Major International Business Headlines Brief::: 25 April 2022

[Bulls n Bears]

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Major International Business Headlines Brief::: 25 April 2022 

 


 

 


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ü  Twitter board meets Musk to discuss bid, reports say

ü  P&O Ferries forced to reverse attempt at pay cut

ü  Nissan signals the end of the road for Datsun cars

ü  Airlines should be fined for refund delays, MPs say

ü  Malawi, Mozambique Sign Trade Pacts

ü  Nigeria: We Are Doing Everything Possible to Restructure Nigeria's Economic Base - Emefiele

ü  Nigeria: 83% Eligible Taxpayers Evade Payments in Nigeria - Report

ü  Uganda: Government Says Transporters Are 'Free' to Increase Transport Fares

ü  Uganda: Stanbic Announces Regional Finalists for This Year's National Schools Championship

ü  Uganda: MTN Momo Focused On Consolidating Market Leadership - MTN Momo Boss

ü  ArcelorMittal Buys $1 Billion Voestalpine Plant in Texas

ü  Nigeria: AfDB Approves €9.8m Fund for African Startups

ü  Nigeria: 9Mobile Announces Self Service Unbarring Portal for Barred Lines

ü  Creating More Jobs: AML Launches Bulk Recruitment, Targets Initial 250 Liberians 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Twitter board meets Musk to discuss bid, reports say

Twitter's board reportedly met Elon Musk over the weekend to explore his $43bn (£33.6bn) takeover offer for the social media platform.

 

After the Tesla boss first revealed his bid, Twitter's management announced a so-called "poison pill" strategy to fend off a potential hostile buyout.

 

Mr Musk plans to finance his bid with the backing of US lender Morgan Stanley and other financial institutions.

 

A spokesperson for Twitter declined to comment on the reports.

 

Details of how Mr Musk intended to finance his offer, which were disclosed to US regulators on Thursday, made Twitter's 11-member board seriously consider a possible deal, according to Reuters, the New York Times and Bloomberg - citing anonymous sources.

 

Mr Musk, who owns a more than 9% stake in Twitter, has lined up a $46.5bn financing package for his bid, according to a regulatory filing.

 

The funding will come from a mixture of his own assets and the backing of Wall Street banking giant Morgan Stanley and other firms.

 

A number of Twitter shareholders reportedly contacted the company after Mr Musk announced the financing plan and urged it not to miss the opportunity for a potential deal.

 

Dan Ives, an analyst at investment firm Wedbush Securities, said many investors will view the discussions "as the beginning of the end for Twitter as a public company, with Musk likely now on a path to acquire the company unless a second bidder comes into the mix".

 

A hostile takeover attempt by Mr Musk, who is the world's richest person, would put "further pressure on the board with their backs against the wall in this Game of Thrones battle for Twitter," Mr Ives added.

 

Earlier this month, Mr Musk refused a seat on Twitter's board, which would have limited the shares he was allowed to own. He then made made an unsolicited offer for the company on 14 April.

 

The next day, Twitter's board announced a plan to protect itself against a potential hostile takeover by adopting what is known as a "limited-duration shareholder rights plan", also known as a "poison pill".

 

The move deters anyone from having more than a 15% stake in the company. It does this by allowing others to buy additional shares in the firm at a discount.

 

A takeover bid is considered to be hostile when a person or business tries to take over another company against the wishes of the target firm's management.-BBC

 

 

 

P&O Ferries forced to reverse attempt at pay cut

P&O Ferries has been forced to reverse an attempt to pay its new, cheaper seafarers less money.

 

It comes after the RMT Union received reports of agency workers at Dover being asked to sign contracts replacing their old ones with reduced payment.

 

The union reported P&O Ferries to the Maritime and Coastguard Agency, which ensured the new workers retained their original wages.

 

The company has been asked for comment but has so far not responded.

 

P&O Ferries sacked almost 800 employees last month and brought in cheaper agency workers on some of its boats, in a move it said would ensure the future of the business.

 

However, the National Union of Rail, Maritime and Transport Workers (RMT) said the firm was now "trying to bring in an exploitative model, with the lowest possible standards they can get away with".

 

 

RMT said that a seafarer on the Spirit of Britain ferry at Dover had initially contacted the union begging for help in a dispute over pay.

 

In an email seen by the BBC the worker wrote: "They don't care about our rights. They try to give us less money. We are desperate."

 

Transport Secretary Grant Shapps said it was "good P&O have reversed [the] further attempt at a pay cut", but added that "they must go much further and pay the minimum wage like all UK businesses".

 

"We will legislate to force them, but they could win back some much needed credibility by acting now," he said.

 

On Friday, the Spirit of Britain was cleared to resume sailing after inspections by the Maritime and Coastguard Agency. It had been held at the port since 12 April due to a number of unspecified deficiencies, according to the regulator.

 

It is P&O's first Dover to Calais ferry to recommence operations, with services set to resume on Tuesday morning.

 

The seafarer who contacted the RMT told the union that they were being forced to work without contracts, after old ones had expired. The worker claimed documents had also been lost by P&O.

 

The worker wrote in their email to the union: "This is my sixth day working without a contract, please help us!"

 

On Friday, the RMT went aboard the Spirit of Britain to speak with seafarers after being previously refused access.

 

National secretary Darren Proctor, who was on the visit, said P&O Ferries initially did not want to let them on, instead offering the use of a meeting room in the port. The RMT declined, quoting the ISPS Code, which is a comprehensive set of measures designed to strengthen the security of ships and port facilities.

 

Once on board, the union's representatives were chaperoned to a new lounge on the ferry for pets, where the RMT inspectors were able to speak directly to newly employed workers.

 

The RMT said it had spoken to a number of workers from around the world who have joined the ferry's crew who shared similar complaints.

 

Mr Proctor said P&O Ferries had "brought people in on a month contract, some on two-month contracts" and then told them that they have to accept lower pay rates if they want to stay on.

 

"Others are coming in on four-month contracts on lower pay. P&O is undermining safety and creating a lowest possible denominator in ferry standards," he said.

 

The union complained to the Maritime and Coastguard Authority (MCA) who took action and affected seafarers' contracts were amended with their original wages reinstated.

 

RMT said that P&O was "desperate to keep these new crew on board because they've been on board for four weeks now and these crews were beginning to have familiarity with the vessels. They need familiarity to get them sailing again."

 

Tim Morris, chief of trade association UK Major Ports Group, said P&O Ferries' newest move was "clearly not great news for the reputation for maritime in the UK".

 

He told the BBC's Today programme the ports industry was "disappointed and surprised as everyone else on what has gone on".

 

"It's not how we operate in the ports sector," he said. "We hire locally, we pay well, we have well established industrial relations."

 

Mr Morris said there was a law that stopped port operators "picking and choosing who we let into our ports outside of some very narrow safety constraints".

 

"Whilst we're as disappointed and surprised as everybody else, there needs to be a change in the law before employment conditions can be linked to port access," he added.

 

 

Last month, P&O Ferries boss Peter Hebblethwaite admitted to MPs that the decision to sack 800 workers last month without notice broke the law.

 

He said there was "absolutely no doubt" that under UK employment law the firm was required to consult unions before making the mass cuts.

 

However, he said no union would have accepted the plan and it was easier to compensate workers "in full" instead.

 

The P&O boss also said he would make the same decision again if he had to.

 

Mr Shapps has said he wanted to see British ports refusing access to ferry companies "who don't pay a fair wage".

 

He said the government would consult on the changes needed to make it a legal requirement, but urged ports to take action "as soon as practical".

 

However, British ports have described the new pay plans for the ferry industry as "unworkable".

 

"The ports industry is genuinely sympathetic towards the situation of the impacted seafarers, however we would suggest that ports are not the competent authorities to enforce rules on employee salaries or working conditions in the shipping industry," said Richard Ballantyne of the British Ports Association.-BBC

 

 

 

Nissan signals the end of the road for Datsun cars

Car maker Nissan is to stop producing vehicles under the Datsun name, which has a more than century-long history.

 

It was one of the brands that helped Japan's carmakers become established globally after the Second World War.

 

Despite selling millions of cars around the world, the Datsun name was phased out in the 1980s.

 

The company revived the brand three decades later, describing the new range of vehicles as "an important part of Nissan's DNA".

 

On Monday, Nissan spokesperson Azusa Momose told the BBC that the firm will continue to sell its stock of Datsun cars and provide aftersales services to their owners.

 

"We can reassure all existing and future Datsun owners that customer satisfaction remains our priority," she added.

 

Before the Datsun brand name came into being, a car named the DAT was built in 1914 by the Kaishinsha Motorcar Works in Tokyo.

 

The word DAT was an acronym of the family names of three early investors in the business: Den, Aoyama and Takeuchi. It also literally means 'lightning fast' in Japanese. At the same time, it was promoted as Durable, Attractive and Trustworthy, or DAT for short.

 

In 1933, Nissan's founder Yoshisuke Aikawa took over the business.

 

The early 1930s also saw the company launch an economical and lightweight car named "DAT-son" or "the son of DAT". The name was subsequently changed to "Datsun".

 

Datsun was one of the brands that helped Japanese carmakers establish themselves in Europe, the US and Asia after World War II.

 

It was one of the main brands Nissan marketed globally, besides the mainstream Nissan and the luxury Infiniti.

 

In the 1970s, the fuel-efficient Datsun was marketed as the choice of the everyday motorist looking for an alternative to unreliable gas-guzzlers. Around 20 million Datsun cars were sold in 190 countries across the world.

 

However, the name was phased out from 1981, with Nissan becoming the company's primary brand globally.

 

In 2012, Nissan announced the return of the Datsun brand and sold cars under the name in countries including India and Indonesia.

 

At the time, like many rival car manufacturers, Nissan faced weak markets in Europe and the US and was targeting emerging economies with lower priced models. Despite this, sales of the models have slumped in recent years.

 

Nissan said on Monday that it will now focus on "core models and segments that bring the most benefit to customers, dealer partners and the business" as part of a global transformation strategy. -BBC

 

 

 

 

Airlines should be fined for refund delays, MPs say

The UK's aviation watchdog should have stronger powers to protect passengers hit by the kind of disruption caused by the pandemic, MPs have recommended.

 

The sector was hit hard by efforts to tackle the virus, including quarantine, testing regimes and travel bans.

 

The Civil Aviation Authority should have "more teeth" to be able to fine airlines not giving refunds, a Commons Transport Committee report said.

 

It also called for ministers to publish an aviation recovery plan by June.

 

Aviation was one of the industries most affected by measures put in place to stop the spread of coronavirus.

 

International travel was banned or heavily restricted in the early months of 2020 after the virus began to spread around the globe, and many customers had flights and holidays cancelled.

 

 

When travel could resume, passengers were still subject to measures such as Covid testing, quarantine and passenger locator forms.

 

And the government's traffic light system of categorising overseas countries meant flying into the UK from some destinations was still subject to bans, with changes to the "red list" every few weeks during the latter months of 2021 leaving people having to cancel trips at short notice or head home early.

 

In its report, UK Aviation: Reform For Take-Off, the Commons committee says that the regulator, the CAA, should be given the power to impose financial penalties on airlines that do not completely refund customers when required to do so by law.

 

It notes some Ryanair passengers are still waiting for compensation four years after being impacted by a 2018 pilot strike, because of the airline legally challenging CAA enforcement action.

 

The committee also called for an airline insolvency bill to be introduced in the next session of parliament to better protect consumers, employees and taxpayers.

 

Paul Smith, Consumer Director at the CAA, said: "We have regularly asked for stronger consumer enforcement powers, including the ability to impose fines on airlines. This would allow us to take faster action when appropriate and bring our powers in line with other sectoral regulators."

 

The MPs welcomed ministers' pledges to only apply travel restrictions in "extreme circumstances" in future, and said the government "must compensate the industry for the economic loss suffered" if measures impacting the sector were reimposed.

 

And plans should be established to ensure swift Covid testing is put in place if required by other countries, the MPs said.

 

"Now that government has removed all coronavirus-related restrictions on international travel, ministers must get on with protecting the sector against future economic shocks," said Huw Merriman, the Transport Committee chairman.

 

The Conservative MP said the government had faced a difficult situation but some inconsistent policies had left industry and passengers confused.

 

A report by the National Audit Office last week said there had been no system to assess the success of measures such as the traffic light system, self-isolation, testing, quarantine hotels or passenger locator forms.

 

And consumer group Which? said the CAA should have greater powers after travellers faced long delays over Easter, with security issues causing many to miss flights.

 

After shedding thousands of jobs during the pandemic, the travel industry has struggled to recruit, train and security-check new staff quickly enough to keep up with rebounding demand, leading to lengthy queues at airports as international travel picked up this year.

 

Tim Alderslade, CEO of Airlines UK, said: "We can't lose sight of the fact the sector has been through its worst ever crisis and it will take several years to deal with the debt airlines had to take on to make it through the pandemic with no passengers."-BBC

 

 

 

Malawi, Mozambique Sign Trade Pacts

Malawi and Mozambique have signed two important trade pacts aimed at unlocking and boosting trade of the two countries.

 

President Lazarus Chakwera, who is currently in Mozambique signed the two pacts on behalf of the government of Malawi.

 

Speaking during the signing ceremony, Chakwera said the signing of two trade agreements between Malawi and Mozambique is key to enhancing the economic relationship between Malawi and Mozambique.

 

He said this at Marracuene in Mozambique when together with his counterpart President Filipe Nyusi of Mozambique witnessed the signing ceremony of two memorandums of understanding on trade between Malawi and Mozambique.

The agreements have been signed between the Agency of Promotion and Investments and Appiex IP of Mozambique and the Malawi Investment and Trade Centre as well as the Mozambique Cereals Institute ICM and the Agricultural Development and Marketing Corporation (ADMARC).

 

Under the agreements, Malawi seeks to negotiate for a convenient border post, simplified trade regimes, equal treatment of transporters, and the introduction of yellow cards for enhanced trade among others.

 

Chakwera said Malawi imports goods worth US$300 million annually and many of them are handled at Nacala and Beira ports but not much has been done to enhance bilateral trade between the two countries.

 

"There are calls that African countries should increase Intra African Trade as facilitated by the African Continental Free Trade Area AfCFTA.

 

"Currently, the trade volumes between Malawi and Mozambique are relatively low despite the proximity of major commercial and industrial hubs of the two countries.

 

"One way to grow trade is to forge linkages of the private sectors of the two countries," said Dr Chakwera.

 

In his remarks, President Nyusi said the two countries will collaborate to ensure these agreements become practical so that the people of the two countries benefit.

 

Chakwera also toured pavilions of different goods and services that Malawians and Mozambicans are doing in a quest to enhance trade.

 

The signing of the agreements follows a series of other meetings that Mozambique and Malawi have been having aimed at enhancing trade, industrialisation and investment in the two countries.-Nyasa Times.

 

 

Nigeria: We Are Doing Everything Possible to Restructure Nigeria's Economic Base - Emefiele

Central Bank of Nigeria Governor, Mr. Godwin Emefiele, in this interview on the sidelines of the International Monetary Fund/World Bank Spring Meetings addressed some of the concerns about the Nigerian economy that were noted by the multilateral institutions. Obinna Chima brings the excerpts:

 

The World Bank President during a media briefing expressed concerns about the Nigeria's multiple exchange rate and that forex restriction is also affecting trade in the country, what do you have to say about that?

 

Let me say both the IMF and World Bank are our prime development partners and we have received support from them at different times in resolving some of our economic problems and challenges, particularly bothering on finance. Indeed, the IMF demonstrated that when in 2020, they made available the Rapid Financing Instrument (RFI) to all the countries that were affected by the pandemic and Nigeria benefitted to the tune of $3.4 billion. In 2021, realising that the pandemic was still on, we also received additional support from the IMF through the Special Drawing Rights and Nigeria received over $3 billion again. So, what I can say is that we have continued to receive support. And at our various meetings at the IMF, the resolutions have always been that countries, ministers and central bank governors should go back to their different countries and find home-grown solutions. Nigeria's situation is very peculiar and that is the reason why we have continued to engage the IMF and World Bank to show understanding in our Nigeria's challenges and they are indeed showing understanding.

When they raised the issue about the 43 items and the exchange rate, what they are saying is that the want us to free-float the exchange rate, and you do know that this has some impacts on the exchange rate itself in the sense that when you allow that to happen, you will have an uncontrollable spiral against the country's exchange rate.

And what we are trying to do is to ensure that as long as we run a managed-float, there must be some intervention facilities put in place to really control the rate at which exchange rates spiral and we say that as long as the demand for foreign exchange rate exceeds supply, we would continue to have this challenge, but we are doing everything possible to deepen the economy and restructure the economic base of the country through some of the demand-management policies that we have put in place which they do not like. We have said that these are policies would be released, but we want to sure that we have been able to deepen the production base of Nigeria before we stop some of the interventions. I believe they would continue to raise these issues, but on our part, we would continue to make them understand the peculiar situations that Nigeria faces and how we need to work together to continue to see to the progress of the Nigerian economy. So, we cannot adopt what is being advised, which is to freely-float the currency because like I said, doing that would create exchange rate spiral. We have been on this since 1986. For instance, between 2015 and now, you would observe that we have adjusted the currency from about N155 to a dollar, to about N420 that it is today. So, we cannot be accused of not adjusting the currency. But we are trying to adopt a gradual approach towards adopting the price to the level that it is today. But while adjusting price, you must also do something about demand and supply. That is the reason we are saying we need to make sure that those things we can produce in the country, we restrict access to foreign exchange from it so as to encourage people to produce them locally. When that happens, what you would see is that the demand for forex would reduce and when it reduces, ultimately you would find that price would not rise beyond the expectation of Nigerians and I can say we are achieving that. Today, we have done a lot of interventions in rice, maize, and others. We have stopped the importation of rice, maize and with Dangote Refinery coming up, with the 650,000 barrels per day refinery, hopefully by the end of the year, that would also reduce the demand for forex that normally goes for the importation of petroleum products. I have often said that between the importation of refined products and the importation of rice, sugar and wheat, they consume close to about 40 per cent of the forex needed to fund imports in Nigeria. If by the end of this year, forex allocation to these items end, then we can see the exchange rate achieve more stability and by the time we achieve this, we would continue to engage more with the IMF and World Bank.

Another issue that was raised is that Nigeria needs to reconsider its policy on petrol subsidy, what do you have to say about that?

 

What I can say about subsidy is that when you find people talk about subsidy removal, I support it and also when you talk about holding on to the subsidy until the right time, we also support that. You would have heard the finance minister say that they decided to defer subsidy removal until maybe sometime next year, when we are sure that the Dangote Refinery has taken off. What does that mean? It means that we need to make it easy for people to buy petroleum products and pay in naira. Yes, you will find that the price may be a little bit higher, but it is going to be available because Dangote would buy the crude and that saves both the cost of transportation and logistics. So, we need to be a bit patient.

 

In the latest IMF's World Economic Outlook, the multilateral institution particularly noted the increase in non-oil exports' contribution to the country's Gross Domestic Product (GDP), which has been the focus of the central bank for some time through its intervention scheme, do we expect to see more push in that area going forward?

 

I am happy that the IMF and World Bank are seeing the efforts to drive non-oil exports. Like I have always said, before now, we have always relied on earnings from crude oil and when earning from crude are not there, we begin to resort to foreign portfolio investments (FPIs) and foreign direct investments (FDIs). Yes, we would continue to need both FPIs and FDIs, but we need to increasingly look at how to improve non-oil exports, particularly through export proceeds and so on. I am happy that other people outside Nigeria are seeing this effort and this means we will continue to do more to ensure that we really deepen this and ensure that we fund imports with proceeds from exports in the country and with less reliance on the CBN.

 

Also, in the World Economic Outlook, the IMF advised central banks to consider tightening monetary policy curtail surging inflation, is that what you would be looking at?

 

I must say that in the last two years, the CBN has adopted price and monetary stability but that is conducive to growth. What does that mean? This means that generally we have been tightening, but again, in some priority sectors of the economy, like agriculture and manufacturing, we have adopted somewhat of accommodative monetary policy stance and this is why you could see that people can raise 10-year loans with two years moratorium at single-digit interest rate for agriculture and manufacturing. What we have sought to achieve with that is to see how we can adopt a more accommodative monetary policy to support those sectors so that they can grow, and that is why you can see that whereas we are doing everything possible to tighten and rein in inflation, we also adopting some accommodative policies on the other hand that would accelerate the growth of the Nigerian economy. That is why you can see that whereas inflation is coming down gradually, we are also seeing that the output, which is growth is increasing on the other hand, which is a good result for Nigeria, given that today, as a result of global challenges we face, the geo-political tensions between Russia and Ukraine, the main issues at these meetings are rising energy and commodity prices which had led to acceleration in the rate of inflation and at the same time dampening of growth globally, whereas Nigeria had been facing this and we have been dealing with it. So, I would imagine that this is a lesson that must be learnt from Nigeria, which is why I believe we must be commended for what we are doing.

 

So, there is no direct plan to maybe tighten monetary policy?

 

What I am saying is that we are tightening generally and that is why if you ask the banks today, they would tell you that we are really tightening monetary policy, but at same time, we are adopting some of accommodation to support the priority sectors of the economy.

 

There are allegations that some foreign airlines now charge airfares in dollars, are you aware of these?

 

I addressed this during the Easter holidays. Before I left the country, I read a release by the airlines and I called them to let them know it is illegal for them to charge foreign currency for tickets or businesses conducted in Nigeria because that would lead to the dollarisation of the economy and you would have seen that they have withdrawn that statement and they apologised for that. So, I urge people to continue their business and continue to procure their tickets in naira.

 

There are reports that rice farmers are still importing paddy rice, what can you say about that?

 

That is not true and absolutely, that is not true

 

What should we expect from you in the near future, especially at a time when the leadership of central banks globally are under scrutiny?

 

At the central bank we remain focused on our job and we are happy that we are playing our role in supporting the Nigerian economy. We have been on this since 2015, when inflation rate was almost at 19 per cent, it came down to almost about 11 per cent because of the increase in energy prices as well as electricity prices. It went up to almost 18 per cent again and we have managed to bring it down to below 16 per cent. I believe we would continue to rein in inflation. On the other hand, we are doing everything possible to support the fiscal authorities by putting in place facilities to support households, businesses and others at single-digit interest rate and that has helped in accelerating output and we feel delighted that even at this meetings, amongst other countries, the IMF has held a positive position about Nigeria's growth prospect at 3.4 per cent and we believe that all things being equal we are going to surpass it. So, what we are doing is to continue to focus on our job and nothing more.-This Day.

 

 

 

Nigeria: 83% Eligible Taxpayers Evade Payments in Nigeria - Report

Only about 13 per cent of Nigerian taxpayers, especially workers in the informal sector of the Nigerian economy are not likely to evade payment of tax in Nigeria, according to a taxpayer perception survey that was conducted by the Nigerian Governors Forum (NGF) for 2021.

 

A larger portion of workers in the sector, 83 per cent are likely to evade tax payments because they do not believe that tax authorities have the right to make people pay taxes. The survey revealed the distrust between the citizen and government.

 

The size of the informal sector in Nigeria is estimated at about 65 per cent, accounting for significant portion of employment and national Gross Domestic Product (GDP) of the economy. Ubiquitous official corruption, resulting in widespread poverty and infrastructure deficit created lack of confidence in government.

The social contract between the government and its citizens - represented by the quality of public services and the public's willingness to pay or evade taxes. Perceived weak social contract between citizens and the government continues to threaten legitimacy of taxation.

 

Speaking at a workshop that was organised by the national coordinating office of the Fiscal Transparency Accountability and Sustainability (SFTAS) for financial journalists in Abuja at the weekend, senior programme manager, NGF/SFTAS Mr Lanre Ajogbasil said weak transparency and accountability by federal government and States internal revenue services; misunderstood tax law(s) and incomplete revenue codes and multiplicity of taxation system, fees, levies and charges are some of the factors responsible for the distrust.

The survey by the governors forum also revealed that poor collaboration between the state revenue services and identity management ministries, departments and agencies; institutional capacity constraints due to inadequate funding and professional staffing to deliver on mandate; lack of standard operating procedures and processes guiding operations of SIRSs and their zonal/area offices, and proliferation of private contractors/consultants for same revenue items were responsible for the poor tax compliance level in Nigeria.

 

As a solution, Ajogbasil urged the authorities to strengthen the perverse social contract to build tax legitimacy, ensure certainty around tax laws, promote administrative efficiency and harness the new shadow economy and strengthen taxpayer enumeration.

 

Earlier, national programme coordinator for SFTAS, Mr Stephen Okon said the workshop with the theme SFTAS: 'Beyond the Grants, Ensuring Programme Sustanability through Advocacy' is meant to explain the rationale behind SFTAS programme; educate you on the processes, procedures and operations of SFIAS programme implementation; apprise you of the status of programme implementation by implementing agencies and partners, promote national buy-in and ensure programme sustainability.

 

the $1.5bn World Bank-assisted SFTAS programme for results seeks to entrench accountability, transparency and maximum utilisation of funds in the citizens' best interest across the States.

 

The World Bank intervention which is a loan to the federal government but a performance-based grant to the states entails providing technical support for officials in the 36 states towards successful implementation of the programme.

 

The programme is aimed at providing support for achieving reform actions set out in the fiscal sustainability Plan and the Nigeria Open Government Partnership national Action plan towards promoting fiscal transparency and accountability, strengthening domestic revenue mobilisation, increasing efficiency in public expenditure, strengthening debt transparency and sustainability as well as enhancing COVID-19 fiscal response in the States.-Leadership.

 

 

Uganda: Government Says Transporters Are 'Free' to Increase Transport Fares

The Ministry of Works and Transport has said that the increment in public transport fares is "justifiable" and they will therefore not intervene.

 

The Federation of Uganda Taxi Operators (UTOF) announced earlier last week that they were going to revise their public transport service fares across the country, owning to the increased cost of fuel.

 

According to UTOF, taxi operators were going to make certain adjustments in price ranges of Shs 500 to shs 5000, depending on the distance.

 

In a statement from Fred Byamukama, the Minister of State for Works and Transport, government said it had noted that they are aware of these changes, but shall not intervene because it is "justified."

 

 

"The proposed increment in fares has been reviewed to ensure that they are not exploitative. The Ministry is therefore aware of justifiable increments in transport fares basing on the prevailing cost of fuel," Byamukama said.

 

According to Byamukama, the agreed adjustments include an increase of Shs 500 for trips within city boundaries, Shs 1000 for trips beyond 35kms and Shs 2000 for trips between 40kms and 100kms.

 

"There is an increase of Shs 3000 for trips beyond 130kms and an an increase of Shs 5000 for trips beyond 140kms," Byamukama said.

 

He said that it is within government's mandate to regulate and monitor public transport but not dictate transport fares which are greatly determined by the forces of demand and supply.

 

He said that they will continue to monitor the charges to make sure that they are not exploitative.

 

The statement comes at a time when many Ugandans are complaining about the high cost of living fuelled by a sharp rise in utilities.

 

Government said that the increasing prices are beyond internal control as most of the factors that led to this predicament are majorly external.

 

 

 

 

Uganda: Stanbic Announces Regional Finalists for This Year's National Schools Championship

Stanbic Bank Uganda has announced the finalists who will now move to the next stage of the competition to race for the top three places in the 2022 National Schools Championship with the finale taking place in July.

 

All the semi-finalist schools received seed capital amounting to a total of Shs4 million .

 

The winners were selected by a panel of expert judges after going through a one-week boot-camp at Gayaza High School.

 

Up to this stage of the competition, the students and teachers have undergone a series of trainings on business planning, financial literacy, sales, and marketing and presentation skills.

 

 

The finalists were picked from four regions of Uganda namely, Central, Northern, Western and Eastern after presenting their business plans categorized in different sectors cutting across agriculture, ICT and manufacturing.

 

The regional finalists include Mentor SS Lira and Muni Girls for Northern Uganda, Kiira College Butiki and Busoga High School for Eastern Uganda, Kyebambe Girls School and Madela SS Hoima for western Uganda, Bishop Cipriano KIhangire and Kibuli Secondary School for Central region.

 

The winners were picked from the four competition categories involving new schools (Startup Challenge); schools with existing businesses BizGrow Challenge); alumni (AlumGrowChallenge) and teachers (TeachGrow Challenge).

 

Cathy Adengo, the Head of Sustainability at Stanbic Bank congratulated the finalists and thanked all the other participants for their resourcefulness, enthusiasm and team spirit.

 

"As an annual event, the championship gives a chance to participants to keep thinking and refining their ideas as the bank supports them to realise their dreams," Adengo said.

 

Emma Mugisha, the Executive Director for Stanbic Bank Uganda said, "In line with our current brand campaign 'You are One Step Closer', we believe that education institutions are the best places to maximize practical sessions that enable students to attain useful skills and achieve their entrepreneurial dreams."

 

"The boot-camp is not only a skilling session but avails networking opportunities that is a pre-requisite in the world today. The ideas presented speak to the sustainable development goals and feed

 

into the planet, people and community needs; we are teaching these children and communities how to do business sustainably which also speaks to what we want to achieve as a bank."

 

Launched in 2016, the NSC has impacted a total of 300,000 students; 1000 teachers have gone through the trainings, 2000 business ideas have been generated with slightly over 500 businesses being on the

 

ground.

 

The overall theme of the National Schools Championship is 'Empowering the job creators of tomorrow' with the 2022 tagline being 'I can do it.'

 

 

 

Uganda: MTN Momo Focused On Consolidating Market Leadership - MTN Momo Boss

Following the enactment of the National Payment Systems (NPS) Act, 2020, MTN Uganda's telco and fintech business was separated leading to the creation and licensing of MTN Mobile Money Uganda Limited in 2021.

 

We caught up with the newly appointed Managing Director of MTN Mobile Money Uganda Limited, Richard Yego, for his initial interview since his appointment.

 

It has been an interesting 2 months for me. With the support of the team at MTN, I familiarised myself with the new role; sitting at the helm of a very economically significant company.

 

During this period, we have been focused on the completion of the separation of the Telco and Finco entities which included building a team of personnel with the right skill-set, across the various departments whose collective strengths and efforts will steer the company in the right direction.

 

It is close to a year since the mobile money business was separated from the telco core business, how has the adjustment been for MoMo?

 

The separation of Telco and Fintech businesses took place in May last year with the guidance of Bank of Uganda (BOU) which culminated into the creation and licensing of MTN Mobile Money Uganda Limited.

At MTN, we welcomed this move because we believe in the power of regulation in creating a conducive business environment for not only us the operators, but also our customers.

 

Following implementation of the law about 10 months back, we are now being directly regulated by BOU which has greatly improved the rate at which we innovate.

 

Owing to direct engagement with BOU for approvals of product and services, we are now able to achieve faster speed to market of new services, to the benefit of our customers.

 

Following the enactment of the National Payment Systems (NPS) Act, we have seen a proliferation in the number of fintechs licensed to undertake mobile money business, are you concerned this will impact MTN MoMo?

 

The enactment of the National Payment Systems (NPS) Act, 2020 and the implementation of the accompanying NPS Regulations, 2021 therein have enabled the entry of new market players in the Fintech industry.

This brings competition in the financial services space that spurs innovation and improvement of quality of services in the sector which is a welcome move.

 

As MTN, we remain focused on consolidating our market leadership by leveraging our value proposition to our customers and stakeholders through ensuring that we deliver more value and quality because at the heart of our ambition is to lead the drive for digital and financial inclusion in Africa.

 

After nearly two years of lockdown, how is mobile money fairing today in comparison to 2020 and 2021?

 

With the full reopening of the economy earlier this year, a sizeable part of the population has returned to work, and we have seen an increase in daily transactions. The results for the first quarter will be shared by the end of this month to give a full picture. We are optimistic about the future and remain focused to delivering relevant services and shared value to all our esteemed customers.

 

As the new MD, what are your investment plans, focus or Strategy for MTN MoMo this year?

 

Our objective is to leave no one behind in our quest to promote financial inclusion in Uganda and achieve a key pillar in our ambition 2025 strategy rooted on sharing economic value with our customers.

 

Our major area of investment for this year is hinged on enriching our MoMo ecosystem and platform capabilities. We are focused on scaling the adoption of our Banktech products like Loans & Savings, Payments, and e-Commerce.

 

We remain determined to attain a cashless economy, something that has been accelerated by covid and therefore we will continue to entrench MoMo pay across the country through strategic partnership engagements.

 

In your opinion, what do you think will drive mobile money growth this year?

 

I believe mobile money will grow mainly on the account of the full reopening of the economy. We anticipate an increase in mobile money activity owing to the fact that businesses are all fully reopened meaning more jobs are going to be created thus attracting income, the night life is back in action, travelling across or in and out of the country is unlimited.

 

We believe this will greatly impact on the volume and value of income transacted via the service. We expect increased activity across all the MTN MoMo products.

 

Mobile money fraud remains a concern in the ecosystem. Are there any plans to tame this?

 

In a bid to curb mobile money fraud, we have embarked on sensitization initiatives in the market. Through our newly formed National Payment Systems (NPS) Providers Association, we are going to launch a major sustained customer sensitization campaign at an industry level later this month.

 

This initiative is aimed at driving customer awareness of the importance of protecting their Personal Identification Numbers (PINs) and One Time Passwords (OTPs).

 

We believe this consistent awareness campaign will empower customers with information to safeguard their accounts. We do hereby assure the public that the MTN MoMo platform is safe and secure.

 

We also urge our customers to always keep their PINs and OTPs secret and not share them with anyone.

 

What is the future outlook of MTN MoMo?

 

Looking into the future, MTN MoMo should be a way of life. We want the MTN MoMo wallet to be part of everyone's day-to-day life.

 

The goal is to enable our customers to pay for all goods and services using MTN MoMo. We are positioning MTN MoMo as a financial solution aimed at driving digital and financial inclusion and boosting economic growth in the country as highlighted in our ambition 2025 strategy.

 

 

 

ArcelorMittal Buys $1 Billion Voestalpine Plant in Texas

ArcelorMittal today announces it has signed an agreement to acquire an 80% shareholding in voestalpine’s world-class Hot Briquetted Iron (‘HBI’) plant located in Corpus Christi, Texas. voestalpine will retain the remaining 20%. The transaction values the Corpus Christi operations at $1 billion and closing is subject to customary regulatory approvals.

 

The state-of-the-art plant, which was opened in October 2016, is one of the largest of its kind in the world. It has an annual capacity of two million tonnes of HBI, a high-quality feedstock made through the direct reduction of iron ore which is used to produce high-quality steel grades in an electric arc furnace (‘EAF’), but which can also be used in blast furnaces, resulting in lower coke consumption. HBI is a premium, compacted form of Direct Reduced Iron (‘DRI’) developed to overcome issues associated with shipping and handling DRI.

 

In parallel with the transaction, ArcelorMittal has signed a long-term offtake agreement with voestalpine to supply an annual volume of HBI commensurate to voestalpine’s equity stake to its steel mills in Donawitz and Linz, Austria. The remaining balance of production will be delivered to third parties under existing supply contracts, and to ArcelorMittal facilities, including to AM/NS Calvert in Alabama, upon the commissioning of its 1.5 million tonne EAF, expected in the second half of 2023.

 

Commenting, ArcelorMittal CEO, Aditya Mittal, said:

 

“This is a compelling strategic acquisition for our company. It accelerates both our progression into producing high-quality metallic feedstock for EAFs and our global decarbonisation journey. The facility is world-class and is ideally located, with its own deep-water port. There is also unused land on the site which provides interesting options for further development.

 

“ArcelorMittal is already one of the world’s largest producers of DRI. This acquisition will further strengthen our position and guarantee security of supply to AM/NS Calvert, while our experience will bring significant value to the asset. DRI is a feedstock which has a very important role to play in our decarbonisation ambitions, as we have announced plans to construct DRI facilities at several sites across Europe and in Canada. Today’s transaction therefore represents an important further step in our climate action journey. Finally, I would like to thank the executive management team at voestalpine and look forward to developing a strong partnership with them.”

 

The Corpus Christi facility, which covers an area of two square kilometers and employs over 270 people, is located in an optimal coastal position with direct access to a broad and deep shipping channel which enables cost effective transportation to the Americas and Europe. It incorporates best-in-class technology and equipment supplied by MIDREX Technologies Inc., a leading supplier of DRI solutions. It currently uses natural gas to directly reduce iron ore pellets into HBI with an Fe content which exceeds 91%. However, the plant does have the potential to transition to 100% hydrogen, with the Texas coast presenting advantageous weather conditions to produce renewable energy powered green hydrogen. The use of natural gas rather than coal as the current energy input and reductant means that DRI-EAF steelmaking carries a significantly lower carbon footprint than blast furnace-basic oxygen furnace steelmaking. DRI/HBI is therefore expected to play a prominent role in the decarbonisation of the steel industry, a process ArcelorMittal intends to lead.

 

ArcelorMittal is a world leader in DRI production, with c. nine million tonnes of annual production capacity (c. 15 million tonnes including AM/NS India). DRI – ultimately produced using green hydrogen – sits at the heart of the Company’s Innovative-DRI steelmaking pathway, one of two pathways ArcelorMittal has developed which hold the potential to deliver carbon-neutral steelmaking.

 

Over the past year, the Company has accelerated its Innovative-DRI strategy, announcing projects to construct additional DRI and EAF capacity at its operations in Belgium, Canada, France and Spain. The combined investment for the four projects totals US$5.6 billion, with anticipated carbon emissions reduction totalling 19.5 million tonnes, which is  [1] equivalent to the greenhouse gas emissions from 4,240,858 cars being driven for a year. These projects sit at the heart of the company’s target to reduce its CO2e emissions intensity by 25% by 2030 group-wide, and in Europe by 35% by 2030.

 

More details on ArcelorMittal’s climate action ambitions, strategy, technologies and ongoing decarbonisation projects can be found here.

 

[1]  Calculated using the US EPA greenhouse gas equivalencies calculator - https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator

 

About ArcelorMittal

 

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 16 countries. In 2021, ArcelorMittal had revenues of $76.6 billion and crude steel production of 69.1 million metric tonnes, while iron ore production reached 50.9 million metric tonnes. Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com

 

 

 

Nigeria: AfDB Approves €9.8m Fund for African Startups

The Board of Directors of the African Development Bank (AfDB) has endorsed a 9.8 million Euros equity investment to stimulate venture capital investments in African entrepreneurs at all stages of development.

 

AfDB will provide €7 million from its funds to the equity fund. The additional €2.8 million will be funds from the European Union through a partnership with the Organisation of African Caribbean and Pacific States (OACPS).

 

The investment is expected to help Cathay-AfricInvest Innovation Fund meet its target of securing €110m to invest in over 20 early-stage ventures across sub-Saharan Africa. The Innovation Fund focuses on financial inclusion (financial tech and insurance tech), retail and logistics platforms targeting online and mobile consumers, healthcare technologies, and pay-as-you-go, off-grid energy technologies.

More recently, the Innovation Fund has expanded its focus to include startups that use emerging digital opportunities created by the COVID-19 pandemic or with a massive potential to contribute to the coronavirus fight. The Mauritius-based Fund is jointly sponsored by AfricInvest Capital Partners and Cathay Innovation SAS.

 

AfDB Director for Financial Sector Development, Stefan Nalletamby, in a statement, said, "The Bank's approval signals the importance given to Africa's tech-enabled rising entrepreneurs, as well as the significant role played by AfricInvest and Cathay Innovation in supporting this key business segment to achieve Africa's growth, transformation and integration objectives."

 

The bank's investment is expected to accelerate the creation of a new class of successful African entrepreneurs that will serve as a model to younger innovators. Through appropriate technology and innovation, it will also support youth and women-led startups and increase access and inclusion to financial and 'real sector' services and goods.-This Day.

 

 

 

Nigeria: 9Mobile Announces Self Service Unbarring Portal for Barred Lines

9mobile has announced an easy self-service unbarring portal for customers to connect their NIN and unbar their lines online.

 

The 9mobile NIN-Web Linking service, grants a reprieve to customers affected by the recent directive from the federal government to telecoms operators (Telcos), to bar calls from phone numbers yet to be linked to their National Identification Numbers (NIN).

 

The NIN-Web Linking service is a simple, self-service portal that saves customers the hassles of queuing endlessly to link their NIN.

 

"The customer enters the received OTP and proceeds to enter their NIN in the Enter NIN/Image Capture. Start the camera, select capture to proceed, and click on the Next button. You get a successful status update message. Your NIN and selfie image are verified, and your line is unbarred within six hours, "Omoike said.

 

Omoike explained that the initiative, the first by any Nigerian operator, would enable customers to unbar their lines without stress from the comfort of their homes or offices.

 

"We are a caring network and are always on the lookout to make the lives of our customers easier and better. We realized the frustrations of people trying to unbar their lines and came up with the unique initiative that will enable them to regain the use of their lines as quickly as possible," he further said.-This Day.

 

 

 

Creating More Jobs: AML Launches Bulk Recruitment, Targets Initial 250 Liberians

Developing and equipping Liberians with the requisite technical knowledge and skills to take up leading roles within the mining and other industries is critical to achieving targets under Pillar Two of the Government's Pro-poor Agenda for Prosperity and Development (PAPD) on the 'Economy and Jobs.'

 

Underpinning the Government's efforts to realize the goals of the PAPD and aligned to its [ArcelorMittal Liberia] mega Phase Two expansion project of the mine, the railway, port, and other infrastructures, ArcelorMittal Liberia is launching bulk recruitment of Liberians for training and employment.

 

Those recruited will go through a period of training as Process Operators through a leadership training program in the Concentrator, after which they will have the opportunity to be enrolled as full-time employees with ArcelorMittal Liberia.

 

Process Operators work in large plants and oversee production processes such as checking product quality, updating records, implementing safety and environmental policies, and making suggestions for increasing efficiency.

 

In September 2021, ArcelorMittal Liberia and the Government signed a milestone amendment to the company's Mineral Development Agreement ('MDA') which paved the way for the expansion of its 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 is one of the largest mining projects in West Africa. The capital required to finalize the project is expected to be approximately $0.8 billion, as it is effectively a brownfield expansion.

 

The expansion project includes the construction of a new concentration plant and the substantial expansion of mining operations, with the first concentrate expected in late 2023, ramping up to 15 million tonnes per annum ('mtpa'). Under the agreement, the company will have a reservation for expansion for at least up to 30mt.

 

The Head of Organizational Development and Human Resources at ArcelorMittal Liberia Ms. Rose Kingston said investing in the training of young Liberians, especially in the technical fields is aligned with ArcelorMittal Liberia's strategic business objectives and supports Pillar Two of the government's Pro-poor Agenda for Prosperity and Development (PAPD) on Economy and Jobs.

 

"The success of ArcelorMittal Liberia as a business is intrinsically linked to the quality and availability of the specialized skillsets on the job market. Therefore, it's an important part of our business strategy to invest in the youth and human resource development of Liberia and to share in addressing these challenges by providing opportunities for talented young people to find a career path and contribute to the development of Liberia," Kingston emphasized. 

 

Ms. Kingston strongly encouraged females to take advantage of this opportunity for a chance to be employed with ArcelorMittal Liberia.

 

The recruitment drive starts on April 11, 2022.

 

To enroll in the Learnership program, all applicants must go through a basic assessment to ensure that they meet the minimum requirements to successfully complete the training program.

 

The AML Head of Organizational Development and Human Resources said special preference will be given to residents of AML communities of impact in the three counties namely: Bong, Nimba and Grand Bassa where the company operates.

 

Basic requirements to enroll in the program include Proof of Liberian citizenship, minimum high school qualification, the age range of 18-40 years, and physical fitness amongst others.

 

At least half of the targeted 250 candidates recruited will be enrolled at the ArcelorMittal Liberia Training Academy (AMLTA) in Yekepa while the rest will continue in the Learnership program.

 

ArcelorMittal Liberia recognizes that investing in people is fundamental to the success of its business, especially as the company embarks on the next phase of its expansion program.

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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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