Major International Business Headlines Brief::: 17 July 2023

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Major International Business Headlines Brief::: 17 July 2023 

 


 

 


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

 


 

 


 

ü  Ethiopia: Govt Seeks U.S.$12 Billion in Funding for Economic Plan

ü  Africa: We Can Build a Prosperous Africa With Our Resources, President Ruto Says

ü  South Africa: Port of Richards Bay Reopened to Trucks After Non-Compliance Certificate Lifted

ü  Kenya: Nairobi Expressway Resumes Operations At Mlolongo After Protest Destructions

ü  Uganda: Proposed Income Tax Amendment to Limit Carrying Forward of Tax Losses

ü  Rwanda Airports Company Acquires Latest Aircraft Recovery Technology

ü  Kenya: Govt to Extend Internet Connectivity to Insecurity Prone Areas

ü  Nigeria: Fuel Subsidy Removal - Cost of Smaller Vehicles Skyrocket

ü  Ethiopia: Chamber Rolls Out Amharic AfCFTA 101 to Boost Free Trade Awareness

ü  Ghana Passes Law to Allow Cultivation of Medicinal, Industrial Cannabis

ü  Russia seizes control of Danone and Carlsberg operations

ü  China youth unemployment hits high as recovery falters

ü  Twitter loses nearly half advertising revenue since Elon Musk takeover

ü  Call of Duty battle over after Sony deal with Microsoft

ü  Carbon-free flights promised 'within two years'

 


 

 


 

 <https://www.cloverleaf.co.zw/> Ethiopia: Govt Seeks U.S.$12 Billion in Funding for Economic Plan

The Ethiopian government is looking to raise USD 12 billion in financing to implement its new three-year economic reform plan, according to Teklewold Atnafu, economic advisor to Prime Minister Abiy Ahmed (PhD).

 

The funds would come from institutions like the International Monetary Fund (IMF) and World Bank, as well as from restructuring Ethiopia's debts, Teklewold told the Amharic news publication Reporter.

 

Ethiopia's improving relations with Western countries like the U.S. and France could help it secure debt relief and financing, the advisor said. However, he acknowledged that policy conditions tied to IMF and World Bank loans could be a sticking point in the negotiations.

 

- Advertisement -One major issue is foreign exchange liberalization, which the IMF wants Ethiopia to pursue more aggressively. The IMF wants the liberalization to occur within one year of funding being released.

 

The Fund also wants assurances that the Ethiopian Central Bank will stop directly advancing funds to the government.

 

While Teklewold expressed confidence Ethiopia could meet its USD 12 billion target, the strict IMF time frame on foreign exchange liberalization could complicate agreement on policy reforms needed to secure the full amount of funding.

 

-Reporter.

 

 

 

Africa: We Can Build a Prosperous Africa With Our Resources, President Ruto Says

Nairobi — President William Ruto has said it is possible to build a more integrated, prosperous and stable Africa.

 

He said this must be Africa-driven by its own people, leaders and resources.

 

President Ruto stated that the starting point should be the reforming of the African Union.

 

He regretted that over five decades after independence, the continent still relies on external funding to drive its agenda.

 

"We must free the AU from constraints so that it can pursue urgent and critical interventions in the continent using internally-generated resources," said President Ruto.

 

 

It was not right, he insisted, for over 60 per cent of AU programmes to be financed by overseas partners.

 

The President said the Pan-African movement has always been about sovereignty.

 

"The chronic dependence on well-meaning partners is inconsistent with this aspiration."

 

He was addressing the Fifth Mid-Year Coordination Meeting of the African Union, the Regional Economic Communities, the Regional Mechanisms and the African Union Member States at the UN Complex in Gigiri, Nairobi County.

 

Present were Presidents Azali Assoumani (Comoros), Ali Bongo (Gabon), Abdel Fattah (Egypt), Macky Sall (Senegal), Ismail Guelleh (Djibouti) and Bola Tinubu (Nigeria), African Union Commission Chairperson Moussa Faki, among others.

 

The Head of State told the session that African integration is unstoppable as it will open doors for unprecedented transformation.

 

He pointed out that the African Continental Free Trade Area will be the world's largest free-trade area, bringing together 54 countries.

 

"This single market will lift 30 million people out of extreme poverty and boost incomes."

 

The President explained that the success of COP27 in Egypt was a signal that Africa is taking off.

 

"It showed that Africa can speak in one voice and contribute to global development and climate action."

 

-Capital FM.

 

 

 

South Africa: Port of Richards Bay Reopened to Trucks After Non-Compliance Certificate Lifted

The Port of Richards Bay reopened to truck traffic at the weekend after a non-compliance certificate for undisclosed 'environmental management issues' was lifted. Meanwhile, three suspects have been arrested in relation to the recent spate of truck burnings.

 

Transnet National Ports Authority (TNPA) said on Saturday that it had lifted "a non-compliance stop certificate issued by the Ports Authority on 13 July 2023 to suspend operations of one of its terminal operators".

 

"The terminal operator has since presented an implementation plan and committed to resolving the environmental management issues stipulated in the certificate. It has been noted that the terminal operator has already started implementing the remedial action."

 

 

The "environmental management issues" remain undisclosed and TNPA had not responded to Daily Maverick queries about that by the time of publication.

 

Exports through the port include wood chips and copper concentrates. Fertiliser also moves through the port. Coal exports that go through the Richards Bay Coal Terminal were unaffected.

 

The statement said that transporters were urged on Saturday to wait 12 hours before dispatching trucks to the port to allow a backlog to be cleared.

 

Thus ends a saga that capped a terrible week for South Africa's crucial trucking industry that saw 21 trucks attacked and burnt by arsonists in KZN, Limpopo and Mpumalanga.

 

It has been widely reported that three suspects have been arrested and the army has been deployed as an additional security measure.

 

Train derailment

 

Meanwhile,...

 

-Daily Maverick.

 

 

 

 

Kenya: Nairobi Expressway Resumes Operations At Mlolongo After Protest Destructions

Nairobi — The Nairobi Expressway has resumed operations at the Mlolongo, Syokimau and Standard Gauge Railway Toll Stations even as restoration works go on vandalism during last Wednesday's demonstrations.

 

A statement from Moja Expessway Limited further urged motorists to be mindful of the ongoing work and drive at the prescribed speed limits.

 

Demonstrators blocked the main Mombasa Road Wednesday and vandalised metal grills separating the Expressway.

 

Motorists had to make quick u-turns on both sides after protesters started stoning them damaging several cars.

 

There were no immediate reports of casualties even as police intervened to calm the situation.

 

 

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

 

Shops were shut and security was tight in the capital Nairobi, where police deployed tear gas against stone-throwing demonstrators in the slum of Mathare.

 

The clashes followed rallies in several cities last week that turned deadly. Six people were killed according to the interior ministry, and rights campaigners accused police of being heavy-handed.

 

On the eve of Wednesday's protests, the country's police chief Japheth Koome warned opposition supporters from holding "illegal demonstrations", saying that organisers had not provided the authorities with any "notifications" about their planned rallies this week.

 

"In this regard, no such demonstrations/gatherings/protests will be allowed tomorrow... All lawful means will be used to disperse such demonstrations," Koome said in a statement.

 

Police in Nairobi on Friday fired tear gas, targeting Odinga's convoy, AFP reporters reported.

 

-Capital FM.

 

 

 

Uganda: Proposed Income Tax Amendment to Limit Carrying Forward of Tax Losses

The Ugandan government has recently made proposals for significant amendments to its income tax law. Among the proposals is the introduction of a cap on utilisation of a tax loss.

 

Whereas capping utilisation of tax losses can be a useful tool to curb tax avoidance, the proposal has raised several concerns among taxpayers, arguing whether the move is aligned with business realities in Uganda.

 

The recently gazetted Income Tax (Amendment) Bill, 2023, proposes to limit the tax losses available for carry forward by a taxpayer to five years. After the capping point, taxpayers will only utilize 50 per cent of the assessed tax losses in the subsequent years of income.

 

 

WHAT IS A TAX LOSS?

 

A tax loss or assessed loss occurs where the total amount of income of a taxpayer is exceeded by the total amount of deductions/reliefs available to the taxpayer. Ordinarily, tax is charged on the chargeable income of a taxpayer. Summarily, the chargeable income is the taxman's version of a taxpayer's profits.

 

Chargeable income is derived using the following formula: the gross income minus all allowable deductions/ tax reliefs the company is entitled to. The difference is subjected to a tax at a rate of 30 per cent for a company-the rate may be up to 40 per cent for an individual.

 

The concept of a tax loss is a key component of self-assessment and voluntary tax compliance as it serves as an adjustment cognizant of the business realities of a taxpayer. It's important to note that each business' profitability/ chargeable income timeline will differ, since profitability is relative and looks at the overall performance of your business.

 

 

Basing on business performance, a taxpayer can be in a prolonged loss-making position. Depending on your business industry, structure, and performance, you may find varying occurrences of tax losses and taxable income. For instance, businesses in the oil and gas sector will experience extended loss-making periods attributed to the nature of business.

 

In Uganda, a tax loss can be used to offset the company's tax payments in future tax periods through an income tax provision for a carry forward of the tax loss. A carry forward applies the current year's tax loss against future years' tax liability, achieving the effect of reducing the tax payable by a taxpayer.

 

Consider a tax loss to be a negative chargeable income for income tax purposes. Tax loss occurs when allowable deductions are greater than gross income.

 

 

Currently, the taxpayer is allowed to carry forward the tax loss as a deduction in determining the taxpayer's chargeable income in the following year of income without any limitation on the number of years or amount of tax loss the taxpayer can carry-forward. This provision allows taxpayers to move a tax loss to future years to offset against the future profits to reduce any future tax payments.

 

BENEFITS

 

Investors usually consider the prevailing tax regime in the country when deciding whether to create a company, expand an existing company or invest in a particular country. The corporate tax which is charged at a rate of 30 per cent of the company's taxable income is a concern to most investors.

 

The current law which maintains the carry-forward tax losses without any restrictions provides tax relief for investors who require an extended period to become profitable.

 

This relief can help businesses overcome initial challenges and ultimately achieve profitability, contributing to Uganda's overall economic growth. By allowing businesses to carry forward losses without limitation, the government encourages innovation and risk-taking among entrepreneurs, which can lead to the development of new products, services, and industries.

 

In times of economic downturn or external shocks, businesses may face prolonged periods of losses. The unrestricted carry-forward losses deduction can help businesses recover and build resilience during such challenging times, ultimately contributing to the stability and growth of Uganda's economy.

 

PROPOSED AMENDMENT BILL

 

The Income Tax (Amendment) Bill, 2023 proposes to introduce a limitation - for a taxpayer who after a period of five years

 

of income carries forward assessed losses shall only be allowed a deduction of 50 per cent of the tax loss in the subsequent years of income in determining the taxpayer's chargeable income in the subsequent years of income.

 

Kenya, however, recently amended its Income Tax Act to remove the cap on the carry forward of tax losses allowing for unlimited carry forward of tax losses.

 

IMPACT ON BUSINESSES

 

The amendment assumes that businesses should be halfway their breakeven point after five years in business. This is, however, not true for all businesses since some companies may take years before turning in a profit, because of the heavy investments in the first years.

 

With the proposed amendment to limit the carry forward of tax losses, taxpayers would lose 50 per cent of tax losses after five years and at a minimum have to pay corporate income tax on the excess chargeable income even during loss- making periods.

 

Generally, corporate tax is of great concern in every investor's decisions and hence in economic growth of the country. Introducing limitations on carry-forward losses could discourage entrepreneurial efforts and other investments, potentially stifling innovation and economic growth.

 

On the other hand, the ability to collect taxes is central to the country's capacity to finance social services such as health and education, critical infrastructure such as electricity and roads, and other public goods.

 

The tax amendment to include a limit to the tax loss carried forward by companies may boost revenue by broadening the country's tax base. Although partial loss offsets may have a negative impact on business' cash flow and investment, this amendment will help in curtailing tax avoidance.

 

The author is the manager, Tax at Ernst and Young.

 

-Observer.

 

 

 

Rwanda Airports Company Acquires Latest Aircraft Recovery Technology

Rwanda Airports Company (RAC), the operator of Kigali International Airport, has selected RESQTEC, a Dutch company specializing in aircraft recovery solutions, as its supplier for aircraft recovery equipment, training, and services.

 

This collaboration aims to enhance the airport's preparedness for runway excursions and reduce the impact on operations. This means that by acquiring RESQTEC's latest aircraft recovery technologies, including the innovative R2S lifting system, the airport is projected to reduce runway closure time after an incident by more than 50 percent.

 

The R2S lifting system is specifically designed to facilitate controlled and continuous lifting in one shot, accommodating the new generation of larger and heavier aircraft with innovative wing designs.

 

According to experts, the equipment is quick, easy to use, and highly durable, enabling swift removal of disabled aircraft without compromising stability or incurring secondary damages.

 

 

Charles Habonimana, the Managing Director of RAC, said this strategic investment propels RAC to the forefront of airfield safety innovation, paving the way for a remarkable reduction of over 50 percent in runway closure time following any unforeseen incidents.

 

"With this groundbreaking technology at our disposal, this demonstrates our unwavering commitment to enhancing our emergency response capabilities, ensuring the utmost safety of our airports and passengers. As a result, we are now better equipped than ever before to swiftly and effectively address aircraft incidents across all our facilities."

 

He said that they are ready to share the expertise with neighbouring countries should the need arise.

 

"By fostering collaboration and knowledge exchange, we aim to fortify the entire aviation ecosystem, cultivating a safer and more resilient environment for all," Habonimana added.

 

Martijn Poen, the International Sales Manager at RESQTEC, said: "We are very proud that Rwanda Airports Company has chosen RESQTEC's aircraft recovery solutions as part of their effort to prepare their airport for incidents with disabled aircraft. With their investment and future development plans, Rwanda sets the standard for aircraft recovery preparedness in Africa."

 

Completion of the project was achieved on July 7 following the successful delivery, commissioning of the equipment, and training of a dedicated aircraft recovery team at RAC.

 

The partnership between RAC and RESQTEC was solidified during the Commonwealth Heads of Government Meeting (CHOGM) held in Kigali in June 2022.

 

-New Times.

 

 

 

Kenya: Govt to Extend Internet Connectivity to Insecurity Prone Areas

Kabarnet — The National government has said it will extend fiber internet connectivity to reach all insecurity prone areas in the North Rift region.

 

Principal Secretary for Information, Communication and Digital Economy John Tanui said his department will team up with the private sector and other development partners to connect the six affected counties of Baringo, Elgeyo Marakwet, Turkana, West Pokot, Samburu and Laikipia with fiber internet.

 

Eng. Tanui who spoke when he launched JITUME Digital laboratory at Kapchepkor Technical Training Institute in Baringo North Sub- County, Friday, underscored the need of internet and mobile coverage which he said will assist in timely conveying of information in a region faced with banditry and cattle rustling challenge.

 

"We have planned and sent a team of experts and they have surveyed and identified the exact spots where the internet connectivity as well as mobile phone masts will be set," Tanui said.

 

 

He noted that the government is working on modalities to extend broadband connectivity by road which is currently at Emining in Mogotio Sub County and it will extend to Marigat, Mukutani and link up with neighbouring counties of Laikipia, Samburu, Turkana and West Pokot.

 

The PS who also encouraged the youth to embrace the Jitume programme said it will support them to tap opportunities beyond the country now that white collar jobs are hard to come by.

 

Baringo North MP Joseph Makilap noted that insecurity rocking the sub-county was a major hindrance to development but said he is hopeful that the current government will sort out the challenge for once.

 

He called on the youths to make good use of such centres in his constituency so that they can earn for themselves income and in turn improve their livelihoods.

 

"I am urging all our youths to enroll in Jitume since it is a hub where they can do programs and assignments and at the end they can earn a living out of it," said Makilap.

 

 

At the same time, the legislator said that he is hopeful that in the next few years the region will produce skillful young women and men who will be able to create self-employment opportunities for others.

 

Baringo Women representative Florence Jematia who is also a member of the National assembly ICT committee challenged women and youth to be tech savvy as the world was now a global village and use of the internet eases trade and communication.

 

On insecurity, Jematia said she will champion support of victims of banditry who she pointed out are languishing in abject poverty after the loss of livelihoods.

 

She said that it is high time communities embrace peaceful coexistence and those widows and orphans who need assistance be prioritized by both national and county governments and other charitable organizations.

 

Deputy governor Eng Felix Kimaiyo in his remarks urged the ministry to FastTrack fiber connectivity to enable youths access information online and also boost the network connectivity across the county to help in reducing the insecurity incidences.

 

The Institution Principal Elly Koross lauded the ministry for the initiative saying the youths would benefit from the training and get equipped with digital skills to enable them to venture into online work that could earn them a living and in building the economy.

 

He called on local leaders and well wishers to sponsor some of the needy students in the institution which has over 500 learners so that they can finish their respective courses without any major challenge. - Kna

 

-Capital FM.

 

 

 

Nigeria: Fuel Subsidy Removal - Cost of Smaller Vehicles Skyrocket

Car owners are currently reconfiguring their usage patterns by shifting focus to smaller, more fuel-efficient vehicles to cope with the rising cost of fuel after the removal of subsidy, Daily Trust Saturday reports.

 

One of the effects of the fuel subsidy removal, which jacked up the price of PMS from N189-N190 per litre to as high as N530 per litre early last month, was the forced readjustment Nigerians had to make in their lifestyle.

 

For vehicle owners, these are indeed trying times, which have made survival only for the privileged few due to the high cost of fuelling.

 

 

Findings by Daily Trust Saturday, however, revealed that car owners have started taking the drastic step of dumping big cars for the smaller, more cost-effective and fuel-efficient vehicles.

 

SUVs giving way to Sedans?

 

Auto enthusiasts have different preferences when it comes to car purchase. Some will go for the Sports Utility Vehicles (SUVs) or the Sedan.

 

Sedan also known as a saloon car is usually a four-door design with a separate trunk for storage mostly known for its stylish looks, smooth handling, and fuel efficiency while SUV on the other hand offers more seating capacity but with lower fuel efficiency.

 

While most sedans are usually four-cylinder vehicles, the SUV comes with six cylinders, thereby consuming more fuel than the Sedan which has lower horsepower.

 

For instance, an average four-cylinder Sedan car like Toyota Corolla with 2.0 litre engine takes 50-litre fuel while the six-cylinder engine takes about 80-litre fuel. By implication, the owner of a six-cylinder vehicle needs over N40,000 to fill the fuel tank.

 

 

For those using eight-cylinder SUVs or Jeeps like the V8, they are expected to pay more with the current cost of fuel.

 

Prices of smaller cars skyrocketing

 

With the high cost of fuel and the decision of car owners to tilt towards fuel efficient vehicles, checks from various car marts, stores and dealers have indicated that prices of smaller cars are now on the increase. It was however learnt that this is mostly applicable to foreign used vehicles.

 

Findings by our correspondent revealed that many car owners with SUVs in their fleet are considering disposing them for smaller cars.

 

A Lagos-based car owner, Mr Lucky Osaho, told our correspondent he decided to sell his Lexus RX 350 2010 model at a giveaway price just to raise money to buy a four-cylinder vehicle.

 

 

He said, "I sold the car for N3m because I wanted to raise money to buy a smaller vehicle. I am thinking of a Toyota Corolla car which has four cylinders and I can conveniently cope because of this high cost of fuel.

 

"My brother, buying fuel at N500, you have to be prudent in your movement. It is not going to be easy for any car owner because you have other competing needs. Can you afford to spend all your earnings on fuelling?

 

"We have a situation where prices of commodities are increasing but incomes are not increasing. Fuel has increased by over 400 per cent but the incomes have not increased. So, you have to prioritise."

 

Sedan prices on the increase

 

Checks by Daily Trust Saturday indicated that prices of 4-cylinder Sedan vehicles are on the increase over high demand.

 

The popular Toyota Corolla models, mostly used for the ride-hailing services have skyrocketed in prices with 2003-2005 foreign used models going for over N4m. The 2010-2012 Models sold for less than N4m about two years ago now costs N6m at the various car marts surveyed by our correspondent yesterday.

 

Also, checks on various online marts like Jiji, Cars45, showed 4-cylinder vehicles with higher prices than the V6 vehicles.

 

For instance, Lexus vehicles with six cylinders are lesser in prices than the Toyota brands in the Nigerian market. A Lexus 250i 2005 is sold for N3m at a car mart in Ikeja, Lagos while at the same mart, Toyota Corolla 2005 is sold for over N4m.

 

Auto dealers predict drop in import

 

Amidst the current development in the industry, experts predict a very drastic drop in import of vehicles, whether brand new or fairly used vehicles known as Tokunbo.

 

CEO, Autocaptain Nigeria Limited, Mr Femi Olawale, in a chat with our correspondent first blamed the increase in the cost of vehicles on the high duty paid by importers which is dollarised.

 

Following the devaluation of naira, one dollar now exchanges for over N770 which now reflects in prices of imported commodities including automobiles.

 

"I don't know why we should be using dollars to do calculation of duties even though we get the cars in dollars," said Olawale.

 

He said, "A Venza that we were clearing for N250,000 is now N2.7m as duty alone. By the time you add the terminal charge, shipping charge, you would've spent almost N2.8m for 2010 Venza."

 

According to him, there has been a drastic decline in sales because of the general cash crunch and the economic downturn in Nigeria.

 

"One of my uncles who import cars and sell about 50 units in a year was telling me he was able to sell just one car in January. I have quite a number of units with me which I have not been able to sell.

 

"Car imports will drop because people don't have a lot of money to buy. Anybody who wants to drop an SUV may be looking for a Sedan to buy at a higher price because there is currently high demand for four-cylinder vehicles," he said.

 

The car dealer said smaller, four-cylinder vehicles might become unaffordable again with the current high demand, noting that 90 percent of people are considering changing their six-cylinder vehicles to four.

 

"But whether high demand or not, the trend I see is that there is no money in circulation. So, people are just trying to catch up with the high cost of fuel. For instance, I try as much as possible to cut down my movement because of the car I drive.

 

"I won't go out when people are rushing to go out. I will go out around 11 or 10 when I know there would be lighter traffic and once it is 3pm, I must leave the office and start coming back home.

 

"People are willing to put their SUV cars up for sale but can they actually get value for it? If they sell anyhow where is the money to add to it to now buy another sedan that would serve them better?

 

"A lot of people want to sell off their SUV, who is going to buy it? Nobody. In a situation where we have about 90 per cent of people planning to sell off their SUV that consumes more fuel, is it the remaining 10 percent that would want to buy? Except you are selling at a ridiculously low price.

 

"So, anybody who has a Sedan car to sell, even if it is Nigerian used, the prices would continue to go up definitely. There would be high demand for it."

 

He said reduction in vehicle import levy would mitigate the impact of the subsidy removal and encourage more people to buy vehicles.

 

"What I expect this new government to do is to try and leave the duty as it is for now since they have removed the fuel subsidy. If not, people might be pushed to the wall."

 

Automotive Industry analyst, Mr Mamudu Lukman, said many people would drop their SUVs because of the increased fuel cost.

 

He said, "I believe the reason is obvious. Fuel has become more expensive. Some SUVs have bigger engines and tend to consume more litres per km. Many have actually abandoned their cars altogether for public transport or shared riding.

 

"This is the right time for the government to flood the roads with buses at affordable riding rates. Transportation can be subsidised because it goes directly to help the people. It's the practice in advanced societies."

 

Auto Industry Player and expert, Mr Jimoh Olawale, believes it is high time Nigerians shifted focus to more sustainable, fuel-efficient automobiles to cope with the subsidy removal.

 

He said Nigerians should no longer see ownership of big vehicles as prestige because it is not sustainable.

 

His words, "The removal of fuel subsidies in Nigeria has sparked a significant shift in the priorities of car owners, as they now seek out fuel-efficient vehicles to mitigate the impact of soaring operational costs. This unexpected surge in expenses associated with car ownership has prompted many individuals to scrutinize the fuel efficiency of their vehicles more closely.

 

"For years, the ownership of "big vehicles" has served as a symbol of status for a majority of the population in Nigeria. However, the recent removal of subsidies and the subsequent ripple effect on the overall cost of owning a car have caused a noteworthy change in consumer preferences. SUVs, once favoured for their size and prestige, are now taking a backseat to more fuel-efficient sedans.

 

"This shift in preferences signifies a growing realisation among car owners that prioritising fuel efficiency is not only environmentally responsible but also a crucial step in managing the heightened expenses associated with vehicle ownership. As fuel prices continue to rise, the financial burden on car owners has become more pronounced, forcing them to reassess their choices."

 

Olawale, who is the marketing manager of Kia Motors Nigeria, added that the fuel subsidy removal "has inadvertently triggered a positive shift towards sustainability and cost-consciousness."

 

"As more individuals embrace fuel-efficient vehicles like the Kia cars, it is anticipated that this trend will not only help reduce carbon emissions but also enable car owners to navigate the challenging landscape of increased operational expenses with greater ease.

 

"As Nigeria adapts to a new era of fuel pricing and changing consumer preferences, the focus on fuel efficiency is expected to remain a dominant factor shaping the automotive industry. Car owners are stepping up to the challenge of making more informed choices, embracing vehicles like the Kia models that align with their economic and environmental goals," he added.

 

Another analyst, Mr Femi Owoeye, however, said his findings indicated that many car owners have abandoned vehicles completely while those who have more than one vehicle now prefer to use only sedans instead of SUVs which consume more fuel.

 

Owoeye, CEO of Motoring World, said "My finding is that people have drastically reduced their journey length and the amount of fuel they used to buy. I know somebody who runs a factory and has two delivery vehicles and he has been using only one.

 

"Because of the Nigerian mentality, those using SUVs are still using it but the only difference is that they travel less distance and people are less flamboyant about it. Where we would be heading to definitely is that people would begin to realise, just as it is in Europe, to use Sedans, even smaller hatchback vehicles more than the SUVs. We will go into that trend. But at the moment, Nigerians are not that enlightened about automobiles, it is about prestige. They are now reducing the journey distance and the amount of fuel they buy which is why there is no queue in filling stations and they sell far less."

 

-Daily Trust.

 

 

 

Ethiopia: Chamber Rolls Out Amharic AfCFTA 101 to Boost Free Trade Awareness

The Ethiopian Chamber of Commerce & Sectoral Associations is hoping a new Amharic course on the African Continental Free Trade Area (AfCFTA) will supercharge awareness of the potentially game-changing trade deal among local businesses.

 

In an effort to boost awareness of the AfCFTA among businesses, the Chamber is launching an online education platform in the local language.

 

The new online platform aims to increase awareness through campaign, potentially reaching far more Ethiopian businesses with vital information about tapping into expanded continental markets under the world's largest free trade area.

 

 

- Advertisement -The Chamber sees addressing knowledge gaps among local traders as key to Ethiopia fully implementing the trade deal once operational.

 

"We have been giving in-person training on different topics as part of our capacity building pillar, but our reach has been limited," said Bisrat Belete, head of the Chamber Academy.

 

Ethiopia's participation in the free trade area is becoming a reality as officials at the Ministry of Trade and Regional Integration have finalized and are submitting Ethiopia's goods and services offers.

 

The Chamber has been providing AfCFTA training to staff at regional chambers and associations so awareness can spread among businesses nationwide, Belete added.

 

If successful, the online education drive could be a major boost for Ethiopian entrepreneurs still grappling with how to seize opportunities offered by tariff-free trade across 55 African nations.

 

 

"Mainly due to the costs we had to endure, we were not able to proceed with it as expected," Bisrat told The Reporter.

 

The national chamber aims to address its reach gap through knowledge support from the Pan-African Chamber of Commerce and Industry (PACCI) and financial support from Initiative Africa. "Most studies show we're lagging in awareness creation, so this project will have a big impact," he said.

 

The trainings will use a hybrid format as the chamber plans to travel to areas without online access. AfCFTA training standards are set, "with e-learning instrumental for awareness and in-person training very intensive."

 

According to Makeda Mulushewa, PACCI's project manager, companies in Ethiopia, especially outside Addis Ababa, lack AfCFTA knowledge. "Based on information gathered, we developed a two-module online course in Amharic," she said.

 

The courses aim "to provide trade participants with a comprehensive AfCFTA understanding and equip them with knowledge and skills to become export-ready in the AfCFTA area," Makeda explained.

 

Chamber plans to launch the e-learning platform in two weeks while boosting its digital presence with an improved website. "We developed the Ethiopian chamber digital system to boost the chamber's internal capacity and have an interactive online presence," Bisrat said.

 

-Reporter.

 

 

 

Ghana Passes Law to Allow Cultivation of Medicinal, Industrial Cannabis

Harare — Ghana's minister of interior can now issue permits for the cultivation of cannabis, but only for industrial purposes - the plants will have  Tetrahydrocannabinol (THC) limits. THC is the principal psychoactive constituent in cannabis - i.e. the part that makes you "high".

 

The law legalizing cultivating cannabis for industrial and medical uses was approved by Ghana's parliament, allowing the West African country to participate in the multibillion dollar worldwide market, Bloomberg reports.

 

This major milestone, according to the report, follows the Supreme Court's intervention, which prevented the legislation's passage by ruling that section 43 of the statute was unconstitutional.

 

Parliament then passed the Narcotics Control Commission (Amendment) Bill 2023, and it's now waiting to be enacted.

 

The government wants to make use of cannabis' industrial potential and investigate its usage in the creation of fiber and seed with controlled growth.

 

 

Many African states that prosecuted citizens for cannabis-related offences for years are now promoting legal cannabis cultivation. Over the past five years, at least 10 countries have passed laws to legalise production for medical and scientific purposes. These include Lesotho, Zimbabwe, South Africa, Uganda, Malawi, Zambia, Ghana, eSwatini, Rwanda and Morocco.

 

However, according to The Conversation, there are still policy and practical concerns requiring attention if cannabis sector changes are to have a beneficial impact on the economy and the livelihoods of Africans. Among them is the requirement to guarantee the involvement of ordinary producers in the legal cannabis industry.

 

This is because it appears that corporate firms are being favored over smallholder farmers under the new regulatory frameworks.

 

 

 

 

Russia seizes control of Danone and Carlsberg operations

Russia has taken control of the Russian subsidiaries of yoghurt maker Danone and beer company Carlsberg.

 

The units have been put in "temporary management" of the state, under a new order signed by Russian President Vladimir Putin.

 

Moscow introduced rules earlier this year allowing it to seize the assets of firms from "unfriendly" countries.

 

This came after many companies halted business in Russia following its invasion of Ukraine.

 

Cornetto maker defends decision to stay in Russia

What sanctions are being imposed on Russia?

Danone and Carlsberg were in the process of selling their Russian operations.

 

Sunday's order places the shares of Danone Russia and the Carlsberg-owned Baltika Breweries under the control of Russian property agency Rosimushchestvo.

 

France-based Danone, which started the process to sell its Russian business last October, said it was "currently investigating the situation".

 

The firm added that it was "preparing to take all necessary measures to protect its rights as shareholder of Danone Russia, and the continuity of the operations of the business".

 

Carlsberg said it had not received "any official information from the Russian authorities regarding the presidential decree of the consequences for Baltika Breweries".

 

The Danish brewer also said it had completed an "extensive process" to separate the Russian unit from the rest of the company. Last month, the company signed an agreement to sell Baltika Breweries but had not yet completed the deal.

 

"Following the presidential decree, the prospects for this sales process are now highly uncertain," it added.

 

In April, Mr Putin signed an order allowing Russia to take temporary control of foreign assets, in response to actions by the US and other countries that Russia said were "unfriendly and contrary to international law".

 

Also in April, it was announced that the Russian units of two energy companies - Germany's Uniper and Fortum of Finland, had been brought under state control.

 

Danone's Russia operation is the country's largest dairy company, with around 8,000 employees.

 

It was estimated that the sale of the business would result in a €1bn ($1.1bn; £860m) hit for Danone.

 

Meanwhile, Carlsberg subsidiary Baltika produces some of the most recognisable beer brands in Russia, with 8,400 employees across eight plants, according to Carlsberg's website.-bbc

 

 

 

 

China youth unemployment hits high as recovery falters

Youth unemployment in China has hit a new record high as the country's post-pandemic recovery falters.

 

The jobless rate of 16 to 24 year olds in urban areas rose to 21.3% last month, official figures show.

 

It comes as the world's second largest economy grew just 0.8% in the three months to the end of June.

 

Analysts say the weak pace of growth has raised expectations that authorities may soon announce new measures to boost the economy.

 

China's economy grew by 6.3% in the second quarter on a yearly basis, according to data released by the National Bureau of Statistics on Monday. It outstripped growth in the first quarter but missed analysts' expectations.

 

"The disappointment is particularly evident in retail sales and housing investment," Qian Wang, Asia Pacific chief economist at investment firm Vanguard, told the BBC.

 

"This, coupled with earlier trade, inflation and credit reports, reaffirmed our view that the underlying growth momentum is still very weak," she added.

 

China's empty tower blocks highlight economic woes

Did Yellen's trip to Beijing boost US-China relations?

Youth employment is being closely watched by economists as a record 11.58 million university graduates are expected to enter the Chinese job market this year.

 

The unemployment rate for urban youth has been climbing for several months. This is due to factors including a mismatch between what graduates were trained to do and the jobs currently available.

 

Unemployed young people make up just 1.4% of the potential workforce in China's urban areas, Dan Wang, chief economist at Hang Seng Bank China has estimated.

 

However, she told the BBC that the issue of youth unemployment "demands more direct policy responses, because this group of the population is quite vocal online."

 

"Their expression of discontent of the current situation may trigger a wider loss of confidence in the economy," she added.

 

China started publishing youth unemployment figures in 2018. However, it does not currently release data on the employment status of young people in rural areas.

 

In March, Chinese Premier Li Qiang said the country needed to redouble efforts to meet its 5% target for economic growth this year.

 

He said that the target would "not be easy" to meet although the economy was "stabilising and picking up again".-bbc

 

 

 

Twitter loses nearly half advertising revenue since Elon Musk takeover

Twitter has lost almost half of its advertising revenue since it was bought by Elon Musk for $44 billion (£33.6bn) last October, its owner has revealed.

 

He said the company had not seen the increase in sales that had been expected in June, but added that July was a "bit more promising."

 

Mr Musk sacked about half of Twitter's 7,500 staff when he took over in 2022 in a effort to cut costs.

 

Rival app Threads now has 150 million users, according to some estimates.

 

Its in-built connection to Instagram automatically gives the Meta-designed platform access to a potential two billion users.

 

Meanwhile, its competitor is struggling under a heavy debt load. Cash flow remains negative, Mr Musk said at the weekend, although the billionaire did not put a time frame on the 50% drop in ad revenue.

 

In a tweet he said: "Need to reach positive cash flow before we have the luxury of anything else."

 

After laying off thousands of employees and cutting cloud service bills, Mr Musk said Twitter was on track to post $3bn (£2.29bn) in revenue in 2023, down from $5.1bn in 2021.

 

The development is the latest sign the aggressive cost-cutting measures have not been enough to ignite a return of advertisers who fled after changes to its content moderation rules.

 

That is despite an interview the former chief executive gave to the BBC in April in which he suggested that most had returned to the site.

 

Musk on layoffs, misinfo and sleeping in the office

Why is Twitter limiting how many tweets you can see?

Earlier this month Twitter decided to restrict how many tweets its users could read. It follows efforts to push users towards Twitter Blue, its paid subscription service.

 

Linda Yaccarino, previously head of advertising at NBCUniversal, was taken on as chief executive in June - a move suggesting advertising sales are still a priority for Twitter.

 

Ms Yaccarino has said Twitter plans to focus on video, creator and commerce partnerships. It is said to be in early talks with political and entertainment figures, payments services, and news and media publishers.-bbc

 

 

 

Call of Duty battle over after Sony deal with Microsoft

Call of Duty will stay on PlayStation in a deal between Sony and Microsoft, ending a fight over its future.

 

It comes after a US judge rejected calls to block Microsoft from taking over games publisher Activision Blizzard.

 

Microsoft's Phil Spencer said the tech giants agreed to a "binding agreement" to keep Call of Duty on the gaming platform.

 

Players would have "more choice", he said.

 

Mr Spencer signalled the development on Sunday, bringing to an end a protracted battle between the two companies since Microsoft announced its intended acquisition of Activision Blizzard in early 2022.

 

Microsoft has confirmed to the BBC it is a 10-year agreement with Sony, similar to the reported deal it struck with Nintendo.

 

Biggest gaming buyout

Microsoft's proposed $69bn (£52.6bn) purchase of Activision would be the biggest of its kind in gaming industry history.

 

The US Federal Trade Commission (FTC) has been trying to block Microsoft's buyout of Activision, in a deal that has divided regulators globally.

 

Call of Duty maker deal gets boost as deadline looms

The decision by a US judge to reject a request by the FTC late on Thursday to temporarily halt the deal means the merger could be completed by Tuesday.

 

However, the US regulator, arguing the deal would reduce competition, has since asked a different court for a "temporary pause" on the deal.

 

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

 

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

 

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

 

The Competition and Markets Authority (CMA), which had initially blocked the takeover, has now said it will spend six weeks giving the deal "full and proper consideration".

 

Microsoft's $69bn Activision deal approved by EU

Microsoft's Activision takeover blocked in UK

The CMA said it needed until the end of August to look at the "detailed and complex" submissions from Microsoft, though it said it "aims to discharge its duty as soon as possible and in advance of this date".-bbc

 

 

 

Carbon-free flights promised 'within two years'

An aviation company plans to run commercial flights using an electric engine that creates no carbon emissions by 2025.

 

ZeroAvia has flown nine test flights with its hydrogen-electric engine at Cotswold Airport, near Cirencester.

 

The only emission created by the engine is water.

 

Sergey Kiselev, Vice-President of ZeroAvia, said the engine would help achieve "the decarbonisation of aviation".

 

Plane with hydrogen engine

Image caption,

The plane has already flown a number of test flights

Many other aerospace firms are developing engines that run on hydrogen, but most are not expecting to fly commercially until 2035. So how have they done it, and could it be possible to fly without causing climate change much sooner than people had thought?

 

How does it work?

The Gloucestershire-based company are moving much faster because they are not designing an entirely new aircraft.

 

ZeroAvia is working on the Dornier 228, a conventional 19-seater plane that has two propellers, usually powered by kerosene.

 

One of these has been replaced by an electric engine, and the electricity is generated on-board using a hydrogen fuel cell. For the testing period, the other engine remains fuelled by kerosene, in case of failure.

 

But once the technology is proved, both engines will run on electricity from the hydrogen fuel cell.

 

Only the new engine needs to pass safety tests, and the company is working with the Civil Aviation Authority to achieve certification.

 

test pilot Jon Killerby

Image caption,

"It all worked smoothly on the first flight" said test pilot Jon Killerby

Test pilot Jon Killerby flew the aircraft and told me that once airborne, they have managed without the kerosene engine.

 

"We can throttle right back on the conventional engine," he said, "and fly purely on the hydrogen electric system, it generates enough thrust to fly the aircraft level.

 

"It really is amazing how well it works."

 

Is it really 'green'?

Hydrogen fuel cells are not new, and have been widely used in cars and trucks.

 

They use a chemical process called "reverse hydrolysis" which combines hydrogen with oxygen and creates heat, water vapour and, crucially, electricity.

 

So the on-board engine creates no greenhouse gases.

 

But what matters is where you get your hydrogen.

 

At Bath University, Prof Tim Mays has been studying hydrogen for thirty years. He runs the UK Hydrogen Research Hub which has just been awarded £11m to explore how hydrogen can help combat climate change.

 

He explained: "At the moment people make it by treating natural gas with steam, which is about as unsustainable as it gets."

 

But it is also possible to use electrolysis to split water into hydrogen and oxygen, using renewable electricity.

 

"That makes green hydrogen, which is what the aviation industry needs," said Prof Mays.

 

"It's a really serious option, because we do need to replace kerosene."

 

How big, how far?

It is not a big plane.

 

The Dornier 228 will carry about 12 passengers with the hydrogen engine on board.

 

It can fly about 250-310 miles (400-500km), according to Chief Commercial Officer Sergey Kiselev.

 

That would get you from Bristol Airport to Newcastle, or London to Paris.

 

By 2027, the company plans a larger hydrogen-electric engine which would power bigger aircraft. This could carry around 50 passengers and go nearer to 620 miles (1,000 km).

 

What are the problems?

"Like all technologies, there are challenges," smiles Prof Mays.

 

"Making it, transporting it, and storing it."

 

The aviation industry needs to build an entirely new infrastructure. Hydrogen production centres, a network to get the fuel to airports, storage at airports, the lot. And hydrogen is very different from conventional kerosene.

 

Hydrogen takes up a lot of space. To carry it all manageably, the gas is compressed to 350 or 700 times atmospheric pressure.

 

Even then, it takes up more space than kerosene. If you want to transport it as a liquid, you must first chill it to 253 degrees below zero.

 

So exactly where to make it, how to move it around and store it are all being examined now by airports and aerospace firms.

 

Prof Mays put it like this: "You can fly using hydrogen as a fuel, but it is not optimised, not super efficient yet, and the infrastructure is not there yet."

 

Will airlines use hydrogen?

The hangar in the Cotswold Airport is small, and far from the big research labs of Airbus, Rolls Royce and Boeing.

 

But ZeroAvia already has orders for more than 1,500 of its first engine.

 

Air Cahana is one, a new Californian airline with "a mission to decarbonise aviation".

 

Another early customer is closer to home, the environmental entrepreneur Dale Vince, who founded renewable energy firm Ecotricity.

 

Mr Vince is launching an airline called "Ecojet", which will use the ZeroAvia engines on passenger flights, at first from Edinburgh to Southampton.

 

He said: "The question of how to create sustainable air travel has plagued the green movement for decades.

 

"The desire to travel is deeply etched into the human spirit, and flights free of C02 emissions, powered by renewable energy will allow us to explore our incredible world without harming it for the first time."

 

Bigger aerospace firms are watching the small start-up with interest. Airbus has a huge research programme called ZeroE, which also uses hydrogen. The company is exploring both hydrogen fuel cells to create electricity to power propellers, and using liquid hydrogen directly for combustion.

 

But Airbus is aiming to have hydrogen-powered planes in the sky by 2035, a full decade later than the small ZeroAvia engines.

 

Sergey Kiselev told me that's why they decided not to create a completely new aircraft, but instead just change the engine on an existing plane.

 

He said: "It helps us eliminate all the complexity with the certification of the aircraft, we can focus only on the engine. So we can get the aircraft up into the air in commercial operations, much faster."

 

The company has made its pledge. It now has at least two big challenges.

 

One is to make its engine safe, certified, and ready to use by 2025.

 

They are well on their way to that one.

 

The other, harder, challenge, will be making sure there is some fresh new hydrogen waiting for the aircraft when it lands at the other end.-bbc

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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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