Major International Business Headlines Brief::: 13 April 2022

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Major International Business Headlines Brief::: 13 April 2022 

 


 

 


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ü  US cryptocurrency expert jailed for helping North Korea evade sanctions

ü  Shanghai lockdown: iPhone maker halts operations at China sites

ü  Soaring petrol prices send US inflation to 40-year high

ü  Kenya: Fare Hiked in Parts of the Country as Fuel Crisis Persists

ü  Kenya: Govt to Withdraw Licenses of Helicopters Endangering Lives in
Public Rallies

ü  South Africa: Stage Two Load Shedding to Last Until Friday Morning

ü  Somalia Seeks to Kickstart Oil and Gas

ü  Kenya: UAP Expands Pick and Drop Services to Nakuru, Kisumu and Mombasa

ü  Nigeria's Oil Production Dips to 1.24m Bpd, Lowest This Year

ü  Nigeria: Govt, World Bank-Assisted Solar System Installation for 5m
Households Begin in Abia

ü  Rwanda is Showing How It Should Be Done - Ghanaian Social Entrepreneur

ü  Nigeria: MTN Finally Gets CBN Approval for Mobile Money Banking

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

US cryptocurrency expert jailed for helping North Korea evade sanctions

A former US researcher at a cryptocurrency group has been sentenced to more
than five years in prison for conspiring to help North Korea evade US
sanctions using cryptocurrency.

 

Virgil Griffith had earlier pleaded guilty to conspiring to violate US law.

 

He formerly worked for the Ethereum Foundation, a non-profit organisation
focused on the technology behind the cryptocurrency ether.

 

The sentence was the minimum amount of prison time sought by prosecutors.

 

He was also fined $100,000 (£76,864). The 39-year-old had been facing a
maximum sentence of 20 years in prison and a $1m fine.

 

His lawyer said in a statement that while the sentence was disappointing,
the judge "acknowledged Virgil's commitment to moving forward with his life
productively, and that he is a talented person who has a lot to contribute."

 

 

US Attorney Damian Williams said in a statement that "justice has been
served."

 

In September, Griffith pleaded guilty to conspiring to violate the US
International Emergency Economic Powers Act by traveling to North Korea's
capital Pyongyang to give a presentation on blockchain technology.

 

Cryptocurrency expert admits aiding North Korea

According to prosecutors, Griffith, who has a doctorate from the California
Institute of Technology, travelled to North Korea via China in April 2019 to
speak at the Pyongyang Blockchain and Cryptocurrency Conference, despite
being denied permission by the US Department of State to go.

 

Prosecutors said Griffith understood the information could be used to evade
sanctions that Washington had imposed on North Korea over its development of
nuclear weapons.

 

"The most important feature of blockchains is that they are open. And the
DPRK [Democratic People's Republic of Korea] can't be kept out no matter
what the USA or the UN says," Griffith said during the presentation
according to prosecutors.

 

In September, the US Department of Justice said he had "jeopardised the
national security of the United States" by undermining sanctions.

 

The Ethereum Foundation said at the time of Griffith's arrest that it had
not approved or supported his travel to North Korea.-BBC

 

 

 

Shanghai lockdown: iPhone maker halts operations at China sites

A major producer of Apple's iPhone has become the latest manufacturer to
halt operations because of the lockdown in Shanghai.

 

Technology company Pegatron says it has temporarily suspended production at
two of its factories in China.

 

The announcement came even as authorities eased some of Shanghai's
coronavirus regulations on Tuesday.

 

It means that some of the city's 25 million people are able to leave their
homes for the first time in weeks.

 

The city was locked down in late March after infections surged in the key
manufacturing and financial hub.

 

In a stock exchange filing Pegatron said it had halted operations at its
factories in Shanghai and nearby Kunshan "in response to Covid-19 prevention
requirements from local government".

 

The company said it would work with authorities "to resume the operations as
soon as possible".

 

Major Apple MacBook manufacturer Quanta, and iPad maker Compal Electronics,
have also paused activities in Chinese cities, according to Japanese
newspaper Nikkei.

 

Pegatron did not give any further details when contacted for comment by the
BBC. Apple, Quanta and Compal did not immediately respond to requests for
comment.

 

Dan Ives, an analyst at investment firm Wedbush Securities, said he expected
the shutdowns to have an impact on production.

 

He estimated that the production of 3 million iPhones has been affected so
far this month, "with more to come if this continues".

 

Mr Ives also told the BBC that production of 2 million iPads and 1 million
MacBooks may also be affected.

 

"The Pegatron closures throw gasoline on the raging fire which is the supply
chain for Apple and other parts of the iPhone ecosystem," he said. "This
amplifies supply chain issues for iPhones."

 

Another Taiwanese company Foxconn, which also assembles iPhones for Apple,
halted operations at its factory in Shenzhen last month.

 

It shifted production to other manufacturing sites, while resuming
operations in Shenzhen with employees working in a closed loop system, which
saw staff living and working at the plant.

 

Since the pandemic began in 2019, China has enforced shutdowns affecting
millions of people in major cities including Xi'an and Wuhan.

 

The lockdown of Shanghai is the largest to date and the city is a key centre
for the financial industry, manufacturing and home to the world's biggest
port.-BBC

 

 

 

Soaring petrol prices send US inflation to 40-year high

The US inflation rate hit a fresh 40-year high in the year to March after
fuel prices soared during the first full month of the Ukraine war.

 

Consumer prices surged by 8.5% - the largest annual gain since December 1981
- following a double-digit rise in energy prices.

 

Last month, President Joe Biden banned all imports of oil and gas from
Russia following the invasion of Ukraine.

 

At the same time, US fuel prices reached new records.

 

The attack on Ukraine began on 24 February and triggered a wave of
international sanctions against Russia, which is the world's second largest
oil exporter.

 

US energy prices rose by 32% in the year to March, according to the
country's Labor Department.

 

 

It also said that food prices had surged over the same period, up by 8.8%.
Like energy, food price inflation has been exacerbated by Russia's invasion
of Ukraine. Both countries are big exporters of widely-used goods such as
wheat and sunflower oil.

 

'Insane' price rises

Kristen Havlik, from North Carolina, said price increases in her area had
been "insane".

 

"During the first year of the pandemic, my rent went up by $400 a month
which was extremely hard to afford as I had lost majority of my income from
one of my jobs," she told the BBC.

 

"My husband and I were privileged to both secure well paying jobs last year
but if we had not, we would have had to move outside of our area to afford
to keep living in NC."

 

"We are both still very much working class and now can't save up enough
money fast enough to keep up with the insane home-buying market where
sellers are making record profits," she added.

 

"The Russia-Ukraine war has added further fuel to the blazing rate of
inflation via higher energy, food, and commodity prices that are turbo
charged by a worsening in supply chain problems," said Kathy Bostjancic,
chief US economist at Oxford Economics.

 

The soaring rate of US inflation prompted the Federal Reserve last month to
lift its key interest rate for the first time in three years. The US central
bank also signalled that the interest will rise a number of times this year.

 

US inflation rate

On Tuesday, Russian President Vladimir Putin said that inflation and rising
food and petrol prices in Western countries would start to put pressure on
politicians there.

 

Inflation rates were already rising before Russia's invasion of Ukraine as
many global economies reopened following the lifting of Covid restrictions.
However, prices appear to be accelerating at a time when wage growth is
struggling to keep up.

 

Recent figures show that average hourly earnings in the US rose by 5.6% in
the year to March, well below the latest rise in the cost of living.

 

But some economists believe that inflation may be close to or has already
peaked in March.

 

On a month-by-month basis, inflation rose 1.2% in March compared with a 0.8%
increase in February. However, stripping out volatile fuel and food prices,
core inflation rose by 0.3% which was lower than expected.

 

Peter Cardillo, chief market economist at Spartan Capital Securities, said:
"The bottom line is inflation is going to stick around for a while, but we
could see it begin to reverse in the summer months, provided we get some
cooling off in agricultural and energy prices."-BBC

 

 

 

Kenya: Fare Hiked in Parts of the Country as Fuel Crisis Persists

Meru — Commuters in Meru County have been forced to dig deeper in their
pockets, as motorists have increased transport charges due to the ongoing
fuel shortage in the country.

 

The shortage which has now entered the second week has seen transport
operators hike fares as some opt to close down business in the early hours
of the evening, leaving passengers who commute late at night to look for
other means of transport.

 

Joseph Kaberia, a taxi driver who operates along the Meru Nkubu route says
that the ongoing fuel shortage has forced most drivers and motorists to
minimize on operation cost since a lot of time is wasted while cueing along
the petrol stations hence reducing hours of work.

 

"Unlike Boda Boda operators who can refuel with cans and jerrican for us
taxi operators we have to drive to the filling stations and as per the
current situation most of the stations are experiencing huge traffic, and by
the time you get refilled you probably would have wasted close to an hour."
Laments Mr. Kaberia.

According to Mr. Kaberia, while some operators have grounded their vehicles,
others restricted themselves to short-distance trips.

 

"The entire day yesterday I couldn't go far from town because I am not sure
I'll get fuel," he said.

 

He also goes ahead to say that most petrol stations have now limited the
amount of fuel to a maximum of Sh 3000 in a bid to address and satisfy the
growing demand of that commodity.

 

The motorists have also increased transport charges from Meru town to Nkubu
from Sh 50 to Sh 100 in the rush hours of the evening in a bid to bridge the
deficit created by hours lost while trying to refuel.

 

According to Charles Mwirigi, another taxi operator, it is always the
consumer who bores the burden of high cost of living, saying that they need
to make profit in order to be in business and if they are not cushioned by
the government in times of crisis they have no choice but to pass the burden
to the consumer.

 

"Because of the traffic snarl up, I'm finding that a lot of the fuel is
consumed on the road even before I reach my destination and customers don't
want to pay more," says Mr. Mwirigi

 

He adds that, "The fuel prices have gone up with a liter of diesel retailing
at Sh 115. Yet again we are experiencing shortages together with the need to
make profit; I think we have no choice but to increase the transport prices
too," said Mr. Mwirigi.

 

Last week on Friday a ship carrying 100 million litres of Petrol docked in
the port of Mombasa even as the government tries to address the ongoing fuel
shortage, with the cabinet secretary for Energy promising that more fuel was
on the way coming , however most petrol stations in outskirts of Nairobi are
yet to refill their tanks. - Kna-Capital FM.

 

 

 

Kenya: Govt to Withdraw Licenses of Helicopters Endangering Lives in Public
Rallies

Nairobi — The Kenya Civil Aviation Authority (KCAA) has warned that it will
withdraw licenses and impose hefty fines on helicopter operators who will be
found endangering the lives of people in public rallies.

 

The agency's Director-General Gilbert Kibe issued the warning following what
he described as "serious concerns in the manner in which helicopter
operations are undertaken outside controlled aerodromes".

 

"Incidents on record have posed an unnecessary danger to persons and
property. Members of the public have also been seen to approach the aircraft
landing and take-off sites unaware of the danger they expose themselves to,"
he said.

 

While issuing guidelines on helicopter use during political rallies, Kibe
stressed that the operators are required to adhere to regulations and
Standard Operating Procedures.

 

In the guidelines on the Safety and Security of the Aircraft, operators are
required to make arrangements to secure their aircraft through local
administration and the National Police Service.

According to Kibe, this provision is expected to avert incidents where
choppers are stoned or destroyed as was witnessed in Uasin Gishu at the
beginning of April when former Prime Minister Raila Odinga's chopper came
under attack.

 

On landing zones, helicopter pilots and should ensure that aircraft are
operated safel, this includes the judgment on where to land the aircraft and
lift off.

 

"The requirement is to land and take-off at least 3km from the activity
venue and to ensure at least 30m radius free of people," he said.

 

Kibe pointed out thatoperators through their crew need to provide sufficient
briefing to clients and ensure they do not jeopardize the safe operation of
the aircraft.

 

"This includes addressing crowds around the aircraft or engaging in crowd
pulling activities while in or near an aircraft," he said.

 

The agency noted that some of the prohibited activities include
hoisting/towing of banners on aircraft without authorization by KCAA, flying
aircraft with modified or concealed or contrasting marks as well as lack of
security on control of parked aircraft, among others.

 

"Failure to comply with aviation regulations comes with stringent penalties
such as license and certificate revocation and suspension," Kibe said.

 

Cases of people hanging on choppers during take offs when political rallies
end have also been witnessed in the country over the years.

 

Just last month in March, two Bungoma men also hang on a flying helicopter.

 

In 2017, a man in Meru County hang on a chopper belonging to Odinga as it
took off hence endangering his life.-Capital FM.

 

 

 

South Africa: Stage Two Load Shedding to Last Until Friday Morning

Further breakdowns at generation units at Eskom's power stations have led to
the power utility having to implement stage two load shedding from Wednesday
until the early hours of Friday morning.

 

Eskom said the cluster of breakdowns and delays have rendered it with no
choice but to implement power down times.

 

"The extension of load shedding is caused by the failure of additional units
and the continued shortage of generation capacity due to delays in returning
to service three generating units at Camden Power Station and two generating
units at Tutuka Power Station.

 

"Overnight a generation unit each at Medupi, Matla, Kendall and Komati power
stations failed while 240MW of power imports from Mozambique was
interrupted, exacerbating the supply constraints," Eskom said.

The electricity supplier added that as a result, at least 20 206 MW of power
are not available through both planned and unplanned breakdowns.

 

"The extension of the load shedding is required to preserve the remaining
emergency generation reserves in an attempt to limit the stage of load
shedding. Eskom would like to inform the public that any further
deterioration in generation capacity may require further load shedding.

 

"Eskom would like to apologise for the implementation of load shedding and
would like to reiterate that load shedding is implemented only as a last
resort in order to protect the national grid. We will communicate should
there be any significant changes to the power supply situation," Eskom
said.-SAnews.gov.za.

 

 

 

Somalia Seeks to Kickstart Oil and Gas

Somalia is one of the last major unexplored petroleum frontiers globally. In
the past, it attracted the attention of international oil and gas majors -
ExxonMobil, ConocoPhillips, BP, Shell, Chevron and ENI all of whom held
large concession agreements in the country. 30 years of a tragic civil war
has led to a protracted hiatus in petroleum exploration in Somalia since
then.

 

While capital expenditure in the oil and gas industry has been declining in
recent years, according to the African Energy Chamber’s latest report,
spending trends within Africa are expected to increase materially in 2022
and beyond. Somalia is well positioned to benefit given its large,
prospective offshore basin, positive legal and regulatory developments and
given the recent increase in oil prices.

 

The security situation in Somalia remains a concern, but offshore the
situation regarding piracy has been transformed with no incidents reported
in the UN Secretary-General’s latest report covering the period 1st November
2020 to 31 October 2021. The African Union Mission in Somalia (AMISOM) has
supported the country’s government in the fight against al-Shabaab for the
past 15 years with immense progress being made.  It has recently been agreed
that this mission will be replaced by a new mission in place to the end of
2024.

 

Meanwhile, oil technologies, especially in offshore drilling, have
significantly advanced. In recent years, rich oil and gas reserves have been
discovered in neighbouring East African countries, including Mozambique,
Uganda, Tanzania and Kenya.  However, up until now these potentially huge
offshore discoveries have remained largely undeveloped.

 

Somalia has the chance to surpass the success of its neighbours. The
country’s offshore waters may contain at least 30 billion barrels of oil
reserves, according to Spectrum Geo, a company that conducted a seismic
study of Somalia’s offshore basins in 2014-2015.

 

Since the central government was re-established in 2012, Somalia has created
all the necessary legal frameworks to re-attract international investors.
This was achieved under the guidance of respected international
institutions, including the World Bank, the International Monetary Fund and
African Development Bank to ensure compliance with global best practices.

 

The Petroleum Law, passed in 2020, established the Somali Petroleum
Authority, a public body tasked with regulating the industry and attracting
international investors to conduct exploration in the country. It includes
representatives from the Federal Government and Regional member states that
have the necessary qualifications to collaboratively oversee petroleum
exploration and development.  It is wholly focused on increasing exploration
to build a sustainable new industry for the people of Somalia, working with
the international partners the country needs to build the industry.

 

In the development of the Petroleum Law, Somalia approved a Model Production
Sharing Agreement that determines the rules for international petroleum
companies to operate in the country. Investors can sign a 3-year exploration
licence with the possibility of extension. If they make a discovery, they
will submit a production program to the Somalia Petroleum Authority. Post
the recovery of development and operating costs, investors share oil
revenues with the Federal Government and Regional Member States.

 

In 2018, the Federal Government and Regional Member States signed a Revenue
Sharing Agreement which provides that government revenue from petroleum
operations and all associated taxes are shared between federal, regional and
local governments in certain proportions. This equitable agreement
constitutes a critical milestone and is a considerable achievement, given
the legacy of civil war in Somalia.

 

In 2020, a legacy payment of $1.7m for 30 years of surface rental from Exxon
and Shell was shared in accordance with the revenue sharing agreement. This
was an important indication of Somalia’s commitment to transparency and
honouring concession agreements signed before the civil war to ensure the
long-term commitment of investors to Somalia.

 

Somalia is located in close proximity to the oil rich Gulf states and has
similar geological characteristics to that of Kenya, Tanzania and
Mozambique.

 

Whilst many of the world's leading oil and gas companies are increasingly
committing themselves to energy transition, investment in new field
development is absolutely critical to ensure energy security across the
globe, particularly given the recent surge in international oil prices to
over $100 a barrel.  Given the encouraging seismic data, an established
petroleum authority and a determination to develop a flourishing industry
for the benefit of its population, Somalia is well positioned to become the
next exploration hotspot.

 

Opinion article by Mark Henderson, CFO of Sirius Petroleum plc and
previously senior oil and gas analyst

 

 

 

Kenya: UAP Expands Pick and Drop Services to Nakuru, Kisumu and Mombasa

Nairobi — Motorists from Nakuru, Kisumu, and Mombasa can now access a cab to
move with ease if their car is involved in an accident, UAP OLD Mutual has
announced.

 

As part of its motor insurance package, UAP OLD Mutual introduced the Pick
and Drop service in June 2019 to allow customers under its insurance policy
to use a cab as part of their cover when their car is getting repaired.
Initially, the service was only available for customers in Nairobi.

 

Commenting on the service expansion, Esther Kiome, UAP Old Mutual Claims
General Manager said, "While our motor insurance package covers vehicles
against loss or damage, including riots and strikes as well as third-party
liabilities, we see it fit to also provide convenience to our customers when
their car is being repaired. We do this because we understand our customer
needs and anticipations hence committing to addressing them at the right
time".

Other services under the motor package include windscreen repairs at UAP Old
Mutual assessment center, 24hr road rescue, quick assessment, a temporary
safe storage facility for the vehicle before garage dispatch and
Pre-inception in the on-boarding and valuation.

 

According to Esther, the pick and drop service is better compared to hiring
a car as one is not liable for any damages a car may get during a trip, one
does not have to fuel the car and it is a cheaper option than hiring a car.

 

To use the pick and drop service, motorists are required to download the
little cab app and order a cab as usual, and the total cost will be charged
to the insurer. The little cab is Kenya's on-demand ride request service
provider with an array of car categories to choose from ranging from Economy
to Comfort.-Capital FM.

 

 

Nigeria's Oil Production Dips to 1.24m Bpd, Lowest This Year

All is not well in Nigeria's oil industry as the Nigerian Upstream Petroleum
Regulatory Commission (NUPRC) stated that oil output dropped to an average
of 1.24 million barrels per day (bpd) from 1.25 million recorded in February
2022.

 

NUPRC stated this in its latest crude oil and condensate production data for
March 2022.

 

Vanguard learnt that the figure represents a 0.80 per cent decrease from the
previous month, representing the lowest production capacity so far in the
year. Nigeria is said to be producing below 1.4 million barrels per day in
2022, failing to meet its Organisation of Petroleum Exporting Countries
(OPEC) quota of about 1.8 million bpd.

The development is coming amid controversies surrounding the actual volume
of oil that ended in the hands of illegal bunkers. The decline in oil output
has also depleted revenue accrued to the federation account amid zero
remittances from the Nigerian National Petroleum Company (NNPC) Limited
despite soaring oil prices. Last March, Timipre Sylva, minister of state for
petroleum resources, had outlined poor investment and the exit of oil majors
as major issues affecting Nigeria's inability to meet the oil production
quota.

 

NUPRC also stated that Nigeria lost more than 115,000 barrels per day (bpd)
to oil theft and vandalism between January 2021 and February 2022, which
amounts to $3.27 billion worth of crude oil.

 

It will be recalled that last week, President Muhammadu Buhari asked the
House of Representatives to adjust the 2022 fiscal framework to include an
increase in the projected oil price benchmark, from $62 per barrel to $73
per barrel, up by US$11 per barrel. Buhari also asked for a reduction in the
projected oil production volume by 283,000 barrels per day, from 1.883
million barrels per day to 1.6 million barrels per day.

 

Vanguard News Nigeria

 

 

 

Nigeria: Govt, World Bank-Assisted Solar System Installation for 5m
Households Begin in Abia

The World Bank in collaboration with the Federal Government through the
Niger Delta Power Holding Company, NDPHC, has commenced the installation of
solar systems in 5000 households in Abia.

 

The initiative was introduced to provide 24-hour uninterrupted solar power
to 5 million households in Nigeria off the national grid, according to NDPHC
representative, Mr Chinonso Ugwueke, an Engineer who led the team for the
installation to Abia.

 

He said that the lawmaker representing Aba South State constituency in the
Abia State House of Assembly, Hon. Obinna Ichita, who attracted the project
to Abia had already paid for 3000 solar systems that would be installed in
people's homes within his constituency free of charge.

Addressing traditional rulers in Aba South, Mr Ibrahim Usman, the Regional
Manager of A-Solar Systems, the firm in charge of the installations, said
that the initiative was in furtherance of goal seven of the Sustainable
Development Goal, SDG.

 

He said that the target was to provide affordable and accessible electricity
off the national grid for rural and semi-urban communities.

 

Usman said that apart from providing subsidized uninterrupted solar power to
the people, 1000 youths from the constituency would be engaged in the
installation and maintenance after free training by the firm.

 

Speaking at the event, Hon. Ichita said that renewable energy had the
potential to meet the energy needs of rural communities, especially at a
time the national grid had almost collapsed.

 

He said it would provide opportunity for "unserved and underserved"
communities in his constituency to overcome their power challenge through
solar energy.

 

Ichita said that renewable energy had the capacity to provide a constant
power supply for households and businesses which would, in turn, boost
socio-economic development in rural areas.

 

" When I discovered the opportunity through my contacts, I felt I should not
waste time in bringing it down to my constituents considering the economic
importance of Aba.

 

" The intention is to provide a 24-hour steady supply of power off and
national grid using solar technology that is not only efficient but
environmentally friendly.

 

" Besides constant power supply, 1000 youths will be taken off the street
and employed along the solar technology value chain."

 

The lawmaker explained that the World Bank in conjunction with the Central
Bank, Rural Electrification Agency and other stakeholders were behind the
project.

 

Hon. Ichita added that the constant power outages and collapse of the
national grid underscored the necessity of the project.

 

The opposition lawmaker urged the State Government to key into the project
and extend it to other parts of the state.

 

In a remark, the Chairman of Aba South Council of Traditional Rulers, HRM,
Eze Ibe Enyeazu, expressed delight over the project, which he said was a
huge relief to the power challenges of the people.

 

Assuring that communities in the council would give maximum support for the
success of the project, the monarch commended the lawmaker for the gesture
which he said would end the power challenge of many households in rural
communities.=Vanguard.

 

 

 

Rwanda is Showing How It Should Be Done - Ghanaian Social Entrepreneur

Twenty-eight years after the 1994 Genocide against the Tutsi, Rwanda
recovered and made tremendous progress that should inspire other African
countries to change the narrative that African is poor and disorganised.

 

Ghanaian social entrepreneur and philanthropist Matthew Mensah says African
countries can learn a lot from Rwanda when it comes to getting things done
and positioning themselves on the global map.

 

Mensah, who is also the Ambassador for Ghana on tourism, arts and culture
and founder of Rebranding Africa agency, says Rwanda has set the example of
a country that is looking to defy the narrative that African countries are
not just impoverished but also messy.

The celebrated PR expert, who was recently in Rwanda to partner with the
Visit Rwanda brand said in an interview with The New Times, that while there
are many things that can be attributed to Rwanda's success, her biggest
asset are the people.

 

"I'm really still so blown away by how friendly and how kind people are,"
Mensah says, adding that apart from hospitality, there are certain things
that give a good impression.

 

"I personally think that this country is probably the safest country I've
ever been to and I'm not trying to talk bad about other countries, but it is
not a secret," Mensah said, citing several African countries where crime is
rampant.

 

He said that in Rwanda, you can walk on the streets by yourself, feeling
safe and the people become really helpful and friendly when you are looking
to buy something like 'Akabanga'.

Mensah says that it gives a good impression about the country and its people
and it is something other African countries can emulate and shed off the
negative connotations used to define them.

 

As an anti-Gender Based Violence (GBV) advocate, he believes Rwanda has done
all the right things that make women and girls feel protected.

 

Mensah, who was recently a judge at Miss Rwanda 2022 finale, said that as a
passionate tourism ambassador, said that Rwanda has a lot to offer to the
world, from nature and greenery to landscapes and touristic sites, all of
which provide ripe opportunities for investment.

 

He attributes Rwanda's progress to good leadership which prioritises the
interests of the country first.

 

"It just shows that if you have a very good leader with a really strong
vision, you can actually change. If you drive around Kigali, you can see how
clean it is everywhere,"

 

"There's absolutely no reason why the rest of the countries on the continent
cannot be like Rwanda. We all know the history of Rwanda, what happened here
in 1994 but the country has been able to move on from that," Mensah said,
adding that Rwanda can be a role model for other African countries that have
been trying to make things work for more than 50 years.

Unity and good governance

 

Mensah said that today Rwanda stands out as a unified country where people
have a strong common stand of developing the country, moving it from one
step to another.

 

The entrepreneur said that the year 1994 was a very sad period for with the
genocide but Rwandans were able to move from it and to come to be such a
unified strong country.

 

"There's so much harmony and respect around each other. That is something
that all of us on the continent and in the world can take a lesson from,"
adding that good governance is one of the most important aspects that have
made it possible.

 

He said that in his work, he has dealt with a number of government agencies
and private sector players but one thing he observed is that both the
government and private sector work with one common goal of developing the
country for the better.

 

"When you speak to people here, they have the same message and passion,
whether it is an individual or an institution. They all work for the better
of Rwanda

 

"President Kagame has really shown us that with good leadership and good
vision, we can make changes that everybody else benefits from," he said,
adding that he takes it upon himself to tell people the benefits whenever
they ask him about investment opportunities.

 

He pointed out that he is looking to organise youth empowerment events,
bringing together young people from different parts of the continent.

 

"Rwanda is one of the best places to host an event like that because the
government understands and they are actively involved in trying to improve
the situation of the youth through education," Mensah says.

 

He pointed out that he was interested by friend to come to Rwanda and when
he did, he realised that the country was doing the most to transform and he
felt the need to make his own contribution through several projects in the
lifestyle and entertainment industry, which he is currently working on.

 

Miss Rwanda experience

 

Mensah, who was a judge at Miss Rwanda 2022, said that he was really
impressed by the organisation, production and the quality of the event in
general, but most of all he was mesmerised by the cultural showcase.

 

"The cultural performance really gave me goosebumps. It was really brilliant
and for me, as an ambassador for tourism, arts and culture, it was even more
impressive," he said, adding that the performance by the finalists touched
his heart and those of many.

 

"When they did the performance, it showed that people really love and really
are proud of their traditions and the culture, which for me was pretty
amazing to be able to experience," he said.

 

Mensah said that the performances by Bruce Melodie and Nel Ngabo proved that
Rwandan music has evolved and is now ready for the international market.

 

He said part of his projects in Rwanda involves working on a number of
collaborations between Rwandan artistes and renowned African artistes as a
way of promoting Rwandan music at the continental and global levels.-New
Times.

 

 

 

Nigeria: MTN Finally Gets CBN Approval for Mobile Money Banking

Following the approval in principle granted its mobile money arm last year
November; MTN Nigeria has gotten a final approval for the commencement of
operation of Momo Payment Service Bank, signifying the telecommunications
company's stride into the banking industry.

 

In a notice to the investing public through the Nigeria Exchange Group,
dated April 11, 2022, MTN said it would be announcing the commencement date
for its PSB in accordance with regulatory guidelines.

 

The notice to investors read: "We refer to our notification issued on 5
November 2021 in which we communicated receipt of the approval in principle
from the Central Bank of Nigeria (CBN) for Momo Payment Service Bank Limited
(Momo PSB).

 

"MTN Nigeria Communications Plc (MTN Nigeria) announces the receipt of a
letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final
approval to commence operations. The date of commencement will be
communicated to the CBN in accordance with its requirements.

 

"MTN Nigeria affirms its commitment towards the financial inclusion agenda
of the CBN and the Federal Republic of Nigeria and we are excited at this
opportunity to support its fulfillment."

 

In November 2021, both MTN and Airtel were granted approval in principle and
with this the number of PSBs in the country will rise to five from the
current number of three.

 

PSB was introduced by the CBN in 2019 as a measure to increase financial
inclusion in the country particularly in rural areas. It had granted
licenses to Hope PSB, 9PSB and Moneymaster PSB.-This Day.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

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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