Major International Business Headlines Brief::: 06 December 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  06 December 2023 

 


 

 




 


 

 


 

ü  South Africa: Criminals Terrorise Old Gold Mining Area

ü  Nigeria: Govt's Deficit Spending Rises 11% to N7.88 Trillion

ü  Nigeria Eyeing Multi-Trillion Dollar Climate Change Financing, Privatisation to Fund 2024 Budget

ü  Nigeria, Kuwait Strengthen Aviation Ties, Sign Bilateral Air Agreement

ü  Nigeria: ASUU Laments Exodus of Lecturers From Public Varsities

ü  Nigeria to Revoke 33 Unused Oil Licences - NUPRC

ü  Angola: How Angola Is Transforming Its Economy Through Commerce

ü  Seychelles: Data Protection Bill Presented to Seychelles National Assembly for Approval

ü  Uganda: COP28 - Uganda Inks Deal for 105MW Solar Energy Plant

ü  Uganda: State House Raises Eyebrows Over Supplementary Budget

ü  Travel giant considers leaving London Stock Exchange

ü  Blackpink sign new contract ensuring K-pop group will stay together

ü  Confident about safety of AI: Nvidia CEO Jensen Huang

ü  COP28: Is the world about to promise to ditch fossil fuels?

ü  German cabinet tries to solve ‘no-debt’ crisis after court outlaws budget

 


 

 


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South Africa: Criminals Terrorise Old Gold Mining Area

Four years after notorious gang leader was shot by police, Roodepoort families still live in fear

 

Mnyamane came out shooting.

 

He made a break from room eight of the old mine hostel and fired off three quick shots.

 

Two bullets shattered the windscreen of the approaching unmarked police car, another pierced the side door. The policeman driving the car drew his service pistol, leaned out of the window and fired.

 

Mnyamane was hit three times.

 

When police tracked him to the clearing of high grass behind the abandoned Skomplaas hostel in Durban Deep, the gangster who had terrorised communities off the Randfontein road lay dead. Police at the time believed he was linked to at least eight murders and he and his gang were accused of gang rapes too.

 

 

The death of the man who was known only by his nickname Mnyamane, ("the black one" in Sotho) was welcomed by residents GroundUp spoke to.

 

"Yeah, everyone was happy and for a while crime did go down, but now it is bad," said a resident from nearby Sol Plaatje, who didn't want her name to be used.

 

Mnyamane was killed four years ago, but still the residents of Matholesville, Sol Plaatje, Skomplaas, Durban Deep and Braamfischerville live in fear of daily shootings, rapes, kidnappings and theft.

 

Driving this crime, say the residents, is the new gold rush that has brought criminal syndicates who are associated with the artisanal miners who work the seams of gold in the abandoned tunnels below much of the West Rand.

 

 

Durban Deep mine, where gold has been mined since 1898, is one of the deepest in the area at 2,400 metres. The mine was owned by Barlow Rand and then by Durban Roodepoort Deep, which stopped mining in 2001.

 

In 2018, Brigadier Sam Manala, station commander at Roodepoort Police Station, attributed 90% of murders in his precinct, which includes Durban Deep, to illegal mining. "This is one of the biggest problems that we are facing in this area," Manala told GroundUp then.

 

The situation has worsened, according to residents.

 

When Gauteng provincial Police Commissioner Lieutenant General Elias Mawela released Gauteng's crime statistics for April to June this year, he revealed that Roodepoort police station, which serves Matholesville, Sol Plaatje, Skomplaas, Durban Deep and Braamfischerville, had seen a 44% increase in the reporting of serious crimes.

 

Crime statistics for the period July to September, released by the South African Police Service (SAPS) in November, ranked Roodepoort police station seventh out of 30 priority stations nationwide with the highest rates of crime.

 

 

The station registered increases in most categories of serious crime, including murder, kidnappings, attempted murder, home robberies and assault, from one quarter to the next. But there was a decrease in the number of reported rapes.

 

The nights are filled with gunfire and along Solomon Street that runs through Sol Plaatje, home owners point out bullet holes in the walls of their homes, a reminder of past shootouts between rival gangs.

 

One of those shootings happened in May on Solomon Street. That night residents were woken to the sound of shots being fired in the informal settlement behind their houses. The gun battle ended up at Boitu's Inn, where two people were killed.

 

"We woke up and watched them take the bodies out," said the same Sol Plaatje resident.

 

All the people interviewed by GroundUp who live in these communities didn't want their names used. They said that many of the criminals are now living amongst them in leased rooms or have local girlfriends, and they feared there might be reprisals if they spoke out.

 

In the houses along Solomon Street, residents can hear miners working beneath their homes. Sometimes their homes shake from underground explosions.

 

Across the road are rows of shacks where residents say women have been taken to be raped. A person in the community who works with rape survivors explained that many victims don't report these crimes to the police as they are pressured by their attackers into remaining quiet.

 

That person said they knew of three rapes in the last couple of months, and of four other incidents where the survivors didn't report the crime to the police.

 

In February, residents marched on the police station calling on police minister Bheki Cele to visit. They complained of the high crime rate in the policing area, in particular house robberies.

 

"The problem is that most people are afraid to report crimes as they don't know if they (the perpetrators) will come back to their homes," said a resident of Matholesville, which lies to the north of Sol Plaatje.

 

Residents complain that police aren't doing enough and even state-run ambulances are reluctant to enter these areas without security. Caleb Finn, the ward councillor for neighbouring Florida, says he often has to intervene to get ambulances to respond.

 

In Matholesville, residents patrol the streets at night and though they are unarmed, their visible presence is said to help.

 

Some residents feel a renewed sense of hope after the government announced that the army had been tasked to fight the syndicates associated with illegal miners. With the army would come police reinforcements too.

 

 

However experts have warned that the army is not a good fit for such an operation, as soldiers are not trained in police work or clearing mine tunnels.

 

When GroundUp visited the area, SAPS's tactical response teams from Ekurhuleni and Vereeniging were patrolling Sol Plaatje. On the ground were also the newly recruited crime prevention wardens and a police helicopter flew overhead.

 

In neighbouring Matholesville, an open field that is usually filled with people cranking phendukas (hand-driven cylinders) to pound gold ore, was empty. The artisanal miners, it appeared, had gone to ground.

 

One community leader believes however that more is needed to be done to rid the area of crime.

 

"It needs a multi-disciplinary approach with everyone on board, including government departments, especially the justice department, so they can assist in the fight against illegal mining," he said.

 

Ingrid Reinten, a City of Johannesburg councillor who has done a lot of work in the area, believes an economic approach would work best.

 

"My personal point of view is that illegal miners are only there because they want the resource, they have no interest in the land. And if we are smart, and we get the resources out legally, then they will go, because there is nothing left for them to gather," she said.

 

A forwarded image passed from cellphone to cellphone in the community shows a photograph of Mnyamane at the height of his reign of terror. The photographer caught him surrounded by his gang who pose for the photograph with their guns clearly visible. Mnyamane sits on a stool reading a magazine.

 

Back then, pleas to the local police station to deal with Mnyamane and his crew fell on deaf ears, claim residents.

 

But when the provincial police heard of Mnyamane, things changed.

 

Mawela ordered an investigation, according to police, and soon the police were on the hunt for Mnyamane. A tip-off led to his hiding place in that abandoned Skomplaas hostel.

 

Police focus is once again on the area, and residents are happy to see the army and police working together. But they are not sure how long this will last.

 

"The police do that but then they go away," said a resident from Matholesville. "And the community has lost hope because something can happen in front of you and you won't report it."

 

 

 

 

Nigeria: Govt's Deficit Spending Rises 11% to N7.88 Trillion

The Federal Government recorded an 11 per cent, year-on-year, YoY increase in deficit spending to N7.88 trillion in seven months, from January to July, from N7.13 trillion in the corresponding period of 2022.

 

The rise in deficit spending was driven by 20.5 per cent increase in expenditure which moderated the impact of a 45 per cent increase in revenue during the seven months period, 7M'23

 

Vanguard analysis of the Economic Report for July released by the Central Bank of Nigeria, CBN, showed that the FG recorded revenue of N3.693 trillion in 7M'23, up by 45 per cent from N2.542 trillion in 7M'22.

 

 

Following the same trend, expenditure rose to N11.58 trillion in 7M'23 representing 20.5 per cent, You increase from N9.607 trillion recorded in 7M'22.

 

But in July, the FG recorded a 5.3 per cent, month-on-month, decline in deficit spending owing to delay in releases for capital expenditure.

 

The CBN said, "The FGN retained revenue (provisional) rose, due to higher receipts from FGN Independent Revenue, and Exchange gain. At N564.13 billion, FGN retained revenue in July 2023 was 57.1 per cent, above collections in June 2023, but fell below the monthly target of N920.43 billion.

 

"The Provisional aggregate expenditure of the FGN increased in July 2023, relative to June 2023, but fell short of the target. At N1,380.66 billion in July 2023, the provisional FGN expenditure was N159.01 billion (13.0%) above the level in June 2023 but was below the target by N438.27 billion (24.1%). Recurrent expenditure at 74.2 per cent, maintained its dominance in total FGN spending, while capital outlay and transfers accounted for 20.8 and 5.0 per cent, respectively.

 

"The estimated overall fiscal deficit of the FGN contracted, relative to the level in June 2023. Provisional fiscal deficit of the FGN, at N816.53 billion, contracted by 5.3 per cent, relative to the level in the preceding month, and was 9.1 per cent below the proportionate budget threshold. The contraction reflected lags in capital releases in the face of improved revenue outturns."

 

-Vanguard.

 

 

 

 

Nigeria Eyeing Multi-Trillion Dollar Climate Change Financing, Privatisation to Fund 2024 Budget

Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, has said the country is targeting multi-trillion-dollar climate change financing. Edun stated this yesterday, at a one-day retreat organised by the Senate Committee on Appropriation, chaired by Senator Solomon Adeola, titled, "Budget and Budgetary Process: Improved Outcomes in 2024."

 

The minister, who just returned from the climate change conference in Dubai, tagged COP28, said there were series of opportunities that could be tapped into by the various agencies to secure funding from donor agencies eager to play a role in climate change. He noted that the focus of the current administration in the country was to reduce deficit by focusing on concessioning funding and climate financing, among others.

 

 

The minister said, "The direction of the government is to reduce budget deficits, place emphasis on borrowing, particularly reducing foreign debts and capital market expensive borrowing.

 

"At the meeting we just concluded in Dubai, the IMF Managing Director said the world is still suffering the shocks of the major global incidences, like the COVID-19, and that the fiscal space is exhausted.

 

"Nigeria's fiscal space is exhausted and the solution is that we have to focus on concessioning funding and climate financing.

 

"There is an estimated $1trillion per annum to be spent for climate change. Just yesterday (Monday), the UAE announced $30 billion for climate action. Another $1.5 billion was announced by a global group.

 

"What that means is that as we move to fund the N27.5 trillion budget next year, our first port of call must be to target the cheapest concessionary financing, including the climate change financing

 

 

"The federal government, three days ago, signed a €100 million equity foreign direct investment for re-afforestation in the Mangrove Forest in Cross River State. We will go and search for similar types of transactions as much as possible."

 

The minister added, "Our 2024 proposed budget states clearly that there is room for privatisation, maximising our own assets without borrowing.

 

"We have to be brave, courageous and innovative to make sure that we use the financial market to take our fiscal stress down so as to reduce our debt servicing and reduce our emphasis on borrowing."

 

He said, "One of the ways available is that there are now countries and organisations willing to invest in our economy more than ever before.

 

 

"We need to optimise the resources we have, particularly oil resources. The world is turning to CNG.

 

"Hence a few days ago, the president launched an initiative of electric vehicles. Major manufacturers of electric vehicles have started expressing interest and started discussions with us on their determination to establish electric vehicles plants in Nigeria.

 

"Such is the opportunity for our market here and such is the attraction the new innovation has attracted to us as a nation."

 

On his part, Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu, said his ministry had developed a data base to attract foreign direct investment into the country.

 

Bagudu said, "There is National Integrated Infrastructure Master plan, which is in the custody of the Federal Ministry of Budget and National Planning. It has over 19,000 projects.

 

"We have commenced meetings with stakeholders in the infrastructure space, the MDAs, the Bureau of Public Enterprises, the infrastructure Bank, the DMOs, and the NIPC, to analyse them and take them to Investment Grid.

 

"This is to provide adequate information to investors. The 2024 budget also has provision for the Infrastructure Project Development Funds for that purpose."

 

He explained that there were plans to block leakages by stopping some MDAs disregard for accountability.

 

Bagudu added, "President Bola Tinubu has asked the Coordinating Minister for the Economy to ensure that all GOEs operate accounts that could only be debited on the authority of the Coordinating Minister of the Economy and the Accountant General of the Federation."

 

President of the Senate, Godswill Akpabio, stressed the need for aggressive revenue drive.

 

Akpabio said all the revenue generating agencies must rise to the occasion.

 

No matter how beautiful the budget was, it would not work if there was no money to spend, he added.

 

He stated, "My message is that all the GOEs must gear up to raise more revenues, block all the loopholes, leakages and wastages so that the 2024 budget would be successfully implemented.

 

"The senate and the House of Representatives are very determined to pass the budget before the end of this year to continue with the tradition of the January to December budget cycle.

 

 

"It, however, depends on the attitudes of the ministers and the MDAs to the budget defence sessions, which will start immediately.

 

"I will urge the ministers to take the exercise very seriously by bringing all the heads of agencies under their supervision while coming to the National Assembly."

 

Chairman, Senate Committee on Finance, Senator Sani Musa, stressed the need to have the statistics of all the national assets, which is almost non-existent.

 

According to him, "Some government owned enterprises were keeping the assets as if they owned them. There is the need for us to harmonise and get a national registry for our assets"

 

The keynote speaker at the occasion, Professor Ayo Teriba, a Professor of Economics, expressed confidence that the country had the potential to meet its revenue projections for 2024 based on the performances of the 2023 budget in the last quarter of this year.

 

Teriba called for a paradigm shift from over-reliance on petroleum revenue and tax to leverage marketing the country's assets.

 

He said, "There is the need to take 35 per cent of the government-owned enterprises assets to the market to generate some liquidity.

 

"Apart from GOEs, national assets also included real estates. There is no MDA that does not have one choice real estate or the other and most of them are lying their fallow.

 

"We need to know the current value of the real estate of the MDAs and the value of their current usage."

 

Teriba also stressed the need to develop infrastructure that could generate revenues through a public-private sector participation. He said the country should focus attention on what it owned rather than what it owed as debt.

 

He said, "We talk about what we own as against what we owe. We have assets that can attract foreign direct investment which can liquidate our N89 trillion foreign debt."

 

-This Day.

 

 

 

 

Nigeria, Kuwait Strengthen Aviation Ties, Sign Bilateral Air Agreement

Nigeria and the State of Kuwait have strengthened their aviation ties through the signing of Bilateral Air Service Agreement (BASA).

 

The accord was formalised during the ongoing COP28 in Dubai, reflecting a commitment to fostering international cooperation in the realm of aviation, a statement by the media aide to the minister, Tunde Moshood, indicated.

 

Moshood, however, explained that after both parties agreed to the agreement, the signing of the agreement took place in Saudi Arabia.

 

"The agreement marks a pivotal moment in the diplomatic relations between Nigeria and Kuwait, opening avenues for enhanced connectivity and economic cooperation.

 

The Minister Festus Keyamo, expressed optimism about the prospects of this agreement, emphasising its potential to boost trade, tourism, and people-to-people exchanges between Nigeria and Kuwait."

 

"The accord underscores the federal government's dedication to expanding the nation's global aviation footprint and creating opportunities for economic growth.

 

"This significant development comes as Nigeria actively engages with international partners to advance its aviation and aerospace capabilities. The federal government remains committed to fostering strong ties with nations around the world, and the bilateral air service agreement with Kuwait is a testament to this commitment."

 

-Leadership.

 

 

 

 

Nigeria: ASUU Laments Exodus of Lecturers From Public Varsities

Academic Staff Union of Universities (ASUU) has raised the alarm over the mass resignation of lecturers from Nigeria's universities.

 

It said most departments and units in Nigeria's public universities were short-staffed due to the resignation of lecturers in search of greener pastures.

 

The union said poor and delayed salaries, unpaid allowances, poor infrastructure, lack of respect for the academic community, and the seeming dwindling hope were some of the factors responsible for the resignation of lecturers in the past few months.

 

The chairman, University of Ibadan (UI) chapter of ASUU, Professor Ayo Akinwole, who stated this on yesterday in Ibadan, added that Nigeria's public universities were in a very pitiable condition with stress and frustration visible in the faces of poorly-remunerated lecturers.

 

 

According to him, except President Bola Ahmed Tinubu arrested the situation by reviewing the conditions of service in terms and salaries, allowances, and infrastructure, many good hands would continue to resign and leave the country.

 

The ASUU boss said it was unfortunate that the same government that is not funding education has a National Assembly proposing to establish 32 more universities.

 

While noting that establishing more universities would not solve the problem, Akinwole suggested improving the carrying capacity of the existing universities to admit more students.

 

He said the union had received reports on how colleagues resign on a monthly basis because of the way lecturers are treated and poorly remunerated in Nigeria.

 

He argued that "Universities around the world were poaching more quality hands, and if not halted by the government, through intentional reviewing upward conditions of service, it will be difficult to retain the best hands."

 

The ASUU boss claimed that the government's policy had made it difficult to even retain good hands because to employ and get approval from Abuja may take up to a year and by that time, the good candidate has left for greener pastures.

 

He said, "Vice chancellors cannot singlehandedly employ to replace staff as urgently as it is needed again. They have to contact Abuja for approval, which may take six months to a year, if not more, before they get approval.

 

"By this time, the best candidate has gone to a more serious country that respects quality. Sadly, people from higher up there from the Ministry of Education to the legislators themselves want to dictate who the universities should employ," he added.

 

-Leadership.

 

 

 

Nigeria to Revoke 33 Unused Oil Licences - NUPRC

The federal government is planning to revoke unused oil exploration leases that companies were granted but have not been able to carry out any exploration activities on them.

 

This is as crude oil traders have raised concerns about Nigerian products after the Nigerian National Petroleum Company (NNPC) Limited changed its price model to supply the commodity.

 

Bloomberg reported on Tuesday that NNPC is planning to adopt a price model that will result in pricing crude supplies against the monthly average of dated Brent -- which is the physical crude benchmark.

 

Chief executive officer, of the Nigerian Upstream Petroleum and Regulatory Commission (NUPRC), Gbenga Komolafe, who made this known said that only companies with viable technical and financial backup would get to keep their leases

 

 

"Based on the PIA (Petroleum Industry Act), the commission is focused on delivering value for the nation so only firms that are technically and financially viable will keep their leases," Komolafe told Reuters on Monday.

 

Komolafe said the commission would initiate reviews of these leases and awards of new leases would be "subject to specific terms and conditions."

 

According to latest data from the NUPRC, although about 53 exploration leases were issued from 2003 till date; over 60 per cent of the prospecting licences issued to local and foreign oil firms had expired.

 

Out of the 53 licences, 33 have since expired and not renewed, including four which are held down by contract disputes. The leases have not been automatically revoked, but the regulator is no longer willing to let the companies hold on to leases indefinitely.

 

 

The PIA enacted in 2021 empowered the regulator to review the technical and financial capabilities of companies holding oil exploration leases.

 

Investments in oil exploration in the country have been few and far between as oil majors exit onshore and shallow water assets due to rising insecurity and sabotage of oil infrastructure and legal disputes with communities in the Niger Delta.

 

The sector has since been bogged down by low investments in exploration activities, coupled with low crude oil production as a result of theft from pipeline vandalism.

 

Meanwhile, Bloomberg reported NNPC disclosed this in a circular, revealing the state oil company is ending the pricing model based on dated Brent average settlement in the five days after loading.

 

NNPC did not respond to LEADERSHIP's inquiry regarding the price change as at the time of filing this report.

 

While NNPC did not give reasons for the switch, the oil firm said it would stick to initial nominated loading dates for pricing purposes.

 

Traders, according to the report, are worried about the changes, expressing concern that the cargoes could be more prone to volatility similar to bigger oil markets.

 

The decision will also make it more complex for the traders to compare cargoes from the Mediterranean and North Sea, as well as WTI Midland, to NNPC shipments to Europe.

 

Nigerian crude has been recording increased demand in Europe due to the embargo placed on Russian oil by the European Union due to the invasion of Ukraine.

 

In November, executive director, crude and condensate, NNPC Trading Limited, Maryamu Idris, had said Nigerian crude oil grades have become a steady preference for many European refiners.

 

Idris said six months before the war in Ukraine, 678,000 barrels per day (bpd) of Nigerian crude grades went to Europe -- compared to 710,000 bpd six months later and 730,000 bpd so far this year.

 

-Leadership.

 

 

 

 

Angola: How Angola Is Transforming Its Economy Through Commerce

A conversation with Amadeu de Jesus Leitão Nunes, Angola's Secretary of State for Commerce

 

In an interview with Africa Renewal's Kingsley Ighobor in Luanda, Angola's capital, Amadeu de Jesus Leitão Nunes discusses his country's agricultural projects, its successful partnership with the UN Conference on Trade and Development (UNCTAD) and the European Union (EU) to promote economic development, its support for women and youth entrepreneurs, the African Continental Free Trade Area (AfCFTA), and more. Here are excerpts of their conversation.

 

Amadeu de Jesus Leitão Nunes The first question is straightforward: Is Angola ready for business?

 

 

Angola has been ready for business for a long time. If we analyze the history of Angola before independence, trade was very prosperous, so prosperous that Angola imported only supposed superfluous products. We were very self-sufficient in terms of food.

 

Where would you like Angola's economy to be?

 

Our short-term ambition is not to depend so much on oil exports. We want to diversify the economy.

 

That means increasing production for almost all goods, not just primary ones. We must increase agricultural production to feed our population and accelerate our country's industrialization. We need to increase production also for export, with added value in processing.

 

Which primary products do you want to focus on?

 

These are cereals, like corn, rice, beans, and animal protein--eggs and chicken. That is why we have major programmes like

 

 

Does the government's programme for agriculture support the private sector?

 

In these three major programmes, the state and the private sector are in alignment. The private sector's involvement is fundamental within the institutional framework of the state.

 

Naturally, arable lands belong to the state, and the state gives concessions for these lands to private entities, especially for agriculture purposes.

 

Do you have incentives such as financing guarantees for the private sector?

 

Yes, there are significant incentives. For programmes that we need to develop, banks like the Banco Nacional de Angola [Angola's central bank] are providing incentives such as financing with lower interest rates than those offered by commercial banks.

 

 

For essential products, we are lowering the Value Added Tax, from 14 per cent to 5 per cent.

 

These initiatives support the private sector.

 

Where are the key export destinations, and what products?

 

Excluding oil, Angola is exporting fruits, especially bananas, pineapples, and avocados. Our exports go to neighbouring countries like Congo, and to Europe and China.

 

Entrepreneurs, artists, trade facilitators and others speak glowingly of the Train for Trade II programme. Why do you think the government's partnership with UNCTAD and the EU has been effective thus far?

 

First, the Train for Trade II programme builds on the positive outcomes of the Train for Trade I.

 

Second, the project structure has been good. As you know, we have seven different components to this project, and this relationship works well. Our Ministry [Ministry of Industry and Commerce] has the institutional political responsibility to liaise with the other institutions involved, and they have accepted our role as the coordinating ministry

 

Lastly, we are fortunate to have an UNCTAD representative in Angola who helps create consensus, has a proactive attitude, and knows how to engage and talk with other institutions.

 

The programme ends in December. What's next?

 

In a meeting with the EU, we expressed our interest in and willingness to continue the programme. We would indeed like the programme to continue even if we need to look for other sources of funding.

 

The new EU Ambassador just presented her credentials. We will meet with her and present our proposal to continue the programme.

 

Many of the programmes' young beneficiaries look to the government to make doing business easy. Other experts, within the government and from UNCTAD, have made recommendations on this issue. Are you committed to facilitating the adoption of their recommendations?

 

Yes. We have many programmes supporting new entrepreneurs. The Ministry of Economy and Planning coordinates these mechanisms. Other ministries also contribute significantly to entrepreneurship.

 

Also, the National Institute of Support for Micro, Small and Medium-Sized Companies (INAPEM) has a platform that brings together all the institutions working to promote entrepreneurship.

 

 

Finally, the Ministry of Economy and Planning has organized one or two startup forums with great success. They had about 300 startups, and they hope to have 1,500 startups in next year's forum.

 

Are you making any plans to take advantage of the AfCFTA, which will allow the free flow of goods and people and eliminate most tariffs on goods?

 

We are working with the UN Economic Commission for Africa on a national strategy for implementing the AfCFTA. We think that by May or June of 2024, we will have it.

 

I always say that, in Africa, we are competitors because most of the goods we produce in Angola are the same as those of Namibia, Zambia, or Congo. So, we need to seek complementarity -- offering goods and services that complement those of our neighbors. That's why I asked ECA to analyze our strategy for complementary mechanisms that we can set up with our neighbours.

 

Think of transportation. South Africa has an automobile industry, but the country doesn't make all the parts of the car. Likewise, the parts of an Airbus aircraft come from various places-- the engine may be from England, the wings from Germany, the seats from Portugal or Spain-- and then the assembling is done in Toulouse, France. This is a necessary complementarity.

 

Conceptually, some tout the AfCFTA as a transformative project, one that will create millions of jobs and turn Africa around. What do you think?

 

Based on my experience and my knowledge of such matters in Europe where I studied, the AfCFTA is our aspiration; it will succeed only with serious political commitment from our countries.

 

Without such commitment, AfCFTA is just another instrument, and each country can do business in its own way. There was such commitment in Europe. The countries managed to develop the EU to where it is now.

 

Are you very hopeful about its success?

 

I have hope, but I tell my colleagues [fellow trade ministers] that success requires continuing dialogue, explanation, and consent of the people. We can have a super-structure like the AfCFTA, but we must truly involve our people--entrepreneurs, businesses, the private sector, students, and academia.

 

Often with our programmes, we don't pull everyone together, meaning we can't be inclusive. So, if we can achieve inclusiveness, then we can move forward.

 

Women constitute about 70 percent of informal cross-border traders in Africa. How is the government supporting women traders?

 

Yes, women carry out a large percentage of informal trade. We have a programme, financed by the EU, to convert the informal economy into the formal economy. The Ministry of Social Affairs, Family, and Women Promotion is fully involved in this programme.

 

In Bailundo, a village in Huambo, we met with a group of women who were applying what they had learned been taught by the University in Huambo to their honey production business. They could use a little support from the government.

 

Honey production has increased across the country. Every part of the country -- Huambo, Cuando Cubango, Moxico and so on -- has honey. When we go to local trade fairs, we see a lot of honey, and it's quality honey.

 

A gentleman keeps calling me, saying, "I don't know how I'm going to sell my honey. I don't even have a car to transport my honey. I'm going to lose the honey. The honey will spoil." Imagine people like him all over the country!

 

So, we need to work on certification and everything else that adds value. Also, Train for Trade II has a honey programme, and I think we should explore it more vigorously.

 

>From what you know about the Angolan industrial base, commerce, trade, and development, where do you see this country in the next five years?

 

The government is working to improve the living conditions of citizens. We are all working towards achieving food security. I am confident that we can significantly reduce our dependence on imports for some goods, increase production in many other goods, and ensure food security.

 

-Africa Renewal.

 

 

 

 

Seychelles: Data Protection Bill Presented to Seychelles National Assembly for Approval

To protect the personal information of Seychellois citizens, a Data Protection bill is before the National Assembly for approval after being presented on Monday by Vice President Ahmed Afif.

 

Afif said, "Article 20 of our Constitution makes provision for the right to privacy this shows the importance of protecting our personal information. However, our Constitution does not give much information on how this should be done. So like all the other provisions in our Constitution, it is important to have other laws to guide the implementation of those provisions and ensure that the rights are respected."

 

He said that "as individuals, we very often see ourselves in situations where we have to give our personal information for us to access a service private or public. This means that every day our personal information is manipulated by individuals or entities."

 

The bill will replace the Data Protection Act 2003, which Afif said was approved but never came into force for several reasons.

 

 

These included not covering all aspects of the protection of personal information such as those transferred to another country and not making provision for entities to have an officer that looks at the protection of personal information.

 

The new bill makes provisions for data protection officers and is in line with international best practices and standards for the protection of personal information.

 

"To ensure that we conform with international best practices and to ensure that the rights of our citizens under our Constitution are respected, it is important that we have such a law to protect the personal information of individuals. Also, to ensure that the information is used well and does not fall into bad hands," Afif explained.

 

In the Data Protection Bill 2023, the term "personal information" relates to any information that pertains to an individual and can allow the identification of the individual such as name, surname, national identity number, and residential address among others.

 

 

It also defines processing, which is the procedure that allows manipulation of personal information, and this includes collection of the information, where it is stored, if it is transferred to other entities or individuals, until the information is destroyed or erased.

 

Afif said the bill has three important roles - a data subject is the individual giving the personal information, a data controller collects the personal information and determines how it will be used, and a data processor is the person or entity that manipulates the information.

 

"The bill clearly defines that any data controller or processor has to ensure that its operation is in line with the provision made and the conditions where personal information can be manipulated. These include consent of the data subject, any other laws the controller needs to manipulate the information to make it in line with the provision in the bill," said the Vice President.

 

He stressed that when the bill becomes law it will not allow an individual to use personal information for personal activity, or any activity linked to national security, and when the information is needed for an authority conducting a criminal investigation.

 

The Information Commission of Seychelles will have the mandate to implement the law and under the law, provisions have been made so that it can issue fines for individuals or entities not respecting notices given for not functioning in line with the provisions of this law.

 

However, if an individual or entity disagrees with a decision made by the Commission, they have 21 days to bring their case to the Court of Appeal.

 

"Individuals who give their personal information also have rights prescribed under the law, such as the right to be informed by the data controller on why the information is being used, how it is being used, and how long it will be used. It also obligates the data controller to give any other information that will ensure that the individual can exercise their rights under this law," he added.

 

-Seychelles News Agency.

 

 

 

Uganda: COP28 - Uganda Inks Deal for 105MW Solar Energy Plant

Uganda has made strides in achieving its renewable energy targets by signing a Memorandum of Understanding that will see a UAE company construct a 150MW solar energy plant in the eastern part of the country.

 

The agreement signed during the ongoing climate change summit(COP28) in Dubai, UAE will see Abu Dhabi Future Energy Company PJSC - Masdar construct the plant is part of a broader 1GW collaboration, marking a significant step in Uganda's sustainable energy journey.

 

The event was officiated by Prime Minister, Robinah Nabbanja, and attended by key figures including Dr. Ruth Nankabirwa Ssentamu, Minister of Energy and Mineral Development, Henry Okello Oryem, Minister for Regional Cooperation, and Zaake Kibeedi, Uganda's Ambassador to the UAE.

 

 

"This transformative initiative not only addresses our escalating electricity demand but also enhances electricity accessibility and generates employment opportunities for Ugandans," PM Nabbanja said.

 

The Energy Minister, Ruth Nankabirwa emphasised the need for a grid stability study to ensure the project's seamless integration without harming the existing grid.

 

On their part, Masdar affirmed its readiness to fund this crucial aspect of the project.

 

"We are committed to bringing the most technically proficient independent companies by April 2024 to conduct the grid stability studies. These studies, which we have conducted before, will benefit other electricity projects in Uganda," said Abdulla Zayed, Masdar's Head of Development Investment (Africa).

 

Building on a Memorandum of Understanding signed in August 2022, the government of Uganda and Masdar agreed to develop greenfield renewable energy projects totaling to 1GW.

 

This commitment aligns with Uganda's strategy to capitalise on its abundant renewable energy resources for sustainable industrialisation.

 

The Minister announced that the project would be established in the Kween district and include constructing a line from Mbale to Bulambuli to transmit power to the national grid.

 

Uganda sets 2050 as the year to hit is 100% renewable energy target.

 

A recent study by the World-Wide Fund for Nature (WWF) and its partners indicated that Uganda would need in excess of $390 billion to achieve the 100% renewable target.

 

"If we are to go renewable energy 100% by 2050, it means 90% has to be solar energy and only 10% from other sources including hydrogen . To achieve this target of 100% renewable energy, Uganda requires $390 billion of upfront investment," said Yona Turinayo, the coordinator energy, climate and extractives at WWF recently.

 

To achieve the target, Uganda needs to move away from its current over reliance on biomass but also have an improvements on its energy mix.

 

 

 

 

Uganda: State House Raises Eyebrows Over Supplementary Budget

In a surprising move last week, State Minister for General Duties in the Ministry of Finance, Henry Musasizi, presented a supplementary budget of 3.5 trillion shillings for parliamentary approval.

 

However, the allocation of funds has sparked concerns as the State House is set to receive a staggering 485 billion shillings, constituting a significant portion of the budget.

 

Amidst the financial allocation, it has come to light that 100 billion shillings has already been spent by the State House on classified expenditures, shrouded in secrecy and unknown to the public.

 

This has raised questions about transparency and accountability in the use of public funds.

 

 

One notable request in the supplementary budget comes from the State Security Agency, Internal Security Organization (ISO), seeking approval for 39 billion shillings to procure classified security equipment.

 

The lack of details surrounding such expenditures is heightening scrutiny.

 

Furthermore, the controversial Lubowa Specialized Hospital has reemerged in the supplementary budget, requesting funds for works that were previously rejected by Members of Parliament.

 

The government now seeks retrospective approval for the 2.7 billion shillings spent on supervising the construction of the hospital, raising concerns about financial management.

 

The budget also includes 26.7 billion shillings for preparatory activities ahead of international conferences in Uganda, including the Non-Aligned Movement Summit and G77 plus one, under the Office of the President.

 

In a bid to renew citizens' identity, the government is seeking up to 300 billion shillings, with 138 billion allocated to the National Identification and Registration Authority (NIRA) for a new national security system facilitating a citizen data system.

 

Amidst controversies surrounding the National Mosque in Gadaffi, where claims of land purchase have arisen, the government is seeking 2.7 billion shillings for a facelift.

 

The mosque's fate hangs in the balance over fears that it could be taken over by the alleged buyer from the Supreme Council.

 

Other notable allocations in the supplementary budget include 13 billion shillings for the Higher Students Financing Board and

 

144 billion shillings for the Uganda Bureau of Statistics (UBOS) for preparatory activities related to the population census.

 

 

 

 

Travel giant considers leaving London Stock Exchange

Tui, one of world's largest travel firms, has said it is considering quitting the London Stock Exchange in favour of a listing in Frankfurt.

 

The holiday giant said some shareholders had asked whether its UK listing was "optimal and advantageous".

 

The move would deal another blow to London's attractiveness as a base for big firms, with several opting to list on exchanges overseas in recent years.

 

TUI said it was considering putting the plan to a shareholder vote next year.

 

The firm, which has had its main listing on the London Stock Exchange since 2014, already has a secondary listing in Frankfurt.

 

Bosses said they would consider an "upgrade" to list on Germany's main stock exchange at the group's annual general meeting in February, but added delisting from London would require the backing of at least 75% of shareholders.

 

Chief executive Sebastian Ebel said the announcement had "no political background" - suggesting any potential de-listing would not be due to Brexit - adding that the British travel market was still the "most important".

 

But such a move would add to concerns over London's ability to attract big businesses after Britain's biggest chip company, Arm Holdings, listed its shares in New York earlier this year. Building supplies firm CRH and plumbing equipment company Ferguson also shifted listings to the US.

 

Is London's stock market losing its lustre?

Tui Group has a market value £3.2bn and owns 400 hotels, 16 cruise ships, five airlines with 130 airplanes and 1,200 travel agencies, according to its website.

 

The group said in its full-year results that it was looking at whether simplifying its listing structure would be beneficial for the firm following changes and mergers within the group.

 

It added there had been "a notable liquidity migration" from the UK to German stock markets in the past four years and the move could "potentially enhance" the profile of Tui's shares.

 

The travel firm also said it could also help the firm deal with European Union regulations on airline ownership and cut costs.

 

Mathias Kiep, Tui's chief financial officer, said the reason behind considering de-listing was due to 75% of the company's shares being traded in Germany.

 

Russ Mould, investment director at AJ Bell, said "you can see the company's reasoning" due to more trade being struck through Frankfurt.

 

But he added: "No-one in the London market will be celebrating if another firm does decide to de-list, especially as Tui is a member of the FTSE 250 [index of listed companies] and was part of the FTSE 100 not that long ago."

 

However, he said supporters of London would note it still had around 1,860 listed firms and that "losing TUI's £3bn cap, while unfortunate, is not terminal for an market with a valuation well above of £2 trillion".-bbc

 

 

 

 

Blackpink sign new contract ensuring K-pop group will stay together

K-pop superstars Blackpink have renewed their agency contract as a group, ensuring that the quartet will continue to perform together.

 

This follows months of contract negotiations during which fans feared the group could split up.

 

In a statement on Wednesday, YG Entertainment said "an exclusive contract for group activities based on strong trust" has been signed.

 

Blackpink, formed in 2016, have become the world's biggest K-pop girl group.

 

The new contract is believed to be among the most lucrative signed by any music group this year.

 

The agency also said Blackpink plan to "repay their fans around the world with activities that match their global status in the K-pop scene with new albums and world tours".

 

Details of the new group contract are not immediately clear, and YG's statement also did not mention the agency's individual contracts with Jisoo, Lisa, Jennie and Rosé. South Korean news agency Yonhap reported that these contracts are still being negotiated.

 

According to previous South Korean media reports, if the four stars choose not to renew their individual contracts, they are free to pursue solo careers under different representation. This means that they would perform as a group only when their schedules allow.

 

It is very rare for K-pop groups to fully reunite after some members leave or refuse to renew individual contracts with their management. This has happened to popular YG acts such as Bigbang and 2NE1.

 

Local newspaper Munhwa Ilbo reported in November that no Blackpink member had agreed an individual contract with YG and that there were offers from rival agencies worth "tens of billions of won" ($1=₩1314).

 

Now their fans, who have been been on tenterhooks since the group's contract expired in August, are overjoyed by the news.

 

"See you next tour," a post liked more than a hundred times on X, formerly known as Twitter, reads.

 

"The biggest girl group in the world is there to stay! Blackpink will and always remain as four," says another X user.

 

YG's share price closed more than 25% higher on Wednesday. However, the company's stock market value is still almost 30% lower than it was six months ago.

 

The four members - all in their 20s - are celebrities in their own right. Their official YouTube channel has more than 92 million subscribers, while each of them has more than 70 million followers on Instagram.

 

They have represented some of the biggest fashion brands, such as Chanel and Dior, and headlined major international music festivals such as Coachella and BST Hyde Park.-bbc

 

 

 

Confident about safety of AI: Nvidia CEO Jensen Huang

At a time when the ethics of the development of Artificial Intelligence (AI) is dividing opinion, the founder of the world's leading AI chip maker says he's not concerned.

 

"I have every confidence that between all of our colleagues around the world, we will invent technologies, philosophies, methodologies, practices, monitors, regulations, design practices, to keep technology safe," founder, President and CEO of Nvidia Jensen Huang told the BBC at a roundtable interview on Wednesday.

 

His comments come a month after artificial intelligence (AI) company OpenAI descended into chaos, during which founder Sam Altman was sacked by the board, and then re-instated after an uproar.

 

During the drama at the company, which operates the large language model ChatGPT, a spotlight was shone on how commercial competition is shaping the development of AI systems and the pace at which the technology is moving.

 

However, top investor Microsoft denied it was due to a disagreement over safety.

 

ChatGPT, was in fact, trained using 10,000 of Nvidia's graphics processing units (GPUs) clustered together in a supercomputer belonging to Microsoft.

 

The demand for its AI chips has pushed Nvidia's share price more than threefold, making it one of the most valuable companies in the world.

 

In May the firm joined technology giants Apple, Amazon, Alphabet and Microsoft in the elite club of companies with stock market valuations of more than $1 trillion (£822bn).

 

But the company is not alone in its pursuit of the AI chip businesses - Chinese telecoms firm Huawei has said it intends to make AI an integral part of its strategy, with its CFO Meng Wanzhou saying it wants to provide the world with a "second option".

 

But Mr Huang says he is not phased by such competition, saying it is good for the advancement of the technology.

 

"It allows us to do our best work and make contributions to society," said the chips founder, who is estimated to have a net worth of $41.6bn, according to Forbes.

 

Nvidia: The chip maker that became an AI superpower

The US is beating China in the battle for chips

The chip designer dominates more than 90% of China's $7bn (£8.8bn) AI chip market, and Mr Huang acknowledged that historically around 20% of its revenue came from China.

 

But in its November earnings report, Nvidia warned that it expects a fall in sales towards the end of the year because of US export restrictions aimed at curbing China's advancement in the field.

 

The US said the measures were designed to prevent China from receiving cutting-edge technologies that it could use to strengthen its military, especially in the field of AI.

 

Nvidia is working closely with the US government, Mr Huang said, to make sure chips for the Chinese market are fully compliant with the current rules.

 

What does the future hold?

Despite relations between China and the US deteriorating in recent years, the Asia-Pacific region is central to Nvidia's supply chain.

 

Its Graphics Processing Unit (GPU) has 35,000 parts, according to Mr Huang, with chips made in Taiwan by TSMC, memory chips from South Korea, packaging technology from Japan and technologies that power the chips from the United States.

 

"This is the most sophisticated computer in the world. It's kind of a technology miracle."

 

There is a recognition that AI is no longer just an opportunity, but that it is strategically vital, Mr Huang added, revealing that Nvidia is working with the Singapore government on a large language model called Sealion, as well as the country's overall AI strategy - and planned to make big investments there.

 

Mr Huang added that Singapore is a growing market for his company because of the 1,100 AI start-ups based there and its role as a data centre hub for the region, but also because it is home to venture capitalists that fund the AI ecosystem.

 

"Once we have that language, once we have that foundation, the Singapore foundation, then the rest of the industries, the rest of society, the rest of competition, can then build upon that," he said.

 

"The first wave was the American internet companies. The second wave are now the world's countries. Each one of the countries wants to build its own foundation to support its start-ups, its own companies, its own industries. And so now now we're seeing globally, the need to replicate what happened in the United States."bbc

 

 

 

COP28: Is the world about to promise to ditch fossil fuels?

The UN climate change conference in Dubai is close to a big breakthrough on reducing the gases heating our planet, its United Arab Emirates hosts believe.

 

Expressing "cautious optimism", the UAE negotiating team believes COP28 is gearing up to commit to phasing down fossil fuels over coming decades.

 

Maybe even ditching them altogether.

 

Hosting a climate conference in a petrostate sounds like the beginning of a bad joke, but there are signs that it could deliver real progress on climate.

 

Surely working out how to get rid of fossil fuels is what this UN climate conference is all about, you are probably thinking.

 

But bizarre as it may sound, until just a couple of years ago fossil fuels were effectively "f-words" at these huge global gatherings - rarely ever uttered.

 

The first formal debate about their future was at COP26 in Glasgow in 2021 and the only commitment made there was a promise to "phase down" the dirtiest one of the lot, coal.

 

Let's be clear, a pledge now will not mean the world will stop using fossil fuels completely.

 

We are very unlikely to get any commitment on an expiry date, that would be far too controversial.

 

And "abated" fossil fuels will still be allowed. That is when the atmosphere-heating carbon dioxide they emit is captured to stop it causing climate change.

 

But at least the world will have acknowledged what has always been implied by these negotiations - that we need to deal with the main source of climate change.

 

That would be an historic first and an important step forward.

 

So why might it happen here in the oil-rich UAE of all places?

 

A phase-out is in the text under discussion here in Dubai and is what the man in charge of these negotiations - Sultan al-Jaber, the president of COP28 and the head of UAE state oil company Adnoc - says he wants.

 

Much to his annoyance this desire has not been widely reported.

 

That is at least in part because Mr Jaber has been saying it in the kind of bureaucratic language only the most committed COP-heads understand.

 

He says he is the first COP president to encourage "parties to come forward with language on all the fossil fuels for the negotiated text".

 

He explains he is "engaging with all the parties" and wants them to come forward with "common grounds and consensus".

 

Confused? Here's my own crack at a translation:

 

"I've spoken to representatives of all the world's countries and urged them to agree in COP28's final text to phasing out the use of fossil fuels, or at least phasing them down."

 

Mr Jaber has repeatedly promised this summit will "take a new road", do "unprecedented" things and be "transformational".

 

Many readers may be surprised that the UAE, a country built on a foundation of oil money, might be trying to get the world to agree to stop using the stuff.

 

And you may have seen stories in recent days about Mr Jaber even questioning the science of global warming during COP28.

 

He insisted on Monday that his comments had been misinterpreted, adding: "I have said over and over again that the phase-down and the phase-out of fossil fuel is inevitable."

 

Mr Jaber was joined at a press conference by the UN authority on climate science, Prof Jim Skea, who is head of the UN's Intergovernmental Panel on Climate Change.

 

Prof Skea explained that meeting the target of limiting global warming to 1.5C would mean getting rid of unabated coal completely by 2050. Oil will need to be cut by 60%, natural gas by 45%, he said.

 

So, even in 2050 the world will still need a lot of the stuff the UAE is so rich in.

 

But - once again - only if it can be "abated", if the emissions can be captured to stop them causing climate change and the technology to do that does not exist at anywhere near the scale needed.

 

When Mr Jaber says the science has guided everything his team has done - which he has repeatedly done - this is the science he is talking about.

 

In short, the UAE has recognised the world has to kick its addiction to unabated fossil fuels and has decided to put itself decisively on the right side of history by trying to own the decision.

 

But yes, at the same time it is planning to increase capacity and sell even more oil.

 

OK, so the boss of the talks wants it to happen, but what makes him think he can get a deal?

 

More than 100 countries, including the US and the EU, have already said they want to see a phase-out of fossil fuels.

 

China has traditionally been a hold-out on the issue but a couple of weeks back there was a hint that its position might have changed.

 

For the first time it talked about targets for emissions reduction from electricity generation when US President Biden met President Xi of China at a summit in California.

 

And remember, China is far and away the world leader both in the production and installation of renewable technologies.

 

Russia has traditionally also been reluctant to support action on climate but the UAE team are very confident it can "be persuaded".

 

That suggests some sort of deal has probably been done and experts on Russian climate policy say that is very possible.

 

They say Russia takes a very "transactional" approach to these UN pledges, not least because Russian President Vladimir Putin - who's visiting the UAE and Saudi Arabia today - would not feel obliged to stick to any commitment anyway.

 

But, Mr Jaber still hasn't quite got it over the line.

 

His biggest problem is with his neighbour, Saudi Arabia - the world's second biggest producer of oil and gas (after the US).

 

The Saudi Energy Minister, Prince Abdulaziz bin Salman, was asked whether his country would support a promise to phase down fossil fuels in a TV interview in the Saudi capital Riyadh earlier this week. "Absolutely not," he replied.

 

But I have it from a reliable authority that the Saudi state oil behemoth, Aramco, supports just such a move.

 

Why? Because it would enhance the reputation of the country and make it easier for it to do business.

 

And one last thought for you. Saudi Arabia's leader, Mohammed bin Salman, has a very public modernisation agenda. His model is the UAE, with its gleaming global business hub, Dubai.

 

It's not in the bag yet, but keep an eye on Dubai.-bbc

 

 

 

German cabinet tries to solve ‘no-debt’ crisis after court outlaws budget

You know it's a crisis when Germany's Green vice-chancellor cancels attending a climate summit.

 

Robert Habeck, who's also economy minister, was supposed to be at the COP28 summit this week in Dubai.

 

Instead, he is in Berlin, wrangling with coalition partners over an emergency agreement for next year's budget. 

The crisis exploded on 15 November, when Germany's constitutional court declared that the government's budget was illegal for breaking German laws against taking on new debt.

 

That left a hole of tens of billions of euros.

 

Now the government has just a few days to come up with a solution, if it wants to pass the 2024 national budget before 1 January without emergency sittings.

 

On Wednesday Germany's cabinet meets for the last time this year. A revised budget would have to be put to parliament in next week's final sessions before Christmas, so ministers should agree this week on how to balance next year's budget, while sticking to the law.

 

This is not so much a debt crisis, as an anti-debt crisis. A German law, knowns as the "debt brake", limits the amount of new borrowing the government is allowed to take on.

 

The law is enshrined in the constitution since Chancellor Angela Merkel introduced it in 2009 and is a matter of faith for conservatives, who brought the case to the courts.

 

So it was a coup for the conservative opposition when three weeks ago judges ruled that Olaf Scholz's left-leaning government was breaking this law.

 

Balancing Germany's budget is a feature of German politics, and is known as the schwarze Null, or black zero. It limits a government's budget deficit to 0.35% of economic output.

 

Exceptions are allowed in national emergencies, such as the Covid pandemic. The government had planned to use emergency debt left over from the pandemic, to spend on Germany's shift to green energy instead. Germany's constitutional court has declared this wheeze illegal.

 

That leaves an estimated shortfall of €60bn (£51bn; $65bn) for 2023, and €17bn for 2024.

 

For the current year the government has decided to get round the "debt brake" by declaring 2023 an emergency year, because of the energy crisis sparked by Russia's invasion of Ukraine, although this may also be challenged in the courts.

 

But so far, it's not clear what Mr Scholz is proposing for 2024.

 

A much-anticipated parliamentary speech by the German chancellor last week did nothing to clarify that. His main message was: Trust me, we have a plan. He also repeated his mantra in German-accented English that "you'll never walk alone".

 

Behind the scenes the three coalition parties have spent the last few days in late-night meetings scrambling to reach an agreement. German commentators can only guess at who is negotiating what, based on which government building has the lights on late at night.

 

Broadly speaking the only solutions are tax rises, spending cuts or more debt. But these are three very different parties, with conflicting views over borrowing and spending.

 

The business-friendly small-state liberal FDP, which runs the finance ministry and holds the purse strings, is ideologically opposed to higher taxes and obsessed with keeping the "debt brake".

 

Chancellor Scholz's centre-left SPD meanwhile refuses to roll back a promised increase on social spending, and the Greens are determined to boost investment in Germany's transition to renewables.

 

An uncomfortable coalition at the best of times, and these are not the best of times.

 

Until now the cracks have been papered over by throwing money at causes important for each party.

 

But all three are doing badly in the polls and have been punished in recent regional elections, making party members unruly and party leaders less open to compromise. The main reason that a compromise looks possible is that poor poll numbers mean there's no appetite within the government for fresh elections.

 

Green ambitions to soften the "debt brake" will be difficult to agree in parliament because this needs a two-thirds majority.

 

Opposition conservatives smell blood, so are in no mood to compromise, and even liberal coalition partners may not agree. But Robert Habeck is rumoured to be planning to get round borrowing rules by arguing for an exemption for crucial future infrastructure.

 

Either way, the coalition may still find a way to spend money on what's important to each party, just less of it.-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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