Major International Business Headlines Brief::: 03 April 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 03 April 2023 

 


 

 


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ü  Africa: Harris Announces Private Sector Climate Fund for Africa

ü  Rwanda: How New Rwanda-Australia Trade, Investment Body Will Boost Ties

ü  South African Tourism Dept Cancels Landmark Tottenham Hotspur Sponsorship
Deal

ü  Sudan: Economist Expects Dismissals At Sudanese Banks and Warns of
Stagflation

ü  Ghana: Parts of Country to Face 14-Day Power Interruption ...As Atuabo
Gas Plant Shuts Down for Maintenance

ü  Africa: Small Modular Reactors Could Reduce Africa's Energy Deficit

ü  Cote d'Ivoire: How China-Cote d'Ivoire Relations Have Provided Mutual
Support

ü  Ghana: DBG to Provide Partial Credit Guarantee Share Risk - Deputy MD

ü  Ghana: Ecobank Ghana Seals Deal With Ghana Post

ü  Kenya: All Tax Refunds to Be Paid Within Six Months, President Ruto
Declares

ü  Malawi Govt Sees Potential in Science and Technology, Commits to
Financing It for Wealth Creation

ü  South Africa: Financial Services Company Ordered to Pay Client More Than
R800,000 Lost in Cybercrime Fraud

ü  Nigeria Among Countries With Significant Gas Flare Reduction in 2022

ü  Nigeria: Lagos Free Zone - Redefining Ease of Doing Business

 


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Africa: Harris Announces Private Sector Climate Fund for Africa

In addition to private investment totaling some $7 billion, US Vice
President Kamala Harris announced that Washington would provide federal
investment to boost access to climate information services.

 

US Vice President Kamala Harris announced that the private sector would be
donating $7 billion to a fund designed to help Africa combat and adapt to
climate change. The announcement came as her week-long trip to Africa comes
to an end on Saturday.

 

"The United States is committed to these types of innovative solutions to
support climate adaptation, mitigation and resilience," she said during a
press conference with Zambian President Hakainde Hichilema on Friday.

 

 

Harris added that the US would also provide more federal funding to improve
access to climate information services.

 

The private funding will comprise investments by a mix of 27 companies and
organizations. The funding is to be used for the promotion of climate-smart
agriculture and to tackle the effects of climate change on Africa's food
security.

 

Some of the funds will be used for projects in sustainability, clean energy
and clean transportation.

 

Harris' trip marks the fifth high-level visit from the United States to the
continent in a short span of a few months.

 

Climate politics in Africa

 

Numerous studies have established that even though African countries add
relatively less towards the climate crisis, the repercussions faced in the
continent are substantial.

 

African countries emit far less greenhouse gasses than developed countries
like the United States.

 

At a press conference in Ghana, Harris was asked how the West could ask
Africa to go green and stop using its natural resources. She was also
questioned about the commitment of $100 billion in aid from wealthy nations
to impoverished countries under the Paris climate accord.

 

Harris said it is "critically important that, as global leaders, we all
speak truth about the disparities that exist in terms of cause and effect
and that we address those disparities."

 

mf/sms (AP, dpa)

 

 

 

Rwanda: How New Rwanda-Australia Trade, Investment Body Will Boost Ties

The Australia — Rwanda Trade and Investment Council (ARTIC), a new body
formed during the Australian leadership retreat in Brisbane from March 24 to
25, aims to strengthen relations between Australia and Rwanda by building
mutually beneficial links in business, education, and culture.The council
which is composed of business and community leaders, plans to use Rwanda as
a conduit to broader opportunities throughout Africa.

 

The Australian Davos Connection Forum (ADC Forum) announced the formation of
the new entity. The ADC Forum, is a non-political and non-profit leadership
organization based in Australia.

 

The think tank organized the Australian Leadership Retreat 2023 which was
attended by officials from Rwanda. The organization brings together leaders
from various sectors such as business, government, public sector, academia,
and the broader community to improve their understanding of key issues
affecting Australia.

 

 

According to Anton Roux, the chief executive of ADC Forum, ARTIC builds on
the organization's past experience of promoting relations between Australia
and Africa.

 

Roux praised Rwanda for being an inspirational exemple of a nation that
moved on from a devastating ground zero, embracing a positive national
vision, and a spirit of reconciliation.

 

Roux maintains that Rwanda is one of Africa's leaders, recognized as one of
the easiest places to do business in Africa, the best place to be a woman,
one of the top 10 most transparent governments in the world, and one of the
safest countries in the world.

 

During her visit to Australia's major cities this week, the chief executive
of Rwanda Development Board, Claire Akamanzi, made an exciting announcement
for offshore investors.

 

She stated that Rwanda would provide a seven-year tax holiday along with a
50% tax deduction to those investors who showed interest in investing in
Rwanda's priority sectors such as technology, infrastructure (including
energy and water), tourism, mining, housing, and manufacturing.

 

The Australia-Rwanda Trade and Investment Council will continue to foster
mutual opportunities in business, education, and culture, and provide
learning opportunities to address the current challenges facing the world.

 

Initiatives planned for 2023 include an Australian trade and investment and
cultural mission to Rwanda in June, a delegation of journalists to Rwanda,
and tourism promotions.

 

The mission of the Council will be to broaden and deepen the relationship
between Australia and Rwanda, advance trade, investment, and cultural
exchange, increase awareness and understanding between the peoples of
Australia and Rwanda, and strengthen ongoing links between Australia,
Rwanda, and the East African region.

 

-New Times.

 

 

 

South African Tourism Dept Cancels Landmark Tottenham Hotspur Sponsorship
Deal

Cape Town — A deal between English Premier League team Tottenham Hotspur FC
and the South African Department of Tourism has been scrapped. Tourism
Minister Patricia de Lille made the announcement and attributed the change
in plan - which aimed to have the club market the country in conjunction
with SA Tourism - to financial concerns, saying: "In the current economic
climate, the use of public funds must be carefully considered and for any
department to fulfil its mandate, it must be done in a cost effective way,
exploring multiple options and with due consideration for all priorities.

 

Billed at U.S.$56 million (R1 billion), the deal's initial announcement was
met with controversy over its high cost. It would have seen a logo printed
on the sleeves  jerseys worn by top players including Harry Kane and Son
Heung-min, and would have carried the slogan "Visit South Africa".

 

Minister De Lille offered assurance that other avenues would be explored in
order to promote South Africa as a preferred tourist destination. "I will
also continue engaging SA Tourism and the department in more detail on the
Department's budget to ensure that we fulfil our mandate of growing visitor
numbers to South Africa, providing the necessary support to enable growth,
increase job creation and increase the sector's contribution to the
economy," she said.

 

 

Sudan: Economist Expects Dismissals At Sudanese Banks and Warns of
Stagflation

Khartoum — Former banker and economic analyst Hafiz Ismail warned about the
disastrous impacts of stagflation and the weak financial position of
Sudanese banks. He criticised the policies of the Minister of Finance and
expects that banks will resort to the dismissal of employees in the future.

 

In an interview with Radio Dabanga, Ismail said that Sudanese banks are
resorting to offering 'an optional pension' to their staff, accompanied by
other measures in the hope to reduce the workforce and bring down operating
costs.

 

Ismail explained to Radio Dabanga that the Sudanese banks are suffering from
a cumulative crisis due to two factors. The first is the financially weak
budgetary positions of banks because debts have grown larger than the
financial capital and reserves of these banks due to corruption.

 

The second factor is related to employment, as new technologies and
digitalisation have reduced the need for employees and diminished their role
in financial operations. At the same time, banks are in need of more skilled
workers capable of keeping up with the pace of technological progress.

 

 

The decision to make pensions 'optional' is one of several incentives "to
get rid of the armies of workers in order to reduce the operating costs,"
Ismail explains. He expected banks to resort to dismissal of employees to
address the problem of the weak budget.

 

Four weeks ago, Radio Dabanga reported that economists are sounding the
alarm as Sudan's trade deficit hits $6.7 billion.

 

Stagflation and agriculture

 

The economist criticised the recent statements of Sudan's Minister of
Finance who promised to improve the economic situation, a decline in
commodity prices, and a decline in inflation rates.

 

Hasan Bashir, a professor of economics at El Nilein University, explained to
Radio Dabanga two months ago that "low inflation rates do not mean an
improvement in economic performance but are a reflection of stagflation,
resulting from declining consumption, the cessation economic activities,
lack of production, lack of job opportunities, and the flight of investors
abroad".

 

"Sudan is in a bad economic situation known as stagflation," Ismail echoed
and explained that stable exchange rates are not an indicator of an improved
economy but of a lack of demand, which is an indicator of stagflation.

 

"It is better for the economy to have movements in trade that lead to a
reasonable increase in inflation than having a recession that leads to a
contraction in the economy."

 

Agricultural crisis

 

Stagflation "has led to lower prices of agricultural crops," Ismail
explained.

 

"The crops no longer cover the cost of their production, which will lead to
farmers being jailed for their inability to pay their debts," the financial
analyst explained. He said he expects that those who cultivated their farms
without financing will declare bankruptcy.

 

Ismail attributes the problems to the economic policies pursued by the
Minister of Finance, which include increased levies and taxes.

 

He called on the government to pump money into the agricultural economy to
buy crops from farmers at reasonable prices.

 

65 per cent of Sudan's population now lives in poverty according to recent
estimates.

 

At the end of last year, the United Nations reported that a third of the
Sudanese population will need humanitarian assistance in 2023, estimated at
$2 billion.

 

-Dabanga.

 

 

Ghana: Parts of Country to Face 14-Day Power Interruption ...As Atuabo Gas
Plant Shuts Down for Maintenance

Parts of the country are expected to experience interruptions in power
supply for 14-days as the Ghana Gas Company Limited temporarily shuts down
its Atuabo Gas Processing Plant for maintenance.

 

According to the Ministry of Energy, the exercise, started on Saturday, when
completed, would ensure the reliability of the gas processing plant and
transmission infrastructure in the country.

 

A statement issued by the Communications and Public Affairs Unit of the
Ministry yesterday said the Electricity Company of Ghana is expected to
release a schedule for the power supply interruptions.

 

"In order to manage the impact of the shutdown, the government is procuring
additional gas from Nigeria, Heavy Fuel Oil (HFO), and Light Crude Oil
(LCO), to complement available domestic gas for power generation," it said.

 

The statement said in line with the 'Dum siesie' programme of ensuring
reliable power supply through maintenance, the ministry was working actively
with all stakeholders to mitigate the adverse effect of the exercise.

 

After four years of preparatory and construction work on the $1-billion
onshore gas processing plant located at Atuabo near Takoradi in the Western
Region, was unveiled in September 2015.

 

It process more than 180,000 tonnes of liquefied petroleum gas (LPG) for
domestic use, representing about 70 per cent of the national requirement of
240,000 tonnes.

 

>From time to time, it is shut down for maintenance to improve its
efficiency.

 

-Ghanaian Times.

 

 

 

Africa: Small Modular Reactors Could Reduce Africa's Energy Deficit

A new breed of reactors is putting nuclear power within reach of more
African countries.

 

The rapid multiplication of small modular reactor designs could change the
landscape of nuclear power development in Africa as elsewhere.

 

The continent desperately needs more power. The African Development Bank
says more than 640 million of the continent's 1.4 billion people don't have
electricity. Jakkie Cilliers, Head of African Futures and Innovation at the
Institute for Security Studies, forecasts that this will rise to 657 million
by 2030 on current trends.

 

Many African countries have been toying with the idea of going nuclear to
close the gap. But for reasons of cost and other complexities - other than
South Africa's 40-year-old Koeberg plant - only Egypt has taken the plunge.
Russia's state nuclear corporation Rosatom started constructing its first
nuclear power plant last year.

 

Only five countries worldwide have recent experience building and exporting
conventional large nuclear power plants: the United States (US), Russia,
China, France and South Korea. But in roughly the past year, there has been
a bloom in small modular reactor (SMRs) technology. At least 80 new designs
have emerged, Ingrid Kirsten and Tony Stott, Senior Research Associates at
the Vienna Center for Disarmament and Non-Proliferation, told ISS Today.

 

 

These SMRs range from reactors that could fit on a pickup to about 300
megawatts, roughly a third of the size of a traditional reactor. SMRs remain
untested and many of the emerging designs are highly conceptual, Stott says.
Yet Kirsten notes that the US certified its first SMR design at the end of
2022, so the plant could generate electricity in five years.

 

SMRs are putting nuclear power within reach of more African countries, they
believe. The reactors could also change international nuclear power station
manufacturers' global and African market prospects.

 

 

In the past year, at least 80 new designs for small modular reactor have
emerged globally

 

A few years ago, Rosatom led the field internationally and in Africa. In
2016 about 12 African countries were exploring nuclear power. By the October
2019 Russia-Africa Sochi summit, around 18 African countries had signed
cooperation agreements with Rosatom on the peaceful use of nuclear energy.

 

For various reasons, the US and France haven't actively participated in the
market, whereas Rosatom has been selling itself aggressively and offering
financing deals, especially to African countries. It is still doing so.
Russian President Vladimir Putin told the International Parliamentary
Conference in Moscow this month that Russia was ready to offer African
countries 100% financing.

 

But Russia could be about to lose its competitive edge. Kirsten and Stott
believe the US, France, China, Canada and the United Kingdom have taken the
lead in SMR technology.

 

 

For Africa, SMRs offer three main advantages, they say: lower cost, faster
construction and enhanced inherent and passive safety features. For example,
some could be pre-fabricated in the producing nation, cutting costs of
developing nuclear engineering skills required for conventional plants.

 

And whereas it takes on average 10 to 15 years to construct a conventional
nuclear power station, an SMR could be deployed in five in a country that
already has nuclear power. Stott says it could take longer - between five
and 12 years - in a developing country with little or no nuclear power
experience.

 

Small Modular Reactors remain untested and many of the emerging designs are
highly conceptual

 

This is partly because of the relative lack of nuclear skills and also the
elaborate legal and regulatory regimes that must be created to address
safety requirements. This is to avoid radiation accidents, protect nuclear
material and prevent nuclear proliferation (the diversion of fissile
material for illegal military use).

 

In Africa, the next country to produce nuclear power, after Egypt, will
probably be Ghana, Kirsten and Stott say. It has run a nuclear research
reactor for some years, acquiring experience in technology and regulation.
With support from the International Atomic Energy Agency (IAEA), Ghana has
completed the first phase and successfully transitioned into Phase 2 of the
three-stage IAEA Milestones Approach. This guides countries through the
development of national infrastructure needed for nuclear power.

 

So Ghana has been through all the preparations, including establishing the
bureaucracy to 'enable the government to make a knowledgeable decision on
whether to continue and commit to a nuclear power programme,' Kirsten and
Stott said in their recent report. The report offered Ghana as an example to
other countries contemplating nuclear power.

 

While Ghana has a nuclear cooperation agreement with Russia, Stott notes
that it hasn't decided on what nuclear technology it wants - and whether to
opt for a conventional large plant or an SMR. He believes it might choose an
SMR, with the option of adding modules later if needed. He and Kirsten
believe Kenya or Uganda could be the next African countries to go nuclear.

 

And a lot more are coming up, they say, though they will probably wait to
see how SMRs perform in their countries of origin. Not everyone is
convinced. Apart from general concerns about radiation, proliferation and
disposal of toxic wastes, nuclear opponents contest the argument that SMRs
are a cheaper option.

 

The advantages for Africa of SMRs are lower cost, faster construction and
better safety features

 

'The reason nuclear reactors have been getting larger over time is simply
the economies of scale,' Koeberg Alert Alliance energy activist Peter Becker
told ISS Today. 'Large nuclear reactors are already one of the most
expensive technologies, and SMRs were always set to be more expensive than
that. What's more, the cost estimates for SMRs such as the NuScale model
keep going up - they have risen by over 50% since 2021.

 

'Since it has become near impossible to get approval for the eye-watering
capital costs of a large nuclear plant, SMRs are an attempt to reduce the
per unit cost. However, the cost per kWh is far too high for them to ever be
competitive without massive government subsidies.'

 

And won't renewables anyway soon make SMRs or any other nuclear technology
obsolete? Kirsten thinks not. She believes the benefits of renewables and
the disadvantages of nuclear have been exaggerated in the current political
climate. On the face of it, solar power seems Africa's obvious choice. But
Kirsten says that to equal nuclear's power output, solar panels would have
to cover vast expanses, creating large environmental challenges.

 

She and Stott also cite the familiar point that renewable power doesn't
contribute to the electricity base load because it is intermittent. Cilliers
agrees. 'Renewables can't provide the base load for industrialisation and
efforts such as the African Continental Free Trade Area, which are all
energy-intensive.'

 

'I'm in favour of renewable energy,' says Stott. 'I'm just not in favour of
saying it can do everything. It can't. Each country has to choose its own
mix ... and in our opinion nuclear should be part of that.' Kirsten says the
global energy crisis seems to have created the opportunity to accelerate the
development and deployment of SMRs.

 

Peter Fabricius, Consultant, ISS Pretoria

 

 

 

Cote d'Ivoire: How China-Cote d'Ivoire Relations Have Provided Mutual
Support

The meeting between Chinese Premier Li Qiang and his Cote d'Ivoire
counterpart Patrick Achi at the Boao Forum for Asia (BFA) annual conference
in Hainan province in south China on March 29 reflected the 2023 BFA theme,
"An Uncertain World: Solidarity and Cooperation for Development amid
Challenges." With the world undergoing serious unpredictability with
increasing global challenges, it was a statement of the steadfastness of the
bilateral relations.

 

Francophone Cote d'Ivoire is endowed with seaside resorts, rainforests and a
French colonial heritage. Its major city Abidjan is located on the Atlantic
coast. Unfortunately, while the West African country has vast economic
potential, it has been restrained by a "colonial pact" with former colonizer
France since gaining independence in 1960.

 

 

It is one of 14 countries that until 2019 owed France debts since
liberation. The others include Benin, Burkina Faso, Senegal and Gabon.
Through the pact, France forced these countries to "deposit half of their
foreign exchange reserves with the Central Bank of France," under the
control of the French finance minister.

 

Achi's China visit serves to solidify Cote d'Ivoire's newfound independence
from neo-colonialism and experts see China as a great motivator in this
shift. The strengthened relations are a window through which one can view
the holistic China-Africa relations over the years, both at a bilateral and
pan-African level.

 

One is the growing of their economic cooperation. Imports from China rose
from $100 million in 2002 to more than $1.57 billion in 2020. China's
investment in Cote d'Ivoire is estimated at $7.5 billion, mostly in
infrastructure projects. Many Chinese companies have won bids to build major
infrastructure projects.

 

 

Another key indicator of the thriving bilateral relations is security
cooperation. The Cote d'Ivoire Army has signed a new contract with China
North Industries Corporation, one of the Chinese army's main suppliers, to
supply 50 armored vehicles. These and other military assets are to support
Cote d'Ivoire's anti-terrorist operations.

 

Bilateral diplomatic activity has also increased in recent years. In
December 2022, Chinese President Xi Jinping and Cote d'Ivoire's President
Alassane Ouattara discussed expanding bilateral cooperation. Ouattara
reiterated his support for the one-China principle, while Xi restated
China's commitment to long-term trade and cooperation with Africa's biggest
exporter of cocoa and cashew nuts.

 

The Boao Forum for Asia Annual Conference 2023 venue in Boao, south China's
Hainan Province, March 27, 2023. /CFP

 

 

Just like for the rest of Africa, China has been instrumental in rebuilding
Cote d'Ivoire's economy after the devastating COVID-19 pandemic. The
latter's government reopened its borders in February 2023 after a three-year
lockdown. Yamoussoukro, the administrative capital, now seeks Chinese
companies to not only complete the pending infrastructural projects started
before the pandemic, but also steer Chinese investment to its energy and
technology sectors. The partners are planning to deepen cooperation in
investment, agriculture, education and youth affairs.

 

Moreover, Cote d'Ivoire is seeking an increase in its exports to China, the
second largest economy. Data from the Observatory of Economic Complexity
shows that in 2020, the main products it exported to China were rubber ($216
million), manganese ore ($152 million) and crude oil ($86.6 million).
Exports to China have grown at an annual rate of 18.2 percent from $7.38
million in 1995 to $574 million in 2021.

 

Ouattara's visit to China in 2018 was a milestone in China-Cote d'Ivoire
relations. It showed the weight that China gives to this partnership.

 

Cote d'Ivoire is a strategic gateway to Africa. The mainly Chinese-funded
expansion of the Port of Abidjan and the opening of new shipping docks in
March 2022 offer China a door to West Africa. They have also turned Cote
d'Ivoire into a major shipping hub on the continent. Previously, shipments
from Asia, Europe and the U.S. had to stop in South Africa before using
smaller containerized cargo to the rest of the region.

 

The tight bilateral ties are symbolic of Africa's great support for the Belt
and Road Initiative, the Global Development Initiative and the Global
Security Initiative. In addition, it is an affirmation of the adherence to
one-China principle, particularly at this time when the U.S. and its allies
have doubled down on their belligerence on the Taiwan question.

 

Editor's note: Stephen Ndegwa is the executive director of South-South
Dialogues, a Nairobi-based communications development think tank. The
article reflects the author's opinions and not necessarily those of Capital
FM.

 

-Capital FM.

 

 

 

Ghana: DBG to Provide Partial Credit Guarantee Share Risk - Deputy MD

Development Bank Ghana (DBG) is to introduce a guarantee product to share
the burden of risk with financial institutions the organisation lends to.

 

Dubbed the Partial Credit Risk Guarantee, which will come into effect before
the end of the year, it will allow the banks and Participating Financial
Institutions (PFIs) to invest in certain areas such as agribusiness and
allow them to share the risk with with DBG.

 

The Deputy Managing Director of DBG, Michael Mensah Baah, disclosed this at
DBG University of Ghana Business School (UGBS) Development Finance Dialogue
Series Round Table Meeting held at Legon on Tuesday.

 

 

The maiden programme was on the theme "Deepening Development Finance,
Knowledge, Innovations and Impact".

 

As part of the programme, DBG signed a Memorandum of Understanding with the
UGBS to promote research on the programmes of DBG.

 

Also, under the partnership, DBG would, among others, support students of
the UGBS, provide them with internships and provide for MSc students in
Development Finance.

 

Mr Baah said although DBG had access to cheap funding, it did not want to
rely only on its funding to intervene in the market.

 

"DBG wants to encourage the PFIs and the banks to use their own funding to
invest, " Mr Baah said.

 

By using the funding of the banks and PFIs and that of DBG, he said, "We
will be able to make more significant impact and that is the reason we're
coming out with the Partial Credit Risk Guarantee".

 

He said one of the ways of derisking the finance space was to share the
risks of investment with the banks and PFIs.

 

Touching on the partnership with the UGBS, Mr Baah said the programme was
aligned with DBG's mission and vision to accelerate an inclusive and
sustainable economic transformation by fostering the growth of a competitive
private sector.

 

"We know as DBG that to create economic resilience and accelerate social
mobility, we must champion the role of Knowledge, Innovation and be able to
measure impact of our interventions, "he said.

 

 

-Ghanaian Times.

 

 

 

Ghana: Ecobank Ghana Seals Deal With Ghana Post

Ecobank Ghana PLC has entered into a partnership with Ghana Post to bring
banking services to the doorstep of customers of the bank.

 

Under the partnership, Ecobank would use some selected offices of Ghana Post
as Xpress Points (the agency version of the bank) where customers and
prospective customers of Ecobank Ghana PLC can transact and access banking
businesses as if they were in any branch of the bank.

 

So far, 78 branches of Ghana Post offices across the country have been
selected for the programme, with additional 22 in the pipeline.

 

Consequently, Ecobank Ghana has advanced GH¢1 million as working capital to
Ghana Post to begin the programme.

 

 

Customers can transact banking services at any Xpress Point centre in the
offices of Ghana Post across the country such deposit, withdrawal, buying
data and airtime.

 

Speaking at the signing of the partnership agreement in Accra on Tuesday,
the Managing Director of Ecobank Ghana PLC, Daniel Sackey, said the move was
to bring banking services to the doorstep of consumers of financial
services.

 

He said the move was also in line with the financial inclusion and digital
banking agenda of the bank.

 

Mr Sackey explained that the partnership would help leverage the strength of
both organisations to deepen banking penetration in the country.

 

The Deputy Managing Director of Ghana Post, Kwabena Tabi Amponsah, said his
outfit was excited about the partnership.

 

He said it formed part of measures to diversify the operations of the Ghana
Post and increase the revenue base of the organisation.

 

He said the partnership would help promote financial inclusion in line with
the vision of Ghana Post and the International Postal Union for every
individual to have access to financial services.

 

-Ghanaian Times.

 

 

 

Kenya: All Tax Refunds to Be Paid Within Six Months, President Ruto Declares

Nairobi — All verified tax refund claims will be payable within six months.

 

President William Ruto said if a refund is not made by the Kenya Revenue
Authority (KRA) within this period, then it will be offset against future
tax liability.

 

He said the counterbalance will be done without further application to KRA.

 

"Tax refunds remains a thorn in the flesh of many businesses. We are making
a drastic policy shift on this issue," he said.

 

President Ruto was speaking on Thursday in Nairobi while addressing the
American Chamber of Commerce Regional Business Summit.

 

 

The meeting, he said, reinforces "our relationship that stands firmly on the
sound foundation of shared values, including commitment to liberty,
democracy and free enterprise".

 

He noted that it is the commitment of the Government to have a tax regime
that will spur commerce.

 

The President further announced the removal of the Value Added Tax on
exported services in the Finance Bill in June.

 

"This tax not only renders us uncompetitive, but it also inhibits investors
seeking to make Kenya their regional hub."

 

He said he was keen on finalising new tax policy guidelines that will
enhance transparency in the country's tax regime.

 

President Ruto added that Kenya has deliberately undertaken to review the
Digital Services Tax regime and align it with the Organisation for Economic
Cooperation and Development's inclusive framework.

 

The framework, he went on, will guide the taxation of digital commerce
transactions.

 

"This is part of our plan to make Kenya one of the most attractive places in
the world to do business," he argued.

 

To attract fresh ideas in Kenya, the President noted that the Government
will exempt start-up firms from paying taxes on unrealised gains on
employee-allocated shares starting in July.

 

Meanwhile, Dr Ruto told the Summit that a deal between Kenya and Moderna to
build a Sh65 Billion mRNA vaccine facility in Nairobi had been finalised.

 

"This is major; it will be the only such establishment in Africa."

 

-Capital FM.

 

 

 

Malawi Govt Sees Potential in Science and Technology, Commits to Financing
It for Wealth Creation

Secretary to the Treasury (ST) Dr. MacDonald Mafuta Mwale has expressed
Malawi Government's commitment to providing continued financing for
research, science, technology and innovation in an effort to achieve import
substitution and wealth creation.

 

Mwale made the commitment in Lilongwe on Thursday when he launched a project
on facilitating the Transfer of Appropriate Technology in the Republic of
Malawi for community development through universities and research
institutions.

 

The National Commission for Science and Technology (NCST) is implementing
the projet with support from the World Intellectual Property Organisation,
United Nations Development Programme (UNDP) and Lilongwe University of
Agriculture and Natural Resources (LUANAR).

 

 

The main target of the project is to facilitate research, development and
commercialisation of bio-fertilizer technology based on technical
information found in patent documents.

 

Mwale described the project as timely and relevant considering to the Malawi
economy where agriculture contributes more than 25 percent to the gross
domestic product (GDP).

 

"This project has therefore come at the right moment and it promises to be a
worthwhile investment of government resources allocated to the Science and
Technology Fund being administered by NCST," he said.

 

The ST disclosed that it is against this background that the government
decided to increase its allocation to the Science and Technology Fund from
K291 million in 2021 to an initial K450 million this financial year.

 

 

Apparently, the Fund was set up in the Science and Technology Act of 2003
for the advancement of science and technology in Malawi towards
socio-economic development of the country.

 

However, Mwale stated that it was his first time to witness first-hand the
interventions that the research and development community seek to address
and the huge impacts they intend to achieve on import substitution and
wealth creation.

 

"It is my sincere hope that the commission will continue to put the
resources from the fund towards research, development, transfer and
commercialization of impactful technologies.

 

It is no-longer a secret that the application of science and technology has
tremendously transformed many economies the world over. Our future, and,
indeed, that of the region and the rest of the world, is dependent on a
solid science and technology base.

 

"We rely on advances in science in almost every facet of our lives,
including access to communication, electricity, clean water, sanitation,
food, transport and medicine. Countries such as Japan, Korea, Singapore and
China have achieved tremendous economic transformation due largely to
significant investment in science and technology.

 

As a country we surely cannot afford to be left behind. Time has come for
Malawi to change our mindset, quit looking down on ourselves, notice the
numerous opportunities before us and innovate, innovate and innovate," said
Dr. Mwale.

 

NCST Acting Director General Gift Kadzamira expressed hope that the workshop
would help the participants to understand how the nation can ensure that
scientific and technological developments are accessible to a wider range of
users who can then further develop and exploit the technology into new
products, processes, applications, materials or services.

 

But Kadzamira warned against exploitation of the innovators.

 

"The idea is to sensitize the masses that one of the effective ways of
realizing the economic benefits of research-based knowledge is to protect it
under Intellectual Property (IP) laws and sell or transfer it to a company
capable of transforming inventions into new products," she said.

 

-Nyasa Times.

 

 

 

South Africa: Financial Services Company Ordered to Pay Client More Than
R800,000 Lost in Cybercrime Fraud

Judge found that PSG Wealth Financial Planning had not complied with its own
policy to protect clients against cybercrime

 

PSG Wealth Financial Planning has been ordered to pay a client more than
R800,000 stolen by fraudsters through email cybercrime.

The fraudsters had hacked a client's email and requested via email for the
client's investment shares and some of his wife's investment to be paid out
to a new bank account.

PSG argued that while it had a duty to protect the client's money, it could
not be liable for loss under circumstances in which the client had been
hacked.

But the Judge found that PSG had not complied with its own policy to protect
its clients from cybercrime.

 

The High Court in Johannesburg has ordered a financial services company to
pay a client more than R800,000 stolen by fraudsters through email
cybercrime.

 

Judge Denise Fisher ruled in favour of Jan Jacobus Gerber who sued a PSG
Wealth Financial Planning for the loss he sustained due to the unlawful
electronic transfer of money intended for his retirement that he had
invested with the company.

 

Judge Fisher said it had become routine for business to be conducted via
email and it had now become common for these emails to be accessed remotely
by fraudsters. She said business email compromise (BEC) had become rife and
that both parties had been victims of the fraud.

 

"The question is, who should bear the losses," she said.

 

Judge Fisher said Gerber had a share portfolio which had been managed by
PSG, through its representative Jonathan Fisher, for more than a decade.

 

 

Gerber had a share and cash portfolio with investments totalling R855,413 as
at September 2019. This could be liquidated and paid out at Gerber's
request.

 

The Judge said that the contact between Fisher and Gerber was rare. The
dealings entailed no more than a monthly statement, detailing his account
activity, sent via email to Gerber.

 

Then, in October 2019 there was a "somewhat unusual request" when Fisher
received an email, purportedly from Gerber, requesting to liquidate
R250,000. The email also provided details of a new bank account with FNB.

 

Fisher emailed back, asking for confirmation of the new account. An email
was sent back, containing a letter, ostensibly from FNB, which appeared to
have an official bank stamp and reflected that the account had been opened
in 2002.

 

 

Judge Fisher said PSG branches were run on a franchise system, and as part
of that agreement, were given access to a central client service which could
verify bank account details. The FNB account details were sent for
verification. The report came back that the identity attached to the FNB
account did not match Gerber's details. It showed that the account had in
fact only been opened less than three months prior, and the phone number and
email address were not valid.

 

However, Fisher said these verification reports were often unreliable. His
personal assistant Jocelyn van Stavel emailed Gerber to confirm that this
was his account.

 

"Unsurprisingly, came the response from the hijacked email that the payment
should be made into it," Judge Fisher said.

 

When Van Stavel made a "courtesy" call to Gerber to let him know the money
had been paid, Gerber had been driving and responded 'goed so' ('that's
fine') - although he did not know what she was referring to.

 

A second email from the hacker soon followed asking for more money, which
was paid out, effectively wiping out Gerber's investment.

 

Judge Fisher said the emboldened hacker was alerted by Van Stavel that
Gerber's wife also had an investment account. The hacker then requested
R400,000 from his wife's account. But when that email arrived, Van Stavel
testified that "something didn't look right".

 

Fisher then contacted his clients, who both confirmed they had not asked to
withdraw any funds.

 

A subsequent investigation revealed that Gerber's email had been hacked, and
all the emails to and from PSG were diverted to a separate file which did
not appear in his inbox or outbox.

 

PSG argued that while it had a duty to protect Gerber's money, it could not
be liable for loss under circumstances in which his computer system had been
hacked. This was a "tacit term" of the agreement, it said.

 

But Judge Fisher said to import such a term would be counterintuitive. "The
protection against technological fraud would be meaningless if the client
had to assume the obligation to prevent hacking. After all, [PSG] is paid
handsomely for the services provided, including the provision of fraud
protection," she said.

 

"There is no evidence that [Gerber] did anything or failed to do anything to
protect his system from being hacked. He testified that his system was
password protected and that he had an effective virus protection installed.
This was not challenged."

 

Judge Fisher said the contracts dictated that instructions had to be given
via email and "arguably [PSG] thus assumed the risk of employing this system
of communication".

 

The Judge said the call to Gerber had been a "courtesy call", not one
seeking confirmation that the monies were to be paid into another bank
account.

 

PSG had not established that it complied with its contractual obligations to
protect Gerber against cybercrime, she said. Judge Fisher ordered PSG to pay
Gerber R811,488.98, plus interest and the costs of the application.

 

-GroundUp.

 

 

 

Nigeria Among Countries With Significant Gas Flare Reduction in 2022

The World Bank has acknowledged that Nigeria significantly contributed to
global gas flare reduction in 2022.

 

The bank reported that progress in reducing gas flaring resumed in 2022,
with gas flared worldwide falling by 5 billion cubic meters (Bcm) to 139
Bcm.

 

This, it said, is its lowest level since 2010, according to new satellite
data compiled by the World Bank's Global Gas Flaring Reduction Partnership
(GGFR).

 

After a decade of stalled progress, global gas flaring volumes fell in 2022
by around 3 per cent, which is a welcome drop, especially during a time of
concern about energy security for many countries.

 

 

"We continue to encourage all oil producers to seize opportunities to end
this polluting and wasteful practice," said, World Bank vice president for
Infrastructure, Guangzhe Chen,

 

Three countries; Nigeria, Mexico, and the United States, accounted for most
of the decline in global gas flaring in 2022.

 

Two other countries, that is, Kazakhstan and Colombia stand out for
consistently reducing flaring volumes in the last seven years.

 

In addition to the overall reduction in flare volume, global flaring
intensity the amount of flaring per barrel of oil produced also fell to its
lowest level since satellite data began, due to the 5 per cent increase in
oil production in 2022. This indicates a gradual and sustained decoupling of
oil production from flaring.

 

Despite this progress, the top nine flaring countries continue to be
responsible for the vast majority of flaring, with Russia, Iraq, Iran,
Algeria, Venezuela, the United States, Mexico, Libya, and Nigeria accounting
for nearly three-quarters of flare volumes and under half of global oil
production.

 

The satellite data shows that decreased Russian gas exports to the European
Union did not increase gas flaring in Russia. Throughout 2022, the European
Union significantly increased its liquefied natural gas (LNG) imports from
the United States, Angola, Norway, Qatar, and Egypt, and via pipeline from
Azerbaijan and Norway.

 

Of these countries, only the United States, Angola, and Egypt have made
substantial progress in converting associated gas that would otherwise be
flared into LNG exports.

 

The GGFR estimates that in 2022 gas flaring released 357 million tonnes of
carbon dioxide equivalents, 315 million tonnes in the form of carbon dioxide
and 42 million tonnes in the form of methane. The report also considers the
'state of the science' and the uncertainty surrounding how much methane is
released from flaring.

 

It finds that methane emissions, due to flaring, could be significantly
higher than previously estimated. For example, if the average flare is just
five percentage points less efficient at combusting methane, then globally,
the amount of methane released would be three times higher than currently
estimated.

 

-Leadership.

 

 

 

Nigeria: Lagos Free Zone - Redefining Ease of Doing Business

The Lagos Free Zone (LFZ) has shown promise in terms of investment
attraction, quality of available infrastructure and redefined ease of doing
business, writes Gilbert Ekwugbe

 

A Free Trade Zone is a type of Special Economic Zone (SEZ) used to trigger
economic growth and aid industrialization in many developing nations across
the world. The idea behind creating SEZs is to attract local and foreign
investors while generating employment, improving local infrastructure,
encouraging technology transfer, and boosting economic prosperity.

 

With over 200 million citizens, Nigeria is the most populous country in
Africa. It comprises a vibrant and diverse group of people, resources, and
untapped economic opportunities. Over the years, the Nigerian private sector
has attracted the attention of local and international businesses seeking
the right circumstances to cater to the growing market. Some of these
companies have successfully navigated the challenges of operating in a new
market. In contrast, others have struggled with unreliable power, logistics
inefficiencies, and bureaucracy, eventually leading to their exit.
Recognizing these challenges, the Federal Government of Nigeria has
implemented several investor-friendly policies to incentivize investment in
and diversification of the economy.

 

 

One such policy is the Free Zone Act of 1992. In Nigeria today, several
active public and private Free Zones work hand in hand with the Nigeria
Export Processing Zones Authority (NEPZA) to create a conducive environment
for businesses in the country. One of the SEZs that has shown great promise
in terms of investment attraction and quality of available infrastructure is
the Lagos Free Zone (LFZ). LFZ is promoted by Tolaram, a Singaporean
conglomerate with a global presence of over 70 years in Asia, Africa, and
Europe, including 40+ years in Nigeria. Tolaram's diversified portfolio
spreads across FMCG, Infrastructure, Fintech, and Agriculture.

 

 

Strategically located in the Ibeju-Lekki axis of Lagos State, the Lagos Free
Zone covers an area of 850 hectares and is uniquely home to the recently
built 90-hectare Lekki Deep Seaport. LFZ is an industrial hub that offers
its tenants world-class industrial infrastructure, fiscal incentives,
operational support, and general ease of doing business. The Zone is
developed in line with a cluster-based approach with 70% of the land
allocated for industrial use, 20% for logistics, and 10% for mixed-use real
estate.

 

The onsite infrastructure includes ready-to-lease land, warehouses,
pre-built factories, and facilities such as a gas power plant, financial
park, residential buildings, medical center, fire station, and other
amenities. In addition, its integration with the Lekki Port, one of the
tenants in the Zone, presents a one-of-a-kind solution for customers looking
for streamlined business operations in Nigeria.

 

 

Since its establishment in 2012, Lagos Free Zone has attracted over USD 2.5
billion from various investors. These investors enjoy a competitive
advantage over their counterparts given the 360 ecosystem in the Zone,
integration with the Lekki Port, access to regional and international
markets, and a one-stop-shop single--clearance window with all relevant
agencies including Customs and Immigrations within the industrial hub.

 

Current tenants of the Zone include BASF, Kellogg, Colgate-Palmolive, Sana
Building Systems, Insignia Print Technologies, Arla Foods (Dano Milk),
Raffles Oil (Power Oil), CNC Logistics, CHEC, and many others, including
professional service providers.

 

Free Zone and Lekki Port projects.

 

Lekki Port Commissioning

 

Lekki Port is the first deep seaport in Nigeria. Construction of the Port
landside and marine infrastructure was completed in October 2022, and
commercial operations at the Port are scheduled to start in April 2023. The
Port activities are expected to contribute over USD 361 billion over its
45-year concession period and create over 200,000 direct and indirect jobs.

 

The development of the Lekki Deep Sea Port was conceived to bridge the gap
in projected demand and capacity to handle ocean cargo in Nigeria. Market
studies show that the need for containers is expected to grow at a CAGR of
12.9% up to 2025. The strategic location, optimized layout, and modern
facilities at Lekki Port will provide a distinct competitive edge over any
other port facility in the West African region.

 

The President, the Federal Republic of Nigeria, President Muhammadu Buhari,
while commissioning Lekki Port expressed delight at the project's promoters
for investing in Nigeria. On his part, the Governor of Lagos State, Babajide
Sanwo-Olu stated that he is deeply excited about the execution of the
project given that it started under the Buhari administration and was
completed on schedule. Sanwo-Olu praised the President for his leadership
role, leading to the successful delivery of this iconic project.

 

In his remarks, the Managing Director, Nigeria Export Processing Zones
Authority, NEPZA, Prof. Adesoji Adesugba, said the delivery of Lekki Port
remains a huge success story. He predicts Lekki Port will become a serious
game changer for the maritime industry in Nigeria and West Africa.

 

"It is a project that was done within 4 years inclusive of the years of
COVID-19. It is going to be a case study for most universities. We need to
give kudos to the leadership and project team. We want to assure investors
that the ease of doing business will be entrenched. We are going to ensure
that it is only the agencies expected to work that will work there. We will
protect your investment", Adesugba said.

 

Also, the CEO Lagos Free Zone, Dinesh Rathi expressed deep appreciation to
all the stakeholders involved in making Lekki Port a reality. Rathi
explained that Lekki Port remains a defining project for Nigeria that would
impact the economy positively and further open the country to the world as a
preferred destination for foreign direct investment (FDI).

 

He added that with Lekki Port being inside the Lagos Free Zone -with
ready-to-lease industrial and logistics facilities, it is an ideal
industrial park and potential maritime hub for the W. African region,
especially with the African Free Continental Trade Agreement in view.

 

LFZ and Laurel

 

Over the last few years, the Lagos Free Zone has received numerous
recognitions from different organizations both locally and internationally,
a testament to the unique infrastructure and opportunities available in the
Zone.

 

In 2021, Lagos Free Zone won the 'Highly Commended - Africa' category at the
FDI Global Free Zones of the Year. In 2022, Lagos Free Zone (LFZ) was
equally conferred with the 'Highest Foreign Direct Investment Value' award
by the Nigerian Export Processing Zone Authority (NEPZA) at an award
ceremony to commemorate the 30th anniversary of the Agency.

 

Similarly, LFZ won the Corporate Bond Innovation Award for its corporate
bond issuance (the longest-tenured corporate bond) at the Made of Africa
Gala organized by Nigeria Exchange Limited (NGX) held in Lagos recently.

 

-This Day.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Good Friday

 

April 7

 


 

Easter Saturday

 

April 8

 


 

Easter Sunday

 

April 9

 


 

Easter Monday

 

April 10

 


 

Independence Day

 

April 18

 


 

Workers’ Day

 

May 1

 


 

Africa Day

 

May 25

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

TSL

Fidelity

 


Willdale

FMHL

ZBFH

 


GetBucks

Zimre

Seed Co

 


 

 

 

 


 

 

 

 


 <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 s 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 d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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