Major International Business Headlines Brief::: 06 November 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  06 November 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Forex - Dangote Repatriates $687.98m From Pan-African Operations

ü  Rwanda: Inside Rwanda's Plan to Digitise All Irembo Services By 2024

ü  South Africa: Lights Out, Books Open!

ü  Nigeria: Less Than 10% of $700m Trapped Funds Paid - Foreign Airlines

ü  Nigeria: 20 Bodies Recovered in Taraba Boat Mishap

ü  Rwanda Should Consider Manufacturing ARVs - Expert

ü  South Africa Pins Its Hopes On an Early 2024 US Congress Renewal of AGOA

ü  Kenya: Tatu City, China's Guangdong Province Sign Trade Agreement

ü  Nigeria: Minister Hails Maiden Lagos-Ibadan Freight Train Trip

ü  Africa: US Trade Envoy Tai Talks Trade Policy in Africa As Summit Ends

ü  China and Australia: Frenemies who need each other

ü  Annual oil and gas licences planned with net zero commitment required

ü  Australian PM Albanese to meet Xi Jinping in long-awaited China visit

ü  Tyson Foods recalls US nuggets after metal pieces found

ü  Musk says his new AI chatbot has 'a little humour'

 

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Forex - Dangote Repatriates
$687.98m From Pan-African Operations

Dangote Industries Limited (DIL), has repatriated over $576,008,672.41
through various banks in Nigeria, in addition to a $111,968,109.38 cash swap
arrangement between Dangote Cement Plc and Ethiopian Airlines; thus saving
the same amount that would have been paid by the Central Bank of Nigeria
(CBN).

 

The company revealed this in a statement released to the media, where it
accused BUA Group of sponsoring fake and misleading news about its foreign
exchange transactions, approved by the CBN, which were meant for its
Pan-African operations.

 

Dangote re-affirmed its determination and belief in Nigeria, noting that the
present government of President Bola Ahmed Tinubu, has shown the will and
resolve to get the economy moving again.

 

 

"We are not body-shop investors. We believe in Nigeria, and we believe in
Africa. We are genuine and authentic about our investments, and we call on
all relevant agencies to investigate our FX transactions in the past ten
years and make public any infraction noticed or discovered," it said.

 

Insisting that all forex purchased in respect of its African Project
Expansion were genuine and fully utilised for what they were meant for,
Dangote revealed that the projects for which the forex was utilised are
visible for everyone to see.

 

"It is on record that some of these projects were commissioned by Nigerian
top-ranking government officials and in attendance were chief executives of
various banks, captains of industries, and the presidents of the host
countries supported by their senior government officials.

 

"The commissioning events of these projects were well documented and covered
by both local and international media. There are also print and electronic
copies of the commissioning ceremonies as further testimony to the judicious
utilisation of the funds," it added.

 

Dangote further explained that its massive investments in Pan Africa will
lead to the repatriation of forex in the very near future and boost foreign
exchange earnings in Nigeria, as well as stabilise the forex market.

 

- Daily Trust.

 

 

 

 

Rwanda: Inside Rwanda's Plan to Digitise All Irembo Services By 2024

As Rwanda seeks to add over 200 e-services to Irembo -- an online portal
that serves as a gateway to different government services -- by mid-next
year, at least five million Rwandans need digital literacy to be able to use
the platform, according to the Ministry of ICT and Innovation.

 

Yves Iradukunda, the Permanent Secretary at the Ministry of ICT and
Innovation said digital literacy is the backbone of Rwanda's digital
transformation as technology is an enabler of socio-economic development.

 

"Digital literacy is a priority. It is one thing to have infrastructure for
connectivity and devices, but we need to be able to use these tools to
access services. The Government of Rwanda has been digitalising different
services to ease service delivery to citizens. The end goal of different
training is to have a digital economy. Our goal is to have all government
services digitised by the end of next year end-to-end," he said.

 

 

Irembo platform has over 100 services and, Iradukunda said "200 more will be
put online by June next year."

 

In total, about 400 e-services digitised on Irembo will be available by next
year.

 

More e-services to be added to the platform are being identified across
different sectors such as forest services, livestock movement, licenses to
open and operate a health facility, import permits, research permits, and
various Rwanda Utilities and Regulatory Authority (RURA) licenses.

 

Others are various documents issued at village, cell, and sector levels,
accreditation and inspection services, payment of certain specific services
like cemetery fees, cleaning fees, and market fees, and provision of
laboratory analysis services at the National Agricultural Export Development
Board (NAEB), to mention but a few.

 

The project is estimated to cost over $12 million (approx. Rwf14.8 billion).

 

Iradukunda mentioned that the government employed ICDL, an international
social enterprise organisation focused on improving digital skills standards
in the workforce, education, and society. They provide computer skills
certification to ensure that public servants are adequately equipped with
digital literacy. This enables them to efficiently deliver various
e-services.

 

The partnership aims to resolve low computer and digital literacy among
citizens. The training and professional certification is based on the labour
market's needs and potential growth. Rwanda aims to achieve a 60 per cent
digital literacy rate among its citizens by 2024.

 

 

The Digital Ambassador Programme (DAP) was implemented to connect five
million Rwandans with limited or no internet experience. This initiative,
mainly led by young individuals, aims to offer comprehensive training to
ordinary citizens on utilising e-government services.

 

The programme also aims to transform rural communities into digitally
literate and skilled ones through digital literacy training, increased
access to information, internet services, ICT infrastructure, and different
applications for the provision of online services such as e-health,
e-agriculture, e-business, e-commerce, and digital financial inclusion
services.

 

Revamping the teaching of digital literacy in schools

 

In order to boost the penetration of digital literacy, Iradukunda said the
way of teaching digital literacy has been revamped using the ICDL
certification scheme.

 

The scheme seeks to standardise digital skills in higher learning
institutions in Rwanda.

 

These can then become digital ambassadors to train citizens on digital
literacy so that they get skills to access e-services.

 

"We are working closely to make sure that as the students learn, they get
the skills when they graduate, contrary to current public servants that are
catching up," he said.

 

In March 2023, the Higher Education Council (HEC) held a meeting with over
26 higher learning institutions in Rwanda to discuss how the institutions
could implement the International Computer Driving License (ICDL) programme,
with the aim of having all students graduate with internationally recognised
digital skills certification.

 

Rose Mukankomeje, the Director General of HEC, highlighted the importance of
providing students with access to digital literacy programmes to enhance
their readiness for the job market.

 

- New Times.

 

 

 

 

South Africa: Lights Out, Books Open!

In a stark reality check, Minister of Electricity, Kgosientsho Ramokgopa,
has addressed the nation's concerns about load shedding coinciding with the
start of Matric final exams.

 

While the lights dim across the nation and 800,000 learners sit their final
year exams, there's a simple truth: excluding schools and exam centres from
rolling blackouts is an impractical feat.

 

Load shedding, a manual process at Eskom, involves technicians physically
cutting the power. This means that when the lights go out, entire towns and
villages are plunged into darkness. There's no magic switch to isolate a
school without affecting the surrounding communities.

 

 

Minister Ramokgopa expressed the plain reality: it's just not feasible.

 

However, Eskom has come up with a plan to extend the hours of stable supply
during the day and resume load shedding after 4 pm.

 

This is only possible if there are no further breakdowns of generating units
from its ageing fleet of coal fired generators.

 

"Load shedding will be suspended from 5 am until 4 pm. Stage 2 load shedding
will resume from 4 pm until 5 am on Tuesday.

 

"This pattern of suspending load shedding during the day and implementing
Stage 2 load shedding during the evening peak will be repeated daily until
further notice," the company said on Sunday.

 

During his weekly update on the state of the grid, Ramokgopa said Eskom
dropped the ball, resulting in a major shortage of power supply even during
the weekend, when major industries were closed.

 

Ramokgopa said he would once again do a tour of all the power stations. "We
have done exceptionally well over a period of three months and I think the
ball was dropped here," said Ramokgopa.

 

He said the first shipment of generators donated by the government of China
has arrived.

 

"We are going to deploy these at various clinics. The major beneficiary of
that work is going to be the Department of Health," the minister said.

 

- Scrolla.

 

 

 

 

Nigeria: Less Than 10% of $700m Trapped Funds Paid - Foreign Airlines

As stakeholders in the business landscape express relief over the
intervention by the Central Bank of Nigeria (CBN) in the foreign exchange
market in recent times, foreign airlines operating in Nigeria have disclosed
that about 90 percent of their trapped funds have not been cleared.

 

They spoke just as the domestic carriers hailed the CBN initiative, saying
they also have their funds trapped before the CBN.

 

They spoke in Lagos during a stakeholders' forum convened by the Minister of
Aviation and Aerospace Development, Mr. Festus Keyamo.

 

The CBN was said to have started clearing the Forex backlog to commercial
banks in order to ease pressure on the foreign exchange. The intervention
has seen the naira appreciating by over 20 per cent since last week in the
parallel market.

 

 

Part of the backlog was the trapped funds belonging to foreign airlines
operating in Nigeria amounting to over $700m according to the International
Air Transport Association (IATA).

 

But the Chairman of International Airline Operators, Mr. Chima Kingsley who
spoke at the stakeholders' forum at the weekend said, "As of Thursday, the
international banks have received dollars from the CBN. But this accounts
for less than 10 per cent of the trapped funds.

 

"The bulk of the blocked funds are with Nigerian commercial banks. The bulk
of the money has not been paid," he said.

 

>From the perspective of the Airline Operators of Nigeria (AON), Chairman of
United Nigeria Airlines, Prof. Obiora Okonkwo said the domestic carriers
also require enough forex to operate, saying their funds are also trapped in
CBN.

 

"We are buying forex like smugglers," he declared, adding, "We are happy
with the news that the government is clearing the backlog. We also have
trapped funds. For instance, my airline has $3m trapped in CBN."

 

He said a Nigerian carrier has one of its aircraft parked in a maintenance,
repair and overhaul (MRO) facility abroad and it has accumulated over $3m in
parking fees alone because it is unable to source forex to pay for the
service.

 

The Minister who said the CBN's intervention would continue in a matter of
weeks assured both foreign and domestic airlines that efforts are ongoing to
address the forex challenge.

 

"The process of clearing the money has started. The President gave a
marching order to the CBN," he said.

 

Also speaking, Area Manager, West and Central Africa for IATA, Dr. Samson
Fatokun said there was the need to reduce the Nigerian aviation sector
operating cost.

 

According to him, the aviation industry in Nigeria needs specific sector
focused support.

 

- Daily Trust.

 

 

 

Nigeria: 20 Bodies Recovered in Taraba Boat Mishap

No fewer than 20 bodies have been recovered from a boat accident in Taraba
State.

 

The accident happened on Saturday in Binneri of Karim Lamido local
government area.

 

There were over 100 passengers including children in the boat which was
overloaded with bags of cement, iron rods, food items and animals.

 

The state government, which confirmed the mishap, said it had recovered 20
bodies from the scene of the accident.

 

The state's commissioner for special duties and social development, Saviour
Noku, visited Binneri along with the deputy governor of the state, Aminu
Alkali.

 

 

Some residents said more bodies had been recovered but the community leaders
resolved to bury them secretly because they feared the state government
would accuse them of overloading the boat.

 

One of the residents said the boat was overloaded with bags of cement, iron
rods, food items, animals, and over 100 passengers, including children.

 

The operator of the boat who also declined to state his name, simply said
the boat encountered a barricade two hours after departure and he tried all
he could to maneuver the vessel around it but did not succeed. He said as a
result the boat became waterlogged and subsequently capsized.

 

He told Premium Times that about 60 passengers drowned while others held on
to other passengers who could swim and got to the bank of the river safely.

 

A middle-aged businessman, Suleiman Audu, who lost his sister and her baby
in the accident, said he was at the river bank when the boat took off from
Mayoreniyo and was called five hours later that his sister and baby had not
arrived at their destination.

 

"When I was told my sister had not arrived at her destination, I knew there
was trouble so I hurriedly called my friends and we went in search of the
boat. We were later informed they did not make it alive," he said.

 

After returning from the condolence visit to the community, the deputy
governor said the government had banned night journeys on waterways in the
state.

 

He said the government will no longer tolerate overloading of boats or
canoes, or movement without passenger manifests and life jackets.

 

Alkali said the government will investigate the incident to unravel the
cause of the mishap and punish culprits accordingly.

 

"Our visit was to ensure three principal issues: to stop overloading, to
ensure that there will be no more night travelling and the canoes or boats
must have passengers manifest so that whatever happens we can easily
identify one's relations," he said.

 

- Leadership.

 

 

 

Rwanda Should Consider Manufacturing ARVs - Expert

Rwanda should consider manufacturing ARVs since they are a lifelong
treatment for patients, yet there is no guarantee that foreign partners will
continue providing them to the country "forever", Hind Hassan, the UNAIDS
Representative to Rwanda, told The New Times.

 

Rwanda depends on external resources to treat more than 220,000 people
living with HIV in the country. The medication is manufactured in foreign
countries and provided to Rwanda via an arrangement that is mainly financed
through the Global Fund or the US President's Emergency Plan for AIDS Relief
(PEPFAR).

 

"This is a lifelong treatment and we don't expect that external resources
will continue forever. So, the government needs to see how it can take over
that component because it is a government responsibility to ensure that
there is no disruption to this treatment," Hassan said.

 

 

"The government needs to try to see how to mobilise local resources. One of
the ways of doing so is by having local manufacturing of ARVs. This has two
benefits, one is that the ARVs will be provided at less cost because they
are produced locally. Secondly, the local private sector will be expanding
in terms of manufacturing and will pump more money and resources into the
economy," she added.

 

According to the Rwanda Population-Based HIV Impact Assessment (RPHIA), a
national household-based survey conducted between October 2018 and March,
the prevalence of HIV among adults in Rwanda was 3.0 per cent.

 

A report released by UNAIDS mid 2023 recognised Rwanda among countries that
have effectively managed the HIV/AIDS epidemic, having made significant
milestones in terms of treatment, testing, and raising awareness.

 

Along with Botswana, Eswatini, and Tanzania, Rwanda successfully met the
"95-95-95" target set by UNAIDS.

 

The target entails ensuring that 95 per cent of individuals living with HIV
in a country are aware of their status, 95 per cent of those aware of their
HIV-positive status are receiving antiretroviral treatment, and 95 per cent
of people on treatment have achieved viral suppression.

 

Speaking to The New Times, Muhammed Semakula, the Head of the Department of
Planning, Monitoring and Evaluation, and Health Financing at the Ministry of
Health (MoH), said the current policy of the government is promoting
pharmaceutical companies and a lot has been done in terms of preparing the
stage, enabling the investors to come to Rwanda.

 

 

"We have seen BioNTech come in for vaccine production. We are also seeing a
lot of interest from investors to start manufacturing medicine. Some of them
want to go into medical equipment (manufacturing)," he said.

 

Donald Kaberuka, a Rwandan economist and former president of the African
Development Bank, urged Africa to make efforts to manufacture medicine and
medical equipment, but noted that he is not unaware of the complex nature of
the problem, for example in terms of the investments needed, both local and
foreign.

 

"I am not unaware of the complications around the regulatory systems, safety
and the realities of the markets," he said.

 

"All I am saying is, we have little choice. On this, there is a conversation
to be heard across the spectrum of governments, business, philanthropies and
international organisations like the Global Fund, GAVI, and others. It is an
important conversation, as we have started here in Rwanda in terms of
vaccine manufacturing," he added.

 

- New Times.

 

 

 

South Africa Pins Its Hopes On an Early 2024 US Congress Renewal of AGOA

The US trade delegation has used the Agoa Forum, hosted last week in
Johannesburg, to reiterate that its economic relationship with South Africa
remains 'strong' despite the Lady R debacle, differing positions between the
two countries on Russia's war in Ukraine and the Israel-Hamas crisis in
Gaza.

 

South Africa's government is hoping that the process to renew the African
Growth and Opportunity Act (Agoa) by the US Congress will be concluded by
early 2024, ensuring that more than 20 African countries continue to have
duty-free access to the world's largest economy.

 

This is the first time that the South African government has given a
timeline for when it hopes the US Congress might extend Agoa, which has been
renewed twice since it was launched in 2000, and is due to expire in
September 2025.

 

In his closing remarks at the Agoa Forum in Johannesburg on Saturday, 4
November, South Africa's trade, industry and competition minister, Ebrahim
Patel, said the government's plan involved two stages.

 

"The first stage will be focused on reauthorisation as rapidly as possible
with a modest package of refinements, which do not require lengthy
discussions. And the second stage will involve deeper improvements to Agoa
that might require time. We are particularly keen to get the reauthorisation
in the earliest part of 2024," Patel said.

 

In other words, the government wants Aoga to be first extended and
improvements on its trade terms can be made at a later stage.

 

With the re-authorisation of Agoa...

 

-Daily Maverick.

 

 

 

 

Kenya: Tatu City, China's Guangdong Province Sign Trade Agreement

Nairobi — Tatu City has entered into a trade deal with China's Guangdong
Province.

 

The Kenya Guangdong General Chamber of Commerce seeks to promote bilateral
trade between Kenya and China.

 

The agreement, signed in Guangzhou, the capital of Guangdong Province,
establishes links between Guangdong's business community and Tatu City,
which provides a seamless platform for market entry for Chinese companies
into Africa.

 

"The Kenya Guangdong General Chamber of Commerce is delighted to partner
with Tatu City to support the achievement of our mission to promote economic
cooperation, trade and investment between Africa and Guangdong," said Kin W.
Xian, the chamber's chairman.

 

 

Guangdong Province, known as the economic powerhouse of China, ranks number
two in exports to Kenya and number one for imports from Kenya, according to
MIT's Observatory of Economic Complexity.

 

Preston Mendenhall, Country Head of Rendeavour, the owner and developer of
Tatu City, said that Chinese companies are among the most active at Tatu
City SEZ, the first operational in Kenya.

 

"We are seeing a surge in investment from highly-entrepreneurial Chinese
companies diversifying their global manufacturing bases to serve
international clients," Mendenhall said.

 

"Kenya and Tatu City offer the perfect platform, with ample labour and easy
access to international markets, as well as over one billion consumers on
the continent."

 

In October, President William Ruto attended the 3rd Belt and Road Forum for
International Cooperation in Beiing, where he signed 10 investment
agreements with Chinese companies.

 

With more than 75 Kenyan, regional, and multi-national companies, Tatu City
is Kenya's first operational Special Economic Zone (SEZ), offering low
corporate taxes, import duty exemptions, zero-rated VAT, and zero
withholding tax.

 

The SEZ has world-class infrastructure, including 24/7 water supply, more
than 60 km of roads, and a power capacity of 135 MVA with 99 percent uptime.

 

- Capital FM.

 

 

 

Nigeria: Minister Hails Maiden Lagos-Ibadan Freight Train Trip

The maiden freight train departed the Apapa Port in Lagos on Thursday for
Ibadan, laden with 30 units of 40-feet containers

 

The Minister of Transportation, Said Alkali, has described Thursday's maiden
trip of the Lagos-Ibadan freight train service as a significant milestone in
Nigeria's railway projects.

 

In a statement issued in Abuja on Sunday, Mr Alkali said the development
also reinforced the government's dedication to providing a robust
transportation network to cater to Nigeria's growing population.

 

The maiden freight train departed the Apapa Port in Lagos for Ibadan, laden
with 30 units of 40-feet containers.

 

 

Mr Alkali said the successful trip was the result of meticulous planning,
relentless efforts, and diligent execution by the Ministry of Transportation
and its partners.

 

He said it served as a testament to the ministry's unwavering commitment to
realising the eight-point agenda of President Bola Tinubu's administration,
which prioritised the development of a modern and efficient transportation
system.

 

The minister noted that the Lagos-Ibadan railway project, a crucial
component of Nigeria's transportation infrastructure, has immense potential
to revolutionise the movement of goods and people.

 

He noted also that the completion of the rail project signified a major step
in enhancing connectivity, boosting trade, and stimulating economic growth.

 

Mr Alkali expressed satisfaction with Thursday's successful launch of the
container freight train, hailing it as a significant achievement for the
nation.

 

"As the Lagos-Ibadan railway continues to expand its operations, it is
expected to play a pivotal role in alleviating congestion on roads, reducing
travel time, and facilitating seamless movement of goods across the country.

 

"The successful initiation of the container freight train service signifies
a promising future for the railway project, further solidifying its position
as a vital backbone of Nigeria's transportation infrastructure," Alkali
stressed. (NAN)

 

- Premium Times.

 

 

 

Africa: US Trade Envoy Tai Talks Trade Policy in Africa As Summit Ends

Johannesburg — The annual summit of the African Growth and Opportunity Act
-- a program that has provided eligible sub-Saharan African countries with
duty-free access to the U.S. economy since 2000 -- wrapped up in South
Africa on Saturday.

 

Under AGOA, total goods imports into the United States were worth about $10
billion in 2022, compared with $6.8 billion in 2021. African leaders are
asking the U.S. Congress to renew the trade policy for another 10 years or
more before it expires in 2025.

 

To be eligible for AGOA, nations must respect the rule of law and protect
human rights. On Monday, U.S. President Joe Biden said four countries would
be dropped from AGOA: Niger and Gabon for coup d'etats, and the Central
African Republic and Uganda for human rights violations.

 

On Saturday, U.S. Trade Representative Katherine Tai sat down with several
reporters to answer questions about AGOA's future. The following transcript
has been edited for brevity and clarity:

 

 

VOA: China is Africa's largest trade partner; how can the U.S. compete and
how do the two countries' approaches to trade with Africa differ?

 

U.S. Trade Representative Katherine Tai: Let me start ... with what the
basis for our relationship is, which is that the U.S. partnership with the
countries of Africa is inherently valuable vis-à-vis ourselves, first and
foremost. Our historical ties, our people-to-people ties, the fact that the
United States grew out of our own colonial past, there are so many points of
shared cultural, historical narrative. That is the cornerstone of our
partnership.

 

Beyond that, we look at the demographics of Africa. ... By the year 2050,
one in four human beings on this planet will be African. Then you look at
the median age of the population in Africa and you compare it to the median
age in different places and you realize that the future is Africa. The
potential -- human potential, the economic potential -- of Africa, that is
another reason why we know that charting our own path for the future
necessarily involves partnership with Africa. So, there is the reason why we
are here.

 

Separately, let me turn to your question on China. Yes, China's footprint in
the global economy in terms of trade is enormous. We know that; that is true
in many of our conversations around the world. We feel very strongly that
the type of partnership the United States brings and can bring is inherently
different from what other partners bring and that is why we are focused on
enhancing and building on a U.S. partnership with Africa.

 

VOA: Yesterday, a representative of an African country told me 'We don't
want Western democracy imposed on Africa.' How do you cope with this?

 

Tai: Obviously there's not just one form of democracy, we all have our
versions of democracy. But broadly speaking, I think when we talk about
democracy, you break it down, it's about a system of government where the
people have the right and power to select their government. ... I don't
think AGOA dictates the specific kind of democracy, I think the way that I
have phrased it is AGOA is set up to support African solutions to the
political and economic reforms that AGOA's meant to encourage.

 

 

VOA: How is the U.S. relationship with South Africa, owing to South Africa's
stance on the Ukraine crisis?

 

Tai: Now recall I'm the U.S. trade representative, so I am an economic
policy team member. So let me focus on the U.S.-South Africa economic
relationship. Let's acknowledge that we live in a very complex world that is
only becoming more complicated. That said, I think that the relationship
overall, and the relationships on a more human level, are strong, on the
economic side, which is where my competency lies. ...

 

We all need to figure out how to navigate this complex world, and I have a
high degree of confidence, at least on the economic side, that we have
managed to navigate some choppy waters this year and that we will continue
to do our best to do so. I think the South African government, on this trip,
at this forum, has indicated the strength of its support for the economic
relationship with the United States.

 

VOA: It has been a thorny issue, Africa wants to be developed, and as long
as we continue to send raw materials outside of Africa, we are not going to
learn the skills. What's your view?

 

Tai: As I understand it, you're talking about: How does Africa and the
countries in Africa move up the value chain and industrialize? And I think
that that is the challenge of economic development. We in the United States
are focused also on a reindustrialization project, having gone through a
period of deindustrialization, so it's made for a period of very interesting
conversations while I've been here.

 

I think that that is a tremendously important question that we all have to
figure out. In my instincts, I feel convinced that as globalization evolves,
because we see that it is needing to evolve ... the next iteration of
globalization should do a better job than this past one. ... This next one
has to involve a development program that looks at how we can more
effectively partner between advanced economies and emerging economies to
provide a win-win solution to development.

 

And I think that the basic principle is going to be, if you take President
Biden's outlook, that we're trying to rebuild and reinvigorate our middle
class, how through trade policy could we help each other build our middle
classes?

 

How do we do it in a way that we're not pitting our middle class against
your middle class, our workers against your workers? How do we think more
about trade being a complementary exercise as opposed to a cut-throat
competition? ... I have been really, really privileged to work with our
partners on the African continent on how we solve that problem.

 

VOA: We've heard, especially from Republican members of Congress, that they
are going to want to look at enforcement of eligibility because some of them
have said they don't think the administration is doing a good job of
implementing enforcement. So, what do you say to that?

 

Tai: I don't know who exactly else they would like to suspend from AGOA, but
there is an annual review process, it is a very rigorous process ... a lot
of deliberation goes into it and the calls are not easy.- VOA.

 

 

 

Musk says his new AI chatbot has 'a little humour'

Elon Musk has launched an AI chatbot called Grok on his social media site X,
formerly Twitter, but so far it is only available to selected users.

 

"In some important respects, it is the best that currently exists," he
posted on X, before its release.

 

Mr Musk boasted that Grok "loves sarcasm" and would answer questions with "a
little humour".

 

However, early signs suggest it suffers from problems common to other
artificial intelligence tools.

 

Other models decline to respond to some questions, for example providing
criminal advice. But Mr Musk said Grok would answer "spicy questions that
are rejected by most other AI systems".

 

In a demonstration of the new tool, posted by Mr Musk, Grok was asked for a
step-by-step guide to making cocaine.

 

It responded "just a moment while I pull up the recipe... because I'm
totally going to help you with that", and listed generalised rather than
useable information, combined with sarcastic suggestions, before warning
against pursuing the idea.

 

It struck a gleeful tone in reference to the trial of crypto-entrepreneur
Sam Bankman-Fried, but mistakenly suggested it took eight hours for the jury
to deliver a guilty verdict, when in fact they returned it in under five.

 

Generative AI tools like Grok have been widely criticised for including
basic errors while sounding highly convincing in their style of writing.

 

What is AI and how does it work?

The team behind Grok xAI was launched in July, drawing on talent from other
AI research firms. It is a separate company, but closely linked to Mr Musk's
other enterprises X and the electric car firm, Tesla.

 

Earlier this year Mr Musk said he wanted his version of AI to be "a maximum
truth-seeking AI that tries to understand the nature of the universe".

 

Mr Musk said a major advantage of Grok was that it had access to up-to-date
information from the X platform, which set it apart from the launch versions
of some rivals, although increasingly up-to-date responses are available for
paying customers with other AI tools.

 

Grok is currently in a test or "beta" format but will later be available to
paying subscribers of X. Mr Musk said late on Sunday that the chatbot would
be "built into the X app and be available as a standalone app".

 

Elon Musk tells Rishi Sunak AI will put an end to work

ChatGPT can now access up to date information

Why are fewer women using AI than men?

Last week at the UK's AI summit, Mr Musk conceded there were dangers
associated with AI development.

 

But he has also been a long-standing champion of the technology. He was a
co-founder of the firm OpenAI which created ChatGPT, the first AI tool made
widely available last year. Microsoft has invested in OpenAI making the tool
available on its platform.

 

Since then Google launched its rival artificial intelligence (AI) model,
Bard, and Meta has launched Llama. The tools are designed to use previously
ingested information to generate text answers that sound as though a human
has written them.

 

Grok is a term coined by science fiction writer Robert A. Heinlein, in his
1961 novel Stranger in a Strange Land. In it "grokking" was to empathise
deeply with others.

 

However, xAI said Grok was modelled after the Hitchhiker's Guide to the
Galaxy, by Douglas Adams, which started as a BBC radio series in the 1980s,
but was later remade in print and on film.

 

xAI said Grok was "intended to answer almost anything and, far harder, even
suggest what questions to ask".

 

Grok was a "very early beta product - the best we could do with two months
of training", it added.-bbc

 

 

 

 

Tyson Foods recalls US nuggets after metal pieces found

American meat processor Tyson Foods says it is recalling around 30,000lbs
(13,608kg) of chicken nuggets, after metal pieces were found in the product.

 

The firm said the voluntary recall is "out of an abundance of caution".

 

The nuggets were produced at one facility and shipped to distributors in
nine US states including Alabama, California and Illinois.

 

The US Food Safety and Inspection Service (FSIS) said it had received one
report of a minor oral injury.

 

The FSIS said anyone concerned about an injury or illness should contact a
healthcare provider.

 

The dinosaur-shaped "Fun Nuggets" affected by the recall have a used by date
of 4 September 2024.

 

"A limited number of consumers have reported they found small, pliable metal
pieces in the product, and out of an abundance of caution, the company is
recalling this product," Tyson said in a statement.

 

Tyson added that customers who had purchased the product should discard it
and contact the firm.

 

This is not the first time Tyson, the largest US meat producer by sales, had
to exercise a recall.

 

Last year in November the firm recalled ground beef, after finding pieces of
"mirror-like" material in the meat.

 

In 2019, the company recalled a batch of its chicken nuggets after customers
found pieces of blue rubber inside.

 

That same year, it recalled millions of pounds of chicken strips following
concerns they might be contaminated with metal.

 

In 2022 Tyson shut a number of chicken processing plants in the US due to a
slump in demand.

 

But as the price of beef and pork jumped higher than how much a chicken
would cost, many consumers switched to the cheaper poultry.

 

This raised hopes that the recent spike in demand could boost profits for
food companies.

 

Tyson is due to report its latest quarterly earnings on 13 November.-bbc

 

 

 

 

Australian PM Albanese to meet Xi Jinping in long-awaited China visit

Australian PM Anthony Albanese and Chinese President Xi Jinping will soon
sit down for a drought-breaking bilateral meeting in Beijing.

 

Mr Albanese, who landed in Shanghai on Saturday, is the first Australian
leader to visit China since 2016.

 

The visit is seen as a key moment in thawing relations, after a string of
trade and security disputes.

 

Trade will top the agenda - Mr Albanese is calling for the removal of
Chinese tariffs on Australian goods.

 

Mr Xi is expected to ask for more access to key Australian sectors.

 

"What I've said is that we need to cooperate with China where we can,
disagree where we must and engage in our national interest," Mr Albanese
told reporters in Beijing on Monday, ahead of the meeting.

 

His trip follows a diplomatic deep freeze prompted by - among other things -
Australia's calls for an investigation into the origins of Covid-19, and
economic sanctions enacted by Beijing on key Australian exports such as
beef, wine, and barley.

 

It also coincides with the 50-year anniversary of Gough Whitlam's iconic
visit to China to visit Mao Zedong in 1973, marking the first trip by an
Australian prime minister after the establishment of diplomatic ties.

 

Australia and China eye new ways to heal old wounds

But a list of sticking points and security concerns will hang over Monday's
talks.

 

Australian writer Yang Hengjun - whose health is said to be rapidly
deteriorating - has been imprisoned in China on espionage charges since
2019, and Mr Albanese is facing pressure at home to secure his release.

 

Canberra's growing military ties with Washington and a recent overhaul of
its defence posture - widely seen as aimed at countering China - could make
it difficult for the two sides to find common ground outside of economic
interests, analysts say.

 

Some experts predict Beijing could push for greater access to Australia's
resources and renewable energy sectors, but in recent years, the Australian
government has taken measures to inhibit Chinese ownership of critical
minerals and mining projects.-bbc

 

 

 

 

Annual oil and gas licences planned with net zero commitment required

Licences for oil and gas projects in the North Sea are set to be awarded
annually, under government plans.

 

There is currently no fixed period between licensing rounds - but this would
change under a bill to be announced in Tuesday's King's Speech.

 

Ministers said projects would have to meet net zero targets and claimed the
policy would guarantee energy security.

 

Greenpeace said oil and gas exploration was "backward-facing" and vowed to
fight new licences in court.

 

Labour has said it will honour existing licences granted before the next
election, but would not allow any new ones to be granted if it won power.

 

A spokesperson for the Department for Energy Security and Net Zero said the
new policy would relate to offshore production licences.

 

Applications to explore oil and gas fields are assessed by the North Sea
Transition Authority (NSTA), an independent regulator.

 

According to the trade body Offshore Energies UK, there are just under 300
active oil and gas fields in the North Sea. But more than half of them will
have ceased production by 2030.

 

 

The current licencing round opened in October last year, with the first set
of 27 licences granted earlier this month.

 

However, the government says the UK will still need oil and gas to meet its
energy needs, even if it meets its goal to meet net zero carbon emissions by
2050.

 

It also argues importing energy from abroad creates more emissions overall,
whilst also making the UK reliant on "hostile foreign regimes" such as
Russia for its energy security.

 

Under the plans, a new law requiring an annual licensing process will be
listed in the King's Speech, where the monarch will set out the government's
law-making plans for the year ahead.

 

A licensing round would only take place if the UK is projected to import
more oil and gas from abroad than it produces domestically.

 

The carbon emissions linked to UK gas production would also need to be lower
than the equivalent emissions from imported liquefied natural gas.

 

These two tests are currently part of the government's climate tests for new
licences, known as the climate compatibility checkpoint. However, the bill
would make them legally binding.

 

Shadow energy security and net zero secretary Ed Miliband dismissed the
plans as a "stunt".

 

"We already have regular North Sea oil and gas licensing in Britain, and it
is precisely our dependence on fossil fuels that has led to the worst cost
of living crisis in a generation," he said.-bbc

 

 

 

China and Australia: Frenemies who need each other

China and Australia are proof that governments do not have to like each
other to do business.

 

When Anthony Albanese arrives in China on Saturday, he will be the first
Australian prime minister to visit in seven years.

 

His three-day trip comes in the wake of plummeting relations between the two
countries - and Canberra's growing military ties with Washington.

 

In recent years Australia and China have accused each other over human
rights violations and perceived threats to national security. Public
perceptions of the other side are more negative than they have ever been.

 

But when it comes to trade, they cannot afford to let go of each other. At
the peak of their trading relationship in 2020, almost half of Australia's
exports went to China.

 

By way of comparison, at around the same time roughly 9% of all US exports
and only 5% of British exports were being sold to China.

 

Australia needs China

This kind of leverage can be a powerful tool if a government wants to make a
point, which is what happened in 2020 when Australia called for an
independent inquiry into the origins of Covid-19.

 

"That was deeply upsetting to the Chinese government," said Jane Golley, an
economist at the Australian National University (ANU) in Canberra.

 

Australia and China eye new ways to heal old wounds

"Shortly after, the [Chinese] ambassador here gave a speech and suggested
that some Australian industries might suffer as a consequence."

 

Sure enough, a string of Chinese tariffs and restrictions followed on an
estimated $20bn (£16.4bn) worth of Australian goods. Among the many products
affected were barley, beef, wine, coal, timber and lobster.

 

"Basically the Chinese government was sending a message. They were unhappy
with the Australian government and decided to use economic coercion to make
that point," Professor Golley added.

 

An employee works as Australian-made wine (on display shelves on R) are seen
for sale at a store in Beijing on August 18, 2020.

 

At the time, such a robust move from an important trading partner was a
surprise to many. Since then, China has reversed many of the restrictions.

 

The decision to row back on the tariffs was, at least partly, helped by a
change of tack from the newly elected Australian government.

 

Shortly after meeting with China's leader Xi Jinping at the G20 summit in
Bali last year, Mr Albanese said: "We're always going to be better off when
we have dialogue and are able to talk constructively and respectfully".

 

What China's economic problems mean for the world

The laidback Australian city key to countering China

He reminded Australians that trade with China was worth more than with
Japan, the US and South Korea combined. Clearly, normalising relations
between what he called "two highly complementary economies" would be a
priority for his government.

 

Whether China's so-called economic coercion was successful is doubtful.
Australia is still openly critical of Beijing on several fronts - but there
is no question that Australian businesses and workers took a hit because of
China's trade restrictions.

 

"We can't live without them, essentially," Professor Golley said. "I think
the Albanese government clearly decided that our economic links were too
important to sacrifice and went for an improvement in our diplomacy."

 

China needs Australia

Australia has its own levers it can use to its advantage - especially when
it comes to natural resources.

 

"China and Australia are deeply economically interdependent," said Benjamin
Herscovitch, a research fellow at the ANU's National Security College.

 

Typically, China has been, and still is, highly reliant on Australia for raw
materials to satisfy its vast and growing economy.

 

Huge amounts of its iron ore and liquefied natural gas, for example, come
from Australia. Incidentally, neither of these commodities were subjected to
Chinese restrictions.

 

The Chinese public can live without Australian wine and lobsters, but until
the country is able to adequately source materials to make steel or power
its factories, Beijing knows it is not in a strong position to start making
demands of Australia.

 

Aerial photo taken on December 9, 2020 shows a ship unloader unloading iron
ore imported from Australia at an iron ore operation terminal in Taicang
Port in Suzhou, East China's Jiangsu Province, China

 

 

Some analysts argue that China's trade restrictions were not forcing
Canberra closer to Beijing - rather they had the opposite effect.

 

"The Chinese government started to realise that its coercive economic and
diplomatic measures were driving Australia closer to the United States,"
said Mr Herscovitch.

 

"Beijing's decision to remove trade restrictions and normalise diplomatic
contact is aimed at wooing Canberra away from Washington."

 

One aim could be to gain Australian support for entry into the Comprehensive
and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

 

How US Marines are being reshaped for China threat

This is the successor to the doomed Trans-Pacific Partnership (TPP) - the
free trade agreement from which then-US President Donald Trump withdrew. So
far several countries, including Australia, have blocked China's attempts to
join.

 

"To be blunt, China doesn't have that many friends in the world. We used to
be one, but not anymore," Professor Golley said. "If you think about it, it
makes sense to have a strong economic relationship with an ally of the
United States. If you're being cynical, it gives you an opportunity to drive
a wedge between us and Washington."

 

Having their cake and eating it

Given the heightened tensions with the US, it makes sense that China does
not want to alienate America's allies.

 

Not only is Washington trying to exclude China from access to technology
needed for advanced computer chips and critical minerals needed for green
energy, it is also putting pressure on its allies to do the same.

 

Half of the world's lithium, for example, is in Australia. Chinese companies
want access to such metals that are crucial for making electric vehicles, a
field in which China is currently the global leader.

 

President Joe Biden and Prime Minister of Australia Anthony Albanese toast
before the start of the state dinner to the White House on October 25, 2023
in Washington, DC

 

 

According to Professor Golley, there is a danger that Australia and China
become "competitors rather than collaborators" when it comes to issues they
need to work together on, such as fighting climate change.

 

Australia's close political and military ties with the US mean it will
inevitably fall on the American side of the superpower struggle.

 

But siding with a country whose economic policies actively harm China will
only put more strain on the relationship and could risk landing both
countries back at square one.

 

"I don't know how much longer this can continue", said Professor Golley.
"The Australian government wants a relationship with China in which,
basically, we continue to export to them as normal."

 

"But at the same time we also diversify away from them and restrict their
capital flows into the country. To me, that sounds like we want to have our
cake and eat it too."-bbc

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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