Major International Business Headlines Brief::: 03 August 2023

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Major International Business Headlines Brief::: 03 August 2023 

 


 

 


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ü  Kenya: Govt Suspends World Coin Activities in Kenya

ü  Kenya: Small Businesses in Food Systems Hold the Key to Affordable and
Healthy Foods, Report

ü  Nigeria: NLC Protests Against Fuel Subsidy Removal Kick Off in Lagos,
Kano, Abuja

ü  Africa: Tanzania Gives Stance On Nuclear Technologies At Russia-Africa
Summit

ü  Nigeria: El-Rufai Proposes Stringent Measures for Electricity Sector

ü  Nigeria Electricity Market Operators Set to Review Performance

ü  Liberia: Former LTC Employees Demand Benefits

ü  Nigeria: 7 Million Electricity Consumers Without Prepaid Meters - Report

ü  Uganda: Price of Internet Cut From U.S.$70 to U.S.$35 - ICT Minister

ü  Rwanda: Airlines to Be Required to Share Passenger Data Under New Bill

ü  Janet Yellen: Credit downgrade 'puzzling' and 'unwarranted'

ü  UK interest rates expected to rise for 14th time in a row

ü  Etsy U-turn in row over withholding sellers' money

ü  Worldcoin suspended in Kenya as thousands queue for free money

ü  Mattel toy firm hunts for £3,500 a week chief Uno player

 


 

 


 <https://www.cloverleaf.co.zw/> Kenya: Govt Suspends World Coin Activities
in Kenya

Nairobi — The government has suspended all activities associated with the
cryptocurrency project WorldCoin in Kenya until risks to the public are
assessed.

 

According to Interior Cabinet Secretary Kithure Kindiki, the suspension will
remain in effect until relevant security, financial services and data
protection agencies establish the authenticity and legality of their
activities.

 

The CS has ordered a probe on the safety and protection of the data being
harvested, and how the harvesters intend to use the data.

 

"Relevant security, financial services and data protection agencies have
commenced inquiries and investigations to establish the authenticity and
legality of the aforesaid activities, the safety and protection of the data
being harvested, and how the harvesters intend to use the data," he stated.

 

Kindiki added that anybody found further aiding or engaging in the
activities will be dealt with as prescribed by law.

 

Worldcoin, owned by American Artificial Intelligence is registered by having
an individual scan their iris and they receive 25 free WLD. The tokens are
currently valued at over 7,000 Shillings.

 

Thousands of Kenyans have this week flocked Kenyatta International
Conference Center to sign up for the project, despite some admittedly not
knowing what cryptocurrency is all about.

 

-Capital FM.

 

 

 

 

Kenya: Small Businesses in Food Systems Hold the Key to Affordable and
Healthy Foods, Report

Nairobi — An estimated 60 percent of rural and urban Kenyan households
access their daily meals from micro/small enterprises (MSEs) at local
markets.

 

But despite MSEs significant contribution in shaping food access and
consumption, these enterprises have received little policy attention and
support, with their role in the food systems not well understood.

 

As Kenya continues to face the 'triple burden' of malnutrition -
overnutrition (obesity), micronutrient deficiency, and undernutrition - the
role of MSEs can no longer be overlooked.

 

This is an assertion of a report by the Scaling Micro-businesses for Healthy
and Sustainable Food Systems in Kenya (SME4NutritionKE) project, which was
carried out by Wasafiri Consulting Kenya, Village Enterprise, and Shack
Dwellers International, between April 2021 and March 2023.

 

 

The project, implemented in Bungoma, Nairobi and West Pokot counties, and
funded by the International Development Research Centre, sought to identify
how best to support MSEs in contributing to food system transformation by
providing affordable, healthy and sustainable food.

 

In most Kenyan households, the report notes, food consumption diversity is
low, with people consuming just three types of foods out of a possible 20.

 

This is due to high food costs, low household incomes, highly seasonal
availability, and weak preferences for some foods; a majority of which is
directly related to the role of agri-food MSEs.

 

Combined with a shift in Kenyan consumption patterns - away from traditional
foods towards convenient, highly-processed foods - these factors are
exacerbating the issue of malnutrition.

 

 

To encourage greater diet diversity and healthier food choices by consumers,
the report authors argue that MSEs need greater policy support to provide a
wider choice of food options at affordable prices.

 

Currently, MSEs face an unfavourable business environment and come up
against various challenges in sustaining their agri-enterprises and
providing affordable food.

 

Issues include a lack of working capital and financial support from lending
institutions,

 

unreliable supplies and suppliers, high sourcing and operational costs, as
well as high rates of payment defaults when offering food on credit to
customers.

 

"The government-led food and nutrition strategies in place have not been
addressing the role of small businesses in the food system," notes Dr.
Hezekiah Agwara, Project Leader and Co-Principal Investigator for Wasafiri.

 

 

Agwara presented the research findings to nutrition sector stakeholders,
including government officials in food, nutrition, and trade, at the
SME4Nutrition National Stakeholders' Forum, held in Nairobi.

 

The Forum sought to facilitate dialogue on maximizing the contribution of
MSEs in the food system space.

 

"We wanted to find out how these businesses influence food systems and
identify the challenges they face, as well as the policies and interventions
in place that can be adapted to help resolve those challenges," Agwara
continued.

 

He explained that addressing MSE challenges requires proactive
interventions, such as reduction or waiver of business taxes, or food
market-targeted subsidies.

 

Another key report recommendation is to encourage MSEs to form associations
that give them a voice and platform at the national level to advocate their
issues.

 

"Traditional foods like millet, sorghum, sweet potatoes and cassava are
highly nutritious but we have neglected them. Working with various players,
both in the national and county government, we are looking at how to enhance
food system productivity to boost our country's food security using these
foods," said Susan Mang'eni, the Principal Secretary, State Department for
MSMEs Development, Ministry of Cooperatives, at the SME4Nutrition Forum.

 

"How well can we innovate traditional farming practices and incorporate
small businesses in the food systems?" she asked, whilst emphasizing the
need to encourage more small businesses to embrace traditional foods to
boost diet diversification.

 

"The project sought to bring MSE challenges to the floor of policymakers by
sharing the research findings from the three counties - as well as
recommendations on how to best engage with small businesses to provide the
support they require to become sustainable. Providing financial support to
MSEs to enable them to grow their businesses will ultimately lead to greater
availability of affordable food in the market. This, in turn, promotes
nutrition among consumers who have a greater variety of food to choose
from," Agwara concluded.

 

As a result of successful project stakeholder engagement meetings, program
and policy interventions have been established for each county.

 

For example, in Bungoma, the County Government - together with The Kenya
National Chamber of Commerce and Industry - Bungoma Chapter - will continue
convening with other actors to facilitate MSE advocacy policy, market
linkages, access to training and advisory services, and information and
practice sharing.

 

In West Pokot, the medical center Equity Afia is committed to working with
local health and nutrition stakeholders to address low household dietary
diversity through interactive educational programs in local radio stations
in local languages.

 

And in Nairobi, the County Government is setting up a Food Liaison Advisory
Group - a multi-stakeholder platform representing the voices of various food
system actors whose mandate is to flag potential food system-related
problems and advise decision-makers on integrated approaches that permit
sustainable food system planning.

 

- Capital FM.

 

 

 

 

Nigeria: NLC Protests Against Fuel Subsidy Removal Kick Off in Lagos, Kano,
Abuja

The Nigeria Labour Congress, NLC, has commenced its planned protest in Lagos
and Abuja states. The congress had advised the Federal Government to provide
enough palliatives that would cushion the effects of fuel subsidy removal.

 

On Monday the government of President Bola Ahmed Tinubu, provided five
hundred billion naira, N500bn (half of what the govt saved since the removal
of fuel subsidy), as palliatives.

 

In view of that NLC with the Trade Union Congress, yesterday held a meeting
with the Nigerian Government which ended in a deadlock.

 

NLC insisted that its planned protest against fuel subsidy removal would
hold today.

 

 

"We're on the same page, like the TUC national president said. Yeah, we met
today (yesterday), and we discussed based on what we all left yesterday,
with the mind of coming back today. We all listened to the President's
speech with an appeal that time should be given to this very government.

 

"We sat down, analysed it very, very well, and we came up with some issues,
which I believe you heard from the TUC President where he said the president
of this country did mention that within two months, the government of
Nigeria was able to save at least N1trillion from subsidy removal", Deputy
President of NLC, Titus Amba said after their meeting yesterday.

 

However, members of the NLC were seen carrying placards with different
inscriptions such as 'End fuel price increase, Fix local refineries, stop
naira devaluation' etc.

 

The nationwide protest is to bring to notice the hardship the citizens of
Nigerians are passing through to the Nigerian Govement.

 

-Vanguard.

 

 

 

 

Africa: Tanzania Gives Stance On Nuclear Technologies At Russia-Africa
Summit

St Petersburg, Russia — Tanzania has expressed a keen interest in exploring
new nuclear technologies from other countries to contribute to economic
growth, particularly uranium exploration to uplift the quality of life for
those below the poverty line.

 

Minister for Minerals, Doto Biteko, told the gathering at the Second
Russia-Africa Summit which ended recently that Tanzania was looking for the
latest technology to develop its uranium resources as it is set to become a
significant player for the global nuclear energy sector.

 

"We already have a uranium programme, but we now want to look at new
technologies from other countries," the minister said.

 

 

Significant uranium deposits have been identified in various parts of the
country mainly in Namtumbo (Mkuju), Bahi, Galapo, Minjingu, Mbulu,
Simanjiro, Lake Natron, Manyoni, Songea, Tunduru, Madaba and Nachingwea.

 

Nuclear technologies took centre stage at the Second Russia-Africa Summit,
where experts discussed the crucial role of nuclear power to boost growth
and development in Africa.

 

The business programme, titled 'Cooperation in Science and Technology,'
kick-started with a panel discussion titled 'Nuclear Technologies for the
Development of the African Region.'

 

The experts acknowledged the strategic importance of introducing
technologies to ensure energy security, foster sustainable development
across various sectors of the economy and enhance scientific and human
resource potential.

 

"The African continent is home to more than one billion people and it is
predicted that by 2050, Africa's population will triple, making up about
one-third of the world's total population. Africa is growing faster than
ever and in the near future, a very large part of its population will have
an improved quality of life. But without stable access to energy and a
developed energy system, no development is possible," said Ruslan
Edelgeriyev, Advisor to Russia's President, Special Presidential
Representative on Climate Issues and moderator of the panel.

 

 

Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker,
highlighted the positive impact of nuclear energy collaboration with Rosatom
in Egypt, envisioning a nine-fold increase in job opportunities.

 

"In addition, the country's development strategy until 2035 states that by
that time renewable energy sources should account for about 42 per cent -
nuclear power can help us with this."

 

"Africa is on its way from being one-fifth of the world's population to
one-third. At the same time, if you look at electricity generation globally,
last year, approximately 30 trillion kilowatt hours of electricity were
generated on the planet, while Africa generated less than one. And in that
sense, this disparity cannot be sustained for long," said Alexey Likhachev,
Director General of Russia's State Atomic Energy Corporation Rosatom.

 

 

"It is clear that states on the African continent will be actively engaged
in building power generation capacity in the coming decades," he added.

 

He expressed confidence in African states actively engaging in building
power generation capacity in the coming decades.

 

"Right now, only more than 70 per cent of our population has access to
electricity," said Fidele Ndahayo, Chief Executive Officer of Rwanda Atomic
Energy Board. According to the speaker, nuclear energy can remedy this
situation. "Nuclear power is about reliability. Nuclear power is not just
about money. All studies show: it leads to economic growth in all spheres of
life."

 

Ibrahim Uwizeye, Minister of Hydraulics, Energy, and Mining of Burundi,
said: "I visited the Leningrad NPP. I am impressed. We need energy
self-sufficiency, and we will soon sign an agreement with Rosatom to achieve
it."

 

"Africa is the next stage in the development of global nuclear energy. All
eyes will now be on what Russia is offering to its friends at this Forum.
What is done today will be inherited by the next generations. If we do not
address the energy challenge, Africa's youth will be vulnerable.

 

"For the sake of Africa's sustainable development, African countries should
accept the proposals that come from Russia," said Princess Mthombeni,
Founder of Africa4Nuclear, Nuclear Communication and Technology specialist
in South Africa.

 

-Daily News.

 

 

 

 

Nigeria: El-Rufai Proposes Stringent Measures for Electricity Sector

Mr El-Rufai said President Bola Tinubu is committed to ensure Nigeria has
stable and reliable electricity supply.

 

Former Governor of Kaduna State, Nasir El-Rufai, and a ministerial nominee
has proposed stringent measures in the electricity sector to help boost the
sector.

 

It includes hardline stance against those that bypass metering.

 

He made this known during the screening of ministerial nominees submitted to
the Senate by President Bola Tinubu.

 

According to Mr El-Rufai, the electricity supply situation in Nigeria has
defied every government for 60 years.

 

 

"Metering is a big issue, a lot of progress has been made by some of the
Distribution Companies (Discos).

 

"In the last three or four years with the support of the CBN and the World
Bank, every household should have been metered, every business should be
metered.

 

"Estimated billings is not acceptable. But in addition, Nigeria must take a
hard stance against those that steal electricity.

 

"Those that get electricity by diverting cables; not paying, we must take a
hardline stance against it if this sector is to work.

 

"A lot of advocacy is necessary. People believe that water and electricity
should be free, the social services, but they are not; they cost money to
produce.

 

"The least you can do is pay back for the cost of production and handing it
to the private sector, they need some return on its investment over and
above the cost of production."

 

 

The nominee also raised the issue of distribution saying that in 2013 DISCOs
were privatised.

 

"We privatised our distribution companies, 11 of them; 60 per cent to the
private sector, 40 per cent to be owned by government.

 

"The idea is that the 40 per cent is supposed to be listed on the foreign
exchange so that every Nigerian will be a shareholder in it.

 

"But that has not happened, 10 years after privatisation, the government is
still subsidising electricity in one way or the other.

 

"The last time we checked it was about N1.6 trillion in the privatised
environment. This is unsustainable and unacceptable."

 

He, however, said that President Bola Tinubu was committed to ensure Nigeria
has stable and reliable electricity supply.

 

"This is because without electricity, industrialisation is a pipe dream.
Without electricity, even agriculture today is not a viable proposition.

 

 

"So he is committed to that and he has asked me to work with him to address
these problems. So I will do my best to address them."

 

Sunday Karimi (APC-Kogi) while commenting on the nominee said that "your
performance in any office you served has been outstanding.

 

"Your record is there. In FCT as a minister your record is there and as two
term governor of Kaduna State.

 

"I have a very strong petition against you that bothers on security, unity
and coerciveness on the nation and I think that petition has to be
considered along this screening exercise."

 

Reacting, Sani Musa (APC-Niger) said that the nominee has credibility when
it came to performance on every assignment he had undertaken for this
country.

 

"And he is not different from any other one that has performed in other
places.

 

"There had been two former governors that had been here and there was a
precedence and that precedence as a convention in chambers like this should
be sustained.

 

"And such, I want to propose that El-Rufai too should take his bow."

 

While trying to respond to the petition, El-Rufai said "The distinguished
senator from Kogi who talked about a petition against me....

 

The President of the Senate, Godswill Akpabio immediately interjected saying
"Perhaps I should inform that I have received petitions from many other
people in respect of other nominees but this is not where we are to deal
with petitions.

 

"Our job here is to screen and then of course we can refer petition to where
petitions will be dealt with.

 

"These are the nominees of Mr President. If it is something that is a formal
petition before the Senate, we will look at it formally. But there are
certain petitions we have to refer back to either the Presidency or security
agencies to look at and that has nothing to do with us.

 

"I think at the time we are going into the issue of confirmation and
approval, we will be so advised. So I will want to plead with my brother to
take a bow."

 

-Premium Times.

 

 

 

Nigeria Electricity Market Operators Set to Review Performance

The review would examine challenges and proffer solutions on the various
aspects of the electricity value chain

 

The Nigerian electricity market operators on Tuesday announced plans to
review the Nigerian Electricity Supply Industry (NESI) performance in the
country.

 

Stephen Ogaji, the chairman of the NESI market participants and stakeholders
roundtable (NMPSR) planning committee, disclosed this at a press briefing in
Abuja on Tuesday.

 

The NESI is primarily made up of the Generation Companies (GenCos), the
Transmission Company of Nigeria (TCN), the Distribution Companies (DisCos),
and the consumers.

 

 

Speaking with journalists on Tuesday, Mr Ogaji said the review which is
scheduled to take place from 30 October to 1 November, hopes to provide a
platform for a robust and comprehensive discussion of the issues and
prospects associated with the NESI.

 

"This inaugural roundtable event, titled "NESI Privatization & its 10-year
milestone: The Journey So Far, Opportunities And Prospects," is the first of
what we hope to be a bi-annual conference event that provides a platform for
a robust and comprehensive discussion of the issues and prospects associated
with the Nigerian Electricity Supply Industry (NESI).

 

"We expect that the event will bring together the various experts,
operators, vendors, and miscellaneous other stakeholders, necessary for the
progressive determination of the way forward for the sector.

 

"This first NMPSR event holds a special significance, as we come together
not only to deliberate on the challenges and opportunities that lie ahead
but to also acknowledge the journey of the Nigerian electricity supply
industry in the last ten years, post-privatization," Mr Ogaji said.

 

 

He explained that since November 2013 when the final leg of the
privatization of the Nigeria power sector was completed, the assets were
successfully handed over to private investors by the Federal Government of
Nigeria.

 

"While it has been a decade of ups and downs, the resilience, dedication,
and collective effort from all stakeholders have all brought us to where we
stand today, not quite where we ought to be, but making incremental progress
towards the final objective of consistent and sufficient power supply," he
said.

 

He noted that NMPSR serves as a testament to the spirit of collaboration
that has driven this journey so far.

 

"The conference is a 3-day event that is expected to bring together
representatives, regulators, investors, and experts to diligently examine
challenges, and proffer solutions on the various aspects of the value chain
- gas, generation, transmission, distribution, metering, finance/liquidity,
renewables, as well as explore potential ramifications of the new
Electricity Act 2023.

 

"It is an occasion to acknowledge the milestones that have been achieved
while addressing the work that lies ahead to further strengthen the sector."

 

According to him, the conference will be a platform for open dialogue, where
ideas will flow, experiences will be shared, and partnerships will be
forged.

 

"Together, we will explore strategies to Overcome remaining challenges,
enhance efficiency, and ensure that we remain steadfast in our commitment to
delivering quality electricity supply services to Nigerians," he said.

 

"As we recognise the milestone of a decade of privatization of NESI, we must
also acknowledge the role of the Nigerian people. Their resilience and
understanding during this period have been invaluable, and it is their
support that has driven us to focus meet our responsibilities.

 

"We envision this conference as the beginning of a new era of cooperation,
progress, and growth in the sector. Together, we can shape the future of
Nigeria's power industry and create an environment that empowers economic
development, enhances living standards, and unlocks the nation's true
potential," he added.

 

-Premium Times.

 

 

 

 

Liberia: Former LTC Employees Demand Benefits

Several former employees of the Liberia Telecommunications Corporation (LTC)
have threatened to continuously embarrass authorities of the institution for
their alleged refusal to pay them their deserved benefits.

 

They spoke to a team of reporters when they blocked the main entry of the
LTC in Monrovia this week.

 

The former employees, many of whom are old folks, recounted that they were
redundant in 2006 during the regime of former President Ellen
Johnson-Sirleaf.

 

They added that former President Sirleaf mandated the entity to pay their
benefits in two categories which included cash and bags of rice before the
end of her term in office.

 

 

However, they lamented that the institution has reportedly refused to pay
their benefits up to the present.

 

The former employees said their first target currently is to receive their
rice benefit which has the financial value of US$260 for each member.

 

According to them, they have gone over 16 years fighting for their deserved
benefits and some of their colleagues even died while in the process. Yet,
they alleged, the institution continues to give them inhumane treatment.

 

The former employees also narrated that when the Coalition for Democratic
Change (CDC) regime took over, they took their official documents to House
Speaker Mr. Bhofal Chambers.

 

They indicated that the Speaker further mandated the LTC authorities to pay
their benefits, but they have not acted in full.

 

They revealed that at least 200 of the total number of former employees were
given their rice benefits while the cash benefit is still outstanding.

 

The LTC ex-employees also revealed that at this crucial time when the ruling
CDC is seeking re-election, the entity is telling them that it has no money
to pay them.

 

Meanwhile, when LTC Chief Executive Officer Richmond Nagbe Tobii was
contacted on Monday, 31 July 2023 at noon, he claimed that he was in a
management meeting.

 

He promised to return the calls as soon as possible.

 

-New Dawn.

 

 

 

 

Nigeria: 7 Million Electricity Consumers Without Prepaid Meters - Report

Despite several interventions, the Federal government, yesterday, disclosed
that over seven million or 57.75 per cent of registered electricity
consumers are still without prepaid meters.

 

The Nigerian Electricity Regulatory Commission, NERC, disclosed this in its
4th quarter of 2022 report obtained by Vanguard.

 

The Commission stated: "The Nigerian Electricity Supply Industry, NESI,
continues to be challenged by the inadequate deployment of end-use customer
meters - as of December 2022, only 5,134,871 (42.25%) of the 12,152,106
registered energy customers have been metered. The net metering rate
represents a 2.99 percentage points increase compared to the 39.26% recorded
at the end of Q3'22.

 

 

"A total of 164,612 meters were installed in Q4'22 compared to the 142,887
meters installed in Q3'22 --an increase of 21,725 installations (15.20%).
The Commission expects DisCos to utilise any of the five (5) meter financing
mechanisms that have been provided in the 2021 Meter Asset Provider and
National Mass Metering Regulations (NERC - R - 113 - 2021) to close their
respective metering gaps. "As a safeguard for customers against exploitation
due to the lack of meters, the Commission has continued to issue monthly
energy caps for all feeders in each DisCo which sets the maximum amount of
energy that may be billed to an unmetered customer for the respective month
based on gross energy received by the DisCo and the consumption of metered
customers."

 

The commission, which noted that lack of prepaid has culminated in increased
complaints, stated: "In 2022/Q4, the DisCos cumulatively received 261,278
complaints from consumers -- this is 13,952 more complaints (5.64%) than
those received in 2022/Q3. In total, the DisCos resolved 238,765 complaints
corresponding to a 91.38% resolution rate which is very identical to the
91.59% recorded in 2022/Q3." "Metering, billing, and service interruption
were the prevalent sources of customer complaints, accounting for more than
79% of the total complaints during the quarter. The Commission has
introduced initiatives to address this category of complaints such as the
independent verification of DisCos compliance with the capping regulation.
"Pursuant to the provisions of its Customer Complaints Handling Standards
and Procedure Regulations, the Commission set up forum panels across the
country to review unresolved disputes from the DisCos' Complaint handling
units. In 2022/Q4, the Forum Offices had a total of 2,594 active appeals
(inclusive of the pending 1,137 appeals from Q3 from customers who were
dissatisfied with DisCos' decision on the complaints lodged at the CCU."

 

It added: "During the period, the Forum Panels held eighty-one (81) sittings
and resolved 1,520 (58.60%) of the appeals filed at Forum Offices
nationwide. This means 1,074 appeals were yet to be resolved as of the end
of 2022/Q4. The Commission continues to take measures that will ensure a
more efficient customer complaint resolution process starting with
improvements in the quality of complaint resolution at the Customer
Complaints Unit, CCU of the DisCos."

 

-Vanguard.

 

 

 

 

Uganda: Price of Internet Cut From U.S.$70 to U.S.$35 - ICT Minister

Kampala — Minister for ICT and National Guidance Chris Baryomunsi has
announced a 50% reduction in the price of the internet.

 

"I'm delighted to announce that effective today 1st of August 2023 the Price
of the Internet has reduced from $70 to $35 per Mbps per month. This
landmark achievement solidifies Government's position as the undisputed
market leader in setting Internet prices," Baryomunsi said a press briefing
together with the National Information Technology Authority (NITA Uganda) at
the media centre today.

 

Baryomunsi added that, "Our actions today will inspire Private Internet
Service Providers to follow suit, ultimately benefiting all Ugandans with
more affordable and accessible Internet services for its unprecedented
opportunities in innovation growth and development."

 

 

The Minister hailed NITA forexpeditiously implemented the first phases of
the National Data Transmission Backbone Infrastructure project (NBI) to
serve as the primary vehicle for all Government data, Internet, and voice
services.

 

He said the the use of the NBI as a secure highspeed network for the
government has led to lowering the cost of communication across the
Government and further enabled the extension of the geographic reach of
broadband networks across the country.

 

Previously, internet prices were about $1,200 per MBPs then were reduced
prices to 600 $ in 2014 and a further $300 in 2016 as more Government MDAs
and public offices were connected to the National Backbone Infrastructure.
The National Backbone now extends to all regions of the country spanning
4,300km extending connectivity to around 4,360 Government office

 

-Independent (Kampala).

 

 

 

 

Rwanda: Airlines to Be Required to Share Passenger Data Under New Bill

Airlines could be required to provide, in advance, passenger information and
name record data to Rwanda's Directorate General of Immigration and
Emigration, before taking off or starting journeys, as the country seeks to
bolster measures against terrorism offences and serious crimes, according to
a new bill.

 

The relevance of the draft law on advance passenger information and
passenger name record data was approved by the Plenary Sitting of the Lower
Chamber of Parliament, on July 31. It will be scrutinised by a responsible
committee of the Lower House, prior to being voted into law by its Plenary
Sitting.

 

 

According to the bill, "transport carriers" includes air, road, railway and
water transport carriers with a valid operating licence or equivalent
document for carriage of passengers.

 

The government bill was tabled before the Lower Chamber of Parliament by the
Minister in the Office of the President, Judith Uwizeye, on July 31.

 

The bill, Uwizeye said, aims to regulate the collection, transmission,
assessment, and sharing of Advance Passenger Information and Passenger Name
Record data for passenger preclearance and prevention, detection,
investigation and prosecution of terrorist offences and serious crimes.

 

"Through this law -- once enacted -- all passenger transport carriers,
either those using road, water, or airways, are obliged to transmit
passenger information and name record data by electronic means so that the
information gets processed and the results be forwarded to responsible
organs, with an aim to prevent terrorism offences and other serious crimes,"
Uwizeye said.

 

 

Data provided for in the bill includes Advance Passenger Information (API)
and Passenger Name Record (PNR) data.

 

API means information regarding a passenger, crew or other occupant
transported by the transport carrier, the draft law indicated.

 

According to the International Civil Aviation Organization (ICAO), API
refers to a passenger's identity and includes full name, date of birth,
gender, citizenship and travel document data. API is typically obtained from
travel documents and available from the machine-readable area of your
passport.

 

The bill defines Passenger Name Record (PNR) as a record of each passenger's
travel, which contains the information necessary to enable reservations to
be processed and controlled by the booking and participating transport
carriers for each journey booked by or on behalf of any person, contained in
reservation systems, departure control systems used to check passengers, or
equivalent systems providing the same functionalities.

 

 

Uwizeye said that it is provided in an Order that will help implement the
law (once enacted) that as soon as passenger check-in is done, a transport
carrier must send the required (initial) information, and send final
information soon after boarding.

 

Rationale

 

Uwizeye said that after the country implemented a visa waiver policy for
nationals from African countries, Member States of the International
Organization of La Francophonie (OIF), and Member States of the
Commonwealth, as well as issuing visas on arrival in 2018, the agency
responsible for immigration and migration introduced Advance Passenger
Information data through Advance Passenger Information/ Passenger Name
Record system "in order to avoid a situation where we can let in people
wanted for terrorism offences, and other serious crimes."

 

Though this system exists and is used since 2020, she said, there is no law
that requires transport carriers to provide passenger data to a responsible
authority before the passengers enter the country - pointing out that
currently, information was obtained through mutual arrangements with
carriers such as airlines.

 

Since the system was set up, it was indicated that there are suspicious or
wanted passengers appearing in the system, an explanatory note of the draft
law pointed out.

 

International standards

 

Regarding international cooperation, she pointed out that the bill shall be
a way of complying with the international standards set by the International
Civil Aviation Organisation, the United Nations Security Council and other
international bodies like the European Union, all of which request that
countries should put in place a mechanism for managing passenger information
and name record before they enter countries in question.

 

Still, since the law relating to the protection of personal data and privacy
provides protections in general, it was deemed necessary to initiate this
draft law on the subject so that Rwanda meets international requirements in
the implementation of Advance Passenger Information and Passenger Name
Record data, according to the explanatory note of the bill.

 

Confidentiality

 

The Directorate General of Immigration and Emigration and any responsible
State organ, ensure the confidentiality of processing data and data security
in accordance with relevant legislation on data protection.

 

Concerning faults and their sanctions, the bill proposes that an Order of
the Minister in charge of immigration and emigration determines faults and
their sanctions with regard to non-compliance with provisions of this law
(once enacted), modalities of administering the sanctions, and appeal.

 

-New Times.

 

 

 

Janet Yellen: Credit downgrade 'puzzling' and 'unwarranted'

Treasury Secretary Janet Yellen has defended the strength of the US economy,
after the government was stripped of its top tier credit rating.

 

Ms Yellen called the decision by Fitch, one of the three big ratings firms,
"puzzling" and "entirely unwarranted".

 

Her remarks came as global stock markets dropped and many buyers of
Treasuries, as US government debt is known, demanded higher returns.

 

The S&P 500 ended trade about 1.4% lower, while the Nasdaq fell 2.17%.

 

The Dow Jones also fell nearly 1%. The declines in the US followed falls in
the UK and other international markets.

 

Analysts noted that the Fitch decision was sparking some selling of risky
assets.

 

But the reaction was relatively muted compared with the big falls that
greeted a similar move by rival ratings firm S&P in 2011, when the S&P 500
sank more than 6%. Even then, recovery happened relatively quickly and
demand for US bonds held steady.

 

US's credit worthiness downgraded

Harry Richards, investment manager for fixed income at UK investment firm
Jupiter Asset Management, said his company acknowledged external credit
ratings but its views on default risk were "based on our own research and
thinking".

 

"In our opinion the US remains extremely unlikely to default," he said.
"There is nothing new in the reasons presented by Fitch, and all reasons
cited are known knowns for the market."

 

Fitch on Tuesday pointed to increasing political dysfunction in the US and a
rising public debt load in explaining its decision.

 

line

So does a country's credit rating matter?

Credit ratings are a gauge of the trustworthiness of the borrower, and how
likely it is to repay its debts.

 

Because governments are such big players in debt markets, what they have to
pay often has ripple effects on everyone else.

 

Just nine countries currently receive the top grade from the three biggest
rating companies: Germany, Denmark, the Netherlands, Sweden, Norway,
Switzerland, Luxembourg, Singapore and Australia.

 

Canada receives the highest ratings from two of the ratings firms. The UK
fell out of the club after Moody's downgraded the country in 2013.

 

In theory, a higher rating means lower borrowing costs.

 

For smaller, emerging markets, where investment flows are more unstable,
research suggests a downgrade can have a big impact, including on stock
markets and interest rates faced by private firms.

 

But for bigger economies, the impact of such decisions is less clear.

 

line

The US downgrade followed a drawn out political battle in Congress over
spending this spring, in which politicians threatened moves that could have
led the country to miss its debt payments, otherwise known as default.

 

In a speech on Wednesday, Ms Yellen said Fitch's downgrade was based "on
outdated data" and failed "to reflect improvements across a range of
indicators, including those related to governance, that we've seen over the
past two and a half years".

 

She pointed to legislative accomplishments, including bills to invest in
infrastructure, which won support from both parties.

 

"At the end of the day, Fitch's decision does not change what all of us
already know: that Treasury securities remain the world's preeminent safe
and liquid asset, and that the American economy is fundamentally strong," Ms
Yellen said.

 

Justin Wolfers, professor of economics at the University of Michigan, said
there was little doubt that the US economy was healthy enough for the
government to meet its obligations - and has only strengthened since Fitch
put the country on review in May.

 

But he said the report, even if it does not trigger major market turmoil,
reflects weakening confidence in the US as a borrower as a result of events
like the Jan 2021 riot in Washington and Republican threats to default.

 

Even a small rise in interest rates can mean billions in extra costs for
taxpayers, he added.

 

"There's a general sense, and I know how over-wrought this sounds, that the
threats to American democracy are larger and more real than they've been in
my lifetime," he said. "The gamesmanship or brinksmanship that Fitch is
calling out is very expensive and it raises interest rates."-bbc

 

 

 

 

UK interest rates expected to rise for 14th time in a row

Interest rates are expected to rise for the 14th time in row as the Bank of
England continues its battle to control stubbornly high price rises.

 

Most economists have predicted the Bank will increase its base rate to 5.25%
from its current 5% later on Thursday.

 

That would mean higher interest rates on mortgages and loans for some
people, but also higher savings rates.

 

UK inflation, the rate at which prices rise, is much higher than usual and
putting households under pressure.

 

The last time interest rates stood at 5.25% was 15 years ago in April 2008.
However, a rise to 5.25% would mark a smaller increase than July's dramatic
rise to 5% from 4.5% and follows signs that price rises have begun to ease.

 

Inflation fell by much more than expected in June and at 7.9% is at its
lowest level in over a year - but still much higher than the 2% that the
Bank aims for.

 

Pantheon Macroeconomics said this meant policy makers would not need to hike
interest rates as much as previously thought.

 

By making borrowing more expensive the Bank's aim is that people will spend
less money, meaning households will buy fewer things and then price rises
will ease.

 

But it is a balancing act as raising rates too aggressively could cause the
economy to slump, but not raising them at all could lead to inflation rising
even more.

 

How the interest rate rise affects you

Free market think tank the Institute of Economic Affairs (IEA) said the Bank
should wait for previous interest rate rises to take effect before raising
rates further.

 

''It will take some time for previous rate rises and falling global
commodity prices to feed into lower inflation.

 

"Further rate rises are unnecessary and could do some economic damage
without lowering inflation any faster. The UK economy is on the precipice of
a sharper slowdown," said Trevor Williams, a member of IEA and former chief
economist at Lloyds Bank.

 

Andrew Bailey, the Bank of England's governor, has previously denied the
Bank has been trying to cause a recession - which is typically when the
economy shrinks for two three-month periods - in a bid to tackle soaring
prices.

 

"Many people with mortgages or loans will be understandably worried about
what this means for them... but inflation is still too high and we've got to
deal with it," he said at the Bank's previous interest rate decision.

 

There are signs that higher rates are already affecting the UK economy with
house prices falling at their fastest annual rate in 14 years in July,
according to Nationwide.

 

On Wednesday, Prime Minister Rishi Sunak told LBC radio that inflation was
not falling as fast as he would like, but that he believed people could "see
light at the end of the tunnel".

 

What's the impact?

Mortgage repayment interest table

A rise in rates would affect different people in different ways.

 

Mortgage holders with variable or tracker mortgages, or those who are
looking to secure a new fixed-rate deal, will find it costs more to borrow
the money for their homes.

 

The majority of mortgage holders are on fixed-rate deals, which shields them
from the current interest rates rises, but about 800,000 deals will end by
the end of this year and 1.6 million more will do so in 2024.

 

In the event of a 0.25% increase, people on a typical tracker mortgage will
cost about £23.71 more a month, while those on standard variable rate (SVR)
mortgages face a £15.14 jump on average.

 

Other impacts of higher rates include first-time home buyers being priced
out of the market, and also charges on some un-fixed loans and credit cards
going up.

 

However, people with savings should get better returns on their money -
though banks have been condemned for "weak excuses" over their savings rates
on offer.

 

For the government though, a rise in rates will have a knock-on effect
meaning it has to pay more interest on the country's debt.-bbc

 

 

 

 

Etsy U-turn in row over withholding sellers' money

Online marketplace Etsy has said it will change its policy after sellers
complained of money being held.

 

The U-turn comes after the BBC reported that some sellers had 75% of their
money frozen for 45 days.

 

Etsy said it was "substantially decreasing" the amount of money it would put
on hold but did not state the new rate or time frame.

 

Sellers like Dan, who said Etsy had £7,000 of his takings on hold, said the
announcement "lacked detail".

 

Etsy's tension with sellers has sparked boycott calls and raised pressure on
the company, which on Wednesday reported a decline in profits.In the months
April to June, its profits fell to $61.9m, down by 15% compared with the
same time last year.

 

It also forecast lower revenue than expected in the next three months.

 

Etsy, which owns fashion marketplace app Depop, also said it saw a
"year-on-year decline" in its growth in the UK.

 

Its share price fell more than 5% in trading after the stock markets in the
US closed.

 

Small business commissioner Liz Barclay told the BBC that sellers were "very
disappointed" that the statement from Etsy about its treatment of seller
funds was unclear.

 

"I have asked Etsy to explain what we tell sellers about the level of the
reduction in reserves they might expect and when this will happen," she
said.

 

Etsy accused of 'destroying' sellers by withholding money

On Monday, the BBC reported that hundreds of Etsy sellers had received an
email from the website notifying them it was actioning its "reserve system".

 

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

 

Dan, who sold made-to-order wood furniture told the BBC: "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."

 

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

 

'Pain points'

On Wednesday, in an update issued to sellers from head of payment policy
Chirag Patel, Etsy said it was addressing the "pain points" of the reserve
system for sellers.

 

Part of the changes, the company said, include "improving communications" to
new sellers who are in reserve.

 

Ms Barclay said she had asked Etsy if sellers would have a direct contact
for referring their complaints regarding the reserve.

 

"We are getting very anxious about the possibility that while we wait for
resolution of these issues talented and crucial small and micro businesses
are going to the wall," Ms Barclay told the BBC.

 

Minister for Enterprise, Markets and Small Businesses Kevin Hollinrake wrote
to Etsy's chief executive Josh Silverman on Wednesday, asking for the
company to address the issue after a "rising number of enquires and
complaints" from sellers.

 

"It is critical that Etsy's approach does not jeopardise the livelihood of
reputable and otherwise viable small businesses," Mr Hollinrake wrote in a
letter seen by the BBC.

 

Furniture-maker Dan said he was "sceptical" that the changes would be
implemented and that the notice from Etsy "lacked detail".

 

"I don't believe a word of it," he said.

 

line

What is Etsy and who owns it?

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

A growing number of people were joining social media groups to discuss a
strike or boycott of Etsy. This would entail sellers putting their store on
holiday mode and effectively stopping people from buying.

 

On Wednesday, the Facebook group Etsy Reserve Strike had over 1,100 members
- an increase from around 800 members in three days.

 

On Reddit, a thread known as a sub-Reddit, groups have been set up called
r/EtsyStrike and r/IndieSellersGuild. The online group Not on Amazon has
also become a place where Etsy sellers are airing their complaints.

 

It is not clear how many people in these social media groups are sellers and
how many of them would join a strike.

 

But with just under a million users in the UK, a boycott could reduce the
amount of commission and fees which Etsy received from each sale.

 

Etsy told the BBC it had six million sellers worldwide and that only 2% of
those active had reserves on their accounts.

 

The recent change in its reserve system comes after the company started
offering loans to sellers via a third party provider. One seller who was
offered the loan told the BBC she was struggling due to her money being held
in reserve "without explanation" and was "offended" that the same company
was offering her a loan to build up her company.-bbc

 

 

 

Worldcoin suspended in Kenya as thousands queue for free money

The Kenyan government has ordered cryptocurrency project Worldcoin to stop
signing up new users, citing data privacy concerns.

 

Worldcoin, founded by US tech entrepreneur Sam Altman, offers free crypto
tokens to people who agree to have their eyeballs scanned.

 

Thousands of Kenyans have been queuing up at registration centres this week
to get the currency worth about $49 (£39).

 

Kenya warned citizens to be cautious giving their data to private companies.

 

A statement from the Communications Authority of Kenya said it had concerns
about:

 

how the biometric data was stored

offering money in exchange for data

having so much data in the hands of a private company

The ministry of the interior has launched an investigation into Worldcoin
and called on security services and data protection agencies to establish
its authenticity and legality.

 

In one of the pop-up registration centres in the capital, Nairobi, where
hundreds had been lining up for the registration, many had been locked out
of the process on Wednesday after the large crowd was termed a "security
risk".

 

"I've been coming here almost three days to line up and register. I want to
register because I'm jobless and I'm broke, that's why I'm here," Webster
Musa told the BBC.

 

"I came here yesterday. I waited until my phone died. So I came again today
but I've missed the registration again. I really like Worldcoin because of
the money. I'm not worried about the data being taken. As long as the money
comes," added Dickson Muli.

 

Worldcoin says it cannot say how many people have had their eyeballs scanned
in Kenya.

 

It claims to be creating a new global "identity and financial network".

 

"We are creating the world's largest identity and financial network as a
public utility, giving ownership to everyone. And establishing universal
access to the global economy regardless of country or background," a
statement on the Worldcoin website reads.

 

Mr Altman, who founded Open AI which built chat bot ChatGPT, says he hopes
the initiative will help confirm if someone is a human or a robot. He also
says this could lead to everyone being paid a universal basic income but it
is not clear how.

 

The company insists that no data is stored. However privacy experts worry
that sensitive data gathered from scanning a person's iris might get into
the wrong hands.

 

Kenya's Office of the Data Protection Commissioner (ODPC) called for
increased vigilance from the public when using Worldcoin saying the process
requires "demonstration of proper safeguards under the Data Protection Act
2019".

 

The Kenyan Capital Markets Authority (CMA) stated it was concerned about the
ongoing registration and notified Kenyans that Worldcoin was not regulated
in Kenya.

 

Under Kenyan law, individuals have a right to not have any personal
information unnecessarily required or unnecessarily revealed.

 

Digital rights lawyer Mercy Mutemi told the BBC there were other, less
intrusive ways to gain the information that Worldcoin is after.

 

"If the goal is to prove people are human, they can just show up. You don't
need to go for the most invasive manner to prove people are human," she
said.

 

Worldcoin told BBC that it chose Kenya as the first African country to
launch the platform because of the already booming tech space, and the more
than four million Kenyans who are already trading in crypto.

 

It has also launched in various countries including Indonesia, France Japan,
Germany, Spain and the UK. Data watchdogs in some countries have already
said they are examining Worldcoin.-bbc

 

 

 

 

Mattel toy firm hunts for £3,500 a week chief Uno player

Toymaker Mattel is hunting for someone to help promote its new Uno game -
and wild-card applicants are most definitely welcome.

 

The company is asking enthusiasts of the card game to apply on TikTok for a
chance at the part-time post of "Chief Uno Player".

 

The gig will be based in New York for four weeks starting in September.

 

Responsibilities include playing the new game, Uno Quatro, for four hours a
day, four days a week.

 

Applicants must be US residents and aged 18 or over to be selected for the
job, which pays $4,444.44 (£3,500) a week.

 

The company did not respond when asked how many people had responded since
the job offer was posted on Tuesday.

 

A TikTok video announcing the role had received about 9,000 likes - and
hundreds of replies - many of them from accounts expressing interest. The
deadline to apply is 10 August.

 

"We're constantly looking to create new ways for fans to engage with Uno -
and with the nationwide search for the first-ever Chief Uno Player, we're
bringing in-person gameplay to fans in a way they've never experienced
before," Mattel's global head of games, Ray Adler, said announcing the post.

 

The person selected for the job is expected to help create and star in
social media posts, give interviews and challenge strangers to play the new
version of the classic game, which relies on tiles instead of cards.

 

The company also warns that candidates must be able to "sit for long
periods, lift and carry 50 lbs, and set up playing tables & tents on
location".

 

The stunt comes after Mattel won plaudits for its success in stirring up
excitement about the Barbie movie, starring Margot Robbie and Ryan Gosling.

 

But the toymaker is also in need of hits. It recently reported sales in the
April-June period of about $1bn (£786m), down 12% compared with the prior
year.

 

Profits in the quarter also slumped to $27m, compared with $68m in the
previous year.-bbc-bbc

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

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Skype:         Bulls.Bears 



 

 

 


 

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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