Major International Business Headlines Brief::: 31 July 2023

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Major International Business Headlines Brief::: 31 July 2023 

 


 

 


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

 


 

 


 

ü  Kenya: I'll Not Discuss Cost of Living With Raila - Ruto

ü  Nigeria: Investment in Modular Refineries Antidote to Energy Crisis in
Nigeria - Pandef

ü  Nigeria: Delta Community Cries to Govt Over Invasion of Farmlands By
Herdsmen

ü  Namibia: Ministry of Mines Needs to Help Traditional Authorities in
Issuing 'Consent Letters'

ü  Africa: Putin's Gamble With Ukraine's Grain Drags On

ü  Africa: Why Urgent Action Is Key in Horn of Africa's Livestock Feed and
Fodder Crisis

ü  Angola: Ambassador to U.S. Assesses WB Projects in Angola

ü  Angola: Construction of Sonangol Research Centre in Final Stage

ü  Kenya: CS Linturi Says Fertilizer Prices to Drop Further in January Next
Year

ü  Nigeria: MTN Nigeria's Half-Year Profit Weakens 29 Percent

ü  Kenya: Mpesa Rates Increased As Calls, Data Slashed On Finance Act
Effects

ü  Italy joining China's Belt and Road Initiative was atrocious move,
defence minister says

ü  WeChat: Why does Elon Musk want X to emulate China's everything-app?

ü  Twitter restores Kanye West's account after ban

ü  Mark Zuckerberg: Threads users down by more than a half

 


 

 


 <https://www.cloverleaf.co.zw/> Africa: Kenya: I'll Not Discuss Cost of
Living With Raila - Ruto

Kwale — President William Ruto has said he will discuss the cost of living
will with Opposition leader RAILA Odinga because the government is already
addressing the matter.

 

The president, who acknowledged having met Odinga with former Nigerian
President Olusegun Obasanjo, said his government has already put in place
necessary interventions to address challenges facing Kenyans as part of his
manifesto.

 

"It is clear; we are effectuating our Manifesto that is heavy on reducing
the cost of living," he explained even as Azimio leaders protested that the
issue was a key agenda that has been omitted contrary to their agreement
during the Mombasa meeting.

 

He said Kenya was on course to producing surplus food this year due to the
Government's deliberate plan to subsidise production.

 

The President observed that protests marked by destruction of property and
loss of lives will not curtail the price of living.

 

 

He warned the Opposition to keep off violent demonstrations.

 

"We will not negotiate about the safety of our country," he said.

 

He also asked the youth not to participate in anything that can cause
destruction.

 

He was speaking on Sunday during an interdenominational church service in
Ukunda, Kwale County.

 

Present were Prime Cabinet Secretary Musalia Mudavadi, Cabinet Secretary for
Mining, Blue Economy and Maritime Affairs Salim Mvurya, Speaker of the
National Assembly Moses Wetang'ula, Speaker of the Senate Amason Kingi,
Governors Fatuma Achani (Kwale) and Johnson Sakaja (Nairobi), MPs, among
other leaders.

 

The President, who also addressed wananchi in Likoni, asked leaders to shun
divisive politics and focus on serving the people.

 

"We need to work together, our pursuasions notwithstanding, to transform
Kenya."

 

 

He said the Government was now in charge of the country's economic affairs
using locally-generated resources.

 

He maintained that is how it had managed to disburse funds to counties and
constituencies way ahead of time since the promulgation of the current
Constitution.

 

"We have a unique opportunity to unlock the potential that we have and break
the poverty and hunger cycles in our country."

 

Mr Mudavadi told the congregation that Kenya is not in any crisis to warrant
any international attention.

 

The Opposition, he added, must be honest to Kenyans.

 

On his part, Mr Wetang'ula said it is only through sound policies that Kenya
can move forward.

 

He asked President Ruto to focus on the needs of Kenyans.

 

"We will not pretend to engage with leaders who are bad examples to our
politics," explained the Speaker.

 

Mr Kingi wondered why issues on the cost of living called for mediation.

 

"You do not need [Olesegun] Obasanjo to guide the strategies to make life
affordable in Kenya," pointed out Mr Mvurya.

 

Kwale Governor said she will not allow demonstrations in the county.

 

She argued that her focus was on engaging in issues that will lessen poverty
in the area.

 

-Capital FM.

 

 

 

 

Nigeria: Investment in Modular Refineries Antidote to Energy Crisis in
Nigeria - Pandef

Worried by the prevailing hardship occasioned by the Federal Government's
ongoing reforms in the energy sector, the Pan Niger Delta Forum (PANDEF)
rose from its expanded National Executive Council (NEC) meeting in Uyo, the
Akwa Ibom state capital with some far-reaching resolutions to douse tension
in the polity.

 

The meeting, which ended at the Watbridge Hotel Uyo at the weekend, was
presided over by the National Chairman of PANDEF, Senator Emmanuel
Ibok-Essien, with the endorsement of the National Leader, Chief Edwin Clark,
who sent a goodwill message, delivered by Amb. Godsknow Igali, expressing
delight at the quality of leadership being provided by the National Chairman
and his executives, and further encouraged the NEC members to remain
steadfast and resolute in the pursuit of the objectives of the Forum, and
the shared interests of the region.

 

 

The communique at the end of the meeting signed by the PANDEF chairman,
congratulated President Bola Tinubu, and the Senate President, Chief
Godswill Akpabio, on their emergence as leaders of Nigeria, and expressed
confidence in their ability to get the country out of the woods, by
addressing the current socio-economic and security challenges facing the
nation.

 

The Forum, therefore, stressed the need for a holistic action plan towards
fixing Nigeria, noting that the energy sector holds the key in repositioning
the country, and urged the Federal Government to revisit the idea of
investing massively in the modular refinery project with a view to
liberalising the sector for optimum productivity.

 

Besides, PANDEF congratulated the Governors of Akwa Ibom, Cross River, Delta
and Rivers States, on their victory at the polls, and charged them to
redouble their efforts in synergy with relevant Federal Ministries, Agencies
and Departments (MDAs) towards addressing the socio-economic challenges
confronting the region

 

To avoid unnecessary conflagration in the region, the regional leaders
cautioned the youths to desist from unwarranted utterances capable of
undermining the smooth functioning of federal agencies with direct bearing
on the socio-economic development of the region.

 

Parts of the communique read: "PANDEF calls on the Federal Government to
revisit the issue of supporting the development of Modular Refineries in the
Niger Delta Region, to stamp out unwholesome, unauthorized refining of
crude, as a way of providing employment for the teeming youths in the Niger
Delta Region, and to curb criminality.

 

"On the deplorable state of critical infrastructure, particularly roads, in
the entire region, PANDEF frowns that several sections of the East-West
Road, (Eleme-Onne, Patani-Kiama-Mbiama), sections of the Port Harcourt -
Aba, Benin -Auchi, Benin-Sapale-Warri, Benin-Agbor, Sapele - Agbor, Calabar
- Itu, Ikot Ekpene-Aba, highways have all become impassable, suffocating
social and economic activities in the areas to widespread poverty levels.

 

"It is entirely unacceptable that the proverbial goose that lays the golden
egg is being totally neglected, administration after administration. Demands
immediate intervention works on the failed sections of the cited roads, and
others, by the Federal Ministry of Works, and other relevant agencies, to,
without further delay, ameliorate the sufferings of the people.

 

"Commends the National Assembly for revisiting the Bakassi issue, which is
of dire interest to the people and urges the National Assembly to pursue the
issue to a logical conclusion because the unresolved issues arising from the
ceding of Bakassi to Cameroon on account of the World Court Judgement, and
the Green Tree Agreement, continue to threaten the wellbeing of the Bakassi
people, and the security of the Southernmost part of the Niger Delta
region."

 

-Leadership.

 

 

 

Nigeria: Delta Community Cries to Govt Over Invasion of Farmlands By
Herdsmen

Obetim-Uno community, Afor in Ndokwa East local government area of Delta
State has called on the state government to come to its aid over incessant
attacks by herdsmen on farms and farmlands in the area.

 

The people of the community appealed to the state government for urgent
intervention to save them from imminent hunger and loss of lives.

 

The call was contained in a statement after a resolution was reached by its
apex body, Obetim National Council (ONC), signed by its president, Chief
Sony Neme; secretary, Chief Hope Osanebi and the community women leader, Mrs
Blessing Odili, who confirmed that over 300 farms and crops of the people of
Obetim worth over N100 million have been destroyed by the marauding
herdsmen.

 

 

He expressed concern that the entire community, being an agrarian space that
has nothing else to live on but farm produce, is currently helpless.

 

"Our fear is that these herders are not interested in any form of dialogue.
As a result, the community has decided to engage relevant government
authorities, which culminated in the arrest of two herders, Abdul Mohammed
and Ali Abdul.

 

"The call became necessary as all efforts by the Delta State Livestock
Management Committee (DLMC), with the leadership of the community, to nip
the tide have been thwarted by the Fulani herdsmen headed by one Yahaya
Mohammed who is resident in Kwale in Ndokwa West local government area of
the state.

 

"This issue has been on for more than a year and they have destroyed crops
worth over N100 million. As if that was not enough, the invaders are ready
to kill anyone that dare to question them.

 

"As a result, most of the farmers mainly women, have abandoned their
hard-earned investments in farms and farmlands just to remain alive, while
starvations stare them in the face as they have no other means of
livelihood.

 

"All efforts to engage them on peaceful resolution to enable them leave our
community in peace have failed. Obetim is a peaceful community and we need a
peaceful resolution, which prompted our visit to the office of the state
commandant of NSCDC, to resolve issues.

 

"Our demand is that the herdsmen should leave our community and pay
compensation to those whose farms have been destroyed by their cows. We also
demand the immediate removal of their cows from our land as the community
did not give them any part of our land for grazing," the statement read.

 

According to president of the association, all efforts of Mr Matthew Ujene,
the officer in charge of Delta North operations of DLMC to make them
understand the state's Livestock Breeding, Rearing and Marketing Regulation
Law of 2021 on open grazing in the state have remained futile.

 

-Leadership.

 

 

 

Namibia: Ministry of Mines Needs to Help Traditional Authorities in Issuing
'Consent Letters'

Traditional authorities in Namibia which approve mineral prospecting and
mining applications in their areas have been criticised for issuing 'consent
letters' for "hamburgers, chairs, N$20 000 or sitting allowances" without
benefits accruing to their communities.

 

However, can they really be blamed if the line ministry responsible for
issuing such licences, the Ministry of Mine and Energy (MME), doesn't take a
stance beyond an administrative role to ensure safety nets are in place to
mitigate conflicts between mining/exploration companies and communities?

 

To answer the above, let's highlight key provisions governing traditional
authorities issuing 'consent letters' and the MME's role in requesting them
for issuing licences.

 

 

Section 30 (1) of the Communal Land Reform Act 5 of 2002 deals with
conditions under which prospecting or mining operations may be carried out
on communal land.

 

It merely states that an applicant should notify the chief or traditional
authority (TA) or board of their intention to apply for a mineral or mining
licence.

 

Although applications are made before such prior notice, the mining
commissioner usually attaches preconditions for issuance of a "preparedness
to grant" a licence before approving an application.

 

That triggers section 30 (2), which requires a chief, traditional authority
or board to provide a "recommendation" on applications.

 

The key word here is recommendation rather than "consent".

 

If the "recommendation" of the chief/TA or board is that the licence or
mining claim should not be granted, section 30 (3) gives the minister of
mines or mining commissioner the discretion to disregard such recommendation
if he/she believes it is unreasonable.

 

Section 30 (3) therefore aims to ensure that recommendations do not go
beyond the scope of the mining powers granted to chiefs or traditional
authorities, so as not to prejudice an applicant's right to have their
submission considered.

 

DISARRAY

 

Of late, however, claims of chiefs or traditional authorities running
consultancies for mining land use, "selling" consent letters for hamburgers
or chiefs being paid sitting allowances, is throwing the industry into
disarray.

 

If the MME requires a 'consent letter' from a chief or traditional
authority, it begs the question: Who "holds" the authority on whether to
grant a licence or mining claim application?

 

 

More so, which "community" is represented and how do they benefit and what
input or participation does it have in the recommendation process?

 

Also, what training or advice do chiefs or traditional authority leaders
receive from the MME or other stakeholders to hold meetings aimed at shared
community benefit agendas in alignment with national mining policies?

 

The answer: Likely none.

 

Rather, we have a system lacking synergy in terms of administrative and
customary law (among others), which negatively affects the mining sector.

 

Loopholes are being utilised by international and local parties to create a
monopoly aimed at benefiting a few locals through applicants buying
themselves into the mining industry through 'consent letters'.

 

Worse still, mining officials claim that traditional authorities or chiefs
are not prohibited from deciding what remuneration or benefit they should
receive for issuing 'consent letters'.

 

This happens when section 30 clearly not only restricts such participation
in recommendations but allows the minister or mining commissioner to
disregard them if they're not soundly based.

 

ROAD MAPS

 

In the absence of section 30 being interpreted and applied (for whatever
reason), traditional authorities (in alliance with the MME) should be
encouraged to conduct an extensive stakeholder identification and engagement
process with a holistic community-based benefit at heart.

 

This would ensure that the objectives of the TA or chief issuing 'consent
letters', more so their custodianship on behalf of all inhabitants under
their jurisdiction, are met beyond the scope of socio-economic benefits.

 

To that end, there should be a drive to develop community development plans
(CDPs) to assist traditional authorities.

 

A CDP is largely a project-based approach aimed at creating a road map for
improving the livelihoods of a community and affected stakeholders if
commercial mineral deposits are discovered.

 

The milestones for benefits to be reaped depend on progress made by
exploration companies in obtaining the required permits, and attracting the
right technical and financial partners to the licence area.

 

CDPs will help identified stakeholders to understand the different stages
within the mining value chain, and create realistic goals and expectations
in line with the progress.

 

Only then will we see the creation of a situation not centred around a
particular individual or cartels but where disadvantaged communities can
benefit from natural resources in their area.

 

TRUST FUNDS 'NOT TASSIES'

 

Further, in line with a section of the Local Authorities Act dealing with
'Assets and Trust Funds of Traditional Authorities', traditional authorities
can set up Community Trust Funds as a central vehicle for community
development.

 

The MME should therefore step in to ensure that traditional authorities and
chiefs are well equipped to negotiate on behalf of their communities.

 

They should create a database (e.g. through the governor's office) for
mining proponents to clearly identify which marginalised communities fall
within their application areas.

 

If not, the mining sector will reap nothing but a "hand-to-mouth" culture,
where 'consent letters' may be bought for a bottle of Tassenburg (without
coke).

 

Stanley L Kambonde is a mining professional with an LLM in Oil, Gas and
Mining Law.

 

-Namibian.

 

 

 

 

Africa: Putin's Gamble With Ukraine's Grain Drags On

In a show of largesse, Vladimir Putin promised shipments of grain to a
handful of African countries affected by shortages caused by Russia's
invasion of Ukraine. African leaders responded by telling him to end the
war.

 

After the International Criminal Court issued a warrant for his arrest in
spring for war crimes in Ukraine, this week's summit with African leaders in
St. Petersburg served as a rare opportunity for Russian President Vladimir
Putin to meet international counterparts. Seventeen African leaders
attended, far fewer than the 43 at the 2019 summit in Sochi. The Kremlin
attributed the smaller turnout to Western pressure on African leaders.

 

Numerous topics were discussed at the summit, including economic,
humanitarian and sport issues, but Russia's invasion of Ukraine and the food
insecurity on the African continent took center stage.

 

The summit kicked off with Putin vowing free grain supplies for six African
nations. According to the pledge, 25,000-50,000 tons of grain will be sent
to Burkina Faso, Zimbabwe, Mali, Somalia, the Central African Republic and
Eritrea in the coming months.

 

 

Questioning Putin's pledges

 

The pledge left many skeptical.UN Secretary-General Antonio Guterres said a
"handful of donations to some countries" would not be enough to solve the
food crisis caused by Russia's withdrawing from a deal to allow Ukraine to
continue exporting grain during the war.

 

Amaka Anku, the director of the Africa practice at the Eurasia Group, said
the Kremlin was trying to counter reports that the war in Ukraine was
worsening the food crisis in the Global South. Still, she said, the grain
would not be insignificant to the nations it was sent to.

 

"It is clearly part of a propaganda war with the West, but, if delivered, it
could make a difference for the countries involved," Anku said. "It would
be, on average, 9-19% of their 2022-23 wheat imports."

 

 

Grain as weapon

 

In a statement ahead of the summit, Putin claimed that the deal negotiated
to allow Ukraine to continue exporting grain during the war was
"shamelessly" used by the Western companies, and, as a result, less than 3%
of the grain reached countries in dire need. However, Putin failed to
mention that the deal had helped stabilize food prices globally after they
spiked following his decision to invade Ukraine.

 

After the Kremlin walked out on the deal, Russia's military has been
destroying grain stocks in the Ukrainian port city of Odesa, from where the
grain was being shipped worldwide. A recent attack targeting the Danube
port, just 200 meters (650 feet) away from the border of NATO member
Romania, sparked fears of a direct confrontation between Russia and the
alliance.

 

Western leaders have accused Russia of using grain as a weapon in its war
against Ukraine after the Kremlin's suspension of the deal. Some analysts
suggested that, by bypassing Ukraine with direct shipments of grain from
Russia, the Kremlin could increase its leverage over African countries,
which represent a large voting block at the UN General Assembly.

 

 

Weapons deals, too

 

The Kremlin signed about 40 arms deals with African countries on the
sidelines of the summit.

 

Russia does not have the economic ties with African countries that China and
the European Union do. The Kremlin has also invested very little into
African economies.

 

The arms trade is one of the rare areas where the interests of Russia and
some African leaders meet. Despite a drop in weapons sales due to the war in
Ukraine, Russia still accounts for 40% of weapons exports to Africa, with
Angola, Nigeria, Algeria and Mali among its top clients.

 

"It really depends on what the substance of the military agreements is,"
Samuel Ramani, the author of "Russia in Africa," told DW. "Russia has
already signed 20 military agreements. Some of them offer training of police
forces and anti-piracy assistance ... and some are actually arm deliveries
and the deployment of instructors. It remains to be seen in the coming
months what unfolds from these agreements."

 

A Wagner cameo?

 

The leader of Russia's Wagner mercenary group was the least-expected guest
at the summit. However, Yevgeny Prigozhin, who many believed was in exile in
Belarus after a short-lived insurrection in June, stole the show on social
media after a photo with a delegate from the Central African Republic
emerged on Wagner-affiliated social media accounts on the first day of the
summit.

 

Some independent Russian media reports suggested that the photo had been
taken in the lobby of a St. Petersburg hotel that is reportedly owned by
Prigozhin. DW was unable to clarify when and where the photo was taken.

 

The Wagner Group had been widely seen as a Kremlin foreign policy tool,
dispatched to back authoritarian leaders in exchange for access to mineral
resources for Russia. The mercenaries have been blamed for the mass
slaughter of civilians in Mali, the Central African Republic and in the
Sahel.

 

Ending the war

 

After Putin's announcement of free grain shipments, some African leaders
continued to press him to reconsider the grain deal.

 

Macharia Munene, a professor of history at the United States International
University-Africa, told DW that "Africans are saying that you can do a lot
more than just offer free grain to six countries when the rest is hanging in
the air."

 

In June, a delegation of seven African nations, led by Ramaphosa, visited
both Kyiv and Moscow, seeking diplomatic solutions for ending the war.

 

"We didn't come here to ask for some gifts," South African President Cyril
Ramaphosa told Putin at the summit. "Of course, we understand that you, out
of generosity, have decided to donate grain to some African countries that
are facing certain difficulties, but this is not our main goal here."

 

At the summit, African leaders again asked Putin to stop hostilities in
Ukraine.

 

"This war must end," AU Commission Chairperson Moussa Faki Mahamat said.
"And it can only end on the basis of justice and reason."

 

 

 

 

Africa: Why Urgent Action Is Key in Horn of Africa's Livestock Feed and
Fodder Crisis

Kenya will on Monday host a high-level five-day workshop to discuss feed and
fodder shortage, and the adverse effects the crisis has caused- including a
sharp increase in nutritious foods sourced from livestock.

 

We are all crying about the high cost of eggs and milk, which is a direct
impact of the feed and fodder shortage crisis.

 

With the ongoing war between Russia and Ukraine, the growing effects of
climate change and the global COVID-19 pandemic, the situation is dire,
unless mitigative researched-based measures are adopted.

 

The consequences have been dire, particularly for the family units that form
the backbone of these nations. And this is a story of many countries within
the Horn of Africa region.

 

 

Families have lost their income after their livestock died due to severe
drought.

 

The Monday workshop by the African Union InterAfrican Bureau for Animal
Resources (AU-IBAR) is not only timely but crucial since it will come up
with coordinated action to respond to feed and fodder shortages that have
led to huge losses of livestock.

 

The Horn of Africa region has lost more than 8 million livestock due to this
crisis.

 

The upcoming workshop must serve as a platform for collaboration, where
experts, policymakers, and stakeholders convene to devise a unified action
plan.

 

Solutions that address the multifaceted challenges must be explored,
encompassing sustainable feed and fodder practices, innovative technologies,
and adaptive agricultural strategies.

 

 

A successful outcome can only be achieved through international solidarity
and support.

 

It is time for the international community to rally behind these nations,
offering assistance, expertise, and resources to alleviate their burdens.

 

My challenge to President William Ruto is to ensure that national policies
prioritize climate resilience, invest in research and development, and
empower local communities to engage in sustainable livestock management
practices.

 

This crisis is a call to action, and it is essential that the Horn of Africa
seizes this moment to build a brighter, more secure future for its people
and their livelihoods.

 

The time to act is now, for the sake of families, communities, and the
livelihoods of millions in Kenya, and the region.

 

Mr. Joseph Muraya is a communication consultant based in Nairobi, Kenya,
specializing in climate change, security, and good governance.

 

-Capital FM.

 

 

 

Angola: Ambassador to U.S. Assesses WB Projects in Angola

Luanda — Angolan ambassador to the United States (US) Agostinho Van-Dúnem
assessed Friday in Washington DC several projects financed by the World Bank
(WB).

 

The projects include those linked to the fight against poverty and
inequalities, such as Kwenda and the distribution of potable water and
electricity to communities.

 

According to a press release, Agostinho Van-Dúnem held a working meeting
with the director of the World Bank for Nigeria, South Africa and Angola,
Ayanda Dlodlo.

 

During the meeting, the two interlocutors reviewed some of the most
important programmes in the country financially supported by the
institution.

 

 

Kwenda, one of the most successful in this partnership between the Executive
of Angola and the World Bank, stems from a monetary transfer process for
1.090 million registered families out of the planned 1.608 million.

 

They also confirmed that new commitments have been approved and signed,
including the training project of Human Resources for Health in Angola
estimated at USD 200 million.

 

The WB is committed to supporting the Executive's initiatives in economic
diversification programmes with a project estimated at USD 300 million, in
charge of the Ministry of Economy and Planning.

 

This include the improvement of public services, worth USD 300 million,
under the responsibility of the Ministry of Territorial Administration.

 

According to Ayanda Dlodlo, all projects were signed this year and were
scrutinised by the Court of Auditors, with a legal opinion from the Attorney
General's Office. VIC/NIC

 

-ANGOP.

 

 

 

 

Angola: Construction of Sonangol Research Centre in Final Stage

Luanda — The completion of the construction works of Sonangol's Research and
Development Centre is scheduled for September 2023, ANGOP has learnt.

 

The infrastructure, which provides for the sustainable development of the
company and the Angolan oil and gas and mining sector, is located in the
outskirts of Sumbe city, coastal Cuanza Sul province.

 

Currently, the Centre's works have already reached 92% of physical
execution, according to the national oil company's radio programme "Ngol".

 

The infrastructure will ensure research, specialised training for staff in
the areas of oil and gas, mining, renewable energies, with a focus on green
hydrogen, biofuels and strategic minerals of the future.

 

The centre was recently visited by Sonangol's executive director, Joaquim
Fernando, who noted the progress of the works.

 

The Sonangol Research and Development Centre will support other
infrastructures, such as laboratories, administrative area, conference room,
residential buildings, warehouses for the storage of samples, and a Data
Centre considered to be of high performance.

 

A clinic, restaurants, a commercial bank and other infrastructures for
technical support will also be built on the premises. NE/DAN/NIC

 

-ANGOP.

 

 

 

Kenya: CS Linturi Says Fertilizer Prices to Drop Further in January Next
Year

Nairobi — Agriculture Cabinet Secretary Mithika Linturi says fertilizer
prices will drop further when the government begins to distribute a new
consignment of farm input in January next year.

 

Linturi assured Kenyans that President William Ruto's administration is
committed to lowering the cost of living by supporting farmers.

 

The CS said the cost of living would soon ease following the government's
heavy investment in food production.

 

He made the remarks Saturday when he distributed government-subsidized
fertilizer in Makueni County where he was accompanied by Governor Mutula
Junior.

 

Prior to the current planting season, the government supplied 6 million bags
of fertilizer at a subsidized rate of Sh3,500 per bag.

 

-Capital FM.

 

 

 

 

Nigeria: MTN Nigeria's Half-Year Profit Weakens 29 Percent

Finance costs jumped 161.8 per cent to N237.6 billion on the back of a
dramatic spike in net foreign exchange loss

 

Nigeria's biggest company by market value MTN Nigeria saw its bottom line
for the first half of 2022 take a bashing from a recent weakening of the
local currency by as much as 40 per cent last month.

 

The development left the company's net profit 29.1 per cent weaker than the
level it was a year ago.

 

That was despite reporting its biggest revenue on record, due to a boom in
income from data. Revenue accelerated to N1.2 trillion during the period
from N950.1 billion.

 

Costs, without accounting for taxation and finance expenses, galloped by
nearly one quarter to N737.2 billion, fuelled by Nigeria's intractable
inflation, which is leading businesses to pass costs to clients.

 

Finance costs jumped 161.8 per cent to N237.6 billion on the back of a
dramatic spike in net foreign exchange loss, which ballooned by more than
nine times the figure for the same period of last year.

 

"CBN collapsed all FX windows into investors & exporters (I&E) window on 14
June 2023 to allow for a free float of the national currency against the
dollar and other global currencies," the corporation said in its unaudited
financials issued on Friday.

 

"MTN Nigeria finance charge was impacted by the devaluation of the Naira
from N461.10/$1 in December 2022 to N756.08/$1 in June 2023 which followed
the policy change," it added.

 

Its rival telecom powerhouse Airtel Africa disclosed through its earnings
report on Thursday plunged into a $170 million net loss for the quarter to
June after derivative and foreign-exchange losses of $471 million in its
largest market Nigeria devoured revenue.

 

MTN Group, the parent company headquartered in Johannesburg, also country
Nigeria as its biggest market.

 

MTN Nigeria's payments unit MoMo PSB launched operations last May with
deposits held for customers standing at N1.3 billion for last year alone,
according to the financial statement.

 

-Premium Times.

 

 

 

Kenya: Mpesa Rates Increased As Calls, Data Slashed On Finance Act Effects

NAIROBI, Kenya, Jul 29 - You will now pay more to transact on MPESA as
mobile telco Safaricom moves to implement the Finance Act.

 

Safaricom has announced an increase of M-PESA transaction fees from 12 to 15
per cent but slashed call and data rates.

 

"We will be reviewing our calls, SMS, data, fiber, and M-PESA pricing to
reflect the increase in Excise duty rates on fees charged on mobile money
transfer services from 12 percent to 15 percent and the decrease in Excise
duty rate on telecommunications services from 20 percent to 15 percent,"
Safaricom said in a paid-up advertisement published on local newspapers.

 

 

The Finance Act came into effect Friday when the Court of Appeal lifted a
conservatory order by the High Court blocking the Act's implementation
following an application filed by activist Okiya Omtatah.

 

The government immediately moved to the Court of Appeal through Treasury
Cabinet Secretary Prof. Njuguna Ndung'u who convinced a three-judge bench
that the government was likely to be crippled if the order was not lifted.

 

Justices Mohamed Warsame, Kathurima M'inoti and Hedwig Omondi observed that
there will be irreversible economic consequences if the order is not lifted.

 

"The upshot of our decision is that the application has merit and the same
is allowed as prayed with the effect that the order made on 10th July 2023
suspending the Finance Act 2023, and the order prohibiting the
implementation of the Finance Act 2023, be and is hereby lifted pending the
hearing and determination of the appeal," the judges ruled.

 

The Appellate Court's decision has angered the Opposition coalition, Azimio,
which plans to announce the way forward on Sunday.

 

The Raila Odinga-led coalition has been mobilising street protests since
last month against the high cost of living which will be made worse by the
Finance Act.

 

-Capital FM.

 

 

 

Italy joining China's Belt and Road Initiative was atrocious move, defence
minister says

Italy made an "improvised and atrocious" decision in joining China's Belt
and Road (BRI) initiative, defence minister Guido Crosetto has said.

 

Mr Crosetto claimed the initiative had done little to boost Italy's exports,
making China the only winner.

 

China has previously said both nations have seen "fruitful results" as a
result of the BRI.

 

Italy became the first developed economy to join the BRI in 2019 - a move
criticised by its Western allies.

 

The global investment programme envisions connecting China with Europe and
beyond through rebuilding the old Silk Road trade route.

 

Under it, China provides funding for major infrastructure projects around
the world, in a bid to speed Chinese goods to markets further afield.

 

Critics see it as a tool for China to spread influence. Both the EU and the
US expressed concern when Italy decided to join the scheme four years ago.

 

"The decision to join the (new) Silk Road was an improvised and atrocious
act" that increased Chinese exports to Italy without having the same effect
on Italian exports to China, Mr Crosetto told Italian newspaper Corriere
della Sera.

 

He said Italy now needs to work out how to get out of the deal without
damaging relations with Beijing.

 

"The issue today is: how to walk back (from the BRI) without damaging
relations (with Beijing). Because it is true that China is a competitor, but
it is also a partner," Mr Crosetto said.

 

As Beijing had become increasingly assertive on the world stage, Italy would
have to think about how to withdraw "without producing disasters", he said.

 

There has been intense discussion about whether Italy should remain in the
BRI since May, when Prime Minister Giorgia Meloni said she wanted talks with
China about possibly withdrawing.

 

It is set to be automatically renewed in March 2024 unless Italy makes a
formal request to withdraw from it by December this year.

 

China's foreign ministry previously said it believed "China and Italy should
further explore their cooperation potential" under the BRI and "strengthen
mutually beneficial cooperation to seek more fruitful cooperation results."

 

In comments quoted in the English language edition of the state-affiliated
Global Times newspaper in May, foreign ministry spokesperson Wang Wenbin
added that the two nations have seen "fruitful results" in many fields as a
result of the BRI.

 

Beijing has since launched a diplomatic campaign to try to persuade Italy to
renew the deal by sending senior officials to the country to lobby its
case.-bbc

 

 

 

 

WeChat: Why does Elon Musk want X to emulate China's everything-app?

Earlier this week Elon Musk rebranded Twitter to X - another step in his
plan to emulate Chinese mega app WeChat.

 

Mr Musk has long said that he wants to transform his social media firm,
which he bought last year for $44bn (£34.4bn), into a much larger platform.

 

He has previously praised WeChat - a so-called "everything app" that
combines chat, dating, payments and social media - and has said creating
something "even close to that with Twitter... would be an immense success".

 

In a post on X this week, Mr Musk said that over the coming months, "we will
add comprehensive communications and the ability to conduct your entire
financial world".

 

He will hope that growing X will lead to a jump in revenue - the company has
lost almost half its advertising revenue since Mr Musk bought it, and it is
struggling under a heavy debt load.

 

So what is WeChat - and why does Mr Musk want to emulate it?

Launched by technology giant Tencent in 2011, WeChat is now used by almost
all of China's 1.4bn people.

 

Calling it a super-app is an understatement.

 

Its services include messaging, voice and video calling, social media, food
delivery, mobile payments, games, news and even dating.

 

It is like WhatsApp, Facebook, Apple Pay, Uber, Amazon, Tinder and a whole
lot more rolled into one.

 

It is so woven into the fabric of Chinese society that it is almost
impossible to live there without it.

 

As you can see from the images below, the interfaces for its various parts
are distinct.

 

It started as a messaging platform like WhatsApp or iMessage, and its two
most-used features are the WhatsApp-like "Chats" and "Moments", which is
similar to Facebook.

 

Its widely-used "Wallet" feature can be linked to debit and credit cards -
most shops and online retailers in China accept WeChat payments, with users
scanning QR codes to pay. People can also pay household bills, make
investments, and even take out loans on WeChat.

 

Government services are also on WeChat, with users able to check social
security information, pay speeding tickets and book hospital appointments.

 

And during the pandemic, it became an essential: while the whole country was
under strict zero-Covid restrictions, it was impossible to move around
without a "health code" generated on the app.

 

But there are several downsides to having so many features on one app.

 

>From a practical point of view, WeChat takes up a large part of a phone's
memory - typically tens of gigabytes of data storage.

 

More seriously, the huge reach of WeChat into every corner of Chinese life
has raised concerns about government censorship, surveillance and other
privacy issues.

 

China blocks access to many foreign websites, from news outlets like the BBC
to social media platforms such as Facebook and, ironically, Elon Musk's X.

 

This level of state control over the internet also makes it extremely
dangerous for people to speak out against the government on WeChat.

 

It is not unusual for dissenting voices to have their accounts suspended for
days or weeks for something they have said in Chats or on Moments.

 

Even people sharing seemingly uncontroversial information have found
themselves on the wrong side of government censors and had their accounts
and chat groups shut down.

 

Kitsch Liao, assistant director of the Atlantic Council's Global China Hub,
says super-apps like WeChat align with Beijing's aims of organising all
aspects of life to keep control of the country.

 

"Principally to prevent 'political risk' - anything that could germinate
into an opposition and eventual risk to the CCP's [Chinese Communist
Party's] rule."

 

Will it work in the West?

WeChat's huge success in China is down to two major factors, Kecheng Fang,
at Chinese University of Hong Kong, tells the BBC.

 

For one, most people in China access WeChat on smartphones, rather than
desktop computers, due to the relatively late development of the internet in
the country.

 

"Which means they live in the walled gardens of apps rather than the open
web. It is much easier to build an 'everything app' on smartphones than on
computers," he says.

 

Mr Fang also says that China's lack of competition regulation - which
contrasts with most Western countries - allows an app like WeChat to
effectively block rival platforms, such as shopping platform Taobao and
video app Douyin.

 

Could Mr Musk make a similar app work outside China? We may be finding out
soon - and experts believe it may all depend on digital payments.

 

Kendra Schaefer, from policy research firm Trivium China, says that Mr Musk
has already recognised some of the key elements that have helped make WeChat
"critical to daily life" in China, including integrating social media with
digital payments.

 

That could be the "secret sauce of the super-app", she says.

 

Edith Yeung, from investment firm Race Capital, points out that a major
difference between China and the West is the widespread adoption of digital
payment technology.

 

While shops in China are legally obliged to accept cash, in practice,
digital payments are far more common.

 

This difference, she says, may be an obstacle to Mr Musk's ambitions. "It
will take the Western world longer to implement a truly cashless or credit
card free society," she says.-bbc

 

 

 

Twitter restores Kanye West's account after ban

Kanye West's account has been reinstated on Twitter after an almost
eight-month ban over offensive tweets.

 

The US rapper, known as Ye, was accused of violating the platform's rules
prohibiting incitement to violence.

 

He has not posted anything new since returning to the site, which owner Elon
Musk has rebranded to X.

 

Ye's account now shows his last post on 1 December 2022, a day before it was
was suspended.

 

Musk said at the time that Ye had "violated our rule against incitement to
violence", and that the account would be suspended.

 

It came after the musician posted a series of offensive tweets - one of
which appeared to show a symbol combining a swastika and the Star of David.

 

The suspension followed a similar ban two months earlier, when Ye was
initially locked out of his Twitter and Instagram accounts after posting
anti-Semitic messages in October. Both platforms removed his posts.

 

In the same month, clothing giant Adidas cut ties with the rapper, saying it
did "not tolerate anti-Semitism and any other sort of hate speech".

 

Ye was also suspended from Instagram for 24 hours in March last year after
using a racial slur in reference to comedian Trevor Noah.

 

Neither X or its billionaire owner Mr Musk have commented publicly on Ye's
account reinstatement on Saturday.

 

Musk reinstated former US President Donald Trump's account last November
after conducting a poll with 51.8% voting in favour of the reinstatement.

 

Trump said he had no interest in returning to the site.-bbc

 

 

 

Mark Zuckerberg: Threads users down by more than a half

Meta boss Mark Zuckerberg says its new social media platform, Threads, has
lost more than half its users.

 

The Twitter rival rocketed to more than 100 million users within five days
of its launch earlier this month.

 

But Mr Zuckerberg has acknowledged those numbers have now tumbled.

 

"If you have more than 100 million people sign up, ideally it would be
awesome if all of them or even half of them stuck around. We're not there
yet," he said.

 

Mr Zuckerberg - who made the comments in a call to employees, heard by the
Reuters news agency - described the situation as "normal" and said he
anticipated retention to improve as new features were added to the app.

 

Threads was criticised for the limited functionality it had when it
launched.

 

Meta has since added new features, such as separate "following" and "for
you"' feeds, and increased scope to translate posts into different
languages.

 

The company's chief product officer, Chris Cox, told staff it was now
focused on adding more "retention-driving hooks" to draw people back to the
platform.

 

He gave the example of "making sure people who are on the Instagram app can
see important Threads". The two platforms are closely tied - in order to
sign up for Threads, users must have an Instagram account.

 

Mr Zuckerberg also updated employees on the company's enormous bet on a
yet-to-be-created virtual reality world, called the Metaverse.

 

He said work on the augmented reality (AR) and virtual reality (VR)
technology that would power it was "not massively ahead of schedule, but on
track", adding that he didn't anticipate it going mainstream until the next
decade.

 

That prediction may intensify concerns that Meta has dedicated too much time
and money to the Metaverse - its Reality Labs division, which produces VR
headsets and other products, has racked up multi-billion dollar losses.

 

The company as a whole though continues to perform well financially -
announcing this week it made a profit of $7.79bn in the last quarter.

 

Mr Zuckerberg also addressed one other headline-making issue - his proposed
cage fight with fellow tech titan Elon Musk.

 

>From the safety of their keyboards, the two men indicated in June that they
were both keen on a bout - even going as far as suggesting a venue in Las
Vegas.

 

However, when pressed about it on the call, Mr Zuckerberg said he was "not
sure if it's going to come together".-bbc

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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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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