Major International Business Headlines Brief::: 28 July 2023

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Major International Business Headlines Brief::: 28 July 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Reps to Probe $4bn Debt Owed NDDC By Oil Companies

ü  South Africa: Turkish Firm to Push Ahead With Two Power Plants Despite
Environmentalists' Concerns

ü  Kenya: Court Extends Orders Barring Government From Importing GMOs

ü  South Africa: Competition Tribunal Approves Takatso Aviation's Majority
Stake In National Carrier

ü  Nigeria: 400 Cows, 200 Sheep Vaccinated Against Anthrax in FCT

ü  Africa: How Africa Can Unlock Human Capital Potential

ü  Africa: Museveni to Russia, China - If You Are Our Friends, Stop
Importing Raw Materials From Africa

ü  Africa Must Stop Being Net Exporter of Capital

ü  Nigeria: Unpaid Salaries, Poor Working Conditions Mar Plateau Workers
Scheme for Women

ü  Nigeria: Subsidy Removal - Why We Are Taking Time to Roll Out Palliatives
- Presidency

ü  Uganda Connect - Private Sector Unites to Boost Export and Investment
Opportunities

ü  Fed raises interest rates to highest in 22 years

ü  Mastercard demands US cannabis shops stop accepting debit cards

ü  Excitement over Threads fades but users return to app

ü  Joe Lewis: UK tycoon bailed in US fraud case but can't use superyacht

ü  Semiconductors: Can India become a global chip powerhouse?

 


 

 


 <https://www.cloverleaf.co.zw/> Africa: Africa: Ensuring a Healthy and Safe
Digital Future for Young People

Kigali, Rwanda — In the 21st century, young people are increasingly living
their lives in urban and digital spaces.

 

Technology is no longer a mystery and has become deeply ingrained in various
aspects of our lives. The rapid pace of technological adoption across
societies and industries has led to a better understanding of its
capabilities and its transformative potential. This presents both
opportunities and challenges for their well-being.

 

 

On the one hand, digital technologies can provide young people with access
to education, healthcare, and employment opportunities. They can also
connect with friends and family from all over the world. On the other hand,
the digital world can also be a place of danger and isolation. Young people
may be exposed to cyberbullying, online predators, and harmful content. They
may also feel pressure to conform to unrealistic beauty standards or to
engage in risky behaviors.

 

Fondation Botnar is a relatively new philanthropic organisation that is
working to address the well-being of young people in the digital age in
Africa. The foundation's CEO, Stefan Germann, says that their focus came out
of a recognition of one of the global megatrends: never before have so many
young people lived in cities and on the internet. Germann has worked for
over 15 years in Africa in various health leadership roles within different
agencies in the area of child health related to development, relief, and
advocacy work.

 

The birth of Fondation Botnar in 2017 stemmed from a deep understanding of
the global mega-trends shaping the world. "There are there 1.8 billion young
people living in this world, and they live mainly in cities, but as well,
many of them are in the digital spaces," Germann said. "We believe that AI
and digital technologies have the potential to improve young people's lives,
but we also recognise the risks. That's why we are working with young people
to create safe spaces in both the digital and urban realms."

 

One of the ways that Fondation Botnar is working to improve young people's
well-being is by partnering with Amnesty International to make online and
digital spaces safer for young people. The foundation is also supporting
research into the impact of digital technologies on young people's mental
health.

 

"We have chosen the topic of AI and digital spaces, and we are starting to
look at both the upsides and risks of AI and digital technologies. Our
engagement here at Women Deliver is very much focused on young people's
well-being. We focused on getting young people's voices around mental health
on our radio station. Rising Minds is a pop-up radio show co-designed by
young people and some of our partners. We have identified that many young
people are struggling with their mental health, and we want to use our
platform to amplify their voices and raise awareness of this issue," he
said.

 

"We want to make sure that young people are able to use digital technologies
in a way that is safe and healthy," Germann said. "We also want to make sure
that they are able to use these technologies to improve their lives."

 

Artificial intelligence (AI) is rapidly transforming our world, with the
potential to improve our lives in many ways. But what if AI is used for
evil? What if it's used to create mass surveillance systems, or to
manipulate people's emotions?

 

"So the answer to how we can ensure that AI is used for good is not clear at
the moment. I think anyone who claims to have the answer probably has an
agenda that is different from the public interest," said Germann.

 

 

To ensure that AI is used for good, Germann suggests some pathways that we
can explore.

 

"One is to promote the use of existing international law frameworks, such as
the Universal Declaration of Human Rights and the Convention on the Rights
of the Child," he added. "These frameworks can help to ensure that AI
solutions are developed and used in a way that respects human rights."

 

Germann gave an example of a talk hosted by The Center for Humane Technology
where Tristan Harris, who co-created the Netflix documentary The Social
Dilemma discussed the ethical dilemmas of artificial intelligence (AI). The
talk, which is available on YouTube, is called The AI Dilemma.

 

"In their talk, it showed how an AI chatbot could be used to groom a
13-year-old girl. The chatbot was created using a generative AI model, and
it was able to have a conversation with the girl that was indistinguishable
from a conversation with a real person. The chatbot talked to the girl about
sex and relationships, and it even encouraged her to meet up with a
20-year-old man. This study shows how AI can be used for harmful purposes if
it is not properly supervised."

 

"Another pathway is to raise awareness of the potential risks of AI, such as
the risk of grooming children online. We need to make sure that companies
and governments are held accountable for the way that they use AI, and that
they take steps to mitigate the risks. Finally, we need to be creative in
the way that we use AI for good. For example, AI can be used to improve
education, health care, and agriculture. We need to find ways to use AI to
solve the world's biggest problems," he said.

 

So how do we ensure that AI is used for good?

 

"The lack of regulatory frameworks has allowed companies to create billions
of dollars worth of businesses. If these businesses are used for good, there
are huge upsides for humanity and the planet," he said. "For example, in the
field of agriculture, Zimbabwe is leading the way in Africa in using drones
to improve crop yields. Drones can identify areas where more fertiliser is
needed, and they can also optimise crops. In education, the role of teachers
is changing. They are becoming more like learning enablers, rather than
content teachers. There is no point in teaching content that can be easily
accessed online. Instead, teachers should focus on helping students learn
how to learn."

 

"Just as some of us grew up with books and open-book assignments, we can
still succeed in the digital age by learning how to think critically and
solve problems creatively," he added.

 

In some countries, there are laws that criminalise certain types of online
activity. For example, in Uganda, it is illegal to be homosexual. This means
that people who are LGBTQI+ may be at risk of violence or discrimination if
they are found to be using the internet in certain ways.

 

 

Supplied/Fondation Botnar

Fondation Botnar is a philanthropic organisation that is working to address
the well-being of young people in the digital age in Africa.

It is important to find ways to protect people's digital rights, even in
countries where there are laws that criminalise certain types of online
activity. This can be done by using encryption and other security measures
to protect people's privacy. It is also important to raise awareness of the
risks of online discrimination and violence and to provide support to people
who are affected.

 

However, Germann argues that governments are not abiding by the human rights
conventions that they signed themselves, and that big tech and big
government are using data and digital technologies to increasingly extract
and oppress people. The text also warns that the first time we encountered
AI as a human society was through social media, which uses algorithmic
intelligence to make us addicted to our phones and to feed us fake news.

 

He says that in the next five years, we will see the rise of intimate AI,
which will allow us to create fake realities. This is a big dilemma, as we
need to find ways to create digital identities that are certifiable and can
be validated, but we also need to be careful not to give too much power to
governments. The solution is to develop trust-based AI that is human
rights-abiding, he says.

 

What Can Be Done to Close the Gap

 

Artificial intelligence (AI) has the potential to revolutionise various
aspects of society. One area where AI holds significant promise is in the
field of mental health and youth well-being, particularly in empowering
young women.

 

Young women in urban and digital spaces face several challenges that hinder
their access to opportunities and limit their potential. One of the most
significant challenges is the digital gender divide, which refers to the
unequal distribution of digital technologies and access to the internet
between men and women. This divide is compounded by the pushback against
women and girls, which is a form of gender-based violence that is prevalent
in both urban and digital spaces.

 

Secretary-General António Guterres said that "the gender digital divide is
fast becoming the new face of gender inequality," adding that "online spaces
are not safe for women and girls, as they have been attacked, targeted, or
denigrated on the internet." Guterres added that the situation must change,
and in the face of the "patriarchal pushback", the international community
must push forward for women, girls, and the world.

 

This pushback takes various forms, including online harassment,
cyberbullying, and the spread of misogynistic attitudes and stereotypes. It
may also lead to reduced access to education and employment opportunities,
increased risk of violence, and limited participation in decision-making.

 

Germann says that the lack of diversity in the AI field is a huge problem.
He points out that the first World Summit on AI in Amsterdam in 2017 had
only 5% women in attendance. This means that AI technologies have been
developed by men, and as a result, they often have built-in biases. For
example, facial recognition algorithms are often trained on white male
faces, which means that they may not work as well for dark-skinned women.
This can have serious consequences, such as preventing women from being able
to access emergency services or receive accurate medical treatment.

 

 

Germann argues that we need to do more to break down these biases.

 

"AI algorithms that are used to assess whether a caller has a cardiac arrest
may not be accurate for women, as the symptoms of cardiac arrest can be
different for men and women," he said. "This means encouraging more women to
enter the AI field and ensuring that AI technologies are developed with
diversity in mind. He also points out that governments and companies need to
be held accountable for ensuring that their AI solutions are human
rights-compliant."

 

Collaborative efforts

 

"Collaborative efforts are essential to address the complex challenges we
face in AI and digital technologies," he said. "It's only through
collaboration that these complex challenges that we face are going to be
addressed."

 

"I recently met with the Secretariat of Smart Africa, a group of 31 African
countries that are working to create a Pan-African digital market. This
would allow data and digital finance to flow freely across Africa, which
would be a huge boost for the continent. We are supporting the development
of the Digital Health Brain, a collaborative initiative that brings together
different stakeholders from the private sector, government, and academia.
This project is working to improve the use of AI in healthcare in Africa,"
he said.

 

The foundation firmly believes that collaborative efforts are vital to
address complex challenges in AI and digital technologies. Working closely
with organisations like the Secretariat of Smart Africa and the Digital
Health Brain initiative, Fondation Botnar fosters intergenerational
solidarity and seeks to amplify young people's voices.

 

"These initiatives will bring together the ITU, the World Health
Organization, and the World Intellectual Property Organization to work on
the ethical and responsible use of AI in healthcare," he added.

 

Empowering Youth to Shape Their Future

 

Germann said that "their key engagement is to enable young people in urban
spaces and indigenous spaces across Africa to have their voices heard. We
believe that young people are digital experts and that those under the age
of 30 are the ones who need to be leading the way in the digital age".

 

"We have concrete programs in place to support young people in this area.
For example, in Tanzania, we have worked with the city of Arusha to
transform the city through digital technology. This program has been so
successful that the capital city of Dar es Salaam is now sending delegations
to Arusha to learn from their example. We have also worked with young people
in Ghana, Senegal, and Morocco to develop local digital solutions. In all of
these cases, we have partnered with local organisations to create safe
spaces where young people can engage with policymakers and other
stakeholders. This has allowed us to build intergenerational solidarity and
create new solutions that are not designed by programs."

 

"We believe that the world is too complex to have linear solutions that can
be assigned. Instead, we need to create spaces where young people can come
together and collaborate to find solutions that emerge from the ground up.
This is the only way to ensure that the future is truly inclusive and
sustainable."

 

 

 

South Africa: CEOs From 115 Firms Pledge to Contribute to Economic
Revitalisation

Harare — CEOs from more than 115 top South African companies, which together
employ 1.2 million people and have a market value of R11 trillion, have
publicly committed to aiding the nation in resolving the issues that are now
impeding inclusive economic growth, according to Business Tech.

 

The businesses operate in every sector of the South African economy, which
is currently characterised by low economic development, crumbling
infrastructure, crime and corruption, high levels of inequality and
unemployment, and low levels of government accountability.

 

CEOs from more than 100 other large corporations, including Standard Bank,
FNB, Shell, Anglo American, Napsers, Woolworths, Spar, Vodacom, MTN, and
Netcare, are said to have signed the pledge.

 

According to their promise, the CEOs are dedicated to addressing South
Africa's many difficulties, fostering inclusive economic growth, and acting
as "a force for good" because they believe in the country's potential.

 

 

Adrian Gore, group CEO of Discovery and vice president of Business Unity
South Africa (Busa), said that the pledge was more than just a token act and
represented a "concrete commitment to drive change in key sectors that are
essential for our economic recovery."

 

A partnership between President Cyril Ramaphosa and Busa, through its arm
Business for South Africa, has recently been announced to implement
interventions in the fields of energy, transportation and logistics, and
crime and corruption. While a R100 million (approximatey U.S.$5,6 million)
resource mobilisation fund has also been raised to support the addition of
expertise to the National Energy Crisis Committee, which was established to
address the loadshedding crisis.

 

South Africa's growth is set to decelerate sharply in 2023 due to power
cuts, the International Monetary Fund warned in March, 2023. In their recent
visit to South Africa, an IMF team said: "South Africa's economic and social
challenges are mounting, risking stagnation amid an unprecedented energy
crisis, increasingly binding infrastructure and logistics bottlenecks ...
Real GDP growth is projected to decelerate sharply to 0.1% in 2023 mainly
due to a significant increase in the intensity of power cuts, as well as the
weaker commodity prices and external environment."

 

 

Meanwhile, the 2023 Southern Africa Economic Outlook, just issued by the
African Development Bank (AfDB), paints a gloomy picture of the region's
economic prospects. 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 throughout
Africa, including climate change, inflation, increasing interest rates, and
rising prices.

 

The Southern African region 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%.

 

 

 

 

Africa: Low Turnout by African Leaders at Key Russia Summit

Harare — Only 17 African leaders will attend Russian President Vladimir
Putin's second Russia-Africa Summit which gets underway in St. Petersburg on
Thursday, July 27, 2023 the Daily Maverick reports.

 

This is less than half of the attendees of his first Russia-Africa Summit in
Sochi in 2019 when Putin met 43 African heads of state.

 

The number was confirmed by Yuri Ushakov, Putin's top foreign policy
adviser, accusing western countries of pressuring African leaders not
attend.

 

It appears however, that Putin's war against Ukraine and withdrawal from a
treaty allowing Ukrainian grain to be shipped through the Black Sea had
turned off many African leaders. Russia's withdrawal from the Black Sea
grain deal and attacks on Ukrainian port infrastructure' has a negative
influence on world food prices which will  exacerbate hunger across the
continent and the world.

 

Russia's decision to terminate the Black Sea Initiative on July 17, 2023,
ended a "lifeline" for hundreds of millions worldwide facing hunger and
spiralling food costs, UN Secretary-General Antonio Guterres, said. Putin's
withdrawal from the Black Sea Initiative is expected to hit food prices
heavily again, particularly in developing nations such as in Africa, where
rising food and fuel prices have led to an outcry in Kenya, Nigeria, Rwanda
and elsewhere.

 

 

For Putin, the low attendance of African leaders will be a devastating
setback since he had hoped for a strong African show of solidarity to
demonstrate the world that despite severe western sanctions imposed on
Russia for its war with the Ukraine, he is not isolated.

 

Just recently, Putin said Russia will replace exports of Ukrainian grain to
Africa and keep supplying the continent with food and fertiliser, despite
sanctions. 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.

 

Among those attending are Zimbabwean President Emmerson Mnangagwa, South
Africa's President Cyril Ramaphosa, Ethiopia's Prime Minister Abiy Ahmed,
Ugandan President Yoweri Museveni, Senegal's President Macky Sall and
Egyptian President Abdel Fattah el-Sisi.

 

Assimi Goita of Mali and Faustin-Archange Touadera of the Central African
Republic, both of whom depend on the Russian mercenary firm Wagner for their
political survival, are also expected to arrive in St. Petersburg.

 

 

 

 

Uganda: France's TotalEnergies Starts Drilling for Oil in Uganda

French oil giant TotalEnergies has started drilling oil wells in Uganda as
part of the massive East African Crude Oil Pipeline project that has been
opposed by environmental and human rights groups.

 

TotalEnergies said Wednesday it had started drilling at its Tilenga project
on the northern end of Lake Albert in Uganda this month "to start production
in 2025".

 

The Petroleum Authority of Uganda (PAU) said "the drilling of development
wells" began on 28 June.

 

Over 400 wells "are expected to be drilled... to produce about 190,000
barrels of oil per day at peak when production starts in 2025," the PAU said
in a statement to the AFP news agency.

 

 

TotalEnergies and the China National Offshore Oil Corporation (CNOOC) signed
an agreement last year to develop Ugandan oilfields and ship the crude via a
1,445-kilometre pipeline to Tanzania's Indian Ocean port of Tanga.

 

CNOOC started drilling at its Kingfisher site on the shores of Lake Albert
in January.

 

A coalition of environmental pressure groups said on Wednesday that drilling
projects, which are partly located in the Murchison Falls National Park, and
the associated pipeline, will be detrimental to global efforts to cut
reliance on fossil fuels and would devastate the park's ecosystem.

 

"Total continues its greenwashing, trying to convince that its oil wells
will not affect the local fauna thanks to the beige colour of the drilling
towers 'to look like the surrounding savannah'," Friends of the Earth France
and Survive said in a statement.

 

They noted that one third of the 400 wells due to be bored will be within
the park.

 

Human Rights Watch (HRW) says the project will have dire consequences for
local communities and the environment.

 

The company said it had offered fair compensation and would "continue to pay
close attention to respecting the rights" of the communities concerned, and
that oil development will be limited to an area that is less than one
percent of the park land.

 

(with newswires)

 

-RFI website.

 

 

 

 

South Africa: Billions Blown As Eskom Burns Through Its Emergency-Use Diesel

Just shy of four months into its current financial year, Eskom has already
blown R12.4bn on diesel to run its emergency generation fleet -- nearly half
its budget for the entire year.

 

Eskom is nearly halfway through its diesel budget of R27.9-billion, four
months into the 2023/24 financial year, which ends on 31 March 2024.

 

To stave off higher stages of rolling blackouts between 1 April and 24 July,
the power utility spent R12.4-billion of its total diesel budget on its
emergency diesel-powered generation fleet to keep the lights on, Eskom
confirmed to Daily Maverick this week.

 

To put this into perspective, it took eight months for Eskom to spend
R12-billion on diesel last year, while the same amount has now been blown in
less than four. This suggests that Eskom may be on track for another year of
overspending on diesel to run its open-cycle gas turbines (OCGTs), which
have become a vital lifeline in the face of the loss of generation capacity
at Eskom's coal-fired power stations.

 

In May, Electricity Minister Kgosientsho Ramokgopa predicted that a diesel
budget of R30-billion would run dry before the financial year is over. But
the new electricity minister's projections seem to be at odds with Eskom,
which curiously does not foresee it needing more funds from the government
to procure more emergency diesel.

 

South Africa is enduring its worst year for power cuts...

 

-Daily Maverick.

 

 

Egypt's Prime Minister Announces Crucial Decisions to Tackle Electricity
Crisis Amid Rising Temperatures

Egypt's Prime Minister, Mostafa Madbouly, announced Thursday, a series of
important decisions to address the electricity crisis, which began a few
days ago due to increased loads caused by rising temperatures.

 

The Prime Minister's decisions to resolve the electricity crisis included
the implementation of an online work system for employees on Sundays
throughout the month of August for government departments not directly
involved in citizen services.

 

The implementation of the Prime Minister's decision will start from Sunday,
August 6th, until the end of the month, allowing employees in certain
government agencies and the service sector to work from home online on
Sundays only.

 

 

Furthermore, the Prime Minister emphasized the importance of setting air
conditioning temperatures at 25 degrees Celsius to reduce electricity
consumption. A crisis committee will be formed to monitor the implementation
of these measures daily.

 

Additionally, the plan to cope with the increasing electricity consumption
includes an agreement with the Minister of Youth and Sports to conclude
sports matches before sunset to avoid electricity consumption in stadiums
and sports facilities. Moreover, general lighting in public places will be
reduced, and shipments of diesel fuel worth $250 to $300 million will be
imported to balance the power grid.

 

Starting from next Monday, a daily schedule of power cuts, ranging from one
to two hours, will be announced to alleviate the electricity loads. Prime
Minister Madbouly confirmed that August will witness unprecedented high
temperatures, and there is no shortage of natural gas. He stated that gas
exports will be halted during the summer months and resumed in the winter,
spring, and autumn.

 

In response to the increasing electricity demand, shipments of diesel fuel
will be imported from today until the end of August, costing between $250 to
$300 million, to stabilize the power grid.

 

The Prime Minister stressed that coastal and touristic areas are major
national income sources and cannot have their electricity supply cut or
reduced. The government is implementing a plan to manage the growing
electricity consumption.

 

On July 17th, with soaring temperatures and increased consumption, 36
gigawatts were consumed in a single day, leading to the utilization of all
available gas and diesel resources. The actual consumption of natural gas
and diesel reached 144 to 146 million cubic meters in 10 days.

 

-Egypt Online.

 

 

 

Tunisia: President Saied Urges Ending Classification of Bakeries

Tunis/Tunisia — President Kais Saied urged an end to the categorisation of
bakeries, as he met Prime Minister Najla Bouden and Finance Minister Sihem
Boughdiri Nemsia on Thursday evening at the Government Palace in Kasbah.

 

The categorisation, which has been in place since 2011, divides bakeries
into classified and unclassified ones.

 

The President warned that «bread is a red line not to be crossed,» arguing
that selling bread at higher prices is a "disguised means of lifting
subsidies."

 

He pointed out that 1,443 unclassified bakeries offer various types of bread
at high prices, while 3,337 classified bakeries sometimes fail to supply the
necessary quantities of bread to the underprivileged population.

 

He reiterated the need to tackle this diversion, especially as 270
classified bakeries have recently been banned from obtaining supplies due to
fraudulent practices. These bakeries were found to be selling subsidised
products to other unclassified bakeries.

 

Saied urged Bouden to work on strengthening the oversight bodies and
countering attempts to increase prices, which only fuel social tensions.

 

Furthermore, the President stressed the necessity of reviewing appointments
within the administrations, ensuring they serve as an extension of political
power and not an "obstacle" hindering the objective of providing service to
citizens impartially.

 

-Tunis Afrique Presse.

 

 

 

Rwanda Allocates Over 7000 Hectares of State Forests to Investors

In a move to boost the forestry sector and promote sustainable management
practices, the government has authorized the allocation of 7,716 hectares of
state forests to private investors for responsible harvesting and oversight.

 

The decision, approved by the cabinet, aims to enhance the country's forest
management while driving economic growth through strategic partnerships with
selected companies.

 

The four companies chosen for the management and harvesting responsibilities
are Ecopen Ituze Ltd, Kayonza Distributors Company, Ekaterra Tea Rwanda Ltd,
and Ikizere Silviculture Limited.

 

 

The ambitious target set by the government is to privatize the management of
80 percent of state forests by 2024, amounting to 49,188 hectares. Notably,
progress has been made, with 63 percent already achieved, a significant
increase from 38 percent recorded last year.

 

There are currently ongoing negotiations covering an additional 15,198
hectares with potential investors awaiting cabinet approval. The negotiation
process includes field visits, vetting, due diligence, and assessment of
technical proposals before finalizing agreements under the supervision of
the Prime Minister.

 

World Nature Conservation Day, celebrated on July 28, served as a backdrop
to unveil the developments in state forests' management privatization. This
annual event seeks to raise awareness about the crucial need to preserve the
environment and natural resources for the betterment of the world.

 

Forestry sector revenues have seen remarkable growth, surging from Rwf 164
billion in 2007 to Rwf 649 billion in 2021. With the privatization of all
state-owned forests, the estimated annual revenue is projected to surpass
Rwf 200 billion.

 

 

Rwanda currently possesses approximately 27 percent of the nation's total
forests, equivalent to 61,485 hectares, excluding national parks. The total
forest cover across the country stands at 30.4 percent, encompassing 724,662
hectares. These forests are primarily 53 percent plantations, 21 percent
wooded savannas in the east, 19 percent natural mountain rainforests, and
6.2 percent shrubs.

 

The Forest Sector Strategic Plan, executed between 2018 and 2024, has been a
significant investment for Rwanda, amounting to Rwf 82.2 billion. Private
investors have been required to engage in reforestation efforts following
the harvesting of mature trees. To bolster the wood industry and ensure
long-term sustainability, the Rwanda Forestry Authority (RFA) has designated
five tree species with high economic value for reforestation purposes.

 

These species include Pinus spp, Eucalyptus spp, Podocarpus falcatus
(Umufu), Cedrela odorata, and Entandrophragma excelsum (Umuyove or Libuyu).
Notably, Umuyove was chosen due to its status as the only premium timber
that naturally grows in Rwanda, making it highly sought-after in the local
timber market.

 

As Rwanda continues to promote reforestation and sustainable forest
management practices, there is a strong focus on native tree species to
preserve the ecological balance. The timber industry has already contributed
to the livelihoods of over 75,000 individuals, primarily in rural areas,
with employment opportunities stemming from charcoal production, wood
production, distribution, and selling.

 

A recent study revealed a substantial increase in employment within the wood
processing and trade sector, growing from 12,000 jobs in 2017 to 23,000 jobs
in 2019.

 

The trade of Rwandan forest timber is estimated to range from 215,000 to
235,000 cubic meters per year, with an approximate total value of $76
million annually.

 

-New Times.

 

 

 

Kenya: Govt Commits to Addressing Labour Law Gaps for Job Creation

Nairobi — The Government has committed to addressing labor law gaps to
create more jobs for Kenyans.

 

State Department for Industrialization Permanent Secretary (PS) Juma
Mukhawana acknowledges shortcomings in Kenyan labour laws that do not
reflect the current digital economy transformation.

 

"To fully harness Kenya's potential, the Government acknowledges the need to
identify and address challenges that currently inhibit the creation of jobs
within the digital sector," Mukhawana said during a visit to Sama in
Nairobi.

 

"The plan is to work with the industry to create an enabling environment for
businesses operating in the digital economy," he added.

 

 

The global business process outsourcing (BPO) market is estimated to be
valued at more than $262 billion, with African countries continuing to
emerge as the next BPO growth frontiers.

 

The BPO sector is crucial in developing Artificial Intelligence (AI) systems
that power the automotive, retail, agricultural, and food technology
sectors.

 

"The digital economy is a catalyst for job creation and economic advancement
in Kenya. At Sama, with the right operating environment, we have the
potential to create thousands of jobs by 2024," Sama Director of Global
Service Delivery Lilian Kiplang'at said.

 

"We welcome the opportunity to collaborate with the Government to develop
clear and progressive policies that foster a conducive business environment
for the digital economy to ensure it remains competitive on a global scale."

 

Sama has been in Kenya for the last 15 years and provides jobs in the
country through value chain AI solutions for self-driving cars, virtual
reality gaming consoles, fashion segmentation, and agricultural solutions
for crop disease protection.

 

-Capital FM.

 

 

 

Tanzania: List of Parastatals for Disbanding, Merging in Offing

TREASURY Registrar (TR) Nehemia Mchechu stated on Thursday that next month
his office will announce a list of parastatals that will include those to be
disbanded, merged and given more time for improving their performance.

 

Registrar Mchechu made the statement in Dar es Salaam yesterday when
receiving a dividend amounting to 2.5bn/- from the Tanzania International
Petroleum Reserves (TIPER) Limited.

 

The company's dividend is from its profit made during the year ending June
2022.

 

The TIPER is owned jointly between the government and the Oryx Energies.

 

 

During the event, Mr Mchechu emphasized the government wants accountability
and efficiency in all its institutions.

 

He pointed out that TIPER was among government institutions performing well
in supporting economic development that will help Tanzanians boost their
income.

 

The TR further stated that his office was finalising assessment on
government institutions with a view to make reforms as directed by President
Dr Samia Suluhu Hassan.

 

"Next month we will have a meeting with the President Samia and heads of
government's institutions and companies, we will announce those requiring
merging, cancellation and others that needed more time for improvements," he
said.

 

He said the reforms will touch heads of the particular institutions,
chairpersons and members of the boards who will need to have skills relevant
to institutions they head.

 

 

According to him, for a long time now public institutions have been
performing poorly because of lacking strong management, hence the government
has intended to make reforms in order to reinstate accountability.

 

"We will sign contracts with directors and chairpersons of the boards... we
want them fulfill what we have agreed, if they fail, we will open doors for
them to leave so others could come," he pointed out.

 

"The era of having CEOs and board chairpersons without having skills on
areas they head is now a thing of the past. We can't continue paying
salaries to people who cannot produce due to various reasons," he added.

 

In ensuring that the government's companies operate profitably, the
government will give them capital, make improvements in laws and
regulations, so that Tanzania could make steps ahead.

 

On his part, TIPER Managing Director Mohamed Mohamed, said in the past ten
(10) years, the company significantly improved its performance and invested
a total of 73bn/-.

 

The company has continually re-invested its profits in continuous
maintenance of its tanks and associated infrastructure in an endeavor of
continuous improvement and capacity optimization.

 

Mr Mohamed said currently the company has monthly storage capacity of 254
million litres, noting that by end of this year the capacity will increase
to 314 million litres upon completion of ongoing construction of
infrastructures.

 

-Daily News.

 

 

Netflix touts $900k AI jobs amid Hollywood strikes

Netflix has triggered an angry response from striking Hollywood actors and
writers after posting a job advert for an artificial intelligence (AI)
expert.

 

The new position would join its Machine Learning Platform team, which drives
the Netflix algorithm helping viewers pick new programmes to watch.

 

It pays up to $900,000 (£700,000) per year, fuelling further outrage.

 

Hollywood unions are striking over concerns about how AI affects the
entertainment industry and pay.

 

The job listing, which was first reported by The Intercept on Tuesday, is
one of several listed on the Netflix job page that calls for applicants with
experience in machine learning (ML) and AI.

 

It is unclear from the expansive job advert whether the role will advise on
content - the TV programmes and films that Netflix chooses to invest in.

 

Another open listing for a product manager on the Machine Learning Platform
team says the future employee will "collect feedback and understand user
needs" and ultimately helping with investment decisions.

 

The description appears to suggest that the role will include using AI to
assess funding needs for different programmes.

 

This is a key concern of the union representing actors, Sag-Aftra, which has
spoken of its fears that algorithms have too much power.

 

Sag-Aftra's Fran Drescher told Time magazine the singular success of any
film or television programme is now much less important than when broadcast
television was dominant.

 

"Algorithms dictate how many episodes a season needs to be before you reach
a plateau of new subscribers and how many seasons a series needs to be on,"
she claimed.

 

"That reduces the amount of episodes per season to between six and 10, and
it reduces the amount of seasons to three or four. You can't live on that.

 

"We're being systematically squeezed out of our livelihood by a business
model that was foisted upon us, that has created a myriad of problems for
everyone up and down the ladder."

 

The writers' guild, WGA, has proposed a system that regulates the use of AI
in the writing process and prevents it being used as source material.

 

Netflix declined to comment about the job listings, but has previously said
AI will not replace the creative process.

 

"The best stories are original, insightful and often come from people's own
experiences," Netflix has said.

 

The news of the most recent AI-based job listing was condemned by some
striking actors, who must earn $26,470 before being eligible for health
insurance benefits.

 

"So $900k/yr per soldier in their godless AI army when that amount of
earnings could qualify thirty-five actors and their families for Sag-Aftra
health insurance is just ghoulish," actor Rob Delaney, told The Intercept.

 

Javier Grillo-Marxuach, who is best known for the series Lost, accused
Netflix of "pleading poverty while recruiting VERY (more than I've ever made
in a year BY FAR) well-paid generals for your soulless army of silicon
plagiarists".

 

Earlier this week, Netflix announced the launch of a new app - My Netflix -
which the company calls "a one-stop shop tailored to you with easy shortcuts
to help you choose what you want to watch".-BBC

 

 

 

 

Tupperware: Why have the troubled firm's shares surged?

Shares in Tupperware, the troubled food storage container maker, have surged
more than threefold in the last week.

 

The firm's shares rose by 56% on Thursday, pushing gains for the last five
trading sessions to almost 350%.

 

The 77-year-old company warned in April that it could go bust unless it
quickly raised new financing.

 

In recent years, Tupperware has been attempting to reposition itself to
attract younger shoppers but struggled to stop a slide in its sales.

 

"There is some optimism that a turnaround may be in progress and an investor
has been found to help the company," Neil Saunders, managing director of
retail at the GlobalData consultancy, told the BBC.

 

"However, there is no evidence of this being the case, so any optimism is
based on hope rather than certainty," he added.

 

Despite the jump in recent days, Tupperware's share price is still down by
almost 30% since the start of this year.

 

Tupperware did not immediately respond to a BBC request for comment.

 

Some analysts have likened the moves in Tupperware's share price to other
embattled businesses, like cinema chain AMC, which is often referred to as a
so-called "meme stock".

 

Trading in meme stocks is often extremely speculative and volatile, due to
the nature of their popularity amongst retail investors who often swap tips
on social media.

 

Also like meme stocks, Tupperware shares have been highly shorted, which
means some investors are betting that the shares will fall in value.

 

Major hedge funds had bet billions of dollars in recent years that stocks
such as AMC would fall. However, if the share price rises the investors
betting on the price falling can lose money.

 

Earlier this week, AMC shares jumped after a court blocked the firm's plans
to settle some of its debts.

 

"The AMC news last week sent retail traders looking for other meme stocks.
Tupperware fit the bill and the [brand] name definitely helps," Matthew
Tuttle from investment firm Tuttle Capital Management told the BBC.

 

Tupperware parties made the brand a household name during the 1950s and
1960s consumer boom, and its air-tight and water-tight containers took the
market by storm.

 

However, sales have fallen in recent years as cheaper or more fashionable
containers became available in shops or online.-BBC

 

 

 

Google: Don't trust what our chatbot Bard tells you

Google says people should use its search engine to check whether information
provided by its chatbot, Bard, is actually accurate.

 

Some have suggested chatbots like Bard and ChatGPT could "kill" traditional
search, which is dominated by Google.

 

But users have found the information they provide can be wrong or even
entirely made up.

 

Google's UK boss Debbie Weinstein said Bard was "not really the place that
you go to search for specific information".

 

Speaking to the BBC's Today programme, she said Bard should be considered an
"experiment" best suited for "collaboration around problem solving" and
"creating new ideas".

 

"We're encouraging people to actually use Google as the search engine to
actually reference information they found," she said.

 

Ms Weinstein pointed out users had the opportunity to give feedback on the
answers Bard gave them via thumbs up or thumbs down buttons.

 

Bard's homepage does also clearly state it has "limitations and won't always
get it right", but doesn't repeat Ms Weinstein's advice that all results
should be checked using an orthodox search engine.

 

When ChatGPT burst onto the scene in November 2022, it prompted people to
question whether Google's incredibly lucrative search business could be
under threat.

 

It also fuelled a wider debate about how artificial intelligence (AI) -
which powers chatbots - could reshape the world of work or even threaten the
future of humanity, sparking a global AI regulatory race.

 

Others have suggested the threat AI poses has been exaggerated and the
debate around it has become hysterical - an argument that Google's
concession that Bard cannot even be trusted to perform basic search tasks
would appear to bolster.

 

Many people, including Prime Minister Rishi Sunak, have also pointed to the
economic opportunities AI offers.

 

But Google says many people currently don't know how to pursue them.

 

It has released a report saying search interest in AI reached an all-time
high in the UK in the first half of 2023, with the most searched "how to"
question being "how to make money with AI". It says "how can AI help a
business?" also featured prominently.

 

To help address that lack of knowledge it is launching a free online
training series called New Fundamentals, which it says can give people and
businesses "practical skills and knowledge to capture the incredible
benefits of AI".

 

In the report the tech giant also highlights what it calls "a critical lack
of tech skills in the UK", which - if unaddressed - will "remain a stubborn
barrier to equitable nation-wide growth, especially as demand for AI and
other tech expertise soars".-BBC

 

 

 

 

Canada approves historic C$23bn child welfare settlement

Canada's Human Rights Tribunal has approved a landmark C$23.4bn ($17.7bn;
£13.8bn) settlement for indigenous children and families harmed by the child
welfare system.

 

It is said to be the largest class-action settlement in Canadian history.

 

The agreement also includes a request for an apology from the Prime Minister
of Canada Justin Trudeau.

 

Around 300,000 people are expected to be compensated, including babies and
children currently in care.

 

The settlement, approved on Wednesday, comes after the tribunal ruled in
2016 that Canada had underfunded on-reserve First Nations children's
services compared to those for non-indigenous children.

 

This resulted in indigenous children being removed from their families
unnecessarily and denied basic services, the ruling said.

 

Cindy Blackstock, the executive director of the First Nations Child and
Family Caring Society who has helped negotiate the settlement, said the
funds will go to indigenous people who were impacted by the child welfare
system from 1991 to 2022.

 

"There are babies who are eligible for compensation," Ms Blackstock told BBC
News. "A large number of these children in care are actually still
children."

 

A federal court will review the settlement in October. If approved, those
who are eligible could begin to receive the amount they are owed as early as
summer 2024.

 

It is part of a long-running legal battle that began in 2007, when the First
Nations Child and Family Caring Society filed a complaint alleging the child
welfare system was discriminatory.

 

Nine years later, the Canadian Human Rights Tribunal (CHRT) ruled against
the federal government and ordered that it offer compensation payments worth
C$40,000 plus interest for each indigenous child forced to leave their home
to access services.

 

That amount is the maximum allowed under Canada's Human Rights Act.

 

Others, like caregivers and parents, as well as the children's estates, are
also entitled to compensation.

 

At one point, the Canadian government challenged the findings, arguing that
the tribunal was wrong to award the pay-outs. At the time, Prime Minister
Justin Trudeau said that his cabinet wanted to "make sure we're getting
compensation right".

 

Later, the government said it would pay C$40bn - with C$20bn going to
children and their families, and the other half going to child welfare
reform.

 

That proposal was rejected by the CHRT in late 2022 because of fears that
some children would be left out or not compensated enough.

 

Canada and the Assembly of First Nations then agreed to increase the
settlement amount to C$23.3bn in April.

 

Marc Miller, the minister responsible for crown-indigenous relations at the
time, has said the agreement is "an important part of Canada's
accountability towards First Nations children".

 

The class-action settlement is one of the largest in North America,
surpassed only by a $20bn pay-out from BP in 2010 to cover environmental
damage caused by an oil spill in the Gulf of Mexico, and a $206bn lawsuit
against tobacco companies in 1998 to recover healthcare costs for
tobacco-related illnesses. -BBC

 

 

 

 

Eurozone interest rates reach joint record high

The European Central Bank (ECB) has raised interest rates in the eurozone
once again, taking its key rate to a record high last seen in late 2000.

 

The bank raised the deposit rate in the 20-nation bloc for the ninth time in
a row - to 3.75%, up from 3.5%.

 

The ECB said inflation continued to ease, but was still expected to remain
"too high for too long".

 

On Wednesday, the US central bank raised rates to their highest level in 22
years in its bid to control prices.

 

In the UK, where inflation fell to 7.9% in June, the Bank of England's base
rate is at 5%, At its next decision on 3 August, the Bank is widely expected
to raise rates to 5.25%.

 

The idea of raising rates is to make the cost of borrowing more expensive
and so decrease demand and make price rises more difficult to pass on.

 

As in other regions, the eurozone has been hit by rising food and energy
prices that have weighed on households.

 

Inflation in the eurozone is running at 5.5%. Food price inflation has
continued to slow but was still at 11.6% in June.

 

The ECB said it was determined to ensure inflation returned to its 2%
medium-term target in a "timely manner".

 

The eurozone fell into recession last winter, revised figures showed
recently, as consumers were hit by rising prices.

 

The eurozone economy contracted by 0.1% between January and March, after
also shrinking in the final three months of 2022.

 

The ECB said on Thursday that developments since its last meeting supported
the expectation that "inflation will drop further over the remainder of the
year but will stay above target for an extended period".

 

 

It added that previous rate increases were showing signs of working and were
"increasingly dampening demand, which is an important factor in bring
inflation back to target".

 

However, it added: "While some measures show signs of easing, underlying
inflation remains high overall."

 

High inflation and higher rates were dampening spending so that the
"near-term economic outlook for the euro area has deteriorated, owing
largely to weaker domestic demand".

 

The bank said this was affecting manufacturing output in particular, which
was also being held down by weak demand from abroad.

 

However, it said: "Over time, falling inflation, rising incomes and
improving supply conditions should support the recovery."-BBC

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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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