Major International Business Headlines Brief::: 19 June 2023

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Major International Business Headlines Brief::: 19 June 2023 

 


 

 


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

 


 

 


 

ü  Africa: Globalising African Voices On Illicit Financial Flows, Asset
Recovery

ü  Ghana: 'Waive Taxes On Our Raw Materials to Help Produce Inputs Locally'

ü  Southern Africa: SADC Countries Scrap Roaming Charges

ü  Liberia: Nigeria, Morocco, Cote d'Ivoire, Liberia, Benin, Guinea Sign
MOUs On Nigeria-Morocco Gas Pipeline

ü  Liberia: High Exchange Rate Skyrocketing Prices of Basic Commodities

ü  Uganda: Economy Is Moving Steadily, to Grow At 5.5 Percent, Says Minister
Kasaija

ü  Uganda: No More Jokes With Standard Gauge Railway Construction, Says PS
Ggoobi

ü  Ghana: Mobile Tech On Cleanapp Ghana Project Unveiled At Nkonya

ü  Ethiopia Indicates Insurance Industry's Probable Opening for Foreign
Firms

ü  Sudan: Central Bank of Sudan Takes Steps to Address Banking Disruptions

ü  Binance exits Netherlands and faces France probe

ü  Bill Gates meets Xi Jinping as US-China tensions simmer

ü  Mortgage help 'under review', says Michael Gove

ü  Ryanair apologises for 'Tel Aviv in Palestine' flight row

ü  Richard Branson: Virgin Galactic commercial space flights to start this
month

 


 

 


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The Africa: Globalising African Voices On Illicit Financial Flows, Asset
Recovery

It's a known fact that African economies have in the last two decades, lost
between trillions of dollars to illicit financial flows that's nearly equal
to the entire continent's current gross domestic product.. This plunder, no
doubt, often results in missed development opportunities, increased poverty,
and continued injustice.

 

The issue of Illicit Financial Flows (IFFs) has been a major concern for
Africa as assets and funds running in has continued to find its way out of
the

 

Though stakeholders including the African states have played significant
role in backing the international efforts to combat these opaque and
dtabilising transfers of capital, such efforts have not yielded the desired
result.

 

 

This is why stakeholders have accepted that killing corruption, particularly
IFFs, has become a matter of survival for Africa's development and must be
treated with urgency. There is broad consensus that the funds being bled out
of Africa, could be channeled towards the continent's development if
successfully retained.

 

Former President of South Africa and the chairman of the African Union High
Level Panel on IFFs, Thabo Mbeki, was quoted to have said that the African
Continent suffered an annual loss of over $50 billion as at 2015 through
IFFs, which has grown to $80 billion yearly.

 

Mbeki, had in 2022 made a spirited call for a United Nations Tax Convention
to halt illicit financial flows from Africa and multinational and corporate
tax abuse.

 

He was said to have also called for the establishment of a globally
inclusive intergovernmental tax body to strengthen global efforts against
IFFs.

 

 

As part of measures towards addressing the IFFs in the Extractive
Industries, the African Union (AU) High-level Panel on Illicit Financial
Flows (AU HLP on IFF) and the working group on the Common African Position
on Asset Recovery (CAPAR) in collaboration with the African Union Advisory
Board Against Corruption, Coalition for Dialogue on Africa (CoDA), Forum
Civil, the Pan-African Lawyers Union (PALU) and TrustAfrica, held a
conference in Dakar, Senegal.

 

The conference, which has as theme "Addressing Illicit Financial Flows and
Asset Recovery in the Extractive Industries", was attended by policymakers,
regulators, civil society organizations, industry stakeholders and the
media. It was held on the margins of the 2023 Global Conference of the
Extractive Industries Transparency Initiative (EITI) in Dakar, Senegal,
which is the first ever EITI global conference to be held in Africa despite
African countries being the majority among the EITI's fifty-seven member
states.

 

 

The conference was organized in line with African Union Decisions and
Instruments adopted by African Heads of State and Government. These include
the AU Special Declaration Assembly/AU/Decl.5 (XXIV) of January 2015, the
Nouakchott Declaration on the African Anti-Corruption Year (June 2018) and
the Common African Position on Asset Recovery (CAPAR) adopted by the AU
Summit in February 2020.

 

The head of secretariat of the African Union High Level Panel on IFFs and
the Working Group on Common Africa Position on Asset Recovery (CAPAR), Mrs.
Souad Aden-Osman, emphasised the need for African Voices on IFFs and asset
recovery to be heard at the global level.

 

Speaking at one of the plenary sessions of the 2023 Global EITI Conference,
Aden-Osman said it had become necessary to strengthen African Voices on
stemming IFFs and recovery of assets at the international level.

 

"The problem with corruption is that the proceeds of corruption are stored
somewhere and it is important to put the issue of IFF in the front burner to
check this menace," she stated.

 

She added, "African Voices and feelings on Illicit Financial Flows and Asset
Recovery need to be heard at the global level. We need to strengthen the
African voices at the global level.

 

"Stopping the IFFs and the recovery of African assets in foreign
jurisdictions will help the development of African countries Our focus is to
improve and develop the capacity of African Union Member-States and find
ways of increasing domestic resource mobilization," said Aden-Osman, who is
the Executive Director of Coalition of Dialogue on Africa (CoDA).

 

In her presentation at the Conference on addressing IFFs and Asset Recovery
titled "Tracing the Journey Towards CAPAR and Progress, Aden-Osman, urged
African countries to halt the increasing rate of corruption and IFFs in
order to achieve the Sustainable Development Goal targets.

 

She noted that CAPAR was a policy advocacy tool and bedrock for negotiating
the return of African Assets consigned in foreign jurisdiction including
tracing, identifying, repatriating and effectively managing the continent's
assets as well as cultural heritage assets.

 

Aden-Osman stated that the African Union High Level Panel (AU HLP) had
facilitated the mobilisation and bringing together various African
governmental and intergovernmental agencies, civil society organizations,
and advocacy groups to implement the directives of the Assembly
incorporating the recommendations of the Panel

 

"The AU HLP on IFF and Coalition for Dialogue on Africa (CoDA) will continue
to advocate for more inclusive and transparent international financial and
trade governance systems that are fairer for African countries, established
the necessary platforms for presenting a unified African voice in this
regard, and strengthen partnerships with continental and regional
organizations, think tanks and research institutions

 

"The AU HLP on IFFs from Africa began implementing Phase II of its work,
which focuses on national level actions by African Member States. Ongoing
effort to assess the status of implementation of the HLP on IFFs
recommendations cover the following African Union Member States - Algeria,
Burkina Faso, Democratic Republic of Congo, Ghana, Lesotho, Malawi,
Mauritius, Namibia, Nigeria, South Africa, Sudan, Tanzania and Tunisia,"
said Aden-Osman, who is also the executive director of CoDA.

 

The chairperson of the AU Advisory Board Against Corruption (AUABAC),
Seynabou Ndiaye Diakhate, called for unity among Member-States of the
African Union in the realisation of stemming IFFs.

 

"Most of the IFFs are from the extractive industries and you will feel like
crying if you see the impact of IFFs and corruption on the continent.
Fighting corruption and IFFs are not a task for any institution. We need to
be united and coordinate our activities in order to have impact and achieve
our goal," said Diakhate, who was represented by the executive secretary of
the AU Advisory Board Against Corruption, Mrs. Charity Nchimunya.

 

In his submission at the IFFs and Asset Recovery Conference, a member of the
African union high level Panel on IFFs and the Working Group on Common
Africa Position on Asset Recovery (CAPAR), Barrister Akere Muna, called on
the African governments to flush corruption and IFFs out of the continent.

 

He said Africa needs to strengthen and make its judicial system stronger in
the fight against corruption and Illicit Financial Flows

 

According to him, African countries should make it hard for the
multinational corporations to take money from the continent and hide in
foreign jurisdictions.

 

He said, "The poorest and weakest suffer most anywhere corruption and IFFs
thrive. At EITI, we have seen the complicity between government officials
and extractive companies, multinational corporations, to the detriment of
the citizens."

 

He queried, "How is it possible that a private jet is loaded with cash and
flown to some countries in Africa just to pay bribes?"

 

During the two-day exchanges, participants discussed CAPAR, the need for
enhanced transparency and accountability, stricter regulations and increased
international cooperation in the extractive industry.

 

In addition, they also discussed issues relating to the impact of illicit
financial flows and the common occurrence of corruption in commodities
trading.

 

Participants reflected on how best to engage national authorities, the
judiciary and the citizenry to hold the perpetrators and accomplices
accountable.

 

It is worth noting that CAPAR is a policy advocacy instrument aimed at
assisting AU Member-States to trace, identify, repatriate and subsequently
effectively manage their assets, including items of cultural heritage, in a
manner that respects their sovereignty and for the benefit of African
peoples who are ultimately victims of illicit financial flows.

 

CAPAR now stands as the best tool for Africa's legal and technical framework
in structuring the managing of the return of Africa's stolen assets from the
foreign jurisdictions in which they may be held into the rightful source
countries.

 

That is why it is imperative that Africa's assets, including financial
resources lost through illicit flows, be returned to finance the continent's
development agenda as underlined in the AU High Level Panel Report on
Illicit Financial Flows, adopted by African Heads of State and Government in
January 2015.

 

-Leadership.

 

 

 

Ghana: 'Waive Taxes On Our Raw Materials to Help Produce Inputs Locally'

Interplast Limited, West Africa's leading producer of plastic pipe systems,
has called for a tax waiver on the raw materials the company imports for
production.

 

The Chief Operating Officer (COO) of Interplast Limited, Sivnesh Kumar RE,
who made the appeal, in an interview with the Ghanaian Times, on the
sidelines of the 5th and 2023 Ghana Mining and Energy Summit, said that
would help companies to produce some mining inputs locally.

 

The 5th Mining and Energy Summit organised by the Ghana Chamber of Mines was
on the theme "Harnessing Mining and Energy Potential for Sustainable
National Development."

 

 

Ghana has regained its position as the largest gold producer in Africa after
increasing her gold production by 32 per cent to 3.74 million ounces in 2022
from 2.82 million ounces in 2021.

 

He said the high import cost impacted badly on the operations of the
company, which produced polythene, PVC and corrugated pipes for the Ghanaian
market.

 

Mr Kumar RE observed that the high import duties was contributing to the
high cost of operations of the company and the pricing of its products.

 

The COO explained that Interplast, which had consistently being winning the
Local Manufacturing and Support Services Company of the year, for the past
seven years, had ventured into the production of HDPE Co Extruded White
pipes, exclusively used by the mining companies locally.

 

He said the pipe was previously imported from Australia.

 

Mr Kumar RE said the mining industry remained one of the big business lines
of the company.

 

-Ghanaian Times.

 

 

 

Southern Africa: SADC Countries Scrap Roaming Charges

Malawi, Zambia, Zimbabwe, and Botswana have agreed to scrap mobile roaming
charges. The move comes into effect in August and takes the Southern African
Development Community closer to a single digital market.

 

Mobile users in Malawi, Zambia, Zimbabwe and Botswana will no longer be
charged extra when they cross borders.

 

The initiative in the four Southern African Development Community (SADC)
countries is part of a move to create a One Network Area (ONA).

 

An initiative for single digital markets are in place in the East African
Community (EAC) too.

 

Cross-border travelers in Africa generally face high internet and mobile
roaming tariffs .

 

Mercy Kachere is a Malawian businesswoman who traverses Zambia, Botswana,
and Zimbabwe. The move to scrap roaming charges will mean she can stay in
touch with her family in Lilongwe while on business trips.

 

"This is good news to any citizen from these countries. As a business lady,
I travel a lot to these countries to procure different goods for my
stationery and textile retail shops in my home country Malawi," Kachere told
DW.

 

 

She had come to consider high roaming costs another fixed overhead
expenditure.

 

"I have been subjected to interrupted phone conversations with my family
members each time I travel because of the high costs that mobile phone
companies charge on mere phone and voice calls, including roaming service,"
Kachere said.

 

"My only request is that it spreads across Africa if communication on the
continent is to improve as it affects many business operators."

 

A 'model of regional integration'

 

Sam Ndlovu, a manager at a media organization in Zambia and regular
traveler, believes that roaming charges have been excessive.

 

"At times, you are forced to buy sim cards for networks of the country you
are visiting, which turns out to be really expensive," Ndlovu told DW.

 

 

In an interview with DW, Mark Setshwane, the director of business and
development for Botswana's communications regulatory authority, said a
single digital market "is quite important for our region in many forms."

 

"This is one model of regional integration that we have managed to achieve
as SADC. We are small economies, but there is always power in numbers,"
Setshwane added.

 

What will it take for Africa to connect?

 

"Nearly 1.1 billion new unique users must be connected to achieve universal,
affordable, and good quality broadband internet access by 2030," according
to a 2019 World Bank/UN Broadband Commission report.

 

An estimated additional $100 billion would be needed to reach that goal over
the next decade.

 

The report also states that connecting the unconnected would also require
innovative and alternative solutions to reach the nearly 100 million people
living in remote areas, out of range of traditional mobile networks.

 

-Benita van Eyssen

 

 

 

Liberia: Nigeria, Morocco, Cote d'Ivoire, Liberia, Benin, Guinea Sign MOUs
On Nigeria-Morocco Gas Pipeline

Abuja — June 16, 2023 Today, another important milestone was achieved at the
headquarters of the Economic Community of West African States (ECOWAS) as
four significant Memoranda of Understanding related to the Nigeria Morocco
Gas Pipeline Project were signed. Additionally, the project's Steering
Committee convened to discuss the progress of the Project and its strategic
direction.

 

Four Memoranda of Understanding were signed on Friday, June 16, in Abuja as
part of the Nigeria-Morocco Gas Pipeline Project. These tripartite MOUs were
respectively and successively signed between the Nigerian National Petroleum
Company Limited (NNPC) and the Office National des Hydrocarbures et des
Mines (ONHYM) of Morocco on one hand, and the Société Nationale des
Opérations Pétrolières of Cote d'Ivoire (PETROCI), the National Oil Company
of Liberia (NOCAL), the Société Nationale des Hydrocarbures of Benin
(SNH-Benin), and the Société Nationale des Pétroles of the Republic of
Guinea (SONAP) on the other hand.

 

 

These Memoranda of Understanding, similar to those signed with ECOWAS on
September 15, 2022, Mauritania and Senegal on October 15, 2022, and The
Gambia, Guinea-Bissau, Sierra Leone, and Ghana on December 5, 2022, reaffirm
the commitment of the Parties to this strategic project. Once completed, the
project will enhance the monetization of the natural gas resources of the
affected African countries and also offer a new alternative export route to
Europe.

 

The signings took place on the sidelines of the Steering Committee meeting
of the Nigeria-Morocco Gas Pipeline Project, which was attended by
representatives from ECOWAS and all the participating countries, including
Nigeria, Benin, Togo, Ghana, Côte d'Ivoire, Liberia, Sierra Leone, Guinea,
Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco.

 

https://frontpageafricaonline.com/wp-content/uploads/2023/06/WhatsApp-Video-
2023-06-16-at-4.10.29-PM.mp4

 

This significant infrastructure project will contribute to accelerating
access to energy for all, improving the living conditions of the
populations, integrating the economies of the sub-region, and mitigating
desertification. It will achieve these goals through the provision of
sustainable and reliable gas supply that aligns with the continent's new
environmental commitments, while providing Africa with a new economic,
political, and strategic dimension.

 

In his remarks, the Group CEO, NNPC Ltd, Mr. Mele Kyari (@MKKyari) thanked
President Bola Ahmed Tinubu (@officialABAT) and the Nigerian Government for
entrusting NNPC Ltd. with this strategic project as the National Energy
Company.

 

He added that "as a commercial enterprise, NNPC Ltd. sees this project as an
opportunity to monetise Nigeria's abundant hydrocarbon resources, by
expanding Access to energy to support economic growth, industrialization,
and job creation across the African continent and beyond.

 

Also speaking, the Director General of ONHYM, Amina Benkhadra said that the
gathering represents a progressive step in ensuring social and economic
development through energy security and accessibility geared towards
attaining total development of Africa by Africans.

 

In his remarks, the ECOWAS Commissioner for Infrastructure, Energy and
Digitization, Mr. Sédiko Douka said the gas pipeline project is significant
as it will help strengthen the region's electricity production/generation
capacity, stimulate industrial and agricultural development, and contribute
to the energy transition by using a source of energy that is cleaner than
other fossil fuels.

 

-FrontPageAfrica.

 

 

 

Liberia: High Exchange Rate Skyrocketing Prices of Basic Commodities

Monrovia — The Government of Liberia (GOL), through the Ministry of Commerce
and Industry, has admitted that the hike in the exchange rate between the
United States and Liberian dollars is affecting the prices of basic
commodities on the local market, but cautioned against the increment of the
cost of rice by importers and business owners.

 

Rice is the country's staple food.

 

For nearly a month now, consumers of the commodity have been complaining of
increment in the price of rice due to the high exchange rate between the US
and LD. Currently, the exchange rate stands at US$1 to L$180 in Monrovia and
its environs.

 

 

A bag of 25kg rice, which was sold for US$13 to US$13.50, is now being sold
for between US$18 to US$19 in Monrovia. In the leeward areas, the price has
increased from US$20 to US$23.

 

But speaking in an exclusive interview with FrontPageAfrica in Congo Town
recently, Deputy Commerce Minister for Administration Wilfred Bangura
admitted that though the exchange rate is high, government has not adjusted
the price of rice on the local market.

 

He said the Ministry of Commerce and Industry cannot be held liable for the
depreciation of the local currency.

 

"There is inflation in the exchange rate which is affecting the Liberian
dollar side of our dual currency regime. If the currency performs better
which I know the Central Bank folks are working very hard to stabilize, the
cost of rice in Liberia dollars would drop once the exchange rate is
stabilized. But it does not mean that there has been an adjustment in the
price of rice."

 

 

"The exchange rate situation we are facing right now is not the Ministry of
Commerce's area or control. But we wish to state that the exchange rate is
affecting commodities because, the LD goes up against the US dollars."

 

Minister Bangura expressed the hope that when the exchange rate is
stabilized by the CBL, "everything is going to return to normal."

 

No more subsidies

 

Following his inauguration, President George Manneh Weah negotiated with
rice importers to ensure that the commodity was cheap and affordable for
Liberians.

 

The negotiation led to the government providing subsidies to rice importers
to stabilize the price. It reduced the price of rice from US$14.50 to
US$13.50.

 

But the deal between the government and the importers lasted for a little
over two years, following the failure of the government to ensure the timely
payment of subsidies to the importers. The situation led to the shortage of
rice on the local market and the hike in the price of the commodity.
Citizens, including suppliers and consumers took to the streets to protest
the situation.

 

 

But Minister Bangura blamed the collapse of the deal between the government
and importers and the hike in the price of rice at the time to the outbreak
of the Coronavirus in the country and the Ukraine and Russia war.

 

"During these periods, the importers of rice started to cry on the
government that they needed to make adjustment in the price of rice so that
the commodity can be available and affordable for the Liberian people."

 

He recalled that President Weah later constituted a taskforce that consulted
stakeholders and a recommendation was made for the price of a 25kg bag of
rice to be increased to US$17.50.

 

He claimed that since the adjustment was made, there has been no increment
in the price of the commodity by the government.

 

"The price of rice stands at US$17.50 and one of our importers called K and
K I even selling today at US$17. That is the cheapest and lowest price you
can find in the sub-region."

 

Minister Bangura pointed out that as a result of the increment in the price
of rice from US$14 to US$17.50; government is no longer providing subsidies
to importers.

 

He said the rice market has "adjusted considerably," and the commodity is
sufficient to serve the country up to March next year.

 

Citizens' complain

 

Liberians continue to complain that the US$17.50 announced by the government
as the price for a 25kg bag of rice, is only for owners of various
businesses that are supplying and buying wholesale from rice importers.

 

The rice is being sold by suppliers for between US$18 to US$18.50.

 

But Minister Bangura claimed that an individual can also go to any of the
rice importers to purchase a bag of rice at the cost of US$17.50 or US$17.

 

According to him, the government does not intend to increase the price of
rice anytime soon.

 

No profiteering

 

Speaking further, Minister Bangura pointed out that the ministry has
observed that some business owners are maximizing profits on rice due to the
hike in the exchange rate.

 

He said the ministry has mandated every business to publically display their
respective exchange rates to ensure that consumers make "wise purchasing
decisions."

 

"Businesses are trying to profiteer from the exchange rate situation in the
country. The ministry is working very hard for the Liberian people to ensure
that rice and other commodities are affordable and available on the market."

 

Minister Bangura disclosed that in Montserrado, no business is allowed to
add more than US0.10 to US0.15cents for a 25kg bag of rice purchased for
US$17 or US$17.50.

 

"If you are taking the rice to Kakata, we have another margin of maybe
US0.5cents difference. We add US0.5cents based on the distance you are
talking the rice."

 

He, however, threatened that the ministry will take punitive measures
against importers and others increasing the price of the nation's staple
food in the wake of the depreciation of the local currency.

 

-FrontPageAfrica.

 

 

 

Uganda: Economy Is Moving Steadily, to Grow At 5.5 Percent, Says Minister
Kasaija

The Minister for Finance, Matia Kasaija has hailed Uganda's economy as one
that is resilient, noting that it is projected to grow at 5.5%.

 

"Uganda's economy has remained resilient, and is on a steady recovery path.
The economy this year is projected to have grown by 5.5% compared to 4.6%
last year. This year's performance compares favorably with the average
growth rate for Sub-Saharan Africa estimated at 3.6% for calendar year
2023," Kasaija said on Thursday during the budget reading day.

 

According to the Finance Minister, Uganda's economy is estimated to grow to
a tune of shs184.trillion compared to the shs162.9 trillion for last year.

 

 

The minister attributed this state of affairs to the good performance of the
services sector which he said grew at 6.2%, compared to 4.1% in the previous
year.

 

"Agriculture has also performed strongly growing by 5.0%, despite the dry
spell in the first quarter of the financial year. In particular, food crops,
livestock and fishing performed well. Industry grew at 3.9%, driven largely
by manufacturing and construction activities, especially in the oil and gas
industry."

 

Inflation

 

In the recent months, inflation has been steadily easing.

 

Speaking on Thursday, the Finance Minister could not agree more, attributing
this state of affairs to "well coordinated fiscal and monetary policy."

 

"Inflation has significantly decreased since October 2022 when it peaked at
10.7%. Last month, the pace at which prices were rising slowed down to 6.2%.
Prices of key items such as soap, sugar, fuel at pumps, among others, have
significantly reduced," Kasaija said.

 

"With respect to the cost of money, commercial bank lending interest rates
have increased slightly to 19.3% in April 2023 from 18.8% in April 2022.
This was mainly caused by the increase in the Central Bank Rate to 10% since
October 2022, in order to fight inflation."

 

According to Kasaija, to reduce the cost of money for the private sector,
government has taken a deliberate policy to reduce domestic borrowing which
is a major driver of commercial bank lending rates.

 

 

 

Uganda: No More Jokes With Standard Gauge Railway Construction, Says PS
Ggoobi

The Ministry of Finance Permanent Secretary, Ramathan Ggoobi has said
government is ready to hit the ground running with the construction of the
Standard Gauge Railway.

 

"We are beginning the construction of the Standard Gauge Railwa(SGR).The
talk( about SGR) has been on for a long time. We have studied and over
studied and now we want to hit the ground running in the next financial
year," Ggoobi said.

 

The Ministry of Finance Permanent Secretary was speaking during the post
budget dialogue organised by Absa Bank at Serena Hotel in Kampala on Friday.

 

 

East African from Uganda, Kenya, Tanzania, South Sudan and Rwanda in 2014
broke the ground for the construction of the SGR which is meant to link the
member states with the view of boosting trade in the region.

 

Whereas government in 2016 signed an agreement with Chinese firm, China
Harbour Engineering Company (CHEC) for the construction of the Standard
Gauge Railway, almost seven years later, there is nothing to show of the
project.

 

This has been blamed on failure by government to get funds from the China
Exim Bank which was hoped to bankroll the project.

 

Neighbouring countries including Kenya and Tanzania have on the other side
made good progress on the project.

 

For example, Kenya's first phase between Mombasa and Nairobi is up and
running after opening passenger rail service in June 2017, and freight rail
service in January 2018.

 

 

On the other side, Tanzania has also made good progress on the construction
of the SGR.

 

Earlier this year, Uganda signed an MOU with Turkish firm Yapi Merkezi for
the construction.

 

Speaking on Friday, the Ministry of Finance Permanent Secretary said
government is committed to making the SGR a reality noting that $2.2 billion
has been set aside for the project.

 

"Uganda is locked in the land of Kenya and Tanzania and for us to be able to
transform ourselves, we need competitive transport system. Moving cargo 800
miles on these small routes like the Jinja road is a joke and that why the
road is now cut on the left hand side as you are coming from the border to
Kampala."

 

"Our balance of trade in Uganda is stamped on our small road which connects
us to Mombasa. We must sort out it out to ensure that we get cargo off these
smaller roads. That's when our businesses will be contagious. That's when we
shall be able to produce and export our manufactured products. So we are
starting the SGR."

 

The Ministry of Finance Permanent Secretary said apart from the SGR project,
government is in the new financial year prioritizing road maintenance around
the country.

 

"We have constructed roads in Uganda in the last 10 years. Most of the roads
which connect to the country now you move on tarmac from border to border
but we have not been maintaining them. We have allocated money for this
function in the coming financial year."

 

Ggoobi also noted that government will be focusing on maintenance of dry
weather roads which connect the villages, gardens and farms to the main
roads.

 

The Managing Director of Absa Bank Uganda, Mumba Kalifungwa underscored the
role of infrastructure development as a critical driver of economic growth
in the country.

 

"The next financial year's budget prioritizes upgrading our transport
infrastructure by beginning the construction of the Standard Gauge Railway
(SGR) and road maintenance which is good news for everyone. A robust
transportation network is crucial for facilitating trade, connecting
regions, and supporting economic activities. Well-maintained infrastructure
enhances connectivity, reduces transportation costs, and improves
accessibility to markets, thereby stimulating economic growth,"Kalifungwa
said.

 

He also expressed happiness with the allocation of shsshs4.4 trillion , an
increase of shs186 billion to the integrated transport infrastructure and
services programs in the coming financial year.

 

 

 

 

Ghana: Mobile Tech On Cleanapp Ghana Project Unveiled At Nkonya

The Biakoye District Chief Executive (DCE), Ms Millicent Kabuki Carboo, has
called on residents of the area to adopt sound environmental practices to
ensure safe and clean communities at all times.

 

Ms Carboo said the agenda of the Assembly was to promote sound hygienic
practices that would ensure that the people lead healthy lives to promote
productivity, which she said is important for the development of the area.

 

The DCE made the call at the inauguration of Mobile Technology Pilot Project
(MTPP) on CleanApp Ghana project at Nkonya-Nchumuru on Monday in the Biakoye
District of the Oti Region, which was attended by key stakeholders,
including traditional authorities.

 

 

Ms Carboo said the pilot project, when successful, would help the country to
monitor progress on solid waste to achieve SDG3, which is aimed at ensuring
healthy lives and promoting wellbeing, and SDG6 is aimed at ensuring
availability and sustainable management of water and sanitation for all.

 

She commended the Ministries of Gender, Children and Social Protection,
Sanitation and Water Resources (SWR) for the collaboration with the Ghana
Statistical Service (GSS) for efforts being made to address challenges of
solid waste management confronting the country.

 

"I am happy that with the introduction of technology, android phones can be
used to improve solid waste management in the country", she stressed.

 

The Oti Regional Director of GSS, Mr Henry Soglo, explained that the
platform would enable users to provide timely and accurate information with
pictures to direct environmental health officers and Zoomlion personnel for
quick collection and management of solid waste in the District.

 

-Ghanaian Times.

 

 

 

Ethiopia Indicates Insurance Industry's Probable Opening for Foreign Firms

Addis Abeba — Following years of speculation, the National Bank of Ethiopia
(NBE) announced their intention of allowing foreign insurers to operate in
the country after the creation of an independent body to regulate the sector
is materialized, according to Solomon Desta, Deputy Governor of the NBE, who
made the announcement during the two-day annual East African Finance Summit
held in Addis Ababa starting on 15 June 15, 2023.

 

Efforts to form an independent organization began five years ago, after the
World Bank released a study outlining the benefits of separating insurance
regulation from the NBE. In partnership with the World Bank, a committee was
formed last year and is currently studying the feasibility of establishing
an independent entity to regulate the insurance industry.

 

 

"As soon as the studies are completed and an independent body is
established, the government will go on to the next step, which is working on
opening the insurance industry for foreign firms," said Solomon.

 

In light of the reforms that are already being implemented and the fierce
competition that lies ahead of them, the deputy governor urged insurance
firms to be prepared for consolidation, an upgrade in technology and
capital, and a review of their strategies.

 

In early May, the central bank offered to issue five banking licenses to
foreign investors in the next five years, as part of the plan to open up the
financial services sector to foreign competition.

 

Industry players emphasize that the development of the insurance industry
has been constrained by the lack of support, incentives and proper
oversight. Chaired by Mulualem Berhane (PhD), the Board of Directors of
United Insurance reflected similar sentiment during shareholders' assembly
held a couple months ago. "The insurance industry is not given as much
emphasis by the government as those of the banking sector," reads the
statement issued during the assembly, adding that "the insurance industry is
literally overlooked by the government".

 

 

Due to NBE's primary focus on overseeing banks, the insurance industry
remains sidelined deprived of sufficient attention, incentives, and support.
This is demonstrated by the fact that the banking sector is expanding at an
exponential rate while the insurance sector is barely hanging on. Currently,
the sector is overseen by the Insurance Supervision Directorate of the NBE.

 

According to the most recent data obtained from NBE, there are 18 active
insurance firms in the county, 17 of which are private and one was
state-owned. Last year, the total capital of insurance companies increased
by 21% to 14.4 billion birr, of which private insurance companies accounted
for 75.3%.

 

In contrast, the number of banks in Ethiopia reached 30, of which 28 were
private and two state owned. The banking sector's capital also continued to
increase reaching 221.1 billion birr by the end of December 2022.

 

For the past three years, the insurance industry has experienced
double-digit growth. A preliminary report released by the NBE indicates that
the premium generated by the industry currently stood 16.7 billion birr.

 

The premium increased by 20% over the past year, rising from 13.6 billion
birr. However, the Ethiopian insurance market remains in its infancy as
insurers struggle to sell policies by cutting premiums. As a result, its
contribution to the country's GDP is still insignificant. AS

 

-Addis Standard.

 

 

Sudan: Central Bank of Sudan Takes Steps to Address Banking Disruptions

Port Sudan — The Central Bank of Sudan (CBoS) has implemented measures to
tackle the disruptions in banking services caused by the ongoing war.
However, expert Hafiz Ismail warns of substantial obstacles ahead.

 

In a statement yesterday, the CBoS acknowledged the impact of the fighting,
vandalism and war-related issues on banks, including electricity outages and
communication issues. To address customer concerns, expired bank cards will
be extended by six months.

 

The Central Bank stated that April "unified services' salaries" were paid,
along with operational expenses in a number of sectors.

 

The CBoS opened channels for "foreign exchange, facilitating exports, and
ensuring the smooth flow of foreign transfers to meet urgent obligations".
Additionally, financing arrangements have been made for various sectors,
particularly "agriculture, small industries, and production".

 

 

Efforts are underway to restore and resume banking applications.

 

The bank further warned of "potential challenges associated with reopening
previously closed bank branches".

 

Banking expert Hafiz Ismail however, expressed his concerns about
centralised servers located solely in Khartoum, with no backups outside the
city. "This may require a return to manual processes, making customer
identification more difficult and disrupting clearing operations", he told
Radio Dabanga.

 

Ismail added that the current delays in agricultural financing procedures
will likely hamper timely support for the ongoing agricultural season,
especially as rainfall has already commenced in certain rain-fed areas.

 

The banking expert also drew attention to the prevailing security situation,
which complicates cash handling and the transfer of funds between the
various bank branches. He noted that "even operating at a 20 per cent
capacity under such conditions would be considered an achievement".

 

Last week, the CBoS established an emergency room for the management of
banking procedures during the war.

 

-Dabanga.

 

 

 

Binance exits Netherlands and faces France probe

The world's largest cryptocurrency exchange, Binance is being investigated
by French authorities, according to media reports in France.

 

The investigation is focused on its anti-money laundering procedures.

 

It follows the announcement of the company's departure from the Netherlands
after it failed to obtain a licence from the Dutch central bank.

 

In a statement Binance confirmed French authorities visited its offices last
week and will comply accordingly.

 

"We had an on-site visit last week by the relevant authorities. Binance, as
always, was fully collaborative and we met our obligations accordingly. We
continue to work closely with regulators and law enforcement agencies on all
ongoing compliance requirements to uphold high standards," a company
spokesperson said.

 

Cryptocurrencies have become a popular trading asset-class in recent years
for both retail and institutional investors.

 

However questions have been raised about the risks associated with crypto
because of their prices can experience huge swings in value.

 

Regulators around the world have looked to ramp up pressure on crypto
exchanges in a bid to make them more transparent.

 

Binance is facing challenges in the United States as well as Europe.

 

In the US, the exchange is being sued by two financial regulators - the
Securities and Exchange Commission (SEC) and the Commodities Futures Trading
Commission - which say it has been operating in the US illegally and
ignoring laws intended to protect investors.

 

The SEC has also accused the firm and founder Changpeng Zhao of mishandling
customer funds.

 

Binance has defended its practices. The company's US operations are
currently in talks with the SEC to avoid a total asset freeze.

 

Binance has warned that its operations will "grind to a halt" if a US judge
grants the regulator's request for an asset freezing order.

 

Binance's unit in the UK, Binance Markets Limited, was removed from the
register of the Financial Conduct Authority on 30 May, at the company
request, leaving it with no authorised entities in the UK, the FCA's website
said.-bbc

 

 

 

Bill Gates meets Xi Jinping as US-China tensions simmer

Microsoft's co-founder Bill Gates met China's President Xi Jinping on Friday
as tensions remain high between Washington and Beijing.

 

Mr Xi told Mr Gates that he was "the first American friend" he had met in
Beijing this year, according to Chinese state media.

 

Mr Gates is the latest high-profile US business leader to visit China since
it reopened its borders.

 

This weekend, the US Secretary of State Antony Blinken will also visit
China.

 

"I often say that the foundation of Sino-US relations is among the people,
and we always look to the American people and hope that the two peoples will
continue to be friendly," Mr Xi was reported to have said to Mr Gates.

 

It was Mr Xi's first meeting with a foreign business figure in recent years.
He stopped travelling abroad in 2020, when China shut its borders during the
pandemic. Mr Xi and Mr Gates are last known to have met in 2015.

 

This year, Tesla's Elon Musk, Jamie Dimon of JP Morgan and Apple's Tim Cook
have all travelled to the country.

 

While they held meetings with senior Chinese officials, they did not meet Mr
Xi.

 

Mr Gates is in China in his role as the co-chairman of the The Bill and
Melinda Gates Foundation, a not-for-profit organisation he started with his
former wife.

 

In 2020, Mr Gates stepped down from Microsoft's board to focus on the
foundation, which focuses on global health, education and climate change.

 

He had quit his full-time executive role at the technology giant 12 years
earlier.

 

Mr Blinken - who is the first US cabinet official to visit China since 2019
- is scheduled to arrive in Beijing this weekend. However expectations are
low that any serious headway will be made on the growing list of disputes
between the US and China.

-bbc

 

 

Mortgage help 'under review', says Michael Gove

Help for people struggling with their mortgages is being kept "under
review", cabinet minister Michael Gove has said.

 

But any financial assistance would be a decision for the Treasury, he told
Laura Kuenssberg.

 

He also warned any help similar to Covid or energy bill schemes risked
driving up interest rates further.

 

The BBC understands that the Treasury has no current plans to give mortgage
relief.

 

It comes as the average interest rate on a new two-year fixed mortgage is
likely to breach 6% in the coming days as lenders grapple with upheaval in
the sector.

 

Asked on Sunday with Laura Kuenssberg whether the government would consider
stepping in to help those struggling to repay their loans, Mr Gove said
there is a "difference between keeping under review and ruling out" a scheme
similar to the wage support given during Covid.

 

Will soaring mortgage costs push the UK into recession?

But he said that using public money to "deal with particular crises"
inevitably added to public debt, which put pressure on interest rates.

 

"The worst thing to do would be to spend money to provide a short-term
relief which would then mean that our overall finances were in a weaker
position, and interest rates were higher for longer, and inflation was
higher for longer," Mr Gove added.

 

'Significant increases'

Mortgage rates have been climbing as the Bank of England puts up interest
rates to try to control inflation.

 

It means people re-mortgaging face sharp increases in their repayments,
while the purchasing power of first-time buyers is squeezed.

 

According to new figures from financial data firm Moneyfacts, a person
fixing a £250,000 mortgage for five years back in 2018 would have paid an
average rate of 2.92%, or £1,175 per month.

 

Today the average rate is 5.62%, with a monthly payment of £1,553. That's
£378 per month more, or nearly £23,000 more over the five-year term.

 

Mr Gove acknowledged people moving off fixed-rate deals faced "significant
increases" along with broader cost-of-living pressures.

 

But he said the best way to tackle this was to bring down inflation.

 

A Treasury source added that a bailout for homeowners would be
"self-defeating" because it would push up inflation and prompt the Bank of
England to further raise interest rates.

 

The Sunday Times reported that the Treasury has ruled out mortgage support
for this and other reasons. Instead, it will ask banks to do more to stop
people losing their homes.

 

'Exhausting and very stressful'

David Husbands, 43, a property valuer from Chester-le-Street in County
Durham, said his rising mortgage payments were "crippling" him.

 

His payments have gone from about £300 per month in early 2022 to more than
£600.

 

"Because interest rates have gone sky high I'm lucky if I'm left with £100
to live off at the end of each month," he said. "I've had to take on extra
casual work elsewhere."

 

He is finding the situation "exhausting" and "very stressful", finishing
work at 5:30pm, then doing gigs as a casual DJ until midnight.

 

He fell into negative equity during the financial crash of 2008, and doesn't
have enough money to renovate the house to sell it to "at least break even".

 

David and his husband have also put adoption plans on hold.

 

"Right now we don't feel confident to be able to give a child a secure, safe
and comfortable home," he said.

 

Support prospects

The idea of the government providing help for mortgage customers is more
nuanced than the furlough jobs scheme or recent Energy Price Guarantee.

 

While those were universal, less than 30% of UK households have a mortgage.

 

Providing support for them risks alienating older voters who own their homes
outright, and younger people who cannot even afford to buy.

 

That is why the government is not entirely ruling out some kind of support
for homeowners, but sticking to its key pledge to bring inflation down to
below 5%.

 

In theory that would ease everyday costs for every household.

 

However, ministers are desperate to get the economy firing, and if millions
of people soon have to pay hundreds of pounds a month extra in their
mortgage costs, that is money which they won't spend on eating out, buying
goods or holidaying.

 

With a growing number of mortgage customers now getting into arrears, and
repossessions increasing sharply in recent months, it is a worrying time for
millions of households, with no easy answers.

 

Cost of living: Tackling it together

What happens if I miss a mortgage payment?

A shortfall equivalent to two or more months' repayments means you are
officially in arrears

Your lender must then treat you fairly by considering any requests about
changing how you pay, perhaps with lower repayments for a short period

Any arrangement you come to will be reflected on your credit file -
affecting your ability to borrow money in the future-bbc

 

 

Ryanair apologises for 'Tel Aviv in Palestine' flight row

The chief executive of airline Ryanair has apologised after a flight
attendant announced that the Israeli city of Tel Aviv was in Palestine.

 

Eddie Wilson told Jewish human rights group the Simon Wiesenthal Center it
was an "innocent mistake".

 

Some passengers complained, and the row gathered momentum after the flight.

 

Mr Wilson said that he had written to the Israeli ambassador in Ireland,
adding that Israel was "an important partner" for Ryanair.

 

On 10 June, on a flight from Bologna to Tel Aviv, a junior cabin crew member
"innocently but inexplicably" announced that the flight would soon be
landing in Palestine, Mr Wilson wrote in a letter to the Simon Wiesenthal
Center.

 

Mr Wilson said that Ryanair was "100% satisfied that this was an innocent
mistake with no political overtones or intent".

 

After the announcement, which was made in Italian and English, several
passengers complained, and "continued to be abusive" even after the cabin
crew apologised, he said.

 

Police had to be called to meet the aircraft when it landed, Mr Wilson said.

 

The use of the name Palestine in place of modern day Israel represents
non-recognition of the Jewish state and is seen as highly provocative by
most Israelis.

 

Following the flight, the row gained momentum. Some Israeli media
commentators called for Israelis to boycott the airline if an apology was
not made.

 

Mr Wilson said that Israel was an "important partner" for Ryanair, adding
that it was Israel's second-largest airline.

 

"We plan to invest in Israel to grow traffic and connectivity both for
Israelis travelling to Europe and also to bring much-needed inbound tourism
to Israel," he said.

 

In a letter to Ryanair, the Simon Wiesenthal Center said it had received
"numerous complaints" about the incident.

 

It said after the announcement passengers had asked for a correction, which
was refused.

 

Rabbi Abraham Cooper, Simon Wiesenthal Center associate dean, said: "How
would Ryanair react if their flight attendant on a flight to Dublin
announced multiple times that passengers would soon be arriving in the UK?"

 

He added: "Everyone is entitled to their opinions but not to alternative
facts."-bbc

 

 

 

Richard Branson: Virgin Galactic commercial space flights to start this
month

Sir Richard Branson's space tourism company Virgin Galactic says it will
launch its first commercial flight before the end of this month.

 

The firm is targeting a launch window for the flight, which is called
Galactic 01, from 27 June to 30 June.

 

After the announcement to investors, Virgin Galactic shares jumped more than
40% in extended New York trading.

 

In May, Virgin Orbit - a separate space firm owned by the UK billionaire -
shut down, months after a mission failed.

 

Virgin Galactic said the first flight will be a scientific research mission,
carrying three crew members from the Italian Air Force and the National
Research Council of Italy to conduct microgravity research.

 

The company said its second commercial spaceflight will follow in early
August, and it expects to operate monthly spaceflights from then on.

 

It marks a key milestone for the 19-year-old Virgin Galactic, which has had
to overcome a series of accidents and technical challenges.

 

Last month, Virgin Galactic's rocket plane, which is called Unity, was back
in action after a gap of almost two years.

 

The vehicle, with two pilots and four passengers aboard, climbed high over
the New Mexico desert in the US to the edge of space - before gliding back
down.

 

It was billed as the vehicle's final test flight before the launch of the
firm's long-awaited debut commercial service.

 

Virgin Galactic has sold more than 800 tickets to people who want to ride
over 80km (260,000ft) above Earth.

 

The flights are designed to give passengers views from space at the top of
its climb and allow them a few minutes to experience weightlessness. They
cost $450,000 (£352,170) per person.

 

While Virgin Galactic focusses on space tourism, Sir Richard also had
ambitions to launch satellites with his rocket company, Virgin Orbit.

 

However Virgin Orbit shut down in May after the failure of a mission which
had been billed as a potential milestone for UK space exploration.

 

Earlier in the year, the firm, which was set up to launch satellites, paused
operations to try to boost its finances.

 

Virgin Orbit has now sold off items, including its converted jet Cosmic
Girl, and most of its headquarters in California.

 

It has been a tumultuous period for the Virgin boss.

 

Sir Richard told the BBC in May that he had personally lost around £1.5bn
(£1.9bn) during the pandemic after lockdowns hit his airline and leisure
businesses.

 

"There was a time when I thought we were going to lose everything", he said.
However, he has managed to retain his billionaire status - he has a net
worth of £2.4bn according to the latest Sunday Times Rich List.-bbc

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

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

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

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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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