Major International Business Headlines Brief::: 13 July 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 13 July 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Subsidy Removal - Be Patient, Palliatives Will Come, Tinubu
Tells Nigerians

ü  Cote d'Ivoire: Côte d'Ivoire Is Launching Its First Satellite for Earth
Observation - and It's Locally Made

ü  Africa: The Future of US-Africa Trade and Investment [Executive Summary]

ü  Kenya: Iran Agrees to Establish a Vehicle Assembly Plant in Mombasa

ü  South Africa: 'Torching of Trucks an Act of Economic Sabotage' -
Transport Minister

ü  Kenya: Protestors Block Mombasa Road Near Mlolongo As They Bring Down
Nairobi Expressway Barrier

ü  Kenyan Nurses, Midwives to Work in Saudi Arabia

ü  Tanzania's Gas Boom That Never Was - When Local Hopes Are Dashed By
Global Realities

ü  Microsoft: China accused of hacking US government emails

ü  IMF approves long-awaited $3bn Pakistan bailout

ü  GST: India's online game tax could kill a booming industry

ü  Elon Musk accused of owing $500m in Twitter severance

ü  US inflation rises at slowest pace in two years

ü  Elon Musk announces new AI start-up

 


 

 


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

Kenya: Nigeria: Subsidy Removal - Be Patient, Palliatives Will Come, Tinubu
Tells Nigerians

President Bola Ahmed Tinubu yesterday in Abuja urged Nigerians to exercise
patience as the framework for palliatives to ameliorate the hardship brought
on by the petrol subsidy removal were being worked out.

 

He, however, gave assurance that the decision was in the best interest of
the country, especially in guaranteeing future prosperity.

 

President Tinubu made this call when he received the Class of 1999
governors, made up of 18 governors who were his contemporaries, at the
Presidential Villa, Abuja.

 

He appealed for more patience from Nigerians, while assuring that the
government will speed up the process and ensure a full-proof social security
structure that will not be compromised, especially in cash transfer.

 

 

"I understand that our people are suffering, yet there can be no childbirth
without pain. The joy of childbirth is the relief that comes after the pain.
Nigeria is reborn already with fuel subsidy removal. It is a rebirth of the
country for the largest number over a few smugglers.

 

"Please tell the people to be a little patient. The palliative is coming. I
don't want cash-transfer to fall into wrong hands. I know it pinches and it
is difficult. In the end, we will rejoice in the prosperity of our country,"
he told the governors who were led by former governor of Edo State, Lucky
Igbinedion.

 

"We served as governors and sat in this Council Chamber. All I wanted was
democracy and the salvation of the country. I never thought I was going to
be here as president, but God Almighty has brought me," President Tinubu
stated in a statement by presidential spokesman, Dele Alake.

 

 

Tinubu assured the governors and Nigerians that he will work towards "unity,
equity, stability, and prosperity of the country".

 

"My commitment to that democratic value is unwavering. I am overwhelmed and
honoured by the numbers of you here," he said.

 

President Tinubu noted that the country will not make meaningful progress
without fixing electricity, assuring that his administration will harness
gas resources, and explore every opportunity to ensure stable power
generation and supply.

 

On security, the president, who had earlier met with Governor Babagana Zulum
of Borno State to review situation in the North East, appealed to Nigerians,
especially residents of Plateau State, to sheathe their swords and use
dialogue in resolving conflicts, adding that issues of borders were
man-made, not created by God.

 

 

"We will do everything possible to stabilise the country," he added.

 

The former governors urged the president to pursue his vision for a greater
Nigeria with vigour, steadfastness, and resilience, and to trust in their
support for development policies.

 

"We are here with you. We are your foot soldiers, and you can tap into our
experience. You are a person who believes in Nigeria. With your good
leadership, Nigeria will take its place," Igbinedion said.

 

He said they were 19 at the meeting, including President Tinubu, who was
governor of Lagos State and George Akume, a former Benue State governor and
presently secretary to the government of the federation (SGF), adding that
10 of their mates had passed on .

 

Other former governors at the meeting with President Tinubu were Niyi
Adebayo (Ekiti), Sen. Orji Uzo Kalu (Abia), Sen. Sam Egwu (Ebonyi), Adamu
Muazu (Bauchi), Donald Duke (Cross River), James Ibori (Delta), Victor Attah
(Akwa Ibom), Chimaroke Nnamani (Enugu), Saminu Turaki, (Jigawa), Sen. Adamu
Aliero, Olusegun Osoba, (Ogun), Adebisi Akande (Osun), Sen. Joshua Dariye
(Plateau), Attahiru Bafarawa (Sokoto), Ahmad Sani Yarima (Zamfara) and Rev.
Jolly Nyame (Taraba).

 

Meanwhile, President Bola Tinubu has requested the House of Representatives
to amend the 2022

 

Supplementary Appropriation Act.

 

The President in a letter addressed to the speaker of the House, Abbas
Tajuudeen, read at plenary yesterday said the amendment is to extract N500
billion from the 2022 supplementary budget to provide palliatives to cushion
the effect of subsidy removal.

 

The letter reads: "I write to request for the amendment of the 2022
supplementary Appropriation Act.

 

The request became necessary to provide necessary palliatives to mitigate
the effects of the removal of fuel subsidy on Nigerians.

 

Tinubu Asks Govs To Nominate Competent Individuals For Parastatal Boards

 

President Bola Tinubu has called on governors across party lines to nominate
competent individuals for appointment into boards of parastatals.

 

Chairman of the Nigeria Governors' Forum (NGF) and Kwara State governor,
AbdulRahman AbdulRazaq, disclosed this in a communique after an emergency
meeting of the forum on Tuesday.

 

LEADERSHIP recalls that the president had on June 19 approved the immediate
dissolution of the governing boards of all federal government parastatals,
agencies, institutions, and government-owned companies.

 

Abdulrazaq said, "Members also resolved to commend President Bola Ahmed
Tinubu for showing leadership by extending opportunity to governors across
party lines, by asking them to nominate competent people from their fold for
appointment into boards of parastatals."

 

Governor Abdulrazaq added that the governors had taken urgent action to
combat the devastating effects of natural disasters and to safeguard
national food security.

 

He said the governors had received briefings from the National Emergency
Management Agency (NEMA) and the Nigerian Meteorological Agency (NiMet), and
had resolved to collaborate with relevant agencies to develop a robust and
coordinated response.

 

According to him, the primary objective is to save lives, protect
livelihoods, and ensure the preservation of critical infrastructure.

 

The governors called on the National Emergency Management Agency (NEMA) and
the Nigerian Meteorological Agency (NiMet) to develop a comprehensive
partnership framework to strengthen their engagement with the states.

 

According to them, by fostering collaboration and knowledge-sharing between
NEMA, NiMet, and the respective state governments, they can optimize their
preparedness and response mechanisms.

 

The governors also received the United Nations Under Secretary General Amina
J. Mohammed and Nobel Peace Prize Laureate Malala Yousafzai.

 

Malala highlighted the need to sustain efforts in addressing gender
discrimination and promoting girl-child education.

 

She expressed her desire for Nigeria to implement gender-responsive policies
and ensure access to quality education for girls.

 

The NGF expressed its readiness to collaborate with the UN and the Malala
Fund in achieving these goals.

 

-Leadership.

 

 

 

Cote d'Ivoire: Côte d'Ivoire Is Launching Its First Satellite for Earth
Observation - and It's Locally Made

Côte d'Ivoire has announced plans to launch its first satellite within the
next two years. A team of scientists in the fields of astrophysics and
geology tell The Conversation Africa about the potential benefits of this
development and how the country plans to realise its space industry
ambitions.

 

What kind of satellite does Côte d'Ivoire plan to launch?

 

YAM-SAT-CI 01 will be a nanosatellite for the observation of the Earth. A
nanosatellite is a small satellite, weighing from 1kg to 10kg. It will be
equipped with a camera which can provide images of the coast, forests,
natural parks and urban areas of the country.

 

The construction of the satellite is 100% Ivorian. It has been entrusted to
Universal Konstructors Associated, a private Ivorian company promoting
scientific and technological development in Côte d'Ivoire, in partnership
with the Institut National Polytechnique Félix Houphouët-Boigny of
Yamoussoukro.

 

 

It's the first step towards more sophisticated satellites and sensors which
have many applications. For example they can detect, monitor and map threats
to national security, illegal migration, deforestation, illegal gold mining
activities, soil humidity and water reservoirs. They can help minimise the
consequences of floods or droughts.

 

In Côte d'Ivoire, such a satellite could assist the government's efforts to
regulate artisanal mining and combat illegal activities and destruction of
the environment.

 

These applications rely on sophisticated image processing algorithms,
including the use of artificial intelligence.

 

What are the other potential benefits and spinoffs?

 

Earth observation provides data for agriculture, disaster management and
urban planning. The satellite supports various applications, including
monitoring vegetation health, mapping water resources, and analysing urban
growth patterns.

 

 

Aside from the technology's direct benefits, it serves the scientific and
economic development of the nation.

 

The project of building and launching a satellite is generally accompanied
by capacity building in many sectors related to the space industry. It
involves engineers and scientists to develop sensors and the ground segment
to track and communicate with the satellite.

 

Other important benefits of such projects include a wider use of
space-science technology. A satellite launch may lead to greater use of
Earth observations data and products, provided by numerous satellites
orbiting around our planet.

 

Who will be involved in this project?

 

The academic and private sectors all have a role to play in this scientific,
technical and political adventure.

 

The Institut National Polytechnique Félix Houphouet-Boigny has already
planned to set up new curricula in the domain of space and aeronautics. This
will directly benefit a new generation of young engineers. And an Ivoirian
Association for Astronomy has been launched. Its outreach activities to
promote astronomy and space science to the wider public will increase the
scientific literacy of the population. It may inspire the younger generation
towards scientific careers.

 

 

Lastly, the University Félix Houphouët-Boigny has a laboratory specialising
in the observation of the Earth from space: the Centre Universitaire de
Recherche et d'Application en Télédétection. Its students may also
contribute to the design, mission strategy and applications of Côte
d'Ivoire's satellites.

 

What are other African countries doing in space technology?

 

The 2022 space industry report of the consulting company Space in Africa
says the value of the industry in Africa is expected to reach US$22.64
billion in 2026. That's up from US$19.49 billion in 2021. The report
indicates that African nations allocated US$534.9 million to space
programmes in 2022 compared to US$523.2 million in 2021. These investments
indicate that African countries are preparing for wider use of space
technology in handling challenges affecting the continent.

 

For instance, on 23 April 2023 Kenya launched its first satellite, called
Taifa-1, with the help of SpaceX. The satellite is equipped with an optical
camera and is expected to provide agricultural and environmental monitoring
data for Kenya.

 

In 2021, Tunisia launched its first 100% Tunisian-made satellite. Zimbabwe,
Uganda, Egypt and Angola have also launched satellites in the last 12
months. In April 2023, President Macky Sall announced the launch of the
Senegalese Agency of Space Studies.

 

Egypt, Nigeria and South Africa are the most advanced African countries on
space issues. For instance, ZACube, launched in December 2018, is a
nanosatellite developed by the South African National Space Agency and local
universities. It focuses on the safety of maritime traffic in South African
coastal waters.

 

Nigeria's National Space Research and Development Agency was established in
1999. It has launched five satellites since 2003. In December 2022, Nigeria
and Rwanda became the first African countries to sign the Artemis Accords, a
NASA-led framework outlining best practices for sustainable space
exploration.

 

It's clear that more and more African countries are investing in space
technologies.

 

The first step is to educate the population about space and the benefits of
investing in space technologies. We need to create space-related training
courses and promote space science in African countries.

 

David Baratoux, Geologist, Institut de recherche pour le développement (IRD)

 

Aziz Diaby Kassamba, Enseignant chercheur en physique de l'espace,
Université Félix Houphouët-Boigny. Cocody, Côte-d'Ivoire

 

Marc Harris Yao Fortune, Enseignant-chercheur, astrophysicien , Université
Félix Houphouët-Boigny. Cocody, Côte-d'Ivoire

 

Marie Korsaga, Enseignant-Chercheur en physique chimie, Université Joseph
Ki-Zerbo

 

Pancrace Aka, Épistémologue, Historien des sciences et Logicien, Université
Félix Houphouët-Boigny. Cocody, Côte-d'Ivoire

 

 

 

 

Africa: The Future of US-Africa Trade and Investment [Executive Summary]

Gaborone — AGOA gives duty-free access to the US market for eligible
countries in sub-Saharan Africa, aiming to promote African economic
development alongside market liberalization and democratic governance.

 

With AGOA due to expire in 2025, policymakers in the US and Africa must
decide the basis for stronger US-Africa trade going forward.

The future of AGOA is not guaranteed. AGOA should be renewed by the US
Congress for at least a ten-year period as soon as possible. Doing so could
allow African economies to capitalize on efforts to diversify supply chains
away from China, supporting US strategic interests and a more resilient
global economy.

WORTH A THOUSAND WORDS

 

In 2022, US imports of goods utilizing AGOA (or GSP) benefits was valued at
$10.2 billion.  Like overall US imports from Africa, imports from AGOA
beneficiaries have changed over time, driven mostly by the value of oil
imports from countries like Nigeria and Angola.

 

THE DIAGNOSIS

 

Since 2000, the cornerstone of US trade policy for Africa has been the
African Growth and Opportunity Act also known as AGOA.

 

Past work by the Atlantic Council suggests that Africa sits at the nexus of
current development, climate, and security challenges. With global
competition over resources, technology and influence growing, the strategic
importance of establishing a new kind of relationship with Africa has become
clear to the United States. With an African market of over 1.3 billion
people and a combined Gross Domestic Product (GDP) of over $3.4 trillion,
expanding US-Africa trade and investment is now a clear strategic priority
for both the United States and African countries.

 

 

The Atlantic Council's Africa Center is examining trade between the US and
Africa to date and the impact of AGOA, and analyzing the future of AGOA
after its potential expiration in 2025.  Our work draws on a survey and
interviews conducted with leaders in government, business, international
organizations, and civil society. The report identifies key constraints
limiting trade expansion and examines emerging challenges and opportunities
that will shape its future. Drawing on this analysis, the report provides
actionable recommendations for policymakers and other key stakeholders on
the future of AGOA.

 

AGOA has come to define much of United States' commercial relationship with
Africa. With AGOA set to expire in 2025 and the shifting world economy
providing new challenges and opportunities, now is the time to decide the
future of US-Africa trade. The analysis in this report, as well as the
findings from survey responses and interviews, suggest recommendations
covering three areas:

 

 

Atlantic Council

In 2022, US imports of goods utilizing AGOA (or GSP) benefits was valued at
$10.2 billion. Like overall US imports from Africa, imports from AGOA
beneficiaries have changed over time, driven mostly by the value of oil
imports from countries like Nigeria and Angola.

AGOA itself

the future of US-Africa trade more broadly, and

the even broader future of US-Africa relations.

THE PRESCRIPTION

How to seize the moment

 

AGOA has symbolized the shift in US perceptions of Africa, augmenting aid
with trade and commercial opportunity. Recognizing that the next ten years
will shape economic trajectories for decades to come, the US must build on
its narrative investment by embedding greater certainty for US and African
investors.

 

AGOA should be renewed by the US Congress for at least a ten-year period as
soon as possible. Doing so could allow African economies to capitalize on
efforts to diversify supply chains away from China, supporting US strategic
interests and a more resilient global economy. 

AGOA's extension should be combined with greater certainty about AGOA
eligibility, with fewer short-term eligibility decisions wherever possible.
Eligibility is necessary for a country to access AGOA benefits. Doing so
will boost investor confidence and support long-term economic development,
which is the best way for the US to achieve its broader commercial and
political goals. Greater stability in AGOA eligibility will also enhance the
United States' support for African economic integration through the AfCFTA.

Existing US efforts, through USAID, USTR and other agencies, should continue
and ensure that support through continental level initiatives is
sufficiently attuned to local contexts and barriers. Support to countries
and firms in Africa is needed to ensure that the benefits of AGOA in fueling
long-term development are achieved. There is a need for stronger capacity
building to translate AGOA eligibility into utilization and real export
capacity. Investing in re-establishing regional trade hubs could do this,
while also supporting regional trade integration and direct links between
AGOA and Africa's Regional Economic Communities. USAID should ensure all
regions, including Francophone Central Africa, are supported in this work.

To realize the benefits of AGOA for long-term development, African
governments should rapidly develop and regularly update realistic national
AGOA strategies and embed them in their economic planning and public
investment.The US Congress should ensure sufficient funding for US agencies
to support this process, including dedicated staff to work with African
governments to draft the plans, if necessary. Support for these strategies
could help set the United States' interaction with Africa apart from other
countries like China and India.Selecting a few countries to support early
could make a big difference.  This could include eligible countries that are
finding it difficult to meet the criteria such as the Central African
Republic, Liberia, or the Democratic Republic of Congo. 

To support greater investment in export-oriented sectors within African
countries, the US DFC, Millennium Challenge Corporation, and the Prosper
Africa initiative should align their financing and commercial facilitation
with these AGOA strategies too. The future of US-Africa trade should be
situated within a broader reorientation of the US-Africa relationship that
builds true partnerships that not only yield economic opportunities and
expanded trade but also serve longer-term social and political goals. New
forms and arenas for collaboration between US and African actors could drive
unique solutions in a multipolar world.  Such strategies could also include
countries that are important to US-Africa trade but face eligibility
constraints such as Cameroon, Ethiopia, and Somalia.

 

Atlantic Council

Frannie Léautier, Nonresident Senior Fellow, Africa Center and Partner and
CEO, SouthBridge Investment

BOTTOM LINES

 

With so much written about the future of AGOA itself, the future of
US-Africa trade more broadly, and the even broader future of US-Africa
relations, a thorough examination of AGOA eligibility in 2023 is an
opportunity to begin a longer conversation about the future of AGOA and
US-Africa trade and investment.

 

As the United States reorients its international economic policy and African
countries build new approaches to economic integration and collaboration,
the future of US-Africa trade is ready to be defined. While setting the
course for a renewed AGOA is important for maintaining business confidence,
many of the challenges that African countries, firms, and individuals face
will require deeper structural responses. In the push to achieve inclusive
growth across the continent, capacity and investment constraints are
particularly clear.

 

There are also immense opportunities. The rise of digital, financial, and
creative products and services will shape African economies going forward.
The expansion of economic and political links across the continent will
provide more unified markets and supply chains, with greater economies of
scale. The resources, ideas, and human capital needed to deliver global
public goods and the green energy transition are already making Africa
central to the future economy. Taking steps to broaden and deepen US-Africa
trade and collaboration in these directions will provide the basis for more
inclusive, sustainable growth and serve strategic economic and political
goals for both sides.

 

Frannie Léautier is Nonresident Senior Fellow, Africa Center and Partner and
CEO, SouthBridge Investment

 

-Atlantic Council.

 

 

 

 

Kenya: Iran Agrees to Establish a Vehicle Assembly Plant in Mombasa

Nairobi — Iran has agreed to setup a vehicle assembly plant in Mombasa after
signing an agreement with the Kenyan Government.

 

The Coastal facility will manufacture Iranian-made vehicles dubbed Kifaru.

 

Kenya and Iran early today inked a memorandum of understanding (MoU) in the
areas of fisheries, agriculture, ICT and housing.

 

"I express our appreciation of our bilateral cooperation in the promotion of
trade particularly in the export of Kenyan products," President William Ruto
said while hosting his Iranian counterpart Ebrahim Raisi in State House
Nairobi.

 

"I sought the president's commitment in facilitating the export of more tea,
meat and other agricultural products to Iran, and through Iran to the
central Asian countries," Ruto added.

 

President Ruto also revealed that Kenyan tea sector had immensely benefitted
from the Iranian market through export.

 

For instance, he said that the country exported tea worth $28.4 million to
Iran in the first quarter of this year, representing an eight-fold increase
from the same period last year.

 

The duo also agreed to strengthen blue economy partnerships by supporting
startups and facilitating the sector through research and technology.

 

"I'm very happy that this morning we have signed an MOU that will give us
the necessary framework for us to tap into our blue economy resources that
are underdeveloped in Kenya," added the President.

 

-Capital FM.

 

 

 

South Africa: 'Torching of Trucks an Act of Economic Sabotage' - Transport
Minister

Transport Minister Sindisiwe Chikunga on Tuesday said she was gravely
concerned about the torching of trucks on South African roads, describing
the incidents as an “act of economic sabotage”.

 

This comes after trucks ferrying goods were set alight recently in
KwaZulu-Natal, Mpumalanga and Limpopo.

 

Meanwhile, four more trucks have been torched on Wednesday morning on the N2
between Piet Retief and Ermelo in Mpumalanga.

 

According to reports, this brings 20 trucks in total that have been burned
down.

 

“This is criminality that will not be tolerated. These criminals are
committing an act of economic sabotage, which must attract the harshest
penalties permissible in law,” said Chikunga.

 

“Our road network is the lifeblood of our economy and transports valuable
cargo that keeps the wheels of our economy turning,” she stressed.

 

 

According to the Minister, road traffic law enforcement authorities, working
under the coordination of the Road Traffic Management Corporation (RTMC)
continue to work closely with other law enforcement authorities to maintain
maximum vigilance and to bring perpetrators to book.

 

“The ability of trucks to transport freight is an enabler of economic
activity and trade with other markets, which is critical for our economy, as
the road freight transports more than 80% of all country’s cargo,” she
explained.

 

Government, Chikunga said, has also provided a platform of engagement for
any party aggrieved by working conditions in the road freight industry and
that progress is being made in addressing the issues on the table.

 

The Ministry said it continues to work as part of the Inter-Ministerial
Committee (IMC) to address the challenges facing the sector.

 

“Behaviour by any party that is outside of that agreed framework will
neither be condoned nor tolerated. We call upon law enforcement authorities
to unleash the full might of the law in dealing with those who think they
can sabotage our economy with impunity.

 

“We equally appeal to other road users and communities to work closely with
law enforcement authorities and report suspicious conduct on our roads.  We
will not allow our roads to be used as an arena to commit crime,” she
stressed.

 

 

 

 

Kenya: Protestors Block Mombasa Road Near Mlolongo As They Bring Down
Nairobi Expressway Barrier

Nairobi — Motorists on Mombasa road have been urged to approach Mlolongo
area with caution.

 

This after youths blocked the road near the entry into the expressway
lighting bonfires on both sides of the road.

 

"We regret to inform you that a section of the Nairobi Express way toll
services have been temporarily halted at Mlolongo, Syokimau and SGR toll
stations due to the ongoing demonstrations. Efforts are underway to restore
normalcy on the road, "read a tweet by Moja Express company which is
mandated by running the operations on the highway.

 

This comes in the wake of anti-government demonstrations held at the behest
of opposition leader Raila Odinga over the high cost of living.

 

On Friday, Odinga announced more protests in the country following what he
described a "successful mission" during the coalition's inaugural protest on
the same day.

 

Odinga said he was happy that his supporters were brave enough to march to
the Nairobi Central Business District from Kamukunji where he addressed a
rally.

 

"We made a major achievement because we were able to access the CBD even
though police tried to stop us," he said, declaring: "We are unstoppable.
"said Odinga

 

-Capital FM.

 

 

 

Kenyan Nurses, Midwives to Work in Saudi Arabia

Nairobi — Kenyan nurses and midwives will soon be able to work in the
Kingdom of Saudi Arabia (KSA) through a new deal.

 

The Kenyan Government and KSA have collaborated to enhance safe, regular,
and productive labor migration between the two countries.

 

In an announcement, the Ministry of Labour and Social Protection has
requested that qualified nursing and midwifery Kenyans submit their
applications.

 

Areas of interest are nursing and medical, surgical, adult intensive care
unit (ICU), pediatric intensive care unit (PICU), neonatal intensive care
unit (NICU), and midwifery.

 

Applicants will be required to fulfill requirements such as a bachelor's
degree in Nursing Sciences or midwifery, a minimum of two years' experience
in the field, and a valid police clearance certificate, among others.

 

"The Government of Kenya is collaborating with the Kingdom of Saudi Arabia
(KSA) in enhancing safe, regular, and productive labour migration between
the two countries," the Labour Ministry said in a statement.

 

"This initiative has facilitated employment of thousands of Kenyans in
various economic sectors in the KSA which has expressed willingness to
recruit additional health care workers from Kenya."

 

Employed nurses will be offered renewable one-year job contracts, minimum
salaries of Sh177,059 per month, 48 hours of work per week, and insurance,
among others.

 

"Interested candidates can register as Job Seekers can make their
applications through the National Employment Authority (NEA) online
portal......while details of the recruitment and migration process can be
accessed from the Ministry's website......OR the National Employment
Authority (NEA)...," it added.

 

-Capital FM.

 

 

 

 

Tanzania's Gas Boom That Never Was - When Local Hopes Are Dashed By Global
Realities

Rising international commodity prices can shape or reshape the fortunes of
places. When large mining and oil and gas prospectors suddenly show an
interest, a remote area can become a resource frontier - a place that's far
from the socioeconomic centre of a country but important to its economy.

 

High commodity prices throughout the late 2000s and early 2010s resulted in
new regions of the world being explored for hydrocarbons. One of these areas
was off the shore of southern Tanzania, in Mtwara.

 

Between 2010 and 2015, Mtwara went from a backward periphery to the
forefront of Tanzania's gas sector.

 

Mtwara is a region in the far south of Tanzania, on the border with
Mozambique. Historically, it has been geographically isolated through poor
infrastructure from the rest of Tanzania. The local population has felt
overlooked by both colonial and postcolonial governments, with the southern
regions historically performing more poorly than their northern
counterparts.

 

 

My research in Mtwara explored people's expectations in response to the
extraction of natural gas, and how factors like commodity price cycles and
mining life cycles influenced the political economy of development - in
short, the way that politics and economics interact and affect each other.

 

It became clear during my research that the gas industry was expected to
speed up development in Mtwara. The imagined future of Mtwara changed from
moderate expectations to one of increased wealth and prosperity.

 

In effect, the creation of a resource frontier changed expectations of what
development would bring for people on the frontier, and how quickly it would
happen.

 

These expectations were not met. Natural gas prices fell from US$16 per
million metric British thermal unit (MMBtu) in 2009 to US$4 MMBtu in 2017.
Oil and gas companies mostly lost interest in Mtwara and related sectors
collapsed.

 

 

Remnants of the expected boom, such as half-built hotels, higher food prices
and a more reliable electricity supply, remain. But many of the jobs have
gone.

 

This research adds to an understanding of how natural resources interact
with development. In Mtwara, it was less the resources themselves that
caused the boom, but rather the anticipation of a future gas boom. When it
failed to materialise, the area suffered a very real bust. This possibility
is something that resource-based development strategies need to take into
account before major extraction even takes place.

 

The anticipation

 

In Mtwara in 2018, I interviewed a variety of people, ranging from local
business leaders, politicians and community leaders to villagers and people
who used to work in the supply sector to the gas industry, about how
development had been influenced by the gas sector. Be it discussions around
the 2013/14 pipeline protests (against the construction of a pipeline
transporting gas from Mtwara to Dar es Salaam) or electricity infrastructure
being built, it quickly became obvious that everybody, in one way or
another, had a story to tell in relation to gas.

 

 

But the interviews made it obvious that two communities in particular were
affected by the gas sector: local businesses, and people living closest to
the onshore extraction sites, in an area called Mnazi Bay.

 

I found that people expected natural gas to cause an economic uplift, and it
was this that prompted considerable investment in the region.

 

Investment focused on supply sectors. Mtwara lacked any internationally
certified hotels, catering companies or other amenities for oil and gas
staff. Real estate and construction also rode this wave of investment.

 

Politics also influenced this. The ruling party in Tanzania, CCM, harped on
this promise during the 2010 general election. The party's campaign slogan -
"Mtwara will be the new Dubai!" - was repeated to me throughout my time in
Mtwara.

 

Mtwara became a frontier for international and domestic capital. A future
fuelled by hydrocarbon wealth seemed assured.

 

Alongside political promises, the communities of Mnazi Bay had the
impression that the gas industry was already having a positive economic
impact. Roads were being improved, electricity infrastructure was becoming
more reliable and expanded, and people were getting jobs in supply sectors
for natural gas. They expected this to continue, and to obtain compensation
for land being used by the gas sector.

 

Within just a few years, Mtwara's economic prospects and imagined future had
been dramatically entwined with international gas prices.

 

The reality

 

But by 2015, the gas prices that had made Mtwara a resource frontier in the
early 2010s had reversed. The sectors that had done well during the presumed
boom were hit the hardest.

 

Hotels that were constructed to accommodate high paying oil and gas
employees now had to change their business model and cater to lower-paid
locals and seasonal cashew traders. Cashews were the bedrock of the local
economy before the discovery of natural gas. A number of half-built hotels
remain across the city, particularly along the coastline.

 

In my interviews, villagers close to the onshore extraction tended to
discuss development going at a slower pace than during the "boom".
Sacrifices, such as giving land to gas infrastructure, did not result in
increased development, and many jobs turned out to be temporary construction
work that disappeared with the bust.

 

What's more, the industry left environmental effects such as pollution and
destruction of cash crops.

 

An unwritten social contract had been broken.

 

Perceptions of what gas could bring in the future changed. Gone was the
belief that gas would accelerate development. The pace of development was
seen to have returned to "normal", meaning the pace before the discovery of
gas.

 

The economic potential is still there, but the low global prices of the late
2010s ensured that the sector would not play a role in economic growth.

 

The changing energy landscape

 

Historically, Mtwara had been at the margins of the global economy, acting
as a supplier of raw cashew nuts. With the discovery of natural gas, the
region suddenly changed into an "energy frontier", opening it to
considerable investment from both domestic and international capital. Rapid
changes in the energy landscape can create and recreate frontiers quickly,
and change the lives of those who live in such frontier regions.

 

Since this research has taken place, there has been considerable change in
the energy landscape. Russia's invasion of Ukraine has pushed up gas prices,
and European leaders have begun to see Africa as a potential source of
natural gas. There is once again the "potential" to create Mtwara into a
true resource frontier. But it remains to be seen if such rising prices
recreate excitement on the ground.

 

Aidan Barlow, Lecturer, Department of Social & Policy Sciences Centre for
Development Studies, University of Bath

 

 

 

 

Microsoft: China accused of hacking US government emails

China-based hackers have gained access to the email accounts of around 25
organisations, including government agencies, Microsoft says.

 

The software giant has not provided details of where the government agencies
are based.

 

However, the US Department of Commerce has confirmed to the BBC that
Microsoft notified it about the attack.

 

Secretary of Commerce Gina Raimondo was among the individuals impacted by
the breach, according to reports.

 

"Microsoft notified the Department of a compromise to Microsoft's Office 365
system, and the Department took immediate action to respond," a US
Department of Commerce spokesperson told the BBC.

 

"We are monitoring our systems and will respond promptly should any further
activity be detected," they added.

 

US media reported that the State Department had also been targeted by the
hackers.

 

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

 

China's embassy in London told the Reuters news agency that the accusation
was "disinformation" and called the US government "the world's biggest
hacking empire and global cyber thief."

 

Microsoft said the China-based hacking group - which it refers to as
Storm-0558 - had accessed email accounts by forging digital authentication
tokens required by the system. The tokens are typically used to verify a
person's identity.

 

"Storm-0558 primarily targets government agencies in Western Europe and
focuses on espionage, data theft, and credential access," the firm said.

 

The company said its investigations found that the breaches began in the
middle of May and that it has now "mitigated the attack and have contacted
impacted customers."

 

"We added substantial automated detections for known indicators of
compromise associated with this attack... and we have found no evidence of
further access," it added.

 

In May, Microsoft and Western spy agencies said Chinese hackers had used
"stealthy" malware to attack critical infrastructure on American military
bases in Guam.

 

Experts said it was one of the largest known cyber espionage campaigns
against the US.

 

A key US military outpost, Guam's ports and air bases would be crucial to
any Western response to a conflict in Asia.

 

Beijing called the Microsoft report "highly unprofessional" and
"disinformation".

 

China routinely denies involvement in hacking operations regardless of the
available evidence or context.-bbc

 

 

 

 

 

IMF approves long-awaited $3bn Pakistan bailout

The International Monetary Fund's (IMF) board has given its approval for a
$3bn (£2.3bn) bailout for Pakistan.

 

The crisis-hit nation will get about $1.2bn upfront, with the rest due to be
paid out over the next nine months.

 

The South Asian nation was on the brink of defaulting on its debts and had
barely enough in foreign currencies to pay for a month of imports.

 

This week, the country also received funds from allies Saudi Arabia and the
United Arab Emirates (UAE).

 

Pakistan's Prime Minister Shehbaz Sharif said the bailout was a major step
forward in efforts to stabilise the economy.

 

"It bolsters Pakistan's economic position to overcome immediate to
medium-term economic challenges, giving next government the fiscal space to
chart the way forward," he said.

 

The IMF deal came after eight months of tough negotiations over how to deal
with serious long-term issues with Pakistan's ailing economy.

 

The country had been on the brink of being unable to meet debt repayments to
creditors.

 

Much of the country was hit by devastating floods last year, which added to
other major problems faced by the country, including high inflation and
economic mismanagement by successive governments.

 

Saudi Arabia deposited $2bn with Pakistan's central bank on Tuesday,
Pakistan's Finance Minister Ishaq Dar said.

 

On Wednesday, Mr Dar said the central bank had also received $1bn from the
UAE.

 

The energy-rich Middle Eastern nations had pledged the money in April,but
held off handing it over until it was certain that the IMF bailout would be
finalised.

 

The IMF deal, along with the money from Saudi Arabia and the UAE, will
unlock more funds to help support Pakistan's ailing economy.

 

Pakistan's foreign exchange reserves are expected to rise to around $15bn by
the end of this month, Mr Dar has said.

 

On Monday, the credit rating agency Fitch upgraded Pakistan's sovereign
rating, with the deal bringing some relief to investors in the country's
stocks and bonds.

 

The heavily-indebted country's bonds have soared since the end of June, when
the IMF gave preliminary approval for the bailout.

 

Mr Sharif's coalition government, which is due to face a national election
this year, still has to make major spending cuts to meet the conditions of
the bailout.

 

The cost of living has been soaring in Pakistan. The official annual rate of
inflation currently stands at almost 30%.

 

Last month, the country's central bank raised its main interest rate to a
record high of 22% as it struggled to curb rising prices.

 

This week's bailout is the latest in a long line of support Pakistan has
received from the IMF. It has taken more than 20 loans from the
international lender since 1958.-bbc

 

 

 

GST: India's online game tax could kill a booming industry

The Indian government's decision to impose a 28% tax on online gaming poses
an "existential threat" to the booming industry and could spell its death
knell, say experts.

 

Shares of Indian online gaming platforms and casinos have crashed following
the GST (Goods and Services Tax) Council's decision.

 

The country's 900+ gaming start-ups had been paying a small tax on the fee
they charged for offering games. But the imposition of a 28% GST on the full
face value of a gaming transaction will mean the entire amount collected
from players will now come under the ambit of taxation.

 

According to industry estimates, total tax collection on player winnings
will go beyond 50%, including GST, platform commissions and income taxeswhen
the new law is implemented.

 

In effect, for every $100 (£76.8) spent by a player, there will be a "sunk
cost" of $28 towards GST, in addition to a $5-15 charge by the gaming
platform and a 30% tax deducted at source (TDS) on any winnings drawn.

 

This will "disincentivise players and is totally inconsistent with global
standards" where VAT or GST is levied at a median rate, and that too only on
platform fees or commissions, said Sudipta Bhattacharjee, partner at
corporate law firm Khaitan & Co.

 

"The move has completely blindsided the industry. It will shake investor
confidence and lead to a funding winter," Mr Bhattacharjee added.

 

India's gaming boom

The online gaming industry has seen a massive boom in India over the last
five years, with an annual compounded growth rate of 28-30%. Driven by easy
access to affordable smart phones and cheap mobile data, the sector
attracted $2.5bn in foreign direct investment, including from the likes of
Tiger Global.

 

Gambling worry as India firms bet big on online games

Why India blocked South Korean gaming app BGMI

But these growth rates will now be called into question as the GST council's
decision will impact startups at "multiple levels", including their user
base, revenues as well as investor sentiment, according to Soham Thacker,
Founder & of CEO of GamerJi - an eSports tournament company.

 

"Many gaming companies, in order to limit the impact on the investors side,
may choose to relocate their business outside India," Mr Thacker added.

 

"They have killed the multibillion-dollar industry with a single stroke. And
at the same time the decision could give a massive boost to illegal and
illegitimate operators in the country," Gaurav Gaggar, Promoter of Poker
High, a poker site, said.

 

Terming the decision "unconstitutional, irrational, and egregious", the All
India Gaming Federation said the government had ignored over 60 years of
"settled legal jurisprudence" by lumping online skill gaming with gambling
activities.

 

Gambling, which is seen as a chance-based game, is illegal in many India
states and is frowned upon. But most states have allowed online games which
are seen as skill-based.

 

The industry body expects hundreds of thousands of job losses in the online
gaming sector because of the latest move.

 

Gaming startups in India currently employ 50,000 people and were expecting
to create another 3,50,000 direct and 10,00,000 indirect jobs by 2028.

 

A 'catastrophic' move

Many gaming companies the BBC spoke to said there was a lack of consistency
behind the ruling.

 

"It is very unfortunate that when the government has been supporting the
industry
 such a legally untenable decision has been taken," Roland Landers,
CEO of the All India Gaming Federation said in a statement. "It will be
catastrophic for the $1tn digital economy dream of the prime minister."

 

Indian PM Narendra Modi has on more than one occasion praised the gaming
industry as a sunrise sector that had the potential to create jobs and cater
to the global market.

 

"This kind of extortionist tax regime flies in the face of these steps and
advocacy needs to happen at multiple levels to retract this proposal," said
Mr Bhattacharjee.

 

He expects the gaming industry to unite and mount a strong legal challenge
if the federal and state governments go ahead and enact the amendments into
their tax laws.

 

But India's revenue secretary called the move a "unanimous" decision that
would not be reviewed or rolled back.

 

The moral question

Announcing the decision late on Tuesday, Finance Minister Nirmala Sitharaman
said that the GST council, which comprises of federal and state finance
ministers, said "no one wanted to kill an industry".

 

"But they can't be encouraged to such an extent over essential goods and
services," she said.

 

The 28% tax is a "step in the right direction", Siddhartha Iyer, a Supreme
Court lawyer who has been fighting to ban online gaming told the BBC.

 

Mr Iyer called gaming a "speculative activity".

 

"Every week there is a story of someone killing themselves because of this
[debts incurred due to online gaming]," he said.

 

"Here, under the GST regime, the government has taken the view that [these
games] are gambling and that is correct in my opinion because you are
putting a wager on the performance of something not in your control," Mr
Iyer added. "We tax alcohol and cigarettes because we want to discourage
people from these activities, it should be the same for this [online gaming]
as well."

 

Others like Faisal Maqbool, a former gaming addict who lost close to 400,000
rupees ($5,000, £3,750) while playing an online card game in 2022, say even
stricter measures are needed.

 

"This is an addiction. And it has afflicted children and teenagers. Along
with higher taxes, the government needed to put in restrictions on the basis
of age, income etc. I vouch for a total ban on these activities," Mr Maqbool
told the BBC.

 

 

 

 

Elon Musk accused of owing $500m in Twitter severance

A former human resources boss at Twitter has accused the company of failing
to pay roughly $500m (£385m) in severance pay owed to former staff of the
company.

 

Courtney McMillian, who was the social media site's former "head of total
rewards", made the claim in a class-action lawsuit.

 

The complaint says Twitter owner Elon Musk knew about the severance plan
before he sacked thousands of staff.

 

But it says he balked at the “expense”.

 

It is the latest of multiple lawsuits filed against the company over the
mass firings that followed Mr Musk's purchase of Twitter for $44bn (£34bn)
last year.

 

The layoffs ultimately affected roughly 6,000 people, according to the
lawsuit.

 

Under Twitter’s severance plan, staff were due to receive a minimum of two
months base salary in severance and a cash contribution toward health
insurance, among other benefits, according to the complaint filed in federal
court in San Francisco.

 

Those with more senior roles, including Ms McMillian, were due six months
base salary in severance pay, plus one week for each full year of
experience, it says.

 

But staff received “at most” three months of pay after they were sacked.
That included one month of severance, as well as two months worth of pay to
comply with a US law aimed at providing workers with notice of firings,
according to the complaint.

 

That was a “fraction” of the $500m to which employees were entitled, it
says.

 

Twitter, which no longer has a public relations department, did not comment.

 

Mr Musk said in November following a round of mass layoffs that staff would
receive three months worth of pay, “50% more than legally required”.

 

The complaint accused Mr Musk of misleading employees about whether the
company would honour the plan, leading some to remain at the firm for longer
than they would have otherwise.

 

"Musk initially represented to employees that under his leadership Twitter
would continue to abide by the severance plan," said Kate Mueting, the
lawyer from Sanford Heisler Sharp who is representing Ms McMillian.

 

"He apparently made these promises knowing that they were necessary to
prevent mass resignations that would have threatened the viability of the
merger and the vitality of Twitter itself," she added.

 

The BBC has contacted Twitter for comment.-bbc

 

 

 

US inflation rises at slowest pace in two years

The rate of price growth in the US dropped to its slowest pace in more than
two years last month, helped by cheaper used cars.

 

Inflation rose 3% in the year to June, according to data, from 4% in May.

 

Inflation has fallen sharply from a peak of more than 9% in June 2022 and
the latest reading marks the slowest pace since March 2021.

 

The figures suggest a succession of interest rate rises have punctured
soaring prices.

 

However, analysts still expected the US Federal Reserve to raise rates again
this month.

 

Brian Coulton, chief economist at Fitch Ratings, said June's slowdown in US
inflation was "really only a small step in the right direction."

 

"In the context of a still tight labour market and sticky wage growth, the
Fed's recent concerns about inflation persistence are not going away, " he
said.

 

The rise in US inflation in June was driven by higher housing costs, the
Labor Department said.

 

In contrast, prices for used cars and trucks dropped while the cost of food
stuffs such as pork, milk and eggs declined. Many households had been
struggling with higher grocery bills after the war in Ukraine disrupted
global food supplies.

 

The figures underscore the relatively rapid progress the US has made in
curbing price increases, especially compared to the UK, where inflation hit
8.7% in the year to May despite a number of interest rate rises.

 

Danny Blanchflower, a former member of the Bank of England's rate-setting
committee who is now professor of economics at Dartmouth, said that the US
economy was more nimble than the UK.

 

He said the UK economy had been hit by Brexit, which has made it more
difficult for firms to do things like switch supply chains to lower cost
alternatives.

 

"There's been a Covid shock for everybody and there's been a war shock for
everybody," he said. "The question is what distinguishes the UK from
everywhere else and I would say the answer is Brexit."

 

In the US, the central bank has raised interest rates from near zero to 5%
since March last year in a bid to cool the economy and ease the pressures
that had been pushing up prices.

 

Policymakers at the Federal Reserve have signalled that they are likely to
raise rates again this month and many expect further increases later in the
year.

 

Officials have pointed to concerns about so-called core inflation. This
measure strips out food and energy costs, which can vary month-to-month.

 

Core inflation has shown signs of stalling at a pace that would keep
inflation higher than the bank's 2% target.

 

But the latest data from the US Labor Department showed core inflation that
was lower than expected. It rose by just 0.2% between May and June, the
smallest increase since August 2021.

 

Core inflation slowed to 4.8% in the year to June, from 5.3% in the 12
months to May.

 

Stocks opened higher and the dollar fell following the report as investors
bet it signalled that the Fed would be able to stop raising rates soon.

 

But business owner Paul Shmotolokha said his firm, Arizona-based New Use
Energy Solutions, was still grappling with the effect of earlier cost rises.

 

Paul said that those increases had put pressure on his firm - which designs
and manufactures solar and battery systems - to raise prices. It comes just
as rising living costs mean potential customers are watching their spending
more carefully.

 

"It's good news looking forward but it doesn't rectify all of the inflation
that we've experienced for the last several years," he added. "I think it
needs another month or two... to have businesses breathe a sigh of
relief."-bbc

 

 

 

 

Elon Musk announces new AI start-up

Tesla boss Elon Musk has announced the formation of an artificial
intelligence startup.

 

The new company is called xAI, and includes several engineers that have
worked at companies like OpenAI and Google.

 

Mr Musk has previously stated he believes developments in AI should be
paused and that the sector needs regulation.

 

He said the start-up was created to "understand reality".

 

It is unclear how much funding the entity has, what its specific objectives
are or what kind artificial intelligence the company wants to focus on.

 

The company's website says the goal of xAI is to "understand the true nature
of the universe."

 

The new firm will host a Twitter Spaces chat on Friday, which may reveal
further details about its aims.

 

Elon Musk was the one of the original backers of OpenAI, which went on to
create the popular large language model ChatGPT, which has - often
controversially - become popular for uses such as assisting students with
writing homework.

 

However, the billionaire's relationship with the company has soured. He has
criticised ChatGPT for having a liberal bias.

 

"What we need is TruthGPT", Mr Musk tweeted in February.

 

He also disagrees with how ChatGPT has been run - and its close relationship
with Microsoft.

 

"It does seem weird that something can be a nonprofit, open source and
somehow transform itself into a for-profit, closed source," Musk said in a
CNBC interview.

 

In March Mr Musk signed an open letter calling for a pause to "Giant AI
Experiments", which to date has around 33,000 signatures.

 

In an interview with the BBC in April Mr Musk said he had been worrying
about AI safety for over a decade.

 

"I think there should be a regulatory body established for overseeing AI to
make sure that it does not present a danger to the public", he said.

 

Mr Musk has also pitted himself against AI companies due to the data they
use to train chatbots - the software that learns how humans interacts by
scraping masses of data from various sources to fuel its knowledge and
interaction styles.

 

The billionaire believes vast amounts of Twitter's data is scraped from the
platform, and that the company should be adequately compensated.

 

Mr Musk purchased the microblogging platform in a deal worth billions,
before making sweeping changes which led to many leaving the platform in
protest, including the producer of shows such as Grey's Anatomy and
Bridgerton, Shonda Rhimes, as well as model Gigi Hadid and comedian and
actor Stephen Fry.-bbc

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Dairibord

AGM

Virtual

July 13 2023 | 11am

 


CBZ

AGM

Virtual

July 21 2023 | 4pm

 


POSB

AGM

Chapman Golf Club

July 25 2023 |10am

 


Afdis

AGM

Virtual | St Marnocks, Lomagundi Road, Stapleford

July 26 2023 | 12pm

 


RTG

AGM

Rainbow Towers Hotel

July 27 2023 |12pm

 


ZHL

AGM

206 Samora Machel Avenue

July 28 2023 | 10am

 


Delta

AGM

Virtual | Head Office, Northridge Close, Borrowdale

July 28 2023 | 12:30pm

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

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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