Major International Business Headlines Brief::: 01 December 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  01 December 2023 

 


 

 




 


 

 


 

ü  Uganda: Regional Court Throws Out Multi-Billion EACOP Challenge

ü  Ethiopia: Central Bank Governor Foresees Promising Results in Tackling
Inflation, Despite Reservations From Legislators

ü  Nigeria: Abuja Metro Line Ready May - - Wike

ü  Ghana: Budget Approval Brouhaha - I'll Spend From Consolidated Fund If
Disagreement Is Not Resolved - Finance Minister

ü  Tanzania: New Mobile App to Counter Vaccine Misinformation

ü  Liberia: Senate Passes U.S.$22 Million Investment Bill

ü  Liberia: Weah Clears Boakai's Roadblock

ü  Uganda: Petroleum Authority of Uganda Launches E-Work Permit System for
Oil and Gas Sector

ü  Nigeria: Nagiko Tomato Fit for Consumption - Lagos Govt

ü  Nigeria: Cost of Fuel - Dry Season Farmers in Taraba Opt for Solar, Gas
Water Pumps

ü  Meta takes down China-based network of thousands of fake accounts

ü  Will Tesla's truck recover from its shattering start?

ü  OpenAI chaos not about AI safety, says Microsoft boss

ü  Government intervenes in Abu Dhabi's bid to buy Telegraph

ü  Dr Martens shares plunge after profit warning

 


 

 


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Uganda: Regional Court Throws Out Multi-Billion EACOP Challenge

Harare — On Wednesday, November 29, 2023, a regional court reportedly
dismissed a legal challenge to a multibillion-dollar oil pipeline project
between Tanzania and Uganda, which has drawn criticism from human rights and
environmental organisations.

 

Several civil society groups filed a challenge, but the East African Court
of Justice ruled that it was submitted too late. The 2020 case "cannot be
adjudicated upon for having been filed outside the time period prescribed,"
according to a five-judge bench at the court located in the Tanzanian town
of Arusha.

 

The pipeline is a component of a U.S.$10 billion project to develop Ugandan
oilfields and transport the petroleum to Tanzania, which is being
spearheaded by the French energy company TotalEnergies.

 

 

There would be detrimental socioeconomic and environmental effects on
communities as a result of the project. Environmentalists are protesting
against the dangers the pipeline poses to the climate, vulnerable
ecosystems, and livelihoods. Resistance from local residents and climate
activists, the pipeline - which is scheduled to extend from Hoima, Uganda,
to Tanga, Tanzania - became the focus of debate worldwide. Activists who are
part of the Stop EACOP coalition, have been unrelenting in their call on
financial institutions to distance themselves from the proposed pipeline,
resulting in 24 commercial banks and 18 (re)insurers committing to not
supporting the project.

 

Experts say the pipeline will produce 25 times host nations' combined annual
emissions, with the International Energy Agency (IEA) warning that the world
risked not meeting its climate goals if new fossil fuel projects were not
stopped.

 

 

 

 

Ethiopia: Central Bank Governor Foresees Promising Results in Tackling
Inflation, Despite Reservations From Legislators

Addis Ababa — Mamo Mihretu, the governor of the National Bank of Ethiopia
(NBE), spoke with confidence as he presented the institution's quarterly
report to legislators on 29 November, 2023. In the spotlight were the
recently implemented monetary measures designed to combat surging inflation.

 

Speaking before the parliament yesterday, Governor Mamo announced that the
strategic monetary policy implemented by the central bank, aimed at
combating soaring inflation, is yielding promising results. According to
him, the introduction of these monetary measures has led to a steady decline
in headline inflation, signaling a hopeful outlook for the nation's economy.

 

 

Over the past two decades, Ethiopia has faced a major macroeconomic
challenge due to the soaring prices of goods and services, significantly
escalating the overall cost of living. According to the policy document
released by NBE in August 2023, the yearly average inflation rate over the
past decade was recorded at 16%.

 

However, inflation trends in the last two years have surpassed this
historical average and have persisted for a considerably longer period than
initially anticipated. During this period, the inflation rate has
consistently remained above the 30% mark, causing a significant decline in
the purchasing power and living standards of citizens.

 

In order to tackle this issue, the government implemented a series of
monetary actions three months ago. At the forefront of these measures is
Mamo, a graduate of Harvard University's Kennedy School of Government. With
the implementation of multiple monetary policies, Mamo leads the NBE in its
mission to reduce inflation to below 20% by June 2024, setting an additional
target of 10% by June 2025.

 

 

Before his appointment as the 10th governor of the NBE in January 2023, Mamo
held the position of founding CEO at Ethiopian Investment Holdings. At
present, he also serves as a member of the National Macroeconomic Council, a
governing body responsible for shaping the economic policies and strategic
decisions of the country.

 

With the objective of implementing a more stringent monetary policy, the NBE
introduced multiple measures, one of which involved the restriction of
direct advances to the federal government. "We have successfully decreased
the amount provided in direct advances to the federal government by
two-thirds compared to the previous period," Mamo revealed.

 

Amid the persistent issue of inflation in the country, Mamo underscores the
recent monetary policies, which have focused on reducing the money supply,
as heading in the right direction.

 

 

Official records show that the headline inflation rate decreased from 35% in
March 2023 to 27.7% in September 2023. Additionally, food inflation dropped
to 26.7% from over 40% a year before. However, there have been price
increases, particularly in the cost of cereals, vegetables, sugar, and meat.

 

Even more concerning is the persistent non-food inflation rate, which has
been hovering around 30% with no significant decline in the past three
months. During his presentation of the quarterly report to parliament, Mamo
acknowledged the potential threat posed by the non-food inflation rate,
particularly in regard to expenses such as house rent and pharmaceuticals.
He informed MPs that measures are being taken to manage the escalating costs
of pharmaceuticals, with the central bank collaborating closely with the
Ministry of Health.

 

According to Mamo, a former senior project manager at the World Bank Group
in Kenya, inflation does not solely stem from local factors. He highlighted
that global phenomena, such as the ongoing conflict between Russia and
Ukraine, play a significant role. "This conflict has a direct impact on our
economy," he stated.

 

The cost of three strategic import items for Ethiopia, namely petroleum,
fertilizers, and pharmaceuticals, has more than doubled in the past three
years. Last fiscal year, Ethiopia incurred a hefty $4.1 billion expenditure
for fuel imports, equivalent to its export earnings during the same period
and constituting a quarter of the country's annual import bill. Last year,
the nation's import bill reached a staggering $17.1 billion.

 

The cost of soil fertilizers experienced a particularly sharp increase,
especially following the outbreak of the Russia-Ukraine conflict in 2021.
Mamo disclosed that Ethiopia spent $2 billion on fertilizer imports last
year, highlighting a significant surge compared to previous years when the
annual cost of fertilizers was below $500 million.

 

To effectively combat inflation, the governor stressed that the central bank
should not bear the entire responsibility alone. He emphasized the need to
address other obstacles, such as the discrepancy between demand and supply,
as well as modernizing the logistics sector, challenges that fall outside
the jurisdiction of the central bank.

 

"Tackling inflation is not a task that should be entrusted to a single
institution," he informed lawmakers. "Instead, resolving this issue
necessitates the collaborative endeavors of multiple government agencies."

 

Mamo also stressed that the conflicts and instabilities erupting in
different corners of the country have played a significant role in fueling
inflation.

 

Yet, some legislators have raised concerns about the effectiveness of
monetary policy in reducing inflation to a reasonable level. Milkias Ayele
(PhD), a member of the planning, finance, and budget standing committee,
argued that despite some degree of success, inflation remains at its peak.
He also emphasized that the detrimental effects of inflation continue to
burden individuals reliant on fixed salaries and the most vulnerable
segments of society.

 

 

In August 2023, Addis Standard published an article highlighting the
significant burden imposed by inflation on individuals, especially those
with fixed incomes. The article underlines that as the cost of living
continues to soar, individuals relying on fixed incomes are facing the tough
challenge of stagnant earnings, which have remained unchanged over the past
decade.

 

In addition to restricting direct borrowing by the federal government, the
NBE has also placed a 14% limit on domestic credit growth, instructing
commercial banks to align their credit disbursement growth accordingly.

 

Mamo acknowledges that there may be unintended consequences resulting from
this credit growth limitation, "but it is being implemented because it is
seen as a key solution to combat inflation."

 

One of these unintended consequences is that borrowers are facing
difficulties in accessing credit from commercial banks. Milkias has pointed
out that this measure is negatively affecting the economy by restricting the
availability of funds for investment purposes.

 

Another MP also indicated that the credit cap is adversely impacting the
country's capacity to generate foreign currency as it diverts credit away
from exporters.

 

The NBE's decision has also caused concern among executives of banks that
have entered the industry within the last two years, as the credit growth
restriction will hinder their ability to generate enough revenue.

 

Nevertheless, Mamo remained determined, voicing the commitment of the
central bank to implement all monetary policies aimed at reducing inflation,
irrespective of any potential adverse consequences or responses they may
generate. "There are costs to be paid to effectively bring down the
inflation rate to a reasonable level," he stressed.

 

Despite officials' optimistic outlook, international financial organizations
like the International Monetary Fund (IMF) present a rather bleak future. In
its regional economic outlook report released in October 2023, the IMF
predicts that inflation will persist in double digits across 14 countries,
including significant economies such as Ethiopia, Ghana, and Nigeria.

 

Contrary to the government's expectations, the IMF report indicates that
Ethiopia, grappling with foreign currency shortages and a rapid depreciation
of its currency, may witness further escalation of inflationary pressures
moving forward.

 

Mamo, however, emphasized that the policies implemented to address inflation
cannot offer a quick solution to the problem. "Nevertheless, the trend
indicates that these policies are destined to yield positive outcomes," the
governor told lawmakers.

 

- Addis Standard.

 

 

 

 

Nigeria: Abuja Metro Line Ready May - - Wike

The FCT Minister, Nyesom Wike, on Wednesday, said the Abuja Metro Line train
service will be ready for commissioning in May, 2024.

 

The minister, who appeared before the House of Representatives Committee on
the FCT to defend the administration's N61bn Supplementary Budget, said
President Bola Tinubu would commission the project in May to mark his
administration's one year in office.

 

The minister also said the administration had to engage some Senior
Advocates of Nigeria (SAN) to help handle over 800 cases against the
administration, lamenting that lack of diligent prosecution of cases in the
past by FCTA officials led to the loss of numerous cases.

 

 

Wike alleged complicity on the part of certain officials who connived with
plaintiffs to get judgments against the FCTA.

 

He said, "I have never seen a territory with over 800 litigations. Some of
these litigations were in connivance with staff of the FCT. So, I said I
would engage SANs because I don't want a situation whereby someone will go
to court and then agree with the plaintiffs and judgment is entered against
the FCTA." The minister further said the budget components were
projects-specific, most of which would be completed for commissioning by
President Tinubu as part of activities marking his one year in office.

 

On security, the minister said the administration would revive the city's
mass transit system to eliminate cases of "one chance" robbery, adding that
private operators would undergo security vetting before being allowed into
the system.

 

He said he was working with the Office of the National Security Adviser
(ONSA) and the State Security Service (SSS) with regards to providing Closed
Circuit Television (CCTV) in strategic parts of the city.

 

 

On demolition, the minister said he won't stop it, declaring that Nigerians
could not desire a world-class federal capital and then make excuses for
unplanned and illegal developments.

 

He explained that the demolitions would not be stopped as long as people
continued to build on green areas, water and sewage lines and other
unapproved places, adding, however, that the administration would pay
compensation in areas designated for resettlement.

 

He further said, "We can't stop demolitions. You cannot go and build in a
green area...you want us to compensate you. Illegality is illegality. But if
we want to acquire your property for development, we will pay you."

 

Wike also vowed to cancel some Public-Private Partnerships (PPPs) entered
into by the administration with some private developers, saying those
arrangements had been used to fleece the administration of billions in the
past.

 

He said, "I will cancel several PPPs. All the PPPs in Abuja are about land
and are against the FCT."

 

City & Crime further reports that the N61bn FCT Supplementary Budget was
drawn from its Paris Club Refund, PAYE, N5bn special presidential
intervention for states, the presidential infrastructure support funds and
the territory's Internally Generated Revenue (IGR).

 

Chairman of the House Committee on FCT, Muktar Betara, who lauded the
minister for his passion to develop the territory, however, urged him to
reconsider the uniform fees for obtaining a Certificate of Occupancy (C of
O), saying highbrow areas like Asokoro, Maitama, Wuse and others could not
have the same fees with the satellite towns.

 

- Daily Trust.

 

 

Ghana: Budget Approval Brouhaha - I'll Spend From Consolidated Fund If
Disagreement Is Not Resolved - Finance Minister

The Finance Minister, Ken Ofori-Atta, has given indication that he would go
ahead and spend from the consolidated fund if the disagreement between the
Majority and Minority caucuses in relation to the approval of the 2024
budget statement and economic policy of government is not resolved.

 

According to him, as things stand, the budget had been approved and
therefore, has the legal backing to spend from the consolidated fund and
other statutory sources on government programmes and policies.

 

"We just witnessed a situation where the majority and minority leaders gave
their closing statements on the budget and at the end of the day, the
Speaker put it to vote and declared that the yes have it.

 

 

"That means that the budget, in my view, has been passed and later there was
a challenge which has not been resolved. So as far as I know and believe, we
have the 2024 budget approved until such time that they resolve whatever
they have to resolve.

 

"We all heard the Speaker clearly state after the voice declaration that the
yes have it. That is where I stand and I am pleased that the people of Ghana
have a budget," Mr Ofori-Atta said.

 

Asked specifically if he would withdraw from the consolidated fund if the
disagreements were not resolved, he said "I am going into the consolidated
fund because the yes have it".

 

He gave this indication in an engagement with parliamentary reporters after
the approval process was disrupted by a walk-out staged by the Majority
caucus.

 

But the Minority insists the document had not been approved and that it was
"hanging".

 

 

"Everyone knows that the NDC Members of Parliament were ready to vote
against the budget for a very good reason.

 

"We outlined as part of our concluding remark why we are against this
budget. We cannot allow this budget to go through in its current form
because the ordinary Ghanaian will be the one to suffer.

 

"The Speaker has adjourned the House but our motion is still in place. We
are challenging the voice vote."

 

"The speaker has ruled and the majority is aware that when the Speaker makes
a pronouncement, they can only challenge that with a substantive motion, so
as we speak, the budget has not been approved. Let everyone be aware,"
Minority Leader, Dr Cassiel Ato Baah Forson told reporters.

 

In his view, their colleagues in the majority staged the walk-out to buy
time because they did not have the numbers.

 

He cited three members, Mavis Boadu Nkansah, MP, Afigya Sekyere East; Dr
John Kumah, Ejisu and Kennedy Agyapong, Assin Central, amongst others, were
out of the jurisdiction.

 

The budget approval process was truncated yesterday after the Majority
staged a walk-out following a challenge to the Speaker's opinion that the
Majority had carried the day.

 

The challenge was staged by the Deputy Majority Leader and MP for
Ellembelle, Emmanuel Armah-Kofi Buah, under Standing Order 113 (2) which
states that "a Member may call for headcount or division if the opinion of
Mr Speaker on the voice vote is challenged".

 

- Ghanaian Times.

 

 

 

 

 

Tanzania: New Mobile App to Counter Vaccine Misinformation

IN a groundbreaking effort to counter vaccine misinformation, a free,
evidence-based game, 'Cranky Uncle Vaccine', is now available as a mobile
app in Tanzania.

 

The game, created by developers at GoodBeast, equips players with the skills
to identify misinformation while building their knowledge of vaccine safety,
efficacy and importance along the way.

 

"In a world overflowing with misinformation, the true vaccine is knowledge;
and the tools to discern it are more crucial now than ever before," says
Awet Araya, Social and Behaviour Change Manager, UNICEF Tanzania.

 

'Cranky Uncle Vaccine' was developed as a collaborative effort by UNICEF, in
partnership with the Sabin Vaccine Institute; Irimi, a public health
behavioural design company; and the Senior Research Fellow Dr John Cook of
the Melbourne Centre for Behaviour Change at the University of Melbourne.

 

 

Dr Cook developed the original 'Cranky Uncle' game using cartoons, humour
and critical thinking to expose the misleading techniques of science denial
to build public resilience against misinformation.

 

The idea of a vaccine version of the game was conceived early in the
pandemic by Dr Angus Thomson, Senior Social Scientist at Irimi and Cook when
writing UNICEF's Vaccine Misinformation Management Field Guide. UNICEF and
Sabin joined the collaboration to develop the game and assisted with
tailoring, developing, and testing the game's resonance and relevance to
local culture and traditions.

 

Regional, multi-lingual versions of the game were co-designed in East and
West Africa and South Asia, later evolving into country-specific adaptations
for Tanzania.

 

"Games and humour are perfect allies for tackling vaccine misinformation,"
says Cook.

 

"They are interactive, engaging, and can be scaled up to reach enough people
to make a difference in building resilience against misinformation."

 

 

'Cranky Uncle Vaccine' centres around a character called 'Cranky Uncle' (an
archetypal science-denying individual) who insists he knows better than the
world's scientists, and a health worker who shares factual information on
the safety, efficacy, and importance of vaccines.

 

Throughout the game players are mentored by the Cranky Uncle character, who
teaches them different misinformation techniques ('tricks') that he uses to
mislead people about vaccines.

 

"The game is evidence based, starting with the literature review conducted
which identified and classified the top 10 fallacies used globally to push
vaccine misinformation," says Dr Kate Hopkins, Director of Research in
Sabin's Vaccine Acceptance and Demand Initiative.

 

The team worked with end users-young people, community health workers and
parents/caregivers-to discuss and localise the script and characters to
their context and ensure that the final content is culturally relevant.

 

A pre- and post-game play survey was administered as part of the pilot
studies. "This exciting programme is about taking the initiative and getting
out ahead of this challenge, rather than always being on the back foot.

 

We want to vaccinate people against vaccine misinformation," says UNICEF's
Surani Abeyesekera who specialises in Social, and Behaviour Change with the
Immunisation Section in New York, HQ.

 

Results have shown that 'Cranky Uncle Vaccine' is effective in helping users
discern vaccine-related misinformation from vaccination facts.

 

A global dashboard, engineered by GoodBeast (who also developed the mobile
app) and supported by UNICEF, tracks data analytics. 'Cranky Uncle Vaccine'
which also rolled out in Ghana, is being tested in other countries including
Rwanda and Pakistan for roll out in 2024, and will be scaled
programmatically, embedded in the ongoing immunisation activities of local
UNICEF offices, Ministries of Health, and community-based organisations.

 

It is available in multiple languages (French, Kinyarwanda, Kiswahili,
etc.). To ensure equitable access and to narrow the digital divide, the game
is also being optimised for low-bandwidth devices (not only as a smart phone
application).

 

Apart from the WhatsApp chatbot and a voice based platform, the game can be
accessed on the Internet of Good Things [IoGT] and as an offline print
version.

 

- Daily News.

 

 

 

 

Liberia: Senate Passes U.S.$22 Million Investment Bill

The Liberian Senate has unanimously concurred with the House of
Representatives in passing an investment incentive bill valued at US$22
million between the Republic of Liberia and Gboni Enterprises Incorporated.

 

Gboni Enterprises Incorporated is a Liberian-owned investment.

 

The move has created a significant step for the construction of a modern
petroleum storage terminal here to boost the economy.

 

Prior to the rectification of the bill on April 21, 2023, by the House, its
Joint Committee on Investment & Concessions, Judiciary, and Ways, Means,
Finance & Development Planning revealed that the construction of the
petroleum storage terminal is expected to create approximately 500 direct
jobs and 1,500 indirect jobs.

 

 

Gboni Enterprises Incorporated is a 100% Liberian-owned oil and gas
importation and distribution company with over twelve years of successful
operation in the country and is set to spearhead the ambitious project.

 

In plenary on Tuesday, November 28, 2023, the Senate's Committee on Ways,
Means, Finance and Budget, headed by defeated Bomi County Senator Morris G.
Saytumah, assured that the deal was properly scrutinized and is in the best
interest of the Liberian people.

 

The Committee also stressed that the deal is not only expected to generate
direct and indirect employment opportunities but will also serve as a
catalyst for economic growth.

 

The legislative instrument is expected to make a lasting positive impact on
the economy by contributing to job creation and enhancing long-term energy
security.

 

Following the plenary deliberations on the floor, the body took a unanimous
vote triggered by Montserrado County Senator and Chair on the Committee on
Executive, Saah Hardy Joseph, concurring with the House of Representatives.

 

Meanwhile, the Senate Pro-tempore and Grand Kru County Senator, Albert
Tugbeh Chie, mandated the Secretary of the Senate, Nanborlor Singbeh to
communicate the decision of that august body to the Executive for further
constitutional consideration by the President of the Republic of Liberia.
Editing by Jonathan Browne

 

- New Dawn.

 

 

 

 

Liberia: Weah Clears Boakai's Roadblock

The World Bank has lifted the suspension imposed on Liberia which prevented
the West African nation access to unwithdrawn loans.

 

Liberia's right to withdraw from the Disbursing Loans and specific Trust
Fund grants was temporarily halted until the debt to the Bank was serviced.

 

"In reference to the notice issued by the International Development
Association ("World Bank") to the Republic of Liberia ("Member Country")
dated November 15, 2023, suspending withdrawals under the Suspended Loans
referred to in said notice, we are pleased to inform you that the World Bank
has received all the overdue payments referred to in the suspension notice
and all other payments owed by the Member Country that have fallen due since
the Suspension Date referred to in said notice. The Member Country is
therefore now current on all payments owed by them to the Bank under the
Suspended Loans. Consequently, the suspension of withdrawals under the
Suspended Loans has been lifted as of November 24, 2023," the World Bank
said in its notice lifting Liberia's suspension.

 

 

It could be recalled that on November 15, the International Development
Association "World Bank" issued a notice suspending the George Weah
administration denying it access to with withdrawal of loans due to delay in
servicing its debt obligation.

 

The decision to suspend access was conveyed in a letter on November 15 to
Liberia's Finance Minister Samuel Tweah, from the Vice-President of the
Western and Central Africa region at the World Bank, Ousmane Diagana.

 

But the Weah administration succeeded in settling its obligation, something
that would have serve as a roadblock for the incoming Boakai administration
in gaining access to unwithdrawn loans.

 

How long Liberia was suspended?

 

The World Bank suspended Liberia's access to "unwithdrawn loans" was for 60
days, but the Weah administration was able to react promptly to avoid
further damages to its image.

 

What does the World Bank suspension means?

 

The External Debt Service Suspension introduces a suspension of servicing of
all affected external public debts, for an interim period pending an orderly
and consensual restructuring of those obligations, in a manner consistent
with an economic adjustment program supported by the International Monetary
Fund (IMF).

 

- New Dawn.

 

 

 

 

Uganda: Petroleum Authority of Uganda Launches E-Work Permit System for Oil
and Gas Sector

The Petroleum Authority of Uganda (PAU) has unveiled the E-Work Permit
Recommendations System (EWPRS).

 

This online platform aims to streamline the process of recommending and
approving work permits for both local and international investors in the
industry.

 

PAU Board Chairperson, Jane Mulemwa, expressed optimism about the impact of
the new system, stating,

 

"The E-Work Permit Recommendations System will not only expedite the
approval of work permits but will also enhance transparency in attracting
expatriates. This, in turn, will contribute to the crucial transfer of
knowledge to our local actors."

 

 

The move comes as a response to the surge in the sector's growth, with the
oil and gas industry witnessing the involvement of over 1,500 expatriates
and 12,000 local actors between 2017 and 2023.

 

Recognizing the need to standardize the work permit system, the PAU is
taking proactive measures to ensure that experts seeking engagement in the
sector meet the necessary standards.

 

Jane Ahebwa, Director of Economic and National Content Monitoring at PAU,
highlighted the significance of the online system in enforcing industry
standards.

 

"The E-Work Permit Recommendations System will be a game-changer, ensuring
that both expatriates and local actors adhere to the stringent requirements
set for the sector," she stated.

 

Ahebwa further revealed that the manual system will be phased out early next
year, marking a decisive shift towards the fully digitalized process.

 

The final integration with the immigration department is expected to further
enhance the system's efficiency.

 

As Uganda positions itself as a key player in the global oil and gas
landscape, the introduction of the E-Work Permit Recommendations System
reflects a commitment to fostering a dynamic and responsive regulatory
environment.

 

The move is poised to not only attract top talent to the sector but also
fortify the knowledge-sharing ecosystem between local and international
stakeholders.

 

In the coming months, stakeholders in the oil and gas industry will witness
a seamless transition to the new online system, marking a pivotal moment in
the sector's pursuit of excellence and international best practices

 

 

 

 

Nigeria: Nagiko Tomato Fit for Consumption - Lagos Govt

The Lagos State Consumer Protection Agency (LASCOPA) has exonerated the
Erisco Foods Limited, saying its NAGIKO Tomato is fit for consumption.

 

This was in response to the complaint by one Chioma Egoji, who had published
a 'negative' on the product via her Facebook Page on September 17.

 

The matter raised public concern prompting the Erisco Foods Company to
institute a legal action against the reviewer.

 

The General Manager of the agency, Afolabi Solebo, in a statement pasted on
the Lagos State government official Instagram page said the Nagiko Tomato
was subjected to laboratory tests after the complaint.

 

After the review, it declared that "Contrary to claims made by one Mrs.
Chioma Egodi on Facebook about the state of a tin tomato product named
NAGIKO Tomato Mix 400g, the Lagos State Consumer Protection Agency, LASCOPA
has declared that the product is safe for consumption and does not pose any
health hazard to the consuming public."

 

Responding to the development, CEO of Erisco Foods, Chief Eric Umeofia in a
chat with Daily Trust yesterday said the company is vindicated and commended
the state government for doing a thorough job.

 

He recalled that the agency after the episode wrote the company and
conducted its independent and thorough investigation and has cleared the
company.

 

- Daily Trust.

 

 

 

 

Nigeria: Cost of Fuel - Dry Season Farmers in Taraba Opt for Solar, Gas
Water Pumps

Dry season farmers in Taraba State have opted for solar and gas-driven water
pumping machines as a result of the high costs of diesel and petrol.

 

Mallam Ibrahim, a large scale farmer, said last year he spent a lot of money
in fueling his water pump engines.

 

He explained that, "The costs of diesel and petrol have increased the cost
of production, and as a result farmers did not make good profits, and
therefore the new innovation is a welcome development to all dry season
farmers in Taraba State."

 

He noted that last year the fuel subsidy was not removed but that dry season
farmers spent so much in fueling their water pumping machines, and that it
had discouraged many farmers from embarking on dry season farming.

 

 

Ibrahim stated further that now with the removal of the fuel subsidy farmers
would spend more than what they spent last year, adding that the new
innovation was a child of necessity.

 

He further said, "It will be very difficult for dry season farmers to buy
fuel at the present price and also buy seeds, fertiliser and other inputs
and make any profit. Therefore, opting for solar and gas-driven water pump
engines is the best option for dry season farmers."

 

Another farmer, Eng Yahaya Mafindi, told our reporter that last year he
started using solar water pumping machines in his Sheka irrigation farm and
that it helped in reducing cost of production.

 

He said with the innovation of gas and car battery-driven water pump engines
in addition to solar system machines the cost of production would further
reduce.

 

He noted that, "We are not getting any subsidy for our farming activities
from the government. Therefore, we look at every means to cut production
cost; and the new innovations will enable farmers reduce cost of
production."

 

Eng Yahaya explained further that without the new approach irrigation
farming would reduce in the state and in the Northern part of Nigeria
because farmers would not afford the costs of petrol and diesel.

 

- Daily Trust.

 

 

 

 

Meta takes down China-based network of thousands of fake accounts

Meta says it recently removed a network of thousands of fake and misleading
accounts based in China.

 

The users posed as Americans and sought to spread polarising content about
US politics and US-China relations.

 

Among the topics the network posted about were abortion, culture war issues
and aid to Ukraine.

 

Meta did not link the profiles to Beijing officials, but it has seen an
increase in such networks based in China ahead of the 2024 US elections.

 

China is now the third-biggest geographical source of such networks, the
company said, behind Russia and Iran.

 

The recent takedowns were outlined in a quarterly threat report released on
Thursday by the parent company of Facebook, Instagram and WhatsApp.

 

The China-based network included more than 4,700 accounts and used profile
pictures and names copied from other users around the world.

 

The accounts shared and liked each other's posts, and some of the content
appeared to be taken directly from X, formerly Twitter.

 

In some cases the accounts copied and pasted verbatim posts from US
politicians - both Republicans and Democrats - including former House
Speaker Nancy Pelosi, Michigan Governor Gretchen Whitmer, Florida Governor
Ron DeSantis, Reps Matt Gaetz and Jim Jordan, and others.

 

The network displayed no ideological consistency.

 

In examples released by Meta, an account in the China-based network reposted
the words contained in a tweet earlier this year by Democrat Congresswoman
Sylvia Garcia. She criticised Texas's abortion laws and wrote: "Let's
remember - abortion is healthcare."

 

But another account in the network copied-and-pasted a tweet from Republican
Representative Ronny Jackson, who wrote: "Taxpayer dollars should NEVER fund
travel for abortions."

 

Meta's report stated: "It's unclear whether this approach was designed to
amplify partisan tensions, build audiences among these politicians'
supporters, or to make fake accounts sharing authentic content appear more
genuine."

 

The company's moderation rules forbid what Meta calls "co-ordinated
inauthentic behaviour" - posts by groups of accounts that work together and
use false identities to mislead other users.

 

Often the content shared by such networks is not false and references
accurate news stories from major media outlets. But instead of being used
for legitimate comment or debate, the posts are meant to manipulate public
opinion, push division and make particular viewpoints seem more popular than
they really are.

 

Meta said the large Chinese network was stopped before it took off among
real users.

 

Ben Nimmo, who leads investigations into inauthentic behaviour on the
company's platforms, said such networks "still struggle to build audiences,
but they're a warning".

 

"Foreign threat actors are attempting to reach people across the internet
ahead of next year's elections, and we need to remain alert."

 

The company said it also discovered two smaller networks, one based in China
and focusing on India and Tibet, and one based in Russia which posted
primarily in English about the invasion of Ukraine and promoted Telegram
channels.

 

Russian networks, which prompted the company to focus on inauthentic
campaigns following the 2016 election, have increasingly focused on the war
in Ukraine and have attempted to undermine international support for Kyiv,
the report said.

 

Meta also noted that the US government stopped sharing information about
foreign influence networks with the company in July, after a federal ruling
as part of a legal case over the First Amendment that is now under
consideration by the Supreme Court.

 

The case is part of a larger debate about over whether the US government
works with tech companies to unduly restrict the free speech of social media
users.-bbc

 

 

 

 

Will Tesla's truck recover from its shattering start?

The last time Tesla boss Elon Musk took the stage to promote the electric
car company's planned "cybertruck", its window ended up being smashed.

 

It was a shattering debut for the vehicle, meant to stake Tesla's claim to
the lucrative US truck market.

 

Four years later, as the company starts delivering the futuristic product to
buyers, that problem has been fixed.

 

But questions linger over whether the truck's unusual design will help or
hurt its chances of success.

 

Mr Musk has said the truck - which is angular and made of rocket-like,
bullet-proof steel materials - might be the company's "best product ever".

 

But speaking to Wall Street analysts last month he also said he wanted to
"temper expectations", warning there would be "enormous challenges" before
the company was producing the vehicle in big numbers and turning a profit.

 

"It is going to require immense work," he said. "It's not a demand issue,
but we have to make it, and we need to make it at a price that people can
afford - insanely difficult things."

 

The "bells and whistles" of the truck, which starts at a list price of
roughly $61,000 (£48,320),have complicated manufacturing and added to cost,
he added later.

 

"We dug our own grave with the cybertruck," Mr Musk said.

 

Trucks are among the most popular vehicles sold in the US - with traditional
sedans so out of favour that some carmakers have stopped making them for the
country.

 

But Tesla's offer is entering the market at a difficult moment - some two
years behind schedule - as the highest interest rates in decades dampen
buyers' ability to make new purchases.

 

In recent months, rivals such as General Motors and Ford have said they will
ramp up production of electric vehicles more slowly than initially planned,
citing the weakness in the market.

 

Mr Musk has said the company has more than one million reservations for the
cyber truck.

 

But it is unclear how many will translate into sales.

 

Since the cyber truck's inauspicious 2019 launch event, rival companies have
rolled out their own electric truck offerings, while Mr Musk's controversial
social media presence has, according to critics, tarnished the car company's
brand.

 

Questions have already been raised about whether the truck will be as
functional as some of the other pickups available.

 

"It's not going to have the market to itself," said Stephanie Brinley, an
associate director at S&P Global Mobility.

 

"For some, the draw of Tesla, the draw of a futuristic product will be more
meaningful than some of the functional issues,"she added. "But for the
majority of pickup truck buyers, functionality is what's going to win the
day."

 

At an event in Austin, Texas to celebrate the first deliveries, the company
put the truck's windows to another shatter test - this time without incident
- and promoted its hauling power and speed.

 

"It's an incredibly useful truck - it's not just some grandstanding
showpiece, like me," Mr Musk joked. He added: "This is really going to
change the look of the roads."

 

Interested buyers face a wait. Only about 10 trucks were handed off to
buyers on Thursday,

 

Mr Musk said last month that it would take until 2025 for the company to be
producing the truck at a rate of 250,000 a year.

 

Ms Brinley said that provides time to resolve other issues that have clouded
electric vehicle sales - like the need to expand charging infrastructure -
and for Tesla to win people over to the truck's "different" look.

 

"There's time to grow interest in the product," she said, adding: "Love it
or hate it, it's better than being boring."

 

Sean Tucker, senior editor at the auto research publication Kelley Blue
Book, said that for Tesla, the launch of the truck is less about sales than
about maintaining buzz around the brand, which has seen its dominance of the
electric vehicle market shrink.

 

On a recent visit to a Tesla show room, he noted that he encountered people
queuing for the chance to take a photo with the distinctive-looking truck.

 

"It's always going to be a relatively rare sight and what in the industry
they call a 'halo car' that gets people into the dealership," he said. "It's
a hype exercise - it's just a question of, is it too expensive a hype
exercise."-bbc

 

 

 

OpenAI chaos not about AI safety, says Microsoft boss

The recent chaos at artificial intelligence (AI) company OpenAI was not due
to a disagreement over safety, the president of Microsoft has said.

 

There were fears the sacking of OpenAI boss Sam Altman followed a
"dangerous" discovery at the ChatGPT creator.

 

Brad Smith told the BBC the shock dismissal "wasn't fundamentally about a
concern like that."

 

Microsoft is the top investor in OpenAI and offered to hire Mr Altman before
he was reinstated at the firm last week.

 

During the drama, a spotlight was cast on how commercial competition is
shaping the development of AI systems and the pace at which the technology
is moving.

 

Tech figures, including X-owner Elon Musk suggested the firing of Mr Altman,
and his subsequent reappointment, were the result of a fall-out over AI
safety.

 

Mr Smith told the BBC: "I don't think that is the case at all. I think there
obviously was a divergence between the board and others.

 

"I think what's more important is there's a new board in place. The
partnership between OpenAI and Microsoft is as strong as ever."

 

Mr Altman was a co-founder of OpenAI and became the face of its
ground-breaking chatbot ChatGPT after it launched last year.

 

He secured a significant funding boost to the tune of $13bn (£10bn) from
Microsoft, which helped catapult the business.

 

After Mr Altman's sacking by the OpenAI board, Microsoft then offered him a
job leading a new advanced AI research team.

 

But his return to his post came after a company revolt where more than 700
OpenAI employees signed a letter to the board threatening to follow him to
Microsoft unless he was reinstated.

 

No reason has been given for the sacking apart from the board's statement,
in which they said they believed he had not been "consistently candid in
communications" with them, and as a result they had "lost confidence" in his
leadership.

 

Mr Smith was in London to unveil a £2.5bn investment in advanced data
centres designed to drive future use of AI in the UK.

 

He told the event: "[There are] opportunities for the UK to benefit from not
just this investment in innovation, but competition between Microsoft and
Google and others. I think that's where the future is going.

 

"And I think that what we've done the last couple of weeks in supporting
open AI will help advance that even more."

 

Fears that AI was going to overtake humans in the next year were unfounded,
he said.

 

"There's absolutely no probability that you're going to see this so called
artificial general intelligence where computers are more powerful than
people come in the next 12 months. It's going to take years, if not many
decades."

 

 

 

Government intervenes in Abu Dhabi's bid to buy Telegraph

The culture and media secretary has intervened to scrutinise a sale of the
Daily Telegraph to a company backed by the Abu Dhabi ruling family.

 

The title was taken over by Lloyds Bank as it sought to recover £1.1bn owed
by the owners, the Barclay family.

 

An Abu Dhabi-backed firm this month agreed to pay the sum and take control.

 

It was understood that after the debt was paid to Lloyds, the publication
would be passed on swiftly to the new owners.

 

Sheikh Mansour bin Zayed Al Nahyan, best known in the UK for his ownership
of Manchester City football club, has thrown his considerable financial heft
behind RedBird IMI, the investment consortium looking to take control of the
Telegraph and the Spectator.

 

The consortium is run by Jeff Zucker, the former president of CNN.

 

As the BBC reported on Wednesday, the Secretary of State, Lucy Frazer, did
not feel it appropriate to intervene in a debt repayment transaction.

 

However, as she has previously indicated and now confirmed, the transfer of
the politically important Telegraph to what is essentially a foreign power
is a matter the UK government and other regulators need to scrutinise.

 

Ms Frazer has now issued a Public Interest Intervention Notice (PIIN)
because of concerns that she had about the Telegraph that warrant further
investigation.

 

The deal has been referred to the Competition and Markets Authority (CMA),
which will look at jurisdictional and competition matters, and the media
regulator Ofcom, which will look at "the need for accurate presentation of
news and free expression of opinion in newspapers", she said.

 

Both the CMA and Ofcom have been asked to report back by 26 January 2024.

 

Jeff Zucker is a very experienced news chief and has hit back at any
suggestion that the editorial independence of the Daily Telegraph, the
Sunday Telegraph and the Spectator would be compromised by Gulf ownership.

 

But former editors, senior politicians and grassroots Conservatives have
voiced grave concerns about the deal.

 

Simply put, the Barclay family, who have twisted and turned for many years
from Lloyds to preserve their ownership of the Telegraph, have now replaced
their Lloyds debt with a debt to the Abu Dhabi royal family.

 

Lionel Barber, the former editor of the FT, has pointed out that the UK has
allowed a convicted fraudster, Conrad Black, to own the Telegraph and the
son of a former KGB agent, Evgeny Lebedev, to own the Independent and the
Evening Standard.

 

But former Telegraph editor Charles Moore insists that the nature of those
involved here - a foreign state alongside a Tory-leaning paper - makes these
circumstances different.

 

Sheikh Mansour is taking a financial risk in wiring the money to Lloyds when
it is unclear whether he will ever get to take control of the assets he is
paying for, but as someone close to the deal said, that seems to be "a risk
he's willing to take".-bbc

 

 

Dr Martens shares plunge after profit warning

Dr Martens has warned its earnings will fall below expectations after the
bootmaker's business was hit by warmer autumn weather and weak US sales.

 

The famous brand, which first became popular in the 1960s, said its trade in
the US had become more challenging in recent months and that two of its
major wholesalers had reduced orders.

 

Global profits for the firm fell by 55% to £25.8m in its half-year results.

 

The profit warning saw shares plunge by almost 25% early on Thursday.

 

Chief executive Kenny Wilson said trading in the second half of the year had
been "mixed", with sales across the world impacted by warmer weather at the
start of autumn.

 

"In the USA, where there is an increasingly difficult consumer environment,
our results have been more challenged, led by weakness in wholesale," he
added.

 

The company said in its results that widespread caution among Dr Martens
wholesale customers had resulted in a "weaker order book than in prior
years", but added that trade in recent weeks in Europe, the Middle East and
Asia-Pacific had improved.

 

Driven by poor trade across the Atlantic, the firm said it expected its
full-year revenues to decline by a "high single-digit percentage".

 

In its latest results, the company revealed US earnings were 31% lower in
the six months to 30 September, compared with the same period last year.

 

Dr Martens makes more than half of its revenues from its most recognisable
products, the eight-holed 1460 boot and sister product the 1461 shoe.

 

But it has struggled with weakening demand in the US for some time,
especially as the cost of living has increased around the world, with less
cash for discretionary spending.

 

In 2021, Dr Martens raised the prices of its footwear by £10 due to rising
production and material costs, taking the price of its classic 1460 boots in
the UK to £159 a pair. It has continued to rise and currently costs £169,
according to the retailer's website.

 

"When times are good, Dr Martens has shown it is possible to make decent
returns from its iconic products," said Russ Mould, investment director at
AJ Bell.

 

"But when the economic outlook is more uncertain, the company suffers from
having its products priced slightly above the level at which someone
wouldn't think too hard about paying."

 

Liza Amlani, principal of consultancy firm Retail Strategy Group and
professor at the Fashion Institute of Technology in New York, told the BBC
while the brand boasted some bestsellers, it now had "too many styles".

 

"Today their website boasts 592 styles for women's footwear, 382 styles for
men's footwear, and 192 styles. It's excessive," she said.

 

"Each style includes an array of colours and sizes, resulting in an unclear
merchandising strategy that risks overwhelming and confusing customers."

 

She said Dr Martens should "rethink" its approach to merchandising, reduce
the styles it offers, and "focus on finding the right influencer strategy
that is relevant to the US market".

 

The Dr Martens brand was founded in 1960 in Northampton. Its air-cushioned
sole was developed by Munich-based Dr Maertens and Dr Funck and the UK
patent rights were sold to R Griggs Group.

 

The footwear that emerged from the collaboration was initially sold as a
work boot, but was taken up by the early skinhead youth movement of the
1960s. The boots also become popular with punks in the 1970s and had a
resurgence when Britpop emerged in the 1990s.

 

Today the boots, also known as Docs or DMs, remain popular.

 

What's up, Doc? The enduring appeal of Dr Martens

When Dr Martens listed on the London Stock Exchange in 2021 its shares were
priced at 370p. On Thursday its shares were trading at around 86p.

 

Line chart showing the price of Dr Martens stock, which is now £0.9 per
share.

"There always seems to be a stone in the shoe for Dr Martens ever since its
IPO in 2021," said Susannah Streeter, head of money and markets at
Hargreaves Lansdown.

 

"Earlier this year the company was beset by operational problems at its Los
Angeles distribution centre. Once again, hopes of a rebound in sales have
been booted away and long-term growth for the brand looks highly uncertain."

 

Mr Wilson said the company continued to "have faith in our iconic brand, and
we continue to believe in the long-term growth potential of the
business".-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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