Major International Business Headlines Brief::: 28 April 2023

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Major International Business Headlines Brief::: 28 April 2023 

 


 

 


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

 


 

 


 

ü  Kenya: Counties to Get More in Revenue Share As President Ruto Assents to
Division of Revenue Bill 2023

ü  Tanzania Edges Closer to Long-Held Power Dream

ü  Kenyans Urged to Embrace Saving Culture

ü  Kenya: Sakaja Proposes Scrapping of Weekend Parking Fees to Allow
Businesses to Thrive

ü  Ethiopia: Foreign Investors Invited to Engage in Ethiopia's Lucrative
Irrigation, Livestock Development

ü  Ethiopia: Finance Minister Says Ethiopia Implementing Range of Reform to
Transform Public-Led Economy to Private Sector Growth

ü  Ethiopia: Investment Commissioner Calls On Global Companies to Engage in
Emerging Investment Sector of Ethiopia

ü  East Africa: Eabc Urges EAC States to Reduce Cost of Digital Tax Stamps

ü  Nigeria Has Suffered a Significant Loss in Oil Revenue - Shell

ü  Nigeria: Oando Takes Delivery of Nigeria's First Mass Transit Electric
Buses

ü  Nigerian Breweries Appoints Ex-NESG Chair Into Board

ü  Nigeria Tops African Oil Producers As OPEC's March Output Hit 28.80mbp

ü  Sri Lanka crisis: Central bank lays out extent of economic problems

ü  Amazon cloud and ads units offset flat e-commerce

ü  US economic growth slows as firms cut investment

ü  Facebook owner Meta’s profits exceed expectations

ü  BP faces green protest over new climate goals

 


 <mailto:info at bulls.co.zw> 

 


 

 

Kenya: Counties to Get More in Revenue Share As President Ruto Assents to
Division of Revenue Bill 2023

Nairobi — Devolved units are set to receive an allocation of Sh385 billion
commencing the next financial year that begins in July this year after
President William Ruto assented to the Division of Revenue Bill 2023.

 

In the allocation for the financial year 2023/2024 the counties will receive
an additional Sh 10 Billion which is 4.2 percent increase from the current
Sh 370 billion.

 

The National government is allocated Sh 2.1Billion with the projected
revenue collection to facilitate the seamless allocation projected at Sh
2.5B.

 

The Division of Revenue Bill was passed without amendments in the National
Assembly and the Senate despite futile attempts by the Azimio Senators to
amend the bill an increase the county allocation to Sh407B.

 

 

22 senators allied to President William Ruto voted to shoot down the
amendment against nine from Raila Odinga-led Azimio coalition.

 

When the voting on the bill arrived, 33 senators, including some from
Azimio, voted to approve the proposal putting to an end any hopes of
revising the amount to Sh407 billion that was being supported by Azimio
senators.

 

Kitui Senator Enock Wambua castigated the Kenya Kwanza Alliance allied
leader for stifling devolution by supporting an increase of Sh 10 Billion to
counties yet the Commission of Revenue allocation had recommended Sh 425B.

 

"Today indeed is a very dark day as far as devolution in this country is
concerned. We have seen a situation on the floor of the Senate where Kenya
Kwanza senators have conspired to deny funds to counties," said the Senate
Deputy Minority Leader.

 

 

Senate Minority Chief Whip Ledama Ole Kina lamented that the National
Government had received a huge chunk of the revenue yet critical functions
had been devolved.

 

"Instead of defending counties, the 22 senators have decided to defend the
position of Kenya Kwanza administration of retaining money in the national
government," said Olekina.

 

Nairobi Senator Edwin Sifuna decried that Senate has failed to protect the
interest of devolution which is their core mandate and instead took a
political stand on the matter.

 

"It saddens me that senators who swore to defend their counties have today
turned into betrayers of their counties," stated Sifuna.

 

Cash Crisis

 

National Treasury has only disbursed only Sh214.6 billion in equitable share
to county governments since June last year with over Sh155 billion still
outstanding two months to the end of the financial year.

 

 

Cash crisis in devolved units will continue to bite after the National
Treasury only managed to disburse Sh31 billion as part of the equitable
share for the month of January.

 

Treasury was expected to release Sh125 billion to the devolved units for
January with an outstanding balance of Sh94 billion whose delayed
disbursement will have a ripple effect on service delivery.

 

COG Chair Anne Waiguru noted that the exchequer is yet to release monies for
February, March, and April with county staff in critical functions such as
health, threatening to down tools due to delayed salaries.

 

"Salaries for our core workers and our healthcare workers haven't been paid.
There are counties that are running late and those who have managed to do
nothing else but pay salaries. There is no county that has no salary
arreas," said Waiguru.

 

She made the revelations during her grilling before the Senate Public
Accounts Committee.

 

Waiguru decried that the county governments always lag behind in cash
disbursement despite holding critical functions which risk grinding to a
halt.

 

"The situation on the ground is dire, we have never been here.I have been a
Minister and a governor for 5 years. We have never had this kind of backlogs
before but we are hopeful that with the interventions of treasury," she
said.

 

Capital FM.

 

 

 

 

Tanzania Edges Closer to Long-Held Power Dream

TANZANIA'S long-standing endeavour to have adequate and reliable electricity
supply through the 2,115-megawatt Julius Nyerere Hydropower Project (JNHPP)
is close to becoming a reality with the dam's construction reaching 86 per
cent of completion.

 

This is a huge step towards the completion of the mammoth project, whose
completion will certainly place Tanzania among the giants of power
production in the African continent.

 

Besides its envisioned key role; power generation, the JNHPP also comes with
a myriad of opportunities ranging from irrigation farming in the Rufiji
delta, where an area of about 400,000 acres can be irrigated to fishing, a
chance to practice modern fishing.

 

 

Energy Minister, Mr January Makamba issued an update on the project's status
during an inspection tour at JNHPP recently, indicating that the daily
average filling of the dam was greater than expected as the dam possesses a
capacity of 30 billion litres.

 

He observed that the current volume of the dam has reached six billion which
is equivalent to 20 per cent since the beginning of the filling up.

 

He noted that statistics show that in the past two weeks, more water entered
than during the floods which occurred December 2019 to 2020, noting that the
filling up process has eradicated flood effects.

 

"The dam is starting to bear fruits as per expectations including the issue
of controlling floods...I commend the job done by the engineers, technicians
and labourers at the Tanzania Electric Supply Company (TANESCO) for fast
tracking the work," said Mr Makamba.

 

 

He added: "When President Samia Suluhu Hassan assumed office the project
execution stood at 37 per cent but we are thankful that she continues with
the work by dishing out needed funds, supervision and closely following up
her subordinates to make this possible."

 

He went on to reveal that TANESCO was doing a very good job in collaboration
with Engineer Mwandambo in ensuring safety, while noting that the
construction work was continuing during the day and night in ensuring its
completion.

 

The Project Supervisor of JNHP project, Engineer Lutengano Mwandambo,
highlighted that when they started filling the dam, the water was 71.5
meters long, but now they have reached 150 cubic meters from sea level, and
that there was more than 79 meters of which has been filled since they
started filling the dam.

 

He said the step was crucial in the project, which is expected to generate
2115 megawatts of electricity, noting that the water was needed to generate
electricity, therefore the dam should be filled up with water at the level
of 184 cubic meters from the sea level.

 

 

"For power generation to start, a total of 163 cubic metres above the sea
level was required...we have remained with 13 cubic metres to arrive at the
required capacity for power generation. The current filling up trend was
very appealing taking into account the ongoing heavy rains," noted the
Engineer.

 

TANESCO Managing Director, Maharage Chande extended appreciation to his
staff directly involved in the implementation of the construction of the
project, maintaining that they were the ones who have achieved the
construction to the current stage collaboratively.

 

"The project was the fourth largest in the African Continent...it is very
moving to see the engagement and level of work put into the project for the
benefit of Tanzanians," stated Mr Chande.

 

End of last year when President Samia performed the historical act of
launching the process of impounding water into the JNHPP dam as the initial
stage towards the completion of the 6.5tri/- power generation project,
maintained that the project will be completed as planned.

 

The event signalled the closure of the diversion tunnel, which redirected
the Rufiji River back to its mainstream through the lower gates of the main
dam after the impounding.

 

"This is a historic day towards the completion of this important project
which places Tanzania in the world map," Dr Samia said.

 

She said the project conveys a message to the world that Tanzania is capable
of doing great things which can change its image and that of the world.

 

"I want to assure Tanzanians that I will oversee the execution of this
project so that it is completed as planned," Dr Samia insisted.

 

She said that JNHPP is one of the mega hydroelectric projects in Africa,
noting that Tanzanians should be proud of the huge investment done by the
government which will have multiple benefits to citizens and the country at
large.

 

According to Dr Samia, the reservoir has the capacity to store sufficient
water for generating power even during drought season, control floods and
seasonal swamps and ensure reliable irrigation, among others.

 

The president said the project will also ensure reliable power supply for
sustainable development and fulfill the dream of having such a power plant
since independence.

 

She acknowledged the contribution by the first phase President Mwalimu
Julius Nyerere who came up with the idea of building a major hydropower
plant in the area and the fifth phase government under President John
Magufuli for initiating the execution of the project.

 

"We cannot talk about these achievements without honouring the contributions
of other leaders... the implementation of this project started with the idea
of Mwalimu Nyerere immediately after independence ... other leaders did
their part in different phases but due to economic situation the project
could not be executed," she said.

 

Dr Samia added that, during the fifth phase government through the call by
the international community for countries to invest in renewable energy, Dr
Magufuli decided to commence the implementation of the project to honour
Mwalimu Nyerere's idea.

 

Daily News.

 

 

 

Kenyans Urged to Embrace Saving Culture

Nyahurur — Chief Cabinet Minister Musalia Mudavadi has called on Kenyans to
embrace a savings culture to increase wealth and sustain economic
development.

 

Together with Cooperatives & Micro, Small, and Medium Enterprises (MSME)
Development CS Simon Chelugui, they said the savings volume accumulated by
individuals, enterprises, and governments plays a crucial role in achieving
sustainable national economic growth.

 

The duo added a need to encourage Kenyans regardless of their economic class
to take up savings culture, especially long-term, which will support
investment for economic growth in the country, resulting in higher
productivity.

 

Mudavadi noted that the power of cooperatives is so strong and that many
economies, even in developed countries, are a result of the foundations of
cooperatives, giving the example of Denmark, which has a very strong
cooperative movement.

 

He supported the call by President William Ruto for Kenyans to focus on
agriculture in order to address issues of food insecurity and also reduce
the high cost of living.

 

On his part, CS Chelugui underscored the importance of shifting from social
protection to social security, saying this will enable members to safeguard
their future.

 

He commended the management of Tower Sacco for registering remarkable growth
since it was established, making it stand out among the few very successful
and best-performing Saccos in the country.

 

Tower Sacco has a capital asset base of Sh20 billion, a Sh16.4 billion loan
book, and another Sh15 billion in deposits, which the CS described as a
great achievement.

 

A section of leaders from Nyandarua County called on the government to
intervene and help salvage Ol-Kalou, which is on the verge of collapse due
to outstanding loans that are yet to be serviced.

 

Senator John Methu and Women's Rep. Faith Gitau said the Ol-Kalou dairy
plays an integral role in supporting hundreds of farmers who have invested
in the dairy cooperative but are now looking forward to its closure or being
auctioned to offset the loans.

 

However, Chelugui said there is an MOU between the government and the
Cooperative Bank (financiers of the dairy) to look into how they will review
and renegotiate the terms and the loan payment period to help the dairy
society continue to operate. - Kna

 

Capital FM.

 

 

 

 

Kenya: Sakaja Proposes Scrapping of Weekend Parking Fees to Allow Businesses
to Thrive

Nairobi — Nairobi Governor Johnson Sakaja has proposed the scrapping of
weekend parking fees in Nairobi to encourage business establishments to
thrive.

 

Sakaja was speaking during the Finance Bill 2023 presentation by all his
County Chief Officers.

 

"When the Finance Bill 2023 is approved by the County Assembly. I propose
not to charge weekend parking fees in Nairobi. This will encourage business
establishments to open during the weekend and also provide an opportunity
for Nairobi residents to support businesses and accord them an opportunity
to transact on the weekends," he stated.

 

He indicated that this will also attract more visitors to the Central
Business District (CBD) during the weekends.

 

"I know times are hard. But lazima Nairobi iWork, this city is ours. We also
want to attract more visitors to the CBD during weekends."

 

"I will ensure security provision round the clock. Other leading cities in
the World are very vibrant during the weekends. Nairobi should adopt the
same vibrancy. As this will ensure growth."

 

Recently, Nairobi City County Chief Officer, Revenue Collection, Wilson
Gakuya, led other Chief Officers and County staff to the launch of the
Validation of the Finance Bill 2023.

 

"The essence of this session with respective sectors was to confirm and
justify the various proposals for ammendments of fees and charges by the
various sectors. The session output helped with the preparation of the
Finance Bill 2023, which went through a Public participation exercise
several weeks ago," Gakuya stated.

 

"The Finance Bill 2023 will eventually be submitted to the Nairobi County
Assembly for approval to the Finance Act. The provisions of the Act will
help the county raise its own source of revenue to meet county budgetary
expenditure."

 

Capital FM.

 

 

 

Ethiopia: Foreign Investors Invited to Engage in Ethiopia's Lucrative
Irrigation, Livestock Development

Addis Ababa — Minister of Irrigation and Lowland Development, Aisha Mohammed
called on foreign investors to engage in irrigation and livestock
development activities in Ethiopia as the country is endowed with untapped
opportunities in the sectors.

 

At Invest Ethiopia 2023 forum of its first-day afternoon session, three
parallel sessions were held in the investment opportunities of major sectors
including agriculture and irrigation developments.

 

In her presentations on the vast investment opportunities of irrigation
development in Ethiopia, Minister of Irrigation and Lowland Development,
Aisha Mohammed mentioned the activities being carried out by the government
to expand modern irrigation development schems in order to strengthen the
agricultural productivity and ensure food security of the country.

 

 

The nation has given utmost priority for the expansion of irrigation
considering the existing vast potential for development in Ethiopia and
mitigate the negative impacts of climate change, the minister pointed out.

 

Accordingly, the government of Ethiopia has been taking vital policy
measures with a view to realizing effective irrigation development
activities across the country, she said.

 

Aisha said Ethiopia is endowed with more than 10 to 20 million hectares of
irrigable land, however, she added that the nation has only been able to
develop less than 10 percent of this potential.

 

Hence, the Minister stated that activities are underway to expand irrigation
development schemes being carried out on small size farming lands to large
agricultural lands in order to increase productivity.

 

 

In parallel to these efforts, she called up on foreign investors to engage
in large irrigation development projects.

 

She particularly stressed the need for foreign investors to engage in
Ethiopia in the sector by introducing sustainable technologies which are
suitable for the country's ecology.

 

Aisha has also mentioned about Ethiopia's potential of livestock, which is
another lucrative sector for international inverters.

 

"There is also a huge potential to invest in animal fodder using different
technologies as it is very good opportunity for international investors to
invest on livestock and fodder. There are large scale irrigations schemes in
these areas including the necessary lands and the huge livestock potential,"
the Minister elaborated.

 

Minister of Water and irrigation, Habtamu Itefa for his parts stated that
the price of electric power is very cheap in Ethiopia to enable the
investors more competent and go to manufacturing of fertilizers as well.

 

The forum is being attended by more than 600 new foreign direct investors
and will have the potential to generate more than 3 billion USD in
investments in Ethiopia over the next few years.

 

The international investment forum has brought together investors, business
leaders, policymakers, and entrepreneurs from around the world to explore
and unlock investment opportunities in Ethiopia.

 

Various ministries have briefed the participants about investment
opportunities in agriculture, mining, energy, tourism, health, transport and
logistics, manufacturing, lCT, and SEZs during its first day session.

 

The forum, organized jointly by the Ethiopian Investment Commission and
other Government sectors, is being held under the theme "Invest and Grow in
Ethiopia: The Land of Attractive Investment Opportunities."

 

-ENA.

 

 

 

 

Ethiopia: Finance Minister Says Ethiopia Implementing Range of Reform to
Transform Public-Led Economy to Private Sector Growth

Addis Ababa — Minister of Finance Ahmed Shide said that Ethiopia has been
carrying out a rigorous reform to transform its economy from a public-led to
private sector growth.

 

Speaking at an international forum entitled: "Invest Ethiopia2023" held
today in Addis Ababa, the minister said that during the past four years, the
Ethiopian government has carried out a wide range of economic reform and
liberalization programs.

 

The government has launched Homegrown Economy to sustain rapid economic
growth, maintain a stable macroeconomic environment as well as create job
opportunities and to transition from a public-led to private sector growth,
he noted.

 

 

The minister also said that the nation pursues for a stable economy, where
the private sector is at heart of the reform to expand private investment.

 

"As the center of our economic policy, it is creating an inclusive
sustainable and globally competitive economy that is led by the private
sector and generates better jobs," he underscored.

 

At the core of the country's reform objectives, Ethiopia has first pursued
to address the current macroeconomic imbalances and then improve the
business environment.

 

As a result, some of the reforms include Ease of Doing Business Initiative
that was launched to streamline business registration licensing procedures
and create a transparent regulatory framework, the finance minister said.

 

"A new investment proclamation has been enacted, opening up several sectors
of the economy to foreign investors ...and attracting new foreign direct
investment," he underscored.

 

Ahmed added that Ethiopia is also in the course of establishing a capital
market which will make the business environment more conducive to the
private sector.

 

We are reforming our regulatory regime on special economic zones to
facilitate the development of transformative economic clusters in
manufacturing, agro-business, service industries and attract the widest
possible opportunities of foreign direct investment across many sectors in
Ethiopia, he added.

 

ENA.

 

 

 

 

Ethiopia: Investment Commissioner Calls On Global Companies to Engage in
Emerging Investment Sector of Ethiopia

Addis Ababa — The Ethiopian Investment Commissioner, Lelise Neme called on
global companies to boost investment in the ever emerging investment sector
of the country.

 

This was disclosed at the international form prepared by Ethiopian
Investment Commission (EIC) under the theme: "Invest Ethiopia2023" with the
view to attracting giant companies from the rest of the world into Ethiopia,
a country with enormous potential for investment and business.

 

In her opening speech, EIC Commissioner Lelise underscored that Ethiopia has
embarked on new development trajectory driven by government commitment to
promoting private sector-led growth, improving infrastructure and creating
conducive investment finance.

 

 

Mentioning Ethiopia's strategic location to key international markets and
abundant resources, the commissioner said these advantages make the country
to attract more Foreign Direct Investment (FDI).

 

To this end, the government has put in place a range of policy reforms,
including opening up of key sectors like telecommunication, energy,
logistics and the financial sector, she pointed out.

 

As Ethiopia is diversifying its investment sectors and bringing emerging
sectors, Lelise urged companies to maximize their engagement in the spheres.

 

"Ethiopia has identified priority sectors for investment such as
agriculture, manufacturing, mining, tourism and ICT. We also have emerging
sectors such as renewable energy, health, transport and logistics and
housing development. One of the driving forces for our industrialization
strategy is the establishment of eco-friendly parks and attracting
investment in textile and garment production, leather, pharmaceutical and
agro-processing."

 

She also highlighted that several world class industrial parks that have
been established across the country are equipped with modern infrastructure
with a range of incentives to lure more investors.

 

"Our industrial parks have already attracted significant manufacturing
investments with companies from around the world establishing operations in
Ethiopia to leverage our favorable business environment and strategic
location. These parks have created new jobs, boosted local economies and
contributed to the growth of the export sector," Lelise said.

 

She also expressed government's commitment to further expanding the
industrial park focusing on value chains, enabling the county's production
capacity and competitiveness in key sectors.

 

The commissioner added that Ethiopia has made remarkable progress in
developing renewable energy sources, with focus on hydropower and geothermal
energy.

 

"This development has steadily increased energy production availability,
offering a reliable source of power for our investors. Indeed, Ethiopia is a
country with enormous potential for investment. Under the leadership of our
Prime Minister Abiy Ahmed, the country has gone through several
revolutionary reforms. These reform agendas are changing Ethiopia and the
country's future with confidence and clarity."

 

For example, the recent reforms have opened investment opportunities for our
investors, which previously were closed, she noted.

 

For the commissioner, foreign investors are now enjoying the benefits of
investment in Ethiopia, which for a long time were allowed only for domestic
investors.

 

ENA.

 

 

 

East Africa: Eabc Urges EAC States to Reduce Cost of Digital Tax Stamps

Kampala, Uganda — The East African Business Council (EABC) has called for a
review and reduction in the cost of the Digital Tax Stamp system, which has
been implemented in the region to improve revenue collection on excisable
goods.

 

The regional body is urging the East African Community states, through the
revenue authorities, to take quick action to reduce Digital DTS costs by
reviewing existing DTS contracts with a view to reducing the high excise
stamp fees imposed on manufacturers.

 

This follows a recent EABC analysis that showed that despite the solution
provider of DTS being the same across the region, the cost of the stamp
differs significantly in each country.

 

The stamp fee is an additional to the excise duty tax payable under the
country's respective Excise Act - which EAC claims is equivalent to double
taxation for manufacturers.

 

The analysis also reveals that the cost of excise stamps is
disproportionately apportioned to different products with no justification
and that the cost of the stamps paid by the manufacturers goes to the
'foreign' DTS provider/supplier and not to the government's revenue
authority.

 

EAC executives says a reduction in costs would enhance compliance of
small-scale manufacturers with DTS regulations, improve sustainability, and
further boost revenue collection.

 

"Wider public stakeholders' engagement and inclusion of manufacturers' input
in the re-negotiation process of a better digital tax stamp system is
important," said John Bosco Kalisa, EABC CEO.

 

Independent (Kampala).

 

 

 

Nigeria Has Suffered a Significant Loss in Oil Revenue - Shell

Chairman of Shell Companies in Nigeria, Osagie Okubor, has said the country
suffered a significant loss in oil revenue over the last year, as a result
of pipeline vandalism and oil theft.

 

Speaking at the just concluded Nigerian International Energy Summit held in
Abuja, Okubo noted that the Trans Niger Pipeline, capable of transporting
180,000 barrels of crude per day, has been shut down for over a year,
resulting in a loss of approximately 65,700,000 barrels of oil.

 

If the average oil price of $83 during the period is used this equals a loss
of around $5.45 billion or N2.3 trillion in revenue.

 

 

The loss has not only impacted Nigeria's oil production quota to the
Organisation of Petroleum Exporting Countries but is also affecting the gas
supply to the Nigeria Liquefied Natural Gas.

 

"The shutdown of the pipeline has had severe consequences, as it is
responsible for the 60% capacity of gas supply for the country," he added.

 

Okubor further stressed the need for the incoming administration to
prioritize the security of oil infrastructure, as the loss from pipeline
vandalism and oil theft has had devastating implications.

 

He also noted that the lack of power to execute recommendations and policies
in the various documents and laws of the oil sector remains a challenge to
the industry.

 

Meanwhile, the Managing Director of Nigerian Liquefied Natural Gas Limited,
Philip Mshelbila, stated that 40% of the capacity of globally renowned gas
firms had been lying fallow due to theft.

 

Despite various frameworks and written documents on how to tackle the
challenges in the oil sector, implementation still needs to be improved.

 

Last year, the Nigerian National Petroleum Company reported detecting an
illegal connection on the Trans Escravos pipeline looped to the Afremo test
line.

 

Leadership.

 

 

 

Nigeria: Oando Takes Delivery of Nigeria's First Mass Transit Electric Buses

In furtherance of Oando Clean Energy Limited's ( OCEL) commitment to the
Lagos Metropolitan Area Transport Authority (LAMATA"), OCEL is pleased to
announce that it has taken delivery of the electric mass transit buses that
will kick off the Proof of Concept phase of our Sustainable Transport
Initiative.

 

Recall that on Thursday, April 28, 2022, OCEL and LAMATA, the Lagos State
Government Agency tasked with planning, implementing, regulating and
franchising sustainable integrated public transport in Lagos, signed a
Memorandum of Understanding (MoU) to enable the successful deployment of an
Electric Vehicle (EV) Infrastructure Ecosystem (electric buses, charging
stations, and other supporting infrastructure) towards the attainment of a
sustainable road transport system in Lagos State.

 

 

The MoU will also bridge the gap in the current mass transit bus system for
the increasing number of Lagos commuters and make up a significant part of
the State Government's larger drive to improve mass transit infrastructure.

 

In line with its culture of excellence, OCEL, partnered with Yutong Bus Co
Limited (Yutong), the world's largest electric vehicle manufacturer to
produce the electric buses, equipped with air conditioning and Wi-Fi. In
addition to the arrival of these electric buses, OCEL has also taken
delivery of the charging stations and spare parts necessary to ensure their
effective operation.

 

Consequently, and in line with the provisions of the partnership between
OCEL and LAMATA, the receipt of both the buses and charging stations marks
the commencement of our Sustainable Transport Initiative, which is one of
the Company's pipeline projects to support Nigeria in meeting her goal of
net zero by 2060.

 

 

The Company's strategic vision is to decarbonize the transport system in
Nigeria and in the process, strengthen the socio-economic impact of
transportation within the country. Over the next seven years, and through
the rollout of over 12,000 buses, this initiative will transition the
current combustion mass transit buses to electric, starting in Lagos State
and eventually across the country.

 

In the medium to long term, and in line with our ambitions, our efforts
within sustainable transport will lead to improved air quality, enhanced
public health, enable the employment of at least 3,000 new drivers and an
additional 2,000 workers to support bus maintenance, depot management, etc.
as well as estimated economic cost savings of US$2.6bn (3.6% of Lagos's
GDP).

 

Notably, the company's EV roll-out plan is strategically aligned with the
Nigeria Energy Transition Plan (NETP); specifically supporting the
Government's roadmap for EV implementation across Nigeria and its ambition
to boost local capacity in the medium term through the construction of EV
assembly plants.

 

 

The company said the Oando -Yutong Joint Venture Partnership is to enable it
realise among others: The manufacture and deployment of additional electric
buses during the Pilot and Roll-out phases of the partnership with Lagos
State through LAMATA; Design and facilitate training programs targeted at
the following critical stakeholders - bus drivers, bus operators, and
regulators including but not limited to LAMATA and the Ministry of
Transport; Provide technical support and after-sales service; Manage a
supply chain network to support the availability of spare parts as and when
required; and The construction of a local EV assembly plant to boost
indigenous capacity.

 

Commenting, managing director, Yutong West Africa, Frank Lee, stated: "This
is a watershed moment for Yutong. It's our first delivery of electric mass
transit buses in Sub-Saharan Africa and the first step in the large-scale
deployment of an electric powered public road transport system in Nigeria.
We are excited to be embarking on this journey in partnership with Oando, an
organization with a history of stellar performance in the energy sector and
are hopeful to see a quick turnaround in our joint plans to advance all
facets of the country's transition to eco-friendly vehicles, including the
development of local capacity through the delivery of, and exposure to
extensive training programs for all stakeholders, from drivers to operators
and the regulators. Our foray into Sub-Saharan Africa has transformed us
into a global supplier of EVs with customers across the Middle East, Europe,
South America and Asia. Our electric vehicles offer outstanding performance
due to their advanced technology capabilities and testing for different
terrains; all of which make our buses particularly well suited for use as a
public transportation option in Nigeria".

 

In her comments, the managing director of LAMATA, Engr. Mrs. Abimbola
Akinajo said: "The arrival of the electric buses confirms Lagos State
Government's commitment to the reduction of greenhouse gas effects, using
modern rolling stock, powered by clean energy, in the State's transport
operations. It is for this reason we are partnering with the private sector
to facilitate the transition to the use of cleaner energy in public
transport thereby actualizing our vision of a transport system that provides
options to the people and improves their lifestyle by reducing carbon
emissions generated by fossil fuelled rolling stock, through the gradual
phasing out of vehicles contributing to the pollution of the environment."

 

Commenting further, the chairman, OCEL, Adewale Tinubu, said: "Audacity and
innovation have always been key tenets in our journey to transform Nigeria's
energy future. It's this spirit that has brought us to this juncture today -
at the forefront of propelling Nigeria towards realizing her net-zero
targets. The arrival of our electric mass transit buses and development of
an EV infrastructure ecosystem is a reminder that the only way to remain
ahead of the curve is by being unafraid to break new ground and consistently
looking for opportunities to leapfrog. Furthermore, this project underscores
the African saying, 'If you want to go fast, go alone; if you want to go
far, go together.' Public-Private Partnerships have been critical to getting
the project to this point and will continue to fuel our expansion across the
entire country. I must commend the collaborative efforts of the Lagos State
Government through LAMATA in seeing this project through. The commencement
of this project gives us a platform to showcase to other States what is
possible and open the door for engagements on bespoke solutions to suit
their local needs as well as act as a model to be adopted by other
organizations looking to venture into sustainable transportation."

 

In his remarks, the president/ CEO, OCEL, Dr. Ainojie Irune said: "This is a
pivotal moment for Lagos State and the country at large. The development of
a sustainable transport ecosystem is much more than the deployment of
electric vehicles; it's about reducing the carbon footprint of the seven
million public transport commuters and positively impacting the
socio-economic indices surrounding transportation. The EV infrastructure,
built to facilitate optimal efficiency of the buses, will form the artery of
tomorrow's EV utilisation in Nigeria by providing charging stations,
servicing, spare parts, skills development, and knowledge transfer. The
transition from an idea proposition to an operational initiative is
validation of our collective commitment to realizing the country's ambition
of becoming a net-zero carbon emitter by 2060. For us at OCEL, Lagos State
is only the beginning, we look forward to replicating this model nationwide
through strategic partnerships across the public and private sectors."

 

OCEL is the renewable energy business subsidiary of Oando Energy Resources,
a part of the Oando Plc group of companies. Headquartered in Lagos, Nigeria,
our agenda is to invest in climate friendly and bankable energy solutions
across the African continent; meeting our demand through the exploitation of
green and renewable sources, as we strive towards the achievement of a
carbon neutral Africa.

 

Our core areas of interest include Sustainable Transport, Solar Energy
Solutions, Gas & Biofuels, Waste to Energy, Wind Farms, Geothermal Power
Plants, Hydro Energy and other emerging technologies.

 

Wema Bank's shareholders are to get N3.857 billion or 30 kobo per share
dividend, while Jaiz Bank declared a dividend of N1.727 billion or 0.05 kobo
for the year ended December 31, 2022.

 

Capital market analysts lauded 2022 corporate earnings and dividend payout
of banks, stating that financial institutions in Nigeria are resilient to
overcoming domestic and foreign challenges and declared dividends from their
earnings.

 

The chief research officer, InvestData Consulting Limited, Mr. Omordion
Ambrose said, the 2022 performance of these companies are impressive and
their dividend returns are more attractive when compared to yields on money
market instruments.

 

He said: "from the results we have seen so far, Zenith Bank proposed N2.90
final dividend and GTCO declared N2.80 final dividend payout on the NGX.
Some of these companies over the years have been consistent in dividend
payout to shareholders."

 

The managing director of HighCap Securities Limited, Mr. David Adonri said,
an investor who wants to receive a steady income should consider investing
in established companies which are mainly concerned with keeping their
shareholders happy with dividend payments either interim or final dividend,
saying, investors also regard dividend payment as a sign of a company's
strength.

 

The founder of Tradelines DotBiz Investment Limited, Mr Tunde Jeariogbe
said, the tier-one banks, over the years, have been consistently paying
dividends and 2022 dividend payout from them are impressive.

 

The managing director/CEO APT Securities and Funds Limited, Mr. Garba Kurfi
commended listed financial institutions for releasing impressive results and
accounts for 2022, expressing concerns that the declared dividend by these
companies did not reflect in the trajectory of the stock market in Q1, 2023.

 

According to him, these companies have declared impressive dividend payout
to investors but I do not know why the NGX Bank index did not respond to
dividend payout in the financial sector.

 

"Investors on the Exchange were concerned over political unrest, among other
factors, and opted to sell some of these banking stocks. We hope these
banking stocks will bounce back in the second quarter of 2023 once unaudited
first quarter results and accounts are released to the investing public," he
stressed.

 

Speaking on GTCO audited results for 2022, the group chief executive officer
of GTCO, Mr. Segun Agbaje, said: "our ability to successfully navigate the
peculiar challenges in the different markets where we operate underscores
our strong business fundamentals and unwavering commitment to sound business
strategies.

 

"Despite the varying challenges and headwinds that weighed on growth in
2022, we were determined to deliver a decent performance and scale
effectively to strengthen our competitive edge and drive long-term growth."

 

Leadership.

 

 

 

 

Nigerian Breweries Appoints Ex-NESG Chair Into Board

Mr Ighodalo's appointment follows the retirement of Kolawole Jamodu as the
chairman of the board on 30 April.

 

Nigerian Breweries Plc has announced the appointment of Asue Ighodalo,
immediate past chairman of Nigerian Economic Summit Group, as a
non-executive chairman.

 

The company in a notification to the Nigerian Exchange on Wednesday said the
appointment is effective from 1 May.

 

Mr Ighodalo's appointment follows the retirement of Kolawole Jamodu as the
chairman of the board on 30 April.

 

According to the notice signed by the company's secretary, Uaboi Agbebaku,
Mr Jamodu joined the board on 1 March 2006 and subsequently became the
chairman effective 1 January 2008.

 

 

During that period, he led the board to oversee the company's massive growth
and transformation as well as its continuing leadership n the brewed product
market, including acquisitions and mergers between 2011 and 2014, the
company said.

 

According to the notification, Mr Ighodalo's appointment was made at a board
meeting held on 25 April in line with the company's succession plan.

 

Mr Ighodalo joined the board effective 1 January 2022. He is a lawyer with
more than 35 years of experience and a leading figure in corporate Nigeria.
He sits on the boards of reputable organizations including Sterling Bank Plc
and Levene Energy Group (both of which he chairs), as well as Okomu Oil Palm
Plc.

 

He was appointed in October 2018 and left the NESG in November 2022, at the
end of the 28th summit of the group.

 

Premium Times.

 

 

 

 

Nigeria Tops African Oil Producers As OPEC's March Output Hit 28.80mbp

Nigeria was Africa's top crude oil producer in March 2023, with a production
capacity of 1.2 million barrels per day (bpd), even as the Organisation of
Petroleum Exporting Countries(OPEC)'s total crude oil production averaged
28.80 million barrels a day in March, lower by 86,000 barrels per day
month-on-month.

 

However, the Nigeria has reported the lowest production so far this year,
according to the Nigerian Upstream Regulatory Commission(NUPRC).

 

Nigeria failed to reach its OPEC quota of 1.8 million bpd or its 2023 budget
benchmark of 1.6 million bpd due to a lack of investments, security risks
and production sabotage.

 

In its latest monthly oil market report, OPEC said, Nigeria produced 1.268
million bpd in March against 1.306 million bpd in February 2023.

 

The OPEC said Nigeria had the highest crude production in the month under
review, followed by Algeria and Angola, which recorded one million and
972,000 bpd, respectively.

 

Leadership.

 

 

 

Sri Lanka crisis: Central bank lays out extent of economic problems

Sri Lanka's central bank has laid out the extent of the country's worst
economic crisis in more than 70 years.

 

The bank has outlined how last year wages failed to keep up with soaring
prices of everything from food to fuel.

 

In its annual report, the bank says "several inherent weaknesses" and
"policy lapses" were among the reasons for the severe problems that engulfed
the economy.

 

The bank says it expects the economy to return to growth next year.

 

The Central Bank of Sri Lanka forecast the economy will shrink by 2% this
year, but expand by 3.3% in 2024.

 

The prediction is more optimistic than the International Monetary Fund
(IMF), which predicted a contraction in 2023 of around 3% and growth of 1.5%
next year.

 

The central bank's report also outlined how headline inflation reached
almost 70% in September as prices of fresh fruit, wheat and eggs more than
doubled.

 

At the same time the cost of transportation and essential utilities such as
electricity and water rose even faster.

 

Last year, the economy shrank by 7.8% and the country defaulted on its
foreign debt for the first time since independence from the UK in 1948.

 

Defaults happen when governments are unable to meet some or all of their
debt payments to creditors.

 

This damaged its reputation with lenders, making it even harder to borrow
money on the international markets.

 

"The Sri Lankan economy faced its most onerous year in its post-independence
history," the report said.

 

An "unsustainable" economic model "steered the country towards a
multifaceted disaster," it added.

 

Sri Lanka owes about $7bn (£5.7bn) to China and around $1bn to India. In
February, both countries agreed to restructure their loans, giving Sri Lanka
more time to repay them.

 

Last month, the IMF agreed to lend Sri Lanka $3bn. That was on top of a
$600m loan from the World Bank last year.

 

Sri Lanka's government is currently negotiating its debt repayments with
bondholders and creditors before the IMF reviews the situation in September.

 

-bbc

 

 

 

Amazon cloud and ads units offset flat e-commerce

Amazon's core e-commerce business may be struggling - but the profit-making
parts of its business are delivering.

 

Online sales were flat in the first three months of the year compared with
the same period in 2022, the company said on Thursday.

 

But it offset that with better-than-expected sales in its cloud services and
advertising units.

 

Profits also jumped in a sign that the firm's cost-cutting drive may be
starting to pay off.

 

"There's a lot to like about how our teams are delivering for customers,
particularly amidst an uncertain economy," chief executive Andy Jassy said.

 

Amazon sales have been sluggish as shoppers return to in-store spending
after the pandemic and have tightened budgets in response to rising living
costs.

 

Concerns about the path for the economy have also weighed on its business,
as firms grow more cautious about spending.

 

Since taking the reins last year, Mr Jassy has been pushing the firm to
improve its performance, winding down some programmes, such as its Halo
fitness division just this week, halting real estate expansion plans,
overhauling its delivery network in the US and announcing thousands of job
cuts.

 

The size of the firm's workforce has shrunk by 10% since March last year -
shedding more than 75,000 employees just since the end of last year.

 

Insider Intelligence principal analyst Andrew Lipsman said this may be
starting to pay off.

 

"For the first time in several quarters, Amazon may finally have a bit of
wind at its back," Mr Lipsman said.

 

In Amazon's advertising unit, revenue jumped 23% compared with last year,
while sales at Amazon Web Services - long the company's big profit driver -
grew 16%.

 

Overall sales were up 9% to $127.4bn in the January-March period -
comparable to growth at the end of last year - and a big comedown from the
pandemic, when sales surged more than 40% in some quarters.

 

Still the firm's performance was better than many analysts had expected and
profits jumped to $3.2bn, compared with a $3.8bn loss in the quarter last
year.

 

Shares in the company gained more than 7% in after-hours trade.

 

"Amazon did what it needed to do in Q1 by reversing - or at least stalling -
its most troublesome declining growth trends," Mr Lipsman said.-bbc

 

 

 

 

US economic growth slows as firms cut investment

The US economy slowed in the first three months of the year, as businesses
reduced investments in the face of higher borrowing costs.

 

The economy grew 1.1% on an annualised basis, the Commerce Department said.

 

That was down from a rate of 2.6% in the prior quarter, despite strong
consumer spending.

 

Analysts are watching nervously to see how the world's largest economy
handles a mix of higher interest rates and rising prices.

 

The latest report on gross domestic product - the widest measure of economic
activity - showed the economy has now grown for three quarters in a row.

 

The US economy had contracted in the first half of last year as trade flows
adjusted from the pandemic and higher borrowing costs led to a sharp
slowdown in home sales.

 

But a strong job market has kept consumer spending - the main driver of
economic activity - resilient, despite rising living costs, helping to defy
predictions of a recession.

 

Spending was up 3.7% on an annual basis in the January-to-March period.

 

US President Joe Biden has cast the slowdown as a necessary adjustment after
the boom following the reopening from the pandemic.

 

"Today, we learned that the American economy remains strong, as it
transitions to steady and stable growth," he said in a statement following
the report.

 

However, many forecasters still expect the US to fall into economic
recession sometime this year.

 

"Overall, the data confirm the message from other indicators that while
economic growth is slowing, it isn't yet collapsing," said Andrew Hunter,
deputy chief US economist for Capital Economics.

 

"Nevertheless, with most leading indicators of recession still flashing red
and the drag from tighter credit conditions still to feed through, we expect
a more marked weakening soon."

 

The US central bank has pushed interest rates to more than 4.75%, from near
zero last March, moving aggressively to try to slow the economy and ease the
pressures pushing up prices.

 

Since the campaign started, inflation - the rate at which prices rise - has
dropped back, falling to 5% in March, but it remains higher than the bank's
2% target.

 

Meanwhile firms - especially in sectors such as housing, finance and tech
where low borrowing costs had fuelled growth - have been growing more
cautious.

 

Recent weeks have been marked by announcements of job cuts from many big
businesses, including consultancy Deloitte, manufacturer 3M, retailer Gap
and tech giant Meta.

 

Thursday's report showed the biggest drop in business investment in
equipment since the pandemic in 2020, falling 7.3% on an annual basis.

 

Analysts say they expect further pain ahead as the job market weakens and
banks grow more wary of lending after a string of US bank failures last
month.

 

Retail sales have already slowed since the start of the year and consumer
confidence has taken a hit.

 

"GDP growth is being held up largely by the consumer at present, but growth
in consumer spending appears to have lost momentum over the past month or
two," Wells Fargo economist Jay Bryson said.

 

"We forecast that the US economy to slip into recession, which we expect to
be of moderate severity, in the second half of the year."-bbc

 

 

 

 

Facebook owner Meta’s profits exceed expectations

Meta, Facebook and Instagram's parent firm, has reported a profit of $5.7bn
(£4.6bn) for the first quarter of this year, surpassing expectations for a
period in which many jobs were cut.

 

It said artificial intelligence (AI) was "driving good results" across its
business.

 

Total revenue was $28.6bn, while the number of people on Facebook every
month rose to just under three billion.

 

"Our community continues to grow," said chief executive Mark Zuckerberg.

 

"We're also becoming more efficient so we can build better products faster,
and put ourselves in a stronger position to deliver our long-term vision,"
he said.

 

'No longer behind in building AI'

Meta sees "an opportunity to introduce AI agents to billions of people in
ways that will be useful and meaningful," Mr Zuckerberg told investors.

 

While offering few details, he said that Meta was "exploring chat
experiences in WhatsApp and Messenger, visual creation tools for posts in
Facebook and Instagram and ads, and over time video and multimodal
experiences as well."

 

The company intends to commercialise its privately-run generative AI,
joining Google in finding practical applications for the tech - because the
industry is awash with hype around its capabilities.

 

Meta established Facebook's AI Research laboratory in 2013, but has not made
big inroads in this area yet, as some other big tech firms - such as
Microsoft - have done.

 

But Mr Zuckerberg insisted Meta was "no longer behind in building our AI
infrastructure" and said generative AI Meta products, which can instantly
create sentences and graphics, would be released in the coming months.

 

He added the move would not be at the cost of the metaverse, Meta's virtual
reality project.

 

Meta's Reality Labs division reported a net loss of $4bn last quarter, and
the company said it expected "operating losses to increase year over year in
2023".

 

However, Mr Zuckerberg said the "narrative that has developed that Meta is
moving away from the metaverse" was "not accurate", adding it still planned
to reveal the next Quest VR headset later this year.

 

Cost-cutting pays off

The positive financial figures coincide with a period where Meta has slashed
jobs and projects. The aim was to turn 2023 into "a year of efficiency,"
said Mr Zuckerberg.

 

Meta has been the most aggressive US big tech firm when it comes to
downsizing, shedding almost a quarter of its global workforce, more than
20,000 jobs, in just a few months.

 

"The year of efficiency is off to a stronger than expected start for Meta,"
said Insider Intelligence principal analyst, Debra Aho Williamson.

 

"In this economic environment - and after the disaster that was 2022 - 3%
year over year revenue growth is an accomplishment," she added.

 

Mr Zuckerberg has called 2022 "a humbling wake-up call" and said it would be
wise to "prepare ourselves for the possibility that this new economic
reality will continue for many years".

 

Ben Barringer, from investment management firm Quilter Cheviot, said: "You
have to take your hat off to Mark Zuckerberg and Meta given the
transformation of the business over the last six months.

 

"The 'year of efficiency' Zuckerberg likes to talk about is bearing fruit.
These results are a strong beat on the expectations and, given the improving
macro backdrop, Meta should continue to recover well."--bbc

 

 

 

 

BP faces green protest over new climate goals

Some of the UK's biggest pension funds have voted against reappointing BP's
chairman over a decision to weaken its climate plans, but the majority of
shareholders backed Helge Lund.

 

It comes after the energy giant cut back its target to reduce emissions by
the end of the decade.

 

As well as the dissenting votes there were also disruptions during the
annual meeting from climate protestors.

 

BP said it valued "constructive challenge and engagement".

 

The original target to reduce emissions was agreed by shareholders in 2022
and included a promise to cut greenhouse gas emissions by 35% to 40% by the
end of this decade.

 

But in February, BP announced it was now aiming for a 20% to 30% cut so it
could produce more oil and gas and extend the life of existing fossil fuel
projects.

 

BP chief executive Bernard Looney said this was in response to increased
concerns about energy security following the invasion of Ukraine.

 

The five pension funds told the BBC that their vote against the company's
chairman, Helge Lund, was a protest against the company's actions.

 

The pension funds have £440m invested in BP, which represents less than 1%
of the company's total shares. But they manage the pensions of more than a
third of the UK's workers so are an influential voice.

 

Mr Lund received a majority of more than 90% for re-election during the
annual meeting on Thursday.

 

Katharina Lindmeier, senior responsible investment manager at Nest, the
government-backed pension fund, told the BBC: "Not only were we disappointed
to see the company going back on the targets, but we were also really
surprised not to have had any consultation."

 

The five pension funds - Nest, the Universities Pension Scheme, LGPS
Central, Brunel Pension Partnership and Border to Coast - are concerned that
the new targets put BP financially at risk because the company's fossil fuel
projects are likely to lose value as the world moves towards net zero
emissions.

 

Nest also told the BBC that there were concerns over BP's actions on
reducing gas flaring, after seeing the BBC documentary Under Poisoned Skies.

 

The BBC News investigation showed that BP was one of several major oil
companies not declaring emissions from gas flaring at oil fields in Iraq,
which produces cancer-linked pollutants.

 

Ali Hussein Julood, who documented his life in Rumaila, Iraq for the
documentary, suspected his childhood leukaemia was due to the flaring. He
passed away on 21 April after his cancer returned.

 

Ali's father told the board of his son's passing during the AGM, and how
despite their efforts, there was still black smoke and gas flaring outside
his front door.

 

Mr Looney gave his condolences at the meeting to Ali's family and said: "We
are continuing to reduce flaring at Rumaila. We are making progress and it
must continue to be made".

 

The pension funds told the BBC they only found out about the change in BP's
climate targets via media reports.

 

They then approached BP to ask for a vote on the new targets but BP refused,
arguing it was not a material change to the strategy.

 

Patrick O'Hara, director of responsible investment at LGPS Central, told the
BBC: "If you change the strategy you should really enter into a dialogue
with those that supported you."

 

He said he thought BP's decision was driven by short-term profit
considerations rather than the long term sustainability of the company.

 

"Are these strategies science-based if you can flex them based on what the
oil and gas price is? We are long-term investors and we expect the company
to take a long-term view", he said.

 

The company's profits more than doubled to $27.7bn (£23bn) in 2022, as
energy prices soared after Russia invaded Ukraine.

 

As well as protest voting, there were half a dozen green activists removed
from BP's annual meeting of its board and shareholders on Thursday, as they
demanded the company "stop drilling" for fossil fuels.

 

The Dutch environmental organisation Follow This also put forward a
resolution - supported by the five pension funds - which calls for more
aggressive targets on what are known as scope 3 emissions - emissions from
the use of its products.

 

BP recommended that shareholders not support this resolution calling it
"unclear", "simplistic" and "disruptive".

 

ISS and Glass Lewis are the world's largest investor services and
recommended to BP shareholders they advise to oppose the climate resolution.

 

Courteney Keatinge, senior director for ESG research at Glass Lewis, said
the company does not see BP's actions to reduce its climate targets as a
financial risk because the world will continue to use oil and gas past 2050.

 

"We are not operating under a net zero 2050 scenario, the demand is going to
be there [in 2050], people will be flying planes and heating their homes",
she said.

 

The resolution only garnered 16.75% of the vote but that was up on 14.9% the
same resolution received last year.

 

Additional reporting by Darin Graham

 

Under Poisoned Skies

 

The deadly impact of the oil giants' toxic air pollution on children and the
planet is revealed in this BBC News Arabic investigation from the front line
of climate change in Iraq.-bbc

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

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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