Major International Business Headlines Brief::: 13 June 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 13 June 2023 

 


 

 


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

 


 

 


 

ü  Kenya: President Ruto Bows to Pressure, Slashes Housing Levy By Half

ü  Rwanda: Six Key Proposed Changes in Vat Tax Bill

ü  Benefits of Merino Wool from the African Merino Sheep

ü  Kenya: Govt to Review All Licenses of Those Manufacturing, Selling Second
Generation Alcohol

ü  Namibia: Brics to Build Bigger Bloc

ü  Angola: Technologies Should Boost Industrial Modernisation Service -
President

ü  Ghana Is Ready for Your Investment ...Dr Akoto Tells Global Investors At
Agriculture Forum in Turkey

ü  Ghana: Genser Energy Completes 110km Natural Gas Pipeline in Record Time

ü  Ghana Begins Process to Integrate NCA in GDP Computation

ü  Rwanda's Consumer Prices Declined to 14% in May

ü  Namibia: Oryx and Scania Make N$1.4 Million Solar Move

ü  Namibia: Nampower Again Ordered to Halt Switch Off

ü  Yaccarino: Twitter to be 'most accurate real-time info source'

ü  Port Talbot: Tata boss calls for subsidies to be greener

ü  Amazon using AI to boost fight against fake reviews

 


 

 


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

Kenya: President Ruto Bows to Pressure, Slashes Housing Levy By Half

Nairobi — President William Ruto on Monday succumbed to pressure and slashed
the Housing Fund levy by half, from the current three percent to 1.5
percent.

 

Reducing the percentage of the levy contained in the Finance Bill 2023 comes
as a direct response to the widespread public outcry, with a considerable
number of Kenyans expressing strong opposition to the scheme.

 

"The Housing Fund contribution has been reduced to 1.5% from the proposed
3%. Ruto listens," President Ruto's United Democratic Alliance (UDA) party
tweeted.

 

The National Assembly Finance Committee has been actively gathering input
from stakeholders regarding the Bill, and the clause related to the housing
levy garnered significant attention and debate.

 

The Committee is on Tuesday set to present the revised edition of the Bill
for discussion in the House, marking the beginning of a lively debate that
is anticipated to be highly spirited.

 

-Capital FM.

 

 

 

Rwanda: Six Key Proposed Changes in Vat Tax Bill

Taxpayers including businesses could get a relief if the proposed changes in
the draft law establishing value added tax (VAT) are adopted by Parliament.

 

On June 9, Parliament approved the applicability of the bill tabled by the
Ministry of Finance and Economic Planning (MINECOFIN). This bill will be
scrutinised by the responsible parliamentary committee, being voted into law
by the Lower House's plenary sitting.

 

The draft law has been prepared to address issues that were identified
following the implementation of the law of November 9, 2012, establishing
the value added tax, as amended to date, according to MINECOFIN.

 

The issues include the fact that the current law does not provide for tax
exemption for some goods and services that should be exempted given their
importance to the economy and population in general.

 

Also, though taxpayers can deduct VAT paid on imported services that are not
available in Rwanda, it has been very challenging to determine services that
are available in Rwanda and those that are not.

 

 

"We have also identified several forms of abuse in the method in place to
determine locally available services," said Richard Tusabe, Minister of
State in Charge of the National Treasury at MINECOFIN, while explaining the
relevance of the bill to lawmakers.

 

1. Expansion exemption

 

The number of goods and services that must not be subject to increase, if
the bill passed.

 

In an attempt to strengthen and promote investment in Rwanda's aviation
sector, aircrafts, their spare parts and maintenance tools appearing on the
list established by the Minister in charge of transport and approved by the
Minister, were added on the list of VAT exempted goods under the bill.

 

Also, for affordability, health and sanitation purposes, sanitary pads and
the service of transportation of household solid waste were added to the
list of goods exempted from VAT.

 

Goods sold in customs - before entering Rwanda - for which no taxes have
been paid, are exempted from VAT. This, according to MINECOFIN, is in line
with taxation principles, in particular the territory principle.

 

Equipment for conservation of human remains of victims of the Genocide
against the Tutsi and its related evidence were added on the list of goods
exempted from VAT. The list of such equipment is established by the Ministry
in charge of genocide memory and approved by the Ministry.

 

2. VAT-free services

 

As the list of exempted financial and insurance services may be constantly
increasing due to economic dynamism, the bill has proposed that this list
will be established by an order of the Minister in charge of finance.

 

 

3. Authorisation for import of services not available locally

 

Following the conclusion that it is almost practically difficult to
determine whether a service is available in Rwanda or not, the taxpayer who
wants to acquire a service not available in Rwanda must request for
authorisation from the Minister of Finance and Economic Planning. An Order
of the Minister determines modalities to apply for such an authorisation,
the bill provides.

 

4. VAT reward to consumers

 

A new article was introduced in the bill to enable a reward to be given to
the final consumer who requests for, and is given, an electronic invoice -
or receipts issued by electronic billing machine (EBM). Meanwhile, the bill
provides that a Ministerial Order will determine the value of the reward and
the conditions for granting such a reward.

 

The development would address the current situation where there is no clear
policy for encouraging the final consumer to request for electronic invoice
in a bid to increase compliance with the obligation to issue the electronic
invoice; while an ambiguity of the VAT law regarding whether some goods or
services are taxable or not, on several occasions, leads to the Government
going to court for dispute resolution.

 

5. VAT refund

 

The period to claim input VAT refund from the date of invoice issuance, has
been reduced from two years to one year.

 

On the reason for halving the period in question, the Government explained
that in previous years, it was possible for a taxpayer to lose invoices and
delay the period for input claim due to using a manual approach to invoicing
and record keeping.

 

However, with new electronic invoicing in place, it said, the probability of
losing the invoice is almost zero.

 

Input VAT is the amount of VAT that a business pays on the inputs or
purchases it uses to produce goods or provide services. The amount can be
used to offset VAT liabilities on sales or output VAT, which is charged on
the goods and services that a business sells to its customers.

 

6. Big catch for startups

 

In a bid to facilitate start-up companies (newly registered companies with
stock on the day of registration), Tusabe said "we have allowed them to
claim the input tax paid while organising themselves to start the production
and distribution before they even declare the output tax.

 

-New Times.

 

 

 

Benefits of Merino Wool from the African Merino Sheep

The merino sheep is found only in a limited number of places in the world.
In addition to New Zealand and Argentina, the sheep species is also found in
Africa. The well-known breed of sheep roams mainly in South Africa. Did you
know that merino wool from this African sheep has many advantages? Let us
tell you more about it.

 

Merino sheep discovered in Morocco

 

The merino sheep is one of the best-known sheep species today. However, did
you know that the origin of the merino sheep is in Africa? Originally, the
merino sheep came from a small Berber tribe in the North African country of
Morocco. This African Berber tribe is responsible for the success of the
merino sheep. During their Spanish rule they established the so-called
"Mesta". This is a kind of guild of sheep farmers who had to steer the
breeding of merino sheep in the right direction.

 

Much used

 

Nowadays the merino wool from the merino sheep is used for many purposes.
Especially in the clothing industry people are big users of merino wool.
Think of many a top athlete who uses merino wool clothing during sports. But
also with many business people men's sweaters (in Dutch " herentruien  ") or
shirt long sleeve  of merino wool can not be missed. Why is this? Merino
wool offers many advantages!

 

Fine properties

 

Merino wool is famous the world over for its many fine qualities. There is
hardly a softer fabric, which also offers the strength of merino wool. In
addition, merino wool is naturally antibacterial with breathability. This
means less sweat on your body while wearing merino wool clothing. Merino
wool even absorbs the odor molecules from sweat, which are only released
during washing in the washing machine. Speaking of which, all merino wool
clothing can be simply washed in the washing machine on the wool wash
program these days. When doing so, keep in mind a maximum temperature (30
degrees) and do not set the spin higher than 600 rpm.

 

Need a washing machine?

 

By the way, you don't need to use the washing machine very often. The
antibacterial properties of merino wool mean that merino wool clothing can
last a long time without having to be washed. Often, just hanging it out
overnight is enough for it to be fresh again the next day! In this way, you
can wear the clothing 7 times before the washing machine is needed.

 

Choose merino wool

 

All these beautiful natural properties make merino wool an extremely
comfortable fabric to wear. In the hot summer because of its antibacterial
properties, and in the colder period because of its temperature regulating
ability.

 

 

 

 

Kenya: Govt to Review All Licenses of Those Manufacturing, Selling Second
Generation Alcohol

Nairobi — Interior Cabinet Secretary Kithure Kindiki says the government
will will undertake a fresh review of all the licences of those involved in
the manufacturing, sale and distribution of alcoholic drinks in the country.

 

Speaking during a stakeholders’ forum in Chuka, Kindiki indicated that the
exercise will be to determine compliance.

 

He further indicated that there has been and “egregious abuse of the
permits, with some investors running several parallel establishments under a
single license, a trend that has encouraged noncompliance with the country’s
legal and regulatory procedures.”

 

 

“To identify, isolate and clamp down on unscrupulous manufacturers of
illicit and poisonous alcoholic drinks, the Government will review all
licenses issued to manufacturers of alcohol in the country. Those who are
compliant have nothing to fear. Some rogue manufacturers ,though licensed to
produce legitimate alcohol, have established parallel lines to manufacture
poisonous substances,” the CS indicated.

 

Kindiki explained that the trade, use and abuse of illicit alcohol, drugs
and other psychotropic substances ranks in the list of five(5) National
security threats, among them terrorism and banditry.

 

“In dealing with manufacturers, distributors and retailers of illicit
alcohol, second generation liquor, narcotic drugs and other psychotropic
substances, the Government will invest the same, if not more energy,
ruthlessness and efficiency as it has deployed to fight terrorism, banditry
and cross border crime,” he said.

 

CS Kindiki was speaking during the 3rd regional stakeholders engagement on
the fight against illicit alcohol, drugs and other poisonous substances at
Kirubia Stadium, Tharaka Nithi County.

 

The Eastern Region conference, led by Deputy President Rigathi Gachagua,
brought together Cabinet Secretaries, political, security, religious and
community leaders from the 8 Counties of Eastern Region.

 

-Capital FM.

 

 

 

Namibia: Brics to Build Bigger Bloc

India's foreign affairs minister Subrahmanyam Jaishankar has refused to be
dragged into a discussion around the arrest warrant hovering over Russian
president Vladimir Putin's head.

 

The outspoken diplomat, who was in Namibia on a state visit last week, in an
interview spoke on a buffet of issues, ranging from India-Namibia ties,
geopolitics and the BRICS bloc.

 

BRICS is made up of Brazil, Russia, India, China and South Africa. However,
in recent months, interest in joining the bloc from other countries has
reached fever pitch. Reuters reported that 19 countries expressed an
interest in joining the group. Algeria, Argentina and Iran had all applied,
while it is already known that Saudi Arabia, Türkiye, Egypt and Afghanistan
are interested, along with Indonesia. Other likely applicants include
Kazakhstan, Nicaragua, Nigeria, Senegal, Thailand and the United Arab
Emirates.

 

 

However, over the past few months, one question has lingered: Will South
Africa arrest Putin?

 

As a member of the International Criminal Court (ICC), South Africa would
theoretically be expected to arrest Putin, it has widely been accepted. The
ICC accused Putin in March of war crimes, including forcibly deporting
children from Russian-occupied territory in Ukraine. Moscow vehemently
denies the allegations.

 

"I am not even going there. We are not members of the ICC," Jaishankar said
with a smile. In the meantime, South Africa's international relations and
cooperation minister Naledi Pandor has said her country was mulling options
if Putin came to the planned BRICS summit in Johannesburg, slated for
August.

 

In the ongoing war, India has largely steered clear of who to back in the
Russia- Ukraine conflict. Put to him point-blank what India's stance is, he
replied: "Prime Minister [Narendra] Modi has publicly declared that we don't
believe that in this day and age, conflict is the way to settle problems...
we are for a negotiated way out. I don't think it's a question of taking the
side of this country or that country. It's a question of taking the side of
peace." Moreover, on the practical steps the Asian powerhouse has taken to
resolve the war, he pointed to several interventions.

 

"We have been engaging both countries. But recently, prime minister Modi met
president [Volodymyr] Zelensky when he was in Japan, and the bulk of the
discussions went into what the Ukrainians call their peace plan. He's also
been in regular touch with president Putin. And I speak to my counterparts,
but also to other countries," he said.

 

 

Golden goose

 

It is an open secret now that Namibia is the talk of the global town. This
is largely attributed to the recent oil discoveries and the country's
potential to produce the much-hyped green hydrogen.

 

"The predominant image of Namibia would still be that of a developing
country with whom sharing experiences, building capacities, these things are
used. And bear in mind that in different fields, we've actually had almost 1
500 Namibians go to India for some sort of capability-building.

 

Remember, we are globally the third-largest consumer of energy. We're the
third-largest economy in the world. In the coming years, we may probably be
the second if you look at the energy market," he stated, pointing to India
as possibly one of the biggest markets for Namibia's energy supplies. "Any
new producer finds India of interest because India is among the new
consumers. We find as a new consumer and a new producer what to do. India
today has energy interests across the world. We've invested from Brazil to
Sakhalin, and closer to you, we have really been big investors in
Mozambique. So, our interests are both in oil and gas. Because Namibia has
some natural potential for green energy, I'm pretty sure the Indian
companies see a big energy relationship. I would say it's in the realm of
possibilities, but we're not there yet. There's a lot of talking," he
expounded.

 

This year alone, the Finnish president, US First Lady, and now the Indian
foremost diplomat have all descended on the Land of the Brave. Cuban leader
Miguel Díaz-Canel is also expected to visit Namibia in August.

 

BRICS

 

BRICS started in 2006. The leaders began meeting in 2009, and are heading
for the 15th meeting this year in South Africa.

 

Jaishankar said he is often asked what this bloc does, and points to the
coordination of policies on a variety of issues.

 

On the question of the possibility of increasing the size of BRICS and which
countries would qualify, the diplomat observed that "there is quite an
interest at the moment. To be very honest, that's exactly the discussion
that is going on within the room. So, the kind of questions we are talking
about is, do we expand? If so, in what manner? We'll have to wait and see
what they will come up with."

 

-New Era.

 

 

 

Angola: Technologies Should Boost Industrial Modernisation Service -
President

Luanda — Angolan head of State João Lourenço said Monday that the
Telecommunications, Information and Communication Technologies sector should
boost the technological modernisation of the industry and promote the
economic and social development of the country.

 

João Lourenço was speaking at the opening of the 3rd edition of ANGOTIC 2023
- International Forum on Information and Communication Technologies in
Angola.

 

He said that despite mineral resources, such as oil and gas, the country is
experiencing a new paradigm with the prospect of growth in the non-oil
economy, with the private sector as the main actor.

 

 

In his speech, the Angolan Head of State said that the sector is called upon
to play the role of leveraging the national economy.

 

President João Lourenço highlighted the importance of broadband networks,
supported by a strong electronic communications network, becoming a
fundamental tool to guarantee citizens and society access to the services of
the so-called information society.

 

He added that broadband can ensure access to telemedicine, distance
learning, electronic training and other associated services, contributing to
the improvement of health indicators, education, social inclusion, food
security, gender equality, as well as the fight against hunger. and poverty,
thus guaranteeing the sustainable development of the country.

 

The President shares the vision of the International Telecommunication Union
(ITU), which emphasises the need to expand the internet so that it is within
reach of the greatest possible number of world citizens, if possible for
all.

 

João Lourenço welcomed the fact that ITU and UNESCO placed Angola among the
countries that are close to achieving globally established targets towards
digital inclusion, due to investments in infrastructure.

 

He explained that improving connectivity and increasing digital inclusion
are one of the axes of action set by the Executive in the White Paper on
Telecommunications, Information and Communication Technologies 2019/2020.

 

The Head of Executive Power stated that the commitment to diversifying the
economy and national production is beginning to bear fruit.

 

The President of the Republic noted that the Telecommunications, Information
and Communication Technologies sector in the country is in full growth,
judging by the latest completed projects and others in technical
preparation, highlighting the construction and placing into orbit of ANGOSAT
2, as part of the national space programme.

 

He also praised the terrestrial and submarine connections and optical fiber
to Cabinda, the works for the construction of a second earth observation
satellite, and the expansion projects of the national fiber optic broadband
network, and terrestrial digital television.

 

He also mentioned the participation in the II Africa international fiber
optic submarine cable consortium, accompanied by an increase in training
programmes for young staff. JFS/AL/ADR/NIC

 

-ANGOP.

 

 

 

 

Ghana Is Ready for Your Investment ...Dr Akoto Tells Global Investors At
Agriculture Forum in Turkey

A flagbearer hopeful of the New Patriotic Party (NPP), Dr Owusu Afriyie
Akoto, has told world leaders and captains of industry to divert a chunk of
their investments into Ghana and Africa's agricultural sector for good
returns.

 

Ghana and Africa, he noted, were the world's biggest hope for global food
security by 2050, hence an investment in the continent's agricultural sector
was the surest bet one could ever make on investment.

 

He, therefore, assured them of Ghana and for that matter the rest of
Africa's readiness to provide them with the conducive and enabling
environment for their investment.

 

 

"Ghana and Africa are ready to receive your investment in this era of our
agricultural transformation," he noted.

 

Delivering a keynote address as the special guest of honour at the African
Investors Council Forum in Turkey on Tuesday, under the theme 'Agricultural
Development and Investment Opportunities in Africa (Ghana as a case study)',
Dr Akoto said Ghana and Africa possessed the greatest potentials to feeding
9.7 billion people globally by 2050.

 

According to Dr Akoto, despite the impacts of COVID-19 and climate change on
agricultural production as well as political unrest across the continent,
macroeconomic instability, and the raging debt crisis that many African
governments face, the agricultural sector offered immense and significant
opportunities for transforming Africa's economy from a net importer of food
to the provider of food to the rest of the world.

 

According to analysis by McKsiney, if agricultural development gets the
necessary financial investment, smallholders across Africa could produce two
to three times more cereals and gains. In turn, this would add 20 per cent
more cereals and grains to the current worldwide annual output of 2.6
billion tonnes.

 

Zeroing in on Ghana as the best destination of choice for investors, the
former Food and Agricultural Minister highlighted the strong foundation he
has laid for the West African nation's agricultural sector, combining
policies with regulations to achieve sustained rapid economic growth.

 

"Under my tenure as the Minister for Food and Agriculture in Ghana, in 2019,
I initiated the establishment of the Tree Crop Development Authority under
an Act of Parliament, Act 1010. The Tree Crop Development Authority (TCDA),
established in 2020, seeks to coordinate and promote the development of six
tree crops - cashew, rubber, oil palm, coconut, mango and Shea. The goal of
the Authority is to develop, produce, and distribute the selected cash crop
seedlings to farmers so as to produce and generate a combined potential of
export earnings between US$6 to US$12 billion per year after 8-10 years of
implementation. At their full development, the additional US$6 to US$12
billion per year in earnings can substantially increase the less than
US$2billion annual earnings from cocoa, the current highest foreign exchange
earner for Ghana for over a century," he emphasized.

 

Dr Akoto further took his audience through the establishment of the National
Cocoa Rehabilitation Programme which was designed to put in measures to
support the private sector to scale up cocoa production, expand local cocoa
processing, promote market expansion of the export of cocoa products into
new markets and for vigorous promotion to boost domestic and international
consumption. He also spoke highly of the construction of greenhouse training
centres with attached commercial units at Dawhenya, Akumadan and Bawjiase
for the training of 537 youth in high-quality vegetable production.

 

Dr Akoto, who is also a former two-time Member of Parliament for Kwadaso in
the Ashanti Region said for agriculture to experience exponential growth in
the African continent, much will depend on women who contribute to over 70
per cent of food production.

 

He, therefore, charged African governments to prioritise investing in women
in the agriculture sector.

 

-Ghanaian Times.

 

 

 

Ghana: Genser Energy Completes 110km Natural Gas Pipeline in Record Time

Genser Energy, an energy company in Ghana, has constructed 110km of natural
gas pipeline at record speed.

 

Despite prevailing challenges, such as global supply chain disruptions
caused by the aftermath of COVID-19 and the Ukraine/ Russia conflict, as
well as national economic hurdles and inflationary pressures, the company
demonstrated its unwavering commitment to progress by completing the project
within five months.

 

The commissioning of this expansive pipeline network carries immense
socio-economic implications on a national scale as it is expected to
significantly reduce power transmission losses that currently affect the
country.

 

Moreover, the integration of the pipeline will facilitate the provision of
cheaper gas for power generation.

 

This development positions Kumasi as a key hub for future development
initiatives and employment opportunities.

 

A statement issued by the company in Accra on Friday said for more than 15
years, Genser Energy had played a pivotal role as an Independent Power
Producer (IPP), spearheading the development of an extensive pipeline
network spanning 430km.

 

"The magnitude of this endeavour has been made possible due to the
exceptional dedication exhibited by the Genser Energy staff. In a testament
to their commitment to local content laws, the construction of the latest
phase of the pipeline was entrusted to a group of young engineers, with an
average age of 32, of which 85 per cent were Ghanaians," it said.

 

Mr Henry Abeiku Oppong, the Project Manager of the Engineering, Procurement,
and Construction (EPC) team, joined Genser Energy as an entry-level employee
in 2013.

 

His rise within the company, the statement said, was emblematic of Genser
Energy's commitment to training and providing opportunities to young
engineers.

 

Mr Oppong expressed his satisfaction with the successful completion of the
project, stating, "It is an honor to be part of this transformative
endeavour, which will leave a lasting impact on the nation's infrastructure
and the lives of its people. Together, we have built a legacy of teamwork
and resilience, driven by a shared commitment to excellence and
collaboration. This success fuels our optimism for Ghana's bright future in
the energy sector."

 

The EPC team, comprised of 40 full-time Genser Energy employees and an
additional 220 contractors, were engaged specifically for this project to
ensure its timely and budget-conscious completion.

 

Over 12,000 steel pipes had to be purchased, delivered and assembled to
complete the project.

 

"Throughout the project, my utmost priority was to ensure that every aspect
adhered to the highest standards of Quality Assurance and Quality Control.
>From meticulously verifying incoming materials to meticulously preparing
essential documents such as the Inspection Test Plan (ITP), test reports,
and the construction dossier, we left no stone unturned in maintaining the
project's integrity and meeting all specifications" said Edward Lotsi,
Quality Assurance and Quality Control Superintendent.

 

Since 2018, Genser Energy has constructed a total of 430km of natural gas
pipelines. By closely collaborating with Ghanaian regulatory bodies, Genser
Energy has not only expanded its operations, but has also contributed to the
growth of the national economy.

 

-Ghanaian Times.

 

 

 

Ghana Begins Process to Integrate NCA in GDP Computation

Ghana has started the process to integrate Natural Capital Accounting (NCA)
in the computation of the country's Gross Domestic Product (GDP) to promote
holistic and inclusive growth and development.

 

The NCA process in Ghana, which started about a year ago and being
facilitated by the Environmental Protection Agency and the Ghana Statistical
Service (GSS), and other Ministries and agencies, such as the Ministry of
Finance, National Development Planning Commission, Ministry of Fisheries and
Aquaculture Development, and Forestry Commission, is being supported by the
World Bank.

 

Under the process, the extraction of the country's natural resources would
be accounted for in the GDP.

 

 

The Executive Director of the EPA, Dr Henry Kwabena Kokofu, who disclosed
this at a breakfast meeting with journalists in Accra to educate them on the
computation of the NCA, said the move was to promote inclusive growth and
development in line with the Sustainable Development Goals.

 

He said the United Nations Statistics Commission enjoined member countries
to begin the process to account for their natural resources in their GDP to
promote sustainable extraction and management of the natural resources to
build resilience.

 

Natural Capital is the stock of all the resources of a country, both
renewable and non-renewable, and has become necessary to be included in the
calculation of the GDP, which is the value of all goods and services
produced in the country within a particular year.

 

He said as part of the NCA agenda, the EPA and the GSS would conduct
baseline studies to ascertain the value of the country's various mineral
resources, cost-benefit analysis in extraction, and their environmental
impact on the citizens where the resources are located.

 

Dr Kokofu said unsustainable management of the country's natural resources
would be catastrophic, and would thwart the country's socio-economic
development.

 

He said the NCA process would help the country to generate timely and
quality data on the country's natural resources.

 

He said generating timeline and quality data on the country's natural
resources would help attract investors into the country.

 

The Director of Administration of GSS, Mr Kwadwo Asante, said the move to
integrate NCA into the computation of GDP was under the System of
Environmental-Economic Accounting (SEEA) of the UN Statistics Commission,
which some developed economies had adopted more than a decade ago.

 

He said the SEEA was the new architecture in determining the worth of a
country and the sustainable use of natural resources.

 

The Deputy Executive Director of EPA in charge of General Services, Dr
Christine O. Asare, said the NCA process was important to generate baseline
data on the country's natural resources.

 

That, she said, would help the country to protect its natural resources for
posterity.

 

The Programme Coordinator of Ghana World/Bank NCA, Kwame B. Fredua, said the
programme would help promote better decision-making in the management and
governance of the country's mineral resources.

 

-Ghanaian Times.

 

 

 

Rwanda's Consumer Prices Declined to 14% in May

Consumer prices in Rwanda continued on a downward trend, with a decline of
14.1 percent in May compared to the 17.8 percent recorded in April 2023.

 

According to the National Institute of Statistics of Rwanda (NISR),
inflation has been steadily decreasing since the beginning of the year. In
March, it stood at 19.3 percent, dropping from 20.8 percent in February, and
20.7 percent in January.

 

During the Central Bank's quarterly economic review, Governor John
Rwangombwa emphasized that inflation is expected to further decrease and
reach the target range of 2 percent to 8 percent by the end of 2023.

 

 

Inflation, which measures the rate at which commodity prices increase over a
specific period, is calculated based on approximately 1,622 products in 12
urban centers across Rwanda. It is worth noting that the speed at which
prices rise or decline takes time to be reflected in the actual prices of
purchased foodstuffs in the market.

 

Data from NISR reveals that prices of foodstuffs and non-alcoholic beverages
increased by 25.4 percent in May, a decrease from 36.8 percent in April. In
May, bread and cereal prices rose by 14 percent, meat prices by 16.8
percent, milk, cheese, and eggs by 22.6 percent, and vegetables by 59.4
percent.

 

The cost of housing, water, electricity, gas, and other fuels increased by
3.6 percent, transportation rose by 7.6 percent, while prices in restaurants
and hotels increased by 11.5 percent.

 

The gradual decline in the pace of commodity prices reflects the
government's implementation of various measures aimed at achieving economic
stability.

 

These measures include providing subsidies for fuel and fertilizers, as well
as tightening the Central Bank's lending rate. Additionally, the recent
decision to waive value-added tax on maize flour and rice, along with the
establishment of maximum prices for maize, maize flour, rice, and Irish
potatoes (Rwanda's major staple foods), were implemented after an inspection
by the Ministry of Trade and Industry revealed unjustifiable price hikes by
some traders.

 

In addition to imported inflation, the observed price hikes were largely
attributed to poor domestic agricultural production, which made it
challenging for consumers to afford staple foods. Despite the challenges
posed by unfavorable weather conditions and the resulting decline in
agricultural production, the economy is expected to continue growing.

 

-New Times.

 

 

 

Namibia: Oryx and Scania Make N$1.4 Million Solar Move

Oryx Properties and long-term tenant Scania Namibia installed 218
state-of-the-art solar panels on the roof of the Scania building in the
Northern Industrial area, representing a substantial investment of N$ 1.4
million.

 

The newly installed solar panels, with a total capacity of 91Kwatt, are set
to transform energy consumption at the Scania facility. By harnessing the
power of the sun, the solar panels will generate clean and renewable
electricity, significantly reducing the reliance on conventional energy
sources. This sustainable energy solution aligns perfectly with the
Environmental, Social and Governance (ESG) strategies of both Oryx
Properties and Scania Namibia. Clifford Marchbank, managing director of
Scania Namibia expressed his excitement and stated that he was grateful for
the opportunity to partner with Oryx Properties on this initiative. "One of
the key benefits of this eco-friendly initiative is its positive impact on
electricity costs. We project that we will save more than 50% on our current
monthly electricity bill, marking a significant step towards operational
efficiency. During daylight hours, the solar panels will fully cover all the
electricity requirements of the Scania facility. Plans are already in motion
to incorporate advanced battery storage systems and capacitors, ensuring
uninterrupted power supply, even during night-time operations."

 

 

Marchbank mentioned that the unit price of electricity was poised to
increase significantly over the next few years. To mitigate the
ever-increasing costs, Scania Namibia has also replaced conventional lights
with LED as these use a lot less electricity. "Our objective is to
contribute towards electricity and water conservation, recognising the
scarcity of these resources in the southern Africa region. Consequently, we
are also looking at bringing in Euro 5 trucks and finalising the water
recycling system in the wash bays - all initiatives that talk to our
sustainability strategy."

 

Conrad van der Westhuizen, asset manager at Oryx Properties advised that the
introduction of solar energy at the Scania facility not only promoted
sustainability but also demonstrated a shared commitment to environmental
responsibility by Oryx Properties and Scania Namibia. "By embracing
renewable energy sources, we are actively contributing to the reduction of
carbon emissions and mitigating the impact on the planet. This partnership
between Oryx Properties and Scania Namibia signifies our dedication to
sustainable business practices and showcases our joint effort to create a
greener future."

 

-New Era.

 

 

 

Namibia: Nampower Again Ordered to Halt Switch Off

After being ignored last week, Cabinet again directed national power utility
Nampower to discontinue the suspension of electricity for local authorities
in arrears.

 

With power suspensions ongoing, Cabinet has issued a second directive to
finance and public enterprises minister Iipumbu Shiimi to engage the entity.

 

Despite sticking to its decision, NamPower was clearly instructed not to
suspend the supply of electricity to defaulting local authorities as a means
to expedite revenue-collection.

 

This information was announced by deputy information minister Emma Theofelus
on Thursday while delivering a raft of other key decisions by the executive.

 

 

"Cabinet endorsed the proposed short and long-term solutions to address the
structural problems in the supply of utilities across the country, which
amongst others include the roll-out of prepaid metering systems, review of
local authorities' financial status, and local authorities' reform," she
noted.

 

NamPower last month stated that the corporation was owed a staggering N$1.5
billion, of which N$842 million is overdue. The utility stressed that it is
crucial to collect what is owed for the sustainability of the business and
that of the country.

 

However, Cabinet did not shy away, and took note of identified root causes
responsible for increasing local authorities' debt to both Namwater and
NamPower. These include constrained economic activities in most local
authorities, resulting in an inability by many residents to afford basic
goods and services, ageing water and power infrastructure, and illegal
connections due to the high rate of urban migration that's causing sprawling
informal settlements, which translates into lost revenues for local
authorities.

 

The first directive was issued last week through Shiimi, who advised through
a statement that NamPower should put the decision on hold, pending further
consultations between the finance ministry, the urban and rural development
ministry, as well as local authorities.

 

However, NamPower's directors and management resolved to proceed with the
planned power suspensions, which commenced last week for indebted local
authorities, as per its debt collection plan.

 

In a statement issued last week, NamPower confirmed receiving the Cabinet
directive. But they said after due consideration, the board unanimously
decided to exercise its fiduciary responsibilities.

 

"The company resolved to proceed with the disconnection plan because it is
in the best interest of the financial sustainability of the company, and for
the sustainability of electricity supply in the country. Disconnecting
defaulting customers was the last resort after exhausting all existing
interventions to collect long-outstanding debts as non-payment of debts
detrimentally affects the company's duty to supply electricity to the entire
country on a sustainable basis," read their statement at the time.

 

-New Era.

 

 

 

Yaccarino: Twitter to be 'most accurate real-time info source'

The new boss of social media firm Twitter, Linda Yaccarino, has outlined her
plans for "Twitter 2.0.", after taking over from Elon Musk a week ago.

 

She says the company is "on a mission to become the world's most accurate
real-time information source".

 

Since Mr Musk bought Twitter last year, it has faced criticism over its
approach to tackling disinformation.

 

In the last month, the company lost its head of trust and safety and pulled
out of the EU's disinformation code.

 

In a series of tweets, which was also emailed to employees, Ms Yaccarino
echoed Mr Musk's goal, that Twitter must transform the "global town square".

 

She said this would help "drive civilisation forward through the unfiltered
exchange of information and open dialogue about the things that matter most
to us."

 

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‘accept and continue’.

 

"Users need to know that the town square is not biased," Ray Wang, the chief
executive of Silicon Valley-based research firm Constellation told the BBC.

 

Mr Musk, who is a self-described "free speech absolutist", has criticised
Twitter's policies on moderating content, arguing that it needed to be a
genuine forum for free speech.

 

But his moves to reinstate right-wing accounts, whose views he has shared,
and loosen moderation have driven away advertisers. In December, revenue
reportedly fell by 40% to a year earlier.

 

For advertisers to return, they need to know what to expect in terms of user
content and engagement, Mr Wang said.

 

"She is definitely someone who can balance out Elon and go toe-to-toe with
him as he respects her," he added.

 

Since buying Twitter last year for $44bn (£35.1bn), Mr Musk had been under
pressure to find someone to lead the firm so that he could focus on his
other businesses, which include electric carmaker Tesla and rocket firm
SpaceX.

 

On 12 May, Mr Musk, who recently reclaimed the title of the world's richest
person, announced that Ms Yaccarino would succeed him as the chief executive
of Twitter in six weeks time.

 

However, she started the role earlier than expected, just days after the
resignation of the firm's head of trust and safety.

 

Ms Yaccarino is credited with helping to steer media giant NBCUniversal
through upheaval in the industry caused by changing technology.

 

In her former role, she overhauled the company's advertising sales business
and was behind the 2020 launch of its advert-supported streaming platform
Peacock.

 

She now oversees business operations at Twitter, which has been struggling
to make money, while Mr Musk continues as the company's executive chairman
and chief technology officer.

 

"We believe Linda has a solid vision for Twitter with a lot of wood to chop
that can be turned around," Daniel Ives from Wedbush Securities said.

 

"This is a great first step and she knows the task ahead for Twitter to
monetise the platform which remains the golden goose."-bbc

 

 

 

Port Talbot: Tata boss calls for subsidies to be greener

The chairman of Tata Steel UK has called for a "level playing field" as it
seeks UK government subsidies to decarbonise its Port Talbot steelworks.

 

Henrik Adam said European competitors were receiving "billions of pounds"
from governments to transition to greener operations.

 

UK ministers have reportedly offered Tata £300m for decarbonisation.

 

The UK government said it was committed to a "decarbonised, competitive
future for the sector".

 

The UK government Department for Business and Trade said: "The business
secretary knows how critical the steel industry is to Wales, and made her
commitment to securing a decarbonised, competitive future for the sector
clear when she visited Port Talbot earlier this year.

 

"We cannot comment on commercially sensitive negotiations." has been asked
to comment.

 

Port Talbot is home to Britain's biggest steelworks with two blast furnaces
working around the clock to produce steel used in a plethora of products,
from tin cans to submarines.

 

The works is also one of the UK's largest polluters, and its owners have
committed to transforming the site and dramatically reducing its emissions.

 

"The only thing we are really asking for is a level playing field across our
peers in Europe," said Henrik Adam in an exclusive interview for BBC Wales.

 

He said Tata is "really committed" to decarbonising the site.

 

"We are in competition with European steel makers, and so we are not asking
for a special deal," he added.

 

The company needs to be on an equal footing "with competitive grounds on
support for investment, but also a competitive landscape on energy costs,"
he said.

 

Both blast furnaces at Port Talbot are nearing the end of their lives, and
would require multi-million pound upgrades in the next few years to keep
going.

 

One option is to replace them with electric arc furnaces powered by
renewable energy, but this would cost billions of pounds and take years of
planning and building.

 

The cost of construction, and its future energy bills, is something that
Tata Steel UK would like the UK government to subsidise.

 

While he would not confirm if the reported £300m offered by the UK
government was enough, Mr Adam said: "Other nations are pouring billions of
pounds into our competitors, and they give support with energy costs.

 

"That is something which we are considering with quite some, I would say,
nervousness. Because if that is happening around us, it's difficult for us
to be competitive," he said.

 

The steelworks in Port Talbot is considered to be a strategic asset, and
allows the UK to have a local and reliable source of steel production.

 

Cheaper steel imports, particularly from China, have proved difficult for
companies like Tata Steel.

 

The mission to decarbonise is a common one across the steel industry,
according to the independent think tank Green Alliance.

 

"The Port Talbot site in south Wales is one of the largest individual sites
in terms of greenhouse gas emissions in the UK, so there really is a
significant impact from the steel industry," Roz Bulleid from Green Alliance
said.

 

New technologies had emerged which could bring down emissions, she said,
adding the steel industry was taking the issue seriously.

 

New jobs

"Demand from customers for cleaner steel is encouraging investment," she
said, but she called on steelmakers to commit more money and to hasten their
decarbonisation process.

 

"Having said that, there are governments around the world investing tens,
and sometimes hundreds of millions in lower carbon steelmaking in their own
countries," she said.

 

"So I can also see why steelmakers here are turning to the government and
wondering if they could also get a more direct subsidy as well."

 

Green Alliance estimates that turning off two of the UK's four blast
furnaces would have the equivalent impact on emissions of removing 2.4
million petrol cars from the roads.

 

Asked if the long-term transformation of Port Talbot would result in fewer
steel industry jobs, Mr Adam said: "I think it's too early to say it's a job
cutter, the jobs will change in the profile, there will be new jobs, other
jobs."

 

The UK government Department for Business and Trade said: "The business
secretary knows how critical the steel industry is to Wales, and made her
commitment to securing a decarbonised, competitive future for the sector
clear when she visited Port Talbot earlier this year.

 

"We cannot comment on commercially sensitive negotiations."-bbc

 

 

 

Amazon using AI to boost fight against fake reviews

Amazon says it is using the latest in artificial intelligence (AI) to crack
down on fake reviews and identify comments that aren't genuine.

 

The tech giant has been grappling with fake review "brokers", which are a
huge problem for its shopping site.

 

Amazon has invested in machine learning models that analyse thousands of
data points to help it detect the fraudulent behaviour.

 

But UK consumer group Which? says the action is still "nowhere near enough".

 

Fake review brokers use third-party platforms, including social media and
encrypted messaging services, to buy, sell and host fake reviews.

 

Fake reviews can sway customers to make purchasing decisions, for example
over which laptop or children's toy to buy, based on what they believe is
genuine feedback from other shoppers, when in reality someone has been paid
to write a glowing review to boost a seller's ratings, or to undermine a
rival firm.

 

They aren't always easy to spot, although generic information, or a very
high percentage of five star reviews can be a give-away.

 

In 2022, Amazon reported more than 23,000 social media groups, with over 46
million members and followers, that facilitated fake reviews.

 

Amazon has been using AI in the battle against fake reviews for several
years, but the company says continued investment in more "sophisticated
tools" should improve protection for customers and sellers on its platform.

 

The company said its fraud-detecting AI was able to look at a range of
factors to calculate the likelihood that a review is fake. That can include
the author's relationship with other online accounts, their sign-in
activity, review history, and any unusual behaviour.

 

"We use machine learning to look for suspicious accounts, to track the
relationships between a purchasing account that's leaving a review and
someone selling that product," Dharmesh Mehta, the head of Amazon's customer
trust team, told the BBC.

 

"Through a combination of both important vetting and really advanced machine
learning and artificial intelligence - that's looking at different signals
or behaviours - we can stop those fake reviews before a customer ever
encounters it," he said.

 

Not enough

Harry Kind from Which? said in the UK some estimates suggest around one in
seven online consumer reviews are fake.

 

"Amazon has been trying all sorts of technology to crack down on fake
reviews and by all accounts that's having some success.

 

"But as far as we're concerned, it's still nowhere near enough to solve this
huge problem," he said.

 

Fake reviews made consumers more than twice as likely to choose poor-quality
products, the consumer group said.

 

As a result of the new methods it had developed, Amazon said it had blocked
over 200 million suspected fake reviews last year and would "continue to
build sophisticated tools that protect customers".

 

But the retail platform is calling for more cooperation between the private
sector, consumer groups and governments to make the strategy more effective.

 

The Digital Markets, Competition and Consumers Bill that is currently going
through the UK parliament is expected to strengthen the legal powers
available to the regulator, the Competition and Markets Authority (CMA) in
this area.

 

Which? welcomed Amazon's call for a more collaborative approach, but called
for the UK legislation to go further than currently envisaged "by explicitly
making the buying, selling and hosting of fake reviews subject to criminal
enforcement."

 

It said fake review "factories" on Facebook that trade reviews for Amazon
and other sites were still easy to find.

 

The CMA said it had already taken significant action against fake and
misleading reviews and those who trade them.

 

A spokesperson for the CMA said: "Our investigations relating to fake
reviews - including the case into Amazon - are ongoing and further updates
will come later this year."

 

Legal Action

In the UK, Amazon recently took legal action against the operators of
NiceRebate.com, a fake review broker aimed at British customers.

 

Other websites run by the same operators were also shut down, with
simultaneous legal action taken against them in the US.

 

"We are aggressively fighting review brokers," said Mr Mehta.

 

Amazon had taken legal action against 94 such "bad actors" he said,
including fraudsters in the US, China and Europe.-bbc

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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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