Major International Business Headlines Brief::: 21 June 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 21 June 2023 

 


 

 


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ü  Seychelles: Digitisation of Seychelles' Public Health System Nearly
Complete

ü  Nigeria's New Foreign Exchange Policy Is Good News - but It Can't Work
Wonders for the Economy On Its Own

ü  7 African Heads of State Confirmed to Attend the 2023 U.S.-Africa
Business Summit in Gaborone, Botswana, July 11-14, 2023

ü  Kenya: Voting On Finance Bill Enters Crucial Stage in Parliament

ü  West Africa: ECOWAS to Fund Banjul-Barra Bridge Construction - Works
Minister Reveals

ü  Gambia: NALOA Meets Livestock Farmers

ü  Africa: Free Trade Agreement Important Tool in Africa - Minister Joof

ü  Kenya: Alten Kenya Commissions 40 MW Kesses Solar Facility

ü  Namibia: ECB Slams Nampower Debt Collection Plan

ü  Ghana: Stop Smuggling Cocoa to Neighbouring Countries - COCOBOD VR
Manager

ü  Ghana: African Leaders Urged to Support Local Businesses to Compete
Globally

ü  Ghana: Energy Sector Reforms Critical for Development

ü  Bernie Sanders announces Amazon safety investigation

ü  Ukraine war: Push to rebuild economy starts with UK's $3bn

ü  MOVEit hack: Gang claims not to have BBC, BA and Boots data

ü  Carlos Ghosn sues Nissan for $1bn in defamation suit

ü  Is food inflation higher in Europe than in the UK?

 


 

 


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

The Seychelles: Digitisation of Seychelles' Public Health System Nearly
Complete

Seychelles' public health system is well on its way to digitising its
services and the project has now entered it's second phase, said a top
health official.

 

The chief executive of the Health Care Agency (HSA), Danny Louange, said
that the original plan was to set up the health information system but "we
are looking at something broader than just a health information system, but
we want it to be a health management information system."

 

The software of the electronic health system is being funded through a line
of credit from the Indian government for around $4 million.

 

 

In December 2019, the Agency signed a contract with India-based software
solution provider Manorama Infosolutions to begin the project.

 

Louange said that this was followed by a project planning and meeting in
July 2020 where the health authorities set about the customisation of the
software and its testing.

 

In March 2021, the reception areas in all government hospitals and clinics
got on the system and the health authorities looked at the different issues
that may arise.

 

This was followed in October last year for the electronic medical records
(EMR) of the different clinics where the doctors entered the information in
the electronic system.

 

Louange told SNA that the Agency "is looking at making sure that all the
doctors are using the electronic medical records. This is a transition,
while there are still some doctors using handwritten notes, all doctors have
the capacity of EMR."

 

He added that "since it requires training for them to get used to it, PHS is
going from one health centre to the other to specifically train them."

 

Louange explained that "access to the information is limited depending on
the various roles in the health authority" for confidentiality purposes.

 

"While a doctor may access all medical files, in the systems, for the
dentists it will be dental medical records and nurses will be limited to the
nursing component," he outlined the process.

 

The health authorities are now focusing on the outpatient component and in
the coming weeks, the next phase will be on blood results going online.

 

Louange told SNA that this will link the labs with the medical records and
will allow a doctor to view medical results online wherever they are.

 

Next will be the pharmaceutical sections, followed by sick leaves.

 

"Doctors will not need to fill up sick notes but they will rather be
generated electronically. For instance, if someone gets a sick leave from
the Seychelles Hospital and then visits the Baie Lazare clinic the next day,
the clinic will have the information on hand," explained Louange.

 

He said that it would be difficult to give an exact date as to when the
system will be entirely electronic as there are the hardware and software
components to take into account.

 

The Agency is still in the process of procuring the hardware needed - which
are normal PCs that will have additional features of being on wheels for the
wards and handheld devices that nurses will be able to use when doing their
rounds.

 

"What is also important is barcode printers and barcode readers, which will
help when carrying out tests such as blood tests. Once a patient has the
tests done, the code will then be on their forms which in turn will reduce
errors," said Louange

 

He explained that this new approach will reduce duplication in the work
carried out as there are currently instances of patients undergoing the same
test twice as they have visited different clinics and all the information is
not linked.

 

The same will apply for prescriptions and "if someone has visited a doctor
in a clinic on Monday and has been prescribed painkillers, even though they
go back on Wednesday, their records will show how much medicine they got on
their initial visit," added the CEO.

 

The servers are being hosted by the Department of Information Communication
Technology (DICT) but there are plans for Agency to have its own separate
server at its own headquarters.

 

-Seychelles News Agency.

 

 

 

Nigeria's New Foreign Exchange Policy Is Good News - but It Can't Work
Wonders for the Economy On Its Own

The Central Bank of Nigeria recently announced changes to the way the
country's foreign exchange market will work. Foreign currencies can now be
bought and sold at rates determined by the market - not by the central bank.

 

This signals the intention of the Bola Ahmed Tinubu administration to allow
market forces to determine the value of the naira.

 

In the past, there were multiple exchange rates for the currency. The
International Monetary Fund has repeatedly called on Nigeria to end this.
The huge gap between the official and unofficial rates caused severe
shortages of foreign exchange by discouraging supply.

 

 

In general, the existence of multiple exchange rates signals a dysfunctional
economy. It erodes investor confidence. Capital does not flow in and foreign
exchange becomes scarcer.

 

This is not the first time Nigeria will be liberalising the foreign exchange
market. The first was in 1986; further efforts followed in 1995, 1999 and
2016. All were marred by various impediments.

 

The three key problems that afflict Nigeria's foreign exchange market are
the lack of transparency, foreign exchange shortages and volatility.

 

Shortages occur mainly because about 90% of Nigeria's foreign exchange
earnings come from the oil sector. The market is volatile when oil prices
drop with no corresponding fall in demand.

 

To make matters worse, much of the foreign exchange from non-oil sources
(such as diaspora remittances, tourism and export of non-oil products) is
channelled through the black market.

 

 

Other African countries that grappled with shortages and volatility have
also liberalised the market. Egypt floated its currency in 2016 and the
value of the Egyptian pound declined by 50%. South Africa also has a
free-float policy, but that has not prevented the rand from fluctuating.

 

One lesson for Nigeria is that the stability of the naira depends partly on
the country's monetary and fiscal policies, as well as political stability,
security and investor confidence in the economy. It also depends on whether
the Central Bank of Nigeria will follow through with this new policy.
Previous efforts were abandoned prematurely.

 

As an economist, I have observed the various reactions of Nigerians to this
policy. It's too soon to decipher the full consequences, but it is possible
to highlight some of what can be expected.

 

I believe that the new policy could have several positive results. It should
reduce Nigeria's bloated parallel market for foreign exchange, discourage
rent-seeking, foster a stable macroeconomic environment, attract foreign
investment, boost exports, stabilise the exchange rate and prevent the
dollarisation of the economy. These would all improve the investment climate
and spur economic growth.

 

 

Deflating a bloated parallel market

 

Nigeria's black market for foreign exchange is not like any other in the
world. It handles most of the foreign exchange transactions in the country.

 

Allowing market forces to determine the exchange rate will eventually bring
the parallel and official rates together.

 

Evidence of this will be a decrease in the huge number of black market
currency dealers at airports, hotels and major streets.

 

But some black market activity will remain, not least for money laundering
and other illicit financial transactions.

 

>From rent-seeking to productive investment

 

The large spread between the parallel and official rates has fuelled
rent-seeking behaviours in Nigeria. There are people whose main
preoccupation is to mop up foreign exchange at the official rate and then
flip the currency at the black market rate.

 

This perverse practice has become part of Nigeria's widespread crony
capitalism, whereby a few privileged individuals and companies obtain
foreign currency from the central bank at low rates.

 

If the new policy is put into practice effectively, these speculators will
have to engage in more productive activities.

 

Macroeconomic stability and economic growth

 

The new policy will foster exchange rate stability and predictability.
Previously, it was unclear how the central bank determined the exchange
rate. This prompted speculative buying and selling.

 

With the new policy, the value of the naira will be determined by market
fundamentals. It will discourage the hoarding of foreign currencies. This
may also increase supply, which will stabilise the exchange rate.

 

This is good for the economy. What matters for economic growth and
development is not the exchange rate itself but whether it is likely to
change rapidly.

 

Attraction of foreign and portfolio investment

 

The volatility that comes with multiple exchange rates and speculation makes
it difficult for individuals, businesses and investors to plan. It becomes
very challenging to forecast the return on investment.

 

People then "wait and see" before doing business or sending remittances.
This causes a fall in the supply of foreign exchange.

 

Speculators hoard foreign currencies (depleting supply), while those awash
with naira mop up whatever foreign currencies they can find - increasing
demand. The result is an upward spiral in the exchange rate.

 

 

The new policy will encourage capital inflow into the country. Foreign
investors will reinvest more of their earnings in the country. Nigerians in
the diaspora will deposit more money in their Nigerian bank accounts without
fear of losing value.

 

Export growth and long-term exchange rate stability

 

The new policy will help prevent over-valuation of the naira. This will
ultimately make Nigerian goods cheaper in the international market and
increase the flow of foreign exchange through exports. The naira's value
will stabilise.

 

Importers, however, would be negatively affected by a fall in the value of
the naira, which would raise the cost of imported raw materials.

 

With the removal of the fuel subsidy, manufacturers and retailers may have
to raise their prices to remain profitable. It is therefore reasonable to
expect Nigeria's inflation rate to increase as a result of the new policy.
This will be a short-term effect, as a more stable exchange rate will boost
the economy's productive capacity in the long run, and subsequently curb
inflation.

 

A decrease in the pressure for dollarisation

 

The new foreign exchange policy will reduce the pressure to use US dollars.
Businesses in Nigeria have tended to demand payment in hard currencies.

 

The US dollar has been used as a "store of value" because of inflation and
the fall in the naira's value.

 

Preference for hard currencies will lessen if the new policy stabilises the
exchange rate.

 

Conclusion

 

In the final analysis, what determines the stability and effectiveness of a
country's exchange rate policy is the state of the economy and the quality
of the country's economic policies.

 

People should not expect the new exchange rate policy to work wonders. The
naira will become more stable only when the country attracts investors and
tourists, diversifies the economy and exports more non-oil products.

 

Stephen Onyeiwu, Professor of Economics & Business, Allegheny College

 

 

 

 

7 African Heads of State Confirmed to Attend the 2023 U.S.-Africa Business
Summit in Gaborone, Botswana, July 11-14, 2023

Corporate Council on Africa (CCA) in partnership with the Government of
Botswana will host the U.S.-Africa Business Summit on July 11-14, 2023 in
Gaborone, Botswana. The Summit will bring together more than 1,000 U.S. and
African public and private sector participants, including African Heads of
State, U.S. and African Ministers and senior government officials, private
sector executives and entrepreneurs, international investors, and
multilateral stakeholders.

 

Corporate Council on Africa is honored to announce that the following
African Heads of State are confirmed to attend the 15th U.S.-Africa Business
Summit from July 11-14, 2023 in Gaborone, Botswana.

 

H.E. Mokgweetsi E.K. Masisi, President of Botswana (Summit Host)

H.M. King Mswati III, King of the Kingdom of Eswatini

H.E. Filipe Nyusi, President of Mozambique

H.E. Hage Geingob, Presdent of Namibia

H.E. Emmerson Mnangagwa, President of Zimbabwe

H.E. Hakainde Hichilema, President of Zambia

Hon. Samuel Matekane, Prime Minister of Lesotho

The U.S.-Africa Business Summit is the largest and most influential U.S.
conference on doing business and investing in Africa. This year's Summit -
themed "Enhancing Africa's Value In Global Value Chains" will explore a
renewed commitment by both public and private sector stakeholders to
building stronger U.S.-Africa trade, investment, and commercial ties as we
emerge from unprecedented health and economic challenges.

 

Our objective is to build on the momentum of the successful December 2022
U.S.- Africa Leaders Summit and Business Forum, providing the opportunity to
once again connect government and

private sector decision makers who are advancing the U.S.-Africa trade,
investment, and business relationship

 

SUMMIT VENUE:

 

Royal Aria Convention Centre

 

Jamali Road Tlokweng, Gaborone, Botswana

 

 

 

 

Kenya: Voting On Finance Bill Enters Crucial Stage in Parliament

Nairobi — Lawmakers are Tuesday set to vote on the controversial Finance
Bill enter the crucial voting stage where they have to make the final
decision.

 

During the afternoon sitting, the Finance Bill 2023 will first go through
the committee of the whole house where MPs will vote for each of the 84
clauses contained in the bill.

 

At this stage, the MPs are set to propose amendments to some of the clauses
which hey want to be changed from either coalition.

 

The National Assembly Finance Committee Chair Kimani Kuria has stated that
he has so far received ten amendments from both Kenya Kwanza Alliance and
Azimio La Umoja Coalition seeking to amend the finance bill.

 

 

Once it passes this stage, it bill will proceed to the Third reading which
is the final voting.

 

If the National Assembly approves, it will be forwarded to President William
Ruto for assent.

 

Both the Kenya Kwanza side led by President Ruto and its Azimio La Umoja
counterpart led by Raila Odinga were engaged in a last minute lobbying ahead
of the vote.

 

Those from the opposition side have been directed to introduce obstacles at
every stage when voting commences today in a bid to push their colleagues
from the Kenya Kwanza side to heed to their plea.

 

The President and his deputy Rigathi Gachagua have publicly warned MPs who
will reject the Bill to forget development projects in their areas.

 

ODM already commenced disciplinary action against 28 legislators over their
conduct during the second reading voting stage of the Finance Bill 2023 with
all eyes set on their conduct during the final vote.

 

The controversial Bill sailed through the second reading with 176 MPs
supporting it against 81 who opposed it.

 

ODM Secretary General Edwin Sifuna said the decision follows complaints from
members of the public.

 

Nairobi Woman Representative Esther Passaris, Wajir South MP Aden Mohamed,
Gem MP Elisha Odhiambo, and Suba South MP Caroli Omondi are accused of
defying the party position and voting in favour of the Bill.

 

Also summoned are ODM Chairman and Nominated MP John Mbadi, Embakasi East MP
Babu Owino, Otiende Amollo (Rarieda), and George Aladwa (Madaraka) who are
among 24 other legislators who were absent during the voting exercise on
Wednesday evening.

 

Azimio La Umoja One Kenya Members of Parliament put up a spirited fight to
defeat the Finance Bill 2023 but they were technically knocked out after
they failed to marshal enough numbers to thwart the bill in its entirety.

 

During the second reading stage of the bill, 257 Members of Parliament who
took part in the voting, 176 MPs voted in favor while 81 opposed the report.

 

No lawmaker abstained from the voting.

 

-Capital FM.

 

 

 

West Africa: ECOWAS to Fund Banjul-Barra Bridge Construction - Works
Minister Reveals

The minister for Transport, Works and Infrastructure, Ebrima Sillah, has
informed the National Assembly that the Economic Community of West African
States (ECOWAS) will fund the construction of Banjul-Barra Bridge through
ECOWAS Corridor Project, and its feasibility studies are set to start in
July, this year.

 

Minister Sillah made this revelation on Wednesday, June 14, 2023 during an
engagement with the deputies.

 

Hon. Sillah said this followed their discussions with ECOWAS as part of
efforts to ensuring that The Gambia benefits maximally from the ECOWAS
corridor project. "Some countries have about a thousand kilometers (1000km)
from one end of their country to the other as part of the ECOWAS corridor
project. Having assessed the length of our Gambian borders from one end to
the other, it's about forty kilometers (40km) maximum."

 

 

"So we have to realign with ECOWAS to include Banjul-Barra as part of the
ECOWAS corridor project; to have the bridge over Banjul-Barra crossing
point. Which in fact in our last meeting here in Banjul agreed that
engineers will be sent next month (July) to do the initial feasibility
studies," he disclosed.

 

Honorable Sillah notified the parliament that during the discussion, they
also thought of the inclusion of the road from the border village of
Amdallai going through the Niumis and then cross to Sitanunku to Bonto where
they will put the bridge over the river, and then to Mandinaba. "The second
loop of this project will go through Lamin, Mandinaring and then to Brikama.
All these are part of the ECOWAS corridor project and it's all going to be
dual carriage."

 

"This is not going to be a cost on the government, so we thought it wise to
allow that high standard process to come in to cover this project rather
than using The Gambia national funds. That's why we have to do the
reprioritisation and realignment."

 

When asked by the NAM for Lower Saloum, Hon. Sainey Jawara about the start
of the project, the minister responded that the project has since commenced
from Nigeria, going through Benin, Togo, Ghana and are currently in Burkina
Faso. Studies have also completed in countries like Ivory Coast and Mali,
then to Dakar and The Gambia.

 

Asked about the mode of funding of the recent foundation stone laying
projects, Hon. Sillah replied that his ministry is responsible for preparing
and presenting work plans but funding is on the shoulders of the Finance
Ministry.

 

To ease transportation across River Gambia, Minister Sillah disclosed that
the government has also planned to buy two new ferries for Banjul-Barra.
However, he didn't give any specific date for the arrival of these ferries.

 

-The Point.

 

 

 

Gambia: NALOA Meets Livestock Farmers

The National Livestock Owners Association (NALOA) in collaboration with the
Department of Livestock Services recently concluded a nationwide farmer
sensitisation to meet and talk to farmers on activities relating to
management of small ruminants in the country.

 

The tours was to meet and discuss with farmers on activities relating to the
management of small ruminant as well as inspect community pastures built for
farmers.

 

During the meeting, Ebrima O. Jallow, president of NALOA, described
micro-finance component as very important for farmers, saying it empower
livestock owners and cut down the cost related to the importation of small
ruminants.

 

Jallow thus commended government through the Ministry of Agriculture for
securing the small ruminants project for farmers.

 

"Farmers have been experiencing major challenges with regards to access to
finance before the implementation of the project."

 

He thus praised the project management for its firm commitment and
dedication towards the smooth implementation of the project.

 

The project, he added, is currently constructing about 20 boreholes, 30
sheep fattening sheds, 2 dairy farms, among other initiatives for farmers
across the country.

 

-The Point.

 

 

 

 

Africa: Free Trade Agreement Important Tool in Africa - Minister Joof

The Honorable Minister of Trade, Industry, Regional Integration and
Employment, Mr Baboucarr Ousmaila Joof, has described the African
Continental Free Trade Agreement (AfCFTA) as the most important trade tool
in Africa today.

 

According to him, the adoption of the Agreement establishing AfCFTA is one
that has to be celebrated by all Africans as it expresses their unity in
moving the continent forward.

 

Hon. Joof made these remarks on Thursday 15 June 2023 during the special
plenary session on trade at the 18th edition of the CII-Exim Bank Conclave
on India-Africa Growth Partnership held at the TAJ Palace, New Dehli, India.

 

 

Minister Joof said the continent-wide Free Trade Agreement will strengthen
Africa's Economic Integration and significantly improve the well-being of
Africa's farmers, workers, and entrepreneurs, particularly women and youth.

 

He added that the promise of a free trade and free movement is prosperity
for all Africans, because they are prioritising the production of
value-added goods and services that are "Made in Africa".

 

"Implementing the AfCFTA is more than trade," Minister Joof noted, adding
that it is about dispelling the "crisis of implementation" of African Union
(AU) decisions and initiatives and validating AU's Agenda 2063.

 

He informed the gathering that The Gambia actively participated in the
AfCFTA negotiations, signing the Agreement in March 2018 in Kigali, Rwanda,
and subsequently ratifying it in April 2019.

 

 

"My Ministry, in collaboration with the stakeholders, has been working hard
to ensure that Gambians are fully aware and involved in the AfCFTA
implementation process," he said.

 

He added that the AfCFTA has injected a new dynamism into our socio-economic
development efforts. "Given the strategic geographic location of The Gambia,
regional integration is crucial for our economic development. Regional
integration offers us the opportunity to promote investment, trade and
industrial development as it provides a wider market for our private sector
operators. With this opportunity of an enlarged market offered by the
AfCFTA, the private sector would easily operate beyond our national
geographical boundaries in an expanded continental market of 1.2 billion
consumers. This makes our country and by extension, our continent attractive
for business," he stated

 

In pursuit of a more robust economic growth strategy, Minister Joof affirmed
that the Gambian Government, through his Ministry is committed to developing
a trade logistics and Special Economic Zone (SEZ), within the proposed 50km
wide Trans-Gambia Corridor. This Trans-Gambia Corridor Special Economic Zone
(SEZ), he said, will be linked with the Port of Banjul, with multi-modal
connectivity infrastructure/services, notably; inland river transportation
port facilities; improved trunk road network; north bank and south-bank
trunk roads and the Senegambia Bridge; and a regional airstrip to transform
the regional urban growth-centres into future metro poles and economic
engines of employment creation for the youth and the underemployed.

 

In conclusion, the Trade Minister, on behalf of the Government of The
Gambia, thanked the Indian Government through its Ministries of Commerce and
Industry and External Affairs, as well as the Confederation of Indian
Industry (CII) for its steadfastness in expanding economic cooperation
through initiatives such as that conclave that will enhance partnership
between Africa and India.

 

-The Point.

 

 

 

Kenya: Alten Kenya Commissions 40 MW Kesses Solar Facility

Nairobi — Alten Kenya Solarfarms (Alten) has commissioned a 44 megawatt (MW)
solar facility in Kesses, Uasin Gishu County.

 

The project was in partnership with the Private Infrastructure Development
Group (PIDG), the Emerging Africa Infrastructure Fund (EAIF), the Standard
Bank Group through the Standard Bank of South Africa, and Stanbic Bank
Kenya.

 

It will provide thousands of people with clean, renewable power sources,
contributing to the achievement of the SDG (affordable and clean energy),
and create 400 construction jobs with 15 permanent jobs.

 

"We are thrilled to see Kesses in action, further cementing Kenya's status
as a global renewable energy leader. Africa leads the world in solar energy
potential, and more projects of this type are needed to ensure we meet the
continent's growing demand for energy without compromising GHG emissions,"
Ninety One Investment Specialist Sine Zulu said.

 

 

"Kenya is the ninth African country where EAIF has supported renewable
energy projects, underlining the Fund's status as a lender of choice for
renewable energy companies investing in Africa."

 

Kesses is a significant milestone for EAIF, which has now supported green
electricity generation in nine African countries.

 

The Fund is approaching 1000 MW of renewable generation capacity across its
portfolio.

 

Expanding investment in clean, affordable power solutions is an important
part of PIDG's strategy, as the Group aims to increase supply in Africa's
most underserved regions with an increasing focus on renewables and off-grid
technologies.

 

 

The US$87 million solar plant is located near Eldoret, which has the largest
population concentration in Kenya's Rift Valley Province.

 

The town is a centre for local government, higher education, business and
financial services, textile manufacturing, agribusiness, and sports tourism.

 

By supplying clean, renewable power to Eldoret and the surrounding
communities, Kesses is driving a significant boost in productivity for the
local economy.

 

100 percent of the electricity output is being delivered to the national
grid through a 20-year take-or-pay power purchase agreement between Alten
and Kenya Power and Lighting Company, the national energy utility.

 

"Standard Bank is committed to driving renewable energy growth across the
African continent aligned to our sustainability goals and commitments,"
Standard Bank Executive Energy and Infrastructure Finance Sherrill Byrne
said.

 

"Standard Bank is one of the leading lenders to the Kenyan IPP sector and we
were delighted to partner with EAIF in bringing the Kesses solar project to
operation. Alten is a long-term client of Standard Bank, having supported
them in Namibia as well."

 

-Capital FM.

 

 

 

Namibia: ECB Slams Nampower Debt Collection Plan

The Electricity Control Board has expressed concern over the interruptions
caused by the recent implementation of NamPower's debt collection plan, as
they caused "immeasurable damage to the economy".

 

The ECB said the interruptions have also affected critical services such as
medical and caused hardship for electricity consumers. The ECB acknowledges
the negative impact on economic activity and the potential increase in the
inability of customers to pay bills as a result.

 

The regulator said it does not support any debt recovery plan by any
licensee that compromises lifesaving services or disrupts customers in good
standing.

 

 

It, in fact, said NamPower's failure to strictly implement its own credit
control policy, and secondly, the failure of distribution licensees to fully
settle their NamPower invoices on time over an extended period caused the
chaos.

 

"Interruptions negatively impact economic activity and may even increase the
inability of customers to pay bills as a result. The ECB shares the plight
of those customers who are in good standing or who are on prepayment and who
were unfairly affected by the measures taken by NamPower. In future, any
debt recovery plan by any licensee that compromises lifesaving services and
interruption to customers in good standing, will not be supported by the
ECB," read the statement by ECB.

 

This situation poses a risk to the security of electricity supply in
Namibia, as it could lead to a shortage of electricity needed to meet the
country's demand.

 

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

 

 

In a statement regarding NamPower's debt collection plan and the recent
power supply interruptions to defaulting distribution licensees, on 5 June
2023, NamPower implemented its approved debt collection plan, resulting in
power disruptions for at least two hours between 17h00 and 21h00. The
purpose of this plan is to recover outstanding debts.

 

However, in a communication on 12 June 2023, NamPower announced the
suspension of the further implementation of the plan until the end of August
2023. This decision aims to allow the government sufficient time to
implement necessary intervention measures aimed at assisting NamPower in
collecting the outstanding debts owed by its customers.

 

NamPower, as a bulk electricity supplier, has the responsibility to ensure a
reliable supply of electricity to all its customers, including mines,
transmission customers, regional electricity distributors, local
authorities, regional councils, and farmer schemes. It is also obligated to
efficiently collect billed electricity accounts in line with its credit
control policy.

 

It is important to recognise the benefits derived from NamPower's credit
rating, which should not be underestimated.

 

The ECB said its role is to balance the interests of all stakeholders in the
electricity supply industry, including electricity consumers, licensees, and
other industry stakeholders.

 

The ECB-approved tariffs provide sufficient revenue for distribution
licensees to settle their NamPower bills and ensure a safe and reliable
electricity supply to their customers. Licensees have an obligation to
recover electricity payments from their customers, ensuring the settlement
of NamPower bills and the proper operation and maintenance of their
networks.

 

The ECB also commended the positive intervention by the government, which
led to NamPower's decision to suspend the debt collection plan until the end
of August 2023.

 

It said in the statement, it hopes a lasting solution will be reached by
that time.

 

Additionally, the ECB has been invited to participate in a committee
established by the Ministry of Urban and Rural Development to further
investigate and address these matters.

 

-New Era.

 

 

Ghana: Stop Smuggling Cocoa to Neighbouring Countries - COCOBOD VR Manager

Dodi-Papase — The Acting Oti and Volta Regional Manager of the Ghana Cocoa
Board (COCOBOD), Mr Boaz Ofosu Asiedu, has pleaded with cocoa farmers to
stop smuggling the commodity to neighbouring countries to the detriment of
the nation.

 

He said the smuggling of cocoa across the borders of the country, still
remained as one of the challenges confronting cocoa production, therefore
the rally to educate them against the practice and empower them to produce
more.

 

He was speaking at the end of a regional rally for cocoa farmers in the two
regions at Dodi-Papase in the Kadjebi District of the Oti Region over the
weekend.

 

 

Mr Asiedu therefore, called on assembly members in cocoa growing areas, to
form vigilante groups to monitor and prevent cocoa smugglers from their
nefarious activities, which had over the years affected the cocoa production
of the country, and must be stopped.

 

The regional rally educated cocoa farmers on effects of smuggling of cocoa
on the economy, and the need to stop the negative practice as well as
imparted knowledge to farmers on best cocoa farming practices to ensure
maximum yield.

 

According to him, it was important for cocoa farmers to appreciate the fact
that the government had invested much in the cocoa farming sector
particularly in the provision of farm inputs such as fertilisers, pesticides
and construction of cocoa roads to aid transportation of the produce to
marketing centres.

 

The Oti and Volta Regional Extension Officer of the COCOBOD, Mr Noel Ayibor,
stressed the need for replanting of old cocoa farms and disclosed that over
1000 hectares of new cocoa farms would be cultivated this year.

 

 

Mr Ayibor asked cocoa farmers to form groups to enable them to complete
planting of cocoa in all cocoa farms in the two regions within the rainy
season, as a way of laying a strong foundation for the cocoa industry in the
regions for the benefit of the farmers and the nation as a whole.

 

The Oti and Volta Region Pollination Coordinator, Mr Elorm Kpornu Mensah,
said pollination exercise was an intervention that would increase cocoa
production, and urged farmers to recondition themselves to take advantage of
the cocoa pollination exercise to ensure high yields.

 

He also stressed the need for cocoa farmers to strictly adhere to technical
advice from cocoa extension officers, including regular pruning, weeding of
their farms and application of appropriate fertilisers at the right time to
ensure better yield.

 

Mr Mensah said cocoa farmers could not afford to stick to old methods of
farming, and said research institutions had conducted studies into modern
ways of cocoa farming that would be made available to cocoa farmers, and
would improve on cocoa production.

 

He disclosed that 3,000 cocoa farmers in the Oti and the Volta regions were
trained in modern methods of cocoa farming, saying it was important for
cocoa farmers to follow the education provided by extension officers to
improve on their production.

 

-Ghanaian Times.

 

 

 

Ghana: African Leaders Urged to Support Local Businesses to Compete Globally

The Founder and Executive Director of LVSafrica, Chief Alhassan Andani, has
called on African leaders to deliberately orchestrate business enterprises
to enable them compete globally.

 

He explained that giant enterprises around the world were planned by the
governments of the countries they originated from.

 

Mr Andani said this last Thursday, in Accra at the Building Enduring
Businesses conference held under the theme "Survival and Business Growth in
Times of Economic Turbulence, Weathering the Storm and Thriving."

 

The conference is an outreach programme aimed at assembling business owners
and decision makers to share ideas on how to adapt to challenges as well as
understand the true value of enterprises.

 

 

According to Mr Andani, enterprises matter because they could re-adjust,
were the bills of modern society and could deal with the problems of their
local area but unfortunately Africa was lacking behind in having such global
enterprises.

 

"In Africa, most of our governments are just "laissez-faire"about how
companies are formed and throw a lot of resources at Small and Medium Scale
Enterprises (SMEs) adding that SMEs are good but they do not rule the world.

 

"They only give livelihood to people but the focus should be to build a
global beating company so that even the SMEs being built could feed into
them," he stated.

 

Mr Andani indicated that enterprises had a correlation between Gross
Domestic Product (GDP) growth and the number of enterprises and that
building an enduring enterprise was about giving them a life to go around
the world irrespective of the conditions around.

 

He mentioned that some of the programmes introduced by governments were not
consistent saying such initiative should be deliberate and consistent as
well as have a plan.

 

"We produce cocoa, have we deliberately orchestrated a Ghanaian company that
will produce cocoa liquor that will be solely from Ghana because this is
where the best quality grains come from.

 

"It is rather international companies that come to convert what we have, if
we also build sustainable enduring companies, we can take our companies
outside Ghana," he stated.

 

The Executive Chairman of AB and David Law, Mr David Ofosu Dorte, said in
order to have an enduring business, the mindset of leaders when venturing
into it was important adding that the ability to differentiate between
business and family was necessary.

 

He mentioned that entrepreneurs should identify people who can take over
from them and that for a business to thrive, there should be a life beyond
the founder adding that "the best time to hand over is when you are at your
peak."

 

Mr Dorte urged businesses to have a mind share explaining that the business
should occupy a particular portion in the minds of its customers.

 

He called on business owners to motivate their staff adding that the best
time to motivate them is when times are difficult and urged entrepreneurs to
build enduring businesses in order to fill the unoccupied spaces in Africa
and the world.

 

-Ghanaian Times.

 

 

 

Ghana: Energy Sector Reforms Critical for Development

Addressing journalists at a press conference in Accra on Sunday on Ghana's
International Monetary Fund (IMF) Programme and Growth Agenda, the Minister
of Finance, Ken Ofori-Atta, reiterated the government's plans to prioritise
the energy sector as part of a comprehensive host of structural reforms
aimed at driving Ghana's economic growth and development.

 

Acknowledging the crucial role of the energy sector, he said the government
was committed to addressing the challenges in the energy sector head-on by
adopting the comprehensive reforms outlined in the Energy Sector Recovery
Plan, which are aimed at reducing losses and improving financial stability
within the sector.

 

 

We believe Ghanaians would expect the materialisation of the government's
plans for the energy sector because of the history of unstable power supply
in the country.

 

If Ghanaians would forget all their mishaps, including power outages in
their history, it would be very difficult for them to forget the period
2012-2016 in which they suffered the worst power outages, particularly in
2014 when they suffered a total of 159 days of outages.

 

That five-year period of extremely unstable power supply truly would not be
forgotten because it gave birth to the expression 'dumsor', which has now
become a global term well understood by even non-Ghanaians.

 

No doubt, energy has become a foundation stone of the country's economy as
it provides the power to drive various human activities.

 

Intermittent power or complete absence of it therefore derails domestic,
commercial, industrial and other human activities undertaken by the people.

 

 

Thus, the Akufo-Addo administration would enjoy special acclaim if it
resolves the challenges in the energy sector and ensures stable and
affordable supply of power for use by the people as promised.

 

In fact, compared with the rest of Africa, Ghana is praised to have one of
the highest access to electricity but demand keeps rising due to expansion
of communities and opening of businesses, including small-scale ones by
individuals.

 

However, the country experiences challenges of supply such as breakdown of
machinery, lack of fuel to power machinery, issues with distribution and
lack of enough capital to meet supply.

 

We have not forgotten the high tariffs either, which make the people keep
complaining about affordability.

 

In the face of all these challenges, we pray that as promised, the
government would operationalise the frameworks like those for granting
energy sector subsidies; and implementing the inter-utility debt settlement
framework on a quarterly basis starting from this month (June 2023).

 

We are making reference to the measures the government intends to implement
immediately because they are said to have the potential to contribute to
reducing the estimated financial shortfall by at least US$2.95 billion over
the period 2023 to 2025 by streamlining financial processes, enhancing
transparency, and improving cash flow management within the sector.

 

We wish the government well and hope its good intentions to ensure stable
and affordable power would be sustained because the benefits are enormous
for both domestic and commercial activities, as such activities will
translate into the progress of the peoples and the total development of the
country.

 

-Ghanaian Times.

 

 

 

Bernie Sanders announces Amazon safety investigation

Amazon is facing an investigation by the US Congress over its warehouse
safety practices, adding to pressure it faces over its treatment of workers.

 

Senator Bernie Sanders announced the probe, calling the company one of
America's "most dangerous" employers.

 

He pointed to a recent report which found that injury rates at Amazon
warehouses in the US are higher than at similar facilities.

 

Amazon said it disagreed with the claims.

 

Spokesman Steve Kelly said the company had invested more than $1bn to
improve safety since 2019 and had reduced injuries in the US by 23% in that
time.

 

"We take the safety and health of our employees very seriously. There will
always be ways to improve, but we're proud of the progress we've made," he
said.

 

The report cited by Mr Sanders was published by the union-backed Strategic
Organizing Center. Using government data, it found that the company's injury
rate in 2022 was 70% higher than the rate at non-Amazon warehouses.

 

Regulators with the US Labor Department have also issued a string of
citations against the company over conditions at some of its warehouses,
warning of "ergonomic hazards" tied to the pace at which staff process
orders. Amazon has appealed the citations.

 

The Senate investigation follows the increased scrutiny Amazon has faced
over its treatment of workers since the pandemic, when a global outcry over
conditions sparked walkouts in Europe, regulatory investigations, and a push
by workers to unionise at several US warehouses.

 

In the UK, hundreds of Amazon workers in Coventry are currently on strike,
but their union recently withdrew its bid for recognition, accusing the
shopping giant of "dirty tricks".

 

Mr Sanders, a self-described socialist who has unsuccessfully sought to be
the Democratic presidential nominee, is known for his championship of
progressive causes.

 

He has previously criticised Amazon over its tax practices and wages, a
campaign that Amazon said played a role in its decision to increase its
minimum hourly pay for US workers in 2018 to $15 (£11.75).

 

In a letter to Amazon notifying the company of the investigation, he wrote:
"The company's quest for profits at all costs has led to unsafe physical
environments, intense pressure to work at unsustainable rates, and
inadequate medical attention for tens of thousands of Amazon workers every
year."

 

As head of the Senate committee charged with overseeing labour laws, Mr
Sanders organised a hearing in Washington earlier this year which required
Starbucks founder Howard Schultz to publicly respond to claims that the
company had illegally retaliated against baristas voting to unionise.

 

The move by Mr Sanders could also lead to a hearing in which Amazon is
forced to testify.-bbc

 

 

 

Ukraine war: Push to rebuild economy starts with UK's $3bn

Ukraine's economy will need external help for many years to come, a senior
World Bank official has told the BBC.

 

The war-torn country "also has a lot of potential to turn a lot of its
assets into economic opportunity and recovery", according to Anna Bjerde.

 

The managing director for operations was talking before a major
international conference in London on rebuilding Ukraine's economy.

 

Last year the country's economy shrank 29% to just over $140bn (£109bn).

 

Ukraine to clinch first IMF loan to nation at war

Floods sweep region after huge Ukraine dam destroyed

On the front line with engineers fixing Ukraine’s war-ravaged power grid

The World Bank and other multilateral development bodies are playing a key
role in the Ukraine Recovery Conference which is focusing on the role the
private sector can play in rebuilding the country.

 

The total reconstruction bill was estimated at $411bn in March but continued
fighting with Russia means that will now be higher.

 

The conference will start by hearing from the co-hosts, UK Prime Minister
Rishi Sunak and Ukrainian President Volodymyr Zelensky.

 

Mr Sunak is set to announce $3bn in World Bank loan guarantees, and will
tell the delegates: "As we've seen in Bakhmut and Mariupol, what Russia
cannot take it will seek to destroy. They want to do the same to Ukraine's
economy."

 

"President Zelensky's government is determined to drive reforms to become
more open, more transparent and ready for investment."

 

Rishi Sunak and Volodymyr Zelensky, seen meeting at May's G7 summit in
Japan, will both address the Ukraine Recovery Conference seeking help for
the economy

In the immediate term Ukraine needs $14bn from international donors to get
through this year.

 

Ms Bjerde says this will go towards "essential social expenditures" such as
pension payments, healthcare and salaries for doctors and teachers. It will
also help fund urgent repairs that are needs to infrastructure such as roads
and the power system that are crucial for the battered economy to function.

 

Despite the difficulties that many economies around the world are suffering
as a result of the war in Ukraine Ms Bjerde is hopeful that the funding will
be forthcoming. "I think there's been a huge level of commitment shown to
Ukraine, and I think that will continue. Ukraine is just too important."

 

The billions of dollars poured in so far have "helped arrest what otherwise
would have been even more devastating humanitarian impacts on the country",
she says, adding that Ukraine will also need to help itself.

 

That may prove difficult given that agriculture is a crucial source of
income for Ukraine. It is a major global source of crops including wheat,
sunflower and corn. Despite a deal to facilitate some exports, which is set
to expire next month, output is expected to fall to around 45 million tonnes
from 53 million in 2022.

 

Some of that is because damaged infrastructure makes it harder to get goods
out of Ukraine.

 

Those challenges have been highlighted in a survey from the American Chamber
of Commerce in Ukraine (AmCham Ukraine). It shows that 49% of companies have
suffered damage to their buildings. It also found that 32% of companies have
had staff killed and 27% staff injured during 15 months of fighting.

 

Nonetheless it also found 63% of companies intend to invest in new projects,
plants or facilities and 74% want to create jobs for Ukrainians in existing
projects.

 

AmCham Ukraine's President Andy Hunder pointed to some of the issues the
issues that will be addressed at the conference in London. He told the BBC
that "the majority of businesses in Ukraine don't plan to make claims for
war damages until proper and clear compensation mechanisms are developed and
eventually implemented".

 

The two-day meeting of business leaders and politicians will also look at if
a war insurance scheme can be put into place to encourage some of the
private sector investment that the World Bank says is vital to rebuilding
the economy.

 

In a separate survey it found firms have seen an average 53% drop in sales
compared with pre-war 2021. It reported that larger companies have suffered
more disruption that smaller firms.

 

Whilst big companies including Coca-Cola, Mondelez and Unilever have seen
their buildings damaged some have already started spending money on
rebuilding in Ukraine.

 

For that to continue Mr Hunder says "comprehensive war risk insurance for
investors has a key role to play to secure investment in Ukraine's
rebuilding and recovery".

 

Blackrock and JP Morgan are helping Ukraine's government secure private
sector investment for rebuilding. That will be key to providing the jobs and
innovation that will drive Ukraine's recovery according to the World Bank's
Ms Bjerde.

 

"Even if the war was to end today, there will be an adjustment period, the
economy has changed a lot. Poverty in Ukraine has gone up, the dynamics and
the demographics have changed. So there will need to be support for the time
to come".-bbc

 

 

 

 

MOVEit hack: Gang claims not to have BBC, BA and Boots data

Cyber criminals have told the BBC they do not have data belonging to large
UK organisations thought to be victims of a mass hack.

 

Firms including the BBC, British Airways and Boots have told staff that
sensitive payroll data was stolen in last month's breach.

 

But now the hackers Clop, speaking over email, claim "we don't have that
data".

 

It raises the possibility that another unknown hacking gang has the stolen
data or that Clop is lying.

 

Zellis, the UK payroll provider that hackers breached to gain access to the
BBC, Boots and BA's data, said it couldn't comment as a police investigation
was ongoing.

 

Since 14 June, Clop has been posting company profiles of victims of its hack
to pressure them into paying a ransom.

 

But none of the UK's largest and most well-known victims' names have been
posted so far.

 

In small batches Clop has added the names, websites and company addresses of
nearly 50 victims to their darknet website.

 

The organisations include banks, universities, travel firms and software
companies from more than a dozen different countries including the US,
Germany, Switzerland, the UK, Canada and Belgium.

 

Some of the companies listed by Clop on their so-called "leak site" have
separately confirmed that they have had data stolen.

 

Clop is threatening to publish the stolen data unless victims pay a ransom
which is likely to be hundreds of thousands of dollars or more in Bitcoin.

 

'We don't have that data'

It's thought hundreds of organisations who used the file transfer tool
MOVEit have had their data stolen.

 

That included eight big UK organisations - among them the BBC, BA and Boots
- who were customers of Zellis which was itself breached through MOVEit.

 

But in an email exchange with the BBC the cyber criminals repeatedly claimed
not to have stolen the Zellis data.

 

"We don't have that data and we told Zellis about it. We just don't have it.
We are an old group and have never deceived anyone, if we say that we do not
have information, then we do not have it," the hackers claimed.

 

Zellis would only refer us to its previous statement, which said: "We can
confirm that a small number of our customers have been impacted by this
global issue and we are actively working to support them."

 

The company says that as soon as it became aware of the hack it took
immediate action and disconnected the computer server on which the MOVEit
software was installed.

 

The firm says it has brought in an expert external security team to help it
respond to the attack and has notified the relevant UK data authorities.

 

Multiple possibilities

Cyber security experts are puzzled by Clop's claims which further muddy an
already complex situation.

 

Threat researcher Brett Callow from Emsisoft said Clop could be covering up
the fact they stole the data as part of a sale deal with another hacking
group.

 

But Clop claimed "we didn't sell anything to other hackers".

 

Other experts say there are multiple possibilities.

 

"Clop has no real reason to say they don't have the data," said SOS
Intelligence boss Amir Hadžipasić .

 

"If they are telling the truth then it makes me think that some other
hackers may have got in and stolen the data before Clop and if Clop don't
have the data then this situation is less predictable. The files are going
to end up somewhere on the darkweb via another hacking group," he added.

 

The hack was first announced on 31 May by Progress Software, the makers of
MOVEit.

 

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

 

Since the initial MOVEit disclosure, however, researchers have found
multiple security issues within the software which means it's possible that
the data was stolen in a different way by a different group.

 

On Friday, the US announced a $10m reward for "information linking the Clop
gang or any other malicious cyber actors targeting US critical
infrastructure to a foreign government".-bbc

 

 

 

Carlos Ghosn sues Nissan for $1bn in defamation suit

Former Nissan boss Carlos Ghosn has reportedly sued the carmaker for more
than $1bn.

 

The filing marks Mr Ghosn's latest effort to clear his name after he was
ousted from the firm in 2018 and arrested in Japan on financial misconduct
charges.

 

Mr Ghosn has said the claims were aimed at derailing his plans for a merger
between Nissan and Renault.

 

He fled Japan in a box while awaiting trial and now lives in Lebanon.

 

The lawsuit, filed in Lebanon, accuses Nissan, two other companies and 12
people of crimes including defamation and libel, according to Bloomberg and
Reuters. A hearing has been scheduled for September.

 

Nissan declined to comment.

 

The damages that Mr Ghosn is seeking represent more than 5% of the company's
roughly $16bn market value.

 

Mr Ghosn once ran the Renault-Nissan-Mitsubishi Alliance, one of the biggest
car-making groups in the world.

 

Credited with reviving Nissan from near bankruptcy in the early 2000s, Mr
Ghosn was appointed chief executive of French carmaker Renault in 2005,
becoming the first person to run two global Fortune 500 companies
simultaneously, according to his official biography.

 

Mr Ghosn says his pursuit of a full merger between Nissan and Renault led to
his downfall, alarming some who feared French influence over the Japanese
carmaker.

 

He was arrested in Japan in late 2018, on a number of charges, including
claims he deliberately misreported his earnings and used company money to
fund his own lifestyle.

 

Mr Ghosn has denied wrongdoing and called the Japanese justice system
"rigged". He is currently unable to leave Lebanon, as he is the subject of
an Interpol Red Notice issued by Japan.

 

The fall of the god of cars

Former Nissan boss says he wants a trial

His escape from the country, in which he disguised himself to go unnoticed
through the streets of Tokyo and was hidden in a large music equipment box,
grabbed global headlines.

 

In 2021, an American father and son were extradited from the US and
sentenced to prison in Japan for helping Mr Ghosn flee.

 

In 2022, French authorities issued an arrest warrant for Mr Ghosn, after an
investigation into whether he had diverted company funds for personal use.
At the time, he said he was confident he could prove his innocence should
any charges emerge.

 

Lebanon, where Mr Ghosn spent part of his childhood, does not extradite its
citizens.

 

In the filing, Mr Ghosn said the claims would "linger in people's minds for
years" and that he would "suffer from them for the remainder of his life, as
they have persistent and lingering impacts, even if based on mere
suspicion", Bloomberg reported.

 

Nissan and Renault, meanwhile, have been working to finalise an agreement
announced earlier this year aimed at "rebalancing" their partnership, which
would reduce Renault's voting power over Nissan.-bbc

 

 

 

Is food inflation higher in Europe than in the UK?

UK food prices are rising at a slower rate than other countries, according
to government minister Mel Stride.

 

But is he right?

 

In an interview discussing food price inflation with BBC Radio 4, Mr Stride
said: "In Germany, Portugal and Sweden it's running at about 20%, so higher
than it is here."

 

Inflation is the rate at which food prices are rising, generally measured as
an annual figure.

 

The most recent figures for the four countries in question cover the year to
April 2023.

 

Food prices were rising faster in the UK. Food price inflation: year to
April 2023.  .

But as the chart above reveals, the UK recorded a higher food inflation rate
than the others.

 

Mr Stride would have been right based on the previous month's figures.
However, food inflation in Germany, Sweden and Portugal has fallen
significantly since March - while the figure for the UK has remained
stubbornly high.

 

UK food prices are still rising fast. Annual food price inflation. Food
prices rising sharply in UK, Germany, Portugal and Sweden, but all of those
except the UK fall in April, leaving the UK with the highest inflation. .

In fact, the UK's food inflation in April was higher than the European Union
average of 16.4% and higher than all the major European economies.

 

It was exceeded by Poland, Latvia, Lithuania, Estonia, Slovakia and Hungary.

 

BBC Verify asked Mr Stride's department which figures he was referring to.
We we were told he was talking about the first three months of 2023, when UK
food price inflation was 18% and Sweden, Germany and Portugal were all over
20%.

 

What's driving food price rises?

The reason UK food inflation is so high has been the focus of a recent
Office for National Statistics (ONS) analysis. The ONS is responsible for
calculating the UK's inflation figures.

 

It identified three main reasons behind the price rises:

 

Russia's invasion of Ukraine, which had a major impact on energy prices, as
well as grain and fertiliser supplies

Bad weather in Europe and North Africa

UK labour shortages, which have left some crops unharvested.

The good news is that global wholesale food prices (that's the amount
producers charge for their produce) have been falling. However, it generally
takes time for that to feed through to supermarket prices, so customers have
to wait before their bills stop rising.

 

The ONS says one reason the UK's prices have been rising faster for longer
could be down to a reliance on food imports. This suggests European
countries that grow more of their own food have seen smaller food prices
increases.

 

The next set of UK inflation figures - covering the year to May - will be
published on Wednesday.-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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