Major International Business Headlines Brief::: 20 March 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 20 March 2023 

 


 

 


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

 


 

 


 

ü  UBS agrees 'emergency rescue' of Credit Suisse

ü  Central banks to boost flow of US dollars amid market unease

ü  Heathrow security to strike for 10 days including Easter

ü  Covid tests for China travellers to England ending

ü  South of Scotland Enterprise chief 'incredibly proud' of first three
years

ü  Africa: UK Earmarks £10m for Energy Solution in Sub - Saharan Africa

ü  Rwanda's Airport Among 10 Best in Africa, Third Best in Region

ü  Nigeria: Emirates Cries Out Over $85m Trapped Funds

ü  South Africa: Load Shedding to Be Suspended Where Possible

ü  Kenya - Dollar Shortage Hits Motorists and Traders

ü  Central African Nations Vow to Reduce Imports to Spur Job Creation

ü  Tanzania: How Modern Technology Helps Ease Water Blues in Tanzania

ü  Kenya: Stop Cage Poultry Farming, Lobby Tells Meat Companies

ü  Kenya Eyes More Than 7 Million Tourists in 5 Years

ü  Nigeria: Naira, Fuel Scarcity, Insecurity, Inflation Push 24m Nigerians
Into Hunger - FAO

 


 <mailto:info at bulls.co.zw> 

 


 

UBS agrees 'emergency rescue' of Credit Suisse

Troubled bank Credit Suisse has been rescued by its Swiss rival UBS in a
government-backed deal.

 

Sunday evening's announcement came after a weekend of emergency talks in
Switzerland between the two banks and the country's financial regulators.

 

The Swiss National Bank said the deal was the best way to restore the
confidence of financial markets and to manage risks to the economy.

 

The Bank of England said it welcomed the "comprehensive set of actions".

 

Credit Suisse shareholders were deprived of a vote on the deal and will
receive one share in UBS for every 22.48 shares they own, valuing the bank
at $3.15bn (£2.6bn).

 

At the close of business on Friday Credit Suisse was valued at around $8bn
(£6.5bn).

 

But the deal has achieved what regulators set out to do - secure a result
before the financial markets opened on Monday.

 

In a statement Switzerland's central bank said "a solution has been found to
secure financial stability and protect the Swiss economy in this exceptional
situation".

 

The federal government said in order to reduce any risks for UBS it would
grant a guarantee against potential losses worth $9.6bn (£7.9bn)

 

The Swiss central bank has also offered liquidity assistance of up to $110bn
(£90bn).

 

Global financial institutions were quick to praise the deal.

 

The Bank of England said it welcomed the "comprehensive set of actions" set
out by the Swiss authorities.

 

"We have been engaging closely with international counterparts throughout
the preparations for today's announcements and will continue to support
their implementation."

 

It said the UK banking system was "well capitalised and funded, and remains
safe and sound".

 

Central banks to boost flow of US dollars

The UK Treasury also said it welcomed the merger and the British government
would continue to engage with the Financial Conduct Authority (FCA) and the
Bank of England "as is usual".

 

The FCA said on Sunday it was "minded to approve" the takeover to support
financial stability as both UBS and Credit Suisse have operations in London.

 

"The FCA continues to engage closely with UK and international regulatory
partners to monitor market developments," the watchdog said.

 

Christine Lagarde, President of the European Central Bank, said she welcomed
the "swift action" of the Swiss authorities.

 

"They are instrumental for restoring orderly market conditions and ensuring
financial stability.

 

"The euro area banking sector is resilient, with strong capital and
liquidity positions," Ms Lagarde said.

 

The comments from the European Central Bank President were echoed in the US.

 

Treasury Secretary Janet Yellen and Federal Reserve Board chairman Jerome
Powell both said the announcement by the Swiss authorities supported
"financial stability".

 

"The capital and liquidity positions of the US banking system are strong,
and the US financial system is resilient", they said.

 

Credit Suisse has become the latest and most important casualty of a crisis
of confidence that has already seen the failure of two mid-sized US banks
and an emergency industry whip-round for another. But this is different.
Switzerland's second biggest lender was considered one of the top 30 most
important banks in the world - which is why this takeover was rushed through
by the Swiss authorities.

 

Although the reasons for each failure differ slightly, the main factor has
been a sharp rise in global interest rates which has hit the value of even
safe investments that banks keep some of their money in. That has spooked
investors and seen the share prices of all banks fall with those considered
weakest hit hardest.

 

The financial authorities in the EU, US and UK are saying they support this
deal, stressing that banks are strong and people's savings and deposits are
safe. The acid test as to whether this Swiss rescue has calmed nerves in the
financial world will be when financial markets open on Monday - which is why
it was so important to get this done on Sunday night.

 

Speaking in the Swiss capital Bern following Sunday night's announcement,
UBS chairman Colm Kelleher said Credit Suisse was a "very fine asset we are
determined to keep".

 

"This acquisition is attractive for UBS shareholders but, let us be clear,
as far as Credit Suisse is concerned, this is an emergency rescue," he
added.

 

Mr Kelleher said UBS would be running down the investment banking part of
Credit Suisse.

 

The UBS chairman said it was "too early" to say what would happen about
jobs: "We need to do this in a rational way thoughtfully, when we've sat
down and analysed what we need to do," he said.

 

The weekend deal comes after an emergency $54bn (£44.5bn) lifeline from the
Swiss National Bank on Wednesday failed to reassure markets and Credit
Suisse shares tumbled 24%, prompting a wider sell-off on European markets.

 

The 167-year-old bank is loss-making and has faced a string of problems in
recent years, including money laundering charges.-bbc

 

 

 

Central banks to boost flow of US dollars amid market unease

Central banks have moved globally to keep credit flowing after an unsettled
period in the US banking sector and the Credit Suisse merger.

 

Six central banks, including the Bank of England, announced they would boost
the flow of US dollars through the global financial system.

 

On Sunday the struggling Credit Suisse was taken over by UBS in a Swiss
government-backed deal.

 

The US dollar liquidity "swap line" arrangement will run from Monday.

 

In a statement the Bank of England, Bank of Japan, Bank of Canada, the
European Central Bank, US Federal Reserve and Swiss National Bank launched
the co-ordinated action to "enhance the provision of liquidity".

 

The announcement said it served as an "important backstop to ease strains in
global funding markets" and to lessen the impact on the supply of credit to
households and businesses.

 

Instead of borrowing on the open market, British banks will be able to go
direct to the Bank of England, and it will borrow from the US Federal
Reserve.

 

It will work in the same way for banks in the eurozone, Canada, Japan,
Switzerland and the US.

 

Banks will be able to access this funding on a daily basis.

 

The arrangement, adopted during the 2008 financial crisis and the Covid
pandemic, will start on Monday and continue until "at least through the end
of April", the Bank of England said.

 

Is this a banking crisis - how worried should I be?

Global banking stocks slumped following the collapse of Silicon Valley Bank,
despite reassurances from President Joe Biden the US would do "whatever is
needed" to protect the banking system.

 

Since SVB's collapse, the smaller Signature Bank also fell by the wayside
and First Republic needed rescuing.

 

The announcement of "co-ordinated action" by six of the world's biggest
central banks shows how serious is the more general nervousness about the
fragility of the global banking system.

 

The facility hasn't been used in the UK since the financial pains at the
onset of the pandemic exactly three years ago. This is not as dramatic a
move as, for example, the Bank of England had to deploy after the
mini-budget last autumn. But it is a clear sign that, although the past week
has been dominated by specific issues in identifiable banks, the fall of a
former giant such as Credit Suisse might be enough to ignite a more general
concern.

 

The fear is less about the direct impact of problems at Credit Suisse or
Silicon Valley Bank, but instead that a set of common factors are affecting
some other institutions. For example non-insured deposits pouring out of
some institutions and into larger ones at incredible speed, without anyone
visiting a branch, thanks to technology, and influenced by social media
commentary. There has also been an uncertain response by some regulators.

 

The bigger picture is, as I have said before, that rapidly rising interest
rates were always going to set off some ticking timebombs under some
institutions, and in some murky corners of the financial plumbing, where the
players had started to become a little too reliant on very low interest
rates. This is now happening.

 

The more calming news is that, for example here, British banks are well
capitalised and have significant funding, or as the Bank of England put it
on Sunday "safe and sound". But the fact it has joined forces with its
counterparts around the world represents a show of force and an attempt to
prevent risks from spilling over.

 

In particular there is a concern that rising rates on the funds that banks
lend to one another could rapidly filter into the economy and have a very
real impact.-bbc

 

 

 

 

Covid tests for China travellers to England ending

Travellers flying into England from mainland China will no longer have to
provide proof of a negative pre-departure test from next month.

 

The change will come into effect on 5 April - exactly three months after the
measures started.

 

Ministers brought in controls after a spike in cases following Beijing's
relaxation of its zero-Covid policy.

 

Their removal comes after greater transparency from China, the government
said.

 

In a statement, the Department of Health and Social Care (DHSC) said that
there has been increased information on "testing, vaccination and genomic
sequencing results" on China's domestic disease levels.

 

The data indicates that Covid variants seen in China "continue to be the
same as those already circulating in the UK", it added.

 

The Chinese Centre for Disease Control and Prevention also reported that all
regions had passed their infection peak, the statement reported.

 

The DHSC also announced that the UK Health Security Agency's (UKHSA)
voluntary on-arrival testing programme of travellers from China to Heathrow
airport has come to an end.

 

Heathrow sees busiest January since start of Covid

Relics of zero-Covid dot China as life moves on

The temporary testing programme was implemented in January. The government
said its aim was to improve Covid surveillance of travellers arriving at
London's main airport from China by helping to detect potential new
variants.

 

The government said an average of 99 people per flight had been tested,
totalling 3,374 passengers.

 

During that period, 14 positive cases were identified, but none was deemed
to be a variant of concern.

 

The DHSC said from Friday, 17 March "passengers aged 18 or over travelling
from mainland China and arriving at Heathrow Airport will no longer be
invited to take a voluntary test on arrival".

 

"The ending of this enhanced surveillance is in line with international
partners such as the EU who are reducing border measures to monitor new
variants from China" .

 

Officials said the government would maintain a range of contingency measures
to "enable detection, and swift and proportionate action, for potential new
harmful variants" should the need arise.

 

Last December, ministers confirmed that passengers arriving to England from
China would have to provide a negative Covid test before they boarded their
flights.

 

The Chinese government was reporting about 5,000 cases a day at the time,
but analysts said the numbers were vastly undercounted - and that the daily
caseload could have been closer to one million.

 

Other countries around the world such as the US, France India also
implemented testing.

 

While the decision only affected English airports, the government said that
despite their being no direct flights from China to Scotland, Wales or
Northern Ireland, that it was working with the devolved administrations to
ensure the policy was applied UK-wide.

 

In January, China reopened its borders to international visitors for the
first time since it imposed travel restrictions in March 2020 while
officials declared later that month that the country's current wave of
Covid-19 infections was "coming to an end".

 

China's National Health Commission stopped publishing data on Covid cases
and deaths on 25 December after the relaxation of its zero-Covid policy and
in February declared a "decisive victory" over the pandemic.-bbc

 

 

 

South of Scotland Enterprise chief 'incredibly proud' of first three years

After years of fighting for it, South of Scotland Enterprise (SOSE) could
hardly have started at a worse time.

 

It was officially launched on 1 April 2020 - just days after the Covid
pandemic reached the UK.

 

Closing in on three years in existence, chief executive Jane Morrison-Ross
said she was "incredibly proud" of how things had gone.

 

But what impact has it had on the area it serves - Dumfries and Galloway and
the Scottish Borders?

 

"We've been trying to build our foundations as we go, which is always
difficult, but during the first year there was no time and no capacity to do
the normal things," Ms Morrison-Ross said.

 

She said that, in many ways, it meant SOSE was still like a start-up
organisation.

 

Nonetheless, she said it was felt it had made a significant impact across
southern Scotland.

 

"It's not all about the amount of grant or loan funding because some of the
smaller amounts make an absolutely transformational difference," she said.

 

"Some of the things I think that we, as a team, are most proud about or see
the greatest impact from are things like the investment at Kirkhope
Steading."

 

Working with the Ettrick and Yarrow Community Development Company SOSE has
turned the building into homes and business workshops.

 

"Something like that brings new families into a community that is worried
about depopulation," Ms Morrison-Ross said.

 

"It brings new jobs in, it brings new start-ups and then it brings new
children into the primary school."

 

Among the other initiatives supported have been:

 

Carbon Capture Scotland - a Crocketford company aiming to create up to 500
jobs

Hilltop Leaf - the medicinal cannabis firm in Dumfries and Galloway

VR-EP - a Galashiels-based business developing a virtual reality device to
provide a better understanding of dementia

Bubblefo - creating equipment to help children with respiratory and chronic
chest conditions

There have been regrets too.

 

"We obviously came out of Covid and went straight into the cost-of-living
crisis, energy crisis, impacts of changes to international import-export
laws and everything else and that's been really difficult," said Ms
Morrison-Ross.

 

"There are businesses that we've lost across the south of Scotland because
we couldn't step in with the kind of support that was needed to help them
through six months of energy bills that increased, in some cases, several
hundred per cent.

 

"That's frustrating, you know. To try and support all 11,000 plus businesses
in the south, it would have taken unprecedented levels of support.

 

"It's awful to see businesses that are a key part of the supply chain
struggle and, in some cases, close."

 

There was also a £4.8m investment in PPE firm Alpha Solway which did not end
up as hoped with the company ultimately closing one of its Dumfries plants.

 

"I think investments like that are difficult," Ms Morrison-Ross admitted.

 

"There's no right answer - if we hadn't made the initial investment, then
there wouldn't have been the the supply, the capacity there to be able to
meet the PPE challenges during Covid.

 

"And, although it's not the outcome we would have wanted, Alpha Solway
played a huge part in meeting the challenges during Covid of keeping people
safe and supplying that PPE."

 

'Brilliant team'

It is a learning process which is still ongoing.

 

"I think sometimes you have to take a small risk to make the right
decisions," she said.

 

"We're not going to be right every time, but we are going to learn as we
go."

 

And what would she say to companies who might think of SOSE as a closed shop
or an organisation that was not for them?

 

"I usually just say give us a call, speak to us," she said.

 

"We do have a brilliant team right across the south and we've got people
with expertise in almost every area area you can think of.

 

"You've got nothing to lose. Just give us a phone and we'll do whatever we
can to help."-bbc

 

 

Africa: UK Earmarks £10m for Energy Solution in Sub - Saharan Africa

Abuja — The United Kingdom has earmarked a £10 million grant for innovators
in Sub-Saharan Africa, South Africa and South East Asia to address the
energy situation in the benefitting countries.

 

Speaking at an Energy Catalyst meeting yesterday in Abuja, Knowledge
Transfer Manager for the Innovate UK Nigeria, Mr. Joshua Adedeji, said the
programme was designed to ensure access to affordable, reliable, sustainable
and modern energy for all.

 

He added that it was one of the UK's biggest energy access focused grant
funding initiatives, saying the objective of the programme was to look out
for innovations that could end energy poverty in benefitting countries.

 

 

Adedeji said the mission of the energy catalysts was to accelerate the
intervention needed to meet Sustainable Development Goal 7 by providing
financial and advisory support to innovators.

 

He explained that transforming energy access was to speed up access to
affordable, clean energy services for poor households, enterprises and
social institutions in Official Development Assistance eligible countries.

 

Adedeji said: "One thing we do with this programme is to ensure that
organisations are able to bring in their ideas, their solutions and utilize
the funds that are available. It is a £10 million fund that people can apply
for. The fund is open till June this year."

 

He said to qualify for the grants, innovators must look for partners from
the UK and present their proposals, stressing that the project must address
transforming energy access and clean energy.

 

Adedeji added: "We are particularly keen to receive projects which focus on
the Indo-Pacific region. It must support the development, testing or scale
up of innovative technologies or business models.

 

"A clear social or economic benefit in sub-Saharan Africa, South Asia or the
Indo-Pacific Region is required. Creating new energy access in unserved
regions, improving existing access to provide a more reliable service."

 

On his part, the President of the Renewable Energy Association of Nigeria,
Mr. Ayo Ademilua said the intervention would boost clean energy access in
the country.

 

He said the association would mobilize its members across the country and
connect them with partners in the UK to benefit from the grant.

 

-This Day.

 

 

 

Rwanda's Airport Among 10 Best in Africa, Third Best in Region

Kigali International Airport has been ranked among the top 10 airports in
Africa by the SKYTRAX World Airport Awards 2023, because of its excellent
customer service and efficient operations.

 

The airport was also recognized as the third best regional airport in
Africa, the fifth cleanest airport in Africa and had the sixth best airport
staff in Africa, a testament to the airport's commitment to excellence and
customer satisfaction.

 

According to SKYTRAX, the airport has continuously worked towards improving
the quality of its services, which has paid off in the form of recognition
and appreciation from its customers.

 

The SKYTRAX World Airport Awards is an annual event that recognizes and
celebrates the best airports around the world based on customer experience,
services, and amenities offered.

 

The World Airport Awards began in 1999, when Skytrax launched its first
global, airport customer satisfaction survey. A central directive of the
survey is for customers to make their own, personal choices as to which
airport they consider to be the best.

 

 

The focus is to deliver a customer survey and airport awards process that is
independent, impartial and global, and this ethos remains essential to all
aspects of the survey and awards process.

 

Excellent customer service and efficient operations

 

Kigali International Airport is recognized for its excellent customer
service and efficient operations, which have made it a popular choice among
travelers.

 

The airport's commitment to innovation and technological advancements has
also played a significant role in its success, it has implemented several
digital solutions, such as the pathogen monitoring program acting as a
public health radar, to streamline the passenger experience and enhance
safety and security measures.

 

There is also a state-of-the-art Bird Collision Avoidance System, to
eliminate the risk of bird strikes, advanced weather forecasting instruments
and up to date air traffic interface management technologies.

 

The airport prioritized sustainability, with its efforts to reduce its
carbon footprint and promote eco-friendly practices.

 

The recognition from the SKYTRAX World Airport Awards 2023 is a testament to
Kigali International Airport's commitment to excellence and innovation. The
airport has consistently improved its services and facilities, ensuring that
passengers have a comfortable and enjoyable travel experience.

 

The SKYTRAX World Airport Awards 2023 named Cape Town International Airport
as the best airport in Africa. It is followed by King Shaka International
Airport and OR Tambo International Airport in second and third place,
respectively.

 

Other airports that made it to the top 10 include Mohamed V International
Airport, Sir SR International Airport, Marrakech Menara Airport, Bole
International Airport, Jomo Kenyatta International Airport, and Bram Fischer
International Airport, respectively.

 

The SKYTRAX World Airport Awards is a prestigious event in the aviation
industry, and the recognition given to Kigali International Airport and
other African airports is a reflection of the continent's potential in the
aviation industry.

 

African countries are investing heavily in their airports and this
recognition is a step towards making Africa a significant player in the
global aviation industry.

 

-New Times.

 

 

 

 

Nigeria: Emirates Cries Out Over $85m Trapped Funds

Emirates Airlines Friday expressed displeasure over the delay in clearing
its outstanding funds trapped in Nigeria.

 

The Middle East carrier and one of the major foreign airlines operating to
Nigeria had in November last year suspended flights to Nigeria indefinitely,
citing the inability to repatriate its trapped funds amounting to $85m at
the time.

 

The airline had claimed that its share of the $260m approved by the Central
Bank of Nigeria (CBN) is yet to be released.

 

However, Friday the airline said five months after it suspended flight
operations "to and from Nigeria," it has seen "little progress in the
clearing of our backlog of funds."

 

 

Emirates' statement sent to our correspondent through its media consultant
in Nigeria came a few days after the International Air Transport Association
(IATA) submitted an official letter to the Minister of Aviation, Senator
Hadi Sirika seeking his intervention on the trapped funds, which have now
increased to over $740million, the highest airline funds to be trapped in a
single country in the world.

 

Sirika had assured IATA representing global airlines that he would take up
the matter with President Muhammadu Buhari.

 

However, Emirates yesterday said it had a substantial balance of blocked
funds that have yet to be repatriated, saying, "the progressive clearing of
our backlog remains beset with constant delays."

 

"We acknowledge that the wider aviation industry and the local value chain
it supports in Nigeria face a similar market reality. However, unless there
is a committed strategy by the local authorities to deliver concrete action,
air services for travellers, for businesses seeking global market
opportunities and for investments--all supported through air transport and
critical to Nigeria's economic recovery - will continue to dwindle," the
statement noted in part.

 

-Daily Trust.

 

 

 

South Africa: Load Shedding to Be Suspended Where Possible

Due to some recovery in generation capacity, Eskom says it will suspend load
shedding where possible over the weekend.

 

In a statement on Friday, the power utility said that due to some recovery
in generation capacity over the past 48 hours and lower expected demand,
load shedding will be reduced to Stage 1 from 5 am on Saturday until 4pm.

 

Thereafter, load shedding will be increased to Stage 2 until 5 am on Sunday.

 

"Load shedding will be suspended on Sunday between 5 am and 4 pm Thereafter,
Stage 1 load shedding will be implemented from 4 pm on Sunday until 4 pm on
Monday. Stage 2 load shedding will be in force from 4 pm on Monday until 5
am on Tuesday.

 

"Load shedding will then again be suspended from 5 am on Tuesday until 4 pm,
thereafter Stage 2 will be implemented until further notice," said the power
utility.

 

-SAnews.gov.za.

 

 

 

 

Kenya - Dollar Shortage Hits Motorists and Traders

Kenya's economy is grappling with a shortage of foreign exchange reserves.
As consumers feel the pain, bigger structural problems remain, and experts
say relief might not come any time soon.

 

Kenya, the most dynamic economy in East Africa, has a shortage of dollars.
Most fuel and oil importers claim they cannot import the commodities because
of the dip in the supply of foreign exchange.

 

This has led to fuel shortages in major places around the country especially
the capital, Nairobi, where motorist Ibrahim Ngaumbua waits in a long line
to fill up.

 

"This is the third petrol station that I have come to," he complains. "I am
looking for fuel."

 

But this Shell filling station has run out of regular petrol, but the more
expensive V-Power fuel is still available.

 

"I just decided to fuel V-Power but I don't know where I can get the regular
petroleum anymore," he told DW.

 

 

Domino effect

 

The dip in Kenya's forex reserves is being blamed for the current crunch
hitting Kenyan consumers. The first to feel the pain are traders and
motorists trying to fill up, with some filling stations running out of
petrol and diesel, especially in Nairobi.

 

Because Kenya's oil and fuel importers use US dollars to buy fuel, the forex
shortage has had a direct impact on the country's fuel supplies, and by
extension, the country's supply chain.

 

But it has has also impacted essential imports such as medicine and food.
With insufficient hard currency, both major and small-scale traders claim
they cannot import goods.

 

Businesses hit

 

"Most of our things are now expensive, and we need something to be done,"
says businesswoman Esther Mbone.

 

With fewer dollars in reserve, the exchange rate to buy dollars with Kenyan
shillings has increase, in some cases by over 10%.

 

 

Kenya's declining forex reserves -- which have hit 8-year lows -- has also
put the Kenyan shilling under intense pressure against other major
currencies.

 

But the government says there is no cause for alarm, saying there are still
enough reserves of hard currency. But the Central Bank of Kenya has directed
commercial banks to ration dollars to protect reserves.

 

For businessmen like vehicle importer Edward Gachani, not being able to
access the necessary amounts of hard currency is crippling his work, and
makes it difficult for him to settle financial obligations with foreign
business partners.

 

"The prices have really shot up not because the prices in Japan or the other
side have gone very high but because of the dollar, the exchange rate," he
told DW.

 

With the plummeting shilling, business operations, investments, and economic
growth are also poised to decline, according to Martin Chomba, a Kenya-based
economist.

 

 

"Some Oil Marketing Companies are unable to raise as much dollars as they
want. We believe this is the issue that the government is trying to address,
in terms of government-to-government procurement so that we can ease the
pressure that the shilling is getting from the dollar," he told DW.

 

The thirst for dollars

 

The cause of the dollar shortages has been attributed to various factors --
including declining exports, high import bills and reduced remittances --
leading to some firms seeking foreign currency in neighboring Tanzania.

 

Forex analysts, like Wohoro Ndoho, warn the situation could worsen without
decisive action. One of the problems, according to Ndoho, is that African
countries with "aggressive infrastructure expansion" have become "indebted
in an environment where the balance of trade in terms of trade actually have
deteriorated significantly," he told DW.

 

"In African countries with a very low production capacity of their own, it
makes them not just net importers, but fairly significant importers of just
about everything, from manufactured goods, to even consumables So much of
our lifestyle depends on imports," he told DW.

 

And because the US dollar is a favored hard currency of international trade,
the demand in Kenya for dollars to buy imported goods has remained high.

 

Additionally, the Kenyan shilling's depreciation is increasing import costs
and living expenses, affecting business profitability and economic growth.
It may also hinder the government's ability to meet its external debt
obligations.

 

For Ndoho, there is a long-term, albeit difficult, solution.

 

"As a middle-income country, our appetite for imports has only grown. Until
we see structurally change the economy from a consumer economy into a
producing and export economy," Ndoho said.

 

In the meantime, the Kenyan Central Bank easing interest rates could provide
short term relief.

 

 

 

 

Central African Nations Vow to Reduce Imports to Spur Job Creation

Yaoundé, Cameroon — Leaders of Central African states meeting Friday in
Cameroon announced reductions and bans on some imports to encourage local
production and create jobs.

 

The leaders from Cameroon, the Central African Republic, Chad, Equatorial
Guinea, Gabon, and the Republic of Congo say the ongoing economic slowdown
is stifling development, increasing food and fuel prices, and making living
conditions unbearable for a majority the region's 55 million people.

 

Daniel Ona Ondo, president of the Central African Economic and Monetary
Community, CEMAC, said conference attendees decided that Central African
states will tackle the crisis by reducing or stopping imports of clothing,
food, and manufactured goods, mostly from China, Russia, Ukraine, and the
European Union.

 

Ondo said Central African states will produce goods and grow food locally to
boost their economies following a severe recession triggered in 2015 when
the international price of oil dipped below $50, forcing many oil exporting
countries to scale back production.

 

 

He said in 2019, the COVID-19 pandemic triggered one of the largest global
economic crises in the world, and in 2022, Russia's war in Ukraine provoked
extreme price shocks and disruptions in the supply of food crops and oil in
Central Africa.

 

Ondo said CEMAC, through its financial reforms program, is allocating about
$5 million for projects, including import substitutions, over the next five
years. He said the funds will be raised through contributions from member
states and loans.

 

Before Russia's invasion of Ukraine, Central African states relied on Russia
and Ukraine for 80 percent of their wheat imports and 60 percent of
petroleum products. Russia's invasion caused disruptions in supply and price
hikes, including a 40 percent spike in the cost of fuel.

 

CEMAC said most of the imported products could be grown locally.

 

Cameroon's President Paul Biya, outgoing chairperson of the CEMAC Conference
of Heads of State, said solidarity is needed among CEMAC member states to
put an end to several crises that are making living conditions difficult and
causing despair among civilians.

 

Biya said CEMAC member states that are still reluctant to reduce imports
should open their borders for the free movement of goods and people, which
is necessary in speeding economic growth and development.

 

He also said CEMAC members want to establish resilient, stable and
prosperous communities at home.

 

The leaders agreed to continue negotiations to merge the 11-member Economic
Community of Central African States (ECCAS) with the six-member Central
African Economic and Monetary Community (CEMAC) in a move to boost trade and
growth.

 

ECCAS consists of all CEMAC member states plus Angola, Burundi, the
Democratic Republic of Congo, Rwanda, and Sao Tome and Principe.

 

- VOA.

 

 

 

Tanzania: How Modern Technology Helps Ease Water Blues in Tanzania

AS part of efforts to increase access to safe and clean water, Prime
Minister Kassim Majaliwa said the government has adopted an innovative
approach involving the use of modern technology to get water from a variety
of sources.

 

He stated that the government is implementing several important projects in
the country by tapping water from rivers such as Ruvuma, Ruaha, Rufiji,
Ruvu, and Malagarasi and lakes -- Victoria, Tanganyika, and Nyasa where they
ensure that the nearest residents have access to the liquid.

 

"It is our intent to continue to use these sources as well as others to
ensure that Tanzanians have access to clean and safe water," Mr Majaliwa
said at the inauguration of the water supply system construction project
between Makongo and Bagamoyo Town.

 

 

The Makongo-Bagamoyo project, he said, will benefit 37,200 residents in the
areas from the Ardhi University to Bagamoyo Town. And, for those who do not
get enough water due to their geographical location, the tanks located at a
high altitude will help them get the liquid through the scheme.

 

Further, the Premier stated that the government has taken various measures
to improve access to water services in Dar es Salaam and throughout the
country. There are currently 590 million litres of water sourced in Dar es
Salaam, while the demand stands at 544 million litres.

 

"Therefore, there is surplus in Dar es Salaam, but there are challenges for
those who are not connected to the precious liquid services, making it
crucial for authorities to address this issue," he noted.

 

 

In strengthening water access services in the country, he said the
government continues to implement other projects to ensure that many people
are reached and connected, including a scheme in 28 towns that will cost 500
million US dollars (about 1.073tri/-).

 

He explained that in addition to strengthening water access services, other
government-led projects are being implemented to ensure many people have
access to clean water. It includes a water project in 28 towns that will
cost 500 million US dollars (about 1.073tri/-).

 

Mr Majaliwa said the project will benefit the towns of Kaliua, Urambo,
Kayanga, Chunya, Manyoni, Makambako, Sikonge, Njombe, Kasulu, Nanyumbu,
Kilwa Masoko, Rujewa, Mugumu, Muheza, Geita, Chato, Singida, Kiomboi,
Mpanda, Chemba, Pangani, Ifakara, Songea, Mafinga, Chamwino, Wanging'ombe
and Handeni.

 

He said the water project in Tinde and Shelui townships via the main water
pipe from Lake Victoria to Nzega and Igunga districts, Tabora Municipal,
Misigiri and Iguguno townships to Singida Municipal has so far cost
24.47bn/- and is still being implemented.

 

 

"We have a water project in the districts of Busega, Bariadi and Itilima,
the government has continued to implement the project to ensure that Simiyu
Region and all its districts get water. This project will cost 440bn/-," he
said.

 

Another project is a clean water and environmental project in the Morogoro
Municipality, where the government is renovating Mindu Dam and increasing
the length of the dam's banks by 1.5 metres, repairing its water filter in
the Mafiga area, constructing water storage tanks, and constructing a new
system to deliver water to the city, for which more than 70 million Euros,
or 174bn/-, has been set aside, according to him.

 

In terms of providing water services to villages, he said it was progressing
well, with 77 per cent reached by 2021 and expected to rise further.

 

"Construction of 1,197 water projects to start providing services in 2,056
villages out of 12,319 villages, this is an ongoing work and will cost more
than 401bn/-," he said.

 

He added, "I have had the opportunity to visit many water projects and see
the great work being done to ensure that all Tanzanians have access to
water."

 

Mr Majaliwa said the government decided to find a good way to deliver water
to the villages by creating Rural Water Supply and Sanitation (RUWASA) and
for Dar es Salaam Dar es Salaam Water and Sewerage Authority (DAWASA) its
goals are to conduct research and find out how much water is available in
different parts of the country and the government can allocate a budget for
water supply.

 

The Third National Five-Year Development Plan (FYDP III) 2021/2022-
2025/2026 has also focused on improving the availability and distribution of
water supplies and sanitation services in urban and rural areas, and the
protection of water sources and resource environment.

 

The key interventions highlighted in the plan include strengthening supply
infrastructures for clean and safe water, establishing and strengthening the
Community-Based Water Supply Organisations (CBWSOs) for enhancing the
sustainability of rural water supply and sanitation services and promoting
appropriate technologies for further treatment of effluent and sludge for
recycling and re-use purposes.

 

-Daily News.

 

 

 

Kenya: Stop Cage Poultry Farming, Lobby Tells Meat Companies

Nairobi — An animal protection lobby group is condemning poultry cage
farming, which it says is inhumane.

 

World Animal Protection Africa Campaigns Manager Victor Yamo said that it is
unfortunate for firms to mistreat animals such as chickens.

 

"No animal should be kept in cages, unable to express their natural
behaviours and experiencing huge suffering. These inhumane systems cannot be
the future of Kenya farming," Yamo said.

 

"we are committed to maintaining the position as a world leader in farm
animal welfare and want to improve and build upon that record, working in
partnership with farmers to support healthier, higher welfare animals," he
added.

 

 

Studies show that caging animals is cruel and inflicts extreme pain on them.

 

Such animals cannot control their lives and, among other things, experience
extreme frustration.

 

Only five months ago, Kentucky Fried Chicken (KFC) banned all caged farming
and terminated contracts with suppliers who practiced this inhumane
practice.

 

In a statement last year, KFC's Managing Director called for the meat
players in the world to stop using chickens that have been crammed into wire
cages, living and treading in their excrement, where they can't walk or
spread their wings.

 

The conditions in which chickens are raised for their flesh are far less
publicized than those in which they are raised for eggs.

 

A BBC documentary found that 34,000 chickens that were supplied to KFC were
penned in a shed with few windows.

 

They were also given drugs that caused them to grow so quickly that their
legs were unable to keep up, resulting in crippling leg deformities.

 

The chicks' beaks are cut with hot wires without painkillers, and after 35
days of living hell, they are grabbed upside down by their frail legs,
thrown into crates, and sent to slaughter, where their throats are slit.

 

They are then dropped into tanks of scalding-hot water to remove their
feathers, often while they are still conscious and able to feel pain.

 

The farmer in charge claims it's 'a very good life'. And KFC claims all
their suppliers "meet or exceed UK and EU welfare requirements."

 

The European Commission plans to ban cages for all farmed animals,
potentially by 2027.

 

-Capital FM.

 

 

 

Kenya Eyes More Than 7 Million Tourists in 5 Years

Kakamega — The Kenyan government is keen on increasing the number of tourist
arrivals to more than five million in the next five years.

 

In 2022, the country received over 1.4 million visitors, earning Sh268
billion.

 

This was an improvement from the 870,000 visitors who came to Kenya in 2021.

 

The Tourism State Department's Principal Secretary, John Ololtuaa, says the
tourism sector contributes to the country's Gross Domestic Product (GDP),
noting that arrivals will grow revenue for job creation, improvement of
infrastructure, among other things.

 

 

The PS spoke in Kakamega during the 3rd Edition of the Kenya Cultural,
Tourism, and Food Festival, where he said part of the strategies will be
incorporating counties to identify unique tourism products to develop and
market them internationally.

 

"We are mapping out product diversification. We want to look at each and
every county in Kenya on what they can offer. We are working with the
council of governors and also linking up with all the governors so that we
develop what is unique and what is special in each and every county," he
noted.

 

The PS mentioned the crying stone of Kakamega, the Kakamega tropical rain
forest, the Nabongo Mumia Cultural Centre, bullfighting, and cockfighting as
some of the unique products the government is now focusing on.

 

To uplift domestic tourism, the PS said the government, through a bottom-up
approach, will strategize on how to subsidize rates for domestic tourists to
be able to visit and enjoy Kenya's cultural heritage, National Reserves, and
Game Parks and enjoy accommodation at cheaper rates they can afford.

 

"We are also targeting the Kenyan diaspora, we have many Kenyans abroad and
we are targeting through the embassies so that we talk to them to promote
the image of Kenya and have the visitors coming and also for them to come to
Kenya for holiday as tourists," He added.

 

-Capital FM.

 

 

 

Nigeria: Naira, Fuel Scarcity, Insecurity, Inflation Push 24m Nigerians Into
Hunger - FAO

Protracted insecurity, fuel scarcity, naira redesign policy and consistent
high price of food commodities have been identified as key drivers that are
pushing over 24 million Nigerians into food and nutrition insecurity.

 

While the withdrawal of the old currency notes form circulation constituted
a bottleneck to households' ability to access cash as well as food
commodities, the prolonged scarcity of petrol, and the associated hike in
pump price across the states on the other hand, has led to astronomical rise
in transport fares and cost of food products in Nigerian markets beyond
affordability.

 

 

An analysis done by the Food and Agriculture Organisation of the United
Nations (FAO) together with the Ministry of Agriculture and Rural
Development and other development partners has revealed.

 

The results show that insecurity especially, insurgency in the north-east
states, mostly in Borno, Adamawa and Yobe states; armed criminality and
banditry in some north-west states (Sokoto, Katsina, Zamfara and Kaduna), as
well as north-central states of Benue and Niger are also responsible for the
hunger.

 

High food inflation as evident in soaring food commodity has limited
households access to food as well as lack of employment and reduction in
household income due to the long-term effect of COVID-19 pandemic are also
culpable.

 

The March 2023 Cadre Harmonise (CH) analysis conducted in 26 states and the
Federal Capital Territory (FCT) precedes a period of multiple shocks which
affected livelihoods of many households last year.

 

 

The overall figures show that 24.8 million people including 18,000
Internally Displaced Persons (IDPs) are expected to be in crisis (CH phase
3) or worse between June and August 2023 in those states.

 

While the analysis indicates that about 17.7 million people including 14,
000 IDPs are currently in acute and nutrition insecurity from March through
May 2023.

 

In addition, 4.1 million of this population in Borno (1.9 million) Yobe (1.2
million) and Adamawa (1 million) states are projected to be phase 3 between
June and August 2023.

 

FAO country representative to Nigeria and ECOWAS, Fred Kafeero during the
release of CH result in Abuja yesterday expressed worry of further increase
vulnerability to food and malnutrition during the lean season.

 

According to Kafeero, Nigeria needs to re-commit and use available means and
resources to mitigate further deterioration of the food security situation
in the country.

 

For this reason, FAO said it has continued to support the government in
leading the implementation of CH processes nationally, both in terms of
funding as well as technical support, despite resource limitations and
competing demands.

 

The permanent secretary, ministry of agriculture and rural development, Dr
Ernest Umakhihe assured partners of governments' commitment to upholding the
outcome and recommendations arising from the result with a view to enhancing
the food and nutrition security situation in the concerned states through
objective intervention programme.

 

The permanent secretary, who was represented by the director, department of
planning and policy coordination, Ibrahim Tanimu called on all participants
to contribute positively to the issues emanating from the results to enhance
its quality, usefulness and acceptability by the spectrum of stakeholders.

 

-Leadership.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Good Friday

 

April 7

 


 

Easter Saturday

 

April 8

 


 

Easter Sunday

 

April 9

 


 

Easter Monday

 

April 10

 


 

Independence Day

 

April 18

 


 

Workers’ Day

 

May 1

 


 

Africa Day

 

May 25

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

TSL

Fidelity

 


Willdale

FMHL

ZBFH

 


GetBucks

Zimre

Seed Co

 


 

 

 

 


 

 

 

 


 <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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