Major International Business Headlines Brief::: 02 June 2023

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 02 June 2023 

 


 

 


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

 


 

 


 

ü  South Africa: Govt Commits to Resolve Rustenburg Water, Sanitation Woes

ü  Africa Shunning U.S. for New Strategic Partners Is Not an Option, Its a
Necessity

ü  South Africa: Nearly 2,000 Eskom Fraud and Corruption Cases Registered

ü  Nigeria: CBN Debunks Reports of Naira Devaluation

ü  Nigeria: Investigation - the Real Owners of Nigeria's Polaris Bank
Revealed

ü  Cairo Named New Venue For 3rd Intra-African Trade Fair - IATF2023 Now Set
For 9-15 November 2023

ü  South Africa's Airlink Inks Agreement With Cricket Namibia

ü  Gambia: GYCC Wraps up Packaging Training for Enterpreneurs

ü  Gambia: 'We Only Got One Active Council Account'

ü  Gambia: Amnesty Int'l Urges Govt to Protect Rights Against Illegal
Fishing

ü  Namibia: June Petrol Price Unchanged As Diesel Retreats

ü  Tanzania: Govt, Investors Conclude LNG Talks

ü  Ghana: Over 400 SMEs Benefit From Financial Empowerment Workshop

ü  Elon Musk: Twitter boss reclaims title of world's richest person

ü  Debt ceiling deal: US House overwhelmingly passes bill

 

 


 

 


 <https://www.cloverleaf.co.zw/>          South Africa: Govt Commits to
Resolve Rustenburg Water, Sanitation Woes

Water and Sanitation Deputy Minister, Judith Tshabalala, has assured
residents in the Rustenburg Local Municipality, who are affected by sewer
blockages and overflowing manholes, that their challenges will be resolved.

 

Tshabalala met with the residents of Zanniaville, Zeindeling and Boom during
a ministerial oversight visit in Rustenburg Local Municipality, North West,
on Tuesday.

 

Tshabalala visited the province to assess its state and challenges, with the
aim of crafting solutions to the water and sanitation challenges in
Rustenburg.

 

The Deputy Minister's visit was prompted by the municipality's challenge
with the drinking water supply, which has resulted in intermittent supply
and rationing of water, with the failure of the sewer network infrastructure
causing the overflow of manholes.

 

Tshabalala met with various representatives from organisations, including
Bojanala District Municipality, Magalies Water, Royal Bafokeng, Zinniaville
Ratepayers' Association, Rand Water, Glencore, Elands Mines, Anglo Platinum,
Sibanye Water and the Business Chamber.

 

Following the engagement with the stakeholders, the Deputy Minister visited
Zanniaville, Zeindeling and Boom, which are some of the residential areas
that are badly affected by manholes overflowing and blockages of sewers.

 

Tshabalala told the residents that the department is going to monitor the
situation very closely.

 

"I am told that a contractor has been appointed to fix all these blockages
and spillages and they will be commencing on 1 June 2023. We will come back
soon. Our people deserve better," Tshabalala said.

 

She also slammed the bureaucratic processes that delay procurement progress,
which in turn denies people services.

 

Tshabalala heard that the municipality is also encountering some water
supply shortages in different areas due to various reasons, including load
shedding affecting the Magalies water supply and Bospoort Water Treatment
Works (WTA) supply areas, as well as breakdowns due to pipe bursts.

 

The capacity of Bospoort Water Treatment Works (WTW) is 12 megalitres per
day (Ml/d).

 

In an effort to address the issue of water supply that gets interrupted due
to load shedding, the municipality said it has written a letter to Eskom
requesting to be exempted from load shedding at Bospoort WTW.

 

As a short-term measure, the municipality said it is going out on tender for
a backup generator.

 

The long-term solution is to have a dedicated electrical line in place only
to service the Bospoort WTW, separate to the line that supplies electricity
to the residential area.

 

Other factors, which are attributing to water supply challenges in the
municipality, include old asbestos cement pipes bursting frequently, high
levels of non-water revenue, and a number of non-operational pump stations.

 

Water and Sanitation's North West Provincial Head, Chadwick Lobakeng,
advised the municipality to look into implementing water restrictions in
order to manage the current demand and supply.

 

"Mining companies utilise a huge amount of water for their daily operations,
hence we requested them to use less water and also replace some of their
quotas with water from treated effluent," Lobakeng said.

 

Lobakeng also indicated that the electricity supply is not adequate and high
lying areas do not have water due to low pressure in the system, and this is
caused by high demand during summer.

 

Tshabalala said the cholera outbreak should serve as an eye-opener that
"water is life, and should be managed with care".

 

-SAnews.gov.za.

 

 

 

Africa Shunning U.S. for New Strategic Partners Is Not an Option, Its a
Necessity

As the United States (U.S.) doubles on using threats of unjustified
sanctions, withdrawal of aid and interference in Africa's internal affairs,
the need by the continent to strengthen ties with new strategic partners
like Russia is inescapable.

 

The European Union (EU) and the United States (U.S.) have historically been
the biggest economic and security partners of the African continent.

 

The U.S which pours billions into the continent through development,
humanitarian, and security sector aid, also has a significant military
presence on the continent.

 

However, it's explicit that the Americans continue to use this aid to
suffocate African States by imposing and advancing their imperial
tendencies, justifying an immediate need for Africa to seek and further
cooperation with alternative strategic partners like Russia before it's
late.

 

For example, the ongoing harsh criticism towards Uganda including threats of
sanctions and withdrawal of aid by the U.S. for criminalizing same-sex, is
not only an explicit manifestation of the fact that the U.S. views Africans
as people in need of help or people who need to be told what to do, but also
an outright interference in the internal affairs of African sovereign
States.

 

President Yoweri Museveni and Parliament of Uganda, in the interest of the
country, deemed it fit to have a legislation that would prohibit such acts
and there promotion "because they undermine Ugandan and African values and
cultures."

 

However, the decision, has angered the U.S, another sovereign country, to
the extent that President Joe Biden, directed President Museveni to
immediately repeal the law on grounds that the legislation is a "tragic
violation of universal human rights".

 

The directive, issued in disregard of Uganda's sovereignty, undermines
mutual cooperation, and instead, imposes the abhorrent western and U.S
practices on the African people.

 

Homosexuality is outlawed in more than 30 African countries. This is what
Africa has decided, it is what the people of Africa have chosen. It is
therefore disturbing that the Biden administration can impose it on the
continent and its people. That exaggerated sense of self-entitlement is
unacceptable.

 

So, because of the aid, the Americans want to hold Ugandans and other
Africans at ransom and compromise their beliefs and values.

 

For decades now, the U.S. has failed to realize that there is need to
rebalance its strategy towards Africa, with meaningful and mutually
beneficial partnerships that are not simply opportunistic and self-serving.
This justifies why seeking alternative partners is not not an option.

 

For the United States to continue treating African states as countries
needing only its assistance and aid as opposed to diplomatic, economic, and
security cooperation is hugely detestable.

 

It is a wake up call for African States to first of all reject such
unfairness but also strongly partner with other key global players.

 

War in Ukraine: Africa is steadily communicating

 

The U.S. is disturbed by the resilience African countries have strongly
exhibited on the ongoing Russia's Special Military Operation in Ukraine with
a sizeable number taking a non-alignment position.

 

For known selfish reasons, the West and the U.S. initially thought that they
will force and bully African countries into taking sides in the conflict,
which has flatly hit a dead end.

 

The results of the U.N. General Assembly vote that followed a March 2
resolution to condemn the Russia's Special Military Operation in Ukraine
were clear, and the silence of many African leaders deafening. Nearly half
(48 percent) of the 54 African states decided not to take a stand against
Russia.

 

A more recent General Assembly vote on April 7 that resulted in the
suspension of Russia from the U.N. Human Rights Council, garnered even less
support from the continent. Only 10 states supported the punishment.

 

The U.N. vote was illustrative of African leaders' desire to strategically
balance their relations with Russia and the United States, based on their
own interests.

 

For instance, South Africa, the United States' largest African trade
partner, and recipient in 2020 of more than $1.1 billion of U.S. assistance,
also has significant ties with Russia. This should be the way to go.

 

Recently, South Africa, told-off the west and the U.S. on attempts to force
Pretoria to choose sides in the Russia-Ukraine conflict.

 

South Africa said that their position of demanding respect for the
multilateral system, non-alignment and advocating for a peaceful and
negotiated resolution of the conflict should be respected. Pretoria has as
well demonstrated that it will continue cooperating with Moscow as always.

 

Why is Russia projected to be the best alternative for partnership with
Africa?

 

Russia has clearly stated that Africa and its development is a top priority
for Moscow and stand in solidarity with the African demands to complete the
process of decolonization and support relevant initiatives on the UN
platform.

 

In a widely publicized opinion in July last year, Russia's Foreign Minister,
Sergey Lavrov, said the development of a comprehensive partnership with
African countries remains among the top priorities of Russia's foreign
policy.

 

He noted that Moscow is willing to contribute to its further growth - in
line with the strategic decisions taken in late October 2019 at the first
Russia-Africa Summit in Sochi and that Russia does not impose anything on
anyone or tells others how to live - clearly mocking America's modes
operandi.

 

Lavrov explained that Russia is firmly committed to the "African solutions
to African problems" principle and that such an approach to developing
inter-State ties dramatically differs from the "master - slave" logic
imposed by former metropolitan countries, which reproduces the obsolete
colonial model.

 

He said Russia is much aware that the African States do not approve of the
undisguised attempts of the US and their European satellites to gain the
upper hand, and to impose a unipolar world order to the international
community.

 

It should be noted that western powers are no longer the sole major players
on the continent. Through arms sales, military equipment donations, the
provision of military training, and the presence of paramilitaries like the
Wagner Group, Russia has been steadily establishing itself as an alternative
security partner for the continent.

 

According to a SIPRI report, in the period 2016-20, Russia was the largest
arms exporter to sub-Saharan Africa. Russia is seen by many African
countries as less paternalistic, less imperialist or neo-colonial, and less
self-serving than the United States and its Western partners.

 

Russia has ties with African countries that can be traced to the Cold War,
when the Soviet Union cast itself as an anti-colonialist defender.

 

Although its economic relations remain modest as compared to the continent's
main trading partners, Russia has increased its trade and economic
investments with African countries.

 

In 2019, Russia launched its first Russia-Africa Summit and Economic Forum.
The presence of 43 of Africa's 54 heads of states at that event demonstrated
that a number of them value their ties with Moscow and appreciate Russia's
approach to cooperation.

 

A Russia-Africa summit, the second in the series, is to be held in Saint
Petersburg from July 26-29. More African leaders compared to the first
Summit are expected to participate.

 

The writer is a Ugandan Journalist with passion for current African affairs.

 

 

 

South Africa: Nearly 2,000 Eskom Fraud and Corruption Cases Registered

Minister in the Presidency for Electricity, Dr Kgosientsho Ramokgopa, says 1
952 cases related to corruption at Eskom have been registered with the
police since April last year.

 

Ramokgopa was delivering the ministry's Budget Vote Debate at Parliament's
Good Hope Chamber on Wednesday evening.

 

Corruption, including state capture, has hampered the power utility and is
viewed as a contributor to its current challenges in generating adequate
electricity generation capacity for the country.

 

"A total of 1 952 Eskom related cases were reported to the SA Police Service
between 1 April 2022 and 29 May 2023, with 1 405 cases still under
investigation, and 126 arrests have been made.

 

 

"A further 302 Eskom related cases were reported to the SA Police Service
between 1 April 2023 and 29 May 2023, with 285 of the cases still under
investigation, and 31 arrests effected.

 

"A total of 214 arrests, emanating from combatting operations, were made
through the collaborative efforts of law enforcement, together with key
interdepartmental role players. The total value of items seized was R89 933
212," Ramokgopa said.

 

The Minister said these cases are tangible evidence that the power utility's
increased anti-corruption measures are beginning to take root.

 

"Whilst much remains, these interventions are beginning to turn the
situation around, and there are indications that operational measures
implemented have clearly disrupted the activities of criminal syndicates,"
he said.

 

Turning to continued social media reports of an impending complete blackout
of the electricity grid, Ramokgopa assured South Africans that such an
occurrence is unlikely.

 

"I should hasten to stress that an increase in load shedding levels does not
mean a greater risk of a national blackout. Instead, load shedding is a tool
to prevent such an occurrence by managing the demand for electricity at a
given time.

 

"A national blackout or grid collapse remains highly improbable, as multiple
safeguards are in place to ensure that it does not occur," he said.

 

Ramokgopa said as winter begins to take its grip, government and Eskom have
set plans in motion which could potentially add 7 000MW to the grid.

 

These plans include:

 

Contracting 400MW of capacity from Kelvin power station and large-scale
industrial producers which is expected to come online in the coming days.

 

Ramping the Open Cycle Gas Turbines to potentially add some 2 000MW.

 

Adding 80MW from Mozambique's Nacala Powership.

 

Utilising City Power's diesel generators that can produce up to 100MW. These
units are being assessed to determine the cost-benefit analysis of a
return-to-service refurbishment.

 

"The winter outlook indicates an increased risk of supply shortfall against
expected demand with our worst case scenario indicating that load shedding
could intensify to higher stages if our interventions are unsuccessful," he
said.

 

SAnews.gov.za.

 

 

 

Nigeria: CBN Debunks Reports of Naira Devaluation

The apex bank described reports of devaluation as "falsehoods"

 

The Central Bank of Nigeria (CBN) has debunked reports that the apex bank
devalued the naira to N631/$1 in an effort to unify the exchange rate.

 

Newspaper reports on Thursday claimed that the CBN devalued the local
currency from N461.6 to N631.00 on the Importer and Exporter (I&E) market
segment on Wednesday, following President Bola Tinubu's announcement of
plans to unify the rates.

 

However, in a statement issued Thursday by the CBN's Assistant Director,
Corporate Communications, Isa AbdulMumin, the bank described such reports as
"falsehoods".

 

 

"We wish to state categorically that this news report, which in the
imagination of the newspaper is exclusive, is replete with outright
FALSEHOODS and destabilising innuendos, reflecting potentially willful
ignorance of the said medium as to the workings of the Nigerian Foreign
Exchange Market," the statement said.

 

CBN Has Not Devalued The Naira pic.twitter.com/O9DCB4lQYj-- Central Bank of
Nigeria (@cenbank) June 1, 2023

 

The bank said for the avoidance of doubt, the exchange rate at the
Investors' & Exporters' (I&E) window traded Thursday morning (June 1, 2023)
at N465 per $1 and has been stable around this rate for a while, urging the
public to ignore reports stating otherwise.

 

"The public is hereby advised to ignore the news report by Daily Trust in
its entirety, as it is speculative and calculated at causing panic in the
market," the CBN said.

 

Earlier on Thursday, PREMIUM TIMES reported that naira fell slightly against
the United States dollar on the spot market to trade at N464.67 per $1 local
on Wednesday, according to data published by FMDQ, where forex rates are
collated and traded officially showed.

 

However, the domestic currency gained significantly at the parallel market
within the same period to trade at N740.00 per $1 against the range of N750
and above it was trading last week.

 

-Premium Times.

 

 

 

Nigeria: Investigation - the Real Owners of Nigeria's Polaris Bank Revealed

This months-long investigation reveals the full cast of characters to which
the Central Bank of Nigeria and AMCON sold Polaris Bank.

 

A cast of venture capitalists, a banker, and a real estate entrepreneur are
the controllers of Strategic Capital Investment Limited (SCIL), the
consortium to which the Central Bank of Nigeria sold Polaris Bank, PREMIUM
TIMES can authoritatively report.

 

Our investigation is revealing for the first time the full span of the
ultimate beneficial ownership of the bank.

 

The trio of Michel Danladi Verheijen and Ehimari Idahi, who are venture
capitalists, and Albert Chukwuemeka Emuwa, a banker, used layers of offshore
entities to hold their 45% shareholding in the bank.

 

Full disclosure of these holdings, including details of Polaris Bank's full
beneficial ownership, was missing in the bank's documentation with the
Corporate Affairs Commission when PREMIUM TIMES requested the information.

 

 

The non-availability of the details is a clear breach of the Corporate and
Allied Matters Act (CAMA) 2020.

 

That Messrs Verheijen, Idahi and Emuwa are associated with 45% interest in
Polaris Bank was largely unknown before now, but the control of the larger
55% shareholding is long known to be held by Auwal Lawal, a real estate
tycoon.

 

The new revelation is the product of several months of cross-border digging
by this newspaper. The investigation began shortly after the bank, a
hitherto distressed entity that was bailed out of trouble with over a
trillion naira of public funds, was sold to the SCIL consortium in October
2022.

 

Our investigation spanned Nigeria, Mauritius and Jersey, where we eventually
hit a dead end. When approached by our reporters, authorities in that
secrecy jurisdiction declined to disclose the ultimate beneficial owners
(UBO) of Zagamon Limited - a shell company through which Messrs Verheijen,
Idahi and Emuwa hold their 45% stake in Polaris Bank.

 

We then approached the management of Polaris Bank with our findings. We
informed the Bank that the non-disclosure of 45% of its ownership clearly
violates the CAMA Act 2020, which seeks to make ownerships of businesses
operating in Nigeria more open and transparent.

 

On May 15, in response to our enquiry, the bank surprisingly revealed the
identities of all its beneficial owners. However, it wrongly claimed that no
provision of CAMA 2020 was breached with the non-availability of the UBO
records in the company's file with the CAC.

 

Enacted to enhance corporate transparency and combat illicit financial flow,
CAMA 2020 took effect in 2020, promising progress against asset shielding by
dodgy business people and politically exposed persons (PEPs), with a
statutory requirement for companies to disclose their beneficial owner(s) or
person(s) with significant control (PSC).

 

Even where a foreign company is a subscriber or shareholder in a company
registered in Nigeria, the law requires the offshore company to disclose the
particulars of its beneficial owners, which can be publicly accessed in the
CAC register.

 

 

The particulars of the PSCs, including real names, national ID numbers,
residential and tax addresses, email addresses, age, and place of birth,
nature of and percentage of ownership, and PEP status, are to be kept in the
central PSCs register by the CAC and made publicly accessible.

 

The SCIL consortium and Polaris Bank

 

Last October, the Central Bank of Nigeria announced the sale of Polaris Bank
to SCIL for N50 billion. The sale decision was jointly taken with the Asset
Management Corporation of Nigeria (AMCON), the government's bad debt buyer,
which took over Polaris Bank's predecessor Skye Bank after the CBN withdrew
its licence in 2018 before setting up Polaris as a bridge bank.

 

In addition to the N50 billion acquisition price, SCIL also got 25 years to
repay the N1.3 trillion the central bank injected into Polaris in the four
years before the sale.

 

Publicly available incorporation records show that SCIL was registered with
the Corporate Affairs Commission on 28 April 2022, six months before it
emerged as the preferred bidder for the acquisition of Polaris, whose assets
are worth N1.2 trillion (2.8 billion USD).

 

CAC checks further show that SCIL has two PSCs or beneficial owners, with
both being corporate entities: Ponglomerape Limited (55%) and Clotaire
Investment Limited (45%).

 

Ponglomerape was registered on September 5, 2002, and is 99% owned by Auwal
Lawal, with Asmau Ahmad Auwal Mohammed taking the remaining 1% shareholding,
according to our investigation and the disclosure made to us by Polaris
Bank. The ownership of Ponglomerape by the Lawals is disclosed in the
corporate filing at the CAC, complying with CAMA 2020 requirements on
beneficial ownership disclosure.

 

Mr Lawal shot into public consciousness after his wedding in 2017 to the
daughter of Nigeria's ex-military president, Ibrahim Babangida. He is a real
estate tycoon. According to the company's website, he chairs Ponglomerape
Properties Investment Limited, which has developed residential properties in
Abuja, including in the affluent Maitama neighbourhood of the capital.

 

Zagamon's Non-disclosure

 

On the other hand, Clotaire is 100 per cent owned by another company, an
offshore entity known as Zagamon Limited, the company's status report,
obtained exclusively by PREMIUM TIMES on 3 May 2023 by CAC, shows.

 

While Nigeria's law allows an offshore company like Zagamon to be a
subscriber or shareholder in a Nigerian-registered company, the legislation
requires such an offshore entity to "provide the prescribed particulars of
the person with significant control who ultimately owns or controls the
foreign company...," according to the PSC Regulation 2022.

 

Despite this provision, CAC only has on file Zagamon, an offshore entity, as
the 100% shareholder of Cloitare. That arrangement made it impossible for
the public to know Cloitaire's UBOs through the CAC register. That, in turn,
made it difficult to have a full span of the real owners of Polaris Bank.

 

 

The non-disclosure violates Nigeria's law and creates concerns about the
continued use of offshore secrecy for asset shielding in a country notorious
for corruption and illicit financing involving PEPs and dodgy
businesspeople.

 

On CAC records, Zagamon is said to have been registered in Mauritius, a
notorious destination of the rich and powerful seeking a haven for their
financial secrets.

 

However, an investigation by PREMIUM TIMES revealed that Zagamon was not
incorporated in Mauritius but in another offshore secrecy jurisdiction,
Jersey.

 

We were able to track down the company in Jersey. The Zagamon we found in
Jersey was incorporated on 21 May 2019 and has the same incorporation number
as the one on the CAC database. However, the CAC wrongly claimed the company
was registered in Mauritius.

 

We then officially approached Jersey Financial Services Authority for
information and did a paid search for records on Zagamon's ultimate
beneficial ownership.

 

That search at the Jersey company registry still did not yield the
beneficial owners of Zagamon. Rather, what is listed as the director and
shareholder of the company is a long-known offshore secrecy seller, Lumbro
Corporate Services Limited. Secrecy enablers are usually used as nominee
directors and shareholders of companies to hide assets in notorious tax
havens and secrecy jurisdictions.

 

In the search report, Zagamon and Lumbro share the same address, Standard
Bank House, 47-49 La Motte Street, St. Helier, JE2 4SZ, Jersey. This address
features in our earlier Panama Papers Investigation. It is linked with other
secrecy sellers like Standard Bank Offshore Trust Company Jersey Limited,
Lumbro Nominees (Jersey) Limited, and Cotllion Trust Company Limited.

 

Often, in countries like Jersey, beneficial owners are never publicly known.
Instead, service providers who help to incorporate these shell companies
appear as nominee directors and stand-in shareholders. Real beneficial
owners, whose information is usually tucked away in confidential files, may
only be revealed when requested by law enforcement agencies or in leaks such
as Panama Papers, Paradise Papers, or Pandora Papers.

 

The regulators involved in the Polaris Bank transaction - including CBN,
AMCON, and Corporate Affairs Commission - appear unable to explain how they
allowed partial disclosure of the ownership of the bank, in violation of the
law.

 

"We are concerned about this matter because we advocated the legal framework
to enable the disclosure of beneficial owners of companies in Nigeria," said
Auwal Rafsanjani, the executive director of the Civil Society Legislative
Advocacy Centre (CISLAC), the representative of Transparency International
in Nigeria.

 

"To now see that a Beneficial Owner (BO) of SCIL that purchased Polaris Bank
is itself a corporate entity whose BO is a shell company with concealed
owners registered in Jersey, which is a tax haven, is a red flag."

 

Polaris Bank opens up

 

Although it did not comment on why the UBOs of Clotaire were not disclosed
in filings made to the CAC, Polaris revealed their names to PREMIUM TIMES.

 

The bank said, "Clotaire Investment Limited has one shareholder, Zagamon
Limited, who owns 100% of the shares. The shares of Zagamon Limited are held
by Lumbro Corporate Services Limited in trust for Zalane Limited (46.21%),
Montane Limited (10%) and The Galtstar Trust (43.79%), who are nominee
shareholders used as vehicles by Standard Bank Trust Company(Mauritius) Ltd
as trustees for the settlers.

 

"The Shares held for Zalane Limited are held as part of the assets of a
trust (Raria). Raria Trust owns 100% of Zalane Limited. The Original Settlor
of the Raria Trust is Michel Danladi Verheijen.

 

"The shares held for Montane Limited are held as part of the assets of a
trust (Arakan). Arakan Trust owns 100% of Montane Limited. The Original
Settlor of the Arakan Trust is Albert Chukwuemeka Emuwa.

 

"The shares held for the Galtstar Trust are held as part of the assets of
the Galtstar Trust. The Original Settlor of the Galtstar Trust is Ehimare
Idiahi. Mr. Idiahi has no holding company. Therefore, interest in Zagamon is
directly held by the Galstar trust."

 

"The trustee of all three trusts is Standard Bank Trust Company (Mauritius)
Limited."

 

Messrs Idiahi, 41, and Verheijen, 47, are the co-founders of Verod Capital,
a Nigerian investment firm. Mr Idiahi is associated with a total of seven
companies as a serving and former director in the UK corporate register.

 

Mr Emuwa, 59, is a former chief executive of Nigeria's Union Bank and is
currently a director of Tangerine Financial Limited, a UK-registered firm,
alongside Mr Idiahi.

 

'Polaris Bank Sale indicates regulatory capacity gap'

 

Governance and transparency activists aware of our findings described the
failure of the CAC to compel SCIL to act in compliance with the law - and
also the due diligence failure of the CBN and AMCON - as a reflection of
regulatory failures in Nigeria.

 

"This shows a gap in the capacity of our institutions to implement these
rules and it is disappointing," said Auwal Rafsanjani, the executive
director of the Civil Society Legislative Advocacy Centre, the Nigerian
chapter of Transparency International.

 

The CAC did not respond to an enquiry sent to it by PREMIUM TIMES (filed via
a Freedom of Information request) on why it incorporated SCIL without
compelling the entity to disclose all its beneficial owners, a sloppy
approach that breached its own law (CAMA 2020) enacted to enhance corporate
transparency and block asset shielding.

 

The CBN acknowledged an FoI request for information and documents relating
to Polaris Bank's acquisition process and the ultimate beneficial owners of
SCIL. It, however, failed to answer the questions we asked.

 

"We wish to inform you that the information being sought, where available,
will be communicated in due course," reads CBN's reply of March 30 2023. The
bank is yet to keep its promise.

 

AMCON ignored requests to comment on our findings. The spokesperson for the
agency, Jude Nwauzor, did not answer or return calls made to his known
telephone number between May 7 and 8. He also did not reply to a text
message sent to him.

 

-Premium Times.

 

 

 

Cairo Named New Venue For 3rd Intra-African Trade Fair - IATF2023 Now Set
For 9-15 November 2023

The Egyptian capital city of Cairo has been announced as the new host of the
third Intra-African Trade Fair (IATF2023) which will now take place from 9
to 15 November 2023.

 

The IATF2023 Advisory Council said in Cairo that the decision to change the
venue and dates of the continental event, originally scheduled for Abidjan,
Côte d'Ivoire, from 21 to 27 November 2023, followed indications received
from the Government of Côte d'Ivoire that it was no longer in a position to
host the trade fair due to difficulties faced in importing semi-permanent
structures and in complying with certain hosting requirements.

 

Chief Olusegun Obasanjo, Chairman of the IATF2023 Advisory Council, which is
the governance body of the trade fair, commended the commitment of the
Egyptian Government for agreeing to step in as the new host.

 

"We must thank the Government of the Arab Republic of Egypt for its
responsiveness, flexibility and dedication in, once again, hosting the
Intra-African Trade Fair," said Chief Obasanjo. "This, undoubtably,
demonstrates its commitment to promoting and expanding trade among African
countries. With Egypt, the biennial IATF was launched in 2018 with flying
colours. We, therefore, reassure all IATF2023 stakeholders, including
exhibitors, conference delegates, buyers and trade visitors, that we have no
doubt that the experience we have gained with Egypt in 2018 and with South
Africa during the second edition in Durban in 2021, will make this third
edition of Africa's premier trade and investment platform a success beyond
our expectations."

 

Host country of the highly successful inaugural IATF in 2018, Egypt offers
first-class infrastructure and facilities. The IATF2023 organisers, in close
collaboration with the Egyptian Ministry of Trade and Industry, are on track
to promptly finalise the necessary arrangements and ensure that IATF2023
takes place as planned in excellent conditions.

 

"Coordination is underway with the African Export-Import Bank (Afreximbank)
to host the third edition of the Intra-African Trade Fair, due to be held
during 9th – 15th November 2023," said Eng. Ahmed Samir, Minister of Trade
and Industry of Egypt. "We are keen on extending all-out support to convene
the fair in a form that suits Egypt's position in Africa. IATF2023 will
provide a unique and valuable platform for businesses to access an
integrated African market of over 1.3 billion people with a GDP of over
US$3.5 trillion created under the African Continental Free Trade Area."

 

IATF2023 harkens to the decision of the 2023 Assembly of Heads of State and
Government of the African Union which adopted "Acceleration of AfCFTA
Implementation" as the African Union Theme of the Year 2023. This
underscores the high importance of the IATF as a continental initiative and
as the marketplace for the AfCFTA.

 

About the Intra-African Trade Fair

 

Organised by the African Export-Import Bank (Afreximbank), in collaboration
with the African Union Commission (AUC) and the African Continental Free
Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is
intended to provide a unique platform for facilitating trade and investment
information exchange in support of increased intra-African trade and
investment, especially in the context of implementing the African
Continental Free Trade Agreement (AfCFTA).

 

IATF brings together continental and global players to showcase and exhibit
their goods and services and to explore business and investment
opportunities in the continent. It also provides a platform to share trade,
investment and market information with stakeholders and allows participants
to discuss and identify solutions to the challenges confronting
intra-African trade and investment. In addition to African participants, the
Trade Fair is also open to businesses and investors from non-African
countries interested in doing business in Africa and in supporting the
continent's transformation through industrialisation and export development.

 

The 3rd Intra-African Trade Fair (IATF2023) is expected to attract:

 

More than 1,600 exhibitors.

More than 35,000 visitors, buyers and conference delegates from all 55
African countries, the Diaspora and the rest of the world; and

More than US$43 Billion in trade and investment deals.

To register as a delegate or as an exhibitor for IATF2023 please visit:
www.intrafricantradefair.com

 

 

 

South Africa's Airlink Inks Agreement With Cricket Namibia

Southern Africa's independent airline, Airlink, on Wednesday week, inked a
12-month branding and co-operation agreement with Cricket Namibia.

 

The agreement will see Airlink support Cricket Namibia's local and
international travel arrangements and promote Airlink's brand in those
markets and through broadcast exposure, including during the forthcoming
Richelieu Eagles tournament to be held in Namibia.

 

"Namibia is an important and valuable market for Airlink and we are proud to
deepen our investment in the country by going in to bat for Cricket Namibia.
Cricket is all about focus, agility, tenacity, and strategic placement of
the ball and players. These attributes reflect Airlink's values and its
approach by providing the greatest choices, flexibility, and quality service
to the communities, markets, and economies that it connects," explained
Airlink CEO and Managing Director, Rodger Foster.

 

 

The agreement, retroactive to 01 April, was announced today at Airlink's
Windhoek city office and will run initially to 31 March 2024, with the
option to extend.

 

Airlink operates 26 weekly return flights from both Johannesburg and Cape
Town to Windhoek and Walvis Bay with convenient connections to its other
destinations in South Africa, the SADC region, East Africa, Madagascar, and
St Helena island.

 

The Namibia flights are also timed to allow for easy onward connections with
Airlink's various long-haul partner carriers operating inter-continental
flights via Johannesburg or Cape Town.

 

Last September Airlink invested in FlyNamibia, with which it is
collaborating to build a network of Namibian and pan-regional services
operated and supported by both airlines and Windhoek's Hosea Kutako
International Airport as the hub.

 

-Namibia Economist.

 

 

 

Gambia: GYCC Wraps up Packaging Training for Enterpreneurs

The Gambia Youth Chamber of Commerce (GYCC) with support from the Konrad
Adenauer Foundation (KAS) on Sunday wrapped-up a week-long product packaging
and branding training for 25 business enterpreneurs at the National
Nutrition Agency Conference Hall.

 

The training accord participants the opportunity to improve on their
branding, packaging and marketing skills, thus enhancing their
competitiveness through experience and capacity to support local and
international markets.

 

At the forum, Baboucarr Kebbeh, Chief Executive Officer of GYCC, said the
training covered topics such as the fundamentals of packaging, what designs
requirements are on packaging, packaging processes, machinaries used in
packaging as well as organised field visits to packaging industry and
printing industry in The Gambia.

 

 

Kebbeh pointed out that when an enterpreneur has a good design, the product
itself serves as a silent sales person.

 

"One of our objectives is to leverage the Africa Free Trade Agreement - a
way for them to penetrate the regional and international markets is by
ensuring they prepare our SMEs to be able to produce quality and standard
products to compete with regional SMEs."

 

He thus urged participants to make best use of the knowledge gained during
the training.

 

Adama Bayai, vice president of GYCC board, expressed their resolve to
empower young enterpreneurs through such trainings from their establishment,
saying 'if participants utilise their knowledge gained during the training ,
it will take their businesses to another level.'

 

Mamud Bah, Director General of Food Safety and Quality Authority (FSQA),
reminded that after the product, packaging, labelling, design and everything
else, the most important thing products and enterpreneurs need to have is
character.

 

The current generation, she added, have a lot of inadequacies and the
unfortunate expectation is that they will pass those inadequacies to the
next generation.

 

"And if they do not mold their character then they will not be able to
correct where the current generation has faultered."

 

She advised young enterpreneurs that they cannot succeed 'if they do not
have discipline,' and that the latter has to appear in everything they do.

 

She urged them to be tolerant, professional, honest, patient, modest and
rightous and not be over ambitious as it may lead them to be corrupt.

 

"Be connected with your products and make them the best. Do not cut corners.
Take advantage of technology," he further advised young enterpreneurs.

 

Papa Secka, Director General of the Gambia Standards Bureau, said most small
and medium enterprises fail because of the lack of the right discipline and
integrity.

 

He highlighted that standards are everything in a business and therefore
urged enterprises not to never compromise them.

 

-The Point.

 

 

 

Gambia: 'We Only Got One Active Council Account'

The head of the Business Banking Department at the Standard Chartered Bank,
Abdoulie Sanneh, yesterday told the Local Government Commission of Inquiry
at Senegambia that the bank has only one active bank account belonging to a
council.

 

"Your bank was summoned to produce certain documents before the Commission.
Were you able to get those documents? asked Lead Counsel Yakarr Cox.

 

"Yes," the witness responded, "we were given a list of council names to
check whether we hold accounts for them, and we have realised that we only
got one active account at the moment, which is Basse Area Council. [for]
Banjul City Council we had an account with them but it was closed in 2020.
So I was able to get statements for Basse Area Council and then BCC from
2018 to 2020. The rest of the councils - Kuntaur, Mansakonko and
Janjangbureh - we had an account with them but they were closed way before
2017."

 

 

The witness tendered to the counsel the bank statement for Banjul Area
Council to the Commission, which has a start date of 7 December 2016 and an
end date of 15 December 2020. The opening balance was D161.65.

 

As confirmed by the witness, the Commission realised that there was little
transaction and activity in relation to the account. The document was
exhibited and tendered into evidence, following an application by Lead
Counsel Cox.

 

Witness continued his testimony, saying: "The second statement is the
statement for Basse Area Council. Like I said, it is a dormant account.
Dormant accounts means accounts that have had no transactions for 12 months.
So when there is nothing in an account for 12 months, the account turns to
dormancy. So this account is a dormant account which is on the verge of
closure."

 

"So I have got a statement which is dated from the 30th of December 2017 to
date. The account is in a debit of D6,000. It is a current account."

 

The document was also tendered into evidence.

 

Concerning the signatories to the said accounts, Mr Sanneh told
commissioners: "We start with Banjul City Council. So the account operates
for any two to sign. This is how it is in the system; we don't have the
first name but the second name is A.F. Othman and D.F. Bojang, Mustpha
Bathily, O. Badjie and S. Faal. So these are the 5 signatories we have in
the system, and it is for any two to sign. As per the signing rules, any two
can sign a cheque or any transaction in the bank.

 

"[For] Basse Area Council, we have got loads of them. Bakary Laineh,
Bubacarr M.J. Kanteh, Ebrima K. Sarr, Eduwarr A.K. Seckan, Ebrima N. Jaweh,
M. Mrenarh/Marenah, Maudeh S. Baldeh, Momodou S. Jaiteh, Morro Keita,
Mustapha F.M. Jobe and Pa Saat Ceesay. This one also is for any two to
sign."

 

Mr Sanne's testimony eventually ended.

 

"Thank you very much. We appreciate your swift response. If and when we
require you to clarify issues for us, we may call you in," Commissioner
Jainaba Bah, chairperson of the Commission, told the witness following the
conclusion of his testimony.

 

The Point.

 

 

 

Gambia: Amnesty Int'l Urges Govt to Protect Rights Against Illegal Fishing

The regional director for West and Central Africa of Amnesty International
has urged The Gambia government to eliminate all forms of illegal,
unregulated and unreported fishing activities in the country.

 

Samira Daoud, made the statement yesterday at a virtual press conference
from Dakar, Senegal, following the release of a research report on the
impact of fishmeal factories and the unregulated fishing activities on the
lives and livelihoods of locals along the coastal settlements of The Gambia.

 

"The malpractice by certain actors in the fishing industry is harming the
environment and undermining people's livelihoods. The Gambian authorities
must urgently take all measures to end all forms of illegal fishing and
protect the human and economic rights of the affected communities," she
warned.

 

 

She disclosed that the presence of fishmeal factories along the coastal
villages of the country has negatively impacted the livelihoods of the
people, citing the community of Sanyang which she said, has experienced a
severe social and economic setback following the establishment of the
fishmeal industry.

 

"Local communities are being deprived of their basic rights to a decent
standard of living as well as their rights to health and food. I am urging
the government of The Gambia to urgently protect the socio-economic rights
of the locals, especially those living in Sanyang and her neighbouring
villages," she advised.

 

"If the coronavirus has bankrupted business, the fishmeal factory is doing
worse than that."

 

"We know the coronavirus pandemic would last a particular moment in time but
about the fishmeal factories, we do not know how long this will affect the
economic gains of the coastal settlements," she said.

 

Over the years, communities along the coastlines of The Gambia such as
Sanyang, Gunjur, Kartong and Tanjai had staged a series of protests against
the government for allowing the establishment of fishmeal industries
including its alleged illegal juvenile fishing activities.

 

-The Point.

 

 

 

Namibia: June Petrol Price Unchanged As Diesel Retreats

Namibian petrol prices for June 2023 will remain unchanged while the price
of diesel 50 ppm will decrease by 80 cents per litre and that of diesel 10
ppm will drop by 60 cents per litre.

 

The petrol prices in Walvis Bay will thus remain N$19.78 per litre while
diesel 50 ppm will cost N$19.05 per litre and diesel 10 ppm N$19.25 per
litre.

 

According to the mines and energy ministry, the prices of oil are
experiencing significant short-term declines due to ongoing demand concerns
caused mainly by the rampant strengthening of the United States dollar.

 

 

"It is further anticipated that the oil price will continue to fall as OPEC
is not expected to cut its overall output further in its next meeting on 04
June 2023. Although the Russian Federation does not expect any new major
developments from OPEC+ at its upcoming meeting on 4 June, Saudi Arabia has
hinted at the possibility of another round of production cuts to try pushing
up oil prices.

 

However, oil prices could rebound if OPEC+ was to introduce significant
production cuts, coupled with a more resilient-than-expected US economy,
unless demand elsewhere absolutely collapses (akin to Covid-like lockdown),
or the market is hit with non-compliance from big OPEC+ producers," the
ministry stated.

 

The latest calculations by the ministry indicate the average price for
unleaded petrol 95 over May 2023 was US$92.1 per barrel, compared to
US$102.4 per barrel at the end of April 2023, depicting a significant
decrease of about US$10 over the review period.

 

Additionally, the average price for diesel 50ppm over May 2023 was US$85.8
per barrel, compared to US$96.5 per barrel at the end of April 2023.
Moreover, the average price for diesel 10ppm over May 2023 stood at US$87.3
per barrel, compared to US$97.4 per barrel at the end of April 2023).

 

Furthermore, the exchange rate figures for 01 to 26 May 2023 indicate the
Namibia dollar has depreciated against the US dollar to N$18.9 compared to
N$18.2 at the end of April 2023.

 

Therefore, after entering these input factors into the fuel pricing model,
the ministry recorded over-recoveries on petrol and both diesel products.
Overall, an over-recovery of 4 cents per litre was recorded on petrol and
over-recoveries of 136 and 118 cents per litre on diesel 50ppm and 10ppm,
respectively.

 

The mines and energy ministry has also received a request from the finance
and public enterprises to increase road user charges included in the prices
of petrol and diesel. To this end, a resolution was taken to increase the
road user charges for road maintenance and construction of new roads by 30
cents per litre from 148 cents per litre to 178 cents per litre effective 07
June 2023.

 

A ministry official explained that although the road user charges are
increasing by 30 cents per litre, an equal adjustment has been made in the
opposite direction to keep fuel prices unchanged.

 

The effective date for all these adjustments is Wednesday, 7 June 2023, at
00h01.

 

The ministry expressed hope that the market will continue to be favourable,
especially for net fuel importing countries like Namibia, which could result
in consumers paying less for fuel products at the pumps.

 

-New Era.

 

 

Tanzania: Govt, Investors Conclude LNG Talks

Dodoma — THE government has finally concluded talks with investors of a long
awaited Liquefied Natural Gas (LNG) plant in Lindi Region, the National
Assembly heard on Wednesday.

 

According to the Minister for Energy January Makamba, the agreements
pertaining to the massive project will be presented to the cabinet for
approval as required by law before the documents are signed.

 

Tabling 3.048tri/- budget estimates for his docket, Mr Makamba said that the
project which will cost 42 billion US dollars (about 99tri/-) will change
the image and economic sphere of the country.

 

"I'm pleased to inform the House that the talks for final Host Government
Agreement (HGA) have been completed and its draft will be presented to the
cabinet for approval," Mr Makamba said.

 

 

The minister said the government has set a special office for LNG project,
which will oversee effective implementation of the scheme.

 

He said other activities expected to be implemented in the next financial
year include commencement of the preliminary preparations for the project,
starting with conducting research including Front-End Engineering and Design
(Pre-FEED).

 

Makamba added that the government will also continue to build capacity to
government experts on operation and management of the project, and proceed
with scientific research and familiarization of the machines which will be
installed at the project site and conduct post - compensation livelihood
study.

 

He noted that a total of 6bn/- has been set aside from internal sources for
execution of the planned activities

 

"In the next meeting, the government will bring in the National Assembly a
special bill for this project for enactment of a law, which will govern
operations and execution of the agreements," he said.

 

On the other hand, the government will in the next financial year start
educating entrepreneurs on opportunities associated with the project and on
how to exploit them.

 

"Special efforts will be done in order to enable residents in Lindi and
Mtwara regions to understand their position and responsibilities in the
project and on how they can take part and reap benefits," Makamba said.

 

"As I have said earlier in order to ensure that local experts take part in
the execution of the project the government will construct a technical
college for the purpose in Lindi ... the government will also collaborate
with private sector to set Special Economic Zone in the project site in
order to stimulate industrial development and increase employment
opportunities," he pointed out.

 

 

Elaborating, the minister noted that the Special Economic Zone will attract
industries and other economic activities which will benefit from economic
infrastructure including ports, and reliable electricity.

 

Debating the budget estimates, Singida- West MP Elibariki Kingu, (CCM) said
that Minister Makamba will be remembered for reviving talks for LNG project
which have been very successful.

 

"We want to see the results of this great work you have done...you should
speed up the execution of this project to allow the country to move forward
for wider interests of the nation," he said.

 

Mchinga MP Salma Kikwete (CCM) said LNG project being located in Lindi
municipality is crucial not only for the residents in the southern regions
but also the country in general.

 

"I commend President Samia Suluhu Hassan for her determination to bring
development in the southern regions because this project is going to improve
the livelihood of the people," she said.

 

Recently, the Director General of Petroleum Upstream Regulatory Authority
(PURA), Eng Charles Sangweni, told 'Daily News' in a telephone interview
that the government is currently drafting the final Host Government
Agreement (HGA).

 

The initial HGA was signed between the government of Tanzania and investors
involved in the mega project in June, last year, during a ceremony which was
witnessed by President Samia Suluhu Hassan at Chamwino State House in
Dodoma.

 

"We are now finalising the process of drafting the final HGA, these are
legal documents and hence there is a need to have clear interpretation of
all provisions of the agreement.

 

"If all goes as planned, we expect to sign the final HGA by February this
year to pave the way for signing of the final investment decision by 2025,"
Eng Sangweni explained.

 

Once the FID is inked in 2025, construction work for the project is expected
to kick off in the same year after which production and exports of natural
gas to global markets will start by 2030.

 

The initial HGA was signed between the government of Tanzania on one hand
and investors of the project on the other. They include Shell and Equinor
ASA companies, who are the main partners in implementation of the project.

 

Other investors who are partners of the multi-million project which is one
of its kind in Tanzania include ExxonMobil and Pavilion Energy.

 

-Daily News.

 

 

 

Ghana: Over 400 SMEs Benefit From Financial Empowerment Workshop

Consolidated Bank Ghana (CBG), in partnership with Development Bank Ghana
(DBG), has trained over 400 Micro, Small and Medium Enterprises (MSMEs)
under its SME Financial Empowerment (SFE) training programme.

 

The two-day training, which took place in Accra, offered participants the
opportunity to learn more about financial literacy to support the growth of
their businesses with digital skillsets.

 

Speaking at the event, the Head of CBG SME Centre, Mr Kwasi Amekonanye, said
the programme would allow SMEs to showcase their products and attract
potential buyers or suppliers globally.

 

"The goal of onboarding SMEs on the SFE programme is to enhance information
sharing and provide financial solutions to support SME growth. This
collaboration with DBG under the Ghana Integrated Financial Ecosystem
programme facilitates international connections and opportunities for SMEs
in Ghana; it allows them to showcase their products and attract potential
buyers or suppliers, both locally and internationally," he said.

 

 

"CBG/DBG collaboration brings funding at concessionary lending rates, which
are lower than usual, and thus not over-burdening to the SMEs. CBG's focus
on non-collateralised cash flow lending is being enhanced by collaborating
with other donor-funded programmes and thus contribute to a stronger economy
by improving opportunities for women-led businesses and youth entrepreneurs
too," he added.

 

Reiterating CBG's commitment to SME growth, the Head of SME Business, Mrs
Rita Ankra-Badu, stated that the bank remained committed to providing value
for SMEs

 

"The Bank recognises the importance of not only providing financial
products, but also offering training and support to help their businesses
thrive. We partnered with DBG to serve SMEs at discounted rates and with
unsecured financing. The collaboration also aims to help SMEs to access
financial literacy training, low-cost facilities, as well as gain access to
international markets for trade," he said.

 

The SME Financial Empowerment (SFE) programme has been designed to transform
the landscape for aspiring entrepreneurs, micro, small, and medium
enterprises (MSMEs), and businesses to build foundational digital-financial
literacy and enhance their understanding of essential financial services.

 

The programme offers a wide range of courses designed to equip businesses
with the necessary knowledge and skills to thrive in the digital economy.
Participants will learn how to leverage digital tools and strategies to
drive growth, efficiency, and competitiveness and access finance.

 

-Ghanaian Times.

 

 

 

Elon Musk: Twitter boss reclaims title of world's richest person

Elon Musk has reclaimed his title as the world's richest person, knocking
the boss of luxury goods giant LMVH, Bernard Arnault, off the top spot.

 

His net worth has soared by $55.3bn (£44.44bn) since January to $192bn
(£153.24bn), after a rise in the value of his electric car company Tesla.

 

Mr Arnault's fortune has fallen by $24.5bn (£19.55bn) to $187bn (£149bn),
per Bloomberg's Billionaires Index.

 

He is followed by Jeff Bezos and Bill Gates in third and fourth positions.

 

Mr Arnault, 74, had overtaken Mr Musk, 51, on the the rich list in December
when shares in LMVH jumped as demand for luxury goods rebounded.

 

At the same, shares in Tesla - the company from which Mr Musk derives most
of his wealth - fell sharply amid concerns that his takeover of the social
media platform Twitter was affecting his leadership.

 

However, Tesla shares have bounced back by almost 92% since the start of
this year as investor nerves have eased and Mr Musk has announced his
replacement as Twitter chief executive.

 

His visit to China this week to discuss Tesla has also sparked excitement,
while the car firm is benefiting from the recent rise in interest in
artificial intelligence.

 

By contrast, LMVH - which owns brands including Louis Vuitton and Christian
Dior - has gone into reverse.

 

After hitting a record high in April, its shares have fallen sharply and are
down 16% since the start of the year.

 

Mr Arnault, who co-founded the luxury goods giant in 1987, owns a majority
stake in the business, which is Europe's most valuable firm.

 

In January the Frenchman appointed his daughter Delphine Arnault, 47, as
head of his fashion house Dior as part of a shake-up at LMVH.

 

All five of Mr Arnault's children hold management positions at brands in the
group.

 

According to Bloomberg, Amazon founder Jeff Bezos is the world's third
richest person with a fortune of $37.3bn. Mr Gates, who co-founded
Microsoft, is worth $16.2bn.-bbc

 

 

 

Debt ceiling deal: US House overwhelmingly passes bill

A deal allowing the US to borrow more money has moved closer to becoming
law, days before the world's biggest economy is due to start defaulting on
its debt.

 

The measure easily passed the House of Representatives by a vote of 314-117,
despite defections on both sides.

 

The Senate is now meeting ahead of a vote, which the bill needs to pass
before it can be signed into law by President Joe Biden.

 

The government is forecast to hit its borrowing limit on Monday 5 June.

 

That has left little margin for error as lawmakers race to avoid the US
defaulting on its $31.4tn (£25tn) debt, which underpins the global financial
system.

 

A default would mean the government could not borrow any more money or pay
all of its bills. It would also threaten to wreak havoc on the global
economy, affecting prices and mortgage rates in other countries.

 

On Wednesday evening, 165 Democrats joined 149 Republicans in approving the
99-page bill to raise the debt ceiling, allowing it to pass the House by the
required simple majority.

 

With Republicans in control of the lower chamber of Congress and Democrats
holding sway in the upper chamber and White House, a deal had proven elusive
for weeks until Mr Biden and House Speaker Kevin McCarthy inked a bipartisan
compromise over the weekend.

 

In a statement, Mr Biden thanked the speaker, saying he had negotiated in
good faith.

 

"Neither side got everything it wanted," said the president. "That's the
responsibility of governing."

 

Kevin McCarthy was able to push Joe Biden and reluctant Democrats to the
negotiating table by passing a bill that raised the debt limit but included
a laundry list of conservative priorities.

 

Then he was able to hold his party together as he struck a less ambitious
deal with the president that modestly trimmed the growth in federal spending
and added some new conditions on aid for low-income Americans.

 

That was not enough for a group of hard-line conservatives, some of whom
hinted they would unseat Mr McCarthy and force a new election for Speaker.

 

But by Wednesday, even the hottest of firebrands were backing away from
their rhetoric. And when it came time to vote, a majority of Republicans
approved Mr McCarthy's deal.

 

While the hard-liners may grumble, it is clear they do not have anywhere
near the level of support they would need to replace Mr McCarthy - or even
any idea who to replace him with.

 

line

The agreement suspends the debt ceiling, the spending limit set by Congress
which determines how much money the government can borrow, until 1 January
2025.

 

The legislation would result in $1.5tn in savings over a decade, the
non-partisan Congressional Budget Office said on Tuesday.

 

But the bill's passage had been in jeopardy after lawmakers from both
parties voiced opposition.

 

Ultra-conservative Republicans complained they had secured too few
concessions in exchange for raising the debt limit.

 

-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  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

GetBucks

EcoCash

 


TSL

Econet

Turnall

 


First Capital Bank

ZBFH

Fidelity

 


Zimplow

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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230602/29ec709c/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230602/29ec709c/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 27546 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230602/29ec709c/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 345258 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230602/29ec709c/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 25521 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230602/29ec709c/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230602/29ec709c/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230602/29ec709c/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65558 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230602/29ec709c/attachment-0001.obj>