Major International Business Headlines Brief::: 17 April 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 17 April 2023 

 


 

 


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

 


 

 


 

ü  Ghana's Fishing Industry Has a 'Golden Seaweed' Problem - How Citizen Science Can Help

ü  Rwanda Makes Strides in Economic Stability, Energy Access - WB

ü  South Africa: Minister Mondli Gungubele On Placement of South African Post Office On Provisional Liquidation

ü  IFC and OCP Group Partner to Build Solar Plants, Green Fertilizer Production in Morocco

ü  Africa: Inclusion and Innovation Key to African Media Sustainability

ü  Seychelles: Oceanika Calls for Industrial Fishing Vessels to Do More to Remove Fads in Seychelles' Waters

ü  Nigeria's Cash Crisis Driving Digital Transactions to All-Time High

ü  Kenya Third in Africa in Wind, Solar Power Generation

ü  Egypt: PM Meets With Petroleum Minister

ü  South Africa: Eskom Teams Working to Reduce Higher Load Shedding Stages

ü  Seychelles: Air Seychelles to Start Flights to Colombo in June

ü  Nigerian Lawmakers Probe Alleged Illegal Oil Sales to China

ü  Britain's economy is back, says chancellor

ü  Ford launches hands-free driving on UK motorways

ü  Japan approves plan to open its first casino

ü  Boeing warns of 737 Max delays over quality problem

 


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

 


 

 

 

Ghana's Fishing Industry Has a 'Golden Seaweed' Problem - How Citizen Science Can Help

Sargassum is a genus of brown seaweed. Over 300 species are distributed across the world in both temperate and tropical climates. The species fluitans and natans are unique because they spend their life cycle floating on the ocean, never attaching to the sea floor. Other seaweed species reproduce and begin life on the ocean floor .

 

Pelagic (open sea) sargassum has been described as the "golden rainforest of the ocean" because of the floating ecosystem it supports in the Sargasso Sea, in the western Atlantic Ocean. Pelagic sargassum also occurs naturally in the Gulf of Mexico and the Caribbean.

 

Floating sargassum first began arriving en masse on shores across the tropical Atlantic in 2011. Up to 10,000 tonnes arrived daily during a particularly severe peak season. Severe years since then include 2015, 2018 and 2022 - but every year there is a significant influx. In the Caribbean, there has been good progress in understanding the pelagic sargassum seaweed. We now have a better idea of where it's coming from: likely a new southern area of growth.

 

 

In 2009 the first reports emerged of pelagic sargassum sightings off the coast of Ghana. Densities have increased annually ever since. In early March 2023, large quantities have again arrived on the shores of the Western Region of the country.

 

Pelagic sargassum is beneficial in lots of ways. Marine species such as eels, white marlin and dolphin fish depend on it for spawning grounds in the Sargasso Sea. Commercial fish species including tuna depend on it for food.

 

But problems arise when large quantities are experienced near and on the shorelines of coastal communities. Algal and seaweed blooms are becoming more common in seas and oceans worldwide, both far offshore and nearshore. There is only limited evidence of a link between pelagic sargassum blooms and climate change, but warming oceans do seem to be one cause of the rise in other harmful algal blooms in coastal areas.

 

 

The pelagic sargassum off Ghana's coast is affecting communities' ability to fish and use their beaches.

 

Importance of fishing in Ghana

 

More than 60% of Ghana's citizens live within 200km of the coast and 42% within 100km. The artisanal or small-scale fisheries sector employs an estimated 80% of the country's fishers.

 

Around 2.4 million people, about 10% of the population, work in the fisheries sector. Small-scale fisheries contribute about 4.5% to Ghana's gross domestic product (GDP). The coastal regions of the country are particularly dependent on fisheries for their livelihoods.

 

Marine fisheries are the primary source of income for more than 200 coastal villages, including about 200,000 fishers with approximately 2 million dependants .

 

 <https://www.cloverleaf.co.zw/> Impacts of pelagic sargassum on fishing communities

 

In a recent study we assessed the impact of pelagic sargassum on the livelihoods of fishers on Ghana's coast. Through group discussions, surveys, field observations and photographs, we documented the experiences of fishers. Most (70%) of those we spoke to across three sites in the region - Sanzule, Beyin and Newtown - depended on fishing for their sustenance and livelihood.

 

 

The seaweed had significantly affected the livelihoods of fishing dependent communities in the western region. Pelagic sargassum had reduced their fish catch by getting tangled in nets. It made up most of the catch instead of fish.

 

Pelagic sargassum also inhibits fishing by:

 

breaking nets and filling nets

clogging outboard motors on boats

creating seaweed mats that are impossible to navigate boats through

causing skin irritations

causing unbearable discomfort from the smell.

These initial results highlight the urgency of finding ways to manage pelagic sargassum in western Africa. But to achieve this, we also need more data and an improved understanding of what is happening.

 

Solutions

 

To identify solutions, it is important to know what types of seaweed are arriving, their origins, uses and how to monitor them. It is possible that the answers are the same for west Africa as in the Caribbean. But this is an assumption. Very little is known about pelagic sargassum in West Africa.

 

What we do know, as scientists, is that answering some of these questions for places like Ghana might be even trickier than it was for the Caribbean.

 

Take forecasting and early warning, for example. These processes rely on sufficient cloud-free satellite imagery in combination with an understanding of ocean processes and weather systems. That means detecting where the pelagic sargassum is at any given moment, in combination with ocean process models, to forecast where it will be later.

 

But west African coasts tend to have significant cloud cover. Methods that worked well in the Caribbean may not work in Ghana.

 

Recently, a team from universities in Ghana, the UK and Jamaica came together to explore how ground-based photography might create a useful dataset to better understand the seasonality and volumes of pelagic sargassum arriving in Ghana, using citizen science methods.

 

Citizen science recognises the important role that the public can play in research, and invites non-researchers to be part of data collection and analysis.

 

Citizen science is now applied worldwide for coastal monitoring but focuses almost exclusively on coastal erosion. Coastal erosion work, such as the CoastSnap platform, documents how the physical structure of coastlines changes across days, months and years. The citizen science monitoring is achieved by installing a simple metal pole and some signage requesting that a passersby take a quick photo with their mobile phone and share it online or via an app.

 

In our work, we have come together with schools and community members from Beyin, Esiama and Sanzule in the western region of Ghana to apply CoastSnap to study pelagic sargassum. Together, we have installed three of these metal monitoring posts. Teachers and community members are now photographing the impacts that the seaweed has on people's lives when it arrives.

 

Gradually, we will learn more about pelagic sargassum impacts and adaptation options in west Africa.

 

Sien van der Plank, Senior Research Fellow, University of Southampton

 

Kwasi Addo Appeaning, Lecturer in Marine and Fisheries Sciences, University of Ghana

 

Philip-Neri Jayson-Quashigah, Research Fellow, University of Ghana

 

Winnie N. A. Sowah, Lecturer, Department of Marine and Fisheries Sciences, University of Ghana

 

 

 

Rwanda Makes Strides in Economic Stability, Energy Access - WB

Rwanda has been singled out as a significant player in shaping Africa's future, according to a recent World Bank report.

 

The report titled 'Africa's Pulse: Leveraging Resource Wealth During the Low Carbon Transition' is a publication of the Office of the Chief Economist in the World Bank Africa Region, focuses on the short-term economic prospects of the continent and its current development challenges. It also provides insights on potential ways to address these challenges.

 

In the report, Rwanda is mentioned several times in relation to various economic aspects.

 

Tourism driven economy

 

Despite challenges posed by the pandemic, the country's economy remained resilient in 2022, driven by the revival of the tourism sector.

 

According to the report, tourism in Rwanda reached 68 percent of its pre-pandemic level, generating 3.4 percent of GDP in foreign exchange. This is a testament to the country's ability to adapt and respond to adverse circumstances, which is crucial for long-term economic growth.

 

 

Food prices, inflation

 

Rising food and energy prices continue to be a concern in the region and have contributed to inflationary pressures. According to the report, about 75 percent of the countries in Sub-Saharan Africa registered double-digit year-over-year inflation rates at the end of 2022, with Rwanda being one of them.

 

The main drivers of inflationary pressures are the depreciation of the exchange rate, high input costs, and extreme weather events, such as droughts in the Horn of Africa.

 

The report suggests to prevent further deterioration of people's incomes and food security, policy makers need to prioritize bringing down inflation and anchoring inflation expectations.

 

 

Secured IMF funding to meet financial needs

 

Another area of concern highlighted in the report is the financial needs required to roll over maturing debt. Rwanda has had a sharp increase in public gross financial needs, which includes the fiscal deficit, plus any other transactions that require financing, plus amortization.

 

As a result, Rwanda is among countries that have negotiated IMF-funded programs to meet their gross financing needs. Recently, Benin, Ghana, Uganda, and Rwanda all secured IMF staff-level agreements.

 

The report highlights that even though securing financing is critical, policy makers also need to address underlying issues that lead to high financial needs.

 

On track to achieving full energy access by 2030

 

On a positive note, Rwanda was mentioned among countries on track to achieving full energy access by 2030. The report notes that despite progress made prior to the pandemic, the installation of new stand-alone off-grid systems was most affected by the pandemic, as the majority of new connections since 2020 have been grid connections.

 

To address this, the Rwandan government set aside $30 million to subsidize rural electrification with solar technology. However, the price of technology has increased substantially due to the pandemic, as prices of raw materials have gone up and logistics disruptions have been pervasive.

 

The report features Rwanda's comprehensive national electrification strategy, reasonably-staffed national agencies responsible for electrification, strong and timely tracking procedures, and inclusion of off-grid solutions and affordability measures.

 

The report highlights the need for African countries to diversify their economies and move away from relying on extractive industries such as oil and gas. Instead, countries are encouraged to invest in sectors such as tourism, agriculture, and manufacturing, which can create more jobs and lead to sustainable economic growth in a low carbon future.

 

-New Times.

 

 

 

 

South Africa: Minister Mondli Gungubele On Placement of South African Post Office On Provisional Liquidation

The provisional liquidation of the South African Post Office has been met with serious concern by the Minister of Communications and Digital Technologies, Hon Mondli Gungubele. In response, he has requested that the Board and Management of SAPO provide him with a detailed account of the circumstances that led to this development, the steps taken by the Board to address the issue, and the measures that SAPO intends to implement to resolve the situation promptly.

 

Minister Gungubele emphasized the importance of SAPO as a crucial government service platform which caters to millions of citizens and cannot afford to cease its operations. The Department and SAPO must work diligently to ensure that the Post Office transforms into an independent and profitable business entity for the benefit of the country's citizens. The minister assures the public that all necessary steps will be taken to ensure continuous provision of social services, timely grant payments, efficient workforce, and harmonious negotiations with SAPO's creditors towards favourable outcomes.

 

The Minister requested that the SAPO Board Chair and GCEO proide a detailed briefing on all litigations and debts currently facing the organization. Following a thorough study of this information, the Minister plans to engage the appropriate structures and ultimately provide feedback.

 

-Govt of SA.

 

 

 

IFC and OCP Group Partner to Build Solar Plants, Green Fertilizer Production in Morocco

IFC and OCP Group, the world’s largest phosphate-based fertilizer producer, today announced a partnership through a landmark green loan to build four solar plants to power OCP’s Morocco operations to reduce the company’s carbon footprint and help green its fertilizer production.

 

Under the agreement, announced during the International Monetary Fund-World Bank Group Spring Meetings in Washington D.C., IFC will provide OCP with a green loan of €100 million to build the solar plants in the mining towns of Benguerir and Khouribga, home to Morocco’s largest phosphate reserves.

 

The plants will have a combined capacity of 202-Megawatt peak (MWp) and will supply clean energy directly to OCP’s operations. The project will be implemented by OCP Green Energy SA, a wholly owned OCP subsidiary established in 2022 to develop the company’s renewable energy generation activities.

 

A green loan is a form of financing for environmental projects where benefits are assessed and measured against agreed targets. The project is part of OCP’s $13 billion  Green Investment Program , which aims to increase its green fertilizer production and transition its operations to   green energy by 2030 and allow OCP to replace its electricity consumption with green energy, avoiding about 285,000 tons of carbon dioxide equivalent (tCO2e) annually.

 

«This ground-breaking agreement underlines our commitment to the global agricultural transition. Investing in reliable and competitive renewable energy is a key pillar of OCP’s investment plan towards our ambitious targets for sustainable green fertilizers,” said OCP Group Chairman and CEO Mostafa Terrab. “Securing this loan is a testimony to the partnership we are building with IFC and the alignment of our institutions addressing the global challenges of food security and climate change simultaneously.”

 

“We are proud to support OCP’s efforts to reduce emissions and green its fertilizer production in Africa,” said IFC Managing Director Makhtar Diop. “Climate change and food security are deeply intertwined. With this investment, we are helping build a food system for Africa and the world that is both more sustainable and more secure.

 

The solar plants will provide a cost-effective source of energy, contributing to OCP Group’s overall competitiveness by increasing production of low-carbon fertilizers. OCP plans to source 100 percent of its electricity needs through wind, solar and cogeneration by 2027. The plants will also support the resilience and diversification of Morocco’s electricity sector.

 

The project supports IFC’s mandate to help emerging countries access private capital to implement climate-friendly projects, decarbonize their economies, and adapt to a warming planet. IFC is committed to growing its climate-related investments to an annual average of 35 percent of its own-account long-term commitment volume between 2021 and 2025 and working with financial institutions to finance projects that support climate change mitigation and adaptation. This project also aligns with IFC’s  Global Food Security Platform , a $6 billion financing facility launched in 2022 to strengthen the private sector’s ability to respond to the food crisis and help support the sustainable production of food.

 

The project will also leverage the expertise of INNOV’X, an innovation engine launched by Mohammed VI Polytechnic University in 2022 dedicated to building innovative and sustainable businesses and ecosystems with strong local impact.

 

In 2021, IFC provided OCP with a $100 million loan to support its subsidiary, OCP Africa, to increase the availability of fertilizers and improve training on practices on local soils and crops in Côte d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal and Tanzania. IFC also assisted OCP to obtain EDGE (Economic Dividends for Gender Equality) certification for gender equality in 2022.

 

About OCP Group:

 

The OCP Group contributes to feeding a growing world population by providing it with essential elements for soil fertility and plant growth. With a century of expertise and a turnover of more than 11.3 billion dollars in 2022, OCP is the world for plant nutrition solutions and phosphate fertilizers. Based in Morocco, and present on five continents, the OCP Group has nearly 18,000 employees and works closely with more than 350 customers around the world. OCP recently launched a new green investment strategy, dedicated to increasing fertilizer production and investing in renewable energy. The strategy foresees an overall investment of approximately $13 billion over the period 2023-2027, which will enable the group to use 100% renewable energy by 2027 and achieve full carbon neutrality by 2040 The strategy also aims to reach a water desalination capacity of 560 million m3 in 2026 and to increase the production of green fertilizers.

 

The Group is firmly convinced that leadership and profitability are necessarily synonymous with social responsibility and sustainable development. Its strategic vision is at the junction of these two dimensions.

 

For more information: www.ocpgroup.ma ; twitter.com/ocpgroup

 

About IFC:

 

IFC - a member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity and boost shared prosperity as economies grapple with the impacts of global compounding crises.

 

For more information, visit: www.ifc.org

 

www.facebook.com/IFCAfrica

www.twitter.com/IFCAfrica

www.youtube.com/IFCvideocasts

www.instagram.com/ifc_orghttps://www.ifc.org/infrastructure

 

 

 

 

Africa: Inclusion and Innovation Key to African Media Sustainability

Forced to adapt to the political establishment, and financially beset by Big Data, what is the future of Africa's media?

 

This year started on a high note for African media with the recent African Media Festival in February. Hundreds of media practitioners, funders, and state agencies gathered in Nairobi to reconnect, share expertise, and re-imagine African media. The reflections and debates all tied back to a common theme: African media's future is stable and potentially successful if business models are sustainable, innovative, and inclusive.

 

African media has evolved in lockstep with maturing African democracies, constantly having to reinvent itself as it tested the boundaries of restrictive regimes. Over the past decade, the industry has grappled with failing traditional business models in the face of the digital revolution, while accepting the reality of sharply falling revenues thanks to the domination of Big Data. Journalists have been put out of work and media businesses operating barely above water. Solutions have seemed elusive after the Pandemic exposed the massive inequalities these disruptions had triggered globally.

 

 

This crisis is playing out as audiences adopt trends more accessible and better suited to emerging digital cultures. A section of African media is already braving the new world order by adapting to these new ecosystems. By diversifying their revenue streams, experimenting with new formats, and developing unique branding, they are unlocking potential in the industry.

 

Big Cabal Media, for example, directly targets young people - Africa's biggest demographic by some distance. They cracked the code by leading with short-form digital content on social media which plays well into virality and the fast online news cycle.

 

Stears, a data-insight company in Nigeria, is experimenting with a membership model that allows mobile payments. After solidifying its brand as a respectable data source in Africa, Stears is building a distinctive profitable business model.

 

 

Podcasting is slowly growing on the continent. Some radio stations quickly embraced this format and structured content accessible for dislocated online audiences. Minoritized groups also use this platform to build community, having been actively or unconsciously excluded from mainstream narratives.

 

SemaBox, a Kenyan podcast production company affiliated with Baraza Media Lab solved this problem and built an incubation programme for women and non-binary podcasters. This programme helps beneficiaries through idea conception, production, and marketing - breaking down barriers that effectively silenced them, limiting their participation in society.

 

I celebrate these early adapters who overcame immense structural barriers during these hugely uncertain times. Still, I hope that this challenges more stakeholders to delve deeper into some chronic issues discussed at the festival.

 

Legacy media businesses reflected on the apparent lack of agility in their income generation strategies, and in the same vein, the unequal representation of the society in the content. I appreciated the candid reflections of media practitioners who discussed how the old portrayal of women led to harmful narratives, notably around women in leadership on the continent.

 

At a creative podcasting hackathon during the festival hosted by PRX, one of the world's leading podcast publishers, attendees raised important questions about existing exclusions on this platform. People with visual disabilities challenged the inaccessibility they face with production. Affordable note taking, recording, and editing materials for people with disabilities can ensure that this new media revolution brings in more voices within the podcasting space.

 

Media can transform the future of our societies. With shared knowledge, and strategic resourcing, the next decade in the media industry calls for robust collaboration.

 

-African Arguments site.

 

 

Seychelles: Oceanika Calls for Industrial Fishing Vessels to Do More to Remove Fads in Seychelles' Waters

A not-for-profit organisation, Oceanika, is calling on industrial fishing vessels to make more effort to remove fish aggregating devices (FADs) after fishing, after the NPO removed 24 fish FADs from Seychelles' waters.

 

Oceanika, which has offices in Geneva and Thailand and has recently established one in Seychelles, has set an aim of locating and removing FADs in the waters of the Indian Ocean islands.

 

The organisation recently spent over 20 days at sea to find and remove the devices mostly used by large tuna fishing vessels.

 

Olivier Manaut, the chairman of Oceanika Seychelles, told SNA that "having seen the issues with regards to the FADs, which are left at sea and end up drifting to the coast and damaging the sea floor and corals, we decided that we need to do something."

 

FADs are man-made, usually floating wooden structures with hanging nets to attract fish and these can either be free floating or anchored to the seabed.

 

 

When FADs are left at sea, they can also cause problems for marine life including turtles and sharks can become entangled in the floating nets attached.

 

The government of Seychelles, an archipelago in the western Indian Ocean, is very attentive to this issue because of the impact of FADs on the marine environment.

 

Seychelles is recognised by the international community for its work on environmental protection and has worked for a long time with partners to put in place sustainable solutions for tuna fishing and seek all means to minimise the impact of this fishery.

 

Manaut said that he has been in regular discussion with the Ministry of Fisheries and the fishing companies that have been receptive to these concerns.

 

One of the areas all parties have agreed on is to have tracking devices on the FADs to make it easier to locate and remove them.

 

"At the moment, we have to go at sea and look for the buoys attached to the devices, which makes it very difficult and we might miss a lot of them. If we know their exact location, we can then go directly to each one and remove it," he explained.

 

Other local organisations helping to remove FADs from Seychelles' waters are the Islands Conservation Society (ICS) and Islands Development Company (IDC).

 

Meanwhile, with 24 FADs removed on their latest outing, Manaut said Oceankia has been in contact with local companies who are looking at ways to recycle these devices.

 

A young Seychellois company called Brikole, is already very active in the recycling of nets, and is a partner of Oceanika for the reprocessing part of the FADs.

 

"WASTEA, another Seychellois company, is also our partner, helping us with its expertise and its advice, in addition to these processes to eliminate this waste or reprocess it," said Manaut.

 

-Seychelles News Agency.

 

 

 

Nigeria's Cash Crisis Driving Digital Transactions to All-Time High

The scarcity is driving Nigerians in droves to sign up for digital and electronic banking services

 

Nigeria is riding on the back of a cash crunch, which the central bank said resulted from the move to mop up excess cash from circulation, to hasten its shift to a cashless economy.

 

The apex bank's push to redesign high-denomination currency in Africa's largest economy and curb money supply helped remove N2.3 trillion from circulation between October 2022 and February 2023, according to figures from the Central Bank of Nigeria (CBN).

 

In a report issued in March, Lagos-based Centre for the Promotion of Private Enterprise estimated the economy lost around N20 trillion to the crisis, one of the naira policy's several pain points.

 

"Millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70 per cent of cash in the economy," said Muda Yusuf, the CEO of the organisation.

 

 

The scarcity is driving Nigerians in droves to sign up for digital and electronic banking services, the same way pandemic lockdowns in 2020 sparked a boom in e-banking adoption. This is also causing a moment of rapid progress and unwieldy shift away from a cash-dominated economy.

 

The demonetisation bid, analysts say, is politically motivated, and has been linked to the government's move to tame vote buying during the general elections.

 

Mobile banking transactions accelerated to their peak level ever that month, jumping year on year by more than five times to 183.7 million, according to data from the Nigerian Interbank Settlement System (NIBSS). That compares to the 108.1 million transactions reported for January.

 

NIBSS is owned by all licensed deposit money banks in Nigeria and the CBN.

 

 

Mobile banking transactions more than doubled between October, the month the CBN first announced its currency redesign plan, and the end of February.

 

In value terms, mobile banking transactions expanded from N1.1 trillion to N2.6 trillion in in one year.

 

Both the volume and value of transactions conducted via point of sale (POS) terminals touched their peak in February, just as the number of POS terminals deployed across the country was at its record high during the month.

 

Alternative Payment Options

 

The cash crunch has also spurred activities across the platforms of many payments companies and digital banks springing up all over the country.

 

"There was an increase in Financial Inclusion catalysed by Covid which, ideally should have been a learning curve for Nigerians to ensure they have presence on a digital payment platform," Babatunde Obrimah, the chief operating officer of FinTech Association of Nigeria, told PREMIUM TIMES.

 

"The cash crisis would definitely reaffirm the need for everyone to register on a digital platform and increase financial inclusion in the rural areas."

 

Mr Obrimah said some members of his association are set to roll out biometric-based POS in rural areas and markets to help deepen financial inclusion.

 

The traffic rate on the platforms of organisations under FinTech Association of Nigeria soared more than fourfold between the start of the cash crunch and the third week of February.

 

Mr Obrimah said it is high time to start embracing cloud technology in order to expand and build capacity that will help fintechs handle bulge in transaction volumes seamlessly.

 

MTN payments unit, MoMo PSB, is recruiting 224,000 new agents across Nigeria to join the one million people already on its active merchant list in order to leverage opportunities opened up by the cash scarcity and also deepen financial inclusion, Fitch Solutions said in a February article. That was less than nine months after the fintech firm began operation.

 

Digital banks took the top ten spots on the list of Nigeria's most downloaded finance apps on Google Play as of 11 April, according to SimilarWeb, an indication that neobanks are leading the charge in the march towards a cashless economy.

 

While OPay and PalmPay ranked the highest, only seven commercial bank apps featured among the top 50, the highest ranked being Guaranty Trust Bank's app, GTWorld.

 

-Premium Times.

 

 

Kenya Third in Africa in Wind, Solar Power Generation

Nairobi — Kenya is the third country on the African continent with the highest generation of electricity from solar and wind.

 

Latest data from energy think tank Ember shows that the country only trails with 16 percent of renewable energy sources, followed by Namibia (25 percent) and Morocco (17 percent).

 

With other sources of power generation proving unsustainable due to global warming, Kenya has been focusing on power generation through hydro (30 percent) and geothermal (45 percent) as of 2017.

 

As a result, in 2022, renewables delivered 90 percent of Kenya's electricity.

 

Wind power reached 14 percent of Kenya's electricity in 2022 (1.7 TWh), up from just 0.6 percent in 2017 (0.1 TWh), with the development of Africa's largest wind project, backed by international financing.

 

"The stage is set for wind and solar to achieve a meteoric rise to the top. Clean electricity will reshape the global economy, from transport to industry and beyond," Ember senior electricity analyst Mal̸gorzata Wiatros-Motyka said.

 

 

"A new era of falling fossil emissions means the coal power phasedown will happen, and the end of gas power is now within sight," Wiatros-Motyka added.

 

"Change is coming fast. However, it all depends on the actions taken now by governments, businesses and citizens to put the world on a pathway to clean power by 2040."

 

Solar was the fastest-growing source of global electricity for the eighteenth year in a row, rising by 24 percent year-on-year and adding enough electricity to power all of South Africa.

 

Wind generation increased by 17 percent in 2022, which was enough to power almost all of the UK.

 

Twenty African nations already generate more than half of their electricity from renewable sources, with hydro playing a key role.

 

However, the African region as a whole gets just 5 percent of its electricity from wind and solar, second lowest only to the Middle East. Less than 1 percent of the increase in global wind and solar generation in 2022 was in African countries.

 

The rapid growth seen in some African countries reveals the enormous potential for wind, solar, and other renewable technologies.

 

"Global progress, while encouraging, doesn't reveal the growing disparity in renewable energy adoption which is tipped disproportionately in favour of developed countries and emerging economies in Asia; much more needs to be done to ensure that developing countries are not left behind and locked into high carbon futures," UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy CEO and Special Representative Damilola Ogunbiyi

 

"Furthermore, coal power remained the single largest source of electricity worldwide, producing 36% of global electricity in 2022, which means that the power sector remains off-track in meeting net zero targets globally by mid-century, the deployment of wind and solar needs to be massively and urgently accelerated.

 

-Capital FM.

 

 

 

Egypt: PM Meets With Petroleum Minister

Prime Minister Mostafa Madbouli met Saturday 15/04/2023 with Minister of Petroleum and Mineral Resources Tariq Al-Mulla to review projects implemented by the ministry.

 

The ministry implements many essential projects with high added value in the petrochemical industry with the goal of delivering the products and raw materials required for local market usage and substituting imports of these items to serve the national economy, the minister said.

 

Refining and petrochemical projects, as well as oil sector infrastructure, are critical to supporting goals to secure and stabilize the supply of oil products to the domestic market, as well as helping Egypt's aspirations to become a regional hub for oil and gas commerce, he added.

 

-Egypt Online.

 

 

 

South Africa: Eskom Teams Working to Reduce Higher Load Shedding Stages

State power utility, Eskom, says it is working hard to address the causes of persistent breakdowns at power stations and ensure that the higher stages of load shedding are reduced.

 

This as the power utility implemented Stage 6 load shedding this week going into the weekend.

 

Stage 5 is expected to be implemented between 5am and 4pm on Saturday, returning to Stage 6 between 4pm and 5am on Sunday morning.

 

Following that, Stage 4 will be implemented from 5am to 4pm on Sunday afternoon and return to Stage 6.

 

"Eskom regrets the escalation of load shedding to Stage 6 but would like to assure all South Africans that our personnel at the various power stations are working around the clock to bring units back online and at higher efficiencies as soon as possible.

 

 

"It is to be noted that load shedding is implemented as a last resort to maintain the stability of the national grid," Eskom said.

 

The electricity provider explained that long term outages have worsened the strain on the grid and has removed some 3080MW from the power system - the equivalent of three stages of load shedding.

 

"Apart from other generation challenges, the current situation has been exacerbated by the loss of four major units, which are on extended outages.

 

"Units 1, 2 and 3 of Kusile Power Station are currently offline as a result of the failure of the Unit 1 flue gas duct on 22 October 2022. Work is underway to bring these units back online from November 2023.

 

"Unit 1 at Koeberg Power Station is currently on a long-term outage for maintenance and refuelling as well as the replacement of the steam generators and is expected to return to service on 6 August 2023," Eskom said.

 

By Friday, the power utility had lost some 17 093MW of generating capacity due to breakdowns with a further 6392MW out on planned maintenance.

 

The electricity provider emphasised that the "root causes" of these breakdowns are being addressed through the Generation Recovery Programme.

 

"Eskom continues to drive generation recovery initiatives which are aimed at preventing the current performance from deteriorating in the short term and improving the overall performance of the generation fleet in the long term.

 

"There have been some improvements recently, including several power stations achieving an energy availability of 70% in March as well as the suspension of load shedding on some days," the group said.

 

Eskom maintained that it "does not want to implement load shedding if at all possible" but warned that with the power system under "severe pressure" the possibility of load shedding still remains.

 

"The cold front expected this weekend is anticipated to further increase the demand for electricity, adding to the capacity constraints, especially at evening peak hours from 5pm until 9pm. This can be alleviated if all consumers switch of heating and high consumption appliances during the peak hours.

 

"We thank those South Africans who heed the call to use electricity sparingly and help to alleviate the pressure on the power system," Eskom said.

 

-SAnews.gov.za.

 

 

 

Seychelles: Air Seychelles to Start Flights to Colombo in June

Air Seychelles will offer twice weekly flights to Colombo, Sri Lanka, commencing in June, the airline said on Tuesday.

 

The inaugural flight will depart the main island of Mahe on June 20 at 10.05 p.m. and expect to arrive in Colombo four hours later. The flights will be served by Air Seychelles' Airbus A320neo aircraft.

 

The airline's chief commercial officer, Charles Johnson, said: "We're very excited about this opportunity to link Seychelles with Sri Lanka. A destination in its own right with excellent tourist, medical and trading opportunities which all Seychellois will benefit from."

 

He added that Air Seychelles' "upcoming partnership with Sri Lankan Airlines will allow travellers to purchase a single ticket for travel beyond Colombo to other destinations in Asia. This service will drastically reduce current travel times and at prices much lower than currently seen in the market."

 

 

The Colombo service will also offer over 20 connections through a future partnership with Sri Lankan Airlines. This will allow for a one stop connection to numerous destinations. These will include India, Bangladesh, Bangkok in Thailand, Kuala Lumpur in Malaysia, Singapore, and Tokyo in Japan, as well as the highly requested Australian cities of Melbourne and Sydney.

 

Sandy Benoiton, the airline's acting chief executive, said that "This new destination will reinforce our regional service and provide enhanced connectivity to the south-east Asia region and beyond. This is a high potential market and we look forward to seeing what lies ahead."

 

Air Seychelles currently operates flights to Tel Aviv, Johannesburg, Mumbai, and Mauritius with state-of-the-art Airbus A320neos.

 

-Seychelles News Agency.

 

 

Nigerian Lawmakers Probe Alleged Illegal Oil Sales to China

Abuja, Nigeria — Nigerian lawmakers are investigating allegations of $2.4 billion in illegal sales of stolen oil to China.

 

The House of Representatives' ad-hoc committee on oil theft resumed its probe of the unofficial sales in 2015 of 48 million barrels of crude oil to China.

 

Lawmakers were tipped off about the deal by a whistleblower in July 2020. The whistleblower alleged that the stolen crude had been stored at several Chinese ports and later sold by Nigeria's national oil company, NNPC Ltd., officials said.

 

NNPC has called the allegation false. Chinese authorities have not responded.

 

This week, Nigeria's finance minister, attorney general and other top cabinet members did not appear for interrogation on the matter at a hearing. The committee said that could delay the investigation.

 

Faith Nwadishi, executive director of the Center for Transparency Advocacy, said, "Forty-eight million barrels is almost equivalent to about 50 days of oil production. We don't really have strong structures and systems in place. It's really not the first time and I don't think it's the last time it's going to happen until we get our structures right. If the legislative arm invites a person and the person doesn't have a cogent reason not to appear, it's grand enough for the person's resignation."

 

 

The House committee also raised concerns about irregularities in the figures of crude oil sales between 2011 and 2015 and said it would investigate.

 

Crude oil accounts for more than 90% of Nigeria's revenue, and Nigerian authorities have been trying to stem oil theft for decades. Officials have said the country loses $700 million every month as a result of the thefts.

 

Last year, President Muhammadu Buhari said the trend was putting the country's economy in a precarious situation.

 

Emmanuel Afimia, head of an Abuja-based oil-and-gas consulting firm, said corruption is the reason oil theft has persisted in Nigeria.

 

"Corruption has been the main factor that has hindered the growth of the [oil] sector," Afimia said. "If the country is actually serious about stopping oil theft, corruption has to be completely eliminated. We have to address corruption from the highest offices of this country."

 

Last year, Nigerian authorities awarded a controversial contract to Tantita Security Services, an oil pipeline surveillance team headed by an ex-Niger Delta militia group, in an effort to address oil thefts.

 

-VOA.

 

 

Britain's economy is back, says chancellor

Chancellor Jeremy Hunt says Britain's economy is "back", and that his strategy for growth has been welcomed at the International Monetary Fund meeting in Washington.

 

His predecessor, Kwasi Kwarteng, left the previous IMF meeting in October early, amid a barrage of criticism.

 

Mr Hunt said the international lending body saw he was "putting the British economy back on the right track".

 

However, the latest figures show the UK economy failed to grow in February.

 

On Wednesday, the IMF said it expected the UK economy to shrink by 0.3% in 2023, which would make it one of the worst performing of the world's major economies.

 

When challenged over whether the UK's current performance undermined his positive message, Mr Hunt said: "It's other finance ministers who are telling me Britain is back".

 

Britain's economy has only just recovered to the size it was prior to the pandemic, following months of industrial action, rapidly rising prices and labour shortages.

 

On Friday nurses in the RCN union rejected the offer of a 5% pay rise and said they planned to strike again at the start of May. Meanwhile, NHS junior doctors in England staged a four-day walkout over pay, which ended at 07:00 on Saturday.

 

The wave of industrial action affecting the UK in recent months has contributed to its lack of growth, the Office of National Statistics said this week.

 

However, Mr Hunt said it was important to avoid fuelling further inflation through pay rises. He said Britain had avoided recession this year "so far", and that he hoped to see faster growth and falling inflation in the months ahead.

 

Measures in his March Budget to help businesses recruit more staff and to increase investment, including an increase in childcare funding, should stimulate growth, he added.

 

Investor confidence in the UK was shaken last year during the short-lived government of prime minister Liz Truss, which saw Mr Kwarteng present an economic strategy that included major tax cuts without an explanation of how they would be funded.

 

Nurses strike on bank holiday as pay deal rejected

Pay rises above inflation would be a mistake - Hunt

Strike action sees UK economy flatline in February

The outlook for the UK, which relies heavily on financial services, could be clouded by current uncertainty in the banking sector, following the collapse of three US banks and UBS's emergency takeover of Credit Suisse.

 

However, Mr Hunt said the UK had "a very robust, resilient banking system", which was now in a much better position than it was before the 2008 financial crisis.

 

"Am I confident in the resilience of our banking system, the second largest financial services centre in the world?' Yes, I am," he said.

 

While the government is considering reforming some of the rules governing financial services, put in place after 2008, Mr Hunt said the plan was "absolutely not to unlearn the lessons of the financial crisis".

 

"We are looking at all of these things, but we're not going to do it in a way that rows back on any of the very important protections that we have in place," he said.

 

But he said the growth of the UK's tech and life sciences industries meant regulations needed to adapt.

 

"We have a lot of high growth companies in the UK, and they need to have banking services that suit their needs. And that's a difference from a decade ago," he said.-bbc

 

 

 

Ford launches hands-free driving on UK motorways

Ford drivers will legally be able to take their hands off the wheel on the move after its BlueCruise technology has been approved in the UK.

 

Ministers have approved the "hands-off, eyes-on" technology for use on certain motorways.

 

It can control steering, acceleration and braking but a camera will monitor a driver's eyes so they stay alert.

 

The technology will only be available for 2023 models of Ford's electric Mustang Mach-E SUV at first.

 

It also means the model can keep a safe distance from other cars and even bring them to a complete stop in traffic jams.

 

Thatcham Research, an automotive research firm, said it was important to note that this is not a self-driving car but is "the next development in assisted driving technology".

 

"What makes it different, is that for the first time ever drivers will be permitted to take their hands off the wheel. However, their eyes must remain on the road ahead, " said Tom Leggett, vehicle technology specialist at Thatcham.

 

He added: "Crucially, the driver is not permitted to use their mobile, fall asleep or conduct any activity that takes attention away from the road."

 

Ford's car costs £50,830 and while the hands-off technology will be free for the first 90 days, drivers will then have to sign up for a monthly subscription.

 

Deliveries of the new model started last month. It has a maximum speed of 80mph and uses both cameras and sensors to detect lane markings and speed signs, as well as the position and speed of other cars on the road.

 

BlueCruise graphic.

Transport Minister Jesse Norman said: "The latest advanced driver assistance systems make driving smoother and easier, but they can also help make roads safer by reducing scope for driver error."

 

Lisa Brankin, managing director of Ford in Britain and Ireland, also told the BBC's Today programme on Friday that the car will only take over when "the system feels it's safe" in certain "blue zones" that have been deemed as safe across 2,300 miles of pre-mapped motorways in England, Scotland and Wales.

 

"If your eyes are closed, the car will prompt you to put hands onto the steering wheel and take control… It will keep prompting the driver and if they don't respond, the car will steadily slow down to a stop," she said.

 

She adds that in the case of accidents, the driver will still be fully responsible in insurance claims, as the technology is "not autonomous driving" and the driver is in control.

 

BlueCruise graphic

Ford's BlueCruise technology represents what's known as a "Level 2" driver assistance system, which still requires a human driver to take control should something go wrong.

 

There are six levels of autonomous driving, as defined by the Society of Automotive Engineers:

 

Level 0: Very little automation, with features providing some warnings or assistance like automatic braking

Level 1: Driver assistance, where the technology controls one aspect such as cruise control

Level 2: Partial automation, where two or more aspects of driving are controlled by technology, such as speed regulation and parking done by the car itself

Level 3: Conditional automation, where the technology makes nearly all decisions on the road, although the driver still needs to be present to override any potential mistakes. At this stage, drivers could take their eyes off the road for certain periods of time

Level 4: High automation, where technology does not require any human interaction in most circumstances. This is currently limited to certain areas where speed limits are low and roads are easy to read. This type of automation is currently restricted by regulation

Level 5: Full automation, where no assistance is needed from a human driver at all

In the US and Canada, Ford's technology has been available since 2021. It said that in the last couple of years, more than 190,000 Ford and Lincoln vehicles have covered more than 60 million miles using the technology without any accidents reported.

 

Ford's BlueCruise is the first system approved for hands-free driving in the UK. It will allow drivers to take their hands off the wheel, potentially for hundreds of miles, at speeds of up to 80mph on UK roads. But how advanced is it?

 

A number of cars today are at level 2 of vehicle autonomy. They can brake, steer and accelerate by themselves, but the driver must still be in control and paying attention at all times.

 

Ford's BlueCruise is still classified as level 2 - the same as Tesla's Autopilot, for example. That's because the driver still has to pay attention, and safeguards are in place to ensure they do.

 

The most advanced system currently on the market has been developed by Mercedes. Known as Drive Pilot, it allows the driver to take their hands off the wheel and concentrate on something else entirely - even watch videos.

 

But it will only work in specific 'geo-fenced' areas, and at limited speeds. It has not yet been approved for use in the UK, but is available in Germany and Nevada.

 

Tesla, which has been testing driverless cars in the US, recently issued a recall affecting 363,000 vehicles after safety officials raised concerns that it could allow drivers to exceed speed limits or travel through intersections unsafely.

 

Edmund King, president of the AA, said although the technological elements of assisted driving or lane positioning system will bring in "safety benefits", drivers must remain alert.

 

"It mustn't give drivers a false sense of security. Even with hands-free driving the driver remains in control of the machine", Mr King said.-bbc

 

 

 

Japan approves plan to open its first casino

Japanese officials have approved controversial plans to build the country's first gambling resort.

 

The complex will open in the western city of Osaka in 2029.

 

Casinos have long been illegal in Japan. But a law was passed in 2018 providing exceptions to games, such as poker or baccarat, to create jobs and boost tourism.

 

Public opinion has been split, with some concerned about a rise in crime and gambling addiction.

 

Besides the casino, the 5.3 million square-foot (49ha) complex will include a hotel, conference centre, shopping mall and museum.

 

"We hope (the casino) will become a tourism base that promotes Japan's charms to the world," according to Prime Minster Fumio Kishida.

 

The project has an initial investment of 1.8tn yen ($13.5bn, £10.7bn) with US-based casino operator MGM and Japan's Orix Group each owning a 40% stake in the company.

 

The other 20% will be owned by local companies such as West Japan Rail, Kansai Electric Power and Osaka-based Panasonic.

 

Officials expect the resort to attract around 20 million visitors annually and bring in roughly 1tn yen in annual economic benefits to the region, according to a Japanese news service.

 

The project was proposed years ago, but it was delayed due to the Covid-19 pandemic and a corruption scandal involving a ruling-party lawmaker who was accused of accepting bribes while in charge of casino policy.

 

Japan is seen a promising market for gambling. It is the world's third largest economy with a population of roughly 126 million.

 

It also has close proximity to wealthy Asian gamblers, particularly from China. Macau is the only Chinese city where casino gambling is legal.

 

A similar plan has been submitted by the Nagasaki prefecture to build a casino at Huis Ten Bosch, a Dutch-themed theme park.-bbc

 

 

 

 

Boeing warns of 737 Max delays over quality problem

Boeing shares have tumbled more than 6% after the US plane-maker disclosed a manufacturing issue affecting its 737 Max planes.

 

The aviation giant said a supplier had revealed that the installation of fittings on the rear of the planes did not follow the standard.

 

Boeing said the problem was not an "immediate safety of flight issue".

 

But it warned it could lead to delivery delays.

 

"We regret the impact that this issue will have on affected customers and are in contact with them concerning their delivery schedule," the company said in a statement.

 

The latest problem comes as Boeing has been under intense scrutiny since two accidents in 2018 and 2019 involving its 737 Max planes killed 346 people.

 

Authorities said the accidents were triggered by design flaws in its flight control software. Boeing ultimately agreed a $2.5bn settlement with US authorities, who had accused the firm of concealing information from regulators about updates to the system.

 

Thomas Hayes, chairman and managing member at Great Hill, said investors may be over-reacting to the current issue.

 

Shares in Spirit Aerosystems, Boeing's supplier, also plunged more than 20% on Friday, following the disclosure.

 

But, he added, "I can understand why it's a shoot first and ask questions later because Boeing has impaired their trust with investors over the constant and repeated errors over the last few years."

 

Boeing's 737 Max was grounded for more than a year following the accidents.

 

The company has also faced a series of supply issues as it tries to emerge from the cloud cast by that scandal and ramp up production.

 

In February, the firm was forced to halt deliveries of its widebody 787 Dreamliner due to a problem with its data analysis. US transportation regulators cleared Boeing to resume deliveries last month.

 

Boeing said a "significant number" of undelivered jets in production and in storage were affected by the new issue, which affects 737 Max family of airplanes, including the Max 7, Max 8 and Max 8200 airplanes, in addition to is P-8 Poseidon maritime surveillance aircraft. Some planes involved are already in service.

 

The company said it was working with regulators to conduct inspections and replace fittings "where necessary".

 

"This is not an immediate safety of flight issue and the in-service fleet can continue operating safely," the company said.

 

Delivery delays from Boeing could worsen problems at airlines, which have have been scrambling to upgrade their fleets as demand for air travel soars.

 

Southwest Airlines, one of Boeing's big customers, said it expected its orders to be delayed by the new issue, while United Airlines said it did not expect to be affected.

 

American Airlines said it was still working to understand the impact.-bbc

 

 

 

 

 

 

 

 


 


 


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.

 


 

 


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