Major International Business Headlines Brief::: 26 June 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 26 June 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Experts Seek Reinvigoration of Nigeria's Maize Value Chain

ü  Kenya: President Ruto Says Adequate Plans in Place to Bring Down Cost of
Living

ü  Tanzania: Tz-Dubai Cooperation to Triple Dar Port Revenue

ü  Namibia: Parliament Race to Avoid Greylisting

ü  Tanzania: New Public Procurement System Begins Next Saturday

ü  Malawi Govt Says It Is Now Generating Adequate Energy to Supply All
Sectors

ü  Namibia: When Green Hydrogen Smells Fishy

ü  Tanzania: Work Hard-Samia Tells Youths

ü  Nigeria: S/Africa Seeks Collaboration With Nigeria On PPPs for
Infrastructure Development

ü  Namibia's Cosmetics and Essential Oils Sector Flourishes

ü  PwC Australia: Accounting giant splits business after tax leak scandal

ü  Britishvolt owner's offices raided by Australian tax police

ü  Facebook and Instagram to restrict news access in Canada

ü  Zambian President Hichilema's $6bn debt deal hailed as 'historic'

ü  Interest rates: Bank of England boss denies wanting recession as rates
rise

 


 

 


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

The

Nigeria: Experts Seek Reinvigoration of Nigeria's Maize Value Chain

Nigeria, as a major maize producer in Africa, possesses immense potential
for agricultural development.

 

Maize plays a vital role in the country's economy, serving as a staple food
crop, livestock feed, and raw material for various industries. However, to
unlock the full potential of Nigeria's maize value chain, experts and
stakeholders converged at the just concluded 5th Nigeria Maize Conference,
organized by Bayer West-Central Africa, a multinational life science
company, in collaboration with the Maize Association of Nigeria (MAAN).

 

The conference brought together farmers, industry experts, and government
representatives, to address the challenges facing the maize value chain and
how stakeholders can work together to improve productivity.

 

The conference themed 'Much More Maize: Engaging Stakeholders for a
Sustainable Maize Value Chain', served as a pivotal platform for exchanging
knowledge, sharing experiences, and fostering partnerships to address the
challenges and capitalise on the opportunities within the maize value chain
into the challenges and opportunities within the country's maize sector.

 

 

Country Sales Manager, Bayer Nigeria Ltd., Temitope Banjo, reiterated the
aim of the conference to unite stakeholders in the sector and build a
sustainable, collaborative synergy toward a secured future.

 

He stated, "Bayer remains committed to working closely with stakeholders,
supporting the adoption of sustainable agricultural practices, promoting
knowledge sharing, and fostering collaboration."

 

According to the organiser, the conference has provided crucial insights to
empower farmers and stakeholders while emphasizing the importance of
continuous learning and adaptation.

 

The Nigeria Maize Conference served as a hub of knowledge, where
participants gained valuable insights into the latest advancements, best
practices, and technological innovations in maize production.

 

 

Renowned experts shared their experiences and expertise, addressing
challenges such as pest control, market access, and agronomic practices.
Farmers were equipped with practical tools and techniques to enhance
productivity, reduce post-harvest losses, and improve the overall quality of
their maize yields.

 

At the conference, there was the relaunching of Dekalb DK777 a hybrid maize
variety developed by Bayer. It is a medium-early maturing variety with a
yield potential of 10-12 tons per hectare. It is tolerant to Maize Lethal
Necrosis (MLN) disease and has good tolerance to leaf diseases. DK777 has a
flint grain type which is good for poundability. It has a strong stem and
stands well. The cobs are uniform in placement and easy to harvest. Dekalb
DK777 offers high yield potential, tolerance to MLN disease, good tolerance
to leaf diseases, flint grain type, uniform cob placement and many more.

 

In addition to technical knowledge, the Nigeria Maize Conference addressed
critical aspects of market dynamics.

 

In a statement after the conference, participants stressed the need for
value chain integration, quality control, branding, and accessing premium
markets.

 

They observed that there is increasing demand for maize by the poultry and
manufacturing sectors and there is also the potential of increasing current
average maize yield rate and expanding the land area for maize cultivation.

 

"This comprehensive understanding of market dynamics enabled farmers and
stakeholders to align their production and marketing strategies, creating a
competitive advantage in both domestic and international markets," the
statement said.

 

The key takeaway for all participants is the importance of continuous
learning and adaptation. Agriculture is an ever-evolving field, and staying
updated with the latest innovations and industry trends is crucial.

 

Farmers are encouraged to embrace new technologies, invest in research and
development, and participate in capacity-building programs. Stakeholders are
urged to support initiatives that foster collaboration, knowledge exchange,
and skill development.

 

Nigeria Commodity Exchange (NCX), Interim Coordinator, Mr. Elenwor Ihua
represented by Head Quality Control, NCX, Dr Khadijat Abdulaziz said, "The
huge economic potentials and opportunities in agriculture in Nigeria can
accommodate all genuine business ventures in a well-developed and robust
commodity ecosystem which the exchange seeks to facilitate."

 

-Daily Trust.

 

 

 

 

Kenya: President Ruto Says Adequate Plans in Place to Bring Down Cost of
Living

Nairobi — President William Ruto has assured that adequate plans have been
put in place to bring down the cost of living amidst the threats by the
Azimio La Umoja One Kenya planned protests set for next month.

 

The President insisted that the slated demonstrations are uncalled for
saying they hold no viable solution to alleviate the high cost of living
burdening Kenyans.

 

During a church service in Kajiado County, the head of state castigated the
opposition for agitating for lowering the cost of living without a clear
understanding of the mechanism of addressing the issue given the country's
economic outlook.

 

"You are seeing some people wearing sufurias in their head and they are not
telling you how sufurias on the head will address the cost of living because
they don't understand. But we have a plan," he said.

 

The antigovernmental protest led by Opposition Leader Raila Odinga is set to
resume following the passage of the Finance Bill 2023 and the collapse of
the bi-partisan talks between the two opposing sides.

 

 

Azimio Coalition has expressed readiness to partner with civil society in
pushing for their agenda for the sake of Kenyans who are suffering once he
jets back to the country.

 

The Odinga-led coalition had suspended the weekly protest to give dialogue a
chance through a 14-member bi-partisan team who fail to reach a consensus on
sticky issues.

 

The Kenya Kwanza Coalition Leader emphasized that the Opposition should be
wary of bringing anarchy into the country even as they put the government in
check.

 

"Those in the opposition, I respect you but you must focus on the opposition
role knowing Kenya is ours. We should criticize with a plan because we don't
have any other country," he said.

 

Deputy President Rigathi Gachagua warned Azimio against destroying Kenyans'
properties insisting that government will not interfere with their protest.

 

 

"Those who were defeated and they said they will go to the streets on
Monday, we welcome them. The condition is that they should not destroy
people's property. They cant put sufurias in the head and make all noise,"
Gachagua noted.

 

The Deputy President dared the Azimio Coalition to stage the demonstrations
daily saying they will not be cowed in delivering the ruling coalition
manifesto.

 

"Go home and watch yourself in the evening because this TV people will
broadcast you live. Those demonstration of destroying people's property they
broadcast live but they don't show development focus," he said.

 

The 14-member taskforce talks collapsed due to failure to agree on terms of
engagement during its first meeting, most likely next week, after days of
bitter exchanges between ruling coalition and opposition politicians over
proposals presented by either side.

 

A major sticking issue is a demand Odinga that the president agrees to a
forensic audit of the electoral commission's electronic results transmission
and the reinstatement of Cherera Four to the poll body.

 

-Capital FM.

 

 

 

Tanzania: Tz-Dubai Cooperation to Triple Dar Port Revenue

GOVERNMENT on Saturday reiterated benefits that Tanzanians will get from its
partnership with Dubai in the operation of the Port of Dar es Salaam.

 

The benefits include improvements of efficiency of operations among other at
the Port of Dar es Salaam that will lead to an increase of its annual
revenue collection from 7.7tri/- to 26tri/-.

 

Addressing members of the press on Saturday, Government Chief Spokesperson
Gerson Msigwa said the decision to partner with the Dubai-based DP World
Company in the port operation considered multiple benefits that Tanzania
will get.

 

Mr Msigwa made the statement in response to debates regarding the
Inter-Governmental Agreement (IGA) between Tanzania and the United Arab
Emirates (UAE) concerning partnership on ports developments.

 

The IGA concerning Economic and Social Partnership for the Development and
Improving Performance of the Ports in Tanzania was signed on February 28th,
last year between the implementation institutions that are Tanzania Ports
Authority (TPA) and the DP World.

 

 

"DP World is so prepared and organised in operating ports so far it runs 190
facilities in 70 countries across the world," he said, assuring that the
government has no intention of privatising the Dar es Salaam Port and it
will never be so.

 

Elaborating, he noted that the cooperation between the two governments aims
at enhancing efficiency of the ports' services and creating more jobs among
others.

 

He went on to explain that the cooperation is also aimed at opening up new
economic opportunities through investments in some areas of the Dar es
Salaam Port, Special Economic and Industrial Zones.

 

This will play a big role in complementing the government's efforts in
industrialisation as well as investing in the whole transport value chain
from Tanzania ports to the neighbouring countries.

 

 

"DP World has enough experience in ports operation, apart from running 190
ports in 70 countries, they are also running the dry port in Rwanda which
handles 50,000 containers and this is a great advantage for Tanzania," he
noted.

 

DP World meets international standards for the port to be more competitive
as it is capable of bringing a permanent solution to cargo shipped from the
point of origin to the client within a short period of time.

 

"It is an international company with a proper network and vast experience in
the shipping industry," explained Mr Msigwa.

 

Speaking in the parliament recently, Minister for Works and Transport Prof
Makame Mbarawa said that inviting the private sector in the operation of the
port is a phenomenon that is unavoidable in the current world.

 

"As a country, we have no reason to fear when it comes to using Public
Private Partnership (PPP) in operating the port. Countries that are using
the private sector in their ports have recorded huge success," said the
minister, when winding up his budget estimates for the year 2023/24.

 

He noted that the Port of Dar es Salaam contributes 7.78tri/- which is
equivalent to 37 per cent of the total customs revenue.

 

He said improved efficiency at the port would reduce the ship anchorage stay
from five days to 24 hours as well as cut down the time for container
offloading from four days to an average of 18 hours.

 

"This will also help in reducing clearance time from 2 hours to 30 minutes
while increasing the volume of cargo from average 20.18 million tonnes per
year to 47.57 million tonnes," he told the Parliamentarians.

 

Other benefits will be protecting and expanding the employment chain to
around 29 million people as well as lowering the cost of transportation on
goods being imported to Tanzania.

 

The minister went on to explain that the PPP approach at the port of Dar es
Salaam will also stimulate railway transportation that has received huge
investment from the government.

 

-Daily News.

 

 

 

Namibia: Parliament Race to Avoid Greylisting

Political experts and opposition members of parliament (MPs) have expressed
concern about Cabinet ministers rushing to table critical bills in
parliament for amendment - seemingly to avoid Namibia being greylisted by
the Financial Action Task Force (FATF).

 

Greylisting means that a country is under increased monitoring by the FATF
due to certain deficiencies in combating money laundering and the financing
of terrorism, among others.

 

The Bank of Namibia has cautioned that greylisting would have a negative
impact on Namibia's financial system, impacting foreign direct investment,
capital flows, and rising compliance costs.

 

Members of the executive have tabled urgent bills in the National Assembly
(NA) that need to be passed by parliament by 30 June.

 

These include the police amendment bill, the criminal procedure amendment
bill, the prevention of organised crime bill, the extradition amendment
bill, and the international cooperation in criminal matters amendment bill.

 

 

Others are the companies amendment bill, the close corporation amendment
bill, the virtual assets bill, and the prevention and combating of terrorist
and proliferation activities amendment bill.

 

The parliament is also expected to consider the payment system management
bill, which was expected for tabling, while the banking institution bill and
trust bill were with legal drafters for proofreading.

 

PEER REVIEW

 

In September 2022, Namibia underwent its second peer review, a mutual
evaluation by the Eastern and Southern African Anti-Money Laundering Group
and FATF, which found the country needed to strengthen its laws.

 

This is to fully comply with the United Nations Convention on Anti-Money
Laundering and Combating the Financing of Terrorism and Proliferation.

 

Namibia was given 12 months to comply by October 2023, or risk being
greylisted by the FATF.

 

The NA is now in a frenzy to adopt close to 12 bills before the parliament
goes on a two-month break on 13 July to reopen in September.

 

Speaker Peter Katjavivi last week reminded members of parliament that they
were running out of time to debate and vote on motions and bills.

 

According to the provisions of Rule 24(b) of parliamentary standing rules
and orders, all businesses undisposed of on the last sitting day of the
session will lapse, he said.

 

While tabling the financial intelligence amendment bill, minister of finance
and public enterprises Iipumbu Shiimi said the bill is among the laws that
need to be amended for Namibia to avoid being greylisted by the FATF.

 

'DISRESPECTFUL'

 

Opposition MPs have accused the executive of being disrespectful by pushing
crucial laws through the parliament and expecting them to be rubber-stamped.

 

 

"The Cabinet knew already since last year that these bills were important.
They knew the deadline was 30 June 2023, but because they have such low
regard for the parliament, they took all their time to bring these bills,"
Joseph Kauandenge of the National Unity Democratic Organisation (Nudo) said.

 

Kauandenge reminded prime minister Saara Kuugongelwa-Amadhila, who is the
head of the executive in the parliament, that the legislature "cannot be
used by the executive as a mere rubber-stamp organ of state".

 

He said bills like the criminal procedure bill, which seeks to amend the
Criminal Procedure Act of 1977, contain critical proposed amendments.

 

". . . that need thorough interrogation and research for one to be able to
make meaningful contributions - not a mere approval," he said.

 

Kauandenge's sentiments were echoed by Kalimbo Iipumbu of the Namibian
Economic Freedom Fighters, who called the situation troubling.

 

"The whole issue here is that we are very disturbed by the syndrome where
the ministers would like members of parliament just to run through bills
there without proper scrutiny," he said.

 

With regard to the bills related to reforms required by the FATF, Iipumbu
said MPs should not be blamed for rushing the legislation.

 

"Because if we don't do it in those three to four days, the country would be
greylisted. But remember, these bills were brought forth last year in
September.

 

"So it was the duty of the executives to run around to make sure we already
had these bills on time, and then we could run through them," he said.

 

Popular Democratic Movement MP Inna Hengari said: "President Hage Geingob at
the opening of parliament already listed the bills to be tabled for the
financial year."

 

She said the current situation gives MPs inefficient time to study,
research, and scrutinise laws before they are agreed upon.

 

"Geingob's administration proves yet again the absence of a legislative
agenda. Much more worrying is the president's nonchalant attitude towards a
non-performing Cabinet, leaving very little to be admired and emulated from
the country's head," Hengari said.

 

'NO ROOM FOR DEBATE'

 

Political analyst Ndumba Kamwanyah says rushed bills leave no room for
proper discussion.

 

"What happens is that when they are rushed in, you don't have a proper
dialogue and debate to make sure they are of quality," he says.

 

"I don't know if it is deliberately to make sure that no discussion take
place, or if it is an issue of competence and other factors."

 

The executive director of the Institute of Public Policy Research, Graham
Hopwood, says there is an urgent need to pass these bills, but it should not
happen without proper scrutiny and debate.

 

"If necessary, the parliament should extend its sittings or even sit in the
evenings to ensure these bills are properly debated," he says.

 

Hopwood says bills related to reforms required by the FATF are to ensure the
country's laws are up to date in terms of preventing money laundering and
terrorism financing.

 

He says if these bills are not passed within the next couple of months,
Namibia could be greylisted by the FATF, which could be damaging for the
national economy.

 

According to Legal Assistance Centre director Toni Hancox, the lines between
the legislative and executive branches are so blurred that it's critical to
consider them and contemplate the repercussions.

 

"One has to remember the parliament and so on are not necessarily lawyers. I
know that the legal team will go through it beforehand, but you know, they
need to be really sure that what is in the law is what they want it to be,
and that cannot just be pushed through quickly," she says.

 

Hancox says ongoing reports of an empty parliament demonstrate that
additional input is needed.

 

-Namibian.

 

 

 

 

Tanzania: New Public Procurement System Begins Next Saturday

Dodoma — THE Public Procurement Regulatory Authority (PPRA) expects to start
using the new online procurement system (National e-Procurement System of
Tanzania-NeST) from July 1, 2023 to increase transparency and accountability
in the public procurement.

 

The NeST is the electronic system that facilitates e-registration,
e-tendering, e-contract management, e-catalogue and e-auction.

 

Speaking in Dodoma on Saturday, Chairman of the PPRA Procurement Board Dr
Leonada Mwagike said the first phase of the construction of the NeST system
has been completed.

 

This phase involved setting up the module for user registration, services
and products (e-Registration) and the driving and managing the procurement
process module (e-Trending).

 

 

"This will help to solve technical challenges to meet the government's needs
in the procurement sector," Dr Mwagike stated.

 

"When the system will officially begin to be used it will largely eliminate
human interaction and human decisions, something which will help all bidders
to be served equally," Dr Mwagike further argued.

 

"This system also sets the division of responsibilities for each user as
well as setting up the ability to monitor everything that has been done,
thus helping to identify the person who makes mistakes or delays in the
implementation of responsibilities, thus helping everyone to be responsible
for the mistakes they make when making public purchases," she said.

 

Dr Mwagike said that this system will also help provide better services as
well as increase compliance with the law where bidders who do not meet the
criteria will not be able to apply for work.

 

"This system will filter and eliminate all those who are not worthy and
remain with bidders with the right criteria to enable the government to get
quality services or products," she said.

 

She added that this system will also reduce the loopholes of corruption as
well as ensure the availability of information for making various decisions.

 

"The current system provides an opportunity for bidders to influence the
decisions of relevant bodies such as Procurement Units, Tender Boards and
responsible officials, but the NeST system will eliminate discretion
decision-making and instead all decisions will be based on the processing of
the system based on relevant tender criteria" she said.

 

In addition Dr Mwagike said that this system will be used in all stages of
the procurement process from the announcement of tenders to awarding.

 

She noted that in order to facilitate access to accurate and necessary
information quickly, the NeST system is connected to 14 government systems,
including the Business Registration and Licensing Agency (BRELA), the
Business Licensing System (TAUSI), the TRA Taxpayer Information System,
Government electronic Payment Gateway (GePG) and Mbeya University of Science
and Technology (MUST).

 

Other connected government systems are Procurement and Suppliers
Professionals and Technicians Board (PSPTB), Contractors Registration Board
(CRB), Engineers Registration Board (ERB), Architects and Quantity Surveyors
Registration Board (AQRB), Occupational Safety and Health Administration
(OSHA), Tanzania Insurance Regulatory Authority (TIRA), PlanRep (Office of
the registrar of funds) PlanRep (RALGA) and Human Capital Management
Information System (HCMIS).

 

On his side, PPRA Chief Executive Officer Eliakim Maswi called on all
government institutions to ensure that they register with the NeST system
because by October 1, 2023, all public institutions will be required to have
registered and start using the system.

 

"I ask all government institutions to register in the NeST system because
from October all procurement activities will be conducted in this system" he
said.

 

He noted that the PPRA will collaborate with Higher learning Institutions to
ensure that training on the use of the NeST system reaches out to all users,
where by June this year Mzumbe University, University of Dodoma (UDOM),
Tanzania Institute of Accountancy (TIA), Institute of Finance Management
(IFM), Mbeya University of Science and Technology (MUST) and Institute of
Accountancy Arusha (IAA) colleges have entered into an agreement to provide
such training.

 

-Daily News.

 

 

 

Malawi Govt Says It Is Now Generating Adequate Energy to Supply All Sectors

Energy Generation Company (EGENCO) is now generating adequate energy to
supply to various sectors, including manufacturing and agriculture,
Principal Secretary (PS) in the Ministry of Energy, Alfonso Chikuni, said on
Saturday.

 

Chikuni made the remarks during a press briefing organized to update the
nation on the progress made in the energy sector.

 

The PS said the restoration of the Kapichira Power Station has enabled
EGENCO to bring back 129 megawatts of electricity.

 

"And this has significantly helped to improve power supply in the country,"
said Chikuni, adding that the government is working hard to increase
coverage - to move from 12 upwards - to ensure more Malawians have access to
energy.

 

 

"Power is the precursor to that development. As such, we are embarking on a
more and deeper sectoral reforms; sector wide reforms, which focus on how
the sectors operate. We are currently doing an integrated resource plan,
which is like a small masterplan. This should show us what to do in the next
five years," he said.

 

In his remarks, Electricity Supply Corporation of Malawi (ESCOM) Chief
Executive Officer (CEO), Kamkwamba Kumwenda, disclosed that the corporation
has re-assumed the functions of a single buyer following the dissolution of
Power Market Limited (PML).

 

Kamkwamba stated that they have also put on hold Independent Power Producer
(IPP) agreements after it transpired that PML did not conduct due diligence
when entering into agreements with the investors.

 

He said they have written to all independent power producers (IPPs) in order
to get more information on the investors.

 

"There are some things that were not adding up because there was no due
diligence done in the way these IPPs were identified. So, we have put on
hold all the agreements because we want genuine investors at ESCOM," he
said.

 

-Nyasa Times.

 

 

 

Namibia: When Green Hydrogen Smells Fishy

Hydrogen is odourless, colourless, tasteless and non-toxic.

 

However, the Namibian government seems to alter the gas' natural qualities,
judging by the non-transparent way it's tackling the much-hyped green
hydrogen project.

 

The project, which has been steamrolled by the Presidency, is beginning to
smell fishy with each passing day because of the team's stubborn refusal to
make public all information - even to lawmakers.

 

The latest bizarre incident was of Swapo's secretary general, Sophia
Shaningwa, telling Swapo parliamentarian Tjekero Tweya to "shut up" as he's
allegedly been "talking too much".

 

 

Tweya, as chair of the National Assembly's committee on natural resources,
made his and other lawmakers' displeasure known after James Mnyupe,
president Hage Geingob's hydrogen team leader, avoided appearing in person
to explain the green hydrogen scheme to parliamentarians.

 

Mnyupe and co have been 'strategically' releasing titbits of information
about the ambitious project touted at more than N$200 billion.

 

Namibia has opted to borrow money to acquire 24% equity in Hyphen Hydrogen
Energy, which was selected without going through the country's open public
bidding process.

 

Most of the money is expected to come through concessional loans that
Germany and The Netherlands seem to have brokered for Namibia.

 

Geingob and his team have already committed to borrowing more than N$20
billion ostensibly as Namibia's statement of intent in the green hydrogen
game.

 

At face value, the pursuit of green hydrogen as the primary source of
electricity generation and an industrial manufacturing driver is noble at
ending the release of greenhouse gases.

 

 

Green hydrogen will apparently prolong healthy and less dangerous living on
earth.

 

That's if the experiment succeeds in working efficiently and at a lower cost
than the current use of fossil fuels, which leads to dangerous climate
change.

 

Instead of being transparent to get buy-in from key players of the state,
including the parliament and the public, the secrecy with which the
government is handling the project only serves to raise more doubts about
the Presidency's intentions.

 

Why was Hyphen hand-picked by State House, ignoring set public bidding
processes?

 

Why is the full agreement with Hyphen not being made public, but only
selective portions that Mnyupe and team choose to make known?

 

 

Why is the government rushing to borrow and pay for the equity so early in
the experimental phase after saying the pilot and feasibility study would
take about two years?

 

N$20 billion is not cheap change which Namibia had lying around unused
somewhere.

 

In fact, the country has cut spending on urgent and basic priority needs
like sanitation, healthcare and education, because its debt equivalent has
ramped up to 70% of the country's gross domestic product.

 

Experts and politicians alike are right to ask whether the money the
government wants to spend on hydrogen is a prudent investment amid other
pressing needs.

 

Less than 10 years ago the same government argued it was unable to
underwrite about N$10 billion to N$15 billion to kick-start the Kudu Gas
project aimed at generating electricity for Namibia, and to sell excess
power to neighbouring countries.

 

Moreover, the government ought to seek parliamentary approval to borrow such
amounts of money that ties future generations.

 

It is shameful that the government is also ignoring a key driver of the
hydrogen concept - Germany's green hydrogen envoy to Namibia, Rainer Baake.

 

Speaking at an event in the company of Mnyupe, Baake was clear: "I want 100%
transparency. And my advice to the Namibian government and to the company
Hyphen is that as soon as you have come to an agreement, make it public, put
it on the internet, give an interpretation so that everybody can see what
the advantages for Namibia are when this project is realised.

 

"I'm for 100% disclosure so that everybody can read what the advantages and
disadvantages are. I'm pretty sure you will see there are many more
advantages."

 

The way the Namibian government is handling the green hydrogen project does
not promote public confidence.

 

That makes this project fishy.

 

-Namibian.

 

 

 

Tanzania: Work Hard-Samia Tells Youths

PRESIDENT Samia Suluhu Hassan has told the Tanzanian youth to work hard in
production sectors to improve their income and national economy at large.

 

"For the youth in agriculture, livestock, fisheries or trade they should be
busy in economic activities in order to build strong economy for themselves
and the nation," Dr Samia stated on Saturday as she arrived in Arusha City
to officiate today's International Day against Drug Abuse and Illicit
Trafficking, or World Drug Day which is nationally marked in the city.

 

Briefly stopping at Tengeru area to greet the residents, the Head of the
State assured the gathering that the government has huge plans to serve the
citizens, including searching for funds to implement various development
programmes.

 

 

Meanwhile, on Friday evening while in Zanzibar President Samia challenged
young people, particularly unemployed and fishermen to work hard in
utilising the marine resources, including fishing to improve their income
and national economy.

 

Dr Samia made the call when she graced the two-day 'Zanzibar seafood
festival'- 2023 held at Kendwa Beach in Unguja North Region, where she
handed over 40 Fishing Boats to 40 groups each taking 10.

 

"Use these boats to improve your income in fighting poverty at the same time
contributing to the development of the country. There are a lot of
opportunities still untapped in marine," Dr Samia said.

 

The Head of the State said the boats' beneficiaries will be monitored to
ensure they use them to bring social and economic changes in the country as
both governments, the union and Zanzibar, implement various programmes to
benefit all citizens.

 

 

Tanzania has enormous water related resources: The lakes Victoria,
Tanganyika, Nyasa and Rukwa accounting for about 37 per cent of the national
area; a coast-line of 1,424 km and hundreds of islands in the Zanzibar
archipelago.

 

The Blue economic agenda naturally became a top priority for both mainland
and Zanzibar.

 

Not only this efforts will allow Tanzania to develop a sustain-able
utilisation of its marine, lake and littoral resources, but the country
could become a leader on the Blue Economy strategy over the next few years.

 

After the arrival at Kendwa tourist beach, Dr Samia also visited various
booths of entrepreneurs and service providers from private and government
institutions.

 

She also witnessed a group of young people as 'skydivers' who have been
becoming famous due to their style of diving into the sea while waving and
flying adverts, particularly about tourist attractions.

 

Mr Ayoub Mohamed Mahmoud- Regional Commissioner (RC), Unguja North Region
was the chairperson of the 'Zanzibar seafoods festival' who informed the
audience that it was the second event after October 2021.

 

"We invited Mama Samia because the festival has direct links with the royal
tour programme which she initiated. We are getting good results from the
royal tour," Mr Mahmoud said.

 

"The objective is to encourage young people to engage in sea or marine
resources including fishing and marine products," she added.

 

According to the regional commissioner, the week-long festival preceded by
its launch on May 18, this year followed by training of 400 entrepreneurs in
the region.

 

It also features a race for fish-mongers using bicycles, Berge show at
Forodhani seafront, and planting of mangrove trees in Mkoani, Pemba.

 

Zanzibar Minister for Blue economy and fisheries, Mr Suleiman Masoud Makame;
and the Minister for Livestock and Fisheries in the Union government Mr
Abdallah Ulega were also key speakers at the colourful event.

 

"We have many plans in promoting modern fishing and other marine resources
through the value chain," Mr Ulega said as his Zanzibar counterpart Mr
Makame urged fishers to cooperate in improving fishing and seaweed farming.

 

-Daily News.

 

 

 

Nigeria: S/Africa Seeks Collaboration With Nigeria On PPPs for
Infrastructure Development

Mr Mseleku said that although both Nigeria and South Africa were learning
from each other in implementing PPPs, there was a need for both nations to
rekindle their collaboration and take it to a greater height.

 

The South African Government has sought the collaboration of the Nigerian
Government on mutually beneficial infrastructure development through Public
Private Partnerships (PPPs).

 

This is contained in a statement signed by Manji Yarling, Acting Head, Media
and Publicity, Infrastructure Concession Regulatory Commission (ICRC) in
Abuja on Friday.

 

The South African High Commissioner to Nigeria, Tharmi Mseleku, disclosed
this when he led a team of officials on a courtesy visit to the
Director-General of ICRC, Michael Ohiani.

 

Mr Mseleku said that although both Nigeria and South Africa were learning
from each other in implementing PPPs, there was a need for both nations to
rekindle their collaboration and take it to a greater height.

 

 

"We are here to get the information about the kind of infrastructure
envisaged to be developed through PPPs because we have the capacity to
support, both from the financing and technical point of view," he said.

 

Mr Mseleku said that the Development Bank of South Africa (DBSA) was part of
the financiers of the Kano-Maradi rail project, adding that the bank was
willing to do more in financing.

 

"The DBSA is not the only one looking to finance infrastructure from that
perspective; they can also support the post-contract processes.

 

"We came to have a conversation to open the doors to rekindle the
relationship. South Africa is open for business," he said.

 

Responding, Mr Ohiani noted that the relationship between both countries on
PPPs dated back to the inception of ICRC when staff members went on a study
tour of the South African PPP institutions.

 

 

The director-general hinted that the commission had recorded great
milestones from then on, with many PPP projects already underway.

 

"Over the years, we now have 82 ongoing PPP projects that we are regulating.

 

"From 2010 to date, the Federal Executive Council (FEC) has approved 102 PPP
projects worth N10.8 trillion to be invested in by the private sector.

 

"We have been able to achieve a lot in terms of using PPP to deliver on the
infrastructure needs of the country," he said.

 

Mr Ohiani told the envoy that the commission had established a PPP training
institute called the Nigerian Institute for Infrastructure and PPP (NII3P).

 

He said the institute offered training on PPPs, adding that an MBA in PPP
programme was also available in partnership with the Malaysian University
for Science and Technology.

 

Mr Ohiani notified the High Commissioner that some South African companies
were already engaged in PPPs in Nigeria while others indicated interest.

 

"We look forward to having further collaborations, especially as it relates
to the Africa PPP Network (AP3N), which is scheduled to hold in South Africa
later in the year," he said.

 

-Premium Times.

 

 

 

Namibia's Cosmetics and Essential Oils Sector Flourishes

Industrialisation and trade minister Lucia Iipumbu says Namibia's cosmetics
and essential oils sector has grown in domestic production, enhancing
possibilities for active participation in the regional value chain.

 

Iipumbu said this yesterday at the African Continental Free Trade Area
Southern Africa Development Community regional consultation workshop,
highlighting the sector's notable advancements during a discussion on trade
and development.

 

"For example, our exportable firms increased from five in 2016 to more than
35 by 2022 through concerted efforts by the private sector, the Namibian
government and development partners," Iipumbu said.

 

At SADC level, Namibia has prioritised sectors for value chain development,
namely agro processing (leather processing), pharmaceutical, automobile,
mineral beneficiation and tourism, she said.

 

"Namibia has the northern tannery, which is currently underutilised, and
thus it will be great to optimise the usage of this tannery and produce
hides and skins for value addition," Iipumbu said.

 

 

She said regional value chains are part of Namibia's industry growth
programme, which is part of ongoing efforts to reinforce Namibia's economic
growth, reduce income inequality and increase employment for citizens.

 

Speaking at the same event, sport deputy minister Emma Kantema-Gaomas said
women and youth traders are less likely to be equipped with appropriate
skills in technology and resources to fully reap the fruits of the trade
area agreement.

 

"Moreover, it's important to note that the youth could play a critical role
with the success of this trade area, also noting that Africa is one of the
youngest populations, where we have 60% of our inhabitants under the age of
25," Kantema-Gaomas said.

 

The way to fully embrace the trade area agreement is to take deliberate
action to eliminate barriers, such as the protocol on youth and women, she
said.

 

"This is what makes this consultative meeting an absolutely necessary step
in seizing the considerable opportunities that this trade area has for using
trade more effectively as an engine for growth and sustainable development,"
Kantema-Gaomas said.

 

The two-day workshop aims to generate issues for inclusion in the protocol
on women and the youth in trade and e-commerce, as well as to enhance access
to economic opportunities for the youth at national and regional level,
through sustainability in youth priority sectors.

 

-Namibian.

 

 

 

PwC Australia: Accounting giant splits business after tax leak scandal

PwC Australia says it will sell its government business for A$1 ($0.70;
£0.50) after a scandal over the misuse of confidential government tax plans.

 

The accounting giant has also announced the appointment of a new chief
executive.

 

The move will allow the firm "to move forward with predictability and
focus," PwC Australia said in a statement.

 

In January, it emerged that a former PwC Australia partner had leaked the
classified information.

 

The ex-partner, who was advising the Australian government, had shared
drafts of corporate tax avoidance laws with colleagues, who used it to pitch
to potential clients. The leaks occurred between 2014 and 2017.

 

The company has said that no confidential information had been used to help
clients pay less tax.

 

However, politicians and officials have called for PwC Australia to be
banned from being awarded government contracts until it satisfactorily
responded to the scandal.

 

PwC to close offices at Christmas to save energy

You don't need a 2:1 degree to work here, says PwC

On Sunday, PwC Australia said it had appointed Kevin Burrowes as its new
chief executive. He was previously PwC Network's global clients and
industries leader.

 

"He will work with his colleagues and management team to re-earn trust with
PwC Australia's stakeholders," said Justin Carroll, the chair of PwC
Australia's governance board.

 

The company also said it would sell its Australian federal and state
government business to private equity firm Allegro Funds, with the aim of
reaching a binding agreement for the deal by the end of next month.

 

The sale will create two independent firms without any "disruption in vital
services to public sector clients," PwC Australia said.

 

In May, Tom Seymour, the previous chief executive of PwC Australia, stepped
down after he admitted to being one of at least 67 recipients of the
sensitive information at the centre of the scandal.

 

Later that month, the company put nine partners on leave and overhauled its
governance board.

 

Australia's Treasurer Jim Chalmers called the revelations a "shocking breach
of trust".

 

For the current financial year, the Australian government is committed to
contracts with PwC worth A$255m, according to official data.

 

Since the scandal first emerged, major pension funds including
AustralianSuper, as well as the country's central bank, have said they would
not sign any new contracts with PwC.-bbc

 

 

 

Britishvolt owner's offices raided by Australian tax police

The prospect of a new battery factory in Northumberland has suffered a
setback after the buyer of Britishvolt was raided by Australian police.

 

Investigators went to the offices of Scale Facilitation and SaniteX, owned
by Australian entrepreneur David Collard over alleged tax fraud.

 

Recharge Industries, a subsidiary of Scale Facilitation, bought Britishvolt
this year after it collapsed.

 

But it is yet to pay for a prospective plant site near the Port of Blyth.

 

Sources close to Mr Collard, who is a former partner at accountancy giant
PwC, said that the tax raid is due to a misunderstanding of the interaction
between US and Australian tax filings and that all parties were
co-operating.

 

Recharge Industries is ultimately owned and run by Scale Facilitation, a New
York-based investment fund which has offices in Australia.

 

Recharge Industries bought the assets of Britishvolt after it went into
administration despite the public backing of politicians including former
prime minister Boris Johnson.

 

Britishvolt had planned to build a £4bn plant in Cambois near Blyth,
Northumberland to make batteries for electric vehicles and create around
3,000 skilled jobs.

 

However, the company struggled to make a profit and eventually ran out of
money in January.

 

A deadline for Recharge Industries to finalise and pay for the purchase of
the site in Northumberland has been extended long beyond the original date
of 31 March.

 

Insiders close to Recharge confirmed that staff wages in Australia had gone
unpaid for around two weeks but insisted those payments had now been made.

 

They said the company remained confident it could secure the funding to
complete the purchase of the land near Blyth in the next two to four weeks.

 

The BBC understands that the owners of Recharge are still hopeful that a
deal to develop the £4bn site can proceed.

 

Recharge is expected to take a minority shareholding in a new company called
North East Gigafactory Development LLP with well known and deep-pocketed
investors Tritax and Abrdn owning the majority between them.

 

Recharge's plan for the site was to initially develop battery storage
technology, rather than batteries for electric vehicles.

 

A person familiar with the situation told the BBC that emphasis had seen
government enthusiasm for the project cool.

 

"Government certainly wasn't rolling out the red carpet", they said and the
BBC understands that the Australian owners have not met with either Business
Secretary Kemi Badenoch, or the Secretary for Energy Security and Net Zero,
Grant Shapps.

 

Nevertheless it seems that the hopes for an imminent start on a plant that
it is hoped would provide thousands of jobs in the North East are, once
again, on hold.-bbc

 

 

 

Facebook and Instagram to restrict news access in Canada

Meta has said it will begin to restrict news on its platforms to Canadian
consumers after parliament passed a controversial online news bill.

 

The bill forces big platforms to compensate news publishers for content
posted on their sites.

 

Meta and Google have both already been testing limiting access to news to
some Canadians.

 

In 2021, Australian users were blocked from sharing or viewing news on
Facebook in response to a similar law.

 

Canada's Online News Act, which cleared the senate on Thursday, lays out
rules requiring platforms like Meta and Google to negotiate commercial deals
and pay news organisations for their content.

 

Meta has called the law "fundamentally flawed legislation that ignores the
realities of how our platforms work".

 

On Thursday, it said news availability will be ended on Facebook and
Instagram for all users in Canada - before the bill takes effect.

 

"A legislative framework that compels us to pay for links or content that we
do not post, and which are not the reason the vast majority of people use
our platforms, is neither sustainable nor workable," a Meta spokesperson
told Reuters.

 

The company said the changes to news would not have an impact on other
services for Canadian users.

 

Google called the bill "unworkable" in its current form and said it was
seeking to work with the government to find a "path forward".

 

The federal government says the online news bill is necessary "to enhance
fairness in the Canadian digital news market" and to allow struggling news
organisations to "secure fair compensation" for news and links shared on the
platforms.

 

An analysis of the bill by an independent parliament budget watchdog
estimated news businesses could receive about C$329m ($250m; £196m) per year
from digital platforms.

 

Earlier this month, Canadian Heritage Minister Pablo Rodriguez told Reuters
the tests being run by the tech platforms were "unacceptable" and a
"threat".

 

In Australia, Facebook restored news content to its users after talks with
the government led to amendments.

 

On Thursday, Mr Rodriguez's office said he had met both Google and Facebook
this week and planned further discussions - but the government would move
forward with the bill's implementation.

 

"If the government can't stand up for Canadians against tech giants, who
will?" he said in a statement.

 

Media industry groups hailed the bill's passage as a step towards market
fairness.

 

"Real journalism, created by real journalists, continues to be demanded by
Canadians and is vital to our democracy, but it costs real money," said Paul
Deegan, president and chief executive officer of News Media Canada, a media
industry group, said in a statement

 

The Online News Act is expected to take effect in Canada in six months.-bbc

 

 

 

Zambian President Hichilema's $6bn debt deal hailed as 'historic'

Zambia's President Hakainde Hichilema can finally breathe a sigh of relief
as the outlines of a deal aimed at lifting his country out of its debt
crisis have been unveiled.

 

In 2020, the copper-rich country became the first African nation to default
on its debt payments during the Covid pandemic. It was burdened by loans and
high interest rates that severely restricted the government's ability to
invest in critical social programmes and infrastructure development, both
crucial for economic growth.

 

Following months of talks, Zambia has now successfully agreed new repayment
terms with its state creditors on up to $6.3bn (£5bn) debt, including over
$4bn owed to China.

 

There had been frustration for Zambia as negotiations have been slow, with
some blaming China for the delay - something that Beijing denied.

 

France's President Emmanuel Macron, who played a pivotal role in persuading
China to agree, hailed the deal as "historic". It is thought that it could
pave the way for other debt-ridden countries to follow suit.

 

"But the hard work is not over yet," Mr Hichilema said on Twitter,
recognising that the more than $6bn owed to private lenders still needs to
be tackled.

 

His election in 2021 was partly based on a promise to tackle the country's
financial woes, inherited from his two predecessors, Michael Sata and Edgar
Lungu, who had allowed Zambia to take on significant loans to finance
infrastructure projects.

 

Though some of that money was invested, it is thought that a lot was lost to
corruption.-bbc

 

 

 

Interest rates: Bank of England boss denies wanting recession as rates rise

The Bank of England boss has denied trying to create an economic slump after
it put up interest rates by more than expected to slow soaring prices.

 

The Bank raised rates to 5% from 4.5%, the highest level for 15 years. Many
analysts had expected a smaller rise.

 

It will lead to higher repayments for people with loans and many mortgage
holders, but it should benefit savers.

 

Bank governor Andrew Bailey said that if it did not raise rates now, "it
could be worse later".

 

"I understand the difficulty and the pain that causes for many people," he
added of the shock interest rate decision.

 

On Wednesday, Karen Ward, a member of chancellor Jeremy Hunt's economic
advisory council, said the Bank had "been too hesitant" in its interest rate
rises so far and called on it to "create a recession" to curb soaring
prices.

 

She told the BBC that if companies felt "nervous" because of higher interest
rates, they would be less likely to put up prices. Employees would also be
less inclined to ask for pay rises - another driver of inflation.

 

However, Mr Bailey said the Bank was not "trying to precipitate a
recession".

 

"Many people with mortgages or loans will be understandably worried about
what this means for them... but inflation is still too high and we've got to
deal with it," he added.

 

He added that to get inflation lower, wage rises "cannot continue" at the
rate they have been.

 

Mortgage rates have soared over the last year and a half as interest rates
have gone up:

 

The average two-year fixed residential mortgage now stands at 6.19% while
the five-year rate is 5.82%. In June last year, those rates were closer to
3%.

Those on a typical tracker mortgage will pay about £47 more a month. Those
on standard variable rate (SVR) mortgages face a £30 jump

Since December 2021, that is an increase in monthly repayments of £465 on a
tracker and £297 on an SVR.

Borrowing costs are also likely to rise. Currently the average annual
interest rate is 21.86% on bank overdrafts and 20.13% on credit cards.

 

The dramatic move comes as the Bank tries to show it is in control of
inflation, the annual rate at which prices go up, which was much higher than
expected in May and far above levels seen in other countries.

 

Mortgage repayment interest table

Prime Minister Rishi Sunak is also under pressure to tackle the problem,
having vowed to halve inflation by the end of the year.

 

On Thursday he said the job "has got harder" but added he was "totally 100%
on it".

 

"Rooting out inflation is not easy. It requires difficult decisions," he
said.

 

He added people's weekly shop had "gone up far too much" and the government
would make sure supermarkets behaved "responsibly and fairly".

 

In a letter to Mr Bailey, Chancellor Jeremy Hunt said he would meet
regulators next week to discuss how it can make sure falls in wholesale
costs are passed onto customers. It comes after supermarkets have been
accused of making too much money from rising food prices.

 

However, they have denied profiteering, with the British Retail Consortium
saying stores are working to keep prices "as low as possible".

 

Shadow chancellor Rachel Reeves said families would be "desperately worried
about what today's interest rate rise might mean for them".

 

Ewan

Ewan Cameron bought a flat in London two years ago and has just managed to
secure a new fixed-rate mortgage deal, but not before he had two mortgage
offers pulled.

 

He has now got to find an extra £400 a month to pay for his home, and is
considering renting out the spare room to help pay for it.

 

'I moved abroad to save but still can't afford a mortgage'

In theory raising interest rates makes it more expensive to borrow money,
meaning people have less to spend. This makes it harder for firms to raise
prices.

 

However, the process also drags on the UK economy, which is struggling to
grow. Higher rates are also forcing mortgage lenders - who are affected by
the Bank's decisions - to put up their own rates.

 

Matt Smith, a mortgage expert at property portal Rightmove, said the rate
rise would not be "much of a shock" to lenders.

 

He said the Bank had opted for a large hike in part to reassure the
financial markets - though it remained to be seen whether it would work.

 

"If today's news does provide some reassurance, then we'd hope to see some
stability return to the mortgage market which will help those looking to
take out a mortgage this year to plan ahead," he said.

 

There have been calls for the government to step in and help homeowners, but
Mr Hunt and Mr Sunak have so far dismissed suggestions that ministers could
intervene.

 

However, Mr Hunt is set to meet with banks on Friday as pleas grow for more
to be done.

 

Labour has also said it would not intervene. But it has said the government
should force banks to help homeowners struggling with mortgage payments, for
instance by allowing them to switch to interest-only payments for a
temporary period.

 

Consumer champion Martin Lewis has warned "a mortgage ticking time bomb is
now exploding".

 

The Bank's Monetary Policy Committee (MPC), which sets UK rates, voted 7-2
in favour of a half percentage point rise - its biggest hike since February.

 

Two members of the committee voted to keep rates on hold.

 

In a letter to Mr Hunt, Mr Bailey said that overall inflation was still set
to fall "significantly" during the course of the year as energy prices come
down.

 

But he added that the Bank would continue to monitor inflation closely, and
would raise rates further if necessary.

 

Interest rates remain the Bank's primary tool to lower inflation, despite
debate over their effectiveness.

 

The Bank said it was "continuing to monitor closely the impact" of the
significant increase in the Bank rate so far.

 

It added that given the number of people yet to come off fixed-rate mortgage
deals, the full effect of recent rate rises would "not be felt for some
time".

 

Cost of living: Tackling it together

What do I do if I can't afford to pay my debts?

It is important that you do talk about financial difficulties before finding
yourself in a spiral of debt. The earlier, the better.

 

If you think you cannot pay your debts or are finding dealing with them
overwhelming, seek support straight away. You are not alone and there is
help available.

 

A trained debt adviser can talk you through the options available.-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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