Major International Business Headlines Brief::: 23 March 2023

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Major International Business Headlines Brief::: 23 March 2023 

 


 

 


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

 


 

 


 

ü  US raises interest rates despite banking turmoil

ü  TikTok's US future at stake as boss faces Congress showdown

ü  Veg shortages drive surprise jump in UK inflation

ü  Why is UK inflation higher than other countries?

ü  British Gas boss takes £3.7m bonus despite criticism

ü  US firms 'more negative' about doing business in China

ü  The US interest-rate decision the world is watching

ü  Energy bill help drives UK borrowing to February record

ü  Tunisia: Remittances From Tunisians Abroad Up By 9.9 Percent in 2022

ü  South Africa: New Electricity Minister Blames Infrastructure Problems for
Power Crisis

ü  Kenya: Ruto Vows Action Against 'Economic Terrorists' to Protect Kenya's
Economy

ü  Africa must urgently invest in economic recovery, Finance Ministers Urge

ü  Nigeria: Maritime Crimes - Govt Prosecuted Over 220 Vessels in 5 Years -
Buhari

ü  Kenya: Cabinet Approves Privatization Bill 2023

ü  Kenya: President Ruto Says Dollar Demand Will Ease in 'A Couple of Weeks'

ü  Kenya: M-Pesa, Safaricom Most Brands Loved By Women

 


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US raises interest rates despite banking turmoil

The US central bank has raised interest rates again, despite fears that the
move could add to financial turmoil after a string of bank failures.

 

The Federal Reserve increased its key rate by 0.25 percentage points,
calling the banking system "sound and resilient".

 

But it also warned that fallout from the bank failures may hurt economic
growth in the months ahead.

 

The Fed has been raising borrowing costs in a bid to stabilise prices.

 

But the sharp increase in interest rates since last year has led to strains
in the banking system.

 

Two US banks - Silicon Valley Bank and Signature Bank - collapsed this
month, buckling in part due to problems caused by higher interest rates.

 

There are concerns about the value of bonds held by banks as rising interest
rates may make those bonds less valuable.

 

Banks tend to hold large portfolios of bonds and as a result are sitting on
significant potential losses. Falls in the value of bonds held by banks are
not necessarily a problem unless they are forced to sell them.

 

Authorities around the world have said they do not think the failures
threaten widespread financial stability and need to distract from efforts to
bring inflation under control.

 

Last week, the European Central Bank raised its key interest rate by 0.5
percentage points.

 

The Bank of England is due to make its own interest rate decision on
Thursday, a day after official figures showed that inflation unexpectedly
shot up in February to 10.4%.

 

Federal Reserve chairman Jerome Powell said the Fed remained focused on its
inflation fight. He described Silicon Valley bank as an "outlier" in an
otherwise strong financial system.

 

But he acknowledged that the recent turmoil was likely to drag on growth,
with the full impact still unclear.

 

Economic impact

Forecasts released by the bank show officials expect the economy to grow
just 0.4% this year and 1.2% in 2024, a sharp slowdown from the norm - and
less than officials projected in December.

 

The announcement from the Fed also toned down earlier statements which had
said "ongoing" increases in interest rates would be needed in the months
ahead.

 

Instead, the Fed said: "Some additional policy firming may be appropriate".

 

The moves "signal clearly that the Fed is nervous", said Ian Shepherdson,
chief economist at Pantheon Macroeconomics.

 

Wednesday's rate rise is the ninth in a row by the Fed. It lifts its key
interest rate to 4.75%-5%, up from near zero a year ago - the highest level
since 2007.

 

Higher interest rates mean the cost to buy a home, borrow to expand a
business or take on other debt goes up.

 

By making such activity more expensive, the Fed expects demand to fall,
cooling prices.

 

That has started to happen in the US housing market, where purchases have
slowed sharply over the last year and the median sales price in February was
lower than it was a year ago - the first such decline in more than a decade.

 

But overall the economy has held up better than expected and prices continue
to climb faster than the 2% rate considered healthy.

 

Inflation, the rate at which prices climb, jumped 6% in the 12 months to
February. The cost of some items, including food and airfare, is surging
even faster.

 

Before the bank failures, Mr Powell had warned that officials might need to
push interest rates higher than expected to bring the situation under
control.

 

The bank projections show policymakers expect inflation to fall this year -
but less than expected a few months ago.

 

Still, they forecast interest rates of roughly 5.1% at the end of 2023 -
unchanged since December - implying the Fed is poised to stop raising rates
soon.

 

Mr Powell described the effect of the recent turmoil as the "equivalent of a
rate hike".

 

He said the Fed may be able raise its key rate less aggressively, if the
turmoil in the financial system prompts banks to limit lending, and the
economy to slow more quickly.

 

But he repeated that the Fed would not shy away from its inflation fight.

 

"We have to bring down inflation down to 2%," he said. "There are real costs
to bringing it down to 2% but the costs of failing are much higher."-BBC

 

 

 

 

TikTok's US future at stake as boss faces Congress showdown

On Thursday, TikTok's CEO, Shou Zi Chew, will be opening a lion's mouth and
placing his own head into it.

 

He's giving testimony in the US Congress for the first time, a scary thing
to do.

 

And at stake is the future of the phenomenally popular video-sharing app in
the US.

 

"I think that there is a real risk that if this hearing doesn't go well

that could have a massive impact on the future of TikTok," said Chris
Stokel-Walker, author of TikTok Boom.

 

Mr Chew is likely to face a barrage of questions on TikTok's relationship
with China, what data it collects, and what it does with it.

 

He'll also be quizzed on why several journalists were spied on by ByteDance
employees - something TikTok has already admitted.

 

Mr Chew will say user data is safe - away from the reach of the Chinese
government.

 

He knows politicians from all sides want to see the platform either sold -
or outright banned in the US.

 

"He's going into the lion's den," said Mr Stokel-Walker.

 

Mr Chew is going to need to give the performance of a lifetime. And already,
close observers have seen a change of tactic from the Singaporean.

 

TikTok's boss, who has had a range of senior positions in the world of
finance, generally sports a suit jacket and tie.

 

But on Tuesday, he posted a TikTok with a very different look.

 

Instead of a suit, he was wearing a white T-shirt and hoodie - the uniform
of the nonchalant tech founder.

 

The 40-year-old was suddenly speaking like a teenager too - talking of being
"super excited".

 

"I think he's trying to give off a sort of the casual tech bro," said
Caitlin Chin from the Center for Strategic and International Studies, a
bipartisan think tank.

 

"He's actually been starting to gain a bit more of a public profile,
especially leading up to this hearing."

 

The Singaporean has generally kept a low profile since taking over at TikTok
in 2021.

 

Who is TikTok chief Shou Zi Chew?

Why a TikTok ban could be hard to enforce

However, that approach appears to have changed. TikTok is fighting for its
life, and Mr Chew knows it.

 

The big problem TikTok has in the US and Europe is that it is owned by a
Chinese company, ByteDance.

 

And in China, there are specific laws that require companies to hand over
information to the Chinese Communist Party if requested.

 

TikTok holds reams of data about its users, including location information
and biometric data.

 

For years TikTok has argued that it would never hand over user information.

 

It has spent tens of millions of dollars on lobbying efforts and strategies
to appease governments.

 

At the heart of its attempt to convince US lawmakers is "Project Texas".

 

This is the company's commitment to store US data in the US - on servers run
by a US company - Oracle.

 

The company says so far it has spent $1.5bn on this project - and describes
it as a "firewall" that protects data from foreign governments.

 

TikTok had hoped it would satisfy politicians on all sides.

 

Last year Mr Chew wrote to politicians saying he believed the project would
"safeguard user data and US national security interests".

 

But sadly for TikTok, Project Texas has been looked at sceptically by both
Republicans and Democrats.

 

For many US politicians, for as long as TikTok has a Chinese owner, it will
be considered suspicious.

 

Last month FBI director Christopher Wray didn't mince his words about the
platform.

 

"This is a tool that is ultimately within the control of the Chinese
Government. And to me, it screams out with national security concerns," he
said.

 

For most US lawmakers, TikTok would be a far more palatable platform if it
were not owned by a Chinese company.

 

Last week it was reported by the Wall Street Journal that the Biden
administration had requested the company be sold for this reason.

 

This is not what ByteDance wants. TikTok has enormous potential. And
besides, the Chinese company doesn't wish to sell its greatest asset simply
because US politicians want them to.

 

This is the backdrop to Thursday's congressional hearing.

 

We already have a fair idea of what Mr Chew is going to say from TikTok
briefings.

 

He'll argue that 150 million American users will lose out if the platform is
banned - and that thousands of small businesses rely on the platform.

 

He'll push back on the idea that ByteDance is Chinese-owned - saying the
company has many international investors.

 

And he'll also argue that Chinese laws cannot compel ByteDance to share
American data - because TikTok is a US-based company, with its data stored
in the US.

 

But often these hearings make headlines for one or perhaps two specific
exchanges.

 

Mark Zuckerberg's famous Senate hearing in 2018 is often remembered for one
brilliant question from Senator Richard Durbin.

 

"Mr Zuckerberg, would you be comfortable sharing with us which hotel you
stayed in last night?" he said.

 

The Facebook boss looked visibly uncomfortable before saying "no".

 

"I think that might be what this is all about
your right to privacy," the
senator said.

 

It's these curveball questions that Shou Zi Chew should fear most.-BBC

 

 

 

Veg shortages drive surprise jump in UK inflation

The cost of living rose more than expected last month as salad and vegetable
shortages helped push up food prices at the fastest rate in 45 years.

 

Alcohol prices in restaurants and pubs also drove up costs for households,
as inflation jumped to 10.4% in the year to February from 10.1% in January.

 

Clothing costs, particularly for children and women, rose last month but
fuel prices continued to fall.

 

The surprise figures come ahead of a decision on interest rates on Thursday.

 

The UK's central bank, the Bank of England, will decide whether to increase,
lower or hold rates as it continues its battle to curb inflation.

 

It has put up interest rates 10 times since December 2021, as it seeks to
make borrowing money more expensive and encourage people to spend less, with
the aim of stopping prices rising so quickly.

 

To calculate inflation, which measures how prices change over time, the
Office for National Statistics (ONS) tracks the prices of hundreds of
everyday items.

 

It said the continued rise in food costs had been a big factor in February's
inflation figure, coming at a time when supermarkets were experiencing
shortages of some salad items and vegetables.

 

Why are prices rising so much?

Five hacks to help save money on your food shop

How much are prices rising for you? Try our calculator

Tomatoes, peppers and cucumbers were among the goods affected as extreme
weather in Spain and North Africa impacted harvests, and high energy prices
hit growers in the UK. Problems with supply chains also contributed to the
problem.

 

Along with higher prices for milk, olive oil and eggs, the ONS said the
shortages helped push food inflation to 18.2% - the highest since 1978.-BBC

 

 

 

 

Why is UK inflation higher than other countries?

The UK's inflation rate jumped unexpectedly last month with the cost of
living rising faster here than in most of the world's advanced economies.

 

Price rises rose by 10.4% in the year to February, in contrast to the US and
the Eurozone where inflation has eased to 6% and 8.5% respectively.

 

Inflation is volatile and reading too much into one month's figures would be
a mistake, however, the UK's inflation rate has been persistently higher on
average compared to the US and other large economies in Europe over the past
year.

 

With the cost of living continuing to eat away at household budgets - many
are starting to ask: Does the UK have its own inflation problem?

 

We look at three factors driving up prices:

 

1. Food price rises

One of the main drivers of February's inflation rise was the price of food
in the UK continuing to surge.

 

Food inflation was up 18.2% last month compared to the same time a year
earlier, with salad and vegetable shortages driving the latest rises in
costs for customers.

 

Tomatoes, peppers and cucumbers have been some of the goods in short supply
largely due to extreme weather in Spain and North Africa hitting harvests.
In the winter, the UK imports a lot of such produce from abroad.

 

Chart showing rate of inflation in G7

The shortages have also been compounded by high energy prices in the UK
leading to vegetable growers and farmers cutting down on crop yields or
avoiding producing certain foods at all due to rising running costs,
according to Minette Batters, president of the National Farmers Union (NFU).

 

She says its a "it's a very complex picture" but all of the union's surveys
of growers show that businesses are contracting and the more the sector
shrinks "the less there is, the rationing comes in and that just drives
further food inflation".

 

Farmers have also argued that retailers and supermarkets are not paying a
fair price for them for their produce, and the government's food tsar has
said supermarkets having "fixed-price contracts" with suppliers means when
food is scarce, some producers opt to sell less to the UK and more elsewhere
in Europe.

 

2. Wholesale gas prices

Energy bills have risen globally since Russia invaded Ukraine. However, the
impact felt in the UK by higher gas prices has been harder for households
and businesses than their counterparts in other advanced economies.

 

Analysts say the UK is more exposed to rises in the prices of wholesale gas.

 

Jonathan Haskel, a member of the Bank of England's Monetary Policy Committee
which decides on interest rates, has said previously the UK appeared to be
one of the "most susceptible" countries to energy price shocks.

 

He cited the UK being a bigger user of gas to heat homes and keep lights on
than other European countries. He also added that gas was transferred mostly
via pipelines from a handful of suppliers, whereas the US produced most of
its own gas and relied more on Liquefied Natural Gas (LNG).

 

Taxes being lower on electricity and gas paid by UK consumers compared to
their European neighbours meant when wholesale gas prices rise, UK energy
bills "would be expected" to go up more than others, he said.

 

On the upside, this means bills should fall more quickly when the wholesale
prices come down, as they are expected to in the coming months.

 

Martin Beck, chief economic adviser to consultancy the EY Item Club, says
February's rise is a "flash in the pan".

 

"Things will improve quickly - it's bad news today," he adds.

 

3. Worker shortages and wage rises

The energy price shock is a major driver of the prolonged high inflation in
the UK, but it's not the only cause with the UK also having a major worker
shortage.

 

During the pandemic, all major countries saw their workforce shrink.

 

But while most leading economies have since recovered, the UK still has
about 400,000 more people not working than in December 2019.

 

A study by the think tanks Centre for European Reform and UK in a Changing
Europe suggests there are 330,000 fewer workers in the UK as a result of
Brexit, with sectors such as transport, hospitality and retail have been
particularly hard hit.

 

Other reasons include young people opting to study rather than work, older
people retiring early, and more people being off work due to long-term
sickness.

 

The shortage of workers has helped drive up pay packets with employers
shelling out more to attract and retain staff.

 

Many supermarkets have given staff several pay rises as they battle to find
workers.

 

Bank of England governor Andrew Baily warned workers asking for pay rises
last year, saying it could push inflation out of control, though unions
argue they are required to cope with the rising cost of living.

 

Experts are still predicting price rises to slow in the coming months, but
if the UK gets more surprises like February's and high inflation persists,
more questions will emerge of why the UK is an outlier.-BBC

 

 

 

British Gas boss takes £3.7m bonus despite criticism

The boss of British Gas-owner Centrica will receive bonuses worth £3.7m
after the firm posted record profits in 2022.

 

Chris O'Shea, who has refused bonuses for the past three years, will also
get a £790,000 salary.

 

It comes as millions struggle to pay energy bills and after debt agents for
the firm broke into vulnerable people's homes to fit prepayment meters.

 

The firm said Mr O'Shea had delivered "shareholder value" and navigated
"regulatory and political issues".

 

Centrica's profits for 2022 hit £3.3bn after oil and gas prices jumped
following Russia's invasion of Ukraine.

 

The figures, published in February, have sparked calls for energy firms to
pay more tax as people are hit by surging bills.

 

At the time Mr O'Shea said it was "too early to have a conversation" about
any potential bonus.

 

But in its annual report published on Wednesday, Centrica said it needed to
pay bonuses to attract and retain leaders.

 

Chart showing Centrica profits

Board member Carol Arrowsmith said: "Like most public companies we hire our
senior executives on employment contracts that have a significant proportion
of pay which is performance-related."

 

Mr O'Shea turned down a £1.1m bonus in 2021 due to "hardships" faced by
customers. He also refused bonuses in 2020 and 2019 because of the pandemic.

 

The energy giant has come under fire in recent months after an investigation
by the Times newspaper revealed debt agents working for British Gas had
broken into the homes of vulnerable people to force-fit prepayment meters.

 

It has resulted in many more similar incidents emerging.

 

In response, the energy regulator Ofgem has asked all suppliers to suspend
forced prepayment meter installations. Courts in England and Wales also
halted applications from firms to install them.

 

Centrica has previously said it was "extremely disappointed by the
allegations" surrounding one of its contractors, Avarto Financial Solutions,
and added it was conducting its own investigation.

 

Forced prepayment meter instalment ban extended

British Gas debt agents break into homes of vulnerable

Most of Centrica's bumper profits in 2022 came from its nuclear and oil and
gas business, rather than its British Gas retails arm.

 

Due to competition rules, Centrica cannot sell its own gas at a discount to
British Gas customers.

 

Centrica paid £1bn in tax on its profits and of that, £54m was a result of
the windfall tax - called the Energy Profits Levy - which was introduced by
the government last year. The tax is designed to recoup some of the
"extraordinary" earnings made by firms recently and help lower energy bills
for households.

 

The government's windfall tax only applies to profits made from extracting
UK oil and gas. The current rate is 35%, but energy firms pay an additional
30% in corporation tax and a supplementary 10% rate, taking the total to
75%.

 

However, companies can reduce the amount of tax paid by factoring in losses
or investments. It has meant in recent years, the likes of BP and Shell have
paid little or no UK tax.-BBC

 

 

 

US firms 'more negative' about doing business in China

US companies are "more negative than they've been in a long time" about
doing business in China, according to the president of the American Chamber
of Commerce in China (AmCham China).

 

As tensions continue to grow between the world's two biggest economies,
Michael Hart says that the rivalry has "made business very challenging".

 

The governments of President Xi and President Biden have been disagreeing on
what seems like an ever-increasing number of issues; ranging from Ukraine,
to coronavirus, and Taiwan, to Tiktok, and semiconductors.

 

That is reflected in AmCham China's latest annual survey of its more than
900 members. For the first time it shows that a majority, 55%, no longer
regard China as a top-three investment priority - a place where they should
spend money to grow their business.

 

The number who see the "uncertainty of bilateral relations" as their leading
challenge in China has risen 10% in the last year to 66%. At the same time,
the number who think China has become less welcoming to foreign companies
has grown to 49%.

 

It's now five years since then US President Donald Trump imposed tariffs on
$60bn (£49bn) of Chinese goods, as he stepped up his trade war over "unfair
trade practices" including intellectual property theft and the trade
deficit.

 

China followed through on its promise to retaliate with tariffs of its own.

 

Relations built on trade

AmCham China members include some of the US's most successful companies such
as Nike, Intel, Pfizer and Coca-Cola.

 

The latter was the first US consumer business to sell its products in
communist China after then President Deng Xiaoping opened the country up to
foreign companies in December 1978. Ever since then trade has been at the
heart of the relationship.

 

Coca-Cola has been a pioneer for US companies in China ever since this first
shipment of its soft drink left Hong Kong for the mainland in January 1979

Corporate pessimism over the current state of the US-China relationship
reflects a tumultuous few years, according to Mr Hart.

 

"Companies are just really tired after three years of Covid," he adds, also
highlighting a number of other issues. These include travel becoming more
difficult, rising labour costs, executives who are "just not willing" to
take up assignments in China, political pressure, and China becoming a less
predictable place in which to do business.

 

Despite all those difficulties, the numbers show trade between the two
countries hit a record high of $690.6bn last year.

 

This reflection of their mutual dependence has implications for the health
of the entire global economy. That is according to Eswar Prasad, who is a
professor of global trade policy at Cornell University, and former head of
the International Monetary Fund's China Division.

 

The US China trade relationship is critical to the wider global economy,
says Cornell University's Prof Eswar Prasad

"The reality is that China does need a lot of products, especially
technology products from the US, and the US does have a lot of companies
that run their supply chains through China," he says.

 

"This is important for the global economy because it's not just supply
chains that these two countries are critical for. The tenor for global trade
is set by the relationship between these two countries."

 

The World Trade Organisation (WTO) is supposed to keep that tenor harmonious
by upholding global trade rules.

 

However, in December, the Biden administration forcefully rejected two
rulings that went in China's favour about the tariffs that were imposed by
then US President Donald Trump as part of his trade war. The US said they
were imposed over issues of national security that the WTO had no right to
rule on.

 

Overall, 66.4% of US imports from China and 58.3% of Chinese imports from
the US remain subject to tariffs, according to the Peterson Institute for
International Economics, with little sign that either side will reduce them.

 

Presentational grey line

Global Trade

More from the BBC's series taking an international perspective on trade.

 

Presentational grey line

"The way the US is approaching its relationship with China could lead to a
deterioration of the rules-based global trading system that the US and China
have signed on to," says Prof Prasad.

 

He adds: "If the US starts withdrawing from engagement with multilateral
institutions that does not bode well for global governance."

 

Supply chain difficulties

The souring US-China relationship also means a growing number of US
companies are looking at moving their supply chains outside of China. Apple
has become one of the world's most profitable companies by making huge
numbers of iPhones in China, but is now increasingly making them in
countries such as India.

 

However, that will only have a limited impact on getting round US-China
tensions according to Dan Wang, who is the Shanghai-based chief economist at
Hang Seng Bank China.

 

"Even if the US succeeds in building up an alternative supply chain, that
alternative one will still largely depend on China," she says.

 

Dan Wang says that even if Western firm move supply chains away from China
they will still be dependant upon it

Those other countries will still rely on China for components, especially in
industries such as green energy, medical technology and electronics,
explains Ms Wang.

 

Whilst companies aren't shunning China all together, Mr Hart does say that
"they're trying to de-risk their supply chain". He adds: "So they're having
more of a China plus one strategy, and they realise that can no longer rely
on China."

 

China's economic growth has slowed to an annualised pace of 3% as
coronavirus restrictions curtailed business activity. At the recent National
People's Congress, the newly appointed Premier Li Qiang said that, now those
measures had been lifted, the target was 5% growth, although it would "not
be easy" to meet.

 

Ms Wang says: "Beijing still wants US companies to invest in China, and that
attitude I do not believe will change anytime soon."

 

Mr Hart adds that the giant Chinese consumer market is probably the place
where US firms remain "the most optimistic". Firms such as McDonald's,
Starbucks and Ralph Lauren all have major Chinese expansion plans in the
pipeline.

 

National security concerns

However, all this comes against a backdrop of national security concerns
between the two nations, centred on technology.

 

These have led to a growing number of measures by the Biden administration
to try to stop China accessing US technology. These include trying to limit
new investments in China by US semiconductor manufacturers.

 

 

Media caption,

Why does China’s economy matter to you?

 

Both countries have been trying to increase government support for
technologies they regard as critical to the future of the global economy.

 

In his State of the Union speech last month President Biden said: "I've made
clear with President Xi that we seek competition, not conflict."

 

"I will make no apologies that we are investing to make America stronger.
Investing in American innovation, in industries that will define the future,
that China intends to be dominating."

 

However that approach has not gone down well in Beijing, where President Xi
said recently that "Western countries - led by the US - have implemented
all-round containment, encirclement and suppression against us, bringing
unprecedentedly severe challenges to our country's development".

 

It is a rivalry which is increasingly affecting individual companies and
spreading around the world.

 

Chinese telecoms giant Huawei has been restricted in many countries because
of US pressure, with Germany the latest to consider taking action.
Meanwhile, social media firm Tiktok has been threatened with a complete ban
in the US, whilst also facing restrictions in the UK.

 

All these tensions between the US and China mean "the temperature is
certainly very high", according to Prof Prasad and that could come at a cost
that is felt well beyond the US and China.

 

"Rising hostilities between the world's two largest economies, which
together account for roughly 40% of world GDP, are likely to create more
volatility and uncertainty, which is the last thing an already fragile world
economy now needs," he says.-BBC

 

 

 

 

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?

 

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.

 

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 brakes 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

 

 

 

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

 

 

 

Tunisia: Remittances From Tunisians Abroad Up By 9.9 Percent in 2022

Tunis/Tunisia — Remittances from Tunisians abroad rose to TND 9,468.4
million in 2022 against TND 8,617.8 million in 2021, up 9.9%, according to a
document published by the Office of Tunisians Abroad (OTE) on the evolution
of remittances from Tunisians abroad for 2021 and 2022.

 

These remittances increased by 14.6% to TND 1,928.7 million in the first
quarter (Q1) of 2022 compared to Q1 of 2021.

 

In Q2 of 2022, remittances grew by 17.4% to TND 1,928.7 million against
1,872 million in the same period of 2021.

 

Remittances from Tunisians abroad also rose by 2.9% in Q3 to TND 3,193
million compared with TND 3,104 million in 2021, while in Q4 of 2022, an
increase of 9.9% was recorded to TND 9,468 million compared with TND 8,617
million in the same period of 2021.

 

OTE Director General Mohamed Mansouri told TAP last September that Tunisians
abroad are the first source of foreign currency for the Tunisian economy,
pointing out that until the end of July 2022, transfers had reached TND
5,000 million, i.e. a 640 million TND rise compared to the same period in
2021.

 

He said that these remittances, which had provided 20% of the national
foreign exchange reserves, had helped cover the external debt in the first
seven months of 2022 exceeding the income from the tourism sector in the
same period of 2022.

 

Mansouri pointed out that the OTE is currently seeking to direct these
remittances, which are generally used for housing, services and the support
of expatriates' families, towards investment in productive sectors, which
would help create wealth and reboot the national economy.

 

-Tunis Afrique Presse.

 

 

 

South Africa: New Electricity Minister Blames Infrastructure Problems for
Power Crisis 

Cape Town — Power Crisis: Infrastructure Problems More to Blame Than
Corruption - Electricity Minister

 

Electricity Minister Kgosientsho Ramokgopa is leading an eight-day
assessment tour to power stations across the country, EyeWitness News
reports. The Daily Maverick is reporting that the minister said that the
efficiency of Eskom's power stations was heavily affected by technical
defaults. On Tuesday March 21, 2023, Ramokgopa told the media during his
visit to Kusile Power Station: "The challenges that we've had here, these
are technical problems, they have nothing to do with so-called corruption."
Ramokgopa said the issues at Kusile were down to the structural integrity of
the chimney and the design components of the flue-gas desulphurisation
(FGD), which "have nothing to do with corruption and everything to do with
technical designs".

 

National Assembly Speaker Leads Delegation in Russia

 

Parliament has announced that National Assembly Speaker Nosiviwe
Mapisa-Nqakula and National Council of Provinces Chairperson Amos Masondo
are leading a multiparty delegation at a conference organised by the Russian
Parliament, themed "Russia – Africa in a Multipolar World", News24 reports.
"More than 40 high-ranking delegates from various African states are in
attendance alongside their Russian counterparts. The conference aims to
discuss the contribution of parliamentarians to the comprehensive
development of cooperation with African states," reads the statement from
Parliament.

 

 

Man Wanted for Allegedly Scamming North West Woman of R2 Million in Pension
Money

 

The Hawks in North West are looking for a man who allegedly scammed a
54-year-old woman of more than R2 million after meeting on a dating site,
News24 reports. North West Hawks spokesperson Captain Tlangelani Rikhotso
said the funds were part of the woman's pension payout. Rikhotso said the
money was handed over between May and August 2022 to the alleged scammer.
She also said the man used a fake name in interactions with the woman.

 

Western Cape Govt Administers Over 500,000 Measles Vaccines in Response to
Outbreaks

 

In the wake of an immunisation campaign headed by the National Institute for
Communicable Disease (NICD), the Western Cape Government confirmed that it
has administered over 500,000 vaccinations to curb the spread of viral
outbreaks that began in June 2022, Eyewitness News reports. The campaign
continues until the end of March and, according to vaccination campaign
coordinator Sonia Botha, is not an ordinary campaign due to the time
involved.

 

Climate Report Reveals Century-Long Impact of Fossil Fuel Use, Minister
Calls for Urgent Efforts to Curb Climate Change

 

Minister of Environment, Forestry and Fisheries Barbara Creecy has called
for accelerated action to curb climate change in order to close the existing
adaptation gap, SABC News reports. This comes after the release of the
Intergovernmental Panel on Climate Change (IPCC)'s Summary for Policy
Makers. The reports revealed that a global temperature increase of 1.1
degrees is attributed to more than a century of burning fossil fuels and the
use of unsustainable energy, particularly in developed nations.

 

South African news 

 

 

 

 

Kenya: Ruto Vows Action Against 'Economic Terrorists' to Protect Kenya's
Economy

Nairobi — President William Ruto has promises full accountability against
"economic terrorists" out to destabilize the country's business environment.

 

In a veiled reference to opposition leader Raila Odinga who led a chaotic
conformation with the police on Monday in an attempt to access Nairobi's
Central Business District, Ruto said the government will not put up with
sabotage.

 

"There's no reason whatsoever for anyone to stand in the way of free
enterprise, disrupt business or sabotage economic activity or work as
economic terrorists for personal selfish interest," the Head of State
remarked on Wednesday.

 

 

"Such impunity must be dealt with firmly and full accountability enforced to
vindicate Kenya's commitment as a free market economy," he vowed.

 

Ruto who graced an event at the Nairobi Securities Exchange (NSE) for the
listing of Laptrust Imara (REIT) assured investors of government protection.

 

"I want to give you my commitment that the business and investment
environment in Kenya is secure and conducive on a sustainable basis," he
said.

 

Ruto was quick to note that the government will endeavor to protect rights
and freedoms guaranteed in the Constitution (2010) but insisted on the
adherence to the rule of law.

 

"Through the rule of law the government will take robust measures to honour
and respect the rights of all and demonstrate that no one is above the law
by decisively combating impunity," he said.

 

 

Call for accountability

 

Ruto's comments came amid a sustained campaign within government to hold
Odinga accountable for his actions.

 

Top officials of the ruling UDA Party on Tuesday called for Odinga's arrest
citing violation of the law after he unilaterally declared a public holiday,
a preserve of the Interior Cabinet Secretary.

 

Led by UDA Chairperson Cecily Mbarire (Governor, Embu), the leaders also
demanded accountability for the destruction of property witnessed in Kisumu.

 

The Ministry of Foreign Affairs also issued a diplomatic note to foreign
missions and international organizations in Kenya calling on the
international community to consider sanctions against Odinga.

 

"In line with the importance of holding those responsible for any crimes
that may be committed under the guise of protests and ensure no impunity is
encouraged, the Government urges the international community to be vigilant
in supporting the sanctioning of any conduct adverse to the peace and
security of the country," MFA advised.

 

The protests and destruction to property are a continuation of the
opposition leader Odinga's well known modus operandi deployed since 1997 to
force extra-constitutional political settlements for his own
self-aggrandizement," MFA stated in the note circulated on Tuesday.

 

Odinga's demands

 

Odinga, who has refused to acknowledge Ruto's presidency despite losing a
presidential election petition the the Supreme Court, has insistently
labeled Ruto's administration as illegitimate.

 

The Azimio leader ordered protests by his supporters after a 14-day
ultimatum he issued demanding for the suspension of recruitment of IEBC
Commissioners lapsed.

 

He also demanded for the opening of IEBC servers to "unearth electoral
fraud" despite a scrutiny supervised by the Supreme Court having cleared any
irregularities.

 

Odinga singled out the exit of four IEBC commissioners who rejected Ruto's
as an act of coercion.

 

The faction led by then Independent Electoral and Boundaries Commission
(IEBC) Vice Chairperson Juliana Cherera colluded with Azimio in an attempt
to "moderate" election results to have Odinga declared President, according
to evidence presented to a tribunal.

 

Cherera resigned alongside commissioners Justus Nyang'aya and Francis
Wanderi. A tribunal constituted to probe the conduct of the four recommended
Commissioner Irene Masit's dismissal.

 

IEBC Chairperson Wafula Chebukati on the other hand retired alongside
commissioners Yakub Guliye and Boya Molu after completing their 6-year
terms.

 

-Capital FM.

 

 

 

Africa must urgently invest in economic recovery, Finance Ministers Urge

(ECA) - Africa should deploy innovative resource mobilization and accelerate
economic recovery from multiple crises which have eroded two decades of
development gains and increased poverty, Ministers of Finance have urged.

 

In a Ministerial Statement adopted at the 55th session of the Conference of
African Ministers of Finance, Planning and Economic Development, in Addis
Ababa, Ethiopia, ministers reiterated the urgency of transforming Africa’s
economies and driving industrialization. They underscored the need to
expedite economic recovery in Africa which is likely to miss many of the
Sustainable Development Goals (SDGs).

 

Noting that the COVID-19 pandemic, the war in Ukraine and climate change
will hinder Africa’s efforts to achieve the SDGs and Agenda 2063, the
Ministers said the triple crises have disrupted food and energy markets,
exacerbated food insecurity and caused high inflation rates which have
pushed millions of Africans into poverty and economic hardship.

 

 

Africa needs to invest approximately $66 billion in its health systems and
health infrastructure. Furthermore, financing to close infrastructure
deficits amounts to between $137 billion and $177 billion by 2025.

 

In addition, the Ministers recognised that meeting SDG targets to eradicate
extreme poverty and reduce inequality within seven years in line with the
2030 Agenda, is becoming increasingly unlikely. Poverty and inequality in
Africa will therefore pose high risks to prosperity, peace and security, and
to the social contract.

 

The Ministers, therefore, acknowledged the need to stimulate economic
recovery and to protect vulnerable populations against soaring inflation –
which was forecast to reach 12.4 per cent in Africa in 2023. Rising interest
rates, and the tightening of monetary policy by central banks to combat
inflation have contributed to the worsening of the already limited fiscal
space, the Ministers statement said.

 

 

The Agreement establishing the African Continental Free Trade Area (AfCFTA)
will increase intra-African trade in agrifood, services, industry, energy
and mining while attracting cross-border investments, the Ministers noted in
the statement calling on the ECA to support the continent with strategic
thinking and new perspectives achieve prosperity by 2030 and realize the
objectives of the 2030 Agenda and Agenda 2063.

 

ECA Acting Executive Secretary, Antonio Pedro, in closing the conference,
said in order to foster recovery and transformation in Africa, the continent
should prioritize skills enhancement, industrialization and economic
diversification, infrastructure development, intra-Africa trade and
innovative financing.

 

“We have the mandate to deliver on our promise of shared prosperity to the
people of Africa,” Mr. Pedro said, adding that sustainable solutions must be
developed by Africa and partnership and collaborations were key to a
transformed Africa.

 

About the United Nations Economic Commission for Africa

 

Established by the Economic and Social Council (ECOSOC) of the United
Nations (UN) in 1958 as one of the UN’s five regional commissions, the
United Nations Economic Commission for Africa’s  (ECA’s) mandate   is to
promote the economic and social development of its  Member States  , foster
intraregional integration and promote international cooperation for Africa’s
development. ECA is made up of 54 Member States and plays a dual role as a
regional arm of the UN and as a key component of the African institutional
landscape.

 

 

 

 

Nigeria: Maritime Crimes - Govt Prosecuted Over 220 Vessels in 5 Years -
Buhari

President Muhammadu Buhari yesterday expressed delight that some key threats
within Nigeria's maritime environment, such as crude oil theft, piracy, sea
robbery, as well as illegal unregulated and unreported fishing were being
effectively tackled.

 

According to him, over 220 vessels involved in maritime criminality within
Nigeria's Exclusive Economic Zone, up to the Republic of Togo, between
August 2018 and March 2023, were prosecuted.

 

President Buhari also said over 87 oil tankers involved in various crude oil
and product theft had been arrested, as theft of over three million barrels
of crude oil was prevented, while 15 million litres of petrol and diesel
were recovered.

 

 

He also inaugurated the new Office of the National Security Adviser, ONSA,
and National Counterterrorism Centre, NCTC, in Abuja, as part of efforts to
address evolving security challenges in the country, especially terrorism
and violent extremism.

 

Speaking at the inauguration of the two world-class facilities, the
President said it would serve as a major legacy to provide the incoming
administration with infrastructure to effectively coordinate national
security and counter-terrorism efforts.

 

President Buhari used the occasion to outline significant milestones
achieved by his administration on National Security, including gains in
combating terrorism, armed banditry, kidnapping, separatist tendencies,
crude oil theft, piracy as well as militancy in the South-South and
cyber-security.

 

The President in a statement by his Special Adviser on Media and Publicity,
Femi Adesina, noted that his administration had since its coming, invested
heavily on stabilising and enhancing security across the country.

 

 

"This was largely achieved through the valiant efforts of our Armed Forces
and other security agencies, in collaboration with our regional and
international partners but above all, the support and cooperation of the
Nigerian citizens."

 

"Issues of crude oil theft, sea robbery, piracy and militancy in the
South-South are equally being addressed.

 

"Most of these threats have transnational linkages thereby reinforcing the
need for regional and international cooperation as critical enablers to
enhance our national security," he said.

 

On maritime security, President Buhari expressed delight that some key
threats within Nigeria's maritime environment such as piracy, sea robbery,
crude oil theft as well as illegal unregulated and unreported fishing, were
being effectively tackled.

 

 

He said between August 2018 and March 2023, over 220 vessels involved in
maritime criminality within Nigeria's Exclusive Economic Zone, up to the
Republic of Togo, had been prosecuted.

 

He commended the Falcon Eye maritime domain awareness project, domiciled
with the Nigerian Navy and coordinated by ONSA, for providing high-quality
real-time intelligence, leading to the arrest and prosecution of economic
saboteurs.

 

He added that over 87 oil tankers involved in various crude oil and product
theft had been arrested, the theft of over 3 million barrels of crude oil
prevented and 15 million litres of petrol and diesel recovered.

 

In his welcome address, the National Security Adviser, Major General,
Babagana Monguno, retd, said the dynamic nature of global and domestic
security environment necessitated the modification and expansion of some of
the functions of ONSA.

 

"The new office for the NCTC is designed to accommodate the additional
workforce and improved technological capabilities of the Centre,
particularly the Exclusive Devices Analysis Office, EDAO, increasing
activities of countering violent extremism department and joint terrorism
analysis branch.

 

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"The new ONSA and NCTC complex boasts of office spaces, a world-class hall,
conference rooms, team rooms, laboratories, an auditorium and an
operations/crisis centre," he said.

 

In his goodwill message, the UN Resident Coordinator for Nigeria, Matthias
Schmale, commended President Buhari and his government for championing the
NCTC, saying "this is no doubt part of your legacy that will enable Nigeria
continue to address domestic and regional security challenges'.'

 

Schmale, who was represented by Kimaris Toogood, Peace and Advisor, Office
of the Resident Coordinator (UN Nigeria), also commended the progress made
by the Nigerian military to degrade the operational capacity of Islamic
State West Africa Province and Boko Haram and to improve intelligence
gathering on suspected terrorists.

 

Vanguard.

 

 

 

Kenya: Cabinet Approves Privatization Bill 2023

Nairobi — The Cabinet approved the Privatization Bill 2023 yesterday, which
gives the Treasury the authority to sell off publicly held companies without
Parliamentary approval.

 

It contains legal and policy frameworks to oversee all privatizations in the
country.

 

The sale of non-strategic, non-performing public entities, the Cabinet
stated, will help improve the delivery of services to Kenyans.

 

"To support the state's divestiture from non-strategic sectors of our
national life, Cabinet approved the Privatization Bill," the report from the
Cabinet stated.

 

 

"The revised policy shift seeks to revitalize Kenya's Capital Markets
through the review of the framework for State divesture as part of a wider
reform process targeting Public Enterprises."

 

Privatization is also set to reduce demand for public resources and raise
more money to support the government's development program.

 

Last month, the Parliamentary Budget Office (PBO) called for the repeal of
the Privatization Act 2005 to grant the government a clearer framework
within which it will seamlessly run the privatization program.

 

The budget office said privatizing state-owned businesses might generate
Sh30 billion in annual revenue.

 

In a report on budget options for FY 2023-2024, PBO highly recommended the
privatization of parastatals to improve the financial status of State Owned
Enterprises (SOEs), projecting that the move will generate revenues of up to
Sh30 billion annually.

 

The budget office added that through privatization, they will be able to aid
the ambitious government in realizing its development plans and also provide
funds for offsetting the nation's skyrocketing debt burden.

 

"For long-term impact, privatization proceeds should be earmarked to capital
projects that have the potential to generate future revenues or be used to
retire expensive public debt," read part of the statement.

 

PBO further proposed that a privatization policy be established to foster
better growth strategies for the SOEs in order to yield long-term benefits.

 

-Capital FM.

 

 

 

 

Kenya: President Ruto Says Dollar Demand Will Ease in 'A Couple of Weeks'

Nairobi — President William Ruto expects dollar demand in the country to
ease as the government plans to import fuel in Kenya shillings.

 

Ruto's remark comes after the cost of buying a dollar increased to as high
as Sh145.5 per dollar as of yesterday.

 

Greenback demand in the country has been rising over the last few years due
to high demand from importers.

 

However, dollar requests are expected to drop after the Kenyan government
and its Saudi counterpart signed an import deal for fuel importation on
credit.

 

Early this month, Energy Cabinet Secretary Davis Chirchir said that the oil
import deal would see the state-run National Oil Corporation (NOCK) import
30 percent of the country's monthly fuel requirement.

 

 

The above will be on credit for six months to a year, helping the government
ease pressure on the dollar.

 

"And So I just want to assure those in Kenya who were facing challenges of
access to dollars that we have taken steps to ensure that dollar
availability in the next couple of weeks is going to be very different
because our fuel companies will now be paying for fuels in Kenya shilling,"
the President said during the listing of the Laptrust Imara I-REIT at the
Nairobi Securities Exchange today.

 

"They do not to look for dollars every month because we have done what we
must do as a government to ensure that we ease the burden on people who want
to realize their returns in dollars," he added.

 

The latest Central Bank of Kenya (CBK) weekly bulletin shows that the
country's usable foreign exchange reserves stood at USD 6.56 billion
(Sh852.2 billion) as of March 9, equivalent to 3.67 months of import cover.

 

Kenya imports the vast majority of its fuel from countries such as Saudi
Arabia and the United Arab Emirates, among others, and pays in dollars.

 

Signs of dollar demand easing could be seen today, with the cost of buying
one dollar dropping to about Sh140 from Sh145.5 yesterday.

 

"I am giving you free advice that those of you who are hoarding dollars you
shortly might go to losses you better do what you must do because this
market is going to be different in a couple of weeks," he added.

 

  Capital FM.

 

 

 

 

Kenya: M-Pesa, Safaricom Most Brands Loved By Women

Nairobi — M-Pesa and Safaricom are the two most popular brands among women
in Kenya.

 

Airtel, Equity Bank, and Naivas followed respectfully.

 

This is according to a report that was released by BSD Group and Ipsos
yesterday, elaborating on the consumer behavior of women nationwide.

 

The study was carried out between February and March 2023.

 

Ipsos Kenya Managing Director Chris Githaiga pointed out that the study
seeks to bridge the knowledge and insight gap in understanding the female
consumer market.

 

"This is a huge opportunity for most brands that actively seek to engage
women as an opportunity for growth since women play a critical role in our
economy. They truly control multiple market segments - through their
influence and purchasing power," he said.

 

 

"97% of adult women play a key role in purchase of products or services used
in their households and on average, 78% of their income goes to household
purchases. Additionally, the percentage of female-headed households is
increasing and can no longer be ignored."

 

On the brand side, there were significant gains made by other body care
brands, such as Nice & Lovely's hair products and equipment, which moved
from the 35th spot in 2022 to the 26th spot in 2023.

 

In contrast, Vaseline, which held the 15th position in 2022, dropped to the
49th position in 2023.

 

Among healthcare providers, the Aga Khan Hospital maintained its position in
2023, ranking in 24th place. However, other healthcare providers saw a
decline in popularity, with Moi Teaching and Referral Hospital dropping from
the 28th position in 2022 to the 86th position in 2023.

 

The biggest losers among the top 100 most-loved brands by women in 2023
include Arimis, which fell from the 5th position in 2022 to the 19th
position in 2023.

 

Similarly, Always Sanitary pads, which held the 6th position in 2022,
dropped to the 18th position in 2023.

 

The Top 100 Most Loved Brands by Women in Kenya serves as a first step
towards exploring the power of women's markets, with various studies
globally indicating that women form a massively profitable audience that
needs keen attention, both locally and globally.

 

  Capital FM.

 

 

 

 

 

 

 

 

 

 

 


 


 


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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