Major International Business Headlines Brief::: 29 August 2023

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Major International Business Headlines Brief::: 29 August 2023 

 


 

 


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ü  Tanzania: Mwinyi - Devise New Ways to Promote Domestic Tourism

ü  Kenya Seeks Help From Uganda to Tackle Power Crisis After 20-Hour Power
Outage At Nairobi Airport

ü  Kenya: We Are Revamping the Blue Economy to Unlock Untapped
Opportunities, President Ruto

ü  Rwanda: Fraud in Ticketing as Public Transport Woes Linger

ü  Malawi - Truck Drivers Learn About Risks of Human Trafficking

ü  Kenya: Govt to Transform Lives of Kenyans Through the Blue Economy

ü  South Africa: Agreements to Aid Energy Solutions

ü  Tanzania: Tcra, Costech Join Forces to Boost Startups

ü  South Africa: Enoch Godongwana - Unseating the Mighty Dollar Is a
Non-Starter

ü  Tanzania: Dollar Shortage - Govt Steps Up Measures

ü  Chevron: Workers at major Australia gas facilities to strike

ü  Terry Gou: The Taiwan iPhone billionaire who wants to be president

ü  Evergrande: Shares in the crisis-hit Chinese developer plunge by 80%

 


 

 


 

 <https://www.cloverleaf.co.zw/> Tanzania: Mwinyi - Devise New Ways to
Promote Domestic Tourism

Zanzibar — President Hussein Ali Mwinyi has challenged authorities,
investors and members of the business community to have workable plans and
be innovative in order to promote domestic tourism and attract more
tourists.

 

Dr Mwinyi noted that there are still a number of underutilised opportunities
in the country that could boost tourism, noting that the 'Kizimkazi- Samia
festival' is one of the innovations that would help boost tourism in
Zanzibar.

 

"President Samia Suluhu Hassan deserves praise for being creative. Kizimkazi
is a special event attracting many visitors and also an opportunity for
businesses including petty traders," Dr Mwinyi said at the inauguration of
the week-long 2023 Kizimkazi-Samia festival being held at Kashangae grounds,
Paje coastal village in Unguja South Region.

 

Elaborating, he told the gathering that he inaugurated this year's festival
on behalf of Dr Samia who will officiate the closing of the event next
Thursday (31st August, 2023).

 

 

The festival was created and launched by President Samia in 2015.

 

Dr Mwinyi said the festival offers many job opportunities in the tourism
sector, urging people particularly the youths to exploit them.

 

He said the opportunities also include Blue Economy- fishing and seaweed
farming, which many youths can do with support from the government to
increase production to meet the growing market.

 

He said the 'Mwaka-Kongwa' cultural event in Makunduchi has been attracting
visitors, including tourists in Unguja South, adding that the attraction
must be maintained.

 

"Kizimkazi festival also drives us to strengthen unity and love between the
people of Zanzibar and the mainland as many people from the mainland travel
to the festival," Dr Mwinyi said.

 

Seeing wild animals in cages, traditional food, sports and entertainment are
among activities that colour the festival which also include the opening or
laying foundation stone for development projects.

 

Prior to the inauguration of the festival at Paje, Dr Mwinyi laid a
foundation stone for the construction of a modern health centre at
Kizimkazi.

 

Dr Mwinyi thanked private sector and development partners led by the
People's Bank of Zanzibar (PBZ) Bank and NBC Bank for supporting the
development at Kizimkazi and the Unguja South Region.

 

Mr Rashid Hadid Rashid- Regional Commissioner (RC) for Unguja South praised
both Dr Samia and Dr Mwinyi for their personal initiatives to develop the
region and other parts of Tanzania to the satisfaction of the majority of
people they serve.

 

He said that infrastructures such as roads, health centres, schools, water
supply are being developed in the region.

 

"We hope that soon people in South Unguja will witness and enjoy these
development projects," he stated.

 

-Daily News.

 

 

 

Kenya Seeks Help From Uganda to Tackle Power Crisis After 20-Hour Power
Outage At Nairobi Airport

Kenya Power, the national electric utility company in Kenya, has reached out
to Uganda for assistance in restoring imported electricity to address the
power crisis in the country.

 

The outage, caused by a system disturbance, occurred on Friday, affecting
many parts of Kenya.

 

The outage left passengers at Jomo Kenyatta International Airport (JKIA),
stuck in darkness for extended periods at Nairobi's main airport.

 

Footage from local media showed individuals using mobile phone torches to
navigate the darkened airport.

 

The Kenya Airports Authority (KAA) reported that one of its standby
generators did not function after the power grid went off.

 

Transport Cabinet Secretary Kipchumba Murkomen apologised for the nationwide
blackout that affected JKIA and promised to announce measures to prevent a
recurrence after discussing with airport leaders.

 

Murkomen also dismissed Alex Gitari, the head of Kenya's airports authority.

 

 

Furthermore, he noted that political meddling has caused a demoralised and
chaotic labour force.

 

Despite the partial restoration of power in some regions, rampant power
shortages still persist across the majority of the nation, according to the
authority.

 

Kenya Power stated that importing electricity from Uganda would have been
more efficient and convenient, but it was not available during the crisis.

 

Nevertheless, they have sought assistance from Uganda in resolving the over
20-hour power outage.

 

To recover the grid, Kenya Power isolated the lines carrying the affected
electricity generators and utilized electricity from Seven Fork Hydro power
stations.

 

However, this method took longer compared to importing electricity from
Uganda, which was not possible at the time.

 

The restoration efforts began in the Central and Eastern Regions and
progressed towards Nairobi.

 

Kenya Power is also in the final stages of incorporating power from the
Olkaria complex, where most geothermal plants are situated, to restore
supply to areas still experiencing power outages.

 

The state-backed utility firm, enjoying a monopoly in Kenya, reported that
the power outage was triggered by a loss of 270MW generation from the Lake
Turkana Wind Power Plant (LTWP), resulting in an imbalance in the power
system and subsequent shut down of other main generation units and stations.

 

Kenya Power apologises for any inconvenience caused and expresses gratitude
for the patience of its valued customers.

 

 

 

Kenya: We Are Revamping the Blue Economy to Unlock Untapped Opportunities,
President Ruto

Nairobi — The Government has come up with a comprehensive plan to tap
resources in the blue economy to transform the lives of Kenyans.

 

President William Ruto noted that the country has a lot of resources in the
blue economy, which remain untapped.

 

Speaking during the official launch of Mulukhoba fish landing site in
Budalangi, Busia County, on Saturday, Dr Ruto said the sector will play an
important role in the provision of employment opportunities for the youth.

 

"The blue economy will be an economic game changer for this country. We are
going to integrate the sector for food security and employment opportunities
for our people," said President Ruto.

 

 

He said the facility's cold room will process more than 10 tonnes of fish in
a day.

 

"The improved refrigeration will help maintain a long shelf life and
guarantee quality of fish from Busia and the neighboring counties," he said.

 

President Ruto said there was a comprehensive plan to restock Lake Victoria
with fingerlings to shore up fishing stocks.

 

Present were Deputy President Rigathi Gachagua, Prime Cabinet Secretary
Musalia Mudavadi, Cabinet Secretaries Ababa Namwamba (Sports), Salim Mvurya
(Mining, Blue Economy, Maritime Affairs), Ezekiel Machogu (Education), Eliud
Owalo (ICT) and Susan Nakhumicha (Health), Busia Governor Paul Otwoma, a
host of Principal Secretaries, MPs and MCAs.

 

In Busia Town, President Ruto officially opened the Busia County Teaching
and Referral Hospital Surgical Ward that is complete with a General Surgical
Unit, Orthopedic Surgery Unit and Paediatric Unit with a combined bed
capacity of more than 90.

 

 

"The reorientation of our medical services, placing community health
promoters at the centre of our Plan, advances early detection and prevention
of diseases, assuring all Kenyans -- especially those at the grassroots --
accessible, quality and affordable care," he said.

 

Later, at Alupe University in Teso South, he officially opened the
institution's Academic Block and Library.

 

He also presided over the launch of Lurambi affordable housing project in
Lurambi constituency, Kakamega County.

 

"We are building 4,000 houses in Lurambi that will create employment
opportunities for over 10,000 youth," he said.

 

The Deputy President said the Government was on course in delivering its
pledges and reducing the costvof living.

 

"We pledged to serve all Kenyans equally and deliver our promises and we are
on course," he said.

 

Mudavadi asked leaders from the political to be united and serve Kenyans.

 

Mvurya said the Government was exploiting the potentiality of the sector to
create jobs.

 

He said plans were underway to transform Beach Management Units (BMUs) into
savings and credit cooperative societies. - Presidential Communication
Service

 

-Capital FM.

 

 

 

 

Rwanda: Fraud in Ticketing as Public Transport Woes Linger

Shortage of public buses in Rwanda has been a persistent problem that has
resulted in a range of issues for travellers. From being late for work or
home due to long queues at bus parks to the emergence of unguided
alternatives, the impact of these shortages has been widely felt as
evidenced by incessant complaints voiced on different social media
platforms.

 

The shortage has given rise to fraudulent activities in public transport
ticketing, where certain individuals exploit the situation for their own
financial gain. This is in addition to other options whereby owners of
private cars opt to give people rides while charging them a fee.

 

 

Talking to The New Times, Marcel Ndayiragije, who works as a casual labourer
in Nyabugogo taxi park, shed light on the practices that have emerged due to
the public bus shortage.

 

"Some individuals purchase multiple tickets and resell them at a premium to
passengers in a hurry," he said.

 

This dubious resale is carried out with the passengers' consent, without the
use of force. Ndayiragije further explained, "The passenger and the ticket
holder mutually agree on the resale price."

 

It means that for lack of better options, this alternative, though more
expensive, is seen as a preferable option to taking a private car due to its
lower cost.

 

Clementine Uwineza, a passenger found at the park, also shared her comment,
stating, "When one is in a rush, they can obtain tickets from individuals
who had previously purchased them, with an additional fee of approximately
Rwf 500 serving as compensation for the seller's assistance."

 

 

While the resale occurs with the passengers' consent, it plays on their
urgency and adds an additional financial burden to already strained
commuters, she added.

 

More complaints flowed in when the Rwanda Utilities Regulatory Authority
(RURA), in response, reminded of the legal implications of offering rides to
fellow travellers.

 

RURA highlighted the difference between providing a friendly gesture and
engaging in commercial transportation services without authorisation, in a
tweet made under a thread post of a Twitter user who was complaining about
the shortage of public buses.

 

"Anyone engaged in the transportation business is required to obtain
authorisation from the institution," the post read.

 

However, RURA's response addressed only one component of it, emphasising the
need for individuals engaged in the transportation business to obtain proper
authorisation.

 

 

It clarified that offering a ride to someone without monetary exchange is
not inherently problematic. However, those drivers who transport passengers
and charge them without the necessary authorisation to operate as a
transportation service face penalties.

 

Notwithstanding, the issue of fraudulent ticket sales remained unaddressed,
despite the institution's latest response, in a tweet, that they are
intensifying inspections to ensure that those who do not comply with RURA
approved tickets are punished. They also urged people to share information
via their toll free lines 3988 or 2222.

 

However, as of yet, the entity in charge has been unable to provide The New
Times with additional information.

 

According to René Manzi, Operations Manager at the Rwanda Association of
Passenger Transporters (ATPR), which manages Nyabugogo taxi park, they are
aware of the issue of fraudulent ticket sales and have been actively working
to address it, especially during peak seasons.

 

"Some fraudsters are well aware that we are currently in a peak season,
leading to a shortage of available vehicles. They buy tickets and resell
them to desperate passengers," he said.

 

To combat the problem, Manzi said that ATPR has has communicated a rule that
no individual should be allowed to purchase more than one ticket.

 

"This directive has been communicated to all cashiers working for
transportation companies. If someone wishes to purchase an extra ticket,
another designated staff member must approve the transaction," he said.

 

Manzi further highlighted their collaborative efforts with the police, RURA,
and other security personnel to apprehend the fraudsters and curb the
illicit ticket trade.

 

Godfrey Nkusi, Managing Director of Rwanda Inter-Link Transport Company
(RITCO Ltd), also acknowledges the issue but assures that they have
implemented control measures.

 

"We have established a supervisory team to ensure that each printed ticket
bears the name of its rightful owner. We have also enforced rules to prevent
any individual from purchasing more than one ticket. In cases where tickets
are bought for children, the child must be present during the purchase," he
said.

 

Bosco Tuyishime, Public Relations Officer at Horizon Express, mentioned that
their tickets can be conveniently purchased through Momo or at their office
located in various parks.

 

To combat fraudulent activities, he explained that they also require all
ticket purchasers to provide their real names.

 

Furthermore, Tuyishime noted that RURA surveyors regularly inspect their
buses to verify ticket information.

 

"If a passenger is found with a ticket that does not match their name, the
company faces penalties. This proactive approach ensures that we are
effectively addressing the issue," he added.

 

-New Times.

 

 

 

Malawi - Truck Drivers Learn About Risks of Human Trafficking

Truck drivers in southern Africa who have been recruited to traffic or
smuggle people illegally are learning about the risks involved thanks to the
UN drugs and crime agency, UNODC.

 

"I used to transport sugar from Malawi," said an anonymous driver, who was
arrested for migrant trafficking. "In 2016, I had to wait for several days
at a border crossing in Tanzania for customs checks. I was approached by a
man who offered me a lot of money to transport goats."

 

His story is not unique.

 

Malawi is located at the crossroads of several significant flows of people
fleeing conflict, instability, and poverty in Central Africa and the Horn of
Africa.

 

Such movements provide lucrative opportunities for smugglers and traffickers
and for Malawi's 5,000 registered international truck drivers.

 

The driver who shared his story said he was paid in advance, and the man who
offered him the deal took photos of both him and his truck. The driver
proceeded to spend some of the money and send more to his wife.

 

 

"On the day I was due to leave, the man told me the 'goats' were actually 30
illegal migrants from Ethiopia," he said. "They looked very sick, tired, and
malnourished. He said I had to take them to a location in Malawi that's
close to a large refugee camp."

 

Smuggler threats

 

When the driver tried to protest, the smuggler demanded his money back and
threatened to take the truck and share photos of him with the authorities.

 

"This is how it all started, and soon it became my main business," he said.
"The man would pay me a lot of money and escort me in a small car, so he
could bribe corrupt police and immigration officers along the way."

 

According to the driver, he was initially not aware that what he was doing
was illegal.

 

 

Then, in 2019, he was arrested in Mozambique while transporting 72 migrants
from Malawi and the Democratic Republic of the Congo (DRC).

 

"Now I'm sick, unemployed, and divorced," the driver said.

 

Trafficking risks

 

Truck drivers based in Malawi are now learning about the risks of
transporting migrants and trafficking victims, thanks to a programme
supported by the UN Office on Drugs and Crime (UNODC). The courses, which
began in February, are already proving to be a success.

 

Feckson Chimodzi, a truck driver who transports farming products from
countries in Southern Africa into Malawi and also participated in the
course, said drivers who work with smugglers and traffickers often do it
"out of necessity" to supplement their low salaries.

 

"Our employers need to improve our working conditions and give us
comprehensive training about the dangers of getting involved in these
crimes," Mr. Chimodzi said.

 

 

Strict penalties

 

Criminals who smuggle or traffic humans within countries or across borders
use all possible routes and modes of transportation to transfer people for
profit and exploitation.

 

If apprehended by authorities, the truck drivers are usually arrested and
imprisoned, explained Maxwell Matewere, a UNODC National Project Officer on
trafficking in persons.

 

"There's a lack of understanding of human trafficking and migrant smuggling
in the region, and payment for illegally transporting people is much larger
than the regular truck driver's salary," said Mr. Matewere, who conducts the
training.

 

"Most drivers know what they're doing is illegal, but are told that when
they cross borders, corrupt officials will let them pass," he said. "So,
they take the money and the risk."

 

Vehicle confiscations and arrests

 

Following a series of vehicle confiscations and arrests in neighbouring
countries, the Professional Drivers Association of Malawi asked UNODC to
train its members on the dangers of transporting smuggled migrants and
victims of trafficking.

 

A total of four courses for around 400 drivers have been conducted, with
further sessions scheduled in October. The participants are informed about
the penalties they face if caught, including the loss of both their truck
and employment, a criminal record, and potential imprisonment of up to 14
years in a foreign country.

 

Positive impact, new allies

 

Since the start of the UNODC courses, the Professional Drivers Association
has reported a reduction in the number of arrests of Malawian drivers on
charges of migrant smuggling and human trafficking.

 

Many drivers who attended the training are proving to be "very useful
allies" in the prevention and detection of cases of migrant smuggling and
human trafficking, said Mr. Matewere said.

 

"We explain that migrant smuggling and human trafficking are serious
organized criminal activities punishable by laws in Malawi and the countries
the drivers transit, such as Zimbabwe, Zambia, Tanzania, and Mozambique," he
said.

 

"Furthermore, the drivers are told that these crimes are linked to
exploitation, abuse, and violence and can even result in death, and we tell
them about the connections to other illicit activities such as drugs and
firearms smuggling," he added.

 

Last year, Malawi's Ministry for Homeland Security appointed a new group of
law enforcement officers to counter the increasing cases of migrant
smuggling and human trafficking.

 

"We've established contact between the truck drivers we trained and this
specialised unit, so they now know who to inform when they've been
approached by criminals to carry people in their vehicles," Mr. Matewere
said.

 

Since May, seven attempts of human trafficking and migrant smuggling have
been stopped by authorities at border crossings due to information from
truck drivers. A recent case involved 40 Malawians, including children, who
were being taken in three trucks to South Africa and intercepted on the
border with Zambia.

 

The awareness-raising courses are organized through UNODC's human
trafficking and migrant smuggling section, with the cooperation of Malawi's
Ministry of Homeland Security and financial support from the Government of
Sweden.

 

Find out more about how UNODC is tackling human trafficking and migrant
smuggling here.

 

SDG 16: Peace, Justice and Strong Institutions

 

Sustainable Development Goal 16 recognizes that conflict, insecurity, weak
institutions and limited access to justice remain a significant threat to
sustainable development.

It aims to reduce all forms of violence and deaths caused by that violence.
It focuses on ending the abuse, exploitation, torture and trafficking of
children.

It promotes the rule of law at the national and international levels and
ensure equal access to justice for all

Read the original article on UN News.

 

 

 

 

Kenya: Govt to Transform Lives of Kenyans Through the Blue Economy

Nairobi — The government has come up with a comprehensive plan to tap
resources in the blue economy to transform the lives of Kenyans.

 

President William Ruto noted that the country has a lot of resources in the
blue economy, which remain untapped.

 

Speaking during the official launch of Mulukhoba fish landing site in
Budalangi, Busia County, on Saturday, Ruto said the sector will play an
important role in the provision of employment opportunities for the youth.

 

"Blue economy will be an economic game changer for this country. We are
going to integrate the sector for food security and employment opportunities
for our people," said President Ruto.

 

 

The project, which was undertaken at a cost of Sh 130 million will soon be
handed over to Busia County.

 

The Head of State, at the same time, said Kenya and Uganda will work
together in addressing challenges of insecurity facing fishermen in Lake
Victoria.

 

"President Yoweri Museveni and I have agreed to have our security work
together in addressing the challenges facing our fishermen," he said.

 

President Ruto directed the establishment of a patrol base to be manned by
special Coast Guard Service.

 

"We want to secure all the areas our fishermen are operating from," said Dr
Ruto.

 

President Ruto said there was a comprehensive plan to restock Lake Victoria
with fingerlings to shore up fishing stocks.

 

 

The President praised the unity and teamwork among Busia leaders in
exploring ways of solving problems facing their people.

 

"As leaders we must know that there is time for everything. Elections are
over and it's our turn to serve the citizens. Youths look upon leaders to
solve their problems," he said.

 

President Ruto cautioned leaders against inciting the youth to engage in
disruptive demonstrations, which lead to loss of lives and destruction of
property.

 

He noted that Busia County was an ideal tourism destination, saying leaders
should exploit the huge potential in the sector.

 

Deputy President Rigathi Gachagua urged leaders to stop misusing the youth
to engage in disruptive demonstrations.

 

"Disruptive demonstrations have no room in this country. Elections are over
and it's time for leaders to deliver," he said.

 

Prime Cabinet Secretary Musalia Mudavadi asked Busia County residents to
shun retrogressive politics that may scare away investors.

 

 

"Who will come to invest in Busia if you engage in violence and destruction
of properties? " asked Mr Mudavadi..

 

On corruption, Mr Mudavadi noted that agencies responsible in the fight
against the vice have firm instructions to discharge their duties
effectively.

 

"No one will hide under the community when it comes to corruption. It's an
individual affair," said Mr Mudavadi.

 

Governor Paul Otuoma said leaders from Busia were ready to work with
President Ruto for the good of the county.

 

He noted that nothing will stand in his way from working closely with the
national government in solving problems facing his people.

 

"Time for elections is over. As leaders, we must change the economic
fortunes of our people. And to achieve this, both national and county
governments must work together," said Governor Otuoma.

 

Mining, Blue Economy and Maritime Affairs Cabinet Secretary Salim Mvurya
said the Government was exploiting the potentiality of the sector to create
jobs.

 

He said plans were underway to transform Beach Management Units (BMUs) into
savings and credit cooperative societies.

 

Sports Cabinet Secretary Ababa Namwamba said Busia leaders were working as a
team to meet the aspirations of their people.

 

Budalangi MP Raphaël Wanjala said he will work with President Ruto in
solving challenges facing his constituents.

 

MPs Ndindi Nyoro (Kiharu) Mary Emase (Teso South) and Senator Okiya Omtata
were also present.

 

Meanwhile, President Ruto officially opened the Busia County Teaching and
Referral Hospital, Surgical Ward complete with a general surgical unit,
orthopedic surgery unit and pediatric unit with a combined bed capacity of
92.

 

He later attended the dedication of Alupe University Library in Teso South
before presiding over the launch of Lurambi affordable housing project in
Lurambi constituency, Kakamega County. - Presidential Communication Service

 

-Capital FM.

 

 

 

South Africa: Agreements to Aid Energy Solutions

Minister in the Presidency for Electricity, Dr Kgosientsho Ramokgopa has
emphasised that the agreements signed in the past week with Chinese state
owned entities and the donation by the People's Republic of China are to
address this country's emergency energy solutions.

 

South Africa concluded a significant amount of agreements with Chinese state
owned entities (SOEs) with the signing of two overarching memoranda that
were witnessed by President Cyril Ramaphosa and President Xi Jinping.

 

South Africa hosted the 15th BRICS Summit last week and the country also
hosted President Xi on his fourth State Visit to South Africa ahead of the
Summit.

 

 

Addressing the media on the Energy Action Plan on Sunday, Ramokgopa
explained that the two agreements include amongst others, addressing issues
of green energy solutions, exploitations of renewable energy sources and the
use of modern technology.

 

"The two agreements - the first one addresses issues around green energy
solutions- the partnership agreement we will be entering in relation to the
exploitation of renewable energy sources in our country; the use of modern
technology and the degree to which we are able to connect renewable energy
onto the grid.

 

"The rationale for entering with the Chinese in this regard is because they
are a dominant player on the renewable energy space. They have 688 gigawatts
of installed capacity of renewables, a combination of PV and wind. They have
done one of the biggest expansions of transmission and they have also worked
on the kind of transmission modernisation required to be able to accommodate
the intermittency of renewable sources," the Minister said.

 

 

In regards to the donation by the People's Republic of China, the Minister
said this is aimed at addressing South Africa's emergency energy solutions,
which is targeted at key public facilities such as police stations, health
institutions and correctional centres.

 

Minister Ramokgopa emphasised that provincial departments will play a role
in identifying the key public areas.

 

"The second one, was an exchange of letters in relation to a donation that
we are receiving from the People's Republic of China that is meant to help
us in addressing the emergency energy solution in the country.

 

"I did indicate that it's likely going to be targeted in key public
facilities such as hospitals, clinics, correctional services, and police
stations. In this regard, we will be working with the nine provincial
governments for them to be able to identify sites that are suitable for
this.

 

 

"We already have a technical capacity that is supporting us in relation to
the appropriateness of the technology solutions that are given to us and
those that have been agreed upfront," he said.

 

Ramokgopa further announced that the first shipment of the technology
solutions by China is en route and an announcement will be made when it
arrives in the country, having left Chinese shores on 14 August.

 

"We will announce at the right time when the first shipment lands and give
an indication of the first public facilities that will benefit from this
generous donation."

 

Turning to the performance of the system for the past week, the Minister
said that the available capacity has come down.

 

"I did indicate that we are beginning to normalise being above 28 000
megawatts on average. We have kept close to that most of the week and the
average is about 27 561 megawatts," he said.

 

"We did indicate that we were going to slow down planned outages and once we
get out of a very difficult winter we are going to ramp up because we need
to protect these machines, generation and units to ensure their
sustainability and reliability going into the future.

 

"We still remain above 15 000 megawatts in relation to unplanned capacity
lost factor. I made a point that we want to bring it down," the Minister
said.

 

Load shedding

 

On load shedding, Ramokgopa said government was confident the system was
stabilising and the country will continue to have lower stages of load
shedding as the system recovers.

 

"On the issue of performance, we are more that satisfied. We have shown
where we moved from a historic low of 48% of energy availability factor. We
have been averaging 60% energy availability factor.

 

"When we went to the winter period, the worst case scenario was Stage 8. We
only had 30 hours of Stage 6. You can see the intensity of load shedding is
coming down. The issues of outage slips, I have shown to you, they have come
down from a high of 3 300 megawatts to 766 megawatts," the Minister said.

 

-SAnews.gov.za.

 

 

 

 

Tanzania: Tcra, Costech Join Forces to Boost Startups

TANZANIA Communications Regulatory Authority (TCRA) has teamed up with
Tanzania Commission for Science and Technology (COSTECH) and communication
service providers, to offer essential communication resources freely.

 

This groundbreaking initiative is aimed at propelling the growth of digital
technology startups and fostering innovative solutions to community
challenges

 

"The collaborative effort seeks to nurture the burgeoning landscape of
digital innovation within the country, ensuring that startups have the
necessary tools to flourish and contribute positively to society through
their technological advancements," said the TCRA Director General Dr Jabiri
Bakari.

 

 

Speaking in Dar es Salaam over the weekend, Dr Bakari emphasised the
authority's commitment to this venture, which gears to scale up
technological innovations in Tanzania.

 

"TCRA is dedicated to equipping various startups with the resources they
need to conduct trials of their services over a specific period," he stated.

 

As of June 2023, TCRA had already allocated the invaluable resources to four
innovative startups as regulator's boss urged young entrepreneurs,
innovators and researchers to submit their groundbreaking ideas to COSTECH
for further development.

 

Crucially, effective management of communication resources, including
spectrum and numbers, underpins the availability of communication services,
such as mobile money services and other essential digital services.

 

"The allocation of these resources facilitates high-speed internet services,
an imperative in today's digital economy," Dr Bakari affirmed.

 

He further highlighted the government's ambitious goal to ensure that 80 per
cent of the population has access to high-speed internet services by 2025,
underscoring the pressing need for innovative minds to capitalise on this
opportunity and deliver solutions in areas like entrepreneurship,
agriculture, and transportation.

 

Complementing TCRA's initiative, the Head of Communications at COSTECH, Ms
Mary Kigosi echoed the significance of collaboration for the advancement of
the nation

 

"Our partnership with TCRA in providing these communication resources to
innovators aligns seamlessly with our mission to promote community-oriented
innovations," she commented.

 

Kigosi echoed Dr Bakari's call to action, urging aspiring innovators,
particularly the youth, to seize this unprecedented chance and leverage the
resources offered by the two government bodies.

 

TCRA, responsible for regulating Tanzania's Communication Sector in the
country, plays a pivotal role in managing essential aspects of
communication.

 

In an effort to connect with innovators, among various other stakeholders,
TCRA has strategically set up offices in crucial regions namely Zanzibar,
Arusha, Mbeya, Dodoma, Dar es Salaam and Mwanza.

 

-Daily News.

 

 

 

 

South Africa: Enoch Godongwana - Unseating the Mighty Dollar Is a
Non-Starter

South Africa's finance minister, who also leads his counterparts in Brazil,
Russia, India and China, believes that the mooted development of a BRICS
common currency is a non-starter. The US dollar still has a firm place in
the global economy.

 

The mooted development of a common currency by the BRICS group of emerging
nations and an alternative payment system so that they rely less on the
mighty US dollar is increasingly viewed as a non-starter by prominent
decision makers.

 

Finance Minister Enoch Godongwana is the latest to pour cold water on
proposals for BRICS nations - Brazil, Russia, India, China and South Africa
- to dethrone the US dollar, saying it is not a consideration at a policy
level, or even feasible soon.

 

"I think most of the hullabaloo about the BRICS currency is a debate which
is misplaced. This is something that we're not discussing at all. So, for
now, it's too early to even venture into that debate," said Godongwana in a
Daily Maverick interview.

 

He said the proposals for a common currency and alternative payment system
were initially presented for debate to the BRICS heads of state, who then
referred it to the finance ministers of the emerging nations to probe its
merits.

 

"The ministers of finance are preoccupied with different things than common
currency. We are not likely to find each other easier on the common currency
question," said Godongwana, who chairs the BRICS workstream of...

 

-Daily Maverick.

 

 

 

Tanzania: Dollar Shortage - Govt Steps Up Measures

THE government has stepped up measures to mitigate effects of the dollar
shortage on the country's economy, key being supporting local business to
boost exports and providing export credit guarantee schemes.

 

Director of Information Services and Chief Government Spokesperson Mr Gerson
Msigwa spoke on the efforts during his regular briefings to the media in Dar
es Salaam, on Saturday.

 

Mr Msigwa indicated that the government was dishing out export credit
guarantee schemes for products being sold outside the country. Such a
mechanism involves banks dishing out loans to traders by contributing 50 per
cent.

 

 

"The government also supports local traders to produce more quality products
in the course of promoting trade and exports," said Mr Msigwa.

 

He, however, noted that since May this year they have started purchasing
gold and by July about 400 Kg had already been procured, a measure that is
aimed at strengthening its national reserve.

 

On the other hand, the central bank has been selling hefty amount of dollars
to the banks at a reduced price for them to lower the exchange rates in the
market.

 

Giving an example, Mr Msigwa said on Friday alone the Bank of Tanzania (BoT)
sold about 20 million US dollars to the banks.

 

Similarly, the process of issuing licences to people who want to start
engaging in forex business is continuing. At least 80 licences have been
presented to traders since the process resumed, inviting more others to
apply in accordance with the new licensing conditions.

 

Mr Msigwa also said a swap mechanism is being conducted, whereby the
government provides traders with shillings in exchange of the dollar, adding
that in the long run when there are more dollars in the market the reverse
will be done.

 

Other strategies highlighted involve securing credit that will help the
country to earn more US dollars.

 

The Chief Government Spokesperson stressed on three key issues which need to
be taken into proper consideration amidst the dollar crisis including the
public to collaborate with the government to control the black market.

 

He urged Tanzanians to increase efforts in production to boost the country's
exports and all transactions should be carried out using the shillings and
not foreign currency.

 

"Currently, if you go at the port all transactions are done in Tanzania
shillings," said Mr Msigwa stressing on the need for ministries to embark on
strategies to ensure production receives a boost in the country.

 

Mr Msigwa underscored some of the factors that triggered the problem
including economic slowdown emanating from the coronavirus pandemic, the
Russia-Ukraine war which broke out in February last year that caused
commodity price surged, climate change and changing US policies.

 

Meanwhile, Mr Msigwa said the implementation of the ambitious 2,115-megawatt
Julius Nyerere Hydropower Project (JNHPP) currently stands at 91 per cent as
installation of various machines continues to be fast tracked.

 

"Water filling at the dam has reached 168 metres above the sea level...we
anticipate to embark on wet testing between January and February 2024," he
said.

 

According to him, the goal is to ensure power generation kickstarts by June
2024, thereby ending all electricity challenges.

 

Due to an increase in economic activities in the country, he said
electricity demand has increased at a supersonic speed in the previous year
from 1,354 megawatts to 1,482 megawatts.

 

Following deliberate measures taken by the government through the Ministry
of Energy and the Tanzania Electric Supply Company (TANESCO) to curb the
issue power generation rose up to 1,913 megawatts.

 

He observed that the government has continued to take more measures to
ensure power is generated through various means, noting that a geothermal
plant has been installed at Ngozi area in Mbeya Region to start implementing
a project that is expected to generate 50 megawatts by 2024.

 

-Daily News.

 

 

 

Chevron: Workers at major Australia gas facilities to strike

Workers at two large liquefied natural gas (LNG) plants in Australia,
operated by US energy giant Chevron, are set to go on strike from 7
September, in a move that could drive up global prices.

 

This follows weeks of negotiations with unions over pay and working
conditions.

 

Chevron told the BBC it will "continue to take steps to maintain safe and
reliable operations in the event of disruption at our facilities".

 

The Wheatstone and Gorgon sites produce more than 5% of the world's LNG.

 

Fears of strikes recently pushed up wholesale gas prices in Europe.

 

What is LNG and why has it become so important?

Winter energy bills drop slightly but remain high

Around 500 workers are currently employed at the two Chevron facilities in
Western Australia.

 

"While we don't believe that industrial action is necessary for agreement to
be reached, we recognise employees have the right to take protected
industrial action," Chevron said in a statement on Tuesday.

 

It added that it would "continue to work through the bargaining process as
we seek outcomes that are in the interests of both employees and the
company."

 

The Offshore Alliance - which is a partnership of two unions representing
energy workers, including those at Chevron - said it has been trying to
reach an agreement with the company on "several key" issues including pay,
job security, rosters and training standards.

 

It added that workers "have been consistently disappointed with the
company's approach to negotiations with the union and Chevron not accepting
that an industry standard agreement should apply to the work they perform
for the company."

 

The alliance did not immediately respond to a BBC request for comment on the
details of its strike plans.

 

"We may see work stoppages for short periods of the day, and bans on
specific work like helicopter unloadings. These actions create
inefficiencies and could lead to minor production disruptions," energy
analyst Saul Kavonic said.

 

Mr Kavonic currently expects the strike to have a limited impact on global
gas prices. However, he warned that energy prices could surge if the
industrial action is stepped up.

 

"In the very unlikely event of a prolonged large scale supply disruption,
prices could head back towards crisis levels witnessed last year (after
Russia's invasion of Ukraine)," he added.

 

In the last week, wholesale gas prices in Europe jumped on concerns of a
disruption to supply at Chevron and another Australian LNG plant, run by
Woodside Energy.

 

On Thursday, Woodside said it had reached an agreement in principle with
unions representing workers at its North West Shelf plant.

 

Together, the Woodside and Chevron plants make up around 10% of the world's
supply of LNG.

 

Russia slashed supplies of natural gas to Europe after the start of the
Ukraine war in 2021.

 

That pushed up prices around the world and led countries to seek out
alternative sources of energy, such as LNG.

 

Australia is one of the world's biggest LNG exporters and its supplies have
helped to cool global energy prices.-bbc

 

 

 

 

Terry Gou: The Taiwan iPhone billionaire who wants to be president

Terry Gou, a 72-year-old billionaire and founder of iPhone maker Foxconn,
has become the latest to join the race for Taiwan's presidency.

 

Mr Gou is a charismatic businessman with a great rags-to-riches story, pots
of cash, and serious name recognition. Observers in Taipei say if he was the
only candidate standing against the governing Democratic Progressive Party
(DPP), Mr Gou would have a good shot. But he isn't.

 

Instead, his candidacy will split the opposition vote three ways in the
January 2024 presidential election.

 

In a winner-takes-all presidential system, when there are already two
opposition candidates vying to unseat the incumbent party, adding a third
probably isn't going to make the task easier.

 

The scenario is a classic case for the "law of holes", which says that if
you are in a hole and it's difficult to get out, the first thing to do is
stop digging. And Taiwan's opposition appears to be digging its own
electoral grave.

 

That is exactly what happened on Monday when Mr Guo announced his candidacy
for an election that has profound consequences well beyond Taiwan. The
self-governed island will elect a new president amid growing threats from
Beijing, and an increasingly militarised region.

 

Like another charismatic businessman across the Pacific, Mr Gou first
attempted to get himself made the candidate of Taiwan's main right-of-centre
party, the old nationalist KMT (Kuomintang). Unlike in the United States, he
failed.

 

The KMT chose another candidate, and Mr Gou quit the party in disgust. But
the KMT isn't Mr Gou's only problem.

 

Taiwan has another opposition party, called the Taiwan People's Party (TPP),
and it is led by another charismatic populist called Ko Wen-je. Mr Ko is the
former mayor of Taipei city and is currently running second in polls. He is
doing particularly well among younger Taiwanese voters.

 

Mr Gou's main selling points are not just his wealth and business success.
It is his experience working in and with China.

 

Foxconn, or Hon Hai industries, became the world's biggest electronics
manufacturer by pioneering the model of combining Taiwanese engineering
knowhow with skilled Chinese labour. In the 1980s and 90s Mr Gou built huge
manufacturing campuses in southern China and recruited tens of thousands of
young Chinese to work in them.

 

The model was so successful he eventually persuaded Apple to outsource much
of the manufacturing of MacBooks and iPhones to Foxconn. It made Foxconn
Taiwan's biggest company and Mr Gou one of its richest entrepreneurs.

 

Now Mr Gou says he can use that same experience of investing and working in
China to protect Taiwan's security. Terry Gou says he wants to prevent
Taiwan from "becoming another Ukraine". Announcing his candidacy, he said he
would lead Taiwan "back from the abyss of war with China".

 

He is not the only one who sees the threat from China as increasingly
perilous. In the last year Beijing has hugely increased its military
operations around the island.

 

Last week the People's Liberation Army released a highly produced propaganda
video showing Chinese troops practising for what looked very much like an
invasion of Taiwan's beaches.

 

The difference is who Mr Gou blames - not Beijing, but Taiwan's own
President Tsai Ying-wen.

 

He says it is the incumbent DPP's hostility to Beijing that has led Taiwan
to the edge of this "abyss". Mr Gou says he would return Taiwan to a
previous status quo negotiated between Beijing and Taipei back in 1992 and
further, he says, he would seal an agreement that would bring peace to the
island for the next 50 years.

 

There are many here who are deeply sceptical of whether such an agreement is
attainable.

 

But that is not Mr Gou's biggest challenge. Instead, it is the electoral
maths. What Mr Gou is proposing is just not that popular with Taiwan's
electorate.

 

Opinion polls here show most Taiwanese do not believe it is their government
that is to blame for the growing tensions with Beijing. They are not in
favour of making concessions to Beijing on sovereignty in order to secure
peace. A large majority of Taiwan voters now identify themselves as
Taiwanese, not Chinese, and say they would be prepared to fight to defend
the sovereignty of their home.

 

Opinion polls also show that around 40% of voters are strong supporters of
the DPP. That means the ruling party can be beaten. But to have any chance
the opposition would have to unite around a single candidate.

 

Mr Gou clearly thinks that should be him. He says the three opposition
candidates are like "the three little pigs" who must unite to defeat the
"big bad wolf" of the DPP.

 

But there is no sign of that happening. Rather, despite his wealth and fame,
Mr Gou's candidacy is more likely to divide the opposition vote further.

 

And that means, even with just 40% of the vote, William Lai from the DPP is
still the most likely candidate to become Taiwan's next president.-bbc

 

 

 

Evergrande: Shares in the crisis-hit Chinese developer plunge by 80%

Shares in embattled Chinese property developer Evergrande have fallen almost
80% in their first day of trading in Hong Kong for a year and a half.

 

The shares have lost more than 99% of their value in the past three years as
Beijing cracked down on property firms.

 

Evergrande is at the centre of a real estate market crisis threatening the
world's second largest economy.

 

On Sunday, the firm posted a 33bn yuan ($4.5bn; £3.6bn) loss for the first
six months of the year.

 

However, that was an improvement on the 66.4bn yuan loss it reported for the
same period a year earlier.

 

The company's directors "have taken a number of measures to improve the
liquidity position and financial position of the group," Evergrande said in
a filing to the Hong Kong Stock Exchange.

 

The firm added that its revenue for the first six months of this year had
jumped by 44% to 128.2bn yuan from a year earlier. However, its stockpile of
cash fell by 6.3% over the same period.

 

Evergrande's shares had been suspended from trading since March last year.

 

"The key for policymakers at this moment is to prevent financial contagion
and limit spillover into the overall financial system," Qian Wang, chief
Asia Pacific economist at investment firm Vanguard told the BBC.

 

"Policymakers will need to provide further liquidity and credit support to
the economy and the real estate sector," she added.

 

Problems in China's property market have added to concerns about the
post-pandemic recovery of the world's second largest economy.

 

Also on Monday, China halved a 0.1% tax on stock trading to "invigorate the
capital market and boost investor confidence".

 

Major share indexes in Hong Kong and mainland China rose after the news.

 

The move came days after the country's central bank cut one of its key
interest rates for the second time in three months, in the face of falling
exports and weak consumer spending.

 

Last month, Evergrande revealed that in 2021 and 2022 it lost a combined
total of 581.9bn yuan.

 

Earlier this month, Country Garden, which is also one of China's biggest
property developers, warned that it could see a loss of up to $7.6bn (£6bn)
for the first six months of the year.

 

Rating agency Moody's downgraded the company's rating, citing "heightened
liquidity and refinancing risks".

 

China's real estate industry was rocked when new rules to control the amount
of money big real estate firms could borrow were introduced in 2020.

 

Evergrande, which was once China's top-selling developer, had racked up
debts of more than $300bn as it expanded aggressively to become one of the
country's biggest companies.

 

The firm missed a crucial deadline in 2021 as it failed to make interest
payments on around $1.2bn of international loans.

 

Evergrande has been working to renegotiate its agreements with creditors
after defaulting on debt repayments.

 

Earlier this month, the company made a Chapter 15 bankruptcy protection
filing at a court in New York.

 

Chapter 15 protects the US assets of a foreign company while it works on
restructuring its debts.

 

Evergrande's financial problems have rippled through the country's property
industry, with a series of other developers defaulting on their debts and
leaving unfinished building projects across the country.-bbc

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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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