Major International Business Headlines Brief::: 26 July 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 26 July 2023 

 


 

 


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

 


 

 


 

ü  Nigeria Debt Service to Revenue to Peak At 121% in 2023 - ActionAid

ü  Nigeria: Subsidy Removal - Be Patient With Tinubu, Ex-APC Acting Chair
Tells Nigerians

ü  Nigeria: 68 Percent Household Consumption Causes Electricity Tariff
Shortfall

ü  South Africa: No Power Outages At Netball World Cup

ü  Africa: Food Crisis in Africa - the High Cost of Imported Fertilisers Is
Adding to the Problem

ü  Southern Africa: AfDB Predicts 1.6% Growth Due to Climate Change,
Inflation, Rising Interest Rates

ü  South Africa: Mineral Resources and Energy On Explosion in City of
Johannesburg

ü  South Africa: SA Views BRICS As a Key Strategic Partner - Minister
Ntshavheni

ü  Tanzania: Tanapa Outlines Measures to Push Number of Tourists Arrival

ü  Tanzania: Human Capital Summit - Why Investing in Human Vital

ü  South Africa: Kumba CEO Rails At Transnet Inefficiencies After Interim
Earnings Fall

ü  Uganda: Ey - Less Than 50 Percent of Ugandan Entities Have Data
Protection Policies

ü  NatWest boss Dame Alison Rose quits after row over Nigel Farage account

ü  Pan Gongsheng: Can China's new central bank boss fix its economy?

ü  Joe Lewis: Tottenham Hotspur owner charged over alleged insider trading

ü  Travel recovery to boost global economy, says IMF

 


 

 


 <https://www.cloverleaf.co.zw/> Africa: Nigeria Debt Service to Revenue to
Peak At 121% in 2023 - ActionAid

The ActionAid Nigeria (AAN) has expressed concern that Nigeria debt service
ratio will peak from current 101.5 percent in 2022 to 121percent of the
revenue by 2023 ending.

 

The AAN Country Director, Ene Obi, said this on Tuesday in Abuja at a
one-day "Technical Roundtable on Economic Agenda Setting for President Bola
Ahmed Tinubu Administration", organised by ActionAid Nigeria, Centre for
Social Justice (CSJ) and Nigeria Labour Congress, (NLC).

 

She, however, noted that international best practices prescribed that debt
service to revenue ratio should not be more than 20 percent of export
earnings or 30 percent of revenue of low income countries.

 

Obi, who was represented by Mrs Suweba Dakwabo said: "The bulk of Nigeria's
retained revenue is devoted to debt service as in 2021 the retained revenue
was N4.64trn while the debt service was N4.22trn.

 

"The Buhari Administration inherited a debt profile of N12.18trn in May/June
2015 and left office in May 2023 with debt stock of more than N70trn, giving
an addition of not less than N58trn under a space of eight years," she said.

 

On her part, the Director General of Debt Management Office (DMO), Ms
Patience Oniha, stressed the need for less focus on Nigeria's debt burden
and more attention on increasing revenue generation.

 

-Daily Trust.

 

 

 

Nigeria: Subsidy Removal - Be Patient With Tinubu, Ex-APC Acting Chair Tells
Nigerians

A former acting national chairman of the All Progressives Congress (APC) and
chairman, Governing Council, of the Institute for Progressive Affairs,
Hilliard Eta, has implored Nigerians to give President Bola Ahmed Tinubu the
benefits of doubt in his ongoing efforts to change the fortunes of the
country for good.

 

Specifically, he noted that the president would definitely address the
challenges occasiined by the removal petrol subsidy.

 

Addressing journalists after a meeting at the APC national secretariat in
Abuja to discuss the 10th anniversary of the party with the leadership of
the party, Eta absolved President Tinubu of any wrongdoing, insisting that
it was too early to pick holes in his administration's policies.

 

 

Eta who was also a former national vice chairman (South-South) of the party
stated that a considerable number of the masses voted for Tinubu because of
his ideologies and strong conviction that he can arrest the dwindling
fortunes of the country.

 

Noting that the president was much aware of the post-subsidy removal pains
Nigerians were passing through, he said, "Let me start by saying that there
is a consensus in Nigeria that the time had come for subsidy to be removed.
I believe there is no section of the country that is against subsidy
removal.

 

"The question is: What happens after the removal of the subsidy? This
government is barely 54 days and, even though I will not run away from
issues of serious economic dimensions across most homes in Nigeria, I think
it is too early to pass a judgment on this government.

 

 

"It has removed subsidy but the forces of fiscal and monetary policies will
bring everything to normalcy.

 

I don't believe the price of fuel will rise above what it is now. Even if it
happens, I believe the time has come for the President and his team to bring
solutions to the many economic problems tied to it for our wellbeing. For
instance, the scarcity of dollars is because our economy is tied to
importation. If not, we won't be going about looking for dollars.

 

"Let me say that there is no research to show whether Nigerians are against
the APC or not. But we, as politicians, believe the best way to know is
through an election. And we just won the presidential election. I assure you
that the presidential tribunal will uphold the election," he said.

 

Eta further observed with dismay that the country's overdependence on
importation of household goods and items that can be manufactured locally
was partly contributing to the free fall of the naira.

 

He continued: "For those who stuck out their neck for President Tinubu to
emerge, it was because of their firm belief that he has the talent and
capacity to put people together and Nigeria needs the best to come together
again. The administration is early in the day because I believe he still has
that talent to bring the best together and Nigeria will benefit from the
talent.

 

"I did a research a few days ago and I found out that Nigeria spent $40
million in 2014 to import toothpick. That is to show you how foolish our
trade policies are. Today, everybody is looking for dollars. Remember that
for every dollar sent to China, we are not just sending dollars, we are
equally sending our jobs with those dollars to China because these things
are linked together.

 

"While it is excruciating, it is not just that fuel is expensive, young men
and women also have no jobs. I believe in the nearest future, government
will find away to mitigate these things.

 

"Finally, this party was founded on progressive ideas. I remember when we
campaigned in 2014, we campaigned based on ideas. We will not allow the
ideas tom die. We may have been disappointed on the way but we will keep to
them."

 

Eta hinted that members of the Institute for Progressive Affairs are working
hand-in-gloves with the leadership of the party to successfully mark its
10th anniversary on July 31.

 

-Leadership.

 

 

 

Nigeria: 68 Percent Household Consumption Causes Electricity Tariff
Shortfall

As state governments across the country prepare to adopt and implement the
provisions of the Electricity Act 2023, they have been urged to target
industrial consumers in order to get value for power generated.

 

The Nigeria Electricity Regulatory Commission (NERC), which made this call,
noted that nigeria is having very high levels of illiquidity in the Nigerian
Electricity Supply Industry (NESI) because households consume about 68 per
cent of electricity distributed from the national grid.

 

The commission explained that the implication is that there is a limit to
what the household customers can spend on electricity from their budget,
when there is increased supply or tariff.

 

 

This is as stakeholders have called for increased investment in renewable
energy as well as energy efficiency in the country, in order to promote the
development of the sector.

 

They made the call at the 2023 International Conference of the Renewable
Energy and Energy Efficiency Associations-Alliance (REEEA-A), in Abuja.

 

Speaking at the conference, NERC's commissioner, Planning Research and
Statistics, Dr. Yusuf Ali, who was represented by Abdulsalami Yusuf while
lamenting the illiquidity in the sector, stressed that electricity supply is
a factor of the fund that can pay for it.

 

He insisted that it is impossible to boost supply while supplying power to
only households.

 

Yusuf said, "The challenge we have is that you have some supply only when
you can provide the necessary fund that will pay for it, and that cannot
happen if you have everybody still bringing to the households."

 

 

He said, "Currently, our generation is being consumed about 68 per cent goes
to the household, meaning that what is supplied today in Nigeria almost 70
per cent of it goes to the households.

 

"And what is the electricity level of household consumption and there is so
much they can spend of their budget on electricity.

 

"There is a limit that when you increase tariffs or when you increase supply
they can't pay more than that."

 

Yusuf, who was speaking in a panel session: "The impact of the
constitutional amendment on electricity generation, transmission and
distribution on the electricity value chain" however, noted that when
industrial customers consume electricity, it culminates in additional
production and creation of wealth that can pay for the electricity.

 

The commission insisted that electricity supplied to industrial customers is
more viable than the one supplied to household customers.

 

 

Yusuf said, "But if you have industrial customers consuming your power, the
more they consume, the more they produce, they make more money, they make
more production and they can pay for it.

 

"That is why electricity is more viable when you have more industrial
customers."

 

He urged states to use the new electricity law as a game changer to create
industrial clusters and feed them with power.

 

The REEEA-A 2023 International Conference, with the theme "Accelerating
Private Sector Investment in the Renewable Energy and Energy Efficiency
Sector", had various panel discussions by experts in the field, was
organised in collaboration with the Nigerian Energy Support Programme
(NESP), European Union, the German Government, among other stakeholders.

 

Speaking earlier, Ambassador of the Federal Republic of Germany to Nigeria,
Ms Annett Gunther, said that it was necessary for the government and the
private sector to find the right way to implement the energy transition
plan.

 

She said that the German government would continue to support the country as
it works towards its energy transition plan.

 

Also speaking, chairman of the Board of Trustees of REEEA-A, Prof. Abubakar
Sambo, said with appropriate political will, renewable energy would solve
the electricity problems in the country.

 

He said that the conference would provide a platform for policymakers and
regulators to engage with the private sector and identify policy barriers,
potential solutions that would accelerate private sector investments.

 

With the massive energy deficit, the highest in the world according to
statistics, the federal government said it is contemplating a Renewable
Energy plan (REmap) that would generate 178,000MW in its bid to overhaul
Nigeria's energy architecture.

 

To achieve the ambitious energy plan, the federal government is scouting for
investors to raise US$1.22 trillion to shift its energy sources to
renewable, with a projected 178,000mws of electricity over the next 27
years.

 

Also, chairman of the Conference Planning Committee, Dr Segun Adaju, said
the conference was aimed at creating awareness about the alliance and also
investment opportunities that lie in the sector.

 

He said it was important for Nigerians to key into alternative sources of
energy for mobility, cooking, power among others.

 

According to him, the growth of the sector is deeply rooted in the private
sector, as such the government is expected to develop appropriate policies
for private sector investment.

 

"Every year Nigeria spends between 15 billion to 20 billion dollars to buy
fuel for generators, that is an investment that is waiting to catalysed for
the sector already," he said.

 

On his part, chairman, Steering Committee, REEEA-A, Dr Imamudeen Talba, said
it was important to seek public-private partnership to foster collaboration
in renewable energy in Nigeria.

 

He added that the Electricity Act recently signed by President Tinubu, had
created a compelling need for restructuring of the power and energy sector
in the country.

 

"To unleash this potential, we must create an enabling environment that
encourages private sector participation, to reduce investment risk and
increase sustainable business forum.

 

"It is an opportunity to learn from each other's experiences and explore new
avenues of cooperation to accelerate the transition to renewable energy and
energy efficiency in Nigeria," he said.

 

-Leadership.

 

 

 

 

South Africa: No Power Outages At Netball World Cup

Blanche de la Guerre, CEO of Netball South Africa (NSA), has confirmed that
the upcoming World Cup in Cape Town will not be impacted by load shedding.

 

De la Guerre stated that the City of Cape Town and the Cape Town
International Convention Centre (CTICC) have assured NSA that there won't be
any power outages during the event.

 

The Spar Proteas, South Africa's national netball team, will kick off their
World Cup campaign with a match against Wales on Friday.

 

To ensure uninterrupted broadcasting of the event, it is crucial to have a
stable power supply. Therefore, the City of Cape Town and CTICC have taken
measures to prevent load shedding during the tournament.

 

 

De la Guerre emphasised that the organisers cannot afford any power
interruptions, as both international and local broadcasters will be covering
the event.

 

Additionally, hotels accommodating the teams and officials have also been
guaranteed a stable power supply.

 

Load shedding has been an ongoing issue in South Africa, with rotational
power cuts being implemented by Eskom to manage the constrained power grid.

 

However, measures have been put in place to ensure that the Netball World
Cup proceeds smoothly without any power disruptions.

 

The tournament is scheduled to take place from Friday to 6 August,
showcasing the best of netball on an international stage.

 

-Scrolla.

 

 

 

Africa: Food Crisis in Africa - the High Cost of Imported Fertilisers Is
Adding to the Problem

Global fertiliser suppliers have made incredibly high profits in 2022/23 on
the back of price spikes attributed to the Russia-Ukraine war. The profits
of the world's top nine producers trebled in 2022 from two years previously.

 

The margins and impacts have been even greater on fertiliser supplies to
African farmers. Moreover, the super-high profit margins are being sustained
in 2023 in many African countries even while international prices have come
down (see figure 1). The harvest season has recently come to an end in most
countries in southern Africa with farmer margins and production being
squeezed by high input costs.

 

The wide gaps between fertiliser prices in the region and international
fertiliser prices point to major issues within the supply chain with excess
margins of some 30%-80% being earned on sales to many African countries.

 

South Africa has the benefit of robust competition enforcement meaning
prices in this country have come down substantially. This only serves to
highlight the disadvantage being faced by farmers in other countries such as
Malawi and Zambia.

 

 

High fertiliser prices undermine production, contribute to high food prices,
and exacerbate food insecurity.

 

Our work on fertiliser and agri-food markets in the African Market
Observatory points to major problems with how international and regional
markets work, including the market power of large international suppliers.
High prices for fertiliser inputs are squeezing African farmers who are
cutting back on fertiliser use meaning low yields and supply, and high food
prices.

 

International action is therefore urgently required on fertiliser prices to
improve food security in Africa.

 

Impact

 

African countries are dependent on imported fertiliser and usage is
relatively low. For example, Kenya and Zambia use around 70kg/ha, compared
with 365kg/ha in Brazil.

 

Production

 

The harvest season has recently come to an end in most countries in southern
Africa. There's evidence that farmer margins and production are being
squeezed by high input costs. High costs and low application are a factor in
maize yields in Zambia being less than half of those in South Africa and a
third of Argentina (according to the FAO).

 

In 2022, Kenya imported almost 30% less fertiliser and production fell.
Maize output in 2022/23 was 18% lower than the average for the previous five
year, with yields and area planted both being lower, compounding the effect
of poor rains. This has meant a substantial deficit relative to local demand
and very high prices.

 

Continued high fertiliser prices will constrain production, even while there
is a great need to expand agriculture output to meet regional demand.

 

 

For example, Zambia has abundant arable land and water for agriculture to
increase production. Of the country's 42 million hectares of arable land,
only 15% (or around 6 million) is under cultivation, including for pasture,
with only 1.5 million of this cultivated for crop production. Zambia has
around 40% of the water resources available for agriculture in the entire
SADC region.

 

If farmers earned better returns, with cheaper input costs, then production
could be a multiple of the current levels.

 

Food insecurity: Approximately 73 million people in the East and Southern
Africa region are experiencing acute food insecurity. People in low- and
middle-income countries bear the harshest burden - both in terms of the
importance of small-holder farmers and in the vulnerability of low-income
urban households to high food prices.

 

Most countries on the continent rely on food imports. Countries such as
Kenya which have been affected by drought are struggling to source imports
which has worsened food security in the country. This has been exacerbated
by export restrictions on maize imposed by Zambia and Tanzania, which have
suppressed prices to farmers in those countries, even while input costs,
notably fertilizer, have increased.

 

Uneven playing field

 

International fertilizer prices more than doubled in two months - from
September to November 2021. The peak continued into early 2022, reaching an
average price of US$915/t for the benchmark urea fertilizer between March
and April 2022. This compares with around US$226 in the previous five years.
This was driven by the world's largest fertilizer companies taking advantage
of the rise in the price of natural gas, an important input for
nitrogen-based fertilizer, as well as supply disruptions associated with the
Russia-Ukraine war. The fertilizer companies exploited the shocks and raised
prices by more than the increase in costs.

 

By March 2023, the international price of urea had fallen back to close to
$300/t. With additional costs to import to coastal countries which should be
no more than $150/t and to inland regions no more than $250/t including a
trader margin, South Africa's inland prices now reflect fair prices but in
other African countries super profits are continuing.

 

What needs to be done

 

To ease the adverse impacts of high fertilizer prices, governments in the
region have tried to implement fertilizer subsidy programmes. For example,
prices in Tanzania with the government subsidy have been reduced from around
$1100/t to US$600-700/t.

 

But the subsidies have huge costs for governments which many African
countries have not been able to incur, while the programmes have generally
not been working well. In Malawi, for example, a large portion of the
Affordable Inputs Programme (AIP) targeted beneficiaries did not receive
fertilizer under the 2022/2023 programme.

 

International action is therefore urgently required on fertilizer prices to
improve food security in Africa. First, competition authorities in Africa
should investigate signs of anti-competitive conduct. Second, investments
are required in logistics, storage and advice on optimal usage. Third, a
fertilizer market observatory as the EU is currently setting-up would
provide ongoing data about fertiliser markets, factors affecting them, and
exchange experiences and good practices for optimal usage.

 

Simon Roberts, Professor of Economics and Lead Researcher, Centre for
Competition, Regulation and Economic Development, UJ, University of
Johannesburg

 

Ntombifuthi Tshabalala, Economist at Centre for Competition, Regulation and
Economic Development, University of Johannesburg

 

 

 

 

Southern Africa: AfDB Predicts 1.6% Growth Due to Climate Change, Inflation,
Rising Interest Rates

Harare — The 2023 Southern Africa Economic Outlook, just issued by the
African Development Bank (AfDB), paints a gloomy picture of the region's
economic prospects.

 

According to the South African Broadcasting Association, the top development
financier on the continent forecasts a woeful growth rate of 1.6% for this
year and blames the slump on chronic global shocks that are still having an
effect on economies all throughout Africa, including climate change,
inflation, increasing interest rates, and rising prices.

 

The Southern African area, which includes 13 nations, has been most hit by
the Covid-19 pandemic's aftermath. Very little economic development has been
seen over the previous two years, and it is predicted to continue on a
sluggish path.

 

George Kararach, the African Development Bank's chief economist, has
reportedly warned that growth in Southern Africa is projected to dip down to
around 1.6% in 2023 before slightly picking up in 2024 to reach about 2.7%.

 

 

It is however noteworthy that only Botswana and Zimbabwe are anticipated to
post a surplus in their fiscal balance from 2023 to 2024, according to the
report.

 

The impact of climate change on the region's economic growth cannot
undervalued. Kevin Chika Urama, the AfDB's vice president of economic
governance and knowledge management, has emphasised how the burden has been
increased by climate change in addition to inflation brought on by rising
energy commodity prices and supply chain disruptions.

 

Additionally, the tightening of monetary policy in the U.S. and Europe has
led to an increase in interest rates, according to the report, creating new
difficulties for African nations, especially in managing their debt
servicing obligations. The AfDB has also emphasised the urgent requirement
for improved green growth and climate resilience strategies in response to
these diverse issues, drawing attention to the role played by the private
sector in securing funding for climate change and green growth programs
across Africa.

 

 

In order to drive transformational action and close the climate financing
gap at the regional level, Kararach emphasised that challenges with
insufficient institutional capacity and weak governance have stymied
advancement in these areas.

 

The AfDB has suggested policy measures to address the climate vulnerability
of the continent and to lessen the effects while fostering economic growth.
According to the AfDB, the region's 13 nations will need to contribute
U.S.$90.3 billion yearly to reach this goal. The bank emphasised the crucial
role played by the private sector in supporting climate action and green
growth efforts in the area, while also acknowledging the difficulties in
reaching this aim.

 

Africa has long suffered the devastating impacts of climate change, despite
contributing little to the climate crisis, according to the United Nations
Food and Agriculture Organization (FAO). Levels of poverty, the lack of
economic opportunities, and unemployment are key factors increasing the
likelihood of conflict, and there has been strong agreement that climate
change is a major driver of violent conflict.

 

As the United Nations Framework Convention on Climate Change prepares for
its annual Conference of Parties (COP) in Dubai, United Arab Emirates in
November 2023, many African countries are looking to the event as an
opportunity to advance their climate agendas and push for stronger global
action on climate change.

 

 

 

 

South Africa: Mineral Resources and Energy On Explosion in City of
Johannesburg

The Department of Mineral Resources and Energy (DMRE) has noted the
devastation caused by an explosion in Johannesburg City Centre and can
confirm that there are no old mines in the area at which the explosion
occurred.

 

The DMRE is confident that investigations led by the relevant authorities
which include the Gauteng Provincial government and the City of
Johannesburg, will be able to ascertain the actual cause of the tragedy.

 

The DMRE regulates and promotes legitimate mining operations in South Africa
and has a record of all legally operating and non-operating mines. The
department is steadfast in ensuring that all licensed mining operations
comply with the provisions of the law.

 

The Department stands ready to cooperate with the relevant authorities in
finding the actual cause of the explosion.

 

-Govt of SA.

 

 

 

South Africa: SA Views BRICS As a Key Strategic Partner - Minister
Ntshavheni

South Africa has assured its BRICS partners that it continues to view the
bloc as a crucial strategic partnership through which a just, peaceful and
more equitable world order can be pursued and realised.

 

South Africa, led by Minister in the Presidency responsible for State
Security Agency, Khumbudzo Ntshavheni, today hosted a BRICS National
Security Advisors meeting in Sandton, Johannesburg.

 

Delivering the opening remarks, Minister Ntshavheni told her BRICS
counterparts that state and non-state actors are hard at work in certain
parts of the globe using various role players to promote their agenda whilst
undermining countries' national security.

 

 

The Minister said the actors who are often prominent and influential are
running covert intelligence networks to destabilise countries that do not
share their world view.

 

"I want to assure our BRICS partners that South Africa continues to view
BRICS as a key strategic partnership through which we can continue to pursue
and realise a just, safer, peaceful and more equitable world order.

 

"As an African country, we firmly believe in the need to promote peace and
sustainable development as well as deepened political, economic and social
relations. South Africa remains deeply committed to multilateral diplomacy,
in principle and in our demonstrable actions - particularly through our
close collaboration in the bloc," the Minister said.

 

Minister Ntshavheni urged the BRICS National Security Advisors to reassert
its collective responsibility of providing new perspectives and solutions to
the current international security order.

 

 

The Minister further highlighted that the meeting is taking place amidst the
changing global geopolitical realities where multilateralism is increasingly
coming under threat.

 

"We meet amidst changing global geopolitical realities, a period where
multilateralism is increasingly under siege, when the integrity of
international agreements can be hastily and expediently compromised, when
more countries are succumbing to the temptation to adopt inward-looking
positions at the expense of the global common good.

 

"The world has moved into a new and unsettling geopolitical phase where
doubts and questions about the global order are rife," she said.

 

Security issues

 

Minister Ntshavheni highlighted that countries continue to face a range of
security issues that challenge the national security and state sovereignty.

 

Touching on the challenges, she said these include new cyber sources of hard
and soft power, reconfigured trade and investment links, proxy conflicts,
changing alliance dynamics, and potential flashpoints related to the global
environment.

 

"The evolving world in which we live requires us to keep track of its
multifaceted and dynamic changes, especially as it relates to security
issues. BRICS is the platform that gives us the opportunity to address some
of these questions and concerns referred to above," she said.

 

Globally, the Minister said countries continue to face a number of emerging
threats that include international terrorism, radicalisation and violent
extremism as well as drug trafficking, proliferation of weapons of mass
destruction, conventional arms, money laundering, food security as well as
the illicit economy.

 

"The global nature of these security issues has no respect for borders,
which implies that they can be easily imported and negatively impact our
countries' stability and security. Nations cannot secure their national
sovereignty unless they work together, when we are united, nothing is
impossible," she said.

 

Minister Ntshavheni concluded that the presence of each BRICS country is
indicative of their collective commitment to cooperate in preventing,
mitigating and combating the security threats they face.

 

"I am confident that our joint efforts can help alleviate these and should,
therefore, be the basis for reforming the current global governance
architecture which will ensure that our efforts are actionable and
sustained," she said.

 

-SAnews.gov.za.

 

 

 

 

Tanzania: Tanapa Outlines Measures to Push Number of Tourists Arrival

Dodoma — TANZANIA National Parks (TANAPA) announced a number of measures
including infrastructures upgrading to ensure the five-million tourist
target and six-billion US dollar (about 14tri/-) revenue collection come
2025/26 are attained.

 

TANAPA's Conservation Commissioner, Mr William Mwakilema outlined strategies
to reporters on Monday, saying in boosting the number of tourists, the
authority will continue to improve the southern circuit national parks
infrastructure, so that they can be accessible throughout the years.

 

"We are doing well on the northern circuit, whereas majority of tourists
flock the national parks under the zone simply because they have good
infrastructure be it roads, airports and a wide range of logistics to their
destination," he said.

 

 

Adding, "We are now focusing on the southern circuit as we want them to have
a number of choices to reach their destinations within a short time be it
Ruaha, Udzungwa, Mikumi, Nyerere and Saadani".

 

The Commissioner further said that through a Regrow project and Germany
government funding, they strive to ensure that come 2025, Nyerere, Saadani,
Mikumi, Ruaha and Mkomazi National Parks are accessible.

 

Moreover, he said, with the government's support, they will purchase a
tourist ferry to ply from Lake Victoria-Rubondo-Serengeti, Saanane to Burigi
Chato national parks.

 

All these measures are meant to increase the number of tourists visiting a
number of attractions countrywide.

 

On top of that, the authority in collaboration with communities surrounding
the national parks is undertaking a number of ecological preservation
projects to ensure nature is maintained despite the climate change effects.

 

 

"Wild animals need nature to flourish, with climate change effects, it has
been clear in some areas that should we not be keen with our conservation,
we might be losing the natural heritage," he warned.

 

The country boasts of the spectacle of Serengeti wildebeest migration and
has the most charismatic species and wild landscapes, thus making Tanzania a
destination of choice for thousands of tourists each year.

 

He said TANAPA welcomes investments in the national parks, to provide
accommodation facilities to tourists, balloon safaris, canopy walkways,
cable car and zip line safaris, water sports, horse riding and special
tourism concession.

 

Mr Mwakilema said they are also working on protecting the water sources of
Ruaha, Mara and Tarangire rivers majority of whom are outside the national
parks for assured water flows to wild animals throughout the year.

 

"We have to protect water sources are they are key to our economy as well as
nature conservation, we are working with the communities to make it work" he
insisted.

 

As for the increased revenue collection, he said, they have started charging
1m/- for adoption of wild animals' babies in the country's national parks.

 

Under the move, the public have a chance to visit national parks and pick a
wild baby and make some visits from time to time and the Im/- annual fee
will be for the baby's upkeep.

 

Also, to namesake a rhino, he said, one has to part 5m/- to attain the
status.

 

In the 2023/24 financial year, TANAPA plans to collect revenue worth
343.8bn/- an increase from 337bn/- in the 2022/23 financial year.

 

-Daily News.

 

 

 

Tanzania: Human Capital Summit - Why Investing in Human Vital

AS the Africa Human Capital Heads of State Summit kicks off today in Dar es
Salaam, the meeting is expected to be a stepstone towards developing a human
capital that is key to any economic development within the continent.

 

Permanent Secretary in the Ministry of Finance, Dr Natu Mwamba briefing
journalists on the sidelines of a technical meeting which convened ahead of
the ministerial meeting in Dar es Salaam, on Monday, said investing in human
capital was a critical factor in bringing productivity among our countries.

 

"Out of the 1.2 billion population in Africa 60 per cent accounts for the
youth aged 25 years who are in the workforce. As such, we need to come up
with bold measures to ensure youths who are in the workforce are taken
through the right path," said Dr Natu.

 

 

She underscored the need for ensuring youths are entitled to the right
wellbeing, knowledge and skills over their lifetime, thereby enabling the
continent to be productive and competitive.

 

Based on this, the summit is expected to generate the Dar es Salaam Human
Capital Declaration 2023, which expresses member states commitment in the
investment of human capital coupled with an enabling environment such as
policies and strategies to go about the course.

 

She cited statistics from the United Nations which show that by 2050, the
African Continent will possess a population of 2.2 billion people and 3.2
billion people by 2100.

 

"Seventy per cent of the population is anticipated to be generated from the
youth, therefore, the need to invest in the group is very critical," she
said.

 

By so doing, she disclosed that the countries will be in better positions to
come up with measurable goals.

 

She outlined some of the investments made by Tanzania, so as to harness the
human capital potential in critical sectors such as health and education
among others.

 

The PS indicated that the government invested in the education of children
from early school to university by introducing the free fee education and
apprenticeship programme offered by the Vocational Education and Training
Authority (VETA), to equip youths with skills needed in the labour market.

 

As for the health sector, through medical tourism, Tanzania has ensured its
people get access to health services through the construction of
well-equipped health facilities across the country.

 

Equally, specialised treatment offered at Muhimbili National Hospital,
Mloganzila Branch and the Jakaya Kikwete Cardiac Institute patients from
within and outside the country have acquired treatment.

 

 

In this regard, confirmation from 30 Heads of State and government including
Presidents, Vice-Presidents, Prime Ministers and Ministers had been
received. Likewise, eighty key focal ministers from sectors such as
education, health, science, innovation, labour and employment had also
confirmed their participation.

 

Commenting on the summit, renowned economist-cum-banker, Dr Hildebrand Shayo
viewed that the meeting was timely, as it hoped to catapult the country's
future economic growth.

 

He noted that economic expansion and human capital have a close
relationship. By enhancing people's knowledge and abilities, human capital
has an impact on economic growth and can contribute to the development of an
economy. The knowledge, skill sets, and experience that employees have in an
economy if not well recognised and utilised can slow down the county's
growth.

 

"This meeting is very central because, from an economic point of view, the
problems of emerging nations are severe and intricate. The importance of a
solid human resource basis in enhancing other investments and policies to
increase productivity and economic growth is timely," noted Dr Shayo.

 

World Bank Country Director, Mr Nathan Balete in his address during the
summit's side event revealed that the meeting will bring focus and attention
at the highest level to the importance of investing in people as a core
driver of productivity, resilience, and growth; raise awareness of the
potential opportunities from the changing demographics in the region.

 

He underscored the urgent need to focus on learning and skills as key
productivity drivers that will generate the demographic dividend and
position human capital development as every sector's priority.

 

"We anticipate that the summit will also elicit commitments to two to three
tangible financial and policy measures prioritising investments in people
from each participating country, and will reinforce ownership of the human
capital agenda by the region as one of the priority areas of sustainable
development under the Agenda 2063 of the African Union" stated the Country
Director.

 

-Daily News.

 

 

 

 

South Africa: Kumba CEO Rails At Transnet Inefficiencies After Interim
Earnings Fall

Kumba Iron Ore has once again flagged the woes of state-run logistics
company Transnet as it unveiled a fall in interim earnings, a decline mostly
attributable to lower prices. Kumba's locust spraying programme has helped
keep the rails clear of the pests, which can cause derailments when they
swarm, but trains are still coming off the tracks.

 

"Logistics is still a challenge," is how Kumba CEO Mpumi Zikalala summed up
the Transnet situation on a media call with journalists after the release of
the Anglo American unit's interim results.

 

That is indeed the case, and amid the arid ochre landscape of the Northern
Cape where Kumba operates, the challenges include locust infestations and
the more typical South African dilemma of crime and gangsterism.

 

 

"Ore railed to port decreased by 3% to 18.4 million tonnes (Mt) with
collaborative work between the Ore User's Forum (OUF) and Transnet on the
maintenance of the Iron Ore Export Channel (IOEC) and the locust spraying
programme, partially mitigating some of the challenges," Kumba said in its
earnings booklet.

 

The locust spraying programme is aimed at swarms of the insects which can
carpet the rail line in midsummer. When the critters are crushed by trains,
they release an oily substance that can trigger derailments.

 

That programme seems to be working and is set to swing back into action when
the swarms form again in summer. But with South Africa's rail network, it is
often a case of one step forward, two steps back.

 

Kumba said that its OUF work and spraying programme "......

 

-Daily Maverick.

 

 

 

Uganda: Ey - Less Than 50 Percent of Ugandan Entities Have Data Protection
Policies

Kampala, Uganda — Less than half of local entities have data protection
policies, strategies, and frameworks, a new report shows, signaling possible
chances of data privacy breaches.

 

The Ernst & Young (EY) report released in Kampala on July 18 following a
survey of various entities including financial institutions, payment service
providers, insurance companies, SACCOs, healthcare, government agencies and
departments, manufacturing companies, NGOs, and telecommunication companies
among others between October 2022 and December 2022, shows that only 47% of
entities had put in place data protection policies, strategies, and
frameworks.

 

 

The report also shows that 30% of the entities carry out private audits
while 23% never carry out these audits.

 

However, the majority of the entities accounting for 74% acknowledged having
data protection officers while 26% did not have any. Interestingly, 80% of
the data protection officers were assigned to other tasks within the
organization.

 

Only 11% of the respondents had a privacy steering committee and most of the
entities did not have data privacy analysts, coordinators, and data privacy
managers. Data protection and loss were carried out using mobile devices.

 

Titled 'Uganda Data Protection and Privacy Survey 2022' carried out in line
with the Data Protection and Privacy Regulations, 2021, also sheds light on
the challenges faced by entities in complying with data protection laws in
Uganda.

 

These challenges encompass areas such as data breach prevention,
cross-border data transfers, and industry-specific concerns while stressing
the importance of organizations adopting robust data protection strategies.

 

 

The report recommends that business owners understand that data held by
their entities have the potential to enhance customer trust.

 

The report notes that the entities need to review and improve their data
protection program continuously to keep up with emerging threats.

 

They also need to monitor the technology environment for new instances that
may not be appropriately classified or protected.

 

The report also adds that there is a need to improve awareness and
understanding of data protection regulations among individuals, private
sector organizations, and government MDAs in Uganda. This includes enhancing
knowledge about compliance requirements and the rights of data subjects.

 

Alfred Mugume, the manager of Cybersecurity, Data Privacy and Trusted
Technology at EY said, this new report underscores EY's commitment to
advancing data protection practices and fostering compliance with
regulations in Uganda and provides valuable insights into the state of the
country's data protection and privacy.

 

Mugume said EY will continue to provide industry-related insights and
guidance to empower organisations to protect sensitive data, mitigate risks,
and safeguard individuals' privacy.

 

Stella Alibateese, the National Personal Data Protection Director at
National Information Technology Authority Uganda emphasized the report's
significance in shaping policy decisions and implementation strategies.

 

With the increasing digitalization of services, data breaches, and
cybercrime risks, especially in the banking and financial services sector,
Alibateese said, data protection, awareness, and privacy cannot be
underestimated.

 

-Independent (Kampala).

 

 

 

 

NatWest boss Dame Alison Rose quits after row over Nigel Farage account

The chief executive of NatWest, Dame Alison Rose, is to step down after
coming under pressure in the row over Nigel Farage's bank account.

 

She had been heavily criticised for being the source of an inaccurate BBC
report about the leading Brexiteer's account at Coutts, which is part of
NatWest Group.

 

NatWest chairman Howard Davies said she was leaving by mutual consent.

 

Dame Alison had admitted a "serious error of judgment".

 

In a statement released early on Wednesday morning, NatWest Group chairman
Sir Howard Davies said: "The Board and Alison Rose have agreed, by mutual
consent, that she will step down as CEO of the NatWest Group. It is a sad
moment.

 

"She has dedicated all her working life so far to NatWest and will leave
many colleagues who respect and admire her."

 

NatWest's board of directors announced that Paul Thwaite, the current chief
executive of the company's Commercial and Institutional business, would take
over Dame Alison's responsibilities for an initial period of 12 months,
pending regulatory approval.

 

In a separate statement, Dame Alison thanked her colleagues "for all that
they [had] done", saying: "I remain immensely proud of the progress the bank
has made in supporting people, families and business across the UK, and
building the foundations for sustainable growth."

 

Earlier, she apologised for discussing the closure of Nigel Farage's account
at NatWest's private banking arm Coutts with a BBC journalist, saying it was
a "serious error of judgement".

 

That apology came after the BBC apologised for its inaccurate report earlier
this month which said Mr Farage's account was being closed because he no
longer met the wealth threshold for Coutts, citing a source familiar with
the matter.

 

On Tuesday evening Downing Street and Chancellor Jeremy Hunt expressed
"significant concerns" over her conduct, BBC News was told.

 

Mr Farage, the former leader of the UK Independence Party, first reported in
early July that his account had been closed.

 

In her first admission that she had been involved, Dame Alison said in
conversations with BBC business editor Simon Jack "she had confirmed that Mr
Farage was a Coutts customer and he had been offered a NatWest bank
account". She said she had believed this was public knowledge.

 

The NatWest boss said she had not revealed any personal financial
information about Mr Farage.

 

"In response to a general question about eligibility criteria required to
bank with Coutts and NatWest I said that guidance on both was publicly
available on their websites.

 

"In doing so, I recognise that I left Mr Jack with the impression that the
decision to close Mr Farage's accounts was solely a commercial one," she
said.

 

She added: "I was wrong to respond to any question raised by the BBC about
this case. I want to extend my sincere apologies to Mr Farage for the
personal hurt this has caused him and I have written to him today."

 

Mr Farage has said that Coutts did not give him a reason when it decided to
close his account.

 

But Mr Farage had obtained a document outlining his suitability as a Coutts
client.

 

The document had concerns that he was "xenophobic and racist", and assessed
the reputational risk of having Mr Farage as a customer.

 

Dame Alison said that Coutts had told her the account closure had been for
commercial reasons.

 

She said when she spoke to the BBC's Simon Jack she had not seen the dossier
obtained by Mr Farage.

 

NatWest is scheduled to release financial results for the first six months
of the year on Friday, followed by a management presentation.-BBC

 

 

 

Pan Gongsheng: Can China's new central bank boss fix its economy?

China has named Pan Gongsheng as the new governor of its central bank, the
People's Bank of China (PBOC).

 

The 60-year-old's appointment comes as the country continues to struggle
with major economic challenges in the wake of the coronavirus pandemic.

 

Among the problems facing the world's second largest economy are slowing
growth, a housing market in crisis and youth unemployment at a record high.

 

Mr Pan succeeds Yi Gang, who held the top post at the PBOC since 2018.

 

Some analysts said the promotion of Mr Pan, who is not regarded as a close
ally of President Xi Jinping, signals recognition by the government that it
needs an experienced economist with a track record in crisis management to
help steer the country through its economic problems.

 

The governor of the PBOC is one of the most prominent figures in China's
financial system.

 

However, compared to the leaders of many central banks in other large
economies, the PBOC governor's powers are limited as it is controlled by the
ruling Communist Party.

 

The Chinese Communist Party reshuffled its leadership in October to help
tackle the country's post-pandemic economic challenges.

 

It became apparent that the ground was being laid for Mr Yi's exit as
governor when he was dropped from the party's central committee and was
nearing the official retirement age of 65 for high level officials.

 

However, Andy Chen, a senior analyst at consultancy Trivium China, said that
at the time Mr Pan did not appear to be lined up as the PBOC's next leader.

 

Mr Chen told the BBC the Chinese government seems to have recognised that it
"doesn't have a deep bench when it comes to well-trained financial
technocrats".

 

"Pan is known as a competent, skilled and outspoken technocrat, who is not
going to hesitate to push policy proposals to the very top of China's policy
making apparatus during a crisis," he added.

 

Mr Pan had been a deputy governor of PBOC since 2012. He was named in 2016
as Administrator of the State Administration of Foreign Exchange, to manage
the country's foreign reserves of around $3.2tn (£2.5tn).

 

Earlier this month, he was appointed as Communist Party chief of the central
bank, which set him up to be its next governor.

 

Mr Pan received his doctorate in economics from the Renmin University of
China in 1993.

 

After that he was a visiting scholar at Cambridge University, as well as
studying at Harvard University's Kennedy School of Government.

 

Back in China, Mr Pan made a name for himself with successful stints working
for state-owned banks. He was also credited with helping to manage a
currency crisis in 2016.

 

In his time at the central bank, Mr Pan has tightened rules around property
speculation and warned of an impending housing bubble which is now hurting
the Chinese economy.

 

His appointment to the top job at the PBOC is part of a broader reshuffle in
China's economic leadership.

 

In March, Li Hefeng, a long-time loyalist to President Xi Jinping was put in
charge of China's overall economic policy. At the time the appointment was
seen as a reflection of President Xi's desire to maintain a tight grip on
the country's economy.

 

So far China's political leadership has been careful to play down the
severity of the country's economic challenges, and measures to stimulate the
economy have been limited.

 

"Mr Pan has a reputation of regulation and compliance. He's quite conscious
about containing financial risks," Dan Wang, chief economist at Hang Seng
Bank China, told the BBC.

 

"I have no doubt that monetary policy will have a meaningful turn in the
coming months. Maintaining economic stability is still key. We'll see more
expansionary monetary policy, but it won't be very aggressive," she
said.-BBC

 

 

 

 

Joe Lewis: Tottenham Hotspur owner charged over alleged insider trading

Tottenham Hotspur owner Joe Lewis has been charged with "orchestrating a
brazen insider trader scheme", US attorney Damian Williams has said.

 

Mr Williams used a video announcement to accuse the British billionaire of
using inside information to "shower gifts on his friends and lovers".

 

Mr Lewis "has been indicted and will face justice" in the Southern District
of New York (SDNY), Mr Williams said.

 

BBC News has approached Tottenham Hotspur and Mr Lewis for comment.

 

In the video statement, posted on Twitter, Mr Williams set out a series of
allegations against Mr Lewis. A formal written statement, known as an
indictment, has yet to be released.

 

"We allege that, for years, Joe Lewis abused his access to corporate board
rooms and repeatedly provided inside information to his romantic partners,
his personal assistants, his private pilots, and his friends," Mr Williams
said in the video.

 

Mr Williams, the chief federal law enforcement officer for the SDNY, alleged
that Mr Lewis's acquaintances used that information to make millions of
dollars in the stock market.

 

"Thanks to [Mr] Lewis, those bets were a sure thing," he claimed.

 

Mr Lewis owns hundreds of assets, including Premier League London club Spurs
and a stake in UK pub chain Mitchells & Butlers. Forbes magazine has
recently estimated his fortune at £4.73bn ($6.1bn).-BBC

 

 

 

 

Travel recovery to boost global economy, says IMF

The International Monetary Fund (IMF) increased its forecast of how much the
global economy will grow this year to 3%.

 

The 0.2% improvement from April's forecast was partly driven by increased
post-pandemic travel.

 

A strong jobs market and services sector was also included in the predicted
uptick.

 

But soaring consumer prices and higher interest rates remained risks in
developed nations, the IMF said.

 

China's delicate economic recovery was also amongst the biggest risks on the
horizon.

 

The IMF's chief economist Pierre-Olivier Gourinchas told the BBC that the
recovery from the pandemic is still having an impact.

 

He said in the first three months of 2023, there was a "strong resilience"
in the demand for services, going out, and travel and tourism.

 

"Those countries [that] are tourist destinations have done relatively well.
Those countries [that] are more manufacturing hubs have done maybe a little
bit less strongly," Mr Gourinchas added.

 

The latest numbers from the International Air Transport Association show
that in May global air traffic continued its recovery, reaching 96.1% of
pre-covid levels.

 

However, the IMF says there is limited room for further recovery in tourism
dependent economies in southern Europe, some of which have been badly
damaged by wildfires.

 

So-called emerging economies such as China and India are set to see the
fastest growth this year as advanced economies including Europe and the
United States grow at a slower pace.

 

The United Kingdom has had one of the biggest upgrades in growth since the
last forecasts in April, with the IMF reconfirming May's expectation of
growth of 0.4%, rather than a decline of 0.3%.

 

The IMF said this reflected falling "stronger-than-expected consumption and
investment from the confidence effects of falling energy prices", and "lower
post-Brexit uncertainty".

 

However it leaves UK's growth as the second slowest in the G7 group of major
economies with only Germany faring worse, with a 0.3% contraction expected.

 

The Eurozone's biggest economy is already in recession because higher prices
have led consumers to cut back on spending.

 

 

Mr Gourinchas encouraged central banks to do what they could to continue
bringing down soaring consumer prices, known as inflation.

 

The US Federal Reserve, Bank of England and European Central Bank are all
still some way off hitting their 2% inflation targets.

 

Banks have been raising interest rates to make borrowing more expensive, and
to cool down the economy. It has led to interest rates being at their
highest since before the 2008 global financial crisis.

 

The US central bank and the European Central Bank are both widely expected
to increase the cost of borrowing again this week.

 

There is continued uncertainty as a result of the ongoing debt problems in
China's property market as the country's nervous recovery from the pandemic
continues.

 

The fate of China, the war in Ukraine, inflation and the higher cost of
borrowing money are some of the biggest challenges facing the global
economy, the IMF cautions.

 

It says that although the outlook for the global economy is looking more
positive, it remains below the 3.8% average seen in pre-pandemic 2000 and
2019.-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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