Major International Business Headlines Brief::: 20 September 2022

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Major International Business Headlines Brief::: 20 September 2022 

 


 

 


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ü  Reliance Industries: Daughter rises in Mukesh Ambani’s succession plan

ü  Grand Theft Auto VI footage leaked after hack, developer Rockstar confirms

ü  Molly Russell's inquest to put focus on big tech

ü  After 'slow start', US companies embrace refugees

ü  Sports Direct founder Mike Ashley to quit Frasers' board

ü  Pound hits new 37-year low as retail sales slide

ü  Train drivers set to resume strikes in October

ü  World Bank: Global rate hikes could trigger 2023 recession

ü  Germany takes control of stakes in Rosneft oil refineries

ü  South Africa: Eskom In Yet Another Battle to Keep Lights On - South African News Briefs, September 20, 2022

ü  Kenya: Kakuzi Readies for Second Avocado Shipment to China

ü  Africa: Harnessing Mobile Technologies Growth to Drive Smart Agriculture in Africa

ü  Nigeria: 383 Nigerian Tech Startups Raised Over $2 Billion in Seven Years - Report

ü  Nigeria: Mystery of Nigerian Crude Oil Theft

 


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Reliance Industries: Daughter rises in Mukesh Ambani’s succession plan

In the clearest hint of a succession roadmap, Indian billionaire Mukesh Ambani carved out definite roles for each of his three children at the annual general meeting of his $220bn (£193bn) retail-to-refining conglomerate in August.

 

Mr Ambani's older twins, Akash and Isha Ambani, will lead Reliance Industries Ltd's telecommunications and retail businesses respectively, while his youngest son Anant is being groomed to handle new energy.

 

Corporate India's most anticipated leadership transition - Reliance is one of India's most valuable companies by market valuation - has been in the works for some time. The particulars of the impending wealth transfer are sketchy at the moment, and largely in the realm of speculation.

 

But what is palpable is Mr Ambani's desire to avoid repeating history: the acrimonious inheritance battle he waged with his younger brother 20 years ago, after their father died without leaving a will.

 

Isha Ambani's leadership role is also in stark contrast to the largely peripheral role that other women from her family have played in the core business until now.

 

Over the past two decades, there has been a generational shift in the number of prominent Indian industrial families bringing women into the corner office - though analysts say there is still a long way to go.

 

Planning ahead

Mr Ambani, 65, is actively involved in running Reliance as its chairman and managing director and could have bought more time before thrusting his children into the limelight.

 

But unlike many Asian patriarchs who hold a tight control over their wealth till the end, he represents a "new generation of family business leaders" in Asia who've witnessed succession feuds and want to take "every step possible" to make the journey for their children smooth, says Prof Kavil Ramachandran, a senior adviser at the Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business.

 

>From the Tata group - which owns Jaguar and Land Rover - to the Singhania family that's behind the textiles major, Raymond Group, India Inc has seen a series of rancorous succession battles. These have led to messy lawsuits and long-winded arbitration proceedings that have proven to be costly to shareholders.

 

How the Tata spat dented India's most trusted brand

But wealthy Asian families like the Ambanis are once bitten, twice shy, experts say.

 

The issue of intergenerational wealth transfer is also "gaining even more significance in a Covid-19 context," according to wealth consulting firm Hubbis.

 

While fewer than half of Asian families have succession plans in place, the pandemic has encouraged 84% of India's ultra-wealthy to reassess how they will transfer their wealth, global property consultancy Knight Frank estimates.

 

A gender shift

What's also being reassessed, it appears, is the role of women in succession plans.

 

Speaking of the leadership roles his three children were assuming, Mr Ambani in his speech said "they are first among equals in a young team of leaders and professionals who are already doing amazing things at Reliance".

 

Isha Ambani's rise as an "equal" to her brothers is a clear shift from her older female relatives - her aunts got married into other business families long before the inheritance dispute split the Ambani family.

 

But Ms Ambani, a Yale graduate who worked at the consulting giant McKinsey, has been groomed to join the Reliance empire.

 

Given the influence the Ambanis wield, especially within the traditional Gujarati mercantile community they belong to, this gender shift is likely to have a "strong messaging effect," Prof Ramachandran says.

 

It's "a significant move that will set the tone for other business families, " says Sandeep Nerlekar, founder and managing director of the legacy planning firm Terentia. He has been advising family-owned corporates on succession plans for over a decade.

 

Ms Ambani is part of a new generation of women from major business families who have taken on senior leadership roles. This includes Nisaba Godrej, who leads one of the country's oldest diversified conglomerates; Nadia Chauhan who heads Parle Agro, one of India's top consumer goods companies; and at least half a dozen others.

 

There are several forces behind the change, experts say - including more women accessing higher education, and traditional joint families giving way to nuclear ones.

 

More women are also "being vocal about their rights and capabilities without worrying about feathers being ruffled", says Dipali Goenka, managing director and CEO of Welspun India, part of the $2.7bn Welspun Group, one of India's biggest textile companies.

 

Ms Goenka got married at the age of 18 and joined her husband's business after her children grew up and she decided to study management at Harvard Business School.

 

But there is still a long way to go.

 

Eight in 10 families in India still continue to harbour a bias towards sons when it comes to estate planning, Mr Nerlekar says, citing a Terentia study. "Even wealth distribution between a daughter and a son is not equal," he adds.

 

The bitter public battle for a board seat by Valli Arunachalam, one of the heirs to the Chennai-based Murugappa Group, only underscores how difficult it is for Indian women to break through the glass ceiling.

 

Legal changes - to Hindu succession laws for instance, which gave women equal inheritance rights, irrespective of marital status - have helped smooth the way for women, experts say. And government rules requiring women to be included on company boards is increasing representation as well

 

But experts say this is a battle against patriarchy - and it has only just begun.-BBC

 

 

 

Grand Theft Auto VI footage leaked after hack, developer Rockstar confirms

More than 90 videos and images from the next edition of the Grant Theft Auto franchise have been leaked online by a hacker, the game's developers say.

 

The leaked content was posted on Sunday after what is being described as one of gaming's biggest security breaches.

 

Rockstar Games said it remained unclear how the "network intrusion" occurred, but confirmed "early development footage" from GTA VI had been stolen.

 

The footage was put on the GTAForums site by a user called teapotuberhacker.

 

The hacker claimed to have gained access to the data by breaching Rockstar's internal feed on the Slack messaging app, and invited executives to negotiate to avoid further leaks.

 

Additional revelations could include source code, assets, and testing builds from both GTA 5 and GTA 6, which could be damaging to the company's operations.

 

While the original post has since been removed by moderators, it has been spread widely on social media. Rockstar has reportedly issued takedown orders to remove the footage from YouTube and Twitter.

 

The footage showed animation tests. level layouts and some gameplay demonstrations, and it appeared to confirm a long-running rumour that the game will feature the series' first playable female protagonist.

 

They also revealed the game's setting in a fictionalised version of Miami which was also the setting on 2002's GTA: Vice City.

 

In a statement on Monday, the company said it was "extremely disappointed to have any details of our next game shared with you all in this way".

 

"Our work on the next Grand Theft Auto game will continue as planned and we remain as committed as ever to delivering an experience to you, our players, that truly exceeds your expectations," it added.

 

Rockstar confirmed it was developing the game earlier this year, with industry insiders anticipating a 2024 or 2025 release date.

 

Some fans had speculated that the leak could see the game's release delayed, but executives said they did not anticipate "any long-term effect on the development of our ongoing projects".

 

GTA 5 has sold more than 170 million copies since its release in 2013, making it one of the most successful video games of all time.

 

In 2020, its online mode is estimated to have generated more than $900 million (£788 million) alone.

 

-BBC

 

 

 

Molly Russell's inquest to put focus on big tech

Almost five years after she took her own life, the inquest into the death of teenager Molly Russell is due to begin.

 

Molly, 14, killed herself in 2017 after viewing material about self-harm, suicide and depression, on social media sites such as Instagram and Pinterest.

 

Her father Ian, a campaigner for online safety, hopes it is a turning point.

 

"I hope that we will learn lessons and that it will help produce the change that's needed to keep people safe, to keep people alive," he told BBC News.

 

Mr Russell, from Harrow, north-west London, believes long-term exposure to harmful material contributed to Molly's death.

 

Molly's story provided fresh impetus for new legislation to regulate so-called big tech companies. The Online Safety Bill is still making its way through Parliament and is due a third reading in the Commons.

 

Meta, which owns Instagram, and Pinterest are officially taking part in the inquest, which is due to last two weeks. It will hear evidence from executives from both companies, after they were ordered by the coroner to appear in person.

 

Meta is likely to be questioned about a number of internal documents revealed by the former employee and whistleblower Frances Haugen. These include research carried out by the company into the impact of the platform on the mental health of young people.

 

'Pretty dreadful' content

In the last six months of her life, Molly used her Instagram account up to 120 times a day, liking more than 11,000 pieces of content. She is thought to have used the image-sharing site Pinterest more than 15,000 times over the same period.

 

The coroner, Andrew Walker, has already been warned that some of the content is "pretty dreadful" and difficult even for adults to look at for extended periods of time.

 

Ged Flynn, chief executive of Papyrus, which works to prevent suicide in young people, said Mr Russell's campaign to prevent future deaths was "a hugely significant contribution to the agenda of suicide prevention in this country".

 

"We have to change the way we accept the power of the tech giants," he said.

 

Others believe that the inquest may prove to be a "watershed moment". Andy Burrows, head of child safety online policy at the NSPCC, said: "Molly's death is a tragedy that is all too relatable to all parents who worry about the risks their children face online.

 

"For the first time we will see big tech representatives questioned under oath about how their products may have contributed to the death of a child."

 

A Meta spokesperson told the BBC: "Our deepest sympathies remain with Molly's family and we will continue to assist the coroner in this inquest. We have never allowed content that promotes or glorifies suicide and self-harm."

 

In a statement, Pinterest told BBC News: "Combating self-harm is a priority for us as we strive to ensure that Pinterest plays a positive role in people's lives."

 

However, Matthew Bergman, a lawyer from the Social Media Victims Law Centre, in Seattle, in the US, says the proceedings will be closely watched in North America.

 

"Regardless of the outcome, the fact that Meta senior personnel have been forced to testify in a proceeding like this one is a significant step toward accountability."-BBC

 

 

 

After 'slow start', US companies embrace refugees

When Abdul Nasir Rahimi started his job hunt in the US, employers didn't quite know what to make of him: a former interpreter for the US military in Afghanistan with a law degree and experience overseeing major infrastructure projects.

 

He made little headway submitting his CV online. Finally at a job fair he managed to land a role as a security manager for the Hilton hotel company.

 

"I told them I'm not overqualified. I'm ready to work. I have to start from somewhere," the 36-year-old recalls.

 

As the flight of millions of people from Afghanistan and Ukraine push the world's refugee crisis to a brink, America's corporate world is starting to respond.

 

Hilton is among the more than 40 major companies, including Amazon, Pfizer and Pepsico, that pledged this week to hire nearly 23,000 refugees over the next three years - one of the biggest public commitments to date.

 

Their promises do not match the surge in new arrivals. But the interest from the business community marks a massive shift from just a few years ago, says billionaire US businessman Hamdi Ulukaya, the founder of the Chobani yogurt company, who started a non-profit in 2016 that works with firms to ease employment barriers for refugees and coordinated the promises.

 

"It's been a really slow start," said Mr Ulukaya, who said that anti-migrant "propaganda" during years that Donald Trump was president had slowed the willingness of companies to participate.

 

Under Mr Trump, the US slashed its refugee allowance and all but closed its borders during the pandemic, admitting fewer than 12,000 refugees in 2020 and 2021.

 

That number is now on track to double - but it will fall far short of current President Joe Biden's 125,000 pledge.

 

Emergency programmes, which do not carry the same kind of financial support, have allowed another nearly 82,000 Afghans and over 100,000 Ukrainians to enter the US in recent months.

 

A spokesperson for the US State Department said the refugee programme was "decimated under the previous administration" and continues to feel the impact of staffing cuts and Covid.

 

"We are rebuilding it in a strategic, sustainable way that positions the program on a durable foundation for the future and modernizes the program to be responsive to evolving needs and opportunities," he said, adding that the government had "resumed refugee interviews in significant numbers".

 

Companies are turning to the new arrivals amid an outpouring of concern over the plight of Afghan and Ukrainian refugees, and an exceptionally tight US labour market that has made it hard to find workers.

 

"Demand for labour is really high and in many ways it's one of the most powerful factors," says Erica Bouris, director of economic empowerment for the International Rescue Committee, which has found that Afghan refugees helped by their organisation typically found jobs in about four months, earning an average hourly wage of about $17.

 

Though most of the new arrivals are authorised to work, many firms in the US remain concerned about getting entangled in complex visa situations, says Jonas Prising, chief executive of the staffing giant Manpower Group, which received some 13,000 applications from refugees in Europe and has placed 1,200 refugees in jobs there.

 

The company has also committed to finding work for 3,000 refugees in the US.

 

"The business case for hiring refugees is very, very strong. And it is the right thing to do," he says. "What's a little bit different if you compare this to the reaction in Europe, is that the complexities around the work permit, and how this is facilitated by the government... are complex.

 

"A lot of businesses are still hesitant here in the US. Although they have the intention to hire, they don't really know how," he says.

 

Today, Mr Ulukaya's Tent Partnership for Refugees works with some 260 companies around the world, providing advice on everything from visa rules to suggestions about helping new arrivals find transportation to get to the new jobs. But until relatively recently much of their work was focused outside the US.

 

"Companies need to play a role in this," says Mr Ulukaya, but he also knows the renewed interest could crumble in a different economic or political climate. In 2016, his championship of refugee hiring drew death threats.

 

"This level of participation and willingness to be part of solving this... is very fragile," he says. "That's why it's a great responsibility for us... to make sure that we take advantage of this moment."-BBC

 

 

 

Sports Direct founder Mike Ashley to quit Frasers' board

Mike Ashley is to step down from the board of Frasers Group, owner of the Sports Direct chain that the retail billionaire founded 40 years ago.

 

Mr Ashley had already handed over the running of the group to his son-in-law Michael Murray earlier this year.

 

Frasers said Mr Ashley would not be standing for re-election as a director, and would leave the board next month.

 

The company also announced that Mr Ashley will provide the company with £100m worth of funding.

 

In a statement, the firm also said Mr Ashley would continue to be available to the board and management for advice "when called upon".

 

Mr Murray, Frasers' chief executive, said Mr Ashley had "built an incredible business over the past 40 years".

 

Mr Ashley has been one of the High Street's most prominent and colourful figures since founding his business. He first entered the fitness industry as a squash coach before opening his first High Street sports shop in Maidenhead, Berkshire, in 1982.

 

The Sports Direct business grew as Mr Ashley bought up well-known names such as Dunlop, Slazenger and hat-maker Kangol. It is now the UK's largest sportswear retailer, with more than 400 stores.

 

In 2007, Mr Ashley floated the business as a public company on the London Stock Exchange in a move which valued it at £2.5bn.

 

Later that year, his public profile increased when he bought majority control of Newcastle United. However, his tenure was criticised by fans over his ownership style and perceived lack of investment, and he sold his stake in the club in October last year.

 

As well as buying brands, the Sports Direct group also bought chains such as lingerie firm Agent Provocateur and luxury fashion chain Flannels.

 

Mike Ashley may be stepping down from the board of Frasers Group but he is by no means out of the picture though. He is still the group's controlling shareholder with a stake of nearly 70% and has agreed to lend the business £100m.

 

Starting out as a single sportswear shop, his retail empire now includes the likes of Game, Jack Wills, and Evans Cycles.

 

The move does, however, mark a significant change of the guard and one which may bring major change to the business, of which Mr Ashley built the foundations for 40 years ago.

 

In 2018, Mr Ashley bought the House of Fraser department store chain for £90m and the following year he changed his company's name from Sports Direct International to Frasers Group.

 

As his retail empire grew, Mr Ashley frequently courted controversy. His dealings with the City started badly when shares in Sports Direct halved shortly after the company's flotation.

 

Many investors were unhappy at the way the company was run, but in a Sunday Times interview Mr Ashley called them "cry babies", telling the paper: "Sports Direct should come with a government health warning - this stock is not for the fainthearted."

 

In 2017, London's High Court heard that the businessman once hosted a management meeting in a pub where he drank 12 pints and vomited into a fireplace.

 

The company was also accused of building its success by exploiting workers. In 2016, in a hearing before MPs, Mr Ashley admitted workers at its Derbyshire warehouse had been paid below the minimum wage and that its policy of fining staff for being late was unacceptable.

 

Mr Ashley stepped away from running Frasers Group when he handed over the role of chief executive to Mr Murray in May this year.

 

Shortly after taking over the role, Mr Murray became Mr Ashley's son-in-law after marrying his daughter, Anna, in a lavish ceremony at Blenheim Palace.

 

In an interview with the BBC in May, Mr Murray said that Mr Ashley was "not pulling the strings".

 

"We have vocal debates. We agree, we disagree. But ultimately the decision lies with me on the outcome of where we take the company."

 

Mr Murray is in line for a £100m pay-out if he can double Frasers' share price to £15 within the next three years.

 

In order to get the payment, the company's share price needs to reach £15 for 30 trading days in a row before October 2025. The shares are currently trading at about £7.70.-BBC

 

 

 

Pound hits new 37-year low as retail sales slide

The pound has fallen to a new 37-year low against the US dollar after figures showed UK retail sales fell sharply in August as the rise in the cost of living continued to hit households.

 

The larger-than-expected drop in sales volumes of 1.6% prompted fresh concerns over the state of the economy.

 

Sales across all retail sectors fell in August as households cut back in the face of rising prices.

 

One analyst suggested the figures showed the UK is already in recession.

 

Sterling fell more than 1% against the dollar to $1.1351 at one point, its lowest since 1985, following the release of the retail sales figures. The pound recovered later to climb above $1.14.

 

The pound has been falling against the US currency for most of the year, partly due to the strength of the dollar. A weak pound means Brits travelling overseas will find their spending money will not stretch as far.

 

This comes at a time when UK inflation, which is the rate at which prices rise, is running at a near 40-year high, despite slipping to 9.9% from July's 10.1%.

 

The Bank of England has predicted the UK will fall into recession towards the end of this year and it is expected to keep increasing interest rates in a bid to curb inflation.

 

Olivia Cross, assistant economist at Capital Economics, said August's retail sales figures backed up the consultancy's view that the UK economy is "already in recession".

 

A recession is defined by the economy getting smaller for two consecutive three-month periods.

 

"Retail sales will probably continue to struggle as the cost of living crisis hits harder in the coming months," Ms Cross said.

 

"But nonetheless the Bank of England will still have to raise interest rates aggressively."

 

Chart showing pound value against the US dollar

Higher prices, along with upcoming energy bill rises in October, have led households to tighten their belts when it comes to spending.

 

The government announced the Energy Price Guarantee last week to help people with energy bills. The support will see annual energy bill for a typical household capped at £2,500 for two years.

 

Typical energy bills were set to rise to £3,549 a year and even higher in 2023, before the government intervened.

 

Ms Cross, of Capital Economics, said that because of the intervention, any recession would be "smaller and shorter" than it had expected previously.

 

Martyn Beck, chief economic adviser to the EY Item Club, said the government support "should ease both the income squeeze and lift consumers' sentiment, suggesting the outlook for retailers isn't as gloomy as could have been the case".

 

"However, real household incomes are still on course for a significant fall over the next 12 months or so," he added.

 

The government is expected to set out the estimated cost of plans to cap energy prices in a "mini-Budget" next Friday, as well as tax cuts pledged by Prime Minister Liz Truss in a bid to boost the economy.

 

Sterling's fall to a fresh 37-year low against the dollar today is not isolated. The pound also hit its weakest level against the euro for nearly a year and a half.

 

So while the big picture movement is strength in the US dollar, there continues to be specific additional pressure on the pound sterling in international markets.

 

This morning's trigger was far weaker than expected retail sales figures. But markets await next Friday and the extent of borrowing required for the government's energy plan and tax cuts.

 

The eurozone too is heading for recession, but there is little comfort in such company.

 

The risk is that a weaker currency, makes imports of essentials, from energy to food, more expensive, prolonging the period of high inflation. And if the UK's nearest trading partners are also in recession, exporters will not see significant benefit from a weaker pound.

 

The fall in retail sales continues the slide since the summer of 2021, when all Covid restrictions were removed, the Office for National Statistics (ONS) said. The drop seen in August was the largest month-on-month fall since December 2021.

 

Sales of food, online, non-food and fuel all fell in the month, the ONS said.

 

Supermarkets' sales volumes also fell by 0.9% in August, but alcohol and tobacco sales rose by 6.3%.

 

"Feedback from retailers suggests that consumers are cutting back on spending because of increased prices and affordability concerns," the ONS said.

 

Danni Hewson, AJ Bell financial analyst, said people were "clearly thinking hard about what they spend their money on".

 

"It's just not stretching as far as it used to, and essentials have to come first. But even essentials are costing more and with the spectre of unmanageable fuel bills looming large people did the only thing they could, cut back," she said.

 

According to the ONS, department stores saw a large drop in sales in August - 2.7% - while sales in clothing shops fell by 0.6%.

 

"Big ticket purchases are being put off and that's unlikely to change in the coming months," said AJ Bell's Ms Hewson.

 

On Thursday, John Lewis revealed that while its shopper numbers were higher than last year, customers were spending less and avoiding buying as many "big ticket" items.

 

The department store and its supermarket chain Waitrose reported a loss of £99m for the first half of its trading year. Waitrose said it sales were down 5% on last year, with basket sizes shrinking by "nearly a fifth".

 

Food prices have been increasing around the world following Russia's invasion of Ukraine, which has been one of the main factors pushing up prices at supermarket tills.

 

Meanwhile, the proportion of retail sales online fell to 25.7% in August from 26.3% in July, but the figure remains significantly above pre-pandemic levels.-BBC

 

 

 

Train drivers set to resume strikes in October

Train drivers are set to stage more strikes in October as part of a long-running dispute over pay, the BBC understands.

 

Drivers at 12 train companies are expected to strike on 1 and 5 October.

 

Aslef, the train drivers' union, has not commented on the proposed industrial action out of respect ahead of Queen Elizabeth II's funeral.

 

A strike had been planned for 15 September, but was postponed following the announcement of the Queen's death.

 

Aslef will not be making any public statements or comments on further strike action until Tuesday.

 

But the managing director of rail operator LNER, David Horne, tweeted that the trade union Aslef had indeed notified it of strike action on Saturday 1 October and Wednesday 5 October.

 

Mr Horne said LNER had already suspended ticket sales for these dates and it would confirm as soon as possible which services will be running.

 

A rail industry source told the BBC that they found it "incredible" and "utterly disrespectful" that the Aslef leadership announced fresh strike action on Friday.

 

"This a time when the entire rail family is working hard to support the hundreds of thousands of people who wish to pay their respects to Her Majesty the Queen during this time of national mourning," they said.

 

A series of large-scale rail strikes has already happened in recent months, causing disruption for millions, with unions wanting pay increases in line with the rising cost of living.

 

Rail bosses say they want to give workers a pay rise. But they and the government insist changes are needed to "modernise" the railway, end some outdated working practices and save money.

 

They argue that with passenger revenue lower than before the pandemic, and after billions of public money kept services going, neither taxpayers nor passengers should have to pay more to cover the funding gap. So higher wages must be funded by reforms.

 

They have also accused unions of a "total disregard" for passengers.

 

The latest strike action is expected to affect travel to and from the Conservative party conference, which is due to take place in Birmingham between 2 and 5 October.

 

The London Marathon is also taking place on 2 October.

 

During her campaign, Prime Minister Liz Truss pledged to introduce new restrictions on trade unions, which drew severe criticism from the likes of the Trade Unions' Congress as an "attack on fundamental British liberty".

 

One of her proposals included ensuring that a minimum level of service is provided in some sectors, including the railways.

 

Unions currently have to give two weeks' notice of planned strike action.-BBC

 

 

 

World Bank: Global rate hikes could trigger 2023 recession

Interest rate hikes by central banks around the world could trigger a global recession in 2023, the World Bank has said.

 

Central banks have raised rates "with a degree of synchronicity not seen over the past five decades" to tackle soaring prices, it said.

 

Raising rates makes borrowing more expensive to try to bring down the pace of price rises.

 

But it also makes loans more costly, which can slow economic growth.

 

The warning from the World Bank comes ahead of monetary policy meetings by the US Federal Reserve and Bank of England, which are expected to increase key interest rates next week.

 

On Thursday, the World Bank said the global economy was in its steepest slowdown following a post-recession recovery since 1970.

 

It said a study found that "the world's three largest economies - the US, China and the euro area - have been slowing sharply".

 

"Under the circumstances, even a moderate hit to the global economy over the next year could tip it into recession," it said.

 

Signs of economic difficulties are already emerging. On Thursday, delivery giant FedEx warned investors that a sharp and unexpected slowdown in activity, especially in Asia and Europe, would cause revenue to be hundreds of millions of dollars short of forecasts.

 

The firm said it planned to close dozens of offices and reduce service in response to the drop in demand.

 

The news sparked a widespread sell-off of FedEx shares, sending them down more than 20%. Shares in other delivery firms, including Amazon, Deutsche Post and Royal Mail, also fell.

 

In the face of recession risk, the World Bank called on central banks to coordinate their actions and "communicate policy decisions clearly" to "reduce the degree of tightening needed".

 

Inflation, which is the rate at which prices rise, hit a 40-year-high in the US and UK in recent months.

 

This was driven by higher demand as pandemic restrictions eased, and as the war in Ukraine boosted energy, fuel and food prices.

 

In response, central bank policymakers have raised interest rates to cool demand from households and businesses.

 

However, big rate increases increase the risk of recession as it can cause an economy to slow.

 

Employees look out of the now defunct Lehman Brothers headquarters in New York.

 

 

Central banks do not typically run policy decisions by their counterparts.

 

They have in the past, however, coordinated their actions to support the global economy.

 

In 2007, a global financial crisis was precipitated by a subprime mortgage crisis in the US.

 

This developed into a full-blown crash after the collapse of the Lehman Brothers investment bank in September 2008.

 

A month later, the Fed, along with the European Central Bank and central banks in Canada, Sweden and Switzerland, jointly lowered their key interest rates.

 

They said in a statement that the "intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability".

 

"Some easing of global monetary conditions is therefore warranted," they added.-BBC

 

 

 

Germany takes control of stakes in Rosneft oil refineries

The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft.

 

The move by the government puts it in charge of Rosneft's stakes in three refineries in the country.

 

This includes a key facility in the northeast of the country which supplies around 90% of Berlin's fuel, and in which Rosneft held a majority stake.

 

Germany's economy ministry said the move was necessary to counteract an impending threat to energy security.

 

In a similar move in April, Germany took control of subsidiaries of Russian gas giant Gazprom.

 

On Friday, the German government handed control of the PCK Schwedt refinery in Brandenburg to the national energy regulator, along with stakes in two other refineries in the south of the country.

 

The economy ministry said the move was necessary because critical service providers and customers were no longer willing to work with Rosneft, putting the continued operation of the refineries under threat.

 

The Schwedt refinery is Germany's fourth-largest and is the main supplier of petrol, diesel and aviation fuel for Berlin and the surrounding area. Rosneft has a 54% stake in the facility.

 

The refinery has received all its crude from Russia via the Druzhba pipeline since it was built in the 1960s. Parts of western Poland are also supplied by Schwedt.

 

It's less than a year since Rosneft agreed to buy out Shell's holding in PCK, a move that would have given it more than 90% ownership of the vital Schwedt refinery.

 

That deal was scuppered by the Ukraine war. Now the German government has control - a symbol of the vast changes imposed on Europe's energy sector by the conflict.

 

In happier times, the refinery would take in vast quantities of crude brought from central Russia through the Druzbha pipeline, and pump out refined products for Berlin and Brandenburg.

 

But with Germany having pledged to boycott Russian oil, even though the pipeline itself is not covered by the EU's forthcoming embargo, new sources of supply will have to be found.

 

With Rosneft in charge that was seen as an impossible task. There were concerns in Berlin that the Russian firm would simply suspend operations at the plant, rather than use non-Russian oil.

 

That headache has now been removed - although it's not yet clear where alternative supplies will come from.

 

Rosneft Deutschland, which accounts for about 12% of German oil processing capacity, will fall under the trusteeship of the Federal Network Agency regulator, which said the original owner no longer had authority to issue instructions. The regulator was also handed control of Rosneft subsidiary RN Refining and Marketing.

 

"With the trusteeship, the threat to the security of energy supply is countered and an essential foundation stone is set for the preservation and future of the Schwedt site," Germany's economy ministry said.

 

It claimed critical suppliers such as insurance companies, IT providers and banks were no longer willing to work with Rosneft, either with the subsidiaries themselves or through the refineries.

 

The Federal Network Agency has also taken control of Rosneft Deutschland's shares in the MiRo refinery in Karlsruhe and Bayernoil refinery in Vohburg. Rosneft owns 28% and 24% stakes respectively.

 

Germany needs to stop Russian oil imports by the end of the year under European sanctions imposed over Russia's invasion of Ukraine.

 

The ministry said Friday's move included a package to ensure the Schwedt refinery could receive oil from alternative routes.

 

It is unclear who could step in to replace Rosneft as operator of the refinery. Shell, which owns a 37.5% stake in Schwedt, has wanted to withdraw for some time.

 

Germany said this week it would step up lending to energy firms at risk of being crushed by soaring gas prices after Russia cut supplies to Europe in retaliation for Western sanctions.

 

German utility Uniper said on Wednesday that the government might take a controlling stake, saying an earlier state rescue package worth €19bn euros was no longer enough.

 

The government has also put SEFE, formerly known as Gazprom Germania, under trusteeship after Russian energy giant Gazprom ditched it in April.-BBC

 

 

 

South Africa: Eskom In Yet Another Battle to Keep Lights On - South African News Briefs, September 20, 2022

This past weekend the country was thrown into Stage 6 load shedding after multiple breakdowns at power stations across the country. Opposition parties and business is calling for more transparency from Eskom as the economy buckles. The utility has now announced Stage 5 load shedding of yet another break at the Tutuka power station is announced. Eskom has launched a power purchase programme to secure 1,000MW to bolster constrained generation capacity.

 

ConCourt Rules Executive Ethics Code Invalid

 

The Constitutional Court has ruled that the Executive Ethics Code is unconstitutional, unlawful, and invalid. The case involves the amaBhungane Centre for Investigative Journalism and President Cyril Ramaphosa, whose funding for the CR17 presidential campaign came under heavy scrutiny over who made donations to him in 2017. Amabhungane took the matter to court because the code doesn't require the disclosure of donations for political positions within parties, eNCA reports.

 

When Petrol Price Comes Down Why Do Taxi Fares Remain the Same?

 

The National Taxi Association has said the decrease in fuel prices have had little impact on the bottom lines of taxi operators and profits remain low. According to the association's spokesperson Theo Malele, the taxi industry had absorbed the impact of multiple fuel increases for quite some time and was left with little choice but to increase taxi fares by between 25% - 30 % in July 2022. Malele said the fuel price drop has not had a knock-on effect on other costs, like the price of spares and general maintenance of vehicles, which remains high, IOL reports. The Automobile Association says that October may see another sizable reduction in the fuel price, while diesel users are facing an increase.

 

 

 

Kenya: Kakuzi Readies for Second Avocado Shipment to China

Nairobi — Local agribusiness firm Kakuzi Plc has secured pre-shipment approvals from the Kenya Plant Health Inspectorate Service (KEPHIS) for its second fresh avocado shipment to China.

 

The firm is expected to ship several 20-foot container loads to China by sea before the end of this week as demand for Kenyan avocados continues to grow.

 

Kenya is currently enjoying a market advantage as it is the only approved African source market for fresh avocado fruits in China.

 

Speaking when he confirmed the scheduled shipment, Kakuzi PLC Managing Director Christopher Flowers said the containers were prepared and transferred to Mombasa over the weekend.

 

 

"We received the pre-shipment clearance by KEPHIS last week and proceeded to load and dispatch the container to Mombasa over the weekend. The container is expected to leave the port of Mombasa for a 30-day voyage to China," Flowers said.

 

Speaking from China, Kakuzi market agents HALLS Fresh Produce Representative Lifan Yu said the firm is sourcing its supplies from approved countries, including Chile, Peru, New Zealand and Mexico, using its Halls' Responsibly Sourced Network' of global partners who are carefully selected.

 

"This year, we started our supply programme with Kenya, who have finally received market access into China. We have planned for sea-freight shipments for the rest of the year, which will arrive for October and November sales, in a period where we feel the market will have limited Chilean avocados," Yu said.

 

The Chinese market, Yu said, clearly needs more supply of quality fruit and more options to enable consumers to purchase avocados 365 days a year at affordable prices.

 

The export of fresh avocados to China follows the early January signing of two protocols to facilitate bilateral trade, mainly the export of avocados and aquatic products from Kenya to China.

 

Government data indicates that Kenya exports an average of 80,000 tonnes of avocados annually, with main markets over the years being countries in the European Union as well as the Middle East.

 

-Capital FM.

 

 

Africa: Harnessing Mobile Technologies Growth to Drive Smart Agriculture in Africa

Smartphone adoption in Africa remained sluggish in the latter part of the last decade. This is beginning to change as a combination of pandemic-driven demand for better connectivity and improved affordability of smartphones drive uptake.

 

According to a report by GSAM, by the end of 2020, 495 million people subscribed to mobile services in Africa, representing 46 per cent of the region's population, an increase of almost 20 million in 2019. It is estimated that 615 million people in sub-Saharan Africa will subscribe to mobile services by 2025, equivalent to 50 per cent of the region's population.

 

Utilizing the development of mobile digital technologies can assist farmers in gaining access to essential data and information needed to solve certain farming management systems and underlying constraints.

It is estimated that 615 million people in sub-Saharan Africa will subscribe to mobile services by 2025, equivalent to 50 per cent of the region's population.

In Uganda today, farmers can get immediate professional advice by sending photos to extension personnel and agronomists through the popular m-Omulimisa and Ezy Agric digital applications.

In Nigeria, Sasakawa Africa Association, in partnership with the International Institute for Tropical Agriculture (IITA), is scaling up gender-responsive digital agricultural advisory services tools enabled through a WhatsApp Chatbot.

 

At the end of 2020, 303 million people across Sub-Saharan Africa were connected to the mobile internet, equivalent to 28 per cent of the population. By 2025, more than 170 million people across the region will have started using mobile internet for the first time, taking the penetration rate to just under 40 per cent of the population.

 

According to the company website, GSMA Intelligence is a definitive source of global mobile operator data, analysis, and forecasts and a publisher of authoritative industry reports and research. Their data covers every operator group, network, and MVNO in every country worldwide, from Afghanistan to Zimbabwe. GSMA Intelligence is relied on by leading operators, vendors, regulators, financial institutions, and third-party industry players to support strategic decision-making and long-term investment planning.

 

 

With mobile phone ownership racing ahead across the continent, mobile technology offers many possibilities for Africa. Harnessing the growth of mobile digital technologies can significantly help farmers access crucial information and data required to address specific farming management systems and underlying constraints.

 

Mobile digital devices such as mobile computers and smartphones, digital cameras, pagers, personal navigation devices, and wearable computers allow Africa's farmers to access and share information with different stakeholders. These devices can be connected to remote sensing data devices that alert farmers well in advance on forthcoming climate and weather conditions such as droughts and floods. Digital technologies have also enabled farmers to obtain crucial information on soil quality for nutrient levels, water levels, pests, and disease spread, captured from various sensors, satellites, and drones.

 

 

The African continent has accomplished tremendous progress with respect to the utilization of mobile smartphones towards improving agricultural productivity.

 

In Uganda today, farmers can get immediate professional advice by sending photos to extension personnel and agronomists through the popular m-Omulimisa and Ezy Agric digital applications.

 

According to an article by Africa.com published September 14, 2022, the two platforms also allow farmers to get climate updates, report and receive alerts on pests and disease outbreaks, access inputs, markets, and financial services and communicate with their peers around the country.

 

Meanwhile, in Nigeria, Sasakawa Africa Association (SAA) in partnership with the International Institute for Tropical Agriculture (IITA) is scaling up gender-responsive digital agricultural advisory services tools enabled through a WhatsApp Chatbot. These applications, which are used by farmers and extension agents integrate fertilizer recommendations with relevant agronomic advisories. This also expands extension outreach. The decision-based tools for maize (Nutrient Expert), cassava (AKILIMO), and rice (RiceAdvice) also provide advice on investment prioritization between the three crops.

 

On the other hand, in Ethiopia farmers get information about agronomic management through Video-mediated extension learning. This is used to train farmers and accelerate extension services by screening practice videos. In addition, a bidirectional digital platform is also being used that allows information exchange with extension experts.

 

However, several fundamental challenges include inadequate mobile smartphone infrastructure, thus limiting African farmers' widespread utilization of mobile digital applications for agricultural purposes. For instance, numerous parts of the African continent have limited cellphone networks and internet coverage. In addition, reliable broadband remains limited in rural areas where most agricultural activities occur.

 

According to an article by AUDA- NEPAD published on January 25, 2022, African governments and network service providers are encouraged to target rural areas, more especially agricultural areas, to improve the profitability of Africa's agricultural activities. Moreover, this can also improve regulatory frameworks focusing on enabling infrastructural improvements, broadband cost-effectiveness, operational reliability, and access to internet services.

 

Limited technical and operational knowledge and literacy among most African farmers remain one of the significant hindrances to the adoption of mobile agricultural digital technologies. Therefore, African governments are encouraged to formulate digital technology literacy programmes and applications targeting farmers, especially farmers lacking basic education. Such efforts can improve digital technology literacy, productivity, and food security within the continent. Moreover, interventions on cost-effectiveness on the internet and data costs need to be urgently addressed to improve access to previously disadvantaged farmers. Importantly, decision-makers and policymakers are encouraged to support rural communities in adopting modern digital technologies suitable for precision agriculture.

 

Sasakawa Africa Association (SAA), in partnership with technology companies and research institutes, are supporting the government's efforts toward efficient agricultural extension delivery and has trained extension personnel and farmers on how to use the digital E-Extension platforms for them to teach and support others. This became more imperative during the COVID-19 pandemic when supply chain and transport disruptions brought about production challenges. The digital E-extension technologies enabled farmers to keep engaging in farming activities.

 

Finally, improvements emanating from the adoption of digital technologies can encourage African farmers, the private sector, and governments to seek more digital technology applications that can boost smart agriculture.

 

-The Exchange.

 

 

 

Nigeria: 383 Nigerian Tech Startups Raised Over $2 Billion in Seven Years - Report

About 383 Nigerian tech startups raised a combined $2 billion in funding between January 2015 and August 2022 more than any other country within that period across Africa, a report has said.

 

Disrupt Africa, a research platform that covers news on African tech startups, disclosed this in its recent report titled "The Nigerian Startup Ecosystem Report 2022".

 

The report tracks the growth and development of Nigeria's tech startup ecosystem from 2015 to August 2022 based on data extracted from a list of 481 Nigerian tech startups.

 

The report said Nigeria is one of Africa's "big four" startup ecosystems alongside Egypt, Kenya, and South Africa.

 

"Between 2015 and 2022, 383 tech startups raised a combined $2,068,709,445 a higher total than any other country," the report said.

 

It said as of August 2022, 107 Nigerian startups have raised funding accounting for around one-third of the continent's funded startups so far this year.

 

 

The report noted that the country's running total for 2022 stands at $747.9 million closing in on the annual record total from last year, put at $793.8 million.

 

Sub-national Performance

 

It said Nigeria was also home to the biggest round on record ever, earlier this year.

 

"Fintech Flutterwave netted a $250 million Series D round, reflecting both the enhancing maturity of the Nigerian ecosystem and its prowess in the fintech space," it said.

 

"With at least 481 startups active across the country as of August 2022, Lagos leads the way with no fewer than 425 - 88.4 per cent of the startups tracked by the report based out of the city.

 

"Capital city Abuja comes a poor second with just 23 ventures, while activity is also in evidence in 13 other locations," the report said.

 

 

According to the report, a total of 173 of the startups tracked (36 per cent) are fintech ventures, almost three times more than its nearest challenger.

 

"That is e-commerce and retail tech, which account for 12.1 per cent of Nigerian tech startups, with e-health and ed-tech coming in third and fourth respectively.

 

"There is, however, an extremely diverse range of activity across the ecosystem, with ventures active across areas as diverse as recruitment, mobility, logistics, agri-tech, entertainment, marketing, prop-tech, legal-tech, waste management and auto-tech," it said.

 

The report said only 75 - 15.6 per cent of Nigerian tech startups have at least one woman within their founding team which means the country is more diverse in this regard than Egypt and South Africa.

 

However, the report said this figure is still far too low for a leading ecosystem such as this.

 

It said out of 481 startups tracked, 217 companies have taken part in either a local or an international accelerator or incubator, with this 45.1 per cent figure better than the 38.6 per cent witnessed in Egypt and far outstripping the 25.7 per cent rate seen in South Africa.

 

"Nigerian startups employ a combined total of 19,334 people, dwarfing the 11,340 employed by their counterparts in South Africa.

 

"The average headcount per startup stands at 40. The fintech sector accounts for almost half of Nigerian startup employment, with 8,653 jobs, while between them the fintech, e-commerce, mobility and logistics, and e-health spaces account for 74.9 per cent of all jobs," it said.

 

Reactions

 

Speaking on the report, Gabriella Mulligan, co-founder of Disrupt Africa, said: "Nigeria has long been a pioneering startup ecosystem on the African continent, leading the way in various sectors and increasingly becoming a focus for investment.

 

"It is high time we dug deeper into its growth, and this report does just that. We hope it serves as a valuable resource for both those already active in Nigeria and those looking to start doing business there soon," Ms Mulligan said.

 

"It is core to our identity as a company that we offer entrepreneurs both active and aspiring access to pivotal information, resources and opportunities with which to take their businesses to scale.

 

"The democratisation of data, and the release of detailed industry reports free of charge, is central to that, and with that in mind we hugely appreciate the assistance of all our partners, who are doing their bit to ensure this report reaches as many people as possible," Tom Jackson, Disrupt Africa, co-founder also said.

 

-Premium Times.

 

 

 

Nigeria: Mystery of Nigerian Crude Oil Theft

Autolycus in Ancient Greek mythology achieved fame and notoriety for being a successful robber and trickster whom no one could catch. He was a source of trouble for the king and the kingdom in Ancient Greece. Autolycus, were it be in today's Nigeria, would have been a trainee in Nigeria's crude oil-thieving empire, which is somewhat of a mystery.

 

The quantity of crude stolen daily and yearly varies from one stakeholder to another, meaning we do not even know the exact quantity stolen. In a recent interview, the Chief Of Naval Staff, Vice Admiral Awwal Gambo, raised fundamental issues about the estimated quantity of crude oil stolen daily, which he considered unrealistic and outrageous, literarily describing the given figures as the latest wonder of the world.

 

 

The thieves'methods are not fully understood and have different dimensions. Those involved in the stealing are only a matter of conjecture. However, many believe that the highest level of government officials, powerful business people, security personnel, oil industry operators and the host community stakeholders are involved. The crude oil thieving cartels are generally thought to be highly organised, sophisticated and at the same time complicated.

 

Recent statistics regarding crude oil theft and its implication on our national politics and economy are dire. The past three months have seen a more catastrophic and massive decline in the volume of crude exported. In June, Nigeria produced 1.238million bpd , July dropped to 1.083million bpd and it dropped to an all-time low of 972,394 bpd in August. The August production is the lowest in the last 20 years.

 

 

This crude oil theft has been on for years and seems to defy every solution. It has become a national embarrassment, especially now that

 

the oil price is at its peak, and other nations and corporations are smiling to the bank, rebuilding their economy from the proceeds of the oil windfall, while Nigeria's revenue is at risk and is bleeding with complicated economic challenges. Today, this column will focus on three aspects of this endless cycle that has literarily threatened our national life: Its impact on gas revenue generation, overall investment in Nigeria, and national revenue.

 

Revenue from gas export and feedstock sales to the Nigeria Liquefied Natural Gas Limited, NLNG, hit $243.57 million in the first quarter of 2022 (Q1'22), surpassing receipts from crude oil export by 259.4 per cent under the same period. This revenue which has a potential of reaching $300m per quarter plus future investment in gas growth ventures, is threatened by massive insecurity and pipeline vandalism. The reason is that NLNG feedgas mix comprises associated and non-associated natural gas sources, most of which are sourced from onshore/swamp area oil and gas production assets of its upstream gas suppliers.

 

 

The incidences of pipeline vandalism are primarily concentrated in these shallow offshore/swamp areas, resulting in significant feedgas supply disruptions to the NLNG Plant whenever these assets are impacted. Year to date, 2022, the NLNG Plant has operated at about 65% utilisation capacity ( compared to 95-98% availability and reliability) because of feedgas shortages occasioned by frequent

 

disruptions of upstream oil and gas operations following these vandalisation incidences. The difference between plant availability and current utilization translates to over 2billion dollars in revenue. Nigeria's gas reserve is estimated at 208 trillion cubic feet by 2022 . Gas resources are a vital pillar of Nigeria's energy transition plan, and this could be under serious threat if the crude oil stealing and pipeline vandalism continue unabated.

 

On its impact on investment, crude oil theft and related pipeline sabotage have forced some companies to shut down production and / or sell off their assets. Shell, Chevron, Mobil, and other international oil companies, IOC, are divesting their land and shallow offshore assets. They all cite the significant difference between what they produce at wellhead and output at terminals as an operational challenge that makes a mess of their investment.

 

This difference in crude production at terminals, plus the cost of cleaning up the environment and other security challenges, is a disincentive for new investment to come into the sector and the country. Persistent crude oil theft and pipeline vandalism has contributed significantly to the loss of investor interest and confidence in the oil and gas space. This partially explains why Nigeria is no longer mainly an attractive destination for foreign direct investment.

 

The micro and macro-economic impact of crude oil theft are apparent. With oil theft and illegal bunkering taking as much as 200,000 to 400,000 barrels per day of the country's oil production, the country's fiscal stability is threatened.

 

While the economic impact of the new wave of oil theft ravages the nation, losses to oil thieves and official leakages could overtake official receipts of oil revenues into the Nigerian treasury.

 

There is a need for an urgent national emergency response. Some influential individuals have hijacked the Nigerian state and are bent on strangulating it financially. The crude oil thieves are committing treason and destroying Nigerians' present and future hopes and economic potential.

 

The inability of the government to deal with this situation demonstrates the abysmal state of governance in Nigeria or that the non-state actors in connivance with some elements within the government and security sector are more powerful than the state and are holding the Nigerian state to ransom.

 

An inexplicable dimension is the embarrassing failure of our security and defence forces in protecting oil pipelines and installations.

 

After over 20 years of insurgent disruptions of oil and gas installations in the Niger Delta, it is curious that the Nigerian armed forces have not yet developed a specialised capacity to protect this vital sector. Crude oil theft is not surreptitious and requires a highly planned and organised operation.

 

How can big ocean liners used to lift crude oil that is stolen move freely within our territorial waters and succeed without detection from all the security agencies and government officials working daily in these areas? If this continues unabated, it will bring Nigeria to its knees financially, economically, and politically.

 

The state of things in Nigeria is not only embarrassing but stifling and suffocating the hopes and aspirations of its citizens, and it calls to question Nigeria's very essence and existence. These actions are gradually becoming the norm instead of the exception, and those responsible for acting on our behalf abdicate responsibility and shift blame while the Nigerian economy gradually caves in .

 

-Vanguard.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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 77 344 1674

 


 

 

 

 

 

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