Major International Business Headlines Brief::: 24 January 2023

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com         <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments        <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp         <mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 24 January 2023 

 


 

 


 <https://wwww.nedbank.co.zw/> 

 


 

 


 

ü  Climate change: Bill Gates backs Australian start-up targeting cow burps

ü  Eight-year-old Indian diamond heiress who became a nun

ü   Microsoft extends AI partnership with ChatGPT and Dall-E maker OpenAI

ü  Amazon union fight continues despite workers' win

ü  Spotify cuts jobs in latest round of tech layoffs

ü  M&Ms replacing spokescandies with comedian Maya Rudolph

ü  Pakistan power cut: Major cities without electricity after grid breakdown

ü  Food suppliers hit back at Tesco chair in price hike row

ü  Nigeria: Osun Residents Lament Scarcity of New Naira Notes, Seek Extension of Deadline

ü  Nigeria: 76% of SMEs Use Intermediaries in Interfacing With SON - Report

ü  Nigeria: Airlines Suffer Huge Losses After 14-Hour NAHCO Workers' Strike

ü  South Africa: Ramaphosa Urges Power Utility Eskom to Delay Record Price Hike

ü  South Africa: We Want to Be Legal - We're Not 'Zama Zama' Criminals Say South African Artisanal Miners

ü  Zambia: IMF Boss' Historic Trip to Zambia (Part I)

 


 <mailto:info at bulls.co.zw> 

 


 

Climate change: Bill Gates backs Australian start-up targeting cow burps

Billionaire Bill Gates has invested in an Australian climate technology start-up that plans to reduce the methane emissions of cow burps.

 

The Microsoft co-founder has been outspoken about the environmental impact of meat production.

 

Methane is the most common greenhouse gas after carbon dioxide (CO2).

 

Livestock such as cows, goats and deer produce methane when their stomachs are breaking down hard fibres like grass for digestion.

 

This fermentation process creates methane gas which is then mostly belched out again.

 

University studies have shown that feeding cows seaweed could significantly cut their methane emissions.

 

Perth-based start-up Rumin8 is working on a dietary supplement - synthetically replicated from red seaweed - which stops the creation of the gas.

 

It announced in a statement that it had raised $12m (£9.7m) in a funding round led by Breakthrough Energy Ventures, which Mr Gates founded in 2015.

 

The investment firm is also backed by Amazon chief executive Jeff Bezos, and Chinese entrepreneur and Alibaba co-founder Jack Ma.

 

"We have been very pleased with the reception we have received from climate impact funds around the world," Rumin8's managing director David Messina said.

 

"There is a genuine desire to fund solutions to enteric methane emissions from livestock and fortunately for Rumin8, they can see the benefits of our technology," he added.

 

Last October, New Zealand proposed taxing the greenhouse gases that farm animals produce from burping and urinating in a bid to tackle climate change.

 

The world-first scheme will see farmers paying for agricultural emissions in some form by 2025.

 

Almost half the country's total greenhouse gas emissions come from agriculture, mainly methane.

 

In 2019, methane in the atmosphere reached record levels, around two-and-a-half times above what they were in the pre-industrial era.

 

What worries scientists is that methane has real muscle when it comes to heating the planet.

 

Individual methane molecules have a more powerful warming effect on the atmosphere than single CO2 molecules.

 

Over a 100-year period methane is 28 to 34 times as warming as CO2.-BBC

 

 

Eight-year-old Indian diamond heiress who became a nun

Eight-year-old Devanshi Sanghvi could have grown up to run a multi-million dollar diamond business.

 

But the daughter of a wealthy Indian diamond merchant is now living a spartan life - dressed in coarse white saris, barefoot and going door-to-door to seek alms.

 

Because last week, Devanshi, the elder of the two daughters of Dhanesh and Ami Sanghvi, renounced the world and became a nun.

 

The Sanghvis are among 4.5 million Jains who follow Jainism - one of the world's oldest religions, which originated in India more than 2,500 years ago.

 

Religious scholars say the number of Jains renouncing the material world has been rising rapidly over the years, although cases involving children as young as Devanshi are uncommon.

 

Last Wednesday's ceremony in Surat city in the western state of Gujarat, where Devanshi took "diksha" - vows of renunciation - in the presence of senior Jain monks, was attended by tens of thousands.

 

Accompanied by her parents, she arrived at the venue in the city's Vesu area, bejewelled and dressed in fine silks. A diamond-studded crown rested on her head.

 

After the ceremony, she stood with other nuns, dressed in a white sari which also covered her shaved head. In photographs, she is seen holding a broom that she would now use to brush away insects from her path to avoid accidentally stepping on them.

 

Since then, Devanshi has been living in an Upashraya - a monastery where Jain monks and nuns live.

 

"She can no longer stay at home, her parents are no longer her parents, she's a Sadhvi [a nun] now," says Kirti Shah, a Surat-based diamond merchant who is a friend of the family and also a local Bharatiya Janata Party politician.

 

"A Jain nun's life is really austere. She will now have to walk everywhere, she can never take any kind of transport, she'll sleep on a white sheet on the floor and cannot eat after sundown," he added.

 

Sanghvis belong to the only Jain sect that accepts child monks - the other three admit only adults.

 

Devanshi's parents are known to be "extremely religious" and Indian media has quoted friends of the family as saying that the girl was "inclined towards spiritual life since she was a toddler".

 

"Devanshi has never watched television, movies or gone to malls and restaurants," the Times of India reported.

 

"From a young age, Devanshi has been praying thrice a day and even performed a fast at the age of two," the paper added.

 

A day before her renunciation ceremony, the family had organised a huge celebratory procession in Surat.

 

Thousands watched the spectacle as camels, horses, ox carts, drummers and turbaned men carrying canopies walked the streets, with dancers and performers on stilts providing entertainment.

 

Devanshi and her family sat in a chariot pulled by an elephant, while crowds showered them with rose petals.

 

Processions were also organised in Mumbai and the Belgian city of Antwerp, where the Sanghvis have businesses.

 

Even though there's support from within the Jain community for the practice, Devanshi's renunciation has led to a debate, with many asking why the family couldn't wait for her to attain adulthood before making such important choices on her behalf.

 

Mr Shah, who was invited to the diksha ceremony but stayed away because the idea of a child renouncing the world makes him uncomfortable, insisted that "no religion should allow children to become monks".

 

"She's a child, what does she understand about all this?" he asked. "Children can't even decide what stream to study in college until they are 16. How can they make a decision about something that will impact their entire life?"

 

Why are these youngsters renouncing the world?

When a child renouncing the world is deified and the community celebrates, it can all seem like a big party to her, but Prof Nilima Mehta, a child protection consultant in Mumbai, says the "difficulty and deprivation the child will go through is immense".

 

"Life as a Jain nun is very very tough," she says.

 

Many other community members have also expressed unease at a child being separated from her family at such a young age.

 

And since news broke, many have taken to social media to criticise the family, accusing the Sanghvis of violating their child's rights.

 

Mr Shah says the government must get involved and stop this practice of children renouncing the world.

 

But it's not very likely to happen - I reached out to the office of Priyank Kanungo, chief of the National Commission for Protection of Child Rights (NCPCR), to ask if the government was going to do anything about Devanshi's case.

 

His office said he did not want to comment on the issue because it's a "sensitive matter".

 

Activists, however, say that Devanshi's rights have been violated.

 

To those saying that the child is turning ascetic "out of her own free will", Prof Mehta points out that "a child's consent is not consent in law".

 

"Legally 18 is the age where someone makes an independent decision. Until then a decision on her behalf is made by an adult - such as her parents - who has to consider whether it's in her best interest.

 

"And if that decision deprives the child of education and recreation, then it is a violation of her rights."

 

But Dr Bipin Doshi, who teaches Jain philosophy at Mumbai University, says "you cannot apply legal principles in the spiritual world".

 

"Some are saying a child is not mature enough to take such decisions, but there are children with better intellectual capabilities who can achieve much more than adults at a young age. Similarly, there are children who're spiritually inclined, so what is wrong if they become monks?" he asks.

 

Should Jains be given the choice to die?

Besides, Dr Doshi insists, Devanshi is not being harmed in any way.

 

"She may be deprived of the traditional entertainment, but is that really necessary for everyone? And I don't agree that she'll be deprived of love or education - she'll receive love from her guru and she will learn honesty and non-attachment. Is that not better?"

 

Dr Doshi also says that in case Devanshi changes her mind later on and thinks that "she took a wrong decision under the mesmerising effects of her guru", she can always return to the world.

 

Reports say Devanshi has been praying three times daily and even performed a fast at the age of two

Then why not let her decide when she's an adult, asks Prof Mehta.

 

"Young minds are impressionable and in a few years, she may think this is not the life she wants," she says, adding that there have been cases where women have changed their mind once they have grown up.

 

Prof Mehta says a few years ago she dealt with the case of a young Jain nun who had run away from her centre because she was so traumatised.

 

The nun and the monk who fell in love and married

Another girl who had become an ascetic at nine caused a scandal of sorts in 2009 after she turned 21 and eloped and married her boyfriend.

 

In the past, petitions have also been filed in court, but Prof Mehta says any social reform is a challenge because of the sensitivities involved.

 

"It's not just among Jains; Hindu girls are married to deities and become devadasis [though the practice was outlawed in 1947] and little boys join akhadas [religious centres], in Buddhism children are sent to live in monasteries as monks.

 

"Children are suffering under all religions, but challenging it is blasphemy," she says, adding that families and societies need to be educated that "a child is not your possession".-BBC

 

 

 

 

Microsoft extends AI partnership with ChatGPT and Dall-E maker OpenAI

Microsoft has announced a multi-year, multibillion dollar investment in artificial intelligence (AI) as it extends its partnership with OpenAI.

 

OpenAI is the creator of popular image generation tool Dall-E and the chatbot ChatGPT.

 

In in 2019 Microsoft invested $1bn (£808m) in the company, founded by Elon Musk and tech investor Sam Altman.

 

The Windows and Xbox maker plans up to 10,000 redundancies, but said it would still hire in key strategic areas.

 

Breaking the news in a memo to staff last week, chief executive Satya Nadella said: "The next major wave of computing is being born, with advances in AI."

 

Announcing the extended partnership, the firm said it believed AI would have an "impact at the magnitude of the personal computer, the internet, mobile devices and the cloud".

 

'Code red'

OpenAI's ChatGPT is able to provide convincingly human responses to questions.

 

Speculation about the potential misuse of the technology, from helping students cheat in exams to writing malware, has gone hand in hand with suggestions that it has the potential to revolutionise many industries, including search.

 

Microsoft owns the Bing search engine, and while it lags behind Google in popularity, some suggest that ChatGPT poses a threat to the industry leader.

 

The New York Times reported it has led Google to declare a "code red" over fears it might enable competitors to eat into the firm's $149bn search business.

 

Google has previously held back from releasing some AI systems for public use.

 

The firm has cited "ethical challenges" for not releasing its image generation system Imagen.

 

Researchers said there was a risk the system, which is trained on data scraped from the web, would learn "harmful stereotypes and representations".

 

Blue skies

Microsoft said it was committed to "building AI systems and products that are trustworthy and safe".

 

It said it would use OpenAI's technology "across our consumer and enterprise products".

 

As well as ChatGPT, the firm also produces Dall-E, which generates images in response to simple text instructions, and GitHub Copilot, a system which uses AI to help write computer code.

 

Microsoft said its cloud computing platform, Azure, would continue to power OpenAI.

 

Earlier reports had suggested Microsoft was considering investing an additional $10bn in OpenAI, but the company's announcement did not put a figure on the scale of its investment.-BBC

 

 

 

Amazon union fight continues despite workers' win

It has been almost a year since workers at an Amazon warehouse in New York voted to start the company's first-ever labour union in the US - an historic labour victory that won global attention. But the fight remains unfinished.

 

Amazon has been battling the outcome of the election in legal actions.

 

Efforts to organise workers at other warehouses, including one just across the street, have failed.

 

Negotiations with the company over a labour contract for the warehouse workers have yet to start - and, when they do, are expected to take years.

 

Former Amazon worker Chris Smalls, who started the union after the company fired him during the pandemic, takes the lack of progress in his stride.

 

"We know we're dealing with a trillion dollar company that is going to spend X amount of dollars to try to stop a union from taking place so the timing is just about what we expected," he says.

 

Earlier this month, regulators finally certified the victory of the Amazon Labor Union at JFK8, the warehouse on Staten Island that employs roughly 8,000 people.

 

Amazon workers win battle to form first US union

Amazon, which has argued that regulators unfairly tilted the result of the election against the company, plans to appeal. This week the deadline it was facing was extended two more weeks.

 

"We knew it was unlikely that the NLRB (National Labor Relations Board) regional office would rule against itself, and intend to appeal," spokeswoman Kelly Nantel said.

 

"As we've said since the beginning, we don't believe this election process was fair, legitimate, or representative of the majority of what our team wants."

 

The state of play is indicative of the ongoing questions about the future of America's labour movement.

 

Despite an uptick in organising activity, the share of workers who are members of unions has continued its decades-long decline, falling to 10.1% last year, from 10.3% in 2021.

 

That is the lowest rate on record and roughly half what it was when the government started tracking the figures in 1983.

 

But there are some signs that labour organisers have made inroads.

 

More than 70% of Americans now support labour unions - the highest share since 1965, according to a 2022 Gallup poll.

 

Petitions from workers to start unions at their workplaces jumped 53% in the 12 months to October, to more than 2,510 - the highest number since 2016, the NLRB said.

 

And in the private sector, the number of workers who are members of unions actually increased by nearly 200,000 last year - the first rise in nearly a decade, driven by gains in sectors including transportation and warehousing.

 

Those gains did not keep pace with the overall growth of the workforce though, which expanded at a rapid clip last year.

 

Cathy Creighton, director of Cornell University's Industrial and Labor Relations Buffalo Co-Lab and former field attorney for the NLRB, says US law favours employers, making it unlikely that the activity will result in long-term gains for the labour movement.

 

The law does not even have a mechanism to force companies to agree a contract with workers, she says.

 

"I'm not saying there's not a movement afoot, but the question is: how will it go in the long run?" she says.

 

"Corporate America is fighting back hard and the government is not on the workers' side at this point, unless the American people realise what's happening, realise the barrier and ask their elected officials to change the law."

 

She says companies often successfully sap momentum from labour movements simply by running down the clock.

 

In this case, it has been nearly three years since Mr Smalls worked for Amazon, and the celebrity status he has since acquired has sparked accusations that he has become disconnected from work issues. Derrick Palmer, another top leader at Amazon Labor Union, has been suspended from work since late last year while the company investigates a worker dispute.

 

Mr Smalls rejects suggestions that Amazon's waiting game will succeed, pointing to new union campaigns in Minnesota and California. He is also due to visit the UK this week, where workers are planning their first-ever walkout.

 

"Their plan is to stall as long as they can but we're going to be creative on our end as well. That's what's gotten us here," he says.

 

"We don't want nothing else but a contract and we're not going to stop organising or stop fighting until we get it," he adds. "If the company's really a good company, then it's time to come to the table and negotiate."-BBC

 

 

 

Spotify cuts jobs in latest round of tech layoffs

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

 

"In hindsight, I was too ambitious in investing ahead of our revenue growth," boss Daniel Ek wrote on the company's blog.

 

Spotify has never posted a full-year net profit, despite its popularity in the online music market.

 

It follows last week's announcements of losses at Microsoft and Alphabet.

 

Alphabet, which owns Google, said it would shed 12,000 jobs, while Microsoft said up to 10,000 employees would lose their jobs.

 

"I take full accountability for the moves that got us here today," Mr Ek added.

 

The company also said its chief content and advertising business officer, Dawn Ostroff, would depart as part of a broader reorganisation.

 

Invested heavily

Spotify, which had about 9,800 full-time employees last year, said it expected to incur at least €35m (£30m) in severance-related charges.

 

The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch, to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.

 

The company had said in October it would slow down hiring for the rest of the year and into 2023.

 

Spotify's announcement comes at a time when technology companies are facing downturn after two years of pandemic-driven growth during which they had hired aggressively.

 

Hundreds, including some of the sector's biggest names, have revealed redundancies in recent weeks.

 

What is behind the big tech companies' job cuts?

Are tech job cuts a warning for the wider economy?

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

 

In November, Meta announced it would cut 13% of its workforce, a total of 11,000 employees.-BBC

 

 

 

 

M&Ms replacing spokescandies with comedian Maya Rudolph

Candy company M&Ms indefinitely paused their "spokescandies" and replaced them with a new face - that of US comedian Maya Rudolph.

 

The move comes after a rebrand of the cartoon versions of the chocolate treat, which appear in advertisements, caused a backlash.

 

The mascot changes were not meant to "break the internet", M&Ms said on Monday.

 

The rebrand had been bashed as "Woke M&Ms" by Fox News' Tucker Carlson.

 

The company said it will hire Rudolph, who is known for her tenure on sketch comedy show Saturday Night Live, as its spokesperson.

 

M&Ms first updated its cartoon characters in January 2022, as part of a "global commitment to creating a world where everyone feels they belong and society is inclusive", the candy's parent company, Mars Inc, said at the time.

 

As part of the makeover, the two female M&M characters wore less stereotypically feminine attire - the green M&M swapped out her go-go boots for a pair of "cool, laid-back" sneakers, and the Brown M&M shortened the height of her heels.

 

Tucker Carlson Tonight has been among the most prominent critics of the change. It featured on multiple segments on the show, during which the host criticised the lack of eye-candy in the M&Ms rebrand, saying the female cartoon characters now look "less sexy".

 

"M&M's will not be satisfied until every last cartoon character is deeply unappealing and totally androgynous. Until the moment you wouldn't want to have a drink with any one of them. That's the goal," Mr Carlson said last year.

 

He doubled-down on his condemnation earlier this month, after M&Ms launched limited-edition packaging featuring only its female candy characters, with proceeds of the sales donated to female-focused charities.

 

"The woke M&Ms are back," Mr Carlson said in a 10 January segment, targeting the green M&M and "a plus-sized, obese purple M&M".

 

In its statement on Monday, M&Ms said it did not intend for the rebranding of its spokescandies to be a divisive issue.

 

"Now we get it - even a candy's shoes can be polarising. Which was the last thing M&Ms wanted since we're all about bringing people together," the company said.

 

The company added it is confident that its new spokesperson Rudolph "will champion the power of fun to create a world where everyone feels they belong".

 

It is unclear why M&Ms has chosen to pause the use of its spokescandies one year after their makeover, or how long the pause will last.

 

The move has been met with criticism on social media, with some people expressing disappointment that the company appears to have backed down on its inclusive messaging.

 

Others have speculated it is part of a tee-up ahead of a primetime Super Bowl commercial. M&Ms parent company, Mars Inc, is reportedly planning a Super Bowl ad spot.-BBC

 

 

 

Pakistan power cut: Major cities without electricity after grid breakdown

Pakistan suffered a huge power cut early on Monday following a breakdown in its national grid, leaving millions of people without electricity.

 

Power was out in all major centres, including the biggest city, Karachi, and the capital, Islamabad, as well as Lahore and Peshawar.

 

Power minister Khurrum Dastagir said the grid failure followed a "frequency variation" in southern Pakistan.

 

Electricity had still not been restored in many areas as night fell.

 

Pakistan often suffers from power cuts, which are blamed on mismanagement and a lack of investment in infrastructure. The last major blackout in October took hours to restore.

 

The energy ministry said that at about 07:30 local time (02:30 GMT) the grid "experienced a loss of frequency, that caused a major breakdown", adding that "swift work" was taking place to revive the system.

 

Mr Dastagir insisted this was "not a major crisis" and said officials had begun restoring power across the country - but many homes and businesses remained without electricity more than 12 hours after the blackout began.

 

He told Geo TV that parts of the electricity were turned off overnight because the demand for energy during winter was less than in summer, when much of the country experiences very high temperatures and people use air conditioning and fans.

 

"In winter, the demand for electricity reduces nationwide, hence, as an economic measure, we temporarily close down our power generation systems at night," he said.

 

When they were turned on in the morning, "frequency variation and voltage fluctuation" were observed in southern Pakistan "somewhere between Dadu and Jamshoro" and subsequently "power generating units shut down one by one", he told the TV channel.

 

It meant that across the country, traffic lights went down, fans stopped and lights went off.

 

Rapid transit trains in Lahore - the driverless Orange Line metro - were suspended because of the power cut, transport officials told the BBC.

 

Many in Pakistan are used to dealing with fluctuating power supplies and load shedding - where electricity to some areas is temporarily reduced in order to prevent the failure of the entire system - is common.

 

Businesses, industries and homes often have their own generators which kick in when the electricity is cut. Airports operated normally on Monday because they have their own standby power systems, a spokesman for the Pakistan Civil Aviation Authority said.

 

Officials at Lady Reading Hospital in Peshawar, capital of Khyber Pakhtunkhwa province, told the BBC that hardly any department had been affected by the power cut because generators had been used to provide electricity.

 

However, while hospitals and larger industries may have bigger generators, other smaller organisations or private homes will not necessarily have enough power to last for many days.

 

Earlier this month, the government ordered all malls and markets to shut by 20:30 and restaurants by 22:00 under a new energy-saving plan.

 

Fuel crisis forces Pakistan malls to close early

The cabinet said that this was expected to save the country about 62bn Pakistani rupees ($270m; £220m). Federal departments have been told to reduce their electricity usage by 30%.

 

Pakistan generates most of its power using imported fossil fuels.

 

As global energy prices have increased in the last year, further pressure has been put on the country's finances and its foreign reserves which it needs to pay for energy imports.-BBC

 

 

 

Food suppliers hit back at Tesco chair in price hike row

Food suppliers have hit back at claims by Tesco's chairman that they are using high inflation as an excuse to raise prices unnecessarily.

 

Tesco's John Allan told the BBC it was "entirely possible" that suppliers were taking advantage of poorer households.

 

But the Food & Drink Federation (FDF) called his comments "difficult" and said the suppliers it represents have seen a "massive" rise in their costs.

 

FDF boss Karen Betts said supermarkets are already "very tough" on suppliers.

 

"Most supermarkets are asking suppliers to open their books to justify exactly line-by-line where the cost increases are coming in," Ms Betts told the BBC's Today programme.

 

"So I think it is difficult for Tesco to come out and say they think companies might be profiteering."

 

'Outrageous'

Ged Futter, a former senior buyer at supermarket Asda and now a retail analyst, said Mr Allan's comments were "outrageous".

 

He said that some retailers have been raising their prices above the rate of inflation, which was 10.5% in December. "So I would say it is quite disingenuous to be talking about suppliers profiteering at this time," Mr Futter said.

 

Tesco expects its full-year operating profit to reach up to £2.5bn. It would be below the £2.8bn it reported for the previous 12 months when Covid restrictions continued to boost online trade for the UK's big supermarkets.

 

Mr Allan told Sunday with Laura Kuenssberg that Tesco had "fallen out" with suppliers in the past over price rises.

 

The supermarket temporarily removed Heinz products from its shelves last year, including baked beans and tomato ketchup, after Kraft Heinz tried to raise its prices. At the time, the US giant said it was becoming more expensive to manufacture its goods.

 

In the end, Tesco and Kraft Heinz reached an agreement and the products returned. "We do try very hard I think to challenge cost increases," said Mr Allan.

 

Ms Betts said that food and drink manufacturers were dealing with unprecedented cost pressures. "Those increases are rooted in the disruption caused by Covid-19, by the war in Ukraine, [and] by the cost of Brexit, where moving food stuffs across the border has become much more complicated and expensive."

 

She said companies cannot "operate at a loss so they are having to go to the supermarkets and say 'we need to pass through some of these price rises' and the supermarkets are very tough on this".

 

Commenting on Mr Allan's views, Minette Batters, president of the National Farmers' Union, said it is "almost like he was living in a parallel universe".

 

She told the BBC's Wake Up to Money: "We're seeing a wholesale gas price 650% higher than it was back in 2019 and the cost inflation on the back of that has been absolutely unprecedented.

 

"It has dwarfed any price increases to date."

 

The rate of price rises - or inflation - for food and drink hit 16.9% in December, according to the Office for National Statistics. It is the highest pace of food and drink price rises since 1977 and was driven by higher prices for milk, cheese and eggs as well as sugar, jam, honey and chocolate.

 

Just three years ago, in December 2020, food and drink prices were falling at an annual rate of 1.4%.-BBC

 

 

 

 

Nigeria: Osun Residents Lament Scarcity of New Naira Notes, Seek Extension of Deadline

Market women in Osun State have pleaded with the Central Bank of Nigeria (CBN) to extend the January 31st deadline for the return of old N200, N500 and N1000.

 

The market women in Osun State equally lamented the scarcity of the new naira notes.

 

Speaking during the sensitisation of stakeholders on the central bank's Naira Redesign project held at Atakumosa market in Ilesa, some market men and women lamented the scarcity of the new naira notes with a plea that the apex bank should extend the date for the deadline.

 

 

They said non-availability of new notes might make it practically impossible to meet up with the deadline set by the CBN.

 

The market women led by Osun Iyaloja General, Alhaja Awawu Asindemade and her counterpart from Atakunmosa West local Government, Mrs. Annah Awe, explained that the commercial banks in the state have not made the new notes available to customers in the state.

 

Speaking, a trader at Atakumosa market, Mr. Isiah Ojo said he has only come in contact with one piece of the new N1,000 note, adding that most banks and galleries with Automated Teller Machines (ATMs) in his area do not issue the new notes to customers.

 

Also speaking, Mrs. Awe Christiana lamented that banks were not paying customers with the new note as they were complaining not having the new naira note which according to her was contrary to the message the CBN was preaching to Nigerians.

 

She appealed to the CBN to extend the deadline in the interest of the market women, especially those in rural communities.

 

In his response, the CBN Director of Research, Dr. Adebiyi Micheal Adebayo, urged Nigerians not to wait till January 31, to retire their old banknotes for newly redesigned currencies.

 

He insisted that the January 31, deadline for old notes to cease being legal tender was sacrosanct.

 

He urged market traders, business operators and Nigerians to embrace various cashless channel outlets to return old currencies in their possession, and make use of the same cashless transaction channels as preference for cash transactions.

 

"You all observed this sensitisation exercise by the CBN has been ongoing. It's a two leg exercise.

 

"One of them is to tell you to return your old notes in your custody for new re-designed currency between now and January 31. At the expiration of the deadline, your old notes are useless."

 

-This Day.

 

 

 

Nigeria: 76% of SMEs Use Intermediaries in Interfacing With SON - Report

A perception survey conducted by the Lagos Chamber of Commerce & Industry (LCCI) and the Center for International Private Enterprise (CIPE) has shown that about 76 per cent of small and medium-sized enterprises (SMEs) in the country use intermediaries in interfacing with Standard Organisation of Nigeria (SON).

 

This was as they cited SON's complex operational processes as time consuming, hence they prefer consultants and in most cases pay additional fees, prompting experts to worry it could lead to compromise in quality of products.

 

The research titled, 'Efficiency and Impact of Regulatory Activities of Standard Organisation of Nigeria (SON) On SMEs' was presented to the public recently.

 

 

According to the report, "76 percent of them use intermediaries because they think the SON operational processes are complex and time consuming. Hence, they prefer the consultants to take that burden away from them.

 

"Over 40 per cent of the SMEs reported that they had to pay additional monies to resolve their challenges, 45 per cent of the SMEs had to engage the services of a third party while 35 percent of the SMEs reported resolving their challenges via a superior officer or authority."

 

It however recommended that SON should develop swift and prompt response services that swiftly address demands of SMEs.

 

"This might be accomplished by implementing a successful digital response management system to give SMEs better and faster customer assistance."

 

 

Meanwhile, speaking at the event to launch the report in Lagos, the President, LCCI, Dr. Michael Olawale-cole said the chamber's 'Strengthening Private Sector Participation and Capacity to Effectively Support Post-COVID Economic Recovery in Nigeria' project seeks to support reform efforts within SON.

 

He said they would continue to advocate for the ease of doing business and the transformation of Nigeria's institutions towards making them effective and supportive to private businesses, especially SMEs and generally to be globally competitive.

 

He acknowledged the commitment and cooperation of SON officials in driving through this process for a win-win situation for business and government.

 

According to him, "One thing is clear, with the growing complexity and diversity of business regulations and socio-economic challenges, business problems are now government problems - and vice versa.

 

 

"Therefore, strategic partnerships under Public-Private Dialogues (PPDs) and other stakeholders' forums are pivotal in stimulating required policy reforms for improved business climate.

 

"For this cause, a study was initiated and executed to advocate for regulatory improvements that will facilitate the post COVID-19 economic recovery through institutional reforms to minimise corruption and strengthen efficiency in the regulatory environment of the Standards Organisation of Nigeria (SON)."

 

However, for him and other key stakeholders present, the report further showed that SMEs lacked adequate knowledge of the guidelines, processes, utilisation of technology and resources provided by SON.

 

"These gaps can lead to inducement of officials and in most cases prompt compromise in quality," they experts noted at the event," experts stressed at the event.

 

Continuing, Olawale-cole added that, "Consequently, unscrupulous officials take advantage of the ignorance of the private sector operators to demand for unreceipted/unofficial payment thereby casting aspersion on the entire agency. In the conduct of the research.

 

"We engaged with our sister chambers of commerce, Aba Chamber of Commerce, Industry Mines and Agriculture, and Kano Chamber of Commerce, Industry, Mines and Agriculture. The findings are therefore not restricted to Lagos but many parts of the country."

 

The Minister of Industry Trade and Investment, Niyi Adebayo, who was represented by the Deputy Director, Trade Promotion, Mr. Rilwanu Tukur, said a programme of this nature was apt and commendable which is in partnership with LCCI and other stakeholders of the engine growth of the economy.

 

On her side, the Country Director, CIPE, Mrs. Lola Adekanye, stressed that government agencies must see themselves as partners with the private sector.

 

- This Day.

 

 

 

 

Nigeria: Airlines Suffer Huge Losses After 14-Hour NAHCO Workers' Strike

Flight operations by domestic and international airlines serviced by the Nigerian Aviation Handling Company Plc (NAHCO) resumed after the workers called off their 14 hours strike yesterday.

 

Nigeria's major carrier Air Peace said it lost about N500 million to flight cancellations from the morning the strike started till when it was called off as its aircraft were unable to fly.

 

In a letter signed by National Union of Air Transport Employees (NUATE), Air Transport Senior Staff Association of Nigeria, NAHCO management and observers, stated that following a joint meeting held between the aviation unions and the management of NAHCO, the strike was called off following agreements being reached on salary increment and staff welfare.

 

 

The letter explained: "Management has decided to withdraw the suit and vacate the earlier obtained court order; a counter offer to the union's demands will be issued by the management before close of business on Monday 23rd, January, 2023.

 

"Negotiations on staff welfare will commence on Wednesday, 25th January, 2023 and all negotiations will be concluded within the week.

 

"All staff should resume work immediately and no staff would be victimised as a result of the strike action," the joint letter stated.

 

The aviation unions said it gave five-day notice of strike to NAHCO management last week, citing slow progress in negotiation for salary review.

 

The industrial action which started in the early hours of Monday, paralysed operations of domestic and international airlines that use NAHCO's services as the airlines were forced to abruptly stop operations when the company's workers failed to turn up to provide service to the airlines early Monday morning. The airlines, which did not have prior notice of the strike, were told that the workers of the company embarked on strike over issues relating to their wages.

 

 

Passengers who turned up for early morning domestic flight service and passengers on international destinations became stranded as airlines stopped operation, waiting and hoping that there could be solution to the problem.

 

A statement from Air Peace stated that the strike action paralysed its large network.

 

"Air Peace, Nigeria's leading airline, has disclosed that the ongoing strike has cost the airline over N500 million, adding that the industrial action has paralysed its operations across its large network.

 

"Neither NAHCO nor the striking union informed us of an impending strike. Our staff reported to work and noticed an ongoing industrial action. If we were informed beforehand, we would have conveyed same to our passengers early enough.

 

 

"Now, all morning flights and other subsequent flights have been disrupted- cancelled, delayed and rescheduled. This has cost us over 500 million naira as we operate over 100 flights daily.

 

"Passengers are also attacking our ground staff, as they cannot fly. We have notified the flying public of the strike but it is important to stress again that the action is by the staff of NAHCO, not Air Peace. It is an action against the management of NAHCO, and Air Peace has nothing to do with it," the statement added.

 

>From Monday morning till later afternoon when the industrial action was called off, several flights that should have emanated from the General Aviation Terminal (GAT), known as Domestic Terminal 1, where Arik Air and Air Peace operate most of their flights and the Murtala Muhammed Airport Terminal Two, (MMA2) Lagos were disrupted.

 

International flights serviced by NAHCO that flew in early Monday morning to the Lagos airport, THISDAY learnt departed with empty aircraft, losing huge amount of money in revenue.

 

One of such airlines was Qatar Airways, which arrived at the airport, discharged passengers and returned to its base without boarding hundreds of passengers waiting for the flight because NAHCO workers refused to service the plane.

 

Industry analyst and one of the passengers affected by the strike action, Alex Nwuba, explained that NAHCO staff in the early hours of yesterday walked out of international airport, saying they were on strike and would not handle any passenger.

 

"Even the Qatar flight I'm traveling with this morning landed and has returned to Doha as there was no one to handle the flight," Nwuba said.

 

He said passengers were frustrated as they have been kept outside to avoid a crisis and no information, announcements or emails was sent to passengers.

 

THISDAY learnt that NAHCO handles check-in, boarding and ramp services for several international airlines including Air France/KLM, Qatar, Ethiopian Airlines, Delta Airlines, Virgin Atlantic, Turkish Air.

 

In one of the message by Air Peace to its passengers, it explained that due to NAHCO strike, its flight schedule had changed.

 

A source at NAHCO disclosed that the management had met with the staff on Sunday over the proposed strike and there was a court injunction against the action, which the workers defied and laid down their tools.

 

The Managing Director and CEO of Aero Contractors, Captain Ado Sanusi disclosed to THISDAY that as NAHCO workers were on strike the airline sought to get jet starter (equipment for starting aircraft) from Skyway Aviation Handing Company Plc (SAHCOL), but the company refused and said that the alliance it has with NAHCO and other handling companies barred airlines from seeking service of any member not officially the handling company of that airline.

 

Sanusi described it as callous, pseudo-monopoly, which should not be encouraged in a free, deregulated market.

 

"This unfortunate strike action has caused the country a lot of hardship, including airlines and passengers and has put Nigeria in a bad light in the international aviation circles.

 

'This calls for the review of what was recently granted the handing companies by the National Assembly and the Nigerian Civil Aviation Authority (NCAA), which in addition to increasing the cost of their services allowed then an alliance that enables them to operate like a cartel.

 

"If other service providers, including the airline take a cue from that and start operating like a cartel the aviation industry will die. This is a deregulated free market and that policy must be protected to allow for competition and for other investors who would want to invest in aviation handling services to join the market. This is also a warning to address this cartel situation," Sanusi stated

 

A stakeholder in the industry told THISDAY that airlines would lose a projected N1 billion as Air Peace alone lost about N500 million and lamented that neither NAHCO nor the unions informed the airlines about the impending strike and noted that Qatar Airways had to depart Lagos this morning with empty plane because they were not informed about the strike, saying it was the same with domestic airlines, adding that the airlines did not have any clue that those NAHCO workers would embark on strike.

 

"The action of NAHCO workers is bad because they did not give us any notice. Air Peace is losing N500 million due to cancellation of flights. We even heard that there was a court injunction to stop the strike but the workers defied it. Their action has damaged the image of Nigeria. Do you know how much it will cost Qatar Airways to come to Nigeria and return to Doha wit empty plane?" he asked.

 

The stakeholder also disclosed that Air Peace sought assistance from SAHCOL but the company refused because of the agreement the handing companies have, which industry stakeholders described as anti-competitive.

 

He described the strike action as outright sabotage for the striking workers to ignore the court injunction that directed that they should not embark on any industrial action.

 

Speaking on the resolution at the end of the meeting held at NAHCO Aviance House, the Group Executive Director, Dr. Sola Obabori, expressed sincere appreciation of the company to its clients who showed great understanding with NAHCO during the period of the strike action and to the passengers who were inconvenienced by the strike action.

 

He also expressed NAHCO's deep appreciation to these esteemed clients, the large community of airline passengers who depend on NAHCO and to the stakeholders who have intervened in calming down the situation.

 

He expressed the readiness of the company to provide excellent customer experience to its clients and delight them continually pointing out that both staff and management are key stakeholders in the bigger picture.

 

Reacting to the industrial action, the Chairman, House Committee on Aviation, Honourable Nnolim Nnaji, called for restraints over the industrial dispute between NAHCO and its workers. Nnaji also urged the management of the ground handling company to immediately enter into dialogue with the leadership of the union to avert further disruption of flight operations across the country.

 

-This Day.

 

 

 

South Africa: Ramaphosa Urges Power Utility Eskom to Delay Record Price Hike

Harare — Barely a week after he claimed he could not intervene in the National Energy Regulator of South Africa's (Nersa) "statutory process", President Cyril Ramaphosa seems to have changed his tune. Now Ramaphosa has appealed to the board of Eskom to suspend its biggest electricity price increase in more than a decade as the nation faces two more years of rolling blackouts, reports Techcentral.

 

In his closing address at the African National Congress's Free State provincial conference in Mangaung on January 22, Ramaphosa said he had approached Eskom about the increase after the power utility said the country could face two years of persistent blackouts as it overhauls its ageing power stations. Back-to-back talks with Ramaphosa have been held to discuss the nation's energy issue, which is getting out of hand due to frequent blackouts.

 

"I have said to Eskom it will be an injury to our people if we implement this 18% increase now when we are going through load shedding," he said, adding that he had asked Eskom to suspend it. "So Eskom is going to consider that."

 

South Africa is experiencing an energy crisis, with Eskom implementing blackouts for more than 200 days in 2022 and every day in 2023 so far, according to Morne Malan, the head of communications at Solidarity, a union with 6,000 members at Eskom, The rolling outages are apparently required to keep the grid from collapsing if the company's ageing, mostly coal-fired plants are unable to meet demand.

 

As capacity constraints persist, the electricity supplier has urged South Africans to use electricity sparingly. "Eskom requests the public to reduce to the usage of electricity and to exercise patience and tolerance during this difficult period. Load shedding is implemented only as a last resort in view of the shortage of generating capacity and the need to attend to breakdowns," the power utility said.

 

 

 

 

South Africa: We Want to Be Legal - We're Not 'Zama Zama' Criminals Say South African Artisanal Miners

Johannesburg — Mining towns across South Africa have become hostage to a booming but bloody illegal mining economy.

 

Wealthy kingpins, mainly from neighbouring Lesotho, run criminal syndicates and recruit poverty-stricken workers to go into disused underground shafts to dig for the country's mineral wealth. Dubbed 'Zama Zama', many of them are former mine workers retrenched by the big legal mines and who know the ins and outs of the dangerous but lucrative mining operations.

 

Paps Lethoko, the chairperson of the National Association of Artisanal Miners (NAAM), says these the Zama Zama spend months in the underground shafts. Their criminal bosses run tuck shops in the dark belly of the earth.

 

"The tuck shops sell bread for R200 (normal price around R20), tinned fish for R300 (normally about R25). After months of living in the claustrophobic catacombs under hazardous conditions, the miners end up with about R30,000 (about 1800 USD) and paying more than double the normal amount for food and other necessities to the very bosses who employ them," he told IPS.

 

 

Lethoko says most disused underground shafts in Klerksdorp, a mining town in the North West province, are run by a wealthy politician from Lesotho.

 

"The Basotho miners are forced to pay the security guards up to R20,000 (about 1700 USD) to enter the mines they are employed at. They are treated worse than slaves, just as they were by mining companies under apartheid."

 

Violence is inevitable. Local communities and artisanal miners, who until recently could not become legal, often get caught in the crossfire of territorial battles between rival Zama Zama gangs.

 

In July 2022, all hell broke loose after the horrific gang rape of film crew members at a mine dump close to West Village in Krugersdorp on the West Rand. Police arrested 80 Zama Zama, 14 of whom were directly linked to the rape incident but were later acquitted.

 

 

Artisanal miners, who are already struggling with bureaucracy and lack of a proper legal regime to get licenses to operate legally, say the rape incident has damaged their cause even further.

 

Lethoko says: "We have been trying to form cooperatives and get permits to operate legally, but the mining companies, the media, and even the police lump us with the criminal Zama Zama."

 

An advocate who was assisting them at the Legal Resources Centre (LRC) agrees: "People and even the police don't understand that the artisanal miners, essentially local people who have for centuries been mining in survival mode, want to be law-abiding citizens but are hampered by a broken system every step of the way."

 

The LRC published a report in 2016 on the conditions under which artisanal miners operate, and little has changed since then.

 

 

In the North West province, NAAM tried negotiating with mining giant Harmony Gold to allow artisanal miners to continue mining on the perimeters of the mine. "The local people know where to find the gold in the abandoned mine dumps. This is indigenous knowledge because they have been doing it for a long time, but we want to be legal, so we formed a cooperative and had a meeting with the company.

 

"The next thing, Harmony's security prevented them from mining on the land even though it had long been abandoned, and the company applied for an interdict against me and the miners for trespassing," says Lethoko.

 

Worse still, a gold rush followed as news of the abundance of gold in the area spread.

 

"The Basotho Zama Zama arrived en masse; they have a lot of money, so they bribed the mine security and took over the area from where local artisanal miners had been barred by the mine."

 

The Department of Mineral Resources and Energy (DMRE) now recognises artisanal mining but getting permits is expensive and onerous.

 

"Artisanal miners live a hand-to-mouth existence; most of us don't have data or even money for permits, and DMRE officers at the local level don't seem to know that artisanal mining cooperatives can now be legally recognised."

 

Lethoko says the other problem is a lack of a regulatory framework. "The regional DMRE and most local government officials are unaware that we have the right to be recognised, so they and the police continue to treat us as criminals instead of assisting us to obtain permits."

 

Getting permits is literally a "minefield". So far, only one co-op in Kimberley in the Northern Cape Province has received legal recognition since the law changed in 2017.

 

Toto Nzamo, a member of the Tujaliano Community Organisation, says xenophobic tension erupts regularly as Zama Zama violence spills into local communities.

 

It doesn't help that the Artisanal and Small Scale Mining Policy which recognises the potential of artisanal mining as a livelihood strategy, reserves the permit system for South Africans.

 

Nzamo works with artisanal miners and Zama Zama in the Makause informal settlement in Germiston near Johannesburg, who are involved in surface gold mining at a disused mine and are struggling to get licenses.

 

"They have to form co-ops, identify the land they wish to mine on, and have environmental assessments done. These people have neither the skills nor the access to the kind of money required. A geologist's report costs at least R82000; where are these poor people supposed to get that kind of money?" asks Nzamo.

 

He says the only way to end the Zama Zama violence and criminality is for the Department of Home Affairs and the DMRE to work together to ensure that foreign nationals who qualify get their papers quickly.

 

"The tragedy is that between the criminal syndicates, the big mining houses that are returning to mines they once abandoned because now there is technology available to mine profitably again, and the inept DMRE, decent law-abiding people are being prevented from earning a living lawfully," the advocate said.

 

-IPS.

 

 

 

Zambia: IMF Boss' Historic Trip to Zambia (Part I)

Lusaka — ZAMBIA has been a member of the 79-year-old International Monetary Fund (IMF) since 1965, a year after the dawn of the southern African country's political independence.

 

Since then, the copper-rich country has had 13 arrangements with the fund. On August 31, 2022, the IMF announced its executive board's approval of the 38-month $1.3 billion Extended Credit Facility (ECF) arrangement for Zambia.

 

According to the fund, Zambia's programme, supported by the ECF arrangement will advance the government's homegrown reform plan to restore debt sustainability, create fiscal space for social spending and strengthen economic governance. Effectively, the IMF thinks Zambia's securing timely restructuring of agreements with external creditors is of critical importance.

 

IMF Managing Director, Kristalina Georgieva, is currently visiting Zambia from yesterday to tomorrow under the theme, "Building a more resilient and inclusive future in Sub-Saharan Africa." The Bulgarian economist who has been at the helm of one of the Bretton Woods Institutions since 2019 is scheduled to meet with President Hakainde Hichilema, Finance minister Situmbeko Musokotwane and Bank of Zambia Governor Denny Kalyalya to discuss Zambia's reforms agenda.

 

 

According to the fund, Ms Georgieva's agenda also includes a town-hall event with University of Zambia students as well as meetings with school leaders, social cash transfer beneficiaries, private sector representatives and Civil Society Organisation leaders.

 

Ms Georgieva gave her first interview in Zambia to our Business Editor, JAMES MUYANWA, who has been following IMF issues for more than 10 years. The two-part interview covers topics ranging from the purpose of her visit to Zambia to the much-talked-about-and-dreaded IMF conditions on its support programmes, as follows:

 

JAMES: Could you tell us why you are visiting Zambia? Why is it important for you to be here now, and what will you do in the next days?

 

 

MS GEORGIEVA: Thank you for inviting me to share a few thoughts with your readers.

 

Let me say, at the outset, how proud we at the IMF are to partner with Zambia, and how impressed we are with your country's economic reforms efforts.

 

This is a fantastic foundation to discuss next steps in our cooperation. In that sense, it's very important that I hear directly from Zambians how the Fund can best continue supporting your journey towards a more resilient and inclusive future--with more jobs and less poverty.

 

With H.E. President Hichilema and his team, I look forward to discussing ways to build on the important progress Zambia has made in stabilising the economy as a first step toward the goals of promoting growth and boosting investment.

 

Over the past year, inflation has come down and growth has been stronger than expected, despite a very challenging situation in the global economy.

 

 

This is a quite an achievement and a positive reflection on the efforts of Zambia's people and businesses, and the government's reform program!

 

And I am excited to travel outside Lusaka for a bit to see more of your beautiful country and learn about conservation efforts.

 

JAMES: You said in recent interviews that we should expect a tough year in 2023, with inflation, climate change, and food insecurity being three of the key challenges. How does that impact Zambia, and what are your views on the economic outlook for Zambia?

 

MS GEORGIEVA: Indeed, global headwinds are making this a tough time for many countries. Zambia is no exception.

 

This includes Russia's war against Ukraine, which has led to spikes in global energy prices. But we also see slow growth in major economies such as the US, the Euro area, and China.

 

And, of course, the biggest existential crisis of all--the ongoing impacts of climate change. You see the affects here.

 

Climate change is creating more uncertainty in rain patterns, making life difficult for local farmers, and triggering energy shortages given Zambia's reliance on hydropower.

 

For Zambia, this means that domestic reform efforts will have even more significance. For example, it will be even more critical for Zambia to reform its agricultural policy to better support farmers reliant on rain-fed agriculture, but also, in general, to diversify energy sources towards other renewables.

 

And the good news is that despite challenges, I see reasons for optimism. For instance, we expect growth in Zambia to accelerate and recent increases in the cost of living should remain contained.

 

This will help create a stable environment for businesses, increasing their confidence to invest and create jobs.

 

I would, however, conclude with a cautious note. It has become increasingly apparent in recent years that we live in a more shock-prone world--and that is why it is so important that we focus on making our economies--and our societies and our planet--more resilient.

 

JAMES: What are some of the activities which are scheduled to, or must, be implemented in 2023 in connection with the IMF supported programme? Any timeline?

 

MS GEORGIEVA: The best resource for your readers is the Government's reform plan supported by the IMF. This is publicly available on the websites of both the IMF and Zambia's Finance Ministry, and it is in line with Zambia's Eighth National Development Plan.

 

In terms of specific commitments for 2023, let me highlight three:

 

First, the Government has committed to a budget that supports growth and vulnerable families, while restoring debt and fiscal sustainability.

 

Second, the Government has committed to submit to Parliament a new Public Private Partnership (PPP) Act that will seek to strengthen the framework for PPPs.

 

Why is that so important? Because it will help better manage the fiscal risks around PPP activities, and help ensure they are a better investment for both Zambia and the private sector.

 

Third, investing in people is a huge part of building resilience and the IMF-supported program contains targets on increasing the level of social spending in areas like health, education, and social protection.

 

The aim is to help improve the quality of life for Zambians--especially those facing poverty.

 

JAMES: What could be the best way of handling Zambia's debt with both external and internal creditors? What is the target relief level expected from debt restructuring or renegotiation?

 

MS GEORGIEVA: Let me stress that Zambia is taking very important steps to restore debt sustainability. These involve reforms to improve the effectiveness of spending, including by removing untargeted fuel subsidies that disproportionately benefitted wealthy households. And it includes steps to raise tax revenues.

 

While these measures are ambitious, they alone cannot restore debt sustainability. So, Zambia is seeking a reduction in its debt burden from its external creditors, through the G-20 Common Framework for debt treatments. These discussions are complex and challenging, but Zambia is doing its part and we hope to see an agreement in the coming months.

 

The IMF is supporting the Government in its debt restructuring efforts. Based on the IMF-World Bank analysis of Zambia's debt situation--what we call a "debt sustainability analysis"--we have provided an assessment of the amount of debt relief that Zambia needs.

 

The goal is to reduce Zambia's debt payments to levels that are consistent with its capacity to pay, accounting for the level of economic development--both current and future--and budget challenges.

 

-Times of Zambia.

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

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

Blog:            <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230124/368932c7/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230124/368932c7/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29047 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230124/368932c7/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29258 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230124/368932c7/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230124/368932c7/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230124/368932c7/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65559 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230124/368932c7/attachment-0001.obj>