Major International Business Headlines Brief::: 04 January 2022

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Major International Business Headlines Brief::: 04 January 2022 

 


 

 


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ü  Elon Musk: Tesla criticised after opening Xinjiang showroom

ü  Apple becomes first firm to hit $3tn market value

ü  Turkey's inflation hits 36% amid financial turmoil

ü  Top US phone firms agree delay of 5G rollout

ü  UK steel future uncertain without US tariffs deal

ü  Asian stocks track Wall St higher in upbeat start to 2022

ü  China's quant funds become victims of their own success

ü  China c.bank launches digital yuan wallet apps for Android, iOS

ü  Novartis says U.S. court upholds Gilenya patent

ü  Dollar hits five-year high vs yen as Fed rate bets lift U.S. yields

ü  Tanzania: 56bn/ - to Make More Improvements On Kimara - Kibaha Road
Project

ü  Nigeria: Bua Cement, Wartsila Oy Sign 70mw Power Plant Agreement for
Sokoto Line Four

ü  Rwanda: A Farmer During Irrigation Exercise in Bugesera District in
December 2021

ü  Kenya: Telkom Launches App to Enhance T-Kash Customer Experience

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Elon Musk: Tesla criticised after opening Xinjiang showroom

Electric car maker Tesla has been criticised in the US after opening a
showroom in China's controversial Xinjiang region.

 

The company, headed by billionaire Elon Musk, opened the showroom in the
city of Urumqi on New Year's Eve.

 

However, the move has been welcomed by some in China.

 

China has been accused of slavery and genocide against the Uyghur minority
group in the resource-rich western region of the country.

 

Republican senator Marco Rubio, who sponsored a bill signed into law by
President Joe Biden in December that requires firms to prove that goods
imported from Xinjiang were not produced with forced labour, spoke out about
Tesla's decision.

 

Mr Rubio tweeted: "Nationless corporations are helping the Chinese Communist
Party cover up genocide and slave labour in the region."

 

Scott Paul, the president of the Alliance of American Manufacturing industry
body, said: "I'll be blunt: Any company doing business in Xinjiang is
complicit in the cultural genocide taking place there. But Tesla's actions
are especially despicable."

 

Tesla did not immediately reply to a request for comment from the BBC.

 

However, the opening of the new Tesla showroom was widely welcomed by users
of China's Twitter-like Weibo social media platform.

 

One user posted: "Thank you for expanding in Xinjiang, happy new year!".
Another said: "You see, Tesla supports the development and construction of
Xinjiang, unlike some companies."

 

Late last year, US microchip giant Intel apologised after a backlash over a
letter it sent urging suppliers not to source products or labour from
Xinjiang.

 

The company's letter sparked criticism in China, with calls for a boycott.

 

Intel was not the first company to come under pressure over aims to comply
with sanctions related to Xinjiang while continuing to operate in China.

 

Retail giants Nike and H&M also faced a backlash last year after they
expressed concern about the alleged use of Uyghur forced labour in cotton
production.

 

The Xinjiang region of China is home to many of country's Muslim Uyghur
population and there have been allegations of forced labour and possibly
genocide.

 

In December 2020, the BBC published an investigation based on new research
showing China was forcing hundreds of thousands of minorities, including
Uyghurs, into manual labour in Xinjiang's cotton fields.

 

Beijing has repeatedly denied the claims.-BBC

 

 

 

Apple becomes first firm to hit $3tn market value

US technology giant Apple has become the first company to hit a stock market
valuation of $3tn (£2.2tn).

 

The firm's share price has risen by around 5,800% since co-founder and
former chief executive Steve Jobs unveiled the first iPhone in 2007.

 

However, its value slipped a little from that milestone, to end Monday's
trading session in New York at $2.99tn.

 

Apple has been one of the big winners of the pandemic, as coronavirus
lockdowns saw spending on gadgets jump.

 

"Hitting $3 trillion is another historical moment for Apple as the company
continues to prove the doubters wrong," Dan Ives, an analyst from Wedbush
said.

 

It took just over 16 months for Apple's stock market valuation to rise from
$2tn to $3tn, as the world's biggest technology companies saw demand soar as
people became more reliant on smartphones, tablets and laptops during
lockdowns.

 

The company became the first company to hit a stock market valuation of $1tn
in August 2018.

 

The iPhone typically accounts for around half of the company's sales, while
it is also well-known for its iPad tablets and Mac computers.

 

Increasingly important parts of the business are software, sold through the
Apple store, storage space via the iCloud and services such as its music,
television and fitness subscription platforms.

 

"The linchpin to Apple's valuation re-rating remains its Services business
which we believe is worth $1.5 trillion," Mr Ives said.

 

In August, Apple's chief executive Tim Cook received more than five million
shares in the firm, as he marked ten years in the job.

 

A company filing with the US Securities and Exchange Commission showed that
he sold most of the shares for more than $750m.

 

It was part of a deal he struck when he took over from co-founder Steve
Jobs.

 

The award was dependent upon on how well Apple's shares had performed
compared to other firms on the S&P 500 stock index.

 

Cupertino, California-based Apple was founded in 1976 by Steve Jobs and his
business partners Steve Wozniak and Ronald Wayne.

 

The company made its stock market debut in 1980 with a market valuation of
$1.8bn.

 

In November, the original Apple computer built by Mr Wozniak and Mr Jobs
fetched $400,000 at auction in the US.-BBC

 

 

 

Turkey's inflation hits 36% amid financial turmoil

President Erdogan told business leaders on Monday Turkey was reaping the
rewards of his policies.

Turkey's annual inflation rate has soared to a 19-year high, underlining the
country's financial turmoil and alarm over its president's policies.

 

Prices hit more than 36% December as the cost of transport, food and other
staples ate into household budgets.

 

Most central banks raise interest rates to help cool inflation but Turkey
has gone the other way.

 

It has meant a collapse in the value of the lira, as Tayyip Erdogan
prioritises exports over currency stability.

 

The lira shed 44% of its value against the dollar last year, and fell
another 5% on Monday before recovering to trade flat.

 

The drop in the lira has made the price of inflation-fuelling imports more
expensive, ranging from energy to many of the raw materials Turkey's
manufacturers turn into exports.

 

Mr Erdogan has described interest rates as "the mother and father of all
evil," and has used more unorthodox policy to try to dampen prices including
intervening in foreign exchange markets.

 

In a speech on Monday he said Turkey was "going through a transformation in
economy and rising to the next league".

 

He said the nation is "reaping the fruits especially in exports of our
country's efforts and hard work in the past 20 years to bolster our foreign
trade".

 

Why currency crash does not worry Turkey's Erdogan

One economist forecast that inflation could reach as high as 50% by the
spring unless the direction of monetary policy was reversed.

 

"Rates should be immediately and aggressively hiked because this is urgent,"
said Ozlem Derici Sengul, founding partner at Spinn Consulting, in Istanbul.
But she accepted the central bank was unlikely to act.

 

Mr Erdogan overhauled the central bank's leadership last year. The bank has
slashed rates to 14% from 19% since September.

 

The subsequent accelerating surge in prices and drop in the lira have
upended household and company budgets.

 

There were pictures last month of people queuing for subsidised bread in
Istanbul, where local officials have said the cost of living was up 50% in a
year.

 

The cost of living is expected to rise further, especially after recent
hikes in the price of electricity and gas bills of around 50% and 25%
respectively.

 

The central bank has argued that temporary factors have been driving prices,
and had forecast in October it would end the year at 18.4%. The bank's
official inflation target is 5%, but the rate has remained in the double
digits for the past two years.

 

To curb the lira's weakness, Mr Erdogan unveiled a scheme three weeks ago in
which the state protects converted local deposits from losses versus hard
currencies. That sparked a sharp 50% rally in the lira with support from the
central bank.

 

But the lira then sank again last week, prompting a call on Friday from the
president for people to keep all their savings in lira and shift gold into
banks.

 

The economic turmoil has hit President Erdogan's opinion poll ratings ahead
of planned elections scheduled for no later than mid-2023.-BBC

 

 

 

Top US phone firms agree delay of 5G rollout

Two of the biggest US phone firms have agreed a government request to delay
the rollout of 5G services this week.

 

The US Transportation Secretary Pete Buttigieg and the Federal Aviation
Administration (FAA) made the request over concerns about aviation safety.

 

Plane makers have warned that C-Band spectrum 5G wireless signals may
interfere with sensitive aircraft electronics and could disrupt flights.

 

AT&T and Verizon initially rejected the delay request, before reversing.

 

Chief executives had pushed back against a second delay request on Sunday,
having already put plans on hold since late last year.

 

They had also offered to mitigate service around US airports for six months
as a temporary safeguard, along a similar approach adopted in France.

 

The aviation industry and the FAA has raised concerns about potential
interference of 5G with aircraft equipment like radio altitude meters.

 

Last month, the bosses of the world's two biggest plane makers, Airbus and
Boeing, made an appeal to Mr Buttigieg in which they said "5G interference
could adversely affect the ability of aircraft to safely operate".

 

The letter cited research by trade group Airlines for America which found
that if the FAA's 5G rules had been in effect in 2019, about 345,000
passenger flights and 5,400 cargo flights would have faced delays,
diversions or cancellations.

 

The phone companies both announced they had accepted the proposed two-week
delay late on Monday.

 

An AT&T spokeswoman said they had agreed to the request from Mr Buttigieg,
but said in a statement that "we know aviation safety and 5G can co-exist
and we are confident further collaboration and technical assessment will
allay any issues".

 

The FAA thanked for firms for the voluntary delay in a statement.

 

"We look forward to using the additional time and space to reduce flight
disruptions associated with this 5G deployment," they added.-BBC

 

 

 

UK steel future uncertain without US tariffs deal

UK steel companies have been operating at a significant disadvantage
compared to their European rivals since the beginning of 2022.

 

The EU has done a deal with the US, which took effect on 1 January, to allow
companies to export steel to the US again without any tariffs.

 

The UK is yet to reach a similar agreement though it is hoping for more
talks with America this month.

 

It means British companies still face a 25% tariff on exports to the US.

 

And the effect of the change is already being felt.

 

Moving to Spain

At a foundry in Chesterfield, raw materials are being melted in a furnace to
make cast iron bars.

 

Steel and cast iron are no longer a huge chunk of the British economy but
they are about to get a little bit smaller.

 

Because of the US tariffs on products from the UK, United Cast Bar Limited
(UCB), the company that runs this foundry, is moving some of its production
to a factory in Spain.

 

"60% of the products we can make here we can also make in Spain," says James
Brand, managing director of foundries at UCB. "And our customers don't want
that extra 25% cost."

 

But if the UK manages to do a deal of its own with the US, will that
production come back?

 

"Probably not,' he says. "It really depends on how early the deal is done."

 

Once US importers get used to consignments arriving from Spain, a new trade
pattern will have been established and the way the tariffs have been set up
means they can't be avoided if any part of a product originates in the UK.

 

"It is highly likely we will just leave it over there (in Spain)," Mr Brand
says. "Lost to the UK completely, then."

 

Trump's tariffs

It was President Donald Trump who signed an order in 2018 to introduce the
steel tariffs on national security grounds, which he claimed was to help
protect US jobs.

 

If the UK government had hoped that Joe Biden's administration would change
course quickly, it has been disappointed.

 

Neither public diplomacy nor private negotiation has yet led to any
breakthrough.

 

Following Mr Trump's move, both the UK and the EU retaliated with tariffs of
their own against US products. But it is the EU that has got a deal done
first, to resolve the dispute.

 

That's partly because in trade, size matters.

 

"They (the EU) are just bigger so they account for more steel exports to the
US, and that means there is more interest from US importers in getting it
resolved," says Soumaya Keynes, Britain economics editor at The Economist.

 

"And because there is more trade involved with the EU, the retaliation hurts
more."

 

The EU was also more explicit about how it intended to accelerate
retaliation against the American tariffs.

 

The UK was, says Ms Keynes, "a bit friendlier, a bit chummier, and that
could mean the EU had more leverage."

 

Northern Ireland

For the UK government, there is an added complication.

 

There is political concern in Washington about British threats to suspend
parts of the post-Brexit deal with the EU on Northern Ireland.

 

The two issues are quite separate, but it is possible that one could delay
the other.

 

The government argues that the steel dispute could in fact lead to further
complications in Northern Ireland, because of its special status as part of
the EU single market for goods.

 

But it is an awkward mix.

 

What's next?

There is also the question of stepping up UK retaliation against the US
tariffs.

 

The government's formal response to a public consultation on further
counter-measures has already been delayed, and it cannot be put off forever,

 

Trade secretary Anne-Marie Trevelyan issued a careful warning when she spoke
to the BBC last month, after returning from a visit to Washington,

 

"We had a very frank conversation, and I was very clear that the pressures
that we are under to use countervailing measures if we can't solve the
problem are becoming more and more acute."

 

The government certainly hopes the dispute can be resolved soon, before it
gets worse.

 

A solution later this month would be a great relief, and the message from
industry is pretty clear.

 

"Crack on, please," says UCB's James Brand. "Let's get a deal brokered as
soon as possible and put us on a level playing field with the rest of
Europe."

 

It wasn't supposed to be like this. After Brexit, the UK was relying on a
closer relationship with the US than it had when it was part of the EU.

 

But in matters of trade, many things are easier said than done.-BBC

 

 

 

Asian stocks track Wall St higher in upbeat start to 2022

(Reuters) - Asian stocks were firmer on Tuesday following Wall Street's
record highs on its first trading day of 2022, despite worries that the
widespread Omicron COVID-19 variant could put the brakes on global economic
recovery.

 

MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was up
0.67% in the morning sessions.

 

Australia's S&P/ASX 200 (.AXJO) climbed 1.15%, boosted by energy and mining
stocks while Japan's Nikkei 225 (.N225) gained 1.25%.

 

Hong Kong's Hang Seng Index (.HSI) and China's benchmark CSI300 Index
(.CSI300) opened up 0.5% and 0.25%, respectively.

 

 

"As we start 2022, markets seem to have retained memories of 2021 and put
Omicron in the backdrop with focus on Fed rate hikes leading to higher UST
yields and underpinning USD strength alongside continued buoyancy in
equities," said Mizuho Bank in a Tuesday note.

 

Major Wall Street indexes scored record closing highs on Monday, even as the
Omicron variant of the coronavirus pushed COVID-19 cases to fresh peaks in
the world's largest economy. read more

 

"Markets are focusing more on the likely positive earnings numbers from U.S.
in the fourth quarter. We are firmly of the view the U.S. is seeing boom
conditions and a very tight labour market which will boost household
incomes," said John Milroy, an Ord Minnett advisor in Sydney.

 

"...investors are keeping a close watch on inflation and how the Fed may
respond if it proves to be other than transitory," he said.

 

The Dow Jones Industrial Average (.DJI) rose 0.68%, the S&P 500 (.SPX)
gained 0.64% and the Nasdaq Composite (.IXIC) added 1.2%.

 

Apple Inc (AAPL.O) on Monday became the first company to reach a $3 trillion
stock market value while Tesla Inc (TSLA.O), rose more than 13.5% after
reporting stronger-than-expected quarterly deliveries of its electric cars.
read more

 

The S&P index surged nearly 28% last year, driving MSCI's 50-country index
of world stocks (.MIWD00000PUS) to its third consecutive year of
double-digit gains. read more

 

The benchmark U.S. 10-year yields hit a six-week high to yield 1.6384%, with
investors expecting a series of interest rate raises this year to combat
rising inflation. read more

 

The commodity markets were also quickly back in the swing of things after
their nearly two-year resurgence to close out 2021.

 

Brent oil rose 0.57% to nearly $79.43 a barrel Tuesday, building on Monday's
gains, which were supported by tight supply and hopes of a further demand
recovery in 2022, despite OPEC+ expected to further increase output. U.S.
crude was up 0.34% to $76.34 a barrel. read more

 

Gold prices rebounded after falling more than 1% on Monday as a risk-on
rally in equities pressured bullion. Spot gold gained 0.14% to $1803.3 an
ounce Tuesday morning. read more

 

The Thomson Reuters Trust Principles.

 

 

China's quant funds become victims of their own success

(Reuters) - China's algorithm-driven quant funds boomed in 2021 as investors
sought alternatives to a languid stock market, but the final months of the
year saw some "flash boys" bogged down by heavy volatility and their sheer
size.

 

High-flyer Quant, a top hedge fund house in China that uses powerful
computers and artificial intelligence (AI) to exploit market opportunities,
last week apologised to investors for a record slump in performance.

 

The fund house, which manages roughly 100 billion yuan ($15.69 billion),
blamed the crash on wild shifts in investor sentiment and crowded trades in
a sector that is "growing too fast in size."

 

High-flyer's public apology echoes an earlier setback in 2021 at Shanghai
Minghong Investment Management Co, another quant heavyweight fund that
suffered losses following a surge in assets under management (AUM).

 

"When you're small, high-frequency, rapid-trading strategies could create
very beautiful performance charts," said Wang Li, chairman of Hangzhou
Liberty Fund Management Co.

 

But after big money gushes in, "the strategies no longer work."

 

While high-frequency traders, known colloquially as "flash boys", typically
ride on market momentum and gyrations, their trades can become ineffective
if there is too much money betting the same way.

 

When such funds grow too large, they lose their ability to move nimbly and
exploit market inefficiencies.

 

A High-flyer Quant fund, designed to enhance returns on the CSI500 Index
(.CSI500), lost 13.1% during the last quarter, despite a 3.6% gain in the
underlying index, according to fund distributor Simuwang.com. That wiped out
most of the 21.9% gains from the first nine months.

 

Another High-flyer fund using hedging strategies lost 12.1% during the final
three months of 2021, bringing the year's performance to an 8.1% loss.

 

That fate could befall other players in a sector that, according to Citic
Securities estimates, has jumped ten-fold over the past four years to 1
trillion yuan. Daily turnover in China's A-shares market crossed a trillion
yuan on most days in 2021.

 

Around 25 hedge fund managers that use such quantitative strategies each saw
their AUMs surpass 10 billion yuan last year, according to Kaiyuan
Securities. Several, including High-flyer, exceeded 100 billion yuan in AUM.

 

Investors rushed into quant funds, which seek to generate absolute, or
enhanced returns, during a year in which regulatory crackdowns on sectors
including tech and property roiled stock markets.

 

China's blue-chip CSI300 Index (.CSI300) lost 5.2% in 2021, despite record
annual turnover in local stocks, fuelled in part by the rise of rapidly
trading quant funds.

 

The problem with top quant players like High-flyer Quant is that "their size
is too big," said Shi Ke, partner at hedge fund manager iFund Asset
Management Co.

 

"Another issue is that AI can do a good job analysing historical data, but
may not react quickly when market swerves."

 

Last year, some clients made returns lower than the benchmark, while some
others suffered paper losses, and "we feel very sorry," High-flyer Quant
said in the letter, vowing to invest more in research.

 

SHQX Asset Management, a Shanghai-based hedge fund manager, said many
so-called CTA funds, which trade commodities using quantitative strategies,
suffered towards the end of 2021 due to slump in commodity prices.

 

There are signs of growing caution in the industry.

 

Several fund managers, including High-flyer, Tianyan Capital and Evolution
Asset Management, have stopped taking new money for some or all products.

 

Breakneck growth has increased regulatory scrutiny.

 

Top securities regulator Yi Huiman said in September growth in "quants" was
a challenge to stock exchanges. Meanwhile, the Securities Association of
China, a self-regulating industry body, is demanding more disclosure from
major quant players about their operations.

 

Yin Tianyuan, the Shanghai-based head of research at data provider Suntime
Information, says some quant managers are voluntarily taking the heat out of
their trading. "The largest quants with 100 billion yuan in China have
almost all lowered the frequency of their algorithm to 'medium high'," she
said.

 

The Thomson Reuters Trust Principles.

 

 

China c.bank launches digital yuan wallet apps for Android, iOS

(Reuters) - China has released pilot versions of its digital yuan wallet
application on mobile phone app stores as the country's central bank steps
up its push to develop its own digital currency.

 

The "e-CNY (Pilot Version)" app, developed by the People's Bank of China's
(PBOC) digital currency research institute, was available for download on
Chinese Android and Apple app stores on Tuesday in Shanghai.

 

A notice in the app said it is in a research and development pilot phase and
is only available to selected users through supported institutions that
provide e-CNY services, including major domestic banks.

 

PBOC Governor Yi Gang said in November that China would continue to advance
the development of its central bank digital currency and improve its design
and usage, including increasing its interoperability with existing payment
tools. read more

 

In a year-end meeting, the PBOC said it would continue to push forward with
the research and development of the digital yuan. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Novartis says U.S. court upholds Gilenya patent

(Reuters) - Novartis AG (NOVN.S) said on Tuesday a U.S. court of appeals
upheld the validity of a dosage regimen patent for its multiple sclerosis
treatment Gilenya, allowing a permanent injunction against Chinese generic
drugmaker HEC Pharma to stay in place until the patent expires in 2027.

 

"This decision confirms the validity of the patent and allows that
injunction to remain in place," the Swiss drugmaker said in a statement,
adding it expected no generic versions of Gilenya in the U.S. market for at
least the next two years.

 

A divided panel of the U.S. Court of Appeals for the Federal Circuit on
Monday rejected HEC's argument that the patent lacked a proper written
description, thwarting the company's bid to sell a generic version of
Gilenya before the patent expires.

 

The Thomson Reuters Trust Principles.

 

 

 

Dollar hits five-year high vs yen as Fed rate bets lift U.S. yields

(Reuters) - The U.S. dollar reached its strongest level in nearly five years
against the Japanese yen on Tuesday, lifted by a jump in Treasury yields as
traders bet on an early Federal Reserve interest rate hike despite surging
COVID-19 cases.

 

The greenback rose as high as 115.815 yen for the first time since Jan. 11,
2017, as long-term Treasury yields leapt 12.5 basis points overnight to
touch 1.6420% for the first time since Nov. 24.

 

Money markets have fully priced in a first U.S. rate increase by May, and
two more by the end of 2022.

 

The dollar index , which measures the currency against the yen and five
other major peers, held close to the one-week high of 96.328 reached on
Monday.

 

"The market is pricing in a more aggressive U.S. rate hike scenario - or at
least the risk thereof - in 2022, and that definitely remains the key
support for the dollar," said Shinichiro Kadota, senior FX strategist at
Barclays in Tokyo.

 

"The key question for this year is where does inflation go, where does it
peak?"

 

The euro traded at $1.1302, lifting off the one-week low of $1.12795 from
overnight.

 

Sterling slipped to $1.34685, falling back toward the overnight trough of
$1.3431, a level not seen since Nov. 29.

 

The Australian dollar hovered close to a near two-week low of $0.7184
reached in the previous session.

 

While the surge in coronavirus cases caused by the Omicron variant continued
to impact global travel and public services, and delay the reopening of some
U.S. schools after the holidays, investors remained optimistic that
lockdowns would be averted. read more

 

On Monday, the U.S. Food and Drug Administration authorized the use of a
third dose of the Pfizer and BioNTech COVID-19 vaccine for children aged
between 12 and 15 years, and narrowed the time for all booster shots to five
months from six months after primary doses.

 

Signs that Omicron is highly contagious but leads to less severe illness
than variants such as Delta have led to an "Omicron relief trade" buoying
stocks and bond yields that could dominate market sentiment through January,
OANDA analyst Jeffrey Halley wrote in a note.

 

For dollar-yen, "assuming that U.S. yields remain elevated, there is nothing
on the charts to stop a rally to 118.00 in the coming weeks," he said. 

 

The Thomson Reuters Trust Principles.

 

 

 

Tanzania: 56bn/ - to Make More Improvements On Kimara - Kibaha Road Project

THE government has allocated 56bn/- for the construction of more structures
on the Kimara-Kibaha eight-lane project to make it safe for road users and
become more modern.

 

The additional features on the strategic 19.2-kilometer road were not
considered during the initial design of the 161bn/- project, which has been
completed by 99 per cent.

 

Among additional features to cost a total of 55bn/- include more traffic
lights, overpasses and feeder roads towards the new Magufuli Bus Terminal at
Mbezi Mwisho.

 

The government's move to set aside an additional 56bn/- for the construction
works came after the board of Tanzania National Roads Agency (TANROADS)
submitted proposed works and budget to the Ministry of Works and Transport
seeking an approval and permit for signing a contract with a contractor,
Estim Construction Company Ltd, for implementing additional construction
works.

The move will see the construction of a flyover at Mbezi-Goba junction, a
bridge at Kwa Yusufu and feeder roads at the Magufuli International Bus
Terminal.

 

Construction of the eight-lane Kimara-Kibaha road by Estim Construction
Company Limited, which was earlier scheduled for completion in October last
year to the tune of Sh161bn will now be completed in June this year.

 

Deputy Minister for Works and Transport, Eng Godfrey Kasekenya said this
when inspecting the construction work.

 

He said some challenges were observed after the completion of the first
phase of the project which prompted the government to add extra 56bn/- to
the project.

 

He said though the first phase was almost complete at 99 percent, but the
government saw the need to have a BRT project alongside the project from
Kimara to Kiba- ha which is currently being improved.

 

"We saw the need to construct feeder roads, a bridge at Mbezi Kwa Yusufu and
a flyover at Goba-Mbezi junction to ease traffic," he said.

 

The minister said the government under President Samia Suluhu Hassan also
saw the need to improve the roads at the Magufuli International Bus Terminal
at Mbezi Luis following huge traffic and also construct a bus stand at the
junction of Mloganzila Hospital in the area.

 

He stressed the need to ensure that the construction meet the required
standards so that various road proj- ect currently under construction can
have the value for money.

 

Briefing the Deputy Minister, Tanzania National Roads Agency (TANROADS)
Regional Manager Ha- run Senkuku said his team will ensure that the
contractor meet the June deadline.

 

He said the government has already set aside a total of 59.5bn/- in the
2021/2022 fiscal year for Dar es Sa- laam region where 27.4bn/- will be used
for road mainte- nance and 2.7bn/- as development fund.-Daily News.

 

 

 

Nigeria: Bua Cement, Wartsila Oy Sign 70mw Power Plant Agreement for Sokoto
Line Four

The BUA Group has signed an agreement with Wartsila OY of Finland for the
construction of a 70megawatts dual-fuel power plant for BUA Cement's Sokoto
Line four in Sokoto State.

 

The announcement comes just as BUA recently revealed that it was looking to
boost its production capacity in Nigeria over the next three years with new
plants in the works.

 

In addition, a statement yesterday, revealed that this would be the second
plant to be constructed by Wartsila for BUA Cement.

 

The first was the BUA Cement sokoto power plant scheduled to be commissioned
alongside the plant in November 2021.

Speaking at the signing ceremony, the Chairman of BUA Cement Plc, Abdul
Samad Rabiu, who signed on behalf of the cement producer said BUA Cement
would continue to invest strategically in the West African cement industry
to enable it to bridge the huge infrastructure and housing deficit.

 

According to Rabiu, "BUA Cement is happy and pleased with the progress that
Wartsila made with the construction of the power plant we initially
purchased for our BUA Cement Sokoto Line 3 which we expect will begin
commissioning by November alongside the power plant.

 

"We believe Wartsila will bring the same level of efficiency, technical
expertise and professionalism to bear in ensuring that this new power plant
for the 3million Mtpa BUA Cement Sokoto Line 4 will be completed on schedule
by the end of next year as we look towards bringing BUA's total capacity in
its sokoto plant to 8 million metric tonnes by early 2023 and 17million
metric tonnes across all its plants by the same time."

 

On his part, Energy Business Director at Wartsila West Africa, Mark Thiriet,
said Wartsila was proud to partner with BUA Group on the BUA Cement Sokoto
Line 4 project.

 

He said Wartsila would bring its technical expertise and globally recognised
technology to bear in bringing the project to completion.

 

BUA Cement Plc is Nigeria's second largest cement company and the largest
producer in its north-west, south-south and south-east regions.

 

BUA Cement operates strategically from Okpella, Edo State and Kalambaina,
Sokoto State with its headquarters in Lagos, Nigeria.

 

Currently the second most capitalised manufacturing company on the Nigerian
Exchange Limited (NGX), BUA Cement is committed to quality - a
differentiating attribute, driven by its people, innovation, and technology;
and positioned to solving West Africa's cement under-capacity while driving
economic growth and development.-This Day.

 

 

Rwanda: A Farmer During Irrigation Exercise in Bugesera District in December
2021

Despite the disruptions that were brought about by the Covid-19 pandemic
which hit different sectors including the environment, steps toward green
Rwanda continued to be registered in the country.

 

The New Times has compiled 15 key steps that were made towards greening
Rwanda during the just-concluded 2021.

 

The $175m green urbanisation project

 

Rwanda Environment Management Authority (REMA) , in January 2021 unveiled a
new $175 million (approx. Rwf173bn) project to 'green' the City of Kigali
and the six secondary cities.

 

The secondary cities are Nyagatare, Rubavu, Rusizi, Rubavu, Musanze and
Huye.

Kigali urban wetland master plan

 

In 2021, a new Kigali urban wetland master plan was unveiled and it revealed
that over 20 per cent of wetlands in the City of Kigali - equivalent to
15.76 square kilometres -should be rehabilitated so as to regain quality and
pristine nature.

 

More steps to phase out single use plastics

 

In December, Inyange Industries Ltd, a local beverage producing company
launched two products- new natural mineral water and sparkling water- in a
recyclable glass bottle.

 

The move is in line with a law enacted in 2019 prohibiting the
manufacturing, the importation, the use and sale of single use plastic
items.

 

In the same vain, in June it was announced that the Private Sector
Federation (PSF) would contribute Rwf690.9 million for collecting,
transportation, disposal and recycling of single-use plastics in the next
five years,

Fronting Nyungwe National Park as a UNESCO World Heritage site

 

In December, a cabinet meeting approved the request to nominate Nyungwe
National Park as a UNESCO World Heritage site. This will make the forest,
which is home to hundreds of tree and animal species, a protected area under
the UN body.

 

Studies show that the park worth $4.8 billion value feeds two of the world's
largest rivers - the Congo and Nile rivers, - and it is the source of at
least 70 per cent of Rwanda's freshwater.

 

17,000-tonne strategic reserve for cooking gas project

 

Ernest Nsabimana, the Director General of Rwanda Utilities Regulatory
Authority (RURA) announced, in December, that a local firm is currently
working with government to set up a strategic reserve for cooking gas with
capacity of 17 million kilogrammes (17,000 tonnes) and this will ensure
availability of affordable gas in the country for at least three months.

The announcement followed spike in cooking gas prices which triggered the
government by introducing subsidies.

 

Rwanda seeks to reduce the percentage of households that depend on unclean
energy in cooking from 79 percent to 42 percent in 2024.

 

New conservation law

 

A new law on biological diversity and wildlife conservation was gazette in
the just-concluded year.

 

Experts say the law will play a role in implementing the Nagoya Protocol, an
international agreement to ensure fair and equitable sharing of benefits
arising from the utilisation of genetic resources.

 

Rwanda at COP26 and launch NDCs implementation

 

Like other countries, Rwanda attended COP26 UN Climate Change Conference
that took place in Scotland in November.

 

The conference had been postponed in 2020 due to the Covid-19 pandemic.

 

During the conference, Rwanda was interested in international climate
finance and also joined a group of countries that declared to end polluting
vehicles by 2040.

 

The country needs over $11 billion to implement the measures between 2021
and 2030 to mitigate and adapt to climate change in a ten-year plan dubbed "
Nationally determined contributions (NDCs) " whose implementation Rwanda
launched this year after submitting it to UN in 2020.

 

It is expected that, under the climate plan, $4.155 billion will be sourced
from domestic financing, while $6.885 billion will be sourced from external
financing.

 

$100m facility for private sector green projects

 

During the same year, the Rwanda Green Fund, announced in November that it
is working with Rwanda Development Bank (BRD) to set up a $100 million
facility to spur the country's ability to meet the growing opportunities for
climate finance in the private sector.

 

The facility dubbed Rwanda Green Investment Facility (RGIF) is being
modelled on the "green bank" idea.

 

The facility will be considered by the Green Climate Fund (GCF) board in
February 2022.

 

Revamp of Kigali's car-free zone

 

The revamping works for Kigali's car-free zone started in March this year to
turn the zone into a green and recreational zone with more attractive
features and completed in the end of the year.

 

New waste management deal in Kigali

 

Rwanda through the Ministry of Environment and the Climate and Sustainable
Development of the Government of the Grand Duchy of Luxembourg signed a
three-year project to boost efforts to recycle waste from Nduba landfill to
produce energy for the national grid, aerobic composting to fertilize crops,
and other valuable products.

 

Rwanda secures $50m to fight drought in Eastern Province

 

The government of Rwanda, in July, secured $49.6 million aimed to green the
eastern province that are vulnerable to drought.

 

The implementation of the six-year investment will be jointly executed by
the Government of Rwanda through Rwanda Forestry Authority (RFA), the
International Union for Conservation of Nature (IUCN) and Enabel, the
Belgian development agency.

 

Rwanda revises green growth strategy

 

In June, the Ministry of Environment announced it is revising the Green
Growth and Climate Resilience Strategy (GGCRS) that was developed ten years
ago.

 

The strategy is keen on positioning Rwanda as a developed, climate-resilient
and low-carbon economy by 2050 and the review is setting up clear targets
that have to be achieved.

 

Africa Protected Areas Congress (APAC)

 

In April, it was announced that Africa Protected Areas Congress (APAC) to be
hosted by Rwanda in March next year.

 

The congress is convened by the government of Rwanda, International Union
for Conservation of Nature (IUCN) and Africa Wildlife Foundation.

 

The Government of Rwanda through the Ministry of Environment also signed a
five-year agreement with Africa Wildlife Foundation to partner in boosting
conservation efforts in the country.

 

Kagame joins Giants Club

 

Paul Kagame became the sixth African Head of State to join the Giants Club
and sign the forum's declaration, according to a statement by Rwanda
Development Board (RDB) released in March.

 

The Club is an initiative of Space for Giants, an international conservation
organisation that 'connects leaders of African states accommodating
significant large mammal populations to financiers, conservationists,
scientists, and well-known supporters'.

 

Construction of Nyandungu Eco-Tourism Park complete

 

Rwanda Environment Management Authority (REMA) informed that Rwf5 billion
Nyandungu Eco-Tourism park construction was complete.-New Times.

 

 

 

Kenya: Telkom Launches App to Enhance T-Kash Customer Experience

Nairobi — Telkom has introduced the T-kash App, an easy-to-use application
that will enable its customers to access a wider service offering on its
digital financial services platform.

 

The T-kash App, which can be downloaded from the Google Play Store, the
Huawei App Store as well as the Apple Store, is a strategic addition through
which Telkom customers will access T-kash. Customers currently access T-kash
via USSD code *160#.

 

Telkom's Chief Strategy and Business Development Officer, Julius Cheptiony
says: "the launch of the T-kash App is the culmination of extensive research
on evolving customer trends, anchored on the need for simplicity, security,
availability and a diversified service offering. The result is an
easy-to-navigate platform that seeks to simplify a customer's experience
with respect to mobile financial services."

The T-kash App will enable the customer to send money to a mobile wallet
within the Telkom network, to an MPESA wallet and soon to an Airtel Money
wallet, or to a bank account, to buy airtime and data bundles for their own
Telkom line or for another Telkom customer, pay bills, as well as make
withdrawals and deposits at a T-kash agent.

 

"Guided by the research data that we have collected during the development
phase of this App and the feedback we shall continue to receive from our
customers, we will be unveiling more service options in the coming months,"
adds Cheptiony.

 

The launch of the T-kash App comes two months after Telkom, together with
its partners, networks and telecommunications company Ericsson, and systems
integrator NEC XON, signed a Memorandum of Understanding to add an
additional 2,000 sites onto Telkom's network, by 2023.

 

The nationwide rollout, is part of Telkom's long-term network expansion
strategy, announced in August 2020, when it underwent a strategic
reorganisation to address the digital transformation being witnessed, as
well as lay the groundwork towards the company's long-term goal of becoming
the technology partner of choice in Kenya and the region.-Capital FM.

 

 

 

 

 

 

 


 


 


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.

 


 

 


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