Major International Business Headlines Brief::: 22 March 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 22 March 2023 

 


 

 


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ü  The US interest-rate decision the world is watching

ü  Stocks rebound as US and UK seek to calm investors

ü  Bill Gates: AI is most important tech advance in decades

ü  Just Eat: Takeaway firm to cut 1,900 jobs in UK

ü  Zhao Weiguo: Chinese regulator accuses chip tycoon of corruption

ü  Bard: Google's rival to ChatGPT launches for over-18s

ü  Energy bill help drives UK borrowing to February record

ü  Africa: Countries Must Work Together to Stop Cross-Border Tax Evasion

ü  Nigeria: Shell Reports Sharp Fall in Nigeria Oil Spills After Shutdown

ü  Namibia: Farmers Urge Removal of Dumped Manganese

ü  Tanzania: Atcl Set to Acquire First Cargo Plane

ü  Tanzania: Samia Hailed for Lifting Up Port Sector

ü  Tanzania, India Trade Volume Notches Using Own Currencies

ü  Ghana: Construction of U.S.$20 Million Ministry of Foreign Affairs Annex
Begins

ü  Nigeria: Diesel Price Up 168% to N836.91 As Petrol Rises 54%

 


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The US interest-rate decision the world is watching

The global economy is facing a slew of problems - and all eyes are looking
in one direction: America.

 

Two banking failures in the US this month have raised fears about the health
of the financial system.

 

The collapses follow a sharp rise in global borrowing costs, led by the US,
which has shocked the world economy and raised worries about a painful
downturn known as a recession.

 

At the centre of the crisis is the US central bank.

 

Since last year, authorities at the Federal Reserve have been leading the
charge to raise interest rates, as they wrestle to rein in price increases
driving up the cost of living.

 

With risks to the economy rising, can that campaign continue?

 

Global bank stocks slump despite Biden reassurances

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

Just two weeks ago, Chairman Jerome Powell warned the bank might need to
raise interest rates further and faster than expected, citing concerns that
progress on stabilising prices was stalling.

 

The rate at which prices rise was 6% in the 12 months to February - far
higher than the 2% rate considered healthy.

 

But the recent banking turmoil has many investors betting the Fed will be
especially keen to avoid startling financial markets with a big move.

 

Many analysts expect officials to raise rates by 0.25 percentage points - or
perhaps hold off on an increase entirely.

 

Whatever the decision, Mr Powell is squarely in the hot seat - with little
chance of satisfying his many critics.

 

"This is probably the toughest decision the Fed has had to make in a while,"
says Ryan Sweet, chief economist at Oxford Economics, who is expecting a
0.25 percentage point increase.

 

He says Mr Powell will "have to play the two-handed economist perfectly",
convincing investors that the central bank can still raise rates to fight
inflation on the one hand, while using other tools to combat stress in the
financial system.

 

"The biggest challenge is going to be communication and the Fed doesn't have
a really good track record."

 

Mr Powell, a lawyer who was appointed to lead the Fed by former President
Donald Trump, already had work to do to restore credibility, after he
infamously described the price rises that started to hit America in 2021 as
"transitory".

 

The bank failures have added to the scrutiny, putting into focus costs from
the rapid rate rise campaign, while raising questions about whether the
Federal Reserve had been too lax in its oversight.

 

Elizabeth Warren

 

Senator Elizabeth Warren, a progressive Democrat who has long faulted Mr
Powell's response to inflation, has accused him of presiding over an
"astonishing list of failures", including faulty supervision.

 

She said this week she did not think he should remain in his post.

 

And though the reasoning is different, criticism of Mr Powell has also grown
louder on Wall Street and in Silicon Valley.

 

"The Fed should have reacted to inflation six months earlier, and then raise
rates more gradually. Instead they slammed on the breaks and now we have a
car crash," venture capitalist David Sacks wrote on Twitter in the wake of
the bank failures.

 

With outcry widening, the White House this week issued a statement affirming
US President Joe Biden's "confidence" in Mr Powell.

 

Mr Sweet said such an unusual step is a sign in part of a more toxic turn in
politics.

 

"I think on both sides, they're much more quick to criticise and point the
finger," Mr Sweet said.

 

Over the past year, the Fed has raised its key rate - what it charges banks
to borrow - from near zero to more than 4.5% - the highest level since 2007.

 

But strong hiring has helped the economy hold up better than many expected,
despite a sharp slowdown in the housing market and struggles in the tech
sector, where low borrowing costs had helped fuel growth.

 

Still, the recent banking panic is likely to push the US economy into
recession sooner than expected - and there is little doubt that pressure on
Mr Powell has increased, Mr Sweet said.

 

"Anytime you get any stress in the banking system all eyes turn to the
Federal Reserve."-bbc

 

 

 

Stocks rebound as US and UK seek to calm investors

Stock markets around the world have bounced back after the US and UK
governments again reassured markets about banks' stability.

 

Investors have recently been unnerved by a string of bank failures.

 

But US stock markets were higher after Treasury Secretary Janet Yellen
signalled the US government would protect people's deposits if another bank
collapsed.

 

In the UK, the FTSE closed 1.79% higher after gains in top bank shares.

 

NatWest, Prudential and Barclays shares gained about 5%, while Standard
Chartered and Lloyds also traded higher.

 

Ms Yellen said "the situation is stabilising, and the US banking system
remains sound" in a speech on Tuesday.

 

This follows the collapse of Silicon Valley Bank and Signature Bank earlier
this month.

 

The failures were triggered by depositors rushing to withdraw money after
anxiety over the banks' health.

 

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

And last week, a group of the biggest US banks raised $30bn (£24.5bn) in
funds for regional lender First Republic Bank, but its share price still
crashed by more than 45% on Monday.

 

Ms Yellen said the US intervention in the two bank collapses was necessary
to "protect the broader banking system", after promising that all depositors
in both banks would be protected.

 

She added that similar action could be taken if if the same happens to other
smaller banks, indicating that savers would not lose their money if another
bank were to collapse.

 

UK reassurance

Meanwhile, in the UK Chancellor Jeremy Hunt told MPs that the UK's financial
system is "fundamentally strong" after facing questions from Labour's shadow
chancellor Rachel Reeves.

 

Ms Reeves asked whether the system is "adequate to protect taxpayers and
depositors" and if the government can be confident that no other UK banks
are vulnerable to failure after Silicon Valley Bank UK's collapse.

 

There has also been further instability, including Swiss bank Credit Suisse
having to be rescued by rival UBS.

 

Mr Hunt said that markets are unsettled, but the UK financial system is
"fundamentally strong" and UK banks are have enough money - much more than
before the 2008 financial crisis.

 

"We continue to monitor the situation carefully," he added.

 

The Bank of England along with six central banks around the world, including
the US Federal Reserve, joined forces on Monday to help contain the spread
of the crisis by boosting dollar flows into the financial system.

 

It means that banks can borrow dollars from the central bank through the
course of the seven-day-a-week facility.

 

But so far, no banks have used the so-called swap line, suggesting that
stress levels in the UK banking system are currently low.-bbc

 

 

 

 

Bill Gates: AI is most important tech advance in decades

Microsoft co-founder Bill Gates says the development of artificial
intelligence (AI) is the most important technological advance in decades.

 

In a blog post on Tuesday, he called it as fundamental as the creation of
the microprocessor, the personal computer, the Internet, and the mobile
phone.

 

"It will change the way people work, learn, travel, get health care, and
communicate with each other," he said.

 

He was writing about the technology used by tools such as chatbot ChatGPT.

 

Developed by OpenAI, ChatGPT is an AI chatbot which is programmed to answer
questions online using natural, human-like language.

 

The team behind it in January 2023 received a multibillion dollar investment
from Microsoft - where Mr Gates still serves as an advisor.

 

But it is not the only AI-powered chatbot available, with Google recently
introducing rival Bard.

 

I was one of the first people to get access to Bard and my colleagues and I
are trying to put it through its paces.

 

So far it's given me a philosophical answer to the meaning of life.

 

It gave a competent potted history of Russia-China relations to a colleague
covering the meeting between President Putin and Xi Jinping - unlike
ChatGPT, Bard can access current affairs.

 

A programme editor asked it for a good running order for her news show.
Start with the biggest story of the day, Bard suggested, and end with a
musician or comedian. It also did a decent if generic job of a poem about
trees and blossom.

 

I haven't yet started trying to get it to be rude to me, or about others.
I'll report back on that


 

You can read more about it here.

 

Mr Gates said he had been meeting with OpenAI - the team behind the
artificial intelligence that powers chatbot ChatGPT - since 2016.

 

In his blog, Mr Gates said he challenged the OpenAI team in 2022 to train an
AI that can pass an Advanced Placement (AP) Biology exam - roughly
equivalent to an A-level exam - with the strict rule that the AI could not
be specifically trained to answer Biology questions.

 

A few months later they revealed the results - a near perfect score, he
said, missing only one mark out of 50.

 

After the exam, Mr Gates said he asked the AI to write a response to a
father with a sick child.

 

"It wrote a thoughtful answer that was probably better than most of us in
the room would have given," he said.

 

"I knew I had just seen the most important advance in technology since the
graphical user interface (GUI)."

 

A GUI is a visual display - allowing a person to interact with s and icons,
rather than a display that shows only text and requires typed commands.

 

Its development led to the Windows and Mac OS operating systems in the
1980s, and remains a key part of computing.

 

And Mr Gates says he believes AI tech will lead to similar advancements.

 

The Future of AI

Mr Gates, who co-chairs the charitable Bill & Melinda Gates Foundation,
called on governments to work with industry to "limit the risks" of AI, but
said the technology could be used to save lives.

 

"AI-driven improvements will be especially important for poor countries,
where the vast majority of under-5 deaths happen," he wrote.

 

"Many people in those countries never get to see a doctor, and AIs will help
the health workers they do see be more productive."

 

Some examples of this he gave include completing repetitive tasks such as
insurance claims, paperwork, and note-taking.

 

But in order for this to happen, Mr Gates called on a targeted approach to
AI technology in the future.

 

"Market forces won't naturally produce AI products and service that help the
poorest," he said. "The opposite is more likely.

 

"With reliable funding and the right policies, governments and philanthropy
can ensure that AIs are used to reduce inequity.

 

"Just as the world needs its brightest people focused on its biggest
problems, we will need to focus the world's best AIs on its biggest
problems."-bbc

 

 

 

 

Just Eat: Takeaway firm to cut 1,900 jobs in UK

Takeaway delivery firm Just Eat is to cut 1,870 jobs in the UK after a
slowdown in sales.

 

The firm said it would stop employing its own couriers and use contractors
instead, resulting in 1,700 job losses. 170 operational roles will also go.

 

The drivers and riders affected have been given six weeks' notice.

 

It comes after the company saw a 9% slump in customer numbers last year as
Covid rules eased and diners returned to pubs and restaurants.

 

The couriers affected work for Just Eat's "Scoober" service and are classed
as workers for the company, getting paid a fixed hourly rate, an uncapped
bonus and other benefits such as sick pay.

 

Most of the firm's delivery drivers are contractors who do not enjoy such
perks.

 

"We have proposed to transition away from the worker model for couriers,
which is a small part of our overall delivery operations - running in
certain parts of six UK cities," a spokeswoman said.

 

She added that the move would not affect Just Eat's services.

 

Cost of living: Tackling it together

Tips for finding a new job

Search beyond a 40-mile radius as hybrid and flexible working means you may
be able to work from home

Don't wait for a job to be advertised as not all jobs are made public

Focus on explaining you have the right skills rather than years in a role
when applying

Six tips for finding work - read more here.

 

.

Just Eat, which is the largest takeaway delivery company in Europe, has been
a prominent supporter of plans to hire its couriers in Europe as workers,
arguing this gave them benefits and more workplace protection.

 

Boss Jitse Groen had previously said the so called gig economy model came
"at the expense of society and workers themselves".

 

But while most of Just Eat's riders in the EU are classed as workers, more
than 90% of its meals in Britain are delivered by contractors.

 

The firm has said using workers rather than self-employed people in the UK
put it at a competitive disadvantage against rivals such as Deliveroo and
Uber.

 

Aside from the UK, Just Eat also uses a contractor model in Ireland,
Slovakia and most of France excluding Paris where its riders are full
employees.

 

The move comes a month after Deliveroo said it would cut about 350 roles,
mostly in the UK, due to "unforeseen economic headwinds".

 

Last week Deliveroo reported a £294m annual loss after consumers cut back
due to the rising cost of living.-bbc

 

 

 

Zhao Weiguo: Chinese regulator accuses chip tycoon of corruption

China's anti-fraud watchdog has accused chip tycoon Zhao Weiguo of
corruption, in the latest sign of trouble faced by the country's
semiconductor industry.

 

Mr Zhao is the former chairman of computer chipmaker Tsinghua Unigroup.

 

Key players in the sector were investigated for corruption last year after
the government poured billions of dollars into projects which stalled or
failed.

 

Mr Zhao and Tsinghua Unigroup did not respond to BBC requests for comment.

 

In a statement, the Central Commission for Discipline Inspection alleges
that Mr Zhao "took the state-owned company he managed as his private
fiefdom."

 

The regulator says he handed profitable businesses to his relatives and
friends, and purchased goods and services from companies managed by his
associates at "prices significantly higher than the market".

 

Mr Zhao's case, it adds, has been handed to prosecutors who will file
charges against him.

 

The US is beating China in the battle for chips

Why do Chinese billionaires keep vanishing?

Tsinghua Unigroup was once a branch of the prestigious Tsinghua University,
attended by President Xi Jinping.

 

Over the last decade, the state-backed company made a series of acquisitions
and emerged as one of China's leading chipmakers.

 

However, it racked up debt under Mr Zhao's leadership and defaulted on
several bond payments in 2020.

 

The company completed a 20-month restructuring last July. This placed it
under the control of a consortium led by two state-backed venture capital
firms.

 

Around that time, Mr Zhao stepped down as the chairman of Tsinghua Unigroup.
Chinese media outlets reported that he had been taken from his home by
authorities for investigation.

 

Several other leading figures in the Chinese semiconductor industry have
also been placed under investigation.

 

Semiconductors, which power everything from mobile phones to military
hardware, are at the centre of a bitter dispute between the US and China.

 

In October, Washington announced that it would require licences for
companies exporting chips to China using US tools or software, no matter
where they were made in the world.

 

Earlier this month, the Netherlands said it also planned to put restrictions
on its "most advanced" microchip technology exports to protect national
security.

 

China has invested billions of dollars in recent years to build up its
domestic chip-making capabilities.

 

In 2019, the country set up a new national $29bn (£23.7bn) semiconductor
fund to reduce its reliance on the West.

 

-bbc

 

 

 

Bard: Google's rival to ChatGPT launches for over-18s

Google has started rolling out its AI chatbot Bard, but it is only available
to certain users and they have to be over the age of 18.

 

Unlike its viral rival ChatGPT, it can access up-to-date information from
the internet and has a "Google it" button which accesses search.

 

It also namechecks its s for facts, such as Wikipedia.

 

But Google warned Bard would have "limitations" and said it might share
misinformation and display bias.

 

This is because it "learns" from real-world information, in which those
biases currently exist - meaning it is possible for stereotypes and false
information to show up in its responses.

 

How do chatbots work?

AI chatbots are programmed to answer questions online using natural,
human-like language.

 

They can write anything from speeches and marketing copy to computer code
and student essays.

 

When ChatGPT launched in November 2022, it had more than one million users
within a week, said OpenAI, the firm behind it.

 

Microsoft has invested billions of dollars in it, incorporating the product
into its search engine Bing last month.

 

It has also unveiled plans to bring a version of the tech to its office apps
including Word, Excel and Powerpoint.

 

Google has been a slower and more cautious runner in the generative AI race
with its version, Bard, which launches in the US and UK to begin with. Users
will have to register to try it out.

 

Bard is a descendant of an earlier language model of Google's called Lamda,
which was never fully released to the public. It did, however, attract a lot
of attention when one of the engineers who worked on it claimed its answers
were so compelling that he believed it was sentient. Google denied the
claims and he was fired.

 

Google senior product director Jack Krawczyk has told the BBC that Bard is
"an experiment" and he hopes people will use it as a "launchpad for
creativity".

 

He showed me an example of how he had used Bard to help him plan his young
child's birthday party.

 

It came up with a theme which incorporated his child's love of bunny rabbits
and gymnastics, found the address of a venue he mentioned and suggested
party games and food.

 

"So much of the [media] coverage is that AI is the hero," said Mr Krawczyk.
"I think the human is the hero and large language models are here to help
unlock creativity."

 

While ChatGPT's knowledge database only extends as far as the year 2021 - it
cannot, for example, answer questions about the recent earthquake in Turkey
and Syria - Bard can access current information. It explained to me a news
story about TikTok being banned on UK government phones, published on the
BBC website a few days ago.

 

It is programmed not to respond to offensive prompts and has filters to
prevent it from sharing harmful, illegal, sexually explicit or personally
identifiable information but "like any method these guardrails will
occasionally fail", said Zoubin Ghahramani, vice president of Google
Research.

 

Make no mistake, this is an extremely cautious product launch, about as far
away from the former "move fast and break things" bravado of the early days
of big tech as it is possible to get.

 

When I asked if the firm was nervous, Mr Krawczyk paused before answering
that its approach to the launch of Bard was "deliberate".

 

If Google is nervous, it has good reason to be.

 

For all the excitement that exists around this kind of tech, there are
horror stories about some of the more disturbing things ChatGPT has been
manipulated into doing, and there are also fears that ultimately these
powerful tools, still currently in their infancy, could be a huge threat to
lots of different types of jobs.

 

There is also - and this is particularly relevant to Google - a theory that
chatbots could one day replace the lucrative business of internet search
altogether. Why wade through pages of search result links when you could
just get one neatly written answer? Google cannot afford to be out of the
race.

 

Mr Krawczyk and Mr Ghahramani talked a lot about the responsibility and
principles that comes with the tech. They even told me about the huge data
centres powering Bard, and how they aim to run them using renewable energy.

 

They revealed Google was restricting access to over-18s when I asked whether
students would start using Bard to do their homework instead of ChatGPT.
Teachers have warned pupils not to use chatbots to do their work for them
although some educators have embraced it.

 

Google says it will be closely monitoring Bard to make sure it adheres to
its own "AI principles" which include avoiding the creation or reinforcement
of bias.

 

It will not be able to express opinions or take on a persona, although like
ChatGPT it will be able to mimic the writing styles of others.

 

It helped Google write its own announcement, said the firm's Sissie Hsiao
and Eli Collins, who were also co-authors of the launch blog post.

 

"It didn't always get things right. But even then, it made us laugh," they
said.-bbc

 

 

 

Energy bill help drives UK borrowing to February record

Energy support schemes for households pushed government borrowing in
February to its highest level for the month since records began in 1993.

 

Borrowing, the difference between spending and tax income, was £16.7bn, last
month, the Office for National Statistics (ONS) said.

 

The ONS said this was largely due to spending on energy schemes this year.

 

However, the interest paid on government debt was £6.9bn in February -
£1.3bn less than a year earlier.

 

Interest payments fell because of changes in the inflation rate that sets
how much interest the government has to pay on its debts.

 

But the amount borrowed exceeded economists' expectations and followed a
surprise surplus in the public finances in January.

 

Chancellor Jeremy Hunt said borrowing was "still high" because the
government was supporting households with the rising cost of living.

 

The government announced last week that it would extend support for energy
bills at current levels until the end of June.

 

The move came as typical household energy bills in Britain had been due to
rise to £3,000 a year from April.

 

UK in surprise boost after record tax payments

How does government borrowing work?

Now average bills will be kept at £2,500 until the end of June, when they
are expected to drop to around £2,200 a year due to falling wholesale gas
prices.

 

However, the government's £400 winter fuel payment will not be renewed,
meaning households' costs will still rise in the short term.

 

Mr Hunt said the government was "spending about £1,500 per household to pay
just under half of people's energy bills this winter".

 

Bar chart showing the UK public sector net borrowing. In February 2023,
borrowing was £16.7bn

The ONS said the extra spending on energy subsidies in February 2023
compared with a year earlier was estimated to be about £9.3bn.

 

However, despite the record borrowing in February, the ONS said £1bn was
raised through the new windfall tax on UK energy company profits. Tax income
overall was also £5bn higher than a year ago at £77.8bn.

 

With self-assessed tax receipts in January and February at their highest
level for those months since 1999, Capital Economics said the UK economy was
perhaps becoming "a bit more tax-rich".

 

Ruth Gregory, its deputy chief UK economist, added the chancellor might have
"a bit of money to play with" come the autumn, but warned there was a "big
risk" that the recent turmoil in the banking sector deepens and "the recent
improvement in the public finances is blown away".

 

Global financial markets were spooked on Monday but appeared to recover
losses after news of a rescue deal for Swiss banking giant Credit Suisse
over the weekend.-bbc

 

 

 

Africa: Countries Must Work Together to Stop Cross-Border Tax Evasion

Tax administrations have long suspected that tax evaders hide their wealth
abroad in significant quantities. Now we have proof.

 

In 2021 alone, information on assets of nearly EUR 11 trillion held outside
the taxpayers' place of residence was exchanged through the Standard for
Automatic Exchange of Financial Account Information .

 

In the last ten years, tax administrations have collected over EUR 114
billion  in tax, interest and penalties through voluntary disclosure
programmes and other tax compliance initiatives.

 

Information exchanged on the Standard helps tax authorities track income so
that it can be taxed and support domestic needs. It is therefore critical
that African countries promote such cross border support in order to reduce
tax evasion.

 

The Standard collects information on the financial account holders in a
country and then shares the details (such as the name, address, taxpayer
identification number, account information, and account balance) with the
tax administration of the account holder's jurisdiction of residence. It
also does this where the account holder is a company by "looking through"
the natural person behind it (the "beneficial owner"). It is a powerful and
comprehensive standard, with more than 110 jurisdictions involved.

 

 

More African countries will be implementing this Standard in the coming
years. Ghana, Mauritius, Nigeria, South Africa, Seychelles, have already
implemented the Standard while Kenya, Rwanda, Tunisia and Uganda are already
making advanced preparations to do so. As a result, they will be able to
receive this same kind of information – finding out precisely who, where and
how much is being concealed abroad. This is a priority action for several
members of the African Tax Administration Forum (ATAF).

 

However, knowing where the assets are is only a first step. The purpose of
obtaining that knowledge is to collect tax owed to use the funds for public
goods such as health care and education.

 

 

The challenge is that tax administrations do not have automatic rights to
seize assets held abroad. Instead, the collection of tax and seizure of
assets is governed by the domestic law where the assets are located. In
other words, even when the assets are identified as belonging to a taxpayer
that is a resident of one country if they are located abroad, they are
still, legally, out of the reach of the tax authority.

 

International treaties provide for tax administrations to assist one another
in addressing this issue. That includes bilateral Double Tax Conventions
such as the ATAF Model Double Non-Taxation Agreement  and the ATAF Agreement
on Mutual Assistance in Tax Matters . It enables one tax administration to
request the help of another to collect a tax debt owed, as well as interest
and penalties, subject to the treaty's terms. However, those treaties
generally require that the tax administration where the assets are located
use its procedures and powers to collect and enforce the tax as if it was
its own tax debt.

 

 

This can be a very powerful tool in tackling tax evasion, not only to
recover the debts owed but also to deter future efforts at evasion.
Recognising its potential, tax administrations in developing countries,
particularly, are expressing more interest in this avenue of international
tax cooperation.

 

However, making these requests for assistance can be unfamiliar and require
specific legalities. ATAF, working with the Global Forum on Tax Transparency
and Exchange of Information for Tax Purposes, is ramping up efforts to equip
its members to use the relevant procedures. Later this month (MARCH), we
will host tax authorities in Kampala, Uganda, at the first regional workshop
to ensure the potential offered by cross-border recovery can become a
greater reality. It will cover the legal and practical elements of
successfully engaging in cross-border tax collection and asset recovery
assistance.

 

This area will grow in importance over the coming years, and ATAF is working
with partners to ensure we are ready to support such initiatives. These
efforts combine wider efforts at asset recovery, for example, in the context
of the UN Convention Against Corruption  or the work of the Stolen Asset
Recovery Initiative  of the World Bank and the UN Office on Drugs and Crime
(UNODC).

 

Moreover, these efforts are powerful tools for improving revenue collection
and building stronger state institutions, as explicitly included in the
Sustainable Development Goals . And they are key to tackling illicit
financial flows – which remains an urgent priority for all, especially
Africa.

 

African countries will be deprived of much needed res as long as we struggle
to collect all taxes due to them. It is critical that we build local tax
authority capacity and work together to support domestic income generation.

 

 

 

Nigeria: Shell Reports Sharp Fall in Nigeria Oil Spills After Shutdown

Shell reported a sharp fall in oil spilled as a result of sabotage in
Nigeria's oil-rich Delta in 2022 reflecting closure of operations for six
months in the wake of attacks.

 

The volume of crude oil spilled caused by sabotage in the Delta fell to 600
tonnes from 3,300 tonnes the previous year, Shell said in its annual report,
as reported by Reuters news. The number of such spills fell to 75 from 106.

 

"The decreased number of incidents in 2022 correlates with a shutdown of
production for about six months because of an unprecedented increase of
crude oil theft from the Trans Niger," it said.

 

Shell is the operator of Nigeria's main onshore oil and gas joint venture
SPDC which has struggled for years with operational incidents, theft and
sabotage.

 

-This Day.

 

 

 

Namibia: Farmers Urge Removal of Dumped Manganese

FARMERS in the Goageb area of the //Kharas region urge authorities to
urgently remove the manganese reportedly dumped in the vicinity of farm
Brakwater.

 

The farm is located about 7km from Goageb on the B4 road to Aus.

 

Farmer Frikkie Mouton says they suspect the manganese was dumped either on
Sunday or Monday by a manganese transporting truck.

 

"We do not know who or which company dumped the manganese. All we want is
for it to be removed. Manganese is poisonous if inhaled by humans. We also
have livestock moving around in this area," said Mouton.

 

He noted from the size of the dumped manganese that it is clear that whoever
was transporting the manganese didn't deliver the assigned tonnage at
Lüderitz.

 

 

TradePort Namibia rail logistics manager Henry Katokele said the company is
not aware of any manganese dumped alongside the Keetmanshoop-Aus/Luderitz
road or railway but they will begin an investigation.

 

TradePort Namibia is in the import and export trade operations of transport,
handling and storage of manganese lumpy ore and other materials like gypsum,
fertiliser and lime, as well as diesel in bond by utilising the Trans-Oranje
Corridor.

 

"TradePort utilises rail transport for manganese, therefore, we would not
know. However, it is not correct that these items get dumped alongside the
national road as they are meant to be taken directly to the Lüderitz port
from where they are exported to the international markets," said Katokele.

 

Since 2019, the company has an agreement with TransNamib to provide a
minimum of 30 000 metric tonnes of manganese concentrate per month to
transport bulk manganese from the Northern Cape province in South Africa by
rail to the Lüderitz port.

 

TransNamib spokesperson Abigail Raubenheimer noted this could only be cargo
from a private transporter using road transportation for manganese.
"TransNamib is only transporting the product on the railway line, anything
beyond that is not within our scope," said Raubenheimer.

 

-Namibian.

 

 

 

 

Tanzania: Atcl Set to Acquire First Cargo Plane

Tanzania is expected to receive its very first cargo freight; Boeing 767-300
in April, 2023.

 

Delivering his speech at the opening of cargo stakeholders meeting held in
Dar es Salaam on Tuesday, Treasurer Registrar Nehemiah Mchechu,

 

By The Guest Of Honor Nehemiah Kyando Mchechu, Treasurer Registrar On The
Opening Of Cargo Stakeholders Meeting At Golden Jubilee On 20th

 

Speaking at the Opening of Cargo Stakeholders Meeting held in Dar es Salaam
on Tuesday, Air Tanzania Company limited (ATCL) Managing Director Eng
Ladislaus Matindi

 

"The arrival of this plane will enable investors and businesspeople who were
forced to export their cargos using other airlines to now use ATCL instead
of those," the statement read.

 

 

Speaking during the opening of Cargo stakeholders meeting at Golden Jubilee
the Treasurer Registrar, Nehemiah Mchechu, the state is proud for the
airline's matured plan of acquiring the very first cargo freighter; Boeing
767-300 Freighter with a capacity to carry 54 tons in April, 2023.

 

"ATCL is committed to ensuring timely, secure and efficient world-class
cargo and parcel services whilst maintaining a sustainable business
relationship with the import and export fraternity," he said.

 

According to the treasurer, the company can utilize the new B767-300F that
has a range of 11,070km.

 

"Let's focus on the Schedule flights to: Nairobi, Dubai, Mumbai and
Guangzhou," Mr Mchechu said.

 

He asked stakeholders to work together in order to attain 3,000 tonnages by
the end of 2023 from the 2,567 earmarked in the year 2021/2022.

 

On his part, the ATCL Managing Director, Eng Ladislaus Matindi said that
ATCL has so far acquired 12 aircrafts and expanded its network to 14
domestic, eight regional and two intercontinental destinations in providing
transportation of passengers, cargo and parcels services.

 

-Daily News.

 

 

Tanzania: Samia Hailed for Lifting Up Port Sector

Kigoma — PORT stakeholders in Kigoma Region have extolled President Samia
Suluhu Hassan for lifting up the port sector and boosting shipping and trade
during the first two years of her presidency.

 

According to Kigoma Port Manager, Edward Mabula, considerable investments in
port infrastructure and equipment during the past two years have
significantly promoted domestic as well as international trade between
Tanzania and land-linked countries.

 

"We're very grateful to President Samia Suluhu Hassan for opening up the
country and promoting the growth of the ports sector, particularly the
completion of the 32.5 project for Kigoma, Ujiji and Kibirizi ports," said
Mr Mabula.

 

 

"It's true that some of the projects had already started when came into
power, but she has continued the implementation of the projects. The
President came here and laid the foundation stone for the completion of the
three-lot project and this demonstrates her commitment to improve port
infrastructures," added Mr Mabula, who oversees Lake Tanganyika ports.

 

He noted that President Samia's regime has been releasing funds for
improvement of the country's ports and the construction of new ones.

 

"While gracing the opening of Kibirizi port October last year, President
Samia issued directives to Ujiji Municipal Council, in collaboration with
the TPA and TARURA to construct a modern market for traders and a road to
the port," revealed Mr Mabula.

 

According to Mr Mabula, CCM Vice -Chairperson Mr Abdulrahman Kinana also
visited the Ujiji Port project and commended government's efforts to improve
port services by putting in place essential infrastructure and ensuring that
the projects are executed as par required standards.

 

Mr Mabula said the construction of the Kigoma Port Manager's office building
has increased efficiency and revenue collections.

 

"The new office building has enhanced our operations with more staff as now
we have 67 workers. Revenues have also gone up from 7.5bn/- a year to
8.6bn/- during the last financial year. We expect to collect 9.2bn/- this
financial year and we have been given the target to fetch 11bn/- in the next
financial year," he said.

 

Mr Mabula says the improvement of infrastructure at Kigoma, Ujiji and
Kibirizi ports have lifted the economies of Kigoma dwellers and reduced
water accidents on Lake Tanganyika

 

FALCONY Marine official, Mbaraka Said commended President Samia for opening
up the country, noting that they are transporting huge volumes of cargo to
various destinations in the Democratic Republic of Congo (DRC).

 

He appealed to the government to fast track the construction of a railway
line to Kigoma Port, saying it would facilitate transportation of larger
volumes of cargo at lower cost.

 

Mr Said also acknowledged the good support from their landlord, the TPA
saying; "We're also cooperating well with the TPA and we're very grateful to
the Authority's management."

 

-Daily News.

 

 

 

Tanzania, India Trade Volume Notches Using Own Currencies

Arusha — TRADE volume between Tanzania and India stands at 4.5billion US
dollars (about10.4tri/-) by early March this year as the two countries
agreed to use their own currencies while doing trade.

 

This was said by the Indian High Commissioner to Tanzania Binaya Pradhan,
who noted the two trading partners would be using own currencies in trading.

 

"Tanzania and India will use their own currencies in transactions, which is
part of a bilateral trade settlement arrangement," revealed the envoy, at a
business symposium held here on Saturday evening.

 

The diplomat urged financial institutions in the country to capitalise on
the new framework to facilitate payments in local currencies, saying Bank of
Baroda, both in India and Tanzania, had already started implementing the
agreement.

 

 

According to Mr Pradhan, the trade volume between the two countries stands
at 10.4tri/-(4.5 billion US dollars) by early March this year.

 

"The move will boost bilateral trade between Tanzania and India as we
envision potential growth of our trade," he explained.

 

Apart from being among Tanzania's largest trading partners, India is also
among the top five investment s in Tanzania.

 

According to the Tanzania Investment Centre (TIC), Indian investments in
Tanzania reached $3.68billion.

 

India's major exports to Tanzania include petroleum products,
pharmaceuticals and chemicals, motor vehicles, electrical goods, articles of
iron and steel, sugar, machinery, while Tanzania reciprocates by exporting
gold, cashew nuts, pulses, timber, cloves, ores and metal scrap, gemstones.

 

In the same vein, the Indian High Commissioner rallied the Arusha business
community to make the most of investment opportunities in India.

 

The envoy assured Arusha businessmen that the South Asian country was bent
in bolstering economic and trade ties with Tanzania.

 

On his part, Tanzania India Business Forum Tanzania (TIBF) Secretary Suresh
Kumar said the organization served as an important platform to boost the
trade between the two countries.

 

-Daily News.

 

 

 

Ghana: Construction of U.S.$20 Million Ministry of Foreign Affairs Annex
Begins

The construction work on a $20 million annex building for the Ministry of
Foreign Affairs and Regional Integration (MFARI), in Accra, has started, and
is expected to be completed within 26 months.

 

Funded with a grant from the Chinese government, the building sited on
approximately 11,300 square metres of land, would have six floors
above-ground and one underground when completed.

 

It would have facilities, including the Minister's office area, conference
hall, press room, banquet hall and underground parking lot, gymnasium,
clinic, stores and an archives room.

 

This was revealed yesterday when the Sector Minister, Shirley Ayorkor
Botchwey, aided by the Chinese Ambassador to Ghana, Lu Kun, cut the sod for
work on the project to begin.

 

 

Ms Botchwey thanked the Chinese government for providing grant for the
project upon a request by Ghana, to enable the ministry to accommodate the
increased number of staff -- currently more than 700.

 

She said it would enable the ministry to make provision for certain
essential facilities that the existing building, funded by another Chinese
grant about a decade ago, lacks.

 

The minister recalled that the ministry was forced to evacuate its main
office in October 2009, after it was gutted by fire, resulting in loss of
vital documents and the related institutional memory.

 

After occupying the newly constructed Jubilee House while awaiting
government funding for a new building, Ms Botchwey said, the Chinese
government provided a grant for the current Ministry building in 2013.

 

"After almost 10years, it became apparent that the new office space was
inadequate. Hence, the need to construct an annex building to be attached to
the existing magnificent structure," she said.

 

Ms Botchwey urged the contractors, Yanjian Group Company Limited, which
constructed the existing building, to ensure the completion of the project
within schedule and ensure quality execution of the project.

 

Asked about the ministry's old office during an interaction with
journalists, she said, plans for the facility would be announced later.

 

Mr Lu said the project was in line with China-Africa Cooperation Vision 2035
under which the first three-year plan was dedicated to working closely with
African countries to implement programmes in Ghana.

 

"I also believe the project will become a major milestone of the
time-honoured China-Ghana friendship and an important bridge of
communication and cooperation between Ghana and the world," he said.

 

Mr Lu recounting the cordial relations between China and Ghana, said Ghana
was among the earliest countries in sub-Saharan Africa to establish
diplomatic ties with China.

 

He named the China-Aided Cape Coast Sports Stadium Technical Cooperation
Project as one of the interventions through which China's financing,
investment and contracting of projects were promoting Ghana's development.

 

Mr Lu said China remained Ghana's biggest trading partner and foreign
investment  with the 2022 bilateral trade volume reaching an unprecedented
high of $10.2 billion, and one of the highest in Africa while Ghana's
exports to China increased by 60 per cent year-on-year.

 

"China is committed to continue providing the necessary support, especially
life-improving aid projects to the people of Ghana. I have full confidence
that more concrete results will be achieved in the near future," he said.

 

 

Ghanaian Times.

 

 

 

Nigeria: Diesel Price Up 168% to N836.91 As Petrol Rises 54%

At the backdrop of the lingering scarcity of petroleum products, the retail
price of diesel rose sharply Year-on-Year, YoY, by 168.26 per cent to
N836.91 per liter in February 2023 from N311.98 per litre.

 

The National Bureau of Statistics (NBS)'s Premium Motor Spirit (Petrol)
Price Watch for February 2023, also showed that average retail price of
Premium Motor Spirit, otherwise known as petrol, rose by 54.76 per cent YoY
to N263.76 per litre in February 2023, about 29.9 percent higher than the
N185 per litre approved by the Federal Government.

 

On the petrol price differentials across the country the report stated: "For
petrol on state profile analysis, Jigawa State had the highest average
retail price at N329.17 per litre, followed by Rivers and Ebonyi states with
N323.33 and N317.14 respectively.

 

On the other hand, Niger State, Plateau State and FCT Abuja had the lowest
average retail prices for petrol at N198.50, N198.71 and N200.00,
respectively.

 

"Lastly, on the zonal profile, the South-East zone had the highest average
retail price of N306.86, while the North-Central zone had the lowest price
of N215.01".

 

-Vanguard.

 

 

 

 

 

 

 

 

 

 


 


 


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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