Major International Business Headlines Brief::: 12 June 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 12 June 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Creating Enabling Environment for Optimal Renewable Energy

ü  Nigeria: TotalEnergies to Speak On Exploration Campaign in Nigeria,
Others At Aew

ü  Kenya: National Treasury Releases Sh33.3bn April Revenue Share to
Counties

ü  Tanzania: Sunflower Farmers Call for More Education On Quality Seeds

ü  Tanzania: Harnessing Renewable Energy for Sustainable Development in
Tanzania

ü  Tanzania: Number of Ships Calling At Tanga Port Increases By 14pc

ü  Tanzania: Minerals Ministry On Clear Path to Surpass Target

ü  Kenya: Bata Denies Claim It Is Closing Kenyan Business

ü  Nigeria: Investing in Coconut Chips

ü  Uganda Has Potential to Become a Top BPO Destination, Experts Say

ü  Kenya: Rural Areas Lead Urban Centers With High Poverty Levels, New
Report Shows

ü  Nigeria: Telecom Sector Contributes N2.508 Trillion to Nigeria's GDP

ü  George Soros hands reins of $25bn empire to son Alex

ü  Facebook owner Meta plans to create Twitter rival

ü  Reddit blackout: Subreddits to go private on Monday

 


 

 


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Nigeria: Creating Enabling Environment for Optimal Renewable Energy

Nigeria has unfortunately either by omission or commission remained in
darkness even when it possesses the potentials to be the energy
(electricity) hub of the continent of Africa.

 

With much sunlight in the north for solar energy development, overflowing
river in the south for hydroelectric generation and intimidating gas
reserves in the Niger Delta to sustain thermal energy plants yet the country
is remains in darkness from one civilian administration to another.

 

Now, stakeholders are seeing fresh hope in the new administration of Bola
Ahmed Tinubu, who had made genuine attempt as Lagos State Governor to
pioneer State controlled power generation in the face of failing national
grid.

 

During the twilight days of President Muhammadu Buhari in office as the 15th
President and Commander-In-Chief, Federal Republic of Nigeria, the country
however, witnessed a remarkable step in his administration to sign into law
the power sector decentralisation bill, which allows private investors and
state governments alike to generate, transmit and distribute electricity in
areas that are currently under the existing Disco's networks.

 

 

In the views of the chairman/CEO, FalCore Power & Energy Limited, Mr Abayomi
Olusola Falana, the signing into law of the power sector decentralisation
bill was in the right direction given the potential effects of bringing
effectiveness, efficiency and competition to the power sector in the
country.

 

Falana believes that the new law will attract necessary foreign investments
into the power sector that is required to up and address the rehabilitation
that needs to be undertaken across the electricity supply chain. He said
that 29th May, 2023 marks another beginning of a new political era in
governance at the federal government level in Nigeria.

 

The new political era of the APC-led administration tagged with the slogan
"Era of Renewed Hope' under His Excellency, Asiwaju Bola Ahmed Tinubu, the
elected 16th executive president of the Federal Republic of Nigeria,
presents another opportunity to demonstrate a strong political will to
tackle head on Nigeria's ailing power sector challenges, anticipates Falana.

 

According to him, "what needs to be in place to be able to surmount the
existing challenges of achieving the optimal supply of electricity in
Nigeria, should be identified and spelt out loudly as the critical issues
for consideration by Tinubu.

 

"As a renewable energy expert, he said that the Government should have to
play a significant role to sustain the development of renewable energy power
projects by creating the enabling environment to attract an influx of
foreign investors interested in enhancing our existing electricity power
supply outputs."

 

Falana, said, the Federal Government Sovereign Guarantee (SG) should
acknowledge the importance of the renewable energy power generation project
to the nation's economy as "Nationally Significant Projects", and support
foreign investments in the development, construction and operation of
electricity power supply infrastructure projects.

 

 

He said, there should also be assurances that the project promoters /
Independent Power Providers (IPP) will be able to open and maintain foreign
currency accounts in any financial institution within or outside Nigeria and
that tariff and concession regimes permitting recovery of actual project
costs and a reasonable return on capital shall remain in full force and
effect and shall be adjusted only to the extent necessary to guarantee the
project sponsors no less than the agreed upon return on capital.

 

In addition, there should be guarantee by the Central Bank of Nigeria (CBN)
that it will allocate hard currency towards debt service and repatriation of
capital or profits and that it will also ensure free convertibility,
transfer and timely remissibility of foreign exchange whether converted
through normal commercial channels or otherwise.

 

He further advised that federal government assistance such as grants of real
property and utilities at nominal fees, exemptions from withholding taxes,
income taxes, import duties and other taxes to enhance financial viability
of the energy power project.

 

It is also in his opinion that the Federal Government will not (in
connection with any privatisation or otherwise) sell or otherwise transfer
any interest in any primary obligor or project counterparty without taking
steps to ensure that the project and the project sponsors and lenders will
not suffer adversely, and there should be assurances as to timely
installation and completion of new ancillary infrastructure, such as;
transportation and utilities necessary for the construction, operation and
maintenance of the energy power project.

 

Also, Tinubu's government has to provide assurances that the energy power
project sponsors will be free to expand its operations and business in areas
related to the project as and when such new opportunities are open to the
private sector and indemnification by the Federal Government for any loss
sustained by any project participant by reason of the invalidity or
unenforceability of any provision of any agreement, permit, instrument or
other document executed or delivered by any instrumentality of the Federal
Government.

 

Submitting similar opinion, convener of PowerUpNigeria, an Electric Power
Consumer Right Advocacy Group, Adetayo Adegbemle, demanded for a truly
independent regulatory commission, devoid of political interference, and one
of the best ways to achieve this is to bring in individuals who has shown
commitment to the growth of the power sector in one capacity or the other.

 

The era of making political appointments and then expecting a quick delivery
on key performance indicators should be dispelled with by Tinubu.

 

He said, proper interview and presentation on what challenges facing the
power sector should be done, and the best candidate be given the political
powers to turn around the fate of the sector. Once this can be achieved with
NERC, it will send clear message and tone to whatever follows in the power
sector, said Adegbemle.

 

He said, one of the structures to be clearly made away with is the
Presidential Power Initiative, which at best, should function as a desk in
the ministry of Power, who should handle such bilateral relationships with
companies like the Siemens. Keeping such "agency" like the PPI is just
increasing our overhead unnecessarily, duplicating tasks and command chains,
and asking questions of the professionals in the Ministry of Power.

 

 

With the success recorded by the President Muhammadu Buhari in deepening the
fuel/energy mix, Nigeria should be having more Generation Capacity coming
mainstream, and current focus should therefore be on how to align the new
wheeling capacity being achieved by the Transmission Company of Nigeria,
TCN, and their numerous projects, with the offtakers in the Discos. Focus
should also be on harnessing the present over 50billion naira the
Manufacturers Association of Nigeria spends on alternative energy into the
national grid.

 

He argued that all the funds being expended on TCN projects would come to
noughts if Electricity Distribution Companies, DISCOS, are not able to
utilize these capacities.

 

Market liquidity has become a perennial problem for the power sector, but
our policy makers are not considering the root cause, and in dealing with
the issue, how to solve this effectively.

 

He also opined that unless the issue of Metering is resolved, the country
would continue to experience stunted growth in the power sector.

 

This Metering covers every interface in the power sector from the Generators
interface with Transmission, to Transmission's interface with the
Distributors, and ultimately to the Distributors interface with final
Consumers.

 

In solving this problem, he advocated for an establishment of the local
Metering Ecosystem and a local Metering Standards. A0

 

This in his opinion will ultimately lead to deepening our Local Meter
manufacturing capacities, removing the Foreign Exchange components in Meter
pricing, increasing/creating employment, and ultimately solving our local
metering problems.

 

"Beyond encouraging local meter manufacturing ecosystem, we need to also
establish local Transformers manufacturing and repairs, we need to develop
this local capacity.

 

"Resolving our huge local metering challenge will automatically also a more
accurate figure of the number of Connections that we have to the national
grid, thereby helping with a more accurate data for national planning.

 

"Without knowing what our demands looks like will only make us to continue
to make abstract plans that will continue to fail. I have heard many
commentators saying that a nation of over 200 million people should have
access to over 100, 000MW of electricity, but we cannot, and should not
continue to extrapolate with scientific data to make sensible decisions.

 

"Yes, this can be achieved in 4 years if we have the political will to
proceed, and if in making appointments, factors like what their earlier
contributions has been.

 

I will continue to hammer on National Interest First as the basis to make
appointments and forming policies. Without this, the power sector will
continue in its doldrums, with potential to be great unachieved." Adegbemle
added.

 

-Leadership.

 

 

 

Nigeria: TotalEnergies to Speak On Exploration Campaign in Nigeria, Others
At Aew

TotalEnergies' huge exploration campaigns in Nigeria and other parts of
Africa has sustained the company's assurances with promises of new
opportunities for energy security in Africa especially on the back of oil
and gas investment and development.

 

It is based on these major investments, that vice president for Exploration
Africa at global energy major TotalEnergies, Emmanuelle Garinet will be
speaking at the African Energy Week (AEW) conference and exhibition.

 

The company also operates in Angola (with exploration underway in several
blocks in the Lower Congo and Kwanza Basin); Nigeria (with interests in 30
licenses, five of which as operator); as well as in Gabon, Ivory Coast and
the Republic of Congo. In the MSGBC region, the company operates two deep
offshore blocks in Mauritania and the Rufisque and UDO deep offshore blocks
in Senegal.

 

 

In East Africa, TotalEnergies is driving developments in the Lake Albert
Basin, including the Tilenga and Kingfisher oilfields - set to begin
production in 2025 - as well as the East African Crude Oil Pipeline -
considered one of the most important oil and gas projects on the continent.

 

TotalEnergies will transport crude from the Tilenga and Kingfisher fields to
global markets via the pipeline, triggering energy security and economic
growth across the region. In Mozambique, the company is driving the
Mozambique Liquefied Natural Gas (LNG) project, also considered one of the
Africa's most important hydrocarbon developments.

 

Against this backdrop, Garinet will not only provide insight into these
developments, providing updates and detailing upcoming investment
opportunities, but will outline the major's African exploration agenda in
2023 and beyond. These insights will make a strong case for the role
exploration plays in Africa.

 

Executive chairman of the AEC NJ Ayuk, said: "TotalEnergies has been
responsible for much of Africa's upstream success, working closely with
various national oil companies and partners to unlock the true potential of
African oil and gas. From projects in East Africa to exploration campaigns
in Southern Africa, the energy major represents an important partner for
African oil and gas producers.

 

During AEW 2023, we look forward to hearing the insights provided by Garinet
and hope to see a suite of new deals signed by the major that will unlock a
new era of exploration and production in Africa."

 

Garinet joins a strong slate of high-level panellists at the AEW 2023
conference, driving discussions on the crucial role oil and gas plays in
Africa's energy sector and how investments in exploration and production can
unlock new discoveries, foster impactful developments and contribute to
making energy poverty history by 2030.

 

-Leadership.

 

 

 

Kenya: National Treasury Releases Sh33.3bn April Revenue Share to Counties

Nairobi — The National Treasury has released Sh33.3 billion to counties to
settle pending bills.

 

National Treasury Principal Chris Kiptoo said Saturday the funds, from the
equitable revenue share of April, will enable counties to deliver key
services to citizens.

 

The National Health Insurance Fund (NHIF) and Constituency Development Fund
(CDF) received Sh11.1 billion and Sh10 billion respectively.

 

"The National Treasury is keen on clearing pending bills promptly to ensure
the various government departments function optimally," he said.

 

Kiptoo spoke at his office in Nairobi.

 

-Capital FM.

 

 

 

Tanzania: Sunflower Farmers Call for More Education On Quality Seeds

Njombe — AS the government has significantly increased agriculture budget,
sunflower farmers in Southern Highlands regions, particularly Njombe, Mbeya
and Songwe have asked the government to continue involving various
agricultural stakeholders in providing education on the use of quality seeds
to increase production of such strategic crop.

 

In the 2023/24 the ministry's budget has increased to 970.8bn/- up from
751.1bn/- in the previous year, which is an increase by 29.24 per cent.

 

"Education on the use of quality seeds is of great importance to us as it
will lead to positive results in production, so the government must continue
to partner with various agricultural stakeholders to strengthen the
provision of education among farmers," a resident of Wanging'ombe village in
Njombe region, Ms Browness Chengula, appealed.

 

 

The residents made the plea on Friday during a media tour organised by the
Agricultural Markets Development Trust (AMDT).

 

AMDT that was established by the governments of Denmark, Ireland, Sweden and
Switzerland, has organised the tour to visit various strategic partners and
beneficiaries of sunflower seeds project in Southern Highland regions.

 

The visit is part of assessment of the impact of its 5bn/- investment in
facilitating various interventions intended to transform sunflower and
pulses sub-sectors in the country.

 

In particular, Ms Chengula encouraged other small famers in the country to
use quality researched seeds to increase productivity and raise their
income.

 

"I encourage the farmers to stop 'business as usual' and instead use
researched and quality seeds to increase the production...quality seeds are
more beneficial than traditional ones," she said.

 

In related development, she asked the government to ensure the extension
officers visit small farmers regularly so that they can identify various
challenges facing them in order to find solutions.

 

Ms Chengula's comment was in line with other AMDT beneficiaries at Mayale
village of Njombe region.

 

Ms Zuhura Mpinga, an owner of sunflower and maize mill, also underscored the
importance of using quality seeds.

 

"For a farmer who uses quality seeds of an average of 100 kg, he or she can
process 40 litres of pure sunflower oil, unlike the local seed, which can
only extract 24 litres of pure oil from the same kilogrammes," she
underlined.

 

-Daily News.

 

 

 

Tanzania: Harnessing Renewable Energy for Sustainable Development in
Tanzania

AS the world grapples with numerous global issues, one topic that stands out
is the pressing need for sustainable development. In particular, finding
alternative sources of energy and reducing dependency on fossil fuels has
become paramount.

 

This opinion article aims to explore the potential of harnessing renewable
energy in Tanzania as a solution to both environmental and developmental
challenges.

 

Tanzania, a country blessed with abundant natural resources, faces several
energy-related challenges. Despite having significant fossil fuel reserves,
access to electricity remains limited, especially in rural areas.

 

 

The reliance on traditional biomass for cooking and heating purposes not
only contributes to deforestation but also poses health risks. Additionally,
the country's heavy reliance on fossil fuels for energy production
exacerbates carbon emissions and climate change impacts.

 

Tanzania boasts of vast renewable energy potential that if harnessed
effectively can drive sustainable development. The country's geographical
location makes it ideal for solar and wind energy generation.

 

The abundance of sunlight and consistent wind patterns, provide a solid
foundation for developing solar and wind power projects. Furthermore,
Tanzania's ample water resources, including lakes and rivers, offer
opportunities for hydroelectric power generation.

 

Environmental sustainability

 

Transitioning to renewable energy sources can significantly reduce
greenhouse gas emissions, mitigate climate change impacts, and protect
Tanzania's natural ecosystems. The move away from fossil fuels will help
preserve biodiversity, combat deforestation, and improve air quality,
leading to better public health outcomes.

 

Energy access and rural development

 

Expanding access to renewable energy can empower rural communities by
providing reliable and affordable electricity. This access unlocks
opportunities for education, healthcare, entrepreneurship, and agricultural
productivity, ultimately driving inclusive economic growth.

 

Job creation and skills development

 

Investing in renewable energy projects fosters the growth of a new sector
that generates employment opportunities. By promoting renewable energy
manufacturing, installation, and maintenance, Tanzania can create jobs and
develop a skilled workforce that will contribute to the country's economic
advancement.

 

Energy security

 

 

Diversifying Tanzania's energy mix through renewable sources reduces
dependency on imported fossil fuels. This enhances energy security, as
renewable resources are domestically available and less susceptible to price
fluctuations and geopolitical tensions.

 

As for the way forward to fully harness Tanzania's renewable energy
potential, a comprehensive approach is necessary in the policy and
regulatory framework, the government should develop and implement favourable
policies and regulations that incentivise renewable energy investment,
including feed-in tariffs, tax incentives, and streamlined permitting
processes.

 

Clear guidelines and targets will provide certainty and attract both
domestic and foreign investments.

 

Also, infrastructure development, strengthening the transmission and
distribution infrastructure is crucial for delivering renewable energy to
all parts of Tanzania. This requires investment in grid expansion, smart
grid technologies, and energy storage solutions to ensure reliable and
efficient power supply.

 

Making the Public-Private Partnerships (PPP) plus the collaborations between
the government, private sector, and international organisations can mobilise
resources, expertise, and technology transfer. Partnerships can facilitate
project development, capacity building, and knowledge sharing, further
driving renewable energy adoption in Tanzania.

 

Community engagement and awareness

 

This stands as a means to empower communities through education and
awareness programmes is essential for successful renewable energy adoption.

 

Encouraging participation and involvement in decision-making processes will
enhance the sense of ownership and promote the long-term sustainability of
renewable energy projects.

 

Tanzania stands at a critical juncture where it has the potential to lead
the way in sustainable development through renewable energy adoption. By
embracing clean, abundant, and domestically available sources of energy,
Tanzania can drive economic growth, improve energy access, protect the
environment, and reduce its carbon footprint.

 

To achieve this, collaboration between stakeholders, supportive policies,
and investment in infrastructure and human capital are key. The future of
Tanzania's sustainable development lies in its ability to harness the power
of renewable energy.

 

-Daily News.

 

 

 

 

Tanzania: Number of Ships Calling At Tanga Port Increases By 14pc

Tanga — THE Tanga Port has recorded a noteworthy surge in vessels calling at
the port by 14 per cent in the last five years.

 

Report released here by the Tanga Port Manager, Mr Masoud Mrisha, say that
the number of passengers the port serves has also greatly increased.

 

The report shows that the number of passengers that the port serves has
significantly risen by 25 per cent, including passengers who embark and
disembark at the port.

 

According to the report, both coastal and deep-sea vessel calls have
increased yearly, with the number of vessels increasing from 139 in the year
2017/18 to 198 in the year 2020/21.

 

 

Based on the report, the port handled 501,902 GRT for vessels in 2017/18 and
will handle 918,981 Gross Register Tonnage (GRT) in 2022/23.

 

"This indicates that not only has the quantity of vessel calls received at
the Tanga Port increased, but the port now receives big vessels," he said.

 

The report reveals a remarkable increase in the passenger traffic at the
port, as the number of passengers has doubled from 45,820 during 2017/18 to
an astonishing 95,973 in 2020/21.

 

The port provides passenger services to complement the variety of
traditional and modern vessels offered at the port, including cruise ships
and dhows that travel to Unguja and Pemba in Zanzibar.

 

Tanga Port has a long history as an East African port that specialises in
handling agricultural cargo. Sisal, timber, coffee, black tea, sunflower
products, macadamia, and, most recently, copper are major commodities.

 

"The port is now recording growth in handling imports of raw materials,
including pet-coke, clinker, water pipes, trucks, ammonium nitrate,
machinery, and machinery parts. This is due to the national revitalisation
of the industrial sector," the report highlights.

 

With the port's expansion and improvement, the port manager thought it has
the potential to perform better right now.

 

Uganda, Burundi, Rwanda, the Democratic Republic of the Congo, Zambia,
Malawi and Kenya are the seven market countries that could potentially be
served by the port, according to Mr Mrisha, who pointed out that it is the
only port in Africa with such a capability.

 

He added that because of its proximity to the Northern Tourism Circuit,
which includes Saadani National Park, Ngorongoro Conservation Area and
Serengeti and Kilimanjaro National Park, the port has the potential to grow
cruise tourism calls.

 

-Daily News

 

 

 

Tanzania: Minerals Ministry On Clear Path to Surpass Target

PERMANENT Secretary in the Ministry of Minerals, Mr Kheri Mahimbali has
outlined seven critical measures being undertaken by the ministry in order
to arrive at the 10 per cent target contribution to the country's Gross
Domestic Product (GDP) by 2025.

 

Key among the measures include rolling out the process of developing the
country's ten-year mining strategy, stakeholders' engagement, addressing
some pertinent tax issues and leveraging partnerships.

 

According to the PS, in the third quarter of last year, the mining sector
had a 9.7 per cent share to the GDP, a clear reflection of the ministry's
commitment of realising and even surpassing the set goal ahead of time.

 

 

Mr Mahimbili revealed this on Friday while making reflections on his 100
days in office through a detailed report posted through his Twitter handle.

 

"I believe that every actor has their own role to play in amplifying the
sector's contribution to development ... I personally place the highest
priority on the private sector, and so is the ministry," noted the PS.

 

He added "I believe investors should be treated as voters. We need to
provide them with a favorable environment for them to 'vote' on critical
business decisions whose result is to create new jobs leading to more
inclusive growth."

 

As such, he said the ministry has initiated a process to recruit an expert
who will support development of a ten-year mining strategy for the country.

 

The initiative, as stated by the PS, is geared towards complimenting other
development plans whilst setting specific objectives for maximising
development outcomes from mineral resources exploitation.

 

He indicated the revival of discussions with development partners on
financing the mining projects across the country, as well as migrating to
electronic communication and information creation.

 

The PS said by adopting a software solution, e-Office, the ministry can
share information, conduct business, and manage documents, thus pushing
forward the green growth agenda by the government as per the commitment made
by President Samia Suluhu Hassan at the 2022 United Nations Climate Change
Conference (COP 27).

 

Among others, is Tanzania's drive to accelerate the transition to a
low-carbon future (net-zero commitment). This includes reducing printing and
postage emissions to help reach carbon-neutral goals.

 

Also, the ministry has laid a foundation for the Memorandum of Understanding
(MoU) among the mining sectors in the Mainland and Zanzibar. The MoU, which
aims at strengthening, reconciling and formalising systems among the
sectors, will be signed later this month.

 

"The ministry engaged a number of stakeholders, large and small, to get a
better understanding of their concerns and find ways to address them," he
said.

 

Expounding further, the PS noted that the ministry has addressed some of the
mining tax issues that investors faced in the last two years. In some cases,
the said challenges were an impediment to big miners in their quest to raise
capital in the global markets.

 

"We will continue to work closely with our key stakeholders and government
agencies in order to improve the tax regime in the mining industry,"
maintained the PS.

 

On the other hand, the ministry held discussions on leveraging partnerships
for sustainable mining, with representatives from various diplomatic
missions in Tanzania.

 

The areas ranged from government-government opportunities to capacity
development opportunities, noting that the Government of India has committed
to offer 400 scholarships.

 

-Daily News.

 

 

 

Kenya: Bata Denies Claim It Is Closing Kenyan Business

Nairobi — Shoemaker Bata Kenya Limited has refuted claims that it is closing
its Kenyan business amid claims on social media platforms.

 

The footwear company's response comes after allegations circulated on
Twitter and Facebook that the firm would be leaving the country.

 

"We are on normal annual maintenance shut down, normally provided for during
off peak season," the firm's Managing Director Benson Okumu said in a
statement.

 

Bata first began in Kenya in 1939 and has grown to become one of the go-to
brands for footwear in the country.

 

The subsidiary of Bata Group, a family-owned business, now boasts 150 stores
and a mega factory in Limuru, Kiambu County.

 

Some of its brands include Bata Toughees, Bata, North Star, Power,
Bubblegummers, Weinbrenner, Safari, Sandak and Bata Industrials.

 

"All our stores are open and functional with great teams to serve you and a
wide variety of shoes in ample stocks for our promise-to provide quality
footwear for all," Okumu added.

 

-Capital FM.

 

 

 

Nigeria: Investing in Coconut Chips

In Nigeria, coconut bye products has the potential of generating over N20
billion annually for farmers and agribusiness entrepreneurs .

 

Currently, the production output of dehusked nuts in Nigeria is about
350,000 metric tonnes which is used in the production of less than 1,700
metric tonnes of coconut oil.

 

In-country, Lagos state has the potential for the production of more than 10
million coconut trees with annual production of over 1 billion husked nuts
worth over N45 billion even as it remains the only state of the 36 states of
the federation, with funding of coconut business projects.

 

 

Coconut chips is a hot selling commodity in Nigeria. When marketing your
coconut chip, you can decide to sell at N100, N200 and above, depending on
your packaging and your location. A big pack of Coconut chips sells about
N500 to N1,000 and as such, you need to do a market analysis to see the pack
that sells most in your location.

 

Business Capital

 

Coconut chips production business in Nigeria does not necessary require
intensive capital to start, however, you need a reasonable amount of money
to start so you have an edge over your competitors in this line of business.

 

You can start coconut chips business from the confines your home; you don't
necessarily need huge capital to start a profitable Coconut chip business in
Nigeria. With N500,000 and above, you can comfortably starts the a
medium-sized coconut chips business.

 

Coconut Chips Processing

 

Bowl-a big bowl for washing Coconut.

Frying pan for frying the sliced Coconut.

Water - for washing the Coconut and other things

Sieve - to drain out water from the sliced Coconut before frying.

Frying spoon - to bring out the fried chips from the oil Charcoal/gas for
fire.

Coconut cutter - some people could decide to use knife or Coconut cutters,
but it is best to get a Coconut Cutter which is specially made for Coconut
chips.

Ingredients For Coconut Chip

 

The ingredients include: coconut; cassava starch or tapioca or potato starch
or corn starch; sugar or honey; nutmeg; cinnamon and Natural Preservatives.

 

Machineries

 

They include; Grating machine( Stainless Type), Mixing machine 25KG
capacity, Milling machine ( Stainless Type). Baking trays and sheets, Shape
Cutter mold, Industrial Oven, Cooling conveyor, Stainless work tables and
Packing machine

 

Profitability

 

Profit before tax projection is projected at N5.5million in the first year.
With consideration for finance cost and leasehold, payback is achievable
within 2 years of operation.

 

-Leadership.

 

 

 

Uganda Has Potential to Become a Top BPO Destination, Experts Say

Sector players in the Business Process Outsourcing (BPO) ecosystem have said
Uganda is strategically positioned to become a top BOP destination.

 

They say, Uganda's young and educated population make the country's BPO
value preposition highly attractive.

 

This was revealed this week during NBS Breakfast Meeting discussion on
Uganda's incredible potential of BPO.

 

BPO is the acquisition of external services from third party service
providers to facilitate internal operations.

 

BPO originally applied solely to manufacturing entities, such as soft drink
companies like CocaCola, Pepsi. However, today, BPO now applies to the
outsourcing of various products and services.

 

 

As more Ugandan service providers continue to apply BPO, the government of
Uganda through the Ministry for ICT and National Guidance has developed a
BPO policy to leverage Uganda's potential of becoming a top BPO destination
on the continent, with an aim of driving economic growth.

 

According to Diana Nandagire, the director of Entrepreneurship, Incubation
Centre at Makerere University Business School (MUBS), Uganda's BPO is
strategically positioned to grow notably because of lower labour costs
compared with other countries globally where BPO services are provided.

 

Nandagire, who is also a member on the BPO Council, highlighted Ugandans'
proficiency in English as another key factor in Uganda's potential in
becoming a BPO destination.

 

"Most of these companies that outsource these processes are dealing with
clients that speak English. Ugandans can speak English well. So, in that
way, I can say that as a country, we have the opportunity," Nandagire said.

 

However, she says whereas Uganda's young people have ICT skills, there is
still need to prepare them for the BPO sector, something she says they are
already doing at MUBS.

 

On top of preparing the youth for the BPO work, she says more efforts are
needed to market Uganda as a preferred BPO destination.

 

"There is need to train these people to make them work-ready, provide them
with infrastructure, bring down Internet costs. There's also need to market
Uganda as preferred BPO destination. We still need to let the clients know
that we are here to provide these services," Nandagire says.

 

Speaking from his experience as a BPO owner, Hareesh Sahadevan, the managing
director of Emvigo Technologies Africa and BPO Services says when they
started in 2018, the faced a big challenge of Ugandan companies not
understanding the value of BPO services. However, he says the perception on
BPO has steadily changed over the years.

 

 

"Currently, things are changing. There is potential for Uganda which the
entire world is looking at. We have also showcased our capabilities outside
Uganda and Uganda as well. With time things will change," Sahadevan says.

 

However, Rogers Karebi, the chairperson of Uganda Association cautions that
as Uganda enters the BPO business, there is need to keep note of risks in
terms of service providers and buyers themselves.

 

He pointed out the risk of inconsistency in peace and stability which he
says can pose a very big challenge in terms of attracting buyers.

 

How is Uganda positioning itself to become a top BPO destination?

 

According to Karebi, as the BPO association, they are benchmarking in terms
of what other countries in the BPO business are doing to make Uganda a top
BPO destination globally.

 

Karebi says they have organised a conference in September this year where
they have invited global BPO associations and stakeholders from Kenya, South
Africa, India and other leading countries in the BPO, to give Ugandans
snippets of how to grow BPO sector.

 

"As a sector that is trying to get into a very competitive market, we need
to benchmark against the global leaders," Karebi highlighted.

 

He adds that they are also working closely with the BPO Council and other
stakeholders to sensitise the local buyers in a bid to grow domestic demand
for BPO.

 

Nandagire, says the BPO Council, together with the ICT ministry, are coming
up with a policy to promote and increase trade, and to create an enabling
environment for BPO business.

 

"The policy looks at how costs can be brought down, a good tax regime such
that companies that are starting up find it easy to access internet,
infrastructure, and that means that we attract a client abroad to establish
BPO centres that will create employment opportunities to our people."

 

Meanwhile, Sahadaven says the task to promote Uganda's BPO potential should
not be an entire government role.

 

"It's not an entire government role. There's also need for BPO companies,
BPO Council to showcase the potential, keep improving and bringing in more
business." he says.

 

 

 

 

Kenya: Rural Areas Lead Urban Centers With High Poverty Levels, New Report
Shows

Nairobi — Poverty levels are higher in rural areas compared to urban
centers, a new report shows, highlighting low economic opportunities in the
upcountry.

 

While poverty incidence in rural areas stood at 40.7 percent in 2021, it was
marginally lower at 34.1 percent in towns and cities.

 

Low job opportunities in the upcountry are to blame for high levels of
poverty, with the majority finding working opportunities difficult.

 

Poverty incidence in towns seems to be low owing to the numerous economic
opportunities that cities enjoy with factories and private and government
institutions.

 

 

"Hardcore poverty incidence remains high in rural areas, where 7.8 per cent
of residents (2.6 million individuals) were hardcore 34 poor as compared to
urban areas where 1.5 percent of the residents were hardcore poor, " the
Kenya National Bureau of Statistics (KNBS) report reveals.

 

KNBS data also shows that 4.9 percent of households were hard-core poor,
meaning they could not afford to buy essential goods and services.

 

Nationally, 4.4 million Kenyans live in poverty.

 

A high proportion of poverty indexes are higher in Turkana (38.2 percent),
Wajir (26.6 percent), Samburu (25.9 percent), Mandera (25.2 percent),
Marsabit (20.7 percent) and Tana River (20.5 percent).

 

Individuals who are unable to afford basic necessities such as food stood at
5.8 percent countrywide, meaning that 2.8 million people live in abject
poverty.

 

It also exposed the sorry state of the country's food situation, noting that
10.8 million individuals are below the food poverty line, which translates
to a whopping 32.2 percent of the country's total populace.

 

"The results show that the overall poverty headcount rate for individuals at
the national level was 38.6 percent in 2021, implying that 19.1 million
individuals lived in overall poverty," added the statement.

 

Turkana County also leads with the highest severity of poverty index at 22.6
percent, followed by Wajir at 13.8 percent, Samburu at 13 percent, Mandera
at 11.3 percent, Marsabit at 8.8 percent, and West Pokot at 8 percent.

 

-Capital FM.

 

 

 

 

Nigeria: Telecom Sector Contributes N2.508 Trillion to Nigeria's GDP

Figures released by the National Bureau of Statistics (NBS) showed that the
sector recorded a 4.3 per cent increase from its performance in the last
quarter of 2022 when it recorded 13.55 per cent.

 

The telecommunications and information services sector in Nigeria has, in
the first quarter 2023, delivered a handsome N2.508 trillion in terms of
financial value contribution to the nation's gross domestic product (GDP),
representing 14.13 per cent.

 

Figures released by the National Bureau of Statistics (NBS) showed that the
sector recorded a 4.3 per cent increase from its performance in the last
quarter of 2022 when it recorded 13.55 per cent.

 

 

When compared on a year-on-year basis, the growth showed a positive
progression from 12.94 per cent in the first quarter of 2022 , to the 2023
figure of 14.13, which is an approximate growth of 9.19 per cent.

 

The percentage of telecom contribution to GDP was calculated from 46
distinct sectors of the economy, which constitute telecom and information
services baskets.

 

The Nigerian telecom industry has continued its show of positive outlook,
which is credited to the innovative and predictable telecom regulatory
environment promoted, and implemented by the Nigerian Communications
Commission (NCC).

 

One of the key highlights of the telecom industry performance within the
period was the generation of $820.8 million for the federal government from
5G spectrum licences fees paid by three eventual winning operators, MTN,
MAFAB and Airtel.

 

Following the issuance of the licences in December 2021 to MTN and MAFAB,
both companies have launched 5G services. Airtel, which received its licence
in December 2022, is set to launch services this month, June 2023.

 

Another major development in the sector was the launch of Starlinks
broadband services, a satellite-based wireless broadband services with
potential nationwide coverage. This followed the issuance of licence to Elon
Musk-owned SpaceX by the Commission. The services are now available in
different parts of the country.

 

Meanwhile, the growth statistics of the telecom industry are showing an
impressive record of contributions to the economy. The number of phone
subscribers as at April 2023, stood at 223.6 million subscribers, scoring a
teledensity of 117 per cent. Internet subscribers for the same period were
157 million while Broadband subscriptions stood at 92 Million, translating
to 48 per cent broadband penetration in the country.

 

-Premium Times.

 

 

 

George Soros hands reins of $25bn empire to son Alex

US billionaire philanthropist George Soros has handed over the running of
his $25bn (£19.9bn) financial and charitable empire to his son Alex.

 

The Hungarian-born financier said his son had "earned it", in an interview
with the Wall Street Journal.

 

Since the 1990s the family's wealth has been directed to support
democracy-building in dozens of countries.

 

But in recent years the 92-year-old former hedge fund manager has become the
focus of anti-Semitic conspiracies.

 

George Soros is also one of the largest donors to the US Democratic Party.
Alex, a 37-year-old history graduate, is the second-youngest of his five
children.

 

Alex is the only family member sitting on the investment committee for Soros
Fund Management, the vehicle which the Wall Street Journal says is managing
the $25bn for the family and the charitable foundation.

 

Alex took over at the Open Society Foundations (OSF) as chairman in December
and is also in charge of his father's "super PAC" a US mechanism to direct
funds to political parties.

 

While they broadly share the same political views, he told the Wall Street
Journal that he is "more political" than his father and that he would
campaign against Donald Trump's attempt to run for a second term as US
president.

 

"As much as I would love to get money out of politics, as long as the other
side is doing it, we will have to do it, too," Alex Soros said.

 

He said the Open Society Foundations would pursue the same aims it had under
his father including free speech, criminal justice reform, minority and
refugee rights and backing liberal politicians. But he also wants to include
voting rights, abortion and gender equity initiatives while pursuing a more
domestic US-focused agenda.

 

His father, George Soros, was born in Hungary, where as a child he lived
through the horror of the Nazi occupation in 1944-45. His family concealed
their Jewish identity to survive.

 

After the war he left Hungary for London, later moving to New York where he
went on to make billions through his hedge fund activities.

 

He gained notoriety in the UK after making $1bn correctly betting the pound
would fall in 1992.

 

When the Berlin wall came down, paving the way for the establishment of
democratic governments in the former Soviet bloc, he established the Open
Society Foundations (OSF) to support the process. The OSF now spends about
$1.5bn a year backing liberal causes, educational organisations and human
rights in more than 120 countries.

 

Some of its causes have rankled the right wing, including tackling racial
bias in the US justice system.

 

The OSF shifted its international operations office from Budapest to Berlin
in 2018 after the Hungarian government led by Viktor Orban campaigned
explicitly against Mr Soros personally and against the foundation's work.

 

Alex Soros is a fan of hip-hop and New York Jets American football team, who
is known for having a "high-flying" social life, attending celebrity parties
in Cannes and the Hamptons. He has also travelled to remote parts of the
Amazon and joined the board of the human rights campaign group, Global
Witness.

 

"Our side has to be better about being more patriotic and inclusive," he
told the paper. "Just because someone votes Trump doesn't mean they're lost
or racist."-bbc

 

 

 

Facebook owner Meta plans to create Twitter rival

Meta has shown staff plans for a text-based social network designed to
compete with Twitter, sources have told the BBC.

 

It could allow users to follow accounts they already follow on Instagram,
Meta's image-sharing app.

 

And it could potentially allow them to bring over followers from
decentralised platforms such as Mastodon.

 

A Meta spokesperson confirmed to the BBC that the platform was in
development.

 

"We're exploring a standalone decentralised social network for sharing text
updates," they said.

 

"We believe there's an opportunity for a separate space where creators and
public figures can share timely updates about their interests."

 

Meta's chief product officer Chris Cox said coding was under way on the
platform. The tech giant aims to release it soon, although no date was
given. There is some speculation that it could be as early as the end of
June.

 

Screenshots have appeared online which were shown internally to employees,
potentially giving an idea of what the app will look like.

 

Sources within the company have told the BBC that these leaked screenshots
are genuine. If they are, the layout of this new platform will be familiar
to anyone who has spent time on Twitter.

 

This article contains content provided by Twitter. We ask for your
permission before anything is loaded, as they may be using cookies and other
technologies. You may want to read Twitter’s cookie policy, external and
privacy policy, external before accepting. To view this content choose
‘accept and continue’.

 

Accept and continue

The BBC is not responsible for the content of external sites.

End of twitter post by Matt Navarra

The text-based network - which has a working title of P92 - could turn out
to be a greater rival to Elon Musk's Twitter than either BlueSky or
Mastodon.

 

While both have attracted users disillusioned with Twitter, starting afresh
on a new social network and rebuilding a community, is difficult.

 

But the Instagram community is enormous. Meta says it has around two billion
users, which dwarfs the 300 million that are believed to use Twitter -
although its figures can no longer be verified.

 

If even 25% of Instagram users can be coaxed into using P92 (it will
undoubtedly have a sexier name when it launches), it will instantly become
bigger than its older rival.

 

Meta says it takes "inspiration" from other products, although others put it
less kindly - Stories on Facebook was based on a Snapchat feature, and Reels
on Instagram is unmistakably similar to TikTok.

 

Twitter has come under scrutiny in recent months over moderation on the
platform, and in May withdrew from the EU's voluntary disinformation code.

 

Under Mr Musk, Twitter moderation has reportedly been reduced - which
critics say allowed an increase in the spread of disinformation.

 

But Mr Musk says there is now "less misinformation rather than more" since
he took over in October 2022.-bbc

 

 

 

Reddit blackout: Subreddits to go private on Monday

Thousands of Reddit communities will be inaccessible on Monday in protest at
how the site is being run.

 

Reddit is introducing controversial charges to developers of third-party
apps, which are used to browse the social media platform.

 

But this has resulted in a backlash, with moderators of some of the biggest
subreddits making their communities private for 48 hours in protest.

 

Almost 3,500 subreddits will be inaccessible as a result.

 

A subreddit is the name given to a forum within the Reddit platform -
effectively a community of people who gather to discuss a particular
interest.

 

Reddit users - or Redditors - will typically join a variety of subreddits,
rather than following individual users on other platforms, and see posts
from these communities in their feed.

 

Reddit, unlike other social media sites, relies heavily on community
moderation.

 

As well as a few paid administrators, the website uses tens of thousands of
unpaid moderators -known as mods - to keep the website functional.

 

These mods may spend one or two hours per day ensuring that their subreddit
does not get filled with off-topic comments, content that is banned, or even
content which is illegal.

 

But the flipside of this is that Reddit does not charge any hosting fees for
people who want to set up their own community based on an interest they
have.

 

In a post to the website on Friday, Reddit chief executive Steve Huffman
said it "needs to be a self-sustaining business" and addressed the blackout.

 

"We respect when you and your communities take action to highlight the
things you need, including, at times, going private," he said.

 

"We are all responsible for ensuring Reddit provides an open accessible
place for people to find community and belonging."

 

He also confirmed that explicit content would remain on the site, but Reddit
would limit how it can be accessed from third-party apps.

 

'Strength in numbers'

The blackout will include 3,489 subreddits in total, including five of the
10 most popular communities on the site - r/gaming, r/aww, r/Music,
r/todayilearned and r/pics - which each have memberships of more than 30
million people.

 

A moderator for one of these subreddits told the BBC the protest was about
"strength in numbers".

 

"If it was a single subreddit going private, Reddit may intervene," they
said.

 

"But if it's half the entire website, then you feel a lot more pressured.

 

"This is a completely volunteer position, we don't receive any financial
compensation, and despite that, we do like to take it quite seriously."

 

They said they wanted Reddit admins to realise that they rely on moderators
to operate the site and felt that the only way to send a message was by
harming Reddit's traffic.

 

"Our entire community is supporting us against this change," they said.

 

"It feels good to be able to have the power to say: 'We will not continue to
moderate our communities if you push these changes through'.

 

"If it's almost the entire website, would they destroy what they've built up
in all these communities, just to push through this highly unpopular change
that both the mods and users of Reddit are overwhelmingly against?"

 

The front page of the internet

Reddit, which describes itself as "the front page of the internet", has an
official app - but it was developed in 2016, many years after the website
was founded.

 

Because of this, third-party apps such as Apollo, Reddit is Fun, Sync and
ReddPlanet were set up as a way for people to access the platform on their
mobile devices.

 

Reddit has introduced a series of charges to the developers who wish to
continue using its Application Programming Interface (API) - the
behind-the-scenes code which allows third-party apps to find and show the
content on Reddit.

 

All four of these apps have said they will be shutting down as a result of
Reddit's new API pricing.

 

These charges have been heavily criticised as extortionate - with Apollo
developer Christian Selig claiming it would end up costing him $20m (£15.9m)
to continue operating the app.

 

But a Reddit spokesperson told the BBC that Apollo was "notably less
efficient" than other third-party apps.

 

They said the social media platform spends "multi-millions of dollars on
hosting fees" and "needs to be fairly paid" to continue supporting
third-party apps.

 

"Our pricing is based on usage levels that we measure to be comparable to
our own costs," they said.

 

The spokesperson also said that not all third-party apps would require paid
access. Previously, Reddit announced it would not charge apps which make the
platform more accessible.

 

But the moderator the BBC spoke to said they believed the blackout could
continue until Reddit row back on the changes.

 

"The current plan for many communities is... they might keep the blackout
going for longer, beyond the original forty-eight hours, or keep their
subreddits restricted so that nobody can post," they said.

 

"Every community operates differently, and different moderators have
different views on what's happening right now, so it does vary.

 

"But given recent communications between moderators and Reddit admins, I
don't believe that they are intending to reverse these changes."

 

And some communities, such as r/Music - which has 32 million members - say
their subreddit will be indefinitely inaccessible until Reddit reverses its
policy.-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  

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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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