Major International Business Headlines Brief::: 10 February 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 10 February 2023 

 


 

 


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ü  Kanye West: Adidas warns of losses from Yeezy fallout

ü  Half-term border queues warning due to strikes

ü  Second-hand car sales drop due to lack of choice

ü  What are junk fees and how might Biden tackle them?

ü  Mobile and broadband price rises to be investigated

ü  Barrow submarines: Third Dreadnought class build starts at BAE

ü  Nigeria: Despite Supreme Court Order, Naira Scarcity Persists As CBN Keeps Mum

ü  Malawi: Science and Technology Commission Commits to Promoting, Nurturing Grassroots Innovations

ü  South Africa: 'Dangerous and Mad' - Not Everyone's Sold On Ramaphosa's Electricity Minister and Another State of Disaster

ü  South Africa: President Ramaphosa Declares State of Disaster to Address Energy Crisis

ü  South Africa: Govt Working On Laws to Protect Whistleblowers 

ü  U.S.-Africa Business Summit to be held July 11-14 in Gaborone, Botswana

ü  Kenya: Uhuru, Raila, Kalonzo Set for Sh816mn Payout Under Supplementary Budget

ü  Africa: AfCFTA - a Young Trader's Dreams Coming True

ü  Nigeria: Naira Scarcity - IMF Advises CBN to Extend Deadline

ü  Kenya Imports Wheat From Russia Amid High Prices

 


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Kanye West: Adidas warns of losses from Yeezy fallout

Adidas has warned over the potential major impact on its profits of ending its partnership with rapper and fashion designer Kanye West last November.

 

The firm's new boss said it could lose hundreds of millions of dollars this year if it decides not to sell its stock of Yeezy sneakers.

 

The sportswear giant cut ties with West, known as Ye, after he posted anti-Semitic comments on social media.

 

The announcement marks the company's fourth profit warning since July.

 

"The numbers speak for themselves. We are currently not performing the way we should," the company's chief executive Bjørn Gulden, said in a statement.

 

Adidas said it was still deciding whether to scrap its remaining Yeezy stock and would take a €500m ($536m; £443m) hit to its profits if it is all written off.

 

On top of that the company expects a shake-up of the business to cost another €200m.

 

That could mean it is pushed to an operating loss this year totalling €700m, the company warned.

 

Adidas is expected to return to profit in 2024, it added.

 

At the same time the company revealed that its operating profit for last year had fallen to €669m, two thirds lower than in 2021.

 

US-traded shares in Adidas fell by almost 9% after the announcement.

 

In October, the company announced that it was ending the highly profitable partnership with West after he caused an outcry over his anti-Semitic comments.

 

While the decision to end its partnership with Yeezy had a major negative impact on Adidas, it has also faced other challenges over the last year.

 

Mr Gulden joined Adidas at the start of this year from rival Puma after his predecessor was ousted in the wake of a series of profit warnings.

 

In March, the company announced that it would close its shops in Russia and suspend its online store there as it joined a raft of global brands that pulled out of the country in the wake of the invasion of Ukraine.

 

The firm's business in China was also impacted by Beijing's strict zero Covid measures that saw major cities across the country put into lockdown.-bbc

 

 

 

 

Half-term border queues warning due to strikes

Half-term holidaymakers are being warned of delays on the way back into the UK, during planned strike action by Border Force staff.

 

The PCS union expects 1,000 members at the ports of Calais, Dunkirk and Dover, and the Coquelles Channel Tunnel Terminal, to walk out between Friday 17 February and Monday 20 February.

 

It is part of their ongoing pay dispute.

 

The government said getting through passport control could take longer.

 

Under the "juxtaposed controls" system, UK officers check inbound passengers and freight in France and Belgium, before they begin their journey.

 

Eurostar carrying almost a third fewer passengers

EU biometric border system faces more delays

Holidaymakers spending more as bookings rise

The military and civil servants will provide cover during the strike, although military personnel will not be sent over to France.

 

They will also help at other UK ports and airports, filling in for Border Force staff being moved to those locations directly affected.

 

The Home Office said people travelling into any UK port during the strike should be prepared for longer wait times at border control.

 

The PCS says its campaign of industrial action is over pay, pensions, redundancy terms and job security.

 

Steve Dann, Border Force's chief operating officer, described the strike as "disappointing".

 

He said safety and border security was a priority, and the organisation was working with its French counterparts and the travel industry to "meet critical demand and support the flow of passengers and goods through our border".

 

February half-term is traditionally a busy time for travel, and this will be the first since the lifting of Covid travel restrictions last March.

 

Abta, the trade association for travel businesses, said bookings had been ramping up over the last few months.

 

But it added that most half-term holidaymakers would travel by plane - for example, to places like the Canary Islands and mainland Spain.

 

And it pointed out that previous strikes by Border Force staff at six UK airports over Christmas did not cause significant delays or disruption.

 

Meanwhile, ferry services between Dover and Calais were suspended for most of Thursday due to separate strike action in France.-bbc

 

 

Second-hand car sales drop due to lack of choice

Sales of second-hand cars fell sharply last year as fewer used models came onto the market, industry figures show.

 

A shortage of parts driven by Covid meant fewer new cars were produced, and people hung on to their cars longer as they waited to upgrade.

 

Some 6.9 million used cars changed hands, down from 7.5 million in 2021, according to the Society of Motor Manufacturers and Traders (SMMT).

 

However, it said the problem was starting to ease.

 

The SMMT also said sales of second-hand electric vehicles had bucked the trend.

 

Car sales hit 30-year low but electric demand soars

Nissan warns costs must fall to make new cars in UK

At the height of the pandemic, car dealerships were closed and production lines shut down.

 

Then, as the world began to open up a shortage of computer chips - which are commonly used in modern vehicles - caused further disruption.

 

That hit the new car market, where sales slumped to a 30-year low in 2022.

 

The shortage of vehicles fed through to the much larger second-hand market. As a result, used car prices soared in 2021 and have only just begun to stabilise.

 

According to car magazine Autotrader, the average price of a used Fiat Panda was £5,765 in January - up 18.7% compared to a year ago - while a Toyota Avensis cost £5,825 - up 17.9%.

 

However, the price of a second-hand Suzuki Vitara was £14,786 - down 9% - while a Skoda Yeti cost £9,893, down 9.4%.

 

Bar chart showing the annual change in price for used cars. Mercedes-Benz S Class saw the biggest increase at 20.4%, while Jaguar I-PACE cars became 15.6% cheaper.

'Growing appetite'

Despite the overall slump in second-hand car sales last year, more used electric cars changed hands, the SMMT said.

 

A record 71,071 used pure electric vehicles found new owners - up 37.5% - while sales of second-hand hybrids and plug-in hybrids rose by 8.6% and 3.6%.

 

Electric vehicles only account for a small proportion of the used car market, but Mike Hawes, boss of the SMMT, said the uptake of used electrified vehicles "demonstrates a growing appetite for these models".

 

"With new car registrations growth expected this year, more of the latest low and zero emission models should become available to second owners," he said.

 

The most popular second-hand model sold in 2022 was the Ford Fiesta, followed by the Vauxhall Corsa and Volkswagen Golf, according to the SMMT.

 

The most popular colour was black, followed by blue and grey.

 

However, the group said some buyers had been more adventurous, with 4,461 pink, 6,708 turquoise and 18,658 bronze used vehicles changing hands during the year.-bbc

 

 

What are junk fees and how might Biden tackle them?

President Joe Biden said Americans are "being played for suckers" by airlines, banks and other service providers in this week's State of the Union speech.

 

He said so-called "junk fees" are hurting families' budgets and causing significant financial harm.

 

His administration wants a crackdown on these charges as part of its efforts to promote competition in the US economy.

 

But even if such fees were scrapped, consumer groups say, firms could simply hike prices to recoup the lost revenue.

 

So what are junk fees and how does the US government plan to scrap them?

 

What are junk fees?

Junk fees are hidden and unexpected charges that are often not included in the initial or listed price of a transaction but are added on at the time of the payment.

 

The Biden White House claims this practice typically falls into four categories:

 

"Mandatory fees" that obscure the full price charged by a seller, such as the service fees added to a concert ticket

"Surprise fees" that consumers do not expect, such as the family seating fees charged by airlines

"Predatory fees" that target consumers who are economically vulnerable or locked into a service, such as excessive bank overdraft fees

"Fraudulent fees" that represent an outright misrepresentation by a seller, such as "no fee" bank accounts that make hidden charges in practice

At least 85% of Americans have encountered such fees, according to a 2019 survey by Consumer Reports, and they can drive up costs far beyond what a consumer had expected to pay.

 

The White House has said these fee schemes disproportionately affect low-income households and people of colour, and harm small and medium-sized businesses.

 

What is Biden doing about junk fees?

The president is urging Congress to pass a Junk Free Prevention Act, which would specifically reduce or eliminate four types of junk fees:

 

Service charges, processing fees and other additional costs tacked on to the online ticket sales for concerts, sporting events and other entertainment

Airline booking fees for family seating

Early termination fees for mobile phone, wireless and cable TV services

Resort fees or destination fees charged at the end of online hotel reservations

"Junk fees may not matter to the very wealthy, but they matter to most other folks," Mr Biden said on Tuesday. "They add up to hundreds of dollars a month.

 

"I know how unfair it feels when a company overcharges you and gets away with it. Not anymore."

 

But passage of such legislation looks a longshot in a Congress where control is split between the two main parties.

 

At least three federal agencies have also taken action over the past two years to reduce junk fees and increase transparency.

 

That includes the Consumer Financial Protection Bureau, which has ramped up its oversight of surprise overdraft and depositor fees charged by banks. The Center for Responsible Lending has hailed the move as "a big step" in highlighting the harms of charges that "wreak havoc on household budgets".

 

Why does this matter now?

The growing crackdown comes following a series of controversies involving sales of concert and airline tickets.

 

Most notably, Ticketmaster drew the ire of Taylor Swift fans after sales for her upcoming US tour descended into chaos late last year, with high demand for tickets leading to widespread site disruptions and the premature cancellation of sales.

 

Consumer rights advocates have said Ticketmaster - which controls 70% of the ticketing and live event venues market - uses its market dominance to artificially inflate ticket costs with fees and service charges.

 

Ticketmaster sorry for Taylor Swift ticket fiasco

"No-one has ever felt that a 'convenience fee' was convenient," Federal Trade Commission Chair Lina Khan said in October. "Companies should compete to provide the best quality at the best price, not to see who can squeeze the most added expenses out of consumers."

 

Under the Biden administration, Ms Khan's agency has been exploring whether it needs to regulate the spread of junk fees to better protect consumers. It is currently seeking comment from members of the public - and more than 12,000 Americans have weighed in.

 

"I mean, do we need more evidence than the Taylor Swift fiasco?" wrote one.

 

Another wrote: "If services like Ticketmaster must have service fees, my ask is that they be included in the primary advertised cost."

 

But not everybody is enthused.

 

"The president's use of the term 'junk fee' is overly broad," said Jim Nussle, president and CEO of the Credit Union National Association, a trade group for the credit union industry.

 

He argued instead for strengthening bank overdraft protections, which he said are only offered as an opt-in service and act as "a safety net" for low-income and middle-income consumers. US regulators are also targeting junk fees at banks.

 

"Without the option of overdraft protection - people are more likely to turn to predatory lenders, hurting the same people the administration seeks to help."

 

Douglas Holtz-Eakin, president of the right-leaning American Action Forum think tank, told the BBC that Mr Biden's "non-serious proposals" are akin to "waving a red flag at the populist public".

 

He added: "The things they're calling junk fees have been approved by their regulators, who [sic] Biden appointed."-bbc

 

 

Mobile and broadband price rises to be investigated

Many customers are facing sudden big rises in what they are paying for their mobile phone and broadband contracts, under a system the regulator says is "unclear and unpredictable".

 

Millions of customers are facing bill increases of as much as 14% in April, linked to the high rate of inflation.

 

Ofcom said it was concerned at the degree of uncertainty that customers face as a result.

 

So it is launching an investigation into mid-contract price hikes.

 

Companies often set out in contracts that monthly charges will go up in line with general price rises across the economy, as measured by the official inflation figures.

 

But dramatic rises in inflation over the course of the last year mean customers face much larger price jumps than they have seen in previous years.

 

BT, for example, which owns phone service provider EE, raises prices by inflation plus 3.9%, which will mean bills rising by 14.4% at the end of the financial year in March. Other firms will impose similar increases.

 

Firms say they need to increase prices to cope with rising costs, especially for energy, and to invest in new infrastructure to meet customers' growing demand for data.

 

BT said it had followed Ofcom's previous guidance on how to ensure price changes were clear for customers.

 

"While price rises are never welcome, we do feel this year's increase, of around £1 per week for the average customer receiving the rise, reflects incredible value given the cost increases we're facing, the considerable investments we're making, and ultimately the additional data that's being consumed month on month by our customers," a BT spokesperson said.

 

BT customer contracts face probe by regulator

Why are prices rising so much?

Cristina Luna-Esteban, Ofcom's director of telecoms consumer protection, said: "Customers need certainty and clarity about what they will pay over the course of their contract, but inflation-linked price rises can be unclear and unpredictable so we're concerned that providers are making it difficult for customers to know what to expect.

 

Ofcom would look at whether "tougher protections" were needed, she said.

 

Some providers use a measure of inflation known as the Consumer Prices Index (CPI), while others use the Retail Prices Index (RPI).

 

Both those measures of the rate of rising prices are around the highest they have been for 40 years, despite a slight easing in inflation last month.

 

Mobile phone and broadband contracts, which are often for 18 months or more, usually also include requirements for anyone leaving them early to pay an exit fee.

 

Consumer groups have described these exit fees, which they say can reach £200, as "exorbitant".

 

Customers who are not tied to a contract or who have come to the end of a contract could "walk away" if prices went up, Ofcom said. But customers in mid-contract who are struggling to pay higher bills are left with no easy way out.

 

The regulator will examine whether firms are making it clear enough to customers when they sign up to a new phone or broadband deal how much prices could rise by over the course of the contract.

 

Ofcom says it will publish its report later this year, and make a decision on whether or not it will intervene further.

 

BT's spokesperson said: "We're surprised to see Ofcom introduce a review on this area, given the progress made since Ofcom's fairness commitments in 2019, where we moved away from unplanned and unannounced price changes, opting instead for a clear, single contracted rise, taking place in April each year."

 

Citizens Advice said Ofcom should go further and ban mid-contract price rises altogether.

 

"Ofcom is right to shine a light on this practice, but consumers need rapid action before inflation-busting price hikes kick in this April," said Matthew Upton, Citizens Advice director of policy.

 

He said Citizens Advice had found one in three people currently on contracts with rises linked to CPI have never heard of the inflation measure and called for more help in making pricing "crystal clear" for customers.-bbc

 

 

Barrow submarines: Third Dreadnought class build starts at BAE

Work to build the UK nuclear deterrent programme's latest submarine has started.

 

The first steel for the vessel Warspite has been cut at BAE Systems' shipyard in Barrow-in-Furness, Cumbria.

 

It is the third of four new Dreadnought class submarines being built to carry Trident ballistic missiles at an estimated cost of £31m.

 

Defence procurement minister Alex Chalk said progress was "crucial to maintaining our national security".

 

The milestone was a "significant step forward" in a programme that was "supporting thousands of jobs and apprenticeships across the country", he said.

 

It would be "protecting the UK and our allies for decades to come", he added.

 

The government said the programme was one of the most complex engineering projects undertaken in the UK.

 

The four new nuclear submarines - Dreadnought, Valiant, Warspite and King George VI - will replace the Vanguard Class fleet in the early-2030s.

 

Work will now continue on Warspite, alongside the first two boats Dreadnought and Valiant.

 

Each is approximately 500ft (153.6m) long and contains 42km (26.4 miles) of pipework and more than 20,000 cables.

 

Rear Admiral Donald Doull, Dreadnought's senior responsible officer, said the steel cutting was an "important step in the ongoing delivery of the continuous at sea deterrent".

 

Successfully constructing the new fleet was "a challenge that will take the determined effort of everybody with a responsibility for supporting the programme", he said.

 

BAE Submarines managing director Steve Timms called the steel cutting a "really significant moment for the thousands of employees here at BAE Systems and across the submarines enterprise".-bbc

 

 

 

Nigeria: Despite Supreme Court Order, Naira Scarcity Persists As CBN Keeps Mum

The situation got worse for many Nigerians on Thursday as banks, ATMs were shut down in many parts of the country.

 

Despite the Supreme Court's interim order restraining the Central Bank of Nigeria from going ahead with the enforcement of its 10 February deadline for the use of the old naira note, many Nigerians on Thursday besieged commercial banks and ATM points nationwide amid scarcity of the old and new naira notes.

 

The Supreme Court had on Wednesday ordered the CBN not to put an end to the use of old naira notes on 10 February as earlier announced.

 

A seven-member panel of the court, led by John Okoro, gave the order of interim injunction amid acute scarcity of the newly redesigned N200, N500, and N1,000 currency notes.

 

 

The court gave the order temporarily based on an application filed by three northern states being controlled by the All Progressives Congress (APC)--Kogi, Kaduna and Zamfara States.

 

Last December, the CBN introduced the new notes amid efforts to fight corruption, terrorism, counterfeiting and related crimes. However, Nigerians have had a hard time getting the new notes amid scarcity and rising tension across the country.

 

The frustration has led to protests in parts of the country with angry Nigerians vandalizing ATMs and banks.

 

On Tuesday, a resident was shot during a protest in Sapon, Ogun State, as the police attempted to restore normalcy in the area. Earlier, similar protests have been held in Ibadan, Oyo State capital and Delta State, where ATMs and other banks' properties were destroyed by angry protesters.

 

 

On Wednesday, the Supreme Court's interim order generated heated debates among Nigerians as many envisaged that the development would ease the tension and restore normalcy.

 

But things got worse for many Nigerians on Thursday as banks were shut down in many parts of the country.

 

Queues Remain

 

A PREMIUM TIMES reporter noted that in many parts of the Federal Capital Territory, economic activities were disrupted in markets, restaurants, banks, and major sales outlets Thursday. Banks and ATMs were equally besieged by frustrated Nigerians who struggled to stay in long queues for hours to make transactions.

 

"People have money and are still suffering, no money, no market," said Shade Folaniyi, a 40-year-old frozen food seller in Garki market.

 

As early as 5 a.m., Ms Folaniyi said she left her house to queue at the bank in order to withdraw money but she had to leave the queue around 11 am after her efforts yielded no result.

 

 

"I don't even have money for transport and the POS boy who charges us exorbitantly has not opened for like two days now.

 

"The ATM didn't start dispensing until 10 a.m., and people even came shunting the line. I just had to leave, it is so frustrating," she said.

 

While residents like Ms Folaniyi have not been successful at withdrawing money from the banks despite waiting for several hours, other residents who waited in some other banks and were able to get cash described the experience as 'stressful'.

 

Judith Oyeobere, an online business owner in Kuje, Abuja, narrated how she successfully withdrew money Thursday after hours of being on the queue.

 

"I spent more than four hours at the bank and at the end of the day, you need to see the wretched N50 notes they gave me; they were really dirty and mostly damaged.

 

"Imagine N20,000 in N50 notes, I had to sit in a corner to sort the money, and at the end of the day, it was only N7,000 I could go with. It is really frustrating," she complained.

 

A trader at Apo market who identified himself simply as 'Papa' lamented that despite the poor sales recorded at the market; he had had to decline the old notes because of the uncertainty surrounding the policy.

 

"Though since this new naira note problem started, it has really affected my market patronage, any of the notes we see, we collect but no one here (market) can tell if the deadline is still not tomorrow.

 

"I cannot lock my shop to go and queue at the bank tomorrow so I have painfully declined a few old notes today," he said.

 

Enugu, Lagos

 

In Enugu, southeastern Nigeria, a resident told PREMIUM TIMES that the situation was not better as they stood endlessly before making N1,000 withdrawals from the ATMs.

 

"We queued up early in the morning before the bankers came, they came and loaded the ATM, after which they all came out to withdraw with different cards.

 

"They now went to reprogramme the machine that when we were allowed to go in, we could only withdraw N1,000 per card," Anita James, an Enugu resident, said.

 

In Lagos, the commercial nerve centre of the nation, business owners and traders lamented poor sales as residents complained of the worsening state of affairs in the country.

 

Adeolu Sam, a resident, told this newspaper that the situation was frustrating for him on Thursday as most banks were shut and their ATMs were not in operation.

 

"Today, from Adeola Odeku all the way to Ikoyi, I trekked and was not able to get even N1,000 from any ATM," he lamented.

 

"They were all shut down, the banks. The ATMs were on but had no cash at all. This is very frustrating."

 

Ogun State

 

In Abeokuta, the Ogun State capital, banks were shut Thursday, afraid of attacks by residents after similar incidents on Wednesday. This left residents, including students, stranded with no cash to transact their day to day operations.

 

During a visit to a campus of the Moshood Abiola Polytechnic (MAPOLY), our reporter observed that attendance by students was scanty.

 

The Mass Communication department of the school which is usually bustling had very few people.

 

A student of the department, Abimbola Sadia, said students were already returning to their homes as it had become difficult to feed on campus.

 

"Many of my friends have gone back to their houses, there is no money to feed. While many of us have money in our bank account and could not withdraw, others do not have money anywhere.

 

"For me, I only have N2,500 and I came to school today to submit an assignment and I am going straight to Lagos from here. Let me go to my parents, they will feed me."

 

In the midst of the uncertainty, especially since the Supreme Court gave its order Wednesday, the CBN has failed to speak on the next course of action.

 

When PREMIUM TIMES contacted Osita Nwanisobi, the spokesperson of the apex bank, Thursday evening, he declined to comment on the position of the bank.

 

Meanwhile, Nigerians continue to face hardship as the effect of the cash crunch and fuel crisis bites harder amid rising tension.

 

-Premium Times.;

 

 

 

Malawi: Science and Technology Commission Commits to Promoting, Nurturing Grassroots Innovations

National Commission for Science and Technology (NCST) has expressed its commitment to the promotion and nurturing of grassroots talent by providing technical and financial support to the innovators.

 

NCST Commissioner Frank Maele made the commitment on Wednesday when members of Parliament (MPs) sitting on the Education, Science and Technology Committee toured solar-generated electricity projects in Dedza and Machinga districts.

 

The tour was organized to allow MPs to appreciate the progress the Commission is making in the promotion of innovation in Malawi.

 

Using the K300 million Science and Technology Fund the government allocated in its 2022-2023 Financial Year, the Commission has been supporting over 30 young innovators across the country to realize their dream of brining electricity to their communities.

 

 

Twenty-year-old Benedicto Kankhulungo, who comes from Traditional Authority (T/A) Liwonde in Machinga, is one of the beneficiaries of the fund. He is making unified electrical power amplifiers, which he uses to amplify, increase, and boost the quality of power through increasing the input signal's voltage.

 

The amplifiers are currently undergoing final tests at the laboratory at the Malawi University of Business and Applied Sciences (MUBAS).

 

In Dedza, the Commission is working with Mandela Chilenje who, using his natural talent, knowledge and uncertified raw materials, has powered six houses with solar electricity in Chikwereza Village in the area of T/A Kachindamoto.

 

And speaking after touring the projects, Commissioner Maele expressed his institution's eagerness to promote and nurture natural and grassroots talent.

 

"These innovators have the potential to transform turn their societies into towns and mini cities and eventually transforming the whole nation. It is against this background that this Commission commits itself to the promotion and nurturing of natural talent," he said.

 

But Maele lamented the limited resources the Science and Technology Fund receives from the Central Government. He pleaded with the Education, Science and Technology Committee of Parliament to consider increasing the budgetary allocation to the pool.

 

Chairperson of the Education, Science and Technology Committee of Parliament, Brainax Kaise, said they were impressed with the strides innovators are making in improving the quality of life for their communities.

 

Kaise - who is Member of Parliament for Nkhotakota South Constituency - assured that the committee will push for increased allocation to the Commission in the next financial year.

 

-Nyasa Times.

 

 

South Africa: 'Dangerous and Mad' - Not Everyone's Sold On Ramaphosa's Electricity Minister and Another State of Disaster

President Cyril Ramaphosa had barely completed his State of the Nation Address when the DA announced it was going to court over the declared National State of Disaster on energy. The presidential speech to underscore his administration is at work to fix the economy left the opposition unconvinced.

 

An electricity National State of Disaster was what the governing ANC National Executive Committee (NEC) lekgotla had resolved in late January.

 

As its statement about that meeting said: "In solving the energy crisis, the NEC Lekgotla encouraged the President of the Republic to declare a National State of Disaster, which will also require that the ANC reconnects with our communities and society."

 

When a National State of Disaster was announced by President Cyril Ramaphosa during his State of the Nation Address (Sona) speech on Thursday, which talked about how "in a time of crisis, we need a single point of command and a single line of march", the opposition benches burst into heckling.

 

And even before Ramaphosa concluded his 8,210-word speech, the DA had briefed its lawyers.

 

"A National State of Disaster under the guise of dealing with the load shedding crisis will similarly empower the ANC to abuse procurement processes and...

 

-Daily Maverick.

 

 

South Africa: President Ramaphosa Declares State of Disaster to Address Energy Crisis

President Cyril Ramaphosa has declared a national State of Disaster - with immediate effect - as a response to the current energy crisis gripping the country.

 

Eskom has been battling to keep the lights on for the past few months, leading to increased stages of load shedding and a devastating impact on lives, livelihoods and businesses.

 

The President announced the State of Disaster during the State of the Nation Address at Cape Town City Hall, on Thursday evening.

 

"In a time of crisis, we need a single point of command and a single line of march. Just as we address the cause of the crisis, we also need to address its impact. The crisis has progressively evolved to affect every part of society.

 

"We must act to lessen the impact of the crisis on farmers, on small businesses, on our water infrastructure, on our transport network and a number of other areas and facilities that affect our people's lives.

 

 

"In considering all these matters and the crisis that we are in, the National Disaster Management Centre has consequently classified the energy crisis and its impact as a national disaster. We are therefore declaring a national state of disaster to respond to the electricity crisis and its effects," President Ramapohosa said.

 

The President stressed that the debilitating energy shortage in which the country finds itself requires government to move with increased urgency.

 

"Extraordinary circumstances call for extraordinary measures. The energy crisis is an existential threat to our economy and social fabric. We must spare no effort, and we must allow no delay, in implementing these measures," he said.

 

How it will work

 

The President explained that the declaration will enable government to "provide practical measures" to assist businesses that have been devastated by the effects of load shedding.

 

 

"The state of disaster will enable us to provide practical measures that we need to take to support businesses in the food production, storage and retail supply chain, including for the rollout of generators, solar panels and uninterrupted power supply.

 

"Where technically possible, it will also enable us to exempt critical infrastructure such as hospitals and water treatment plants from load shedding. It will enable us to accelerate energy projects and limit regulatory requirements while maintaining rigorous environmental protection as well as procurement principles and technical standards," he said.

 

President Ramaphosa assured the public that expenditure related to the State of Disaster will be monitored closely by the Auditor General's office to guard against "abuse of any funds needed" to address the energy crisis.

 

Furthermore, a Minister of Energy in the Presidency is expected to be appointed to focus solely on bringing the country out of the current energy deficit.

 

The Minister of Public Enterprises, however, will remain in charge of Eskom and continue to steer its restructuring and "ensure the establishment of the transmission company, oversee the implementation of the just energy transition programme, and oversee the establishment of the SOE Holding Company".

 

"I will appoint a Minister of Electricity in the Presidency to assume full responsibility for overseeing all aspects of the electricity crisis response, including the work of the National Energy Crisis Committee.

 

"The Minister will focus full-time and work with the Eskom board and management on ending load shedding and ensuring that the Energy Action Plan is implemented without delay," he said.

 

-SAnews.gov.za.

 

 

 

South Africa: Govt Working On Laws to Protect Whistleblowers 

Legislation is being put in place by the government to protect whistleblowers in South Africa - according to Justice and Correctional Services Minister Ronald Lamola, Eyewitness News reports. The minister was speaking ahead of the State of the Nation Address later today, Thursday February 9, 2022. Several whistleblowers - especially during state capture - have complained that they were not protected, with many going into hiding.

 

A Need for Open Cards On Profits From Big Sporting Events In Cape Town

 

Big sporting events hosted in Cape Town brings substantial revenue. However, the Cape Chamber of Commerce and Industry president, Jacques Moolman has said that while such events opened up opportunities for all businesses in the city, more transparency was needed on the profits made during the hosting of big sporting events and who benefited from them, Eyewitness News reports. Moolman added that the Women's T20 World Cup taking place from February 10-26, 2023, would be another positive revenue spinner for the city.

 

 

Govt Websites Hit by Massive Outage, Most Restored

 

Key national government websites across the country - including Parliament, those of several departments, and the South African Police Service - crashed, possibly due to "infrastructure damage", reports News24.  State Information Technology Agency (SITA) spokesperson Tlali Tlali said that "acts of vandalism and theft" in the vicinity of Tembisa, on the East Rand, damaged infrastructure, which may have contributed to the outage. "Part of the information we have received is that there was infrastructure damage. The infrastructure was in the vicinity of incidents of unrest. For the moment we are unable to draw a direct link … between the damage and the protest," he said. Most government websites were restored.

 

 

Coal to Remain Part of South Africa's Energy Mix into 2040s - Minister

 

Forestry, Fisheries, and the Environment Minister Barbara Creecy said at the Mining Indaba that coal will remain part of South Africa's energy mix into the 2040s, and that improving the energy availability factor of the country's current power stations was a pressing imperative, reports IOL. "Our government has never advocated a sudden or precipitous move away from either coal-fired generation or towards a low carbon economy. The National Development Plan and Eskom have both talked about attaining net zero emissions by mid-century, nearly 50 years from now. Building a low carbon economy and climate resilient society will not happen overnight," said Creecy. She added that building a low-carbon economy required wide-ranging technological, economic, and societal changes for new forms of power generation, attracting new investment and prioritising the needs of vulnerable workers, people, and social groupings.

 

South Africa Tourism Probes Controversial Spurs Deal Leak

 

The South African Tourism board has launched a forensic investigation into who leaked the details of the English soccer club Tottenham Hotspur sponsorship deal, reports eNCA. This comes after the Daily Maverick leaked documents that the department, through Brand South Africa, was proposing an R1-billion deal with the London-based football club, bringing widespread criticism of the deal. The 36-month deal would include branding on players' kits and access to stadium hospitality for South African Tourism. Three board members resigned days after the story was reported, citing disagreements with the sponsorship plan.

 

-South Africa

 

 

 

U.S.-Africa Business Summit to be held July 11-14 in Gaborone, Botswana

During a visit to Gaborone, Botswana, Corporate Council on Africa (CCA) President and CEO Florizelle “Florie” Liser was honored to meet with H.E. Mokgweetsi Masisi, President of the Republic of Botswana, who reiterated his Government’s commitment to successfully co-hosting  the 15th U.S.-Africa Business Summit (USABS) in Botswana later this year.  President Masisi noted that key Cabinet officials who were in attendance at the meeting were ready to mobilize their ministries and work collaboratively with CCA and the private sector to organize a highly successful Summit. Following several days of government and private sector meetings as well as site visits, Ms. Liser was pleased to announce with Minister of Investment, Trade and Industry, Hon. Mmusi Kgafela that the Summit will be held July 11-14, 2023 in Gaborone. The announcement was made Friday, February 3, 2023 at the Minister’s office along with the signing of an agreement between CCA and the Government of Botswana.

 

The U.S.-Africa Business Summit is the Corporate Council on Africa’s premier annual event, bringing together African heads of state, senior U.S. and African government officials, and top CEO’s and senior business executives from the U.S. and Africa spanning major business sectors that are critical to the continent’s development.  These include infrastructure, ICT / digital, health, energy, mining, agriculture, consumer goods, finance, tourism and creative industries.

 

The 15th USABS theme “Enhancing Africa’s Value in Global Value Chains” highlights an issue that was heavily discussed during the U.S. - Africa Business Forum, hosted by President Joseph R. Biden on the second day of the U.S.-Africa Leaders Summit in Washington, DC in December 2022. During the Forum, President Biden announced more than $55 billion in new U.S. government programs to support trade, investment and development in Africa along with more than $15 billion in new trade and investment deals made by private sector companies that were in attendance.  CCA was proud to have co-organized the U.S.-Africa Business Forum which highlighted opportunities for greater collaboration between the U.S. and African private sector.  This year’s CCA Summit will build on and advance those discussions, further deepening U.S.-Africa economic engagement and business ties.

 

With a desire to keep the positive momentum going from the U.S.-Africa Leaders Summit and Business Forum, Ms. Florie Liser stated that " the U.S.-Africa Business Summit is an important platform and opportunity to again bring together U.S. and African government and private sector leaders to grow U.S.-Africa trade, business, and mutually beneficial gains for the people and businesses of both the United States and Africa.”

 

Minister of Investment, Trade and Industry the Honorable Mmusi Kgafela said, “We look forward to working with our partners at the Corporate Council on Africa to herald a new era of two-way trade and investment between Africa and the United States. We welcome U.S. private sector businesses to drive investment and technology that can enhance Africa’s role in key global value chains, create jobs, and spur economic growth here in Botswana and across the continent.”

 

 

 

 

Kenya: Uhuru, Raila, Kalonzo Set for Sh816mn Payout Under Supplementary Budget

Nairobi — Treasury has proposed to allocate over Sh816 million to finance office operations and personal expenses for retired President Uhuru Kenyatta, Vice President Kalonzo Musyoka and ex-Prime Minister Raila Odinga.

 

The lion's share, Sh678.57 million, will fund Kenyatta's pension and retirement benefits under supplementary budget for Financial Year 2022/23.

 

Treasury Cabinet Secretary Njuguna Ndung'u has proposed to allocate Sh655.32 million for the office of the immediate former Head of State and Sh23.47 million for his pension.

 

The benefits include fuel, travel expenses, a fully furnished office, entertainment allowances, wages for his employees and personal expenses.

 

Kenyatta, who left office in September 2022, will also receive Sh140 million for the purchase of motor vehicles and other transportation equipment. His travel local budget has been pegged at Sh42.49 million.

 

 

Other expenses include foreign travel and other transport costs capped at Sh120 million, routine vehicle maintenance (Sh20 million), salaries for his aides (Sh53.27 million), and personal allowance (Sh22.24 million).

 

Sh55 million will go to hospitality supplies and services and Sh20 million to rentals of produced assets.

 

Raila, Kalonzo benefits

 

Former Prime Minister Raila Odinga will have Sh78.7 million to run his office.

 

Retired Vice-Presidents Moody Awori and Kalonzo Musyoka will have Sh43.1 million and Sh59.2 million respectively.

 

Under the Presidential Retirement Benefits Act No. 11 of 2003, a retired President is entitled to a lump sum payment on retirement, calculated as a year's salary for each term served as President.

 

They also receive a housing allowance of Sh300,000 per month for both urban and rural dwellings, a suitable office space of not more than 1,300 square feet with necessary furniture and equipment, two cars (replacement every three years), and a fuel allowance of Sh200,000 per month.

 

The benefits also include full medical and hospital coverage, local and overseas treatment, as well as an allowance for electricity, water, and telephone facilities.

 

-Capital FM.

 

 

 

 

Africa: AfCFTA - a Young Trader's Dreams Coming True

Thirty-year-old Kenyan entrepreneur Linda Chepkwony wants to mobilise young Africans to help industrialize the continent through free trade pact

 

Linda Chepkwony sets her sights on the sky. She dreams of becoming Africa's first young billionaire. And she wants to help transform the continent's economic fortunes.

 

The 30-year-old Kenyan's entrepreneurial journey started with the exporting of arts and crafts, duty-free, to the US under the African Growth and Opportunity Act - which provides duty-free access to the US market for select goods from certain countries in Africa.

 

However, with the African Continental Free Trade Area (AfCFTA) coming onstream, Linda is shifting her business model to adding value to commodities such as honey and nuts and then exporting them to other African countries.

 

The AfCFTA potentially consolidates a market of 1.3 billion with a combined GDP of $3.4 trillion, eliminates tariffs on most goods and services, and guarantees the free movement of labour among participating countries.

 

 

The AfCFTA will make business easier and faster, not just for me but for millions of women and youths in Africa. It would be fantastic!

 

The trade pact seems tailor-made for Linda: she's young, an entrepreneur, a woman, and tech-savvy. She dreams of Africa that's liberated from the shackles of underdevelopment. She believes young people can lead the charge. And she's got a 'can-do' spirit coupled with a sense of urgency.

 

Value addition

 

Linda is the founder and CEO of Kenya-based RiftValley Organics Africa - a company that processes and packages honey, nuts, peanut butter and herbal products and seeds for the domestic market, as well as for other African markets.

 

 

Right now, she's preoccupied with value addition.

 

Her popular products include tea infused with lemongrass, mint, lemon, ginger, or cinnamon. There is also ginger-infused honey and creamy peanut butter.

 

Linda sources the raw commodities mostly locally, although she sometimes imports from neighbouring countries.

 

"At times, there is a low season of honey harvesting in Kenya and the demand is high, so I get honey from Tanzania or Uganda to meet the shortfall," she says.

 

The challenge, though, is that sometimes what is available in these countries is not the right quality. "For example, the nuts might have aflatoxin [certain fungi]. That means we won't have to process them."

 

There are a lot of market opportunities in Africa. Most of our countries import agricultural products from the West, yet those products are readily available in Africa.

 

 

Unlike traditional trade agreements that focus on trade in goods, services, and intellectual property rights, conceptually, the AfCFTA has a broader goal that includes enlisting the youth and women in Africa's industrialisation effort. From the outset, African leaders demanded a protocol on women and young traders.

 

Wamkele Mene, the Secretary-General of the AfCFTA Secretariat, told Africa Renewal in an earlier interview that "The reason I put a strong emphasis on young Africans and SMEs led by women is that, first, they are the drivers of the African economy. SMEs run by women account for close to 60 per cent of Africa's GDP, creating about 450 million jobs."

 

Linda talks about "tapping into the potential of young people in Africa when it comes to value addition" and that "Africa must feed itself."

 

Therefore, she hopes to "have manufacturing and innovation hubs in different African countries where young people can learn about manufacturing technology, about value addition so they can have the right products for the right market."

 

Trading under the AfCFTA officially began in January 2021, and, despite teething challenges, Linda feels the continent is on the cusp of a trading transformation.

 

"The AfCFTA will make business easier and faster, not just for me but for millions of women and youths in Africa. It would be fantastic!" she says.

 

Rules of Origin certificate

 

Recently, Linda received a Rules of Origin certificate, which brings down tariffs for her products from 35 per cent to 24.5 per cent.

 

The AfCFTA's Rules of Origin set out guidelines for tariff preferences for goods that meet the origin rules and are traded within the free trade area.

 

Linda Chepkwony How I got my trading Rules of Origin certificate in one dayHow I got my trading Rules of Origin certificate in one dayKenya has made it very easy to get a Rules of Origin certificate. I got mine in one day.

 

The Rules of Origin certificate is important because it shows that my goods originate from Kenya and so qualify for preferential tariff treatment, or cheaper import taxes, within the African Continental Free Trade Area countries.

 

In Kenya, the Customs and Border Control Department is under the government's Kenya Revenue Authority (KRA). To make it easy to apply for a Rules of Origin Certificate, KRA has established offices in five counties (Nairobi, Mombasa, Nakuru, Uasin Gishu and Kisumu) around the country. Even if you're not in the capital city, Nairobi, you can apply for the certificate in any of those counties.

 

In my case, I went to the office in Nairobi. I told the officers there that I had come to apply for the Rules of Origin certificate.

 

They checked the tariffs for my products. Because we are in the nuts and honey business, our rate was typically 35 per cent. They informed me that tariffs on my products would be 24.5 per cent if I got the certificate. The AfCFTA provides that tariff rates for most products go down progressively until 2030 when they are eliminated.

 

The officers gave me an application form in which I indicated my products and the export destination country.

 

So, once I filled out the form, they checked in their system for the HS [Harmonized System] code for my products. The code is indicated in the Rules of Origin certificate. Each product has a unique HS code.

 

I must mention that I received, in advance, some documents from my partners in Ghana, including an invoice. The quantities of products shipped to other countries are in the Rules of Origin certificate to aid the customs officials in Ghana in clearing the goods.

 

After that, I paid the equivalent of about $3. The KRA officials then scheduled an inspection of our production facilities as well as the products. This was to confirm that we source raw materials and finish the products in Kenya.

 

The officials took samples of our products for a thorough examination. Once confirmed and having paid the $3 dollar charge, I was swiftly given an AfCFTA Rules of Origin certificate and a registration letter as an AfCFTA exporter.

 

Countries engaging in the AfCFTA commit to a progressive reduction of up to 90 per cent of tariffs on trade in goods and services by 2030. Therefore, Linda expects a further reduction in tariff on her products by next year, another reduction in 2025, and so on.

 

She has eagerly seized the opportunity of the Guided Trade Initiative to ship a consignment of herbal-infused honey from Kenya to Ghana. She met her Ghanaian and other partners through opportunities offered by the UN Economic Commission for Africa (UNECA) and the UN Development Programme (UNDP) Africa to participate in various trade events on the continent.

 

The Guided Trade Initiative allows the trading of certain products among eight countries (Cameroon, Egypt, Ghana, Kenya, Mauritius, Rwanda, Tanzania and Tunisia) that meet certain criteria, including the deployment of AfCFTA's Tariff Book and Rules of Origin Manual and the publication of tariff rates approved by the AfCFTA Secretariat.

 

"After Ghana, I'm targeting Cameroon and then Egypt for our herbal-infused tea," says Linda.

 

She intends to partner with fellow youth to set up production facilities in other countries. She calls that strategy "connection opportunities."

 

She explains: "If a country has the raw materials that we can add value to, let's say cashew nuts in Ivory Coast, we will empower young people there to do value addition in cashew nuts--cashew flour, cashew butter, chocolate cashews and roasted cashews.

 

"It will make our work easier. We will fulfill orders in that market without all the logistical hurdles of transporting goods from Kenya to that country. And we will create jobs that help young people improve their livelihoods."

 

She insists "There are a lot of market opportunities in Africa. Most of our countries import agricultural products from the West, yet those products are readily available in Africa."

 

Challenges

 

Despite her lofty ambition, Linda is under no illusion about the current difficulties facing young

 

Challenges

 

Despite her lofty ambition, Linda is under no illusion about the current difficulties facing young entrepreneurs

 

First is a lack of access to capital.

 

"It's hard for young people to access capital in manufacturing and other sectors. A young business leader starts by doing business intelligence, calculating production costs, break-even points and profits, but they will easily give up without start-up capital," she says.

 

If a country has the raw materials that we can add value to, let's say cashew nuts in Ivory Coast, we will empower young people there to do value addition in cashew nuts--cashew flour, cashew butter, chocolate cashews and roasted cashews. It will make our work easier. We will fulfill orders in that market without all the logistical hurdles... and we will create jobs that help young people improve their livelihoods.

 

Secondly, difficulties in cross-border movement are also a challenge.

 

She recalls: "Recently, I was watching a YouTuber who said he had problems going from Togo into his own country Ghana, that he was asked at the border to pay some money.

 

"If going to your home country through a neighboring border post has challenges, how can you even trade?" she questions.

 

Thirdly, there are logistical challenges confronting SMEs in Africa.

 

"You are requested to provide a pile of documents at the border. It's a headache. It will discourage young people from doing business," she says.

 

Fourthly, with many countries not yet effectively trading under the AfCFTA, Linda maintains that "tariffs are very high when trading between regional trading blocks. It's easier to trade within East Africa than with countries in West Africa.

 

Fifthly, shipping logistics nightmare.

 

"Talking about logistics, shipping within the continent is tough. For some traders, it's easier and cheaper to import goods from China than from a neighbouring African country, even if the quality of the goods is the same."

 

Sunny outlook

 

Yet, the AfCFTA aims precisely to tackle Linda's concerns that explain why intra-African trade is at a measly 16 per cent. And the outlook is more sunny than gloomy.

 

Besides the launch in October 2022 of the Guided Trade Initiative, there is now the Pan-African Payment and Settlement Systems, the Africa Trade Observatory and the Tariff Book.

 

In January 2023, the AfCFTA Technical Committee on Justice and Legal Affairs finalized the legal scrubbing of the Protocols on Investment, Competition, and Intellectual Property.

 

These critical protocols are expected to be approved at the African Union Summit in Addis Ababa, Ethiopia in late February 2023.

 

That must be sweet music to the ears of a young entrepreneur like Linda.

 

"It is the young people of Africa who will industrialize the continent through the AfCFTA. And manufacturing and value addition are the key ingredients," she maintains.

 

-Africa Renewal.

 

 

 

 

Nigeria: Naira Scarcity - IMF Advises CBN to Extend Deadline

The IMF has urged the CBN to extend the deadline for use of the old notes given the disruptions in trading activities occasioned by the scarcity of the new notes.

 

The IMF, in a statement yesterday, urged the CBN to extend the deadline for use of the old notes given the disruptions in trading activities occasioned by the scarcity of the new notes and especially, if the scarcity of the notes persists at the expiration of the February 10 deadline.

 

It said: "In light of hardships caused by disruptions to trade and payments due to the shortage of new banknotes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline, should problems persist in the next few days leading up to the February 10, 2023 deadline."

 

-Vanguard.

 

 

 

Kenya Imports Wheat From Russia Amid High Prices

Nairobi — Kenya has received a bulk import of wheat at the Port of Mombasa, coming at a time when the country is grappling with wheat shortages.

 

The consignment, which arrived in the country on February 7th 2023, originated from the Port of Novorossiysk in southern Russia.

 

Another consignment from Russia is also expected in the country on February 12th 2023.

 

Wheat import into the country will help cool down prices of wheat flour that now retails at about Sh200 per 2-kilogram packet.

 

The country has been grappling with a shortage of wheat following the onset of Ukraine-Russia war, cutting off the supply chain.

 

Combined, the two states produce significant volumes of wheat that are dependent globally.

 

Local production has been hampered by drought, high cost of inputs as well as quelea bird infestations, the Agriculture and Food Authority (AFA) attributed.

 

Last year, millers shipped at least 1.5 million 90-kilo bags of wheat to fill up dwindling stocks.

 

"Local wheat production for the current season was lower at 1.2 million 90 kg bags compared to 1.8 million last season," AFA said last year.

 

-Capital FM.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

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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