Major International Business Headlines Brief::: 04 July 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 04 July 2023 

 


 

 


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ü  Sudan: The Apps That Aid Solidarity Among Sudanese

ü  Uganda: World Bank - Uganda Needs Reforms in the Tourism Sector As the
Economy Grows 5.7 Percent in Fy 22/23

ü  Nigeria: Zenith Retains Top Spot As Nigeria's Number One Bank By Tier-1
Capital for 14 Straight Years

ü  South Africa: Absa Purchasing Managers' Index Falls to 47.6 in June,
Lowest Level in Two Years

ü  Nigeria: Abuja Housewives Settle for Carrot Stew As Tomatoes Price Shoots
Up

ü  South Africa: Reprieve for Motorists

ü  Namibia: Economy Expands At a Sturdy Pace in Q1 - Bank of Namibia

ü  Namibia: Ongwediva Annual Trade Fair Preparatory Committee Gets Boost
>From MTC

ü  Namibia: Second Run of the Old Mutual Sustainable, Economic, and
Empowerment Drive Launched

ü  Namibia: Bank Windhoek Announces Fee Structure

ü  Facebook owner Meta set to launch Twitter rival on Thursday

ü  China curbs exports of key computer chip materials

ü  US court orders $146m penalty over 500,000 missing silver coins

ü  Energy firms warned against paying dividends

ü  Bank bosses summoned to talks over savings rates

 


 

 


 <https://www.cloverleaf.co.zw/>          

The

Sudan: The Apps That Aid Solidarity Among Sudanese

 

Khartoum — Despite more than two months of suffering, the war has
highlighted the great solidarity amongst Sudanese people through countless
initiatives aimed at mitigating the humanitarian catastrophe and helping
internally displaced people, Sudanese writer Mohamed Mustafa Jami wrote for
Noon Post. As part of these efforts, new online applications were developed.

 

The bloody war that broke out in Sudan on April 15 caused a humanitarian
catastrophe and turned multiple cities into an open war zone "in which all
violations are practised, from indiscriminate shelling and destruction to
looting, rape, and arson," Jami wrote in a piece for Arab news outlet Noon
Post.

 

 

"Most of these violations involved Mohamed 'Hemedti' Dagalo's Rapid Support
Forces (RSF), destroying the entire capital, along with large parts of the
Darfur region."

 

"As per usual in disasters and difficult situations, the anti-military
protest movement known as the resistance committees assumed the biggest role
in helping those affected by the war," showcasing solidarity.

 

'The resistance committees assumed the biggest role in helping those
affected by the war'

 

The resistance committees monitor the situation on the ground and many of
their members have formed medical emergency rooms in most neighbourhoods of
the capital to treat injuries and provide other first aid.

 

Other members are active by providing humanitarian assistance and by
conducting night patrols to secure houses abandoned by their owners or
tenants.

 

 

"Although the committees continued to pay the price as their members were
targeted by the army and the RSF militia," the writer interested in African
affairs wrote.

 

"In addition to the resistance committees, there are other categories of
volunteers who have worked and continue to work actively to mitigate the
effects of the war, with hundreds of young people of both sexes working on
social media to coordinate food aid and provide medicine to stranded
patients."

 

"Just as the current war in Khartoum has shown the brutality of the
fighters, especially the RSF and their supporters, it has also shown the
solidarity for which the Sudanese people are known."

 

'Just as the current war in Khartoum has shown the brutality of the
fighters, [...] it has also shown the solidarity for which the Sudanese
people are known'

 

"Everyone is seeking in his own way to join the ranks of volunteers to
mitigate the effects of the bloody war. The problem is that people's
resilience is diminishing over time, and even many who were well-off are
gradually running out of savings due to the systematic destruction,
widespread looting, and paralysis that has plagued life in Khartoum."

 

 

Apps

 

Application programmers, also from abroad, have joined these ranks of
volunteers. As an extension of the volunteer efforts, Sudanese developers
have created and launched online apps that aim to assist volunteers and
those in need of help, for example through spreading information or
facilitating purchases of essential goods. A list of digital initiatives can
be found here.

 

Data analyst Ahmed El Effendi describes these initiatives as a "light in the
middle of darkness" at a time when most banks have closed, factories are
idle, and most electronic payment methods have been completely disabled.

 

"I hope we will see more technical solutions, especially with regard to
banks and electronic payment," he added.

 

Here are the most prominent of these applications:

 

Salamat Sudan: Salamat Sudan (Sudan greetings) was designed by Sudanese
software specialist El Tayeb Hasan El Sheikh to provide accessible
information on basic services and safety issues. The application also
receives and publishes messages about missing people, enforced
disappearances, and stolen property, including cars.

 

Through the application, it is possible to announce when you have something
to offer or are in need of something and filter such calls according to the
category, such as food, medicines, doctor support, transportation, and other
aspects.

 

The designer of the application explained to Noon Post that people were
struggling to access basic services such as food, medicines, and
transportation, and he saw many individual initiatives by volunteers but
noticed that grouping these initiatives and efforts in one platform was a
major challenge.

 

As an application developer, he felt that he had a responsibility to
contribute to alleviating the humanitarian situation by grouping initiatives
in one place.

 

The Salamat Sudan application also allows users to report sexual violence
and assault, in cooperation with the Combating Violence against Women and
Children Unit [of the Ministry of Social Affairs], while ensuring
confidentiality and privacy for victims.

 

The application is available for free in the Google Play Store and Apple
Store.

 

Doctor: The Doctor application provides free medical consultations. Users
can request a medical consultation/advice, to which doctors can respond. The
app developers say that they have verified that all the doctors are
qualified and reliable doctors.

 

They have reportedly managed to attract general practitioners (GPs),
specialists in family medicine and paediatrics, and dentists. They are
seeking to recruit more specialists in the remaining fields.

 

To facilitate easy use, they have provided a similar service through
Facebook, which means that the user can message doctors via messenger and
add pictures of medication or previous medical reports.

 

This application can be found in the Google Play Store.

 

Mersalek: The Mersalek (your messenger or your message) application is the
Sudanese version of the Saudi Arabian Mersol application and it is used for
the sale, purchase, and delivery of products.

 

The application allows customers find products and communicate with sellers
to buy or order the delivery of products from stores, restaurants, or
different pharmacies, or even deliver any item from one place to another and
track the delivery process electronically.

 

Recently, the programmers of Mersalek launched the feature of sending
distress calls for essential goods without any costs to users: "For distress
requests, you can use the application and write the details of your needs so
that others can reach you. We are all together to mitigate the crisis, with
the permission of the generous."

 

The application is available in the Google Play Store and Apple Store.

 

Balagh: The E-Sudani Balagh (report) application is "dedicated to receiving
reports from civilians about the current situation" and is used to publish
information on the security situation. It updates a map of the sites of
clashes and dangerous places to warn civilians against going there and
allows users to document events and scenes of destruction, vandalism, and
war crimes.

 

The app also serves to let people know what services are available where,
and which people are in need of support in their area.

 

When you use the Balagh app, all services and aid requests in your area
appear, together with alerts and clarifications of the situation in the area
and the streets leading to the selected service or request.

 

This application can also be found in the Google Play Store.

 

-Dabanga.

 

 

 

Uganda: World Bank - Uganda Needs Reforms in the Tourism Sector As the
Economy Grows 5.7 Percent in Fy 22/23

Kampala, Uganda — Uganda's economic activity is accelerating despite
commodity-price inflation, global monetary tightening, international
supply-chain bottlenecks, and a local Ebola outbreak, according to the World
Bank's 21st Edition of the Uganda Economic Update released on June.29.

 

The global bank says real GDP growth is estimated to reach 5.7 per cent in
FY22/23, albeit still below the pre-COVID-19 projection of 6.5 per cent. The
growth has been supported by a robust post-pandemic recovery in the services
sector, bolstered by the rapid growth of ICTs.

 

Real estate and construction also performed well, while agriculture suffered
from droughts in some regions and heavy rains in others, as well as rising
input costs.

 

 

The recovery of income and employment bolstered demand, while private
investment overcame tight domestic and global financial conditions to
sustain increases in new exports and manufacturing orders into the third
quarter of FY22/23.

 

As growth accelerated, Uganda's per capita income increased to about US$930
for FY21/22, edging closer to the lower-middle-income threshold.

 

Focusing on the tourism sector this time round, the World Bank says there's
a need for an all-around intervention to grow a sector that currently earns
attracts millions of tourists enabling the country to earn up to US$ 1.6
billion per annum.

 

The report themed "Leveraging Sustainable Tourism to Support Growth and
Diversification," says demand for tourism services is growing in the country
and that firms must invest in safe vehicles, improve local infrastructure
and environmentally friendly technologies.

 

 

The Bank also says funds allocated to community enterprises through the
Uganda Wildlife Authority's revenue-sharing model intended to support
communities and minimize human-wildlife conflict are a step in the right
direction to boost the sector's growth.

 

More interventions needed

 

But the Bank says more needs to be done to accelerate the sector's growth.
For instance, it advocates for transparency on how revenues are shared and
how the consultation and allocation process can be better aligned with the
self-defined objectives of local communities.

 

In developing new policy frameworks for the sector and designing dedicated
support programs, the Bank says, there's a need to undertake deeper research
and assessments targeted specifically at key identified enablers and reforms
required for the sector to regain and improve its competitiveness.

 

 

Uganda's value proposition

 

The Bank says while wildlife and nature will continue to be essential
elements of Uganda's value proposition for tourists, there is a strong need
to diversify and broaden the bundle of tourism products on offer as tourist
segments seek more authentic experiences and the interest levels in new
product categories rises.

 

"It is here that Uganda is likely to be more competitive in the region where
more advanced destinations like Kenya and Tanzania also prioritize
nature-based tourism," the Bank says adding that it is essential to maintain
a consistent or increasing level of funding for a sector.

 

Currently, the government has allocated Shs 249 billion for promoting
tourism sector in the next financial year which starts July 1, 2023.

 

The Bank also calls for not only the development of an integrated policy
framework to clarify sectoral roles and responsibilities but also to
increase the efficiency of government spending; establish a formal
collaboration mechanism across all tourism agencies and departments to
advance common objectives efficiently.

 

To streamline operations and ensure effective utilization of resources, the
Bank calls on the government to review existing agencies as well as
strengthen links between national and local authorities, especially
district-level tourism officers.

 

The Bank also calls for more investment in regular data collection focused
on developing consumer profiles, especially in the emerging tourism markets
to inform policymaking.

 

It also calls for the government to review the effectiveness of hiring
agencies abroad to assess their effectiveness. For instance, the Bank says
considerable funds are spent to hire market-destination representatives, but
it is unclear whether these representatives are meeting their targets or how
these targets align with the challenges facing the country's tourism sector.

 

The economic update also calls on players to adhere to the best practice
principles for corporate governance by implementing transparent and robust
selection criteria for board members of tourism agencies and ensuring
private-sector representation.

 

"Board members should be appointed based on a mix of technical and strategic
criteria...adequate accountability and transparency measures should be put
in place to avoid conflicts of interest," the Bank said, adding that there's
also a need to establish a Public-Private Dialogue to Strengthen
Collaboration on Tourism Policy Development and Implementation besides
setting up an independent secretariat to coordinate the suggested efforts.

 

The Bank also calls for the enhancement of existing tourism sites. For
instance, the global bank says despite being recognized as Uganda's first
Tourism City in 2022, Fort Portal, positioned strategically near three
national parks, numerous under-the-radar crater lakes, and significant Tooro
Kingdom heritage sites, still lacks crucial amenities such as a marked
heritage trail or a public map of key attractions.

 

With the emerging interest in arts and cultural tourism by key source
markets like US, UK and Canada, the Bank says it essential to capitalize on
this interest by developing new products to engage tourists according to the
report.

 

The Bank says Uganda need to shift from the traditional marketing approach
that focuses primarily on industry events to a more innovative approach such
as new technologies and emerging travel-tech startups to grow the sector and
contribute to the country's economic growth.

 

-Independent (Kampala).

 

 

 

Nigeria: Zenith Retains Top Spot As Nigeria's Number One Bank By Tier-1
Capital for 14 Straight Years

Zenith Bank Plc has retained its ranking as the number one bank in Nigeria
by tier-1 capital in the 2023 Top 1000 World Banks' Rankings, published by
The Banker Magazine.

 

For the fourteenth year in a row, the bank has held its position as the
number one Tier-1 bank in Nigeria, emerging as the 467th Bank globally with
a Tier-1 Capital of $2.54 billion.

 

The rankings, published in the July 2023 edition of The Banker Magazine of
the Financial Times Group, United Kingdom, were based on the 2022 year-end
Tier-1 capital of banks globally.

 

The rankings continue to be the primary source for global bank financials
and are used by most international organisations in their assessments of
banks.

 

Zenith Bank's financial performance for the year was bolstered by an
impressive double-digit growth of 24 per cent in gross earnings, leading to
an improved market share in both the retail and corporate segments of the
market.

 

 

This occurred despite a persistently challenging macroeconomic environment
and headwinds.

 

Commenting on the ranking, the Group Managing Director/CEO of Zenith Bank
Plc, Dr. Ebenezer Onyeagwu, said, "Being ranked as the number one bank in
Nigeria by tier-1 capital for the 14th consecutive year attests to our
resilience as an institution despite a very challenging macroeconomic
environment and global headwinds.

 

"It is also an affirmation of our best-in-class service and commitment to
value creation for our highly esteemed customers."

 

He thanked the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for
his foundational role in building the structures and setting the institution
on the path to continued success; the Board for their vision and outstanding
leadership; the staff for their unwavering commitment and dedication; and
the Bank's customers for their unflinching loyal support of the Zenith
brand.

 

Tier 1 capital describes capital adequacy, which is the core measure of a
bank's financial strength from a regulator's point of view.

 

According to the ranking, tier 1 capital, as defined by the latest Bank for
International Settlements (BIS) guidelines, includes loss-absorbing capital,
i.e., common stock, disclosed reserves, retained earnings, and minority
interests in the equity of subsidiaries that are less than wholly owned.

 

Zenith Bank became one of the latest companies to join the exclusive group
of stocks worth over one trillion, as its market capitalisation on the
Nigerian Exchange (NGX) crossed the N1 trillion mark in the third week of
June 2023. This followed the appreciation of its share price by 3.23 per
cent to close at N32 per share, taking its market capitalisation above a
trillion to close at N1.004 trillion.

 

The bank's track record of excellent performances has continued to earn it
numerous awards including being recognised as Bank of the Year (Nigeria) in
The Banker's Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria,
for three consecutive years from 2020 to 2022, in the Global Finance World's
Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022, in the World
Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World
Finance Corporate Governance Awards 2022; Best in Corporate Governance'
Financial Services' Africa, for four consecutive years from 2020 to 2023, by
the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International
Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best
Innovation In Retail Banking, Nigeria in the International Banker 2022
Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in
Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and
Retail Bank of the year, for three consecutive years from 2020 to 2022, at
the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

 

Similarly, Zenith Bank was named as Bank of the Decade (People's Choice) at
the THISDAY Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank
of the Year 2022 by New Telegraph Newspaper, and Most Responsible
Organisation in Africa 2021 by SERAS Awards.

 

-This Day.

 

 

 

South Africa: Absa Purchasing Managers' Index Falls to 47.6 in June, Lowest
Level in Two Years

The Absa Purchasing Managers' Index (PMI), a key indicator of the
manufacturing sector's health, declined 1.6 points in June to 47.6, its
lowest level since mid-2021.

 

At 47.6, the PMI slid further into negative territory, as 50 is the neutral
mark. And that was not the only worrying signal from the latest survey of
purchasing managers in the manufacturing sector.

 

"For the first time since 2018, all five subcomponents used to calculate the
headline PMI were below the neutral 50-point level, pointing to a worsening
of business conditions in the sector," Absa said.

 

"A key drag on the sector seems to come from weak demand, with the new sales
orders index edging down once again as the decline in export sales deepened
and domestic demand remains under pressure."

 

This points to a softening of demand on both the domestic and export fronts.
In the case of the former, rising interest rates, slowing but still elevated
inflation and an economy that is barely growing in the face of the power
crisis have all combined to sink demand for manufactured products. And a
slowdown in the global economy is clearly taking a toll on South African
exports.

 

"On a more positive note, the business activity index improved relative to
May, although it remained below the neutral 50-point mark for a fifth
consecutive month.

 

"The index rose from 47.7...

 

-Daily Maverick.

 

 

Nigeria: Abuja Housewives Settle for Carrot Stew As Tomatoes Price Shoots Up

Some housewives in the Federal Capital Territory(FCT), Abuja, have stopped
using tomatoes for stew and other sauces over rise in cost.

 

The residents, who made this known in interviews with the News Agency of
Nigeria(NAN), said they resorted to using garden eggplants and carrots for
stew.

 

They said garden egg, called ganyen gauta in Hausa, igba in Yoruba and
anyara in Igbo, could blend very well with rice in the same manner as
tomatoes.

 

Others said they were exploring pumpkin, pawpaw or traditional soups like
white soup and palm fruit soup popularly called banga in place of tomatoes
stew.

 

 

Mrs Jumai Amodu, a mother of five, said a week without rice with tomatoes
stew was unfulfilling for her and the family.

 

She said rice with stew was a regular on their menu, adding that "there is
an unexplainable satisfaction that comes with taking cooked rice and stew."

 

The mother of five, however, said with the scarcity and high cost of
tomatoes, her family was exploring garden egg stew.

 

Amodu said, "since tomatoes became very expensive, we decided to use garden
egg for stew and it is as sweet as tomato stew.

 

"The only major difference between garden egg stew and tomatoes stew is the
colour. We also use pumpkin stew with rice sometimes and although it has its
unique taste, it blends well with rice."

 

Mrs Helen Omo, a businesswoman, said although tomatoes stew was an important
recipe in almost all homes in Nigeria, its scarcity had made some Nigerians
to think of alternatives.

 

 

"I went to the market yesterday to get some tomatoes for stew and a sizeable
bushel, which costs between N2000 and N2500 was being sold for as much as
N6500.

 

"I did not bother to haggle the price because it was way beyond my budget,"
she said.

 

Mr Chinedu, an entrepreneur, told NAN that he enjoyed taking rice with
pepper soup or white soup.

 

"The prices of all food stuff have gone up but that of tomatoes is
outrageous probably because it is tomatoes off-season.

 

"Besides being expensive, it is very scarce and as a result we decided to
explore other recipes," he said.

 

Umar Adamu, a tomatoes retailer in Nyanya market, said he has stopped
retailing tomatoes for some days due to low patronage.

 

He said customers were not "patronising him because of the high cost."

 

Mrs Rukkaya Umar, Chief Executive Officer, Abraks Farm Produce Nigeria
Limited, said the major reason for scarcity of tomatoes was high cost of
fertiliser.

 

According to her, many tomato farmers do not grow it because they cannot
afford fertiliser, adding that fertiliser was critical to its growth.

 

Umar also said reliance on seasonal farming was one of the reasons for the
scarcity, adding that it was tomatoes off-season.

 

"Most farmers in Nigeria still do seasonal farming and that is contributing
greatly to scarcity of farm produce particularly in their off-seasons," she
said.

 

NAN reports that a sizeable basket of tomatoes which hitherto sold for about
N10,000 now sells for about N35,000 while big baskets cost more.

 

-Daily Trust.

 

 

South Africa: Reprieve for Motorists

Motorists are in for more relief this month, as both grades of fuel are
expected to decrease for the second month in a row.

 

Illuminating paraffin and LP Gas are also expected to decrease, with an
increase in the price of both grades of diesel.

 

The Department of Mineral Resources and Energy (DMRE) has announced the
following price changes:

 

93 grade petrol is expected to decrease by 24c.

The price of 95 grade petrol is expected to decrease by 17c.

Diesel 0.05% Sulphur is expected to go up by 18c.

Diesel 0.005% Sulphur will cost 12c more.

Wholesale illuminating paraffin is expected to go down by 4c.

The Single Maximum National Retail price for illuminating paraffin will
decrease by 5c

The Maximum LP Gas Retail Price will decrease by R2.96.

 

The department explained the factors that led to the decreases in pricing.

 

"The average Brent Crude oil price decreased slightly from USD $75.90 to
75.10 per barrel during the period under review. The average international
product prices of petrol, diesel and illuminating paraffin increased during
the period under review while the price of LPG decreased.

 

"The Rand appreciated, on average, against the US Dollar from R18.99 to
R18.64 per USD during the period under review when compared to the previous
one. This led to lower contributions to the Basic Fuel Prices of petrol,
diesel and illuminating paraffin by 19.77 c/l, 19.21 c/l and 18.91 c/l
respectively.

 

"The stronger Rand affected petrol and illuminating paraffin prices
positively, resulting in an overall decrease," the DMRE said.

 

The new pricing will go into effect on Wednesday.

 

-SAnews.gov.za.

 

 

 

Namibia: Economy Expands At a Sturdy Pace in Q1 - Bank of Namibia

The economy in the first quarter of 2023 (Q1) expanded at a sturdy pace, the
country's central bank said in the June 2023 quarterly bulletin.

 

Year-on-year real gross domestic product in Q1 came in at 5%, according to
the bulletin released recently.

 

The bulletin revealed that in the primary industry, buoyant growth was
recorded in the mining and quarrying sector during the first quarter of 2023
owing to higher production of diamonds, uranium, gold, and zinc concentrate,
whereas the pace of growth slowed in the agriculture, forestry and fishing
sector.

 

 

Furthermore, growth slowed in the secondary industry on the back of a
contraction in the manufacturing sector, offsetting the strong growth in the
electricity and water sector as well as a slight recovery in the
construction sector.

 

Meanwhile according to the bulletin, in the tertiary industry contractions
were recorded in the financial services and public administration, and
defense sectors, but strong growth was registered in the wholesale and
retail as well as the tourism and transport sectors.

 

In terms of inflation, during the period under review, the inflation rate
rose slightly every quarter during the first quarter of 2023 on the back of
higher food and housing inflation.

 

"Inflation rose to 7.1% during the first quarter of 2023, compared to 7% in
the previous quarter. The rise in inflation was predominantly driven by an
increase in the inflation for food, which rose to 14.2 % mainly on account
of the Russia-Ukraine war, the weaker exchange rate, and housing which
ticked higher to 2.9% due to the annual upward adjustment in rental prices,"
the report concluded.

 

-Namibia Economist.

 

 

 

Namibia: Ongwediva Annual Trade Fair Preparatory Committee Gets Boost From
MTC

The Ongwediva Annual Trade Fair Preparatory Committee (OATFPC) recently
received a boost of N$ 385,000 from mobile telecommunications company, MTC.

 

During a gala dinner hosted in the northern town of Ongwediva on Saturday,
MTC remained the official sponsor of the trade fair. As per the norm, the
annual event is scheduled to take place in August.

 

Speaking at the event, MTC's Public Relations Officer, Erasmus Nekundi
highlighted the need and importance of continuing to create an enabling
environment that encourages and promotes entrepreneurship.

 

"Over the past 15 years, our support to the OATF has been committed, and
this is mainly because we recognize the value which the event brings in
terms of business stimulation, employment, and wealth creation, and
ultimately to the national economic build-up of our country. Furthermore,
the OATF serves as a trailblazer in creating a safe space for exchanging
business ideas, promoting trade, and creating a direct channel to the market
for businesses," he said in a speech.

 

 

"Moreover, our support is therefore indicative of our commitment to aiding
the advent of small and medium business development, while concurrently
allowing established macro businesses to reach out and take their product
and service offerings to the market. Our thanks, therefore, go to the
leadership of the Ongwediva Town Council, and the OATF preparatory committee
for granting us the opportunity to make a difference, through our continuous
meaningful partnership. We are confident that this year's edition of the
OATF is yet again going to be another milestone," he added.

 

Hosted annually, OATF is a hallmark for promoting entrepreneurial activities
and is to date recognized as one of the country's biggest business
exhibiting platforms, which has this year attracted interest from over 400
exhibitors from across the country and SADC.

 

-Namibia Economist.

 

 

 

Namibia: Second Run of the Old Mutual Sustainable, Economic, and Empowerment
Drive Launched

The Old Mutual Foundation, in partnership with the United Nations
Development Programme (UNDP) Accelerator Lab, launched the second run of the
Old Mutual Sustainable, Economic, and Empowerment Drive (OM SEED) in three
new towns.

 

The foundation this year extended the initiative to Rundu, Swakopmund/Walvis
Bay, and Mariental, following the impact achieved in Windhoek, Keetmanshoop,
and Oshakati last year.

 

The three towns chosen have been strategically selected to foster
entrepreneurship, create value within local communities, and address the
United Nations' Sustainable Development Goals (SDGs).

 

 

Launched in 2022, OM SEED aims to support grassroots entrepreneurs by
providing them with the necessary resources to establish inclusive and
sustainable businesses that contribute to job creation and skills
development across Namibia. Through offering capital and incubation support,
the Old Mutual Foundation empowers aspiring entrepreneurs to realize their
full potential and make a lasting positive impact on their communities. The
goal of OM SEED is to empower 42 entrepreneurs in all 14 regions by the end
of 2025.

 

Mignon du Preez, Old Mutual Namibia Group Marketing, Public Affairs, and
Sustainability Executive, stated, "The Old Mutual Foundation will officially
kick off the 2023 OM SEED program from 3 July to 17 July. Application forms
will be available at our Old Mutual branches in the participating towns, as
well as on our website. We look forward to seeing how our grassroots
entrepreneurs assist in addressing one of the SDGs, especially with less
than seven years left before we are expected to achieve them."

 

 

Furthermore, Du Preez highlighted that "as part of the selection process, a
team from the Old Mutual Foundation will visit the businesses of the ten
shortlisted entrepreneurs in August 2023. Through careful evaluation and
assessment, the top three candidates in each town will be identified as the
winners who will receive financial support and incubation assistance."

 

Tassius Chigariro, Old Mutual Namibia Group CEO, said, "Entrepreneurship is
the key to unlocking a brighter future for Namibia. Through initiatives like
OM SEED, we empower grassroots entrepreneurs to create inclusive and
sustainable businesses that drive economic growth, job creation, and
community development. Together, we can cultivate a thriving entrepreneurial
ecosystem that addresses the United Nations' Sustainable Development Goals
and paves the way for a prosperous Namibia."

 

Unomasa Kavita, the Founder of Kavita Sports Performance and one of the
winners of the 2022 OM SEED programme, expressed his gratitude for the
life-changing impact it had on him. He highlighted how the programme allowed
him to collaborate with industry experts who played a crucial role in the
further development of his business.

 

 

Diana Nakuumbe, the Founder of Eembe Jam, and another winner of the 2022
programme, enthusiastically encouraged aspiring entrepreneurs to participate
in OM SEED. She emphasized the immense value that participants would gain
from the programme, emphasizing the transformative impact it had on her
business journey.

 

In each town, three winners will be selected, with the first prize amounting
to N$50 000, the second prize valued at N$30 000, and the third prize at
N$20 000. The overall impact of OM SEED will extend to nine entrepreneurs,
with a total funding allocation of N$300 000. These grants will play a
pivotal role as catalysts, empowering the winners to scale their businesses,
generate more employment opportunities, and make substantial contributions
to the economic growth and development of Namibia.

 

The Old Mutual Foundation invites all aspiring entrepreneurs in Rundu,
Swakopmund/Walvis Bay, Mariental, and the surrounding areas to seize this
remarkable opportunity and submit their applications. By harnessing the
power of entrepreneurship and sustainable business practices, we can
collectively work towards a brighter future for all.

 

Some of the 2022 OM SEED Winners From Left to Right - Unomasa Kavita
(Founder of Kavita Sports Performance and 2022 OM SEED First Place
Keetmanshoop winner), Mignon du Preez (Old Mutual Group Marketing, Public
Affairs, and Sustainability Executive), Timoteus Nangombe (Representative of
Ndapewa Teressius of Connect Africa App and 2022 OM SEED First Place
Windhoek winner), Tassius Chigariro (Old Mutual Group Chief Executive
Officer) and Diana Nakuumbe (Founder of Eembe Jam and 2022 OM SEED Third
Place Windhoek winner).

 

-Namibia Economist.

 

 

 

Namibia: Bank Windhoek Announces Fee Structure

Bank Windhoek announced its new fee structure, effective 1 July 2023. The
fee structure considers the current economic outlook, and the impact of
rising inflation and introduces relief for clients in key areas.

 

"Our pricing philosophy rewards customers who transact on electronic and
self-help channels as this reduces costs. It is therefore important for
customers to study our pricing guides to take full advantage of the
opportunities available to reduce their bank charges," said Bank Windhoek's
Managing Director, Baronice Hans.

 

As per regulatory requirements, Bank Windhoek's new fee structure is
available in all its branches and agencies, and on the website at
www.bankwindhoek.com.na. For more information, customers can visit the Bank
Windhoek website or contact the Bank's Customer Contact Centre at +264 61
299 1200.

 

-Namibia Economist.

 

 

 

Facebook owner Meta set to launch Twitter rival on Thursday

Facebook owner Meta is launching its new app to rival Twitter and says it
will go live on Thursday.

 

The app, which is called Threads and is available for pre-order on the Apple
App Store, will be linked to Instagram.

 

Screengrabs show a dashboard that looks similar to Twitter. Meta describes
Threads as a "text based conversation app".

 

The move is the latest in a rivalry between Meta boss Mark Zuckerberg and
Twitter owner Elon Musk.

 

Last month, the pair agreed to a physical fight, though it is unclear how
serious the two men were about actually holding a bout.

 

"Thank goodness they're so sanely run", Mr Musk responded to a tweet about
Threads, in an apparent fresh swipe at Mr Zuckerberg.

 

Meanwhile, Twitter has said that the popular user dashboard, TweetDeck will
go behind a paywall in 30 days time.

 

The move is the latest push by Mr Musk as he tries to get users to sign up
to Twitter's subscription service, Twitter Blue.

 

On Saturday, the multi-billionaire restricted the number of tweets users
could see, citing extreme "data scraping".

 

It appears from Meta's Threads app that it will be a free service - and
there will be no restrictions on how many posts a user can see.

 

"Threads is where communities come together to discuss everything from the
topics you care about today to what'll be trending tomorrow" the description
on the App Store says.

 

Pictures show screengrabs from the app, that look almost identical to
Twitter.

 

It being a Meta app, Threads will also hoover up data on your phone,
including location data, purchases and browsing history.

 

Several apps that bear a striking resemblance to Twitter have sprung up in
recent years - such as Donald Trump's Truth Social and Mastodon.

 

Another similar app, Bluesky claimed to have seen "record" traffic after Mr
Musk's move to restrict usage at the weekend.

 

However, Threads could be the biggest threat faced by Twitter to date.

 

Mark Zuckerberg has a history of borrowing other company's ideas - and
making them work.

 

Meta's Reels is widely seen as a TikTok copy, while Stories looks similar to
Snapchat.

 

Meta has the resources to compete with Twitter. Threads will be part of the
Instagram platform, so it will also be connected to hundreds of millions of
accounts. It's not starting from zero, as other would-be rivals have had to
do.

 

Although Mr Musk has been praised in some quarters for his commitment to
free speech, he has also alienated some users.

 

Mr Zuckerberg will hope he can pull enough disenchanted users away from
Twitter to create a genuine alternative.-bbck

 

 

 

China curbs exports of key computer chip materials

The Chinese government is tightening controls over exports of two key
materials used to make computer chips.

 

>From next month, special licenses will be needed to export gallium and
germanium from China, which is the world's biggest producer of the metals.

 

It comes in response to Washington's efforts to curb Chinese access to some
advanced microprocessors.

 

The announcement comes just days before a high-stakes trip to Beijing by US
Treasury Secretary Janet Yellen.

 

On Monday, China's Ministry of Commerce said the restrictions were needed to
"safeguard national security and interests".

 

The silvery metals are used in semiconductor, communications and military
equipment. They are also key materials in products like solar panels.

 

Semiconductors, which power everything from mobile phones to military
hardware, are at the centre of a bitter dispute between the world's two
largest economies.

 

The US has taken steps to restrict China's access to technology it fears
could be put to military use, such as chips used for supercomputing and
artificial intelligence.

 

Can China overtake the US in the AI marathon?

US firms 'more negative' about doing business in 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 efforts have been joined by countries including the Netherlands and
Japan.

 

Last week, the Netherlands announced that it would restrict exports of
certain semiconductor manufacturing equipment.

 

This followed plans to restrict its "most advanced" microchip technology
exports, which the Netherlands announced earlier this year.

 

The controls are expected to affect Dutch chip equipment maker ASML, a key
player in the global microchip supply chain.

 

Meanwhile, Japan plans to restrict some of its computer-chip making exports.

 

The measures, which were announced in March, will affect 23 types of
semiconductor manufacturing equipment.

 

China has frequently called the US a "tech hegemony" in response to export
controls imposed by Washington.

 

In recent months, Beijing has imposed restrictions on US firms linked to the
American military, such as aerospace company Lockheed Martin.

 

US Treasury Secretary Janet Yellen, who is due to make a four-day visit to
China from Thursday, has warned against breaking economic ties between
Washington and Beijing.

 

"I think we gain and China gains from trade and investment that is as open
as possible, and it would be disastrous for us to attempt to decouple from
China," she said, during an appearance before Congress last month.

 

Ms Yellen will be the second senior US official to visit the country this
year.

 

In June, US Secretary of State Antony Blinken held talks with China's
President Xi Jinping in Beijing, restarting high-level communications
between the rival superpowers.-bbc

 

 

US court orders $146m penalty over 500,000 missing silver coins

A US court has ordered two precious metals companies to pay almost $146m
(£115m) after more than 500,000 American Silver Eagle coins went missing.

 

The firms and their owner Robert Higgins have been accused of running a
"fraudulent and deceptive scheme".

 

They had allegedly promised to store the coins for customers.

 

However, when investigators entered vaults that were meant to hold the
coins, they were nowhere to be found.

 

Under the court settlement, precious metals dealer Argent Asset Group and
First State Depository Company, which were both owned by Mr Higgins, were
ordered to make restitutions of $112.7m and pay a penalty of $33m.

 

US financial watchdog the Commodity Futures Trading Commission (CFTC) said
Mr Higgins' companies ran "fraudulent silver leasing programmes" from 2014
to 2022.

 

These were known as the Maximus Program and the Silver Lease Program.

 

Through the schemes, the companies "solicited and misappropriated at least
$7 million in funds and silver from at least 200 customers," the regulator
said.

 

The firms also made "false and misleading excuses for why assets could not
be withdrawn", according to the CFTC.

 

The regulator said that over 500,000 American Silver Eagle coins and more
than 9,000 gold coins were missing from customers' accounts.

 

In their place, investigators said that they found "'IOU' slips in empty
boxes marked to indicate a customer's account, yet containing no assets."

 

"This kind of egregious behaviour merits the full weight of the Commission's
enforcement authority," the CFTC added.

 

Mr Higgins did not immediately respond to a request from the BBC for
comment.

 

The weight and purity of American Silver Eagle coins are guaranteed by the
US government.

 

Each coin contains at least one troy ounce (31.1g) of 99.9% pure silver,
according to the United States Mint.-bbc

 

 

 

 

Energy firms warned against paying dividends

Energy suppliers have been warned they should retain profits rather than pay
out returns to shareholders, to ensure firms can weather future price
shocks.

 

Regulator Ofgem said firms "must learn the lessons of the energy crisis",
adding "a return to the practices we saw before isn't on the table".

 

Some 30 suppliers have gone bust since energy prices started to rise in
2021.

 

Higher wholesale gas prices, driven by Russia's invasion of Ukraine, made
price deals to customers undeliverable.

 

The biggest supplier to go bust was Bulb, which had 1.6 million customers.
It was bailed out by taxpayers to the tune of about £3.8bn and has since
been taken over by Octopus Energy.

 

Households have seen their gas and electricity bills soar, but prices are
starting to fall, with the bills for using a typical amount of energy to be
£2,074 a year on average.

 

However, despite a drop of £426 per year, bills are much higher than before
the Covid pandemic.

 

The reduction in wholesale gas prices means domestic suppliers are expected
to return to profit after five years of losses.

 

While companies such as Shell and BP have made record profits in recent
years from oil and gas extraction, the two firms - along with other smaller
domestic energy suppliers - have been making much less, often inducing
losses, for selling that energy to households.

 

What is the energy cap and what's happening to bills?

What can I do if I can't pay my energy bill?

Jonathan Brearley, chief executive of Ofgem, warned firms that he expected
"no return to paying out dividends" until suppliers had met the regulator's
financial stability requirements, which are aimed at preventing a repeat of
mass company collapses.

 

In an open letter to the bosses of energy suppliers, Mr Brearley said an
energy industry where companies can make "a reasonable profit" was important
to "create a sustainable and competitive market for consumers".

 

"However, a return to the practices we saw before the energy crisis isn't on
the table - suppliers must reciprocate the support the sector was given by
consumers and taxpayers when wholesale prices increased by behaving
responsibly as prices fall and profits return," he added.

 

The Ofgem boss also warned that this winter, if prices remain as forecast,
it is likely "a large group of customers will struggle to pay their bills,
so the sector will need to be fully focussed on how best to support
customers in financial distress".

 

'Firms need to play their part'

Since 2019, Ofgem has set a price cap on energy bills, which is the maximum
price that suppliers can charge customers per unit of gas and electricity.
It applies to households on variable or default tariffs in England, Wales
and Scotland.

 

After the price cap soared, the government stepped in with the Energy Price
Guarantee which limited annual bills to £2,500, but that has since ended now
the cap is £2,074.

 

Last week, Chancellor Jeremy Hunt met with several regulators, including
Ofgem and told them they needed to "work at pace" to ensure businesses
reflected any falling costs in the prices they charged customers.

 

Mr Brearley said firms needed to "play their part by making sure they're
financially robust" in order to "absorb potential losses".

 

He said while he was "observing some good practice" the regulator was also
finding evidence that some suppliers may have "breached" pricing rules. "We
are investigating further and will take action if we find abuse," Mr
Brearley warned.-bbc

 

 

 

 

Bank bosses summoned to talks over savings rates

Bank chief executives have been summoned by the UK's financial watchdog to
address concerns that savings rates are not rising as fast as mortgages.

 

Bosses at Lloyds, HSBC, NatWest and Barclays are to meet the Financial
Conduct Authority (FCA) on Thursday.

 

Higher interest rates have seen banks raise mortgage costs but there are
concerns that higher returns are not being passed on as quickly to savers.

 

Chancellor Jeremy Hunt has said it is an "issue which needs solving".

 

The Financial Times, which first reported the meeting, said FCA officials
would discuss with the banks the pricing of cash savings and how they
communicated with their customers on rates.

 

"We do think there is more value that can be provided to consumers, we are
not happy with some of the lower savings rates we see, and we want banks to
be supporting customers... and people to be able to make informed choices,"
the newspaper quoted one person familiar with the FCA's position as saying.

 

All four of the major banks have been contacted by the BBC for comment.

 

The UK's central bank, the Bank of England, has been steadily increasing
interest rates since December 2021.

 

The Bank's base rate, which usually dictates the borrowing costs of lenders,
is at 5%, meaning it costs more for people to borrow money, but they should
get more for their savings.

 

Banks being slow to pass on savings rates - Hunt

What are interest rates? A quick guide

Last week, figures released to the BBC by financial information firm
Moneyfacts showed the gap between average mortgage and savings rates was
wider than in December 2021, when the Bank of England first started
increasing interest rates in its battle to slow the speed of rising consumer
prices.

 

Back then, the average two-year fixed mortgage rate was 2.38% and the
average easy access savings rate - which is the most common savings account
based on £10,000 of savings - was 0.19%, a gap of 2.19%.

 

On Monday, the average two-year mortgage deal hit 6.42% and the savings rate
was 2.43%, a gap of 3.99%.

 

While the gap has widened since interest rates were first raised, it is
smaller than in December 2022, when it was 4.24%.

 

Banks' profits are generally increased by interest rate rises, as they
typically boost net interest income: the amount of money banks can increase
borrowing costs, versus the amount they pay out in interest on deposits.

 

The FCA has said it will produce a report by the end of the month on how
well the cash savings market is supporting savers.

 

However, the Financial Times reports some of those due to attend the meeting
have warned that the FCA intervention is regulatory over-reach.

 

"The worry is you end up in a situation where you have regulators trying to
dictate price - that is a dangerous place to be," one chief executive told
the newspaper.

 

The chancellor has said banks are "taking too long" to pass on increases in
interest rates to savers and that he has raised it with bosses.

 

In February, the chief executives of Lloyds, HSBC, NatWest and Barclays were
questioned by MPs over the generosity of their savings rates.

 

The banks argued then that savers had access to a host of competitive deals,
but the banks have faced further criticism with Lloyds' interest rates on
savings described as "measly" in June.

 

UK Finance, the trade body for the banking sector, has previously said
saving and mortgage rates "aren't directly linked and therefore move at
different times and by different amounts".

 

"Savings rates are driven by a number of factors, not just the Bank of
England's Bank Rate - one key factor is whether someone wants instant access
or can deposit money for a longer period of time," the body has said.

 

-bbc

 

 

 

 

 

 

 

 

 

 

 


 


 


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 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

GetBucks

EcoCash

 


TSL

Econet

Turnall

 


First Capital Bank

ZBFH

Fidelity

 


Zimplow

FMHL

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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