Major International Business Headlines Brief::: 01 February 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 01 February 2023 

 


 

 


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ü  Missing radioactive capsule found in Australia

ü  House prices fall for fifth month in a row

ü  White House calls Exxon record profit 'outrageous'

ü  Tech layoffs: PayPal cuts 2,000 jobs as global economy weakens

ü  Government promises robust crypto regulation

ü  Energy bills pushed up by electricity charge, research shows

ü  'Come clean' on impact of non-dom tax status, Labour urges

ü  Caffeine levels in High Street coffee vary hugely, tests find

ü  South Africa: Cabinet to Discuss State of Disaster for Power Crisis -
South African News Briefs - February 1, 2023

ü  Kenya: Cabinet Okays Supplementary Budget to Cut Sh300bn From Govt
Spending

ü  Kenya Railways Goes Cashless Starting Today

ü  Kenya: Governors, Treasury, CRA to Hold Meeting Over Equitable Revenue
Share to Counties

ü  Kenya: UK to Put Up a Sh2.3bn Irish, Sweet Potato Factory in Elgeyo
Marakwet

ü  Nigeria: Govt Cracks Down On Petrol Marketers, Orders End to Smuggling

ü  Nigeria: IMF Upgrades Nigeria's 2023 Economic Growth Projection to 3.2%

 


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Missing radioactive capsule found in Australia

Authorities in Australia say they have found a tiny radioactive capsule
which went missing last week.

 

Emergency services had "literally found the needle in the haystack",
authorities in Western Australia said.

 

A huge search was triggered when the object was lost while being transported
along a 1,400km (870-mile) route across the state.

 

Mining giant Rio Tinto apologised for losing the device, which could have
posed a serious danger if handled.

 

The capsule - which is 6mm (0.24 inches) in diameter and 8mm long - contains
a small quantity of Caesium-137, which could cause skin damage, burns or
radiation sickness.

 

Emergency services used specialised equipment including radiation detectors
during their hunt.

 

Announcing their find on Wednesday, the state emergency services paid
tribute to "inter-agency teamwork in the face of seemingly insurmountable
odds".

 

The capsule was found when a vehicle equipped with specialist equipment,
which was travelling at 70 km/h, detected radiation, officials said.

 

Portable detection equipment was then used to locate the capsule, which was
found about 2 metres from the side of the road, they added.

 

The military was verifying the capsule and it would be taken to a secure
facility in the city of Perth on Thursday.

 

The device is part of a density gauge, which was being used at Rio Tinto's
Gudai-Darri mine in the remote Kimberley region of Western Australia. The
company had earlier promised to launch an investigation into what had
happened.

 

Exposure to trace quantities of the metal is like "receiving 10 X-rays in an
hour, just to put it in context, and... the amount of natural radiation we
would receive in a year, just by walking around," said Western Australia's
chief health officer Andrew Robertson earlier this week.

 

It was thought that the capsule may have gone missing up to two weeks ago.

 

The search area for the lost capsule was huge. It is roughly equivalent to
the distance by road from John O'Groats in Scotland to Land's End in
Cornwall, or from Washington DC to Orlando, Florida.

 

The state's desert is remote and one of the least populated places in the
country. Only one in five of Western Australia's population lives outside of
Perth, the state's capital.

 

Map showing road route between Perth and Newton is further than Land's End
to John O'Groats.

The gauge was being transported by a subcontracted company, which picked it
up from the mine site on 12 January to move it to a storage facility in the
north-east suburbs of Perth.

 

When it was unpacked for inspection on 25 January the gauge was found broken
apart and the radioactive capsule was gone. One of four mounting bolts and
screws were also missing.

 

Authorities said vibrations during transit may have caused the bolts to
become loose, allowing the capsule to fall through gaps in the casing and
truck.

 

This incident came as Rio Tinto tries to repair its reputation in Australia.

 

In 2020, Rio Tinto blasted the 46,000-year-old rock shelters at Juukan Gorge
in Western Australia to expand an iron ore mine, sparking a major outcry
that led to several of the company's top bosses standing down.

 

And last year, a parliamentary inquiry found sexual harassment was rife at
Australia's mining firms, after an internal review at Rio Tinto found more
than 20 women had reported actual or attempted rape or sexual assault over
five years.-bbc

 

 

 

House prices fall for fifth month in a row

House prices in the UK fell for the fifth month in a row in January,
according to Nationwide Building Society.

 

The price of the average property last month was £258,297, down by 0.6% on
December.

 

Annual house price growth slowed to 1.1%, down from 2.8% in December.

 

The country's biggest building society said it would be "hard for the market
to regain much momentum in the near term."

 

Chief economist Robert Gardner said "economic headwinds are set to remain
strong, with real earnings likely to fall further and the labour market
widely projected to weaken as the economy shrinks".

 

On Tuesday, the Bank of England reported lenders had approved fewer
mortgages than expected in December, about 35,000 compared with more than
46,000 in November.

 

Mr Gardner said that the fall in approvals "largely reflects the sharp
decline in mortgage applications" following the government's mini-Budget in
September.

 

There were "some encouraging signs that mortgage rates are normalising, but
it is too early to tell whether activity in the housing market has started
to recover", he added.-bbc

 

 

 

 

White House calls Exxon record profit 'outrageous'

Oil giant ExxonMobil reaped a record $55.7bn (£45.2bn) in profit last year
as oil prices surged following Russia's invasion of Ukraine.

 

The total was more than double 2021's figure, and is likely to renew
pressure on the industry after some countries, including the UK, imposed
special taxes on the profits last year.

 

Exxon has criticised such measures as counter-productive.

 

Last month, it sued the European Union over the new windfall tax.

 

Exxon has also has spoken out against similar proposals in the US, where
President Joe Biden has sought to focus blame for last year's high motor
fuel costs on companies failing to spend their profits to boost supply.

 

A White House statement on Tuesday called it "outrageous that Exxon has
posted a new record for Western oil company profits after the American
people were forced to pay such high prices at the pump amidst [Russian
President Vladimir] Putin's invasion.

 

"The latest earnings reports make clear that oil companies have everything
they need, including record profits and thousands of unused but approved
permits, to increase production, but they're instead choosing to plough
those profits into padding the pockets of executives and shareholders," said
White House spokesman Abdullah Hasan.

 

In an interview with broadcaster CNBC, Exxon boss Darren Woods said the
White House needed to "get its facts straight", noting that the firm had
continued to spend money on oil and gas projects despite pressure from
investors and others to shift investments to renewable energy.

 

He told investors on Tuesday that the profits were a vindication of the
firm's strategy.

 

"Of course, our results clearly benefited from a favourable market but, to
take full advantage of the undersupplied market, our work began years ago,"
Mr Woods said in a conference call with investors. "We leaned in when others
leaned out, bucking conventional wisdom."

 

Exxon's shares sank sharply in 2020, when demand for oil tumbled, leading
the firm to report its first loss in decades.

 

But the price of the shares has soared since 2021, especially since oil
prices jumped when the war in Ukraine disrupted energy supplies last year.

 

The firm said it had been working hard to reduce costs, and profits would
have been even higher without the windfall taxes in Europe.

 

The company said it took a hit of $1.3bn in the final months of 2022, mainly
from extra European taxes.

 

It also reported a $3.4bn charge for the year stemming from the
expropriation of its investments in Russia.

 

Exxon said it increased investment by about 38% last year. In some key
areas, such as Guyana and the Permian Basin, production was up more than
30%, offsetting output lost due to divestments and the change in Russia, the
company said.

 

Overall oil production increased about 3% in 2022, to 2,354 thousands of
barrels per day from 2,289 thousands of barrels per day in 2021.-bbc

 

 

 

 

Tech layoffs: PayPal cuts 2,000 jobs as global economy weakens

PayPal is shedding around 2,000 jobs, or 7% of its workers, as it becomes
the latest big tech firm to cut costs.

 

The online payments company says it was forced to make the decision as it
faces "the challenging macro-economic environment."

 

PayPal's announcement follows tens of thousands of layoffs by technology
giants in the last month alone.

 

This year, Google's parent company Alphabet, Amazon and Microsoft have
announced major job cuts.

 

"We must continue to change as our world, our customers, and our competitive
landscape evolve," PayPal's chief executive Dan Schulman said in a
statement.

 

Also on Tuesday, Snap - the parent company of social media platform Snapchat
- warned that revenue for the three months to the end of March could fall by
as much as 10%.

 

"We anticipate that the operating environment will remain challenging, as we
expect the headwinds we have faced over the past year to persist throughout
Q1," the company told investors.

 

After the announcement Snap's shares fell by almost 15% in extended trade in
New York.

 

What is behind the big tech companies' job cuts?

At the start of this year, Amazon announced it planned to cut more than
18,000 jobs because of "the uncertain economy" and rapid hiring during the
pandemic.

 

Also this month, Alphabet said it would shed 12,000 jobs, while Microsoft
said up to 10,000 employees would lose their jobs.

 

Last week, Swedish music-streaming giant Spotify said it would cut 6% of its
about 10,000 employees, citing a need to improve efficiency.

 

In another sign of the technology industry slowdown US computer chip maker
Advanced Micro Devices (AMD) on Tuesday reported a 98% fall in net income
for the last three months of 2022.

 

The company also said it expects revenue to drop by as much 10% in the
current quarter.

 

However, the figures were better than many investors had expected and AMD's
shares rose after the announcement.

 

In Asia on Wednesday, the world's second-biggest memory chip maker SK Hynix
posted its largest quarterly loss on record.

 

The South Korean company reported a worse-than-expected 1.7tn won ($1.4bn;
£1.1bn) loss for the last three months of 2022, as sales fell by 38%.

 

The firm pointed to falling computer chip prices and joined rival technology
giants as it warned that it expects an industry-wide downturn to worsen in
the coming months, before recovering later in the year.

 

It came after rival Samsung Electronics on Tuesday reported its lowest
quarterly profit in eight years.-bbc

 

 

 

 

Government promises robust crypto regulation

The government is announcing measures to "robustly" regulate the
cryptocurrency industry.

 

It says the proposals, being published on Wednesday, will give consumers
confidence while allowing the sector to "thrive".

 

Critics say ministers should take a cautious approach, given the industry's
prolonged global slump.

 

The crisis has seen companies collapse, crypto values tumble and customers
lose huge sums of money.

 

The Treasury says its proposals - on which it is launching a consultation -
will:

 

ensure customer assets are returned to them if a crypto business goes bust

lay down rules on crypto-asset promotions which are fair, clear and not
misleading

enhance data-reporting requirements, including with regulators

implement new regulations to prevent so-called pump and dump, where an
individual artificially inflates the value of a crypto asset before selling
it

Ministers say the measures will "mitigate the most significant risks" of
crypto technologies, while "harnessing their advantages".

 

Economic Secretary to the Treasury Andrew Griffith said the government
remained "steadfast in our commitment to grow the economy and enable
technological change and innovation - and this includes crypto-asset
technology".

 

"But we must also protect consumers who are embracing this new technology -
ensuring robust, transparent and fair standards," he added.

 

Even when the crypto market was booming, in 2021, calls for regulation were
loud.

 

After the chaos of 2022, the calls for order are now deafening.

 

Hundreds of billions of pounds were wiped from the crypto landscape and
companies and people went bankrupt thanks to scandal after scandal.

 

The UK's plan to finally put concrete proposals in place will be welcomed by
consumer investors hit in their pockets.

 

But I expect the consultation to be fiery, with many different groups wading
into the debate about how to tame the wild beast of Bitcoin and other
digital coins.

 

Part of the original appeal of cryptocurrency was its independence of
traditional financial networks.

 

Moves to allow establishment control will infuriate a core group of true
believers.

 

But with the right form of regulation, others will argue, the industry could
truly blossom.

 

Presentational grey line

Last year, Rishi Sunak, then Chancellor, said he wanted to make the UK "a
global hub for crypto-asset technology".

 

But since then, the industry worldwide has been buffeted by a series of
crises - most recently, the collapse of the FTX exchange, which prosecutors
have described as "one of the biggest financial frauds in US history".

 

The value of crypto assets has also fallen sharply, with Bitcoin now worth
less than half of its highest price of more than $67,000.

 

'Wild West'

The so-called crypto winter has raised questions about whether the industry
can ever be effectively regulated.

 

Conservative MP Harriet Baldwin, who chairs the Treasury Committee, told BBC
News it had heard evidence of "truly Wild West behaviour" but also
recognised there was "valuable technological innovation happening that could
benefit the UK economy".

 

"We are paying close attention to these plans and to the regulators' plans,
because we would not want our constituents to think cryptocurrencies are any
less risky if they are regulated," she said.

 

Jason Guthrie, product head at global asset-management company Wisdom Tree,
said the sector had a bright future. The "devil would be in the detail", he
told BBC News, but he "absolutely welcomed" regulators looking at
cryptocurrency - and the right regulation would be in the interests of the
industry as well as customers.

 

"Having a solid a regulatory framework, having enforcement capabilities, is
really important for consumer confidence," Mr Guthrie said.

 

"The sooner we have details around concrete proposals, the easier it is to
plan for and build towards."

 

'Open for business'

Jeremy Barnett, a barrister and honorary professor of algorithmic
regulation, at University College London, said the UK had much to gain, as
entrepreneurs were currently choosing to set up elsewhere.

 

"If you don't have a proper regime, you drive people off shore," he said.

 

"I want to see people who have cryptocurrency services and products
encouraged to open for business in the UK.

 

"We should be in this space - but it does need to be regulated and policed."

 

The government's consultation on its proposals will close on 30 April, with
any responses then considered by ministers.

 

Once any legislation is put to Parliament, it will be the job of the
regulator, the Financial Conduct Authority, to draw up the detailed rules
the sector will have to follow.-bbc

 

 

 

Energy bills pushed up by electricity charge, research shows

The way electricity prices are set has pushed UK household bills up by
£7.2bn over two years, analysis suggests.

 

Under existing rules, energy suppliers pay the highest price for wholesale
electricity no matter how it is made.

 

Gas-fired power stations are the most expensive way to generate electricity,
but only make about 40% of all electricity used by UK homes.

 

That means consumers are paying over the odds for power that is generated
any other way.

 

If an average price was used instead the UK's electricity bill could be much
lower, the not-for-profit climate think tank Carbon Tracker Initiative said.

 

The BBC has asked the government for a comment.

 

Charging an average price for wholesale electricity would have made the bill
in the two years from 2021-22 £7.2bn lower, the Carbon Tracker Initiative
said.

 

According to BBC calculations that's about £250 per household.

 

What do I do if I can't afford to pay my energy bills?

Under the existing rules, energy suppliers are forced to pay the highest
price for wholesale electricity, with that cost passed on in bills.

 

But because wholesale gas prices have risen sharply since Russia invaded
Ukraine, gas powered electricity generation has been more expensive than
nuclear power and up to three times as expensive as renewables such as wind
farms.

 

That has also meant windfall profits for firms that make renewable energy,
which have been paid much more for their power than it costs them to
generate.

 

For this reason the government also introduced a temporary 45% taxlevy on
what it calls "extraordinary returns" from low-carbon electricity generators
in the UK.

 

Lower bills

The Carbon Tracker Initiative (CTI) found that if suppliers had instead paid
closer to the average cost of generation across all forms including
renewables, the cost of energy to consumers would have been lower.

 

Jonathan Sims, an energy analyst who wrote the CTI report, said the findings
showed how the global gas market over the last two years had skewed British
power prices.

 

He said these prices did not reflect the different technology the UK now
uses to generate electricity.

 

The CTI's report takes into account the need for sources of power that can
be fired up immediately such as gas-fired or nuclear, whereas wind power for
example is weather-dependent.

 

The analysis also suggested Europe's most gas power-dependent countries, the
UK and Italy, had consistently paid the highest prices for electricity
during the recent period of gas price volatility.-bbc

 

 

 

'Come clean' on impact of non-dom tax status, Labour urges

Labour has demanded the government publish internal estimates about the
effect of abolishing "non-dom" tax status.

 

The party says it wants ministers to "come clean" about the impact of
keeping the "unfair" status ahead of the Budget on 15 March.

 

It says scrapping non-dom rules would bring in £3.2bn a year to spend on
schools and the NHS.

 

But a Treasury minister said advice to ministers should remain confidential.

 

Responding to Labour's call, Financial Secretary to the Treasury Victoria
Atkins added that ministers need to be able to receive "free and frank
advice" from officials.

 

She added the government keeps all taxes under review, and would only
announce changes during Budgets.

 

What is a non-dom?

Labour pledges to replace non-dom tax status

Labour wants to scrap non-dom status, which allows UK residents whose
permanent homes are abroad not to pay British taxes on overseas income.

 

It announced the policy last year, saying it would replace the rule with a
shorter-term scheme for temporary residents.

 

In November, Chancellor Jeremy Hunt said he had asked officials at the
Treasury to "look into" how much scrapping the policy would raise, following
claims from Labour.

 

On Tuesday, Labour used a motion in Parliament to call for the government to
publish the findings before 28 February, two weeks before the spring Budget.

 

However, MPs voted 305 to 229 to reject the motion.

 

During the Commons debate, shadow Treasury minister James Murray said
non-dom status was an "indefensible 200-year-old tax loophole", and getting
rid of it was a "no brainer".

 

He added: "Labour believes that if a person makes Britain their home they
should pay their taxes here. That patriotic point should be accepted on all
sides of the political divide."

 

The SNP supported Labour's proposals, with the party's economic spokesman
Stewart Hosie saying abolishing non-dom status was about "tax fairness".

 

But Ms Atkins said: "In developing policy, ministers must be able to have,
if you like, a safe space to be advised by officials.

 

"That process should not play out in public, especially given the issues
that Treasury ministers deal with are often highly market sensitive."

 

Last year it emerged that now-Prime Minister Rishi Sunak's wife Akshata
Murty had non-dom status.

 

She later said that she would start paying UK tax on her earnings from
outside the UK.

 

Ms Murty said she did not want the issue to be a "distraction" for her
husband, who was chancellor at the time.-bbc

 

 

 

 

Caffeine levels in High Street coffee vary hugely, tests find

If you pick up a coffee when you're out and about the levels of caffeine
could vary hugely depending where you stop, new research suggests.

 

Consumer group Which? measured the caffeine in cappuccino, espresso and
filter coffee at Caffè Nero, Costa, Greggs, Pret a Manger and Starbucks.

 

It found Pret's single espresso had six times as much caffeine as
Starbucks's.

 

While a strong coffee might be just the boost you need, Which? said
consumers should be alert to caffeine levels.

 

"Our research shows you may be consuming significantly more, or less,
caffeine than you bargained for," said Shefalee Loth, a nutritionist at
Which?

 

"Most of the time this shouldn't be an issue but if you drink a lot of
coffee or need to limit your caffeine intake you might want to consider what
you're ordering and where from."

 

Caffeine is a natural stimulant that affects your brain and nervous system,
making you more alert and increasing attention.

 

However, some people are sensitive to it or need to avoid it for health
reasons, such as being pregnant.

 

One factor that can impact caffeine content of drinks is the type of coffee
bean. Of the two main types used, Arabica beans contain around half the
caffeine of Robusta beans, and there are also variations in taste between
the two.

 

Which? said consumers seeking a bigger caffeine boost might want to opt for
a drink with a higher amount. However, people who need to limit their intake
should avoid the stronger coffees.

 

Costa Coffee said the amount of caffeine in its drinks varied depending on
size of a drink and the type of coffee used.

 

"We would encourage customers to be aware of the caffeine content in their
favourite Costa coffee to ensure it is right for their dietary requirements
or lifestyle choice," a spokeswoman said.

 

The BBC has contacted Caffè Nero, Greggs, Pret a Manger and Starbucks for
comment.-bbc

 

 

 

 

 

South Africa: Cabinet to Discuss State of Disaster for Power Crisis - South
African News Briefs - February 1, 2023

Cape Town —  

 

Cabinet Expected to Address Calls for State of Disaster for Load Shedding

 

Declaring a national State of Disaster to address the country's worsening
power crisis is expected to be one of the key items on the agenda when
President Cyril Ramaphosa convenes his Cabinet for a lekgotla (a meeting of
leaders) today, February 1, 2023, EWN reports. The State of Disaster will
likely fast-track government actions to end load shedding which has
intensified across the country.

 

Black Families Return After Forced Removal From Simon's Town 60 Years Ago 

 

Sixty years after about 1,500 residents from a small community on the
mountain slopes overlooking False Bay were forcibly removed by the apartheid
government enforcing the Group Areas Act, just over 100 families will return
to Simon's Town. More than 700 land claimants from the small community of
Luyolo who were resettled in the Gugulethu township, initially lodged their
land restitution claims in the early 1990s. Many chose to take a cash
pay-out of R22,000 after becoming disillusioned with the land claims
process.

 

Tshwane Residents Plead for Water, Electricity

 

Residents in the City of Tshwane are pleading for clean running water and
for the lights to stay on in their neighbourhoods, EWN reports. The plea
comes as water levels at some of the largest reservoirs in the capital
continued to decline. A recent heatwave and rampant power cuts has led to a
strain on infrastructure Rand Water reports.

 

 

Kenya: Cabinet Okays Supplementary Budget to Cut Sh300bn From Govt Spending

Nairobi — President William Ruto's Cabinet has approved a Supplementary
Budget aimed at cutting government spending by Sh300 billion shillings as a
measure of containing the fiscal deficit.

 

The Cabinet which met at State House, Nairobi noted that the proposed fiscal
consolidation will be key to rationalizing our national debt and making it
more sustainable.

 

Since his inauguration in September last year, President Ruto has focused to
bring the recurrent expenditure down further next year by an undisclosed
amount, in a bid to achieve a recurrent budget surplus by the third year.

 

Recurrent expenditure usually includes civil servant salaries, domestic and
foreign interest payments, pensions, and fuel costs for the government fleet
of vehicles.

 

To that end, Cabinet also considered the 2023 Budget Policy Statement as
well as the Medium Term Debt Management Strategy.

 

The 2023 Budget anchors the economic recovery agenda of the Government
through a growth-friendly fiscal consolidation plan designed to slow down
the annual growth in public debt and implement an effective liability
management strategy.

 

-Capital FM.

 

 

 

Kenya Railways Goes Cashless Starting Today

Nairobi — The Kenya Railways has phased out the use of cash in paying for
tickets at all the Madaraka Express stations.

 

A notice from the Kenya Railways management indicated that going forward the
only acceptable payment modes would be mobile wallets or credit cards.

 

This will be effective starting February 1st, 2023.

 

"We wish to notify our customers and general public that effective 1st
February 2023, we will no longer be accepting cash for purchase of tickets
at all Madaraka Express Passenger Service Stations," reads the notice.

 

The use of cashless payments has been commended for curbing theft of public
monies, as it reduces human interaction with money.

 

This new development is in line with Kenya Kwanza administration's plan to
digitize all government services, so as to enhance service delivery.

 

-Capital FM.

 

 

Kenya: Governors, Treasury, CRA to Hold Meeting Over Equitable Revenue Share
to Counties

Nairobi — The Council of Governors (CoG) is on Wednesday set to meet with
the National Treasury and the Commission on Revenue Allocation (CRA) over
equitable revenue share to counties.

 

This comes just a week after another meeting led by Deputy President Rigathi
Gachagua bore no fruits as CRA, Governors and the National Treasury failed
to agree on the share for the 2023-2024 financial year.

 

During the Intergovernmental Budget and Economic Council (IBEC), Governors
demanded Sh425 billion, an amount countered by the CRA which recommended
Sh407 billion.

 

The National Treasury on its part said it can only increase the current
amount of Sh370 billion to Sh380 billion.

 

 

Following the disagreement, the DP said that the county Chiefs will soon
meet with President William Ruto in Naivasha so as to discuss the way
forward.

 

The meeting will also address the transfer of functions to counties.

 

The 19th Ordinary session of the IBEC also deliberated on the late
disbursement to counties of Equitable Revenue Share from the National
Treasury amounting to sh 103,111,993,876 billion.

 

On this, Gachagua said that the national government is committed to ensuring
timely disbursements.

 

He said that a technical team from Treasury, the CoG and the CRA was agreed
upon to streamline any areas on shareable revenue for the 2023/24 FY and
submit a report in a week's time.

 

The Controller of Budget Margret Nyakango who was also present also raised
the issue of pending bills, with most being accrued from previous
administrations.

 

Nairobi leads with the highest pending bill both eligible and ineligible.

 

-Capital FM.

 

 

 

Kenya: UK to Put Up a Sh2.3bn Irish, Sweet Potato Factory in Elgeyo Marakwet

Iten — The UK government will construct a Sh2.3 billion irish and sweet
potato factory in Iten, Elgeyo County.

 

The facility, with a processing capacity of 60,000 tonnes, was launched
yesterday by the British high commissioner to Kenya Jane Marriot.

 

The factory will process fresh and frozen irish and sweet potatoes,
guaranteeing over 10,000 farmers steady prices in the county and the region.

 

Ambassador Marriot said at least 5,000 direct jobs will be created by the
new plant.

 

In the next five-year, she expects additional 10,000 jobs to be created
besides producing a new seed variety, which has the potential to double
farmers' yields.

 

 

"The factory which is the first potato processing factory in the region will
reduce post-harvest losses and provide ready off take of potatoes,
guaranteeing steady farm prices for over 10,000 smallholder potato farmers
in Elgeyo Marakwet county and the region thus transforming the lives of
thousands of smallholder farmers," she said.

 

The factory, which is a partnership between the UK government and Select
Fresh Produce Kenya Limited, will be implemented through the UK's
Sustainable Urban Economic Development Programme (SUED) in collaboration
with the Iten municipality.

 

"Our county is the second in potato production in the country after
Nyandarua but the farmers have little to show for their efforts as most of
the money goes to middlemen while they earn very little," Elgeyo Marakwet
Governor Wisley Rotich said.

 

Fresh Produce Kenya CEO Eunice Mutua said her factory will work closely with
local farmers to ensure that what they produce meets international
standards.

 

She said the factory will be the first in the country and the third in
Africa after Egypt and South Africa to process irish and sweet potatoes for
the European market.

 

Mutua called on farmers in the country to support the factory by ensuring
that they supply adequate raw materials.

 

-Capital FM.

 

 

 

Nigeria: Govt Cracks Down On Petrol Marketers, Orders End to Smuggling

Abuja — The Federal Government yesterday read the riot act to petrol
marketers, directing them to end all petrol smuggling out of the country or
face stiff action from security operatives.

 

Speaking at a meeting convened by NNPC Limited in Abuja, the Chief of
Defence Staff, General Lucky Irabor said the government "is not handicapped
and will take alternative measures" if petrol queues fail to clear.

 

The meeting was attended by the Inspector General of Police, the Director of
DSS, a representative of the EFCC, the downstream regulator and petroleum
product marketers.

 

 

Gen. Irabor warned marketers that the chaos in the oil and gas industry was
a major concern to the government and would not be tolerated any further.

 

According to him, actions would be taken against marketers which fail to
adhere to the regulatory framework, as the scarcity was degenerating into a
national security issue.

 

He told the marketers: "We believe that the solution (to the crisis) is in
this room but more importantly to say that the government is not
handicapped. I need to also indicate that there are alternatives. I need to
also indicate that there is nobody who is insensible and so I have the
mandate of Mr President to come to say that because it is a crisis of
internal nature which of cause the police and other security agencies should
meet but if it is getting across the threshold that affects our defence and
security then we must know that the government is not handicapped. There is
an alternative", he warned.

 

 

Speaking earlier, the Group CEO of NNPCL, Mr Mele Kyari insisted that the
ongoing petrol shortage across the country was not due to supply challenges.

 

Kyari disclosed that there were over 730 million litres of petrol in depots
across the country and it was supplying an average of 65 million litres per
day to marketers.

 

He pointed out massive smuggling of the products to neighbouring countries
for the problem, insisting that downstream operators were responsible for
the smuggling.

 

He accused depot operators of selling to filling station owners above
approved ex-depot price,

 

According to him, "We do have a challenge of a very monumental proportion
and the solution to this challenge is in this room. There is a crisis around
fuel distribution and this has resulted in a number of issues which have
taken a different dimension and are clearly unanticipated.

 

 

"The reality is that we are not dealing with a supply problem. As we speak
now we have 831 million litres in marine and in the various depots we have
up to 738 million litres of fuel in depots that are documented on all
platforms".

 

He noted that there was also enough diesel and aviation fuel in the country,
adding that smuggling was at the root of the problem.

 

"There is no shortage of fuel going into the market. They may be at the
wrong destination. Nigerian fuel is smuggled to other countries and this is
not a secret and can only be done by all of us in this room or people
connected to us or people buying from us", he declared.

 

On their part, the Major Oil Marketers Association of Nigeria, MOMAN, and
Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN,
admitted that they could not vouch that their members were not engaged in
the sharp practice and trying to exploit the problem to make quick money.

 

Former MOMAN Chairman, Mr Adetunji Oyebanji who apologized to Nigerians for
the fuel crisis said the current shortage was the longest and most complex
in the industry.

 

"Once a crisis starts you get into the realm of sharp practices and the
whole value chain becomes a problem. Frankly, I cannot stand here and say
every single station, every single truck, a customer that I have, I can
vouch for every single litre. That is virtually impossible", he added.

 

On her part, the Chairman of DAPPMAN, Winifred Akpani said the operators
have failed Nigerian consumers with the ongoing crisis.

 

She warned that although there was a distribution and price problem, urging
the government to deregulate the market. She also warned depot owners that
anyone caught selling above ex-depot price would face government sanctions.

 

Briefing journalists after the meeting, NNPCL GCEO, Mele Kyari said the
operators have agreed to work together to resolve the distribution
challenges, adding the issues raised by the marketers would be addressed by
the company and the regulator.

 

"And this engagement has enabled us to agree with the marketers to make sure
that wherever is designated to take the product, it gets to that location,
and also the government security agencies will do everything possible to
ensure enforcement including the required regulatory control", he added.

 

-Vanguard.

 

 

Nigeria: IMF Upgrades Nigeria's 2023 Economic Growth Projection to 3.2%

THE International Monetary Fund, IMF, yesterday, upgraded its projection for
Nigeria's 2023 economic growth rate to 3.2 per cent representing 0.2
percentage points increase from the 3.0 per cent earlier projected in its
October 2022 World Economic Outlook.

 

The IMF, in its January World Economic Outlook, based its upgrade on
improved security measures in the oil sector.

 

But the IMF also indicated that the growth rate will slow down to 2.9
percent in 2024. Also the IMF's 2023 projection is 0.55 percentage points
lower than the 3.75 per cent economic (Gross Domestic Product, GDP) growth
rate projected by the Federal Government.

 

 

It is, however, 0.3 percentage points higher than the World Bank's
projection of 2.9 per cent, and 0.1 percentage points higher than the
African Development Bank's projection of 3.1 per cent for Nigeria in 2023.
The IMF also projected that Nigeria's improved economic growth in 2023 will
lead to 4.1 per cent economic growth for the sub-Saharan Africa region.

 

The IMF also upgraded its projection for the global economic contraction for
2023 to 3.4 per cent, from 2.9 per cent projected in October, 2022.

 

The IMF said: "Global growth is projected to fall from an estimated 3.4
percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.
The forecast for 2023 is 0.2 percentage point higher than predicted in the
October 2022 World Economic Outlook (WEO) but below the historical (2000-19)
average of 3.8 percent.

 

"In sub-Saharan Africa, growth is projected to remain moderate at 3.8
percent in 2023 amid prolonged fallout from the COVID-19 pandemic, although
with a modest upward revision since October, before picking up to 4.1
percent in 2024.

 

"The small upward revision for 2023 (0.1 percentage point) reflects
Nigeria's rising growth in 2023 due to measures to address insecurity issues
in the oil sector."

 

-Vanguard.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Axia 

EGM to approve the delisting of Axia from the ZSE and listing on VFEX

virtual

February 2 –  (9am)

 


 

Robert Mugabe National Youth Day

 

February 21

 


Cafca 

AGM

virtual 

February 23  - (12pm)

 


Ariston 

AGM

Centenary Room, Royal Harare Golf Club

February 24 - 3:30pm

 


 

Good Friday

 

April 7

 


 

Easter Saturday

 

April 8

 


 

Easter Sunday

 

April 9

 


 

Easter Monday

 

April 10

 


 

Independence Day

 

April 18

 


 

Workers’ Day

 

May 1

 


 

Africa Day

 

May 25

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

TSL

Fidelity

 


Willdale

FMHL

ZBFH

 


GetBucks

Zimre

Seed Co

 


 

 

 

 


 

 

 

 


 <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 sources 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 sourced 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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