Major International Business Headlines Brief::: 01 August 2023

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Major International Business Headlines Brief::: 01 August 2023 

 


 

 


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

 


 

 


 

ü  Kenya: Reforms At the Mombasa Port Will Spur Growth - President Ruto

ü  Nigeria: Subsidy Removal - What Tinubu Told Nigerians About Palliatives
(Full Text)

ü  Kenya: Solar Power Brightens Kenya's Energy Landscape

ü  Kenya: Almost Half of All Government Services Fully Digitized

ü  Nigeria: Harsh Economy - NLC, CSOs Protest in Osogbo

ü  Nigeria: Govt to Support 75 Businesses With N75 Billion Credit - Tinubu

ü  Nigeria: Govt, Labour Negotiating New Minimum Wage, Says Tinubu

ü  Ghana: Producer Price Inflation Drops to 29.2 Percent in June

ü  Nigeria: Between Import Restrictions and a More Competitive Domestic
Economy

ü  Tanzania: Geita Go to Rwanda for Preseason Drill

ü  Ghana Tackles Illegal Loan Apps Over Fraud, Cyber-Bullying

ü  HSBC profit more than doubles as interest rates rise

ü  Gallium and germanium: What China’s new move in microchip war means for
world

ü  Food price inflation slows to lowest level this year - BRC

ü  Etsy accused of 'destroying' sellers by withholding money

 


 

 


 <https://www.cloverleaf.co.zw/> Kenya: Reforms At the Mombasa Port Will
Spur Growth - President Ruto

Nairobi — The Government will make the port of Mombasa more efficient.

 

Working with partners, President William Ruto said, the Government is keen
on transforming the port to be globally competitive.

 

He said reforms at the port are crucial for the country's prosperity.

 

"The productivity of this Port is directly linked to the state of our
economy, improving efficiency will help us create jobs, boost export volumes
and stimulate economic growth," he said.

 

The President was speaking during the Port Reforms Working Group
Consultative Forum at the Berth 22 of the Port of Mombasa on Saturday.

 

Later in Miritini, the President launched the Toyota Fortuner Assembly Line,
a 120 million dollars vehicle Assembly plant.

 

Speaking at the launch, the President said the government has instituted
policies and measures to create a environment for the growth of
manufacturing.

 

"We need investments to create the opportunities, uplift communities and
strengthen the economy."

 

He challenged players in the automotive sector to develop affordable cars
for low-income earners.

 

At the Kenya Navy Headquarters, the President presided over the rededication
of KNS Shupavu.

 

He pointed out that the move will improve the capacity of the Kenya Defence
Forces to effectively support the maritime industry.

 

"This will significantly boost our Blue Economy and enhance our exploration
for possibilities of trade and investment in the Oceans."

 

Prime Cabinet Secretary Musalia Mudavadi, CSs Kipchumba Murkomen, Moses
Kuria, Aden Duale, Salim Mvurya, Council of Governors Chairperson Anne
Waiguru, Mombasa Governor Abdullswamad Nassir, Lamu Governor Issa Timamy,
Speaker of the Senate Amason Kingi, MPs led by Majority Leader Kimani
Ichung'wah, Kenya Ports Authority Chairman Benjamin Tayari, among others,
were present.

 

-Capital FM.

 

 

 

Nigeria: Subsidy Removal - What Tinubu Told Nigerians About Palliatives
(Full Text)

Mr Tinubu acknowledged that many Nigerians were facing hardships due to his
government's policies.

 

President Bola Tinubu Monday spoke on the steps his administration would
take to limit the suffering of Nigerians due to government's economic
policies.

 

Mr Tinubu acknowledged that many Nigerians were facing hardships due to his
government's policies.

 

"The cost of fuel has gone up. Food and other prices have followed it," he
said.

 

Read the full text of the president's speech below.

 

TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON
CURRENT ECONOMIC CHALLENGES.

 

AFTER DARKNESS COMES THE GLORIOUS DAWN

 

My fellow citizens,

 

I want to talk to you about our economy. It is important that you understand
the reasons for the policy measures I have taken to combat the serious
economic challenges this nation has long faced.

 

 

2. I am not going to talk in difficult terms by dwelling on economic jargon
and concepts. I will speak in plain, clear language so that you know where I
stand. More importantly, so that you see and hopefully will share my vision
regarding the journey to a better, more productive economy for our beloved
country.

 

3. For several years, I have consistently maintained the position that the
fuel subsidy had to go. This once beneficial measure had outlived its
usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum
of money would have been better spent on public transportation, healthcare,
schools, housing and even national security. Instead, it was being funnelled
into the deep pockets and lavish bank accounts of a select group of
individuals.

 

4. This group had amassed so much wealth and power that they became a
serious threat to the fairness of our economy and the integrity of our
democratic governance. To be blunt, Nigeria could never become the society
it was intended to be as long as such small, powerful yet unelected groups
hold enormous influence over our political economy and the institutions that
govern it.

 

 

5. The whims of the few should never hold dominant sway over the hopes and
aspirations of the many. If we are to be a democracy, the people and not the
power of money must be sovereign.

 

6. The preceding administration saw this looming danger as well. Indeed, it
made no provision in the 2023 Appropriations for subsidy after June this
year. Removal of this once helpful device that had transformed into a
millstone around the country's neck had become inevitable.

 

7. Also, the multiple exchange rate system that had been established became
nothing but a highway of currency speculation. It diverted money that should
have been used to create jobs, build factories and businesses for millions
of people. Our national wealth was doled on favourable terms to a handful of
people who have been made filthy rich simply by moving money from one hand
to another. This too was extremely unfair.

 

 

8. It also compounded the threat that the illicit and mass accumulation of
money posed to the future of our democratic system and its economy.

 

9. I had promised to reform the economy for the long-term good by fighting
the major imbalances that had plagued our economy. Ending the subsidy and
the preferential exchange rate system were key to this fight. This fight is
to define the fate and future of our nation. Much is in the balance.

 

10. Thus, the defects in our economy immensely profited a tiny elite, the
elite of the elite you might call them. As we moved to fight the flaws in
the economy, the people who grow rich from them, predictably, will fight
back through every means necessary.

 

11. Our economy is going through a tough patch and you are being hurt by it.
The cost of fuel has gone up. Food and other prices have followed it.
Households and businesses struggle. Things seem anxious and uncertain. I
understand the hardship you face. I wish there were other ways. But there is
not. If there were, I would have taken that route as I came here to help not
hurt the people and nation that I love.

 

12. What I can offer in the immediate is to reduce the burden our current
economic situation has imposed on all of us, most especially on businesses,
the working class and the most vulnerable among us.

 

13. Already, the Federal Government is working closely with states and local
governments to implement interventions that will cushion the pains of our
people across socio-economic brackets.

 

14. Earlier this month, I signed four (4) Executive Orders in keeping with
my electoral promise to address unfriendly fiscal policies and multiple
taxes that are stifling the business environment. These Executive Orders on
suspension and deferred commencement of some taxes will provide the
necessary buffers and headroom to businesses in the manufacturing sector to
continue to thrive and expand.

 

15. To strengthen the manufacturing sector, increase its capacity to expand
and create good paying jobs, we are going to spend N75 billion between July
2023 and March 2024. Our objective is to fund 75 enterprises with great
potential to kick-start a sustainable economic growth, accelerate structural
transformation and improve productivity. Each of the 75 manufacturing
enterprises will be able to access N1 Billion credit at 9% per annum with
maximum of 60 months repayment for long term loans and 12 months for working
capital.

 

16. Our administration recognises the importance of micro, small and
medium-sized enterprises and the informal sector as drivers of growth. We
are going to energise this very important sector with N125 billion.

 

 

17. Out of the sum, we will spend N50 billion on Conditional Grant to 1
million nano businesses between now and March 2024. Our target is to give
N50,000 each to 1,300 nano business owners in each of the 774 local
governments across the country.

 

18. Ultimately, this programme will further drive financial inclusion by
onboarding beneficiaries into the formal banking system. In like manner, we
will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme,
each enterprise promoter will be able to get between N500,000 to N1million
at 9% interest per annum and a repayment period of 36 months.

 

19. To further ensure that prices of food items remain affordable, we have
had a multi-stakeholder engagement with various farmers' associations and
operators within the agricultural value chain.

 

20. In the short and immediate terms, we will ensure staple foods are
available and affordable. To this end, I have ordered the release of 200,000
Metric Tonnes of grains from strategic reserves to households across the 36
states and FCT to moderate prices. We are also providing 225,000 metric
tonnes of fertilizer, seedlings and other inputs to farmers who are
committed to our food security agenda.

 

21. Our plan to support cultivation of 500,000 hectares of farmland and
all-year-round farming practice remains on course. To be specific, N200
billion out of the N500 billion approved by the National Assembly will be
disbursed as follows:

 

-Our administration will invest N50 billion each to cultivate 150,000
hectares of rice and maize.

 

-N50 billion each will also be earmarked to cultivate 100,000 hectares of
wheat and cassava.

 

22. This expansive agricultural programme will be implemented targeting
small-holder farmers and leveraging large-scale private sector players in
the agric business with strong performance record.

 

23. In this regard, the expertise of Development Finance Institutions,
commercial banks and microfinance banks will be tapped into to develop a
viable and an appropriate transaction structure for all stakeholders.

 

24. Fellow Nigerians, I made a solemn pledge to work for you. How to improve
your welfare and living condition is of paramount importance to me and it's
the only thing that keeps me up day and night.

 

25. It is in the light of this that I approved the Infrastructure Support
Fund for the States. This new Infrastructure Fund will enable States to
intervene and invest in critical areas and bring relief to many of the pain
points as well as revamp our decaying healthcare and educational
Infrastructure.

 

26. The fund will also bring improvements to rural access roads to ease
evacuation of farm produce to markets. With the fund, our states will become
more competitive and on a stronger financial footing to deliver economic
prosperity to Nigerians.

 

27. Part of our programme is to roll out buses across the states and local
governments for mass transit at a much more affordable rate. We have made
provision to invest N100 billion between now and March 2024 to acquire 3000
units of 20-seater CNG-fuelled buses.

 

28. These buses will be shared to major transportation companies in the
states, using the intensity of travel per capital. Participating transport
companies will be able to access credit under this facility at 9% per annum
with 60 months repayment period.

 

29. In the same vein, we are also working in collaboration with the Labour
unions to introduce a new national minimum wage for workers. I want to tell
our workers this: your salary review is coming.

 

30. Once we agree on the new minimum wage and general upward review, we will
make budget provision for it for immediate implementation.

 

31. I want to use this opportunity to salute many private employers in the
Organised Private Sector who have already implemented general salary review
for employees.

 

32. Fellow Nigerians, this period may be hard on us and there is no doubt
about it that it is tough on us. But I urge you all to look beyond the
present temporary pains and aim at the larger picture. All of our good and
helpful plans are in the works. More importantly, I know that they will
work.

 

33. Sadly, there was an unavoidable lag between subsidy removal and these
plans coming fully online. However, we are swiftly closing the time gap. I
plead with you to please have faith in our ability to deliver and in our
concern for your well-being.

 

34. We will get out of this turbulence. And, due to the measures we have
taken, Nigeria will be better equipped and able to take advantage of the
future that awaits her.

 

35. In a little over two months, we have saved over a trillion Naira that
would have been squandered on the unproductive fuel subsidy which only
benefitted smugglers and fraudsters. That money will now be used more
directly and more beneficially for you and your families.

 

36. For example, we shall fulfill our promise to make education more
affordable to all and provide loans to higher education students who may
need them. No Nigerian student will have to abandon his or her education
because of lack of money.

 

37. Our commitment is to promote the greatest good for the greatest number
of our people. On this principle, we shall never falter.

 

38. We are also monitoring the effects of the exchange rate and inflation on
gasoline prices. If and when necessary, we will intervene.

 

39. I assure you my fellow country men and women that we are exiting the
darkness to enter a new and glorious dawn.

 

40. Now, I must get back to work in order to make this vision come true.

 

41. Thank you all for listening and may God bless the Federal Republic of
Nigeria.

 

-Premium Times.

 

 

Kenya: Solar Power Brightens Kenya's Energy Landscape

Solar energy in Kenya is being hailed by experts as a game-changer.
Generating power from the East African nation's sunshine can potentially
revolutionize its energy sector in terms of cost-effectiveness and
scalability.

 

Solar power is experiencing a significant surge in Kenya. In a parallel
narrative to recent developments in Croatia, it appears that for numerous
individuals, the surge in activity is not solely motivated by environmental
concerns.

 

Solar energy has emerged as the more cost-effective option -- and this is
the primary reason behind its growing popularity.

 

Hezel, whose house in Nairobi boasts a state-of-the-art solar plant on its
rooftop, says she harnesses the power it generates for a wide range of
purposes. "Heating, lighting. I only use electricity for the cooker."

 

In a recent statement, German Chancellor Olaf Scholz bestowed high praise
upon Kenya, referring to the country in East Africa as a "climate champion
and model."

 

 

Kenya has managed to meet a staggering 80% of its power demand through the
utilization of green energy sources.

 

Kenya has set its sights on achieving a remarkable feat by the year 2030 --
a goal of reaching a 100% mark.

 

The focus on geothermal energy has been prominent thus far. However, the
significance of solar energy is steadily growing.

 

Positive move

 

The surge in the use of solar energy is a welcome development for many
Kenyans given that the country suffers from a persistent issue of frequent
power outages.

 

A number of residents have turned to utilizing sizable diesel generators as
a contingency plan. However, the exorbitant costs associated with these
generators have rendered them unattainable for a significant portion of the
population.

 

 

Also, some remote regions in Kenya remain disconnected from the national
power grid. The advent of solar energy has ushered in a new era of
independence for individuals, said Annissa Osman, CP Solar's CEO.

 

"Maybe 15 years ago the only solar item people used was a calculator. Now
more and more people are looking to adopt more solar in their everyday
life," she said.

 

Five years ago, Osman created CP Solar, which boasts a diverse clientele
including trade, industry, and private customers.

 

Cost effective

 

Hezel, like many Kenyans, did not opt for solar energy solely out of a
desire to safeguard the environment and combat climate change. She said it
is a cost-effective alternative to relying on Kenya's primary energy
provider. "It is a lot cheaper than what Kenya Power charges," she said.

 

 

Since making this eco-conscious decision, she said her electricity bill has
experienced a significant decline.

 

Today, Hezel finds herself paying a mere third of her previous expenses, a
substantial reduction that has undoubtedly left her both delighted and
financially relieved.

 

Huge potential

 

A recent study conducted by the Kleinman Center for Energy Policy at the
University of Pennsylvania reveals that Kenya has emerged as a global leader
in solar energy generation -- creating favorable conditions for harnessing
solar power.

 

According to the report, for Kenya's ambitious goals to be achieved, the
country must take more proactive measures and enhance its geothermal energy
resources alongside wind and solar power.

 

There are already a number of solar power stations in operation in the
country, contributing to the country's national grid with a steady supply of
electricity.

 

In Garissa, for example, lies the largest one. With a staggering power
output of 55 megawatts, the facility has the capacity to generate
electricity that can meet the needs of over 600,000 households. Constructed
by a prominent Chinese corporation, this entity has been in full operation
for three years.

 

Previously, it was primarily Western companies that held the reins in this
sector. Charles Ngare, the CEO of Chloride Exide, a prominent solar panel
manufacturer, said there has been a significant shift in the situation. "We
found that solar panels from the Far East were actually much cheaper than we
would produce them," he told DW.

 

Ngare added that, "no other country produces solar plants in Kenya anymore.
The competition from China is simply too strong."

 

Energy source of the future

 

Kenya's market bears witness to China's undeniable dominance, as evidenced
by the exclusive reliance of Chloride Exide, on Chinese suppliers for all
their large-scale solar panels adorning the roofs of their factory halls.

 

In the sprawling factory halls, the company diligently manufactures a wide
range of products, including car and solar batteries.

 

The production process is known for its high energy consumption. But thanks
to the implementation of solar panels, the company has managed to reduce a
portion of its energy expenses. Ngare thinks that the future of energy in
Kenya is solar.

 

"Solar energy is actually booming in Kenya. Demand for solar products
actually doubled in the last about two years," he said.

 

There is currently no indication that demand will decrease in the near
future.

 

A recent UNESCO report shows that solar energy is making waves in the remote
regions of Kenya, which have long been deprived of conventional sources of
power.

 

For urban residents such as Hezel in Nairobi, the solar plant installed on
her rooftop has become an enduring fixture in her plans for the foreseeable
future.

 

"The sun is always there. We never get to a point where there is no sun,"
Hezel told DW.

 

In rural communities, the potential for real change is also being unlocked
by solar-powered water pumps and lamps.

 

-Progress report.

 

 

 

 

Kenya: Almost Half of All Government Services Fully Digitized

Nairobi — About a half or 50 percent of Government services have been fully
digitized, the Ministry of Information, Communication and Technology said.

 

In its latest one-year performance scorecard, the Ministry announced that a
total of 5, 084 services have been fully digitized out of the identified 9,
362 total state services.

 

Out of 9, 362 services, 2, 555 are partially digitized.

 

"When the Ministry took over the e-citizen platform, only 350 services had
been onboarded," it said.

 

"The digitalization priority sectoral areas are Health, Lands, Kenya Revenue
Authority, Transport, Education, Border Control, Citizen Services, and
Cabinet," it added.

 

Slow and poor service delivery at government establishments has been blamed
on the use of outdated statements that are prone to bureaucracy.

 

To remove this, the state has been digitizing its services to improve
service delivery and reduce corruption.

 

Already, the benefits of the new tech solutions are being felt with the
timely processing of government services such as passport applications,
among others.

 

-Capital FM.

 

 

Nigeria: Harsh Economy - NLC, CSOs Protest in Osogbo

The protest, which started at 8 a.m. on Monday, was tagged "Let the poor
breathe" by the organisers.

 

A coalition of organised labour and civil society organisations on Monday
protested in the Osun State capital city of Osogbo over the economic
hardship in Nigeria arising from the removal of fuel subsidy by the Nigerian
government.

 

The protest, which started at 8 a.m. on Monday, was tagged "Let the poor
breathe" by the organisers. The coalition was led by Waheed Lawal and took
off from the popular Ayetoro Junction in Osogbo.

 

According to the protesters, the government must find solutions urgently to
the economic hardship, commercialisation of education, non-provision of
palliatives, fuel subsidy removal, hike in electricity tariff and growing
insecurity.

 

 

The protesters waved placards with different messages as they marched to
important locations in the state capital.

 

One of the banners read: "Mr President, you're suffocating the poor" while
another had the inscription: "Let the poor breathe".

 

On July 20, the coalition had issued a seven-day ultimatum to the government
to roll out palliative measures to cushion the consequences of the removal
of fuel subsidy.

 

At a press conference in Osogbo, Mr Lawal denounced the endless promises by
the state government without action to match them.

 

"We wish to state that while we demand a speedy response from the federal
government on the roll-out of palliative to cushion the effect of the
removal of subsidy and biting economic reality, we also demand that the Osun
State government go beyond empathy and promises to rolling out measures to
make life liveable for the people as several other states of the federation
have done.

 

 

"Without intention to threaten, we want to state categorically that failure
for the issues raised above to be looked into between now and the next one
week, and the needful done, we shall be leading the mass of the people out
on the street for a protest and nothing shall deter us till we achieve
victory since that seems to be one language that the government
understands," he added.

 

Meanwhile, the president of the Osun Coalition of Youth Voice Movement,
Oluwaseun Adebisi, cautioned youth in the state to avoid participating in
politically influenced protests.

 

In a statement released to the media on Sunday, Mr Adebisi said his group
would not participate in any protest.

 

"This is to inform the general public, especially the Osun youths under the
umbrella of CYVM that we are not in support of any group sponsoring protest
that can cause any unrest in the society.

 

However, he called on the federal government to take appropriate action in
resolving the current hardship in the country.

 

-Premium Times.

 

 

Nigeria: Govt to Support 75 Businesses With N75 Billion Credit - Tinubu

"Out of the sum, we will spend N50 billion on Conditional Grant to 1 million
nano businesses between now and March 2024," Mr Tinubu said.

 

President Bola Tinubu on Monday said the federal government will spend N75
billion to fund 75 enterprises with great potential to kick-start a
sustainable economic growth, accelerate structural transformation and
improve productivity in the country.

 

Mr Tinubu spoke in a presidential broadcast to Nigerians Monday evening.

 

The president noted that the initiative is designed to strengthen the
manufacturing sector, increase its capacity to expand and create good paying
jobs.

 

 

The duration of the programme, Mr Tinubu explained, will be between July
2023 and March 2024.

 

"Each of the 75 manufacturing enterprises will be able to access N1billion
credit at 9% per annum with maximum of 60 months repayment for long term
loans and 12 months for working capital," he said.

 

Mr Tinubu added that his administration recognises the importance of micro,
small and medium-sized enterprises and the informal sector as drivers of
growth and it will energise the important sector with N125 billion.

 

"Out of the sum, we will spend N50 billion on Conditional Grant to 1 million
nano businesses between now and March 2024. Our target is to give N50,000
each to 1,300 nano business owners in each of the 774 local governments
across the country," he said.

 

"This programme will further drive financial inclusion by onboarding
beneficiaries into the formal banking system. In like manner, we will fund
100,000 MSMEs and start-ups with N75 billion.

 

"Under this scheme, each enterprise promoter will be able to get between
N500,000 to N1million at 9% interest per annum and a repayment period of 36
months."

 

Premium Times.

 

 

 

Nigeria: Govt, Labour Negotiating New Minimum Wage, Says Tinubu

"We will get out of this turbulence. And, due to the measures we have taken,
Nigeria will be better equipped and able to take advantage of the future
that awaits her," the president said

 

President Bola Tinubu on Monday said the federal government is working with
the Labour unions on a new national minimum wage for Nigerian workers.

 

Mr Tinubu spoke in a presidential broadcast to Nigerians Monday evening.

 

The president promised that the upward review would be reflected in the next
budget once the agreement is reached with the Nigeria Labour Congress (NLC)
and the Trade Union Congress (TUC).

 

 

The president added that the federal government has saved over one trillion
naira in the past two months following the removal of the subsidy on petrol.

 

Some of the savings will be used as low-interest loans for businesses,
including small, medium and micro enterprises, the president said.

 

"Once we agree on the new minimum wage and general upward review, we will
make budget provision for it for immediate implementation," he noted.

 

Nigeria's minimum wage of N30,000 was approved in 2019 following the passage
of the Minimum Wage Bill by the National Assembly.

 

In May, before Mr Tinubu was sworn in, he promised that his administration
would provide a living wage for Nigerian workers because the existing
national minimum wage was "not enough".

 

"In Nigeria, I shall have the honour and privilege to lead from May 29.
Workers will have more than a minimum wage. You will have a living wage to
have a decent life and provide for your families," he said.

 

 

Since he assumed power, Mr Tinubu has introduced some economic policies that
render the minimum wage inadequate for the average salary earner.

 

The government announced the removal of fuel subsidy in May and consolidated
efforts to unify the nation's multiple exchange rates, with immense pressure
on the people's earning power.

 

During his broadcast on Monday, the president applauded private employers in
the organised private sector who have already implemented general salary
reviews for employees following the subsidy removal.

 

"Fellow Nigerians, this period may be hard on us, and there is no doubt
about it that it is tough on us. But I urge you all to look beyond the
present temporary pains and aim at the larger picture," Mr Tinubu said.

 

"All of our good and helpful plans are in the works. More importantly, I
know that they will work.

 

"We will get out of this turbulence. And, due to the measures we have taken,
Nigeria will be better equipped and able to take advantage of the future
that awaits her," the president said.

 

-Premium Times.

 

 

 

Ghana: Producer Price Inflation Drops to 29.2 Percent in June

The year-on-year Producer Price Inflation (PPI) fell from 30.3 per cent in
May to 29.2 per cent in June, the Ghana Statistical Service (GSS) has
announced.

 

This represent 1.1 percentage point decrease in producer inflation relative
to the rate recorded in May, and the GSS said the producer inflation rate
for June was provisional.

 

It said the monthly PPI rate for June stood at 0.6 per cent from -2.7 per
cent in May.

 

The Producer Price Index measures the average change over time in the prices
received by domestic producers to produce their goods and services.

 

 

Government Statistician, Professor Samuel K. Annim, who announced this in
Accra on Wednesday, said producer inflation for mining fell to 31.3 per cent
in June from 32.5 per cent in May, while the PPI rate for the construction
sector fell marginally to 19.3 per cent in June from 20.0 per cent in May.

 

He said the PPI rate for the service sector also fell to 17.6 per cent in
June from 18.1 per cent in May.

 

"Electricity and gas (70.6 per cent), transportation and storage (49.2) per
cent, water supply, sewerage, and waste management (38.5 per cent),
accommodation and food service activities (37.9 per cent), and mining and
quarrying (31.0 per cent) recorded rates above the national average of 29.2
per cent," Prof. Annim, stated.

 

He said information and communication activities recorded the lowest rate of
11.1 per cent in June 2023.

 

-Ghanaian Times.

 

 

 

Nigeria: Between Import Restrictions and a More Competitive Domestic Economy

Last week, I watched footage on social media that suggested that the
domestic market for tie-and-dye/adire fabrics is being gutted by cheap
imports of similar looking fabrics from China. The pitch went beyond the now
familiar need to protect the livelihoods of domestic producers. It was more
wistful pointing out how adire clothing is included in the cultural
definition of certain domestic communities -- and how the Chinese imports
are an identitarian challenge. It was, in this restricted sense, as much an
economic argument as it was concerned about the production and consumption
of cultural values.

 

The gut reaction from most who saw the video was conservative. A ban on
imports from China was proposed largely in defence of our traditional way of
life. Strange construct, this, given that much of the industry today would
be familiar to denizens of the Oyo Empire in the days of Bashorun Gaa. In
this space even attempts to boost the industry's productivity -- modern
technology, work practices, or even processes -- will fall foul of the
"defence of our traditions" argument. In the end, this is but a part of the
problem with most policy responses that seek to circle the wagons in defence
of domestic industry.

 

 

A simple thought experiment, then? Suppose I earn N100 a month. And because
of my love for the adire fabric, now and again, I spend N20 on the Chinese
make. What would a ban on Chinese imports mean to me? Caught in a
technological and process time-warp, the domestic substitute, obviously more
expensive, would surely see my spend rise, say to N30 each time I indulge my
taste for this fabric. This is obviously a diminution in my living
standards. Thus, as a consumer, a ban leaves me worse off. But it is also a
tax on consumption. A transfer of resources from consumers to domestic
producers. Admittedly, not all the previous demand supported by Chinese
imports will now feed through into demand for the local variety -- simply
because the domestic good is that much more expensive.

 

 

The first question arising from all this is: "How does the economy benefit
from when money remains in the consumers' pockets (and what are the costs)
as against when, through non-market arrangements (fixed prices, or bans on
competition), the same money is transferred to producers of goods/services
(and at what cost)?". Rarely is this question properly answered from the
couches that are the favourite resting places of our talking heads. Ever
more so, especially in the planning, implementation and audit of policies
designed to drive positive economic outcomes, we need to go down the
data-dependent route.

 

A far bigger question in the design of policy in this case is, why the local
variety of adire is that much more expensive than the Chinese variety? True,
the Chinese manufacture at scale, and so are able to force prices down in
markets where their products compete. This, however, was not always the
case. Even when "Made in Taiwan" was a moniker for cheap knockoffs the
Chinese were not a manufacturing presence. Whatever they have done to
improve their economy's competitiveness occurred in the last four decades.

 

 

What have we done, or failed to do? Not only do we have a welter of small
artisanal producers in sectors where the economy is increasingly expected to
compete globally. These producers have opted to remain at operational levels
just beneath where they would have to transition to the formal sector. Why?
Because the cost of doing business in the country rises exponentially as
businesses grow. These latter costs are not just regulatory and financial.
Of course, the financial burden, all of it below-the-line, of moving goods
across the country is well documented. So, there is no need to dwell on them
here. Domestic business costs also include those imposed by decrepit
infrastructure.

 

In other words, without correcting for the impediments to doing business in
the country, a ban on imports might simply allocate scarce domestic
resources to less optimal uses. No less important, the resulting reduction
of consumer purchasing power hurts the economy's signalling function.
Aggregate consumer spending sends signals to the market on what to produce,
when and at what price. To mess up with this signalling process is to
further foul up the economy's resource conversion efficiency. Our policy
challenge, then, is not to layer more restrictions on domestic businesses in
our bid to protect them from imported competition. It is instead to find
ways to make the economy more competitive by freeing its animal spirits.

 

Uddin Ifeanyi, journalist manqué and retired civil servant, can be reached
@IfeanyiUddin.

 

-Premium Times.

 

 

Tanzania: Geita Go to Rwanda for Preseason Drill

GEITA Gold coach Hemed Morroco said the two international friendly matches
lined up in Rwanda will help them to prepare well for the upcoming 2023/24
season.

 

The Geita-based side are slated to face Mukuru Victory in Rwanda on August
5th for their first friendly match while the second signal testing game is
scheduled on August 6th.

 

A day later, the team will return back home and on August 8th, they expect
to launch their new season kits to be used in the upcoming season in
domestic league.

 

"I believe that we are going to learn many things from these two friendly
matches because our target is to do well next season by claiming the top
four slots.

 

 

"In order to achieve that, we have to play enough friendly games for the
sake of creating cohesion in the squad since we have a new team that deserve
to be together for a long time before witnessing tangible results," he said.

 

He has been given a new challenge at the helm of the team after taking
charge from Felix Minziro who will parade with the Tanzania Prisons in the
upcoming campaign.

 

Recently, Geita Gold completed the signing of Kenyan center-back Carlos
Kirenge from Tusker FC who is pegged to boost defensive section of the team.

 

They also succeeded to sign former Mbeya City striker Tariq Seif whose
previous team was relegated to the championship league hence they will not
be part of next season's premier league engagements.

 

Last season, Geita Gold finished the league mission on 7th place with 37
points in the bag from 30 matches they played.

 

They managed to secure 9 wins, 10 draws, 11 defeats and netted 35 goals
while conceding 44 goals in the process meaning that their defensive section
was a bit porous as they let in more goals.

 

As such; Morroco who knows well the country's top flight league will be keen
to make sure that his side finish the upcoming season in top four and be
able to qualify for CAF Interclub Games.

 

-Daily News.

 

 

Ghana Tackles Illegal Loan Apps Over Fraud, Cyber-Bullying

Online loan apps are the new fraudsters in Ghana, targeting low-income
earners with intrusive ads for soft loans.

 

Online loan apps are the new fraudsters in Ghana, targeting low-income
earners with intrusive ads of soft loans that get them in trouble.

 

One Ghanaian victim was in dire need of money to top up his fees at Takoradi
Technical University when he decided to download an online loan app to apply
for a ¢300 ($26) loan.

 

Without submitting the stringent documentation required by licensed
operators, he received the money in his mobile wallet, but it came with a
price.

 

"They took out ¢90 as service charge and sent the rest. Within a week, they
said my debt was ¢570," he says. "All I saw next was that they've sent my
photos to my contacts via WhatsApp, tagging me as a criminal."

 

Online loan apps are the new fraudsters in Ghana, targeting low-income
earners with intrusive ads for soft loans. Those who fall for it struggle
with the aftermath.

 

The victim's manager received myriad text messages offering to defray the
latter's debt.

 

-Premium Times.

 

 

 

 

HSBC profit more than doubles as interest rates rise

Banking giant HSBC's profits have more than doubled as it benefited from
rising interest rates around the world.

 

The London-based lender posted pre-tax profit of $21.7bn (£16.9bn) for the
first six months this year, compared to $9.2bn a year earlier.

 

That figure was also boosted by a $1.5bn provisional gain from its purchase
of collapsed Silicon Valley Bank's British business (SVB UK).

 

Central banks have increased interest rates as they try to curb price rises.

 

"There was good broad-based profit generation around the world, higher
revenue in our global businesses driven by strong net interest income, and
continued tight cost control," HSBC chief executive Noel Quinn said in
statement.

 

Despite the surge in profit, the bank - which gets around two-thirds of its
revenue from Asia - warned of the uncertain economic outlook.

 

It noted that UK customers may come under particular pressure as a
combination of the high inflation and rising interest rates squeeze
households.

 

"With more mortgage customers due to roll off fixed-term deals in the next
six months, and further rate rises expected, tougher times are ahead," Mr
Quinn said.

 

Banks and building societies in the UK have come under pressure to pass on
the interest rate rises to savers.

 

On Monday, banks offering unjustifiably low savings rates to their customers
were told they will face "robust action", the UK's financial watchdog said.

 

The Financial Conduct Authority's (FCA) warning came as part of a plan to
ensure banks are passing on interest rate rises to savers.

 

The Bank of England has now raised its base rate 13 times in a row in an
attempt to reduce inflation, and is expected to increase it again on
Thursday.

 

However, while interest rates on mortgages have risen quickly, savings rates
have not grown as fast, particularly for easy access accounts.-bbc

 

 

 

 

Gallium and germanium: What China’s new move in microchip war means for
world

China is due to start restricting exports of two materials key to the
semiconductor industry, as the chip war with the US heats up.

 

Under the new controls, special licences will be needed to export gallium
and germanium from the world's second largest economy.

 

The materials are used to produce chips and have military applications.

 

The curbs come after Washington made efforts to limit Beijing's access to
advanced microprocessor technology.

 

China is by far the biggest player in the global supply chain of gallium and
germanium. It produces 80% of the world's gallium and 60% of germanium,
according to the Critical Raw Materials Alliance (CRMA) industry body.

 

The materials are "minor metals", meaning that they are not usually found on
their own in nature, and are often the by-product of other processes.

 

Besides the US, both Japan and the Netherlands - which is home to key chip
equipment maker ASML - have imposed chip technology export restrictions on
China.

 

"The timing of this announcement from China is not coincidental, given chip
export restrictions announced by the Netherlands amongst others," Colin
Hamilton from the investment firm BMO Capital Markets told the BBC.

 

"Quite simply, if you won't give us chips, we won't give you the materials
to make those chips," he added.

 

The constant tit-for-tat between the world's two biggest economies has
raised concerns over the rise of so-called "resource nationalism" - when
governments hoard critical materials to exert influence over other
countries.

 

"We're seeing governments increasingly move away from the narrative of
globalisation," says Dr Gavin Harper, a critical materials research fellow
at the University of Birmingham.

 

"The idea that international markets will simply deliver materials is gone
and, if you look at the picture more broadly, Western industry could be
facing a bit of an existential threat."

 

Gallium arsenide - a compound of gallium and arsenic - is used in
high-frequency computer chips, as well as in the production of
light-emitting diodes (LEDs) and solar panels.

 

A limited number of companies around the world produce gallium arsenide at
the purity needed for use in electronics, according to the CRMA.

 

Germanium is also used to manufacture microprocessors and solar cells. It is
also used in vision goggles which are "key to the military," Mr Hamilton
said.

 

However, Mr Hamilton added: "There should be enough in regional supply from
base metal smelters to provide alternatives. The importance to top quality
semiconductors is a harder one to solve, as China really is dominant. There
will probably be some push for recycling."

 

Last month, a Pentagon spokesperson said the US had reserves of germanium
but no stockpile of gallium.

 

The spokesperson added that "The [Defense] Department is proactively taking
steps... to increase domestic mining and processing of critical materials
for the microelectronics and space supply chain, including gallium and
germanium".

 

Still, the Chinese export restrictions are expected to have a limited impact
in the long-term.

 

A researcher looks at a gallium oxide wafer at Zhejiang University Hangzhou
International Science and Innovation Center in Hangzhou, Zhejiang Province,
China.

 

 

Although China is the leading exporter of gallium and germanium, there are
substitutes for the materials in the production of components like computer
chips, political risk consultancy Eurasia Group said.

 

There are also active mining and processing facilities located outside of
China, it added.

 

The consultancy highlighted similarities to when China restricted the
exports of rare earth minerals over a decade ago.

 

More exporters emerged and in less than a decade China's dominance of the
rare earths supply chain fell from 98% to 63%, according to Eurasia's
estimates.

 

"We can expect to see the development and exploitation of alternative
sources of gallium and germanium, as well as intensified efforts to recycle
these commodities and identify more readily available alternatives," Anna
Ashton, Eurasia's director for China corporate affairs and US-China, told
the BBC.

 

"That's not simply going to be a result of China's recently announced export
restrictions," she added. "It's a result of expectations of growing demand,
intensifying geostrategic competition and distrust, and China's documented
willingness to restrict imports and exports in service to political and
strategic ends."

 

In October, Washington announced that it would require licences for
companies exporting chips to China using US tools or software, no matter
where they are made in the world.

 

China has frequently accused the US of "tech hegemony" in response to export
controls imposed by Washington.

 

In recent months, Beijing has also imposed restrictions on US firms linked
to the American military such as aerospace company Lockheed Martin.

 

Meanwhile, Western governments have spoken about the need to "de-risk" from
China, which means being less reliant on it for both raw materials and
finished products.

 

However, diversifying supply chains and building up the capability to mine
and then, crucially, process metals such as gallium and germanium will take
years.

 

In the long-term, mineral-rich countries, such as Australia and Canada, see
the materials crisis as an opportunity.

 

Experts warn that weaponising resources and technological capabilities - as
the US and China have both done - will also have global consequences when it
comes to the environment.

 

That is because important new green technologies are reliant on these kinds
of materials

 

"This isn't a national problem. This is a problem that we face as a human
race. Hopefully, policymakers can bring their best selves to the table,
secure access to those critical materials that are really essential for the
energy transition and we can start to tackle some of the challenges around
decarbonisation," said Dr Harper.

 

While the impact of the latest export controls will not be catastrophic for
industry or consumers, experts warn it is important to pay attention to
where the trend is heading.

 

"The man and woman in the street cannot relate to gallium and germanium,"
says Dr Harper. "But equally, they care about how much their car costs or
how expensive it will be to switch to green technology."

 

"Sometimes very abstract policies happening in faraway lands actually
translate into something that has a big impact on their lives."-bbc

 

 

 

 

Food price inflation slows to lowest level this year - BRC

New figures suggest food price inflation has slowed to its lowest level this
year as prices of oils, fish, and breakfast cereals fall.

 

According to the British Retail Consortium (BRC) and NielsenIQ retail
analysts, food inflation slowed to 13.4% in July. It was 14.6% in June.

 

But overall, shop prices are still 7.6% higher this July than a year ago.

 

BRC chief Helen Dickinson said the figures were "cause for optimism" but
warned of supply chain issues ahead.

 

Russia's withdrawal from the Black Sea Grain Initiative and targeting of
grain facilities, as well as rice export restrictions from India, were "dark
clouds on the horizon", she said.

 

"We expect some global commodity prices to rise again as a result, and food
prices will be slower to fall."

 

According to the BRC trade body, the fresh numbers marked a third
consecutive month of slowing and the lowest level of food inflation since
December last year.

 

Clothing and footwear were among the beneficiaries last month as retailers
"mitigated wet weather" with larger discounts, Ms Dickinson said.

 

Mike Watkins, head of retailer and business insight at NielsenIQ, admitted
the outlook was improving.

 

"Shoppers continue to change how they shop as part of their coping
strategies," he said.

 

"This includes shopping at different retailers, buying lower priced items,
delaying spend or only buying when there are promotions."

 

In the last year or so, soaring food and energy bills have helped drive
inflation up.-bbc

 

 

 

 

Etsy accused of 'destroying' sellers by withholding money

Online marketplace Etsy has come under fire from sellers for putting 75% of
their takings on hold for 45 days.

 

Hundreds of small businesses recently got an email from Etsy notifying them
it was actioning its "reserve system".

 

Ceramics seller Rachel Collyer said Etsy was holding £899 of her money,
which means she cannot afford to buy materials to keep producing.

 

Etsy said payment reserves were used to "keep the marketplace safe" and
cover any potential refunds.

 

Ms Collyer has been selling ceramics on Etsy since 2021. She said she was
given only a few hours' notice before her money was put on reserve.

 

"This is ruining my business - I can't afford to buy any clay or glazes. We
might have to move house because I can't pay any bills," she said.

 

Etsy's payment policy states the reasons for putting money on hold include a
sudden increase in sales, a shop having only made its first sale recently,
the shop committing a "policy violation" or "other risk factors".

 

Some sellers told the BBC that two reserve periods were imposed on them
consecutively.

 

Dan sells made-to-order wood furniture on the site and told the BBC he had
no idea why his money was being held.

 

"Etsy are holding around £7,000 of my money, leaving us to use credit cards
and family loans to try and keep our business running and keep food on the
table," said the 44-year-old from Buckinghamshire.

 

His partner Sam said: "There is no ability to have the reserve lifted within
the 90 days, you must see out the full period. It's destroyed my business."

 

Joanna, who ran a bespoke underwear shop on Etsy, told the BBC she too could
see no reason for her funds being withheld, and so suddenly.

 

"I have been selling [on Etsy] for four years," she said. "I woke up to a
communication... stating that my account has been put on a 90-day period of
reserve whereby they will hold 75% of my sales.

 

"We have no cases against us, we have performed no malpractice in any way,"
she said, adding that her account was not restored to normal even after
following the site's guidance on lifting the reserve.

 

The 62-year-old said she would have made £5,000 this month and cannot take
out a loan while she waits for the money.

 

"I cancelled all my on-reserve orders and put my shop on vacation. I won't
trade with them. I can't afford to," she said.

 

And almost as suddenly as the reserve was implemented, it was lifted. She
received no explanation for either decision.

 

Sellers on Etsy had their payments delayed earlier in the year following the
collapse of Silicon Valley Bank (SVB).

 

Etsy used SVB to issue money to some of those that sell goods on the site.

 

But Etsy said only a small proportion of sellers had their pay-outs delayed
as a result of the collapse.

 

Boycott

The BBC spoke to more than 20 sellers who had similar complaints. One, a
disabled seller for whom Etsy is her only source of income, said the company
stated it was taking "no complaints" on the issue. Etsy told her it "isn't
able to give... [a] specific reason" for withholding thousands of pounds of
her takings.

 

Many sellers wished to remain anonymous for fear of having their shops taken
off the platform. The BBC has seen complaints about the reserve system from
the US and various countries in the EU.

 

"If you challenge them or speak out, or don't accept their terms and
conditions, your account becomes disabled," one independent UK seller told
us.

 

Etsy disputes this and says that it wouldn't retaliate against a seller for
voicing their opinion. It says it takes seller feedback very seriously.

 

Hundreds of affected Etsy sellers are planning a "strike", or boycott and
are organising on various online groups.

 

An Etsy spokesperson said that the vast majority of sellers receive their
funds when they make a sale. They added that the reserve system was used by
many online sellers.

 

However, Amazon's level of reserve is much lower, at around 3% for
established sellers until any disputes are resolved.

 

The Small Business Commissioner, Liz Barclay, said Etsy's "level of reserve
is new to us".

 

She added that while she had no remit across complaints made against non-UK
companies, "there have been more complaints recently" made against the
US-based firm.

 

Ms Barclay said the commission was receiving reports of "many small firms
owed several thousands of pounds", which was "heart breaking at a time when
people are struggling with the rising cost of living on top of huge
increases in costs of business bills and materials".

 

"My big worry is that for hundreds of thousands of businesses, this is their
only source of income. Anecdotally, we hear that many sellers are women or
minority groups and they need this money to pay the bills," Ms Barclay said

 

line

Who owns Etsy?

Etsy is an online marketplace that allows independent sellers to set up
their own shop. It specialises in bespoke items, handicrafts or things not
usually available in High Street shops.

 

Etsy Inc. is a US-based company which trades its shares on the NASDAQ stock
exchange in New York, where it listed its stock in 2015. Etsy's shares
currently trading at $99 each - a far cry from an all time high of $294
during the Covid pandemic in 2021.

 

Its biggest shareholders are major financial institutions such as Vanguard
Group, BlackRock and JP Morgan.

 

The company is led by chief executive Josh Silverman who has worked at an
eclectic mix of businesses such as online auction site eBay, the internet
chat firm Skype and American Express. He has been chief executive since
2017.

 

It was originally founded in 2005 by Rob Kalin, Chris Maguire, Haim Schoppik
and Jared Tarbell who started the business from Mr Kalin's Brooklyn
apartment. None of them remain with the firm.

 

line

'Deeply concerned'

Martyn James, an online retail expert, said that while it made sense to not
release money until the buyer had received an item, "the business should not
be sitting on money for any longer as an anti-fraud measure".

 

He said he was "deeply concerned" at Etsy withholding sellers' money like
this, and said it was an example of how online sites could "slip through the
cracks of regulation".

 

Tina McKenzie, policy chair at the Federation of Small Businesses, said that
sites should offer sellers stability and transparency when it comes to
dealing with their funds.

 

She added that online sites dealing with small businesses "hold a lot of
power over the sellers" and should therefore "use their power responsibly".

 

"People's livelihoods are at stake in many cases," Ms McKenzie said.

 

Etsy said it would "continue to improve upon our programs, including payment
reserves".

 

The BBC understands that a representative of Etsy has met with UK government
officials.

 

-bbc

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


ZHL

AGM

206 Samora Machel Avenue

July 28 2023 | 10am

 


Delta

AGM

Virtual | Head Office, Northridge Close, Borrowdale

July 28 2023 | 12:30pm

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <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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