Major International Business Headlines Brief::: 25 July 2023

Tue Jul 25 12:09:27 CAT 2023

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Major International Business Headlines Brief::: 25 July 2023 

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ü  Africa: Russia to Continue Sending Grain, Fertiliser to Africa - Putin

ü  Kenya: Global Experts in Kenya to Discuss Feed and Fodder Shortage Over Climate Change, Russia-Ukraine War

ü  Nigeria: Nass Spends N53.7bn On Cars for Lawmakers in 12 Years

ü  Africa: The Mighty Dollar Is Rhetorically Endangered but Safe, for Now

ü  Tanzania: Isles, Dubai Firm Sign Key Mineral, Power Deals

ü  Tanzania Demand for Burundi Avocados Rising

ü  Nigeria: Petrol Hike - Stakeholders Seek Govt's Intervention to Prevent Imminent Scarcity

ü  South Africa: It's Possible Now to See a Future Without Load Shedding - Eskom Chair Mpho Makwana

ü  Nigeria: Design New Framework to Manage Forex Volatility, Group Tells Tinubu Administration

ü  Nigerian Petroleum Agency Introduces Four Additional Regulations

ü  Is Elon Musk wrong to ditch the Twitter bird logo?

ü  TikTok adds text-only posts as social media battle escalates

ü  Spotify raises premium subscription price for millions

ü  Bayer: Weedkiller maker to take $2.8bn hit as sales fall

ü  Modern slavery gangmasters exploit care worker shortage

ü  Worldcoin: Sam Altman launches eyeball scanning crypto coin

 <https://www.cloverleaf.co.zw/> Africa: Russia to Continue Sending Grain, Fertiliser to Africa - Putin

Harare — Russia will replace exports of Ukrainian grain to Africa and keep supplying the continent with food and fertiliser, despite sanctions, Russian President Vladimir Putin has said.

Up until a pact mediated by the UN and Turkey in July 2022 allowed for the passage of crucial grain supplies, Moscow's military action barred Ukraine's Black Sea ports with warships, according to AFP.

"Despite the sanctions, Russia will continue vigorously working toward organizing grain, food, fertilizer and other supplies to Africa," Putin wrote. "We highly value and will further develop the full spectrum of economic ties with Africa - with individual states as well as regional integration associations and, naturally, with the African Union," the Russian leader assured the audience of the leading media on the African continent in his article, "Russia and Africa: Joining Efforts for Peace, Progress and a Successful Future."

Putin claims that Russia is aware of how crucial consistent food supplies are to the political and socioeconomic growth of Africa.

"On this basis, we have always paid great attention to issues related to the supply of wheat, barley, maize and other crops to African countries. We have done so both on a contractual basis and free of charge as humanitarian aid, including through the United Nations Food Programme," Putin said.

According to Putin, Russia shipped 11.5 million metric tons of grain to Africa in 2022, and the first half of 2023 saw the delivery of about 10 million metric tons.

For Africa, the most visible impact of the war in Ukraine has been rising fuel and food prices, inflation and financial instability.

Following the invasion, oil and gas prices rose rapidly, which increased the likelihood of gas-to-coal switching for electricity generation across Europe and the world.

While Africa has over 65% of the world's uncultivated land, it is a nett food importer, and as such, has been severely impacted by the rise of global food prices, resulting in increased food insecurity.

Since the start of the Russia-Ukraine war, food prices across Africa and the world has soared and has led to shortages - particularly of wheat which is a staple.

Ukraine is the world's largest producer of sunflower oil. Combined with Russia, it is responsible for more than half of global exports of vegetable oils. The region also exports over a third (36%) of the world's wheat.

Kenya: Global Experts in Kenya to Discuss Feed and Fodder Shortage Over Climate Change, Russia-Ukraine War

Naivasha — The livestock crisis in Kenya and the Greater Horn of Africa region has reached alarming proportions, with more than 8 million animals lost due to feed and fodder shortages, as reported by the African Union InterAfrican Bureau (AU-IBAR) for Animal Resources.

This devastating situation has not only resulted in significant economic losses for thousands of families, but it has also made highly nutritious livestock products such as milk, meat, and eggs unaffordable for those who need them the most, according to AU-IBAR.

The primary cause of the shortage can be attributed to the adverse effects of climate change, which have led to unpredictable weather patterns and prolonged drought seasons.

Compounding the already dire situation is the impact of the global COVID-19 pandemic and the ongoing Russia-Ukraine war, further exacerbating the challenges faced by the region.

To address this pressing issue, the Bureau is convening a crucial five-day consultative workshop called the Resilient African Feed and Fodder Systems, which will be held in Naivasha, Kenya.

The workshop aims to bring together experts, including Dr. Nick Nwankpa, the Ag Director of AU-IBAR, Dr. Christopher Wanga, the Director of Livestock Policy Research and Regulations, State Department for Livestock, and representatives from the Bill and Melinda Gates Foundation, including Dr. Shannon Mesenhowski, Senior Program Officer of the Livestock Team.

"This evidence base is critical to shaping coordinated action to respond to feed and fodder shortages that have led to huge losses of livestock," the DR Nwankpa led AU-IBAR said.

The Bill and Melinda Gates Foundation is collaborating with AU-IBAR to develop evidence-driven short-term solutions that will build resilience and address the adverse effects of crises on African feed and fodder systems.

This evidence-based approach is vital in shaping coordinated actions to tackle the feed and fodder shortages that have led to significant livestock losses.

In response to the shortages, many farmers in Kenya and the Greater Horn of Africa have been forced to feed their livestock with low-quality feeds, resulting in reduced animal productivity.

Climate change's unpredictable weather patterns have also affected farmers who prefer to grow maize, leading to crop failures and a subsequent decline in feed quality and quantity.

It is worth noting that feed constitutes a significant portion, 60-70 percent, of the total cost of animal production, making it crucial to find sustainable solutions to ensure business continuity and livelihoods in the region.

In 2022 alone, the United Nations Office for the Coordination of Humanitarian Efforts reported that Kenya lost more than 1.5 million livestock due to drought, leaving more than 4 million people at risk of hunger.

The urgency of the situation necessitates collective efforts and innovative measures to address the feed and fodder crisis in Kenya and the Greater Horn of Africa.

The AU-IBAR workshop aims to produce actionable strategies that will not only alleviate the immediate impacts but also build long-term resilience for the region's livestock and communities.

-Capital FM.

Nigeria: Nass Spends N53.7bn On Cars for Lawmakers in 12 Years

The increasing public spending on the acquisition of exotic cars for federal lawmakers has raised some concern after it emerged that the National Assembly has spent a whopping sum of N53.7 billion on cars for elected lawmakers in the last 12 years.

LEADERSHIP reports that from 2011 to 2023, a total sum of N53.7 billion would have been spent on purchase of vehicles for federal lawmakers alone.

This came as some of Nigeria's major civil society organisations (CSOs) have kicked against such spending, arguing that it is not "justifiable and sustainable."

It was gathered that the lawmakers, both senators and members of the House of Representatives, get exotic cars every four years, running into billions of car in cost.

>From the 7th Assembly starting from 2011 to the 10th Assembly starting in 2023, the sum of N53.7 billion would be spent on cars.

It was learnt that in the 7th Assembly (2011 -2015), a total of N3.5 billion was spent on cars for only serving lawmakers. The figure rose to N4.7 billion in the 8th Assembly (2015 -2019).

During the 9th Assembly (2019 - 2023), the amount spent for lawmakers' exotic cars was N5.5 billion, about N800 million increment from the preceding year.

The figure would record a gargantuan jump in the 10th Assembly (June 2023 - June 2027) with a whopping N40 billion proposed for the purchase of vehicles for the lawmakers.

Even though the N5.5 billion spent for the purchase of cars for the members of the 9th Assembly was justified by the then Senate Leader, Senator Yahaya Abdullahi, there were several criticisms.

Abdullahi insisted that the N5.5 billion voted for the official vehicles for members was part of the N125 billion National Assembly budget passed for the year.

He said, "The N5.5 billion is from the National Assembly fund and not money being sought from any other source. Besides, the scheme, as it has always been with previous assemblies, is a monetised one, requiring each of the lawmakers to pay back the cost of whatever vehicle is given to them."

As the 10th Assembly proposes N40 billion for the purchase of cars, a matter still in contention, civil society organisations have kicked against it, insisting that such spending is not sustainable.

A civil society organisation, the Socio-Economic Rights and Accountability Project (SERAP), has urged the National Assembly to drop what it termed a scandalous plan to spend N40 billion on 465 exotic and bulletproof cars for members.

Transparency International (TI), the Civil Society Legislative Advocacy Centre (CISLAC), and the Transition Monitoring Group (TMG) have also said that Nigeria cannot continue such justifiable and unsustainable spending.

Speaking through their leader, Awwal Musa Rafsanjani, the CSOs said Nigeria cannot continue that way and called for a national dialogue that will allow Nigerians decide how their democracy should be run.

"We can't continue this way. We can't support that kind of sending on vehicles. That is not what democracy is all about. Democracy is about proper utilisation of public funds. Democracy is about ensuring fairness, equity and justice. These spending on cars is not sustainable and not justifiable.

"Every year, you go to the budget, you see the same items like laptops and cars. We can't continue like that. There is diversion and stealing of public funds in the name of buying cars. Democracy in Nigeria is about looting. Some of us did not fight for democracy for people to come and loot."

He added that his organisation was not in support of the looting of public funds and rigging of elections.

He went on: "The National Assembly should know that Nigerians are watching them because, with the underdevelopment, poor infrastructure, we can't continue to spend this kind of money on cars.

"There must be a national dialogue and consensus on the kind of democracy we should operate. If we don't do that, the politicians will continue to loot to the detriment of the masses," Rafsanjani said.

-Leadership.

Africa: The Mighty Dollar Is Rhetorically Endangered but Safe, for Now

Russia's isolation, China's assertiveness and a surge of interest in joining BRICS have pushed calls for a BRICS currency.

Brazilian President Lula da Silva attacked the global economic order at last month's international financing summit in Paris, criticising the dominance of the United States (US) dollar as the currency for international trade. He earlier proposed a euro-like BRICS currency as an alternative, and suggested this be discussed at next month's BRICS summit in South Africa.

Russia seems to be the BRICS member most in favour, not surprisingly, since it has largely been cut off from dealing in the dollar by US sanctions imposed on it because of its invasion of Ukraine. But is a BRICS currency realistic?

Aly-Khan Satchu, Rich Management Chief Executive Officer, thinks so. 'The catalyst for the move to find an alternative to the dollar was the sanction of Russia's dollar forex reserves. This kneejerk response by the US signalled worldwide that dollar reserves are held at the whim and diktat of US authorities.'

He sees a need to wrestle sovereignty away from the dollar and the US towards BRICS. 'We have already seen increased settlements in local currencies like [India's] rupee, the Chinese yuan, and the United Arab Emirates dinar. We are seeing shifts away from the petrodollar architecture. Russia and India are now pricing oil via the Dubai benchmark.'

China doesn't meet most of the technical requirements to make the yuan a reserve currency

But is it feasible to create a common currency across five nations spread around the globe?

Satchu believes so. 'I think the proposal is that the currency will be valued on a basket of physical commodities which is sounder than the current dollar regime where the printer is controlled by the US. I foresee the currency beginning as a currency for trade exchange, allowing local BRICS countries to retain their own currencies for purposes of monetary policy management.'

Satchu doesn't think the major disparities among the BRICS economies and currencies would make it impossible to create a common currency. 'Unlike the euro, I don't foresee one size fitting all, but the BRICS currency being used as a means of exchange outside the dollar system.'

Not everyone agrees. Iraj Abedian, Pan-African Investment and Research Services Chief Executive, sees the push for a BRICS currency as a largely political move by China to assert itself in the world, believing such a currency would primarily be based on China's yuan. But China doesn't meet most of the technical requirements to make the yuan a reserve currency, he notes. Its banking system and financial markets aren't stable, well-regulated, transparent or credible enough globally.

Abedian also believes the BRICS economies lack the diversity needed to sustain a joint currency. 'There isn't sufficient bilateral flow. Russia will sell oil and gas to China and nothing else.' Three BRICS members - Russia, Brazil and South Africa - are all basically commodity exporters with little potential for intra-bloc trade.

Currency swapping in BRICS requires the economies of each side to be roughly balanced

Donald MacKay, Head of XA Global Trade Advisers, believes the 'endless chatter around a BRICS currency is nothing more than a fever dream.' He says in 2013, China and India signed a currency swap agreement, allowing them to exchange yuan for rupees and vice versa.

'In 2015, China exported US$1 billion worth of goods to India, but then refused to take the yuan as payment, instead wanting to keep the money in India, to help finance Chinese investments in India. If this couldn't work, there's no reason to think it could work on a larger scale.'

He believes the 2013 deal exposed the limitations of currency swapping in BRICS, which requires the economies of each side to be roughly balanced. If not, a larger, more universal currency is needed to provide liquidity so the participating economies don't have to be perfectly balanced.

Jim O'Neill provides a useful perspective. He was a Goldman Sachs analyst in 2001 when he coined the acronym 'BRICs' (with a small s, then including Brazil, Russia, India and China; South Africa joined later). In April he addressed the 'renewed chatter' about threats to the global primacy of the US dollar.

O'Neill believes if the US stops being the world's largest economy, the dollar's dominance would be questioned - as the British pound was during the first half of the 20th century. This would not necessarily be bad for the US, given all the added responsibilities of issuing the world's main reserve currency.

The BRICS New Development Bank aims to reach 30% of lending in local currencies in five years

However he concedes it's 'not optimal' for everyone else's currencies, monetary policies and trade patterns to be so dependent on the American monetary system and the Federal Reserve's domestically driven priorities.

But a 'US-excluding group of emerging powers [with] higher aspirations for itself does not necessarily mean anything for the US-centred financial system. Crucially, the group's most important economies are China and India, bitter adversaries that rarely cooperate on anything.' Until that changes, O'Neill thinks it's fanciful to believe that BRICS, or an expanded grouping, 'could mount any serious challenge to the dollar.'

'[M]ost importantly, for any BRICS (or BRICS-Plus) member to pose a strategic challenge to the dollar, it would have to permit - indeed encourage - foreign and domestic savers and investors to decide for themselves when to buy or sell assets denominated in its currency. That means no capital controls of the kind that China has routinely deployed. Until the BRICS and potential BRICS-Plus countries can find a credible alternative to the dollar for their own savings, the greenback's dominance will not really be in doubt.'

Jakkie Cilliers, Head of African Futures and Innovation at the Institute for Security Studies, believes China's capacity to play this global role has been diminished by President Xi Jinping's centralisation of power. 'So the future is a steady decline in the importance of the dollar in favour of a more complex and less unipolar system, with a rise in the euro (the European Union economy is larger than the US economy) and the yuan, among others, but no single replacement of the dollar.'

Though South Africa's President Cyril Ramaphosa assured Lula that a BRICS currency would be discussed at next month's summit, Anil Sooklal, South Africa's BRICS sherpa, said it wouldn't. He told Daily Maverick in May: 'What we have is an interbank agreement to trade in local currency. That's a framework agreement that we haven't activated. So now there is serious talk about activating it.'

BRICS countries have already started moving in that direction. The BRICS New Development Bank has begun lending in local currencies and aims to reach 30% of lending in local currencies in five years. The bank was also exploring borrowing in local currencies, and individual BRICS countries were starting to trade in each other's currencies, Sooklal said.

That's a long way to a BRICS currency, though. Pressure from Russia, looking to escape sanctions, and perhaps China looking for a larger global role, not to mention Brazil's Lula, could drive a push for a BRICS currency. But it's too soon to put the greenback on the endangered list.

Peter Fabricius, Consultant, ISS Pretoria-ISS.

Tanzania: Isles, Dubai Firm Sign Key Mineral, Power Deals

Zanzibar — THE government of Zanzibar and Dubai based Aseel Oilfield Services Limited have signed two Memoranda of Understanding (MoUs) focusing towards enhancing power supply in the isles and mineral exploration.

The first MoU is dedicated to the development of a wind farm project, seeking to generate power with a capacity ranging from 20MW to 200MW.

The other focuses on mineral exploration aimed at modernising and enhancing Zanzibar's exploration capabilities through state-of-the-art equipment and technologies.

The MoUs were signed over the weekend by the Zanzibar Ministry of Water, Energy, and Minerals' Principal Secretary, Mr Joseph Kilangi, and the Aseel Oilfield Services Limited Group Managing Director Mr Saeed Al Jabry.

In the course, the signing was also witnessed by the Zanzibar Minister for Water, Energy, and Minerals, Mr Hassan Shaibu Kaduara, his deputy, Mr Shaaban Ali Othman, and other senior officials from different sectors.

In the wind farm project, Aseel Oilfield Services Limited along with its partners and technology providers have set aside up to 340 million US dollars (about 830.8bn/-) to facilitate the scheme.

The wind farm project seeks to align with Zanzibar's commitment to transitioning towards renewable energy sources and addressing the ongoing challenges of power shortages and growing industrial demand.

Speaking on the occasion, Minister Kaduara said that the wind farm will harness the region's abundant wind resources, hence, reducing dependence on fossil fuels and promoting a greener and more sustainable future.

In his speech, he lauded the exceptional leadership demonstrated by Zanzibar President Dr Hussein Mwinyi, in the development of various sectors, including minerals.

"President Mwinyi's visionary approach and his efforts to simplify processes have so far attracted investors across various sectors and stimulated economic growth and development in the region," said Minister Kaduara.

He explained that mineral exploration work is part of the ministry's effort to open up Zanzibar economically.

"If it is proven that minerals exist in Zanzibar, it will add another important sector to boost Zanzibar's economy. This signing ceremony not only solidifies the partnership between the ministry and Aseel, but also signifies the mutual commitment to advancing Zanzibar's mineral exploration and clean energy aspirations," said Mr Kaduara.

For his part, the Group Chairman of Aseel Oilfield Services Limited, Mr Iman Al Jabry, commended the positive reception from Zanzibar's government and assured that the project would succeed for the benefit of the nation.

Mr Al Jabry said they will use the advanced instruments and technologies for mineral exploration and wind farm projects.

"These cutting-edge tools will significantly improve the efficiency and accuracy of exploration processes, expediting the identification and extraction of valuable mineral resources while paving the way for a sustainable energy future," said Al Jabry.

He said the collaboration between the Ministry of Water, Energy and Minerals for Zanzibar and Aseel Oilfield Services Limited marks a significant milestone in the country's pursuit of sustainable development and economic prosperity.

He said it reaffirms Zanzibar's dedication to harnessing its abundant natural resources and embracing renewable energy solutions.

"These initiatives are expected to have a positive and lasting impact on Zanzibar's economic growth, job creation, and environmental sustainability," he said.

Aseel Oilfield Services Limited, a subsidiary of the Aseel Group of Companies with its headquarters in the United Arab Emirates, is a renowned company actively engaged in mineral exploration and renewable energy activities.

With a strong track record and expertise in the oilfield services industry, Aseel has expanded its operations to focus on mineral exploration and the development of renewable energy projects.

The company's commitment to excellence, environmental stewardship, and innovation positions it as a key player in these critical industries.

-Daily News.

Tanzania Demand for Burundi Avocados Rising

THE demand for avocados from Burundi is on the rise despite their high prices as consumers prefer them to local-produced ones due to their size, taste and softness.

'Daily News' spot survey at Buguruni and Mabibo, the largest avocados wholesale and retail selling points, showed that the price for imported avocados from Burundi is three to four times higher than the price of local--mostly from Arusha, Kilimanjaro, Iringa, Njombe and Mbeya regions.

The survey revealed that the price of Burundian avocados ranges between 1,500/- and 1,700/- compared to between 300/- and 1,000/- for locals. A Buguruni wholesale and retail avocados seller, Mr Mohamed Temi, in Ilala, said yesterday that despite being the season for the fruit the Burundian avocados demand was still high so was the price.

"People prefer these avocados despite their high prices because of their rich taste, texture and softness," Mr Temi said, "on top of that they produce more juice than the locals." He also said his wholesale and retail prices go well as he was not short of customers.

The avocado season is between July and February for both Tanzania and Burundi. Another Buguruni avocado trader Hassan Chamba told the 'Daily News' that the orders and prices vary from wholesale and retail since most of the latter pays more while the former is less depending on the bulkiness of the order.

"The quantity and prices vary from each other," said Mr Chamba who also sells avocado in this market. Other avocados from Arusha, Mbeya and other parts' prices range between 300/- and 1,000/- in Buguruni varying according to size.

The small and medium sized range from 300/- to 600/- and 700/- to 800/- while the large ones range from 900/- to 1,000/-.

Ubungo-based Mabibo Market Fruits Chief Executive Officer--Banana, Sadaka Magesa said the wholesale prices of avocados from Burundi is between 60,000/- and 90,000/- per 100kg sack. The price varies depending on the fruit size.

"We normally receive some three to four trucks of avocados per day. A truck carries some 200 sacks. This is around 800 sacks a day," Mr Magesa said, "the business is good, especially on the hot days".

According to Tanzania Horticultural Association (TAHA), the country's avocado exports reached 11,237 tonnes or 510 containers worth 33 million US dollars in 2021. This was 12.6 per cent more compared to 2020 sales.

TAHA is projecting that Tanzania will export 15,000 tonnes this year, thus generating 45 million US dollars in foreign currency.

Internationally, according to the latest report by World of Statistics, Kenya is the only African country in the top 10 producers of avocados with 176,045 tonnes annual production.

The leading producer being Mexico with 1,889,354 tonnes, Dominican Republic with 601,349, Peru 455,394, Colombia with 309,431 and Indonesia with 304,938 tonnes per annum.

Others are Brazil with 195,492, USA 172,630, Chile 137,365 and China 122,942 in the 10th slot.

-Daily News.

Nigeria: Petrol Hike - Stakeholders Seek Govt's Intervention to Prevent Imminent Scarcity

Nigerians are yet to see an end to sufferings brought about by periodic increase in pump price of Premium Motor Spirit (PMS) also called Petrol.

Already, transport fare is taking an upward trajectory as operators in the industry are adjusting their fares to suit current price of product.

Report shows that pump price of petrol sells between N570, N650 and N700 per litre in different parts of the country.

This scary situation is further being threatened by warnings from key players in the downstream sub sector of the industry who feel overburdened by arbitrary charges by Petroleum Tanker Drivers (PTD).

They have alleged that the PTD is jeopardising efforts to sustain distribution of products.

The Association of Distributors and Transporters of Petroleum Products (ADITOP), is the latest to kick against the alleged increase in truck loading fees for petrol by PTD.

National President of the association, Alhaji Lawal Dan-Zaki, in a statement in Abuja cited an "arbitrary increase" of loading fees. ADITOP said one of the major concerns of the association was the alleged abuse, impunity and arbitrary increase of levies imposed by the PTD.

Addressing the issue, they said, "At present, the PTD collects N60,000 per truck for loading and is planning a further increase.

"We, in the ADITOP vehemently oppose this. This exorbitant increase places an undue burden on the already struggling general public, and serves no productive purpose at this critical juncture in the downstream sector," the statement read in part.

Dan-Zaki said it was the considered view of ADITOP that no association in the oil and gas industry should be permitted to collect unreasonable levies per truck of PMS.

"By doing so, the association aims to restore a fair and just system that promotes cooperation and sustainability across the industry.

"Due to these unpatriotic and illegal collections, the members of ADITOP wish to inform the general public and all stakeholders in the downstream sector of Nigeria's oil and gas industry that the association will soon commence nationwide operations.

"This will include but not be limited to nationwide road service and safety measures for members in addition to the collection of levies."

The Association urged the federal government to intervene promptly and halt the petroleum tanker drivers from terrorising other stakeholders in the oil industry.

Also, the Independent Petroleum Marketers Association of Nigeria, IPMAN, confirmed the situation to me, describing the actions of haulage operators across the country as an 'Act Of Sabotage '.

According to IPMAN, tanker drivers are imposing illegal charges on marketers ranging from between N50,000 to N100,000 per 33,000 litres petrol tanker capacity.

The charges it said, are not only illegal but arbitrary and is adding to operational cost borne by members.

The National President of IPMAN, Elder Chinedu Okoronkwo, while in a chat with me, warned that if federal government fails to prevail on the Petroleum Tanker Drivers (PTD), to stop the imposition of illegal levies on her members, it may lead to hike in pump price of petrol.

-Leadership.

South Africa: It's Possible Now to See a Future Without Load Shedding - Eskom Chair Mpho Makwana

Until the snow fell earlier this month, load shedding became less intense, with periods where Eskom suspended power cuts. It was a relief for a country that was upended by Stage 6 for almost all of 2023 and 2022. In an interview, Eskom chairperson Mpho Makwana explained the turnaround plan.

Mpho Makwana: We committed to this country that we would have a turnaround in energy availability and that by 31 March 2023 we would achieve specific measures in terms of contributing towards 60% energy availability. We then said that we would strive towards 31 March 2024, to have a 65% energy availability factor, and then 31 March 2025, 70%.

(At 70% energy availability, load shedding should not be needed. This chart shows the turnaround strategy.)

Question: What does that mean in our lives? Because at Stage 3 load shedding, power cuts don't feel quite existential.

Answer: As you improve energy availability, so will the levels of load shedding come down. So, on days when we don't load-shed, as it has now become a phenomenon, it is when we are already operating at 65% EAF [energy availability factor]. So, between 65% and 70%, load shedding becomes a non-issue.

Q: Is it now possible to see a future without load shedding?

A: It is possible.

Q: How much of Eskom's R30-billion budget for diesel (to fuel the emergency open-cycle gas turbines) for 2023 has already been spent? (In 2022 and 2023, Eskom burnt through diesel at such a rate that it had...

-Daily Maverick.

Nigeria: Design New Framework to Manage Forex Volatility, Group Tells Tinubu Administration

The CPPE says it believes that the Tinubu administration is on the right path and that the current volatility in the foreign exchange market are challenges typically inherent in a major policy transition.

The Centre for the Promotion of Private Enterprise [CPPE] on Sunday said the Nigerian monetary authorities should come up with a sustainable intervention framework to ensure the moderation of the volatility in the forex market.

In a statement signed by Muda Yusuf, director of CPPE, the think tank said the volatility in the foreign exchange market is naturally unsettling.

"The volatility in the foreign exchange market is naturally unsettling. But it is not unexpected given the long period of distortions in the foreign exchange market. Correcting the entrenched distortions would take some time.

"But in the meantime, the monetary authorities should come up with a sustainable intervention framework to ensure the moderation of current volatility in the forex market," Mr Yusuf said.

The think tank said that it recognises the forex supply limitations, but the system needs to be managed in a way that would not undermine investors' confidence.

Mr Yusuf explained that erosion of confidence triggers speculation and influences expectations which in turn triggers diverse responses among economic players.

He added that the foreign exchange market is evidently under pressure as a result of a number of factors.

"There was a curious surge in monetary expansion in the last one month. Money supply grew by an unprecedented 15 per cent in one month between May and June 2023.

"Broad money grew by over N9 trillion, from N55.7 trillion to N64.9 trillion. This surge in monetary growth is unprecedented," he said.Obviously, Mr Yusuf said, the disruption must have had an effect on the exchange rate. He, therefore, charged monetary authorities to investigate the drastic growth in money supply and take steps to curb subsequent expansion because such dramatic growth in money supply poses a significant risk to macroeconomic stability, especially price stability.

"Over the last few years there has been a cumulative backlog of unmet foreign exchange demand, running into billions of dollars as a result of acute illiquidity in the foreign exchange market.

"With a more liberalised forex market, the pressure of the backlog of unmet demands and other maturing forex related obligations have been unleashed on the investors and exporters window," Mr Yusuf said.

Transition

He explained that transiting from a repressive market environment to a more liberalised market could be a source of market instability.

But there is need for vigilance to prevent questionable capital outflows or speculative assault on the currency, the CPPE said.

"A free market is not synonymous with complete absence of regulation. Free enterprise has to be complemented with an appropriate regulatory framework to curb illicit financial flows," the statement said.

The think tank said it is evident that the frequency and scope of Central Bank of Nigeria (CBN) intervention in the forex market had decelerated compared to the first five months of the year.

According to Mr Yusuf, recent reports from the CBN indicate a total of $17 billion intervention by the CBN in the forex market in 2022.

"This is an average of N1.4 billion per month. Since the inception of the present administration, it is doubtful whether we had seen an intervention of up to $1 billion in total. It is expected that as the scale of intervention improves, the volatile (volatility) will be subdued.

"And only recently, the government paid $500m to settle matured debt service obligation on Eurobond. This could also be a constraining supply side factor," the CPPE boss said.

He noted that the marginal decline in foreign reserves was also disproportionately amplified by the media and this created some anxiety which could also have driven speculative activities in the forex market.

"The CPPE believes that the Tinubu administration is on the right path and that the current volatility in the foreign exchange market are challenges typically inherent in a major policy transition. In a couple of months, we expect the instability to subside.

"On the supply side, the trajectory is that there would be an improvement in oil output which would boost forex earnings," he said.

He added that the prospects of improved domestic refining of petroleum products in the coming months will reduce forex demand pressure from importation of petroleum products.

"Improved investors confidence will boost Foreign Direct Investment [FDI] and foreign portfolio investments, and other remittances.

"CBN should exercise better oversight on forex demands to ensure protection of the market from speculative assault and illicit capital outflows," he said.

-Premium Times.

Nigerian Petroleum Agency Introduces Four Additional Regulations

The NMDPRA had in March unveiled six regulations that will govern the activities of the sectors

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Sunday said it has introduced four additional regulations that will govern the activities of the midstream and downstream sectors of the Nigerian petroleum industry.

The agency in a statement by Kimchi Apollo, the general manager, corporate communications and stakeholders' management, said the regulations are in line with the Petroleum Industry Act, 2021 (PIA).

The NMDPRA had in March unveiled six regulations that will govern the activities of the midstream and downstream sectors of the Nigerian petroleum industry.

The six regulations address issues such as petroleum transportation and shipment, assignment or transfer of licenses and permits, gas pricing for domestic demand and delivery, natural gas pipeline tariffs, petroleum measurement and midstream and downstream petroleum operations.

In its statement on Sunday, the agency said the four new additional regulations aim to address environmental and safety concerns in the midstream and downstream petroleum sector.

The new regulations introduced include the Midstream and Downstream Petroleum Environmental Regulation 2023, designed to ensure that environmental standards and practices are upheld across midstream and downstream petroleum operations.

Others are the Midstream and Downstream Petroleum Safety Regulation 2023, which prioritises safety measures and procedures; Midstream and Downstream Decommissioning and Abandonment Regulation 2023, which outlines the requirements and procedures for the decommissioning and abandonment of petroleum facilities; and the Midstream and Downstream Environmental Remediation Fund Regulation 2023, which sets out the establishment and financial contribution of the Fund for operations.

It added that the fund aims to provide resources for the cleanup, rehabilitation or management of negative environmental impact from petroleum operations nationwide.

These regulations, according to the agency, will enhance value, create an enabling environment and deepen activities in the midstream and downstream sectors for the benefit of Nigerians.

"Therefore, Market Operators are hereby advised to adhere strictly to these regulations," it said.

-Premium Times.

Is Elon Musk wrong to ditch the Twitter bird logo?

When Jean-Pierre Dube saw the news that billionaire Elon Musk was scrapping Twitter's blue bird logo in favour of an Art Deco-style black and white X, the marketing professor thought it was a joke.

"Why take a recognised brand, with a lot of brand capital around it and then completely throw it away and start from scratch?" said Prof Dube, who teaches at the University of Chicago Booth School of Business.

"In the short-term, it seems weird." But in the long term, could it work?

Mr Musk's takeover of Twitter last year has been punishing for the social media platform.

Advertising revenue has dropped by half, Mr Musk said this month, as big brands pulled back, wary of changes he has made, including how the firm handles verified accounts and moderates content. Abrupt layoffs and unpaid bills have also led to bad press and lawsuits.

Estimates by Fidelity, which has a stake in the company, suggest it is now worth just a third of the $44bn ($34.3bn) that Mr Musk paid for Twitter in October.

Consultancy Brand Finance recently estimated that the firm's brand was worth $3.9bn, down 32% since last year - a fall it attributed to Mr Musk's "aggressive business approaches".

Research suggests that rebrands can pay off - particularly if a firm is in trouble or wants to change direction, said Yanhui Zhao, a professor of marketing at the University of Nebraska Omaha.

His review of 215 rebranding announcements by publicly listed companies found that more than half of those businesses saw positive returns after they rebranded.

That means Mr Musk's moves could be timely, he said, noting the multi-billionaire's ambition to transform Twitter into an "everything app" similar to China's WeChat, a social messaging service on which users can send money, hail taxis, book hotels and play games, among other functions.

"This is a much needed rebranding because of the strategic re-direction of Twitter," he told the BBC, by email.

The Asian super-apps that could inspire Elon Musk's X

Elon Musk, Twitter and the mysterious X app

But success becomes less likely when a company is in turmoil, warned Shuba Srinivasan, marketing professor at Boston University's Questrom School of Business. She said it was an especially risky move, given all the social media competitors, such as Mark Zuckerberg's Threads, rushing to fill Twitter's role.

"The rebranding is likely to confirm the fear of many Twitter users that the acquisition by Musk signalled the end of the Twitter they knew," she said.

Nor is it clear that a rebranding addresses Twitter's problems - many of which stem in part from Mr Musk, Prof Dube said.

"I didn't think there was a brand problem and brand identity problem as much as a leadership problem," he said.

In a May interview with satire site, The Babylon Bee, Mr Musk previewed the change, saying he thought he needed to "broaden the branding for Twitter" to help him succeed at pushing the company beyond the short text posts that made it famous.

But some analysts said that the potential of this vision being successful faces long odds.

In June, advisory firm Forrester Research published a report called "The super app window has closed," which argued that tech giants such as Google and Apple currently offer super app-like functions to billions of users in the US and Europe, while tough regulatory hurdles and fierce competition limits opportunities for others.

It noted that WeChat, the example that has been cited by Mr Musk, became dominant in China early, before other payment services emerged - and in part as a result of technical issues, such as limited phone memory, which discouraged downloading multiple apps.

"While Musk's vision is to turn X into an 'everything app,' this takes time, money, and people - three things that the company no longer has," Mike Proulx, a research director at Forrester, wrote after Mr Musk's announcement, adding that he thought the firm would shut or be be bought out in the next 12 months.

Even if Twitter's core users in media, politics and finance stay loyal, as they have in the past, making X successful would require participation from a far broader user base - no small challenge, said Harvard Business School professor Andy Wu.

But he added that, Twitter faced difficulties before Mr Musk's takeover and would benefit from some risk-taking.

"We can debate whether those changes are in the right direction, but Twitter does need changes," he said.-bbc

TikTok adds text-only posts as social media battle escalates

Chinese-owned video streaming app TikTok says it will offer text-only posts as competition between social media giants heats up.

The platform says the new feature gives users "another way to express themselves".

Earlier this month, TikTok launched a new music streaming service to rival platforms like Spotify and Apple Music.

And on Monday, Elon Musk's Twitter ditched its famous blue bird logo and switched to a black and white X.

TikTok users will now be offered three options on the app - whether to post photos, videos or text.

They will also be able to customise posts by adding sound, location or Duets, which are video reactions to posts by other TikTok users.

"These features make it so your text posts are just as dynamic and interactive as any video or photo post," TikTok said.

Is Musk right to ditch the Twitter logo?

Twitter rebranded as X as blue bird logo killed off

TikTok, which is owned by China's ByteDance, recently launched a new music streaming service, TikTok Music, in Brazil and Indonesia.

Last week, the company also rolled out a beta version of the service in Singapore, Mexico and Australia.

A spokesman said it would allow users to "listen, share and download the music they have discovered on TikTok, as well as share their favourite tracks and artists with their TikTok community".

The app is testing other features including a new landscape mode with select users around the world.

In 2021, TikTok became the world's most popular online destination as it had more hits than US search engine giant Google.

That year, the app also said it had more than one billion active users globally.

Competition between rival social media firms - such as Instagram owner Meta and X, Mr Musk's rebranded Twitter platform - have heated up in recent weeks.

This month, Meta's new Threads platform went live on Apple and Android app stores in 100 countries, including the UK.

Meta boss Mark Zuckerberg later said his company's Threads platform had signed up more than 100 million users in less than five days.

Also this week, the blue bird branding on social network Twitter was replaced by a logo featuring a white X on a black background.

The term tweets will also be changed to "x's", according to Mr Musk.-bbc

Spotify raises premium subscription price for millions

Spotify is raising prices for its 200 million ad-free subscribers for the first time in over a decade, the platform has announced.

In the US, the cost will increase from $9.99 to $10.99 (£8.57) for those with an individual plan.

Similar price hikes also apply to the UK, Canada, Australia and 49 other territories.

The move follows other streaming services which have also increased subscription costs.

"So that we can keep innovating, we are changing our Premium prices across a number of markets around the world," the music streaming service said on Monday.

"These updates will help us continue to deliver value to fans and artists on our platform."

In the US, the Premium Duo plan will increase from $12.99 to $14.99, the Family plan will increase from $15.99 to $16.99, and the Student plan will increase from $4.99 to $5.99.

Premium subscribers in the UK will pay an extra £1 per month, according to The Verge.

Spotify said users "will be given a one-month grace period before the new price becomes effective, unless they cancel before the grace period ends".

The company raised prices of US family plans and UK Student, Duo, and Family plans in 2021. Individual subscriptions were previously unaffected.

Apple Music, Peacock, Netflix, Max, and Paramount+ have also recently raised subscription prices.

The new Spotify Premium cost matches the monthly plans of competitors Apple Music and Amazon Music.

In an April earnings call, Swedish CEO Daniel Ek said the company would "like to raise prices in 2023".

"When the timing is right, we will raise it and that price increase will go down well because we're delivering a lot of value for our customers," Mr Ek said.

The music giant cut 6% of staff in January, citing a need to improve efficiency.

The company will continue to offer a free plan that includes advertising.

Spotify has 515 million active users in over 180 markets and about 40% of those users are subscribers.-bbc

Bayer: Weedkiller maker to take $2.8bn hit as sales fall

Germany's Bayer AG says it expects to take a €2.5bn ($2.8bn; £2.2bn) hit from a slower demand for its glyphosate-based products, including the controversial weedkiller Roundup.

The announcement came as the company lowered its outlook for the year.

In all, it has set aside over $15bn (£11.7bn) to settle lawsuits alleging its herbicides are linked to non-Hodgkin's lymphoma and other cancers.

Bayer has denied wrongdoing but said the payouts would end "uncertainty".

On Monday, the Leverkusen-based company said it expected a net loss of €2bn in the three months to the end of June.

Bayer said this was mainly due "a significant further decline in sales of glyphosate-based products."

The firm also forecast that its pre-tax profits could fall to as low as €11.3bn this year, compared to the €13.5bn it reported in 2022.

A Bayer spokesman told the BBC that more glyphosate-based products had entered the market following the pandemic, resulting in a lower demand for the firm's weedkillers.

"The normalisation of the competitive environment around glyphosate was more pronounced than we had expected. This was the principal cause of our outlook," the spokesman added.

US Supreme Court rejects Bayer weedkiller appeal

Weedkillers: What do we know about glyphosate?

Roundup was originally launched by US firm Monsanto nearly five decades ago. It became known the world's best-selling weedkiller.

In 2018, Bayer bought Monsanto in a $63bn deal. The tie-up gave Bayer control of more than a quarter of the global supply of seeds and pesticides.

The same year, a California court issued the first ruling linking Roundup to cancer and awarded substantial compensation to claimants.

In the lawsuits, Roundup users blamed the weedkiller and its active ingredient glyphosate for their non-Hodgkin's lymphoma and other cancers.

In 2020, Bayer announced a $10.9bn settlement aimed at resolving tens of thousands of lawsuits, while maintaining that glyphosate was safe.

In March last year, the company said it had resolved 107,000 out of around 138,000 cases involving Roundup.

"The Roundup settlement is the right action at the right time for Bayer to bring a long period of uncertainty to an end," Bayer's chief executive Werner Baumann said in 2020.

He repeated the company's view that the science indicates: "Roundup does not cause cancer, and therefore, is not responsible for the illnesses alleged in this litigation".

Glyphosate is the active ingredient in many weedkillers, although the science about its safety is still far from conclusive.

Some countries have banned herbicides that contain glyphosate, while others continue to allow them.

In the UK, there is no nationwide ban on glyphosate, although some councils in the country have stopped using it due to safety concerns.

Bayer is set to report earnings on 8 August.-bbc

Modern slavery gangmasters exploit care worker shortage

The number of modern slavery cases reported within the UK care industry has more than doubled in the past year.

There were 109 potential victims, exploited for personal or financial gain, between January and March - twice as many as the same period in 2022.

BBC File on 4 obtained the figures from the government-approved anti-slavery helpline, run by charity Unseen.

Investigators trying to protect workers from being exploited say the care industry is now a "top priority".

The Gangmasters and Labour Abuse Authority (GLAA) - whose role is to protect workers from labour exploitation across the UK - told us it had more than 300 ongoing care sector investigations.

Unseen says the rise in calls about the care sector in the past 12 months is because the government has made it easier for overseas social care staff to work in the UK post-Brexit - and fill thousands of job vacancies.

As the supply chain gets bigger, there's more chance for exploitation - says the charity.

In the year to March, the government had issued 102,000 skilled worker, health and care visas to foreign workers - that's up 171% on the previous year. In a statement, it told File on 4 that more than £17.8m had been spent policing modern slavery since 2016.

It's very rare to hear from a victim of modern slavery in person, but one woman who came to the UK on a work visa - and was forced to work gruelling hours as a carer - has told us her story.

Terri stirs a cup of tea

Image caption,

Terri was recruited as a home carer after replying to an advert in her own country

Still frightened of her former employers, we're calling her Terri to protect her identity.

Recruited by an agency in her home country in Africa, Terri was offered work in the UK as a domiciliary carer. The agency told her it would arrange her work visa and transport.

She was interviewed in person, took an English test, and had to provide proof of her work experience. She was promised a job as a care assistant in the UK through a care company. She was told she would earn up to £29,000.

For Terri, who was in an abusive marriage, the job was the perfect opportunity to escape with her three children.

"Butterflies were going through me, it was one of the best days of my life," she says.

Terri brought her mother with her to the UK, so she could look after Terri's children. Although Terri would be provided with somewhere to stay through the care company, depending on where she was asked to work, the children and their grandmother went into private rented accommodation.

Terri told us she found her work hours gruelling - up to 20 hours a day - and that she often worked seven days a week. The car she had been promised to travel between clients did not materialise, so she had to walk to appointments.

When Terri eventually received her wages from the company two months later, it worked out at less than £2 an hour, which is illegal. Care workers must be paid at least the minimum wage - £10.90 across the UK (£11.95 in London) - for their time at appointments, plus travel time to and from the office.

LISTEN: File on 4 on BBC Radio 4 at 20:00 on Tuesday 25 July and later on BBC Sounds

Terri complained to the care company but it threatened to stop her work and cancel her visa.

She says other carers she got to know also warned her that the firm's owner had political links in her home country.

"That makes him very dangerous where we come from - you don't want to go against someone like that," she told us.

Her low pay meant she was unable to continue paying rent for her mum and children - and they were forced to leave their accommodation.

Terri was on a night shift while her mother and children spent the night on the streets. They were spotted by a member of the public and Terri was reported to social services.

When they asked to see her rota they were shocked. "This is too much, this is insane," she says they told her.

Social services helped Terri get placed in the National Referral Mechanism, the government system set up to identify and support victims of modern slavery.

She and her family are now in accommodation provided by social services. Terri is now seeking asylum in the UK - and until a decision is made she isn't allowed to work.

The Home Office has told her she has "reasonable grounds" to prove she was a victim of modern slavery.

The care company Terri worked for is currently being investigated by another government department over the UK's skilled worker visa scheme, says Ian Waterfield, Head of Enforcement at the government-sponsored GLAA. He says the care industry has gone from "not being on their radar" to becoming a "top priority" in the past 18 months.

Modern slavery has infiltrated several employment sectors - including construction and car washes.

The total number of potential victims referred to the Home Office through the National Referral Mechanism in 2022 was almost 17,000 - the highest number ever recorded.

The National Police Chief's Council told us it had a dedicated team leading work to "understand and tackle" the problem - and that currently there were more than 3,500 active investigations across England and Wales.

However, prosecuting cases is difficult. Last year, England and Wales police forces logged nearly 10,000 cases. But half of these were closed because offenders couldn't be tracked down and less than 2% resulted in charges.

"Victims of modern slavery are extremely vulnerable," says Sara Thornton, the former Independent Anti-Slavery Commissioner.

"They will be in terror of the people who've trafficked or enslaved them, who will tell them there's no point going to the police or the local authority or a charity because they won't support you."

Ms Thornton says the Illegal Migration Bill - which passed into law last week - will make it even harder to support vulnerable victims. The new law allows the government to legally detain and remove all people who unlawfully enter the UK.

She believes traffickers will use this to persuade their victims not to go to the police, adding that she thinks it is "a grave, grave concern" that there is currently no anti-slavery commissioner in place.

Terri is still haunted by her experience. "There are times when I still have nightmares about what went down at that job," she says.

She now wants to qualify as a nurse.-bbc

Worldcoin: Sam Altman launches eyeball scanning crypto coin

A cryptocurrency project described as being "dystopian" has been launched by AI entrepreneur Sam Altman.

Worldcoin gives people digital coins in exchange for a scan of their eyeballs.

In sites around the world thousands of people queued to gaze into silver orbs on day one of the project's full launch.

The BBC visited a scanning site in London where people received free crypto tokens after going through the process.

Mr Altman, the chief executive of Open AI which built chat bot ChatGPT says he hopes the initiative will help confirm if someone is a human or a robot.

"Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy," Mr Altman claimed in a launch letter on the company website.

Worldcoin also claims that its system could pave the way for an "AI-funded" universal basic income. But it's not clear how.

The concept of a universal basic income sees all citizens paid a set salary regardless of their means.

The first step in this crypto utopia as laid out by Worldcoin though relies on getting millions, maybe even billions, of people to scan their irises to prove they are a human.

Since testing of the scanners began two years ago, Worldcoin says more than two million people have been added to the crypto database in 33 different countries.

According to the company most sign ups have happened in Europe, India and southern Africa.

Despite the company's American foundation, the crypto coins are not being offered to US citizens due to regulatory concerns.

Now that the project has fully launched and the crypto tokens are available to claim and to trade, it's expected to grow even more popular.

Worldcoin posted a picture online of people queuing at a site in Japan and said it plans to roll out 1,500 Orbs in locations across the globe.

The BBC went to try it out at a pop-up site in east London and found a steady stream of people turning up.

The process starts with scanning your face and iris to prove you are a person. It takes about 10 seconds to stare into the Orb's camera lens and wait for a beep to confirm it has worked. Interestingly the Orb operator says the silver ball used to talk to users - but customer feedback described it as "creepy" so they removed the voice.

The next step is that your iris scan is given a unique number which is checked against the giant database to make sure it's the first time you've done it. If so, the ball beeps again and you are now on the database along with 2.06 million other humans at the time of writing.

25 free Worldcoin tokens are awarded on completion which are currently valued at roughly $2 (£1.56) each. The BBC will sell the coins once they are received and donate any money to Children in Need.

By the time the BBC left the pop up site, 13 people had been scanned. All were men in their 20s and 30s.

"I came after seeing Sam Altman tweeting about the launch," said 37-year-old Moses Serumaga.

'It's good to be early to these things,' said Moses Serumaga after getting his iris scanned in exchange for crypto tokens.

"I saw that you could get some dollars for it so I thought why not? It could die like other crypto projects or it could be a big thing and go up in value. I didn't want to miss out," he said.

ChatGPT boss urges US Congress to regulate AI

Is the US trying to kill crypto?

23-year-old Tom also scanned his eyeball but said he didn't do it for the money as he doesn't think the value of the tokens will rise.

"I don't think that amount of money is enough of an incentive unless you live in less developed nations and I don't think there's much possibility of it going up further really," he said.

The scanning process has proven controversial with reports criticising some of the tactics used by orb operators who are paid in commission, with particular concern over those getting sign ups in poorer nations.

Privacy experts also worry that sensitive data gathered from scanning a person's iris might get in to the wrong hands, even though Worldcoin insists that no data is stored.

Vitalik Buterin, the co founder of cryptocurrency network Ethereum, responded to the Worldcoin launch expressing excitement about the project but also issuing a warning about its potential pitfalls.

"On the whole, despite the "dystopian vibez" of staring into an Orb and letting it scan deeply into your eyeballs, it does seem like specialized hardware systems can do quite a decent job of protecting privacy," he said.

However, he also says that relying on the specialised orbs to carry out the scans could give Worldcoin too much power and make it hard to get the world on-board.

Twitter founder and crypto enthusiast Jack Dorsey tweeted an apparent criticism of the project, describing its mission as "cute", and adding the dystopian warning: "Visit the Orb or the Orb will visit you...".

Mr Altman welcomed criticism, saying online that "haters" give his team energy. But he admitted the project was ambitious.

"Maybe it works out and maybe it doesn't, but trying stuff like this is how progress happens," he tweeted.-bbc

Invest Wisely!

Bulls n Bears 

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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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