open pit operations.

 

The announcement of new CEO COENEN to oversee ArcelorMittal Liberia was made Wednesday, March 1 by Stefan Buys, Executive Vice President and CEO, ArcelorMittal Mining.

 

In his message CEO Buys heartedly welcomed the new ArcelorMittal Liberia CEO COENEN and wished he and the team in Liberia all the best.

 

CEO COENEN replaces Scott Lowe.

 

European Union Parliament Responds to ArcelorMittal in Liberia Question

 

The European Union (EU) High Representative and Vice-President Josep Borrell on February 1, 2002 responded to a question that was raised by Romanian MEP Ramona Strugariu in the EU Parliament back in December 2021, which raised concerns about ArcelorMittal Liberia's Mineral Development Agreement (MDA) with the Government of Liberia.

 

High Representative Borrell responded that he was aware of the ongoing ratification of the amended ArcelorMittal Liberia MDA and described the deal as the largest in the country and will be one of the largest mining projects in West Africa.

 

The full text of the response is as follows:

 

"The High Representative/Vice-President is aware that the Government of Liberia and Arcelor Mittal (AM) reached an agreement, which is currently under ratification by the Congress of Liberia, to amend the Mineral Development Agreement (MDA) and to expand mining and logistic operations of the company in Liberia. The AM investment is by far the largest in the country and will be one of the largest mining projects in West Africa. One of the objectives of the amended MDA is to share the railway among the three mining companies in Liberia and in Guinea so that transport services are open to the two other mining companies in Guinea."

 

"The EU is promoting good governance and the rule of law and supporting sustainable and inclusive development in its policy dialogues and cooperation with partner countries including Liberia. This includes the promotion of human rights and responsible business conduct in line with United Nations Guiding Principles, and applies to all sectors of intervention, including mining.

 

"There are benefits for the country and its citizens, foreign investments being essential for Liberia's development. For the EU this investment, with its link to the viability of a decarbonised steel industry in Europe, is of high importance.

 

"The EU will continue its dialogue on economic governance with the government, to support responsible mining practices in compliance with the internationally agreed labour and environmental standards and the Extractive Industries Transparency Initiative."

 

In September 2021, the Government of Liberia and ArcelorMittal signed a landmark amendment to the company's Mineral Development Agreement ('MDA') which paved the way for additional investment of an approximately USD $ 800 million to expand the ccompany's mining and logistics operations in Liberia.

 

With the MDA amendment coming into effect, ArcelorMittal Liberia will significantly ramp up production of premium iron ore, generating significant new jobs and wider economic benefits for Liberia. The expansion project encompasses processing, rail and port facilities and the construction of a new concentration plant as well as the substantial expansion of mining operations, with the first concentrate expected in late 2023, ramping up to 15 million tonnes per annum ('mtpa').

 

More than 2000 jobs are expected to be created during the construction phase, with Liberians envisaged to fill the majority of the roles created. As the largest foreign investor in Liberia, ArcelorMittal Liberia has already invested over $1.7 billion in the country over the past 15 years.

 

Under the new amendment, AML's annual CSDF payments will increase up to $3.5 million after the amendment is ratified. Currently, 20% of the CSDF is being allocated to specific programs selected by the counties and communities, which AML is financing directly to the communities. With Government agreeing to direct 100% of CSDF contribution directly to the 3 counties, a huge opportunity will be created for the undertaking of many other community development programs in these 3 counties.

 

AML's contribution to Government revenues (from royalties, taxes, duties, etc), will increase from the current level of USD $30-40 million annually to approximately $75 million annually when Phase 2 is ramped up.

 

ArcelorMittal Liberia Mine Communities Vow to be Peace Ambassadors

 

Residents of ArcelorMittal Liberia communities of impact in Nimba have committed to peacefully engage with the company in resolving issues, void of violence.

 

The residents made the commitment at a one-day consultative meeting during a visit with Internal Affairs Minister, Varney Sirleaf, and a team of AML executives, headed by interim CEO, Mahama Haidara, in Gbapa.

 

As a testament to their commitment, the residents in a display of honor on February 18 gowned Minister Sirleaf and Interim CEO Haidara and also bestowed on them the Mano names of Gonotee and Kehwaillian, as their respective traditional names.

 

Mr. Haidara thanked the communities for their peaceful resolution and promised that the company will play its part to sustain the friendly relationship.

 

"It is good that when there is an issue, we sit together like this to discuss and fix it objectively, and I am sure that this type of meeting will continue," he said.

 

He also welcomed the communities' commitment to peaceful co-existence. "We will be here for a long time when the MDA is finalized. If the community is not happy, it will be difficult to make business and if business does not run smoothly, it will be difficult for us to develop the community. It means we are two legs of one body."

 

AML Head of Government and Community Relations Marcus Wleh said the citizens' concerns including scholarships and training for the young people were being highly considered by the company.

 

He said the company will also ensure that the 20 percent withheld from the annual County Social Development Fund contribution for development projects in communities directly impacted by the company's operations is used appropriately.

 

Wleh disclosed that AML has also undertaken various projects to enhance community development around its operational areas.  Among them are the $35,000 Zolowee school renovation project and the $35,000 Gbaapa community clinic project (all ongoing), and the $45,000 G.W. Harley Hospital renovation project and others.

 

For his part, Internal Affairs Minister Varney Sirleaf assured the citizens of the government's continued support and called on them to remain truthful to their promise to be peaceful and not to obstruct the operations of the company.

 

"You heard all that ArcelorMittal has done and said it will do.  And having this sacrifice means you have agreed to approach every issue peacefully, seeing to it that the government and everyone else has failed before putting the Bushmaster on the train track.

 

Celebrating Academic Excellence as AML High School Graduates 22 with 100% Success in WASSCE Exam

 

Twenty-two (22) young Liberian teenagers at the weekend excitedly waved goodbye to high school, as they walked out of the walls of the ArcelorMittal Liberia (AML) High School in Yekepa.

 

All students at the AML High School who sat the 2021 West African Secondary School Certificate Exam (WASSCE) made a successful pass.

 

Hundreds of family members, parents of the graduates, and well-wishers graced the colorful ceremony held in the Yekepa Theatre and commended ArcelorMittal Liberia for investing in the future of their children by providing free and top-quality high school education for them.

 

Speaking Saturday during the graduation ceremony of the senior students, AML Superintendent of Schools, Peter Zuagar said the class valedictorian, Victor Lablah was named among students nationwide who passed at least five subjects, including Mathematics and English with laudable credits, while 15-year-old female student, Princess Mendee who became the salutatorian, also got a Division-two ranking in the exam.

 

Zuagar attributed the achievement to early preparation as well as support received from AML management and the commitment of the teaching staff. In addition to the school's remarkable performance in WASSCE, he said the third, sixth, and ninth graders from the school also performed excellently in the WAEC exam.

 

He also commended teachers at the school, for working tirelessly to bring pride to the school.

 

Presenting the students for graduation the AML High School Principal, Juwle Kumeh, praised the AML management and members of the teaching staff, for their commitment to making the school second to none in the Republic.

 

Nimba University President, Dr. Jesse Noah Mongrue who delivered the keynote address, lauded ArcelorMittal Liberia for the provision of quality education for workers' children, at no cost.  He said Liberians should make education a major priority if the country is to develop.

 

"Without prioritizing education, we will have no foundation as Liberians.  Emphasis should be placed on the importance of education for Liberia to have the foundation it needs," he said.

 

The graduation was the 14th of the ArcelorMittal Liberia High School.

 

ArcelorMittal Liberia operates more than three schools in Yekepa, providing quality education to up to 1,300 students.

 

"We Are Feeling the Impact of ArcelorMittal"

 

Residents of ArcelorMittal Liberia (AML) communities of impact are praising the decision to withhold 20% of AML's County Social Development Fund contribution to Bong, Nimba, and Grand Bassa counties for direct development in their local areas.

 

During a recent Communication tour in Bong County, community leaders said they are seeing positive results from investments targeting community residents and expressed great satisfaction over the many projects being supported by AML.

 

They also hailed the decision to manage the funds with direct input and acquiescence of the community people.

 

"Let me tell you, it is now that we in the affected communities are feeling the impact of ArcelorMittal. Without coming to the communities, no one will know that AML is doing something in this country," said Jordan Bly-bly, head of the Gboyea Mining Construction and Engineering Company and a resident of Zoweintaa.

 

In Zoweintaa, a US $119,000 clinic project is ongoing as part of Bong County's share of the 20% Community Development Fund allotment. Clinics and Maternal Waiting Home projects are also ongoing in Gbartaa, Bongbor, and Rock Crusher communities.

 

"The work you see here is done with ArcelorMittal's 20%," said Alphonso Menyon, Town Chief of Bongbor, Tugbablee District.

 

Albertha Dianue, AML Community Relations Liaison Officer in Bong County said the projects have been positively received and its implementation is helping to strengthen AML's relationship with its communities.

 

Besides the ongoing projects, there are others that AML has implemented and are currently benefiting the locals. Among them are a community town hall, Wamah Town Public School, and three hand pumps in Green Hill Quarry Km 149; two hand pumps and a market building in Zoweintaa Km145, a hand pump in Dahn Town at Km 135; one hand pump in Borbor Fire Town at Km 133; a market building and one hand pump in Gbarlor Kpala at Km 123, a hand pump, Beyou Town Km 116; a hand pump in Thomas Village at Km 115, a hand pump in Vanquen Village at Km 113; another hand pump in Fianutolee at Km 103, a hand pump in Paye Town at Km 90, and a community town hall in Rock Crusher at Km 96.

 

In Gbarnga, ArcelorMittal Liberia helped with the building of the Women's Center and the sports stadium. Meanwhile, Wamah Town Public School Principal, Rachel B. Kollie, acknowledged the intervention of AML in bringing the school to where it is but also asked the company to help paint the building and put a fence around the building to prevent students from running to the railroad when they hear the train passing.

 

 

 

Sudan: Livestock Exports to Saudi Arabia Resume From Port Sudan

Khartoum / Port Sudan — The export of livestock from Sudan to Saudi Arabia via Port Sudan has resumed, after a review of the protocol by Saudi authorities and the Sudanese Ministry of Animal Resources and Fisheries was concluded last week in the field of health requirements. The export of livestock and meat represent an important source of hard currency for Sudan's state treasury.

 

The General Quarantines and Meat Health Administration of the Federal Ministry of Animal Resources sys via the official Sudan News Agency (SUNA), that 53,225 sheep and 93 camels were exported to Saudi Arabia over the last two days, which showed an immunity of 80 per cent.

Director-General of the General Quarantines and Meat Health Administration , Dr Ali Adam affirmed readiness of his administration to inspect, investigate, and quarantine livestock and meat, and tightening control over exports at land, sea and air ports. He praised the role played by the veterinary and technical staff at the ministry and their good performance at quarantine and inspection centres in the states.

 

Dr Adam said the quarantine centres are ready to receive any number of animals prepared for export.

 

The Undersecretary of the Ministry, Dr El Amir Jaafar, said in a press statement last week that after intensive efforts, the Ministry of Animal Resources was able to start shipping sheep to Saudi Arabia from the centres of the states of greater Kordofan, El Gedaref, Kassala through the final quarantine in Suakin.

 

Jaafar that the health measures taken by the ministry were convincing to the Saudi side in terms of animal health, disease control, epidemiological surveys and the implementation of the strategies to combat diseases that affect the exports and cross borders exports.

 

The Undersecretary affirmed that the ministry has a programme that operates in the states in health procedures and disease control field, noting that the national herd is free of diseases and is acceptable in the Saudi markets.

 

Jaafar said that the exports of live livestock to Saudi Arabia are continuing with the export of meat daily through Khartoum Airport and the ports to Egypt, pointing out that the exports are considered one of the pillars of the national economy to support the public treasury with foreign currency, in addition to making Sudan a distinguished position in the field of exports for all the Arab countries, especially the Gulf states.-Dabanga.

 

 

 

 

 

 

 

 

 


 


 


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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <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.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

 


 

 

 

 

 

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