Major International Business Headlines Brief::: 18 July 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 18 July 2023 

 


 

 


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

 


 

 


 

ü  South Africa: Communication Blackout - Impact of Power Grid Collapse On
ICT

ü  Africa: Time to Revalue African Economies, African Development Bank Chief
Says

ü  South Africa: Law Enforcement Continues Crackdown On Eskom Fraud and
Corruption

ü  Seychelles Ports' Digital System to Be Fully Operational By January 2024

ü  South Africa: Mchunu Commends Progress in Masodi Water Project

ü  South Africa: Eskom Recovers Generating Units to Ease Load Shedding

ü  Ghana Develops Draft Electric-Vehicle Policy

ü  Ghana: Tullow Ghana Limited, Partners Begin Jubilee Oil Production

ü  Ghana: FBNBank Wins Employee Empowerment Excellence Award

ü  Ghana: World Bank Calls for Urgent Reform in Energy Sector

ü  Is the worst over for Sri Lanka's economic crisis?

ü  Swatch sues Malaysia over Pride watch seizures

ü  Burnt out or jobless - meet China's 'full-time children'

ü  Ukraine grain deal expires after Russia pulls out

ü  Apple iPhone from 2007 sells for $190,000 at auction

 


 

 


 <https://www.cloverleaf.co.zw/>  Africa: Communication Blackout - Impact of
Power Grid Collapse On ICT

Threats to South Africa's ICT sector, which functions as the country's nerve
system, must be taken seriously.

 

Eskom, South Africa's electricity utility, insists a grid collapse is
'unlikely' and that it would take an 'unforeseen and sudden sequence of
events' to lead to a countrywide loss of supply. Nevertheless, public and
private sector organisations have been preparing for the worst by running
scenarios and diverting scarce funds to source backup solutions.

 

Grid collapse refers to a total or partial interruption or suspension of
electrical power supply, resulting in widespread outages. It could range
from a province being without electricity to a country-wide blackout.

 

'Load shedding' or power cuts have been a feature of South Africa's energy
landscape for 15 years, as ill-maintained facilities are taken offline for
urgent repairs or stop working altogether. As the duration and frequency of
outages have steadily worsened, the prospect of a total grid collapse has
grown.

 

 

South Africa is heavily dependent on fossil fuels for its power generation -
for its mining and other heavy industry, and domestic consumption. The
country's transition to greener fuels has been hampered by capacity issues
and powerful vested interests. This is in sharp contrast to other African
middle-income countries such as Kenya, which uses renewables for 80% of its
energy supply. Rapacious corruption, sabotage of power plants, and cable
theft by crime syndicates all contribute to a dismal picture.

 

South Africa's communications system is completely dependent on its energy
system

 

South Africa is not alone when it comes to the threat of grid collapse.
Botswana experienced a temporary shutdown in May. In Pakistan, a major
energy system failure due to power fluctuations plunged hundreds of millions
of people into darkness for a day in January.

 

 

Despite an easing of South Africa's load shedding in June due to higher than
expected power supply, July saw the reintroduction of severe cuts of up to
eight hours a day. Many organisations and households are seeking to reduce
their dependence on Eskom by investing in alternatives. For now though, many
sectors, such as information and communication technology (ICT), still need
Eskom in order to function.

 

South Africa has one of the most rapidly expanding ICT sectors in Africa,
due partly to urbanisation and the availability of cellphone networks.
Between 2021 and 2022, investments grew by 17%, with coverage by 5G networks
almost trebling, says the Independent Communications Authority of South
Africa (ICASA).

 

The sector is also trying to build resilience to any form of grid collapse.
Cellphone networks, systems connected through the 'internet of things',
banking infrastructure and law and order structures depend on a functioning
ICT system. And that is dependent on power.

 

 

A situation where people can't access cash or conduct payments
electronically could lead to civil disorder

 

ICASA's decision in May to establish a committee on the impact of load
shedding underscores that intertwined relationship. But unlike load
shedding, which is planned and occurs over short time periods, grid collapse
is unplanned and can last weeks.

 

South Africa's 'communications system is completely dependent on its energy
system,' says Noëlle Van der Waag-Cowling, cyber programme lead at
Stellenbosch University's Security Institute for Governance and Leadership.
So a 'single point of failure' manifested in some form of grid collapse
would have 'significant' consequences.

 

The telephone network is a good example of power dependence. South Africa's
cellphone networks rely on power, and have taken some precautions against a
protracted outage by installing backup batteries and generators to support
base stations. But this isn't sustainable, argues Justin Hornsby, global
chief information security officer for the Rohatyn Group.

 

'First of all, without a power crisis, those batteries are already being
stolen on a regular basis. And what happens if supplies of the diesel
powering those backup generators run low?'

 

Although he believes the likelihood of total grid collapse is 'low,'
prolonged power outages limit mobile operators' ability to recharge
batteries, so one could expect significant interruptions in service.

 

Telecoms companies are lobbying for the industry to be designated a national
strategic asset under the Critical Infrastructure Protection Act. The law
deems a sector critical if 'it is essential for the economy, national
security, public safety and the continuous provision of basic public
services.'

 

If grid collapse happened, SA's status as a partially digitally integrated
economy could be its saving grace

 

Given the breadth of functions that rely on a robust communications network,
including banking, health and law enforcement, the telecoms industry appears
to have a strong case. Big phone companies have also requested a diesel
rebate from government and permission for telecoms providers to work
together to share solutions.

 

The banking sector also depends on ICT for mobile payments, cashpoints and
ATMs. A situation where people can't access cash or conduct payments
electronically could lead to civil disorder as frustrations grow and people
become desperate to access money, food and other essentials. Policing those
situations could also be impeded by the lack of communications
infrastructure.

 

A total grid collapse could also limit email access, as servers require
electricity. Much will depend on where data is stored, argues Hornsby. If
data centres have an independent power source, locally stored information
may be accessible. In the case of cloud computing, limited connectivity
could also restrict access.

 

Due to the prevalence of ' internet of things ' technology, water and sewage
management, healthcare and some manufacturing could all become casualties of
a grid collapse. This involves sensors positioned on objects, or machines
being linked to software and other technologies to undertake specific tasks
such as the pumping of water from reservoirs, or connecting security
systems.

 

The effects of a grid collapse may not be evenly spread in South Africa.
Manoj Maharaj, Information Systems and Technology professor at the
University of KwaZulu-Natal, believes a complete and protracted power outage
would more likely hurt the private than government sector. 'Government
services, while claiming to be integrated, are really not,' he observes.
Paper systems are still used across the country's administrative
bureaucracy.

 

Despite the Fourth Industrial Revolution and the rise of smart cities, South
Africa's status as a partially digitally integrated economy could be its
saving grace in the event of a grid collapse.

 

Karen Allen, Consultant, ISS Pretoria-ISS.

 

 

 

Africa: Time to Revalue African Economies, African Development Bank Chief
Says

The year 2023 has so far not been a good one for Africa. Conflict has
erupted in Sudan, deepened in the Democratic Republic of Congo and spread
southward from the Sahel.

 

Extreme weather, often attributed to climate change, has triggered
devastating droughts and floods in places like Kenya and South Sudan,
deepening poverty. Many African economies are struggling under massive debt.

 

But the head of the African Development Bank, or AfDB, prefers to focus on
the continent's promise: notably, how to better harness its assets -- from
its massive natural resource wealth to its large and young workforce -- to
fight climate change, invest in sustainable development and green and grow
economies.

 

"I've been pushing that we need to revalue our countries based on their
natural capital," the bank's president, Akinwumi Adesina, told VOA during a
recent trip to Paris.

 

 

"This fundamentally for me is how we are going get a lot of capital going
into Africa," he added, "by the greening of African economies, by the proper
valuation of carbon" that contributes to rising emissions but can also be
stored and sequestered in areas rich in land and forests.

 

Adesina spoke after a financing summit in the French capital that drew
dozens of developing country leaders, but few from richer nations. Still,
many observers note it delivered some concrete results in development and
climate financing for poor countries -- possibly paving the way for bigger
changes.

 

Among the takeaways: China and other creditors agreed to restructure
Zambia's debt; Senegal received financing to develop renewable energy, and
rich nations agreed to reallocate $100 billion in International Monetary
Fund money to fight climate change and poverty in developing countries.

 

 

For Adesina, the summit, hosted by French President Emmanuel Macron, led to
"a new sense of commitment, a sense of urgency of the need to move forward."

 

He also echoed other critics, though, in calling on rich nations to meet
promises of climate financing made about a decade ago to poorer ones. The
aim is to be more aggressive in building a more equitable world -- siding
with calls made by a group of developing countries led by Jamaica called the
Bridgetown Initiative.

 

China key

 

A Nigerian economist famous for his bowties -- one was firmly affixed during
the Paris interview -- 63-year-old Adesina was tapped as AfDB head in 2015
and reelected for a second term in 2020. As the son of a farmer from
southwestern Nigeria, he understands Africa's development challenges
firsthand.

 

"The global financial architecture is failing," Adesina said, adding the
world was also "way off course" in achieving U.N. sustainable development
goals that include ending poverty and hunger, and ensuring quality
education, along with clean water and energy.

 

 

Africa alone will need $2.7 trillion to tackle climate change between now
and 2030, he noted. Yet it gets only a fraction of global financing to cope
with a climate crisis for which it is largely not responsible.

 

"We all live on the same planet," Adesina said. "We are not going to another
one, so we've got to save it."

 

While sustainable financing may be slow to come, competition for Africa's
riches is intensifying. In recent months, top officials from the U.S., China
and Russia have crisscrossed the continent, seeking to ramp up diplomatic
and economic ties.

 

China, in particular, is a top lender and Africa's biggest trading partner.
Critics, including Washington, have slammed Beijing for fostering debt traps
-- locking in loans for political leverage -- which Beijing strongly denies.

 

But the Paris summit marked a change. China, Zambia's largest creditor,
joined others in agreeing to restructure the country's debt -- in what some,
like Adesina, hope will pave the way for similar deals.

 

"There's no way we can solve the challenges of debt in Africa without China
at the table," he said, noting Beijing currently holds 14 percent of the
continent's debt.

 

'Toxic' debt

 

Adesina also denounced loans repaid by depleting Africa's rich trove of
natural resources -- from timber and oil and gas to diamonds and rare earth
metals, like cobalt, that are key for electric vehicles -- with often
disastrous environmental consequences.

 

The World Bank estimates such loans represented nearly 10 percent of new
borrowing in sub-Saharan Africa between 2004 and 2018. Critics single out
China and Russia for especially harmful practices. Russia's Wagner Group
notoriously trades its much-criticized military services for opportunities
to exploit timber, diamond and gold mines in countries where it operates --
but they are not the only ones.

 

"Natural resource-backed loans should stop completely," said Adesina,
without naming any particular country. "They should never be on the table.
They are toxic, non-transparent debt, which mortgages the future of
countries."

 

But he also called on African countries to be more active in mobilizing
resources for their own development by raising taxes on multinational
companies, for example, stopping illicit capital flows out of the continent,
and cracking down on corruption.

 

Africa, Adesina argues, is a good investment. He cited a Moody's Analytics
report that found the continent's default rate for infrastructure projects
to be the second lowest in the world.

 

Accounting for Africa resource wealth, or natural capital -- including the
positive contribution of its rainforests and other wild areas in fighting
climate change and preserving biodiversity -- would also substantially
change its balance sheets.

 

"If that re-estimation were to be taken into account, the debt-to-GDP ratio
would fall dramatically," Adesina said, allowing countries like mineral- and
forest-rich Democratic Republic of Congo to raise money at a much lower
interest rate.

 

He points to the AfDB's own green investments -- including in a vast solar
energy project in the Sahel that is aimed at providing electricity to a
quarter-million people and the development of at-home skills in solar
assembly and manufacturing.

 

Such investments carry larger payoffs, Adesina added, describing how solar
drip irrigation could help green the Sahel, or how parallel investments in
development could help address root causes of the region's years-long
conflict.

 

He added that young people would stay in the African continent instead of
moving to Europe "because there's economic activity powered by available
energy."

 

-VOA.

 

 

 

South Africa: Law Enforcement Continues Crackdown On Eskom Fraud and
Corruption

More than 2 000 cases and arrests have been made in cases linked to
criminality at Eskom.

 

This was announced by Minister in the Presidency for Electricity, Dr
Kgosientsho Ramokgopa, during a media briefing on Monday.

 

"Over the period from April 2022 to date, there are 2 147 Eskom cases that
have been reported to the South African Police Service (SAPS) and about 1
586 of these are under investigation. Since that period...126 arrests have
been made.

 

"In addition to the technical solutions that we are seeking to resolve the
issues at Eskom, we are also focused on addressing some of the underlying
problems which have been issues of fraud, corruption and security," he said.

 

 

Ramokgopa explained that law enforcement is hard at work, not only
patrolling Eskom power stations but also investigating criminal activity
linked to the power utility.

 

"A unit is located and embedded at Eskom and they also get to interact with
various police stations that are attached to the various power stations.

 

"They do make regular visits not just to power stations but also to coal
yards because they are trying to understand the anatomy of these criminal
activities. They also go to second hand dealers just to ensure that people
can account for their activities," he said.

 

The Minister further stated that thousands of scrap yard dealers - where
stolen Eskom copper cables can be sold - have been visited in thr crackdown
on copper cable theft.

 

 

"They have visited about 15 043 scrap metal dealers. They have done
compliance inspections so that we are able to undermine and cut the arteries
of these syndicates and allow Eskom to do its work going forward," he said.

 

The Minister emphasised that the work done by law enforcement, coupled with
the recovery of some R93 million for Eskom coffers, carries a tangible
impact not only for the power utility, but also citizens.

 

"We have tried to provide a physical value of what has been recovered but
there's a greater value that, from a security point of view, is intangible
but from a technical point of view, is tangible.

 

"If we could be able to illustrate that some of the megawatts recovered are
as a result of the work of our colleagues in the intelligence and security
agency, the megawatts would far exceed the R93 million.

 

"Those would be the additional megawatts that are made available to the
South African economy," he said.

 

-SAnews.gov.za.

 

 

 

Seychelles Ports' Digital System to Be Fully Operational By January 2024

The Seychelles Ports Authority (SPA) is digitalising its services with the
launch of a Management Information System (PVMIS) with the aim to make them
more efficient and faster.

 

The project is expected to be fully operational by January 2024 and the
final details will be worked on in the coming months. The whole project will
be trialed before the full launch so that the issues raised can be
addressed.

 

Agencies and organisations involved in all the port's operations on Friday
met in an open discussion forum to address concerns and give suggestions to
make the system better for everyone.

 

 

The PVMIS is a centralised information system where all the forms, such as
at the departure port before the boats can go about their business, can be
filled out earlier and in real-time.

 

"The importance of this system is that everyone working at the port will be
linked by a central system to ensure that they are all working with the same
information, that is available at a single point," said the deputy chief
executive of SPA, Egbert Moustache.

 

He added that this will ensure that there is no confusion or people with
varying information about the same thing.

 

Moustache said that this digital system will be better for the environment,
as it will eliminate the use of paper in these processes.

 

The PVMIS will incorporate a variety of systems, such as accounts,
procurement as well as accounting, and web-based solutions designed for
real-time planning and management of port operations.

 

During the discussions, a number of issues were raised, such as internet
access for the vessels themselves, as the system necessitates an internet
connection and link with the customs system (ASYCUDA), among others.

 

Seychelles is part of the International Maritime Organisation (IMO) and this
project is part of the standards set by the Convention of Facilitation of
International Maritime Traffic, called the FAL Convention.

 

The FAL Convention contains standards and recommended practices and rules
for simplifying formalities, documentary requirements, and procedures on
ships' arrival, stay and departure.

 

Under the FAL Committee, IMO developed standardised FAL documentation for
authorities and governments to use.

 

Since April 2019, the FAL Convention makes it mandatory for ships and ports
to exchange FAL declarations electronically, and from January 2024, the
single window approach will be mandatory in all ports.

 

-News Agency.

 

 

 

South Africa: Mchunu Commends Progress in Masodi Water Project

Water and Sanitation Minister, Senzo Mchunu, has commended the progress made
on the construction of Masodi Waste Water Treatment Works in Mokopane,
Limpopo.

 

Mchunu said the new project, which is currently 92% complete, will serve as
a model for other municipalities to follow suit and embrace partnerships and
collaborations with private sector for socio economic development of their
communities.

 

He said he is confident that by the end of the year, the project will be
commissioned, and Mogalakwena Local Municipality will be a model to many
municipalities in the country in terms of management of waste water and
effluent.

 

 

"This waste water treatment works project should be a lesson for other
municipalities that working with private sector is a way to go in order to
improve our service delivery systems and socio economic development of our
communities," Mchunu said.

 

The Masodi Waste Water Treatment plant is a multi-year public private
partnership project by Mogalakwena Municipality, fully funded and
implemented by Ivanplats Proprietary Limited Mine.

 

The plant is being upgraded to produce 10 megalitres a day (ml/d), which
will improve sanitation provision to Mokopane and the surrounding areas. It
will also enable local industries to have access to the grey water for reuse
from the treated effluent released from the plant.

 

The construction of the biological nutrient removal (BNR) plant, which
consists of the plant itself, booster pump station and the pipelines that
link the new plant to the existing sewer system, started in 2015 by the
municipality but was discontinued until 2021 when Mchunu intervened and
enabled the project to resume.

 

 

Mchunu acknowledged Ivanplats input in ensuring that the project is
expedited and is finished on time.

 

"The expediency and the precision that they apply on the work is quite
commendable. They have managed to get the project to near completion even
before the scheduled timeframes," the Minister said.

 

The Municipality and Ivanplats have also signed another Memorandum of
Agreement to replace the asbestos sewer pipelines that will connect to the
existing Masehlaneng and Sekgakgapeng Oxidation Ponds.

 

The old sewer system is currently, not efficient and prone to spillages
which resulted in the municipality being taken to court by the department
for non- compliance with waste water management.

 

Mchunu and Deputy Minister Judith Tshabalala conducted a site inspection at
the Masodi Waste Water Treatment Works, as part of a two-day visit to
Limpopo.

 

Mchunu's visit on 12- 14 July 2023, aimed to assess the progress of the
construction of the waste water treatment plant, and the preparation for the
upgrade of Olifantspoort Water Treatment Works near Lebowakgomo in Capricorn
District Municipality.

 

The Minister said they are happy with the planning and preparations to
upgrade the water treatment plant.

 

"With Lepelle Northern Water as an implementing agent, we have come together
and have finalised issues of planning, timeframes and funding of the
project," Mchunu said.

 

The much-anticipated Olifantspoort Water Treatment Works will undergo a
series of refurbishment and upgrades from 60 to ultimately 280 ml/d, in
order to improve its performance, capacity, and to meet current and future
potable water demands.

 

The water treatment plant forms part of the Olifants/ Ebenezer Water supply
Schemes and serves as a one of the lifelines for drinking water to Polokwane
in the Capricorn District.

 

The Minister warned that Polokwane is in deficit by 30 million litres per
day, and Olifants water treatment plant capacity is now small and does not
meet water demand anymore.

 

Mchunu also met with Lebalelo Water User Association to assess progress on
the Olifants Management Model (OMM) Programme, which is a 50/50 partnership
Olifants River Water Resources Development Project between the department
and association.

 

The OMM Programme involves the development of additional water resource
infrastructure, including the De Hoop and Flag Boshielo Dams along the
Steelpoort River and a bulk distribution system to benefit the Sekhukhune
District and Mogalakwena Local Municipality.

 

-SAnews.gov.za.

 

 

 

South Africa: Eskom Recovers Generating Units to Ease Load Shedding

Eskom expects to implement Stage 1 and Stage load shedding until further
notice following the return to service of at least six generating units at
power stations.

 

Unplanned breakdowns and delays in returning generation units to service
last week paved way for intense load shedding, reaching Stage 6 by Thursday
last week.

 

However, the power utility now says it will implement Stage 1 between 5am
and 4pm followed by Stage 3 between 4pm, and 5am every day.

 

"Since Friday, a generating unit each at Kriel, Lethabo, Majuba, Matla power
stations and two generating units at Arnot power station were returned to
service," Eskom said.

 

 

Despite this, unplanned breakdowns have rendered some 15 747MW offline
coupled with at least 1946MW offline for maintenance.

 

"The delay in returning to service a generating unit each at Kendal and
Matla power stations and two generating units at Tutuka Power Station is
contributing to the current capacity constraints.

 

"Eskom teams are working tirelessly to return these generating units to
service," the power utility said.

 

The electricity provider warned that as cold front begins to roll in later
this week, demand is expected to rise - putting further pressure on the
already constrained power grid.

 

"Therefore we appeal to members of the public to assist in reducing demand
by switching off non-essential appliances. We would like to thank those who
do heed the call to use electricity sparingly and efficiently, including
switching off geysers and pool pumps from 5pm to 9pm, as this lowers demand
and helps in alleviating the pressure on the power system and contributes to
lower stages of load shedding," Eskom said.

 

-SAnews.gov.za.

 

 

Ghana Develops Draft Electric-Vehicle Policy

Ghana has developed a draft Electric-Vehicle Policy, to guide the
development and upscale of electric vehicles in the country to decarbonise
the transport sector.

 

The development would enable Ghana to achieve net-zero Carbon Dioxide (Co2)
emissions by 2070.

 

According to the Ministry of Energy, currently, Ghana's installed capacity
of 5400 MW (Mega Watts) was significantly more than the current peak demand
of about 3700MW.

 

"At this current rate, Ghana will need to create demand within the system to
take the excess supply of electricity to power electric vehicles.

 

 

The Deputy Director of Renewable Energy at the Ministry of Energy, Mrs Doris
Duodu, who was speaking on behalf of the Deputy Energy Minister, Herbert
Krapa, noted that the governments of some of the biggest automotive markets
around the world, had taken bold steps to make electric vehicles the only
option shortly.

 

"They are determined to ban the sale of gas and diesel-powered vehicles
completely by 2040. This includes China, the largest automotive market in
the world, the United Kingdom, and other European countries," she noted.

 

This was at a day's stakeholders consultation on the Draft National Electric
Vehicle Policy held here in Kumasi.

 

He observed that in addition to current oil and gas discoveries, the solar
energy potential was enormous and could be harnessed to provide clean and
sustainable energy for mobility.

 

 

"The adoption of smart technologies including electric vehicles provides an
enduring answer to this problem," he emphasised.

 

Dr Ernest Agyemang, senior lecturer at the University of Ghana and
consultant, indicated that Energy Commission's baseline study on electric
vehicles and e-mobility in Ghana found that Ghana had two charging stations,
available to the public, all located in Accra.

 

"Only three electric vehicle dealerships have functional service facilities
and well-trained technicians, but many more dealerships are willing to
venture into electric vehicle maintenance with the appropriate training and
support," he observed.

 

The study, he said, found huge gaps existed in Ghana in terms of electric
vehicles and their benefits to owners and society at large.

 

He said about 17,660 plug-in electric vehicles were imported into Ghana
between January 2017 and December 2021.

 

The Director of Policy, Planning, Monitoring, and Evaluation at the Ministry
of Transport, Mrs Irene Messiba, on her part, said the key interest of the
stakeholders meeting was to collect the opinions of all the concerned
stakeholders across the country.

 

According to her, the time was coming when we could no longer defer the
subject of electric vehicles, "and that is why we have come down here today,
to the Ashanti Region to be part of these stakeholder consultations".

 

Transportation, she mentioned, remained by far, a most important sector for
the proper functioning of any economy.

 

"The challenge confronting us, therefore, is how to remove the bad from the
good, and electric vehicles in place of internal combustion engines seem to
provide that answer," she emphasized.

 

-Ghanaian Times.

 

 

Ghana: Tullow Ghana Limited, Partners Begin Jubilee Oil Production

Takoradi — Tullow Oil and its partners have commenced production of oil and
gas from the Jubilee South East (JSE) project as part of the Greater Jubilee
oil field located offshore Ghana.

 

The partners are Kosmos Energy, Ghana National Petroleum Corporation, Petro
SA and Jubilee Oil Holdings.

 

The JSE project is a ceremony to celebrate this feat, and it will be held in
the third quarter of 2023 in Ghana, a Tullow portal said.

 

The Minister of Energy, Dr Matthew Opoku Prempeh, said: "The approval of the
Greater Jubilee Full Field Development Plan by the Ministry in October 2017
paved the way for investment in the development of the JSE project."

 

 

This, he noted, had now helped in the delivery of the first oil from the JSE
area.

 

"The government of President Nana Addo Dankwa Akufo-Addo will continue to
work with all our strategic partners with a view to leveraging our God-given
resources for the ultimate benefit of our people," Dr Prempeh stated.

 

Tullow reported that the joint venture partners had identified numerous
viable drilling sites and were concentrating on high-grading these
opportunities to expand the plateau and exploit the full potential of the
substantial Jubilee resource base.

 

Tullow Chief Executive Officer (CEO), Rahul Dhir, said, "Through our strong
project management and operating capability, we have delivered a complex
offshore development which is one of the key catalysts to unlock value for
our business."

 

He stressed, "We are well positioned for future growth with production
ramping up in the second half of 2023 that will generate significant free
cash flow."

 

Meanwhile, according to Global Data, the Greater Jubilee conventional oil
field reached its peak production in 2015, and has recovered 54.27 per cent
of its total recoverable reserves.

 

Tullow and its partners have invested over $1bn (11.4bn cedis) in the JSE
project to bring previously untapped reserves into production.

 

The first JSE-producing well has started operating, and to maintain gross
Jubilee production of over 100,000 barrels of oil per day, a further two
producers and one water injector are anticipated to start this year.

 

-Ghanaian Times.

 

 

 

Ghana: FBNBank Wins Employee Empowerment Excellence Award

FBNBank has been awarded the Employee Empowerment Excellence Award at the
5th edition of the 2023 Health Environmental Safety & Security (HESS) awards
held on Friday.

 

The HESS awards is designed to identify and publicly celebrate outstanding
companies for their exceptional performance and innovations focused on
occupational health, environment, safety, and security (HESS).

 

The award is also intended to promote the implementation of best practices
in HESS management systems, which embody the classical model through the
"Plan-Do-Check-Act" cycle.

 

The theme for this year's awards was "Building a sustainable future of work
through Health, Environment, Safety and Security".

 

 

During this year's event, a total of 36 organisations and 11 individuals,
including FBNBank, were honoured. The awards processes are supervised by a
board of eminent Ghanaians.

 

The Employee Empowerment Excellence Award was presented to FBNBank by Nana
Awo Ama Sakyibea, Ankobea Hemaa, Akropong Aboasa, and received on behalf of
the bank by Grace Isaac-Aryee, Treasurer, Allen Quaye, Head, Retail Banking,
and Enoch Vanderpuye, Country Team Lead, Marketing and Corporate
Communications.

 

Commenting on the award, FBNBank's Grace Isaac-Aryee said, "FBNBank over the
years has recognised that our employees are our greatest asset. We support
and empower our employees to excel in an enabling, conducive working
environment while we invest in their growth and wellbeing. Our employees are
one of our major stakeholders who over the years have played significant
roles in the success of the Bank. They are ambassadors of the Bank and we
will always continue to keep them at the heart of what we do. I want to
express my heartfelt gratitude to organisers for the thorough processes in
nominating awardees and for acknowledging the efforts of FBNBank. I finally
want to dedicate this award to all our employees and I hope this will
encourage them to achieve their best."

 

 

Since the introduction of the Talent Programme, FBNBank has over the years
deployed resources to attract, develop and retain the right talents who over
the years have contributed towards the bank's growth. The Talent Programme
spans from fresh graduates to top level executives who thrive within the
Bank's structured grading system that fosters opportunities for
performance-driven careers throughout the Bank.

 

FBNBank has in its 27 years of operating in Ghana remained focused on
putting its customers and communities first. This it has sought to do
through the rich value and excellence of what the Bank contributes to the
relationship with its stakeholders as a whole, particularly the customers.

 

The bank is a member of the First Bank of Nigeria Limited Group which is
renowned for its great customer service and general stakeholder engagement
garnered over its 129 years of operation. FBNBank Ghana has 23 branches and
3 agencies across the country with over 500 staff and offers universal
banking services to individuals and businesses in Ghana.

 

-Ghanaian Times.

 

 

 

Ghana: World Bank Calls for Urgent Reform in Energy Sector

The World Bank has called for urgent reforms in the energy sector to save
the sector from collapse.

 

It said there was the need for an Emergency Action Plan (EAP) to address the
distribution and financial losses confronting the sector.

 

The Managing Director of the World Bank in charge of Operations, Anna
Bjerde, who made the call at a news conference on Friday to round up her
four-day visit to Ghana, in response to a question on reforms being proposed
by the World Bank to revamp the country's energy sector which is saddled
with debt, acknowledged that the energy sector reforms would be difficult
but was necessary to position the country for "strong growth".

 

 

She said the financial performance of the energy sector for the past few
years had deteriorated.

 

"The distribution and financial loss confronting the energy sector if not
arrested and addressed with an EAP would continue to worsen and cost the
country more to keep the energy sector running at the time when the
government needs money to do other things," she stated.

 

The government currently owed Independent Power Producers (IPPs) more than
$1 billion and the IPPs recently threatened to shut down their plants if
government did not pay debts owed them.

 

She said the World Bank was providing technical advice to the government on
proper billing and metering to ensure the sector raised the necessary
revenue to cover cost to ensure energy supply was not disrupted.

 

According to her, billing and collection was depended on proper metering,
stressing that the country needed billing, metering and collection that
"function well."

 

 

"These are your basic parameters to be able to bill and collect properly,"
Ms Bjerde stated, emphasising that "energy lost should be an energy that is
consumed and paid for."

 

Ms Bjerde said most of the cost in the energy sector was not on the front
end of the distribution, but rather at the generation side and said the
government needed to raise revenue to pay the IPPs to ensure constant power
supply to spur economic growth.

 

She said disruptions in power supply would affect businesses and thereby
thwart the economic growth of the country.

 

Ms Bjerde also advised on the structure and said regulatory issues is needed
to fix the energy sector challenges and there would be the need to invite
private sector participation in the country's energy sector.

 

The Managing Director in charge of Operations said the World Bank was
committed to support Ghana to help the country to address the economic
challenges it was going through.

 

"The World Bank is a long standing part of Ghana and will stand by the
country in this difficult period," she stated.

 

The World Bank Country Director in charge of Ghana, Liberia and Sierra
Leone, Mr Pierre Laporte, said the World Bank's current portfolio for Ghana
stood at $3.6 billion.

 

He said the World Bank was negotiating with the government to support the
country with $900 million in the next three years to address the economic
challenges facing the country.

 

Mr Laporte said the first tranche of $300 million would be disturbed before
the end of the year.

 

Mr Laporte said the World Bank would also release $250 million before the
end of the year to support the Ghana Financial Stability Fund to support
banks as part of the debt restructuring exercise.

 

-Ghanaian Times.

 

 

 

 

Is the worst over for Sri Lanka's economic crisis?

At first glance, life in Sri Lanka's financial capital Colombo looks
deceptively normal.

 

Roads are packed with traffic, public spaces and restaurants are full of
both locals and tourists, while shops are bustling.

 

It is hard to imagine that just a year ago, this was a country struggling
with massive shortages after it ran out of foreign currency.

 

With no money to buy fuel, roads were empty with even public transport at a
standstill. Sri Lanka had to go back to pandemic-era measures such as online
classes and working from home. But even this was not practical because of
power cuts - some of which went on for up to 13 hours a day.

 

Food, medicine and other essentials were also in short supply, exacerbating
the crisis. People had to stand in such long queues in the brutal heat, that
at least 16 people - mainly the elderly - died.

 

But now, just a year later, food, fuel and medicine are available again,
offices, schools and factories are all open, and public transport is back up
and running.

 

Restaurants, especially high-end ones, are bustling.

 

"Last year this time I was on the verge of selling my restaurant. We had to
close for a few days as the shortage of fuel meant no customers were coming.
But now footfall has gone up nearly 70%," said Chathura Ekanayake who runs a
fine dining restaurant in Colombo.

 

The country's main source of foreign currencies - tourism - is also
witnessing a revival. The industry has recorded a 30% jump in revenue from
the previous year.

 

"The recovery has been magical for us. Last year we didn't even know if the
country would survive", said Hiran Cooray, CEO of Jetwings Symphony, a
leading travel and hospitality player in Sri Lanka.

 

Despite these good news stories, Sri Lanka's economy is still in a
precarious place.

 

The country still has more than $80bn (£61.1bn) of debt - both foreign and
domestic. In the worst of the crisis last year, the country defaulted on its
foreign debt for the first time in its history.

 

Ranil Wickremesinghe who took charge as President after widespread protests
saw then-ruler Gotabaya Rajapaksa resign, has managed to secure a lifeline
of $2.9bn from the International Monetary Fund (IMF).

 

This has been crucial to opening other funding channels and easing
shortages, but the money came with strict economic and governance policy
reforms. The country is now seeking to restructure terms of its debt
payments with both foreign and domestic lenders, as mandated by the IMF.

 

The main focus has been on restructuring its $36bn of foreign debt. This
includes more than $7bn of loans from China, Sri Lanka's largest bilateral
creditor.

 

However, it is the restructuring of domestic debt that is likely to have a
much bigger impact on the Sri Lankan people. Domestic borrowing accounts for
around 50% of the country's total debt. Sri Lanka's cabinet recently
approved a domestic debt restructuring proposal, but it has drawn massive
criticism as it aims to cut workers' pensions, while banks will not be
affected. There have been protests against the proposals in Colombo.

 

It highlights that while life may seem to have returned to normal, in
reality people are still struggling.

 

Essentials are available, but unaffordable for many. Things are more
expensive than ever before. Almost half of all Sri Lankan families spend
about 70% of their household income on food alone. And prices of food,
clothing and housing are continuing to rise.

 

To add to the burden, income tax has been hiked to as much as 36% and
subsidies on everything from food to household bills have been removed.

 

One area where this has had a huge impact is electricity bills, which have
soared by 65% after the subsidy was removed.

 

"Many families from the middle class have now slipped below the poverty
line," said Malathy Knight, a senior economist with private think tank
Verite Research.

 

And according to the World Bank, this is likely to continue for a while.

 

"Poverty is projected to remain above 25% in the next few years due to the
multiple risks to households' livelihoods," it said in a report. The
organisation has extended a $700m loan to Sri Lanka for budgetary support,
including $200m for the poor and vulnerable.

 

This is a dramatic fall for a country that was long held up as an economic
success story and had one of the highest average incomes in South Asia. The
quality of its infrastructure, its free public health and education systems
and its high levels of social development have all been held in high regard.

 

So how did things get so bad?

 

The government blamed the crisis on the Covid pandemic, which badly affected
tourism. However, although the pandemic was a factor, disastrous economic
policies were more to blame. Populist moves like big tax cuts in 2019 cost
the government $1.4bn in annual revenues. And a move to ban imports of
chemical fertilisers in 2021 caused a domestic food shortage.

 

Police used batton to disperse the university students during an
anti-government demonstration by university students in Colombo On June 7,
2023.

In order to cut expenses further the government has proposed privatising
state-owned enterprises like Sri Lankan Airlines, Sri Lankan Insurance
Corporation and Sri Lanka Telecom. This has triggered a fresh wave of
protests - this time by trade unions.

 

"The government should not put the burden of the reforms on the salaried
class and middle class who are already affected by the economic crisis,"
said Anupa Nandula, the Vice President of the Ceylon Bank Employees Union.

 

Mr Nandula and his union participated in a recent demonstration against the
proposal to privatise the Sri Lankan Insurance Corporation. He believes
privatisation will lead to massive job losses and further burden the working
class.

 

Ever since last year's demonstrations were violently broken up, Sri Lankan
authorities have been using force - such as tear gas, water cannon and even
beating protesters. But experts warn that this is not a tactic that can
work.

 

Rather than using force, the government needs to be transparent and explain
that reshaping the economy will be tough, says Bhavani Fonseka, a
constitutional lawyer working with Centre for Policy Alternatives.

 

"I think people since the crisis has happened have gotten used to a harder
lifestyle. But in the absence of information coming, in the absence of
answers being given, there is growing uncertainty and fear that we will go
back to a crisis point."-bbc

 

 

 

Swatch sues Malaysia over Pride watch seizures

Swiss watchmaker Swatch says it has begun legal proceedings against the
Malaysian government for seizing LGBTQ-themed watches from its stores.

 

The move comes after officials impounded 172 watches from its
rainbow-coloured Pride collection, on sale at shopping malls across
Malaysia.

 

Swatch wants damages and the return of the watches, worth $14,000 (£10,700).

 

Homosexual activity is illegal in Malaysia under both secular and religious
laws.

 

It is punishable by a prison sentence or corporal punishment.

 

Swatch filed its lawsuit last month at the High Court in Kuala Lumpur. The
case is expected to be heard later this week.

 

The Malaysian authorities said the watches were confiscated in May by the
home affairs ministry's law enforcement unit because they featured "LGBT
elements".

 

But Swatch said in its lawsuit that the watches were "not in any way capable
of causing any disruption to public order or morality or any violations of
the law".

 

The firm said its trading reputation had been damaged by the seizures,
adding that its "business and trading figures also suffered in the immediate
aftermath of the seizure for some time".

 

In its promotional campaign for the Pride-themed watches, Swatch describes
them as "loud, proud, uplifting and bursting with meaning".

 

The firm refers to the Pride flag as "a symbol of humanity that speaks for
all genders and all races".

 

In its lawsuit, Swatch said the watches "did not promote any sexual
activity, but merely a fun and joyous expression of peace and love".

 

The lawsuit names the home affairs ministry and the government of Malaysia
as respondents.

 

Home Affairs Minister Saifuddin Nasution Ismail has yet to comment publicly
on the matter.-bbc

 

 

 

 

Burnt out or jobless - meet China's 'full-time children'

Overworked and exhausted, Julie gave up her job as a game developer in
Beijing this April to be a "full-time daughter".

 

The 29-year-old now spends her day washing dishes, preparing meals for her
parents, and doing other household chores. Julie's parents pay for most of
her daily expenses but she has refused their offer of a monthly wage of
2,000 yuan ($280; £215).

 

Her current priority, after all, is to get a breather from the 16-hour days
in her previous job. "I lived like a walking corpse," she said.

 

Gruelling work hours and a dismal job market are forcing young Chinese to
make unusual choices.

 

Julie is part of a growing cohort that call themselves "full-time children"
who are driven back to the comfort of home either because they are craving a
break from their exhausting work lives, or they simply cannot find a job.

 

Young Chinese, who had always been told that the hard work they put in
studying and chasing degrees would pay off, are now feeling defeated and
trapped.

 

More than one in five of those between the ages of 16 and 24 are jobless in
China, and the youth unemployment rate has been reaching new highs.
According to official figures released on Monday, that figure now stands at
21.3% - the highest since authorities began publishing data in 2018. The
figure does not account for the rural labour market.

 

Many of the so-called "full-time children" say they intend to stay at home
only temporarily - they see it is a period to relax, reflect and find better
jobs. But that's easier said than done.

 

Julie has sent more than 40 job applications to recruiters in the past two
weeks - but she has only got two interview calls. "It was hard to find a job
before I quit. After I quit, it got even harder," she says.

 

Burnt out, jobless or stuck?

The burnout driving working adults to become "full-time children" is not
entirely surprising given China's notoriously poor work-life balance - work
culture in the country is often referred to as the so-called "996" - where
people consider it a norm to work 9am to 9pm, six days a week.

 

Chen Dudu, also a "full-time daughter", left her job in real estate earlier
this year as she felt increasingly burnt out and under-valued. The
27-year-old said she "barely had anything left" after paying for rent.

 

When she was back at her parent's home in southern China, Ms Chen said she
"lived the life of a retiree" but anxiety has been creeping up on her. She
says she kept hearing two distinct voices in her head: "One is saying, it's
rare to have this leisure, so just enjoy the moment. The other is urging me
to think about what to do next."

 

Ms Chen, who has since started her own business, said: "If that went on for
a long time, I would indeed have become a parasite."

 

Jack Zheng, who recently left Chinese tech giant Tencent, said he had to
respond to nearly 7,000 work-related text messages outside work hours each
day - the 32-year-old calls this "invisible overtime work" because while it
was expected it was not compensated. He finally quit after the stress from
work left him with a bad case of folliculitis, a skin disorder caused by
inflamed hair follicles.

 

Mr Zheng has since found a better job, but he said people around him are not
as fortunate. Many also face the so-called "curse of 35", a widely prevalent
belief in China that employers are less willing to hire workers older than
35 - instead they prefer young people who are "less expensive".

 

This double-edged sword of age discrimination and bleak job opportunities is
a challenge for those in their mid-30s who have a mortgage over their heads,
or are thinking of starting a family.

 

The despair is no less among university students, so much so that some have
resorted to failing their examinations just to delay graduation.

 

In recent weeks, Chinese social media has been flooded with atypical
graduation photographs that speak to fresh graduates' disillusionment. Some
show young people "lying flat" in graduation gowns, faces covered with
mortarboards; others show them holding their graduation certificates above
dustbins, ready to bin them.

 

University was once an elite pursuit in China. But between 2012 and 2022
enrolment rates rose from 30% to 59.6% as more and more young people came to
see college degrees as a ticket to better opportunities in a competitive job
market. But aspirations have given away to disappointment as the job market
tanks. Experts say youth unemployment is likely to worsen as a record 11.6
million fresh gradates enter the market.

 

"The situation is quite bad. People are tired and many are trying to opt
out. There is a lot of despair," said Miriam Wickertsheim, director at
Shanghai-based recruitment firm Direct HR.

 

China's slower-than-expected economic recovery post Covid is a key reason
for the high unemployment, says Bruce Pang, chief economist for Greater
China at Jones Lang LaSalle.

 

Some employers are also less willing to hire "blank paper" graduates who
have less work experience than their predecessors because of sustained Covid
lockdowns, Mr Pang said.

 

China's recent crackdowns on industries popular among young Chinese
professionals have also choked the job market. Regulations against major
tech companies, restrictions on the tutoring industry and and a ban on
foreign investment in private education have all led to job cuts.

 

'Slow employment'

While China's government is well aware of these problems, it has tried to
downplay them.

 

In May, Chinese leader Xi Jinping was quoted on the front page of the
Chinese Communist Party's People's Daily newspaper, urging young people to
"eat bitterness", a Mandarin expression that means to endure hardship.

 

State-run media, meanwhile, has taken it upon itself to redefine
unemployment. An editorial last week in the state-run Economic Daily used
the term "slow employment" - while some young Chinese are indeed unemployed,
the paper said, others have "actively opted for slow employment".

 

The origin of the phrase is unclear but a 2018 article by China Youth Daily
said that a growing number of university graduates were taking their time to
find jobs, many choosing instead to travel or take up short teaching stints
- this, the Chinese were told, was "slow employment".

 

This time the definition includes those who haven't found a job, or choose
to continue education, learn new skills or take a gap year. No matter how
hard the job market is, the paper advised people, they must "take action and
work hard" - and as long as they do that, they don't need to worry about
being jobless.

 

Given the current state of the job market, however, the phrase and the
advice has been far from well-received - some marvelled at their
government's "refusal to acknowledge the unemployment situation", while
others reacted with sarcasm.

 

"Chinese writing is so profound," wrote one user on China's Twitter-like
service Weibo. "We are obviously unemployed, yet [officials have] invented
the term 'slow employment'. How slow would it be? A few months or a few
years?"

 

Another user on Xiaohongshu, China's equivalent of Instagram, said the term
"pushes the responsibility on the young people all of a sudden".

 

"Based on this explanation, the employment rate during The Great Depression
in the US in the late 1920s should be 100%, as most people were in slow
employment. What a way to resolve a global problem!"

 

"Unemployment is unemployment. We should call it what it is," said Nie
Riming, a researcher at the Shanghai Institute of Finance and Law.

 

"There may indeed be young people who would like a sabbatical before
starting their next job, but I think the vast majority of those unemployed
today are desperate for a job but cannot find one."-bbc

 

 

 

Ukraine grain deal expires after Russia pulls out

The deal allowing Ukraine to safely export grain via the Black Sea has
officially expired after Russia pulled out of the crucial agreement.

 

Moscow notified the UN, Turkey and Ukraine on Monday that it would not renew
the deal, accusing the West of not keeping its side of the bargain.

 

The decision has been condemned by world leaders, who say it will affect
some of the planet's poorest people.

 

Russia said it would return to the agreement if its conditions were met.

 

The deal formally came to an end at midnight Tuesday Istanbul time (2100
GMT). It had let cargo ships pass through the Black Sea from the ports of
Odesa, Chornomorsk and Yuzhny/Pivdennyi.

 

Russian President Vladimir Putin had long complained that parts of the deal
allowing the export of Russian food and fertilisers had not been honoured.
In particular, he said grain had not been supplied to poorer countries,
which was a condition of the agreement.

 

Russia also repeatedly complained that Western sanctions were restricting
its own agricultural exports. Mr Putin repeatedly threatened to pull out of
the agreement.

 

The country's foreign ministry on Monday reiterated these grievances,
accusing the West of "open sabotage" and of "selfishly" putting the
commercial interests of the deal ahead of its humanitarian goals.

 

But Turkish President Recep Tayyip Erdogan told reporters he believed that
Mr Putin "wants to continue the agreement" and that they would discuss the
renewal of the deal when they meet in person next month.

 

The grain deal is important as Ukraine is one of the world's largest
exporters of sunflower, maize, wheat and barley.

 

Following Russia's invasion in February 2022, naval vessels blockaded
Ukrainian ports and trapped 20 million tonnes of grain. The blockade meant
global food prices skyrocketed.

 

It also threatened food supplies to a number of Middle Eastern and African
countries which rely heavily on Ukrainian grain.

 

An agreement was finally brokered in July last year with the help of the
United Nations and Turkey.

 

Ukrainian President Volodymyr Zelensky said his country intended to continue
exporting grain, highlighting that the agreement was made up of two deals
that mirrored each other - one signed by Ukraine and the other by Russia.

 

"We are not afraid," he said of Russia's decision to withdraw from their
deal.

 

"We were approached by companies who own vessels and they're willing to
continue shipping grain if Ukraine agrees to let them in and Turkey - to
pass them through."

 

Mykhaylo Podolyak, an advisor to Mr Zelensky, suggested an international
armed patrol force could be created to escort ships carrying grain from
Ukraine and ensure their safety.

 

He admitted, however, that there may not be many countries willing to create
such patrols.

 

Why is Russia not renewing the Ukraine grain deal?

The bottlenecks on alternative routes to export Ukrainian grain

Nikolay Gorbachev, the president of the Ukrainian Grain Association, told
the BBC that his members had identified alternative means of exporting grain
- including through its Danube River ports.

 

But he conceded that the ports would be less efficient, reducing the amount
of grain Ukraine can export and raising the cost of moving it.

 

World leaders were quick to condemn the decision, with EU commission
President Ursula von der Leyen accusing Russia of a "cynical move", while
the US ambassador to the United Nations, Linda Thomas-Greenfield, described
the move as an "act of cruelty".

 

Ngozi Okonjo-Iweala, who heads the World Trade Organization (WTO) said Black
Sea trade in food, feed and fertiliser was "critical to the stability of
global food prices" - adding that hope must be kept alive that Moscow would
reconsider pulling out of the deal.

 

UN Secretary-General Antonio Guterres, meanwhile, said the organisation
would look for solutions to the "rise in human suffering" that would
"inevitably" follow Russia's decision.

 

"There is simply too much at stake in a hungry and hurting world," said Mr
Guterres.

 

The Kremlin's announcement came just hours after an attack on a bridge in
Crimea that killed two civilians. Ukraine has not officially claimed
responsibility but a source in the country's security service told BBC
Russian it was behind the attack.

 

Mr Peskov said Russia letting the deal expire was unrelated to the attack.
"Before this attack, the position was declared by President Putin", he told
reporters in Moscow.-bbc

 

 

 

Apple iPhone from 2007 sells for $190,000 at auction

Usually iPhones plummet in value as soon as you take them out of the shop.

 

But there are some special cases, as seen at an auction in the US, where a
first edition, unopened 4GB model sold for $190,372.80 (£145,416).

 

Not many of these were made at the time, leading the model to be considered
the "Holy Grail" by iPhone collectors.

 

The lot, run by LCG Auctions, attracted 28 bids in total and sold at nearly
400 times its original price.

 

The final fee includes the administration costs on top of the hammer price
paid to the auction house by the buyer, known as a "buyer's premium".

 

The buyer's premium goes directly to the auction house and not to the
seller.

 

LCG Auctions described it as "a popular high-end" and "red-hot collectable",
adding that two other factory-sealed, first edition iPhones had sold at
record values in the last year.

 

The website described the model as an "exceedingly rare, factory sealed,
first-release 4GB model in exceptional condition. Virtually flawless along
the surface and edges, the factory seal is clean with correct seam details
and tightness".

 

Originally retailing at $599 (£457), the lot was expected to fetch in the
region of $50,000-$100,000 - but managed to smash all previous records.

 

First released in 2007 by the then Apple CEO Steve Jobs, the tech giant made
the decision to discontinue the 4GB model just two months after it was
launched, due to lagging sales.

 

Most people decided to purchase the 8GB model, which was launched at the
same time, and gave users double the storage space, for just $100 more.

 

Every few months, some rare Apple memorabilia or relics of Mr Jobs' life and
career sells at auction.

 

They include a poem he wrote in a classmate's high school yearbook, photos
of him in college and a business card from 1978.

 

In 2011 the Apple co-founder died at the age of 56 after suffering from
pancreatic cancer. Apple said he had been "the source of countless
innovations that enrich and improve all of our lives" and had made the world
"immeasurably better".

 

He introduced the colourful iMac computer, the iPod, the iPhone and the iPad
to the world.-bbc

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


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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