Major International Business Headlines Brief::: 16 August 2023

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Major International Business Headlines Brief::: 16 August 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Does Brics Matter to Nigeria?

ü  Tanzania: Startup Policy in Offing

ü  Nigeria's Looming Debt Crisis, Climate Change - Painful Inheritance for
Future

ü  Uganda: Nema Produces Illegal Sand Mining Suspects to Court

ü  Nigeria: Federal Govt Battles Market Forces to Stabilise Petrol Pump
Price

ü  Kenya: Tiktok Faces Ban as Petition Tabled in Parliament

ü  Nigeria's Inflation Hits 24.08% As Food Prices Rise

ü  South Africa: SIU Files Leave to Appeal in Telkom Case

ü  Nigeria: No Plan to Increase Petroleum Pump Prices - NNPCL

ü  Kenya: Easy Coach Rescinds Omena Ban After Social Media Outrage

ü  Kenya: Airtel Money Nearly Doubles Daily Transaction Limit to Sh500,000

ü  VinFast: Vietnam EV maker valued at more than Ford or GM

ü  Firm regrets taking Facebook moderation work

ü  China suspends youth unemployment data after record high

ü  Bank of Ireland warning over cash machine glitch reports

ü  Russia hikes interest rates to 12% as rouble falls

 


 

 


 

 <https://www.cloverleaf.co.zw/> Nigeria: Does Brics Matter to Nigeria?

A skit circulating in the cyberspace is said to be the story of the Nigerian
economy: in just two minutes the exchange rate of the naira to a dollar
rises from N730 to N1,200.

 

In the hilarious video, a man desperately in need of dollars for a trip
engages a seller of the foreign currency in a negotiation. The buyer is told
that the exchange rate has changed from N730 to a dollar agreed before the
meeting to N790. Although the buyer gets angry and insults his customer
because of the hike, yet he reluctantly agrees to pay the new rate. But
before the greenbacks could be handed over to the buyer the seller's phone
rings and he tells his customer that, in fact, the rate is now N830 to a
dollar. Almost simultaneously the buyer gets a call from another source that
the rate is N880. The buyer now gets angrier about the rising price of the
dollar. He rains curses on the second customer. Even the physically present
seller condemns the excessive rate from the other seller only for his own
phone to ring again. The seller is informed that the rate has risen to N900
to a dollar. The seller again urges the buyer to pay the new rate while the
later threatens to assault the former if the phone rings again. And before
the seller could finish counting the dollar bills he gets yet another call
that the rate is now N1,200 to a dollar, all within two minutes! With more
curses and insults, the exasperated buyer carries the seller out of the
scene...

 

 

Discussions of the state things in the economy seems to begin and end with
the exchange rate of the naira to a dollar. Every economic problem of
Nigeria seems to have a dollar dimension. The dollar question is clearly at
the root of the fuel price crisis. Somehow, the fetishisation of the dollar
has assumed an unimaginable proportion. You are sometimes told of the
"dollar component" in the production of a commodity or the provision of a
service that has no foreign input.

 

 

Senior Advocate of Nigeria Femi Falana calls it the "extreme dollarisation
of the Nigerian economy" in a sharp critique of policies in the last few
years from a political economy standpoint. Against the laws of the land,
domestic transactions are conducted in dollars by the few people who have
access to the American currency. Dollar is used to buy property and pay
rents within Nigeria. School fees are professional fees are settled in
dollars in the country. This trend is often ignored as the focus is on
foreign payments when talking about the price of dollar. The lawyer has
called on policymakers to explore alternatives to the dollar as some other
countries are doing in the face of the economic crisis.

 

 

Among other suggestions, Falana has called for a debate on Nigeria's
membership of the BRICS, the acronym for a group of five countries - Brazil,
Russia, India, China and South Africa. These countries are largely defined
by their geo-political importance, rates of economic growth and, of course,
their sizes.

 

Although "de-dollarisation" is not on the agenda, the use of local
currencies among members will be in focus at the 15th summit of BRICS.

 

Yet, in talking about approaches to get out of the economic woods in
Nigeria, BRICS is never a popular topic among the experts and policymakers.

 

South African President Cyril Ramaphosa has invited President Bola Tinubu
and other African leaders to the next month's summit of BRICS in
Johannesburg, South Africa. As the host, Ramaphosa said he would like
leaders of the other African countries to take the opportunity of the August
summit "to have a dialogue" with the other BRICS leaders - President Xi
Jinping of China, Brazil's President Luiz Lula da Silva and Indian Prime
Minister Narendra Modi. Russian President Vladimir Putin has wisely elected
to stay away physically from the meeting so as to avoid a situation in which
the purpose of the summit would be overshadowed by a diplomatic row that
could ensue because of his presence in South Africa. The International
Criminal Court has issued a hypocritical warrant of arrest against Putin for
alleged war crimes in Ukraine. Putin will participate virtually while his
foreign minister, Sergei Lavrov, will be on ground in South Africa. The
secretary-general of the United Nations Antonio Guterres and the chairperson
of the African Union President Azali Assoumani of the Union of Comoros are
also expected to attend the meeting. Countries in Asia and Latin America
have also been invited to the summit.

 

Although views are divergent within BRICS on the parameters for admitting
new members, yet 23 countries have already applied for membership of BRICS.
Among the applicants are Egypt, Indonesia, Saudi Arabia, Ethiopia, Iran,
United Arab Emirates and Argentina.

 

The expansion of the membership of BRICS is expected to be a major issue on
the agenda in the Johannesburg summit. While Brazil is not enthusiastic
about expansion and India is said to be seemingly reluctant, China supports
the idea for its own geo-political reasons while, for Russia, it is a route
out of diplomatic isolation orchestrated by the West. But all are united on
shaking off the dominance of the American dollar in their respective
national economies while each struggles to earn a place in the landscape of
the global economy. So, while the summit's communique may not contain a
farewell to the dollar, reflections will be devoted on alternatives.

 

Incidentally, the man who coined the acronym BRIC in 2001 (before the
admission of South Africa in 2010 to make it BRICS), Lord Jim O'Neill, was
reported by the London Financial Times yesterday as describing as
"ridiculous" the proposition that BRICS countries should have a common
currency as a possible alternative to the dollar. He wondered if BRICS could
create a central bank. He asked: "How would you do that?" This was
apparently in response to Lula who has been radically championing the idea
of a common currency. The huge irony is that the original conceptual
promoter of BRICS now has a lot of uncharitable things to say about the
economic group. O'Neill's latter-day pessimism about an economic united
front on the part of BRICS is hinged, among other things, on the "endless
historical battles" between China and India. According to him, BRICS as a
group has "never achieved anything since they first started meeting." For
him, that's one reason America should not worry about any viable challenge
to the dominance of the dollar. However, O'Neill is honest enough to admit
that dominance of the dollar has been to the disadvantage of the emerging
economies. He told the Financial Times: "The dollar's role is not ideal for
the way the world has evolved. You've got all these economies who live on
this cyclical never-ending twist of whatever the (US Federal Reserve)
decides to do in the interests of the US."

 

This reservation of O'Neill about the dollar is at least one point that
should attract the attention of Nigerian policymakers and experts. After
all, the intellectual provenance of the BRICS is traced to O'Neill, who
first mentioned BRIC in a 2001 paper he wrote as the chief economist of
Goldman Sachs. He observed that the four largest "emerging economies" were
contributing more growth to the world economy than the seven leading
industrialised countries called the G7 - the United states, Japan, Germany,
the United Kingdom, France, Italy and Canada. O'Neill had optimistic
projections for individual members of BRICS especially China and India.

 

That was 22 years ago.

 

But it was not until 2009 that the BRIC countries began to meet yearly in a
formal sense. The BRICS countries support the New Development Bank based in
Shanghai, China, which they project as a counterpoise to the World Bank and
the International Monetary Fund (IMF).

 

With a combined population of over 3 billion, the BRICS represent about 40%
of the world population and 26% of the global economy. Regardless of the
western cynicism about BRICS, its collective economic and geo-political
stature in the global arena is what is attracting other nations to join the
group. These are countries which like to chart a different path to
prosperity. Hence, BRICS cannot be ignored as a force. Inherent in the
spirit of BRICS is actually the quest for a new world order freshly pursued
in the 21st Century. As a western economist noted recently, the emergence of
BRICS is a ringing statement that the G7 can no longer run the world economy
the way it has done for decades with a contested history.

 

However, the lack of enthusiasm about BRICS in Nigeria among experts and
policymakers is ideological and can easily be explained. The only model that
is considered workable in Nigeria is the one approved by the World Bank and
the IMF. Meanwhile, it is the United States that choses the president of the
World Bank and the manging director of the IMF is always a European
candidate. Policymakers in Nigeria still subjectively retains what was
termed the TINA mindset in the course of the vigorous debate on the
Structural Adjustment Programme (SAP) in the 1980s. The full meaning of TINA
here is There Is No Alternative. It is a philosophical problem which is
hardly discussed because it is assumed that successive administrations work
with templates built with the same economic thoughts. For policymakers, no
alternative could be contemplated outside the western orthodoxy. Yet,
countries in Asia that have moved up in the ladder of development have not
been fixated with these IMF and World Bank models which our experts sell
here with enormous energy and confidence.

 

The other day a television anchor wondered if South Africa could afford the
risk of fraternising with Russia that's under heavy western sanctions. So,
the gentleman expects America and its western allies to punish South Africa
for opting for its own path to development and formulating its relations
with other countries on that basis. Yet, no nation needs the permission of a
superpower to chart its path to progress.

 

In sum, Nigeria should be interested in what is taking place at the BRICS
arena. Alternatives should be explored in finding strategic solutions to
Nigeria's economic problems. That's at least one reason why BRIC should
matter to Nigeria regardless of what the western cynics say about the group.

 

-This Day.

 

 

 

Tanzania: Startup Policy in Offing

A start-up policy that will help innovators to benefit from their creativity
and get platform to exhibit their skills is currently being finalized, the
Minister for Information, Communication and Information Technology Mr Nape
Nnauye has said.

 

He said in Dar es Salaam on Monday that the Tanzania start-up policy would
establish a comprehensive framework that fosters conducive environment for
the growth and expansion of startups.

 

"Due to the lack of good and innovative legal systems, many innovators have
been hosted in other countries. This has made the government open its eyes
more to see how to help them and have a tool to give guidelines," said Nape
when he visited the Tanzania Startups Association (TSA) office in the city.

 

 

He said the process of the policy formulation will be completed this year.

 

"The government is completing the draft and when we complete it, we will
bring internal and external stakeholders, including development partners. So
I have come to prove to you that the process is safe," Nape said.

 

Mr Nape asked the TSA and its members to be patient and when they are done
they will conduct meetings that will involve the TSA and other stakeholders
so that they all go through it together.

 

"We know that there are developmental partners who are interested in this
matter, we are asking them to be patient. When we complete it, we will bring
it to them so that later it will go for the formulation of regulations," he
said.

 

He said there has also been an increase of 15 per cent of startups from last
year.

 

Mr Nape said the innovations were able to attract investment of more than 80
million US dollars.

 

On his part, the TSA Chief Executive Officer, Zahoro Muhaji said TSA
recognise and appreciates the remarkable and continued government support
for start-ups.

 

He said previously start-ups had to pay about 5,000 US dollars per year for
licences where now start-ups can freely access important communication
resources including the USSD shortcodes, domain and frequencies.

 

"This translates into a big win for start-ups in the country and encourages
innovation.

 

Available data from TCRA shows that there is an increasing number of
beneficiaries and other startups are continuing to apply for mentioned
resources.

 

He said so far TSA has 673 members.

 

-Daily News.

 

 

 

 

 

Nigeria's Looming Debt Crisis, Climate Change - Painful Inheritance for
Future

Nigeria, as a populous and resource-rich nation, has faced significant
challenges managing its debt burden, amid rising poverty, meeting
development gaps and the worsening pressure from adverse climate change.

 

As a Nigerian teenager, whose future and those behind me are being mortgaged
consistently by successive governments through rising international loans,
with little or no tangible sustainable infrastructural development to show,
there is a need for my peers and age grade to raise our voices and demand
caution and change in Nigeria's debt management system and at the same time
appeal for responsible implementation of Nigeria climate commitment.

 

 

It is saddening that despite the problems caused by our anthropogenic
activities on our environment, health, biodiversity and food security, our
leaders in government, trade and other spaces are not paying attention and
taking bold deliberate actions to turn the tides.

 

Pride, ignorance, greed, corruption, and socioeconomic and environmental
injustices continue to be the norm all over Nigeria. More than 45 per cent
of Nigerians are poor according to the 2018/19 national monetary poverty
line, and 63 per cent are multidimensionally poor according to the National
MPI 2022.

 

Over time, Nigeria has been bashed by the impact of climate change -
consistent flooding, massive erosion, expanding desertification, increasing
heat and reducing land mass for food production and food sustainability.

 

The impact of climate change and poor socioeconomic decisions of the
government is also evidenced in our poor development position globally, and
rising debt burdens.

 

 

As of 2022, Nigeria's debt reached an all-time high of N77 trillion. Over
the past decade, Nigeria has experienced a notable surge in its debt levels.
The debt to GDP ratio has more than doubled from 17.7 per cent to 37.3 per
cent in 2022, and over 80 per cent of the country's revenue is being used to
settle or service debt.

 

Spending over 80 per cent on debt servicing leaves about 20 per cent of the
country's revenue to be thinly spread across other sectors such as health,
education, security, road and infrastructure, agriculture, social welfare,
etc. While many academic researchers may argue that increased borrowing
increases GDP and household income, this is obviously not the case for
Nigeria as it is clear from statistics and the faces of the masses that
increasing government debt and loans have amounted to increasing poverty,
which can only be attributed to the poor fiscal management in the country.

 

 

There are many factors fueling Nigeria's debt crisis, the main one being
fiscal mismanagement. The Nigerian government lacks fiscal discipline. The
Fiscal Responsibility Act of 2007 clearly stated that the government at all
levels might borrow only for "capital investment" and "human development".
This Act has been flouted over the years and efforts to amend some
ambiguities in the Act have not succeeded over the year.

 

The relevance of the Fiscal Responsibility Act is sabotaged by the lack of
strict sanctions to enforce compliance. The Fiscal Responsibility
Commission, just like other oversight agencies in Nigeria lacks sanction
power and is poorly supported.

 

The existing fiscal structure in Nigeria somewhat promotes the lack of
accountability, transparency and corruption. For instance, government audit
reports from the Auditor General's office are never made for public usage or
access. Even the National Assembly and Presidency over the years have
ignored this lack of transparency in a public report. How do we fight
corruption without public audit reports?

 

As the countries in the global West, make strong efforts to shift away from
crude oil and gas (a lesson well learnt from the Russia-Ukraine war) and the
need to cut down on carbon emissions, Nigeria needs to rethink its
over-reliance on oil revenue and our vulnerability to fluctuations in global
oil prices.

 

With international oil prices and global crude oil demand on the low, the
government is left with little or no option than escalate and widen its
domestic tax net on the already suffering masses and confront the dilemma of
paying off accumulated debt or meeting the needs of the citizens through
capital infrastructure development and social welfare.

 

Nigeria is largely dependent on the informal sector for GDP growth and
revenue generation, especially in trade and agriculture. The impact of
climate change on these sectors makes productivity a more herculean task.
For instance, the economic value of the agricultural-related losses due to
the 2022 flood was estimated to be about N700 billion.

 

The flood damaged roads, bridges, and other transport networks, making it
difficult for people to travel and for agricultural goods to be transported.
According to the Centre for Climate Change and Development (CCCD), climate
change is already costing Nigeria $100 billion per annum. This will amount
to $460 billion by 2050 if action is not taken to mitigate its effects.

 

The centre further estimated that from 2020 until now, climate change is
already costing N15 trillion, representing 11 per cent of the GDP. By 2050
climate, change will cost N69 trillion, representing six to 30 per cent of
the GDP.

 

By implication, therefore, if we must achieve inclusive and sustainable
development, one that gives the future generation a safe ecosystem, we must
grow our GDP and expand productivity today in a manner that addresses, our
debt management patterns and restores our ecosystem.

 

The investment required to fulfil Nigeria's developmental aspirations and
climate-related obligations presents an unprecedented and formidable
challenge. The estimated financing disparity to accomplish the SDGs by 2030
stands at N125 trillion, while the projected expenditure for executing the
Nationally Determined Contribution (NDC) amounts to N74 trillion.

 

If such a fund is sourced and implemented in an accountable, open and
quality manner, it has the potential to curtail the nation's emissions by as
much as 47 per cent, create new jobs and improve the overall ecosystem to a
good extent.

 

In order to close existing gaps and alleviate the problem today, before they
escalate into the future, the National Assembly should review the current
institutional and legal frameworks that are relevant to debt management in
Nigeria. For example, the ability to penalize and sanction violations of
current fiscal laws and regulations should be granted to the Fiscal
Responsibility Commission and the Debt Management Office. Lawmakers and
professional local experts should carefully review loan applications of the
government in manners that are open, transparent and ensure accountability
and decisions should be submitted to public input and hearings.

 

To promote accountability and transparency in Nigeria, it is imperative to
publicly disclose information such as loan terms and conditions, borrowing
plans, project implementation reports and audit reports.

 

Nigeria could also leverage its debt situation for positive environmental
outcomes. Analyzing debt-for-nature swap agreements and green finance
initiatives could shed light on potential avenues for the country to address
climate change while managing its debt burden.

 

Increased revenue production is necessary for the Ministry of Finance,
Budget and National Planning and its agencies. This should involve
strengthening the revenue administration and reviewing tax incentives
provided to the business sector in order to improve tax compliance.

 

Taxes on carbon and other forms of pollution may also be used to raise
revenue. In this sense, the National Council on Climate Change's (NCCC)
proposal to introduce a carbon tax policy is a good step. Progressive
taxation principles that safeguard the underprivileged and low-income
earners should be the guiding principles for any modifications to the tax
code.

 

There is the need for a comprehensive understanding of the relationship
between debt accumulation, deepening poverty, and climate change. We urge
policymakers, international financial institutions, fiscal and environmental
advocates to collaborate in finding sustainable developmental solutions. By
addressing the intersection of Nigeria's debt crisis and climate change
impact, we can pave the way for a more equitable and environmentally
responsible future.

 

-Daily Trust.

 

 

 

Uganda: Nema Produces Illegal Sand Mining Suspects to Court

The National Environment Management Authority (NEMA) has produced two
suspects in Kabale Magistrate's Court for illegally mining sand along River
Kiruruma in Kitumba Village, Kabale Municipality in Kabale District.

 

The suspect was charged contrary to Section 157 (a) (i) of the National
Environment Act, No.5, 2019 and Regulation 23 and 29 of the National
Environment (Wetland, River banks, and Lake Shores Management) Regulations,
2000.

 

The suspect, a one Bekunda Dan and others were arrested by NEMA for
illegally mining of sand during the NEMA operation in Western Uganda.

 

A field operations team from NEMA arrested and charged Bekunda Dan the
proprietor alongside Paul Ahumuza, the operator of the wheel loader, before
Kabale Magistrate's Court.

 

Other suspects are still at large and are being hunted by NEMA enforcement
team.

 

Kabale magistrate, Racheal Tabaruka adjourned the matter to September,7,
2023.

 

The NEMA legal team worked together with the Office of the Director of
Public Prosecution to produce evidence against the accused.

 

 

 

 

Nigeria: Federal Govt Battles Market Forces to Stabilise Petrol Pump Price

The federal government is battling to contain and stabilise the pump price
of premium motor spirit (PMS) after the

 

removal of subsidy on May 29, 2023 sent prices skyrocketing in response to
market forces, naira depreciation, and rising cost of crude oil in the
international market.

 

The petrol pump price has risen twice since subsidy was removed, moving from
N185 to over N500 in May, and later to N617 in July, thus leading to a
cost-of-living crisis in Nigeria.

 

In a related development, the Kenyan government temporarily reversed subsidy
removal in the East African country following outcry from the populace.

 

 

President Bola Tinubu, yesterday, gave assurance that the government will
implement measures to sustain the existing pump price of PMS in the nation.
He affirmed that there will be no price hike in any region of the country

 

However, he also said the country will not revert its stance on subsidy
removal.

 

Presidential spokesman, Ajuri Ngelale, who disclosed this to State House
correspondents, said the official stance is that there will be no price
increase at present.

 

According to him, the president's conviction is rooted in the belief that
the current pricing can be maintained while addressing the inefficiencies
within the midstream and downstream petroleum sector, without a policy
reversal on deregulation.

 

The president further stated that the organised labour's threat of an
unannounced strike was premature in the light of these developments.

 

 

Ngelale said the president was intent on maintaining competitive tension to
ensure that no single individual or organisation dominates the sector and
that the government would address the inefficiencies in the midstream and
downstream petroleum value chains so that the price can be stabilised.

 

The presidential spokesman argued that the cost of petrol is still much
cheaper in Nigeria than in other West African countries.

 

Ngelale stated: "Mr. President wishes to assure Nigerians following the
announcement by the NNPC Limited just yesterday that there will be no
increase in the pump price of petroleum motor spirit anywhere in the
country.

 

"We also wish to affirm that the president is determined to maintain
competitive tension within all sub sectors of the petroleum industry.

 

"The market has been deregulated. It has been liberalised and we are moving
forward in that direction without looking back," he said.

 

 

Ngelale presented a graphic chart to compare the prices of PMS in Nigeria
and other West African nations.

 

He said: "Senegal at pump price today of N1,273 equivalent per litre, Guinea
at N1,075 per litre, Côte d' Ivore at N1,048 per litre equivalent in their
currency, Mali N1,113 per litre, Central African Republic N1,414 per litre,
Nigeria is presently averaging between N568 and N630 per litre.

 

"We are presently the cheapest, most affordable purchasing state in the West
African sub-region by some distance. There is no country that is below N700
per litre."

 

He further pointed out that PMS consumption in the country had dropped from
67 million litres per day to 46 million litres per day.

 

According to him, Nigeria is not yet at the end of the tunnel. However, he
asked citizens to be patient with the government even as he pledged that the
Tinubu administration will be transparent with Nigerians on issues around
fuel administration.

 

"And as we promised from the beginning, we will be open with Nigerians, and
we are ready to show you exactly what it is that our nation is facing with
respect to the illiquidity in the market in terms of foreign exchange, as a
result of what is now known to have been a gross mismanagement of the
Central Bank of Nigeria over the course of several years preceding this
time," he said.

 

Kenya Reinstates Fuel Subsidy For 30 Days

 

Meanwhile, the Kenya government reinstated a small subsidy to stabilise
retail fuel prices for the next 30 days, in a reversal of government policy
after public anger over the high cost of living.

 

The Energy and Petroleum Regulatory Authority (EPRA) said late on Monday
that the maximum retail price of a litre (0.26gal) of petrol would remain
constant at 194.68 shillings ($1.35), shielding consumers from an increase
of 7.33 shillings ($0.05), which the government will shoulder through a
price stabilisation fund.

 

In Nigeria, analysts believe the announcement by the Nigerian National
Petroleum Company Limited (NNPCL) that it is not planning to increase the
retail price of petroleum is indicative of the federal government's plan to
re-introduce some sort of petrol subsidy.

 

A highly reliable source told LEADERSHIP that although there has not been
any official confirmation to that effect, the rumour is rife that the
government is contemplating reconsidering the subsidy regime.

 

He said the move is to arrest the escalating pump price of petrol which has
taken a toll on the cost of living of the masses.

 

The source said the action is the only available option left for the
government at the moment given that it has no control of crude oil in the
international market, which is the key determinant that translates into cost
of refined products imported into the country.

 

Commenting on the development, the CEO of Centre for the Promotion of
Private Enterprise (CPPE), Dr. Muda Yusuf said, "This is what I think will
happen, no matter if the exchange increases international oil price, they
will maintain the current price.

 

"Citizens have been pushed to the limit, an unbearable point. The citizens
cannot bear any further fuel price increment."

 

Also, a highly reliable source told LEADERSHIP that, although there has not
been any official confirmation to that effect, the rumour is rife that the
government is contemplating returning to the subsidy regime.

 

He said the move is to arrest the escalating pump price of petrol which has
taken a toll on the cost of living of the masses.

 

The source said the action is the only available option left for the
government at the moment given that it has no control of crude oil in the
international market which is the key determinant factor that translates
into cost of refined products which is imported into the country.

 

Earlier, the Nigerian National Petroleum Company Limited (NNPCL) had said it
is not planning to increase the retail price of petroleum.

 

The oil firm said this in a statement posted via its official X platform on
Monday night.

 

The NNPCL made this known in reaction to reports in the media that the
company was set to raise petroleum pump prices from the current N617 per
litre to between N720 and N750 in the coming weeks.

 

But in its reaction on Monday, the NNPCL said it has no intention to
increase its petrol pump prices as widely speculated.

 

The NNPCL had in May begun adjustment of pump prices of fuel due to the
removal of petroleum subsidy to allow market forces to determine prices.

 

In Nigeria, the exchange rate, which reached an all-time high of N950 at the
parallel market, has also witnessed significant increases.

 

-Leadership.

 

 

 

 

Kenya: Tiktok Faces Ban as Petition Tabled in Parliament

Nairobi — A petition seeking to ban TikTok in Kenya has been tabled in
Parliament.

 

Speaker of the National Assembly Moses Wetangula says it cites explicit
content and lack of privacy among others.

 

"The content that is being shared on the platform is inappropriate thus
promoting violence, explicit sexual content, hate speech, vulgar language,
offensive behavior which is a serious threat to the cultural and religious
values of Kenya," the petition read by Wetangula stated.

 

"The petitioner avers that in Kenya, the internet application is not
regulated by the Communications Authority of Kenya leading to the failure to
remove or block content that is offensive."

 

The Chinese-based social media app has faced challenges, particularly in the
US where it is accused of being a surveillance tool.

 

Montana Governor Greg Gianforte was the first to sign a legislation to ban
the short video social media app from operating in the state to "protect
Montanans" from the alleged surveillance.

 

-Capital FM.

 

 

 

Nigeria's Inflation Hits 24.08% As Food Prices Rise

The food inflation rate increased to 26.98 per cent in July from 25.25 per
cent in June.

 

Nigeria's annual inflation rate rose to 24.08 per cent in July from 22.79
per cent in the previous month, the National Bureau of Statistics (NBS) said
Tuesday.

 

The NBS said on a year-on-year basis, the headline inflation rate was 4.44
per cent points higher compared to the rate recorded in July 2022, which was
19.64 per cent.

 

"This shows that the headline inflation rate (year-on-year basis) increased
in July 2023 when compared to the same month in the preceding year (i.e.,
July 2022)," it said.

 

According to the report, the food inflation rate increased to 26.98 per cent
in July from 25.25 per cent in June.

 

Although the prices of food have been on the rise across Nigeria in recent
years, the situation deteriorated due to the impact of government policies
such as the removal of subsidy on petrol, among others.

 

 

On 29 May, during his inauguration, President Tinubu announced the removal
of subsidy on petrol. This development has caused hardship for many
Nigerians with its attendant increase in the prices of goods and services.

 

Apart from the removal of subsidy, the Central Bank of Nigeria (CBN) also
announced the unification of all segments of the forex exchange (FX) market
as part of efforts to engender transparency in the markets and boost
investors' confidence.

 

The policy has been widely applauded as well-intentioned and necessary but
it has put additional pressure on the local currency and manufacturers, with
ripple effects on prices.

 

Inflation has remained high in Africa's largest economy, prompting the apex
bank to hike interest rates to their highest levels in nearly two decades.

 

 

In July, the Central Bank of Nigeria (CBN), raised its benchmark lending
rate to 18.75 per cent.

 

The bank said, "hiking the interest rate has made a lot of difference in
moderating the rate of inflation".

 

It noted that the option to continue the hike in the policy rate, albeit
moderately, also presented a strong alternative premised on the expected
liquidity injections into the economy from the recent efforts to unify the
nation's foreign exchange markets.

 

State of Emergency

 

Mr Tinubu had in July declared an immediate State of Emergency on food
insecurity to tackle the increase in food prices.

 

He also directed that "all matters pertaining to food & water availability
and affordability, as essential livelihood items, be included within the
purview of the National Security Council."

 

-Premium Times.

 

 

 

 

South Africa: SIU Files Leave to Appeal in Telkom Case

The Special Investigating Unit (SIU) is expected to file an application for
leave to appeal a High Court judgement which deemed its authorisation to
investigate the affairs of Telkom as invalid.

 

The judgement was delivered last month after the unit was authorised through
a proclamation by President Cyril Ramaphosa to investigate allegations of
"serious maladministration, malpractice, and possible corruption" at the
telecommunications company.

 

"The High Court found that Telkom is not a state institution and therefore,
the SIU could not investigate allegations of serious maladministration,
malpractice, and possible corruption in the affairs of Telkom.

 

"After consulting with our legal team, the SIU is of the opinion that there
is reason for an appeal," the SIU said.

 

The unit insists that the court must "give a fuller picture of what
constitutes a state institution as this can set a legal precedent" on which
institutions it can investigate.

 

Currently, government directly holds a 40.5% shareholding in Telkom with a
further 15.3% shareholding through the Public Investment Corporation.

 

"It is important that the issue of the "state institution" must be decided
and settled. If this is not clarified, it may create an unwelcome precedent
that some public institutions may inadvertently be shielded from
investigation by the SIU," the unit concluded.

 

-SAnews.gov.za.

 

 

 

 

Nigeria: No Plan to Increase Petroleum Pump Prices - NNPCL

"Dear esteemed customers, we at NNPC Retail value your patronage, and we do
not have the intention to increase our petrol motor spirit (PMS) pump prices
as widely speculated," a statement said.

 

The Nigerian National Petroleum Company Limited (NNPCL) has said it has no
intention to increase the retail price of petroleum.

 

The oil firm said this in a statement posted via its official X platform on
Monday night.

 

The NNPCL made this known in reaction to reports in the media that the
company was set to raise petroleum pump prices from the current N617 per
litre to between N720 and N750 in the coming weeks.

 

But in its reaction on Monday, the NNPCL said it has no intention to
increase its petrol pump prices as widely speculated.

 

"Dear esteemed customers, we at NNPC Retail value your patronage, and we do
not have the intention to increase our petrol motor spirit (PMS) pump prices
as widely speculated.

 

 

"Please buy the best quality products at the most affordable prices at our
NNPC Retail stations nationwide," the NNPCL said.

 

The NNPCL had in May begun adjustment of pump prices of fuel due to the
removal of petroleum subsidy to allow market forces to determine prices.

 

President Bola Tinubu had, in his inaugural address on 29 May, announced the
removal of fuel subsidy.

 

Following the announcement, the NNPCL directed its outlets nationwide to
sell fuel between N480 and N570 per litre, an almost 200 per cent increase
from the initial price below N200.

 

The hike immediately triggered an increase in transportation fares and
prices of goods and services by various percentages.

 

In July, petrol pump prices rose to N617 per litre at various outlets of the
NNPCL in Abuja and other parts of the country.

 

At the time, the NNPCL attributed the rise in the petroleum pump prices in
the country to 'market forces'.

 

The NNPCL Group Chief Executive Officer, Mele Kyari, while speaking to
journalists after a closed-door meeting with Vice President Kashim Shettima
at the State House in Abuja, said with the deregulation of the oil sector,
market realities will force the price of petrol up sometimes and at other
times force it down.

 

"We have the marketing wing of our company. They adjust prices depending on
the market realities.

 

"This is really what is happening; this is the meaning of making sure that
the market regulates itself so that prices will go up and sometimes they
will come down also. This is what we have seen, and in reality, this is what
(how) the market works," Mr Kyari said at the time.

 

-Premium Times.

 

 

 

 

Kenya: Easy Coach Rescinds Omena Ban After Social Media Outrage

Long-distance bus service provider Easy Coach now says it will allow for the
transportation of fish products on its fleet after a backlash from a section
of its clients.

 

A public onslaught against the Public Service Vehicle (PSV) operator
intensified on Tuesday after fiery lawyer Miguna Miguna termed the move as
tantamount to ethnic profiling.

 

"The suspension has been lifted and you can now carry your fried, dried,
smoked, salted mbuta, ngege, kamongo, omena," Easy Coach in a brief public
statement.

 

Easy Coach however said travelers must pack such products appropriately.

 

 

In an earlier statement, Easy Coach had banned the transportation of any
fish products citing concerns raised by some of its customers.

 

The complainants, Easy Coash said, decried the discomfort caused by poorly
packed fish and fish products.

 

"Following complaints raised by some of our clients on poorly packaged
fish/fish products contaminating their accompanied language, temporarily
suspend the carrying of fish /fish products as accompanied language in our
buses," the statement in part.

 

'Ethnic profiling'

 

The ban prompted a fierce response by Miguna who said the bus company should
have similarly banned products associated with other ethnic groups.

 

"Easy Coach should and could have announced that it has banned the
transportation of all rotten products in their buses - whether meat, fish,
milk, githeri, whatever," Miguna tweeted.

 

"The target should be foul smell. Not a specific product. After all, rotten
meat and milk smell as bad as rotten fish," he said.

 

Miguna vowed to resist any attempts to target communities "using code words
and ethnocentric and discriminatory mechanisms".

 

-Capital FM.

 

 

 

Kenya: Airtel Money Nearly Doubles Daily Transaction Limit to Sh500,000

Nairobi — Airtel Money users will now be able to send up to Sh500,000 using
their accounts after the mobile money company got regulatory approval from
the Central Bank of Kenya (CBK) to increase the daily limit.

 

This will be a sizeable increase from a Sh300,000 ceiling previously.

 

"We are elated about the CBK's decision as this change will significantly
empower our customers and partners by providing them with the flexibility to
conduct larger transactions and manage their finances more effectively,"
Airtel Money (K) Ltd Managing Director Anne Kinuthia-Otieno said.

 

A higher limit is good for businesses and government agencies, among others,
as it will increase transactable amounts thus boosting businesses.

 

"This is a positive step as it has very positive economic benefits for the
Kenyan economy," Kinuthia-Otieno added.

 

"Businesses can now conduct their operations more conveniently, efficiently,
and consumers can access a wider range of goods and services contributing to
economic growth, job creation, and improved financial stability in Kenya."

 

However, Airtel users will only be able to send a maximum of Sh150,000 at a
time.

 

Only yesterday, Safaricom also increased its limit to Sh500,000 after
getting a nod from the CBK.

 

-Capital FM.

 

 

 

 

VinFast: Vietnam EV maker valued at more than Ford or GM

Vietnamese electric vehicle (EV) maker VinFast's stock market valuation has
soared above Ford and General Motors (GM) on its first day of trading.

 

Shares in the firm, which has yet to make a profit, closed above $37 (£29)
each in their New York's debut.

 

That gave VinFast a stock market valuation of $85bn, much higher than Ford's
$48bn and GM's $46bn.

 

It comes as motor industry giants and newer manufacturers fight for a slice
of the booming EV market.

 

The listing added around $39bn to the wealth of VinFast's chairman and
founder Pham Nhat Vuong, who was already Vietnam's richest man.

 

Regulatory filings show he controls 99% of the firm's outstanding shares,
mostly through Vietnam's largest conglomerate, Vingroup JSC.

 

That limits the number of shares available for other investors to trade,
which can lead to large price swings.

 

Trading in VinFast was relatively thin on Tuesday, with around $185m worth
of its shares changing hands.

 

"Investors are continuing to believe that the future is in electric and that
a low-cost East Asian country will emerge as a competitor in the US," said
Bill Russo, Founder and CEO of Shanghai-based Automobility.

 

"The markets believe that given geopolitics that Vietnam, not China, will be
that country."

 

Instead of a conventional share sale, VinFast went public using a shell
company, or special purpose acquisition company (Spac).

 

Spacs are often used by start-ups to speed up the often slow and expensive
process of taking a private company public. In simple terms, it means
merging a company that is not on a stock exchange with one that is.

 

Several EV makers - including Lordstown Motors and Faraday Future - have
gone public using Spacs in the last three years.

 

However, both firms have lost more than 90% of their stock market value
since their mergers.

 

Mr Russo said VinFast could be different because "they are primarily backed
by Vingroup, which gives them access to funding from a business that has a
proven track record of growth".

 

"Most EV start-ups fail because they do not have profitable core and
external funding eventually runs out as they burn capital far faster than
they generate cash," he said.

 

But VinFast also faces tough competition as major players fight for market
domination.

 

Market leaders - including Elon Musk's Tesla and BYD, which is backed by
veteran investor Warren Buffett - have been cutting prices to boost sales.

 

In the first half of the year VinFast delivered 11,300 EVs, according to a
company presentation. By comparison, Tesla delivered more than 889,000
vehicles in the same period.

 

"Tesla will continue to be the clear leader in EVs but there will be many
winners," said Dan Ives of Wedbush Securities.

 

"VinFast has built a strong foundation for EV success."-bbc

 

 

 

 

Firm regrets taking Facebook moderation work

A firm which was contracted to moderate Facebook posts in East Africa has
said with hindsight it should not have taken on the job.

 

Former Kenya-based employees of Sama - an outsourcing company - have said
they were traumatised by exposure to graphic posts.

 

Some are now taking legal cases against the firm through the Kenyan courts.

 

Chief executive Wendy Gonzalez said Sama would no longer take work involving
moderating harmful content.

 

Warning - this article contains distressing content

 

Some former employees have described being traumatised after viewing videos
of beheadings, suicide and other graphic material at the moderation hub,
which the firm ran from 2019.

 

Former moderator Daniel Motaung previously told the BBC the first graphic
video he saw was "a live video of someone being beheaded".

 

Mr Motaung is suing Sama and Facebook's owner Meta. Meta says it requires
all companies it works with to provide round-the-clock support. Sama says
certified wellness counsellors were always on hand.

 

Ms Gonzalez told the BBC that the work - which never represented more than
4% of the firm's business - was a contract she would not take again. Sama
announced it would end it in January.

 

"You ask the question: 'Do I regret it?' Well, I would probably put it this
way. If I knew what I know now, which included all of the opportunity,
energy it would take away from the core business I would have not entered
[the agreement]."

 

She said there were "lessons learned" and the firm now had a policy not to
take on work that included moderating harmful content. The company would
also not do artificial intelligence (AI) work "that supports weapons of mass
destruction or police surveillance".

 

Citing continuing litigation, Ms Gonzalez declined to answer if she believed
the claims of employees who said they had been harmed by viewing graphic
material. Asked if she believed moderation work could be harmful in general,
she said it was "a new area that absolutely needs study and resources".

 

Stepping stone

Sama is an unusual outsourcing firm. From the beginning its avowed mission
was to lift people out of poverty by providing digital skills and an income
doing outsourced computing tasks for technology firms.

 

In 2018 the BBC visited the firm, watching employees from low-income parts
of Nairobi earn $9 (£7) a day on "data annotation" - labelling objects in
videos of driving, such as pedestrians and street lights, which would then
be used to train artificial intelligence (AI) systems. Employees interviewed
said the income had helped them escape poverty.

 

The company still works mainly on similar computer vision AI projects, that
do not expose workers to harmful content, she says.

 

"I'm super proud of the fact that we've moved over 65,000 people out of
poverty," Ms Gonzales said.

 

It's important, she believes, that African people are involved in the
digital economy and the development of AI systems.

 

Throughout the interview Ms Gonzales reiterated that the decision to take
the work was motivated by two considerations: that moderation was important,
necessary work undertaken to prevent social media users from harm. And that
it was important that African content was moderated by African teams.

 

"You cannot expect somebody from Sydney, India, or the Philippines to be
able to effectively moderate local languages in Kenya or in South Africa or
beyond," she said.

 

She also revealed that she had done the moderation work herself.

 

Moderators' pay at Sama began at around 90,000 Kenyan shillings ($630) per
month, a good wage by Kenyan standards comparable to nurses, firemen and
bank officers, Ms Gonzalez said.

 

Asked if she would do the work for that amount of money she said "I did do
the moderation but that's not my job in the company".

 

Training AI

Sama also took on work with OpenAI, the company behind ChatGPT.

 

One employee, Richard Mathenge, whose job was to read through huge volumes
of text the chatbot was learning from and flag anything harmful, spoke to
the BBC's Panorama programme. He said he was exposed to disturbing content.

 

Sama said it cancelled the work when staff in Kenya raised concerns about
requests relating to image-based material which was not in the contract. Ms
Gonzalez said "we wrapped up this work immediately".

 

OpenAI said it has its own "ethical and wellness standards" for our data
annotators and "recognises this is challenging work for our researchers and
annotation workers in Kenya and around the world".

 

But Ms Gonzalez regards this type of AI work as another form of moderation,
work that the company will not be doing again.

 

"We focus on non-harmful computer vision applications, like driver safety,
and drones, and fruit detection and crop disease detection and things of
that nature," she said.

 

"Africa needs a seat at the table when it comes to the development of AI. We
don't want to continue to reinforce biases. We need to have people from all
places in the world who are helping build this global technology."-bbc

 

 

 

 

China suspends youth unemployment data after record high

China has stopped releasing youth unemployment figures, which were seen by
some as a key indication of the country's slowdown.

 

The decision is due to changes in the world's second largest economy and its
society, a government spokesman said.

 

In June, China's jobless rate for 16 to 24 year olds in urban areas hit a
record high of more than 20%.

 

The country's central bank also cut the cost of borrowing on Tuesday in an
attempt to help boost growth.

 

Official figures published on Tuesday showed China's overall unemployment
rate had risen to 5.3% in July.

 

At the same time the government said it would temporarily suspend publishing
youth joblessness data but gave no timeline for the suspension.

 

A spokesman for the National Bureau of Statistics said the method of
calculating unemployment among young people needed to be reconsidered.

 

"The economy and society are constantly developing and changing. Statistical
work needs continuous improvement", Fu Linghui told a news conference in
Beijing.

 

Mr Fu hinted that the growth in the number of students between 16 and 24
years of age had affected unemployment figures, but China has never counted
those in education as unemployed.

 

China started publishing youth unemployment figures in 2018. However, it
does not currently release data on the employment status of young people in
rural areas.

 

The suspension of publishing youth unemployment figures immediately started
trending on Chinese social media platform Weibo.

 

One user said: "Covering your mouth and closing your eyes, can that really
solve problems? With flexible employment, slow employment, and independent
employment, working for just one hour means you're not unemployed. Don't
take the statistics from the Bureau of Statistics seriously."

 

"As long as I don't announce it, then nobody is unemployed," another post
said.

 

The announcement came as the country's post-pandemic economic recovery is
slowing.

 

In the latest move by authorities to boost growth the People's Bank of China
on Tuesday unexpectedly cut key interest rates for the second time in three
months.

 

Last week, China recently reported a sharp fall in exports while the economy
slipped into deflation where prices fall.

 

"There is a real risk of the economy slipping into a recession unless policy
support is ramped up soon," Julian Evans-Pritchard of Capital Economics said
in a note to investors.

 

Another issue causing major concerns about China's economy is its crisis-hit
property market.

 

On Monday, China's largest private real estate developer Country Garden
warned that it could lose up to $7.6bn (£6bn) for the first six months of
the year.

 

China's real estate industry was rocked when new rules to control the amount
major developers could borrow were introduced in 2020.

 

The following year, Chinese property giant Evergrande defaulted on its
massive debts and last month revealed a total loss of 581.9bn yuan ($81.1bn;
£62bn) for the last two years.-bbc

 

 

 

 

Bank of Ireland warning over cash machine glitch reports

The Bank of Ireland and Irish police have issued warnings after technical
issues led to reports that people could withdraw large sums from cash
machines despite having little or no funds in their accounts.

 

Pictures and videos shared on social media appear to show long queues
outside machines in the Republic of Ireland.

 

The bank said it had been experiencing faults with its mobile app and warned
customers that any withdrawal of funds over normal limits will be taken from
accounts.

 

It said people should "not withdraw or transfer funds if they are likely to
become overdrawn".

 

Gardaí (Irish police) said it was aware of an "unusual volume of activity"
at some cash machines and "of issues relating to certain financial
institutions".

 

"An Garda Síochána will remind people of their personal responsibility in
carrying out their personal banking," it said.

 

Earlier on Tuesday, the Bank of Ireland apologised to customers for
unexpected disruption to its mobile app and online services.

 

It said it was working to resolve the problem and would update customers
once service was restored.-bbc

 

 

 

 

Russia hikes interest rates to 12% as rouble falls

Russia has hiked interest rates to 12% after the rouble fell to its lowest
value in 16 months.

 

The currency fell past 100 per dollar on Monday, prompting Russia's central
bank to hold an emergency meeting.

 

The Bank of Russia said it decided to raise interest rates from 8.5% to curb
inflation, which hit 4.4% in August.

 

Pressure has been mounting on the Russian economy due to imports rising
faster than exports and military spending growing for the Ukraine war.

 

"Steady growth in domestic demand surpassing the capacity to expand output
amplifies the underlying inflationary pressure and has impact on the
rouble's exchange rate dynamics through elevated demand for imports," the
Bank of Russia said in a statement.

 

The bank said "inflationary pressure" was building, but that its target was
to bring inflation, which is the rate prices rise at, down to 4% by 2024.

 

Russia has been targeted with sanctions by Western countries following its
invasion of Ukraine in February 2022.

 

The rouble plummeted after war first broke out, but was bolstered by capital
controls and oil and gas exports.

 

However, it has lost about a quarter of its value overall against the US
dollar since Ukraine was invaded and this week more than 100 roubles was
needed to buy one dollar.

 

Russian rouble falls to 16-month low

No panic over rouble but fall will hurt Russians

On Tuesday, the currency recovered slightly to 98 roubles to the dollar, but
it remains much weaker than it was last year.

 

It is not the first time the Bank of Russia has been aggressive with
interest rate hikes. When Russia first attacked Ukraine the bank raised
rates from 9.5% to 20%, but began cutting them shortly afterwards.

 

But the latest hike will only have a temporary impact, according to Liam
Peach, senior emerging markets economist at Capital Economics.

 

"Russia will struggle to attract capital inflows because of sanctions," he
said.

 

Analysts have said a major factor in the rouble weakening has been Russia's
trade, and therefore its economy, being hit by Western sanctions.

 

Since the outbreak of war, many EU countries which relied on Russian oil and
gas have pledged to wean themselves off imports from the country and find
alternative suppliers.

 

EU leaders introduced a price cap plan to limit the amount Russia earns from
its oil exports and the country has also been excluded from Swift, an
international payment system used by thousands of financial
institutions.-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  

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Padenga

EGM

Royal Harare Golf Club

August 16 – (10am)

 


Border Timbers

EGM

4 – 12 Paisley Road, Southerton, Harare, or virtually
:https://escrowagm.com/eagmZim/Login.aspx” 

August 18 – (10am)

 


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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