Major International Business Headlines Brief::: 16 May 2022

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Major International Business Headlines Brief::: 16 May 2022 

 


 

 


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

 


 

 


ü  Ukraine war: Global wheat prices jump after India export ban

ü  Shanghai lockdown: China unemployment rate near pandemic peak

ü  Saudi Aramco: Oil giant sees profits jump as prices surge

ü  EasyJet offers £1,000 bonus as airlines battle to recruit staff

ü  Russian operator to suspend electricity supply to Finland

ü  Elon Musk puts Twitter deal on hold over fake account details

ü  Ethnic pay gap: MPs criticise government's 'lack of care'

ü  UK’s nuclear power push will add to energy bills, ministers say

ü  Nigeria: TotalEnergies Has Invested Almost U.S.$30 Billion in Nigeria
Within Eight Years - Govt

ü  Africa: Airtel Africa, Ecobank, Stanbic Ibtc Top Stocks to Watch This
Week

ü  Nigeria: Scandalous Oil Theft - Nigeria Loses N3.038 Trillion in One Year

ü  Nigeria: India Says Open to Exporting Wheat to Poor Nations Despite Ban

ü  Nigeria Has Potential to Be World's Biggest Economy, Says Bauchi Gov

ü  Egypt: ICT Minister Probes Global Tech Giant STMicroelectronics'
Investment Plans in Egypt

ü  Kenya: Government to Modernize Factories in Nyeri

ü  South Africa: Stage 3 Load Shedding Starting This Week

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Ukraine war: Global wheat prices jump after India export ban

The price of wheat has jumped on international markets after India banned
the export of the staple cereal.

 

The benchmark wheat index rose as much as 5.9% in Chicago, the highest it
has been in two months.

 

The export ban comes after a heatwave hit India's wheat crops, taking
domestic prices to a record high.

 

Wheat prices have soared by around 60% on world markets this year, pushing
up the cost of everything from bread to noodles.

 

India's government said it would still allow exports backed by letters of
credit that have already been issued, and to countries that request supplies
"to meet their food security needs".

 

Government officials also said the ban was not permanent and could be
revised.

 

However, the decision has been criticised by agriculture ministers from the
Group of Seven (G7) nations meeting in Germany.

 

"If everyone starts to impose export restrictions or to close markets, that
would worsen the crisis," German food and agriculture minister Cem Ozdemir
said.

 

The G7 is an organisation of the world's seven largest so-called "advanced"
economies, which dominate global trade and the international financial
system. They are Canada, France, Germany, Italy, Japan, the UK and the
United States.

 

Although India is the world's second-biggest wheat producer, it has not
previously been a major exporter as most of its crop is sold on domestic
markets.

 

But Ukraine's wheat exports plunged after the Russian invasion. And with
droughts and floods threatening crops in other major producers, commodity
traders were expecting supplies from India to make up for part of the
shortfall.

 

Before the ban, India had aimed to ship a record 10 million tonnes of wheat
this year.

 

Just a week ago, senior officials from India's commerce ministry told me
that they were bullish about increasing the country's wheat exports to meet
the surge in global demand. They echoed Prime Minister Narendra Modi's
statement that "India was ready to feed the world".

 

So, the ban does seem like a major policy U-turn. It also hints at the
government's concerns over rising prices at home. But the decision could
cause what one expert described as a foreign policy challenge for India.

 

Delhi had been making noises to get a waiver from a World Trade Organization
rule that makes it difficult for countries to export grains that - as the
Indian government routinely does - are bought at a fixed price from farmers
for official reserves. And some countries seemed willing to help India find
a way to export wheat to the world.

 

The same countries are now likely to be upset.

 

Global food prices hit a fresh record high in March after the Ukraine war
caused a "giant leap", according to the United Nations (UN).

 

That came as the conflict cut off supplies from the world's biggest exporter
of sunflower oil - Ukraine - which means the costs of alternatives also
climbed. The country is also a major producer of cereals such as maize and
wheat, which have risen sharply in price too.

 

The UN said that global food prices eased slightly in April but remain
almost 30% higher than the same time last year.

 

Rising food prices, along with a jump in the cost of energy, have been
pushing up inflation around that world.

 

That has forced major central banks, including the US Federal Reserve and
the Bank of England, to raise interest rates in an attempt to rein in rising
prices.

 

That, in turn, has triggered concerns that the higher cost of borrowing
could hit global economic growth, with some high-profile commentators
warning of a recession.

 

On Sunday, Lloyd Blankfein, the senior chairman of Wall Street investment
banking giant Goldman Sachs, said there is a "very, very high risk" of
recession in the US, the world's biggest economy.

 

Mr Blankfein's comments on CBS's Face the Nation came on the same day as
Goldman Sachs economists cut their US economic growth forecasts for this
year and next.-BBC

 

 

 

 

Shanghai lockdown: China unemployment rate near pandemic peak

China's jobless rate rose to 6.1% in April, the highest level since the 6.2%
peak seen in the early part of the Covid-19 pandemic in February 2020.

 

It comes as widening lockdowns led to a sharp slowdown in activity for the
world's second largest economy.

 

Official figures also show retailers and manufacturers were hit hard.

 

Full or partial lockdowns were imposed in dozens of cities in March and
April, including a long shutdown of the commercial centre Shanghai.

 

Chinese Premier Li Keqiang recently described the country's employment
situation "complicated and grim" following the worst outbreaks of the virus
since 2020.

 

Still, the government aims to keep the jobless rate below 5.5% for this year
as a whole.

 

The rise in unemployment came as lockdowns had an impact across the Chinese
economy.

 

Retail sales saw the biggest contraction since March 2020 as they shrank by
11.1% in April from a year earlier, according to China's National Bureau of
Statistics.

 

That was much worse than March's 3.5% drop and missed the economists'
expectations of a 6.1% fall.

 

At the same time industrial production fell by 2.9% from a year earlier, as
measures to stop the spread of the coronavirus had a major impact on supply
chains.

 

That was the largest decline since February 2020 and marked a reversal of
the 5% gain in March.

 

However, Shanghai on Monday set out plans for the return of more normal life
from the start of next month and the end of a lockdown that has lasted more
than six weeks and contributed to the sharp slowdown of China's economy.

 

In the clearest timetable yet, Deputy Mayor Zong Ming said the reopening of
the financial, manufacturing and trading hub would be carried out in stages,
with movement curbs largely to remain in place until 21 May to prevent an
increase of infections, before a gradual easing.

 

There are no more positive cases reported outside of quarantine centres in
Shanghai - and that was a key target.

 

Although state media has blithely reported that the "hustle and bustle" is
returning, it's difficult to verify that.

 

Despite claims that the majority of residents are free to roam, anecdotal
reporting on the ground is very different.

 

I am still confined to my home. Other members of the BBC team here, in
various places, face similar restrictions.

 

Access to food and healthcare remains limited for some. Some shops are
opening, but only "offline" business will resume initially.

 

The daily reported positive case numbers are also down to three figures now,
but this is not a place that's opening up so that everyone is free to at
least walk around.-BBC

 

 

Saudi Aramco: Oil giant sees profits jump as prices surge

Saudi Aramco has posted its highest profits since its 2019 listing as oil
and gas prices surge around the world.

 

The state-owned energy giant saw an 82% jump in profits, with net income
topping $39.5bn (£32.2bn) in the first quarter.

 

In a press release, the firm said it had been boosted by higher prices, as
well as an increase in production.

 

The invasion of Ukraine has seen oil and gas prices skyrocket.

 

Russia is one of the world's biggest exporters but Western nations have
pledged to cut their dependence on the country for energy.

 

Oil prices were already rising before the Ukraine war as economies started
to recover from the Covid pandemic and demand outstripped supply.

 

Other energy firms including Shell, BP and TotalEnergies have also reported
soaring profits as a result, although many are incurring costs exiting
operations in Russia.

 

Energy security 'vital'

Aramco's president and chief executive, Amin Nasser, said on Sunday that the
company was "focused on helping meet the world's demand for energy that is
reliable, affordable and increasingly sustainable".

 

"Energy security is vital and we are investing for the long-term," he added.

 

In March, the oil and gas producer pledged to ramp up investment and boost
output significantly over the next five to eight years.

 

Prime Minister Boris Johnson visited the world's biggest oil exporter that
month to try to persuade it to release more oil into world markets in the
short-term.

 

Saudi Arabia is the largest producer in the oil cartel Opec (Organization of
the Petroleum Exporting Countries) and by raising production it could help
to reduce energy prices.

 

But the country has been condemned for a range of human rights abuses: its
involvement in the conflict in neighbouring Yemen, the murder in 2018 of
journalist Jamal Khashoggi, for jailing dissidents and for widespread use of
capital punishment.

 

Aramco itself also faces security challenges because of the conflict in
Yemen, with Huthi rebels targeting some of its sites and temporarily
knocking out a big portion of the kingdom's crude production.

 

Its latest set of results come days after Aramco reclaimed the top spot as
the world's most valuable company from Apple for the first time in almost
two years.

 

Aramco also announced on Sunday it would issue 20 billion bonus shares to
shareholders - one share for every 10 shares already owned.-BBC

 

 

 

EasyJet offers £1,000 bonus as airlines battle to recruit staff

EasyJet is to offer new and existing cabin crew a £1,000 bonus at the end of
the summer holiday season, as airlines battle to retain and recruit staff.

 

The airline said the payments would acknowledge crews' contributions to what
it expects to be a busy summer, with travel at near pre-Covid levels.

 

It was revealed last month that British Airways is offering the same amount
to new joiners as a "golden hello".

 

The UK's ending of travel restrictions has seen demand for holidays soar.

 

The aviation industry shed thousands of jobs during the pandemic and
airports and airlines have been racing to recruit staff for months, as they
plan for a bumper summer. However, some have struggled to hire new staff
quickly enough.

 

Both EasyJet and British Airways have cancelled hundreds of flights amid
workforce shortages, which have been compounded by Covid absences.

 

Some airports, including Manchester and Birmingham, have also blamed a lack
of staff for incidents of long queues, some of which have resulted in
passengers missing flights.

 

The UK's aviation watchdog the Civil Aviation Authority (CAA) wrote to
airports in April expressing concern over the impact of staff shortages.

 

British Airways' recruitment efforts this year have included inviting back
some workers who previously left but had expressed an interest in returning.

 

EasyJet said last week that it planned to take out the back row of seats on
some aircraft, so they could fly with three cabin crew instead of four. This
would still comply with the CAA's regulations.

 

The budget airline has so far hired 1,700 crew, up from its initial target
of 1,500.

 

However, getting new aviation staff trained and through security clearance
can take months.

 

The government is set to allow the training of new staff to begin before
background checks have been completed, in an effort to speed up recruitment.
The law change is due to come into effect from 20 May.-BBC

 

 

Russian operator to suspend electricity supply to Finland

Russian energy supplier RAO Nordic says it will suspend deliveries of
electricity to Finland from Saturday, citing problems with payments.

 

The company said it had not been paid for previous deliveries.

 

The Finnish grid operator said Russia provided only a small percentage of
the country's electricity and that it could be replaced from alternative
sources.

 

On Thursday, Russia threatened to take "retaliatory steps" after Finland
said it planned to join Nato.

 

Finland shares a 1,300-km (810-mile) border with Russia, and has previously
stayed out of Nato to avoid antagonising its eastern neighbour. However,
since Russia's invasion of Ukraine there has been a surge in public support
for Nato membership.

 

On Sunday Finland is expected to formally announce its plan to join.

 

The decision by Rao Nordic has not been explicitly tied to Finland's
decision.

 

The Russian state-owned firm said: "This situation is exceptional and
happened for the first time in over twenty years of our trading history".

 

Neither Rao Nordic nor the grid operator in Finland, Fingrid, explained what
was behind the payment difficulties.

 

Last month Russia cut supplies of gas to Bulgaria and Poland after they
refused to comply with a demand to pay in roubles, a change they said would
contravene western sanctions.

 

This week Russia's Gazprom announced it would stop supplying gas via the
Polish part of the Yamal-Europe pipeline.

 

Fingrid said it did not expect electricity shortages as a result of the shut
off, as only around 10% of Finland's electricity is supplied from Russia.

 

"The lack of electricity import from Russia will be compensated by importing
more electricity from Sweden and by generating more electricity in Finland,"
said Reima Päivinen, senior vice president of power system operations at
Fingrid.

 

Demand is also decreasing as the weather gets warmer, while a significant
amount of extra wind power generation is expected to come on stream. A new
nuclear power station, expected to open this summer, would more than make up
for the lost supplies from Russia, Fingrid added.-BBC

 

 

 

Elon Musk puts Twitter deal on hold over fake account details

Elon Musk has said his $44bn (£35bn) deal to buy Twitter is on hold after he
queried the number of fake or spam accounts on the social media platform.

 

He said he was waiting for information "supporting [the] calculation that
spam/fake accounts do indeed represent less than 5% of users".

 

Mr Musk added later that he was "still committed to [the] acquisition".

 

However, analysts speculated he could be seeking to renegotiate the price or
even walk away from the takeover.

 

Mr Musk's tweets sent Twitter's share price plunging 10% in morning trade in
New York.

 

 

Even before his comments, the company's stock had been selling for less than
the $54.20 per share Mr Musk has offered, a sign that the markets were not
convinced he would complete the buyout.

 

 

Dan Ives, a tech analyst at investment firm Wedbush Securities, said Mr
Musk's comments would "send this Twitter circus show into a Friday the 13th
horror show".

 

"Many will view this as Musk using this Twitter filing/spam accounts as a
way to get out of this deal in a vastly changing market," he wrote in a
note.

 

"The nature of Musk creating so much uncertainty in a tweet (and not a
filing) is very troubling to us... and now sends this whole deal into a
circus show with many questions and no concrete answers as to the path of
this deal going forward."

 

Mr Musk has been vocal about "defeating the spam bots", identifying it as a
key goal following his planned takeover of the company.

 

 

Twitter has long faced accusations of not doing enough to address automated,
fake accounts posting content.

 

In a filing more than two weeks ago, Twitter estimated that fake accounts
accounted for fewer than 5% of its daily active users during the first three
months of this year. It cautioned that the figures were based on estimates
and could be higher.

 

Those claims were not different from what the firm had shared in previous
disclosures.

 

The number of spam bots on the service is a key statistic, as a higher than
expected figure could hurt the ability to grow advertising revenue or
paid-for subscriptions, said Susannah Streeter, analyst at Hargreaves
Lansdown.

 

But she said it was not clear how genuine Mr Musk's concerns were.

 

"There will also be questions raised over whether fake accounts are the real
reason behind this delaying tactic, given that promoting free speech rather
than focusing on wealth creation appeared to be his primary motivation for
the takeover," she said.

 

"The $44bn price tag is huge, and it may be a strategy to row back on the
amount he is prepared to pay to acquire the platform."

 

Weeks of market turmoil in the US have wiped billions off the value of many
companies - including once favoured tech firms.

 

Tesla, the electric car company where Mr Musk serves as chief executive, has
also seen its shares plunge - a hit to Mr Musk, whose status as the world's
richest person is bound up in his stake in the company and who had planned
to rely on his shares to help finance the Twitter purchase.

 

Last month, he raised $8.5bn by selling shares. He also planned to use the
shares to secure $6.5bn in loans.

 

After Mr Musk tweeted that the deal was temporarily on hold, Tesla's share
price gained more than 5%.

 

Another twist in the tale of Elon Musk's attempt to own Twitter.

 

One of his priorities, he said, was to "clean up" the platform - weeding out
the bots and spam accounts that he believes drag it down.

 

Spend any time on it and you'll certainly see evidence of both.

 

However, Twitter says that less than 5% of its active users are fake.

 

So does that mean there is no diamond in the rough to be polished here, that
what you see on Twitter is what you get after all? And if so, does that make
it less valuable a proposition?

 

It is of course also possible that his new hesitation stems from how he
intends to finance the deal - he's already had to sell some of his valuable
Tesla stock to raise funds, and that's had an impact on the car firm too.

 

Mr Musk has some thinking to do.

 

Mr Musk's latest move comes after an announcement that two Twitter
executives are leaving the social media company.

 

Kayvon Beykpour, who led Twitter's consumer division, and Bruce Falck, who
oversaw revenue, both tweeted on Thursday that the departures were not their
decisions.

 

>From this week, the firm also said it had paused most hiring, except for
"business critical roles".-BBC

 

 

Ethnic pay gap: MPs criticise government's 'lack of care'

The government's decision to reject mandatory ethnicity pay gap reporting
for firms has been criticised as "nonsensical" by MPs.

 

Conservative MP Caroline Nokes said it also showed a lack of will "to foster
a fairer and more equal society".

 

She chairs a parliamentary committee which has called for pay gap rules to
be extended to include race.

 

But the government has said it does not want to impose any new reporting
burdens on business.

 

Companies with more than 250 employees have been required to publish their
gender pay gap statistics since 2017, revealing stark differences at some
firms between the amount women and men are paid per hour on average.

 

Earlier this year the cross-party Commons women and equalities committee
called on those firms to also publish pay differences between ethnic groups
in their employment.

 

The government rejected the proposal, pointing to a report that found
publishing statistics on the ethnicity pay gap "may not" be the "most
appropriate tool for every type of employer seeking to ensure fairness in
the workplace".

 

"There are significant statistical and data issues that would arise as a
result of substituting a binary-protected characteristic (male or female)
with a characteristic that has multiple categories," the government said.

 

Ms Nokes condemned the government's decision, saying in a statement: "What
is lacking in this administration is not resource or know-how, but the will
or care to foster a fairer and more equal society".

 

"Introducing mandatory ethnicity pay gap reporting for larger businesses
would set the ball rolling, reducing inequalities between different ethnic
groups," she said.

 

The committee said research suggested that addressing race inequality in the
UK labour market could boost the UK economy by £24bn a year.

 

Companies already reporting gender pay gap figures were "already well
resourced" to gather data on ethnicity and pay, the committee added, noting
the government was providing detailed information on how firms could publish
these statistics on a voluntary basis.

 

Dianne Greyson, founder of the #EthnicityPayGap campaign group, told the BBC
that the government's decision was "not acceptable".

 

Previously, the trade union Unison has called for mandatory ethnic pay gap
reporting, saying it is "essential to recognise the interrelation between
the ethnic pay gap and career progression."-BBC

 

 

 

UK’s nuclear power push will add to energy bills, ministers say

The government's efforts to build new nuclear power plants will increase
household energy costs, it has said.

 

A new reactor will "add at most a few pounds a year to typical household
energy bills during the early stages of construction," officials said.

 

But they claimed households would pay less than £1 a month extra on average
over the whole construction period.

 

It comes after Kwasi Kwarteng told the BBC there might be a "small effect"
on bills under a new funding model.

 

The business secretary said "nothing should be taken off the table" to ease
pressures on the cost of living, including a windfall tax on excess profits
of oil and gas companies.

 

The BBC spoke to Mr Kwarteng as he visited north Wales, where the government
has pledged to build a new nuclear power station at Wylfa on Anglesey.

 

 

A previous plan for a new nuclear power station at Wylfa collapsed in 2020
but last month Prime Minister Boris Johnson said he wanted to revive the
idea "as fast as possible".

 

Investing in nuclear power is one of the key focuses of the government's
energy strategy, released in April.

 

The government plans to reduce the UK's reliance on oil and gas by investing
in alternative sources of energy, including nuclear, wind and hydrogen
power.

 

 

The strategy contains an ambition to deliver up to eight new nuclear
reactors before 2030, including two at Sizewell in Suffolk.

 

The government wants nuclear to supply 24 gigawatts (GW) of electricity by
2050 - about 25% of the UK's predicted energy demand.

 

'Nuclear is back'

Mr Kwarteng said he thought investing in nuclear was "part of the solution"
to the UK's energy needs.

 

He said "nuclear is back on the table" because it provides more decarbonised
power and a sustainable energy source.

 

But building new nuclear power plants can be vastly more expensive than
renewables and can take decades to build.

 

A new law means new nuclear reactors can be funded by adding a small levy to
people's bills during their construction.

 

Companies have previously pulled out of plans to build new nuclear reactors
- including the one at Wylfa on Anglesey.

 

These reactors take a lot of time and money to build, so the concern has
often been around the financial risk.

 

The government feel the way around this is to raise funds through levies on
people's bills, so that risk is shared with the consumer.

 

It argues it would only add a few pounds a year to energy bills during the
construction phase.

 

But the concern is many nuclear projects - such as Hinkley - have run well
over their initial budget and timescale.

 

Ministers say they want to place their "big bet" on nuclear but it's just
part of the plan.

 

They want to expand offshore wind farms, and North Sea oil and gas
expansion.

 

They have offered cheaper energy bills for people who live near new onshore
wind farms - but not for nuclear.

 

The government says this will lead to savings for consumers in the long run,
as developers can have more money upfront, and are less likely to take out
loans.

 

But critics argue this shifts the risk of building new reactors on to the
consumer, without knowing how long projects will take or how much they will
cost.

 

When asked whether putting bills up in the short term was worth the
political gamble, Mr Kwarteng said: "Absolutely. People here really want to
see new investment, jobs, opportunity for their kids and their community."

 

The government's own public attitudes research shows while 86% of people
support renewable energy, public support is lower for nuclear energy (37%).

 

Nuclear plants are extremely expensive to build, although the overall cost
is comparable to other forms of power.

 

Hinkley C - the newest of the UK's planned nuclear power stations - is
expected to cost £22-26bn.-BBC

 

 

 

Nigeria: TotalEnergies Has Invested Almost U.S.$30 Billion in Nigeria Within
Eight Years - Govt

The federal government has disclosed that French oil major, TotalEnergies EP
Nigeria Limited, has invested almost $30 billion in Nigeria's oil and gas
sector within the space of eight years. It said the company had made a lot
of investments in developing the country's oil resources since it began
operation in the last 60 years.

 

The government criticised Shell, ExxonMobil and Chevron - three of the five
oil majors in the country - over their apparent withdrawal from investing
further in Nigeria's oil and gas sector, urging them to emulate
TotalEnergies' sustained investments in the country and resume their
investments.

 

Executive Secretary of the Nigerian Content Development and Monitoring Board
(NCDMB), Mr. Simbi Wabote, made the assertions at the weekend in Lagos, at
the TotalEnergies' EP Nigeria's 60th anniversary dinner.

 

The French oil giant said Nigeria remained at the heart of its strategy, and
indicated plans to expand its business into the country's electricity
sector. It stressed that the sector offered exciting opportunities that it
would like to explore.

Wabote said TotalEnergies had invested immensely in Nigeria and deserved
commendation for remaining consistent in investing in the country's oil
sector. He said with the amount of investments TotalEnergies had put into
the country's oil and gas sector since its entrance into the space, there
was no basis for comparing it with that of Shell, Chevron and ExxonMobil.

 

Wabote stated, "Total has invested so much in Nigeria since the last 60
years. At the last count, we are looking at almost $30 billion worth of
investment in Nigeria within a space of eight years.

 

"The amount of money Total has invested in this country, when you compare
that with other IOCs, like Shell, Chevron, ExxonMobil, there is no basis for
comparison."

 

Specifically criticising Shell for refusing to invest to develop the
protracted Bonga Southwest project, which had been on the drawing board for
many decades, Wabote said on the other hand, TotalEnergies had started and
completed many projects that were producing oil and gas in the country.

Bonga Southwest is among the oil assets that the government has been banking
on to achieve its plan of increasing Nigeria's oil reserves and production.

 

According to Wabote, "We started discussing Bonga Southwest before I was
born, Total took FID - (Final Investment Decision) on Usan. We were still
discussing Bonga Southwest when I got married, Total took FID on Egina. We
were still discussing Bonga Southwest, when I had my first child, Total took
FID on Ikike. I will go on and on and on."

 

The executive secretary argued that his job as local content chief executive
would not have existed if there was no project, adding that he needs no
apology for praising companies keeping him on the service through
undertaking projects that create value for the country.

Wabote added, "Let me use Total to challenge Shell. Unfortunately, I've not
seen Chevron here and I've not seen ExxonMobil. I will use Total to continue
to challenge them. Total is also one of the investors of NLNG Train 7, which
is about the most important investment in the whole of the country.

 

"So, we should understand what Total is doing. This is a celebration that we
should all partake, for keeping faith in this country, remaining in this
country for 60 years is no mean feat. I encourage you to, please, remain
with us."

 

In his address, President, Exploration and Production, TotalEnergies Group,
Mr. Nicolas Terraz, assured that Nigeria remained at the heart of the
company's strategy, pledging to continue investing in the country. Terraz
said with the company's first oil discovery in 1964, and the subsequent
commencement of production from the Obagi field, TotalEnergies E&P took its
first steps into a future that was yet to unfold.

 

According to him, with new fields and increased productivity, the company
has continued to expand and evolve, leading to its current position as the
second largest operator in Nigeria, accounting for 20 per cent of the
country's oil and gas production.

 

He maintained that TotalEnergies was a major player and a proud partner with
Nigeria in developing its oil and gas sector, noting that they have
developed a number of projects over the years.

 

Terraz said the company was in the final stages of the Ikike project, a
project he described as key for its Nigerian affiliate to demonstrate the
viability of tie-backs to existing fields.

 

He stated, "A lot of progress has been made, but I know there are a lot of
challenges as we near the end. I am counting on the project team, and,
indeed, all the affiliates, to apply yourselves to overcome these challenges
and deliver the production safely.

 

"As a company, we have shown a unique commitment to Nigeria. Indeed, the
country remains at the heart of our strategy. Nigeria has a lot of
potential, but as for Ikike, it is not always 'plain sailing', so we all
have to perform at our best to continue the adventure."

 

He said the group had strived to become the industry benchmark for Nigerian
content as demonstrated by the flagship Egina project, where they set new
standards, sharing their technological expertise with the oil and gas
industry.

 

The TotalEnergies president hailed the passage of the Petroleum Industry Act
(PIA), saying while bringing some much-needed clarity for the industry, it
has also brought changes to the regulatory, fiscal and operating environment
in the country.

 

As a responsive organisation, Terraz said the energy group must re-engineer
its processes and structure to be able to adapt and face the new challenges
while taking advantage of the opportunities.

 

Terraz expressed excitement at the opportunities that abounded in Nigeria,
and indicated the intention of TotalEnergies to expand into the Nigerian
electricity sector.

 

He noted that considering the increasing energy demand of a rapidly growing
population and the need to address climate change, their objective was to
meet energy needs through an energy mix that was less carbon intensive.

 

He stated, "Of course, we continue to believe in hydrocarbons. Gas
development for NLNG and domestic usage will remain a bedrock of our
activities while we concentrate our investments in low cost, low emission
oil.

 

"Electricity offers an exciting opportunity in Nigeria, and it is an area
which we would like to explore while also expanding the scope of our company
to renewables. I know you are working on this."

 

Speaking also, Managing Director of TotalEnergies EP Nigeria and Chairman of
TotalEnergies Companies in Nigeria, Mr. Mike Sangster, said the company
would continue to collaborate with the government, its partners, and other
stakeholders to help to further develop the country's huge hydrocarbon
potential.

 

Sangster said TotalEnergies was proud to be the second largest oil and gas
producer in Nigeria, contributing 20 per cent of Nigeria's oil production.
He said behind the numbers were over 1,166 Nigerian workforce, several
billion dollars' investments into the Nigerian economy in recent years, and
five production sites.

 

Sangster added that the partnership between TotalEnergies and Nigeria had
been a very successful one, pointing out, however, that the journey has not
always been smooth.

 

He singled out security as a very serious issue currently facing the company
that needed to be addressed by the authorities, noting that the situation
"is greatly reducing our onshore production.

 

"So, we have had our fair share of challenges to overcome, but what I've
seen personally over the past three years is that when our teams, all our
teams, put their heads together, there is no problem that cannot be
resolved."

 

On her part, Managing Director, Deepwater Operation, Shell Nigeria
Exploration and Production Company (SNEPCO), Mrs. Elohor Aiboni, while
reacting to the challenge Wabote posed to Shell and other IOCs, stated that
it was not only for Shell but for all IOCs existing in Nigeria.

 

Noting that Nigeria was a good place to do business, Aiboni stated that they
looked forward to more investments from all IOCs.-This Day.

 

 

 

Africa: Airtel Africa, Ecobank, Stanbic Ibtc Top Stocks to Watch This Week

Sterling Bank and Sovereign Trust Insurance also made the list.

 

The Nigerian bourse saw a surge of 4.25 per cent last week, with the NGX 30
(the index that tracks the top 30 stocks by liquidity and market
capitalisation) touching an unprecedented height, both affirming investors'
renewed faith in stocks.

 

A number of first quarter earnings reports were issued and a couple of them
were strikingly impressive, boosting confidence.

 

PREMIUM TIMES has assembled a number of stocks with fundamentals and other
potential, adopting key analytical approaches to save you the hassle of
randomly picking equities for investment.

The selection, a product of market analysis, offers a guide to entering the
market and taking strategic positions in hopes that equities will gain value
with the passage of time, particularly in the short term.

 

This is not a buy, sell or hold recommendation but a stock investment guide.
You may have to involve your financial advisor before taking investment
decisions.

 

AIRTEL AFRICA

 

Airtel Africa tops this week's pick on the basis of recording an 82 per cent
jump in after-tax profit to $755 million for 2021.

 

The wireless operator's revenue surged by 20.6 per cent to $4.7 billion
within the period.

 

ECOBANK TRANSNATIONAL INCORPORATED (ETI)

 

ETI appears on the selection for trading well below its intrinsic value. The
lender's earnings per share (EPS) at the end of the last trading session was
N4.65, with a price-to-earnings (PE) ratio of 2.78x.

 

STANBIC IBTC HOLDINGS

 

Stanbic IBTC makes this week's selection for currently trading at its lowest
price level in 52 weeks, making it a good entry point for investment.

 

The stock is priced at N33 per unit, with an EPS of N4.54 and a PE ratio of
7.71x.

 

SOVEREIGN TRUST INSURANCE

 

Sovereign Trust features on the pick for trading significantly below its
real value, brightening its chances of seeing a good price appreciation in
future.

 

The underwriter's PE ratio was 3.03x as of the end of the last trading
session, while its EPS is N0.09.

 

UNIVERSITY PRESS PLC (UPL)

 

UPL features in the pack for currently trading well below its intrinsic
value. The company's PE ratio as of Friday was 3.83x with a EPS ratio of
N0.77.

 

STERLING BANK

 

Sterling Bank makes the selection for currently trading significantly below
its actual value, which makes it cheap for investment. Its PE ratio at the
last trading session was 3.01x while its EPS is N0.51.-Premium Times.

 

 

Nigeria: Scandalous Oil Theft - Nigeria Loses N3.038 Trillion in One Year

THERE are indications that despite the rise in crude oil prices in the
international market, Nigeria's economy may not reap the benefits due to the
continued increase in theft and pipeline vandalism estimated to have gulped
73 million barrels a year.

 

Investigations by Sunday Vanguard revealed that the country loses about $7.3
billion a year to oil thieves and vandals. The situation is made worse by
the country's inability to meet the Organisation of Petroleum Exporting
Countries, OPEC's production quota of 1.8 million barrels per day which
resulted in the Federal Government recently announcing a reduction in her
export target to 1.6 million barrels per day while other countries in the
cartel are striving to exceed their quota.

 

According to the GMD, Nigerian National Petroleum Corporation (NNPC), Mr
Mele Kyari, the country loses an average of 200,000 barrels of crude per day
to oil thieves, translating to 73million barrels in a year. Using an average
crude oil price of $100 per barrel, Nigeria is losing over $7.3 billion in a
year or in five years (between 2016 and 2020) an estimated $14.65 billion
considering the cost of oil per barrel at the years under review.

The amount, when converted using the official N416.25 to dollar exchange
rate, translates to N3.038trn loss in a year. Data from the latest report by
the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and
Gas Industry showed that 272.2 million barrels (mmbbls) of crude were lost
to oil theft and other forms of criminalities in Nigeria's midstream sector.

 

Economy shortfalls

 

The issue of crude oil theft and sabotage has become endemic despite several
initiatives and recommendations made by oil and gas experts to curb the
menace. Worse still, the implications surpass losses to government revenue
extending to environmental degradation, health challenge and deaths due to
fire disasters including the proliferation of arms as the case may be.

Nonetheless, the losses defer from situations where oil companies are unable
to produce at a particular period due to time spent repairing vandalised
pipelines or leaks, often described as deferment. This development has cost
the country's economy a lot as some major multinational oil companies
operating in Nigeria have linked their divestment in many onshore assets to
the continued oil theft in the country.

 

On OPEC's quota, despite its requirement of 1.8 million barrels from
Nigeria, in the last few years, the country has struggled to produce between
1.3 and 1.4 m/d. In January it recorded a 1.399 million barrels production
level, 1.258m/d production in February, dropping to 1.238 million in March.

 

A report released last month during a meeting on crude oil theft between the
Nigerian Upstream Petroleum Regulatory Commission and Oil Producers Trade
Section, as well as the Independent Petroleum Producers Group, shows that
between January 2021 and February 2022, Nigeria lost $3.2bn to crude oil
theft.

 

 

The report reveals that oil theft rose significantly between 2021 and 2022,
with over 90 percent of total crude produced at the Bonny Terminal stolen in
January 2022.

 

Contraption

 

Meanwhile, critics have faulted these figures, saying it is an attempt to
cart away the country's crude under the guise of oil theft. Contrary to the
acclaimed huge losses of over 80 percent painted by operators in the
petroleum industry, the Federal Government, according to them, has, through
the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that
Nigeria loses only 7.6 percent and not 80 or 90 percent of its net crude
production daily to oil theft and vandals. The Commission's Chief Executive
Officer, Gbenga Komolafe, warned that such unsubstantiated figures could
encourage falsification of figures by producers and industry regulators.

 

Komolafe's statement appears to be in direct response to the critics
including Mr Tony Elumelu, Chairman of UBA Banking Group and Heirs Holdings,
who had raised the alarm that Nigeria was losing over 95 percent of its
daily crude oil production to oil thieves, while Austin Avuru, founding
MD/CEO of Seplat Energy, on his part, claimed that the country loses about
80 percent of production to vandals and thieves.

 

The NUPRC boss explained: "The country's total daily production currently
stands at 1.5 million barrels and with losses of about 115,000 barrels per
day ($3.27 billion) to oil theft and vandalism between January 2021 and
February 2022. "This calculation was based on the Commission's Investigative
Audit recently conducted.

 

The country loses only 7.6 percent of daily crude oil production contrary to
figures being credited to some industry operators by the media. "So, if we
cannot establish the absolute figures of crude oil theft forensically, then
it means the nation will be shortchanged."

 

By implication, the country loses about 7.6 percent of the current 1.5
million barrels of crude produced per day on average. Therefore, if 80
percent of Nigeria's crude oil is stolen as claimed by some operators, that
means Nigeria produces about 300,000 bpd whereas regulators put the daily
output at 1.5 million.

 

Executive Secretary, Nigerian Content Development & Monitoring Board, NCDMB,
Simbi Wabote, says the security of local content is of paramount importance
because it contributes to the total cost of the product which is already in
competition with other producers of the same content.

 

While the NNPC GMD, Kyari, admitted that there are some challenges facing
the operations of the corporation, particularly as they relate to pipeline
vandalism and crude oil theft, this, he said, has reduced crude oil
production to about 1.5 million barrels per day.

 

He, however, said that, currently, the crude oil production challenge is
being addressed through collaborative efforts between the NNPC, other
agencies of government and security agencies. Specifically, he said that the
Nigerian Navy is carrying out serious military operations in the Niger Delta
to ensure that oil and gas assets are protected.

 

Kyari expressed optimism that, with the current action of the navy, the
issue of pipeline vandalism and crude oil theft will be brought under
control within the next two to three weeks. Supporting the stand of the NNPC
boss, Timipre Sylva, Minister of State for Petroleum Resources, said the
Federal Government will no longer condone any form of criminality on the
nation's oil and gas facilities and installations.

 

He warned crude oil thieves, pipeline vandals and illegal refiners to desist
from their actions as their days are numbered.

 

Oil theft, organized crime - Expert

 

While much blame for these acts have been ascribed to the high rate of
unemployment and poverty in the country, internal sabotage has not left the
fore of suspicion.

 

In an interview with Sunday Vanguard, the Ghana National Petroleum
Corporation (GNPC) Professorial Chair, Oil and Gas Economics and Management,
Institute for Oil and Gas Studies, University of Cape Coast, Prof. Omowumi
O. Iledare, said: "Perhaps, unemployment, greed, lack of respect for the
rule of law and nfrastructure deficiency make legitimate business difficult.
"These, however, are no excuses for criminality.

 

"The main solution is enforcement of the rule of law, accountability and
withdrawal of emoluments to community found liable. "No society can thrive
if criminality is perpetuated without recourse. "Yes, corporate social
responsibility helps, but there must be community accountability. Rewarding
criminality perpetually breeds more criminality."

 

A report titled 'The Oil Thieves in Nigeria' is apt to ascribe the lack of
political will of the Federal Government to reasons for the persistent
crisis of oil theft. The report says, "In September 2021, the Federal
Government decided to set up an inter-ministerial committee on the recovery
of crude oil and illegally refined petroleum products in the Niger Delta
region comprising the Department of Petroleum Resources (DPR), the Nigeria
National Petroleum Corporation (NNPC), the National Oil Spill Detection and
Response Agency (NOSDRA), all backed by the security agencies - the Nigerian
Army, the Navy, the Nigeria Security and Civil Defence Corps (NSCDC) and
others.

 

"The committee's mandate is drawn from the provisions of the assets tracing,
recovery, and management regulations 2019. Yet, by the end of the year, 193
million barrels of crude oil had disappeared and certainly, that must be an
under-valuation, an estimate.

 

"It is well known that there is no proper documentation of anything in
Nigeria. We don't even know how many we are. The National Population
Commission (NPC) has no accurate register of births and deaths. Should it,
therefore, be any surprise that there is no mechanism in place for
monitoring how many barrels of crude oil Nigeria produces or the exact
volume of it that is sold?

 

Three years ago, there was some fancy talk about the introduction of
technology to monitor output and activities along Nigeria's oil pipelines
network to detect sabotage, and human interference and to protect critical
infrastructure.

 

Oil was discovered in Nigeria, in Oloibiri, Bayelsa state in 1956. "In 2022,
Nigeria is still talking about how to protect pipelines through the adoption
of technology. Even if technology is deployed through automation, the
internet of things, drone technology, and the electronic monitoring that
certain commentators recommend would still be an excuse to award contracts
and make more money.

 

Whatever works in other countries, Nigeria takes the same ideas and turns
them upside down. "The people who want to stop oil theft are not interested
in stopping anything, so it seems, for indeed, oil theft is an organised
crime, with a network of stakeholders that cuts across many layers of
interest. And that includes the same agencies saddled with the
responsibility to stop it.

 

"Illegal oil bunkering: hot tapping or cold tapping, or the smuggling and
diversion of petroleum products is an expensive enterprise that involves the
collusion of both state officials and their agents. It may not be incorrect
to argue that nothing has been done because those who should take the
decision or their agents are themselves involved, or they have been
compromised."

 

Similarly, Nigerco Nigeria Limited had stated that Nigeria has been losing
about $8 million to poor metering of oil wells. The Chairman, Chief
Executive of the company, Yussuf Sani, who spoke to Sunday Vanguard, said
Nigeria, in the first quarter of 2015, made over $8 million as part payment
for monitoring and licensing fees from oil firms.

 

Sani noted that the $8 million was the minimum the nation should have made
quarterly following the commencement of the scheme. But the dispensation was
discontinued after only being operated for one quarter, implying that
Nigeria could have, in the past two years, earned a minimum of $64million.
As things are, the quest to rid the country of this cankerworm may be far
from reality as political will is missing.-Vanguard.

 

 

 

Nigeria: India Says Open to Exporting Wheat to Poor Nations Despite Ban

The ban is expected to affect the price of the produce globally, including
in Africa and Nigeria in particular.

 

The world's second largest producer of wheat, India, has banned wheat
exports, at a time the Russian invasion of Ukraine crippled the supply of
the crop across the globe.

 

India announced the ban on Saturday saying it exempted exports backed with
letters of credit and countries requesting on the basis of food security.
The ban is aimed at controlling rising domestic prices.

 

The government was targeting record shipments this year, but heatwave
reduced output and caused a rise in domestic prices.

 

On Sunday, India's Commerce Secretary B.V.R. Subrahmanyam said the
government will allow private companies to meet previous commitments until
July and will keep a window open to export wheat to needy countries, the
Times of India reported.

 

The country initially planned to export 10 million tonnes of wheat this
year. India exported a record 1.4 million tonnes of wheat in April and was
set for another 1.5 million tonnes in May.

 

India mainly exports wheat to its neighbours like Bangladesh, Nepal and Sri
Lanka. Regardless, its ban is bound to affect the price of the produce
globally. It means the ban is expected to affect consumers in Africa and
Nigeria in particular.

 

Nigeria imported 98 per cent of wheat used in the country between 2010 and
2020. According to the National Bureau of Statistics, Nigeria imported N898
billion worth of wheat in the first nine months of 2021 and the top sources
were USA, Canada, Russia, Lithuania and Latvia.-Premium Times.

 

 

Nigeria Has Potential to Be World's Biggest Economy, Says Bauchi Gov

Jos — Bauchi State Governor, Senator Bala Mohammed yesterday said Nigeria
had the potential to become the world's biggest economy if properly
developed.

 

Mohammed made the remark in Jos, the Plateau capital, while declaring his
intention to contest for president on the platform of the PDP and soliciting
for the votes of delegates in the state.

 

The governor acknowledged that Nigeria "is blessed with rich natural and
human resources that are yet to be fully tapped."

 

The presidential hopeful said that Nigeria needed someone that could take it
on the challenging journey "to restore its status among the comity of
nations.

 

"You are in charge of your destiny as delegates because you know all of us
and our capacities.

 

"Nigeria has surrendered its sovereignty to foreign countries in the name of
borrowing, we need someone that can rescue our sovereignty.

"We use almost all that we generate in NNPC to settle foreign debts," he
said.

 

Mohammed, a former FCT minister, said that he had defeated incumbent
governors more than once, adding that he had the capacity to win if given
the mandate as PDP flag bearer.

 

The presidential aspirant said that he would secure and boost the country's
image in the comity of nations.

 

According to him, my experience as an administrator, senator and minister
has exposed him to different nationalities from whom he has benefited a lot
and intends to use it to the nation's advantage.

 

He added that he had trustworthy friends all across the country and would
work with intelligent people who would assist him in transforming Nigeria.

 

Mohammed described himself as a detribalised Nigerian, saying PDP had
qualified aspirants that could provide leadership for Nigeria.

 

He said: "I will support whoever emerges as the party's candidate if I do
not clinch the ticket. Don't give your mandate to someone that will be
lamenting instead of winning the election for PDP."

 

The Chairman of Plateau PDP, Mr. Chris Hassan described Mohammed as a good
neighbour.

 

Hassan said that as delegates, they would assess all the aspirants with a
view to picking one that was most suitable for the country.-This Day.

 

 

 

Egypt: ICT Minister Probes Global Tech Giant STMicroelectronics' Investment
Plans in Egypt

Minister of Communication and Information Technology Amr Talaat and
STMicroelectronics' Executive Vice President Ricardo De Sa Earp reviewed
Saturday 14/05/2022 the company's investment plans in Egypt.

 

Headquartered in Switzerland, the French-Italian multinational electronics &
semiconductors manufacturer plans to open a research and development center
in Maadi Technology Park, Egypt's first specialized investment zone.

 

During a meeting between the minister and the group's vice chief, in the
presence of Amr Mahfouz, CEO of Egypt's Information Technology Industry
Development Agency (ITIDA), Talaat commended the company's move to expand
its investments in such an important industry, especially in light the
growing global demand for electronics.

 

The State is working on boosting its capabilities in the telecommunications
industry, buoyed by its competitive advantages in the value-added service
(VAS), which would stimulate the business of global tech leaders operating
in Egypt, the minister said.

Talaat also stressed his ministry's commitment to an environment conducive
to promoting this strategic industry, as part of President Abdel Fattah
Al-Sisi's initiative "Egypt Makes Electronics" for entrenching local
electronics design and manufacturing, as a main driver of economic growth.

 

Meanwhile, the company's vice chief revealed his institution's plans for
expanding its business in Egypt, furthering mutual cooperation with ITIDA,
and entering into partnerships with national specialized colleges and
universities.

 

De Sa Earp added that STMicroelectronics looks forward to using its center
in Egypt for bringing about a paradigm shift in the electronics &
semiconductors industry and electronic circuit design research.

 

STMicroelectronics Inc. provides manufacturing services for electronics
products including semiconductors, multimedia products, power applications,
and sensors. The company operates and distributes products throughout the
world.-Egypt Online.

 

 

 

Kenya: Government to Modernize Factories in Nyeri

Nyeri — The Ministry of Agriculture and Fisheries will spend Sh 50 million
in the 2022/2023 Financial Year, to modernize coffee factories in three
coffee growing Sub-counties in Nyeri County.

 

Agriculture Cabinet Secretary (CS), Peter Munya, while on a tour at the
Wamagana Fish Processing Plant in Tetu, Nyeri County, said that the revamp
was part of the ongoing coffee sub-sector reforms, which are aimed at
modernizing the coffee infrastructure and encouraging farmers to increase
production.

 

According to Munya, only a few factories will benefit from the first phase
of the renovations but the Ministry intends to scale-up the project to
include all coffee factories later.

"The rehabilitation will entail building of new driers and providing new
machines to factories in Tetu, Mathira and Mukurwe-ini. We are waiting for
the resources to be availed so that we can rehabilitate all the coffee
factories," said Munya.

 

While taking stock of the achievements by his Ministry in the different
agriculture sub-sectors, Munya revealed that the government had spent Sh1.4
billion on different Agriculture projects within Nyeri County for the last
five years.

 

According to the CS, the lion's shares of the resources have been channeled
towards projects aimed at promoting food and nutrition security.

 

Some of the biggest beneficiaries include projects under the Kenya Climate
Smart Agriculture project, where 17,000 farmers benefited from government
projects worth Sh 363 million. The ministry also pumped Sh 317 million into
the rehabilitation of 247 hectares under the Ndirithi-Aguuthi Irrigation
Scheme in Kieni-Sub-county under the small-scale irrigation and value
addition programmes.

Munya said that once complete, the project which is currently at 90 per cent
completion will benefit 1,600 farmers.

 

Under the coffee sector, Munya further noted that 29,000 farmers were
already benefiting from the E-Subsidy programme which allows farmers to
enjoy a 40 per cent discount on farm input and agrichemicals.

 

He said that the Ministry had so far released vouchers worth Sh 30 million
to cover the purchase of inputs and 302 metric tonnes of fertilizers to be
used by farmers during the long rain season.

 

He at the same time said that government subsidized fertilizer, was already
available at the National Cereal and Produce Board depots in all the
counties. Munya said that the decision to sell fertilizer from NCPB depots
was reached as a way of shielding farmers from hiked prices by private
agro-dealers.

 

"The subsidized fertilizer is not being sold at local agro-vets because we
do not want a situation where people buy from the government and then resell
it at higher price to the farmer. We want the individual farmer to make a
direct purchase from NCPB. That is why we have reduced the price by half so
that you can also afford transport to the depots," said Munya.

 

The Government in April slashed the cost of fertilizer by nearly half after
the prices hit an all-time high of Sh 6,500 per 50-kilogram bag.

 

The Government also capped the purchase of the fertilizer to 20 bags per
farmer, a move that would ensure more growers get access to cheap
fertilizer.

 

Munya at the same time encouraged more youths to join the agriculture
sector. He said that there were still too few young people immersing
themselves in the field of Agriculture despite the government setting up
programmes such as Empowering Novel Agri-Business-Led Employment for Youth
(ENABLE youth) which is aimed at imparting agribusiness skills and providing
interest free loans for agripreneurs.

 

"The young people have refused to embrace Agriculture but we are still
looking for strategies to bring them on board, especially using technology
and other innovative ways that are appealing to them," said Munya. -
Kna-Capital FM.

 

 

South Africa: Stage 3 Load Shedding Starting This Week

Proving their point, Eskom has announced load shedding until they have at
least an additional 4,000MW of generation capacity to allow them the space
to take some of their units off for planned maintenance.

 

"The risk of load shedding, unfortunately, remains," warned Jan Oberholzer,
Eskom group chief operating officer at a state of the system briefing last
Wednesday.

 

Proving their point, Eskom announced on Sunday, 15 May, that Stage 2 load
shedding will be implemented tonight (from 5pm to 10pm), and escalate to
Stage 3 on Monday and Tuesday evening at the same time, due to a continued
loss of generating capacity.

 

Stage 2 will then continue for the rest of the week.

 

At the system update, along with CEO André de Ruyter, Oberholzer continually
emphasised that the power utility is in urgent need of 4,000 to 6,000MW of
additional generation capacity to allow them the space to take some of their
units off for planned maintenance.

 

And until this capacity is met, the risk of load shedding remains.

 

#PowerAlert1

 

Due to a continued loss of generating

 

capacity, Stage 2 load shedding will be implemented from 17:00 - 22:00
tonight, and Stage 3 will be implemented on Monday and Tuesday...Daily
Maverick

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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