Major International Business Headlines Brief::: 07 June 2023

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Major International Business Headlines Brief::: 07 June 2023 

 


 

 


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

 


 

 


 

ü  West African Nations Rally for Urgent and Sustainable Solutions to
Fertiliser Shortages

ü  South Africa: Construction Mafia Allegedly Linked to Power Utility's
Procurement Staff 

ü  Nigeria, Other OPEC Members Agree to Cut Oil Production

ü  Mozambique: Report Sheds Light On Mozambique's Troubled Cabo Delgado

ü  Liberia: EU Injects U.S.$88 Million in Liberia Economy

ü  South Africa Dominates Namibia's Import/Export Bill During April

ü  Cote d'Ivoire's Mines Risk Degrading Its Fragile Environment

ü  Ghana: Fully Developed Ada Songor Salt Project, Major Contributor to
Ghana's Economy

ü  Uganda: Experts Make Case for Timber Buildings to Reduce Country's
Construction Emissions

ü  Uganda: NSSF Says Its Innovation Program Has Created 6000 Jobs

ü  US sues Coinbase as crypto crackdown widens

ü  BBC, BA and Boots issued with ultimatum by cyber gang Clop

ü  Telegraph owners say no risk to titles over loans

ü  Shell adverts banned over misleading clean energy claims

ü  CBI: Scandal-hit business group wins survival vote

 


 

 


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West African Nations Rally for Urgent and Sustainable Solutions to
Fertiliser Shortages

In a move to combat the escalating food crisis exacerbated by the relentless
impacts of climate change, seventeen nations in West Africa and the Sahel
signed the "Lomé Declaration on Fertilizers and Soil Health." The agreement
has been called a beacon of hope by some, as it looks to revolutionise the
accessibility and affordability of soil fertilisers in the region.

 

Togolese President Faure Gnassingbé, the host of the gathering, emphasised
the importance of a "community vision" in addressing the food needs of
approximately 500 million people in West Africa. He said the necessity of
achieving a balanced and effective strategy, while highlighting the
significance of organisation and coordination. "Without vision, without
strategy, fertilisers can quickly turn from a promise of soil restoration to
the cause of deterioration," he said.

 

"As we need to find a proper balance, planning, and state involvement are
essential. I, therefore, support a regional approach. As exemplified by the
roadmap presented today, our vision should primarily be sub-regional."

 

 

Food security crisis

 

West Africa and the Sahel, which rely heavily on imports, are confronting a
significant food crisis that has been intensified by the impacts of the
climate crisis. A recent report by the Food and Agriculture Organization
(FAO) and World Food Programme (WFP), revealed that numerous African
countries, including Burkina Faso, Mali, Nigeria, Somalia, and South Sudan,
are among those facing the highest levels of food insecurity.

 

According to RFI, leaders in West Africa and the Sahel pledged to consider
soil health as a "critical pillar of food security" and are committed to
tripling fertiliser consumption by 2035 in order to step up agricultural
productivity.

 

Through this agreement, the signatories of the Lomé Declaration recognise
the strategic importance of fertiliser as a cross-border product and aim to
facilitate its unrestricted circulation. They plan to progressively
eliminate customs duties and taxes on fertilisers, including other essential
raw materials.

 

Africa's biggest problem lies in the inadequate local production of
fertilisers. The continent faces significant challenges when it comes to
meeting its agricultural needs due to a lack of accessible and affordable
fertilisers.

 

The agricultural sector is critical to African economies and accounts for
the majority of livelihoods across the continent. Without proper
fertilisers, African farmers struggle to enhance soil fertility, resulting
in lower crop yields and decreased food security. The heavy dependence on
imported fertilisers also exacerbates the issue, as it leads to high costs,
limited availability, and susceptibility to international market
fluctuations.

 

 

The global supply of agricultural fertilisers is being significantly
affected by the ongoing conflict in Ukraine, which has the potential to
undermine food security worldwide. Russia and Belarus are among the largest
suppliers of mineral fertilisers globally. However, following Russia's
invasion of Ukraine in February 2022, several countries, including the
United States and the European Union (EU), imposed sanctions on Russia.
According to the Food and Agriculture Organization (FAO), the shortage of
chemical fertilisers, exacerbated by the war in Ukraine, is causing an
increase in food costs and creating a crisis for economically disadvantaged
countries.

 

In recent years, several African countries have taken the initiative to
produce their own fertilisers, recognising the potential benefits for their
agricultural sectors. This move has been driven by the desire to enhance
food security, increase crop yields, and reduce dependency on imported
fertilisers. While the intention behind local fertiliser production is
commendable, it is crucial to consider the broader context and the impact of
fertilisers on the environment and climate change.

 

Excessive use of fertilisers can lead to environmental degradation,
including soil erosion, water pollution, and loss of biodiversity. The
production and application of fertilisers contribute to greenhouse gas
emissions, exacerbating the climate crisis, making it important to strike a
balance between the need for agricultural productivity and the imperative to
adopt sustainable practices that minimise the reliance on fertilisers,
promote organic farming techniques, and prioritise soil health and
conservation for the long-term benefit of both African countries and the
planet as a whole.

 

Portia Phohlo, a soil scientist at Trace and Save with expertise and
extensive experience in the dairy industry, in an interview with allAfrica
explained the challenges of using chemical fertilisers. Phohlo is skilled in
sustainable agriculture, natural resource management, agronomy, pasture and
soil management, and soil sampling.

 

She believes farmers that they need to start moving away from conventional
systems like tilling their soils and plowing, any form of soil disturbance
unnecessarily. "They need to move away from that and start moving towards
soil regenerative practices that promote no-tillage of soil and improving
root biomass in their soil and planting multi-species of crops or pastures
in their systems so that they can build the microorganisms in the soil," she
said.

 

"What attracts microbes is food and food quality and quality of food must
come from the different species of plants that you choose to plant in that
system. Applying these practices will move you towards a regenerative health
system. Once you have a healthy system, then you will end up finding out
that you actually don't need to apply any form of fertiliser because the
soil becomes self-sustaining as it becomes rich in active microorganisms."

 

The crisis has left many farmers desperate and actively seeking alternative
solutions.

 

To address this critical problem, farmers such as Muriithi James Kibuku, a
small-scale farmer and entrepreneur from Kenya, have adopted a unique
approach to rabbit farming. Instead of solely focusing on meat and fur
production, Kibuku also recognises the value of rabbit urine. Kibuku
explained that rabbit urine possesses numerous benefits, serving both as a
fertiliser and a pesticide. Its strong pungent smell acts as a natural
repellent, keeping insect pests at bay and functioning as an organic
pesticide. It is an environmentally friendly, non-toxic, and cost-effective
resource. Kibuku also says urine has the ability to neutralise soil acidity
while enhancing its texture, structure, and water retention capacity.

 

 

In South Africa, entrepreneur Himkaar Singh saw an opportunity where others
saw rubbish by turning organic waste into rich compost using an army of
worms. In a bid to help South Africa deal with its impending organic waste
crisis, his company, the Compost Kitchen, collects organic kitchen waste to
create vermicompost. Using this process keeps waste from polluting the
environment or contaminating valuable water sources by avoiding landfills.
Vermicomposting or vermiculture, also known as worm composting, is the
process of using earthworms to break down organic material, such as
vegetable and fruit peels, and producing a high-quality fertiliser.

 

Agroforesty

 

In countries like Malawi, agroforestry is embraced as a farming practice
that combines the cultivation of trees, shrubs, herbs, and vegetables in a
manner that imitates a forest ecosystem.

 

This approach serves multiple purposes, including the sequestration of
carbon to mitigate climate change, the provision of sustenance for people,
and the preservation of biodiversity. The presence of trees in agroforestry
systems stabilises the soil through their extensive root systems,
effectively reducing erosion. Leaves and pruned branches from the trees act
as natural mulch, minimising soil runoff and erosion while gradually
decomposing to enrich the soil with organic matter. This restoration of the
landscape's productivity enhances the sustainability of agricultural
practices.

 

By adopting this climate-smart farming system, Malawi and other nations
contribute significantly to safeguarding the global food supply amidst the
challenges posed by a rapidly changing climate. Agroforestry not only
promotes food diversity but also enhances the income potential of farmers,
ensuring their economic stability and overall food security.

 

This way of farming integrates traditional knowledge, scientific
advancements, and natural processes to establish sustainable agricultural
practices. Agroecology emphasises cultivating a diverse array of crops
suitable for the local climate and soil conditions, in contrast to
industrial methods that prioritise the mass production of a single crop for
exportation. By avoiding reliance on fossil fuel-based pesticides, chemical
fertilisers, and other industrial techniques that contribute to greenhouse
gas emissions, soil degradation and biodiversity loss, agroecology supports
climate action while enabling farmers to provide for their communities and
safeguard their livelihoods, writes Sena Alouka for African Arguments. This
localised approach to food production fosters resilience, allowing
communities actively work for greater more self-reliance and be better
equipped to withstand global disruptions.

 

By bolstering local decentralised production, African nations can enhance
agricultural productivity, reduce dependency on imports, and pave the way
for sustainable food production systems and improving livelihoods across the
continent.

 

 

 

South Africa: Construction Mafia Allegedly Linked to Power Utility's
Procurement Staff 

 

Minister of Electricity Kgosientsho Ramokgopa says that organised crime,
connected to the notorious KwaZulu-Natal construction mafia, has infiltrated
power utility Eskom's procurement division, with insiders and outsiders
working together to defraud the company, reports News24. Ramokgopa
acknowledged that crime, corruption and sabotage are "a big, big part of the
problem at Eskom". He said that measures are being taken to investigate and
address these issues, including collaboration with law enforcement agencies.
A report on the progress of the investigations will be released soon.

 

Helen Joseph Hospital in Johannesburg Faces Water Crisis Due to Low Pressure

 

Helen Joseph Hospital in Johannesburg is experiencing a low water pressure
crisis, affecting the emergency department, intensive care unit, and some
wards, reports TimesLive. The cause of the problem has yet to be identified,
and the hospital is unsure when it will be resolved. The problem has led to
delays in surgical procedures, patient diversions, and has had negative
impacts on neighbouring hospitals. The hospital is using alternative water
sources, such as bottled water, but faces challenges with flushing toilets.
Investigations are ongoing, and normal water supply is expected to resume
soon.

 

 

Petrol and Diesel Prices to Drop

 

Motorists will wake up to cheaper fuel prices on Wednesday June 7, 2023,
with petrol decreasing by 71c/l and diesel dropping by 80c-84c/l, reports
TimesLive. Illuminating paraffin will also be cheaper by 43c/l. The decrease
is driven by lower international fuel prices. The relief comes after the
previous month's hike in petrol prices. The Automobile Association welcomes
the slight decrease, especially in diesel prices, as it eases pressure on
struggling consumers. The fuel levy increase for April has been removed,
resulting in a decrease in the fuel levy for both petrol and diesel prices.

 

 

 

 

Nigeria, Other OPEC Members Agree to Cut Oil Production

OPEC and its allies have agreed to cut global oil production by 1.393
million barrels per day.

 

Nigeria and other members of the Organisation of Petroleum Exporting
Countries (OPEC) as well as the Non-OPEC members have agreed to cut
production volumes to ensure global oil market stability.

 

The agreement was reached at the 35th Joint Ministerial Monitoring Committee
(JMMC) meeting of OPEC held in Vienna, Austria on 4 June.

 

The Nigerian delegation was led by Gabriel Aduda, Permanent Secretary,
Ministry of Petroleum Resources, who was also confirmed OPEC Governor for
Nigeria at the meeting in Vienna.

 

The News Agency of Nigeria (NAN) reports that OPEC and its allies have
agreed to cut global oil production by 1.393 million barrels per day,
reducing Nigeria's oil production quota by 20.7 per cent.

 

Mr Aduda said Nigeria, Congo and Angola agreed that the highest production
volumes of the last six months (November 2022 - April 2023) be used as the
basis for the determination of their 2024 production quota.

 

 

"This is subject to a review in November at the second annual meeting of the
JMMC.

 

"However, the current OPEC quota would be maintained till the end of 2023.

 

"This implies that Nigeria can ramp up its production up to its current
quota of 1742 Thousand Barrels Per Day (KB/D) and subsequently be capped at
10 per cent less as its quota for 2024 subject to verification by
independent secondary sources," he said.

 

OPEC extends oil production cut

 

Mr Aduda expressed confidence that the security intervention under the
leadership of President Bola Tinubu would enable the restoration of
Nigeria's production to the 1580KB/D crude oil only.

 

This, he said would be complemented by condensate of about 400KB/D
ultimately upping Nigeria's crude oil and condensate production to about Two
Million Barrels per day in 2024.

 

-Premium Times.

 

 

 

Mozambique: Report Sheds Light On Mozambique's Troubled Cabo Delgado

Conflict in Mozambique's Cabo Delgado region has been widely reported,
including an insurgency by Islamic militants.

The conflict may, at least in part, be related to a large land concession
near the town of Palma controlled by a gas consortium called Mozambique LNG
Consortium, which is led by French-based multinational company,
TotalEnergies.

TotalEnergies commissioned a report, written by a respected human rights
activist, to examine the "socioeconomic, humanitarian and human rights
situation in the Palma-Afungi-Mocimboa area" of Cabo Delgado.

The activities of an American cashew nut company are questioned in a report
on the humanitarian plight caused by the displacement of communities by a
gas consortium in northern Mozambique.

 

 

The report commissioned by TotalEnergies - the industrial lead in the
Mozambique LNG consortium - assesses the impacts of population displacement
caused by a 7,000 hectare land concession known as the Afungi site to the
consortium just south of Palma, in the Cabo Delgado province. The activities
of the Sunshine Nut company are highlighted within the report compiled by
Jean-Christophe Rufin - a respected human rights activist and one of the
founders of Médecins sans Frontières (Doctors without Borders) - and Ingrid
Glowacki.

 

The report examines the various initiatives by the gas consortium to
mitigate the direct impact on farmers and fishers who are removed from their
traditional land and fishing grounds, the impact of the displacement on
surrounding villages, and the threat of economic inequality caused by
development related to the pending gas boom in an area bereft of
infrastructure and services.

 

There are a host of international and local non-profit organisations
involved in initiatives such as boat-building, irrigation for produce to be
purchased by Mozambique LNG, a sewing factory to produce personal safety
equipment for gas workers, and micro-credit to support women-led projects,
amongst others. Many of these projects, partly necessitated by the
displacement from the gas processing site, are insufficient, incomplete, or
badly managed.

 

This includes the relocation and compensation under the Resettlement Plan
initially developed by Anadarko, the company that was awarded the Afungi
site in 2012 before Mozambique LNG took over in 2019.

 

There were "reservations" expressed by the population about a lack of
consent or information, the assessment of damages, compensation, and the
payment of compensation. "Most of the people we met expressed their
concerns," state Rufin and Glowacki.

 

 

Contracts were drawn up in Portuguese although most families spoke Swahili,
and draft deeds which would allow families to defend their interests, were
not issued.

 

Read the full report on TotalEnergies websiteMany families were not given
the text of the agreements they signed, and signings were often collective
rather than at individual level. There were land and asset inventories that
required updating since initially being conducted between 2013 and 2015,
particularly for families that were yet to be relocated, and a lack of
intangible heritage - such as the transmission of land to children - being
assessed.

 

There were also displaced families that had been assigned to new land in
neighbouring communities. This was on the basis that these neighbouring
communities would give up this land and be compensated for it. But they have
not received their compensation and have thus refused to release it, meaning
the displaced families cannot cultivate it.

 

There is also the impact on fishers who have been shifted inland and are now
transported to the coast by shuttle bus.

 

"This system creates scheduling constraints and is not compatible with the
irregular nature of fishing practices," notes the report.

 

It also meant all the fishers were having to fish at approximately the same
place, reducing catch and over-exploiting marine resources at that location.

 

"It would be more reasonable to equip these populations with autonomous
means of transport (tuk-tuks), allowing them to go to the coast at a time
that is convenient for them," state Rufin and Glowacki.

 

Special cases

 

Sunshine Nuts's cashew production project is singled out as one of two
special cases.

 

According to the report, the US-registered Sunshine Nuts set up the
Mozambican-registered Sunshine Approach Foundation, which has an agreement
with the Mozambique LNG gas consortium to provide livelihoods and employment
generating activities as part of the consortium's resettlement plan.

 

But the report states the CEO of the foundation is also the CEO of the
Sunshine Nuts company, and while the company's involvement may be
accompanied by "socio-economic actions" it is, strictly speaking, "a
commercial activity".

 

The report states the production of the cashew trees and the construction of
"the plant" are commercial in nature, but the agreement is between
Mozambique LNG and the foundation, which is a non-profit organisation. The
foundation purchases the cashews from farmers at a price regulated by the
state.

 

In response to emailed questions, Sunshine Nut Company founder and CEO
Donald Larson said the company and foundation were separate entities, with
his wife, Terri being president of the foundation.

 

 

Larson said the company provides roasting operations in Maputo and buys nuts
from shelling factories which will be set up and operated by the foundation.

 

Larson said, "All activities, whether our Sunshine Nut Company or this
separate charitable foundation set up to accept the donations from the
Sunshine Nut Company and donors, benefit the communities around our
operations."

 

The report also questioned the Sunshine Approach Foundation's use of land
assigned by the state to the Mozambique LNG.

 

The consortium elected to leave about 2,000 hectares outside the Afungi
site's fenced area, and the report notes that about 500 hectares of this is
used by the Sunshine Approach Foundation for cashew plantations.

 

The report notes one of the difficulties of resettlement is providing land
to compensate those who have been displaced, resulting in neighbouring
villages having to give up some of their territory.

 

"Why take the territory of neighbouring villages rather than using these
lands not occupied by the (gas) project?" ask Rufin and Glowacki.

 

Larson said "every person who had a piece of land" had already been
compensated elsewhere, and the 500 hectares within the gas consortium site
was allocated to the Sunshine Approach Foundation by TotalEnergies to
establish a cashew tree plantation. He said families from the nearby
villages of Patacua and Maganja were then allotted two-hectare parcels to
care for and harvest.

 

"In many ways, TotalEnergies, who has already compensated these families, is
regifting the land to the families," said Larson.

 

Lastly, the report noted the Sunshine Approach Foundation's values, as set
down on their website are "strongly marked" by a Christian evangelical
ethos. This is within a predominantly Muslim region.

 

However, Larson said most of the 92 people the foundation employed were
Muslim, and staff were not forced to take part in any religious activity. No
Christian proselytising took place and Muslim staff were given time to
conduct Islamic prayers, work times were altered during Ramadan, and major
Muslim holidays were recognised.

 

Relationship with the army

 

The other special case highlighed in the report is the relationship between
Mozambique LNG and the Mozambican army.

 

The gas consortium inherited an agreement between Anadarko and the
Mozambican government - amended in 2020 - providing for an army joint
taskforce (JTF) of about 600 soldiers to be stationed at the gas
consortium's Afungi site.

 

The agreement included the provision of accommodation, food and equipment
for the soldiers, as well as individual bonuses which would be withdrawn in
the event of any human rights violations.

 

Originally, the JTF was needed to protect the Afungi site from Islamic
insurgents who attacked Mocímboa da Praia in June 2020.

 

"Poorly equipped, unprotected and without supply, the Mozambican army troops
were at the time vulnerable," notes the report. "Their low pay could
encourage abuses against the civilian population. The mechanism of a bonus
was aimed at reducing this risk and providing an immediate sanction in case
of non-compliance."

 

However, the situation has since changed. Following insurgents taking over
Palma in March 2021 - which led to complete evacuation of the Afungi site
via ferry - security has gradually been restored, particularly since July
2022 with the deployment of Rwandan troops.

 

However, Mozambique LNG remains saddled with the Mozambican soldiers, with
whom, through the payment of conditional bonuses, it has individual
financial relationships.

 

"In the event of human rights violations, this link directly engages the
responsibility of the consortium without it being able to act either in
relation to the command or the sanctions applied to those responsible for
these violations."

 

A permanent link between Mozambique LNG and the Mozambican army would make
the consortium party to the conflict under international conventions.

 

TotalEnergies states Mozambique LNG has "started a dialogue with the
Mozambican authorities" to review the relationship with the Mozambican army.

 

A way forward

 

Following cyclones Kenneth and Idai, and the attacks by insurgents,
operations at Afungi are suspended by force majeure. With security returning
to the region, the lifting of the force majeure would "more than likely"
result in "a massive influx of people" seeking work, particularly in
construction of the gas plant. The report says it is necessary to complete
the resettlement process to reduce the impact of such an influx on local
communities.

 

Following recommendations from the report, TotalEnergies released an action
plan, which includes setting up a dedicated foundation to implement the
socio-economic development programme.

 

The foundation's programmes would have a multi-year budget of US$200-million
(about R4-billion) and extend across the Cabo Delgado province to ensure
development beyond the immediate confines of the Afungi site.

 

The foundation would have a supervisory board made up of civil society and
Mozambique LNG representatives, with community liaison officers recruited
from all affected communities.

 

-GroundUp.

 

 

 

Liberia: EU Injects U.S.$88 Million in Liberia Economy

The Government of Liberia and the European Union (EU) on Monday, June 5,
signed a US$88 million package to support programs here as both parties
begin a new phase of partnership.

 

Finance and Development Planning Minister Samuel D. Tweah Monday signed on
behalf of the Liberian Government, while Head of EU Delegation to Liberia
Ambassador Laurent Delahousse signed for the EU at the ceremony which was
held at the EU Delegation headquarters in Mamba Point.

 

The signing took place in the context of the 50th Anniversary of EU- Liberia
relations. In 1973, the Commission of the European Economic Community
established its first office in Liberia, which has since been upgraded to a
full diplomatic mission, the Delegation of the European Union to the
Republic of Liberia.

 

The new phase of EU-Liberia development partnership stems from 2021 to 2025,
for which a total of 191 million euros / 220 million US dollars has been
earmarked.

 

 

Under the new phase of the EU-Liberia partnership, four programs have been
identified for support, that are: strengthening inclusive and accountable
democracy in Liberia, (about US$16,5 million).

 

This aspect of the partnership aims to promote a more inclusive and
transparent democracy in Liberia. It will support the electoral cycle and
sustain peace, enable the meaningful participation of women and inclusion of
marginalised groups in political processes, and increase the participation
of citizens in the decision-making process and accountability. The programme
will be implemented with the National Elections Commission through the
United Nations Development Program (UNDP).

 

The program also captured support for TVET (about US31 million), support for
the Agricultural sector to boost food production (US$24 million) and support
for forestry and conservation for a sustainable economic development
(US$16.5 million). This program aims to promote job creation and income
generation through the sustainable use and conservation of natural resources
such as agroforestry, fuelwood plantation, multipurpose tree nurseries, and
formalisation of chainsaw millers.

 

"The four new programs we are signing today kick off a new phase of EU
support from 2021 to 2025. There are additional four programs that will be
signed next year with the EU-Liberia partnership." Amb. Delahousse added.

 

Finance, Development Planning Minister Tweah lauded the 50 years of
partnership with the European Union, saying it has not been a waste adding
that their impact is vehemently making a positivity on the growth and
development in supporting the Pro-Poor Agenda for Peace and Prosperity of
this government.

 

Minister Tweah said the challenge of Liberia is transforming the potential
into reality, adding that Liberia remains step-fast in tackling those areas
which need to be carefully underscored.

 

"We are to maximize the opportunity that exists in this area of the
partnership to deliver better for the Liberian people." Tweah said.

 

-New Dawn.

 

 

 

South Africa Dominates Namibia's Import/Export Bill During April

South Africa emerged as the country's largest market for both exports and
imports during April, according to the latest trade statistics availed by
the Namibia Statistics Agency on Tuesday.

 

The composition of the export basket for April 2023 mainly comprised
minerals such as precious stones (diamonds), fish, non-monetary gold,
uranium, and copper blisters.

 

According to the statistics agency, fish remains the only non-mineral
product within the top five products exported.

 

On the other hand, the import basket mainly comprised petroleum oils, motor
vehicles for the transportation of goods, 'Iron and steel bars', Motor cars
for the transportation of persons

 

 

as well as 'Civil engineering and contractors' equipment'.

 

"For the month under review, re-exports increased by 0.8% month-on-month and
47.7% year-on-year. The re-exports basket mainly comprised Precious stones
(diamonds), Copper blisters, and Petroleum oils," the agency noted.

 

Meanwhile, analysis for the commodity of the month focused on both the
exportation and importation of 'Articles of cement, concrete, and artificial
stones'.

 

During April, Namibia imported 'Articles of cement, concrete, and artificial
stones' valued at N$3.5 million mainly sourced from South Africa while on
the supply side, the country exported the same commodity worth N$ 0.1
million mostly destined for Angola, the agency said.

 

In the interim, the country's trade balance improved by N$893 million
(month-on-month) and N$2.1 billion (year-on-year) from N$2.2 billion
recorded in March 2023 and N$3.5 billion observed in April 2022,
respectively.

 

-Namibia Economist.

 

 

 

Cote d'Ivoire's Mines Risk Degrading Its Fragile Environment

Can the country balance an expanding mining sector with protecting its
remaining forests and farming-dependent economy?

 

Côte d'Ivoire's expanding mining industry could serve the public interest
but poses environmental threats to a country heavily dependent on
agriculture and subsistence farming.

 

The government aims to increase mining's contribution to gross domestic
product from 3% to 6%. Since revising its mining code in 2014, the focus has
been on diversifying the gold-dominated sector. Due to the growing global
demand for these commodities, nickel, cobalt, rare soils and lithium have
been prioritised.

 

Several lithium sites in the south and north of the country were recently
found. On 25 January, Australia's African Gold discovered lithium sediment
in the Agboville region in the south. A consortium of two companies, Ricca
Resources and Firering Strategic Minerals, was authorised in November 2022
to exploit the country's first lithium-tantalum programme, Atex, in the
northern Boundiali region.

 

 

However, the government's plan to accelerate the development of its mining
sector comes at the cost of environmental degradation. Since gaining
independence in the 1960s, the country has lost 80% of its forests. Most
remaining coverage is concentrated in small protected areas overburdened by
farming, bush fires and mineral exploitation. Côte d'Ivoire's forest cover
has plummeted from an estimated 16 million hectares in the 1960s to less
than three million today.

 

While mining accounts for only 8% of deforestation - agriculture, logging
and infrastructure are mainly to blame - uncontrolled and poorly regulated
mining could destroy what little forest is left. Excavation (lawful and
unlawful) drives 80% of forest destruction by the mining sector, with the
remaining 20% caused by the processing of minerals. The latter is likely to
rise, given recent discoveries and the government's propensity to issue
industrial permits.

 

Deforestation has caused a drop in rainfall and sparked desertification in
Côte d'Ivoire. Unrestricted expansion of the mining sector could lead to the
rarefication of arable soils, further disrupting ecosystems and putting
agriculture at risk. Almost 60% of Côte d'Ivoire's arable soil is degraded.
Preserving what remains and restoring the damaged ground is vital in a
country where subsistence farming supports two-thirds of households, and
agriculture makes up 75% of exports and employs 70% of the active
population.

 

Mining poses environmental threats to a country heavily dependent on
agriculture and subsistence farming

 

Both artisanal and industrial mining pollute water, air and soil by using
chemicals such as mercury. While figures on chemical use by larger companies
are unavailable in the public domain, artisanal miners use approximately 558
kg of mercury annually, endangering biodiversity, people's health and
livelihoods.

 

 

Northern Côte d'Ivoire has long been a haven for lawless gold and diamond
mining due to the country's porous borders, the marginalisation of local
populations and the 2002-11 rebellion. Locals see illegal activities as a
means of survival, and with the Atex mine's proximity to these border
regions, the site and its surroundings are vulnerable to environmental
destruction.

 

Explorations at Atex and adjacent sites revealed precious minerals other
than lithium, which could attract locals and external actors, sparking a
mineral rush. This might threaten green areas such as the Comoé National
Park and arable soils in the northern farming region.

 

One could argue that the high level of technology and skill required to
extract lithium makes non-industrial exploitation unlikely, but several
cases contradict this. China took steps to prevent artisanal lithium
extraction in Yichun. In the Democratic Republic of the Congo, illegal
artisanal cobalt mining, an important commodity for manufacturing lithium
batteries, has caused cities to be destroyed due to community anger at the
state's inability to provide services and share mining dividends. Côte
d'Ivoire faces similar vulnerabilities.

 

Both artisanal and industrial mining pollute water, air and soil by using
chemicals such as mercury

 

The Ivorian government should act fast to restore community trust in the
state. It also needs to propose economic alternatives for those reliant on
artisanal mining. Identifying and granting permits to small-scale miners is
a commendable first step, but further implementation of the 2014 mining code
is needed, particularly on artisanal mining.

 

As a signatory to the Minamata Convention prohibiting the use of mercury in
mining, Ivorian authorities should improve the monitoring of mining sites.
This would ensure environmentally friendly methods are used, that only
authorised parties exploit the minerals, and that mining is limited to
allocated areas.

 

Police patrols and operations by the Brigade for the Repression of
Infractions of the Mining Code show the government's willingness to enforce
the law. Monitoring committees, local authorities and affected communities
could strengthen state capacity to do so.

 

Innovative and anticipatory responses are also needed, such as exclusively
delineating zones for farming and biodiversity protection. Given the
country's small size, the government should demarcate a maximum portion of
land that can be ceded for mining. This would secure arable soils for
farming in the long run, since post-mining soil reconstitution takes
decades.

 

Moussa Soumahoro, Researcher, Africa Peace and Security Governance, ISS
Addis Ababa-ISS.

 

 

 

Ghana: Fully Developed Ada Songor Salt Project, Major Contributor to Ghana's
Economy

President Nana Addo Dankwa Akufo-Addo has said a fully developed Ada Songor
Salt project has the potential to make a major contribution to the economic
development of Ghana.

 

President Akufo-Addo said Nigeria, who is Ghana's next door neighbour, has a
demand for one million tons of salt annually, which is met by Brazilian
exporters.

 

That demand, according to the President, could be taken up by ElectroChem
Ghana Limited, and other investors who have made huge investments in the Ada
Songor salt area.

 

Addressing the Paramount Chief of Ada Traditional Area, Nene Abram Kabu
Akuaku III, and his delegation who called on him at the Jubilee House on
Monday, President Akufo-Addo said Ghana is fortunate to have had serious
investors this time who are committed and determined to mine this natural
resource for the development of Ada and Ghana as a whole.

 

 

That project, the President indicated, has the potential to generate the
needed foreign exchange for the country whiles creating jobs, particularly
for the teaming youth of Ada and its surrounding communities.

 

"And that, it is the responsibility of all of us, especially, you (Chiefs of
Ada and people of Ada),... to give maximum support to this development," he
stated.

 

ElectroChem Ghana Limited, a wholly Ghanaian Company, is a mining company
which has secured a concession of 41,000 acres at the Ada Songor to produce
1,000,000 metric tons of salt every year.

 

It is the largest salt and chlorine-alkali manufacturing company in West
Africa, and one of the leading players in the world's salt industry.

 

Illegal salt miners at the Songor area who have been accused of allegedly
attacking workers of ElectroChem Ghana Limited, recently demonstrated
against the company for preventing them from mining within the concessional
zone, a move they vehemently opposed and had called for the company to
disengage from the area.

 

The Paramount Chief of Ada, Nene Abram Kabu Akuaku III and his delegation on
Monday, petitioned the President to direct the State security agencies to
offer protection to the company from miscreants and "people who do not have
the welfare of the community at heart but only there for their individual
pockets."

 

Nene Abram Kabu Akuaku III also assured President Akufo-Addo and the
Government of their readiness to assist ElectroChem Ghana Limited to mine
salt at the Songor area for the betterment of not only Ada and its people,
but the whole country.

 

The Paramount Chief also pleaded with the Minerals Commission to be actively
involved in bringing those illegal salt mining operations at the Songor Area
to an end.

 

The Paramount Chief enumerated a lot of benefits the company had brought to
the area which include the supply of portable drinking water to institutions
and communities, disbursements of interest-free loans to women
entrepreneurs, the construction of a sports complex at Sege to unearth
sports talents, among others.

 

President Akufo-Addo expressed surprise about the inability of State
security Agencies to protect the company's investments and, prevent the
miscreants and attackers from encroaching on ElectroChem Ghana Limited
concession.

 

The President was, however, happy that Nene Abram Kabu Akuaku III had taken
some progressive steps and is determined to assist to make sure the project
is successful.

 

"But clearly, the illegal operators in the illegal salt mining, illegal
mining lugging, illegal gold mining known as "galamsey" are all dangerous
phenomenon that destroys the environment," he stated.

 

President Akufo-Addo, acting on the request of the Paramount Chief, directed
the Inspector General of Police to immediately offer protection to the
company, while the Minister for Lands and Natural Resources and the Minerals
Commission, make sure illegal salt mining in that area is seized.

 

The President also accepted the request made by Nene Abram Kabu Akuaku III
for him to visit the Ada Songor Area, and also, participate in the Ada
Traditional Council Meeting which is scheduled for August, 3.

 

-GhanaToday.

 

 

 

Uganda: Experts Make Case for Timber Buildings to Reduce Country's
Construction Emissions

Experts have urged Ugandans to consider thinking of mass timber construction
as an alternative to concrete in Uganda's building industry but also as one
of the ways to reduce country's construction emissions.

 

Speaking during the launch of the Timber Innovation Centre at Crown House in
Kampala, Patience Naamara, the Country Director for Fairventures Worldwide,
a non-profit organization it is high time Ugandans thought of mass timber
construction as one of the ways to save the environment.

 

"Timber as a byproduct of the trees should not only be seen as timber for
furniture or the basic stuff we know, but it can be engineered and used for
bigger things,"Naamara said.

 

 

The case for timber

 

Whereas wood has for many years been used as a building material, the use of
iron, glass, steel and, later, cement continue to dominate as would is seen
as being more vulnerable to water, fire and insects.

 

Only a small percentage of the population prefer using timber for
construction of public ,commercial, industrial and office structures.

 

According to Simon Bosch, the project manager for Fairventures Worldwide, as
the need to reduce carbon emissions increases every day, using timber for
construction would help serve this purpose.

 

"Almost 40% of the of the carbon emissions we have globally are coming from
the building and construction sector, which is very big amount of the global
emissions. And when we look at materials, we see that cement production
which is used for making concrete mixing with sand is said to contribute 6
to 8% of the global emissions. These can be reduced with the use of timber
for construction," Bosch said.

 

"When cut the tree and you burn the timber, all the carbon which is stored
in the timber is released to the atmosphere but when we put it into
buildings, it's stored in the building, at least for the time the building
is in existence."

 

He noted that timber can be used to address the housing gap that Uganda
faces.

 

" In Uganda, we have a big population growth being at 3.3% as of 2021 and a
very high urbanization rate. That means that a lot of people are moving to
the cities like Kampala which means they are growing very fast which
presents a challenge to have the infrastructure to match the growing number
of population," Bosch said.

 

"In Uganda alone, we have a housing shortage of around 2.4 million units
which are needed currently. Here, I see that timber can really play an
important role because cities are growing and we have to expand the existing
buildings."

 

 

The experts said that with favourable conditions for tree growth, Uganda can
become the hub for timber used in the region by growing trees and timber cut
out of them for export.

 

"With Uganda's geographical advantage in the region, Uganda can produce
timber products and export to the neighbouring countries including Kenya,
Tanzania, Rwanda, DRC, Burundi and South Sudan. Ugandans can economically
earn more out of timber."

 

According to James Thembo, the head of operations at Fairventures Worldwide
said timber is easy to work with, compared to concrete, especially during
construction.

 

"You can easily bend it, easily cut it, remove a piece and replace it unlike
concrete. Wood is also readily available on the market but also cheap
centrally to steel which is hard to work with," Thembo said.

 

Commenting about the cost, the head of operations at Fairventures Worldwide
said a wood house is cheaper than concrete and steel.

 

He however noted that there is need for government to put in place standards
for building using timber to guide builders but urged that emphasis should
be put on teaching carpentry in education institutions.

 

Innovation centre

 

According to Patience Naamara, the Country Director for Fairventures
Worldwide, the non-profit organization has set up a timber innovation centre
in Kampala that will provide a platform for all concerned and willing to
discuss action points and the way forward in the use of timber.

 

"We shall have different workshops, seminars and other forms of discussions
to bring these events to life at the timber innovation centre. The purpose
of this center is to provide space for people in the timber and forestry
sector to share ideas, experiences, and exchange knowledge and expertise on
forestry management and timber value addition,"Naamara said.

 

She noted that to this end, Fairventures Worldwide has planted 1580 hectares
of trees countrywide from which timber can be cut for use.

 

Speaking at the function, the Germany Ambassador to Uganda, Matthias Schauer
said the initiative will help create jobs for Ugandans.

 

"Timber construction is now a 9 billion euros industry in Germany employing
more than 70,000 people and that does not even account for the people in the
forestry sector. When it comes to buildings here in Uganda, you use bricks
quite a lot. They lack stability. Then you have cement, as we heard, it
produces an enormous amount of carbon It's extraction and a lot of energy
input that you need. So if you need if you use timber, it's sustainable.
It's environmentally friendly, and it stores the carbon that has it has
absorbed while it was growing. It's really hard to beat as a building
material," Schauer said.

 

He said the supply of timber would require a steady supply in form of trees.

 

"Growing trees to supply this growing demand from the construction sector
will also provide income revenue for existing timber plantation owners and
workers and encourage additional tree planting. This means that timber
construction is a great economic opportunity. It's not just for idealists,
but for people who are interested in making good money. It contributes all
at the same time significantly to reducing climate change."

 

 

 

Uganda: NSSF Says Its Innovation Program Has Created 6000 Jobs

The National Social Security Fund (NSSF) Hi-Innovator innovation programme
has created close to 60,000 employment opportunities for youth and women
entrepreneurs over the last 3 years of implementation, the Fund's
actingNSSF, Managing Director Patrick Ayota has said.

 

Speaking at the second Hi-Innovator Women Accelerator Pitch Day at Mestil
Hotel in Kampala, Ayota also revealed that the programme has so far
supported 173 women and youth-owned businesses across all sectors of the
economy with shs 9.9 billion seed funding.

 

The NSSF Hi-Innovator Women Accelerator is a women-only cohort aimed at
giving women entrepreneurs across all sectors an even opportunity to improve
their business skills and grow their businesses into resilient enterprises
that are more competitive and better placed to receive financial services.

 

 

It is the fourth cohort of the NSSF Hi-innovator Programme, an Innovation
initiative by the National Social Security Fund in partnership with
Mastercard Foundation.

 

It aims to create an ecosystem where small and growing businesses by Ugandan
entrepreneurs can be supported

 

to mature into viable businesses.

 

"When we launched the NSSF Hi-innovator in May 2021, we set a target of
creating 132,000 work opportunities for youths countrywide by 2025. We are
close to 50% of that target and as businesses in the pipeline begin
realizing more value from the funding provided, more and more work
opportunities will be created," Ayota said.

 

The Hi-innovator program provides Ugandan entrepreneurs with seed funding
worth shs75 million each and entrepreneurial training using a self-directed
online learning platform, the NSSF Hi-

 

innovator Business Academy.

 

At least 93 more women-owned businesses have benefitted from the latest
round of seed funding after selection by the programme Investments Committee
that evaluates competing entrepreneurs.

 

The selection follows a strict criterion that includes the potential for
scalability, sustainability,

 

governance framework, and impact on the community.

 

Richard Zulu, the Outbox Lead, that champions the implementation of the
programme explained that potential businesses are selected from the
Hi-innovator business academy and are then subjected to a boot camp that
prepares them to pitch for seed funding.

 

"Over the last 3 years of the NSSF Hi-Innovator, we've seen entrepreneurs
grow more confident and come forward to face investors. They are no longer
afraid to open their businesses for scrutiny. This bodes well for the
innovation and start-up community in Uganda. Eventually, Uganda will catch
up with our peers in the region," he said.

 

 

 

 

US sues Coinbase as crypto crackdown widens

The US has charged the biggest crypto trading platform in the country with
operating illegally, widening its crackdown on the industry.

 

The Securities and Exchange Commission said Coinbase had acted as a broker,
exchange and clearing agency for investments that are subject to SEC rules,
without properly registering.

 

The regulator said that had allowed the firm to escape oversight, including
guards against conflicts of interest.

 

Coinbase said the rules were not clear.

 

"The solution is legislation that allows fair rules for the road to be
developed transparently and applied equally, not litigation," said Paul
Grewal, Coinbase's chief legal officer. "In the meantime, we'll continue to
operate our business as usual."

 

The complaint against Coinbase comes a day after the SEC sued Binance, the
world's largest crypto trading platform, accusing the firm of mishandling
customer funds, artificially inflating trading volume on the site and taking
steps to evade US regulation.

 

Authorities have pledged to police the industry more aggressively using
existing rules, arguing that many crypto assets function like other
investments which are subject to oversight.

 

Efforts to increase scrutiny have picked up after last year's dramatic
collapse of another major exchange, FTX, which left many customers unable to
access their funds.

 

On Tuesday, financial regulators from 10 states, including California and
Alabama, also filed legal actions alleging that Coinbase was operating as an
unregistered securities dealer.

 

"As alleged in our complaint, Coinbase was fully aware of the applicability
of the federal securities laws to its business activities, but deliberately
refused to follow them," said Gurbir S Grewal, director of the SEC's
division of enforcement.

 

"You simply can't ignore the rules because you don't like them or because
you'd prefer different ones: the consequences for the investing public are
far too great."

 

Founded in 2012, Coinbase says it has more than 100 million customers and
billions of dollars worth in trading volumes of digital assets such as
Bitcoin each day.

 

The firm fetched a market value of nearly $100bn when it listed on the stock
exchange in 2021 at the height of the crypto frenzy.

 

But shares in Coinbase have sunk significantly since crypto values plunged
last year. It is now worth less than $12bn.

 

Shares in the firm sank on news of the lawsuit, which was filed in federal
court in New York.

 

They ended the day down 12%, while Nansen, which tracks crypto flows,
reported that customers had pulled nearly $1.3bn on net from the platform
following the lawsuit.

 

In March, Coinbase had warned that the SEC might take legal action against
the firm. At the time, it called the development disappointing and said it
had repeatedly tried to work with authorities to register, but that there
was no clear path for crypto firms to do so. It has also threatened to
relocate out of the US to London or elsewhere.

 

On Tuesday, Mr Grewal said: "The SEC's reliance on an enforcement-only
approach in the absence of clear rules for the digital asset industry is
hurting America's economic competitiveness and companies like Coinbase that
have a demonstrated commitment to compliance."

 

The chief executive of the Blockchain Association, an industry group,
pointed to continuing discussions in Congress as evidence that laws
governing the industry remain in flux and that the SEC did not have a case.

 

The same day that the SEC filed its suit against Coinbase, Mr Grewal was due
to testify in Washington at a hearing about crafting laws to oversee certain
types of digital assets.

 

In prepared remarks for that hearing, Mr Grewal said Coinbase carefully
reviewed assets offered on its platform to see if they could be considered
securities regulated by the SEC. He said it did not list securities and
rejected the "vast majority" of proposals.

 

"The SEC doesn't make the law - it only makes accusations - and we're
confident the courts will prove [SEC chairman Gary] Gensler wrong in due
time," said Blockchain Association chief executive Kristin Smith.-bbc

 

 

 

 

BBC, BA and Boots issued with ultimatum by cyber gang Clop

A prolific cyber crime gang thought to be based in Russia has issued an
ultimatum to victims of a hack that has hit organisations around the world.

 

The Clop group posted a notice on the dark web warning those affected by the
MOVEit hack to email them before 14 June or stolen data will be published.

 

More than 100,000 staff at the BBC, British Airways and Boots have been told
payroll data may have been taken.

 

Employers are being urged not to pay up if the hackers demand a ransom.

 

BBC, BA and Boots among victims of mass payroll hack

What action can those caught up in mass hacks take?

Cyber security research previously suggested Clop could be responsible for
the hack which was first announced last week.

 

The criminals found a way to break into a piece of popular business software
called MOVEit and were then able to use that access to get into the
databases of potentially hundreds of other companies.

 

Analysts at Microsoft said on Monday they believed Clop was to blame, based
on the techniques used in the hack.

 

It has now been confirmed in a long blog post written in broken English.

 

The post, seen by the BBC, reads: "This is announcement to educate companies
who use Progress MOVEit product that chance is that we download a lot of
your data as part of exceptional exploit."

 

The post goes on to urge victim organisations to send an email to the gang
to begin a negotiation on the crew's darknet portal.

 

This is an unusual tactic as normally ransom demands are emailed to victim
organisations by the hackers, but here they are demanding that victims get
in touch. This could be because Clop itself can't keep up with the scale of
the hack which is still being processed around the world.

 

MOVEit is supplied by Progress Software in the US for many businesses to
securely move files around company systems. Payroll services provider
Zellis, which is based in the UK, was one of its users.

 

Zellis has confirmed that eight organisations have had data stolen as a
result - including home addresses, national insurance numbers and, in some
cases, bank details.

 

So far the following have all said that they may have had data stolen:

 

BBC

British Airways

Aer Lingus

Boots

Nova Scotia Government

The University of Rochester

Advice from experts is for individuals not to panic, and for organisations
to carry out security checks issued by authorities like the Cyber Security
and Infrastructure Authority in the US.

 

Clop claims on its leak site that it has deleted any data from government,
city or police services.

 

"Do not worry, we erased your data you do not need to contact us. We have no
interest to expose such information," it reads.

 

However, researchers say the criminals are not to be trusted.

 

"Clop's claim to have deleted information relating to public sector
organisations should be taken with a pinch of salt. If the information has
monetary value or could be used for phishing, it's unlikely that they will
simply have disposed it," said Brett Callow, threat researcher from
Emsisoft.

 

Cyber security experts have long tracked the exploits of Clop, which is
thought to be based in Russia as it mainly operates on Russian speaking
forums.

 

Russia has long been accused of being a safe haven to ransomware gangs -
which it denies.

 

However, Clop runs as a "ransomware as a service" group, which means hackers
can rent their tools to carry out attacks from anywhere.

 

In 2021, alleged Clop hackers were arrested in Ukraine in a joint operation
between Ukraine, US and South Korea.

 

At the time, authorities claimed to have taken down the group which they
said was responsible for extorting $500m from victims around the world.

 

But Clop has continued to be a persistent threat.-bbc

 

 

Telegraph owners say no risk to titles over loans

The billionaire owners of the Telegraph newspapers say their businesses are
in good shape following claims they are on the cusp of receivership.

 

The BBC understands Lloyds Banking Group wants to recover debts from loans
made to the Barclay brothers' family.

 

There are reports the Telegraph and Spectator titles could be sold within
days.

 

The family said "speculation about the business entering administration is
unfounded and irresponsible".

 

It is unclear how much money is owed to Lloyds but the Financial Times (FT)
reported it to be in the "hundreds of millions of pounds".

 

One person close to the talks said the banking group's patience over the
debt was "running out", the FT said.

 

Sky News said Lloyds Banking Group was being advised by financial firm
Lazard and it planned to appoint another bank to immediately begin selling
the Daily and Sunday Telegraph titles.

 

A spokesperson for the Barclays said: "The loans in question are related to
the family's overarching ownership structure of its Media Assets. They do
not, in any way, affect the operations or financial stability of Telegraph
Media Group."

 

The statement said businesses within its portfolio continued to trade
strongly and the Telegraph was performing "extremely well".

 

The twin brothers, Sir Frederick and Sir David Barclay, bought the
newspapers in 2004 from Hollinger following the demise of Conrad Black. Sir
David died in 2021.

 

The business, which is now run by Sir David's son Aidan, includes the
Spectator magazine and stretches beyond the media world to include the
courier Yodel and Shop Direct, with the online retail outlets Littlewoods
and Very.

 

Telegraph owners to put paper up for sale

Who are the Barclay brothers?

Billionaire’s nephew 'caught with bugging device'

The sale of the Ritz hotel in London in 2020 exposed a bitter rift between
the two families of the twins, with claims of commercial espionage over the
bugging of business meetings.

 

At the centre of the affair was CCTV footage allegedly showing Sir
Frederick's nephew handling a device. It saw the billionaire and his
daughter, Amanda, sue three of Sir David's sons for invasion of privacy.

 

Further legal issues arose last August - the Guardian newspaper reported Sir
Frederick, 88, avoided a prison sentence after a high court judge gave him
three months to pay money owed to his ex-wife.

 

That case is continuing.-bbc

 

 

 

Shell adverts banned over misleading clean energy claims

Oil and gas giant Shell has had some of its adverts banned for misleading
claims about how clean its overall energy production is.

 

The ban applies to one TV advert, a poster displayed in Bristol and a
YouTube ad, all shown in 2022.

 

The Advertising Standards Authority (ASA) ruled they all left out
information on Shell's more polluting work with fossil fuels.

 

Shell said it "strongly" disagreed with the ASA's findings.

 

The adverts cannot be shown in their current form again, the ASA ruled.

 

Shell reports stronger than expected profits

Shell had stated that the ads were intended to raise awareness of the lower
emissions energy products and services it is investing more money in.

 

The ASA ruled that the YouTube advert incorrectly gave the impression that
low-carbon energy products made up a significant proportion of Shell's
energy products, when in fact they did not.

 

Shell said that people who saw the adverts would already be well-informed of
its operations and would mainly associate the brand with petrol sales.

 

But the ASA said the selection of ads were likely to mislead consumers as
they "misrepresented the contribution that lower-carbon initiatives played,
or would play in the near future" compared with the rest of the company's
operations.

 

One of the banned advertisements was a poster shown in Bristol, with the
text "Bristol is ready for cleaner energy". It included text quoting the
number of homes in the South West of England which used renewable
electricity. The ASA ruled the poster was misleading because it gave the
impression that Shell as a whole was providing cleaner energy.

 

"We also considered that the emphasis the ads placed on "Ready", implied
that lower-carbon energy products, like those shown in the ads, already
comprised a significant proportion of the energy products Shell invested in
and sold in the UK, or were likely to do so in the near future," the ASA
said.

 

A spokesperson for Shell said the ASA's decision "could slow the UK's drive
towards renewable energy".

 

"No energy transition can be successful if people are not aware of the
alternatives available to them. That is what our adverts set out to show,
and that is why we're concerned by this short-sighted decision," the
spokesperson added.

 

The ruling comes as the ASA is combatting companies overstating their
environmental friendliness, known as "corporate greenwashing". Last year, it
banned a Tesco plant-based burger ad, a Persil advert, and two HSBC adverts
over their claims of environmental benefits, which the agency deemed
"misleading".-bbc

 

 

 

CBI: Scandal-hit business group wins survival vote

The CBI has won a key confidence vote over its future after members
overwhelmingly backed the lobby group following a series of scandals.

 

The CBI said that 93% of the 371 members who voted backed its plans to
reform the organisation.

 

Rain Newton-Smith, its new director general, said the result is "a really
strong mandate from our members".

 

However, some companies such as engineering giant Rolls-Royce said its
membership remains suspended.

 

The CBI held the vote after the Guardian published allegations of sexual
misconduct at the group, including two claims of rape which are currently
being investigated by the City of London Police.

 

In response, the CBI set out a number of reforms and asked members to take
part in a confidence vote on its future, the result of which was made public
on Tuesday afternoon.

 

It is not clear how much of the organisation's entire membership the 371
companies and trade associations who voted represents.

 

The CBI says on its website that it has 700 member organisations but
following the misconduct allegations, firms and associations have left the
group.

 

Meanwhile, some companies like BT, who suspended their membership of the CBI
but were eligible to vote, told the BBC they would not take part in the
ballot.

 

The CBI has refused to say how many members it has "due to commercial
reasons" but Ms Newton-Smith said the 371 who voted was a "huge proportion
of our membership".

 

However, the BBC's business editor, Simon Jack, said it was unclear how
ringing a mandate this was.

 

The CBI by its own admission says it will be a smaller organisation. It is
too soon to say they're in the clear. This is the beginning of their mission
to establish trust.

 

One of the CBI's core functions is to speak with the government on behalf of
businesses.

 

'A tortuous slog'

The government paused any activity with the CBI following allegations of
sexual misconduct at the group which were revealed in the Guardian
newspaper.

 

Asked whether it would now re-engage with the CBI following the vote, a
spokesperson for the Department of Business and Trade said: "While this is a
matter for the CBI and their internal processes, we will continue to engage
with businesses on a case-by-case basis and business groups where
appropriate."

 

Danni Hewson, head of financial analysis at AJ Bell, said the business lobby
group still faced "a long and tortuous slog back from the brink", adding it
would take time to rebuild confidence.

 

"It's bought a little of that time today but if it can't win over the
government, if it can't find its way back into the room, then it has no real
value."

 

While the CBI claims to represent 190,000 firms, not all of these are direct
members - the number of which is thought to be substantially smaller.

 

The lobby group works with trade associations which represent thousands of
firms, such as the National Farmers' Union which has 50,000 members.

 

At Tuesday's vote, each member had one vote each regardless of size. That
means that a trade association that might represent thousands of companies
had one vote.

 

Although the CBI has won the backing of its remaining members, a recent
exodus of fee-paying companies is already affecting the organisation.

 

And some - like Rolls-Royce - said its membership of the CBI remains on
pause.

 

A spokesperson said: "We will monitor the implementation of the reforms
detailed in the prospectus. In the meantime, our membership remains
suspended."

 

The Recruitment and Employment Confederation (REC) said that while it voted
on Tuesday to back the CBI, its membership also remained suspended.

 

REC chief executive Neil Carberry, said: "We hope the CBI succeeds in its
change programme which must be transparent, and effectively deal with both
supporting the victims of what happened and ensuring that doesn't happen
again.

 

"Ultimately the CBI has to create a safe environment for all CBI staff to
work especially for female colleagues."

 

'Smaller'

The CBI recently said it would have to make job cuts in order to slash its
wage bill by a third. In its most recent public accounts, for 2021, the CBI
reported income of £25m, of which £22m came from membership fees.

 

That is expected to fall for the current financial year following the number
of companies who have quit the lobby group or let their memberships lapse.

 

Ms Newton-Smith told the BBC: "We know we're going to come out of this a
smaller organisation but [the vote] also gives us a really clear mandate to
get out there and get new members to join our organisation. I want to work
on all those members who maybe have left.

 

"We are proud of that conversation [that] now we have got a strong mandate
from existing members and we're going to come out and focus on the really
important issues of the day."

 

The CBI employs about 250 people in the UK and has offices overseas.-bbc

 

 

 

 

 

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

 


 

 

 

 

 

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