Major International Business Headlines Brief::: 16 February 2023

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Major International Business Headlines Brief::: 16 February 2023 

 


 

 


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ü  US-China chip war: ASML says China employee stole data

ü  David Malpass: World Bank leader who was called climate denier quits

ü  Lufthansa tech failure leaves planes grounded

ü  McDonald's puts up prices on five menu items

ü  Flybe: Administrators unable to find buyer after collapse

ü  Forced meter suspension will last for six weeks

ü  Nigeria: 5 Key Highlights From Buhari's Speech

ü  Nigeria: Harnessing Nigeria's Science, Technology and Innovation
Potential

ü  Nigerian Govt Okays Electronic Cargo Tracking System to Curb Crude Oil
Theft

ü  Uganda: Plans to Have Museveni's Picture On Ugandan Currency Notes
Commence

ü  Selling online helps people keep up with rising prices

ü  Botulism case triggers New South Wales vegan milk recall

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

US-China chip war: ASML says China employee stole data

Major computer chip equipment maker ASML says a former employee in China
stole information about its technology.

 

The Dutch firm says it has since reported the breach to authorities in the
Netherlands and the US.

 

However, the company added that it does not "believe that the
misappropriation is material to our business."

 

ASML is one of the most important firms in the global microchip supply
chain. It makes machines that produce the world's most advanced chips.

 

Chips, or semiconductors, which are used to power everything from mobile
phones to military hardware, are at the centre of a bitter dispute between
the US and China.

 

"We have experienced unauthorised misappropriation of data relating to
proprietary technology by a (now) former employee in China," ASML said in
its latest annual report.

 

"As a result of the security incident, certain export control regulations
may have been violated. We are implementing additional remedial measures in
light of this incident," it added.

 

ASML did not give further details about the employee or the technology
involved. The firm did not immediately respond to a BBC request for comment.

 

The Chinese embassy in Washington did not immediately respond to a BBC
request for comment.

 

How China sneaks out America's technology secrets

How the US-China chip war is playing out

This is not the first time that ASML has linked an intellectual property
(IP) breach to China.

 

In its 2021 annual report, the firm said it was aware of reports that a
Chinese semiconductor equipment and software maker, DongFang JingYuan
Electron, "was actively marketing products in China that could potentially
infringe on ASML's IP rights."

 

DongFang JingYuan Electron denied the allegations.

 

At the time the Beijing-based company said the reports were "inconsistent
with the facts".

 

"We reserve the right to take any other legal actions against the relevant
false information," it added.

 

Major companies in the semiconductor industry have faced controls on exports
to China.

 

In October, Washington announced that it would require licences for
companies exporting chips to China using US tools or software, no matter
where they are made in the world.

 

The US has been pushing the Netherlands and Japan to adopt similar
restrictions.

 

Since 2019 the Dutch government has stopped ASML from selling its most
advanced lithography machines to China.

 

Lithography machines use lasers to print miniscule patterns on silicon as
part of the manufacturing process of microchips.-BBC

 

 

 

David Malpass: World Bank leader who was called climate denier quits

The president of the World Bank will step down from his post in June,
leaving the organisation almost a year before his term was due to end.

 

David Malpass announced his decision on social media, without providing a
specific reason for his departure.

 

The pick of former US President Donald Trump, he has been criticised as a
climate change denier.

 

Last year, the White House rebuked him after he said he did not know if
fossil fuels were driving climate change.

 

He later apologised for the remarks.

 

Mr Malpass started his five-year term in April 2019, after serving in the US
Department of Treasury during the Trump administration.

 

In a statement, Mr Malpass said he was proud of what he had accomplished at
the bank, which oversees billions of dollars in lending to developing
countries each year.

 

Financing "including climate financing" had reached record levels under his
leadership, he added.

 

"By the end of the fiscal year, we will be well-positioned to feature
sustainability more clearly in the mission of the World Bank Group, align
the mission with resources, and set in motion an effective evolution to
increase the institution's impact on people in the developing world," he
wrote in a statement shared on LinkedIn.

 

Mr Malpass, who was sceptical of multilateral institutions, had long been
seen as a controversial pick to lead the World Bank.

 

At an event in September, former US Vice President Al Gore called for his
replacement, saying the bank was not doing enough to raise funding for
climate issues and it was "ridiculous to have a climate denier as the head
of the World Bank."

 

Asked later to respond, Mr Malpass defended himself, but declined to say
that fossil fuels caused climate change.

 

In a subsequent interview with CNN, he said he had not done a good job
answering or hearing the question and that man-made emissions were "clearly"
contributing.

 

US Treasury Secretary Janet Yellen, who has been pressing for reform at the
World Bank and other development banks, thanked Mr Malpass for his service
in a statement that alluded to the controversy.

 

"While we all must continue to raise our collective ambitions in the fight
against climate change, during President Malpass' tenure the World Bank has
made important recent advances in this area," she said.

 

She said the US would put forward a new candidate to lead the bank soon.

 

The US is the World Bank's largest shareholder and a major source of its
funding.

 

An American has led the institution since its start in the 1940s, when it
was created to help rebuild Europe in the aftermath of the Second World
War.-BBC

 

 

Lufthansa tech failure leaves planes grounded

More than 200 flights were cancelled at Frankfurt airport after construction
work damaged broadband cables and caused check-in and boarding problems for
German airline Lufthansa.

 

But the airline said all of its systems were now back up.

 

Earlier on Wednesday, thousands of passengers were stranded as their flights
were cancelled or delayed across the world.

 

The airline expect flights at Frankfurt to return to normal on Thursday.

 

The company said engineering works on a railway line mistakenly cut a bundle
of cables in Frankfurt on Tuesday.

 

It has asked customers flying on domestic flights to book train tickets and
said customers could ask for a refund on its website.

 

"We are working on a solution swiftly," Lufthansa tweeted.

 

More than a hundred flights have also been delayed, according to data from
flight tracking website FlightAware.

 

Some travellers on social media claimed the German airline switched to using
pen and paper to organise boarding and was not able to digitally process
baggage.

 

One customer tweeted that Frankfurt airport staff were only assisting
individuals that were manually checked in.

 

Others said they were confused about how to get their refunds and had not
received any support from the company.

 

 

"Lufthansa asks affected passengers to check the status of their flight on
the company's app or website before arriving at the airport. Passengers with
domestic flights can switch to Deutsche Bahn until Sunday," the airline said
in a statement.

 

"We regret the inconvenience this will cause our passengers," a spokesperson
from the company added.

 

Air traffic controllers have diverted flights from Germany's busiest airport
Frankfurt, but the problem has affected services worldwide.

 

Lufthansa and Germany's national train operator blamed the fault on a drill
which cut through a Deutsche Telekom fibre optic cable bundle.

 

This meant passenger check-in and boarding systems at Lufthansa seized up on
Wednesday and prompted German air traffic control to suspend incoming
flights.

 

However, these have since resumed, with some 40 landings per hour at
Frankfurt airport since midday on Wednesday which Germany's DFS air traffic
controllers said is nearly normal traffic.

 

Deutsche Telekom said in a statement: "Two cables have already been repaired
overnight by our technical team and many customers are already back online."

 

Separately, German airport workers are due to go on strike on Friday in a
dispute about pay.

 

Last month, domestic flights were grounded across the US after a contractor
deleted files on a crucial computer server used by pilots.

 

More than 11,000 flights were delayed and at least 1,300 were cancelled on
11 January after the Notice to Air Missions (Notam) system went
offline.-BBC;:

 

 

 

 

McDonald's puts up prices on five menu items

Fast food chain McDonald's is putting the price of five of its menu items up
as cost of living pressures continue to squeeze struggling households.

 

It said higher food and energy costs mean it will put up its prices from
Wednesday.

 

Last summer the fast food giant put up the price of a cheeseburger for the
first time in more than 14 years.

 

Soaring inflation around the world hasn't dented McDonald's sales, which
grew last year by more than 10%.

 

McDonald's said it was committed to "affordable prices".

 

"However, like many businesses, the impact of the increase in food and
energy costs continues to affect our company and our franchisees."

 

McDonald's puts up price of cheeseburger

Why are prices rising so much?

How much are prices rising for you? Try our calculator

McDonald's said that franchisees set their own pricing, and the following
prices are a guide:

 

Mayo Chicken from 99p to £1.19

Bacon Mayo Chicken from £1.59 to £1.79

Bacon Double Cheeseburger from £2.49 to £2.69

Triple Cheeseburger from £2.69 to £2.89

Medium Carbonated Drink from £1.39 to £1.49

McDonald's added that it was trialling meal deals at 120 outlets in the
South East of England called "Saver Meals" - for example, a cheeseburger, a
side order and a drink will cost £3.99.

 

It said the meal bundles were being trialled "to understand if this could be
an additional way to offer value to our customers".

 

Soaring inflation

Prices in general have been rising rapidly around the world as food, fuel
and energy costs soar.

 

Russia's war in Ukraine pushed energy prices higher, although crude oil and
gas prices have been falling since last summer.

 

The pace of inflation in the UK was 10.1% in the year to January, down from
10.5% in December, and food price inflation is at a 45-year high.

 

So an item that cost a pound last January would be more than 10p more
expensive this January, across the board.

 

UK inflation: Price rises slow but remain close to 40-year high

Wages are not rising as fast as prices, putting household budgets under
pressure.

 

Firms have responded to rising costs by increasing prices.

 

Both Coca-Cola and PepsiCo, which dominate the global soft drinks market,
pushed through multiple price rises in 2022.

 

Coca-Cola put up prices by 11% around the world, while Pepsi's prices rose
14%.

 

On Tuesday Coca-Cola said it would raise the price of its fizzy drinks again
this year.

 

McDonald's too has raised prices before today.

 

Last summer, it put up the price of cheeseburgers, along with items
including breakfast meals, large coffees, McNugget share boxes and upgrades
from medium to large meals.

 

In 2022 its sales grew 10.9% after price rises and as more people came to
its outlets.-BBC

 

 

 

 

Flybe: Administrators unable to find buyer after collapse

Administrators have been unable to find a buyer for troubled airline Flybe,
despite last-ditch talks.

 

The budget operator had seen flights grounded since falling into bankruptcy
for the second time in three years at the end of last month.

 

There had been speculation Lufthansa and Air France-KLM were in talks with
administrators to take over the firm.

 

However, Birmingham-based Flybe said discussions had ended without a new
deal being agreed.

 

It said it would start winding-down the business, with administrators adding
a further 25 employees would be made redundant immediately.

 

They are on top of the 277 of Flybe's 321 staff members whose redundancies
were previously confirmed by joint administrators Interpath Advisory.

 

'Every available avenue'

"Over the past two and a half weeks, we've held intensive discussions with a
number of operators with a view to rescuing the airline and preserving the
value in its assets," David Pike, managing director at Interpath said.

 

"However, it is with regret that discussions have now been brought to a
close without a deal being agreed."

 

Despite interest from a number of credible parties, administrators said
challenging circumstances, complexities and high costs associated with the
company's operating platform meant a suitable buyer could not be found.

 

"We'd like to thank a number of stakeholders, including the Civil Aviation
Authority (CAA) and the company's lessors, who gave us the time and support
we needed to ensure we were able to explore every available avenue to rescue
the business," they added.

 

Administrators said they would continue to provide support to all employees
affected, adding they were grateful to organisations across the aviation
industry which had offered to support them in finding new roles.

 

Flybe was first pushed into administration in March 2020 with the loss of
2,400 jobs as the Covid-19 pandemic destroyed large parts of the travel
sector.

 

Its business and assets were purchased in April 2021 by Thyme Opco, linked
to US hedge fund Cyrus Capital.

 

Flights resumed 12 months later, with the airline based at Birmingham
Airport.-BBC

 

 

 

Forced meter suspension will last for six weeks

The energy watchdog has said suppliers' suspension of forced prepayment
meter installations will last for the next six weeks.

 

It was revealed earlier this month that debt agents for British Gas had
broken into vulnerable people's homes to force-fit meters.

 

Ofgem subsequently halted the practice and has now said the suspension will
last until the end of March.

 

The regulator said all domestic suppliers had agreed to do so.

 

In a letter to suppliers on Wednesday, Ofgem said it would consult on how
firms should use prepayment meters and whether rules need to be changed.

 

Remote transfers to prepayment meters must also be halted for six weeks.

 

Next week, on 21 February, it will publish an update on the scope and
timelines of its Market Compliance Review on prepayment meter warrant
installations and remote mode switching.

 

Firms told to stop force-fitting prepayment meters

British Gas debt agents break into homes of vulnerable

Energy firms suspended forced meter installations after it was revealed that
British Gas agents had broken into vulnerable people's homes to fit meters.

 

After the story was published by The Times, Chris O'Shea, the boss of
Centrica which owns British Gas, told the BBC: "It is completely
unacceptable."

 

Ofgem said: "The energy crisis is no excuse for unacceptable behaviour
towards any customer, particularly those in vulnerable circumstances."

 

It asked suppliers to suspend installations and review the use of court
warrants to enter the homes of customers in arrears.

 

British Gas said it would suspend forcefully installing prepayment meters
until at least after the winter. Wednesday's letter makes it clear that the
suspension will last until spring.

 

The letter reveals that Ofgem requested suppliers to halt forced
installations during a meeting last week.

 

It made clear that: "For the avoidance of doubt, this includes ceasing
installation by warrant, ceasing the remote mode switch of smart meters to
pre-payment without explicit agreement from the customer, and ceasing new
applications to court for installation warrants - unless theft is
suspected."

 

Ofgem said some suppliers had warned that unrecoverable debts could climb if
prepayment meters couldn't be fitted.

 

That would increase their costs, suppliers said, which could in turn lead to
larger bills for other customers.

 

The regulator said it was examining closely how customer debts affect
suppliers' costs and was working to "determine what action we need to take".

 

Prepayment meter rules

There are more than four million UK households on prepayment meters. The
current rules state:

 

Customers pay for their energy in advance, either through an account or
using a top-up card. Emergency credit is available

The cost per unit of energy is higher than direct debit, because of the
costs involved for suppliers. Sometimes it is the only option for people
already in debt to a supplier

Some customers who do not pay regular bills can be moved to prepayment,
either remotely on a smart meter, or physically under the power of a court
warrant

Suppliers are required to have exhausted all other options before installing
a prepayment meter, and should not do so for vulnerable customers, including
the elderly and those with young children

They could be changed after Ofgem's consultation, which will include talking
to energy suppliers, consumer groups and charities to consider the rules and
guidance on the use of pre-payment meters, not just during "the current
exceptional circumstances" but in future, too.

 

Centrica results

British Gas owner Centrica is set to announce its annual results on
Thursday. It is expected to post record profits of around £3bn, more than
three times the £948m profit Centrica made in 2021.

 

That was before gas prices soared on the back of the Russian invasion of
Ukraine and it could provoke fresh accusations of profiteering by energy
firms.

 

Chief executive Chris O'Shea is in line for a potential £1.6m bonus, which
would be paid out on top of his £795,000 salary.

 

British Gas is the UK's largest energy company supplying around 10 million
homes.

 

Rival supplier EDF, owned by the French government, will publish its 2022
profit figures on Friday. It supplies energy to around five million British
homes.-BBC

 

 

 

Nigeria: 5 Key Highlights From Buhari's Speech

President Muhammadu Buhari has addressed Nigerians on the issue of currency
swap policy of the Central Bank of Nigeria, CBN, which has hindered economic
activities in the country due to scarcity of the old and new notes.

 

The President directed that the old naira notes, ranging from the N200, N500
to N1000 remain legal tender till April 10 2023.

 

Buhari made this directive in a national broadcast to Nigerians today
(Thursday).

 

Here are the key five highlights from the President's speech.

 

Currency redesign

 

 

In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN)
to redesign the N200, N500, and N1000 Nigerian banknotes.

 

5. For a smooth transition, I similarly approved that the redesigned
banknotes should circulate concurrently with the old bank notes, till 31
January 2023, before the old notes, cease to be legal tender.

 

6. In appreciation of the systemic and human difficulties encountered during
implementation and in response to the appeal of all citizens, an extension
of ten days was authorized till 10th February, 2023 for the completion of
the process. All these activities are being carried out within the ambit of
the Constitution, the relevant law under the CBN Act 2007 and in line with
global best practices.

 

7. Fellow citizens, while I seek your understanding and patience during this
transient phase of implementation, I feel obliged to avail you a few
critical points underpinning the policy decision. These include:

 

 

a. The need to restore the statutory ability of the CBN to keep a firm
control over money in circulation. In 2015 when this administration
commenced its first term, Currency-in-Circulation was only N1.4trillion.

 

b. The proportion of currency outside banks grew from 78%in 2015 to 85% in
2022. As of October 2022, therefore, currency in circulation had risen to
N3.23 trillion; out of which only N500 billion was within the Banking System
while N2.7 trillion remained permanently outside the system; thereby
distorting the financial policy and efficient management of inflation;

 

c. The huge volume of Bank Notes outside the banking system has proven to be
practically unavailable for economic activities and by implication, retard
the attainment of potential economic growth;

 

d. Economic growth projections make it imperative for government to aim at
expanding financial inclusion in the country by reducing the number of the
unbanked population; and

 

 

e. Given the prevailing security situation across the country, which keeps
improving, it also becomes compelling for government to deepen its
continuing support for security agencies to successfully combat banditry and
ransom-taking in Nigeria

 

8. Notwithstanding the initial setbacks experienced, the evaluation and
feedback mechanism set up has revealed that gains have emerged from the
policy initiative.

 

9. I have been reliably informed that since the commencement of this
program, about N2.1 trillion out of the banknotes previously held outside
the banking system, had been successfully retrieved.

 

10. This represents about 80% of such funds. In the short to medium and long
terms, therefore, it is expected that there would be:

 

a. A strengthening of our macro economic parameters;

 

b. Reduction of broad money supply leading to a deceleration of the velocity
of money in the economy which should result in less pressures on domestic
prices;

 

c. Lowering of Inflation as a result of the accompanying decline in money
supply that will slow the pace of inflation;

 

d. Collapse of Illegal Economic Activities which would help to stem
corruption and acquisition of money through illegal ways;

 

e. Exchange Rate stability;

 

f. Availability of Easy Loans and lowering of interest rates; and

 

g. Greater visibility and transparency of our financial actions translating
to efficient enforcement of our anti- money laundering legislations.

 

11. I am not unaware of the obstacles placed on the path of innocent
Nigerians by unscrupulous officials in the banking industry, entrusted with
the process of implementation of the new monetary policy. I am deeply pained
and sincerely sympathise with you all, over these unintended outcomes.

 

12. To stem this tide, I have directed the CBN to deploy all legitimate
resources and legal means to ensure that our citizens are adequately
educated on the policy; enjoy easy access to cash withdrawal through
availability of appropriate amount of currency; and ability to make
deposits.

 

13. I have similarly directed that the CBN should intensify collaboration
with anti-corruption agencies, so as to ensure that any institution or
person(s) found to have impeded or sabotaged the implementation should be
made to bear the full weight of the law.

 

14. During the extended phase of the deadline for currency swap, I listened
to invaluable pieces of advice from well meaning citizens and institutions
across the nation.

 

15. I similarly consulted widely with representatives of the State Governors
as well as the Council of State. Above all, as an administration that
respects the rule of law, I have also noted that the subject matter is
before the courts of our land and some pronouncements have been made.

 

16. To further ease the supply pressures particularly to our citizens, I
have given approval to the CBN that the old N200 bank notes be released back
into circulation and that it should also be allowed to circulate as legal
tender with the new N200, N500, and N1000 banknotes for 60 days from
February 10, 2023 to April 10 2023 when the old N200 notes ceases to be
legal tender.

 

17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000
and N500 notes remain redeemable at the CBN and designated points.

 

18. Considering the health of our economy and the legacy we must bequeath to
the next administration and future generations of Nigerians, I admonish
every citizen to strive harder to make their deposits by taking advantage of
the platforms and windows being provided by the CBN.

 

19. Let me assure Nigerians that our administration will continue to assess
the implementation with a view to ensuring that Nigerians are not
unnecessarily burdened. In this regard, the CBN shall ensure that new notes
become more available and accessible to our citizens through the banks.

 

20. I wish to once more appeal for your understanding till we overcome this
difficult transient phase within the shortest possible time.

 

21. Fellow citizens, on the 25th of February, 2023 the nation would be
electing a new President and National Assembly members. I am aware that this
new monetary policy has also contributed immensely to the minimization of
the influence of money in politics.

 

22. This is a positive departure from the past and represents a bold legacy
step by this administration, towards laying a strong foundation for free and
fair elections.

 

23. I urge every citizen therefore, to go out to vote for their candidates
of choice without fear, because security shall be provided and your vote
shall count.

 

24. I however admonish you to eschew violence and avoid actions capable of
disrupting the electoral processes. I wish us all a successful General
Elections.

 

Thank you for listening. God bless the Federal Republic of Nigeria

 

-Vanguard.

 

 

 

 

Nigeria: Harnessing Nigeria's Science, Technology and Innovation Potential

Given the critical role of Science, Technology and Innovation in all facets
of human endeavour as well as its importance to the transformation of the
Nigerian economy from a resource -based to knowledge-based economy, Precious
Ugwuzor reports on the recent drive by the Federal Institute of Industrial
Research to adequately harness it and put the country among the top 20
economies of the world by 2030

 

The world is fast paced, and so also is the priority to offer timely
innovations that will efficiently impact various segments of living,
industry, and enterprises as solutions to personal, communal, and even
societal needs of the people.

 

In a world where the growth of developed and developing economies are tied
to efficiency in Science Technology and Innovation, STI, a mono- economy
country like Nigeria must not be left behind in accelerating its
technological development potentials to sustain its growth.

 

As oil price needs recede in importance and global alternatives being scaled
up to replace fossil fuel in favour of green and safe energies, Nigeria has
identified the need to diversify its economy from mono dependency on oil
with bias to engineer a digital and science-propelled economy for industrial
development. In this direction, policymakers have agreed that the principle
of comparative advantage dictates that Nigeria cannot afford to neglect its
agriculture sector but also the engineering sector for the purpose of easing
utility, creating jobs and growing its industrial base.

 

As the population soars, so also is the exploration of natural resources
becoming insufficient for wealth creation; as such, it has become imminent
that Nigeria embraces measures for values addition to practices by employing
science and technology with creative ideas to transform raw materials into
valuable goods and services; economic development and improved quality of
life.

 

Volume 1 of the National Development Plan, NDP, 2021 - 2025 was explicit in
building a strong nexus among Science Technology and Innovation as three
intertwined concepts that underpin the development of products, processes
and systems to ensure human progress and wellbeing. However, despite the
crucial role it plays in industrial development, Nigeria still ranks low in
this although gradually embracing the STI innovation to change its
industrial phase.

 

Available statistics indicate that the world average gross expenditure on
research and development as GDP stands at 1.68 percent, while the figure for
Nigeria is 0.13 percent in 2007 (we should have data that is more recent).

 

Minister of Science Technology and Innovation, Adeleke Mamora is however
optimistic that Nigeria's STI potential, when adequately harnessed, can put
the country among the top 20 economies of the world by 2030.

 

Mamora, at a stakeholders' meeting to inaugurate the planning committee of
the STI 2023 Expo in Abuja, noted the critical role of STI in all facets of
human endeavour as well as its importance to the transformation of the
Nigerian economy from a resource -based to knowledge-based economy.

 

The Minister identified the role of STI which cuts across every sector of
government with expected value addition to human and societal endeavours.
"It spans through all the Ministries, Departments and agencies such as
technology science, agriculture, aviation, industry, energy, health, space
education, entrepreneurship, military amongst others," Mamora observed.

 

Challenges Facing STI

 

Although much is desired to see speedy transformation of the STI, especially
towards meeting the immediate and long-term development for economic and
industrial revival of the country, experts have however identified that
there are obstacles to surmount in the sector. Among them inadequate
funding, lack of research, poor education and improper coordination have
been identified as factors limiting deployment of STI in Nigeria.

 

Lookman Adahunse, a Lagos based IT expert, advocated massive public and
private sector funding of research and development of the STI, saying: "For
Nigeria to build a fundamental innovation paradigm that will give it
incredible economic growth, it has to pump more money in research and
development. The investments in research and development by government and
private sector players must be consistent and not faltering."

 

Political economist and former Presidential aspirant of the Young
Progressive Party, Kingsley Moghalu, believes Nigeria is yet to have a truly
innovation-led economy because there is still little or no policy and
financial support for moving the products of innovation into the mainstream
marketplace through mass production and marketing distribution.

 

Moghalu, in the same vein noted that investment by companies and government
on Research and Development, R&D, are still relatively low even as Nigeria's
current dire economic situation and foreign exchange crisis in particular
provides it with an opportunity to scale up innovation. "It is only
innovation that can break the Nigerian economy's structural dependency as an
import- and consumer-driven one," he noted.

 

FIIRO to the Task

 

But all hope is not lost as the Federal Government, under the leadership of
President Muhammadu Buhari has in the last five years invested no fewer than
N924bn to revive the science, technology and innovation sector in the
country.

 

The National Development Plan 2021-2022, Volume I, disclosed that the funds
were devoted to priority projects in the sector, as well as others that are
similarly crucial to its operations.

 

Recently, the Federal Institute of Industrial Research, Oshodi, FIIRO, at
the 2023 Technology and Innovation Expo, showcased some of its technological
inventions and research products as outstanding feats capable of attracting
investors to the sector.

 

Among the exceptional innovations displayed by FIIRO at the Expo held in
Abuja are mechanized processing technologies for cassava, ceramics, legumes,
bread and confectionery baking technology. Others are roots processing
technology, oil seed processing technologies, beverage drinks production and
preservative technologies, livestock nutrition/poultry feed, among others

 

The Technology and Innovation Expo which had as its theme: "Actualizing
Effective Diversification of the Nigerian Economy through Science,
Technology and Innovation," was organized to unveil the products to showcase
the mileage that have been recorded so far as well as offering solutions on
the way forward.

 

FIIRO, an agency of the Federal Ministry of Science and Technology, is the
foremost centre for Science and Technology-based research and development
for the industrialization and socio-economic advancement of the nation.

 

At the 2023 Expo, Dr Mamora who was impressed with the innovations however
charged the research institute to engender the means through which these
valuable products would find their way to the Nigerian market by improving
on its research and marketing strategies. "The major challenge is how do you
get this major research out to the market because it's like you are winking
in the dark, and when you wink in the dark, nobody can see you. You should
light up your candles so others can see it," the minister said.

 

The Director-General/CEO of FIIRO, Dr (Mrs.) Jummai Adamu solicited the
support of all stakeholders to invest in the cutting-edge products, goods
and services of the Institute towards aiding the economic diversification of
Nigeria's government.

 

Dr Adamu also solicited the collaboration of investors to support the nation
in achieving its diversification agenda of moving from a consumption to a
production economy through effective STI utilization in the shortest
possible period.

 

She said the expo had presented itself as a clarion call for serious
commitment by stakeholders and investors to move the economy from
consumption to production for the purpose of stimulating economic growth,
liberation and self-reliance for the nation and the Nigerians.

 

The FIIRO boss noted that the mono-economic dependence on oil and gas, which
is non-renewable, has kept the nation far away from meaningful development
that would have made her respected among comity of nations.

 

"This is attributed to our inability to properly utilize STI as the fulcrum
for modern development. It is to be noted that all developed and developing
countries all over the world are where they are today because they realized
that it is only through Science, Technology and Innovation, that all our
problems can be tackled.

 

"It is an established fact that Science, Technology and Innovation holds the
key to the present and future development of any nation as it plays a
fundamental role in wealth creation, improvement of quality of life and real
economic growth and transformation in any society," she said.

 

Dr Adamu submitted that STI has impacted many economic areas, reducing
poverty, promoting healthier and more productive lives, rapid improvement in
agriculture, energy, environment and economic growth.

 

By bridging the technological power vacuum, she observed, more Nigerians can
be adequately mobilized as needed human resources to tackle the challenges
confronting the nation, especially towards arresting the menace of poverty,
youth restiveness, terrorism, kidnapping and banditry currently ravaging the
country.

 

"As you may be aware, one of the key components that aid economic
diversification is technology transfer, which is the innovation capabilities
of any organization that wants to thrive technologically.

 

"Increase in economic diversification will expose us to opportunities to
utilize our technological prowess and become more capable to generate new
technological solutions due to cross-fertilization of ideas among different
knowledge areas of diversification, thus producing positive effects on our
innovation performance," the FIIRO boss said.

 

On the importance of the STI, she noted that a diversified economy has the
capacity to support multiple businesses, increase sustainable circles of
economic activity where businesses continually feed from one another and
grow larger as the economy grows.

 

"Worldwide, it is an established fact that economic diversification brings
about stability, improves standard of living, minimizes the use of
potentially underutilized resources, creates jobs and generates wealth for
the teeming youth, considering the depletion nature of the oil that we have
been depending since time immemorial," she explained.

 

The representative

 

 

 

 

Nigerian Govt Okays Electronic Cargo Tracking System to Curb Crude Oil Theft

The Federal Executive Council (FEC) at its weekly meeting on Wednesday
approved electronic cargo tracking device that will monitor all vessels
entering and leaving Nigeria's water space.

 

Minister of Transportation, Jaji Sambo, who disclosed this to newsmen after
the meeting presided over by President Muhammadu Buhari, at the State House
Abuja, said the device will help curb the recurring incidents of oil thefts
along the Nigerian maritime water.

 

He said: "This scheme includes also the tracking of our oil exports. This
way we are going to reduce, if not totally eliminate oil theft"

 

Sambo disclosed that the Electronic cargo tracking put in place, a scheme
already widely implemented in 26 African counties, including Ghana, Senegal,
Benin republic and Togo.

 

The devise, according to the Minister, is also expected to tackle under
declaration at ports and secure imports and exports, provide transparency in
cargo invoicing and declarations.

 

 

He disclosed that the countries where the devises are operational, have
recorded tremendous improvement in the management of trades across borders.

 

His words: "The implementation of the scheme will abate the challenge of
under declaration, concealment and wrong classification of cargo which are
primary causes of revenue leakages, insecurity and safely issues at the
borders.

 

"The deployment of the state of the art ECT will ensure the elimination of
loop holes in border operations and boost government revenue in form of
duties, port charges and levies.

 

"The platform will be deployed by a consortium of five companies made up of
a foreign technical partner and four local companies.

 

"Apart from the above advantages, the scheme will also generate revenue for
the government ranging from about $90 million per annum to a peak of about
$235m per annum.

 

 

"Furthermore it is at no cost to the government, the investments are going
to be made by the investing private sector companies and revenues that would
be derived from the small margin of Charges would be shared in the ratio of
60 percent to the government and 40 percent to the consortium of companies".

 

Also on Wednesday, the Federal Government approved the sum of $53.1 million
for the procurement and installation of electricity conductors and
transformers that will help boost power supply in the country.

 

Minister of Power, Abubakar Aliyu, who also briefed newsmen, said when
installed, the conductors will help address the challenge of constant
tripping of circuit breakers due to overloading of electricity lines.

 

He revealed the cost of the conductors also includes a Naira component of
N2.1billion.

 

"The total amount for these four components of conductors is $53,131, 128.93
plus an onshore component of N2, 127, 068, 626. 45," he said.

 

According to him, the new conductors would be used to upgrade existing power
lines, with the aim of enhancing their efficiency.

 

"These are existing lines which are being upgraded. The wires will be
removed and new ones put in place and the difference is that the new ones
will be more efficient because they carry more load than the old ones.

 

"They will reduce sagging because once the wires are aged, they will sag and
they become vulnerable and heavier. So, these ones are lighter and can carry
more electricity so it will improve efficiency and address the challenges of
constant tripping of the breakers due to the overloading of these lines will
be tremendously reduced," the Minister explained.

 

Aliyu listed the four components of the contract to include 173 kilometre
Kubotso- Hadeja, line; 105 kilometre Kumbotso-Kankiya line; 90 kilometre
Benin-Irrua line; 72 kilometre Irrua-Okpella; 48kilometre Okpella-Okenne, 58
kilometere Okenna-Ajaokuta lines and 394 kilometre
Gombe-Biu-Damboa-Maiduguri line.

 

He also disclosed that Council approved a N1.46 billion contract for the
procurement of 20 transformers ratio analysers for the Transmission Company
of Nigeria.

 

-This Day.

 

 

Uganda: Plans to Have Museveni's Picture On Ugandan Currency Notes Commence

Plans to have the photo of President Yoweri Museveni appear on Ugandan legal
tender have commenced with a request to the Ministry of Justice and
Constitutional Affairs for a proposed amendment.

 

The plans were kickstarted by one Majembere Ivan Semakula who identifies
himself as a National Resistance Movement (NRM) Activist and President
Museveni's attack lion.

 

In a letter to the Minister of Justice and Constitutional Affairs, and
copied to the Bank of Uganda, Parliament of Uganda as well as the Attorney
General, Majambere notes that it is high time the country appreciated
Museveni for his wonderful service with his portrait splashed on Ugandan
currency.

 

He notes that this should only be possible if there is an amendment to
Article 21 of the Bank of Uganda 2000 Act which prohibits any design or
portrait of a living person or any political symbol or word on its bank
note.

 

"We wish to note that in our continued celebrations, enjoyments of
democratic freedoms, peace, security and social economic transformations of
this country Uganda which has been brought by President Museveni's wise
leadership and there is no other meaningful way we can show our gratitude to
him unless we amend that article 21 and have his portrait adopted on our
Uganda currency notes," Majambere writes.

 

He says that he represents many other Ugandans who wish to celebrate
President Museveni for the work he does and continues to do for this country
by granting him such a wish.

 

 

 

Botulism case triggers New South Wales vegan milk recall

A popular brand of vegan milk has been recalled in Australia's most populous
state after it was linked to a case of botulism.

 

Food safety officials say the recall of Inside Out Unsweetened Almond Milk
in New South Wales (NSW) is "due to potential biotoxin contamination".

 

It comes after a person was admitted to hospital after consuming the
product.

 

The toxin that causes botulism can be extremely dangerous and has been
linked to life-threatening illnesses.

 

Inside Out Nutritious Goods, which produces the vegan milk, told the BBC
that it "takes any potential food contamination issue extremely seriously."

 

"As soon as we were informed of a potential contamination issue, we
commenced a voluntary recall and have been providing every assistance to the
relevant authorities," the company added.

 

Its one-litre unsweetened almond milk product - with an expiry date of 1
March - was available for sale at stores owned by supermarket giant
Woolworths, according to Food Standards Australia New Zealand.

 

"Consumers should not eat this product. Any consumers concerned about their
health should seek medical advice and should return the products to the
place of purchase for a full refund," it added.

 

Inside Out Nutritious Goods Pty Ltd is recalling Inside Out Unsweetened
Almond Milk Collagen + Calcuim + Prebiotics (Use by 1 March 2023), due to
potential biotoxin contamination (Botulinum toxin).

 

NSW's health ministry said initial investigations had found the botulinum
toxin, which can cause botulism, in a sample of Inside Out's product.

 

It said the contamination was identified after a person experienced "severe
symptoms of botulism after drinking the product."

 

"The person was admitted to hospital, where they continue to receive
treatment," the ministry added.

 

The botulinum toxin, which is produced by bacteria, was first discovered in
poorly prepared sausages during the 18th Century. It was named after the
Latin for sausage - botulus.

 

Keira Glasgow, director of NSW Health's One Health branch, said that while
foodborne cases of botulism are very rare, its early symptoms include
weakness, fatigue and vertigo.

 

"These symptoms can progress to paralysis of the arm muscles and continue
down the body to the trunk and legs, and paralysis of breathing muscles can
be fatal," Ms Glasgow said.

 

"Most cases recover if diagnosed and treated early. In foodborne botulism,
symptoms may begin from a few hours to several days after consuming the
contaminated product," she added.-BBC

 

 

 

US-China chip war: ASML says China employee stole data

Major computer chip equipment maker ASML says a former employee in China
stole information about its technology.

 

The Dutch firm says it has since reported the breach to authorities in the
Netherlands and the US.

 

However, the company added that it does not "believe that the
misappropriation is material to our business."

 

ASML is one of the most important firms in the global microchip supply
chain. It makes machines that produce the world's most advanced chips.

 

Chips, or semiconductors, which are used to power everything from mobile
phones to military hardware, are at the centre of a bitter dispute between
the US and China.

 

"We have experienced unauthorised misappropriation of data relating to
proprietary technology by a (now) former employee in China," ASML said in
its latest annual report.

 

"As a result of the security incident, certain export control regulations
may have been violated. We are implementing additional remedial measures in
light of this incident," it added.

 

ASML did not name the former employee or give details on which export
control regulations may have been violated.

 

The firm did not immediately respond to a BBC request for comment.

 

The Chinese embassy in Washington did not immediately respond to a BBC
request for comment.

 

How China sneaks out America's technology secrets

How the US-China chip war is playing out

This is not the first time that ASML has linked an intellectual property
(IP) breach to China.

 

In its 2021 annual report, the firm said it was aware of reports that a
Chinese semiconductor equipment and software maker, DongFang JingYuan
Electron, "was actively marketing products in China that could potentially
infringe on ASML's IP rights."

 

DongFang JingYuan Electron denied the allegations.

 

At the time the Beijing-based company said the reports were "inconsistent
with the facts".

 

"We reserve the right to take any other legal actions against the relevant
false information," it added.

 

Major companies in the semiconductor industry have faced controls on exports
to China.

 

In October, Washington announced that it would require licences for
companies exporting chips to China using US tools or software, no matter
where they are made in the world.

 

The US has been pushing the Netherlands and Japan to adopt similar
restrictions.

 

Since 2019 the Dutch government has stopped ASML from selling its most
advanced lithography machines to China.

 

Lithography machines use lasers to print miniscule patterns on silicon as
part of the manufacturing process of microchips.-BBC

 

 

 

 

Selling online helps people keep up with rising prices

Thousands more people have started selling things in online marketplaces to
help pay ever growing bills.

 

Sites like Facebook Marketplace and eBay have seen an increase in the number
of individual sellers.

 

They put this down to the increased cost of living.

 

Sarah Bryant, head of small businesses at eBay UK, said: "Some are like you
and me, the average Joe, who just want to sell some of their items to make a
bit of side-money.

 

"It goes all the way through to those side hustles that are growing and
growing until they become people's full time jobs."

 

Sami Cirant is one of the so-called "side-hustle sellers".

 

>From his parents' home in Easton, Bristol, he buys and sells high-end
trainers, or sneakers as his customers call them.

 

It started by accident, when a pair of sneakers he bought didn't fit well.

 

He found he could sell them easily online so he bought a few more, and sold
them in a few hours.

 

"That's when I realised that it could actually be something that could make
me a little bit of side money," Mr Cirant explained.

 

For six months the 23-year-old juggled his new business with a full-time job
at a local charity.

 

Then he decided to try the online sneaker sales full time, which he said was
a brave decision.

 

"It was a bit of a risk to quit my job, but I figure, if you don't take
risks in life, then you might end up on a path that you don't want to be,"
he said.

 

Mr Cirant's costs are low, he still lives at home and his parents are
supportive.

 

But other side-hustle sellers have grown into full-scale businesses.

 

 

I met Jade Oliver in a rabbit warren of rickety old rooms above a shop in
Ross-on Wye, picking flowers from a rainbow of colours.

 

There are thousands of them, and they're all artificial, or "faux flowers"
as she prefers. There are candles too, vintage plant pots, scent burners,
silk feathers. A thousand different things to make your house beautiful.

 

A team of packers wrap them and box them up, sending parcels off across the
UK.

 

Jade Oliver is 38, and her business, Heavenly Homes and Gardens, is now ten
years old.

 

She started as a side hustle too, earning money to pay for her college law
course.

 

In the early days, she ran her online sales alongside her first job.

 

She said: "I used to do the post run every morning before work, I'd spend my
lunchbreak replying to customer messages and I'd come home from work to pack
parcels. It really was a double life.

 

"Even on my honeymoon I was working."

 

 

Eventually something had to give, and it was the law firm. Ms Oliver weighed
up selling interior décor against the life of a solicitor, and took the
plunge.

 

She explained: "Being my own boss, and choosing my own products was just so
much more interesting."

 

She sold her products on all the main online marketplaces, instead of just
picking one.

 

It means more work, with a special page to design for each website but it
has paid off.

 

Throughout the pandemic people were sat at home, often with spare cash,
trying to make their houses more enjoyable. Ms Oliver's business grew, and
she now employs 14 people picking and packing.

 

There are risks in leaving a salaried job of course, and small business
advisers recommend people plan carefully.

 

But Michelle Ovens, founder of Small Business Britain, said that both the
pandemic and the cost of living crisis have prompted more people to set up
on their own.

 

So can a side hustle really help pay the bills when everything is going up?

 

Ms Ovens thinks so.

 

She said: "If you've got a passion for something, you can absolutely turn it
into a business.

 

"Don't put all your eggs in one basket. Use all the marketplaces, sell a
range of products.

 

"Also, ask other people. Small businesses are helpful and friendly, and they
have learnt along the way.

 

"And get professional help, there is loads of free advice out there. Make
use of it."

BBC

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

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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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