Major International Business Headlines Brief::: 30 March 2022

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Major International Business Headlines Brief::: 30 March 2022 

 


 

 


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ü  Afghanistan: World Bank freezes projects over girls' school ban

ü  Firms must choose between helping Russia and West - US

ü  UK seizes first superyacht in British waters

ü  P&O Ferries says sacking U-turn would cause collapse

ü  Going cashless would be a big problem for millions - RSA report

ü  Full fuel duty cut not being passed on to drivers

ü  Uganda: Former Uganda Airlines CEO, Muleya, Wants Shs 3.5 Billion Over
Termination of Contract

ü  Uganda: MTN Re-Affirms Safety of Its Mobile Money Platform

ü  Nigeria, Untapped Market for Fiber Optics Investments - Report

ü  Kenya: Coffee Farmers Start Benefiting From Low Priced Fertilizer

ü  Uganda: Traders Commit to Fight Illicit Trade

ü  Nigeria: Halting Bandits' Threat to All Modes of Transport in Kaduna

ü  Tanzania: Tcc Profit Up As It Marks 60 Years

ü  Tanzania: 6bn/ - Set Aside for Dormitories Construction

ü  Uganda: Activist Nakabuye Challenges European Leaders Over Support for
Crude Oil Pipeline Project

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Afghanistan: World Bank freezes projects over girls' school ban

The World Bank has suspended four projects in Afghanistan worth $600m
(£458m), after the Taliban banned girls from returning to secondary schools.

 

The projects' aims included improving education, health and agriculture.

 

They also had a "strong focus on ensuring that girls and women participate
and benefit from the support," the bank had said earlier.

 

Last week, the Taliban reversed a decision to allow the schools to open
following months of restrictions.

 

The Taliban said schools would only reopen after a decision over uniforms
for female students had been made in accordance with "Sharia law and Afghan
tradition".

 

The move has drawn international condemnation, while on Saturday protestors
gathered close to the Ministry of Education in the country's capital Kabul
to demand that the schools be reopened.

 

The World Bank projects were targeted at giving women and girls as much
access to services in Afghanistan, as men.

 

They are financed by the Afghanistan Reconstruction Trust Fund (ARTF), which
was frozen last year after the Taliban took control of the country.

 

At the start of this month, the executive board of the World Bank approved a
plan to use more than $1bn from the fund to support "urgent needs" including
those in education, agriculture and health.

 

Under the plan, the money would not be handed to Taliban authorities, and
was instead to be distributed through United Nations agencies and aid
groups.

 

"As a first step, the ARTF donors will decide on four projects of
approximately $600m to support urgent needs in the education, health, and
agriculture sectors, as well as community livelihoods," the bank said in a
statement on 1 March.

 

"This $600m will be supplemented with additional allocations from the ARTF
during 2022 as conditions allow," it added.

 

"This phased approach is designed to be flexible and adaptive, recognising
that the situation on the ground remains fluid."

 

The BBC understands that the projects will be restarted only when the bank
is confident that its goals can be met.

 

On Friday, a joint statement by officials from 10 countries, including the
US and UK, described the Taliban's actions as "profoundly disturbing".

 

The US State Department has also cancelled meetings with the Taliban, which
were scheduled to take place in Qatar.-BBC

 

 

 

Firms must choose between helping Russia and West - US

The world's biggest companies "have a choice to make" whether to do business
in Russia or in Western allied nations, a top US official has told the BBC.

 

Wally Adeyemo, the US Deputy Treasury Secretary, said firms could "choose to
help Russia" in its invasion of Ukraine or "continue to do business with the
30 countries" that have imposed sanctions.

 

He said Ukraine's allies were committed to issuing more sanctions.

 

He also warned Russian oligarchs "we're going to come for your resources".

 

Since Vladimir Putin ordered Russian troops to invade Ukraine, many Western
companies have responded by closing down their operations or withdrawing
their services from Russia.

 

Sanctions imposed by Western countries have made trading difficult or
impossible for some firms, while many others have decided to leave Russian
markets for moral reasons.

 

However, some well-known brands, such as Marks & Spencer and Burger King,
continue to do business in Russia and have no power to leave due to their
brands being run by franchisees in the country.

 

Mr Adeyemo, who is leading the Biden administration's sanction efforts,
spoke to the BBC on a visit to Europe to coordinate the next phase of
sanctions against Russia.

 

Asked about Chinese and Indian firms filling gaps left by western companies
in Russia, Mr Adeyemo said the US would "take action against" anyone helping
Moscow evade sanctions.

 

"For these countries, for these companies, for these individuals, they have
a choice to make. They can choose to help Russia support their illegal
illegitimate invasion of Ukraine, or they can continue to do business with
the 30 countries that have joined in taking actions against Russia," he
said.

 

The US politician said it was clear that the US dollar, euro and pound were
the backbone of the global financial system and anyone wanting to work in
those currencies had to "participate in our sanctions".

 

After an initial slump to record lows, the Russian currency has recovered
most of its losses in the aftermath of the invasion.

 

Key to the original drop was the unprecedented sanctioning of Russia's
central bank, which limited the ability of President Putin to use its war
chest of foreign exchange reserves to defend the currency.

 

However, flows of euros and sterling to fund purchases of Russian oil and
gas have continued during the war, helping stabilise the currency.

 

Russia is the European Union's biggest oil trading partner and one of the
world's largest oil exporters.

 

Though the US and Canada have banned Russian oil imports, countries in the
EU have not, due to being heavily reliant on it.

 

The UK has said it plans to phase out Russian oil by the end of the year.

 

'No longer filling war chest'

But Mr Adeyemo said the money Russia is "taking in today is no longer
filling in the war chest".

 

"They're using that money to buy roubles to prop up their economy," he
added.

 

The Russian government has ordered exporters to convert any foreign currency
they receive into roubles to support the economy, he said.

 

"That's money they can't use to go and support the war effort," he added.
"So ultimately, our goal here is to make sure that we're forcing the Kremlin
to make choices between supporting their domestic economy and their domestic
needs, rather than being able to support the war."

 

Mr Adeyemo reiterated that stopping the war was the aim of Western
sanctions, and that "regime change" was not a US policy in Russia or
anywhere else.-BBC

 

 

 

UK seizes first superyacht in British waters

The UK has seized its first superyacht in British waters as part of
sanctions against Russia.

 

The £38m yacht, named Phi, is owned by an unnamed Russian businessman.

 

Transport Secretary Grant Shapps said the individual was not currently
sanctioned but had "close connections" to Russian President Vladimir Putin.

 

The UK has introduced a raft of sanctions against Russian individuals and
businesses following the country's invasion of Ukraine.

 

The 58.5m (192ft) Phi was first identified as being potentially
Russian-owned on 13 March but its ownership is "deliberately well hidden",
the government said.

 

It added that the company the ship is registered to is based in the
Caribbean islands of St Kitts and Nevis but it carried Maltese flags to hide
its origins.

 

 

The Department for Transport (DfT) would not comment on why it was not
naming the individual who owns the yacht.

 

Transport secretary Mr Shapps said the move was "a clear and stark warning
to Putin and his cronies".

 

"The ship won't be going anywhere for the time being," he said. "People who
have benefitted from [Mr Putin's] regime cannot benefit from sailing around
London and the UK in ships like this."

 

On its website, the ship's builder Royal Huisman describes Phi - which is
named after the mathematical concept also known as the Golden Ratio - as
"magnificently sensuous".

 

The bright blue yacht features what the builders call an "infinite wine
cellar", as well as a fresh-water swimming pool and penthouse apartment on
the upper deck.

 

The ship, which was built in the Netherlands, made her maiden voyage last
year.

 

UK officials boarded Phi in Canary Wharf, east London on Tuesday. The vessel
was in the capital for a superyacht awards ceremony and was due to depart at
12:00.

 

The yacht was detained under the Russia (Sanctions) (EU Exit) Regulations
2019. The regulations say the secretary of state "may give a 'movement
direction' to any 'ship owned, controlled, chartered or operated by persons
connected with Russia'," according to Benjamin Maltby, partner at
international law firm Keystone Law.

 

Yachts count as ships and a movement direction could include detaining the
ship, he said.

 

However, he said the decision to detain a ship could be challenged under
human rights law, which gives people the right to "peaceful enjoyment" of
their possessions.

 

A successful challenge could see the owner demanding compensation, starting
at the cost of chartering a similar yacht, which would be around £250,000 a
week, Mr Maltby said.

 

"If the secretary of state has got this wrong, it could be a very expensive
mistake," he added.-BBC

 

 

 

P&O Ferries says sacking U-turn would cause collapse

The boss of P&O Ferries has hit back at government calls to reinstate the
800 workers it has sacked, insisting a U-turn would cause the firm's
collapse.

 

Peter Hebblethwaite said reversing the cuts, which the firm did not consult
unions on, would lead to the loss of an additional 2,200 jobs.

 

It comes after the transport secretary gave P&O "one final opportunity" to
re-employ staff on their previous wages.

 

He said the company had "painstakingly explored all possible alternatives".

 

Mr Hebblethwaite said that more than 500 of the sacked crew had accepted and
signed settlement agreements, and that he could not change the 31 March
deadline for seafarers accepting their redundancy offers.

 

In a letter in response to Transport Secretary Grant Shapps, Mr
Hebblethwaite wrote: "Complying with your requests would deliberately cause
the company's collapse, resulting in the irretrievable loss of an additional
2,200 jobs.

 

"I cannot imagine that you would wish to compel an employer to bring about
its downfall, affecting not hundreds but thousands of families."

 

P&O Ferries' decision to replace the 800 staff it sacked with agency workers
earning an average of £5.50 per hour, which is less than the UK minimum
wage, has provoked fury from the public, trade unions and politicians.

 

Prime Minister Boris Johnson and Mr Shapps, as well as unions, called for Mr
Hebblethwaite's resignation last week, after he admitted his decision to
sack 800 workers without consulting unions first broke the law.

 

Mr Shapps branded the executive a "pirate of the sea" on Tuesday, accusing
him of "disgracefully shredding the reputation" of the company.

 

However, Mr Hebblethwaite said he would not step down.

 

He said he felt compelled "to discharge my duties for this historical
company" and provide "the effective operation of the trade routes upon which
this country depends".

 

"I will there continue to do my utmost to ensure that this company has a
sustainable business for the future."

 

The P&O Ferries boss also defended the company's new crewing model, saying
it was common in the industry.

 

He gave more detail about the model, explaining that it would use one crew
instead of two. This meant staff would be paid for the actual time they
worked plus holidays, instead of "granted full pay for working 24 weeks a
year".

 

When it sacked staff, P&O said the move was essential for the firm's
survival and that it had made a £100m loss year-on-year, which had been
covered by its parent company DP World. The multi-national ports and
logistics company is based in Dubai and run by Sultan Ahmed bin Sulayem. It
paid a £270m dividend to shareholders in 2020 and runs some of the UK's
biggest shipping terminals.

 

But speaking in front of Holyrood's Net Zero, Energy and Transport Committee
on Tuesday, Mr Hebblethwaite said that the company has lost an
"unsustainable amount" of money over the last few years, and that it hadn't
been competitive for the same amount of time.

 

He also said that it was not "appropriate" for him or the P&O Ferries board
to expect "unconditional support" from parent DP World for the business
without a plan to become viable.

 

Mr Hebblethwaite insisted in the letter published earlier on Tuesday most
savings would "arise from the removal of job duplication and the benefits of
increased flexibility" - not reducing wages.

 

The government has urged the company to reconsider and has said it will
force ferry operators docking in UK ports to pay the minimum wage.

 

The need to shift to the new crewing model would not change even if the
national minimum wage was applicable, Mr Hebblethwaite said.

 

"I can further assure you that I am fully cognisant of the reputational cost
to the P&O Ferries brand and me personally," he added.

 

He also reiterated his apology in front of Scottish members of parliament,
saying: "On many occasions, I have reiterated how sorry I am for the impact
this has had on 800 seafarers
 their families, the 2,200 people who remain
in the organisation that have had to answer a number of difficult questions.

 

"I am very, very personally and deeply sorry for that. I do believe,
however, that historically we would be talking about the irrecoverable loss
of thousands of jobs had we not taken the very difficult decision that we
took."-BBC

 

 

 

Going cashless would be a big problem for millions - RSA report

Ten million people would struggle to cope in a cashless society even though
only 17% of payments are now made with notes and coins, a report has found.

 

Going cashless would make budgeting difficult and would be a "major
inconvenience" to another 15 million, the Royal Society of Arts (RSA) found.

 

Thousands of bank branches have closed in recent years, and access to cash
withdrawals is under threat.

 

The RSA said the "dash to digital" held huge risks as finances were
stretched.

 

"For millions of people, their relationship with cash is critical to the way
they manage their weekly budget," said Mark Hall, author of the report
called The Cash Census.

 

"Despite online banking and shopping becoming more common, our research
shows the percentage of the population wholly reliant on cash is unchanged."

 

 

The report said that although millions of people benefitted from the
convenience of things like smartphone payments, others felt forced into a
world they were not equipped for.

 

Rival banks join forces to protect future of cash

Lloyds Bank to close 60 more branches across UK

An estimated 15 million people used cash to budget, the report said, which
was all the more important when the cost of living was rising.

 

The constituencies of Liverpool Walton and Bradford South had the smallest
decline in cash withdrawals, and were among the most deprived in the UK, it
said.

 

Among those keen to keep cash going is Joanne Batty, from Leeds, who said it
was still the "easy and simple" way to pay and manage finances.

 

"It is stress and hassle-free," she said, explaining that she liked the
control you had as a consumer with notes and coins.

 

The 51-year-old said that a "traumatic" episode in which she was the victim
of fraud meant she was now far more sceptical about online and digital
payments.

 

The RSA - or its full name - The Royal Society for the Encouragement of
Arts, Manufactures and Commerce - used surveys and interviews during its
research.

 

It also suggested that, in contrast to those dependant on cash, there were
another 11 million people who were cashless converts. They strongly
preferred digital payments and saw no benefit in using cash.

 

They included Craig Purr, a 32-year-old commercial insurance broker, who
said that cash was more inconvenient because you usually had to go to an ATM
to get hold of it.

 

Mr Purr, from Cambridge, said he carried cards in his wallet instead, or
used his smartphone to pay.

 

"My personal, and selfish, point of view is that we do not need cash. It is
out of date because technology is evolving so fast," he said.

 

Bank closures graphic

This is the first major study into the topic of cash reliance since the
Access to Cash Review in 2019.

 

The author of that 2019 report, Natalie Ceeney, said: "The question we asked
three years ago was whether the UK is ready to go cashless? The answer is
still no."

 

She told BBC Radio 4's Today programme that digital payments "just don't
work" for some people, including the 1.5 million who don't have a bank
account, and similar numbers without broadband.

 

"They're increasingly getting marginalised, unable to pay for goods and
services, and for many people they could lose their independence,
particularly for elderly people, and it can leave people increasingly
isolated," Ms Ceeney said.

 

Martin McTague, from the Federation of Small Businesses, said: "One in four
small High Street businesses say cash is still the most popular payment
method among customers.

 

"This new report rightly suggests a combination of innovation in the free
access to cash space and investment in digital capability as the way
forward."

 

The closure of thousands of bank branches and ATMs has ignited debate about
access to cash, and the ability of small businesses to cash their takings
nearby.

 

"With bank branches closing, the problem facing a retailer is do they shut
up shop at lunchtime, go [and] drive somewhere else, stand in a queue to
pay-in cash, and go back, or do they go cashless?" Ms Ceeney said.

 

Major banks recently signed a new voluntary agreement which means an
independent assessment of local needs will be carried out each time a branch
is shut.

 

These reviews could recommend a shared branch is opened, an ATM installed or
a Post Office upgraded. Banks will commit to deliver whatever is
recommended.

 

The government is legislating to give the Financial Conduct Authority
oversight of access to cash. It has also paved the way for more convenience
stores to offer cashback to customers, even if they are not making a
purchase.-BBC

 

 

 

Full fuel duty cut not being passed on to drivers

Average petrol prices are not fully reflecting a recent cut in fuel tax,
according to motoring group the RAC.

 

While fuel duty was cut by 5p per litre last week, petrol has fallen less
than 4p, and diesel by less than 3p, it said.

 

Big retailers such as supermarkets and oil giants Shell and BP have already
passed on the tax cut.

 

But smaller retailers said last week that it would take time for the fuel
duty cut to be passed on.

 

The price of fuel was rising rapidly in the UK even before Russia invaded
Ukraine, as economies started to recover from the Covid pandemic.

 

But the war has pushed up crude oil prices, which has fed through to pump
prices.

 

The 5p cut in fuel duty announced by Chancellor Rishi Sunak last week is
intended to help people struggling with the cost of living crisis - but
because prices have risen so quickly, its impact is likely to be minimal,
the RAC said at the time.

 

Now, the motoring group says that the cut is not being fully passed on to
consumers.

 

How much is fuel duty and what will the cut on petrol save you?

Fuel duty cut by 5p a litre to help motorists

Since last Wednesday, the average price for a litre of petrol has fallen by
3.71p to 163.30p per litre, while diesel has fallen 2.79p to 177.11p.

 

RAC spokesman Rod Dennis said: "Unfortunately, wholesale fuel prices were
already rising before the chancellor made his announcement on fuel duty last
week.

 

"This meant retailers were buying fuel in at a higher cost than they were a
week earlier, which meant drivers may not have immediately and fully
benefitted from the duty cut.

 

"Wholesale prices are currently falling, but it's likely to be next week
before we see what impact this has at the pumps."

 

Mr Dennis added that drivers "remain entirely dependent on what is happening
on the wholesale market and the extent to which retailers are able or
willing to pass on savings they make".

 

On Monday, rival motoring group the AA said: "Why are drivers not surprised
that on average a third of the petrol saving has yet to be passed on at the
pumps?

 

"The fuel trade always disputes the accusation that pump prices shoot up
like a rocket and fall like a feather. Now we know the truth," said Luke
Bosdet, the AA's fuel price spokesman.

 

Price cuts

The big four supermarkets - Tesco, Sainsbury's, Asda and Morrisons - have
brought in the duty cut in full.

 

Oil giants Shell and BP have also implemented the cut in petrol stations
that they own - but many of their branded forecourts are franchised, with
prices set by franchisees.

 

Shell owns and operates about half of its 1,000 branded UK stations, while
BP owns about 300 of its 1,200 stations.

 

Independent retailers warned last week that it would take time for the fuel
duty cut to be reflected in pump prices.

 

Gordon Balmer, executive director of the Petrol Retailers Association, said
at the time that petrol stations had bought the fuel they were selling at
the higher fuel duty rate.

 

"As a result, they must first deplete their stocks and resupply with fuel
bought at a reduced rate before motorists will see a change in pump prices,"
he said.-BBC

 

 

 

 

Uganda: Former Uganda Airlines CEO, Muleya, Wants Shs 3.5 Billion Over
Termination of Contract

The suspended Chief Executive Officer of Uganda Airlines Cornwell Muleya has
indicated that he will take legal action against the airlines over unlawful
suspension and termination of his employment contract.

 

Through his lawyers Muwema & Co Advocates , Muleya said there was no
factual, contractual or legal basis for airline impugned action of
disregarding the due process when it unlawfully suspended and subsequently
terminated his contract of employment.

 

According to a notice from his lawyers dated March 28, 2022, Muleya is
seeking Shs 3.5 billion in damages, payment arrears and other costs from the
airline failure of which will lead to a legal challenge.

He said that he was not accorded an opportunity to respond to the
allegations nor was he heard before sending him on leave of absence.

 

"Despite the above glaring irregularities, our client was directed to keep
away from the company premises without any lawful or just cause. Moreover,
no promised investigation into alleged mismanagement by our client ever took
place. In fact, no investigation report has ever been produced to this end,"
said Muleya through his lawyers.

 

In April 2021, the minister of Works and Transport minister, Gen Edward
Katumba Wamala suspended a number of senior managers at the airline for at
least three months.

 

This was on the orders of the President Museveni to pave the way for
investigations into allegations of financial mismanagement, collusion and
nepotism in staff recruitment among other issues.

 

The 13 affected top managers included the CEO Muleya .

 

Muleya explained that whereas his employment contract provided for dismissal
from employment on grounds of serious misconduct or gross negligence, it did
not provide for termination.

 

He said due to his exceptional performance, his employment contract was
extended on the same terms for another period of eighteen months from March
1 2021 before the suspension.

 

He said his suspension was illegal because it exceeded the maximum period of
four weeks allowed under Section 63 (2) of the Employment Act, 2006.

 

"In spite of the blatant illegalities, you purported to extend our client's
illegal suspension by another three months vide your letter dated 20th
August 2021.We need to emphasise that the law does not provide for extension
of suspension beyond the period provided under Section 63 of the Employment
Act," said the notice seen by the Nile Post.

 

Through his lawyers, Muleya now wants immediate reinstatement as the Chief
Executive Officer of the company.

 

He wants an unconditional apology for the material inconvenience,
reputational damage and loss he suffered.

 

He wants the airlines to pay him Shs 3.5 billion in damages and other costs
including salary arrears.

 

"You issued the said termination notice with the full knowledge that our
client was never heard in any disciplinary proceedings. Additionally, you
were aware that our client's contract of employment did not have a
termination clause," his lawyers.

 

 

 

Uganda: MTN Re-Affirms Safety of Its Mobile Money Platform

MTN Mobile Money Uganda Ltd has re-affirmed that its mobile money platform
is safe and secure.

 

In a statement, the firm said their Mobile Money PIN (Personal
Identification Number) is secret information inaccessible to anybody inside
or outside the company, except the customer.

 

The statement followed a message circulating on social media in which an
anonymous person claims the disappearance of Shs 2.7 million off their
mobile money wallet, alluding to insiders in the company having access to
customers' secret PINs.

It appealed to all customers to follow the golden rules of security when
transacting using MTN mobile money.

 

These are:

 

Under no circumstances should a customer share their PIN, code or the
One-Time Password (OTP) with anyone.

 

Do not use simple PIN combinations that can easily be guessed; e.g.,
0-0-0-0-0 or 1-2-3-4-5; if a customer is currently using one, we urge them
to change the PIN immediately.

 

MTN will call its customers using telephone number 031 212 0000 only. Should
anybody call a customer on behalf of the company with an alternative number,
please consider them to be a fraudster and call customer care helpline 100
for confirmation.

 

"If our customers follow the above 3 golden rules, nobody can have access to
their Mobile Money wallet without the customers entering the 5-digit secret
PIN into their phone themselves explicitly or unconsciously," the firm said.

 

It asked their customers to remain vigilant and immediately contact them via
our customer service helplines in case of any attempt by fraudsters to
access their mobile money wallets.

 

 

 

Nigeria, Untapped Market for Fiber Optics Investments - Report

The findings of a joint study by Boston Consulting Group (BCG) and
EDHECinfra, a venture of the renowned international EDHEC Business School,
has revealed that large markets such as Nigeria, Ghana, South Africa, Brazil
and parts of Asia have huge potential to attract digital infrastructure
projects but are untapped markets for fiber optics investments.

 

This, according to the report, which was published yesterday, can be linked
to uncertain economic growth that has made fiber-penetration levels uneven
despite a clear demand for fiber infrastructure projects.

 

In the new report entitled "Infrastructure Strategy 2022: A Pivot to the
Digital Frontier," Boston Consulting Group (BCG) and EDHECinfra provide a
new perspective on the investment strategies and risk-adjusted-performance
of different groups of infrastructure investors.

"Although demand for fiber optic projects is most pronounced in less-wealthy
economies--large and diverse regions with significant potentials, such as
Nigeria, Ghana, South Africa, Brazil, and parts of Asia are untapped
markets--fiber penetration is also uneven in places where economic growth is
less uncertain," the report states.

 

The study points out that the increasing desire for higher speeds and
reliable online access will inevitably lead to a huge expansion of fiber
optic installations in new networks in low- and middle-income nations as
well as in existing networks in higher-income countries.

 

Ultimately, fiber, which has already begun to make inroads in networks
everywhere, will replace legacy (primarily copper) infrastructure
completely, particularly as 5G rolls out.

 

Commenting on the findings of the study, Managing Director and Partner, BCG
Nigeria, Stefano Niavas, says, "Fibre optic investment is required to expand
the capacity of the undersea cable infrastructure on the shores of Nigeria
beyond the cities to other regions of the country in order to make
connectivity truly ubiquitous.

 

"With the growing demand for fast and reliable Internet connectivity,
investing in digital infrastructure is profitable and it is expected that
investment in fibre installations all over the country will accelerate in a
few years from now."-Daily Trust.

 

 

Kenya: Coffee Farmers Start Benefiting From Low Priced Fertilizer

Nyeri — Coffee farmers from Mutheka coffee cooperative society in Nyeri
county on Tuesday benefitted from the government-subsidized fertilizer at
almost half price.

 

Through the program, which is being overseen by the new Kenya Planters
Co-operative Union(KPCU), the farmers received the fertilizer at a cost of
Sh3,024 as opposed to the selling price at the local agro vets which stand
at Sh6,000.

 

Speaking during the exercise at the society secretary-manager Ephantus Kihia
said that over 1300 farmers out of the total 4000 will receive the
fertilizer that will enable their production to increase from a mere 800,000
kilograms to over 3 million.

"Our society is capable of producing 3 million kilograms of raw cherry ,
however, due to lack of farm inputs this year we were only able to produce
800,000 kilograms, this will improve once we get such assistance from
government," said Kihia.

 

Last month, the Ministry of Agriculture launched a Sh300million fertilizer
subsidy aimed at reviving the coffee industry in coffee-growing areas.

 

Agriculture CS Peter Munya while launching the program said that the
government will foot 40 per cent of the cost while the farmers will pay 60
per cent.

 

Isaack Kiara Mugweru a field officer at KPCU said that they will follow the
application of the commodity to ensure that farmers increase their yields.

 

Farmers interviewed were are in smiles saying that they will now be able to
conduct their farming as opposed to other years since they could afford the
commodity.

 

The move by the government to provide fertilizer to farmers comes at a time
when the country's production has gone to an all-time low of 20,000 metric
tonnes as opposed to 80,000 tonnes in the eighties.- Capital FM.

 

 

 

Uganda: Traders Commit to Fight Illicit Trade

Key stakeholders in the trading and manufacturing industry together with law
enforcement agencies and government bodies in charge of trading activities
have vowed to strengthen their efforts of fighting illicit and counterfeit
products on the Ugandan market.

 

These include Uganda Breweries Limited (UBL), Unilever Uganda Limited,
British American Tobacco (BAT), Kampala City Traders Association (KACITA),
Uganda Revenue Authority (URA), Uganda Police and Uganda National Bureau of
Standards (UNBS), among others.

 

According to Joseph Lubulwa, UBL brand protection manager, they have
partnered with the private sector and government agencies to conduct
nationwide sensitization engagements to inform the public and relevant
authorities on the dangers of illicit trade and how to spot the difference
between genuine and counterfeit products.

He said that in 2021, UBL seized illicit alcohol worth Shs 375 million and
between 2019 and 2020, government lost Shs 1.9 trillion in revenue from the
sale of illicit alcohol alone.

 

"Counterfeits take 64.5 per cent of the alcohol market share, leaving the
remaining smaller percentage to genuine dealers. We, therefore, appeal to
lawmakers to enable tougher penalties and timely prosecution of offenders,"
Lubulwa said.

 

Billy Tsuma, the BAT fiscal affairs manager, said whereas cigarettes are the
most taxed products in Uganda, where Shs 50 of every Shs 100 goes to URA in
taxes, government loses Shs 38 billion annually in taxes because of illicit
trade in cigarettes alone.

 

He further noted that as of the last quarter of 2021, 24 per cent of the
cigarettes consumed in the Ugandan market are illicit. Meanwhile, Joanita
Menya, the managing director of Unilever Uganda, revealed that because of
too much illicit trade activities in the country, Unilever was forced to
close down its factory in Uganda, which was producing Geisha soap and
Sunlight laundry powder, leaving thousands of people jobless.

"This essentially means that we are losing out as a country in terms of
investment opportunities in that the people who would want to invest with us
from a business perspective do not trust that they will be protected from
illicit traders," Menya said.

 

She added: "Illicit trade is a vice which needs joint effort to fight since
it costs government revenue, on top of killing innovation and market for
genuine products. We cannot let counterfeits cost us brand images we have
built over the years."

 

Abel Mwesigye, the CEO of KACITA, noted that with the effects of Covid-19,
most traders are getting into manufacturing, which is creating a wider space
for counterfeits and illicit trading. "We have realised that many of our
members have lost their businesses due to illicit trading because most of
the counterfeit products are sold cheaply, which pushes legitimate producers
out of business," he said.

 

He added that even though there is enforcement against counterfeit products
by police and URA, sensitization is lacking because there are people who
consume these products innocently.

 

"If we intensify sensitization, consumer awareness about counterfeits will
increase and, therefore, the public will become more aware not to purchase
them. The enforcement should also not only focus within the central business
district but also upcountry because the makers of these counterfeits are now
based there."

 

However, Charles Twine, the spokesperson of police's Criminal Investigations
directorate (CID), said there is still a big challenge as far as
investigating counterfeit products is concerned since there is no particular
law on counterfeits. The UNBS Act, which is currently being used, mainly
focuses on enforcing standards.

 

"There is, therefore, need to expedite the enactment of a law against
counterfeit products because such products are a time bomb since they affect
lives, innovation, research and collection of revenue...," Twine said.

 

URA's assistant commissioner of Enforcement, Julius Nkwasire said the
institution has a strategy to protect brands and make illicit products very
expensive to deal in and destroy them once confiscated.

 

On Friday, March 18, URA burnt cigarettes worth Shs 1.2 trillion which were
being sold illegally.-Observer.

 

 

 

 

Nigeria: Halting Bandits' Threat to All Modes of Transport in Kaduna

FOR the second time in less than six months, the Nigeria Railway
Corporation, NRC, yesterday, temporarily suspended operations along the
Abuja-Kaduna route after it confirmed a terrorist attack on the route.

 

The first time the NRC suspended operations on the route for the same reason
was in October 2021.

 

On Monday, a passenger train conveying no fewer than 970 passengers was
attacked by terrorists between Rijana and in Katari in Kaduna after bombing
the rail track. No fewer than seven passengers were reportedly killed as the
terrorists shot at them.

 

The 186 kilometre Abuja-Kaduna standard gauge railway tracks from Idu, near
Abuja, to Kaduna has nine stations and features both passenger and cargo
trains.

The passenger trains on the line can be operated at a speed between 200km/h
and 250km/h, reduces the travel time between Abuja and Kaduna to one hour
and each passenger train can carry up to 5,000 commuters.

 

The cargo trains carrying 800 tons of goods take one and half hours to
travel between the two cities.

 

People, who used to travel by road via Abuja-Kaduna expressway elected to
use the rail when the Abuja-Kaduna expressway became notorious for
kidnapping and banditry.

 

The 211-kilometre expressway is the link between the FCT and the
North-western part of Nigeria, which makes the stretch a suitable spot for
kidnappers because many travellers use the route. The Abuja-Kaduna route
forms a critical part of Nigeria's larger highway system, enabling the
movement of people and products from the North to the South and vice versa.

With bandits' attacks on roads and railway in Kaduna and the attempt on
Kaduna Airport on Saturday, the three modes of transport in the state are
facing terrorists' threats.

 

The different modes of transport are air, water, and land transport, which
includes rails or railways, road and off-road transport. Other modes also
exist, including pipelines, cable transport, and space transport.

 

The modes available in Kaduna are air and land (road and rail) transport. If
the bandits succeed in in their plans of halting road, rail and airport
transport, people will be hemmed in with dire socio-economic consequences.

 

Government must prevent this from happening by taking decisive actions
against the terrorists.

 

Three days ago, the Kaduna International airport was under siege, with
bandits reportedly killing a staff member of the Nigerian Airspace
Management Agency, NAMA. Although, the military authority dismissed various
media reports that bandits shut the Kaduna International Airport during an
attack on the facility, saying, "the incident happened six kilometres away
from the terminal and outside the Airport perimeter fence" and 12 of the
bandits were killed during the incident, there was indeed an attempt to
attack to the airport.

 

To avert the danger of travelling on the Abuja-Kaduna expressway, many
travellers resort to the railway service, which was before now considered
the safest option.

 

Kaduna state appears to be a major insecurity hotspot currently, on account
of recent happenings in the state, there are growing incidents of
kidnappings and attacks across the entire country.

 

A recent report released by The Africa Report revealed that Kaduna State has
11,246 police officers, which are inadequate to tackle the state's complex
internal security challenges

 

On October 21, 2021, the NRC suspended rail service operations on the
Abuja-Kaduna route following alleged detonation of explosives on the train
track by bandits.

 

The overnight attack left passengers traumatised, with witnesses reporting
that the attackers also fired live rounds into driver
compartments.-Vanguard.

 

 

 

Tanzania: Tcc Profit Up As It Marks 60 Years

Tanzania Cigarette Company (TCC) net profit has grown by 65.8 per cent to
59.6bn/-, driven by record sales volume and operational cost efficiencies as
the economy emerged from Covid-19 disruptions.

 

The profit rise was the result of the increasing sales volume that went up
14.4 per cent as the economy returns to normal trading conditions after
demand and supply chain disruptions in 2020 due to the coronavirus pandemic.

 

TCC Chairman, Paul Makanza, said in a statement that the strong performance
reflects the cigarette maker's strength of their revised domestic
distribution model and Covid-19 pandemic.

"Policy measures instituted by the 6th phase government [last year] to
improve the investment climate and business environment for economic
recovery and growth show positive results... ," Mr Makanza said.

 

According to the World Bank Tanzania Economic Update--March 2022 Report,
economic growth is expected to grow by 5.5per cent this year and 6.0 per
cent in the medium-term, assuming the external environment improves.

 

TCC, listed on Dar es Salaam Stock Exchange (DSE), said its revenue grew by
12.0 per cent to 312.9bn/- while gross profit increased by 14.1 per cent to
171.9bn/-.

 

"Going forward," Mr Makanza said, "we are optimistic about the year ahead".

 

The largest cigarette maker in the country said they banked on their robust
plan in place to achieve sustainable profit growth.

 

"This plan is anchored on portfolio optimisation, a stable product mix and
consumer up trading, route-to-market expansion and efficiencies, sustainable
pricing and cost efficiencies, and an agile and competitive team," he said.

 

The operating expenses declined by 11.4 per cent to 85.61bn/- last year from
96.64bn/- in 2020 due to operational efficiencies and cost savings across
the entire organisation.

 

Due to the good performance, the firm declared a total gross dividend of
550/- per share which was similar to the one offered in 2020. Last November
the interim gross was 250/- and the final gross dividend was 300/-to be paid
in May.

 

Last December, TCC marked 60 years of operations in the country and termed
the years as a remarkable journey of transformation, adaption, and
resilience.

 

"We take pride in our strong heritage in Tanzania and look forward to
another successful 60 years," Mr Makanza said.-Daily News.

 

 

 

Tanzania: 6bn/ - Set Aside for Dormitories Construction

ATLEAST 6bn/- has been set aside by the Simiyu region for the construction
of dormitories for female students, as part of the government efforts to
curb pregnancies in secondary schools in the region.

 

Speaking to residents of Maswa District, Simiyu Regional Commissioner Mr
David Kafulila said that the construction of the dormitories will commence
during this financial year 2022/2023.

 

He said that long distances to and from schools in the region is among the
leading causes of early pregnancies and has caused most female students fail
to accomplish their dreams as they drop out of school.

 

"A total of 6bn/- has been set aside for the construction of dormitories for
students from poor families so that they can be able to study like other
students from rich families, shortage of dormitories is among the leading
causes of early pregnancies in the region, and large number of students
failed to finish their studies due to this" he said.

A Head Master for Nyalikungu Secondary School Mr Gladius Lwezaura said that
female students have been facing various challenges due to the shortage of
dormitories public schools.

 

He said that the issue of long distance has been identified as one of the
leading causes of early-pregnancies, noting that in a bid to fight against
the challenge, the government has provided the fund for the construction of
the dormitories.

 

"The construction of these dormitories will enable students to have private
time for studies and teachers will be able to monitor their movements hence
improve their performance.

 

For his part, one of the teachers in Nyalikungu Secondary School, Mr Eliud
Kabengo said that most of the time when students go back home after classes
they being assigned house cores as a result they fail to get time for self
studies.

 

For her part, one of the female students Ms Monica Gogadi appealed to the
government under President Samia Suluhu Hassan to see the possibility of
constructing school dormitories for female students because the move will
help to address most of the challenges faced by girls.

 

"The construction of dormitories will reduce the challenges facing female
students and hence it will also reduce cases of early pregnancies.

 

Some of the Maswa residents who witnessed the launch of dormitories projects
also commended the regional authorities saying the program will help to curb
early pregnancies for female students which have been cited as one of the
leading causes that obstructed their dreams.

 

"We believe that the construction of these buildings will reduce the number
of female students who fail to finish their studies due to pregnancies. The
construction of these dormitories will reduce its number and it will help
them to concentrate on their studies," he said.-Daily News.

 

 

 

Uganda: Activist Nakabuye Challenges European Leaders Over Support for Crude
Oil Pipeline Project

Hilda Nakabuye, a Ugandan climate and environmental rights activist and
founder of Uganda's Fridays for Future movement, has challenged top European
decision-makers over their support for the East African Crude Oil Pipeline
(EACOP) at the Berlin Energy Transition Dialogue on Tuesday.

 

The activist delivered a powerful speech to other keynote speakers including
Annalena Baerbock the German Minister for Foreign Affairs, Kwasi Kwarteng
the British Secretary of State for Business Energy and Industrial Strategy,
and António Guterres the Secretary-General for the United Nations.

 

In her speech, Nakabuye said: "I have come here today to remind you that the
greed exhibited by your leaders and global north corporations is a danger to
the lives of people in Africa. It is a danger to wildlife and a threat to
future generations."

 

"Despite promising time and time again to cut fossil fuels at home, European
backing for the East African Crude Oil Pipeline is clear evidence the region
continues to support devastating fossil fuel projects in the global south,"
she added.

 

According to Nakabuye, Europe developed by burning fossil fuels but that is
not the path young people want to take.

 

"Uganda and the rest of Africa wants to develop but not at the expense of
nature and human lives," she stressed.

 

In response, Annalena Baerbock the German Minister for Foreign Affairs said
"it is our global responsibility to ensure that we don't export our energy
crisis to countries of the global South, and that the energy transition is
equitable, even in the rest of the world."

 

The EACOP is a proposed 1,443-kilometer crude oil pipeline from Hoima in
Uganda to the port of Tanga in Tanzania that, if completed, would be the
longest heated crude oil pipeline in the world.

 

Environmental activists say that the likely risk of oil spills pose a huge
threat to the livelihoods and welfare of tens of millions of Ugandans and
Tanzanians, and would generate over 34 million extra tons of carbon
emissions every year, accelerating the climate crisis.

 

Ugandan climate activists, including Vanessa Nakate, have been traveling
across Europe to raise the awareness and support for their ongoing campaign
to halt the construction of the East Africa Crude Oil Pipeline.

 

With the support of European climate activists they want to end European
support for this project that they have called "devastating".

 

Currently EACOP is financed and supported by European companies like Total,
financiers that include Deutsche Bank and Standard Chartered, and insurers
like Munich RE and Allianz.

 

Nakabuye, in an interview, said that they want people in Europe and around
the world to know about the East Africa Crude Oil Pipeline.

 

"We want financial institutions and other big companies supporting Total to
withdraw their support. We want to see this project stopped, as well as any
other new oil projects in Africa and around the world," she said.

 

To date 15 major banks and five major reinsurers have ruled out support for
the pipeline.

 

 

 

 

 

 

 

 


 


 


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
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been compiled from sources believed to be reliable, but no representation or
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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
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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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