Major International Business Headlines Brief::: 13 November 2023

Mon Nov 13 08:00:57 CAT 2023

 <https://bullszimbabwe.com/> 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com         <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments        <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp         <mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief:::  13 November 2023 

ü  Africa: WHO Approves First African-Manufactured Malaria Drug

ü  Nigeria: Declare Close Relatives, Connections With Politically Exposed Persons - CBN Directs Staff

ü  Ghana Struggles to Manage Exodus of Nurses Leaving for Jobs Abroad

ü  Ethiopia: Premier Pins Hope On Youth AI Potential

ü  Ethiopia: The Cost of Being Land-Locked - Terrestrial Access to Red Sea Is Inevitable

ü  Ethiopia Generates 404 Megawatts Electricity From Wind Power

ü  Africa: Endeavoring to Make Ethiopia Africa's AI Giant

ü  Central Africa: Photos - Rwanda's Biggest Port to Open in December

ü  East Africa: Kenya, Uganda Drive Simplified Trade Regime for Entrepreneurs

ü  Nigeria: Tinubu Woos Saudi Investors, Says Your Investments Are Safe in Nigeria

ü  UK economy flatlines as higher interest rates bite

ü  DP World: Australia sites back online after cyber-attack

ü  'Tourists are rethinking their relationship with Earth'

ü  Microsoft says Teams and Xbox fixed in UK and Europe

 <https://www.cloverleaf.co.zw/> Africa: WHO Approves First African-Manufactured Malaria Drug

Kampala, Uganda — A leading Kenya-based pharmaceutical manufacturer, Universal Corporation Ltd (UCL), has become the first African manufacturer to gain WHO prequalification for their sulfadoxine-pyrimethamine + amodiaquine product.

Sulfadoxine-pyrimethamine + amodiaquine (SPAQ) is a combination drug used to prevent malaria in children living in areas of seasonal malaria transmission.

The combination therapy is employed in seasonal malaria chemoprevention (SMC) programmes and is designed to protect children by clearing existing infections and preventing new malaria infections during the season of greatest risk.

Universal Corporation's WHO-prequalified SPAQ is a game changer because, according to expert reports, it can boost SMC programmes, improve access to quality medicines, support malaria prevention, reduce morbidity and mortality, strengthen global supply chains, and promote local economic development.

Universal Corporation is part of Strides Pharma Science Limited (Strides, the Indian pharmaceutical company, headquartered in Bangalore, southern India, which manufactures pharmaceutical products, over-the-counter drugs and nutraceuticals. Strides has 15 manufacturing sites in six countries and marketing presence in 50 countries, including the USA and Canada.

Universal Corporation is supported by Medicines for Malaria Venture (MMV), a not-for-profit public-private partnership involving the governments of Switzerland and The Netherlands and the Department for International Development (UK), the World Bank, and Rockefeller Foundation. The MMV was established as a foundation in Switzerland in 1999 to reduce the burden of malaria in disease-endemic countries by developing and facilitating the delivery of antimalarial drugs.

Receiving prequalification from the World Health Organization (WHO) for its product, SPAQ is a historic achievement that makes UCL the first Africa-based manufacturer to attain it for this life-saving malaria treatment.

Prequalification is a WHO programme established to apply standards of quality, safety and efficacy of medicinal products.

According to most reports, the WHO recognition demonstrates UCL's commitment to maintaining the highest quality standards in the production of antimalarial drugs.

It is a welcome step, boosting regional production capabilities and providing greater access to essential medicines within the African continent, where about 95% of all malaria cases and 96% of deaths from malaria occur.

"Universal Corporation Ltd is committed to advancing the fight against malaria and improving the health and well-being of communities across Africa. The WHO prequalification of our SPAQ production is a significant step forward in achieving these goals," Perviz Dhanani, Founder and Managing Director of UCL was quoted in a press released statement.

SPAQ is a vital component in the fight against malaria, particularly through SMC programmes. Timely delivery of SPAQ is critical, considering its administration must sync with the seasonal period of peak malaria transmission (typically 4-5 months) and involves the distribution of millions of doses to multiple African countries.

The logistical complexity of SMC delivery campaigns is amplified by the large number of children requiring this preventive medicine.

"Local manufacturing plays a pivotal role in improving public health in Africa, and the WHO prequalification of Universal Corporation Ltd's SPAQ production is a notable accomplishment. This milestone not only demonstrates the continent's resolve to strengthen the self-sufficiency of its public health systems but also boosts confidence in locally manufactured products aligning with the African Union Agenda 2063 ambitions," said Dr Jean Kaseya, Director General of the Africa Centres for Disease Control and Prevention (Africa CDC).

Recent studies also show that offering SPAQ in combination with RTS,S or R21, the two malaria vaccines recommended by WHO, increases protection among children under 5 compared to either intervention alone. UCL's new status as a manufacturer of prequalified SPAQ has the potential to ensure that more children will be protected during the rainy season.

Until recently, WHO recommended SMC only for children from 3 months to 5 years old. However, in June 2022, WHO updated its guidance to recommend this intervention for any child at high risk of severe malaria in areas of seasonal malaria transmission. This expansion resulted in more than 48 million children being protected from malaria, significantly reducing the burden of this deadly disease.

David Reddy, CEO of Medicines for Malaria Venture, expressed his enthusiasm for this milestone stating, "The WHO prequalification of UCL's SPAQ is a significant achievement in our efforts to combat malaria in Africa. By expanding the availability of high-quality, locally manufactured anti-malarial drugs, we can strengthen SMC programmes and ensure that any child at high risk of malaria in areas of seasonal transmission is protected from the devastating impact of this disease. This achievement is a testament to the dedication and expertise of UCL and the ongoing collaboration between MMV and African manufacturers."

The prequalification of UCL's SPAQ could contribute to the expansion of SMC programmes across Africa. With increased access to WHO-prequalified drugs, more children will receive the necessary protection against malaria during the high transmission season, leading to a significant reduction in malaria-related illnesses and deaths.

- Independent (Kampala).

Nigeria: Declare Close Relatives, Connections With Politically Exposed Persons - CBN Directs Staff

The Central Bank of Nigeria (CBN) has issued a directive requiring its staff to declare 'close relatives' employed by the bank and disclose any connections to Politically Exposed Persons (PEPs) in the country.

This move comes in the wake of the apex bank facing criticism during former President Muhammadu Buhari's regime for allegedly recruiting family members of top government officials without proper advertisement of vacancies, violating the country's federal character law.

According to a Premium Times report, the directive, outlined in a memo signed by Christian Eze, the Deputy Director of the Human Resources Department, mandates staff to submit these declarations by noon on Friday, November 10, 2023.

The memo stated that all staff members must disclose close relatives, defined as spouses, biological and adopted children, siblings, parents, and half-siblings, employed by the bank. The definition of spouses extended to include cohabiting partners and couples with children.

"Please recall Management's restriction on the employment of close relatives of serving staff and board members," the memo reads.

"Consequently, all staff are obliged to make declarations of close relatives in the employment of the Bank."

Following that, the bank directed all employees with close relatives who had previously worked for the bank (whether serving or retired) to fill out a form.

The directive also required staff who joined the CBN from 2014 onwards to declare any relationships with PEPs.

"For clarity, a PEP is an individual who is or has been entrusted with prominent public functions in Nigeria or Foreign countries or by an International Organization and people/entities associated with them.

"PEPs include Heads of State or Government, Political appointees to Heads of State or Government, State Governors, Senior Politicians, Legislators (Federal, States and Local Governments), Local Government Chairmen, Important political party officials, Family members or close associates of PEPs, Senior Government, Judicial or Military Officials, Members of Royal Families, and Senior Executives of State-owned Corporations," the memo explained.

The CBN set a deadline of noon on Friday, November 10, for all submissions and warned that non-disclosure or false declarations would result in sanctions.

An insider at the CBN told Premium Times that the recent disclosure requirements are part of an ongoing investigation by the Special Investigator, Jim Obazee, who has reportedly requested a social network analysis of the bank's personnel.

On July 28, President Bola Tinubu appointed Jim Obazee, a former chief executive officer of the Financial Reporting Council of Nigeria, as a special investigator to probe the activities of the CBN and other related entities.

In the letter, the president said Obazee's appointment, relying on the fundamental objective set forth in Section 15(5) of the Nigerian Constitution, was in furtherance of his administration's anti-corruption fight.

Tinubu specifically directed Obazee to take immediate steps to ensure the strengthening and probity of key Government Business Entities (GBEs) and block leakages in the CBN and related GBEs.

He also directed the special investigator to produce a comprehensive report on public wealth currently held by corrupt individuals and establishments (private or public), to investigate the CBN and related entities using a suitably experienced, competent and capable team, and to work with relevant security and anti-corruption agencies to deliver on the assignment.

- Leadership.

Ghana Struggles to Manage Exodus of Nurses Leaving for Jobs Abroad

Nearly 4,000 nurses have left Ghana for better-paid jobs in Europe and the US over the past year, according to the country's nursing association, worsening shortages of medical staff and placing increasing strain on those who remain.

Dr David Tenkorang-Twum, general secretary of the Ghana Registered Nurses and Midwives Association (GRNMA), said that between January and July, 2023, around 10,209 nurses sought clearance from its secretariat to leave the country for positions abroad.

"Of this total, approximately 4,000 nurses received clearance and have already embarked on overseas nursing careers," he said.

The head of nursing at the Greater Accra Regional Hospital, Gifty Aryee, reported that the intensive care unit had lost 20 nurses to the UK and US in the last six months.

At Cape Coast Municipal Hospital in the south of Ghana, the situation is similar. Deputy head of nursing services Caroline Agbodza claimed 22 nurses departed for the UK over the last year.

"All our critical care nurses, our experienced nurses, have gone," she said.

Loss of experience

The departure of experienced nurses is creating difficulty for those who have remained, said Tenkorang-Twum.

"Nursing care continues, and if those that are designated to come in to take shifts have left the country, those that remain have to put in more hours," he said.

The loss of experienced nurses is also detrimental to those just entering the profession, he said.

The nurses leaving have typically spent several years in the profession, according to Tenkorang-Twum - so with their departure, there is no one to mentor the newly qualified.

Financial incentives

But nurses say they can't be expected not to seek opportunities overseas.

At the Kwaso Healthcare Centre near Kumasi, nurse Mercy Asare Afriyie said she was hoping to secure a job in the UK.

"The exodus of nurses is not going to stop because of our poor conditions of service," she said.

"Our salary is nothing to write home about and in two weeks you spend it. It's from hand to mouth."

Yaa Pomaa, a Ghanaian nurse working in Birmingham in the UK, said the financial incentives were too great to ignore.

"You are paid based on shifts. Therefore, even if you are paid 15 pounds an hour and you work for 12 hours a day, four times a week, you multiply it - that is how much you earn. If I make 2,800 pounds a month and I pay a tax of, say, 500 and pay my rent, I can still save around 800 pounds."

Nursing shortages

The issue has exacerbated existing shortages of nurses in rural areas across the country.

It is also likely to impede progress towards health-related United Nations Sustainable Development Goals.

Ghanaian Health Minister, Kwaku Agyemang Manu, said the health ministry was working within local and international frameworks for health professional deployment and reintegration.

It is also working with the Ministry of Employment and Labour Relations to streamline Ghana's migration policy to address current and emerging issues.

This, the minister said, would ensure financial and brain gain from international deployment of health workers through mutually beneficial bilateral agreements.

-RFI website.

Ethiopia: Premier Pins Hope On Youth AI Potential

Prime Minister Abiy Ahmed (PhD) has said the present generation needs to unlock their capacities and skills in Artificial Intelligence (AI) and other technologies to lay the foundation for better Ethiopia.

The Ethiopian Artificial Intelligence Institute graduated high school students who attended the Second AI Summer Camp programs including python programming, machine learning, robotics, AI basics and Internet of Things (IoT) yesterday.

Speaking at the occasion, Premier Abiy stated that the hope of future Ethiopia relies on the current generation and urged the youth to shun distorted rhetoric and transform their country to prosperity and holistic development. "Since AI is suitable for every sector, the youth should develop their ideas to excel in skill and knowledge to realize Ethiopia's growth."

"In order to build Ethiopia's future in a solid base, the youth should utilize AI for good purposes," he said, advising them to focus on education and other career building activities. The focus should be shaping and building the present generation in good discipline and nurturing them to productive citizens helping the progress of their country. "The youth have the capacity to change Ethiopia for good."

"You started the AI training at the right time and your accomplishment is promising. In the future, the discipline has the capacity to lead everything in the world. Expanding the technology's penetration would foster the overall development of Ethiopia."

According to the PM, the young are responsible for the future of Ethiopia in acquiring key problem solving knowledge. "I surprised by the capabilities of the children who attended the second annual AI summer camp. I have full confidence that the youth have the capability to transform Ethiopia."

The Ethiopian Artificial Intelligence Institute has developed different supportive applications and has made promising tasks so far, Abiy remarked.

- Ethiopian Herald.

Ethiopia: The Cost of Being Land-Locked - Terrestrial Access to Red Sea Is Inevitable

It is not infrequent where people used to speak laud as "construction of rood infrastructure, building of integrated rail terminal, placement of cool wagon, construction of large warehouse and container depot would reduce the cost of being landlocked and logistics bottleneck". The Cool Port Addis is the case in point, it is a green logistics Hub funded by Dutch Ministry of Foreign Affairs (2021) in Mojo Dry Port, identified as a key solution to a number perishable logistics and trade glitches.

Despite the importance of constructing cool chain facility in dry port is vital, recent study (Gael Rogaland, 2007); reveals that condition of roads and related structure are not the main reason for low participation in global world trade. Infrastructure improvements that have been built far away from seacoast, like Cool Port Addis, alone won't solve the foreign trade and logistics problem. According to this study most important problem lies on terrestrial access to sea and how to get goods out of it.

In Ethiopia, export of perishable horticultural product has been considered as the most important driver of economic growth. According to recent estimate, annually, the small holder farmers produce and provide nearly an average of 830,000 tones, 753,000 tones of marketable surplus of vegetables and fruits crops respectively (CSA, 2014). However, less than 12% of it is supplied to global market due to limited access to sea.

Out of the total volume horticultural products exported in 2022/2023 only 96% (17,000 tones) are exported to neighboring countries (to Djibouti and Somalia) through inland transport system. The current dependency of perishable horticultural export to Djibouti and Somalia market is not due to the fact that the making trade with these neighboring countries is much more profitable than other countries but it is due to lack of access to other potential market through any other or cheap alternative transport means.

Despite its importance, the total trade turnover with these neighboring counties (Djibouti and Somalia) in fruits and vegetables sector did not exceed 100 million USD per annum.The demand for fruits and vegetables of other neighboring counties like Kenya, Sudan and south Sudan are very limited. Thus the only options to gain access to other regional market require either air transport or sea transport

Indeed, the Ethiopia Air Lines has good Cargo Freighters to transport agricultural products to potential market across the globe (4 Boing 737 Freighter with air Craft capacity of 20 tone, 2 Boing 767 Freighter with air Craft capacity of 45-50 tone, 10 Boing 777 Freighter with air Craft capacity of 95 tone). But due to its limited capacity of Air Craft to load bulk volume of perishable products, like sailing ship, and high tariff rate (the $1,69-1,76/kg) limit the opportunity to use Air Transport as cost effect and sustainable means transport for the time to come, except for limited and high value crops like flowers.

To date Port of Djibouti is becoming Ethiopia's main gateway to access global trade after the 1998. About 96 percent of the country's main bulk export and import has been shipped through this port, which has well-functioning transport facilities. The port was connected by 869 km road to Addis Ababa. Port of Djibouti have been constructed and reconstructed for many decades.

Despite this, the cost of using Djibouti port is becoming more expensive overtime. According to recent survey (Emenat Assefa.2016) Ethiopia consume around 16% of its foreign trade value for port transit cost in Djibouti. The country also spends nearly 2 million USD per day for transit cost and pays more than 1.5 to 2 billion Dollars to Djibouti as port fees. Hence, Ethiopian trade flow is subjected to huge emolument for using Djibouti's sea port. This high costs continue to be greatest impediment to the countries' trade competitiveness, equitable access, global markets and overall welfare of people

Being land Locked has becoming a penalty for many countries like Ethiopia. In costal countries like Kenya the number of shipping lines offering sea freight has increased since 2020 and journey times are now below 30 days. The Port of Mombasa has become a crucial landing point for goods, and links to the Northern Corridor that runs west across the country to the neighboring countries markets of Uganda, Rwanda, Burundi and the Democratic Republic of Congo.

Good results for sea freight shipment are seen for avocados, pineapples and flowers (specifically- carnations, roses, chrysanthemums and summer flowers). The primary fresh product shipped by sea from Kenya has significantly grown avocados (representing around (9,000 containers per year). This represents an import value in the Netherlands of € 66.2 million and based on the plan and will increase 25% over the 10 years. The shipment of flowers by sea is steadily increasing but was still only around 200 containers in 2020.

As stated on government official document, it is time for Ethiopia to work out its right to build and exploit the potential ports, ensure access to the Red Sea, as well as the Eden and Gulf Peninsula regions, and exercise its right to port development and utilization.

The Horn of Africa and the Red Sea region has become a magnet to super powers competing for their geopolitical, geo-economic, and geostrategic interests, according to the document. Therefore, Ethiopia should engage with other nations in the area to ensure its access to the ports and be able to overcome geostrategic impediments in this respect, the draft document noted, before such actions start to impede the development of the region.

Preservation of the country's territorial integrity, enhancing regional influence, promoting peace and security, effectively advancing Ethiopia's interests in the Red Sea and Gulf Peninsula area, and fostering pan-African development alleged to be the government priority.

Establishing principled bilateral and multilateral relationships, ensuring access to ports, and maximizing the utilization of untapped natural resources, are also listed as priorities.

Considering its proximity to the Red Sea, coupled with its growing population and economy, Ethiopia should promote its security, geopolitical, and economic interests in the Red Sea.

- Ethiopian Herald.

Ethiopia Generates 404 Megawatts Electricity From Wind Power

Ethiopian Electric Power (EEP) announced that the country has generated 404 megawatts of electricity from wind power.

EEP Corporate Communications Director Moges Mekonen told the Ethiopian Press Agency (EPA) that the country has reached the total production of 404 MW electric power from Wind power.

He noted that many citizens are getting electricity from the wind power plants that have been built so far.

Accordingly, the combined generating capacity of Ashegoda, Adama I and II, and Aysha II wind power plants has reached 404 megawatts, he added.

A feasibility study has been completed for the construction of 18 wind power projects with a capacity to generate 2,700 megawatts, the Director expressed.

Moges added that, Gode, Kabribeyah, Tulu Guled and Adigala are among the places where the planned projects will be carried out.

He stated that Ethiopia is paying special attention to the development of renewable energy, so that the natural resources are being utilized with new technologies using wind energy.

Encouraged by the already attained results in renewable energy exploitation, the government is exerting extra efforts to generate more power this fiscal year, Moges mentioned.

Wind power is more reliable and cost-effective than hydro-power generation since the water level of dams decreases during dry seasons, he noted.

Moges said that generating adequate power enables the country to witness sustainable economic growth while getting its citizens out of poverty and darkness.

According to him, Ethiopia has the capacity to produce energy up to 1.3 gigawatts from wind, 45,000 MW from hydropower and 10,000 MW from geothermal.

- Ethiopian Herald.

Africa: Endeavoring to Make Ethiopia Africa's AI Giant

In the era of science and technology when the transaction of the whole world highly relies on innovation and employing state-of-the-art know-how, fostering the accessibility of Artificial intelligence (AI), which is a wide-ranging tool enabling people to rethink how they integrate information, analyze data, and use the resulting insights to improve decision making, is an incomparable stride.

True, AI is transforming every walk of life across the globe. Ethiopia is not exceptional in this regard as it has been capitalizing on AI's application across a variety of sectors with a view to addressing issues in its development, and offering recommendations for getting the most out of the scheme protecting, of course, important human values.

As part of the national endeavor to make Ethiopia Africa's AI gargantuan, Prime Minister Abiy Ahmed (PhD) of late inaugurated an Artificial Intelligence (AI) Center aiming at making Ethiopia Africa's AI jumbo.

The center is strongly believed to provide the agriculture, education, health and public security sectors with AI service. The Artificial Intelligence devices have currently started delivering services in identifying breast cancer and brain tumor in the health sector, for instance.

If the country has arduously working on the area, the Artificial Intelligence Center will be a site for development of functional and problem solving technological innovations.

Unequivocally, as Artificial Intelligence can be an engine of productivity and economic growth, the government is taking great strides to balance the macro-economic environment through the introduction of technology.

Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems, and specific applications of AI include expert systems, natural language processing (NLP), speech recognition and machine vision.

It has been well attested that Artificial intelligence makes things possible for machines to learn from experience, adjust to new inputs and perform human-like tasks.

Artificial intelligence (AI) is the basis for mimicking human intelligence processes through the creation and application of algorithms built into a dynamic computing environment. In simple terms, AI is trying to make computers think and act like humans.

Artificial intelligence forms the basis for all computer learning and is the future of all complex decision making. Computers are extremely efficient at calculating these combinations and permutations to arrive at the best decision.

AI reduces errors, increasing the chances of accuracy and level of precision. Intelligent machines make precise decisions based on the past information they accumulate over time, implementing specific algorithms.

Intelligent machines can make decisions faster compared to humans. You might question the machine's decisions! But as discussed earlier, it makes decisions without any emotions and biased views. This ensures result-oriented decision-making.

AI has enormous potential for creating the world a better place. Human needs will always be as important as they were in the past; it will be up to them to ensure that AI does not go out of control. The user demands have significantly risen, and not having AI tech in place will only lead to outdated technologies and business failure. This calls for the need to implement advanced technologies and AI literacy to prosper in the competition.

Ethiopia is now well capitalizing on having the first-ever Ethiopian Artificial Intelligence center shouldering the ambition stating Artificial Intelligence for All. As learned from the Artificial Intelligence Center, AI would play pivotal role in identifying the major bottlenecks in various sectors of the country and suggesting technological solutions.

Though artificial intelligence is a new phenomenon in Ethiopia, the country has been registering commendable achievements that would help it accelerate its economy, technological innovation, knowledge transfer and other related developmental moves.

Unequivocally, it is important for Ethiopia to draw best experiences and knowhow from highly reputable innovation like Huawei as it is a leading technology in artificial intelligence that would give the necessary support to Ethiopia in its artificial intelligence development and remarkable change aspects in the AI arena.

If the country ids to bring about real change and meaningful technological intervention, it must think of its all rounded artificial intelligence engineers who are eager to learn from renowned innovations such as Huawei Cloud Business platform via utilizing the resources at hand in a bid to foster fast development of artificial intelligence thereby making real difference in all aspects. Such eagerness to draw indispensable know how help the nation have what are the viable means to integrate the market models in the area and cooperate with various globally renewed companies and innovation centers.

- Ethiopian Herald.

Central Africa: Photos - Rwanda's Biggest Port to Open in December

The construction of Rubavu port stands at 96 percent and the port is set to open in December, The New Times has learnt.

Rubavu port, the biggest in Rwanda, is expected to boost tourism and cross-border trade between Rwanda and DR Congo upon completion.

ALSO READ: PHOTOS: Inside proposed Rubavu Port

According to the Acting Mayor of Rubavu district, Déogratias Nzabonimpa, "a provisional handover is scheduled for November 30."

"The port is at 96 percent; it's almost completed despite some ongoing fishing works. It will be handed over by this month and the first ship, if available, will be allowed to access it by December 1," Nzabonimpa added.

Located in Rubavu District at Lake Kivu, and on an area spanning 2 hectares, the port "will reduce costs of trade flows along Lake Kivu" as well as bolster the region as a tourism destination.

"It is interesting to the community around here and the whole district at large. I see the port as a game changer that is going to increase the movement of people. We will be able to accommodate more guests and receive more clients, which is good news," Trésor Hategekimana, who works at Paradis Malahide Resort, said.

"I transport cement from here to Goma [in DR Congo] and the current port is too small to accommodate all the boats navigating Lake Kivu. But with this new and bigger port, business is going to become easier," Elisha Mporanyi, a Goma resident, told the New Times while touring the site.

ALSO: Construction of Rusizi port underway

According to Société centrale pour l'équipement du Territoire (SCET-Tunisie), the company overseeing the construction of the project, the facility is divided into two main parts: a cargo terminal and a passenger terminal designated for both business and tourism sectors.

Developed by the government of Rwanda through the Rwanda Transport Development Agency (RTDA) with the support of TradeMark Africa and Invest International, the port can handle 1.4 million passengers, annually. Upon completion, it will have cost $7.8 million.

- New Times.

East Africa: Kenya, Uganda Drive Simplified Trade Regime for Entrepreneurs

The First Deputy Prime Minister for East African Community Affairs, Rebecca Alitwala Kadaga, has emphasised the potential for prosperity through the expansion of the regional market, which supports the production of goods and services.

This not only increases the purchasing power of the people but also promotes the production of quality and competitive products in the regional, continental, and international markets.

During the bilateral meeting held in Busia on the 9th, Kadaga and officials from Uganda and Kenya, along with the Joint technical staff from both countries, discussed bilateral issues and matters pending at the two borders.

Kadaga advised the delegations on the importance of continued cooperation among border communities to combat insecurity and promote prosperity.

In a joint Communique, Kadaga and the Cabinet Secretary of East African Community, ASALS and Regional Development, Peninah Malonza, emphasized the excellent bilateral relations between Uganda and Kenya.

They stressed the need to continuously strengthen these relations through the Joint Ministerial Commission, Bilateral engagements, and other diplomatic structures.

The Ministers also recalled and reaffirmed the provisions of the EAC Treaty that prioritize peace and security in promoting regional integration.

The Ministers highlighted the importance of cross-border relations and urged residents in Busia to maintain peaceful coexistence, as people at the border depend on each other for survival.

They directed border control agencies to facilitate the movement of border residents within the available rules and encouraged local administrators and border control agencies to meet quarterly with residents, including traders, to address challenges they face when using the border.

The Ministers committed to addressing challenges presented by Busia stakeholders in a timely manner and directed border control agencies to expedite the implementation of the Simplified Trade Regime to support small-scale traders.

They also instructed relevant agencies, including customs and police, to ensure that trucks are not delayed at the border.

Furthermore, they called for partnerships with international development partners to develop infrastructure, modernize One stop border post's equipment, and build the capacities of stakeholders and traders.

Regarding fish exports from Kenya to the Democratic Republic of Congo (DRC) transiting through Uganda, the Ministers stressed the need for proper checks, inspections, and certifications of fish consignments at Busia OSBP to ensure seamless movement of the consignments.

They urged fishermen in Lake Victoria to comply with fisheries laws and regulations and to conduct their activities within the national laws of each Partner State.

The Ministers also highlighted the importance of harmonizing fisheries and aquaculture activities on Lake Victoria and agreed to gazette and expedite the opening of additional points of entry/exit (POEs) along their common boundary to enhance people-to-people integration.

Addressing non-tariff barriers (NTBs) between the two Partner States, the Ministers emphasized their commitment to removing these barriers, which impede market access and contravene the provisions of the EAC Treaty and the Customs Union Protocol.

The Ministers agreed to hold bilateral ministerial meetings every six months on a rotational basis at the various one stop border posts between the two adjoining partner states.

Nigeria: Tinubu Woos Saudi Investors, Says Your Investments Are Safe in Nigeria

President Bola Tinubu has assured potential investors that their investments are safe in Nigeria.

Speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia yesterday, President Tinubu in a statement by presidential spokesman, Ajuri Ngelale said Nigeria is ready for business while assuring investors of some of the world's highest returns on investment.

The president said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups which have been terrorizing the Lake Chad and Sahel regions.

"Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest. It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.

"As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.

"Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.

"I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized," the President said.

President Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.

Speaking on climate change and how it affects Africa, President Tinubu said climate change has led to an expedited rate of desertification and incessant flooding in Nigeria and many other countries of Africa.

On the situation in the Middle East, particularly in Palestine, the President reiterated Nigeria's call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict.

- Leadership.

UK economy flatlines as higher interest rates bite

The UK economy failed to grow between July and September, figures show, after a succession of interest rate rises.

The chancellor said higher rates were hitting growth, but added that the economy had performed better than expected this year.

Forecasters suggest the economy is set to be stagnant for several months yet.

Last week, the Bank of England said the UK was likely to see zero growth until 2025, although it is expected to avoid a recession.

Up until September, the Bank of England had raised interest rates 14 times in a row to try to tame soaring price rises.

However, while raising rates can reduce inflation - the pace at which prices rise - it also affects economic growth by making it more expensive for consumers and businesses to borrow money.

Interest rates are at a 15-year high of 5.25%, and are expected to remain high for some time. Bank governor Andrew Bailey said last week it was "much too early" to be considering rate cuts.

Paul Dales, the chief UK economist at Capital Economics, said the latest data suggested "the drag from higher interest rates is growing", but he does not expect the Bank to start cutting rates until late next year.

What is GDP and how does it affect me?

Bank warns it's too early to cut interest rates

The Office for National Statistics (ONS) said the latest growth figures showed a subdued picture across all sectors of the economy.

The services sector saw a small decline over the three-month period, while manufacturing and the construction sector recorded marginal growth.

The Chancellor, Jeremy Hunt, told the BBC: "Naturally interest rates do have an impact and the judgement of the Treasury is that the main reason growth has slowed is because of that.

"What is perhaps a surprise to many people is that the economy has been much stronger than people thought," he said.

"Most people thought it was going to contract this year. It's actually grown, and that gives us an excellent foundation for the future."

Asked if he would be looking to reduce taxes in the Autumn Statement on 22 November, Mr Hunt said he wanted to bring the tax burden down, but that business tax cuts would take priority over personal taxes. "I've always been clear that low taxes are part of a dynamic, successful, entrepreneurial economy, but what I've said is my priority is growth, so cutting business taxes is the most important thing at this stage," he said.

Labour's shadow chancellor Rachel Reeves said the latest figures were "further evidence that the economy is not working", while Liberal Democrat Treasury spokesperson Sarah Olney said the Conservatives had "delivered a hammer blow to our economy leading us down a no-growth path".

Graphic showing quarterly GDP changes

Although the rate rises from the Bank are flattening growth, the government may feel a small amount of relief that the risk of a formal technical recession - defined as two consecutive three-month periods of the economy shrinking - has been lowered.

But Prime Minister Rishi Sunak's vow to "grow the economy" is very much in the balance. Even between July and September, there was a tiny contraction in the economy, though it rounded down to 0.0%.

The growth forecast for the final three months of the year is between 0% and 0.1%, in line with other major European countries, which are also weighed down by rising rates.

The Bank of England may feel that it has started to engineer a softish landing from last year's excessive inflation.

The government too will point to next week's likely significant fall in the headline rate of inflation, when the figure is forecast to slow from 6.7% to around 4.8% for October.

It may declare victory on that target on Wednesday, even as its growth target is now under question.

This may change the backdrop to the Autumn Statement later this month and, if it continues, for the general election too as it challenges the clear desire of Downing Street to paint a "turnaround" picture.

As the inflation problem eases, the growth problem could become more prominent.

Dominic Boon, finance director of gift supplier Fizz Creations in Lancing, West Sussex, says it has been a particularly tough year.

The company is coming into the key Christmas period where it makes the most of its money, and Mr Boon has noticed consumer confidence dropping.

"People are struggling with interest rates on their mortgages, on their cars, the cost of living, heating, gas, electricity. Everything is costing more - they have less money in their pockets."

Down the road is Lucy Lago, who runs her cafe inside Lancing Business Park. "I see people have definitely stopped eating breakfast," she says, "and their spend per head is obviously going slightly lower. People are being very careful what they buy."

Gross Domestic Product (GDP) figures show the health of the UK economy. It is a measure - or an attempt to measure - all the activity of companies, governments and individuals in a country.

If the figure is increasing, it means the economy is growing and people are doing more work and usually getting a little bit richer, on average. But if GDP is falling then the economy is shrinking, which can be bad news for businesses.

The zero growth in GDP in the July-to-September period follows 0.2% expansion in the previous three months.

The ONS data also showed the economy grew by 0.2% in September alone compared with the previous month, which was stronger than expected.

Darren Morgan of the ONS told the BBC's Today programme that while the latest data showed a "very flat picture" overall, there were signs of improvement.

"For example, more than half of businesses were not considering raising their prices in November 2023 - that's the highest proportion of businesses to tell us this since we first introduced that question in April 2022," he said.

Cost of living: Tackling it together

Six expert tips for finding work

1. Search beyond a 40-mile radius - Remote, hybrid and flexible working open up opportunities further away.

2. Use key words in your searches - Online algorithms will pick up on daily searches and send you more of the same.

3.Don't wait for a job to be advertised - Contact a manager at a business that you like the look of as you never know what opportunities might be coming up.

4. Sell your skills - Use social media sites like Linkedin which showcase your skills and experience. Other platforms like Twitter and Instagram can prove useful when touting yourself out to potential employers as well.

5. Get learning - While you're on the hunt for a job see if there are way to fill gaps in your CV with free courses, volunteering or shadowing.

6. Celebrate the small wins - set personal targets, like a tracker of the number of jobs to apply for in a week or a certain number of cold emails and acknowledge the little wins along the way to keep your spirits up.-bbc

DP World: Australia sites back online after cyber-attack

One of Australia's major ports operator is back online after a cyber-attack crippled its facilities.

Operations at DP World Australia container terminals in Melbourne, Sydney, Brisbane and Perth were disrupted from Friday to Monday morning.

The firm manages around 40% of goods entering and leaving the country.

The outage has not affected the supply of goods to major Australian supermarkets, the BBC understands.

DP World Australia, a unit of the Dubai state-owned DP World, said its ports resumed operations at 9am local time "following successful tests of key systems overnight".

It added "The company expects that approximately 5,000 containers will move out of the four Australian terminals today."

Earlier on Monday, Darren Goldie, the government's Cyber Security Coordinator, said the operator was making "good progress" at bringing its sites back online.

He added that the government had not yet identified the perpetrators of the cyber-attack, which caused the firm to disconnect its ports from the internet.

DP World said it halted internet connectivity at its ports on Friday to prevent "any ongoing unauthorised access" to its network.

Going offline meant trucks had been unable to transport containers in and out of the affected sites.

The resumption of service on Monday is the first step towards tackling the attack on its network. DP World said it was still in the process of investigating the disruption and guarding its systems against cyber attacks.

"The resumption of port operations does not mean that this incident has concluded. DP World Australia's investigation and ongoing remediation work are likely to continue for some time," the company added.

Double whammy

DP World has also been affected by industrial action, which has caused a delay in customer deliveries.

Since it began in October, workers have engaged in 24-hour strikes and refused to unload trucks.

The Maritime Union of Australia, which is negotiating pay increases for workers, announced last week that the industrial action would be extended to 20 November.

The cyber-attack added to fears that the supply of everything from medical equipment to Christmas toys could be disrupted.

However, a spokesperson from supermarket chain Woolworths said it was monitoring the situation and does not "anticipate any immediate impacts at this time".

The BBC understands that Woolworths' range of Christmas products has already arrived in Australia.

The disruption is also not expected to affect rival chain Coles, which is similarly monitoring developments at DP World.

Millions hit by Australian phone network failure

Australia has seen a rise in cyber attacks since late-2022.

Earlier this year, the Albanese government announced plans to overhaul its cybersecurity laws, and set up an agency to coordinate responses to intrusions.

The government is expected to release details on its proposed rules next week - which will likely tighten reporting requirements for companies.-bbc

'Tourists are rethinking their relationship with Earth'

It was while visiting an Italian city for work that Silvia Ombellini and her husband Simone Riccardi dreamt up the idea to set up a website dedicated to sustainable tourism.

Mr Riccardi was working for an Italian university at the time, 10 years ago, and had to go to the city of Potenza in the south of the country for a conference.

The couple say they wanted to book a hotel with good environmental credentials, but that they really struggled to find one. "We were looking for sustainable accommodation, but it was not so easy to find online and book," says Ms Ombellini.

So it sparked the idea for a business - a website called Ecobnb, where people can search for environmentally-friendly hotels, home rentals, B&Bs, and other forms of accommodation.

"We wanted to create a meeting point between eco travellers and accommodation owners investing in a better future," adds Ms Ombellini.

Today Ecobnb, based in Trento, in northern Italy, lists more than 3,000 properties worldwide, from a vegan and organic farmhouse in Tuscany, to an eco mountain lodge in Costa Rica.

To feature on the site, accommodation providers must meet at least five of 10 standards. These are - use 100% renewable energy, serve organic or locally sourced food, collect and reuse rain water, have low consumption lightbulbs, use solar power to heat water, see that more than 80% of waste is recycled, use eco-friendly cleaning products, have water flow reducers fitted, include environmentally-friendly architecture, and be accessible without a car.

However, travellers can filter their search to find specific interests such as plant-based food, and electric vehicle charging stations powered by renewable energy.

Ms Ombellini says some accommodation providers offer discounts for guests arriving by bicycle, or those not using a car during the trip.

When someone finds a place that they would like to book, Ecobnb does not take the payment. Rather it contacts the property, which then emails the person directly. Ecobnb makes its money by charging the venues a monthly subscription to list on its website.

Ms Ombellini says that 2.8 million travellers now use Ecobnb per year, up from 780,000 in 2018.

"Holidaymakers are rethinking their relationship with planet Earth," she says. "There is a new awareness, especially in young people, about our responsibility for our future and for the planet."

Statistics appear to back this up. A study this year found that 69% of travellers were now "actively seeking sustainable travel options".

In the Netherlands, Conscious Hotels is a chain of seven eco hotels whose environmental features include only using renewable energy and only buying sustainably sourced furniture, and solely serving vegetarian food, of which 90% of comes from a 90km (56 mile) radius.

"On the planet side, we have a lifecycle assessment approach to sustainability," says Conscious Hotels chief executive Marco Lemmers.

"We don't only focus on climate change, it's also important to look at the impact on biodiversity, land use and toxins. We take each and every aspect of our hotel business and make every choice sustainable.

"More travellers are putting sustainability into the equation and choosing sustainable options, because they believe that they should do something to preserve the planet."

Founded in 2020, flight-free travel company Byway Travel has seen demand for its services grow from 173 bookings in 2021, to 2,200 for this year.

The company, which organises individual trips for people, is also focused on combating over-tourism. For example, it chooses the Italian port city of Trieste for people wanting waterside café culture rather than Venice, which gets far more tourists.

"Our trips are more sustainable because they are flight free," says Byway Travel founder Cat Jones.

"But also because we aim to reduce the climate impact of over tourism, boost the local economies of all the wonderful places in between, and increase the proportion of spend on sustainable products and services, by prioritising partnerships with local and sustainable businesses."

Marina Novelli, a professor of tourism and international development, says that more in the travel industry are introducing sustainability measures such as solar energy, cold water storage, recycling, and repurposing.

However she says sustainability also should cover employment practices, fair pay, and equality policies.

And, like many other industries, Prof Novelli warns there's plenty of greenwashing - hotels and other accommodations that like to portray their green credentials, but actually come up short.

To overcome this, she says responsibility lies with the traveller. "I'm pushing back to the consumer responsibility, because if we keep asking those question providers will be pushed to actually do the right thing," she says.

Presentational grey line

New Tech Economy

New Tech Economy is a series exploring how technological innovation is set to shape the new emerging economic landscape.

Presentational grey line

"People need to pay attention… and really research before booking."

Although Ecobnb is focused on sustainability, how sustainable is it when many people might be flying to arrive at the accommodations it lists?

"The impact of the travel of the flights is very big," agrees Ms Ombellini. "We are pushing the staycation model a lot, and we are trying to invite people to discover their own countries and to avoid the flights when it's possible."

How optimistic is she about the future of green travel?

"More people are interested in green lifestyles every day," she says. "And now they are looking for the same green choices also during their holidays.

"These little choices can come together, and we can change things and make something different. We can be the change we want to see in the world."-bbc

Microsoft says Teams and Xbox fixed in UK and Europe

Microsoft has said problems with accessing its Teams messaging app and XBox gaming platform across the UK and Europe have now been resolved.

More than 1,500 people in the UK reported issues with Teams, according to outage tracker Downdetector.

A similar number also said there were problems with Xbox Live.

It left some who have bought the latest game in the Call of Duty series, released on Friday, unable to pay it but Microsoft said this is now fixed.

On X, formerly Twitter, Microsoft said the services were impacted by "an artificial increase in synthetic network traffic".

"We've made configuration changes to remediate impact and after monitoring the service, we've confirmed the issue is now resolved," it said.

The company previously said it had "identified some anomalies within our network infrastructure".

The problem was unique to customers in the UK and Germany, Microsoft had said earlier on Friday, but on social media, people in Sweden and Poland said they had been unable to access services.

There were reports from both of these countries on DownDetector, as well as other European countries including Finland and Switzerland.

Microsoft last faced outages in January when tens of thousands of customers reported problems.

Call of Duty launch

The problem emerged at a bad time for Microsoft, which on launched the latest game in its Call of Duty series on Friday.

It means some people who paid £69.99 for a digital copy of Modern Warfare 3 struggled to sign in to download the game.

Microsoft paid $69bn (£56bn) in October to purchase Call of Duty maker-Activision Blizzard in the gaming industry's biggest ever deal.

Reports on DownDetector highlighted issues with login details and server connections as potential problems affecting the platform.

"Can't access any games. Being told 'the person who bought this needs to sign in' and nothing is working," one UK user complained to Xbox's support account on X, shortly before 10am on Friday.

Google Trends data indicated that other users had been receiving this message on their accounts.

The BBC has approached Microsoft for comment.-bbc

Invest Wisely!

Bulls n Bears 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:            <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

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

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231113/c27071b9/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231113/c27071b9/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 301380 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231113/c27071b9/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 353633 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231113/c27071b9/attachment-0006.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 26865 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231113/c27071b9/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231113/c27071b9/attachment-0007.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231113/c27071b9/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65572 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231113/c27071b9/attachment-0001.obj>