Major International Business Headlines Brief::: 08 June 2023

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Major International Business Headlines Brief::: 08 June 2023 

 


 

 


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ü  African Trade Accord Hugely Significant For Continent - UN Small Business
Group Head

ü  Kenya: Those Opposed to the Housing Levy Are Selfish - Ruto

ü  Africa: AI Genie Is Out of the Bottle - UN Should Take the Challenge to
Make It Work for the Good of Humanity

ü  Malawi Govt Reaffirms Commitment to Producing High Skilled Labour Force

ü  South Africa: Uber Cabs Under Siege in Soweto

ü  Nigeria's Economic Growth Too Slow to Reduce Poverty - World Bank

ü  Namibia: Shiimi Calls Nampower to Order

ü  Namibia: Nampower Defends Power Cuts

ü  Ghana, Morocco Seal Deal for U.S.$1.3 Billion Fertiliser Project in
Takoradi

ü  Namibia: Repo Rate Evokes Fear...As 'Banks Increase Interest Rates for
Profit'

ü  Ghana: Maiden Ghana Automobile Summit in Accra June 27

ü  Nigeria: Cashless Policy - CBN Takes E-Naira to Kano Varsity for Payment
of Tuition, Others

ü  Nigeria: Fuel Subsidy - Edo Govt Reduces Work Days, Increases Minimum
Wage

ü  Tanzania: Bot Insists Foreign Exchange Reserves Sufficient

ü  Nigeria: Fuel Subsidy Removal - Experts Identify Pensioners, State
Workers, Others As Beneficiaries

ü  CNN chief Chris Licht out after just 13 months

ü  Telegraph Media Group set to be put up for sale

ü  Heathrow security officers announce summer strikes

ü  TikTok: ByteDance accused of helping China spy on Hong Kong activists

ü  Rishi Sunak to raise trade issues in US talks with Joe Biden

 


 

 


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African Trade Accord Hugely Significant For Continent - UN Small Business
Group Head

Geneva — The African Continental Free Trade Area accord is one of the most
critical developments in African trade and integration, says the executive
director of the International Trade Centre (ITC), the UN agency supporting
small business.

 

Pamela Coke-Hamilton, who began her career in Jamaica’s foreign ministry and
now heads the ITC, recently met journalists at the centre’s base in Geneva,
where she spoke about “strategic re-globalization” as a major trend.

 

The AfCFTA was established in 2018, and by 2023 all 54 members of the
African Union had signed it, making it the largest free-trade area after the
World Trade Organization (WTO) judged by the number of its member states.

 

Coke-Hamilton described strategic re-globalization as “the new search for
global corridors for trade routes” as a result of the Russia-Ukraine war and
post-Covid changes.

 

 

She said the disruption of supply channels and a recognition that dependence
on China is immense has led to the world looking for “near-shoring” and new
supply routes.

 

Mandated to UN and WTO

 

The ITC has a joint mandate with the WTO and the United Nations through the
UN Conference on Trade and Development, and much of its work focuses on
Africa.

 

The task of trade groups was now to assess new trends and address how
strategic re-globalization is going to impact how countries engage with one
another, Coke-Hamilton added. She said that “the AfCFTA is also a whole new
open arena” in which the focus would be on regional value chains within
Africa and “how those are going to impact new arenas of trade”.

 

The ITC has identified several important future regional value chains.

 

“Those are automotive, pharmaceuticals, baby food, textiles and clothing.
And there’s already discussion taking place on a regional value chain for
electric batteries,” said Coke-Hamilton.

 

“I think the ITC is also one of the organizations that believe the AfCFTA
was one of the single most important developments in African trade and
integration....because it is the first time that there has been agreement
among all 54 countries.”

 

Coke-Hamilton said the ITC has worked with the AfCFTA secretariat, helping
with the Africa Trade Observatory, one of the pillars of the agreement. It
has also worked on how to export with Afreximbank.

 

Awards to Africa and Asia

 

Separately the ITC has announced that three African and four Asian youth
start-ups will take centre stage at this year’s World Export Development
Forum, WEDF, from June 26 to 29 in Ulaanbaatar, Mongolia.

 

WEDF is the ITC’s annual flagship event.

 

The selected start-ups will pitch their businesses to a panel of judges at
the Youth Ecopreneur Awards 2023. The contest includes two award categories:
Green Business Solutions and Land Restoration.

 

The Green Business Solutions shortlisted companies include:

 

Givo Limited - Nigeria;

Brown Reed Agri Waste Innovation - India;

Cupmena - Egypt;

Qubix Robotics - Malawi;

ReciclApp - Mexico;

Green Composting - Tanzania;

Saathi - India;

Liberty Society - Indonesia;

Angirus – India

Diapo Inc - Zimbabwe;

and from Mongolia, Nomadic PowerBox LLC and Airee Felt.

For the Land Restoration category, the shortlist includes 10 companies from
seven countries:

 

Bôndy International - Madagascar;

Sommalife - Ghana;

Clauseph Enterprises - Botswana;

iPAGE Bangladesh - Bangladesh;

Orda Wealth - Mongolia;

Neoperk Technologies - India;

Kimalaya Naturals - India;

Viva Organica - Botswana;

Ecowillow Ghana – Ghana;

and Climtech Intelligence - Nigeria.

 

 

 

Kenya: Those Opposed to the Housing Levy Are Selfish - Ruto

Nairobi — President William Ruto did not waste the opportunity to pitch for
the 3 percent Housing Fund levy at National Prayer Breakfast, saying those
opposed to it are selfish.

 

President Ruto insists that the Housing Fund Kitty is aimed at helping
millions of jobless hustlers in the country, and wants a sober debate on the
proposal contained in the Finance Bill 2023.

 

"If we feel the pain of the 3 percent then it's because we are alive but if
we feel the pain of the 7 million Kenyans who live in the slums then we are
human beings," he said even as the Finance Committee retreated to finalize
the Bill to be tabled in Parliament next week ahead of Budget reading.

 

 

The president said bold decisions must be made for Kenya to move forward.

 

The President insisted that his administration will focus on ensuring the
country lives within its means by reducing debt borrowing and revamping tax
collection to raise revenue for his Sh 3.6 trillion budget for the next
financial year.

 

"It's time to be bold and brave. Delayed tactics and failure are written in
the shaky handwriting of cowards. Excuses are the nails used to construct
the coffins of failure," Ruto said at the annual National Prayer Breakfast.

 

The Head of State expressed hope that the proposed taxes by his
administration will ultimately transform the country.

 

"This moment demands singular courage. Our commitment is under test, only
bold decisions will enable us make the best of these opportunities to unlock
the possibility of the Kenya we all want," the President said.

 

President Ruto while urging Kenyans to fasten their belts once the Finance
Bill passes invoked Daniel 11:32 bible scripture that 'those who know their
God they shall be strong and they shall do exploits'.

 

"Living within our means requires us to work with what we have. Remember
Moses when he was confronted with situations, God asked him what do you have
in your hands. We all know what he hand in his hands," he said.

 

The National Assembly Finance Committee led by Molo MP Kimani Kuria has
retreated to write a report on the bill after receiving over 1000
submissions from various stakeholders during public participation.

 

The Finance Committee is set to table the report before the house on Tuesday
next week ahead of the budget reading set for Thursday next week.

 

Contentious Proposal

 

Among the contentious proposals in the Bill include a contribution to the
National Housing Development Fund where employees are expected to remit 3
percent of their salary to the fund.

 

If the Bill becomes an Act, taxpayers may have to contend with an increase
in the VAT of petroleum from 8.0 percent to 16 percent, which will
potentially increase the price of fuel.

 

The Bill proposes to increase excise duty on money transfer services by
cellular phone service providers from 12 percent to 15 percent, meaning an
increase in your M-Pesa or Airtel Money charges.

 

Opposition leader Raila Odinga has threatened to organize mass protests
against the proposed high taxes on fuel and other commodities.

 

Raila says that Kenyans are already burdened with a high cost of living and
cannot afford additional taxes.

 

Specifically, he opposes the proposed 16 percent Value Added Tax on fuel and
the housing fund introduced by the Kenya Kwanza government.

 

Odinga stated that if the proposed taxes outlined in the Finance Bill are
passed in Parliament, he will mobilize Kenyans to take to the streets.

 

"Finally, we make it clear that if this Bill is railroaded through
Parliament, Kenya Kwanza must prepare that we will have no option but to
mobilize citizens around the country to fight for themselves," Odinga told a
news conference Tuesday.

 

Odinga criticized the Kenya Kwanza leadership for boasting that the Bill
must pass in the National Assembly.

 

He questioned why the top leadership of the Kenya Kwanza regime in both
Parliament and the Executive had already taken a stance on the matter,
despite the Bill not yet undergoing public participation.

 

-Capital FM.

 

 

 

 

Africa: AI Genie Is Out of the Bottle - UN Should Take the Challenge to Make
It Work for the Good of Humanity

New York — Ambassador Anwarul K. Chowdhury is Former Under-Secretary-General
and High Representative of the United Nations and Founder of the Global
Movement for The Culture of Peace.

 

Recently when I was asked to offer my thoughts on the phenomenal advances of
artificial intelligence (AI) and whether the United Nations play a role in
its global governance, I was reminded of the Three Laws of Robotics which
are a set of rules devised by science fiction author Isaac Asimov and
introduced in his1942 short story.

 

I told myself that Sci-Fi has now met real life. The first law lays down the
most fundamental principle by emphasizing that "A robot may not injure a
human being or, through inaction, allow a human being to come to harm." The
80-year-old norm would be handy for the present-day scenario for the world
of AI.

 

 

AI in control:

 

AI is exciting and at the same time frightening. The implications and
potential evolution of AI are enormous, to say the least. We have reached a
turning point in human history telling us that even at this point of time,
AI is pretty much smarter than humans.

 

Already, even the "primitive" AI controls so many aspects and activities of
our daily lives irrespective of where we are living on this planet. Our
global connectivity at personal levels - emails, calendars, transportation
like uber, GPS, shopping and many other activities are now run by AI.

 

Then, think of social media and how it influences our thinking and our
interactive nature which have injected an obvious dangerous uncertainty that
already caused considerable problem for social order and mental stress.

 

AI dependent humanity:

 

Humankind is almost fully AI dependent in one way or the other. Think how
helpless humans would be without an AI-influenced smartphone in our hands.
AI is the fastest growing tech sector and are expected to add USD 15
trillion to the world economy in the next 5 to 7 years.

 

Even at its current stage of development of various AI chatbots led by
OpenAI, Google and others in recent months have alarmed the well-meaning
experts. Experts when asked about the future of AI came out with the honest
answer: "We do not know".

 

They are of the opinion that at this point one can envisage the developments
for the next 5 years only, beyond that nothing could be predicted. People
talk about ChatGPT-4 as an upcoming next level AI, but it may be already
here.

 

 

AI's limitless, unregulated potential:

 

AI's potential is so limitless that it has been compared to the arms race in
which nations are engaged in an endless quest for security and power by
acquiring more and varied armaments in numbers and effectiveness.

 

For AI, however, the main actors are the tech giants with enormous resources
and without being ethically driven. They are in this AI race for profit -
only profit and, as a corollary, unexplained power to dominate human
activities.

 

Shockingly, there is no rules, no regulations, no laws that govern the AI
sector. It is free for all, can be compared to "wild wild west".

 

Nukes and AI:

 

Experts have compared AI with the advent of nuclear technology, which could
be put to good use for humanity benefits or used for its annihilation. They
have even gone to the extent of calling AI a potent weapon of mass
destruction more than nuclear weapons. Nukes cannot produce more powerful
nukes. But AI can generate more powerful AI - it is self-empowering so to
say.

 

The worry is that as AI becomes more powerful by itself it cannot be
controlled, rather it would have the capability of controlling humans. Like
nuclear technology, we cannot "uninvent AI". So, the yet-not-fully-known
risk from these cutting-edge technologies continues.

 

Existential threat:

 

While recognizing the many possible beneficial use of AI in the medical
areas, for weather predictions, mitigating impacts of the climate change and
many other areas, experts are sounding the alarm bell that the super
intelligence of AI would be an "existential threat", possibly much more
catastrophic, more imminent than the ongoing, ever-challenging climate
crisis.

 

Main worry is that in the absence of a global governance and regulatory
arrangements, the bad actors can engage AI for motivation other than what is
good for society, good for individuals and good for our planet in general.
As we know, the tech giants are not driven by these positive objectives.

 

AI could have serious disruptive effects. This May, for the first time in
history, the US unemployment figures cited AI as a reason for job loss.

 

Bad actors without guardrails:

 

Bad actors without any guardrails can abuse the power of AI to generate an
avalanche of misinformation to negatively influence the opinions of big
segments of humanity thereby disrupting, say the electoral processes and
destroying democracy and democratic institutions. AI technology, say in the
area of chemical knowledge, can be used to make chemical weapons without a
regulatory system.

 

We need to realize that AI is remarkably good at making convincing
narratives on any subject. Anybody can be can fooled by that kind of stuff.
As humans are not always rational, their use of AI can therefore not be
rational and positive. Bad actors have to be controlled so that AI does not
pose a threat to humanity.

 

United Nations to lead AI global governance:

 

All these points weigh very much in favour of a global governance. If I am
asked who should take the lead on this, my emphatic reply would be "the
United Nations, of course!"

 

UN's expertise, credibility and universality as a global norm setting
organization obviously has a role in the regulatory norm-setting for AI and
its evolution.

 

 

Moral and ethical issue as well as fundamental global principles need to be
protected from the onslaught of AI - like human rights, particularly the
third generation of human rights - the culture of peace - peacebuilding -
conflict resolutions - good governance - democratic institutions - free and
fair elections and many more.

 

Also, it is equally important to examine and address the implications for
national governments from global use of AI, affecting the sovereignty of
nations. It would be worth exploring whether AI can influence
intergovernmental negotiating processes, now or in the future.

 

UN agencies and implications of their AI-related activities:

 

Two UN agencies recently announced AI-related activities. UNESCO informed
that it hosted a Ministerial level virtual meeting at the end of May with
selected participants while sharing the statistics that less than 10 percent
of educational institutions were using AI. UNESCO described the software
tool ChatGPT as "wildly popular". A UN entity should not have made such an
endorsement of a tech giant product.

 

Calling itself "UN tech agency", International Telecommunications Union
(ITU) announced that it is convening an "AI for Good Global Summit" early
July to "showcase AI and robot technology as part of a global dialogue on
how artificial intelligence and robotics can serve as forces for good".

 

The so-called UN tech agency took credit for hosting "the UN's first robot
press conference", alongside "events with industry executives, government
officials, and thought leaders on AI and tech."

 

There is a need for a UN system-wide alert providing guidelines for
interactions with the tech giants and entering into collaborative
arrangements with those. AI technology is developing so fast that there has
to be an awareness about possible missteps by one or another UN entity.

 

Even at its current level of development, AI has moved much ahead of ChatGPT
and robotics advancing the profit motivations of the tech giants and that is
a huge worry for all well-meaning people.

 

These UN entities have overlooked or even ignored the part of the
Declaration on the commemoration of the seventy-fifth anniversary of the
United Nations adopted as resolution 75/1 by the UN General Assembly on 21
September 2021 which alerted that "...When improperly or maliciously used,
they can fuel divisions within and between countries, increase insecurity,
undermine human rights and exacerbate inequality." These words of warning
should be adhered to fully by all with all seriousness.

 

UN Secretary-General's Our Common Agenda (OCA) refers to AI:

 

UN Secretary-General in his report titled Our Common Agenda (OCA) issued in
September 2021 promises, "to work with Member States to establish an
Emergency Platform to respond to complex global crises. The platform would
not be a new permanent or standing body or institution. It would be
triggered automatically in crises of sufficient scale and magnitude,
regardless of the type or nature of the crisis involved."

 

AI is undoubtedly one of such "complex global crises" and it is high time
now for the Secretary-General to formally share his thinking on how he plans
to address the challenge.

 

It will be too late for the Summit of the Future convened by the
Secretary-General in September 2024 to discuss a global regulatory regime
for AI under UN authority. In that timeframe, AI technology would manifest
itself in a way that no global governance would be possible.

 

AI genie is out of the bottle:

 

AI genie is already out of the bottle - the UN needs to ensure that AI genie
serves the best interests of humankind and our planet.

 

AI impact is so wide-spread and so comprehensive that it is relevant and
pertinent for all areas covered in OCA. It so much on us that the
Secretary-General should come out with his own recommendations as to what
should be done without waiting for next year's Summit of the Future.

 

Our future being impacted by AI needs to be addressed NOW. AI is spreading
at an inconceivable speed and spread. The Secretary-General as the global
leader heading the United Nations should not downplay the seriousness of the
challenge. He needs to set the ball rolling without waiting for a negotiated
consensus among Member States.

 

UN to regulate AI and ensure its effective and efficient global governance:

 

OCA-identified key proposals across its 12 commitments include "Promote
regulation of artificial intelligence" to "ensure that this is aligned with
shared global values."

 

In OCA, the Secretary-General has asserted that "Our success in finding
solutions to the interlinked problems we face hinges on our ability to
anticipate, prevent and prepare for major risks to come.

 

This puts a revitalized, comprehensive, and overarching prevention agenda
front and centre in all that we do.... Where global public goods are not
provided, we have their opposite: global public "bads" in the form of
serious risks and threats to human welfare.

 

These risks are now increasingly global and have greater potential impact.
Some are even existential .... Being prepared to prevent and respond to
these risks is an essential counterpoint to better managing the global
commons and global public goods."

 

The global community should be comforted knowing that the leadership of the
United Nations already knows well what steps are to be taken at this
juncture.

 

IPS UN Bureau-IPS.

 

 

 

Malawi Govt Reaffirms Commitment to Producing High Skilled Labour Force

The Malawi Government, through the Minister of Education, Science and
Technology, has reaffirmed its commitment to producing high skilled and
talented labour force to spur social and economic development of the nation.

 

Secretary for Education, Mrs Chikondano Mussa, made the commitment in a
statement issued as part of the activities to commemorate this year's 'World
Labour Day', which falls on June 6 every year.

 

Mussa stated that her ministry has a pivotal role in producing talented and
skilled labour force as it develops the critical human capital that the
country requires to implement the Malawi 2063 agenda, starting with the 1st
Implementation Plan (MIP-1).

 

 

She said, among others, that the ministry is training enough teachers who,
in turn, deliver the curriculum at all levels of the education system.

 

"We train teachers so that once they are hired by either government or
private sector, they are able to impart, through innovative techniques, the
desired skills in learners who are a future labour force in line with Malawi
2063 under Enabler number 5 on Human Capital Development.

 

"We have also ensured that all the eleven Teacher Training Colleges (TTCs)
are well resourced by equipping them with adequate training materials and
deploying highly skilled tutors," she said.

 

Mussa disclosed that her ministry has re-introduced technical education in
primary schools so that learners begin to attain technical skills at a
tender age in order to yield the desired results.

 

She added that Junior Science, Technology and Innovation (JSTI) Clubs are
being established and operationalised, stepwise, starting with 32 primary
schools in the country.

 

In these JSTI Clubs, learners are guided into the innovation pipeline to
ideate, design and develop prototypes to solve multifaceted problems
identified from the societal challenges including their own exploration to
make from scratch some engineering products like electric fans, cars,
drones, and FM radios consistent with the aspirations of Malawians for a
youth-led knowledge-based economy that enables self-wealth creation.

 

This is done through innovation garages at the schools with established and
operationalised JSTI Clubs. The Ministry, therefore, calls for more partners
to join this unique drive for a national roll-out of this initiative in all
schools to bring about practical Science, Technology, Engineering and
Mathematics (STEM) education for the present and future economy.

 

 

"The re-introduction of technical subjects in primary schools is part of the
Ministry's response to the calls to make the curriculum relevant to the
needs of the nation, by focusing more on problem solving than merely on
describing problems. The nation needs various technical skills and these
need to be acquired right from the foundational Science, Technology,
Engineering and Mathematics (STEM) education.

 

"We have allocated time on the timetable for the teaching of these subjects
and schools offering the subjects have been properly advised and oriented,"
she said, adding that for a start, technical subjects have been
re-introduced in model schools since most of them already have purposeful
infrastructure, which has now been resourced with new equipment.

 

"We will be rolling out gradually to all schools subject to provision of
equipment. We are also in the process of training more technical teachers so
that they can handle the subject in our schools," she said.

 

Mussa also said apart from using the current Ministry's budget to purchase
equipment, the Ministry has also received some assistance from TEVETA.

 

At secondary level, a total of 26 subjects is offered in order to open up a
range of skills which reflect local needs and contribute to national
development.

 

"The purpose of secondary school education is to prepare students for
employment in both formal and informal sector and to prepare them for
further studies in various skills of their need," Mussa explained.

 

According to Mussa, secondary education is the bedrock of skilled labour in
Malawi, saying "The current curriculum's main focus is on skills development
e.g. Woodwork, Metal work, Technical Drawing, Home economics, Clothing and
Textile, Creative Arts and Performing Arts."

 

In tertiary and higher education, Mussa indicated that the Ministry, through
the Higher Education Institutions, is reviewing the curriculum with
involvement of the industry in order to produce the human capital with the
right skillsets as required by the industry and for self-employment.

 

She disclosed that the Ministry has also embarked on massive infrastructure
development in the universities through construction of Skills labs, Design
Studios, Science Parks, Unipods, Makerspaces, FabLabs, Innovation Garages,
Technology Transfer Offices, Libraries, hostels, as well as administration
and office spaces. This has been possible through a number of funding
avenues including Government funding under the Public Sector Investment
Programme (PSIP), Skills for a Vibrant Economy (SAVE) Project, United
Nations Development Programme (UNDP), Public Private Partnership (PPP)
arrangements, just to mention a few.

 

The Secretary for Education added that it is envisaged that through these
initiatives, Malawi will have a highly trained and skilled labour force that
is matched with the labour market for the realization of the country's
vision of becoming an industrialized upper middle income economy by the year
2063.

 

The Ministry's initiatives are in line with the expectations of the public
and general populace, as stated by the Executive Director for the Civil
Society Education Coalition, Benedicto Kondowe, when he said "It is
worrisome that we are still offering programs at tertiary level that have no
employment opportunity since they are essentially mismatched to the labour
market that keeps on re-inventing itself".

 

On employment and economic opportunities for graduates, Mr Kondowe added
that "Government should mobilise the private sector to provide soft loans to
those who are skilled in different areas. There is a greater need to link
skills to financial opportunities," he concluded. This is where Government
programmes and initiatives such as NEEF come in.

 

In her concluding remarks, the Secretary for Education indicated that the
Ministry will continue to liaise with, and lobby sister MDAs and the private
sector for more programmes and initiatives to ensure that every graduate is
participating in the economic activities for the achievement of the
country's development plan. *#Education Is Key.

 

-Nyasa Times.

 

 

 

South Africa: Uber Cabs Under Siege in Soweto

Operators of e-hailing cabs are under siege at various malls in Soweto where
minibus taxis have attacked them and torched their cars.

 

In the latest incident an e-hailing operator was forced out of his car and
the vehicle was set alight on Monday night outside the Protea Glen Shopping
Mall in Soweto.

 

Last Thursday e-hailing operators were attacked by minibus taxi drivers.
Three vehicles were burned and four others damaged during a violent
encounter at Maponya Mall.

 

On Tuesday, a strong force of the Johannesburg Metro Police blocked a
confrontation between the Soweto United E-hailing Association and members of
the National Taxi Alliance in Protea Glen.

 

The e-hailing operators, including those affiliated to Bolt and Uber,
blocked access to the mall and demanded an intervention from the government.

 

Gauteng MEC for Transport and Logistics Kedibone Diale-Tlabela said: "These
acts are unacceptable and must be dealt with harshly. We will not be
deterred from building an integrated and modernised public transport system
by individuals who use intimidation and violence to put their message
across."

 

 

The altercation stemmed from a failure of the government to regulate the
public transport industry and decide on operating routes for minibus taxis,
e-hailing cabs and private operators.

 

EFF Gauteng chairperson Nkululeko Dunga said the violence has been brewing
for many months.

 

"This is not an isolated event as e-hailing drivers continue to be harassed
by alleged taxi associations and the lives of users are continuously
threatened across the country. The persistent attack on e-hailing drivers
and their vehicles is not only a threat to life, but also an attack on
families' economic interests and livelihoods," he said.

 

Members of the National Taxi Alliance who have rejected claims that they
were responsible for the attacks on e-hailing operators have agreed to a
meeting with the operators, the police and the government on Wednesday.

 

-Scrolla.

 

 

 

Nigeria's Economic Growth Too Slow to Reduce Poverty - World Bank

The World Bank, yesterday, warned that Nigeria's economic growth is too slow
to address the challenge of extreme poverty in the country.

 

Meanwhile, the bank has retained its economic growth (Gross Domestic
Product, GDP) forecast of 2.8% for Nigeria in 2023, citing challenges of
high inflation, foreign exchange shortages, and shortages of banknotes
caused by currency redesign.

 

The World Bank gave the warning in the Global Development Prospect report
for June 2023.

 

Among other things, the bank downgraded its economic growth forecast for Sub
Saharan Africa to 3.2% for 2023, from 3.4% projected in its April World
Economic Outlook. It also projected that global economic growth will slow to
2.1% in 2023, with prospects clouded by financial risks.

 

 

The World Bank stated: "After growing 3.1 percent last year, the global
economy is set to slow substantially in 2023 to 2.1 percent, amid continued
monetary policy tightening to rein in high inflation, before a tepid
recovery in 2024, to 2.4 percent.

 

"Growth in Sub-Saharan Africa (SSA) continued to decelerate earlier this
year owing to various country-specific challenges and heightened external
economic headwinds.

 

"Growth in the three largest SSA economies - Nigeria, South Africa and
Angola - slowed to 2.8 percent in 2022 and continued to weaken in the first
half of this year. In Angola and Nigeria - SSA's largest oil producers - the
growth momentum has stalled amid lower energy prices and stagnant oil
production.

 

"The post-pandemic rebound in Nigeria's non-oil sector cooled earlier this
year because of persistently high inflation, foreign exchange shortages, and
shortages of banknotes caused by currency redesign.

 

"Growth in SSA is expected to decline further to 3.2 percent in 2023 before
picking up to 3.9 percent in 2024. The recovery in South Africa is projected
to slow to 0.3 percent this year as widespread power outages weigh heavily
on activity and contribute to the persistence of inflation.

 

"Growth in Nigeria is expected to remain barely above the population growth
- far slower than needed to make significant inroads into mitigating extreme
poverty.

 

"Outlook downgrades, however, extend beyond the major regional economies
with elevated cost of living restraining private consumption and tighter
policies holding back a pickup in investment in many countries.

 

"More broadly, worsened domestic vulnerabilities together with tight global
financial conditions and weak global growth are expected to keep recoveries
subdued."

 

-Vanguard.

 

 

 

Namibia: Shiimi Calls Nampower to Order

Finance and Public Enterprises Minister Iipumbu Shiimi yesterday shocked the
national power utility company NamPower, ordering the company not to proceed
with the planned power suspensions for indebted local councils that started
on Monday.

 

Shiimi stated the ministry briefed Cabinet on the deteriorating debt
situation of local authorities as well as the intention of NamPower to
institute power suspensions against defaulting local authorities, among
others.

 

"Accordingly, Cabinet has issued a directive for NamPower to put on hold the
planned power suspensions pending further consultations between the finance
ministry, urban and rural development ministry and local authorities," reads
the letter dated 5 June 2023, and directed to Daniel Motinga, NamPower's
board chairperson.

 

 

Addressing a media briefing last month, NamPower managing director Kahenge
Haulofu said the corporation was owed a staggering N$1.5 billion, with N$842
million being overdue. He stressed it is important to collect what is owed
to them for the sustainability of their business and that of the country.

 

Furthermore, Shiimi, delivering a ministerial statement in parliament,
stated that following the issuance of the public notices by NamPower
announcing their intention to disconnect defaulting local authorities, the
ministry requested NamPower to appraise it with information pertaining to
the debt settlement by defaulters before instituting power suspensions.
Nevertheless, he noted NamPower has not responded to the request to date.

 

"The ministry communicated this directive to NamPower accordingly on 5 June
2023 and they nevertheless proceeded to suspend power supply to defaulting
local authorities. On our end, we have called for a meeting with the
NamPower board and management to obtain an explanation why they failed to
provide us with the information we requested and comply with the Cabinet
directive, as well as to ensure compliance, going forward," explained
Shiimi.

 

He further appealed to local authorities with high debt to approach the
national power utility and make payment arrangements, noting this is
important for the operations of NamPower to remain sustainable.

 

Responding to New Era regarding the matter, Motinga said management and the
board are engaging with all relevant stakeholders on the matter, and will
inform the media of the outcome of the consultations in due course.

 

In the debt collection plan, NamPower noted to encourage customers to settle
their debts, the company has resolved to extend a debt settlement incentive
whereby NamPower will write off the interest portion of the outstanding debt
accrued over the preceding 12 months period in the event that the customer
settles the outstanding amount in full on or before 31 May 2023.

 

This incentive will be limited to interest charged on that specific
outstanding capital amount up to a maximum of 12 months.

 

-New Era.

 

 

 

 

Namibia: Nampower Defends Power Cuts

Nanpower's managing director, Simson Haulofu, yesterday defended the
company's suspension of electricity supply to defaulting customers on Monday
evening.

 

This was implemented despite the Cabinet deciding that NamPower should put
its plans on hold.

 

Haulofu on Monday night said the company did not receive the Cabinet's
directive not to suspend power supply to defaulting local authorities and
Northern Electricity Distributor (Nored) clients.

 

"We have not received such a directive," he said.

 

Several towns in the Hardap and //Kharas regions, as well as in the seven
northern regions supplied by Nored, went without power from 17:00 to 20:30
on Monday.

 

 

The Cabinet directed NamPower to halt this after the minister of finance and
public enterprises, Iipumbu Shiimi, informed it about these entities'
increasing debt.

 

The decision was communicated to Daniel Motinga, NamPower's board
chairperson, in a letter from Shiimi.

 

"Accordingly, the Cabinet has issued a directive for NamPower to put on hold
the planned power suspensions, pending further consultations between the
Ministry of Finance and Public Enterprises, the Ministry of Urban and Rural
Development, and local authorities," Shiimi stated.

 

It is not clear on what basis the directive was given, when it was issued,
and at what time it was sent to NamPower.

 

Shiimi did not respond to messages sent to him via WhatsApp yesterday.

 

The secretary to the Cabinet, George Simataa, yesterday said he did not see
the correspondence between Shiimi and Motinga.

 

He referred all questions to Shiimi and the Ministry of Information and
Communications Technology.

 

The ministry's spokesperson, Shoki Kandjimi, yesterday said he could not
comment since he did not attend the Cabinet meeting.

 

He said resolutions were taken, which the ministry will share tomorrow.
Finance ministry spokesperson Wilson Ashikoto, however, said the directive
did not reach NamPower in time, which resulted in blanket power cuts in the
country's northern and southern regions.

 

"It was not sent on time, therefore we will not say they did not heed the
call. If they are to communicate, they will possibly communicate directly to
the chairperson of the board.

 

"What I know is that the communication was shared with NamPower and we
believe they will take note of that," he said.

 

 

'DEFIED'

 

The ministry in a statement said the directive was communicated to the power
utility on 5 June, and that this was defied.

 

A meeting has now been called with the NamPower board and management.

 

The ministry said this is meant "to obtain an explanation why they failed to
provide us with the information we requested and comply with the Cabinet
directive, as well as to ensure compliance going forward".

 

The statement added: "We want to appeal to local authorities with high debt
to approach NamPower and make payment arrangements. This is important for
the operations of NamPower to remain sustainable."

 

The power suspension was the first stage of NamPower's plan to get clients
who owe the power utility over N$1 billion to pay up.

 

'NOT APPROPRIATE'

 

Namibian Association of Local Authority Officers (Nalao) president Moses
Matyayi questioned the Cabinet directive which mandated the creation of
regional electricity distribution companies, and at the same time defended
Nored for not paying its supplier.

 

"The formula of Nored is not working, it's not appropriate, and it's not
good for this country. It needs to be reviewed. In fact, the whole board of
Nored must resign," he said yesterday.

 

Matyayi also blames the situation on the lack of leadership at some local
authorities - especially in the south.

 

"A lot of facilities within local authorities are going to be switched off.
Pump stations and sewerage, household usage will be affected if pumps are
switched off.

 

"A local authority does not have an alternative generator. Do we think it's
a good thing when sewage water goes back to the residents' houses?" he
asked.

 

SPYL WEIGHS IN

 

The secretary of the Swapo Party Youth League (SPYL), Ephraim Nekongo,
yesterday blasted the NamPower boss for "disobeying a Cabinet directive",
and called for his resignation.

 

Nekongo was speaking on Desert Radio.

 

"The board at NamPower must listen to the leadership . . .

 

"Whoever is at NamPower, the minister must be able to discipline these
people.

 

"He [Haulofu] is there appointed by the party. If Simson needs to go, he
must go. He cannot be directed and do other things. That's uncalled for," he
said.

 

'GEINGOB'S FAULT'

 

In the meantime, northern businessman Ben Zaaruka, who is the owner of
Oshana Mall at Ongwediva which houses some of the country's biggest
commercial banks, yesterday said president Hage Geingob must be blamed for
the power cuts.

 

He said the power cuts have interfered with banking services in the north,
and have compromised the cold-storage systems of some big retail outlets at
his mall, which is one of the biggest in the north.

 

"I think this is the most absurd thing to happen in this country. We don't
have leadership, we do not have ownership, and we have a laid-back president
who is actually not there any more . . .

 

"This is incompetence of the highest level . . .

 

"All these institutions fall under ministers, and the ministers fall under
the president," he said.

 

Presidential press secretary Alfredo Hengari yesterday said the president
has far more important things to attend to than commenting on "who said
what".

 

In a media statement yesterday, Nored's chief executive officer, Fillemon
Nakashole, said there is ongoing engagement between Nored, NamPower and
other key stakeholders to ensure there will be no further suspension of
electricity to Nored's customers.

 

He said the electricity distribution company regrets the power outage in the
north on Monday.

 

Sources at NamPower told The Namibian that a meeting between the power
company and Shiimi has been scheduled for Thursday to determine whether
stage two of power cuts would be implemented.

 

Stage two power cuts are scheduled for Monday and Tuesday next week between
17h00 and 19h00.

 

-Namibian.

 

 

 

Ghana, Morocco Seal Deal for U.S.$1.3 Billion Fertiliser Project in Takoradi

The government has completed the Front-end Engineering Design (FEED) with
the OCP Group of Morocco for a $1.3-billion project for the production of
fertilisers locally from the country's natural gas, the Minister of State at
the Ministry of Finance, Dr Mohammed Amin Adam, has stated.

 

The Fertiliser Complex to be sited in Takoradi formed part of measures to
diversify the Ghanaian economy and create value chains for the Mining and
Oil and Gas Industries.

 

Dr Adam disclosed this during the launch of the 2020 Extractive Industry
Transparency Initiative (EITI) reports on Ghana's Oil and Gas Sector
Revenues in Accra yesterday.

 

 

The Minister explained that the project which would be completed in three
years, would help increase fertiliser availability and reduce input costs to
farmers to fast-track the industrialisation of the agricultural sector.

 

He said the government strategy for the medium to long term is to leverage
the country's Oil and Gas resources to establish the linkages and to boost
the other sectors of the economy.

 

"Recent developments in terms of decline of our oil and gas production
coupled with the potential negative impact of energy transition leading to
low investment in the sector, call for the need to consider other areas with
a view to ensuring diversification and reducing the impact on the economy
for sustainable development," he stated.

 

Dr Adam said a total petroleum receipts for 2020 stood at US$666.39 million,
compared with the 2019 receipt of US$937.58 million.

 

"The upstream oil and gas sector in Ghana contributed 3.7 per cent to the
Gross Domestic Product (GDP) of Ghana in 2020 and recorded a growth rate of
-4.6 per cent (at constant 2013 prices)," he stated.

 

Dr Adam said proceeds from the export of minerals increased from US$ 6.678
billion in 2019 to US$ 6.998 billion in 2020, indicating that this
translates into a 4.8 per cent year-on-year expansion in mineral revenue.

 

Dr Adam commended the Ghana Extractive Industry Transparency Initiative
(GHEITI) Multi-Stakeholder Group for developing the report.

 

He appealed to the GHEITI Multi-Stakeholder Group to expand the EITI reports
on Oil and Gas and Mining to include report on climate change financing.

 

According to him, developing countries including Ghana were going to receive
more finding on climate finance and there was the need to report on how
those funds was used to ensure transparency.

 

He said Ghana as part of measures to combat climate change, would receive
more climate change financing more than it made from Oil and Gas and Mining
and therefore said it was important for GHEITI reporting to be expanded to
climate change financing.

 

The Deputy Minister of Lands and Natural Resources in charge of Mining, Mr
Mireku Duker, said the development of the reports were in line with the
African Mining Vision which was to use mining as a catalyst for development
and achieve the goals of the Sustainable Development Goals.

 

The Chief Executive Officer of the Ghana Chamber of Mines, Mr Sulemanu Koney
expressed worry about the delay of the reports and called on stakeholders to
ensure that the report was published on time.

 

The Co-chair of GHEITI of the MSG, Dr Steve Manteaw, in his remarks said
Ghana signed on the GHEITI to promote the transparent use mineral revenues.

 

He said the programme was extended to the Oil and Gas Sector in 2010 given
the success the programme had achieved.

 

-Ghanaian Times.

 

 

Namibia: Repo Rate Evokes Fear...As 'Banks Increase Interest Rates for
Profit'

Interest income has been the main contributor to profits made in recent
years by Namibia's commercial banks. However, these local commercial banks
are definitely not compelled to adjust their interest rates in line with
quarterly repo rate changes by the Bank of Namibia (BoN).

 

Instead, Namibia's commercial banks actually prefer to alter their interest
rates so as not to lose out on the profitable interest margin on some of
their deposits.

 

"The only reason they do so (change interest rates) is that of interest
margin. Especially in this competitive banking environment, where banks
aren't lending out as much as they would want to from a credit extension
perspective, so they will then potentially lose the interest margin on some
of their deposits," explained a local economic analyst.

 

 

Preferring anonymity due to a close association with a major financial
services player, the analyst explained: "Their competitors will then make a
better margin on interest rates on all loans (mortgage, vehicle asset, etc)
if they don't move with their competitors. They will give depositors
'discounts' in other areas, such as the compulsion by the central bank to
waive fees on savings deposits, etc".

 

The central bank is scheduled to make its third repo rate announcement of
the year next week Wednesday, 14 June 2023.

 

Households bleed

 

The heads of many Namibian households suffering from sleepless nights
brought on by the financial dilemma are pleading for the central bank to
apply the brakes to repo rate hikes.

 

Asking to remain anonymous, a homeowner said she received the keys to her
new house towards the middle of last year. However, with the non-stop repo
rate hikes since January 2022 she can longer afford to honour the home loan
repayments.

 

"This situation is frustrating; salaries are stagnant but after every few
months, your instalments go up. The word 'repo' is now scaring us. What I
don't understand is when I knocked on the doors of these banks, they told me
I could not afford a particular instalment. But now, with the interest
rates, increasing, I am actually paying the amount they initially declined.
It is just confusing," said the concerned homeowner.

 

She added the current situation is forcing her to live in a compromised
financial situation, where she has to cancel some debit orders. Despite
these drastic measures, she still does not see light at the end of the
tunnel.

 

Another homeowner, who works for government, stated: "I have felt the impact
of repo rate greatly in recent months, such that the thought of another
increment is unfathomable. My bond went up from the monthly instalment of
N$8 005 to now N$9 387. Although the government subsidy aids, whenever the
floating interest rate on the bonds goes up, the cost is carried by the
buyer, and it is getting heavier and unbearable".

 

Prepare for the worst

 

BoN is adamant that recent repo rate increases were considered the most
appropriate monetary policy stance to continue anchoring inflation and
safeguarding the one-to-one peg with the South African Rand.

 

Also, local stock brokerage Simonis Storm (SS) recently cautioned the
ever-increasing interest rate will severely impact the affordability of
loans for new buildings, which is anticipated to further deteriorate and
contract the already suffering domestic construction industry.

 

The stock brokerage further anticipates that BoN will increase the repo rate
by 25 basis points at the next announcement. If accurate, this would
increase the repo rate to 7.50% and the prime interest rate to 11.25% - and
as a result, the average home loan interest rate will increase to about
12.25% (prime plus one).

 

Moreover, the South African Savings Institute, an independent non-profit
organisation, recently warned that Namibian consumers should be prepared for
the worst.

 

The Savings Institute's Gerald Mwandiambia cautioned that homeowners, in
particular, will be hardest hit.

 

"Speak to your financial institution; look at getting an extension on the
term. This will reduce your home loan payments - and remember this is a last
resort. Salaries are not going up as much as inflation and the cost of
living. Most of us are living on 50% of what we were earning in 2018 but
servicing the same bills. Anything more than this will lead to an economic
recession," Mwandiambia cautioned.

 

-New Era.

 

 

 

Ghana: Maiden Ghana Automobile Summit in Accra June 27

The maiden Ghana Automotive Summit is scheduled to come off in Accra on June
27 this year.

 

Organised by the Automobile Assemblers Association of Ghana (AAAG), in
collaboration with the Africa Continental Free Trade Area (AfCFTA)
Secretariat, Ghana Investment Promotion Centre (GIPC), and Ministry of Trade
and Industry, the event would be held on "Creating a New Economic Backbone
for Ghana and The Sub-Region."

 

The AAAG membership includes Volkswagen Ghana, Japan Motors, Rana Motors,
Kantanka Automobile, Silverstar Ghana, and Stallion Group Toyota-Tsusho
Company, while Toyota Ghana and CFAO Motors Ghana are associate members.

 

 

The Summit will present the opportunity for leading experts and industry
professionals in the sector to discuss the latest trends, challenges, and
opportunities in the automobile industry.

 

It is expected to run concurrently along with an exhibition of over 20
vehicle models locally assembled in Ghana by the members of the AAAG.

 

The President of AAAG, Jeffrey Oppong Peprah, said the Summit would explore
the future of the automobile industry and the technologies and innovations
that would shape it.

 

This, he said would provide the Association the opportunity to discuss the
issues and opportunities impacting on businesses and the automobile industry
as a whole.

 

He noted that the Speakers at the Summit would include senior executives
from vehicle manufacturers, policymakers and a host of content experts from
automotive and aligned industries.

 

Mr Preprah stated that panel discussions at the event would address the key
areas of focus for the automotive industry including sustainability,
competitiveness, standards, the creation of a local used car market,
component manufacturing, retail, auto financing, and insurance, amongst
others.

 

The event, he said would attract senior-level representatives from across
the breadth of the industry, including vehicle manufacturers, component
manufacturers, engineers, government, the financial sectors, insurance,
global organisations, and the media.

 

"This event, which is strictly by invitation, is also believed to provide us
with valuable insights and opportunities to connect with other industry
players. For more information, please contact the project team by email:
info at aaag. com.gh," he added.

 

-Ghanaian Times.

 

 

 

Nigeria: Cashless Policy - CBN Takes E-Naira to Kano Varsity for Payment of
Tuition, Others

In its bid to raise awareness and invite more subscribers to the E-Naira
policy, the Central Bank of Nigeria (CBN) in Kano has taken its mobilization
to the Aliko Dangote University of Science and Technology (ADUST), Wudil,
Kano State.

 

Delivering an address at the office of the Vice Chancellor, Alhaji Musa
Tukur Yakasai, on Tuesday, the Kano Branch Controller of the CBN, Umar
Ibrahim Biu called on the university community to adopt the new E-wallet
system in its payments of tuition, salaries and other transactions.

 

He explained the need for the university community to migrate to the
cashless system for financial security and efficiency using the E-Naira
initiative.

 

 

"The E-Naira is a trend blazer now, is something that has come to stay and
we are trying to make sure that everybody is brought onboard. That is why we
are doing this intervention.

 

"We have done it with so many merchants, we've gone into markets, we've gone
into so many places, now we are coming into the institutions.

 

"We've been to the University of Nsuka, the University of Jos and now we are
here in Aliko Dangote University of Science and Technology to also sell the
idea of E-Naira wallet to both the students and staff of the institution and
the institution.

 

"Our target is where the students can use the facility to pay their tuition
fees and other payments through the E-Naira wallet.

 

"This will help the students a lot, it's the safest way of handling your
funds. Nobody will still it, it will eradicate corruption. One does not need
to carry a huge amount of cash. There's financial inclusion, they get
included in the financial statement. Is part of the financial literacy
campaign.

 

"The Vice Chancellor wholeheartedly accepted it. With E-Naira they can get
up to 5 percent revert on every payment they make. Their money doesn't go
like that they save something out of it. There are a lot of other incentives
they can enjoy" the CBN Controller stated.

 

In his response, the Vice Chancellor who spoke on behalf of the university
gave the assurance that the institution will key into the E-Naira
initiative.

 

"We appreciate the idea of the CBN coming to launch the E-Naira initiative
in this institution.

 

"This is a University of Science and Technology where our students are
E-confined already. They are doing a lot of things, some of the academic
activities are via E-platforms. So is very easy for students to adopt this
E-era.

 

"Some of the questions people ask are cleared by the bank. Especially the
fear of loosing money to hackers and other things like that.

 

"We now understand the E-Naira and are now convinced and we will call on our
students and other stakeholders to key into this initiative. It makes it
easier for everyone to operate without having to move with a lot of cash"
the Vice Chancellor stated.

 

-Vanguard.

 

 

 

Nigeria: Fuel Subsidy - Edo Govt Reduces Work Days, Increases Minimum Wage

"In the wake of fuel subsidy removal by the federal government, fuel prices
have increased astronomically, leading to rise in prices of goods and
services."

 

Governor Godwin Obaseki of Edo on Tuesday reduced the number of work days
that civil and public servants would have to commute to their workplaces
from five days to three days a week, amongst other measures.

 

In a statement made available to journalists in Benin, Mr Obaseki said the
measure was part of efforts to ameliorate the sufferings currently faced by
the people in the wake of the rise in prices of goods and services
occasioned by the fuel subsidy removal.

 

 

"In the wake of fuel subsidy removal by the federal government, fuel prices
have increased astronomically, leading to rise in prices of goods and
services and overall cost of living.

 

"The Edo State Government shares the pains of our people and wants to assure
everyone that we are standing with them in these very challenging times.

 

"We want to reassure our people that we will do all within our powers as a
sub-national government to reduce the pains and ameliorate the sufferings
our people are currently facing due to the current realities.

 

"As a proactive government, we have since taken the step to increase the
minimum wage paid to workers in Edo State from the approved N30,000 to
N40,000.

 

"We hope to increase it even further if more allocation accrues to our state
from the federal government in view of the expected savings from the removal
of the fuel subsidy," the governor said.

 

According to him, we know the hardship that has been caused by this policy
which has increased the cost of transportation, eating deep into the wages
of workers in the state.

 

"Therefore, the Edo State Government is hereby reducing the number of work
days that civil and public servants will have to commute to their workplaces
from five days to three days a week till further notice.

 

"Workers will now work from home two days every week.

 

"Similarly, for teachers and parents, their commuting to school will be
reduced as government is working on deepening the EdoBEST at Home initiative.

 

"To create more virtual classrooms, thereby, reducing the cost of commuting
on parents, teachers and pupils.

 

"The Edo SUBEB will provide details on this initiative in the coming days,"
Mr Obaseki said.

 

He said that to lower the rising cost of energy on the people, the state
government would continue to work with the electricity companies in the
state to improve the power supply to homes and businesses.

 

"Similarly, fibre optics connections are being made available to help our
people work remotely, thereby reducing their cost of transportation," he
said.

 

Mr Obaseki called on all to remain calm and go about their daily businesses
lawfully while the government intensifies efforts to alleviate the burden of
fuel prices.

 

(NAN)

 

-Premium Times.

 

 

 

Tanzania: Bot Insists Foreign Exchange Reserves Sufficient

BANK of Tanzania (BoT) has said the country is experiencing shortages of US
dollars, the dominant currency in international transactions but insisted
that there was no cause for alarm, as the level of reserves was sufficient
to cover four months of imports.

 

BoT Director of Economic Research and Policy, Dr Suleiman Missango told
editors in Dar es Salaam yesterday that the stock of foreign exchange
reserves declined to 4,881.2 million US dollars at the end of April 2023,
from 5,461.4 million US dollars in the similar period in 2022.

 

Despite the decline, reserves remained adequate, covering 4.4 months of
projected imports of goods and services, in line with the country benchmark
of at least four months.

 

"There is a decline in foreign exchanges reserves in the country, however,
that is not a crisis, as the level of reserves remains sufficient to cover
four months of imports," insisted Dr Missango.

 

Dr Missango said much as Tanzania's external sector continued to be affected
by cumulative effects of global shocks, particularly the war between Ukraine
and Russia, Covid-19 and climate change, which largely impacted the global
commodity prices, the country is grappling with the situation by instituting
various measures.

 

He said that the available stock of foreign exchange which 4.9 billion US
dollars is being used prudently to cope with the global dollar scarcity.

 

He added that BoT is selling 2 million US dollars to local banks every day,
in efforts to curb the deficit of US dollars in the market. He said from
January 2022 to May 2023, the BoT has traded a total of 376 million US
dollars through Inter-Bank Foreign Exchange Market (IFEM).

 

Another measure initiated by the BoT is that of purchasing gold from the
government for its reserve and has so far acquired 418 kilogrammes of the
precious metal. Gold reserves have always been an important part of the
diversification of global reserves for countries

 

He said since the move was introduced, BoT has been purchased gold worth 280
million US dollars annually, equivalent to six (6) tonnes as part of the
measures to swell the foreign exchange reserve capacity.

 

He further said that BoT has moved to issue licence to at least 88 Bureau de
change in various part of the country to increase the level of forex
domestically.

 

Dr Missango further said that the prices of petroleum products is declining,
which is one of the supporting measures being taken by the BoT to reduce use
of dollars in transactions.

 

However, Dr Missango maintained that the situation will recover soon,
especially during the tourism peak season -- July to September, as well as
market season for traditional cash crops, which will pump into the country
more dollars.

 

He also said that BoT will continue to strictly manage foreign exchange
reserves, to meet the objectives of the financial markets.

 

"The objectives of the financial markets are to ensure that the Bank
preserves capital, meet liquidity needs and enhances income given the
viability of the market environment," he said.

 

Recently, the BoT announced strengthened measures of controlling forex
exchange in the country, with experts considering it as a part of efforts to
curb the deficit of US dollars in the market.

 

The measures that according to the BoT Governor Emmanuel Tutuba came to
effect from May 1st this year, include the mandatory use of interbank
foreign exchange for transaction that exceeds 1 million US dollars

 

The government has also restricted trading of foreign exchange with
international foreign currency brokers, who are not licensed in Tanzania.

 

"All foreign exchange transactions exceeding 1 million US dollars per
transaction in the retail market shall at all-time be traded within the
interbank foreign exchange market prevailing quoted prices," he said.

 

The governor also instructed that transactions of a single customer in a day
shall be summed up for the purpose of determining the amount.

 

According to him, at all times, foreign exchange dealers are required to
strictly observe the procedures for Know Your Customer (KYC) in their
undertakings, while the limit for the foreign exchange Net Open Position
(NOP) shall be ten per cent of Core Capital and has to be observed at all
times.

 

All Letters of Credit (LCs) for transit cargoes shall be funded by foreign
exchange mobilised from respective destination countries.

 

-Daily News.

 

 

 

Nigeria: Fuel Subsidy Removal - Experts Identify Pensioners, State Workers,
Others As Beneficiaries

Economic experts have identified pensioners and state workers and others as
groups that will benefit immediately from the removal of fuel subsidies.

 

The experts who spoke at the Nairametrics' second quarter, Q2 2023, Economic
Outlook Webinar include Chief Economist at KPMG Nigeria and former Chief of
the National Bureau of Statistics (NBS), Dr Yemi Kale, Partner and Chief
Economist at PwC Nigeria, Dr Andrew Nevin and Head of Economic
Research/Intelligence at the Coronation Merchant Bank, Chinwe Egwim.

 

Nevin said: "The government has a culture of being unable to pay pensioners.
We all know the fuel subsidy is a form of corruption and the fuel subsidy
benefits those in the upper and middle class and those who lose are the
pensioners and the state employees, as state governments cannot pay their
minimum wage. Those groups are going to benefit immediately from the removal
of the fuel subsidy," he said.

 

 

Nevin also advised young Nigerians to look at the fuel subsidy removal as an
opportunity to look out for the healthcare and educational sectors.

 

According to him, with adequate training, young Nigerians can seek jobs in
both sectors whether in Nigeria or other countries. He also said that there
are many opportunities for investments in both sectors. On her part, Egwim,
advised young Nigerians to always have their pulse on market dynamics
because they will be able to find relevant opportunities in this manner.

 

She further stated that the fuel subsidy removal should be able to support
Nigeria's revenue performance. She admitted that there will be an
inflationary impact from the policy, and purchasing power will be eroded in
the short term.

 

However, if the policy is implemented properly, the fuel subsidy removal
will mean better economic performance for Nigeria. Ms. Egwim who highlighted
the oil and gas sector as one of the credible sectors which can improve the
country's overall economic growth, said that the Tinubu administration
should focus on the following to improve sector performance:

 

But Dr Yemi Kale raised concerns about the potential negative impact of
additional taxation on household expenditure and private business expansion.

 

Highlighting the challenges of imposing higher taxes during a period of
fragile economic growth, Kale said: "In terms of public finance, I am one of
the few people that does not believe in increasing taxes. I'm not one of the
people that is a fan of pushing up taxes, particularly in a recession and
when the economy is struggling with fragile growth," he said.

 

-Vanguard.

 

 

 

CNN chief Chris Licht out after just 13 months

The chief executive of CNN has stepped down after just 13 months in the job.

 

Chris Licht had been been under pressure after a recent article about him in
the Atlantic magazine, for which he provided an unusual level of access,
raised questions about his leadership.

 

The news network has also seen falling ratings and was widely criticised for
its handling of a town hall interview with former president Donald Trump.

 

Parent company Discovery said "things did not work out the way we had
hoped".

 

Mr Licht was appointed head of the channel last year, when Discovery merged
with WarnerMedia, home to CNN, HBO and others.

 

Warner Bros Discovery boss David Zaslav said the company appreciated
"Chris's efforts and dedication and [we] wish him all the best".

 

"This job was never going to be easy, especially at a time of great
disruption and transformation, and Chris poured his heart and soul into it,"
he said announcing the change, which is effective immediately.

 

"Unfortunately, things did not work out the way we had hoped - and
ultimately that's on me. I take responsibility."

 

Mr Licht took over CNN as the Discovery takeover prompted big shake-ups,
including the ousting of former chief Jeff Zucker, the abrupt cancellation
of CNN+, a planned streaming service, and hundreds of layoffs.

 

Mr Zaslav has also been pushing CNN to shift its tone, which he saw as
having shifted to the left and become too combative during the Trump
administration, when the former president frequently dismissed it as "fake
news".

 

Mr Zaslav had said that CNN should carve out a role distinct from rival news
brands seen as being more partisan, such as Fox News on the right, and MSNBC
on the left.

 

"Our view is, there's advocacy networks on either side. We have the best
journalists in the world. We need to show both sides of every issue," he
said at an investor conference earlier this year.

 

But Mr Licht's efforts to shake-up programming - including the launch of a
new morning show - had stumbled.

 

His standing had been in question after a new chief operating officer, seen
as close to the Discovery boss, was named earlier this month.

 

Before CNN, Mr Licht was an executive vice president of special programming
at CBS and a showrunner for "The Late Show with Stephen Colbert". He had
also worked for CBS News and was a co-creator of MSNBC's popular morning
news show "Morning Joe".

 

Mr Zaslav said the channel would be led by an interim group of leaders,
while the company searched for a replacement.-bbc

 

 

 

Telegraph Media Group set to be put up for sale

The Daily and Sunday Telegraph newspapers and The Spectator magazine are set
to be put up for sale due to debts owed by their parent group.

 

Receivers Alix Partners have now taken control of the group, and replaced
the current owners, the Barclay family.

 

The receiver said it doesn't expect the changes to affect the operations of
the papers, which are profitable.

 

Lender Lloyds Bank is unlikely to recover the original value of the loan,
worth hundreds of millions of pounds.

 

The bank has placed B.UK, a Bermuda-based holding company controlled by the
Barclay family, into receivership.

 

Alix Partners said on Wednesday that it has taken control of Telegraph Media
Group, which owns the newspapers, and the company which runs The Spectator.

 

Family members Howard and Aidan Barclay have been removed as directors, it
said.

 

Lloyds Banking Group said it "regrettably" had no choice other than to
appoint receivers, but said "it was willing to continue discussions to find
a suitable solution."

 

"The decision... follows numerous discussions with B.UK's parent company,
Penultimate Investment Holdings Limited (PIHL). The aim of these
discussions, which were held over a long period and undertaken in good
faith, had been to find a consensual solution and repayment of PIHL's
borrowing to Bank of Scotland.

 

"Unfortunately, no agreement could be reached."

 

While the bank remains open to returning the titles to the Barclays' control
if the loans are repaid, it is likely that they will now move to a sale, and
the investment bank Lazard has been appointed to start exploring options.

 

Lloyds and the receiver say they will not seek to influence the editorial
decisions of the newspapers while in receivership.

 

Analysts estimate the titles to be worth around £500m, though a wealthy
buyer keen to acquire the Telegraph as a trophy asset may pay in excess of
that figure.

 

For the last few years the Telegraph's billionaire owners have consistently
denied rumours that their newspapers could be sold.

 

Who are the Barclay brothers?

Twin brothers Sir Frederick and Sir David Barclay bought Telegraph Media
Group for £665m in 2004 from the company Hollinger, following the dismissal
of its chairman Conrad Black.

 

Sir David died in 2021 and the business is now run by his son Aidan. Its
interests stretch beyond the media and include the courier Yodel.

 

A spokesperson for the Barclays confirmed discussions with Lloyds Banking
Group were "ongoing".

 

"We hope to come to an agreement that will satisfy all parties," they said.
"As Alix Partners made clear, this situation is in no way related to the
financial health or performance of the Telegraph or Spectator businesses."

 

The Barclay family previously owned the Ritz hotel in London, before selling
in 2020.

 

The sale of the iconic hotel exposed a bitter rift between the two brothers'
families, including claims of commercial espionage over the bugging of
business meetings.-bbc

 

 

Heathrow security officers announce summer strikes

Security officers at Heathrow airport will take part in a fresh wave of
strikes this summer that could affect travellers at the UK's busiest
airport.

 

About 2,000 officers who are members of the Unite union will walk out for 31
days between 24 June and 27 August.

 

Terminals 3 and 5 and checks for non-passengers will be affected and the
action could spark queues at security.

 

Unite described it as "a major escalation" in its pay dispute with the
airport.

 

It said workers had rejected a "below inflation pay offer of 10.1%", while
noting that the higher rate of inflation, RPI, is now 11.4%.

 

Previous strikes have appeared to have little impact on passengers due to
Heathrow's contingency measures, but the fresh wave of strikes will include
Terminal 3 workers for the first time.

 

Heathrow is one of the busiest airports in the world and people from all
over the UK could be affected.

 

The strikes could lead to longer queues going through security, but it is
unclear at the moment whether any airlines will cancel flights, says the
BBC's transport correspondent Katy Austin.

 

The walkouts coincide with busy times for travel including the Eid festival
(28, 29 and 30 June), the beginning of the school holidays (21, 22, 23 and
24 July) and the August bank holiday (24, 25, 26 and 27 August).

 

A Heathrow spokesperson said it will do "everything" it can to minimise
disruption during the strikes.

 

"Unite has already tried and failed to disrupt the airport with unnecessary
strikes on some of our busiest days and we continue to build our plans to
protect journeys during any future action.

 

"The simple fact remains that the majority of colleagues do not support
Unite's strikes. There is a two-year inflation-beating pay rise ready for
colleagues, if only Unite would allow them to have a say".

 

They added that talks to resolve the dispute with Unite would continue.

 

Heathrow strike dates

The strike dates are:

 

24, 25, June

28, 29 and 30 June

14, 15, 16, July

21, 22, 23, 24, July

28, 29, 30, 31 July

4, 5, 6 , 7 August

11, 12, 13, 14, August

18, 19, 20 August

24, 25, 26, 27 August.

Who is striking and what pay do they want?

The strikes come as Heathrow is struggling to recover from the impact of the
pandemic. The airport's operator recorded a £139m loss in the first three
months of this year.

 

But Unite's Sharon Graham said: "This is an incredibly wealthy company,
which this summer is anticipating bumper profits and an executive pay
bonanza", adding that the airport had "got its priorities all wrong".

 

Border Force staff at Heathrow who are members of the PCS union held a
series of separate walkouts this year, prompting the government to bring in
military personnel to staff entry gates.

 

Hundreds of thousands of workers in several UK industries have been holding
strikes since last summer.

 

Most are demanding improvements to terms and conditions and for pay to match
the cost of living, which is rising at its fastest rate in nearly 40 years.

 

There was chaos at airports last summer when strikes and staff shortages
coincided with a surge in demand for travel post-pandemic.

 

Unite regional co-ordinating officer Wayne King said on Wednesday that
customers could expect more of the same.

 

"Delays, disruption and cancelations will be inevitable as a result of the
strike action. But this dispute is completely of Heathrow Airport's own
making."

 

The consumer group Which? says if an airline cancels a flight because of
staff strikes, passengers are entitled to compensation unless they are given
two weeks' notice.

 

However, if a flight is cancelled because of airport staff, Border Force or
air traffic control strikes, this will be classified as an extraordinary
circumstance.

 

According to Which?, this means that passengers due to travel should be
offered a refund or alternative flight, but are not owed compensation.-bbc

 

 

 

TikTok: ByteDance accused of helping China spy on Hong Kong activists

TikTok's owner ByteDance has been accused of allowing Chinese Communist
Party (CCP) members to access the data of Hong Kong civil rights activists
and protesters.

 

Users who uploaded "protest-related content" were also identified and
monitored, former ByteDance executive Yintao Yu alleges in a US court
filing.

 

The CCP members were also able to access US TikTok user data, Mr Yu says.

 

A ByteDance spokesperson denied the claims, describing them as "baseless".

 

The allegations are contained in a San Francisco Superior Court filing made
this week as part of a lawsuit brought by Mr Yu.

 

In the filing, Mr Yu claimed that members of a CCP committee had access to a
"superuser" credential, which was also known as "god user", which allowed
them to view all data collected by ByteDance.

 

He also alleged that the committee members were not ByteDance employees but
were physically present at the company's offices in Beijing.

 

This was common knowledge among senior executives, said Mr Yu, who for
around a year from August 2017 was a head of engineering in the US for
ByteDance.

 

The filing also alleged that in 2018 the CCP committee members used their
"god credential" to "identify and locate the Hong Kong protesters, civil
rights activists, and supporters of the protests".

 

Hong Kong saw huge protests in 2014 - the so-called Umbrella movement -
where people demanded the right to elect their own leader. After that, there
were smaller demonstrations by civil rights activists. Much of this visible
dissent has disappeared since Beijing cracked down with a draconian national
security law after the anti-government 2019 protests.

 

The background you need on Hong Kong's protests

When contacted by the BBC, a ByteDance spokesperson strongly denied the
allegations: "We plan to vigorously oppose what we believe are baseless
claims and allegations in this complaint."

 

They also said that Mr Yu was employed by the company for less than a year
and in that time worked worked on a now-discontinued app called Flipagram.

 

"It's curious that Mr Yu has never raised these allegations in the five
years since his employment for Flipagram was terminated in July 2018. His
actions are clearly intended to garner media attention," the ByteDance
spokesperson added.

 

Mr Yu's claims come as TikTok is under intense scrutiny around the world.

 

In March, TikTok's chief executive Shou Zi Chew faced four-and-a-half hours
of questioning at a US congressional hearing.

 

Mr Chew was quizzed by both Democrats and Republicans over the app's data
security and privacy practices, and its alleged ties to Beijing.

 

A spokesperson for TikTok said afterwards that the politicians were
"grandstanding".

 

In May, Montana became the first US state to pass a sweeping ban on the
Chinese-owned video-sharing platform.

 

The ban is due to take effect in January 2024. It will make it illegal for
app stores to offer TikTok, but does not ban people who already have TikTok
from using it.

 

TikTok has sued to block Montana from imposing the ban, saying it conflicts
with US free speech rights. Montana, which has a population of just over one
million, banned the app on government devices last December.

 

TikTok says it has 150 million American users. Although the app's user base
has expanded in recent years, it is still most popular with teenagers and
users in their 20s.-bbc

 

 

 

Rishi Sunak to raise trade issues in US talks with Joe Biden

Prime Minister Rishi Sunak has said he expects to discuss Joe Biden's
flagship package of investment in green industries when he meets the
president during his trip to the United States.

 

Travelling to Washington DC, Mr Sunak said "subsidy races" were not a
solution to hitting climate goals.

 

Some British ministers have criticised Mr Biden's Inflation Reduction Act
(IRA) as harmful to world trade.

 

The law includes $370bn (£297bn) to boost green technology in the US.

 

In a drive to cut carbon emissions, billions in tax credits and subsidies
has been allocated to speed up the production of solar panels and wind
turbines, and encourage the up-take of electric cars.

 

The European Union has described the law as anti-competitive, while earlier
this year, Energy Secretary Grant Shapps said the package was "dangerous
because it could slip into protectionism".

 

It is expected to be one subject of discussion when Mr Sunak meets Mr Biden
for the fourth time this year, for talks at the White House on Thursday.

 

The prime minister's spokesman suggested Mr Sunak would also talk about
boosting green tech, the war in Ukraine, and the regulation of artificial
intelligence.

 

Downing Street said the prime minister would seek to boost economic
security, bringing it into line with the level of UK-US co-operation on
defence.

 

Chris Mason: What Sunak is trying to achieve in the US

Biden green subsidies could harm trade, says Shapps

Is the UK too late to beat the US in the global trade war?

Mr Sunak began the formal events of the US trip on Wednesday by laying a
wreath at the Tomb of the Unknown Soldier at Arlington National Cemetery.

 

Personnel from the US army, navy, marines, air force and coastguard formed a
guard of honour.

 

The ceremony comes ahead of meetings with senior US politicians and business
leaders, as well as the president.

 

Tensions over the global implications of Mr Biden's economic package have
been building ahead of the visit, Mr Sunak's first official trip to
Washington DC as prime minister.

 

The UK government has said it had no plans to emulate the scale of the US
plans, prompting accusations from Labour that the UK could fall behind in a
global race to attract future industries.

 

During his flight to Washington, reporters asked Mr Sunak if there was
anything Mr Biden could do to ease the economic impacts of his package on
the UK.

 

"It's something that he [President Biden] and I have discussed in the past
and you'd expect us to continue discussing it," Mr Sunak said.

 

When asked whether Mr Sunak accepted President Biden's argument that a
resilient economy sometimes required a protectionist approach to key
sectors, the prime minister referenced a joint statement issued by the G7 at
the end of its latest summit in Japan.

 

The statement, he said, "makes it very clear that G7 countries don't believe
in protectionism as the answer to this challenge and also don't believe in
in subsidy races that are zero sum".

 

There have been reports his trip could see the two sides unveil a critical
minerals pact that would allow British carmakers that export electric
vehicles to the US to benefit from some of the tax credits offered to
American firms.

 

The US signed such a deal with Japan earlier this year, and has entered into
talks with the EU.

 

However, one area where progress has stalled is over a wider UK-US free
trade deal, where President Biden has put talks on ice, leaving the UK to
deepen trade ties through less comprehensive mini-deals with around 20
states.

 

AI regulation

Another area where Mr Sunak hopes to hold discussions is the regulation of
artificial intelligence (AI), where Mr Sunak is seeking to carve out a role
for the UK as a global player.

 

The prime minister is hosting a global summit on AI regulation in the
autumn, and has reportedly expressed an interest in the UK hosting any new
international regulator for the emerging technology.

 

However, the extent to which the UK will be able to shape new global rules
outside the EU is unclear, with the UK now shut out of key gatherings
between European and American regulators such as the Tech and Trade Council
(TTC).

 

The two leaders will also discuss the war in Ukraine, which is expected to
enter a decisive period soon, with signs a long-awaited counter-offensive
from Ukrainian forces may have begun.

 

It comes after Ukraine blamed Russia for the collapse of the Kakhovka dam in
Russian-held Ukraine, prompting the evacuation of thousands of people.
Moscow has denied destroying the dam, instead blaming Ukrainian shelling.

 

Speaking to reporters on the plane to the US, Mr Sunak said it was "too
soon" to make a "definitive judgement" on whether Russia was behind the
attack.

 

But he said if Russia were found to be responsible, it would "demonstrate
the new lows that we will have seen from Russian aggression."-bbc

 

 

bbc

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

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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