Major International Business Headlines Brief::: 24 March 2022

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Major International Business Headlines Brief::: 24 March 2022 

 


 

 


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

 


 

 


ü  Russia's cost of living soars by more than 14%

ü  Jeffrey Epstein's private islands put up for sale

ü  Goldman Sachs boss David Solomon set to DJ Lollapalooza

ü  Nestle pulls KitKat and Nesquik out of Russia

ü  More than a million to be pushed into poverty, says think tank

ü  Doubt over PM claim that P&O sackings may be illegal

ü  Nigeria: Dutch Court Rejects Suit of Nigerian Widows Against Shell

ü  East Africa: First Ever Uganda-Burundi Business Forum Held in Bujumbura

ü  Ghana: We'll Ameliorate Effects of Rising Petroleum Prices - NPA CEO

ü  Ghana: SIM Card Re-Registration Extension Welcome But...

ü  Ghana: Revive Grains, Legume Industry to Full Potential - Agric Minister
to Board

ü  Ghana: Council of State Members Cut Allowances By 20 Percent in Support
of Efforts to Address Econ Challenges

ü  Africa: Lands Minister Pushes Ghana to Become Mining Hub of Africa

ü  Kenyans to Enjoy Free Internet Under New Budget Proposal

ü  Kenya Kwanza Leaders Root for Downward Review of Fuel Prices, Pro-Poor
Policies

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Russia's cost of living soars by more than 14%

The cost of living in Russia is surging following the country's invasion of
Ukraine, according to new data.

 

Official figures show price of some household staples - such as sugar - have
jumped by as much as 14% over the past week.

 

Inflation is set to keep rising in Russia where the rouble has fallen
sharply since the Ukraine war began.

 

The value of the currency has dropped about 22% this year, and this has
pushed up the cost of importing goods.

 

The inflation data came as the Russian stock market resumed trading on
Thursday after a month-long hiatus, with the majority of shares rising in a
volatile trading session.

 

The benchmark Moex index was up by around 5.6% at midday in Moscow.

 

Analysts said a government plan to buy billions of dollars worth of Russian
shares was supporting the market, which dived last month after Russia
invaded its neighbour.

 

Bans on trade with foreigners and on short-selling remain in place.

 

Rising cost of living

On Wednesday, Russia's economic ministry said annual inflation had jumped
14.5% in the week ending 18 March - the highest rate since late 2015.

 

The Federal State Statistics Service said the cost of sugar rose by as much
as 37.1% in certain regions of the country and increased by an average 14%.

 

Sugar, which is commonly used to preserve food or make liquor, was the
biggest gainer in the week, the government agency found.

 

The price of onions was the second biggest riser over the week, up 13.7%
nationwide and 40.4% in some areas. Meanwhile, nappies were 4.4% more
expensive. Prices for black tea rose 4% and toilet paper increased by 3%.

 

Stephen Innes, managing partner at SPI Asset Management, said prices were
higher because of the weaker rouble.

 

"The biggest culprit is imported inflation," Mr Innes told the BBC.
"Anything Russia imports is exponentially (pricier) due to the weaker
rouble."

 

The UK, the US and the European Union have cut off a number Russian banks
from financial markets in the West.

 

They have also prohibited dealings with Russia's central bank, state-owned
investment funds and the finance ministry.

 

The Bank of Russia more than doubled its interest rate to 20% in March, in
an attempt to stop its currency from sliding further.

 

A large number of Western businesses have pulled out of Russia because of
the war in Ukraine. Others, such as the Swiss food giant Nestle, have
withdrawn major brands such as KitKat and Nesquik.

 

Videos on social media show shoppers scrambling to buy sugar and buckwheat
at supermarkets in Moscow.

 

Deputy prime minister Viktoria Abramchenko has told Russians the country is
"fully self-sufficient when it comes to sugar and buckwheat".

 

"There is no need to panic buy these goods. There is enough for everybody,"
she said.

 

Russia has hit back at international sanctions, and threatened to seize the
assets of businesses that have stopped operating in the country.

 

It sanctioned US President Joe Biden and 12 other US officials last week.

 

On Wednesday, Russian President Vladimir Putin announced that the country
would start selling natural gas to "unfriendly" countries in roubles. It is
understood the move is aimed at supporting the currency.

 

The EU relies on Russia for 40% of its gas. However, many existing contracts
are agreed upon in euros and it is unclear if Russia can change them.

 

Mr Putin's announcement drove the rouble to a three-week high. It later
closed at 97.7 against the dollar.-BBC

 

 

Jeffrey Epstein's private islands put up for sale

Private Caribbean islands owned by the deceased sex offender and financier
Jeffrey Epstein are up for sale and could fetch up to $125m (£94.7m).

 

A lawyer for Epstein's estate confirmed to the BBC that the two islands -
Little St James and Great St James - have been listed.

 

Lawyer Daniel Weiner said some proceeds from the sale will be used to settle
outstanding lawsuits.

 

Epstein died in jail in 2019, awaiting trial on sex trafficking charges.

 

The financier bought the 90-acre Little St James - the more developed of the
two - nearly 25 years ago for almost $8m (£6m).

 

He then acquired the larger Great St James in 2016 for $22.5m and had drawn
up plans to develop the 161-acre island by building homes, an amphitheatre,
as well as an underwater office and pool.

 

Epstein was accused by US Virgin Islands attorney general Denise George of
sexually abusing girls as young as 12 years old on Little St James.

 

The lawsuit, filed two years ago, also claimed that one 15-year-old girl
attempted to escape the island by swimming away before being captured and
having her passport confiscated.

 

Mr Weiner, a partner at New York law firm Hughes Hubbard & Reed, said the
sale is taking place with the support of Ms George and that the proceeds
"will be used by the estate for the resolution of outstanding lawsuits and
the regular costs of the estate's operations".

 

The Wall Street Journal reported that the two islands could sell for as much
as $125m, although some estimates place the value at closer to $86m.

 

Epstein reportedly welcomed a number of high profile guests to Little St
James over the years. One of Epstein's alleged victims, Virginia Giuffre,
claimed in a civil suit that Prince Andrew had abused her on the island.
Prince Andrew denied the claims and said he had no recollection of meeting
Ms Giuffre.

 

The prince recently paid a settlement to Ms Giuffre to end a civil case in
the US. The settlement accepted no liability and Prince Andrew has always
strongly rejected claims of wrongdoing.

 

Other visitors to Little St James included Jes Staley, the former boss of
Barclays.

 

He resigned from the UK bank last year following an investigation by
financial regulators over how the banker had characterised his relationship
with Epstein.

 

Mr Staley dropped by Epstein's island in 2015 a few months before he took on
the chief executive role at Barclays.

 

UK financial regulators began an investigation after JP Morgan - Mr Staley's
former employer - handed over 1,200 emails sent between the banker and
Epstein mostly 2008 and 2012.

 

Regulators were concerned that the emails showed a closer relationship
between the two men than Mr Staley had described to Barclays board.

 

Mr Staley is contesting the regulators' finding.-BBC

 

 

Goldman Sachs boss David Solomon set to DJ Lollapalooza

The boss of Goldman Sachs is set to perform at the major US music festival
Lollapalooza alongside the likes of Dua Lipa and Metallica in July.

 

David Solomon, who is a dance music DJ outside his day job, was one of the
acts organisers announced on Tuesday.

 

The 60-year-old, who is one of the last listed on the festival's line-up,
said he was excited to play the event.

 

Goldman Sachs declined to comment on the gig.

 

Mr Solomon, who joined Goldman in 1999, shared the news of the gig, which
typically draws about 400,000 people, on Instagram.

 

The banker, who earned $35m last year, said proceeds would benefit
non-profit organisations focused on tackling addiction.

 

Mr Solomon started DJing in 2015 and founded his own record label in 2018 -
the same year Goldman named him chief executive.

 

He has collaborated with Grammy winners and performed on other stages
including a party hosted by Sports Illustrated in January. He released his
latest track Heatwave in February, which his label describes as a "piano
house" with "funkier UK" influences.

 

In a podcast last year, he said making music helped him relax - and despite
some telling him it posed a risk for his banking career, he didn't see a
need to stop performing.

 

"I thought about it and I said, 'I enjoy this, I'm not doing anything wrong,
I'm not breaking any laws, I'm having fun,'" he said. "Why should I stop
doing something I'm really enjoying?"

 

The hobby has landed him in hot water at times. For example, in 2020 he
appeared at a charity event in New York later investigated for violating
social distancing guidelines.

 

Social media reaction was mixed, ranging from congratulatory to incredulous
outrage that one of the most powerful bankers in the world should be offered
a second stage.

 

"Super cool!" commented Damian Pelliccione, co-founder of Queer TV network
Revry, on Mr Solomon's Instagram page. "You inspire me!"

 

But DJ Joe Nice, known for his dubstep music, said Lollapalooza organisers
should be ashamed.

 

"Goldman Sachs generated record profits in 2021 during a pandemic where
millions of Americans lost their jobs, health insurance, life savings, and
homes," he wrote. "When David Solomon "DJ D-Sol" takes the stage, walk out."

 

New figures show that the average bonus for New York bankers in 2021 jumped
by 20% on the previous year to a record $257,000 (£195,000) as Wall Street
banks reported strong profits.

 

The Office of the New York Comptroller said the rise was higher than an
expected 15.7% increase. The total bankers' bonus pool for 2021 swelled by
21% to $45bn.

 

But New York comptroller Thomas DiNapoli said: "Recent events are likely to
drive near-term profitability and bonuses lower.

 

"Markets are turbulent as other sectors' recovery remains sluggish and
uneven, and Russia wages an inexcusable war on Ukraine's freedom.-bbc

 

 

 

 

Nestle pulls KitKat and Nesquik out of Russia

Swiss food giant Nestle is pulling its popular brands out of Russia but will
still sell essential foods.

 

The firm stopped investment in the country earlier this month but has now
suspended sales of brands such as KitKat and Nesquik.

 

It follows fierce criticism of the firm by Ukrainian politicians.

 

A growing number of Western brands have suspended operations in Russia in
protest at the war but a few are staying put.

 

"As the war rages in Ukraine, our activities in Russia will focus on
providing essential food - not on making a profit," Nestle said.

 

"We are fully complying with all international sanctions on Russia," it
added.

 

Ukraine's President Volodymyr Zelenskiy criticised Nestle for still
conducting business in Russia in a streamed speech to protesters on
Saturday.

 

And earlier, Ukrainian Prime Minister Denys Shmyhal tweeted that Nestle boss
Mark Schneider "shows no understanding".

 

Talked to @Nestle CEO Mr. Mark Schneider about the side effect of staying in
Russian market. Unfortunately, he shows no understanding. Paying taxes to
the budget of a terrorist country means killing defenseless
children&mothers. Hope that Nestle will change its mind soon.

 

He wrote: "Paying taxes to the budget of a terrorist country means killing
defenceless children and mothers. Hope that Nestle will change its mind
soon."

 

That led to #BoycottNestle trending on Twitter.

 

The company has been gradually reducing its activity in Russia since the the
start of the Ukraine war, but has been under pressure to pull out
altogether.

 

It scrapped advertising and capital investments and earlier this month
stopped shipments of non-essential products like Nespresso coffee capsules
and San Pellegrino water.

 

But it continued to sell many of its brands saying: "We have a
responsibility toward our more than 7,000 employees in Russia - most of whom
are locals".

 

The latest move will leave it selling just infant food and medical and
hospital nutrition.

 

"While we do not expect to make a profit in the country or pay any related
taxes for the foreseeable future in Russia, any profit will be donated to
humanitarian relief organisations," it said.

 

"We stand with the people of Ukraine and our 5,800 employees there."

 

So far international brands such as McDonald's, cosmetics firm L'Oreal,
fashion retailer H&M and tech giant Apple have suspended or limited their
activities in Russia.

 

A minority of others continue to produce non-essential goods in the country,
while companies such as M&S and Burger King say complex franchise agreements
make it impossible to close their shops in Russia.-BBC

 

 

 

More than a million to be pushed into poverty, says think tank

Rishi Sunak's mini-budget will not prevent millions being pushed into
poverty by the soaring cost of food and energy, a think tank has warned.

 

The chancellor said measures in his Spring Statement would help
"hard-working British families" through the "challenging months ahead".

 

But the Resolution Foundation said 1.3 million people would not be able to
afford basic necessities from April.

 

Boris Johnson hinted that more help for hard-pressed families was on its
way.

 

"The cost of living is the single biggest thing we're having to fix, and we
will fix it," the prime minister told LBC Radio, adding: "As we go forward,
we need to do more".

 

It comes as the government's own forecasters, the Office for Budget
Responsibility, said UK households faced the biggest drop in living
standards since records began in the 1950s.

 

According to the Resolution Foundation's analysis, the total number of those
unable to afford basic necessities will hit 12.5 million people. It is the
first time Britain has seen such a big increase outside of a recession.

 

Mr Sunak sought to address the rising cost of living in his Spring Statement
on Wednesday, cutting 5p from fuel duty and taking some of the sting out of
April's National Insurance rise by increasing the point at which workers
have to start paying it.

 

Torsten Bell, the Resolution Foundation's chief executive, said the changes
would provide "some help" to families on higher and middle-incomes.

 

But he added: "It means we're all getting worse off, and at the bottom end
you're having to cut essentials because you don't have lots of luxury
spending to go in the first place. I think that is really serious."

 

Mr Sunak also used Wednesday's statement to promise to cut 1p in the pound
from income tax by the next general election in 2024, when he said the UK
economy would be in better shape than it is now.

 

Labour's shadow chancellor Rachel Reeves said Mr Sunak had failed to
understand the scale of the cost of living crisis.

 

"I think most people are looking at their pay packets now and looking at
their taxes, and saying these promises in the future are not going to help
me pay these bills this year," she told the BBC.

 

"I was incredibly surprised that the chancellor didn't do anything yesterday
with rising gas and electricity bills, when the profits being made by North
Sea oil and gas companies are at near-record highs."

 

Mr Sunak insisted the measure he announced on Wednesday would protect the
most vulnerable.

 

"It's absolutely right we support people on the lowest incomes. I'm
confident that the policies we put in place are doing that," he told Today.

 

He insisted that the energy bill rebate announced recently would also "help
people meet the rising price of energy", when the price cap changes in
April.

 

Asked if he would provide further help with energy bills before October, he
said: "We will have to see where we are in the autumn."

 

The OBR's latest forecast predicted that inflation, which measures the
change in the cost of living over time, is set to hit a 40-year high of 8.7%
in the final three months of 2022.

 

Rising prices and tax hikes mean living standards will not recover to their
pre-pandemic level until 2024-25, it said.-BBC

 

 

 

Doubt over PM claim that P&O sackings may be illegal

Doubts have been cast on a claim by Boris Johnson that the sudden sacking of
800 workers by P&O Ferries may have broken UK employment law.

 

The prime minister told the Commons the firm could face fines "running into
millions of pounds" if found guilty.

 

But employment lawyers told the BBC Mr Johnson had misunderstood the law and
P&O had not broken the rules.

 

It came as the boss of the ferry firm apologised for the mass sacking,
saying he understood the "anger and shock".

 

The sackings - along with claims that workers paid as little as £1.81 an
hour will replace the fired staff - have sparked outrage.

 

At Prime Minister's Questions, Mr Johnson said: "Under section 194 of the
trades union and labour relations act of 1992, it looks to me as though the
company concerned has broken the law.

 

"And we will be taking action therefore, and we will be encouraging workers
themselves to take action under the 1996 employment rights act."

 

P&O Ferries offers £100,000 to some sacked staff

Are the P&O Ferries sackings legal?

According to Section 194 of the act, firms are meant to notify the Secretary
of State before they sack 100 people or more.

 

However, Tim Tyndall, employment partner at Keystone Law, told the BBC the
law had changed in 2018 due to the implementation of an EU directive. Chris
Grayling was the Secretary of State for Transport from 2016 to 2019 when the
change was made.

 

Firms no longer need to inform the UK government about mass dismissals but
instead must tell the governments of the countries where boats are
registered, he said.

 

Eight P&O Ferries ships are registered overseas in countries including
Cyprus and The Bahamas.

 

"The obligation to notify the government of P&O actions has not been
breached as the competent authority for these foreign registered ships is
the government of where they are registered," Mr Tyndall said.

 

"It would appear the government did not understand its own legislation when
writing in the terms that it did to P&O."

 

A spokesman for the Department for Transport said: "The requirement to
inform the flagged authorities of workforce changes was introduced in 2018
in order to implement a directive from the European Union.

 

"The government is strongly committed to protecting UK seafarers and those
who work in UK waters continue to be protected by National Minimum Wage laws
despite the 2018 legal change."

 

Separately, Nautilus International, the trade union for maritime
professionals, has accused P&O Ferries of breaking UK law because it did not
notify the relevant flag states of its decision to sack workers.

 

It said under UK Law, P&O Ferries was "obliged to provide 45 days' notice to
the Cypriot authorities, and 30 days' notice to the Bahamian and Bermudan
authorities".

 

"We believe the government must penalise P&O Ferries for their omission,"
said general secretary Mark Dickinson.

 

The BBC has approached P&O for comment following the union's claim.

 

'Difficult decision'

On Wednesday, P&O boss Mr Hebblethwaite said he understood people's anger.

 

"I want to say sorry to the people affected and their families for the
impact it's had on them, and also to the 2,200 people who still work for P&O
and will have been asked a lot of difficult questions about this," he said.

 

"Over the last week, I've been speaking face-to-face to seafarers and their
partners. They've lost their jobs and there is anger and shock and I
completely understand."

 

He added that the sackings were necessary to keep the loss-making firm
afloat.

 

"This was an incredibly difficult decision that we wrestled with but once we
knew it was the only way to save the business, we had to act," Mr
Hebblethwaite said.

 

"I wish there was another way and I'm sorry."

 

It comes after reports that Indian agency workers paid as little as £1.81 an
hour have already replaced sacked P&O workers at the Port of Dover.

 

Last week, P&O said the figure was inaccurate but said it could not comment
on how much agencies pay workers on ferries.

 

At Prime Minister's Questions, Labour leader Sir Keir Starmer said the
government should immediately cancel a £50m freeports contract awarded to
P&O's owner, DP World.

 

Ministers have said such contracts are under review.

 

"DP World must be quaking in their boots," the Labour leader said. "The
prime minister says how disappointed he is in them whilst handing them
£50m."-BBC

 

 

 

Nigeria: Dutch Court Rejects Suit of Nigerian Widows Against Shell

Cape Town — Four Nigerian widows who brought a case against oil giant Shell
for allegedly helping corrupt witnesses have their case thrown out.

 

A Dutch court has rejected a suit against oil giant Shell brought by four
widows of activists who were executed by late Nigerian military leader Sani
Abacha in 1995 after protests against the company's exploitation of the
oil-rich Niger Delta.

 

The women - Esther Kiobel, Victoria Bera, Blessing Eawo, and Charity Levula
- sued Shell for its alleged role in the unlawful arrest, detention, and
execution of their husbands, for opposing the oil giant and the military
government.

 

But the Dutch court ruled  that there was insufficient evidence to back
their accusations. The judges decided that evidence was not sufficient or
verifiable enough to establish the responsibility or involvement of Shell,
or its Nigerian subsidiary Shell Petroleum Development Company (SPDC) - and
therefore the energy firm could not be held liable.

According to BBC, witnesses had testified to the court that they had signed
prepared statements and had been coached to incriminate the defendants, in
return for the promise of payments and jobs. They said they had been told
that the money they received came from Shell.  The widows believe a Nigerian
operating company, that was part of the Shell group, had bribed the
witnesses whose statements led to the conviction and hanging of their
husbands.

 

In 2019, the court had handed the widows a rare win in their long-running
battle by allowing the case to continue. But it had also said the claimants
needed to prove Shell's liability.

 

On November 10, 1995, nine Nigerian environmental activists accused of
murder, were executed by former military ruler Sani Abacha. Their deaths
sparked an international outcry that lingers to this day. The men executed,
were a group that became known as the "Ogoni Nine" - activists that included
writer Ken Saro-Wiwa, Saturday Dobee, Nordu Eawo, Daniel Gbooko, Paul
Levera, Felix Nuate, Baribor Bera, Barinem Kiobel, and John Kpuine.

 

Shell has always denied any wrongdoing.

 

 

 

East Africa: First Ever Uganda-Burundi Business Forum Held in Bujumbura

Uganda and Burundi have held their first ever business forum as one of the
way to bolster relations between the two countries but also encourage trade.

 

The Minister of Lands, Housing and Urban Development, Judith Nabakooba
represented the Ugandan minister for trade, Francis Mwebesa.

 

Nabakooba said for many years, Uganda and Burundi have been engaged in trade
amongst themselves but noted this was done at an informal set up.

 

"It has been mostly done by individuals or firms who on their own,
identified markets for their businesses or sources of the goods and services
in each other's countries. Business between Uganda and Burundi has been
oscillating over the years. Sometimes it registers significant growth and at
other times registers decline, depending on the prevailing situation in the
two countries and the region,"Nabakooba noted.

 

Minister Nabakooba explained that in 2009 Uganda exported goods worth $82
million and this grew to $92million in 2012 whereas imports from Burundi
grew from $0.8 million to $2.8 million between 2009 and 2012 and by 2021
Uganda's exports were at $50 million from $37.03 million in 2019.

The minister however noted that despite these individual efforts coupled
with several bottlenecks, trade between Uganda and Burundi has continued.

 

"This means that if deliberate actions and efforts are made by both
governments, then the business could thrive much more. I am glad that there
is visible presence of several business firms from both Uganda and Burundi
in each other's markets,"Nabakooba said.

 

She insisted that the potential for business between Uganda and Burundi is
very big with both countries being potential markets and sources of goods
for each other and export to the rest of the world.

 

"Both Burundi and Uganda share borders with the Democratic Republic of
Congo, which itself is very big market. Please take full advantage of the
benefits of the recent developments in DR Congo as it joins the East African
Community,"Nabakooba noted.

 

"Besides trade, I implore you to focus on investments in agro processing,
consumer goods, steel and cement for construction of both houses and
infrastructural development. Both countries still a deficit in housing and
infrastructural development."

 

She said both governments of Burundi and Uganda are fully committed to
assisting the private sector grow business partnerships between the two
countries to help ease, identify and resolve challenges of trade through
comprehensive agreement under the Joint Permanent Commission (JPC).

 

"There is strong goodwill from the leadership in both countries to grow
trade and investment relations, and governments will do their best to
support you by creating an enabling business environment as well as address
infrastructural and bureaucratic challenges still hindering development."

 

Minister Nabakooba noted this is coupled with other prevailing factors like
direct flights from Entebbe to Bujumbula as good incentives for business
between the two countries.

 

 

 

Ghana: We'll Ameliorate Effects of Rising Petroleum Prices - NPA CEO

The Chief Executive of the National Petroleum Authority (NPA), Dr Mustapha
Abdul-Hamid, has assured Ghanaians that the government is working towards
ameliorating the effect of the rising prices of petroleum products at the
pumps.

 

"There is going to be heavy sacrifices on the part of government, NPA and
everybody so that together, we can move our country forward," he added.

 

Dr Abdul-Hamid was speaking at Takoradi during a meeting with the Western
Regional Minister, KwabenaOkyereDarko-Mensah, as part of his familiarisation
tour in the region.

The tour which included visit to the Atuabo Gas Plant and Customs Division
of the Ghana Revenue Authority, among others, was to enable the CEO to
familiarise himself with operations of some companies in the region.

 

Discussing petroleum taxes, Dr Abdul-Hamid said that government collect
GHC1.90 as tax on a litre of fuel, adding that the amount was not
significant to the individual consumers given the recent frequent rising
cost of fuel on the international market.

 

Abolishing such taxes in the face of the current challenges, he noted, would
be a huge revenue loss to government.

 

Removing those taxes would amount to a loss of more than GHC4 billion of
government revenue.

 

At the same time, Ghanaians are demanding for infrastructure and economic
growth although revenue is cut," Dr Abdul-Hamid noted.

 

MrDarko-Mensah, on his part, decried rising fuel prices saying that "instead
of $61 per barrel of crude oil, we are looking at $120 per barrel."

 

Such rise, he said, negatively impact the government's revenue collection
and services it could deliver to support Ghanaians.

 

He noted that the Regional Coordinating Council (RCC) was equally concerned
about challenges in the sector including illegal bunkering of petroleum
product.

 

MrDarko-Mensah advised the NPA to engage communities on the effects of the
practice.

 

"We want the NPA to take immediate action towards engaging communities to
avert the problem.

 

If you engage and invest in some kind of corporate social responsibility
programmes, it will do us a lot of good," he said.-Ghanaian Times.

 

 

 

Ghana: SIM Card Re-Registration Extension Welcome But...

Last year, the Ministry of Communications and Digitalisation, for that
matter the government, announced re-registration of Subscriber
Identification Module (SIM) cards offered by the telecommunications
companies in the country.

 

The initiative is meant to check the increasing incidents of fraud involving
the use of the mobile phone and to monitor and track down persons who would
use their phones for all manner of criminal activities.

 

That is to say that the exercise is targeted at securing the country's
cyberspace.

 

The re-registration was scheduled for October 1, 2021 to March 31, 2022 and
the major requirement for it is the Ghana Card.

The exercise started in earnest but as is usual with Ghanaians, patronage
was very low initially but gathered momentum at the beginning of this year
when adverts on it insisted that it would end as scheduled.

 

Long queues have continued forming ever since and complaints of some people
not having the Ghana Card either for not applying for it or not receiving it
after going through the acquisition process.

 

The hue and cry culminated in individuals, groups and organisations calling
for the extension of the period of the re-registrations, with Ghanaian Times
even calling for eternal exercise since people would continue to acquire SIM
cards in which case there would be the need to connect them to the Ghana
Card.

 

That call was also premised on the fact that there were issues concerning
acquisition of the Ghana Card.

 

The many calls seemed to have fallen on deaf ears as no action was taken,
not even a statement made in response.

However, on Tuesday, the Ministry of Communications and Digitalisation
proved all skeptics wrong by announcing that it had extended the deadline
for the re-registration of SIM cards from March 31 to July 31, 2022.

 

The ministry said the extension was due to the fact that over 7.5 million
citizens were yet to obtain the Ghana Card to enable them to re-register
their SIM cards.

 

The ministry added that more time was also required to update the SIM
Re-registration App for the registration of diplomats, while a Self-Service
SIM Registration App was also being developed to facilitate registration of
SIM cards for Ghanaians resident abroad, a system which would be operational
by mid-April.

 

The ministry said these issues made it imperative for the deadline to be
extended to ensure that every eligible SIM card was captured for a credible
database by the end of the exercise.

 

The Ghanaian Times is happy that if nothing at all, there is some extension,
which gives some breathing space for those yet to go through the process,
particularly those who do not have the Ghana Card through no fault of
theirs.

 

The reasons the ministry gave with regard to the App for the registration of
diplomats and a Self-Service SIM Registration App being developed to
facilitate registration of SIM cards for Ghanaians resident abroad relate to
unpreparedness of the ministry, the government for that matter, to ensure
the success of the exercise within its initial scheduled time.

 

There is, therefore, the need for the ministry to do the needful within the
extension period to eventually ensure the success of the exercise.

 

The National Identification Authority (NIA) too must put its act together to
issue all applicants with the Ghana Card.

 

The excuses the NIA give for applicants having not been issued their cards
may not be flimsy but it seems it is taking eternity for the problem to be
fixed.

 

Public service providers in the country are in the habit of relaxing until
the obvious, not the unexpected, happens and then they act as if they have
been working all this while.

 

This must change and this can happen only when the society continuously
demand accountability.

 

The Ghanaian too must drop the procrastination attitude and take part in all
exercises in good time.

 

If every Ghanaian and public organisations behave responsibly, the country
would see the expected progress.-Ghanaian Times.

 

 

 

Ghana: Revive Grains, Legume Industry to Full Potential - Agric Minister to
Board

A nine-member Grains and Legumes Development Board was on Tuesday sworn into
office by the Minister of Food and Agriculture, Dr Owusu Afriyie Akoto.

 

The board is chaired by Mr Alexander Akwasi Acquah, with Mr Samuel Boadu, Mr
Seth Osei-Akoto, Mr Francis Kwasi Adzalo, Mr Peter Oteng Darko, Dr Robert
Agyeibi Asuboah, Mr Samuel Danquah Arkhurst, Madam Monica Boakye-Kutin and
Mr William Oppong Bio as members.

 

Swearing them in, Dr Akoto challenged the board to revive the grains and
legume industry by exploring full potential of the sector.

 

He said the board should formulate policies and programmes that would
increase revenue and benefit farmers.

The Board Chair, Mr Acquah, said agriculture was the backbone of Ghana's
economy, employing about 60 per cent of the workforce, adding that the board
would work assiduously to come out with policies and programmes that would
augment the Ministry of Food and Agriculture(MOFA)'sagenda to promote
agriculture.

 

"The board will ensure continuous support for the government flagship
programme "Planting for Food and Jobs" initiative with the provision of
quality foundation seeds of the major staple crops to farmers. Also, the
board will support the commodity value chain development process," he said.

 

According to Mr Acquah this would ensure sustainable food production and
food security in the country.

 

"Seed, which is the basic unit of plant propagation and very critical to
crop production, will be made available to farmers at all times in order to
increase their household incomes and reduce poverty," he said.

 

He said with the needed support from stakeholders, the importation of seeds
from other countries, as happened in the previous years, would now be a
thing of the past.-Ghanaian Times.

 

 

Ghana: Council of State Members Cut Allowances By 20 Percent in Support of
Efforts to Address Econ Challenges

President Nana Addo Dankwa Akufo-Addo has assured the public of the
government's commitment to address the economic challenges confronting the
country.

 

He said although the challenges were largely caused by global developments,
his administration was capable of resolving it.

 

"Many of the phenomena that we are facing are phenomena that are apparent in
many parts of the world. But that does not mean that government is impotent
in trying to find solutions," he said.

 

President Akufo-Addo made the commitment when he met members of the Council
of State at the Jubilee House in Accra yesterday.

The country has been hit by economic challenges over the past few months due
to the challenges associated with the COVID-19, among other factors.

 

The President pointed out that the three-day Cabinet retreat afforded
members in his administration the opportunity to get an indepth
understanding of the challenges to ascertain an appropriate remedy.

 

"The Minister of Finance on my instructions is going to have a major
engagement with the nation on Thursday where he is going to be in a position
to layout specifically the measures we have taken," he said.

 

He said although the decisions expected to be announced by the Finance
Minister on Thursday were difficult, they were necessary to address the
challenges.

 

The chairman of the Council of State, Nana OtuoSiriboe II, said members on
the council had decided to reduce their monthly allowances by 20 per cent
until the end of the year to support economic recovery.

 

He appealed to the government to continue to work to address the economic
challenges the country was facing.

 

"We are confident in your political ability and will to overcome the current
economic challenges to put smiles back on the faces of Ghanaians," he
said.-Ghanaian Times.

 

 

 

Africa: Lands Minister Pushes Ghana to Become Mining Hub of Africa

Tarkwa — The Minister of Lands and Natural Resources, Samuel AbdulaiJinapor,
is courting the support of mining companies towards transforming Ghana into
a mining hub in Africa.

 

He explained that currently, the government was focused on building linkages
of the various value chains to create jobs and wealth.

 

Among other things, he said, the government was working towards establishing
a mining financial centre as part of the conducive environment needed to
grow the mining industry.

 

Mr Jinapor was speaking at Tarkwa in the Western Region yesterday when he
undertook a working visit to Goldfields Ghana Limited to assess their level
of operations.

He said despite the efforts of government, the absence of cooperation from
mining companies would hamper any progress which could be realised.

 

"We cannot do without the partnership of companies like Goldfields. We
should not operate on the basis of adversaries.

 

We must work together as partners with a common agenda. I am committed to
this partnership to build Goldfields and all other mining companies," Mr
Jinapor stated.

 

He said the government would further ensure the implementation of all
recommendations that would make mining and related activities safe and
healthy.

 

He commended the company for undertaking reclamation and re-vegetation of
mined lands saying that greening Ghana was another area which required the
efforts of all.

 

"The Green Ghana project is a flagship programme of government and I commend
you for making it a part of your operations.

 

"Let's engage in greening our country to contribute to the global fight
against climate change," the Minister added.

 

Stephen OseiDempah, General Manager of Goldfields Tarkwa Mines, said the
company had since 2018 switched from owner to contractual mining using two
local contractors.

 

He noted that the company had invested US$79 million since 1998 toward the
rehabilitation, closure, planning and alternative livelihood programme that
include the development of oil palm seedlings and economic plants.

 

He said the company had enhanced its safety mechanisms resulting in
reduction in injuries from 69 to five from 2010 to 2021.

 

MrDempah said the company was presently processing 40 million tonnes per
annum with a processing recovery of 97 per cent.

 

To extend the Tarkwa life of mine by 10 years, he indicated that Goldfields
was undertaking feasibility studies to determine project viability and next
steps.-Ghanaian Times.

 

 

 

Kenyans to Enjoy Free Internet Under New Budget Proposal

Nairobi — Kenyans will enjoy free Internet should Members of Parliament
(MPs) adopt proposals by the Consumers Federation of Kenya (COFEK) which
fronts for more generation of more internet resources by imposing Value
Added Tax ( VAT) on products and services sold through the internet.

 

In its proposals to the National Treasury Cabinet Secretary Ukur Yattani who
is yet to present the budget statement to the National Assembly, COFEK said
that generating more resources will promote free internet and subsequently
enable and unlock the huge potential of e-commerce which has gained traction
over time.

 

"Ideally, the internet should be made free so that it becomes a platform for
enabling and unlocking the huge potential of multi-billion e-commerce.
Government can then raise more resources with VAT on products, services, and
products sold through the internet," COFEK said.

In its proposals, COFEK also wants the government to introduce a plastic
packaging tax that will tax manufacturers who use plastics in their
packaging.

 

"Funds to go towards a green fund to tackle the plastic waste menace,
support recycling, circular economy, this can be charged on every
bottle/tin; or manufacturers importing or using more than a top of plastic
packaging to pay a defined levy," the statement read in part.

 

In turn, it wants the Government to provide tax rebates to manufacturers
using recycled and organic materials like paper and bamboo.

 

COFEK has also proposed an introduction of a tax on sugary drinks and drinks
that add sugar as drinks as part of efforts to encourage healthier diets,
control obesity, diabetes, and tooth decay.

 

The lobby group wants the government to also levy a sugar tax on both
alcoholic and non-alcoholic beverages with added sugar.

 

According to the lobby group, part of the revenue from the measure will be
spent on Universal Health Care, encouraging healthier diets, increasing
physical activity, and building capacity for effective tax administration.

 

"Impose a tax on sugary drinks and drinks that add sugar as ingredients.
Just as taxing tobacco helps to reduce tobacco use, taxing sugar drinks can
help reduce the consumption of sugars," COFEK said in a statement.

 

We propose that VAT on LPG be abolished or charged at 8 percent similar to
petroleum products. The purpose of this is to remove the burden on Kenyans
who rely on LPG cooking and to help increase uptake of this clean cooking
energy.

 

In order to cushion Kenyans from high fuel prices, COFEK wants the
Government to put in place budgetary allocation for building storage
capacity to store strategic fuel costs.

 

Under the proposals, senior citizens aged 70 years or above will be exempted
from paying income tax from sources such as pension, property,
agriculture.-Capital FM.

 

 

 

Kenya Kwanza Leaders Root for Downward Review of Fuel Prices, Pro-Poor
Policies

Athi River — Leaders allied to Kenya Kwanza Alliance have urged President
Uhuru Kenyatta to steer clear of succession politics and focus on fixing the
economy.

 

The leaders asked the President to focus on addressing the high cost of
living instead of campaigning for opposition leader Raila Odinga.

 

Ford Kenya Party leader Moses Wetangula said President Kenyatta was
preoccupied with succession politics at a time when he should be addressing
the economic challenges facing Kenyans.

 

He said: "For the last two months, President Kenyatta has focused on
campaigning for Raila, he is not aware that Kenyans are suffering due to the
high cost of basic commodities."

They spoke in Athi River and Mlolongo in Machakos County in the company of
Deputy President William Ruto.

 

Others were ANC party leader Musalia Mudavadi, MPs Rigathi Gachagua
(Mathira), Kithure Kindiki (Tharaka Nithi), Vincent Musyoka (Mwala) and
Victor Munyaka (Machakos).

 

Mudavadi said there was need to address the rising cost of living for the
sake of economically challenged citizens who are currently suffering.

 

He said: "We must reduce the price of fuel, gas, foodstuff, and drugs. We do
not want an economy that only favors the rich."

 

Gachagua said the country was better off in the hands of leaders who
understood the challenges facing ordinary citizens.

 

He said: "The problem we have in the country is that we have leaders who
cannot relate to the struggles of ordinary citizens."

 

Munyaka called on President Kenyatta and his "handshake partner", Mr Odinga,
to reduce the skyrocketing prices of basic household commodities."

 

He said: "Kenyans are suffering as a result of the high cost of living, the
cost of basic commodities is too high for ordinary citizens."

 

Musyoka asked President Kenyatta to look into the country's deteriorating
economy that is affecting Kenyans.

 

He: "I urge President Kenyatta to have mercy on the people that voted for
him."

 

Kithure said it was unfortunate that Kenyans have not witnessed any
meaningful development in President Kenyatta's second term.

 

He said: "We have only had three projects, Handshake, Building Bridges
Initiative (BBI), and the Azimio project in his second term."

 

On his part, Dr. Ruto said Kenya Kwanza has a solid plan that will address
the high cost of basic commodities.

 

The Deputy President said they will invest in agriculture with the aim of
improving farmers' productivity a situation that will reduce food prices in
the country.

 

He said: "We must reorganize our agricultural sector so that we can have
food products at affordable prices for all."

 

The leaders also called on Government to allow scrap metal dealers to
operate without unnecessary government interference.

 

Kindiki said: "We are asking the Government to remove the license fee
requirement for scrap metal dealers because most cannot afford the required
amount."-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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