Major International Business Headlines Brief::: 12 July 2023

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Major International Business Headlines Brief::: 12 July 2023 

 


 

 


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

 


 

 


 

ü  Kenya: Nairobi Largely Deserted As Police Patrol Streets, Most Businesses Closed

ü  Nigeria: NNPCL Restates Plan to Sell Shares Soon

ü  Nigeria: Persistent Vandalism of NNPCL Pipelines Will Cause Petrol Scarcity, Marketers Warn

ü  Nigeria: Reps Asks Govt to Lift Ban On Fuel Sale At International Borders

ü  Nigeria: Stop Excess Charges, Illegal Deductions, Reps Tell Commercial Banks

ü  West Africa: Cameroon's Separatists Torch Trucks of Cocoa As Farmers Protest

ü  Rwanda: Public Transport Set for Boost as New Buses Arrive

ü  Nigeria: Senate Probes NNPCL's Subsidy Regime

ü  Tanzania: Zanzibar Plans to Produce 48mw of Solar Power

ü  Nigeria: Forbes 2023 Index - Dangote Still Africa's Richest Man for 12th Consecutive Year

ü  Ethiopia Wants to Join the BRICS Group of Nations - an Expert Unpacks the Pros and Cons

ü  New Renault-Geely engine firm to have headquarters in UK

ü  India CEO criticised for picking AI bot over human staff

ü  Canada probes Nike, Dynasty Gold over alleged use of Uyghur forced labour

ü  Bank of America fined for junk fees and fake accounts

ü  Microsoft's deal to buy Call of Duty maker boosted by US judge

 


 

 


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Kenya: Nairobi Largely Deserted As Police Patrol Streets, Most Businesses Closed

Nairobi — Nairobi was largely deserted Wednesday, with most businesses closed due to planned demonstrations called by Azimio leader Raila Odinga and other civil society groups to protest the high cost of living.

 

In the Central Business District, only a few businesses were opened with less foot traffic on the streets and heavy police patrols, some on horseback.

 

The situation was the same in downtown which is usually congested

 

Inspector General of Police Japhet Koome has banned any form of protests or demonstrations and gatherings and ordered police to disperse groups.

 

-Capital FM.

 

 

 

Nigeria: NNPCL Restates Plan to Sell Shares Soon

"As a company that is guided under the regulations of the Companies and Allied Matters Act, the NNPC Limited will declare its shares to the public for acquisition very soon."

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has restated plans to issue its Initial Public Offer (IPO) to investors very soon.

 

The Group Chief Executive Officer (GCEO) of NNPC Ltd, Mele Kyari, said this at the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy Conference and Exhibition on Tuesday in Abuja.

 

The News Agency of Nigeria (NAN) reports that the theme of the conference is, "Powering Nigeria's Sustainable Energy Future."

 

 

Mr Kyari while speaking on "Redefining Nigeria's Energy Landscape for a Sustainable Energy Future" said the decision was based on the law.

 

"As a Company that is guided under the regulations of the Companies and Allied Matters Act, the NNPC Limited will declare its shares to the public for acquisition very soon."We will pay taxes; we will pay royalties like anyone; we will also pay dividends to our shareholders which many of you are.

 

"We are in business and business means competition. We are a private sector, forget about the fact that we are owned by the government 100 per cent.

 

"You are also aware, we are going Initial Public Offer very soon, we will sell a part of our equity.

 

" It is in the law, and once that happens, we will not be any different for any of you and it will be a very different business environment," he said.

 

On subsidy removal, Mr Kyari said it had ensured positive change in the sector by freeing up capital for powering the sustainable supply of energy.

 

"Are we positioned to facilitate business? Yes, but our partnership produced over 80 per cent of the oil and gas in the country either directly or through our off-stream company or through our partnership.

 

"I am in a position to facilitate business. On the PSC today, we are just agents of the state, trying to make sure we deliver value to them and then they will pay.

 

"I am sure you appreciate this new relationship. The PSCs are not on the balance sheet of the NNPCL.

 

"We make sure you do your work because when you do, we are compensated 40 per cent of your profit oil, so it is important for us as well as business for us," he said.

 

 

On energy poverty, the NNPCL boss said the focus was now to ensure that more people had access to energy.

 

Mr Kyari said, "Over 30 per cent do not have access to electricity. So, is energy available or is it the problem of affordability?

 

"Or it is that we have an unsustainable situation or is it combination of all of them? I think we are dealing with the combination of all."

 

According to him, if energy is not available, it is not affordable in a definite sense.

 

He said this was due to many structures and issues that made affordability a matter of concern for everybody.

 

"We supply gas, we do not get payment for it; We supply power and we do not get payment for it.

 

"So, you cannot run any business this way. You cannot be sustainable. You cannot create affordable energy and it will not be available."

 

According to him, affordability, accessibility and sustainability are the drivers of Nigeria's energy future.

 

He said that key initiatives on the horizon for NNPCL would include expanding gas infrastructure to deliver gas across West Africa and potentially, Europe.

 

He further said the expansion of the liquefaction capacity of NLNG and enabling the availability of LPG as a cooking fuel and CNG as an alternative fuel for automobiles were paramount.

 

Mr Kyari then reiterated the need to bridge the skilled manpower gap, ensure asset security, and invest in infrastructure to transform challenges into opportunities.

 

NAN reports that the NOG Energy Week is Nigeria's foremost international energy conference aimed at discussing policy implementation, vital energy agenda and investments, among others.

 

The ongoing event was attended by policymakers, regulators, leaders, stakeholders and partners of the industry.

 

(NAN)

 

-Premium Times.

 

 

 

Nigeria: Persistent Vandalism of NNPCL Pipelines Will Cause Petrol Scarcity, Marketers Warn

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Ejigbo Satellite Depot, has warned of possible scarcity of petrol except the government acts fast to address rampant third party infringement of pipelines at Idimu, Alimosho Local Council Development Area of Lagos.

 

The IPMAN Ejigbo Satellite Depot chairman, Mr Akin Akinrinade, disclosed that some vandals, who were found scooping petrol on System 2B pipeline in front of Good Luck Estate, Idimu, absconded when the security agents tried to apprehend them.

 

Akinrinade said: "IPMAN Satellite Depot are constrained with heavy heart to announce the vandalisation of the Nigerian National Petroleum Company Limited (NNPCL) pipeline at Idimu in Alimosho LCDA, of Lagos State, in front of Good Luck Estate.

 

 

"This continuous vandalism is a setback to the effort of IPMAN and NNPCL to ensure uninterrupted supply of petrol to Lagos and the entire Southwest region of Nigeria.

 

"It is noteworthy that a 33,000 litre truck with registration number JND 162 XA which belongs to one R. A. Oluwakemi, a marketer, loading at Ibadan depot was apprehended at the scene of petrol scooping in Idimu."

 

'The truck was painted in blue and white colour, with registration number JND 162 XA was apprehended at the scene of the vandalism,' he added.

 

According to Akinrinade, IPMAN appreciated the effort of the security agencies in apprehending the culprits.

 

 

"We underscore the immediate effort of the Commissioner of Police, Lagos State, the Area Commander, Area "M", Idimu. The Nigeria Security and Civil Defence Corps (NSCDC) and the Nigerian Navy are also appreciated for their efforts," he said.

 

He, however, urged the security agencies involved in investigating the unpatriotic act to take the investigation to a logical conclusion and justice is served appropriately.

 

He called on Lagos State government, whose duty it is to protect lives and properties within its jurisdiction, to be proactive in protecting the NNPCL pipelines, within the state.

 

The marketers said, the residents also have the duty to protect these critical Government infrastructures and provide credible and timely intelligence to IPMAN and security agencies regarding the pipelines.

 

Akinrinade said, the vandals absconded, while all their scooping equipment and the trucks were abandoned.

 

 

According to him, the items abandoned have been taken to Idimu Area "M" Command by the security agents.

 

"We appeal to the police to do justice and bring the culprits to justice.This is not the first time vandals had been arrested and trucks recovered at the scene of this nefarious act are found back on the road within a short time," he said.

 

The chairman, therefore, condemned activities of pipeline vandals in the area, adding that incessant pipeline vandalism was having negative effects on the country's economic growth.

 

He urged security agents at the federal and state levels to live up to their duties, by ensuring that the such acts were brought to an end, advising that the culprits should be dealt with within the law.

 

"We at the Ejigbo Satellite Depot are ready to lend a helping hand to security agents in bringing pipeline vandalism to a halt. We have adopted a system that does not encourage vandalism. Security agents close to the pipeline network should also assist in patrolling around the axis," he said.

 

Akinrinade advised that security agents, saddled with the responsibility of protecting the pipelines, to have relationships with IPMAN executives and the traditional rulers in those communities.

 

He called on the federal government to impose tougher penalties against petroleum pipeline vandals, saying, the act affects the socio-economic growth of the nation.

 

He said, IPMAN also supported the government's efforts to ensure that the pipelines were continuously monitored.

 

According to him, anyone caught trying to sabotage oil facilities, will be handed over to the law enforcement agency to face appropriate sanctions.

 

He urged communities along pipeline networks to always ensure that suspects apprehended are handed over to the security agents.

 

He assured that IPMAN members would always be ready to support NNPCL, by reporting any suspicious activity around pipelines and other oil and gas facilities.

 

He stressed that the corporation, on its own part, should do everything possible to ensure the safety of lives and property around its facilities.

 

Similarly the Lagos State Police Command said, its operatives have foiled an attempt by hoodlums to steal oil at the Nigerian National Petroleum Corporation (NNPC) Pipeline.

 

The Command's spokesperson, SP Benjamin Hundeyin, made this known on his Twitter handle at the weekend.

 

He said that the incident happened at 2:00 a.m. in the Idimu area of the state.

 

Hundeyin said that the hoodlums unlawfully gained access into the site and were syphoning oil from the pipeline into their tanker.

 

-Leadership.

 

 

 

Nigeria: Reps Asks Govt to Lift Ban On Fuel Sale At International Borders

Abuja — ·Not all land borders are opened -- Acting Customs CG·Affirms seizures of smuggled fuel

 

The House of Representatives yesterday asked the Federal Government to lift the ban on the sale of fuel around communities within 20 kilometres of Nigeria's borders.

 

It also urged the Nigerian Customs Service, NCS, and other relevant government agencies to ensure immediate stoppage of the ban and allow duly registered fuel stations within the affected communities to be supplied with petroleum products.

 

The call followed the consideration of a motion moved at plenary by Adegboyega Nasir Isiaka.

 

 

Presenting the motion, Isiaka said the Customs Service in November 2019 announced the ban on sales and supply of petroleum products in the communities.

 

Isiaka, while acknowledging that the ban was necessary to stop smuggling of subsidised petroleum products, appealed to government to do the needful now that subsidy had gone, to reduce the hardship it had caused communities.

 

"The ban has continued to impact negatively on the socio-economic activities in the affected areas," he said.

 

Adopting of the motion, the House mandated its Committee on Customs and Excise (when constituted) to ensure implementation.

 

Meanwhile, the Acting Comptroller-General of the Nigerian Customs Service, NCS, Mr Wale Adeniyi, said yesterday not all the nation's land borders had been reopened.

 

 

The acting CG also affirmed that there had been seizures of smuggled fuel at the borders, adding that it would take some time before the issue of smuggling of fuel across the border would completely dissipate

 

Fielding questions from State House correspondents after meeting President Bola Tinubu at the Presidential Villa, Abuja, Adeniyi said the Federal Government had not ordered that all land borders across the country be opened.

 

Recall that there have been speculation that the president had approved the reopening of all land borders upon his inauguration in office.

 

But the acting Comptroller-General told journalists that the borders which were not among the selected strategic ones that were reopened in 2022 remained shut, although a thorough review of the situation was currently ongoing.

 

He said as part of efforts to enhance border security and regional integration, he planned to visit the Republic of Benin to engage in discussions with their Customs administration.

 

-Vanguard.

 

 

 

Nigeria: Stop Excess Charges, Illegal Deductions, Reps Tell Commercial Banks

The House of Representatives yesterday asked commercial banks operating in the country to stop excess charges and illegal deductions from their customers.

 

The call came as the House unanimously adopted a motion by Godwin Offiono from Cross River at plenary.

 

Presenting the motion, Offiono noted that some banks and financial institutions in Nigeria indulge in the unethical practice of fleecing their customers through excessive charges and unauthorised deductions.

 

He also stated that customers of different commercial banks are groaning over excessive charges on their accounts by financial institutions known as Deposit Money Banks (DMBs) which have reportedly introduced different deductions to increase their income, a development that is uncomfortable to customers.

 

 

The lawmaker acknowledged that apart from Stamp Duty, bank customers also pay Value Added Tax (VAT) charges applicable on all VATable transactions in their account.

 

Offiono said: "Commercial banks are charging outrageous interest on loans and overdraft at a rate that is higher than the agreed rate in the offer letter.

 

"The arbitrary increase in the interest rate on loans and overdrafts and increase in the other fees without notifying and getting customers' consent, as stipulated in the Central Bank/Chartered Institute of Bankers of Nigeria (CIBN) guideline."

 

He expressed concern that the creation of charges not recognised in the Central Bank Guide to bank charges is a common practice by commercial banks.

 

He also expressed concern about "the wrong application of maintenance fees, banks overcharging maintenance fees, the inclusion of transactions exempted from maintenance charge, loan liquidation and bank-induced transactions amongst others."

 

According to him, when affected customers attempt to lodge complaints to the banks' customer care units, they are treated with disdain.

 

While adopting the motion, the House mandated the Committee on Banking and Currency (when constituted) to investigate the issue of excess charges and illegal deductions by commercial banks in Nigeria and report back within four weeks for further legislative action.

 

-Leadership.

 

 

 

West Africa: Cameroon's Separatists Torch Trucks of Cocoa As Farmers Protest

Yaounde, Cameroon — Cameroon's anglophone rebels have torched truckloads of cocoa that were bound for French-speaking towns as farmers protest a ban of exports to Nigeria.

 

Cocoa farmers have blocked hundreds of tons of the beans from leaving their farms and are staging daily street action after the government cracked down on cocoa and other cash-crop smuggling by banning exports to neighboring Nigeria.

 

Cameroon's farmers say they can get nearly double the price for cocoa in Nigeria, where they don't face threats from separatists.

 

Joan Mary Becke, 27, is one of the cocoa farmers protesting the move this month in Mamfe, a town on Cameroon's border with Nigeria.

 

Speaking via a messaging app, she said they can earn about $2 per kilogram selling to Nigeria, nearly double compared to Cameroon, where anglophone rebels threaten their shipments.

 

"We should be able to decide where and when to sell our cocoa," she said. "The government of Cameroon has been unable to protect farmers from separatists who have prohibited the sale of cocoa in French-speaking regions. Should farmers and their families die of hunger when there is a ready Nigerian market for cocoa?"

 

 

Becke said the rebels this month torched several trucks transporting cocoa from Cameroon's southwest region to the coastal business hub of Douala.

 

Farmers told VOA the rebels torched at least six truckloads of cocoa in the past 10 days.

 

Cameroon government and military officials confirmed that rebels torched trucks hauling cocoa but would not say how many were destroyed.

 

Cocoa farmers have been holding daily street protests aimed at the export ban in southwestern villages and towns and say they will continue until the government lifts the ban.

 

On June 13, Cameroon announced a temporary ban on cocoa, cotton, and other cash crop exports to Nigeria to save the country from losing $165 million each year to smuggling.

 

 

The government says it dispatched several hundred police and customs officers to the border to stop illegal cocoa exports.

 

Mamfe Robert Ashu Tabechong, the mayor of Mamfe, said farmers are still able to sell cocoa to smugglers for export through the porous border to Nigeria.

 

"We cannot collect revenues. Without collecting revenues, we cannot develop our municipality," Tabechong said. "We have support from the forces of law and order [military] to enable us [to] combat the middlemen and secessionists transporting cocoa to Nigeria because Nigeria, lately, they have many factories that are transforming cocoa into chocolates and other things."

 

Tabechong said Cameroon should either lift the cocoa ban or at least allow farmers to sell some of the beans to Nigeria.

 

Cocoa farming is one of the main sources of livelihood in southwestern Cameroon. The Ministry of Trade says the region contributes about 60 percent of the 300,000 tons of cocoa grown in Cameroon each year.

 

Viang Mekala, the most senior government official in Manyu, the administrative unit where Mamfe is located, spoke to VOA while addressing protesting cocoa farmers Tuesday in Mamfe.

 

"When the hierarchy will see our report, they will know what to say, and the answer to give to the population," Mekala said.

 

Cameroon's government says illegal cocoa exports to Nigeria spiked after anglophone separatists launched a rebellion in 2017 to break away from the French-speaking majority. The rebels declared their own ban on the sale of cocoa to French-speaking towns.

 

Cameroon authorities say the military will protect farmers who sell their cocoa to the French-speaking regions. However, Cameroon's cocoa farmers cite this month's attacks on cocoa trucks and say they are not convinced.

 

-VOA.

 

 

 

Rwanda: Public Transport Set for Boost as New Buses Arrive

Five State-of-the-art buses have arrived as part of the measures to address the issues faced by commuters in public transportation and ensure the smooth functioning of the system. Public transportation has always been a crucial mode of commuting, especially in urban areas like Kigali.

 

The buses have been acquired by the Jali Transport Company, whose fleets normally operate from Nyabugogo Bus Park to Kimironko Bus Park, Downtown Bus Park to Kimironko Bus Park, Kimironko Bus Park to Batsinda, and other areas in Kigali, have been added, The New Times understands.

 

 

Additionally, the company is expecting 20 more Yutong buses-- a Chinese manufacturer of commercial vehicles, especially electric buses, headquartered in Zhengzhou, Henan, with the intent to reduce the queues during peak hours, particularly in the evening.

 

Innocent Twahirwa, Managing Director of Jali Transport, said, "They are new models that closely resemble the older ones. However, they are incorporating updates and improvements in various aspects such as aesthetics, safety features, comfort and performance."

 

Elyse Igiraneza, a bus driver in Kigali, is of the view that this will solve capacity issues and increase the efficiency of the public transport system, arguing that overcrowding and long queues at bus stops have been a major problem.

 

Igiraneza, who has over 10 years of experience in the public transport domain, revealed that long waiting times for passengers and overcrowding have been major reasons for poor services among bus companies. "Thus, it will contribute to more reliable and efficient services," he said.

 

 

Christian Mugisha Nshuti, a university student and resident of Kigali, echoed the same sentiments: "I expect improved frequency and punctuality of services. I mean people won't have to wait so long, which normally results in the frustration we have endured for so long."

 

"However, the anticipated potential traffic jam is worrisome, and I would recommend that the authorities properly implement strategies, as they always do, to maintain our safety," he added.

 

During the 18th National Dialogue (Umushyikirano) in February this year, Patricie Uwase, the Minister of State for Infrastructure announced that over 300 new public transport buses will be introduced in Kigali in the next three months to ease public transport.

 

As these efforts gain traction, it is hoped that public transportation will regain its status as a reliable and preferred mode of travel for commuters in Kigali.

 

-New Times.

 

 

 

Nigeria: Senate Probes NNPCL's Subsidy Regime

Some senators also called for palliatives for Nigerians following the removal of fuel subsidy.

 

The Senate on Tuesday constituted an ad hoc committee to investigate the fuel subsidy regime of the Nigerian National Petroleum Company Limited (NNPCL).

 

This followed the adoption of a motion by Patrick Chinwuba (APC-Imo) during plenary on Tuesday.

 

The motion was tagged "Need to Investigate the Controversial Huge Expenditure on Premium Motor Spirit (PMS) under the Subsidy/Under Recovery Regime by the Nigerian National Petroleum Company Limited (NNPCL)."

 

Moving the motion, Mr Chinwuba said the federal government, on 11 May 2016, announced an increase in fuel pump price from N87 to between N135 and N145 per litre.

 

"This was in its fight against corruption and in order to plug the presumed highly proliferated leakages, wastages and slippages surrounding the fuel subsidy as well as in an attempt to end the controversial subsidy regime.

 

 

"At the inauguration of the present government on May 29, the president took a bold step to announce the total removal of fuel subsidy, noting that the scheme has increasingly favoured the rich more than the poor," he said.

 

He said the government's interest in exiting the subsidy regime was in line with the policy of reducing the cost of governance and the desire to eliminate corrupt practices surrounding the scheme.

 

"The NNPCL, within the period of subsidy exit attempt, substituted the term subsidy with under recovery without any recourse to the National Assembly or supervision by any other arm of the government.

 

"While NNPCL within ten years, 2006 and 2015, claimed about N170 billion as under-recovery, the same NNPCL within 13 months, January 2018 to January 2019 claimed a whopping sum of N843.121 billion as under-recovery," he said.

 

 

The lawmaker expressed worry that the uninvestigated and alarming cost of under-recovery/direct deductions by NNPCL without necessary checks had led to a great misunderstanding of the government's good intention on subsidy removal.

 

Supporting the motion, Jibrin Isa (APC-Kogi) said that utilising the savings arising from removing the subsidy was very important.

 

"This is where our oversight function comes to play.

 

"These monies that are going to be recovered from the discontinuance of fuel subsidy should be used to revive some of the ailing companies in particular; the Ajaokuta Steel Complex, Itakpe Iron Ore Mining Company in Kogi and Oshogbo Iron and Steel Rolling Mills in Osun.

 

"Those projects can create a lot of employment opportunities, create a lot of revenue for the government," he said.

 

Also, Osita Izunaso (APC-Imo) said, "We need to look at the palliatives to cushion the effects of subsidy removal.

 

"Much as we are going to make a lot of gains from subsidy removal, we have to look at the suffering of our people."

 

Mohammed Monguno (APC-Borno) said the previous government never had the political will to withdraw the subsidy.

 

"We thank this government for taking the bull by the horn and gathering all the political will to withdraw the subsidy in the interest of Nigerians.

 

"We are now saving a lot of money, which we can use to deploy for revamping our infrastructure.

 

"In view of the hardship unleashed on Nigerians as a result of the subsidy, there is the need for government to take responsibility in cushioning the effect of the removal," he said.

 

All senators unanimously adopted the prayers after a voice vote by Senate President Godswill Akpabio.

 

(NAN)

 

-Premium Times.

 

 

 

Tanzania: Zanzibar Plans to Produce 48mw of Solar Power

IN efforts to respond to growing demand of electricity supply to the increasing development projects, Zanzibar government has plans to produce 48 Megawatts of solar electricity by 2024.

 

The Principal Secretary in the Ministry of Water, Energy and Minerals, Joseph Juma Kilangi, said this during the signing of the agreement between his ministry and the German company- International Energy Consultants GmbH (GOPA) for the power production, to be implemented under the ongoing Zanzibar Energy Sector Transformation and Access (ZESTA) project.

 

"We are aiming to solve the power shortage in the country and have reliable supply for our investors and citizens," Mr Kilangi said.

 

 

He said that the 48 megawatts of electricity that will be produced from solar power will help improve power reliability, required to promote the economy of Zanzibar.

 

PS Kilangi mentioned the areas that will be served by solar electricity include Makunduchi, Ubago and Matemwe. He said the doors are still open for other investors to come and set up their investments in the energy sector because more electricity will be required.

 

He said that the electricity that is expected to be produced by the GOPA is a catalyst for increasing the economic activities in the country.

 

The PS asked the investors to speed up the project, as the electricity service is important for the country and it also brings benefits in the development of the country.

 

The Zanzibar Electricity Company ZECO General Manager, Engineer Mshenga Haidar Mshenga, said that through the project, they will do additional work to produce solar electricity during that period.

 

In addition, he promised "ZECO will ensure that the project is realised as per agreement.

 

The Executive Director of GOPA Mr Paul Freunscht thanked the Zanzibar government for the cooperation and accepting the project aimed at increasing productivity.

 

-Daily News.

 

 

 

Nigeria: Forbes 2023 Index - Dangote Still Africa's Richest Man for 12th Consecutive Year

Nearly half the planet's billionaires are poorer than they were a year ago. A total of 254 people have lost their billionaire status altogether yet others recorded gains.

 

For the 12th year consecutively, Aliko Dangote, President of the pan-African Conglomerate, the Dangote Group, has emerged the richest man in Africa, despite economic headwinds that affected the fortunes of half of the world's reported billionaires.

 

Mr Dangote, whose business flagship, Dangote Cement Plc is the largest producer of cement in Africa, is the only Nigerian in the list of first 200 richest men in the world with an estimated net worth of $14.2 billion, up from last year's $12.1 billion.

 

Forbes, in its latest ranking of world billionaires for 2023 reported that falling stocks, wounded unicorns and rising interest rates translated into a down year for the world's wealthiest people.

 

Mr Dangote, presently ranked 124th among the world's richest billionaires, is the only Nigerian in the top 200 world billionaires and one of the two Africans within that bracket; with South Africa's Johann Rupert, who deals in luxury goods ranked 157th with a net worth of $11.1 billion.

 

 

Africa's richest man founded and chairs Dangote Cement, the continent's largest cement producer. Dangote Cement has production capacity of 51.6 million tonnes per year across ten countries in Sub-Saharan Africa, with integrated factories in seven countries, a clinker grinding plant in Cameroon, and import and distribution facilities in Ghana and Sierra Leone.

 

Mr Dangote also owns stakes in publicly traded Dangote Salt (NASCON) and Dangote Sugar manufacturing companies.

 

His Dangote Petroleum Refinery, touted to be the world's largest single-train refinery, was recently commissioned and is expected to process 650,000 bpd of petroleum for domestic consumption and export; in what experts have described as a game changer in the oil and gas sector.

 

 

The foremost philanthropist had earlier been rated 11th of the 50 World greatest men and women of all time by the Fortune Magazine, an American multinational business magazine which premised the ranking of the world's greatest mainly on the businesses run by the men and how they have used it to impact their society positively.

 

The time-tested magazine, which first edition was published in February 1930, said the world's greatest men and women are transforming the world and inspiring others to do so in business, government, philanthropy and the arts. "These thinkers, speakers, and doers make bold choices and take big risks- and move others to do the same", the magazine declared.

 

Specifically, Mr Dangote earned nomination after being adjudged as having used his business to acquire wealth and is now converting his wealth into impactful philanthropy through his Aliko Dangote Foundation.

 

 

The top 10 greatest men and women, according to Fortune Magazine are: Bill and Melinda Gates, Jacinda Ardem, Robert Mueller, Pony Ma, Satya Nadella, Greta Thunberg, Margrethe Vestager, Anna Nimiriano, Jose Andres, Dough Mcmillon and Lisa Woods.

 

The ranking of Mr Dangote as one of the greatest business leaders had attracted comments by eminent persons around the world who described him as worthy of the nomination going by his business acumen and philanthropic gestures.

 

On the billionaires ranking for 2023, Forbes, the global media company said nearly half the world richest list are poorer than a year ago, including Elon Musk with net worth of $180 billion, falling from No. 1 to No. 2 after his pricey acquisition of Twitter helped sink Tesla, his multinational automotive and clean energy company.

 

Benard Arnault, the 74-year old French, who is the head of luxury goods giant LVMH, was ranked number one richest man in the world with a net worth of $211 billion, the very first time a France national will top the list.

 

Forbes reported that the party is over for many of the world's richest people.

 

For the second straight year, both the number of billionaires around the globe has declined from 2,668 in 2022 to 2,640 in 2023 and total billionaire wealth has dropped, too - down by $500 billion, to $12.2 trillion - as turbulent times have hit both public and private markets.

 

Nearly half the planet's billionaires are poorer than they were a year ago. A total of 254 people have lost their billionaire status altogether yet others recorded gains.

 

Overall, the United States still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion. China (including Hong Kong and Macau) remains second, with 562 billionaires worth $2 trillion, followed by India, with 169 billionaires worth $675 billion. To calculate net worths, Forbes used stock prices and exchange rates from March 10, 2023.

 

-Premium Times.

 

 

 

Ethiopia Wants to Join the BRICS Group of Nations - an Expert Unpacks the Pros and Cons

A few years ago, the BRICS grouping - Brazil, Russia, China, India and South Africa - had lost salience because three of its members were in severe economic difficulty. Brazil, Russia and South Africa are primarily natural resource exporters and were badly affected by the global commodity price bust of 2014.

 

Russia's invasion of Ukraine has now given BRICS a new geopolitical salience as the members and their respective allies respond to events.

 

Read more: South Africa's role as host of the BRICS summit is fraught with dangers. A guide to who is in the group, and why it exists

 

In the emerging world order there is also now increased demand to join BRICS, in part as a countervailing power to "the west". Argentina, Saudi Arabia and lately, Ethiopia, have expressed strong interest in becoming members.

 

I have researched the political economy of globalisation in Africa over the last 30 years. I have specifically examined the scramble for Africa by the US and China, South Africa's involvement in BRICS, the nature of BRICS engagement with Africa and market and resource access by BRICS in southern Africa. It would be a major coup for Ethiopia if it were able to join the grouping as it would raise its global profile, allow it to interact and coordinate more closely with some of the major world powers and move the discourse beyond the recent civil war there, potentially enabling it to attract more investment.

 

 

Opportunities

 

Ethiopia has cited its key role in founding the African Union and other institutions, along with its national interest as grounds for seeking BRICS membership. In my opinion, there are five key reasons why Ethiopia would want to join the grouping.

 

Deteriorating relations with western powers: Ethiopia has historically depended on substantial western support through aid and security cooperation. But its relations with the west have soured as a result of the civil war, in which it human rights violations were reported. Joining BRICS would make the country more geostrategically important, perhaps encouraging western powers to downplay human rights concerns, as they have in the past in the interests of "realpolitik".

 

 

Alternative growth frontier: Ethiopia remains one of Africa's fastest growing economies, at over 5% a year. It has developed strong economic ties with China in recent decades. Similarly, Indian companies have been acquiring land in Ethiopia. China and India are now Africa's two largest single trading partners (not counting the European Union as a single entity). Joining BRICS would signal openness and lead to greater cooperation through platforms like the business council and forum. It could also add impetus to the "resurgent Ethiopia" narrative, an image the authorities are keen to promote to attract investments.

 

Negotiations over finance: The Ethiopian government is negotiating a financial package with the International Monetary Fund. Joining BRICS might give it greater leverage. Western powers, which largely control the IMF, might be more wary of alienating Ethiopia in BRICS and driving it further "into the arms" of China. The creation of a new BRICS currency, to challenge US dollar hegemony, is on the agenda and its existing Contingency Reserve Arrangement already partly competes with the IMF.

 

 

Non-interference policy: BRICS powers rhetorically largely subscribe to non-interference in the sovereign affairs of other states, with the qualification that President Lula de Silva of Brazil talked about "non-indifference" to human rights when he was previously in power and Russia has violated the principle through invasions and election interference, amongst others. Ethiopia may be interested in the political cover that joining BRICS would provide. The Russian invasion of Ukraine has received political cover from China, and some would argue from South Africa. The Ethiopian government may be keen to avoid human rights governance conditions attached to new loans, aid or debt relief from the west.

 

A prime minister seeking new friends: BRICS membership would help restore the tarnished image of Prime Minister Abiy Ahmed, who is a Nobel peace prize recipient. Ahmed was heavily criticised as a war-monger during the civil war in Ethiopia's Tigray region. Joining the BRICS club would show that his government is still politically acceptable to some major world powers.

 

The risks

 

There would of course be risks in Ethiopia joining the BRICS. Western powers might perceive it as drifting into the alternative geopolitical bloc or alignment, which could reduce aid and investment from them. But this could also have advantages for Ethiopia's relations with the west by making the country more geo-strategically important.

 

Based on past experience, Ethiopia would be an unlikely addition to the grouping. The last and only country to be admitted after the group's founding was South Africa in 2010. Other countries have applied and have not been admitted. BRICS now operates in what is sometimes described as a BRICS-plus format with countries such as Egypt already members of its development bank and all African leaders invited to the up-coming BRICS' summit in South Africa.

 

Ethiopia's economy, estimated at around US$126.78 billion in 2022, is less than half the size of South Africa's US$405.87 billion. South Africa is by far the smallest economy in the BRICS. But in some ways Ethiopia might be seen as a more representative African country in BRICS than South Africa. Ethiopia hosts the African Union headquarters and United Nations Economic Commission for Africa. Its capital, Addis Ababa, is sometimes described as the continent's diplomatic capital. The outcome of Ethiopia's application will likely be known after the next summit in August.

 

 

 

 

New Renault-Geely engine firm to have headquarters in UK

A new global company being launched by French motor giant Renault and Chinese carmaker Geely is set to have its headquarters in the UK.

 

The firms will invest up to €7bn ($7.7bn; £6bn) to develop low-emission petrol, diesel and hybrid engines.

 

It will employ about 19,000 workers at its 17 engine factories, as well as five research and development hubs.

 

The deal comes even as much of the global motor industry is shifting its focus to developing electric vehicles.

 

Renault and Geely said in a statement that the new company will use its UK headquarters to "consolidate operations, build on synergies, and define future plans."

 

The firm will be launched later this year and supply engines to car makers such as Volvo, Nissan and Mitsubishi.

 

"We are proud to join forces with a great company like Geely... to disrupt the game and open the way for ultra low-emissions ICE [internal combustion engine] technologies," Renault chief executive Luca de Meo said.

 

Geely Holding Group chairman Eric Li added that it planned "to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world."

 

The firms also said Saudi energy giant Aramco may join the venture and that it was "evaluating a strategic investment".

 

Aramco - which is the world's biggest oil and gas company - is a major emitter of greenhouse gases that contribute to climate change.

 

Earlier this year, Aramco's president and chief executive Amin Nasser said the company would increase its investments in lower-carbon technologies.

 

China overtakes Japan as world's top car exporter

Chinese owner of MG car brand to build Europe plant

The Renault-Geely deal comes as demand for electric vehicles continues to grow in countries around the world, including the UK.

 

However, a typical new electric vehicle (EV) is still more expensive than an equivalent petrol or diesel car.

 

In recent years, Hangzhou-headquartered Geely has also been investing in making EVs.

 

A decade ago, it bought Coventry-based London black cab manufacturer London Taxi Company, in a deal worth £11.4m ($14.8m).

 

In 2017, the cab maker was renamed the London Electric Vehicle Company, to highlight its focus to switch to EV technology.

 

It developed London's first electric black cab, with around 5,000 of the vehicles now on the capital's streets.-bbc

 

 

 

India CEO criticised for picking AI bot over human staff

An Indian CEO is being criticised after he said that his firm had replaced 90% of its support staff with an artificial intelligence (AI) chatbot.

 

Suumit Shah, founder of Dukaan, said on Twitter that the chatbot had drastically improved first response and resolution time of customers' queries.

 

The tweet sparked outrage online.

 

It comes at a time when there has been a lot of conversation and apprehension about AI taking away people's jobs, specially in the services industry.

 

In a series of tweets, which have over one million views, Mr Shah wrote about his firm's decision to use a chatbot. He said that though laying off staff had been a "tough" decision, it was "necessary".

 

"Given the state of economy, start-ups are prioritising 'profitability' over striving to become 'unicorns', and so are we," he wrote. Mr Shah added that customer support had been a struggle for the firm for a long time and that he was looking to fix this.

 

He also wrote about how they built the bot and the AI platform in a short span of time so that all of Dukaan's customers could have their own AI assistant. He said that the bot was answering all kinds of queries with speed and accuracy.

 

"In the age of instant gratification, launching a business is not a distant dream anymore," he wrote. "With the right idea, the right team, anyone can turn their entrepreneurial dreams into reality."

 

Mr Shah also added that the firm was hiring for multiple roles.

 

However, many users criticised his tweets and accused him of disrupting the lives of his staff with this "heartless" decision.

 

"As expected, didn't find any mention about the 90% staff that were laid off. What assistance were they provided?" asked one user.

 

"Maybe it was the right decision for the business, but it shouldn't have turned into a celebratory/marketing thread about it," said another.

 

Mr Shah responded to one tweet saying "as expected, someone will get offended on behalf of someone else" and added that he would post about assistance for his staff on LinkedIn, because on Twitter, people are in search of "profitability and not sympathy".

 

In recent years, generative AI tools like ChatGPT have proliferated and become more accessible. There have been reports of organisations using these tools to increase productivity while cutting costs. This has made workers fearful about losing their jobs to technology.

 

In March, Goldman Sachs published a report showing that AI could replace the equivalent of 300 million full-time jobs. In India, several firms are investing into AI to develop products and it has sparked concerns about job losses.-BBC

 

 

 

Canada probes Nike, Dynasty Gold over alleged use of Uyghur forced labour

Canada's ethics watchdog has launched investigations into allegations that Nike Canada and a gold mining company benefitted from Uyghur forced labour in their China operations.

 

The watchdog's probes stem from complaints filed by a coalition of human rights groups.

 

Nike says they no longer have ties to the companies accused of using Uyghur forced labour.

 

Dynasty Gold says these allegations arose after they left the region.

 

A United Nations report in 2022 found China had committed "serious human rights violations" against Uyghurs, an ethnic Muslim minority population living in the region of Xinjiang, that "may constitute international crimes, in particular crimes against humanity". Beijing denies the accusations.

 

Who are the Uyghurs?

This is the first such investigation announced by the Canadian Ombudsperson for Responsible Enterprise (Core) since it launched its complaint mechanism in 2021.

 

The agency alleges that Nike Canada Corp has supply relationships with several Chinese companies that an Australian think tank identified as using or benefitting from Uyghur forced labour.

 

In 2020, the think tank, Australian Strategic Policy Institute (ASPI), published a report estimating that over 80,000 Uyghurs had been transferred to work in factories across China.

 

The report says the company has not taken "any concrete steps to ensure beyond a reasonable doubt that forced labour is not implicated in their supply chain".

 

Nike says they no longer have ties with these companies and provided information on their due diligence practices.

 

According to the report, Nike turned down meetings with the ombudsman, but sent a letter saying "we are concerned about reports of forced labour in, and connected to, the Xinjiang Uyghur Autonomous Region (XUAR)".

 

"Nike does not source products from the XUAR and we have confirmed with our contract suppliers that they are not using textiles or spun yarn from the region."

 

The report on Dynasty Gold suggests it benefitted from the use of Uyghur forced labour at a mine in China in which the gold mining company holds a majority interest.

 

The mining company says it does not have operational control over the mine and that these allegations arose after it left the region.

 

Dynasty's chief executive Ivy Chong told the CBC the initial report was "totally unfounded".

 

The ethics watchdog has a mandate to hold Canadian garment, mining, and oil and gas companies working outside of the country accountable for possible human rights abuses that arise from their overseas operations, including in their supply chains.

 

"On their face, the allegations made by the complainants raise serious issues regarding the possible abuse of the internationally recognized right to be free from forced labour," Ombudsperson Sheri Meyerhoffer said in a copy of her initial assessment, made public Tuesday.

 

"It is our mission to resolve human rights complaints in a fair and unbiased manner in order to help those impacted and to strengthen the responsible business practices of the companies involved."

 

The watchdog looked into complaints filed by a coalition of 28 civil society organisations in June 2022.

 

There were 11 other complaints, besides the ones against Nike and Dynasty Gold, which the watchdog will release reports on soon.

 

The BBC has reached out to both companies for comment.-BBC

 

 

 

Bank of America fined for junk fees and fake accounts

Bank of America has been ordered to pay out $150m (£116m) in penalties after it was found to have opened credit cards without customers' permission.

 

Regulators also discovered the bank "double-dipped" fees from customers and withheld promised reward bonuses.

 

The violations at the US's second-largest bank affect hundreds of thousands of customers and date back to 2012 in some cases, regulators said.

 

Bank of America has not admitted or denied the investigation's findings.

 

The bank has been ordered to refund customers and pay a total of $150m in penalties to the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC).

 

Customer refunds are expected to be worth more than $80m, the CFPB said.

 

The regulator said Bank of America illegally applied for and enrolled consumers in credit card accounts without their knowledge or authorisation to help bank employees reach sales incentive goals.

 

Customers were charged unjustified fees and "suffered negative effects to their credit profiles", said the CFPB.

 

Bank of America is also accused of double-dipping fees that were charged when a customer had insufficient funds in their account.

 

People were charged $35 when a transaction was declined. But Bank of America allowed fees to be repeatedly charged for the same transaction.

 

The lender said it has since ended charging the $35 fee for insufficient funds and reduced overdraft fees.

 

Bank of America also eliminated sales goals for its credit card staff in January 2023, and agreed to keep that change in place for at least three years.

 

Rohit Chopra, director at the CFPB, said: "Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent.

 

"These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system."

 

President Joe Biden has pledged to crack down on "junk fees" imposed by companies across a range of industries, including sales of concert tickets and airline flights.

 

He has urged Congress to outlaw certain charges, such as fees for quitting a mobile phone or pay TV service before the contract expires.

 

Under his direction, the CFPB increased its scrutiny of banks and their customer fees in 2022, soliciting complaints from consumers about practices such as overdraft fees.

 

The White House has said its push has led to more than $5bn in annual savings for the public, after many banks, including Bank of America, voluntarily eliminated or reduced the charges.

 

Bank of America said the money it made from overdraft and non-sufficient fund fees has dropped more than 90% as a result of changes made in the first half of 2022.

 

The bank was fined $20m in 2014 and ordered to pay more than $700m to customers for deceptive marketing and illegal charges related to its credit cards. It was also ordered to pay $225m in penalties last year for botching the distribution of unemployment benefits.

 

-bbc

 

 

 

Microsoft's deal to buy Call of Duty maker boosted by US judge

The chances of Microsoft taking over major games publisher Activision Blizzard have been given a big boost after a US judge rejected a request from US regulators to block the deal.

 

Microsoft said after the US win it would focus on resolving concerns in the UK.

 

The tech giant's merger with the Call of Duty owner would be the biggest deal of its kind in gaming industry history.

 

Shares in Activision surged more than 10% as investors bet it would succeed.

 

In the US regulators had argued that such a deal, valued at $69bn (£56bn) last year, would hurt gamers and reduce competition by giving Microsoft, maker of the Xbox, the power to deny rivals access to Activision's games.

 

The Federal Trade Commission (FTC) had sought an emergency block of the deal, which is due to close later this month, while it challenged the plans.

 

But Judge Jacqueline Scott Corley said she did not think the regulator would win in its case.

 

"The FTC has not shown it is likely to succeed on its assertion the combined firm will probably pull Call of Duty from Sony PlayStation, or that its ownership of Activision content will substantially lessen competition in the video game library subscription and cloud gaming markets," Judge Scott Corley wrote in her decision, delivered after a week-long hearing in San Francisco.

 

The ruling in the US is the strongest indicator so far that the tech giant's purchase will eventually go forward.

 

It comes after the deal was approved by the European Union, while a bid to block the merger in the UK is currently under appeal.

 

Microsoft president Brad Smith said the company was "grateful" for the quick decision and would now turn its focus to the UK.

 

He and the UK's Competition and Markets Authority said the two sides had agreed to put litigation on hold while the company figured out a way to address the concerns, which had focused on the cloud gaming market.

 

"We stand ready to consider any proposals from Microsoft to restructure the transaction in a way that would address the concerns set out in our final report," a spokesperson for the CMA said.

 

The developments appear poised to deliver a major win for Microsoft, which is trying to keep up with market leaders PlayStation and Nintendo by investing heavily in gaming content that might encourage players to choose its platforms, including the Xbox console, over its rivals.

 

Activision Blizzard is responsible for major titles including Call of Duty, World of Warcraft, Diablo and Overwatch, and also owns King, the mobile games developer responsible for Candy Crush.

 

The fate of the Call of Duty franchise was key to regulators' arguments.

 

Arguing on the side of regulators, PlayStation boss Jim Ryan had said in a video deposition that Microsoft would be likely to restrict access to the series for PlayStation users, or offer them a degraded version.

 

However, Microsoft said it had offered a 10-year licensing agreement to Sony for the game and argued that it would make no financial sense to restrict access to such a massive following.

 

"Our merger will benefit consumers and workers. It will enable competition rather than allow entrenched market leaders to continue to dominate our rapidly growing industry," Bobby Kotick, chief executive of Activision Blizzard, said after the ruling.

 

In a message to staff shared by the company he added: "We're optimistic that today's ruling signals a path to full regulatory approval elsewhere around the globe, and we stand ready to work with UK regulators to address any remaining concerns so our merger can quickly close."

 

The decision in the US is not necessarily the end of the process. The FTC can appeal the ruling. It has also separately challenged the merger in a parallel process running in administrative court.

 

"We are disappointed in this outcome given the clear threat this merger poses to open competition in cloud gaming, subscription services, and consoles," FTC spokesperson Douglas Farrar said. "In the coming days we'll be announcing our next step to continue our fight to preserve competition and protect consumers."-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

 

 


 

 

 

 


 <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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