Major International Business Headlines Brief::: 14 July 2023

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Major International Business Headlines Brief::: 14 July 2023 

 


 

 


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

 


 

 


 

ü  South Africa: Govt In Last-Ditch Effort to Save Agoa Benefits

ü  Africa: U.S.-Africa Business Summit Looks to Enhance Africa's Value in
Global Chains

ü  Africa Must Embrace New Tech in Agriculture to Overcome Climate Crisis

ü  Kenya Will Protect Investors - President Ruto

ü  Kenya: Matatus Now Allowed On Nairobi Expressway - Murkomen

ü  Nigeria: Facebook Posts Offering Money Doubling Investments Not From
Popular Nigerian Mobile Money Operator Palmpay

ü  Nigerians, Beware of Facebook Account Impersonating Money App Opay

ü  Uganda Slaps Tax On Facebook, Netflix and Other Foreign Digital Service
Providers

ü  Nigeria: NCAA Suspends Operation of B737 Aircraft in Max Air Fleet

ü  Rawbank Announces Strong growth in 2022 Operating Results and Increases
Loans by 39%

ü  ChatGPT owner in probe over risks around false answers

ü  Anchor Brewing: America's oldest craft brewery shuts after 127 years

ü  Microsoft-Activision faces fresh blow to bid to buy Call of Duty maker

ü  UK economy 'listless' with little growth in four years

ü  Warning public debt could soar as population ages

 


 

 


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

Kenya: South Africa: Govt In Last-Ditch Effort to Save Agoa Benefits

Cape Town — South Africa is making a last-ditch attempt to retain
preferential trade benefits with the U.S. under the African Growth and
Opportunity Act (AGOA), reports News24.

 

A delegation led by Minister of Trade, Industry, and Competition Ebrahim
Patel and Finance Minister Enoch Godongwana has gone to Washington, DC for
discussions with U.S. officials.

 

Earlier this year, South Africa found itself in hot water when U.S.
Democratic Party and Republican Party legislators called for the Agoa
meeting that will be hosted by South Africa later this year be moved. They
accused South Africa of supporting Russia in its war against the Ukraine.
Aside from Russia participating in naval drills in South African waters,
South Africa has also been accused of supplying arms to Russia for the war.
They also said this could lead to South Africa losing its Agoa benefits.

 

With Agoa, South Africa is allowed duty-free trade on the first 25% of its
goods exported to the U.S. The loss of Agoa benefits would negatively impact
South Africa's agricultural and manufacturing sectors, particularly the
automotive industry.

 

Some South African government officials and politicians have made critical
comments about the U.S. and expressed support for Russia, leading to doubts
about South Africa's non-aligned stance.

 

The final decision on Agoa eligibility lies with the U.S. Congress.

 

 

 

 

Africa: U.S.-Africa Business Summit Looks to Enhance Africa's Value in
Global Chains

Gaborone — Over 1,000 participants from the U.S. and across the African
continent, including government officials, private sector executives,
investors, and multilateral stakeholders, are meeting in Botswana's capital
city of Gaborone at the U.S.-Africa Business Summit to explore investment
opportunities and strengthen business relationships between Africa and the
U.S.

 

"The U.S. is focused on what we will do with African nations and with
African people and not for African nations and people as we work to deepen
and expand our partnerships, amplify African voices, and support the
empowerment of Africans," said Scott Nathan, Chief Executive Officer of the
United States, International Development (DFC).

 

The 15th U.S.- Africa Business Summit, hosted by the Corporate Council on
Africa (CCA) and the Government of Botswana in Gaborone, is under the theme
Enhancing Africa's Value Chains.

 

"Through this annual summit, the CCA seeks to strengthen connections between
the U.S. and Africa and to mobilize action as we have done for 30 years.
CCA's member companies are crucial in that effort, along with partnerships
with U.S. and African governments and multilateral organizations. These
collaborations are crucial to fostering a deeper understanding in government
of private sector interests and needs and equally important to helping the
private sector gain a deeper understanding of policies and expectations,"
said Jeffrey Sturchio, Chairman of CCA.

 

 

Sturchio said such constructive collaborations benefit the people of the
U.S. and Africans. As a result in the past three years, the U.S. Government
has closed more than 900 deals valued at U.S.$22 billion across 47 African
countries in trade and investment.

 

"At DFC we are committed to using our tools including loans, political risk
insurance, and importantly equity investments to partner with African
companies to unleash the power of the private sector and promote
African-driven prosperity. Access to capital is the lifeblood of business
and economic growth we are focused on mobilizing capital for the private
sector. Already DFC has the largest share of our portfolio more than U.S.$11
billion dedicated to investment on the continent," said Nathan.

 

 

This summit comes six months after the U.S.- Africa Leaders Summit hosted by
U.S. President Joe Biden in Washington DC where leaders committed to
advancing trade, creating jobs, and fostering beneficial and sustainable
relations.

 

"Since December we have committed another U.S.$110 million in financing to
new projects in Africa. In recent weeks, DFC and our board of directors have
approved more than U.S.$750 million in additional deals, in critical sectors
such as infrastructure, energy, and support for small businesses. Already in
countries ranging from Malawi to Nigeria to Senegal, DFC is investing to
provide reliable access to power for communities that have never had it.
>From Ghana to South Africa to Kenya DFC is helping to expand data centers
and critical 21st-century infrastructure and through DFC's support for
innovative partnerships thousands of smallholder farmers across sub-Saharan
Africa are increasing their harvest and connecting to larger global
markets," said Nathan.

.

Nathan said this is a small sample of DFC's work but believes his department
can still do more.

 

 

"Whether addressing climate impacts, promoting robust health systems and
food security or building high-quality infrastructure, and even navigating
difficult fiscal conditions, unleashing the power of the private sector is
critical to delivering solutions," he added.

 

President Mokgweeng Masisi agrees, he believes that for Botswana to create
an inclusive economy it needs more private sector involvement to drive value
chain development in major industries ranging from mining, tourism,
agriculture, and education.

 

Masisi said the U.S.- Africa Business Summit remains a crucial pillar of
Africa's engagement in hosting African heads of state, U.S. and African
government officials, top CEOs, and senior business executives spanning to
major sectors that are critical to the continent's development including
infrastructure, ICT, health, energy, mining, and creative industries.

 

"Despite being classified as an upper middle-income economy Botswana
constitute less than 0.2% of Africa's population and contributes about 1% of
Africa's GDP. As the world's largest diamond producer by value it is
imperative that we develop value chains for raw materials to allow for
greater value addition, and growth, adapt to climate change, build
sustainability, deepen economic diversification, and create opportunities
for the exportation of global supply chain," he said.

 

Over five decades since its independence, Botswana has transformed from one
of Africa's poorest countries into an upper middle-income economy through
its mining industry.

 

Masisi said there is a need for the country to fully integrate into the
global economic system.

 

"It is on this basis that I wish to recognize and commend African leaders
for the formation of the African Continental Free Trade Area. Once fully
operational the ACFTA will build and strengthen integration and booth
intra-Africa trade thus increasing value-added production trade across all
valuable sectors of the continental economy and attaining the vision 2063,
the Africa we want" he said.

 

Once fully operational Masisi imagines that the ACFTA will build and
strengthen integration and boost intra-Africa trade thus increasing
value-added production trade across all valuable sectors of the continental
economy and attaining the vision 2063, the Africa we want.

 

He further expressed his desire for the Biden administration to keep its
promise to renew the Africa Growth and Opportunity Act (AGOA), which expires
in 2025, saying the AGOA renewal with the expanded mandate will give a
strong signal and confidence to the markets and serve as the catalyst for
Africa's industrialization and inclusion to the global value chains.

 

 

 

 

Africa Must Embrace New Tech in Agriculture to Overcome Climate Crisis

Gaborone — The agricultural sector should embrace new technologies to
overcome climate change-related challenges, panellists including Zimbabwean
President Emmerson Mnangagwa and Mozambique's Filipe Nyusi at the US-Africa
business summit said.

 

The two presidents, who have invited investors from the U.S. and across
Africa to invest in the agricultural sectors in their countries, were
participating in a high-level dialogue on enhancing Africa's value in
Agriculture value chains in the U.S.-Africa Business Summit held in
Botswana's capital, Gaborone.

 

"To investors who are here who would like to come to Zimbabwe, you are
assured, barring in mind the issue of the impact of climate change, ease of
doing business. We are fully aware that capital goes where it feels safe.
Our economic reforms have addressed the issue of the ease of doing business.
We must create a situation where you attract global capital where it can go
in and out without any constraints and we have made those political reforms
to achieve that and become attractive," Mnangagwa said.

 

 

Mnangagwa also expressed pride that his country's agricultural reforms had
paid off, making Zimbabwe the biggest supplier of blueberries in the SADC
region, supplying Europe, the U.S., and Asia.

 

The four-day summit brought over 1,000 participants including government
officials, private sector executives, and international investors to foster
new business partnerships and explore investment opportunities and meet
investors.

 

The summit comes at a time when the African continent's agricultural sector
faces challenges related to the climate crisis but the agricultural sector
continues to look for solutions in order to produce climate-resilient crops.

 

Mozambique is one of the Southern African countries that was hit by Tropical
Cyclone Freddy in February 2023 affecting thousands of buildings, ruining
crops, and displacing 27,000 people. Apart from natural disasters,
Mozambique has for a few years faced insecurity that has displaced millions
of people in the Cabo Delgado region. Nyusi said that these factors have
slowed agricultural activities despite the country's agricultural potential
and fertile land.

 

 

Albert Anoubon Momo, Trimble VP, said his organisation uses the precision
agriculture method which uses technology sensing techniques that help to
monitor crop states at multiple growth levels.

 

Momo said in order to fight food security and maintain crop health, the
precision agriculture method allows for an estimate to be added on the
tractors which estimates the water, fertilizer, and pesticide will be
needed. Trimble is an industrial technology company that provides
technological agricultural solutions by providing connectivity and data
analytics to improve productivity, quality, safety, and sustainable farming.

 

Another method Trimble uses is climate-smart agriculture which Momo said is
a method used to collect data and allow people to be able to make better
decisions when it comes to avoiding climate-related disasters. An example of
where climate-smart agriculture was done is in Kenya where farmers face a
climate condition called frost which affects tea production.

 

"We worked with small farmers in Kenya, there is satellite information that
comes from the National Aeronautics and Space Administration (NASA) in the
morning and in the afternoon that allows farmers to predict when the frost
is coming. The most important thing is not the prediction but what we are
able to do with the information coming out of it. In Kenya, we were able to
create crop insurance which is the real result.

 

He said having crop insurance has been a game changer for farmers as it
allows them to have the cash flow for their daily operations throughout the
year regardless of weather conditions with the support of banks.

 

The first Motswana woman to farm in the Pandamatenga farming area Basadi
Molelekeng, an award-winning commercial farmer and Bicolor Holdings'
Operations manager, encouraged women and youth to take up farming.

 

"Women are capable, youth are capable. The largest number of farmers in
Africa are women in terms of numbers but in terms of value the number is
little and the reason is that women are at subsistence level where the hard
work is. Women should be supported to move to the highest level of
production. They need to be given the confidence because the capability is
there."

 

At the higher level of production, it is easy with organization and
technology because there is little manual work and all of this is possible
for women if they are sufficiently financed.

 

 

 

Kenya Will Protect Investors - President Ruto

Nairobi — The Government is creating a friendly environment that will
attract more foreign investments to Kenya.

 

President William Ruto said the Government will also routinely refine its
policies to make it more facilitative for businesses to operate in the
country.

 

"We will keep engaging with investors so as to make our laws more
pro-business. This will spur their growth."

 

He was speaking on Thursday at State House, Nairobi, during the Kenya-Saudi
Arabia business delegation meeting.

 

Led by the Saudi Arabia Minister of Investment Khalid Al Falih, the
delegation -- made up of 30 major firms -- is one of the largest single
business group ever to undertake a visit to Kenya.

 

 

President Ruto noted that Kenya is strategically located, making it easy for
businesses to access the lucrative markets in the region and Africa in
general.

 

He said the African Continental Free Trade Area (AfCFTA), of more than 1.4
billion, also offers broader opportunities for their goods and services.

 

The President further told the meeting that Kenya has a democratic system
with a sound footing of the rule of law that protects investors.

 

"This means when you set up in Kenya, markets for your products are
limitless. You will get value for your investment."

 

He cited ICT, leather, transport, renewable energy, housing, blue economy,
agriculture, among others, as some of the ripe investments in the country.

 

The Head of State explained that the current balance of trade favours Saudi
Arabia.

 

"That is why I encourage you to participate in enabling Kenya correct this
imbalance by locating more industries here."

 

Cabinet secretaries Moses Kuria (Minister for Investments, Trade and
Industry), Davies Chirchir (Energy) and Florence Bore (Labour) omong other
officials were in the meeting. - Presidential Communication Service

 

-Capital FM.

 

 

 

Kenya: Matatus Now Allowed On Nairobi Expressway - Murkomen

Nairobi — The government has lifted a suspension of Public Service Vehicles
from using the Nairobi Expressway effective immediately.

 

Transport Cabinet Secretary Kipchumba Murkomen said the move is aimed at
boosting mobility across the city.

 

The ban had been put in place in July 2022 due to a rise in road accidents
caused by PSVs.

 

"This decision is in line with the government's focus on making Kenya a
global leader in the provision of transport and logistics a key driver of
sustainable economic development," he said in a statement a day after chaos
rocked Mombasa Road and the Expressway which was vandalised in Mlolongo
during anti-government protests called by Opposition leader Raila Odinga
against the high cost of living.

 

Violent protests were witnessed in the capital Nairobi and other parts of
the country Wednesday, with police firing live bullets, teargas and
deploying water canon.

 

On Mombasa Road, the protesters vandalised metal grills and flower pots
along the Expressway as they stoned motorists in what rendered the new road
impassable for several hours leading to the shooting by police of three
people during the confrontation.

 

In total, at least seven people were killed and dozens injured, including
police officers.

 

Police fired tear gas on protesters who defied a police ban to join a
demonstration against tax hikes in the capital Nairobi, Mombasa, Kisumu,
Kisii, Homa Bay, Nakuru among others.

 

-Capital FM.

 

 

 

 

 

Nigeria: Facebook Posts Offering Money Doubling Investments Not From Popular
Nigerian Mobile Money Operator Palmpay

IN SHORT: Some Facebook users are promoting PalmPay Global Investment,
saying it can double your money. But this is a scam and is not affiliated
with PalmPay, the mobile money operator.

 

"Congratulation to me I invest in one PLATFORM called PALMPAY GLOBAL
INVESTMENT and is real ooo i invest the sum 50,000 and i was credited the
sum of 100,000 today ... ASK ME HOW NOW," reads a post on Facebook.

 

The post, dated 29 June 2023, includes a WhatsApp link where those
interested are encouraged to send a message.

 

PalmPay is a mobile money operator in Nigeria.

 

 

The post also includes a screenshot of what appears to be a payment
notification on a cellphone for N100,000.

 

We found similar claims here, here, here, here, here, here and here.

 

But do these posts really link to investments by PalmPay and are they
legitimate? We checked.

 

Signs of a scam

 

The post is poorly written, with noticeable typos and no punctuation, which
is a clue the scheme could be a scam. The screenshot of a credit alert
attached to the post also has the potential to mislead Nigerians.

 

PalmPay Limited is a popular mobile financial services provider registered
with the Central Bank of Nigeria. It began operations in Ghana and Nigeria
in 2019 and now has over five million customers. The company's verified
Facebook page in Nigeria, PalmPay Nigeria, has over 800,000 followers.

 

 

Although the account did not impersonate the verified PalmPay Nigeria
account, using the name PalmPay for the investment platform could lead users
to associate it with the registered fintech company.

 

PalmPay does not offer investment services

 

Africa Check accessed the mobile app of the company, and found that PalmPay
only offers savings plans for users. It does not offer an investment
doubling scheme.

 

In a tweet in 2022, the company told its customers that it does not offer
money doubling investments. "PalmPay is not involved in any form of ponzu
[Ponzi] scheme," the company said.

 

In another tweet, PalmPay said it would never request money from users.

 

A Ponzi scheme is a fraudulent investment operation promising quick and
unrealistic returns on initial payments.

 

In a private message to Africa Check on Twitter, a PalmPay representative
said the Facebook posts should be disregarded as they were not from the
company: "Please be informed that all PalmPay promotions and features should
be accessed directly from the official app downloaded from Google or Apple
store."

 

Africa Check has previously investigated similar false investment schemes
here and here.

 

To help protect yourself against online scams, read our guide to Facebook
scams and how to spot them.

 

Read the original story, with links and other resources.

Africa Check is a non-partisan organisation which promotes accuracy in
public debate and in the media. Twitter @AfricaCheck and www.africacheck.org

 

 

 

 

Nigerians, Beware of Facebook Account Impersonating Money App Opay

IN SHORT: A Facebook page is impersonating popular financial service
company, OPay, and offering false investments to Nigerians. The real company
says it does not have an investment platform.

 

A number of Facebook posts circulating in Nigeria appear to be advertising
the mobile money operator OPay, and include a video of a woman who claims to
have received payment from OPay cash investment.

 

A 23 June 2023 post reads: "OPAY CASH INVESTMENT LIMITED is a company duely
registered under the Corporate Affairs Commission of Nigeria and certified
fraud free to do business in Nigeria by the Economic Financial Crimes
Commission (EFCC)."

 

 

The EFCC investigates financial crimes in the country.

 

The post also says: 'This is a Nigerian network marketing company that has
collaboration with the CBN and also the government to help the disable and
unemployed citizens of the country achieve their goal."

 

The post is published by the account OPAY CASH Investment which uses the
name and logo of OPay Digital Services Limited. This company is licensed by
the Central Bank of Nigeria, or CBN, and offers financial services to over
18 million registered app users.

 

The post has over 500 comments, most of them from users saying the platform
is real and does pay out while others enquire about ways to join.

 

Similar posts can be found here, here, here, here and here.

 

But can these investment opportunities be trusted?

 

Signs of scam

 

The company's verified page on Facebook is under the name OPay, not "OPAY
CASH Investment".

 

 

The suspicious account has no more than seven followers, while the official
OPay page has over 380,000.

 

OPay offers investment opportunities through its OWealth savings product in
the app. These plans promise annual interest rates of up to 15%.

 

"OPay does not have any investment group or platform. Do not send money to
any Opay investment account," reads a message on the company's Twitter page.

 

OPay asks users to contact its support team in cases of suspected fraud.

 

The post is one of several investment scams Africa Check has uncovered, such
as here, here and here.

 

To help protect yourself against online scams, read our guide to Facebook
scams and how to spot them.

 

Read the original story, with links and other resources.

Africa Check is a non-partisan organisation which promotes accuracy in
public debate and in the media. Twitter @AfricaCheck and www.africacheck.org

 

 

 

 

Uganda Slaps Tax On Facebook, Netflix and Other Foreign Digital Service
Providers

Parliament has imposed a tax on companies reporting losses for more than
seven years with 50 per cent of the losses carried forward now being subject
to tax in new amendments to the Income Tax Act.

 

During the House sitting on Tuesday, 11 July 2023, Members of Parliament
created a middle ground of seven years abandoning the government's earlier
suggestion to tax losses carried forward in five years.

 

MPs added section 38(5) (a) of the Income Tax Act which imposed the tax.

 

"Notwithstanding the provisions of this section, a taxpayer who after a
period of seven years of income carries forward assessed losses shall only
be allowed a deduction of 50 per cent of the loss carried forward at the
beginning of the following year of income in determining the taxpayer's
chargeable income in the subsequent years of income," it reads.

 

 

Speaker Anita Among (L) and the Leader of Opposition, Hon. Mathias Mpuuga
(C) are shown a clause in the Constitution.

 

The Chairperson of the Committee on Finance, Hon. Amos Kankunda said the
move will capture potential taxpayers who use losses as a getaway from
taxation, cheating the country.

 

"...the amendment is intended to limit the avoidance of payment of
corporation tax by taking advantage of the current provision of the law
which allows businesses to carry forward all tax losses indefinitely and
without any restriction," he said.

 

Kankunda said genuine businesses operating on losses will not fall prey to
the new law.

 

 

"...the proposal will not affect any genuine business person because the law
will allow 100 per cent carry forward of losses for seven years then 50 per
cent thereafter. This is in addition to all the allowable deductions and
capital deductions provided under the Income Tax Act; citizens have the
benefit of 10-year tax holiday under section 21 of the Income Tax Act," he
said.

 

Hon. Nandala Mafabi

 

Hon. Nathan Nandala Mafabi (FDC, Budadiri West) opposed the amendment,
saying it will drive businesses to closure.

 

"A business will make a trading profit as per accounting standards and even
pay dividends but will make a taxable loss due to taxable allowances like
capital deductions," he said.

 

As an alternative, Nandala Mafabi asked MPs to equip the Uganda Revenue
Authority with means to audit and specifically hunt down the tax evaders.

 

"URA should intensify tax audits to confirm the right values of investments;
this can be done by values already in their books in World Customs
Organisation in Brussels," he said.

 

Digital service providers will also have to part with taxes, with MPs
amending the law to tax non-resident service providers in the online realm.

 

Finance State Minister, Hon. Musasizi

 

The Minister of State for Finance (General Duties), Hon. Henry Musasizi
defended the levy.

 

"We are not looking at the digital services; we are looking at the income
derived by the provider of these services. For Uber, the money goes to
California; the man derives income, but pays no taxes. Now we are saying,
can we have a mechanism of having the taxes?" he said.

 

Bujagali Hydropower Project, too, gets a tax waiver for another year,
awaiting audit and renegotiation of the contract as directed by Parliament.

 

The Income Tax Act was reprocessed following its return by President Yoweri
Museveni last month.

 

 

 

 

Nigeria: NCAA Suspends Operation of B737 Aircraft in Max Air Fleet

The Nigeria Civil Aviation Authority (NCAA) has suspended the operations of
all Boeing 737 aircraft in Max Air fleet.

 

The suspension was issued through a letter dated July 12, and titled
"Suspension of parts A3 and D43 of the Operations Specifications issued to
Max Air with immediate effect."

 

The letter was signed by Capt. Ibrahim Dambazau, Director, Operations
Training and Licensing, NCAA, on behalf of Capt. Musa Nuhu, Director
General, NCAA.

 

The News Agency of Nigeria (NAN) reports that Part A3 deals with the
airline's aircraft authorisation and D43 deals with Aircraft Listing of the
operations specification issued to Max Air Ltd.

 

 

"The Nigerian Civil Aviation Authority (NCAA) hereby suspends Parts A3
(Aircraft Authorisation) and D43 (Aircraft Listing) of the Operations
Specifications issued to Max Air Ltd. with regards to the operations of the
Boeing B737 aircraft type in your fleet.

 

"With the above suspension, you are to immediately suspend the operations of
all Boeing B737 aircraft in your fleet," the letter read in part.

 

The NCAA listed several occurrences that involved B737 aircraft in the fleet
of the airline that promoted its action.

 

The aviation regulator, in the letter, said it had constituted a team of
inspectors to conduct an audit of airline.

 

It added that results of the audit must be found satisfactory by the
authority prior to considering the restoration of the operation
specifications to the organisation to further operate the aircraft type.

 

-Vanguard.

 

 

 

 

Rawbank Announces Strong growth in 2022 Operating Results and Increases
Loans by 39%

Rawbank, the leading bank in the Democratic Republic of Congo, publishes its
results alongside its 2022 annual report. The year saw a dynamic performance
with diversification and an increase in loans to clients of 39%. The bank’s
twentieth year of activity ends with a strong and sturdy financial position.

 

Rawbank’s commercial activity in 2022 was particularly solid, with a balance
sheet total of US$4.14 billion. Lending increased by 39% from the previous
year to US$1.3 billion. Supported by sustained growth, Rawbank increased its
shareholder equity, which will allow it to lend to support the dynamism of
the Congolese economy. The structurally high level of deposits remained
stable at US$3.2 billion, showing the market’s confidence in the bank, with
an excellent ratio of loans to deposits of 40.48%. Net banking income of
US$362 million rose 30%, underlining the performance of Rawbank’s strategic
model.

 

Rawbank’s financial solidity is underpinned by a growing client base, in
terms of both customer numbers and loans to individuals, small and
medium-sized companies, large corporates, mining companies and other
institutions. The bank’s business model is confirmed at all levels:
operating profitability stood at 42.8% and the cost-income ratio at 58.1%.
These indicators show the success of the bank in the diversification of its
revenues, the strengthening of its systems and its improved cost management.

 

The bank’s twentieth year of activity ends with a solid and robust balance
sheet. Rawbank continues to meet the needs of an ever-growing and more
demanding clientele. The number of customers increased by 7% in 2022 to
reach 517,000, while prudential ratios were reinforced. The renewed
confidence of stakeholders in the Congolese economy, constant focus on risk
management and compliance and the digital transformation of working methods
are the key elements of Rawbank’s model.

 

“Our road map is clearer than ever: continuing to invest in innovation,
providing financial solutions, especially digital ones, which are adapted to
the needs of our clients, ensuring diligence in risk management and
compliance, and consolidating our position in the DRC. Our understanding of
the specificities of the Congolese market gives us a unique capacity to meet
its needs and I am convinced that this year’s positive results are the
prelude to an even more promising future. Rawbank is a strong institution
which can overcome economic uncertainties and meet the country’s needs of
today”, says Mazhar Rawji, chairman of the board.

 

CEO Mustafa Rawji says: “Once again, the loyalty and confidence of our
clients has been the core of our performance. The financial and operating
results for 2022 are proof of our ability to diversify, to invest in digital
and to be commercially aggressive while continuing to improve our
efficiency. Thanks to a prudent and well-informed strategy, our indicators
are positive and show the confidence of our customers in the bank. This
showing wouldn’t have been possible without the committed involvement of our
teams to whom I am deeply grateful. We continue to work enthusiastically
together to transform the Congolese economy.”

 

Rawbank’s results are the fruit of a strategy deployed over the years which
is based on anticipation of market developments and rigorous management.
This strategy has been internationally recognised by leading publications
such as The Banker and Euromoney which have both recognised the bank as the
best in the country in their awards, and by Global Finance which ranks the
bank as the best in the DRC for foreign-exchange operations.

 

“Our continued efforts in compliance and risk management, the solidity of
our balance sheet, the profitability of our business model and the
strengthening of our prudential ratios are the foundation of Rawbank. This
foundation today allows us to accelerate our development in confidence and
security,” concludes Mustafa Rawji.

 

About Rawbank

 

For 21 years, Rawbank has been supporting the development of the Congolese
economy. The bank offers the latest modern products to its base of over
500,000 corporate, SME and individual customers via a network of 100
branches in 19 of the country’s provinces, notably Grand Katanga, Grand
Kasaï, the two Kivus, the Equateur, and Central Congo. This vast agency
network is complemented by a representative office in Brussels and 265 cash
distributors. With over 1,800 collaborators, Rawbank has a market share of
over 30%.

 

Solidity, profitability and durability are Rawbank’s priorities to
consolidate its growth strategy.

 

The bank’s performance has been recognised with the African Bankers Award
2022 for the best regional bank in central Africa, by a Moody’s rating of
CAA 1, and by ISO/IEC 20000 and ISO/IEC 27001 certifications.

 

Partners who put their confidence in RAWBANK include: IFC, BAD, TDB, BADEA,
Shelter Africa, AGF.

 

 

 

 

ChatGPT owner in probe over risks around false answers

US regulators are probing artificial intelligence company OpenAI over the
risks to consumers from ChatGPT generating false information.

 

The Federal Trade Commission (FTC) sent a letter to the Microsoft-backed
business requesting information on how it addresses risks to people's
reputations.

 

The inquiry is a sign of the rising regulatory scrutiny of the technology.

 

OpenAI chief executive Sam Altman says the company will work with the FTC.

 

ChatGPT generates convincing human-like responses to user queries within
seconds, instead of the series of links generated by a traditional internet
search. It, and similar AI products, are expected to dramatically change the
way people get information they are searching for online.

 

Tech rivals are racing to offer their own versions of the technology, even
as it generates fierce debate, including over the data it uses, the accuracy
of the responses and whether the company violated authors' rights as it was
training the technology.

 

The FTC's letter asks what steps OpenAI has taken to address its products'
potential to "generate statements about real individuals that are false,
misleading, disparaging or harmful".

 

The FTC is also looking at OpenAI's approach to data privacy and how it
obtains data to train and inform the AI.

 

Mr Altman said OpenAI had spent years on safety research and months making
ChatGPT "safer and more aligned before releasing it".

 

"We protect user privacy and design our systems to learn about the world,
not private individuals," he said on Twitter.

 

In another tweet he said that it was important to the firm that its
"technology is safe and pro-consumer, and we are confident we follow the
law. Of course we will work with the FTC."

 

ChatGPT boss urges US Congress to regulate AI

ChatGPT owner OpenAI to open UK office

Mr Altman appeared before a hearing at Congress earlier this year, in which
he admitted that the technology could be a source of errors.

 

He called for regulations to be created for the emerging industry and
recommended that a new agency be formed to oversee AI safety. He added that
he expected the technology to have a significant impact, including on jobs,
as its uses become clear.

 

"I think if this technology goes wrong, it can go quite wrong... we want to
be vocal about that," Mr Altman said at the time. "We want to work with the
government to prevent that from happening."

 

The investigation by the FTC was first reported by the Washington Post,
which published a copy of the letter. OpenAI did not respond to a BBCrequest
for comment.

 

The FTC also declined to comment. The consumer watchdog has taken a high
profile role policing the tech giants under its current chair, Lina Khan.

 

Ms Khan rose to prominence as a Yale law student, when she criticised
America's record on anti-monopoly enforcement related to Amazon.

 

Appointed by President Joe Biden, she is a controversial figure, with
critics arguing that she is pushing the FTC beyond the boundaries of its
authority.

 

Some of her most high-profile challenges of tech firms activities -
including a push to block the merger of Microsoft with gaming giant
Activision Blizzard - have faced setbacks in the courts.

 

During a five-hour hearing in Congress on Thursday, she faced tough
criticism from Republicans over her leadership of the agency.

 

She did not mention the FTC's investigation into OpenAI, which is at a
preliminary stage. But she said she had concerns about the product's output.

 

"We've heard about reports where people's sensitive information is showing
up in response to an inquiry from somebody else," Ms Khan said.

 

"We've heard about libel, defamatory statements, flatly untrue things that
are emerging. That's the type of fraud and deception that we are concerned
about," she added.

 

The FTC probe is not the company's first challenge over such issues. Italy
banned ChatGPT in April, citing privacy concerns. The service was restored
after it added a tool to verify users' ages and provided more information
about its privacy policy.bbc

 

 

 

Anchor Brewing: America's oldest craft brewery shuts after 127 years

A beer-maker founded in San Francisco in 1896 that promotes itself as
America's "first" craft brewer is closing its doors.

 

Anchor Brewing Company said it would cease operations and liquidate the
business, pointing to years of falling sales.

 

Japanese brewing giant Sapporo, which purchased Anchor in 2017, said efforts
to revive the brand had failed.

 

It had been dubbed a "godfather" of America's craft beer renaissance.

 

"This was an extremely difficult decision," Anchor Brewing spokesman Sam
Singer said.

 

"We recognise the importance and historic significance of Anchor to San
Francisco and to the craft brewing industry, but the impacts of the
pandemic, inflation, especially in San Francisco, and a highly competitive
market, left the company with no option but to make this sad decision to
cease operations," he said.

 

America was once dominated by brewing giants such as Miller and
Anheuser-Busch. But the number of independent beer-makers has exploded since
the 1980s.

 

Anchor, with its roots in the Gold Rush, was a pioneer of that trend,
raising its profile beyond San Francisco in the 1970s and 1980s, with
backing from an heir to the Maytag appliance fortune and an appearance with
Arnold Schwarzenegger in television drama "The Streets of San Francisco".

 

In a profile of the company in 2017, the food website Eater reported that it
was known for offering a "bubbly, malty, kind of bittersweet alternative to
the watery pilsners" that had long dominated the market.

 

America’s craft beer explosion

Why so many of the world’s oldest companies are in Japan

That flavour was rooted in the steam style of brewing, which Eater cast as
one of the few native to the US.

 

But the brand, which made many of its sales to bars and restaurants, has
struggled more recently.

 

It did $10m in turnover last year, down from $12m the prior year, according
to Sapporo, which purchased the company for $85m in 2017 in a bid to expand
its presence in the US beer market.

 

Sapporo said it had tried to revive sales by renewing products and making
other investments but could not overcome the hit to the business from the
pandemic.

 

"Anchor was significantly affected by the impact of the novel coronavirus,
and such impact was particularly prolonged in the San Francisco area. As a
result, Anchor's sales have significantly decreased," Sapporo said, warning
investors that it would take a Y6bn ($43m) hit from the decision.

 

Craft beers accounted for just over 13% of the beers sold in the US last
year and roughly a quarter of sales by value, according to the Brewers
Association.

 

But the beer industry has been under pressure, as pre-packaged cocktails
gain popularity.

 

The number of beers sold in the US last year sank 3%, the Breweries
Association said. At small, independent brewers, sales volume was roughly
flat.

 

Anchor, which gave 60 days notice to its roughly 60 staff, said it had
repeatedly tried to find a buyer in recent years and still hoped one would
step forward during the liquidation process.

 

It said it had stopped producing beer but would continue packaging and
distributing its bottles in California until the end of July. Its local pub
will also remain open temporarily to sell remaining inventory.-bbc

 

 

 

Microsoft-Activision faces fresh blow to bid to buy Call of Duty maker

US regulator the Federal Trade Commission has moved to appeal against a
decision to allow Microsoft to proceed with its $69bn (£53bn) purchase of
games publisher Activision Blizzard.

 

Earlier this week, the FTC's request to block the takeover was rejected by a
district judge in San Francisco.

 

The technology giant's deal to buy the Call of Duty maker would be the
biggest of its kind in gaming industry history.

 

Microsoft said it planned to fight the regulator's appeal.

 

"We're disappointed that the FTC is continuing to pursue what has become a
demonstrably weak case, and we will oppose further efforts to delay the
ability to move forward," Microsoft President Brad Smith said in a
statement.

 

The FTC has alleged that the deal would hurt gamers and reduce competition
by giving Microsoft, the maker of the Xbox, power to deny rivals access to
Activision's games.

 

The FTC had sought an emergency ruling to block the deal while it challenged
the planned takeover.

 

On Tuesday, US District Judge Jacqueline Scott Corley said she did not think
the FTC would win in its case.

 

She said the regulator had not shown that "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".

 

The ruling in the US is the strongest indicator so far that Microsoft's
purchase would eventually go forward.

 

Also this week, the UK's competition regulator appeared to ease its
opposition to the deal.

 

The Competition and Markets Authority (CMA) was the world's first regulator
to block Microsoft's proposed takeover of Activision.

 

It had been concerned that the deal would reduce innovation and leave gamers
with fewer choices.

 

On Wednesday, the CMA said it was "ready to consider any proposals from
Microsoft to restructure the transaction".

 

"Microsoft and Activision have indicated that they are considering how the
transaction might be modified, and the CMA is prepared to engage with them
on this basis," it added.

 

The Microsoft-Activision deal, which is due to close later this month, has
split global watchdogs.

 

EU regulators have approved the deal, saying that Microsoft had addressed
their concerns on competition issues.-bbc

 

 

 

 

UK economy 'listless' with little growth in four years

The UK economy has barely grown since 2019 before the pandemic, with one
economist describing it as "listless".

 

It shrank by 0.1% in May, partly due to the extra bank holiday for the
King's Coronation, which meant there was one fewer working day than normal.

 

The rising cost of living and higher interest rates have been squeezing
households and businesses.

 

When an economy shrinks, people might lose their jobs and find it harder to
get pay rises that keep up with prices.

 

Inflation - the annual rate at which prices rise - is at 8.7%.

 

The Bank of England has been putting up interest rates to try to slow price
rises but this is having a knock-on effect on consumer borrowing costs,
driving up mortgage and loan repayments for millions.

 

Chancellor Jeremy Hunt said high inflation was hitting the economy.

 

"The best way to get growth going again and ease the pressure on families is
to bring inflation down as quickly as possible. Our plan will work, but we
must stick to it."

 

May's decline in economic activity followed growth of 0.2% in April, the
Office for National Statistics (ONS) said.

 

It said the manufacturing, energy and construction sectors fell, along with
sales at pubs and bars.

 

What is GDP and how does it affect me?

What is a recession and how could it affect me?

Why is UK inflation so high?

But it said the health sector recovered while the IT industry had a "strong
month". Strikes also had less of an impact on the economy than in April.

 

The coronation - which meant there were three bank holidays in May, rather
than the usual two - led to a slowdown in some industries, the ONS said, but
benefited others such as those in arts and entertainment.

 

For most people, economic growth is good. It usually means there are more
jobs and companies are more profitable and can pay employees and
shareholders more.

 

The higher wages and larger profits seen in a growing economy also generate
more money for the government in taxes.

 

It can choose to spend more on benefits, public services and government
workers' wages, or cut taxes.

 

When the economy shrinks, these things can go into reverse - but governments
normally do still have a choice on public spending.

 

UK GD chart

Capital Economics said that the 0.1% fall in May "isn't as bad as it looks
as some of it was due to the extra bank holiday for the King's Coronation".

 

It added that GDP - the official measure of the size of the economy - was on
track to rise by around 0.1% in the three months to June.

 

"Our sense is that underlying activity is still growing, albeit at a snail's
pace," said Paul Dales, its chief UK economist.

 

But Samuel Tombs, chief UK economist at Pantheon Macroeconomics, warned that
May's figures showed growth "remains listless".

 

And Martin Beck, chief adviser to the economic forecasting group the EY Item
Club, told the BBC's Today programme that the "bigger picture is the economy
remains weak".

 

"It didn't grow at all in the three months to May, and in May the economy
was only 0.2% bigger than its size just before the Covid pandemic struck, so
we've seen next to no growth since the end of 2019."-bbc

 

 

 

Warning public debt could soar as population ages

The UK's public debt could soar as the population ages and tax receipts
fall, the government's independent forecaster has warned.

 

The Office for Budget Responsibility (OBR) said debt could rise to more than
300% of the size of the economy by 2070, up from around 100% currently.

 

Climate change and geopolitical tensions also posed "significant" risks to
government finances, it added.

 

But it called current government plans to reduce debt "relatively modest".

 

It comes as separate figures show the UK economy has barely grown since 2019
before the pandemic.

 

Commenting on the OBR report, Chancellor Jeremy Hunt said the government
would take "difficult but responsible" decisions on the public finances.

 

Public debt is the stockpile of money borrowed by the government over the
years to fund its spending.

 

Mr Hunt has set a target of getting underlying debt to fall in five years'
time.

 

In a report, the OBR said the 2020s were turning out to be a "very risky era
for the public finances".

 

It said the pandemic, cost-of-living crisis and recent interest rate rises
had hit the economy and driven up government borrowing costs.

 

As a result, it said:

 

government borrowing was now at its highest level since the mid-1940s

the stock of government debt at its highest level since the early 1960s

and the cost of servicing that debt the highest since the late 1980s.

>From this "vulnerable position", it said, the government now faced growing
costs from an ageing society.

 

This will drive up pension spending in the short term, and by 2070 shrink
the ratio of working age people to retired people.

 

"This puts downward pressure on tax receipts, upward pressure on primary
spending, and leaves a growing gap between the two," the OBR said.

 

'Listless' UK economy barely grows in four years

How does government borrowing work?

The forecasting body said that the government's debt interest costs were
also set to surge. And it said borrowing would rise as government spending
on defence increased to meet "growing security threats in Europe and Asia".

 

Decarbonising the economy to reach net zero by 2050 would also cost the
government billions in extra spending, it said.

 

All of these factors could lead to the size of the UK's debt compared to the
size of the economy - as measured by the debt-to-GDP ratio - tripling over
the next 50 years, the OBR said. It added that unforeseen shocks or unfunded
policies could drive it even higher.

 

The OBR added that the government's current plan for stabilising and then
reducing debt - as a share of GDP by 2027-28 - was "relatively modest by
historical and international standards".

 

Commenting, Mr Hunt said the government would take "difficult but
responsible decisions on the public finances, including public sector pay,
because more borrowing is itself inflationary".

 

But Rachel Reeves, Labour's shadow chancellor, said the OBR's report showed
"just how far we are falling behind our peers".

 

"There are serious decisions to be made by this Tory government to restore
some security in our economy, to get a grip on inflation, and to stop
people's bills rising."

 

Gas prices

The OBR's report also warned gas prices are expected to remain high until at
least 2025.

 

Soaring oil and gas prices have contributed to the rapid pace of general
price rises, putting struggling households under pressure.

 

After a massive 13-fold price jump in the wake of Russia's invasion of
Ukraine, gas prices have fallen back - but are still more than twice as
expensive as before.

 

The OBR said the hike in gas prices had made renewable energy cheaper than
gas over its life-time for the first time.

 

However, despite this, it said there was "little sign of a step-change in
renewable energy investment in the UK".

 

Planned UK government investments in green technologies will not get the
country to net zero carbon emissions by 2050, the OBR said.

 

-bbc

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

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

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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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