Major International Business Headlines Brief::: 06 July 2023

Thu Jul 6 08:35:01 CAT 2023

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Major International Business Headlines Brief::: 06 July 2023 

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

ü  Algeria: President of the Republic Lays Foundation Stone for Cap Djinet
Seawater Desalination Plant

ü  Kenyans Told to Be Ready for Cheap Smartphones

ü  Kenya Power Condemns Rising Cases of Staff Attacks on Network
Surveillance

ü  Africa: Investment Flows to Africa Dropped to U.S.$45 Billion in 2022

ü  Nigeria, Angola Now Biggest Oil Drilling Markets in Sub-Saharan Africa -
Report

ü  Uganda: Half of Electricity Produced in Uganda Remains Unused, Says Govt

ü  Kenya: Govt Staring at Financial Crisis After Suspension of Finance Act -
Githu Muigai

ü  Ghana: Govt Owes Pension Schemes Gh¢2.6 Billion... Finance Minister
Reveals

ü  Ghana: Fisheries Ministry, Fisheries Commission Hold Ceremony for Closed
Season Fishing Activities

ü  Uganda: Next Media's Digital Alignment Continues to Be a Game Changer -
Kin Kariisa

ü  Malawi: Govt Says Recruitment Process for District Mining Officers At
Advanced Stage

ü  Ghana: Venture Capital Trust Fund to Invest U.S.$40 Million in SMEs -
General Manager

ü  Liberia: Not Against Mittal..But

ü  Threads: Instagram launches app to rival Twitter

ü  Oil giant Shell warns cutting production 'dangerous'

ü  Chinese owner of iconic MG car brand to build Europe plant

ü  Can 'good cop' Janet Yellen help fix US-China relations?

ü  Canada stops advertising with Facebook and Instagram in news row

 <https://www.cloverleaf.co.zw/> Algeria: President of the Republic Lays
Foundation Stone for Cap Djinet Seawater Desalination Plant

BOUMERDES-On Wednesday, the President of the Republic, Abdelmadjid Tebboune
laid the foundation stone for the Cap Djinet seawater desalination plant in
Boumerdes, as part of his working and inspection visit to the provinces of
Algiers, Boumerdes and Tipaza, to mark the 61st anniversary of Independence
Day and Youth Day.

Stretching over 16 hectares, the plant will help to improve the drinking
water supply capacity of the inhabitants of the provinces of Boumerdes and
Algiers.

The project is part of the development plan launched by the President of the
Republic for the period 2022-2024, which provides for the construction of
five similar stations in the provinces of Oran, Bejaïa, El Tarf, Boumerdes
and Tipasa, each with a capacity of 300,000 m3 per day.

-Algerie Presse Service.

Kenyans Told to Be Ready for Cheap Smartphones

Kisumu — The government has reiterated its commitment to roll out cheap
smartphones in the market.

Information Communication and Technology (ICT) Cabinet Secretary Eliud Owalo
says feasibility studies are complete and points that the country has the
capacity to produce cheap smart phones for its citizens.

Owalo says very soon, the market will be awash with phones which are
affordable to every Kenyan regardless of their economic status.

"We are very soon rolling out in the market our first batch of locally
assembled smart phones," he said.

The CS says the cost of the phones will be pegged at 40 USD (Sh. 5,516).

Speaking to the press on Wednesday at Maseno School during the launch of
digital laboratories, Owalo says the high cost of smart phones has locked
many Kenyans from consuming government services which are now on digital
platforms.

"The affordability of smartphones has been a major hindrance to digital
inclusion of many Kenyans and that is why as a government we have resolved
to produce the gadgets locally," he said.

Owalo says the government has laid digital infrastructure across the country
and the handsets will now be handy to be used by the majority of Kenyans.

The low-cost smartphones will be assembled at the Konza Technopolis in
Machakos County.

Owalo says the government is working closely with stakeholders in the
private and manufacturing sector to be able to produce and roll out the
low-cost smartphones.

The CS who was in the company of Gem MP Elisha Odhiambo, Suba South MP
Caroli Omondi and former Kisumu Senator Fred Outa launched similar
laboratories at Maseno University and Yala High School.

-Capital FM.

Kenya Power Condemns Rising Cases of Staff Attacks on Network Surveillance

Nairobi — Kenya Power has condemned rising cases of staff attacks on routine
surveillance of networks.

The latest incident was when its employees were attacked by Kitui East MP
Nimrod Mbia while on a work mission in Kitengela on July 3, 2023.

The utility firm says that it lost millions of shillings due to overloading
from illegal connections and vandalism.

Last year, for instance, it lost 214 units of transformers valued at an
average of Sh800,000 per unit.

"While working to weed the network off these illegal and dangerous
connections, we regrettably note an emerging trend of violent attacks
against our staff," Kenya Power announced in a statement.

KPLC added that the matter is now being handled by relevant government
authorities and that it doesn't condone violence against staff.

"In line with our mandate to provide reliable and quality electricity supply
to our customers, the Company will intensify network surveillance and
continue to work closely with the National Government Administration
Officers and other security agencies to stamp out all illegal activities."

-Capital FM.

Africa: Investment Flows to Africa Dropped to U.S.$45 Billion in 2022

Geneva — International project finance deals targeting Africa showed a
decline of 47% in value.

Geneva - UNCTAD's World Investment Report 2023 published on 5 July shows
that foreign direct investment (FDI) flows to Africa declined to $45 billion
in 2022 from the record $80 billion set in 2021. They accounted for 3.5% of
global FDI.

The number of greenfield project announcements rose by 39% to 766. Six of
the top 15 greenfield investment megaprojects (those worth more than $10
billion) announced in 2022 were in Africa.

In North Africa, Egypt saw FDI more than double to $11 billion as a result
of increased cross-border merger and acquisition (M&A) sales.

Announced greenfield projects more than doubled in number, to 161.
International project finance deals rose in value by two thirds, to $24
billion. Flows to Morocco decreased slightly, by 6%, to $2.1 billion.

In West Africa, Nigeria saw FDI flows turn negative to -$187 million as a
result of equity divestments. Announced greenfield projects, however, rose
by 24% to $2 billion. Flows to Senegal remained flat at $2.6 billion. FDI
flows to Ghana fell by 39% to $1.5 billion.

In East Africa, flows to Ethiopia decreased by 14% to $3.7 billion; the
country remained the second largest FDI recipient on the continent. FDI to
Uganda grew by 39% to $1.5 billion on investment in extractive industries.
FDI to Tanzania increased by 8% to $1.1 billion.

In Central Africa, FDI in the Democratic Republic of the Congo remained flat
at $1.8 billion, with investment sustained by flows to offshore oil fields
and mining.

In Southern Africa, flows returned to prior levels after the anomalous peak
in 2021 caused by a large corporate reconfiguration in South Africa. FDI in
South Africa was $9 billion – well below the 2021 level but double the
average of the last decade. Cross-border M&A sales in the country reached
$4.8 billion from $280 million in 2021. In Zambia, after two years of
negative values, FDI rose to $116 million.

Four regional economic groupings see growth

Over the past five years, FDI inflows have risen in four of the regional
economic groupings on the continent.

FDI in the Common Market for Eastern and Southern Africa grew by 14% to $22
billion. Flows rose also in the Southern African Development Community
(quadrupling, to $10 billion), the West African Economic and Monetary Union
(doubling, to $5.2 billion) and the East African Community (up 9%, to $3.8
billion).

Intra-regional investment remained relatively small, despite an increase
over the past five years. In 2022, intraregional greenfield project
announcements represented 15% of all projects in Africa (2% in terms of
value), as compared with 13% (2% in value) in 2017.

However, looking at announced projects invested in by only African
multinational enterprises, three quarters of their value remained on the
continent.

In 2022, the biggest increase in announced greenfield projects was in energy
and gas supply (to $120 billion from $24 billion in 2021). Project values in
construction and extractive industries also rose, to $24 billion and $21
billion, respectively. The information and communication sector registered
the highest number of projects.

International project finance deals targeting Africa showed a decline of 47%
in value ($74 billion, down from $140 billion in 2021) but a 15% increase in
project numbers, to 157.

European investors remain, by far, the largest holders of FDI stock in
Africa, led by the United Kingdom ($60 billion), France ($54 billion) and
the Netherlands ($54 billion).

About UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) promotes
inclusive and sustainable development through trade, investment, finance,
and technology. UNCTAD's World Investment Report is a leading publication
that provides analysis and insights into global investment trends and
policies.

World Investment Forum

The key findings of the World Investment Report 2023 will inform discussions
at UNCTAD's 8th World Investment Forum to be held in Abu Dhabi from 16 to 20
October 2023 under the theme "Investing in sustainable development". The
forum will bring together government leaders, global CEOs, policymakers and
other stakeholders to find solutions and reach consensus on priority issues.
Its outcomes will feed into negotiations at the annual climate summit COP28,
which will also be held in the United Arab Emirates.

Nigeria, Angola Now Biggest Oil Drilling Markets in Sub-Saharan Africa -
Report

Nigeria has equaled Angola as the largest oil drilling market in sub-Saharan
this year, according to a report by Hawilti and the Caverton Offshore
Support Group Plc.

Oil drilling involves the extraction of oil by drilling a well through the
earth's crust to reach the fossil fuel deposits.

According to the offshore rigs tracker report released on Monday, 38
drilling rigs have been contracted offshore sub-Saharan Africa this year so
far.

This marks an increase from the pace of activity witnessed in 2022 and early
2023.

The report noted that new drilling contracts have been awarded across
established and frontier markets since January, "confirming 2023 as one of
the biggest years for offshore drilling activity on the continent in a
decade".

"Nigeria has caught up with Angola to also take the position of biggest
drilling market this year, with a total of eight drilling campaigns
confirmed offshore in both countries," the report reads.

"However, activity is likely to remain higher in Angola as most drilling
campaigns there are confirmed until the second half of 2024 already to
support exploratory, infill, and development drilling."

The report noted that exploration makes an important part of ongoing and
planned drilling campaigns for 2023.

"While results of key campaigns in Gabon and Congo are still awaited, new
contracts have been signed by Eni to drill the Raia prospect offshore
Mozambique, and by Galp to join the Orange Basin frenzy offshore Namibia and
drill two wells there at the end of the year," the report further reads.

"TotalEnergies also extended the Baltic rig contract offshore Nigeria to
drill the Ntokon Central prospect on OML 102, while Shell selected the Noble
Voyager to drill a wildcat on its C-10 license offshore Mauritania at the
end of this year."

While the industry awaits the results of concluded campaigns and looks
forward to the spudding of much-awaited wells, the report said "positive
rumours" are already circulating out of Namibia where TotalEnergies
appraised its Venus discovery.

The campaign, according to the document, seems to have met expectations, and
will be followed by the drilling of a new prospect -- Nara -- just west of
the existing discovery.

"The French major has also declared it would drill the Niamou prospect
offshore Congo-Brazzaville this year, in a move that could open up a new
deepwater province in Central Africa," the document said.

-Vanguard.

Uganda: Half of Electricity Produced in Uganda Remains Unused, Says Govt

Almost half of the electricity produced in Uganda remains used, the Ministry
of Energy has said.

Addressing journalists on Wednesday, the acting assistant commissioner in
charge of energy efficiency and conservation in the Ministry of Energy,
Eng.David Birimumaaso said this state of affairs is appalling.

"Deemed energy has cost us a lot because this power is supplied but not
consumed. Our consumption capacity is still very low. We have capacity to
supply 1600MW but our demand is 850MW which is almost a half of the energy
we can supply. It is a big challenge because it comes back to us,"
Birimumaaso said.

Deemed energy is electricity that is available for dispatch by an
independent power producer, but due to non-existent or a weak grid
infrastructure and or insufficient demand, the power is not evacuated.

In Uganda's case, most of the deemed energy is as a result of insufficient
demand.

The Ministry of Energy official said that having too much electricity and
not using it costs the country since all that is produced has to be paid
for.

Whereas government invests a lot of money in electricity infrastructure,
most of it remains redundant and expensive to maintain since the power is
unused.

In his 2021 report, the Auditor General indicated that government paid an
average of shs87 billion for unused electricity.

The Minister for Energy, Ruth Nankabirwa early this year described it as a
shame that government invests money in infrastructure expecting to recoup it
through electricity sold but this never happens.

High power tariffs

Many Ugandans have for many years cried foul over high power tariffs have
attributed this state of affairs to a limited number of consumers of
electricity.

Speaking on Wednesday, the acting assistant commissioner in charge of energy
efficiency and conservation in the Ministry of Energy, Eng.David Birimumaaso
said high power tariffs are some of the challenges the sector still faces.

He was however quick to attribute it to need to recover the investment into
electricity infrastructure by government.

"We also have a challenge on high tariffs. The domestic consumers currently
pay up to 20 US cents per unit We have always been asked to ensure the
tariff is as low as possible so that it is affordable by every Ugandan but
at the same time we must recover the investment because most of the money we
used is borrowed. Our economists do the necessary research into tariff
methodologies and from time to time we keep updating this. However, it is
still a challenge because the consumers still say tariff is high."

Electricity expo

The official from the Ministry of Energy revealed that between July 13 and
15, Uganda will host the international power and electricity expo at the UMA
show grounds in Lugogo.

The expo will host more than 100 exhibitors fromUganda, India, UAE, and the
UK.

"The international Expo will bring together national and international
players in different spheres of power sector to showcase the latest
innovations and technologies and hold business-to-business experiences.
These will include manufacturers and suppliers of power products; importers
and exporters; dealers in energy, electricals, electronics, electro
energetics, renewable, and solar products; HVAC and services, plus the end
users," Birimumaaso said.

According to the Ministry of Energy Permanent Secretary, Irene Bateebe, the
expo will be an opportunity to enhance interaction with domestic and
international companies and provide a comprehensive platform to enable the
growth of the energy sector in Uganda.

"The business community in this sector have a chance to showcase
technologies but also discuss key policy challenges such as how to close the
technological gaps and the national innovation systems required to foster
technological progress," she said.

Organised under the theme; "Connect with the power, energy, electrical,
renewable and solar industry of Uganda", the expo will focus on promoting
innovative technologies, creating awareness, and building sustainable
collaborations in the energy sector.

Kenya: Govt Staring at Financial Crisis After Suspension of Finance Act -
Githu Muigai

Narobi — The Government now says it is staring at a financial crisis after
the High Court temporarily suspended the implementation of the Finance Act
which would have facilitated the collection of taxes to fund the 3.6
trillion budget.

Githu Muigai who is representing Attorney General told the High Court that
the government will soon be unable to pay international commitments as well
as pay salaries of government employees.

He accused Busia Senator Okiya Omtata of misleading the court into believing
there was no consequence in extending the suspension until the petition is
determined.

However, Rarieda MP Otiende Amollo rebutted by stating that the government
can still collect taxes through use of Finance Act 2022 which does not
include contencious provisions such as the 16 per cent VAT on Fuel and
Housing Levy.

More to follow....

-Capital FM.

Ghana: Govt Owes Pension Schemes Gh¢2.6 Billion... Finance Minister Reveals

The Minister of State at the Ministry of Finance, Dr Mohammed Amin Adam, has
revealed that government's indebtedness to various pension schemes at the
end of May 2023 is GH¢2.63 billion.

The amount comprise of Tier 1 of the Controller and Accountant General's
Department mechanised payroll, GH¢1.62 billion, Tier 1 of subverted
institutions, GH¢188.59 million, Tier 2 of mechanised payroll, GH¢808.21
million and Tier 2 of subvented institutions GH¢6.1million.

"Mr Speaker, the government paid GH¢2.67 billion to various pension schemes
in 2022. Between January and the end of May, 2023, the government had also
paid GH¢2.26 billion," Dr Adam said on the floor of Parliament in Accra
yesterday.

This was contained in an answer to a question asked of the Finance Minister,
Ken Ofori-Atta, by MP for Tamale South, Haruna Iddrisu.

Mr Iddrisu, a former Minority Leader, wanted to know how much government
owed pension schemes, including the Social Security and National Insurance
Trust (SSNIT) by the government.

In a follow-up question by the NDC Member for Bongo, Edward Bawa, if pension
savings have been released on time and invested, Mr Adams said he readily
did not have the answer.

"I will get the answers and report back to the House," he said.

Dr Adam also responded to a question related to a 24-month US$18.24 million
revenue mobilisation contract between McKinsey & Company Inc and the Ghana
Revenue Authority.

The contract was for McKinsey to support GRA to increase tax revenues over
the baseline of 17 per cent year-on-year growth and other interventions to
increase efficiency and effective work culture.

Responding to the question asked by the Member for Tamale North, Alhasan
Suhuyini, Dr Adam, MP, Karaga said despite the contract, revenue
mobilisation continue to be one of government's challenge and that Ghana's
tax-to gross domestic product ratio averaged 13 per cent, compared to the 18
per cent average in the sub-region.

The target, Dr Adam said was exceeded and that the total revenue growth
recorded was 28 per cent year-on-year.

"Mr Speaker, GRA's total payment to McKinsey over the contract period of
2018-2022 was $12.2million.

"In terms of performance, the collaboration between GRA and McKinsey
resulted in an increase in revenue from GH¢38 billion in 2018 to GH¢75.5
billion in 2022, a cumulative average of about 19 per cent over the period,"
he said.

Apart from McKinsey helping government increase its revenue, it helped to
lead a cultural shift and professionalism in revenue mobilisation.

"Mr Speaker, despite these very good results, and Ghana's current tax-to-GDP
ratio rising from 12.1 per cent in 2016 to 13.8 per cent as at end 2022, our
revenue performance is still one of the lowest in the sub-region.

"For context, our peer countries are collecting an average of 18 per cent
while Organisation for Economic Co-operation and Development countries are
achieving about 34 per cent," he said.

Ghana, he said, has the capacity to double its tax revenue, and at the very
minimum, "be at par with its peers without introducing new taxes".

As a result, he said government was leveraging digitalisation, including
initiatives such as the E-invoicing, E-VAT, E-Levy, Ghana.gov among others
to expand the tax net, eliminate leakages and close the tax gap.

-Ghanaian Times.

Ghana: Fisheries Ministry, Fisheries Commission Hold Ceremony for Closed
Season Fishing Activities

Elmina — The Ministry of Fisheries and Aquaculture Development (MoFAD) and
the Fisheries Commission (FC) has held a ceremony to officially commence
this year's closed season on fishing activities in the country.

It is being implemented in accordance with Section 84 of the Fisheries Act
(Act 625).

For this year, the closure for artisanal and inshore fleet started from July
1 to July 31 while that of the trawl vessels began from July 1 to August 31.

Closed fishing season is "biological rest period" or no-harvesting period,
and focus on halting fishing activities during the spawning period of fish
stocks when the fishes are most productive.

It is observed globally as a way of reducing fishing pressure on stocks and
is considered one of the key fisheries management measures to help protect
fish stock and also increase their population.

The Minister of Fisheries and Aquaculture Development, Mrs Mavis Hawa
Koomson, in an address during the event, explained that the closed season
concept was an important aspect in improving the country's fisheries stock.

She indicated that, it was based on scientific recommendations based on the
dwindling fish stock.

"The continuous closure of the sea for the past seven years has shown
significant impact," she said.

She commended stakeholders for their role in observing previous seasons
since its implementation and asked for their support during this year's
exercise.

Mrs Koomson also commended fishers across the country for working tirelessly
in ensuring the provision of fish protein for Ghanaians.

The hosting of the event at Elmina, she said was to highlight the importance
of the town in the fisheries sector.

She explained that, Cote d'Ivoire had joined the observation of this year's
closed season and indicated that, Togo and Benin would be joining in 2024.

She further stated that, a joint fisheries patrol would be carried out
across the two countries to ensure compliance.

She commended the various stakeholders in the sector for their contributions
towards the success of the previous exercise.

Mrs Koomson said that, the marine sub-sector had experienced decline in fish
stock level with activities of global exploitation and Illegally,
Unregulated and Unreported (IUU) fishing among others.

Mrs Justina Marigold Assan, the Central Regional Minister, in her welcome
address, commended the fishers for their contribution towards the nation's
fish stock.

She also expressed appreciation to the Fisheries Ministry for the role it
was playing to improve the nation's fish stock.

She tasked the security task force to arrest anyone found to be flouting the
closed season.

Leaders of fisheries associations, including the National Fisheries
Association of Ghana (NAFAG), the Ghana National Canoe Fishermen Council
(GNCFC), the Ghana Inshore Fisheries Association (GIFA), the Ghana
Industrial Trawlers Association (GITA) and the National Association of Fish
Processors and Traders (NAFPTA) gave their commitment towards observing the
closed season to improve the fish stock.

-Ghanaian Times.

Uganda: Next Media's Digital Alignment Continues to Be a Game Changer - Kin
Kariisa

Following the recent 15th anniversary celebration of NBS, Next Media wasted
no time.

Yesterday, under the guidance of CEO Kin Kariisa, the team gathered for a
refreshing retreat to outline their Commercialization Strategy for the
second half of 2023.

The discussion centered around the digital landscape and the ongoing
significance of their digital realignment process, initiated in 2022.

Kin Kariisa expressed enthusiasm for the progress, stating, "Going by the
progress reports and numbers shared by our media agency, Next Com, our
digital realignment process continues to be a major game-changer! We have
meticulously analyzed our operations, identified gaps, and implemented
significant improvements."

The retreat brought together representatives from the commercial, content,
marketing, and support units within Next Media.

Kin emphasized that the insights and numbers shared by Next Com would guide
the company's efforts, ensuring Next Media maintains its position at the
forefront of the industry.

He added, "The unbeatable value proposition we offer our stakeholders has
proven successful over the years, and we will rely on it as we execute this
devised strategy."

This retreat is just one of many gatherings that Next Media has organized to
further its commitment to creating innovative products that revolutionize
audience engagement.

The company aims to deliver exceptional experiences, personalized content
and foster deeper connections with its audience. These initiatives will
reinforce Next by Media's dedication to providing unparalleled value to
their stakeholders as they inform to transform.

Malawi: Govt Says Recruitment Process for District Mining Officers At
Advanced Stage

The Ministry of Natural Resources has disclosed plans to recruit District
Mining Officers in response to proposal from civil society organizations
(CSOs) to have mining inspection powers devolved to the district level.

CSOS such as the Norwegian Church Aid - Dan Church Aid (NCA/DCA) Malawi
Country Joint Programme, Catholic Commission for Justice and Peace (CCJP),
Natural Resources Justice Network and Malawi Economic Justice Network (MEJN)
have been calling for the employment of District Mining Officers to, among
others, spearhead conflict management and strengthening of governance in the
extractive industry.

Participants at the 2023 Karonga District Alternative Mining Indaba held at
Karonga on Tuesday reiterated the calls, stressing that the absence of the
mining officers at the district level is creating a yawning gap between
duty-bearers and communities surrounding mining sites.

They said recruitment of the officers would facilitate speedy resolution of
labour disputes between mining companies, among others.

Regional Mining Engineer George Maneya told the gathering that processes for
the recruitment of the District Mining Officers are at an advanced stage and
the ministry is waiting of the Directorate of Human Resources Management and
Development (DHRMD) to finalize it.

Maneya said nine officers would be recruited in the first phase, with
Karonga being one of the districts to benefit.

At the same function, NCA-DCA Communications Manager Wezi Banda-Matsimbe
warned that misunderstandings and conflicts would continue characterizing
the extractive industry unless the Government of Malawi addresses governance
systems that perpetrate social inequalities in the sector.

Banda-Matsimbe observed that the extractive industry is riddled with
misunderstandings and conflicts communities surrounding the mining sites are
not benefitting from the resources being exploited in their areas.

In his remarks, the Karonga Diocese Secretary for the Bishop, Father Robert
Songa, hailed NCA-DCA Malawi Country Joint Programme for organizing the
meeting, stressing that it had given communities an opportunity to voice out
their concerns directly to relevant authorities.

Government officials that attended the indaba included the Principal
Secretary for Mining, Martin Phiri, Regional Mining Engineering Officer and
Karonga District Council representatives.

-Nyasa Times.

Ghana: Venture Capital Trust Fund to Invest U.S.$40 Million in SMEs -
General Manager

The Venture Capital Trust Fund (VCTF) has allocated $40 million dollars to
invest in Small and Medium-Scale Enterprises (SMEs) in the country with the
aim to create jobs and expand businesses.

VCTF, also known as Trust Fund was established by the VCTF Act 2004 (Act
680) with a mandate to focus on investing in venture capital funds dedicated
to investing in Small and Medium Scale Enterprises (SMEs).

The investments by the Trust Fund since 2021 forms part of the Ghana
Economic Transformation Project (GETP) being funded by the World Bank.

According to the General Manager of VCTF, Hajia Hamdiya Ismaila, the
investments would focus on agriculture, agro-processing, waste management,
clean energy, light manufacturing, healthcare and education.

She was speaking in Accra yesterday during a workshop for media personnel on
the mandate of the VCTF.

In 2021, she said, US$16 million dollars of the allocated fund was disbursed
to businesses through Fund Managers who were working with the Trust Fund.

Injaro Investment Advisors Limited, Wangara Capital Partners, Mirepa
Investment Advisors Limited and Impact Capital Advisors, she noted, were the
Fund Managers which were selected by the VCTF to disburse the first tranche
of the allocated funds.

Hajia Ismaila said, per the VCTF Act 2004 (Act 680), the VCTF operates
through fund managers, which were licensed by the Securities and Exchange
Commission (SEC).

"The Fund Managers act as intermediaries between SMEs requiring funds for
viable business projects and the Trust Fund. The Fund Managers are
responsible for deal sourcing, selection of SMEs, monitoring as well as exit
of investments," she added.

This year, she explained that, US$11 million dollars of the Fund would be
disbursed to some identified businesses through the Fund Managers.

Since its establishment in 2006, Hajia Ismaila said, the VCFT had engaged 11
Fund Managers which invested in more than 63 SMEs, resulting in the creation
of about 3,800 and 15,000 direct and indirect jobs respectively.

She noted that, although the fund managers were required to undertake
investments on behalf of the fund, the VCTF plays an active role in the
growth and expansion of SMEs through regular capacity building engagements.

She stated that, to ensure the effectiveness of the fund managers, the VCTF
was in the process of introducing Fund Managers Development Programme to
train and enhance the capacity of new fund managers.

Also, the VCTF, she noted, would, in the coming months, launch a
women-focused fund aimed at supporting women-owned SMEs across the country.

-Ghanaian Times.

Liberia: Not Against Mittal..But

It appears that the current Mineral Development Agreement (MDA) signed by
Arcelor Mittal, the world's largest Iron ore company, does not meet the
taste and approbation of most Liberians who are vehemently stating their
disapproval and as far as the terms and conditions are concerned.

Few weeks after the landmark signing of the Agreement, more and more
citizens are expressing dissent, with the current opposition coming from a
group of citizens from Nimba who wants the government to compel AML to
complete its first obligations contained in the agreement in 2007.

Citizens who said they are not totally against the Steel giant want the
current MDA signed by the government which needs to be ratified by the
legislature to be put on hold until a comprehensive review of AML activities
in the first agreement.

Representing the pressure group from Nimba, Armstrong Selekpo claimed AML
failed to carry out most of the things contained in the first MDA.

For instance, he disclosed that the company said it would have, within five
years, constructed or transformed the only hospital in Yekepa to a referral
hospital. "But this is not the case. Rather, they have failed and they sent
people to Sanniquellie government hospital on referral cases."

"Also, within five years, 25 professionals would have been employed in top
management position. But that is not the case. They should have safe
drinking water. But this is not the case. It is disappointing," he said on
Truth FM breakfast program Wednesday.

Selekpo indicated that instead of looking at the past agreement to correct
some of the lapses, the company induced the government with a new agreement
of eight hundred million dollars.

"They are even adding years to that. This is against the people of Liberia
and Nimba," he said.

The Nimba Pressure group believes the government should not do any business
with the Company in details until they comply with the first agreement,
stressing that is not against the company, but the way in which Mittal is
proceeding is wrong.

He has called on the lawmakers not to ratify it. That doing so, would show
disrespect to the people of Nimba.

He said since 2007, there have been 32 anti-Mittal Steel demonstration and
three major riots, some of which led to the destruction of properties and
death as well.

Selekpo said, they were shocked to have read on the Executive Mansion
website that AML was about to sign a contract with the government.

"Which in my view was criminal in nature. You agree by law to do this
(referring to Mittal Steel). The MDA is a law.

This is not the first time MITTAL has come under criticism since signing the
MDA with the Liberian government last month.

It can be recalled that last month, a lawmaker from Grand Bassa County,
Matthew Joe condemned the company for not going by its agreement in that
county. Also, the former senator of Grand Bassa county and former president
Pro-Tempore of the Liberian senator (the only senator who rejected pick-up
from Mittal Steel in 2007) took the company to court for failing to abide by
the agreement.

-New Republic.

Threads: Instagram launches app to rival Twitter

Meta chief Mark Zuckerberg has said that the company's newly-launched
Threads app aims to outrival Twitter.

Experts say Threads could attract Twitter users unhappy with recent changes
to the platform.

Threads - which is not launching in the European Union for now - allows
users to post up to 500 characters, and has many features similar to
Twitter.

The app passed five million sign-ups in its first four hours, Mr Zuckerberg
said.

Earlier, he said that keeping the platform "friendly... will ultimately be
the key to its success".

But Twitter chief Elon Musk responded: "It is infinitely preferable to be
attacked by strangers on Twitter, than indulge in the false happiness of
hide-the-pain Instagram."

When asked on Threads whether the app will be "bigger than Twitter", Mr
Zuckerberg said: "It'll take some time, but I think there should be a public
conversations app with 1 billion+ people on it.

"Twitter has had the opportunity to do this but hasn't nailed it. Hopefully
we will."

Competitors have criticised the amount of data the app might use. This may
include health, financial, and browsing data linked to users' identities,
according to the Apple App Store.

Threads is now available to download in over 100 countries including the UK,
but not yet in the EU because of regulatory concerns.

'Initial version'

Meta, which owns Facebook and Instagram, called the new app an "initial
version", with extra features planned including the ability to interact with
people on other social media apps like Mastodon.

"Our vision with Threads is to take what Instagram does best and expand that
to text," the firm said prior to its launch.

Despite Threads being a standalone app, users log in using an Instagram
account. Their Instagram username carries over, but there is an option to
customize their profile specifically for Threads.

Users will also be able to choose to follow the same accounts they do on
Instagram, Meta says. The app allows users to be private on Instagram, but
public on Threads.

The new app's release comes after criticism of Meta's business practices.

Last year, Meta whistleblower Frances Haugen said the company had put
"profits over safety" and criticised how the platform was moderated.

The company was also rocked by a scandal in which it allowed third parties,
including British political consultancy Cambridge Analytica, to access
Facebook users' personal data.

In an apparent reference to this controversial past, Mr Musk joked on Monday
"thank goodness they're so sanely run".

There are several alternatives to Twitter available, such as Bluesky and
Mastodon, but these have struggled to gain traction.

Threads has a significant advantage because it is connected to Instagram,
and the hundreds of millions of users already on that platform.

How does Threads work?

On Threads, posts can be shared to Instagram and vice versa and can include
links, photos, and videos of up to five minutes in length.

However, some early users on Wednesday reported problems when uploading
images, hinting at teething problems.

Users see a feed of posts, which Meta calls "threads", from people they
follow as well as recommended content.

They are able to control who can "mention" them and filter out replies to
posts that contain specific words.

Unfollowing, blocking, restricting or reporting other profiles is also
possible, and any accounts users block on Instagram are automatically
blocked on Threads.

While Meta stresses ties to Instagram, media coverage has focused on its
similarity to Twitter, with some investors describing the app as a "Twitter
killer".

On Saturday, Twitter boss Elon Musk restricted the number of tweets users
could see on his platform per day, citing extreme "data scraping".

It was Mr Musk's latest push to get users to sign up to Twitter Blue, the
platform's subscription service.

Twitter has also announced that its popular user dashboard TweetDeck will go
behind a paywall in 30 days' time.

Since Mr Musk took over, many users of Twitter have publicly expressed their
dissatisfaction with the platform and his stewardship - citing erratic
behaviour and political views.

Last month, Mr Musk and Meta boss Mark Zuckerberg agreed - possibly in jest
- to a cage fight, and Mr Zuckerberg's early posts on Threads mentioned his
interest in mixed martial arts.

While Threads will be available in the UK, it is not yet available in the EU
because of regulatory uncertainty, particularly around the EU's Digital
Markets Act.

But the company says it is looking into launching in the EU.

That act lays down rules on how large companies such as Meta can share data
between platforms that they own. The sharing of data between Threads and
Instagram is part of the issue.

Meta maintains protecting privacy is fundamental to its business.-bbc

Oil giant Shell warns cutting production 'dangerous'

Cutting oil and gas production would be "dangerous and irresponsible", the
boss of energy giant Shell has told the BBC.

Wael Sawan insisted that the world still "desperately needs oil and gas" as
moves to renewable energy were not happening fast enough to replace it.

He warned increased demand from China and a cold winter in Europe could push
energy prices and bills higher again.

Mr Sawan angered climate scientists who said Shell's plan to continue
current oil production until 2030 was wrong.

Professor Emily Shuckburgh, a climate scientist at the University of
Cambridge, said firms such as Shell should focus on accelerating the green
transition "rather than trying to suggest the most vulnerable in society are
in any way best served by prolonging our use of oil and gas".

Mr Sawan told the BBC: "I respectfully disagree." He added: "What would be
dangerous and irresponsible is cutting oil and gas production so that the
cost of living, as we saw last year, starts to shoot up again."

The world is in a race to ditch fossil fuels in favour of greener
alternatives as globally leaders have pledged to keep the world from warming
by more than 1.5C this century.

Last year the European Commission outlined how the EU would speed up its
shift to green energy to end its dependency on Russian oil and gas.

Many countries do not have the infrastructure to move to more sustainable
forms of energy.

Mr Sawan said an international bidding war for gas last year saw poorer
countries like Pakistan and Bangladesh unable to afford Liquid Natural Gas
(LNG) shipments that were instead diverted to Northern Europe.

"They took away LNG from those countries and children had to work and study
by candlelight," he said. "If we're going to have a transition it needs to
be a just transition that doesn't just work for one part of the world."

The Committee of Climate Change found household gas appliances were linked
to respiratory problems and cardiovascular disease.

Claire Fyson, co-head of climate policy at Climate Analytics, a global
science and policy institute, told the BBC: "The idea that it's a choice
between our addiction to fossil fuels or working by candlelight is a gross
misrepresentation of reality, when we know renewables are cleaner, cheaper
and better for public health."

The UK has pledged to spend £11.6bn on international climate finance but a
memo seen by the BBC said economic shocks like the Covid pandemic had
"turned a stretching target into a huge challenge".

The head of the International Energy Agency, Fatih Birol, has said that "if
governments are serious about the climate crisis, there can be no new
investments in oil, gas and coal from now".

While head of the UN Antonio Gutteres said investment in new oil and gas
production was "economic and moral madness".

'Lack of stability'

Shell has a long history and a headquarters in the UK. But Mr Sawan said a
lack of clarity and stability on energy policy and taxation risked making
the UK a less attractive place to invest compared with more welcoming
countries. The UK has increased tax on UK-derived profits from 40 to 75%
until 2028 unless oil and gas prices fall below thresholds for a sustained
period - which most energy experts doubt will happen.

The UK currently imports more than half of its oil and gas - and that
proportion is expected to rise without renewed investment in the North Sea.
Shell recently decided to sell its stake in a major new undeveloped oil
field at Cambo.

"Ultimately the government needs to make a call as to their views on
imported versus domestic production," said Mr Sawan.

"When you do not have the stability you require in these long-term
investments, that raises questions when we compare that to other countries
where there is very clear support for those investments."

'Energy we desperately need'

Mr Sawan was also keen to stress the warm welcome extended to the company by
the New York Stock Exchange at a recent investors' meeting where they laid
out their plans to cut costs and maximise profits.

"The welcome we had there was exemplary. The Shell flag was waving next to
the New York Stock Exchange flag," he said.

He said that the officials there had underlined his feeling that the US was
more supportive of oil and gas companies.

"They said we continue to value a company that provides us the energy we
desperately need. That resonated with me as a person who comes from Lebanon
where we are starved of energy."

Future move to US

Mr Sarwan did not rule out moving Shell's headquarters and stock market
listing to the US. American oil companies command higher prices for their
shares - Exxon Mobil for example is worth 40% more than Shell per dollar of
profit.

"There are many who question whether that valuation gap can only be bridged
if we move to the US. A move of headquarters is not a priority for the next
three years."

But after that? "I would never rule out anything that could potentially
create the right circumstances for the company and its shareholders.
Ultimately, I am in the service of shareholder value," he said.

Although Shell says it has no plans to move its headquarters or stock market
listing from London to New York for the next three years, Mr Sawan's
comments will add to fears that London's stock market is losing its lustre
as a venue for multinational companies to raise money after technology
darling ARM Holdings recently announced plans to move its primary listing to
the US.

A move of the UK's most valuable UK company to the US would seriously dent
the UK's financial prestige and cost jobs in the financial services
sector.-bbc

Chinese owner of iconic MG car brand to build Europe plant

China's largest motor manufacturer SAIC says it will build its first factory
in Europe, after sales of its vehicles on the continent jumped.

The state-controlled company - which owns the iconic MG brand - says the new
plant will produce electric vehicles.

However, a spokesperson told the BBC that SAIC has not yet decided whether
MG models would be be made at the site.

MG, which has roots dating back over a century, was made in the UK until
production was moved to China in 2016.

On Thursday, an SAIC spokesperson told the BBC that the firm was still in
the process of securing a site in Europe and finalising other details about
the project.

"We have many brands including MG, IM and Maxus. We are still deciding which
will be built at the factory," the spokesperson added.

Sales of its vehicles outside China surged by 40% in the first three months
of the year, according to SAIC.

The MG brand accounted for the majority of overseas sales, as the number of
the cars sold in Europe more than doubled in the same period, the company
said.

The latest announcement comes almost seven years after SAIC halted MG
assembling at the Longbridge plant in Birmingham.

In 2016, MG said assembly in the UK was no longer "required" and that cars
would arrive in the country "fully built (and) ready for distribution".

The Longbridge plant built cars including MG and the original Mini. It was
set up in 1906 and survived World Wars One and Two.

In the years that followed, the site fought off post-war economic depression
and the emergence of the motor industry abroad.

It also recovered from strike action, mergers, takeovers and drops in its
share value.

Production at the plant was halted after MG Rover collapsed in 2005. The
brand was eventually bought by SAIC.

In 2011, the MG6 was launched. It was the first MG car in 16 years to be
assembled at Longbridge.

The five-seater vehicle was designed in the UK but its parts were made in
China.

Chinese carmakers - including SAIC, Geely and Great Wall - have seen their
market shares grow in recent years.

Exports from China have been boosted by the demand for electric vehicles and
sales to Russia as many Western countries imposed sanctions on Moscow after
the invasion of Ukraine.

China exported more than a million vehicles in the first three months of
this year, official figures show. As a result it overtook Japan as the
world's biggest exporter of cars.

As well as its manufacturing plants in China, SAIC also has production
facilities in Thailand, Indonesia, India and Pakistan.-bbc

Can 'good cop' Janet Yellen help fix US-China relations?

US Treasury Secretary Janet Yellen is due to arrive in China as part of
high-stakes attempts to rebuild bridges between the world's two biggest
economies.

It is the second visit to Beijing by a senior Washington official in as many
months and comes after the countries' relationship nose-dived this year.

The list of points of contention between the US and China ranges from Taiwan
and Ukraine to national security and an ongoing trade dispute.

The visit also comes just days after Beijing said it would curb exports of
two key materials used to make computer chips.

Ms Yellen's recent comments that the two economies can work together could
be crucial to the trip, which will include her first talks with China's new
Vice Premier He Lifeng.

Ahead of the visit, the US emphasised the importance for the countries "to
responsibly manage our relationship, communicate directly about areas of
concern, and work together to address global challenges".

As part of the ongoing efforts to ease tensions, Ms Yellen also met China's
ambassador to the US Xie Feng on Monday for what was described by both sides
as a "frank and productive discussion".

However, "expectations should be kept low for the Yellen visit," Wendy
Cutler, vice president at US-based think tank the Asia Society Policy
Institute, told the BBC. "She is not in a position to repair ties nor
respond to Chinese requests to lift export controls or tariffs."

This latest trip to China comes just weeks after US Secretary of State
Antony Blinken's visit to Beijing, when he met President Xi Jinping and
foreign minister Qin Gang.

Mr Blinken was the highest-ranking Washington official to visit the Chinese
capital in almost half a decade.

The meetings were seen as a key test of whether the two countries could stop
their relationship deteriorating further.

At the end of his trip Mr Blinken said that, although there were still major
issues between the US and China, his "hope and expectation is we will have
better communications, better engagement going forward."

However, the next day President Joe Biden referred to Mr Xi as a "dictator",
which triggered protests from Beijing. While analysts said Mr Biden's
comment was unlikely to have a major negative effect, it was also widely
seen as not helping matters.

In another sign that the trade dispute between the two countries is far from
being resolved, China this week announced it was tightening controls over
exports of two materials crucial to producing computer chips. From next
month, special licences will be needed to export gallium and germanium from
China, which is the world's biggest producer of the metals.

The move follows Washington's efforts in the past year to curb Chinese
access to some advanced computer chips. In October, Washington announced it
would require licences for companies exporting chips to China using US tools
or software, no matter where they are made in the world.

The US is beating China in the battle for chips

Can China overtake the US in the AI marathon?

The US and China face a complex set of issues, said Priyanka Kishore from
the business forum IMA Asia.

"The official rhetoric and visits by senior diplomats indicate a desire to
establish a working political relationship between the two countries," she
added. "But the actions suggest otherwise, with the tit-for-tat policies
dominating."

During meetings with her counterparts in Beijing Ms Yellen is expected to
make clear that the US will continue to defend human rights and its national
security interests.

However, she is also expected to emphasise Washington's willingness to work
with Beijing on issues, including climate change and the problems faced by
heavily-indebted countries.

US President Joe Biden (R) and China's President Xi Jinping (L) meet on the
sidelines of the G20 Summit in Nusa Dua on the Indonesian resort island of
Bali on November 14, 2022.

While some high-profile figures have called for the US to completely break
economic ties with China, Ms Yellen will take a more placatory approach. She
is expected to tell her counterparts in Beijing that Washington does not
intend to decouple the two economies.

This is in line with her worldview, which is more globalist than some of her
predecessors, as she outlined in a speech earlier this year: "A full
separation of our economies would be disastrous for both countries. It would
be destabilising for the rest of the world."

"I would say it's a little bit like good cop, bad cop, Blinken being the bad
cop," former International Monetary Fund chief economist Ken Rogoff told the
BBC.

"And now Yellen going in as the good cop trying to say, look, you know, we
have a lot in common. Let's see what we can do together," he added.

In his role as secretary of state, Mr Blinken had to raise some hard issues,
such as Taiwan and Ukraine, Mr Rogoff said.

However, Mr Rogoff cautioned that this should not be taken as a sign that Ms
Yellen will be soft on Beijing as she is likely to press Chinese officials
on a number of issues, including intellectual property laws and access to
markets.

Also, while some figures on both sides of the US-China divide talk of
splitting away from one another, the reality of the interdependence can be
seen in trading figures.

Trade between the two countries grew in 2022 for the third year in a row,
with official figures showing China exported more than $536bn (£422.3bn)
worth of goods to the US last year, while $154bn of goods went in the other
direction.

But even as Washington and Beijing try to resolve their differences, the
spectre of the US presidential election looms.

"If there is a second Biden administration beginning after 2024, on the
economic front I expect loosening of many of the Trump-era trade sanctions
and tariffs, in particular ones less related to high technology sectors,"
Professor Eric Harwit of the Department of Asian Studies at the University
of Hawaii said.

"However, if Donald Trump wins the 2024 election, all bets are off."-bbc

Canada stops advertising with Facebook and Instagram in news row

Canada's federal government has said it will pull all its advertising from
Facebook and Instagram.

It follows parent company Meta's move to restrict news content for Canadians
after parliament passed a law that will force tech firms to pay media for
news.

Canadian officials said on Wednesday that they stand by the law and will not
be "intimidated" by Meta.

They said they have been in contact with other countries who plan to pass
similar laws.

Google has also announced plans to block Canadian news in the country in
response to the Online News Act - also known as Bill C-18 - when it takes
effect in about six months.

But Canadian officials said they are hopeful they can successfully negotiate
a deal with Google's parent company Alphabet that will prevent the block
from going ahead.

Canada is going to war with Google, and it might not win

"Google's concerns can be met by what we plan to do in the (law's)
regulations," said Minister of Heritage Pablo Rodriguez at a news conference
on Wednesday.

On the other hand, Mr Rodriguez said Meta has not been engaging with the
government in the same way on a path forward.

"Meta are not talking to us," he said, adding their decision to block news
for Canadians is "unreasonable and irresponsible".

Mr Rodriguez estimates that Canada's decision to pull all advertising on
Meta's platform will cost the tech giant C$10m ($7.54m; £5.93m) in business.

He did not say whether the advertising pull would apply to Meta's new
platform Threads, which is scheduled to debut on Thursday as a rival to
Twitter. But Mr Rodriguez said Canada's move in theory would apply to all
platforms under the parent company.

The loss of government advertising is a drop in the bucket for Meta, whose
annual revenue in 2022 was over $116bn. But Mr Rodriguez said Canada is
determined to send a message that it will not be intimidated.

He added he hopes it will inspire others, including Canadian companies, to
do the same. Media firms Quebecor and Cogeco, both based in the province of
Quebec, said they will also be pulling advertisements from Meta.

In a statement to the BBC, Meta said that Bill C-18 "is flawed legislation
that ignores the realities of how our platforms work".

"Publishers actively choose to post on Facebook and Instagram because it
benefits them to do so," the company said.

The federal government says the bill is necessary to allow struggling news
organisations to "secure fair compensation" for news and links shared on the
tech platforms.

A similar law to Bill C-18 was passed in Australia in 2021 but it was
tweaked after Meta briefly blocked users in the country from sharing or
viewing news on its platform.

The blackout ended when the amendments were made, and Google and Meta have
since negotiated more than 30 deals with Australian media companies.

On Wednesday, Prime Minister Justin Trudeau said he believes Canada has
become a global test case for laws like Bill C-18.

"This is what they want to do, make an example of us," said Mr Trudeau of
tech giants like Meta.

"Facebook decided that Canada is a small enough country that they could
reject our asks," he said. "They made the wrong choice by deciding to attack
Canada."

Mr Rodriguez said Canada has been discussing its law with other countries
looking to pass similar legislation, like the UK, Indonesia and Brazil.

Canada has also seen support from some US senators and pundits.

An opinion piece in the Los Angeles Times by columnist Brian Merchant on
Wednesday said "Canada must absolutely not give in to the tech giants'
tantrum".

US Democratic Senator Amy Klobuchar, who is leading the push for a similar
bill in Washington DC, has also spoken up in support of Canada's law.

Meta has already begun restricting access to news to a small percentage of
Canadians in tests and said it plans to implement a full blackout in the
coming weeks.

On Instagram, some users have reported seeing a message that reads "In
response to Canadian government legislation, news content can't be viewed in
Canada" when trying to view news content.-bbc

-bbc

Invest Wisely!

Bulls n Bears 

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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

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