Major International Business Headlines Brief::: 31 October 2022

[Bulls n Bears]

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Major International Business Headlines Brief::: 31 October 2022 

 


 

 


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

 


 

 


 

ü  Musk Twitter takeover: Billionaire denies report he plans to fire workers
to avoid payouts

ü  US throws out charges against interest rate ‘rigger’

ü  Sir Richard Branson declines Singapore death penalty TV debate invitation

ü  Ukraine war: Russia halts grain deal after 'massive' Black Sea Fleet
attack

ü  Apple: Chinese workers flee Covid lockdown at iPhone factory

ü  Elon Musk: No change to Twitter moderation policy yet

ü  Telangana’s ambitious palm oil strategy to help India reduce import

ü  Nigeria: Dangote Sugar Declares N36.27 Billion Profit in 9 Months

ü  Nigeria: Buhari Declares Support for CBN's Move to Redesign, Replace
Naira Notes

ü  Africa: Technological Innovation Crucial for Africa's Economic Growth

ü  Tanzania: Dar, Lilongwe Eye Smooth Trade

ü  Africa: Technological Innovation Crucial for Africa's Economic Growth

ü  Uganda: KCCA Underscores Importance of Technology in Service Delivery

ü  South Africa: Petrol Price to Increase

 


 <mailto:info at bulls.co.zw> 

 


 

Musk Twitter takeover: Billionaire denies report he plans to fire workers to
avoid payouts

Elon Musk has denied a New York Times report that he plans to lay off
Twitter workers before the start of next month to avoid having to make
payouts.

 

Replying to a Twitter user asking about the report, he said: "This is
false."

 

Last week, Mr Musk completed his $44bn (£37.9bn) takeover of the social
media platform after months of legal wrangling.

 

The buyout saw the exit of the firm's top bosses - including its chief
executive, chairman and finance chief.

 

At the weekend, The New York Times reported that Mr Musk had ordered major
job cuts across Twitter's workforce.

 

The newspaper said the layoffs would take place before 1 November, when
workers were due to receive grants of shares in the company as a major part
of their pay deals.

 

The takeover has prompted discussion among Twitter users over what the
platform will look like under Mr Musk's ownership.

 

Some have voiced concerns that more lenient free speech policies would mean
people banned for hate speech or disinformation may be allowed back to the
platform.

 

Last week Mr Musk said that he doesn't want the platform to become an echo
chamber for hate and division. "Twitter obviously cannot become a
free-for-all hell-scape, where anything can be said with no consequences!"
he tweeted.

 

However after denying the New York Times job cuts report, Mr Musk tweeted a
screen shot of a New York Times headline about him posting a link to a "site
known to publish false news".

 

The New York Times headline referred to a reply Mr Musk had posted, and then
deleted, at the weekend to a tweet by former US presidential candidate
Hillary Clinton.

 

His reply contained a link to a conspiracy theory about an assault on Paul
Pelosi, husband of US House speaker Nancy Pelosi.

 

Separately, in response to a question about users getting verified - and
gaining a coveted so-called "blue check mark" - on the platform, he said the
process will be revised.

 

"Whole verification process is being revamped right now", Mr Musk said
without giving further details.

 

It had been reported that the firm was planning to charge users to become
verified.

 

Mr Musk also started a Twitter poll asking his more than 112m followers
whether he should bring back the short-video app Vine.

 

The service that allowed users to share six-second-long looping clips was
bought by Twitter in 2012.

 

It gained more than 200m active users by the end of 2015 before being
shelved by the social media platform.

 

Mr Musk has previously run polls on whether or not he should sell 10% of his
stake in the electric car maker Tesla and if Twitter should have an edit
button.-BBC

 

 

 

US throws out charges against interest rate ‘rigger’

The United States has thrown out criminal charges it brought against the
first trader to be jailed for "rigging" interest rates.

 

Former UBS trader Tom Hayes was the first of 38 people to be prosecuted.

 

He was charged in both the US and the UK, tried in London in 2015 and
sentenced to 14 years, reduced on appeal to 11.

 

But earlier this year, US courts ruled that the prosecutions were
misconceived.

 

Tom Hayes told the BBC: "I'm ecstatic to get this decision. It feels almost
like I'm in a dream."

 

For Mr Hayes, who has Asperger's syndrome, it brings to an end a decade-long
ordeal facing criminal charges brought by the US Department of Justice.

 

However, he is still struggling to overturn his conviction in the UK on the
same evidence.

 

"After years of tireless work by my solicitor Karen Todner, the Department
of Justice in the US have now dismissed my charges in their entirety,
acknowledging the flawed legal theory pursued in the cases of so called
Libor 'rigging'," Mr Hayes said in an exclusive interview with the BBC.

 

"I am pleased to end the 10-year international pursuit of my legal activity.
It is now time for the UK to examine the convictions of all traders. It is
now the sole jurisdiction that deems the conduct criminal."

 

Tom Hayes served his full jail tariff in the UK of five and a half years and
was released in 2021.

 

What traders were accused of, the US court decided, did not in fact break
any rules or laws, raising serious questions about the safety of convictions
for traders found guilty in nine trials for "rigging" interest rates on both
sides of the Atlantic.

 

The interest rate traders were accused of manipulating was Libor, the
benchmark interest rate that tracks the cost of borrowing cash.

 

line

What is Libor?

What the FTSE or Dow Jones are to share prices, Libor is to interest rates -
an index that tracked the cost of borrowing cash between the banks.

 

For the past 35 years, it has been used to set interest rates on millions of
residential and commercial loans around the world.

 

To work out Libor each day, 16 banks answer a question - at what interest
rate could they borrow money? They submit their answers and an average is
taken.

 

The evidence against Tom Hayes and other traders consisted of messages and
emails asking for those interest rates to be submitted "high" or "low" to
suit their bank's trades, which could make or lose money if the Libor
average rose or fell.

 

In 2012, the US Department of Justice claimed this was corrupt. Defendants
said it was normal commercial practice to ask for high or low estimates,
within a range of interest rates on offer from lenders in the market.

 

There were no laws or written regulations about Libor at the time the
traders made the requests.

 

In late 2014, lawyers for Tom Hayes argued that because there was no rule
against the traders' requests, the case should be dismissed.

 

In January 2015, Lord Justice Davies ruled that it was "self-evident" that
the requests were against the rules.

 

Banks were not allowed to take into account commercial interests, such as
trading positions linked to the Libor rate, when making their estimates.

 

That ruling was used to prosecute 24 traders in the UK. However, US judges
decided in January 2022 that far from being "self-evidently" corrupt, the
requests did not break any rules or laws in either the US or the UK.

 

line

US judges have now reversed four convictions of American and British former
traders for "rigging" Libor, including former Deutsche Bank traders Gavin
Black from Twickenham and and Matt Connolly from New Jersey.

 

This year they also reversed the convictions of two former colleagues of Mr
Black and Mr Connolly who had pleaded guilty to "manipulating" interest
rates, former US swaps trader Tim Parietti and British former cash trader
Mike Curtler.

 

Now, after the top fraud prosecutor at the US Department of Justice, Glen
Leon, asked the courts to throw out the charges against Mr Hayes to serve
the interests of justice, the courts have dismissed his indictment.

 

Interest rate ‘rigger’ guilty conviction thrown out

The whistleblowing bankers who were sent to jail

Bankers' rate 'rigging' not criminal, says US

The dismissal motion, signed by a judge and published on Monday, says the US
government "submits that dismissal with prejudice serves the interests of
justice".

 

But Mr Hayes continues to seek an appeal against his UK conviction, which is
still under consideration by the Criminal Cases Review Commission, the body
that investigates miscarriages of justice.

 

Eight further defendants have been jailed for the same offence in the UK,
including two whistle-blowers who tried to alert authorities to evidence
that the Bank of England, UK government and other central banks were
involved in Libor "rigging" on a much larger scale.

 

In February, BBC Radio 4 series The Lowball Tapes, exposed confidential
audio and documentary evidence, kept secret by the UK authorities, that
support those allegations.

 

Listen to: The Lowball Tapes

The UK is now the only jurisdiction in the world where the Libor "rigging"
alleged against the traders is regarded as an offence.

 

In 2017, the BBC also revealed evidence that implicated the Bank of England
in Libor "rigging". Later that year, the financial regulator, then led by
former Bank of England official Andrew Bailey, initiated reforms to phase
out Libor by 2023, in spite of earlier recommendations from an official
review that it should be kept in place.

 

Mr Bailey was appointed governor of the Bank of England in March 2020.

 

Tom Hayes added: "The US Department of Justice themselves saw fit to dismiss
charges based on the same facts, evidence and case in law that the UK used
to incarcerate me for five and a half years.

 

"That alone should be grounds enough for these cases to referred back to the
court of appeal here and if need be the Supreme Court which is yet to hear
the case," he said.

 

"Justice for all those incorrectly prosecuted is paramount."-BBC

 

 

 

Sir Richard Branson declines Singapore death penalty TV debate invitation

Sir Richard Branson has turned down an invitation from Singapore's
government to take part in a live television debate about the country's
approach towards drugs and the death penalty.

 

He was invited to take part in a discussion with the city state's home
affairs minister K Shanmugam.

 

The British billionaire has said he opposes Singapore's death penalty for
crimes such as drug smuggling.

 

He spoke out over the execution of drug trafficker Nagaenthran Dharmalingam.

 

In an open letter posted on his blog, Sir Richard said television debates
are "always at risk of prioritising personalities over issues - cannot do
the complexity of the death penalty any service".

 

He also called for the island nation's government to engage with local
figures in "constructive, lasting dialogue involving multiple stakeholders,
and a true commitment to transparency and evidence" to help it find a way to
abolish the death penalty.

 

Earlier this month Singapore's Ministry of Home Affairs rebutted an earlier
blog post of Sir Richard's in which the Virgin Group founder said the
government "seems bent on executing scores of low-level drug smugglers,
mostly members of poor, disadvantaged minorities".

 

He went on to say Malaysian Nagaenthran Dharmalingam had been hanged in
Singapore earlier in the year for drug trafficking despite having "a
well-documented intellectual disability".

 

In 2009, Nagaenthran was caught crossing into Singapore from Malaysia with
43g (1.5oz) heroin strapped to his left thigh.

 

Under Singapore's drug laws - which are among the toughest in the world -
those caught carrying more than 15g of heroin are subject to the death
penalty.

 

During his trial, the 34-year-old initially said he was coerced into
carrying the drugs, but later said he had committed the offence because he
needed money.

 

The court said his initial defence was "fabricated". He was eventually
sentenced to death by hanging.

 

Nagaenthran's case was highly controversial as he was assessed by a medical
expert to have an IQ of 69 - a level that indicates an intellectual
disability. But a court found that he was not intellectually disabled.

 

Nagaenthran's execution triggered a wave of protests as people spoke out
about what they saw as the injustice of his death sentence.

 

After Sir Richard's criticism Singapore's government invited him to take
part in a live television debate with Mr Shanmugam and offered to pay his
travel and hotel costs.

 

The government has said the death penalty is a clear deterrent that has
helped prevent major drug cartels from becoming established in the South
East Asian country.-BBC

 

 

 

Ukraine war: Russia halts grain deal after 'massive' Black Sea Fleet attack

Russia has announced it is suspending its involvement in the
internationally-brokered deal that allows Ukraine to export grain from its
Black Sea ports.

 

It comes after Russia accused Ukraine of a "massive" drone attack on the
Black Sea Fleet in Sevastopol, Crimea.

 

Ukraine has not admitted the attack and President Volodymyr Zelensky called
the Russian move "rather predictable".

 

Without providing evidence, Russia also accused British troops of being
involved in Saturday's attack.

 

It also accused the UK of blowing up gas pipelines last month.

 

In its response, the UK Ministry of Defence (MoD) said Russia was "peddling
false claims of an epic scale".

 

Russia's defence ministry says drones used in Saturday's attack targeted
ships involved in the grain deal. It said one vessel had received minor
damage.

 

Hours later, a statement by the foreign ministry in Moscow said: "The
Russian side cannot guarantee the safety of civilian dry cargo ships
participating in the 'Black Sea Initiative', and suspends its implementation
from today for an indefinite period."

 

It said the move was "in connection with the actions of the Ukrainian armed
forces, which were led by British specialists" and that these actions "were
directed... against Russian ships that ensured the functioning of the said
humanitarian corridor".

 

Moscow claimed 16 aerial and maritime drones were destroyed, and that only a
minesweeper had sustained damage.

 

It is not yet clear whether that is indeed the case, with reports suggesting
that the flagship frigate was also hit. Claims and counterclaims have become
part of this war.

 

President Zelensky said Russia's decision was not one that had been made
today, but in September "when it blocked the movement of ships with our food
produce".

 

"Why is it that some handful of individuals somewhere in the Kremlin can
decide whether there will be food on the tables of people in Egypt or in
Bangladesh?" he added.

 

Mr Zelensky said a strong international response was needed from both the UN
and the world's twenty largest economies.

 

The White House said Russia was "weaponising food".

 

How much grain has been shipped from Ukraine?

A UN spokesman said the organisation, which brokered the deal with Turkey,
was in touch with Moscow.

 

It added that it was "vital that all parties refrain from any action that
would imperil the Black Sea Grain Initiative", which it said was a critical
humanitarian effort improving access to food for millions of people around
the world.

 

The agreement allowed Ukraine to resume its Black Sea grain exports, which
had been blocked when Russia invaded the country.

 

It was personally negotiated by the UN secretary general and celebrated as a
major diplomatic victory that helped ease a global food crisis.

 

But Russia has complained that its own exports are still hindered, and had
previously suggested it might not renew the deal.

 

In recent days, Kyiv has accused Moscow of deliberately delaying the passage
of ships, creating a queue of more than 170 vessels.

 

Saturday's drone attack comes as Ukrainian troops successfully retake
territory occupied by Russian troops since they launched their invasion on
24 February.

 

Russia has responded by launching large-scale attacks on Ukrainian
infrastructure, particularly on the country's energy grid.

 

Crimea was annexed by Russia from Ukraine in 2014 and is extremely symbolic
for Russian President Vladimir Putin.

 

In recent weeks, several attacks have hit the peninsula, where the Russian
army has built up a large presence.

 

Sevastopol is the largest city in the region and home to Russia's Black Sea
fleet.

 

Mikhail Razvozhaev, the Russian-installed governor of the city, said
Russia's navy had repelled the latest attack - the "most massive" on the
city since February.

 

He said that all unmanned aerial vehicles (UAVs) had been shot down and no
civilian infrastructure had been damaged.

 

The Ukrainian government rarely comments on claims made by Russian
authorities in Crimea, although senior officials often celebrate incidents
on the peninsula.

 

Ukraine has vowed to recapture all territory that is under Russian
occupation, including Crimea, which has been a key base for President
Putin's forces during the invasion of Ukraine.

 

Without providing any evidence, the Russian defence ministry also accused
British navy specialists of helping Ukrainian forces prepare the attack on
Saturday morning.

 

It also said the same unit was "involved in plotting, organising, and
implementation of the terrorist attack in the Baltic Sea on 26 September
this year to blow up the Nord Stream 1 and Nord Stream 2 gas pipelines".

 

In its reply, the MoD said: "To detract from their disastrous handling of
the illegal invasion of Ukraine, the Russian Ministry of Defence is
resorting to peddling false claims of an epic scale.

 

"This invented story, says more about arguments going on inside the Russian
government than it does about the west."

 

France also said it did not believe the Russian allegations.

 

In recent days, Russia has been engaged in what US and Ukrainian officials
describe as a disinformation campaign, with unsubstantiated claims that Kyiv
is preparing to use a radioactive dirty bomb, or even biological mosquitoes.

 

Russia's Black Sea Fleet was previously targeted in April this year by
Ukrainian forces when its flagship warship, the Moskva, was sunk. The
510-crew missile cruiser had led Russia's naval assault on Ukraine, and its
sinking was a major symbolic and military blow.

 

Earlier this month, a blast occurred on the Crimean bridge - a pivotal
symbol of Russia's annexation of Crimea.

 

The blast killed three people, Russian investigators said.-BBC

 

 

 

Apple: Chinese workers flee Covid lockdown at iPhone factory

Workers have broken out of Apple's largest iPhone assembly factory in China
after a Covid outbreak forced staff to lockdown at the workplace.

 

Video shared online showed about 10 people jumping a fence outside the
plant, owned by manufacturer Foxconn, in the central city of Zhengzhou.

 

Chinese people and businesses are continuing to grapple with President Xi
Jinping's rigid zero-Covid policy.

 

It is not clear how many cases of Covid have been identified at the factory.

 

However in the last week, Zhengzhou, the capital of China's Henan province,
reported 167 locally transmitted infections - up from 97 the week before,
according to Reuters news agency.

 

The city of about 10 million people was partially locked down as a result,
as China continues to use strict lockdown measures to deal with Covid.

 

Foxconn, which acts as a supplier to US-based Apple, has hundreds of
thousands of workers at its Zhengzhou complex and has not provided an
official count of how many are infected.

 

The Taiwan-based company claimed on Sunday that it would not stop workers
from leaving.

 

However, in footage shared on Chinese social media, and by the BBC's China
correspondent Stephen McDonnell, workers were allegedly filmed escaping from
the grounds to begin lengthy walks back to their hometowns in a bid to avoid
being caught on public transport.

 

One 22-year-old worker, surnamed Xia, told the Financial Times it was "total
chaos in the dormitories" he and colleagues were being kept in. "We jumped a
plastic fence and a metal fence to get out of the campus," he added.

 

Workers also claimed the area surrounding the plant had been locked down for
days, with Covid-positive workers being subjected to daily testing and
quarantines to try to contain the outbreak.

 

Last week, on 19 October, Foxconn announced it was banning all dine-in
catering at the Zhengzhou plant and required workers to eat meals in their
rooms.

 

At the same time, the company told reporters it was maintaining "normal
production" as the plant ramped up production of the latest iPhone 14
models.

 

"The government agreed to resume dine-in meals to improve the convenience
and satisfaction of employees' lives," Foxconn said in a statement on
Sunday.

 

It added that for those wanting to return home, "the [plant] is co-operating
with the government to organise personnel and vehicles to provide a
point-to-point orderly return service for employees from today".

 

The BBC has reached out to Foxconn for comment.

 

Under China's strict zero-Covid policy, cities are given powers to act
swiftly to quell any outbreaks of the virus. This includes anything from
full-scale lockdowns to regular testing and travel restrictions.

 

Many had hoped President Xi would drop the legislation before the end of the
year but at the recent 20th Communist Party congress, he made clear this was
unlikely to happen anytime soon.-BBC

 

 

 

Elon Musk: No change to Twitter moderation policy yet

Billionaire Elon Musk has said there will be no changes to Twitter's content
moderation policies for now after completing his $44bn (£38.1bn) takeover of
the platform.

 

"To be super clear, we have not yet made any changes to Twitter's content
moderation policies," he tweeted.

 

Earlier he announced the creation of a new council to moderate posts.

 

He also tweeted that "anyone suspended for minor & dubious reasons" would be
"freed from Twitter jail".

 

"Comedy is now legal on Twitter," he said.

 

Senior figures at Twitter have announced their exits since Mr Musk took over
after long delays to the deal.

 

Questions are focused on Mr Musk's future plans for the site.

 

The potential changes have drawn scrutiny from regulators and divided
Twitter's own users, some of whom are worried Mr Musk will loosen
regulations governing hate speech and misinformation, and some of whom feel
the previous management curtailed free speech with overly rigorous rules.

 

Mr Musk said Twitter would be forming a council with "widely diverse
viewpoints".

 

"No major content decisions or account reinstatements will happen before
that council convenes," he said, shortly before confirming that Twitter had
ended artist Kanye West's suspension from the platform before his
acquisition.

 

Rapper Kanye West, known as Ye, had been suspended from the platform for
anti-Semitic comments.

 

Finance chief Ned Segal was among the senior leaders to announce his exit
from the company after Musk's takeover. Chairman of the board Bret Taylor
has also left and it was widely reported that Twitter's chief executive
Parag Agrawal - a target of Mr Musk's criticism - was among the people
fired, although Mr Agrawal still has "ceo @twitter" on his Twitter profile.

 

General Motors - the largest US carmaker and a rival to Mr Musk's Tesla -
says it has temporarily halted paid advertising on Twitter. GM said it was
"engaging with Twitter to understand the direction of the platform under
their new ownership".

 

"The bird is free," Mr Musk wrote on the platform late on Thursday, while
assuring advertisers in a public note that he did not want Twitter to become
a "free-for-all hellscape".

 

He has signalled he wants widespread change at Twitter. A self-styled "free
speech absolutist", he has said he sees the platform as a forum for public
debate and is willing to reverse bans on controversial users, including
former President Donald Trump.

 

Ex-finance chief Segal tweeted that his time at the company was the "most
fulfilling of my career" and reflected on the strain caused by the
uncertainty of the last six months.

 

"You learn so much when times are challenging and unpredictable, when we are
tired or feel our integrity questioned," Mr Segal said, alluding to Mr
Musk's public criticism of the company's leadership.

 

"I have great hope for Twitter," he added.

 

In Europe, the commissioner in charge of overseeing the EU's digital market,
Thierry Breton, tweeted: "In Europe, the bird will fly by our EU rules" -
suggesting regulators will take a tough stance against any relaxation of
Twitter's policies.

 

In the US, Stop the Deal, a coalition of left-wing activist groups including
Fair Vote UK and Media Matters for America, said Mr Musk had a "thirst for
chaos" and his potential plans would make Twitter "an even more hate-filled
cesspool, leading to irreparable real-world harm".

 

Mr Trump, who was banned from Twitter last year following the Capitol riot
in January 2021, said he was happy Twitter was now in "sane hands" while
stating his "love" for his own Twitter-like service, Truth Social.

 

Dmitry Medvedev, Russia's former president and current deputy head of the
Security Council, also welcomed the new ownership.

 

"Good luck @elonmusk in overcoming political bias and ideological
dictatorship on Twitter," tweeted Mr Medvedev.

 

A long road

Until recently it appeared the deal could still fall through.

 

After building a stake in Twitter at the start of the year, Mr Musk made his
$44bn offer in April, a price tag that looked too high almost as soon as it
was agreed.

 

He said he was buying it because he wanted "civilisation to have a common
digital town square", and pledged to clean up spam accounts and preserve the
platform as a venue for free speech.

 

But by the summer he had changed his mind about the purchase, citing
concerns that the number of fake accounts on the platform was higher than
Twitter claimed.

 

Twitter executives took legal action to hold Mr Musk to his offer, arguing
that he was balking after becoming concerned about the price.

 

The deal closed on Thursday, when a company controlled by Elon Musk
purchased the firm for $54.20 per share, according to a filing on Friday
with the US government.

 

Dan Ives, analyst at Wedbush Securities, said the $44bn price tag would go
down "as one of the most overpaid tech acquisitions in the history of M&A
(mergers and acquisitions) deals on the Street".

 

"As we have discussed, the easy part for Musk was buying Twitter, the
difficult part and Everest-like uphill battle looking ahead will be fixing
this troubled asset," he wrote.

 

Despite playing a large role in public debate, Twitter remains a relatively
small social media platform, claiming about 240 million accounts that are
active daily, compared with nearly 2 billion on Facebook.

 

It has struggled with the wider market decline in digital advertising.

 

It is not yet clear whether the clear-out of senior management is the
forerunner to company-wide job cuts. Earlier reports suggested 75% of staff
at the social media company were set to lose their jobs.

 

Departing executives are in line to receive hefty payouts under terms
negotiated earlier this year. Mr Agrawal could receive a package worth
potentially $60m, while Mr Segal could receive more than $46m, according to
a May filing with the US government.-BBC

 

 

 

Telangana’s ambitious palm oil strategy to help India reduce import

An 80km (49.7mile) road in Khammam district of the southern Indian state of
Telangana is dotted with palm oil plantations on both sides.

 

Nagarjuna is among several farmers here who have been planting saplings of
the oil palm tree in their fields this season.

 

The 50-year-old had suffered huge losses last year from rice cultivation on
his four-acre (1.4-hectare) farm. He hopes that oil palm will help him
return to profit. He says at least 50 other farmers in his village have made
the same switch recently.

 

They are part of a growing number of farmers who are joining the state's
ambitious plan to become India's palm oil hub. Since 2014, the land under
palm oil cultivation here has grown from 34,000 acres to 72,000 acres in
2022.

 

The farmers are inspired by the huge profits made by plantation owners like
Narayana Rao. Mr Rao, who is from the neighbouring Andhra Pradesh state,
began cultivating oil palm eight years ago on his 30-acre (12.14-hectare)
field in Khammam and says he has made a profit of more than 4m rupees
($48,705; £43,802).

 

"The lifespan of an oil palm crop is roughly 30 years. I am 72. I don't
think I'll uproot these plants in my lifetime," he says.

 

The oil palm is considered a "wonder crop" and is used in nearly every
product of daily use - from food items like chocolates, ice-cream, bread and
butter to cosmetics. It is also used as a biofuel component in diesel and
petrol and has a variety of industrial applications.

 

In India, it accounts for 60% of the cooking oil market. The country
produces just 2.7% of its needs, less than 300,000 metric tons of palm oil,
and .imports 90% of its requirement - about 10 million metric tons - from
Indonesia and Malaysia.

 

The Telangana government under Chief Minister K Chandrashekhar Rao has been
promoting the crop by offering generous subsidies to farmers - the state has
allocated 10bn rupees this year alone to encourage its cultivation.

 

The state plans to grow the area under oil palm cultivation by another two
million acres and the number of farmers from 6,500 to 35,000 in the next
four years.

 

Director of state's horticulture department Venkat Reddy said earlier this
year that Telangana would then become "the fifth largest oil palm cultivator
[in the world]".

 

"Our aim is to be the state that can supply enough palm oil so that imports
from Malaysia and Indonesia are reduced by 30-40%."

 

Analysts say this could benefit millions of households and also reduce the
country's dependence on oil imports to meet domestic requirements.

 

But environmental experts are sceptical. The crop is considered a major
driver of deforestation. Globally, almost all oil palm is grown on lands
that were once biodiverse tropical forests, studies have shown.

 

India was hit hard when Indonesia in May decided to halt its exports,
leading to a surge in cooking oil prices.

 

How Ukraine war could impact India's cooking habits

Why are the world's big oil producers cutting supplies?

To reduce dependence on imports, the federal government last year had
launched the Palm Oil Mission, with a budget of 110bn rupees to increase the
land under cultivation across 17 states.

 

States such as Kerala, Karnataka, Assam and Arunachal Pradesh have also been
encouraging farmers to grow oil palm.

 

But no state has made as massive a push as Telangana where farmers are being
given 50,918 rupees for each acre by the state and federal governments to
acquire saplings, access drip irrigation and grow another crop during the
four years it will take to start harvesting the oil palm crop.

 

The move to palm oil

Before palm oil, Telangana had heavily promoted paddy cultivation.

 

But a declining demand for rice in states like Jharkhand, Tamil Nadu and
Kerala made the state and the federal governments reluctant to buy surplus
stocks of rice from Telangana farmers.

 

The two governments bickered earlier this year after the federal government
refused to buy large quantities of parboiled rice at a guaranteed minimum
price.

 

In contrast, analysts expect palm oil to benefit both the farmers and the
government.

 

The crop will increase the state's agricultural Gross Value Addition (GVA) -
the value of agricultural goods and services produced after deducting the
cost of raw materials - by 10%, officials at the state's horticulture
department say.

 

It will also use 25%-30% less water than paddy, reducing the government
expenditure on electricity subsidy, says Kranthi Kumar Reddy, general
secretary of the National Oil Palm Farmers Association.

 

"In terms of productivity, more oil can be extracted from palm oil compared
to other oil seeds," says trade analyst Narasimha Murthy. "It's possible to
get 5,000kg per hectare."

 

But farmers' welfare organisations are sceptical of these plans,
particularly the cost of watering a crop that requires expensive lift
irrigation all year round.

 

"The summers in the state are too hot for this crop," says Ravi Kanneganti,
general secretary of independent farmers' organisation Rythu Swarajya
Vedika.

 

Oil palms need moisture in the air and most of Telangana has dry land that
does not receive adequate rainfall, says Dr Ramanjaneyulu, the executive
director of Centre for Sustainable Agriculture.

 

"Telangana spends a lot of money to bring river water to these farm lands
through lift irrigation. How long will the government bear the cost of
this?" he adds.

 

It is also not enough to give subsidies for cultivation. Experts say the
government needs to offer a minimum support price (MSP) - a guaranteed
minimum price for the produce - to farmers.

 

Many farmers in Andhra Pradesh, which is currently the country's largest
producer, shifted from crops like rice, coconut and bamboo to oil palm when
the federal government first pushed the crop in the 1990s. In the last few
years, several have switched back after suffering losses due to the lack of
a guaranteed minimum price for their harvest, Mr Reddy says.

 

Farmers also cite depleting water table, pest attacks and the crop's
inability to withstand extreme weather as reasons for this shift.

 

With Telangana's farmers already reeling from heavy losses from paddy,
experts say they cannot afford to take on more losses.

 

Dr Ramanjaneyulu says the state's decision to focus on palm oil is
"impulsive", keeping only the market in mind.

 

Slash-and-burn practices linked to palm oil cultivation have been blamed for
forest fires and extreme air pollution in several Asian countries.

 

It's also common for toxic weed and pest killers to be used at these
plantations.

 

"Like in other countries where palm oil is grown, whenever demand grows and
yield decreases, usage of chemicals will certainly go up, causing ecological
issues," Dr Ramanjaneyulu says.

 

In Indonesia and Malaysia, the rapid expansion of oil palm plantations has
decimated vast tracts of the world's most biodiverse forests, destroying
plants and endangering native wildlife.

 

"Along with potential monetary loss, people in the state may have to bear
the repercussions of such environmental issues for years to come," Dr
Ramanjaneyulu says.-BBC

 

 

Nigeria: Dangote Sugar Declares N36.27 Billion Profit in 9 Months

Dangote Sugar Refinery Plc has announced a Profit Before Tax (PBT) of N36.27
billion for a duration of nine months ended Sept. 30, 2022.

 

Group managing director, Dangote Sugar Refinery Plc, Mr Ravindra Singhvi,
made this known in a statement on Sunday in Lagos.

 

He said that the company's PBT rose by N13.17 billion compared to N23.10
billion posted in the corresponding period in 2022.

 

Singhvi added that Profit After Tax (PAT) rose from N15.51 billion to N24.83
billion, while revenue went up from N195.50 billion to N288.32 billion

 

He attributed the positive results for the period to key trade interventions
introduced during the year and positive market responses.

 

 

He recalled that the company recorded a PBT of N29.73 billion for the half
year ended June 30, 2022 while PAT hit N20.24 billion in that period.

 

"Our impressive performance in the period demonstrates our resilience in the
face of prevalent challenges, which rightly reflected in strong top-line
growth as seen in the financial results," he said

 

Singhvi said that Dangote Sugar Refinery had continued to implement its
sugar backward integration projects plans and enhance its outgrowers scheme
to support the economic growth of the immediate communities.

 

He said the company's aim was to develop a robust outgrower scheme with no
fewer than 5,000 outgrowers when the projects have fully taken off.

 

This, he explained, was in addition to the achievement of other targets of
its 'Sugar for Nigeria Project' plan.

 

"The key focus of the sugar refinery is achievement of the Dangote Sugar
Backward Integration Projects targets and putting Nigeria on the path of
sugar self-sufficiency and the world sugar map.

 

"Employees health and safety as well as that of its partners remains a top
priority at the company's operations at the Apapa Refinery, its Sugar
Backward Integration Operations in Numan, Adamawa and Tunga, Nasarawa.

 

"All processes are in compliance with stipulated health and safety
protocols," he said.

 

Dangote Sugar Refinery is Nigeria's largest producer of household and
commercial sugar with 1.44M MT refining capacity."

 

The company refines raw sugar imported from Brazil to white, Vitamin A
fortified refined granulated white sugar suitable for household and
industrial uses.

 

-Leadership.

 

 

 

Nigeria: Buhari Declares Support for CBN's Move to Redesign, Replace Naira
Notes

President Buhari said reasons given to him by the CBN convinced him that the
economy stood to benefit from the policy.

 

President Muhammadu Buhari has declared support for the move by the Central
Bank of Nigeria to redesign the three largest denominations of the naira.

 

According to a Sunday statement by his spokesperson, Garba Shehu, the
president said the CBN's decision had his support and he is convinced that
Nigeria will gain a lot by doing so.

 

PREMIUM TIMES reported last week's announcement by the CBN governor, Godwin
Emefiele, that the apex bank would redesign the N200, N500 and N1,000 notes.

 

The old and the new notes would both be valid until February when the old
notes will no longer be legal tender, Mr Emefiele said.

 

He said about 80 per cent of Nigerian currency was outside bank vaults with
many hoarded by criminals, thus the reason for the policy.

 

 

However, the finance minister, Zainab Ahmed, said her ministry was not
consulted before the policy was announced and she believes the policy is
wrongly timed.

 

"The policy may be a well-conceived one but the timing, going by realities
on ground, is very wrong as the naira may fall to as low as N1,000 to a US
dollar before January 31, 2023, fixed for full implementation of the
policy," she said.

 

"We were not consulted at the Ministry of Finance by the CBN on the planned
naira redesigning and cannot comment on it as regards merits or otherwise."

 

In response to the finance minister's statement, Mr Emefiele said he got the
permission of the president before announcing the policy.

 

On Sunday, Mr Buhari confirmed he gave the permission.

 

President Buhari said reasons given to him by the CBN convinced him that the
economy stood to benefit from the reduction in inflation, currency
counterfeiting and the excess cash in circulation, Mr Shehu wrote.

 

The spokesperson said the president spoke in a Hausa radio interview with
two journalists, Halilu Getso and Kamaluddeen Shawai, to be aired Wednesday
Morning on Tambari TV.

 

The president said he did not consider the period of three months for the
change to the new notes as being short.

 

"People with illicit money buried under the soil will have a challenge with
this but workers, businesses with legitimate incomes will face no
difficulties at all," Mr Buhari was quoted as saying.

 

-Premium Times.

 

 

 

Africa: Technological Innovation Crucial for Africa's Economic Growth

Unleashing Africa's economic growth potential requires inclusive
technological innovation solutions that empower everyone, regardless of
economic status or literacy level.

 

The current digital revolution is transforming economies and spurring
innovation in many areas of the economy.

Communication is crucial to the economic growth process.

As a multiplier of heightened economic growth, a rising digital ecosystem is
especially important.

The history of technology in Africa

 

Africa's technology story started in 1921 when South Africa received its
first tabulating technology from the Computing-Tabulating-Recording Company,
later known as IBM. Following that, numerous units were distributed around
the nation, and by 1959, IBM had established the country's first proper data
processing system in Johannesburg. A couple of decades later, in 1980, the
Africa Centre d'Informatique du Rwanda received Africa's first computer.
This development cleared the path for widespread internet adoption.

 

 

There is not much regarding Africa's involvement in the internet and digital
innovation history books. In 2019, 34.7% of individuals in sub-Saharan
Africa were illiterate, yet the region has seen a variety of innovations
owing to its cultural diversity. Appreciative inquiry is a powerful tool for
creating innovative solutions by refocusing human attention on the positive
aspects of a problem.

 

The wave of the digital revolution

 

The current digital revolution is transforming economies and spurring
innovation in many areas of the economy. Africa and its leaders confront a
dual challenge: meeting SDG objectives while adjusting to climate change.
Innovative approaches and inclusive financing methods will be required to
digitally transform all aspects of the continent's economy, from education
to healthcare and agriculture to telecommunications.

 

 

For Africa to reach its full potential, it must equip its people with the
required digital skills. Africans need access to digital tools and
technology while functioning within a regulatory environment that safeguards
everyone's safety and interests.

 

Africa's mobile service subscriber statistics are now soaring. Sub-Saharan
Africa is anticipated to have 615 million mobile service subscribers by
2025. This subscription represents tremendous potential and demonstrates
Africa's innovative capabilities. Technological innovation access must link
to socioeconomic well-being. Healthcare, education, and commerce innovations
must target the pain points of society's most vulnerable members.

 

Raising literacy levels through language digitisation.

 

Communication is crucial to the economic growth process. In Africa, around
2000 languages are spoken. Interactions between and within communities
influence the continent's economic, social, and cultural well-being.

 

 

Governments must invest in indigenous languages to increase literacy rates
and digital literacy. Promoting the growth of various languages, primarily
via digital media, may help different individuals gain critical
comprehension and enhance their communication talents.

 

Technology should also be used to help people master information. In many
African nations, there is little to no information accessible on real-time
search patterns. The lack of data on search engines for such information
does not imply that it does not exist; rather, the algorithm that extracts
this information should include African nations.

 

Research and development investments

 

African countries should prioritise research and development (R&D) funding,
emphasising developing and commercialising scientific knowledge. At the
ninth regular session of the African Union Assembly in 2006, member nations
promised to donate 1% of their GDP to R&D. Only four African countries now
have this sum in their yearly budgets.

 

Higher education institutions may fundraise using non-traditional methods
such as micro-contributions, levies, public-private partnerships, and
market-based financial transactions to bridge the R&D budget gap. Endowments
at universities will enable higher education institutions to achieve better
research results via novel finance arrangements.

 

Cultivating the culture of technological innovation

 

In Africa, the culture of innovation has become ingrained. One can see how
Africa values and scales innovation from professional learning communities
in agriculture (farming cooperatives) to neighbourhood organisations.

 

However, the African innovation history fails to record many of these
triumphs. Indigenous knowledge transmits innovations from one generation to
the next. Several communities, for example, are continuing to adapt to the
consequences of climate change using localised, extremely effective
mitigation methods.

 

Meanwhile, research has revealed that about 90% of R&D initiatives at major
corporations and enterprises fail. This failure is primarily due to a lack
of time and human resources. The most valuable export in Africa and among
its people should be the development of a common culture of creativity.
Democratising and propagating an innovation culture will generate a drive to
create solutions to community-specific challenges. The changes will also
empower people to change their communities for the better.

 

Inclusive economic growth

 

Unleashing Africa's economic growth potential requires inclusive solutions
that empower everyone, regardless of economic status or literacy level.
Africans must rely on their creative abilities to tackle difficulties and
assume responsibility for future problem resolution.

 

Africa is more than merely a recipient of foreign technologies. We have a
plethora of homegrown options. To see these thrive, we must invest in
research and development, empower our employees, and scale our discoveries
and breakthroughs.

 

The world largely considers Africa as the next great growth market, a
designation that has persisted for years. There are several reasons to be
optimistic: the African continent has some of the world's youngest
populations, promises to be a key consuming market over the next three
decades, and is becoming more mobile phone-enabled. Because access to
smartphones and other devices improves consumer information, networking,
job-creating resources, and even financial inclusion, a rising digital
ecosystem is especially important as a multiplier of heightened economic
growth.

 

-The Exchange.

 

 

 

Tanzania: Dar, Lilongwe Eye Smooth Trade

TANZANIA and Malawi have resolved to speed up the process of addressing
various challenges facing the private sector in order to facilitate trade
between the two countries.

 

The two countries have also agreed to use Lake Nyasa to smoothen economic
opportunities, including transportation of goods, services and people for
the development of citizens in both nations.

 

The agreements were reached during the 5th Joint-Permanent Commission for
Cooperation held in Dar es Salaam on Friday, where the countries signed two
agreements to collaborate on defence and security issues.

 

Minister for Constitution and Legal Affairs Dr Damas Ndumbaro said the
agreements focus on cooperation between Tanzania Police Force and Malawi
Police Force as well as immigration departments of both countries.

 

 

"This meeting has enabled the two nations to agree on various areas, with
the main focus being on trade, investment, defence and security,
infrastructure, foreign affairs and social issues," said Dr Ndumbaro who
represented Minister for Foreign Affairs and East African Cooperation.

 

Dr Ndumbaro further said that other opportunities which emerged from the
meeting include the intention by Malawi to use Mtwara and Mbamba Bay road in
Nyasa District in Ruvuma Region to transport goods and services.

 

Malawi has also agreed to cooperate with Tanzania in education and training
through Centre for Foreign Relations in Dar es Salaam.

 

Dr Ndumbaro explained that despite the existing good diplomatic relations
between both countries, Malawi has showed intention of using Mtwara Port and
Mbamba Bay due to the fact that the route is shorter compared to other
routes the country is using to import goods.

 

The Minister further called on the Malawian government to continue valuing
Kiswahili and stressed on its use. He also asked the country to continue
teaching the language at various levels of education.

 

On his part, Malawian Minister for Justice Titus Mvalo said all the issues
agreed upon in the meeting have been reached at the appropriate time where
the Heads of State of both countries are committed to see the cooperation
between Tanzania and Malawi brings economic benefits to people of both
nations.

 

He further said that Malawi government was making efforts to promote the
growth of Kiswahili in the country, among others adding the subject into the
country curricular.

 

"One of the main quality of Kiswahili is that it has no tribalism basis, we
are proud of this language... it is a traditional language with African
origin which connects many people in the continent", Mr Mvalo said.

 

Minister Mvalo, however, called upon all sectors to ensure that they meet
regularly in order to monitor implementation of all issues agreed in the
meeting.

 

The 5th Joint-Permanent Commission for Cooperation (JPCC) has been held for
three days from October 26 to 28 this year.

 

-Daily News.

 

 

 

Africa: Technological Innovation Crucial for Africa's Economic Growth

Unleashing Africa's economic growth potential requires inclusive
technological innovation solutions that empower everyone, regardless of
economic status or literacy level.

 

The current digital revolution is transforming economies and spurring
innovation in many areas of the economy.

Communication is crucial to the economic growth process.

As a multiplier of heightened economic growth, a rising digital ecosystem is
especially important.

The history of technology in Africa

 

Africa's technology story started in 1921 when South Africa received its
first tabulating technology from the Computing-Tabulating-Recording Company,
later known as IBM. Following that, numerous units were distributed around
the nation, and by 1959, IBM had established the country's first proper data
processing system in Johannesburg. A couple of decades later, in 1980, the
Africa Centre d'Informatique du Rwanda received Africa's first computer.
This development cleared the path for widespread internet adoption.

 

 

There is not much regarding Africa's involvement in the internet and digital
innovation history books. In 2019, 34.7% of individuals in sub-Saharan
Africa were illiterate, yet the region has seen a variety of innovations
owing to its cultural diversity. Appreciative inquiry is a powerful tool for
creating innovative solutions by refocusing human attention on the positive
aspects of a problem.

 

ALSO READ: FAO says Kenya requires US$87mn to ensure food security

 

The wave of the digital revolution

 

The current digital revolution is transforming economies and spurring
innovation in many areas of the economy. Africa and its leaders confront a
dual challenge: meeting SDG objectives while adjusting to climate change.
Innovative approaches and inclusive financing methods will be required to
digitally transform all aspects of the continent's economy, from education
to healthcare and agriculture to telecommunications.

 

 

For Africa to reach its full potential, it must equip its people with the
required digital skills. Africans need access to digital tools and
technology while functioning within a regulatory environment that safeguards
everyone's safety and interests.

 

Africa's mobile service subscriber statistics are now soaring. Sub-Saharan
Africa is anticipated to have 615 million mobile service subscribers by
2025. This subscription represents tremendous potential and demonstrates
Africa's innovative capabilities. Technological innovation access must link
to socioeconomic well-being. Healthcare, education, and commerce innovations
must target the pain points of society's most vulnerable members.

 

Raising literacy levels through language digitisation.

 

Communication is crucial to the economic growth process. In Africa, around
2000 languages are spoken. Interactions between and within communities
influence the continent's economic, social, and cultural well-being.

 

 

Governments must invest in indigenous languages to increase literacy rates
and digital literacy. Promoting the growth of various languages, primarily
via digital media, may help different individuals gain critical
comprehension and enhance their communication talents.

 

Technology should also be used to help people master information. In many
African nations, there is little to no information accessible on real-time
search patterns. The lack of data on search engines for such information
does not imply that it does not exist; rather, the algorithm that extracts
this information should include African nations.

 

Research and development investments

 

African countries should prioritise research and development (R&D) funding,
emphasising developing and commercialising scientific knowledge. At the
ninth regular session of the African Union Assembly in 2006, member nations
promised to donate 1% of their GDP to R&D. Only four African countries now
have this sum in their yearly budgets.

 

Higher education institutions may fundraise using non-traditional methods
such as micro-contributions, levies, public-private partnerships, and
market-based financial transactions to bridge the R&D budget gap. Endowments
at universities will enable higher education institutions to achieve better
research results via novel finance arrangements.

 

Cultivating the culture of technological innovation

 

In Africa, the culture of innovation has become ingrained. One can see how
Africa values and scales innovation from professional learning communities
in agriculture (farming cooperatives) to neighbourhood organisations.

 

However, the African innovation history fails to record many of these
triumphs. Indigenous knowledge transmits innovations from one generation to
the next. Several communities, for example, are continuing to adapt to the
consequences of climate change using localised, extremely effective
mitigation methods.

 

Meanwhile, research has revealed that about 90% of R&D initiatives at major
corporations and enterprises fail. This failure is primarily due to a lack
of time and human resources. The most valuable export in Africa and among
its people should be the development of a common culture of creativity.
Democratising and propagating an innovation culture will generate a drive to
create solutions to community-specific challenges. The changes will also
empower people to change their communities for the better.

 

Inclusive economic growth

 

Unleashing Africa's economic growth potential requires inclusive solutions
that empower everyone, regardless of economic status or literacy level.
Africans must rely on their creative abilities to tackle difficulties and
assume responsibility for future problem resolution.

 

Africa is more than merely a recipient of foreign technologies. We have a
plethora of homegrown options. To see these thrive, we must invest in
research and development, empower our employees, and scale our discoveries
and breakthroughs.

 

The world largely considers Africa as the next great growth market, a
designation that has persisted for years. There are several reasons to be
optimistic: the African continent has some of the world's youngest
populations, promises to be a key consuming market over the next three
decades, and is becoming more mobile phone-enabled. Because access to
smartphones and other devices improves consumer information, networking,
job-creating resources, and even financial inclusion, a rising digital
ecosystem is especially important as a multiplier of heightened economic
growth.

 

-The Exchange.

 

 

 

Uganda: KCCA Underscores Importance of Technology in Service Delivery

Kampala Capital City Authority (KCCA) executive director, Dorothy Kisaka has
emphasised the importance of technology in service delivery in the city,
calling upon people to embrace smart city, an initiative she said is the
solution to most of the problems in Kampala.

 

She made the remarks on Saturday while meeting with residents of Nsooba in
Mulago, Kawempe division where she shared with them the plans of the
authority.

 

During the engagement, Kisaka shared the aspirations of the smart city that
is aimed at transforming Kampala.

 

It is an operations strategy to include every stakeholder in what KCCA does
in the city.

 

 

"In Kampala we are embracing technology; whatever you are doing we now need
to use technology. We have come up with a number of online systems to help
deliver services faster," Kisaka said.

 

Currently locals use online systems and apps to apply for building permits,
request for sanitation services among others.

 

Under the Infrastructure Pillar, Kisaka said things like roads, lights,
buildings and drainages must look smart and that is the essence of a smart
city.

 

She spoke of the last pillar of people's wellbeing, and said that it is the
most important pillar.

 

"We want people to work in smart ways and live in a smart way. We are not
chasing anyone from the city, smart City thinking takes care of everything
and everyone," Kisaka said.

 

While responding to a number of requests made by the area local leaders,
Kisaka said KCCA was going to increase the number of times garbage from
Mulago III is collected to deal with the issue of poor waste disposal.

 

Pastor Nicholas Wafula, the regional director Development Associates
International (DAI) an NGO that is helping transform the communities of
Mulago III through equipping youth and women with skills and capital thanked
Kisaka for sparing time to come visit the area.

 

 

 

South Africa: Petrol Price to Increase

South Africans will be paying more at the pumps from Wednesday following the
increase of all grades of fuel.

 

Illuminating paraffin and LP Gas prices are also expected to rise.

 

The increases are as follows:

 

All grades of petrol will increase by at least 51c

 

Diesel 0.05% sulphur will rise by some R1, 42

 

On the other hand, diesel 0.005% will go up by R1,43

 

Wholesale illuminating paraffin increases by 77c

 

The Single Maximum National Retail Price for illuminating paraffin will go
up by R1,03

 

 

Maximum LP Gas Retail Price will increase by 98c

 

The adjustment means that a litre of 95 ULP, which currently costs 22.36 in
Gauteng, will now cost R22.87 as of Wednesday.

 

In a statement, the Department of Mineral Resources and Energy (DMRE)
explained that the prices are influenced by several local and international
factors including importation costs and the cost of crude oil.

 

"The average Brent Crude oil price increased from $89.79 US Dollars (USD)
per barrel to $92.41 USD per barrel during the period under review. The
average international product prices of petrol, illuminating paraffin and
diesel increased while LPG prices decreased during the period under review.

 

"The Rand depreciated on average against the USD, from R17.55 to R18.11 Rand
per USD, during the period under review when compared to the previous one.
The weaker Rand led to higher contributions to the Basic Fuel Prices of
petrol, diesel and illuminating paraffin by 37c per litre, 52c per litre and
48c per litre respectively," the statement read.

 

-SAnews.gov.za.

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <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.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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