Major International Business Headlines Brief::: 12 May 2022

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Major International Business Headlines Brief::: 12 May 2022 

 


 

 


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

 


 

 


ü  Apple loses position as most valuable firm amid tech sell-off

ü  UK economy shrinks in March as prices rise

ü  Record number of polluters set CO2 emissions targets

ü  US price rises ease for the first time in months

ü  Windfall tax on energy firms still an option

ü  Disney sees better than expected streaming growth

ü  Google unveils new Pixel Watch

ü  Covid mask rules relaxed for EU air travel

ü  Nigerian Govt Insists On Right to Produce Head of West African Gas
Authority

ü  Kenya: Safaricom Posts Sh77 Billion Net Profit in 2021

ü  Nigerian Firm, Five Other African Start-Ups Make WEF's Technology
Pioneers' List

ü  Rwanda: CHOGM - Are Youth Preparing for Prospective Opportunities?

ü  Tanzania: Exim Bank Promises More Investment On Environmental
Conservation

ü  Tanzania: Pura Stresses On Participation in Extraction Sector

ü  Kenya: Safaricom to Launch M Pesa Junior Targeting Customers Below 18
Years

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Apple loses position as most valuable firm amid tech sell-off

Apple has lost its position as the world's most valuable company amid a
broad sell-off of technology stocks.

 

Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from
the iPhone maker for the first time in almost two years.

 

Investors have been selling shares in technology firms as they move into
what they see as less risky assets.

 

Bitcoin, other major cryptocurrencies and digital assets have also continued
to fall sharply.

 

Shares in Apple fell by more than 5% in New York on Wednesday to end the
trading day with a stock market valuation of $2.37tn (£1.94tn).

 

That meant it lost its position as the most valuable company in the world to
oil and gas producer Aramco, which was valued at $2.42tn.

 

It is the first time that Aramco has held the top spot since 2020. Shares in
energy producers have risen this year as the cost of crude oil and natural
gas have gone up.

 

Meanwhile Apple's shares have fallen by almost 20% since the start of the
year after a sell-off in technology stocks.

 

The technology-heavy Nasdaq closed 3.2% lower in New York on Wednesday after
official data showed that US inflation remained near a more than 40-year
high.

 

Rising prices have been the single biggest threat to the recovery of the
global economy as it emerges from the Covid-19 pandemic.

 

Central banks around the world have responded to the problem by raising
interest rates, which has triggered a move out of riskier investments over
concerns that the higher cost of borrowing will slow down economic growth.

 

On Thursday Japan's SoftBank Group reported a record loss of $26.2bn at its
Vision Fund business as the value of its technology investments slid.

 

The loss was a stark contrast to a year ago when the company posted record
annual profit.

 

Since then a number of companies SoftBank has stakes in, including
ride-hailing firms Didi and Grab, have tumbled in value.

 

The move out of what are seen as risky assets also helped to push the price
of Bitcoin below $27,000.

 

The world's biggest and best-known cryptocurrency has now lost about 60% of
its value since hitting a record high in November last year.

 

Ether, the digital coin linked to the ethereum blockchain network, also fell
sharply again and has now lost more than 40% of its value in the last
week.=BBC

 

 

 

UK economy shrinks in March as prices rise

The UK economy shrank in March as households began to feel the impact of
rising prices and cut down on spending.

 

The economy contracted by 0.1% in March after no growth in February, the
Office for National Statistics (ONS) said.

 

"You can see the cost of living really beginning to bite," Darren Morgan,
director of economic statistics at the ONS, told the BBC.

 

Mr Morgan said people were spending less in shops and cutting down on car
journeys due to higher fuel prices.

 

Although the economy contracted in March, it grew by 0.8% overall in the
first three months of the year, which was driven by hospitality and travel
industries recovering from coronavirus pandemic restrictions.

 

However, the Bank of England has warned the UK faces a "sharp economic
slowdown", with prices rising at their fastest rate for 30 years, driven by
soaring fuel, food and energy costs.

 

 

The Bank has forecast that inflation - the rate at which prices rise - could
reach more than 10% by the end of the year.

 

Mr Morgan said trading in the retail sector had fallen "well below
expectations" in March, with people cutting spending on "big ticket,
non-essential items".

 

He said there was also a large fall in fuel sales as people reduced the
amount of car journeys they took due to the high cost of fuel at the pumps,
driven by soaring global oil prices.

 

"The other industry we saw very much struggling is the motor trade industry.
They are really struggling at the moment," he said.

 

The Society of Motor Manufacturers and Traders has said March marked the
"weakest" for new car registrations since 1998, as supply chain problems
continue to hamper carmakers.

 

We'll take any growth we can get right now, and on the face of it 0.8%
growth in the economy during the first three months of the year is good by
any normal standard and better than most of the comparable G7 major
economies, some of which are already contracting. It confirms full recovery
from the economic losses of the pandemic, though at a slower pace compared
to the rest of those G7 countries.

 

But this looks like being old news already, before the cost of living crisis
exacerbated by events in Ukraine, tripped up growth. The evidence of the
impact of a squeezed economy hit by high prices is already visible in the
first quarter's monthly breakdowns. All the growth happened in January, with
a flat February and a small contraction in March.

 

Economists fear the economy could be contracting right now, though some of
that may be down to an extra bank holiday. With taxes, interest rates, and
inflation all hitting disposable income at the same time, the fear is that
January could be as good as it gets for the UK economy in 2022.

 

Mr Morgan said a survey by the ONS of 40,000 businesses found over half had
seen an increase in the price of wholesale materials and goods, but fewer
than half of those firms were passing the costs on.

 

"They are absorbing those rises and you do have to question how sustainable
that is on an ongoing basis," he said.

 

Many businesses expect the price of goods to increase further, and "their
big concern is the energy prices," Mr Morgan added.

 

Chancellor Rishi Sunak said the UK's economic recovery from the pandemic was
being "disrupted by Putin's barbaric invasion of Ukraine and other global
challenges".

 

"The UK economy recovered quickly from the worst of the pandemic and our
growth in the first few months of the year was strong, faster than the US,
Germany and Italy, but I know these are still anxious times," he said.

 

Mr Sunak said the government was "continuing to help people where we can"
with investments in "capital, people and ideas to boost living standards in
the future".

 

But Labour's Lisa Nandy, shadow secretary of state for Levelling Up,
criticised the government for "very sluggish" rates of growth.

 

"Businesses are struggling, shops are boarded up, people simply don't have
money to spend," she told the BBC, as she called for an emergency Budget to
help people with cost of living.

 

The CBI business group said businesses and households were "feeling the
pinch".

 

"The economy barely kept its head above the water during a volatile start to
the year, but times look set to get that bit tougher," said Rain
Newton-Smith, CBI chief economist.

 

The ONS said a 15.1% fall in repairs of motor vehicles and motorcycles was
the main factor behind the UK's services sector shrinking in March.

 

However, it said the construction industry saw a strong month due to repairs
needing to be carried out on homes and buildings following storms across in
the UK in February.-BBC

 

 

 

Record number of polluters set CO2 emissions targets

A record number of big polluters are committing to cutting CO2 emissions, a
UN-backed report has said.

 

But firms in Asia, Africa and Latin America are lagging behind Europe, the
US and Japan, the Science-Based Targets Initiative said.

 

Separately, a report cast doubt on whether oil companies can all deliver
carbon cuts they've promised.

 

Big oil firms are relying on unproven technologies, a think tank said.

 

'Critical mass'

The Science-Based Targets Initiative advises firms on how to set emissions
reduction targets in line with climate science.

 

It says targets have now been adopted by more than 2,000 firms worth $38tn
across 70 countries in 15 industries.

 

The authors say that in the most polluting sectors a critical mass of firms
(27%) has joined the initiative.

 

They believe this could prove a positive tipping point, as the polluting
giants influence actions across the whole supply chain.

 

More than half the companies setting targets are in the G7 rich nations, but
there are also participants from China, India, Brazil, South Korea and South
Africa.

 

Canada and Italy are lagging behind, the report says. And Africa and Asia
need more participants.

 

The document says:

 

Around 80% of the targets approved by the firms in 2021 were aligned with
the benchmark of holding global temperature rises to 1.5ºC above
pre-industrial times.

Between 2015-2020, the majority of companies with 1.5°C targets cut
emissions twice as fast as required.

Environmentalist Tom Burke from the think tank E3G welcomed the target
setting.

 

"This is really good news", he said, "but it's very late in the day. We are
way past the time when we should be tackling climate change.

 

"It's great to have targets but there's a huge gap in government and
business between targets and achievements".

 

'Unproven technology'

A separate report today urged caution over oil companies' targets.

 

The think tank Carbon Tracker said that oil and gas firms are basing their
emissions goals on either selling polluting assets or on unproven or
controversial technologies.

 

These include carbon capture and storage (CCS) - or carbon offsetting which
can include trees being planted to compensate for industrial emissions.

 

Carbon Tracker says investors should ask whether companies' targets are not
just ambitious but also credible.

 

The author, Mike Coffin, said: "Emissions mitigation technologies pose a
huge risk to investors and the climate because most, such as CCS, are at an
early stage of development, and solutions involving tree-planting require
vast areas of land.

 

"Costs will be enormous and it is not clear whether they will be technically
feasible or economically viable."

 

The report ranks oil and gas firms. It says:

 

Eni has the strongest policy, pledging a 35% cut in emissions by 2030 from
the production and use of its products. But its plans involve CCS and
nature-based solutions such as tree planting.

BP ranks fourth but its position is expected to improve once it formally
ends its Rosneft gas shareholding. It says CCS will be a "lever" for
emissions reductions.

Shell ranks fifth, pledging only to reduce the carbon intensity of its
operations and the products it sells.

Nine North American companies all have weaker policies than Europeans and
only commit to reducing emissions intensity - that's a measure of carbon
emissions per dollar earned.

ExxonMobil has the weakest policy, the report says. It adopted a net zero
target last year but has not said how it will get there.

However, the oil giant said that it "has long acknowledged the reality and
risks of climate change, and it has devoted significant resources to
addressing those risks".

 

"We have announced our ambition to achieve net zero greenhouse gas emissions
for operated assets by 2050. As part of that, we are developing detailed
emission-reduction roadmaps for major facilities and assets," it said.

 

A Met Office report this week said new global record temperatures are
expected again in the next few years.-BBC

 

 

 

US price rises ease for the first time in months

The pace of price increases in the US eased slightly in April, as costs for
petrol, used cars and clothing slipped.

 

The annual pace of inflation was 8.3% last month, down from 8.5% in March,
the Labor Department said.

 

That marked the first decline in months but the rate of price increases
remained at a 40-year high.

 

The cost of groceries, housing and items like airline tickets continued to
rise, putting pressure on policymakers to rein in the increases.

 

President Joe Biden on Wednesday said that price increases remained
"unacceptably high", describing bringing down inflation as his "top domestic
priority".

 

The US central bank earlier this month announced its biggest interest rate
rise in 22 years, hiking by half a percentage point in an effort to tackle
the issue.

 

Analysts said they had expected the report to show a bigger slowdown in
price acceleration, as the rapid run-up in prices seen over the last 12
months started to lose steam.

 

But "underlying inflation pressures are stronger than we had expected", said
Andrew Hunter, senior US economist for Capital Economics.

 

Prices in the US started rising in 2021, reflecting a strong economic
rebound from the shock of the pandemic.

 

Low interest rates and government spending - including cheques to households
to cushion them from the impact of Covid shutdowns - have helped fuel
demand.

 

At the same time, supply remains constrained by ongoing Covid issues, labour
shortages and the war in Ukraine, which prompted a sharp spike in food and
energy costs in March.

 

Those pressures moderated last month.

 

Petrol prices fell 6.1% in April, after a more than 18% surge in March,
according to the Labor Department's consumer price index.

 

Grocery prices gained 1% over the month, slowing from a 1.5% rise in March.

 

Clothing costs also slipped 0.8% in April, following six consecutive months
of increases.

 

But inflation continued to push up the cost of other items, eating into the
purchasing power of consumers as wage gains failed to keep pace.

 

Airfares jumped 18.6% from March to April - the largest one-month rise since
record-keeping began in 1963.

 

New car prices jumped 1.1%, while housing costs continued to climb steadily,
up 0.5%.

 

"The easing... to 8.3% year-over-year from 8.5% marks a start in returning
inflation back to the Federal Reserve's target [of 2%], but there remains a
substantial way to go," said Wells Fargo economist Sarah House. "Inflation
remains widespread, making it all the more difficult to curtail."-BBC

 

 

 

Windfall tax on energy firms still an option

A windfall tax on big oil and gas companies to help tackle the soaring cost
of living has not been ruled out, sources close to the chancellor say.

 

Officials say Rishi Sunak is still open to the idea if firms do not reinvest
their bumper profits in the UK.

 

Current policy is still based on the tax deterring investment in new oil and
gas fields and green technologies.

 

Prime Minister Boris Johnson warned last week it could put future UK energy
security at risk.

 

However, the Treasury is now pointing to comments Rishi Sunak made in an
interview with Mumsnet in April in which he said "nothing's ever off the
table in these things".

 

The chancellor warned that if sufficient investment was not forthcoming
"then of course that [windfall tax] is something I would look at".

 

The fact that Treasury officials are using the chancellor's comments in
April as the primary text in the study of windfall tax probability is
further evidence of the "leeway" they have on the policy, one official said
today.

 

The question remains how much investment would be enough to make the
chancellor put the windfall tax stick away?

 

The chancellor and business secretary Kwasi Kwarteng have previously
welcomed pledges by BP to invest £18bn in the UK by the end of 2030 and
Shell to invest £20-25bn in the next 10 years. However, neither of their
commitments has materially increased as their profits have ballooned.

 

Shell made a record £7bn in the first three months of this year while BP
reported a decade high £5bn.

 

BP boss Bernard Looney, who famously described the company as a "cash
machine", told journalists that it would proceed with all of their UK
investments with or without a windfall tax.

 

Shell boss Ben van Beurden wouldn't be drawn on whether it would scale back
investment but did say Shell's programme of investments would be helped by
"a stable tax and regulatory environment".

 

Windfall taxes are not something in this chancellor's economic DNA. Oil and
gas prices are extremely volatile and when BP and Shell were making record
losses when oil prices collapsed, there was no clamour to help them out.

 

The boss of Centrica, Chris O'Shea has likened a windfall tax to "burning
the furniture to keep warm" - a quick fix but a poor long-term decision.

 

'Debate not going away'

But the chronic squeeze on household incomes has seen some perhaps
unexpected advocates for a windfall tax.

 

On Tuesday, Tesco chairman John Allan told the BBC that the case for one was
overwhelming in the face of the genuine hardship he was seeing reflected in
stores.

 

An oil and gas industry executive conceded "it's clear this debate is not
going away. I don't think the chancellor wants to do it but the political
pressure is clearly there"

 

The evolution of a policy U-turn starts with a few mutations, some of which
are shut down and others allowed to persist as it slowly takes a new shape.
We are not there yet - but to mix metaphors further, officials seem to be
"rolling the pitch" before potentially delivering a change.

 

One of the biggest problems may be designing the mechanism to impose the
tax.

 

BP and Shell have paid almost zero tax on their North Sea operations over
the last few years as prices have been much lower and they are allowed to
offset the cost of decommissioning old North Sea facilities against any
profits made.

 

Taxing worldwide income would mean taxing BP and Shell on profits made in
places like the US, activities they will have paid US tax on already.

 

While big global players like BP and Shell could take such a tax in their
stride, UK waters are also home to smaller firms who may be deterred from
investing by the prospect of a tax raid. Creating a minimum revenue
threshold - as the government did with its digital services tax - could
exempt them while hitting the deep pockets of the likes of BP and Shell.

 

The other question is whether it is purely retrospective - and if so, how
far back in history do you go. The shareholders of the company now may not
be the same as the ones that enjoyed the windfall, so there's a risk in
going back too far.

 

However, tax experts say that if you made it purely retrospective, then you
could argue it is no disincentive to future investment as long as it comes
with a credible promise it's a one-off occurrence.

 

It's likely that these are the exact conversations going on inside the
Treasury right now.-BBC

 

 

 

Disney sees better than expected streaming growth

Walt Disney has reported another jump in sign-ups for its streaming
services, escaping the slowdown that hit arch rival Netflix.

 

More than 9 million people subscribed to the firm's online video platforms
in the first three months of the year, most of them to its flagship Disney+.

 

The parks business also boomed, extending a rebound from the pandemic.

 

Disney's performance was under scrutiny after Netflix reported a fall in
subscribers last month.

 

Netflix, an early pioneer in streaming, has been having a harder time
signing up new members, as it tries to build from an already massive 220
million base and more competitors enter the industry.

 

But analysts had worried that its troubles might be more widespread and
signal a wider slowdown in consumer demand for streaming.

 

"A huge sigh of relief for Disney", said Paolo Pescatore, PP Foresight
analyst.

 

Disney has poured investment into its streaming services, seeing them as key
to the future of its business, as movie attendance wanes and more people
turn from traditional television.

 

Since launching in 2019, the number of Disney+ subscribers has reached
nearly 138 million, drawn by hits such as Marvel's "Moon Knight" series and
Pixar movie "Turning Red". The firm also owns Hulu, ESPN and Hotstar in
India.

 

Disney executives said subscriber growth over the last six months was
stronger than they had expected.

 

They said that may slow in coming months, as the firm enters markets, like
Poland, where the war in Ukraine is affecting sentiment. But they said they
remained confident that they will hit sign-up goals.

 

"We still do expect an increase in growth," said chief financial officer
Christine McCarthy.

 

Mr Pescatore said the company's growth was likely to remain strong, as the
company launches in more markets overseas. The company is also planning an
ad-supported service.

 

"For now, take-up for its direct-to-consumer services like Disney+ remains
robust and will continue to do so," he said. "Ultimately, it is in a
different phase of growth compared to rivals including Netflix, akin to a
start-up."

 

Overall Disney revenues in the first three months of the year rose 23% from
a year ago to $19.25bn, boosted by its amusement park business, which saw
revenues more than double.

 

Profits fell to $470m, down from roughly $900m last year.

 

The streaming business is still losing money; the company was also hit by a
$1bn charge it paid to end distribution deals for movies and television so
they could put the content on their own services.-BBC

 

 

 

Google unveils new Pixel Watch

Google has unveiled its first smartwatch at its annual developer conference.

 

The Google Pixel Watch combines its own Wear operating system with Fitbit
health tracking.

 

Fitbit was acquired by Google for $2.1bn (£1.7bn) in 2019.

 

The watch can be paired with Android devices only and is 4G-compatible,
which means it can function on its own without being near a phone - but to
do this it requires its own data plan.

 

Both the phone and watch would also need to be on the same network, Google
said.

 

The tech giant did not reveal a price for the wearable, but it said would be
a "premium product" when it launches in the autumn.

 

It faces stiff competition from the likes of Apple and Samsung, which are
already market leaders in smartwatches.

 

There are already many third party Android watches which run on Google's
Wear operating system but so far Google has not had its own device..

 

Rick Osterloh, senior vice-president of devices and services at Google, said
the combination of "Google's ecosystem and Fitbit expertise" was what made
the product unique.

 

Despite speculation that the Pixel Watch might also pair with Apple
products, Google confirmed this will not be the case.

 

Google's initial takeover of Fitbit was probed by the European Commission,
which eventually gave its approval.

 

However, Google had to make a number of promises, including not to "degrade
the user experience of third-party smartwatches when paired with an Android
phone" for a period of 10 years, in Europe.

 

It also had to pledge not to use Fitbit data for advertising purposes.

 

Google told the BBC it was committed to keeping health and wellness data
separate from other user data, and had worked with regulators to address
privacy concerns.

 

New Pixels

Google also announced two new Pixel phones - the budget Pixel 6a and premium
Pixel 7, going on sale in July, a new Pixel tablet to be released in 2023,
and updated earbuds, Pixel Buds Pro, with 11 hours battery life (or 7 hours
with noise cancelling function activated).

 

Google's Pixel smartphones have in the past received decent reviews, but
have not become a major player in the market.

 

In February, Google chief executive Sundar Pichai said the last three months
of 2021 had set an "all-time quarterly sales record for Pixel", but did not
give actual numbers.

 

Mr Osterloh said the global chip shortage had in "no doubt had a significant
effect" on Google's hardware sales.

 

"We would have sold more Pixels if it weren't for supply chain issues," he
said.-BBC

 

 

Covid mask rules relaxed for EU air travel

Face masks will no longer have to be worn on flights and in airports in EU
countries from next Monday, according to new official guidance.

 

The move is in line with changing Covid policies on public transport across
Europe, said the EU Aviation Safety Agency (EASA).

 

Some US airlines did the same in April after a federal judge threw out the
government's mask mandate.

 

But EASA said rules for masks "will continue to vary by airline".

 

"From next week, face masks will no longer need to be mandatory in air
travel in all cases, broadly aligning with the changing requirements of
national authorities across Europe for public transport," EASA executive
director Patrick Ky said.

 

"It is a relief to all of us that we are finally reaching a stage in the
pandemic where we can start to relax the health safety measures," he added.

 

'Reduce transmission'

But the new guidance came with some cautionary advice from the European
Centre for Disease Prevention and Control (ECDC).

 

ECDC director Andrea Ammon said that although the wearing of masks would no
longer be compulsory, it was important to remember that "together with
physical distancing and good hand hygiene, it is one of the best methods of
reducing transmission".

 

Both EU agencies said that on flights arriving at or departing from places
where masks still had to be worn on public transport, airlines should
encourage passengers to wear them.

 

"Further, as of 16 May 2022, aircraft operators, during their pre-flight
communications as well as during the flight, should continue to encourage
their passengers and crew members to wear face masks during the flight as
well as in the airport, even when wearing a face mask is not required," the
ECDC said.

 

Some airlines flying to and from the UK have already removed mask
requirements where destinations don't require it.

 

Ryanair said it would drop mandatory face masks on EU flights from next
Monday, in line with the new EASA guidance.

 

In March, the budget airline EasyJet said where masks are no longer legally
required at both ends of the route, mask wearing would be a personal choice.

 

An EasyJet spokesperson said: "We welcome this guidance from EASA and the
ECDC and continue to urge European governments to have a co-ordinated
approach in removing mask requirements on board aircraft, to make it easy
and clear for customers."-BBC

 

 

 

Nigerian Govt Insists On Right to Produce Head of West African Gas Authority

The federal government has insisted that it wasn't in breach of any part of
the treaty setting up the West African Gas Pipeline Authority (WAGPA) by the
selection of a Nigerian to head the organisation.

 

WAGPA is an international institution established by the treaty on the West
African Gas Pipeline (WAGP) Project signed by the Heads of States of the
Republics of Benin, Ghana, Nigeria and Togo.

 

But it was gathered that the selection of a Nigerian, Ms. Chafari Kanya, had
raised eyebrows within the regional body , with the francophone countries
insisting that Nigeria cannot have both the headquarters and the director
general simultaneously.

 

THISDAY learnt that Nigeria's argument is that no part of the international
agreement imposes any obligation on members of the organisation to forfeit
their right to produce the DG even if the head office is situated in their
country.

 

The pipelines project is run by the West African Gas Pipeline Company
limited (WAPCo), jointly owned by Chevron (36.7 per cent), Nigerian National
Petroleum Company (NNPC) (25 per cent), Shell Overseas Holdings Limited (18
per cent), Takoradi Power Company Limited (16.3 per cent), Société Togolaise
de Gaz (2 per cent) and et Société BenGaz (2 per cent).

Speaking at the meeting of the Committee of Ministers (CoM) of WAGP in
Abuja, Minister of State, Petroleum Resources, Mr Timipre Sylva, maintained
that the Accra resolution of November 2021, to move ahead with the
appointment of a Nigerian as the head of the body remains very critical.

 

He called for the understanding of member nations, urging them to stick to
the rules setting up the body.

 

"Dear colleagues, I know we have some differences in respect of the
appointment of the DG but I am confident that through a common
understanding, which has been the hallmark of this body, we will all agree
to respect one another's existing right under the WAGP Treaty.

"As parties to the treaty and the agreements, we should all be guided by the
applicable provisions of these legal instruments especially section 4(2) of
Article IV of the Treaty, which guides the appointment of the Director
General of WAGPA.

 

"It is clear that section 4(2) of Article IV of the WAGP Treaty does not
discriminate against any State Party in the appointment of the Director
General of WAGPA and by my letter earlier to you my dear colleagues, I have
conveyed this express position of the Treaty.

 

"In the circumstances therefore, I will seek the understanding and
cooperation of all of us to be guided by the provisions of the Treaty in
reaching a sustainable, profitable and fair decision on this matter.

 

"It cannot be argued otherwise that in a situation like this, to be guided
by the Treaty, which brought the State Parties together is the most
dependable internal mechanism provided for conflict resolution," the
minister pointed out.

According to him, it would be most unfair to disregard an applicable
provision of the treaty in violation of the existing right of one of the
parties to the treaty, which is Nigeria.

 

"I am certain that as committed signatories to the treaty, we shall not find
any difficulty in allowing section 4(2) of Article IV of the Treaty to
resolve the issue of the appointment of the Director General for all of us.

 

" If section 4(2) of Article IV of the Treaty says a Nigerian is not
qualified to be appointed the Director General, then such agreement must be
kept and be upheld.

 

" But if section 4(2) of Article IV of the Treaty is to the effect that
Nigeria is qualified, then, there need not to be further objection against
what section 4(2) of Article IV of the Treaty plainly stated," he argued.

 

Sylva noted that the meeting was coming at a very critical time especially
the changing socio-political landscape occasioned by the Russian-Ukrainian
war that has put pressure on global gas demands across Europe.

 

Noting that the organisation was set up to ramp up cross border natural gas
transportation, he pointed out that since inception, the Takoradi-Tema
Interconnection Project (TTIP) and the lifting of force majeure that was in
place by Nigeria Gas Company (NGC) between June 2013 and October, 2020 had
been achieved.

 

In addition, he listed the reforms of the Access Code to the WAGP Network
Code and the ongoing amendment to the WAGP Act and the WAGP Regulations to
give licencing power to WAGP Authority to oversee the activities of the
Shippers as some other milestones.

 

"We will as a nation continue to work with all stakeholders for the
improvement of the project performance. I must dare say that we have not
done badly in our collective quests to realise these laudable objectives,"
he said.

 

He explained that since the global community had classified gas as part of
renewable energy and since members cannot but join the global energy
transition train, they must hurry to explore and exploit the abundant
natural gas deposits within their borders.

 

In her comments, the new DG, Kanya, pledged to collaborate with WAPCo and
other stakeholders in the WAGP Project to identify areas of gaps in the
delivery of better services to ensure continuous, increased and sustainable
flow of gas.

 

"To me, this is important because adequate flow of gas to end users through
the WAGP will fast-track positive growth of the power sector of the
countries, accelerate industrialisation, generate employment, increase
revenue for the State Parties and increase infrastructural developments for
our people," she noted.

 

She affirmed that she was aware of the sentiments that over-regulation could
bring discouragement and be counterproductive , but said that the
regulations fashioned out for WAGP Project were amendable where they become
counterproductive.

 

Minister of Energy, Ghana, Dr. Matthew Prempeh, who is also chair of WAPG,
in his intervention, stated that in spite of the "technical breaches"
encountered in the past, the WAGP remains a regional asset and has been a
significant contributor to the stability of power supply in beneficiary
countries.

 

" It is therefore appropriate that there are plans to extend the pipeline
further along the West African Coast up to Morocco to supply natural gas to
the countries along the pipeline route, as well as those inland.

 

He pledged Ghana's commitment to the Takoradi to Tema Interconnection
Project (TTIP), which was fully paid for by the Government of Ghana at the
cost of approximately $200 million.

 

Managing Director of WAPCo, Gregory Germani, lauded the role of the
committee of ministers in keeping the WAGP a going concern as it celebrates
10 years of commercial operations.

 

He noted that WAGP was important for regional integration and the
sub-region's energy future, saying it continues to serve its purpose as a
development instrument among member countries.-This Day.

 

 

 

Kenya: Safaricom Posts Sh77 Billion Net Profit in 2021

Nairobi — Safaricom saw its net profit (excluding Ethiopia) rebound to
pre-Covid-19 levels, growing by 12.2 per cent to Sh77 billion in the full
year ended December 2021.

 

The telco's mobile money platform M-Pesa continued to be the firm's cash cow
earning Sh107.7billion during the year.

 

The platform handled transactions worth Sh29.5trillion during the year.

 

"We are proud of our strong performance that reflects our focus on solving
customer issues and societal challenges," said Safaricom CEO Peter Ndegwa.

 

Customer growth slowed down in the period due to the ongoing implementation
of changes in subscriber registration process.

 

Despite this, the firm's one-month active customers grew by 4.3 per cent to
32.81million.

 

In total, Safaricom made Sh281 billion in revenue in the year from Sh250.4
billion recorded in 2020.

 

This was driven by growth in M-Pesa, mobile data, and fixed revenue.-Capital
FM.

 

 

 

Nigerian Firm, Five Other African Start-Ups Make WEF's Technology Pioneers'
List

The World Economic Forum (WEF) has listed six African startups, including
Nigeria's Okra among its global Technology Pioneers of 2022.

 

They are among the 100-strong WEF global list of innovative tech startups
for its 2022 Technology Pioneers cohort.

 

According to the WEF, the Technology Pioneers' list is an assemblage of
leading, "early-to growth-stage companies from around the world that are
pioneering new technologies and innovations."

 

This year's cohort consists of 100 startups from across the world, including
the six from Africa --Okra, Access Afya, Sendy, Pula Advisors, Ejara and
Ampersand.

Following their unveiling, the technology pioneers would now join an alumni
community that comprise some of the world's most valuable tech companies,
including Google, Twitter, Spotify, Wikipedia and Mozilla, among others.

 

"By joining this community, Technology Pioneers begin a two-year journey
where they are part of the World Economic Forum's initiatives, activities
and events, bringing their cutting-edge insight and fresh thinking to
critical global discussions.

 

"Technology Pioneers are an integral part of the Forum's Global Innovators
community, which is an invitation-only group of the world's most promising
start-ups and scale-ups that are at the forefront of technological and
business model innovation," the statement by WEF added.

 

Okra is a Nigerian Application Programming Interface (API)/fintech startup
which specialises in digitalising financial services across the continent.

It does this by making it possible for fintechs and even banks to easily
access customers' financial information/data.

 

Okra -- which was founded in 2019, by Fara Ashiru Jituboh and David
Peterside, is described as a "one-stop-shop" platform that "empowers
companies and developers to build products with seamless access to inclusive
financial data and secure payments," according to its website.

 

The other five African Technology Pioneers are three Kenyan firms, Access
Afya, Sendy and Pula Advisors.

 

Access Afya specialises in the provision of quality and affordable
healthcare for the global mass market.

 

Using technology, the healthtech startup leverages available "patient data
to facilitate efficient diagnostic, operational and follow-up care
pathways."

 

Sendy, another Kenyan startup specialises in building Africa's ecommerce
fulfilment infrastructure for consumer brands. In other words, the company
makes "trading in Africa easier and more beneficial to more people"
according to information available on its website.

 

Pula Advisors doubles as an insurance and technology company, designing
innovative insurance and other digital products farmers. The goal is to
de-risk all agricultural investments and guarantee profit.

 

Others are Ampersand of Rwanda, a startup that has been described as the
leading battery-swap energy network for light vehicles. Information
available on its website says: "we offer East Africa's five million taxi
motorcyclists a commercial electric motorcycle that is cheaper from day one,
provides better overall user experience and requires minimal customer
behaviour change."

 

Ejara, the Cameroonian startup specialises in helping Africans at home and
in the diaspora to invest in different forms of investments including
equities, cryptos and commodities, among others..

 

Last year, eight African startups were named in the WEF 2021 Technology
Pioneers list. The startups are: Cambridge Industries (Ethiopia), FlexFin Tx
(Zimbabwe), Kuda (Nigeria), Moringa School (Kenya), mPharma (Ghana),
Sokowatch (Kenya), 54Gene (Nigeria), and Gro Intelligence (Kenya).

 

According to WEF, the Technology Pioneers' list is an assemblage of leading
"early-to growth-stage companies from around the world that are pioneering
new technologies and innovations."

 

These startups are at the forefront of their industries, leading change and
solving some of the world's most pressing problems, including climate
change, food security, cybersecurity, among others.-This Day.

 

 

 

Rwanda: CHOGM - Are Youth Preparing for Prospective Opportunities?

As different sectors prepare to leverage opportunities presented as Rwanda
hosts over 5000 delegates from the 54 member countries of the Commonwealth,
the youth seem to be fast at the frontline as well.

 

The Commonwealth Youth Forum scheduled to take place from June 19 to 21 at
Intare Conference Arena, will gather more than 350 young people from across
the Commonwealth member countries.

 

This will of course present an opportunity for young people to discuss and
tap into innovative and economic opportunities for growth.

 

Solange Tetero, Director General of Youth Empowerment in the Ministry of
Youth and Culture, said that apart from understanding the challenges that
the Commonwealth is facing, participants will also be tipped on their
contribution to sustainability of different sectors and economic imperative
and up-skilling for the 21st century.

In light of addressing the issue of unemployment, she said: "They will
benefit from different topics that will be discussed on where we will commit
to deliberately create opportunities for young people. They will also have
time for networking and creating contacts for future businesses."

 

"We also organised a start-up festival to celebrate innovations young people
across the Commonwealth through a competition and those with creative ideas
that respond to challenges the world is facing will be financially
supported," she added.

 

The innovation projects will be pitched during the youth forum.

 

Young participants will also get to tour around Kigali City to learn about
the business environment and get inspired, and also a cultural dinner is
scheduled to expose the attendees to different cultures across the
Commonwealth, especially Rwandan culture as a host country.

Tetero also pointed out that young Rwandans will also get to benefit from
CHOGM through different platforms of work such as organising protocol
services in different forums, businesses that will in one way or another
provide services or products during the summit.

 

"They have to prepare and position themselves well to showcase the quality
of their work and establish contacts that will benefit them even after the
meeting is over."

 

Augustin Uwase, manager and founder of Eagle Arts Rwanda involved in graphic
design and branding, says he has already started making profit ahead of
CHOGM as the country makes strides in preparation.

 

"We are now confident as youth that we shall also have a portion of benefits
before and during the meeting. It will leave us with lessons to go by."

 

He added that small-scale companies should not confine themselves to
thinking that only big companies will benefit from the meeting, and even
those who are unemployed should approach different companies and present
their skills to secure jobs during CHOGM.

 

"A business may be able to permanently employ 10 people, but surely they
will need more employees in this specific period to adequately deliver
whatever they may be producing."

 

Emmanuel Tuyisenge, founder and manager of Temaco Builders Ltd, a local
construction company, is upbeat about attending the Commonwealth business
forum, and he says it is a good opportunity to learn and build partnerships
for either boosting his company locally, or extending it to cross-border
markets.

 

However, given the claimed high fee to attend the forum, he advises young
business people to make good use of digital platforms and ask for side
meetings with targets for business people who will be attending, for their
professional interests.

 

Louise Kanyonga, Chief Strategy and Compliance Officer, recently said that
they are considering affordable packages to facilitate young start-ups to
showcase their works during the exhibition scheduled under the business
forum.- New Times.

 

 

 

Tanzania: Exim Bank Promises More Investment On Environmental Conservation

EXIM Bank Tanzania has pledged to work more closely with various
environmental stakeholders, while supporting the Government's efforts in
combating climate change by actively participating in supporting
environmental conservation efforts, especially on tree planting.

 

The bank's pledge was made by the Bank's Head of Marketing and
Communications, Mr Stanley Kafu at the culmination of the International Red
Cross Day celebrations which coincided with the 60th anniversary of the
Tanzania Red Cross Society (TRCS) adorned with a planting of trees exercise
at the Dodoma Regional Referral Hospital recently.

 

Speaking in the function that was graced by the Minister of State in the
Vice President's Office responsible for Union and Environment,
MrSelemanJafo, MrKafu said through the bank's programmes known as 'Exim Go
Green Initiative' and 'Exim Cares' it has been participating in various
social endeavors such as blood donation as well as environmental
conservation.

"This is the second time for us to participate in a program like this in
Dodoma within these two years. Last year in May we joined other stakeholders
led by the retired Prime Minister, MrMizengoPinda and we were able to plant
about 10,000 trees in Zuzu ward," SaidMrKafu.

 

In addition to actively participating in the tree planting exercise, the
bank also donated Sh 15 million to the Tanzania Red Cross Society (TRCS) in
a move to support the preparations of the event.

 

He said the financial institutions in the country has also been affected by
the climate change effects due to disturbances in many economic sectors
especially agriculture.

 

"That has been one of the main reasons for Exim Bank Tanzania to take the
lead in addressing the challenge through supporting tree planting
initiatives." He added.

 

Speaking at the event, Minister Jafo commended the bank and other
stakeholders for supporting the country's environment conservation efforts
and urged Tanzanians to work together in dealing with various emergencies
happening to the country while increasing their participation in
environmental conservation through tree planting.

 

Earlier speaking at the event, TRCS President, Mr David Kihenzile called on
the government and various stakeholders in the country to continue to
support the TRCS's efforts, as they aim to directly manage disasters and
various emergencies that face the community.

 

"That is why we are so touched by the support we have received from various
stakeholders, including Exim Bank as their support has enabled us to achieve
these important initiative that is tree planting exercise." said
MrKihenzile.-Daily News.

 

 

 

Tanzania: Pura Stresses On Participation in Extraction Sector

THE Petroleum Upstream Regulatory Authority (PURA) is determined to increase
participation of Tanzanians in the extraction sector through building
capacity to enable the locals exploit opportunities in natural gas value
chain.

 

At the ongoing Fourth Exhibition of Funds and Economic Empowerment Programme
in Morogoro region,the regulator said it was planning to empower citizens
through a public education on the Liquefied Natural Gas (LNG) value chain
and the ongoing oil and natural gas exploration activities in the
country.The programme was launched by Morogoro Regional Commissioner, Mr
Martine Shigella.

In his opening remarks, MrShigela said the exhibition is an opportunity for
businessmen and entrepreneurs to learn and share experiences with other
participants about opportunities and challenges they face and how to deal
with them.

 

"These exhibitions are significant in educating the public on the best way
to participate more and better in various development activities," he said.

 

For her part, the Executive Secretary of the National Economic Empowerment
Council (NEEC), MsBeng'iIssa said this year's exhibition is themed 'a strong
economy for sustainable development'.

 

She added that the aim of the exhibition is to raise public awareness about
the existence of funds and empowerment programs, how to save and best ways
to invest in development projects.

 

"The exhibition also aims to create a network of entrepreneurs who will
participate and promote entrepreneurial markets to bring development," she
noted.

 

President SamiaSuluhu Hassan is expected to conclude the exhibition in
Morogoro on May 14, this year.-Daily News.

 

 

Kenya: Safaricom to Launch M Pesa Junior Targeting Customers Below 18 Years

Nairobi — Safaricom has announced plans to launch an M-Pesa service that
targets customers below 18 years.

 

The firm's Chief Executive Officer, Peter Ndegwa, while announcing the 2o21
full-year earnings, said M-Pesa junior will be launched in the course of
2022.

 

The telco has reported a 12.2 percent growth in its net profit which rose to
Sh77.0 billion

 

Total revenue hit sh281.1bn while M-Pesa transactions over the same period
were reported at Sh29.5trillion.

 

More to follow... 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
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suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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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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