Major International Business Headlines Brief::: 14 November 2023

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Major International Business Headlines Brief:::  14 November 2023 

 


 

 




 


 

 


 

ü  Nigeria: NLC, TUC, ASUU, Others Defy Court Order As They Begin Strike

ü  Nigeria: Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry

ü  Malawi Not Left Out in Environmentally Sustainable Tobacco Production

ü  Nigeria: Reps Call for Increase in Education Budget to 15%

ü  Nigeria: Depositors of Failed Banks to Get Extra N16.18 Billion - NDIC

ü  Nigeria: Obaseki, Dangote, Others Spotlight Economic Potentials of Edo

ü  Nigeria: AfCFTA - Exports Expected to Reach $1trn in 2035 Standard
Chartered

ü  Kenya Kwanza MPs Scoff at Raila Odinga Dossier on Govt-to-Govt Oil Deal

ü  Why businesses are pulling billions in profits from China

ü  Meta OKs deleting Threads without losing Instagram

ü  Nepal bans TikTok citing disruption to social harmony

ü  Avon to open physical shops in the UK for the first time

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: NLC, TUC, ASUU, Others Defy Court
Order As They Begin Strike

The NLC had on Monday announced the commencement of the industrial action
from midnight of Monday, 13 November, in defiance of a restraining order
issued by the National Industrial Court in Abuja on Friday.

 

The Nigeria Labour Congress (NLC), the Trade Union Congress (TUC) and its
affiliates including the Academic Staff Union of Universities (ASUU), on
Tuesday, began a nationwide strike, in defiance of a restraining court order
barring them from embarking on the industrial action.

 

The two major labour unions, NLC and TUC, had declared the strike, following
the brutalisation of the NLC president, Joe Ajaero, in Imo State on 1
November. Mr Ajaero was attacked in Owerri, the state capital, during an NLC
protest against the Imo State government over alleged maltreatment of
workers in the state.

 

The unions on Monday directed their members to down tools across the country
as from Tuesday.

 

This is despite the restraining order issued by the National Industrial
Court, in Abuja, on Friday, stopping the labour unions from embarking on the
strike. The judge, Benedict Kanyip, ordered the two major labour unions to
stop their industrial action scheduled to commence 14 November.

 

 

The interim order followed an ex-parte request by the Nigerian government
through the office of Attorney General of the Federation (AGF) and Minister
of Justice, due to the Labour unions' threat to embark on strike.

 

Ignoring the court order, ASUU President, Emmanuel Osodeke, a professor of
soil science, on Monday, directed compliance with the strike declaration in
a letter to ASUU zonal coordinators and branch chairpersons across the
country.

 

"As an affiliate of NLC, all members of our union are hereby directed to
join this action of NLC to protect the interest of Nigerian workers and the
leadership of the union. Zonal coordinators and branch chairpersons should
immediately mobilise our members to participate in the action," ASUU
President, Mr Osodeke, wrote in a letter to zonal and branch chairpersons of
the union.

 

 

When PREMIUM TIMES asked Mr Osodeke if he was aware of the subsisting court
order stopping the strike, he said the question should be directed to the
NLC which called for the strike.

 

"Call the NLC, ASUU did not declare a strike, NLC declared the strike. Call
NLC," he said in a telephone interview on Tuesday morning.

 

But the NLC's head of information, Benson Upah, did not respond to phone
calls and messages sent to his line requesting for comments, as of the time
of filing this report.

 

The labour unions had, on Monday, refused to acknowledge the court order
while directing their members to withdraw their services as from Tuesday.

 

FG's reactions

 

 

Meanwhile, the presidency has called the strike an illegal and unwarranted
act, describing it as a blackmail of the government.

 

A statement by the Special Adviser to the President on Information &
Strategy, Bayo Onanuga, on Monday, said the government was still at a loss
as to why labour would punish a whole country of over 200 million people
over a personal matter involving the NLC President.

 

On Monday, the office of the Attorney-General of the Federation similarly
advised the unions against the strike, asking them to respect the subsisting
court order, which it said had been served on them.

 

The office urged the unions not to embark on what it described as a
contemptuous act after being served with the court order.

 

This is not the first time the five-and-a-half-month-old administration of
President Bola Tinubu is accusing the labour unions of contempt of court
over declarations of strike.

 

The federal government, through the AGF office, has been locked in legal
battles with the NLC and TUC leaders over the strikes the unions have
declared on different occasions in protest against Mr Tinubu's announcement
of fuel subsidy removal in May.

 

In August, the AGF filed a contempt suit seeking to have the labour union
leaders jailed for defying an earlier order of the National Industrial Court
in Abuja that restrained them from embarking on strike over the fuel subsidy
removal.

 

But the government, about a week later, withdrew the contempt suit to
continue negotiation with the unions.

 

It has become customary for the federal government to rush to the National
Industrial Court to obtain ex parte restraining orders stopping major
workers' unions from embarking on nationwide strikes.

 

Since the time of the immediate-past President Muhammadu Buhari
administration, the federal government has, on countless ocassions, obtained
court orders to stop the strikes declared by doctors, health workers, ASUU
and NLC with TUC.

 

But the unions often accuse the federal government of resorting to court
actions as an armtwisting strategy against them, while making no tangible
commitment to meet their demands.

 

- Premium Times.

 

 

 

Nigeria: Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry

Kano, Katsina, Yola, Abuja — Naira scarcity is biting harder across the
country as banks have limited cash withdrawals, findings by Daily Trust have
shown.

 

Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa and in other
parts of the country are expressing concerns over their inability to
withdraw huge cash in their banks, raising fears of scarcity as experienced
during the naira swap.

 

This has also affected business transactions in local markets, especially in
the northern part of Nigeria where buyers and sellers prefer to deal in cash
instead of bank transfers.

 

Daily Trust had, on November 1, reported that cash scarcity had resurfaced
in Borno and Kano states as the December 31 deadline for the use of the old
N200, N500 and N1,000 banknotes draws nearer.

 

The report had forced the Central Bank of Nigeria (CBN) to explained that
"The seeming cash scarcity in some locations is due largely to high volume
withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic
withdrawals by customers from the Automated Teller Machines, ATMs)."

 

 

The CBN, through its Director, Corporate Communications, Isa Abdulmumin,
added, "While we note the concerns of Nigerians on the availability of cash
for financial transactions, we wish to assure the public that there is
sufficient stock of currency notes for economic activities in the country.
The branches of the CBN across the country are also working to ensure the
seamless circulation of cash in their respective states of operation."

 

The CBN had announced in March that in compliance with the order of the
Supreme Court, banknotes remained legal tender alongside the redesigned
banknotes until December 31.

 

Last week, the apex bank reassured that both old and new notes remained
legal tender and urged Nigerians to continue transacting using them.

 

 

"For the avoidance of doubt, while reiterating that there are sufficient
banknotes across the country for all normal economic activity, we wish to
state unambiguously that every banknote issued by the Central Bank of
Nigeria (CBN) remains legal tender and should not be rejected by anyone, as
stipulated in Section 20(5) of the CBN Act, 2007," Abdulmumin had said in
the statement.

 

He had added that branches of the CBN across the country had been directed
to continue to issue different denominations of old and redesigned banknotes
in adequate quantities to deposit money banks for onward circulation to bank
customers.

 

Scarcity persists

 

But checks by our reporters across the country revealed serious scarcity of
the naira amid reluctance by traders, farmers, among others to release their
wares even when prospective buyers are willing to make bank transfers.

 

 

At prominent village markets in Kano, Katsina, Jigawa, Adamawa, Kaduna and
Taraba, lack of cash is affecting businesses.

 

This is at a time when farmers have harvested their goods and taken them to
market hoping to sell.

 

However, merchants who trooped to such markets from the towns to buy the
commodities have been mostly stranded as middlemen scramble to get cash for
them.

 

POS operators in such markets also confirmed shortage of cash.

 

Traders return home with cattle in Katsina

 

Anas Nasiru, who visited the Mai'adua Cattle Market on Sunday, said it was
tough getting cash to transact businesses.

 

"Most of the people who brought cattle from the villages for sale were not
willing to sell because they want cash, which is not available.

 

"My cousin had to send cash for me from Kano, which I used to buy cattle. It
is the same with many people...In fact, some of the traders went back home
with their wares," he said.

 

A POS operator in Kongolam, a border town with Niger Republic, said he had
run out of cash.

 

"Some people credited our accounts with millions of naira and they have been
on the queue for over weeks, we give them cash in piecemeal. I am not an
economist but I have a strong feeling the federal government had mopped up
cash from circulation," he said.

 

Merchants give rewards for cash in Yobe

 

In Nguru, Yobe State, grain merchants were reportedly ready to give up to
N50,000 in reward for anyone who attracts N1,000,0000 cash to them.

 

This is in addition to the charges they pay.

 

A resident of the town who gave his name as Sanusi, said people looking for
Sesame seed have thronged to the town.

 

"Farmers in this part of the country produce a lot of sesame seed and have
harvested it. Willing buyers are here but are having challenges getting
cash.

 

"Some middlemen are now making a fortune from the scarcity because they get
N50,000 for each facilitation of N1,000,000," he said.

 

ATMs dry in Lagos

 

In Lagos, one of our correspondents, who checked some commercial banks in
parts of Ikeja at the weekend, observed that most of the banks' Automated
Teller Machines (ATMs) had run out of cash.

 

This has left many people to resort to patronising Point of Sale (PoS)
agents who are also complaining that they could not withdraw sufficient cash
from their banks.

 

 

At the Tafawa Balewa Square (TBS), venue of the International Trade Fair in
Lagos, some PoS agents confirmed the development to our correspondent.

 

Simisola Adedeji, the owner of Capricorn Digital Payment Solutions, decried
that "It has been tough withdrawing huge volumes of money in banks and what
we are hearing is that they want to withdraw the old currency. We only plead
that we should not experience the scarcity witnessed during the cash swap
because many people lost their lives."

 

A Lagos resident, who identified himself simply as Mr. Chukwuemeka, said, "I
went to many banks and they were not dispensing money. I went all the way
from Ogba to Ikeja at Oba Akran before I was able to withdraw in a bank."

 

He stated that many PoS agents had been withdrawing all the cash lodged at
various ATMs.

 

"Immediately the bank loaded money on the ATM, they (POS agents) are the
first people to know, they would just use their cards to withdraw the money,
that is what most of them normally do.

 

"I had to trek a long distance, going from one place to another until I got
to Oba Akran where I was able to withdraw."

 

A Bureau de Change operator in Abuja, Gidado Bala, said, "Although BDCs
rarely use physical cash for transfer these days, banks have begun limiting
huge cash withdrawals and it may be because of the deadline of December but
we don't know," he said.

 

Gidado noted that "BDC operators usually get cash in minimal quantities at
the banks."

 

A store owner, Chukwu Ani, said he had to limit cash transactions with
suppliers as customers rarely come with physical cash and "banks hardly give
the required cash withdrawals,"

 

He added, "We don't understand the situation and we hope it won't be the
situation of this year where we suffered for cash."

 

A grain merchant, Sani Kamba said even though he was able to get some cash
with a view to coming to North to buy grains, he was intercepted by law
enforcement agents at the airport.

 

"They carried out an investigation but concluded that we are out for a
legitimate business. They checked our accounts and discovered that we
deposit and withdraw all the time.

 

"I pray the federal government does something to address the scarcity," he
said.

 

A banker, Aliyu Hameed said supply was low, hence the shortage.

 

On why traders, especially in village markets don't accept transfers, he
said, "Many of them, especially in the North have been short-changed by some
unpatriotic elements.

 

"It has happened several times, especially during the cash crunch in
February and March. Some dubious people would make phantom transfers to the
traders, especially in the villages and by the time they go to the bank,
nothing in their accounts.

 

"It has also been difficult for such people to lodge complaints in banks
because apart from telephone numbers of the people to dupe them, there is
nothing to show as evidence," he said.

 

POS operators double charges in Kano

 

In Kano, there are indications that the scarcity of naira notes is getting
worse.

 

Many of the PoS operators in Kano metropolis have doubled their charges when
they have the cash to give; while others ration the amounts they give in
order to meet demands from customers.

 

One of them, Mohammed Kutama, said the scarcity is real, but that he goes
the extra mile to get the needed cash to meet demands of his customers.

 

According to him, this comes with extra charges as he is now charging N200
per N10,000 withdrawal as against the previous charge of N100 on the same
amount of withdrawal.

 

Kutama explained that he often gets cash from a filling station his friend
is managing and a viewing centre where people usually pay cash.

 

Nura Umar, who operates a provisions store in Kano, said the naira scarcity
was affecting his business.

 

He said though he was using e-payment platforms for transactions, it took
time to go through because of network glitch.

 

He alleged that the scarcity of cash was as a result of the CBN's inability
to narrow the supply gap.

 

The story is however different at Hamza Abdullahi's shop who runs PoS and
mobile phone recharge cards business. He told one of our correspondents that
he had not increased his charges because he was getting cash payment from
recharge cards sales.

 

Most of the ATMs in some banks located along Zoo Road in Kano were not
dispensing cash when one of our correspondents visited.

 

No customer was sighted at Unity Bank, Jaiz, Taj and Fidelity Banks' ATMs.
Only two customers were seen at a Zenith Bank's ATM trying their luck.

 

No cash in Adamawa markets

 

In Tunno, a village famous for rice paddy in Adamawa State, merchants also
struggle for cash to buy the product.

 

Salihu Aliyu, who visited Tunno, said there was bumper harvest from the
farmers and some middlemen are insisting on cash.

 

"It is actually hunger in the midst of plenty. There are enough rice paddies
here to buy but very few of the owners accept bank transfers, most of them
prefer cash.

 

"The government should commission a study on why people, especially in the
North, prefer cash transactions.

 

"For me, I believe there are no banks in many communities, and there is also
a low level of education in rural communities," he said.

 

Daily Trust reports that there was no update from CBN on the continued cash
crunch despite the assurance that both old and new notes remain legal
tender.

 

- Daily Trust.

 

 

 

 

Malawi Not Left Out in Environmentally Sustainable Tobacco Production

In tobacco production, curing the crop once it is harvested is an essential
step towards making the harvested commodity ready for the market.

 

The most common methods for curing tobacco are by air, flue, sun and fire.
In Malawi however, small-scale tobacco farmers commonly use fire, where open
wood fires are kindled on the floor of a curing barn, and the curing process
can either be continuous or intermittent, extending three to ten weeks
before the leaf can be cured to the desired finish and be ready for the
market.

 

But with wood fire curing of tobacco having the potential to increase
deforestation levels and contribute to environmental degradation and
consequently climate change, the tobacco company Philip Morris International
(PMI) says it is working with small-scale tobacco farmers in Malawi,
Argentina, China and Mozambique among other countries, in an integrated
production system that ensures the wood used to cure the tobacco after
harvesting is from sustainably managed forests.

 

 

For a long time, environmental organisations not only in Malawi but across
the world have contended that the growing of tobacco has many serious
environmental consequences which include loss of biodiversity, increase in
atmospheric carbon dioxide and soil erosion among other effects, because
cutting down trees for curing the crop after harvest directly causes
deforestation.

 

PMI Sustainability, Activation and Support Director Miguel Coleta says
forest sustainability is indeed paramount and the production of tobacco
should not be allowed to cause degradation.

 

 

He says the company is working with local farmers in six countries including
Malawi, where it offers both technical and financial support so that farmers
use the forests where they get the wood to cure tobacco sustainably.

 

"As part of this relationship, we can have farm-by-farm monitoring of the
tobacco production to ensure it is sustainably produced and the forests
where wood to cure it comes from are sustainably managed. Today, we know
where the wood is coming from on each farm, from among the farmers we are
working with. We also do monitoring to ensure that the investments we have
made over the years, in this sustainability push is bearing the intended
results," he said.

 

Mr. Coleta says in 2022 alone, PMI invested 6.6 million United States
dollars in six countries including Malawi, on projects aimed at
reforestation through awareness programs with farmers, which he says are key
towards ensuring sustainability in environmental conservation. In the case
of Malawi, Universal Leaf is the local partner in these activities.

 

 

"So we take a landscape approach. When we think about the environment, we
think about the intersection between the impact of tobacco growing on the
individual, the farmer, the community and the environment itself, and these
impacts are addressed through this integrated production system," Mr Coleta
said.

 

Mr Coleta explained that engaging directly with the farmer in this
integrated production system is fundamental so that small-scale farmers can
have predictability in terms of not only having a buyer for their produce or
having a favourable price for their crop, but also having access to best
practices that will improve their production capacity by taking care of the
environment where they grow their crops.

 

"Sustainability is not just about managing the negatives but also looking
for ways to create positives by using technology and innovation to drive
value for society. In that sense, when it comes to tobacco growing, what is
underpinning everything we are doing is the integrated production system,"
he explained.

 

In Malawi, Tobacco is considered green gold and the most profitable crop
which can have over 20 times export value compared to tea, which is also an
export from the country.

 

Mr. Coleta says through the integrated production system and to ensure
sustainability in terms of the quality of tobacco, farmers have standard
guidelines to follow which also include not using child labour, apart from
using wood from sustainably managed forests in the curing of the harvested
crop.

 

Meanwhile, the impacts of climate change on the farmer have also been an
issue of concern, with tobacco production especially in Malawi being
dependent on the rainy season, making access to water a subject that needs
to be addressed so that farmers do not just rely on tobacco growing, but can
grow other crops during the long dry season.

 

"Water is important for health, safety and hygiene, and having access to
water without women having to walk for kilometers before getting the
commodity is paramount. There is also a need for the farmer to have the
ability to grow other things apart from tobacco since tobacco is one hundred
percent rain-fed.

 

"So that's why in recent years, we have been working with communities and
our business partners in local areas, digging hundreds of boreholes and hand
pumps to provide access to water through what we call the wash program," Mr.
Coleta explained.

 

- Nyasa Times.

 

 

 

 

Nigeria: Reps Call for Increase in Education Budget to 15%

The Chairman of the House of Representatives Committee on Federal
Polytechnics and Higher Technical Education, Adegboyega Isiaka, has called
for an upward review of budgetary allocation to education to a minimum of 15
per cent.

 

He also urged that the sub-allocation to technical education be upgraded to
no less than 30 per cent of education allocation.

 

This, alongside other necessary systemic and attitudinal changes, he said,
would place the country on the path of national growth and global
competitiveness in the 21st century skills market.

 

The lawmaker, who stated this at the inauguration of the committee in Abuja
yesterday, said there was urgent need to move young people from education to
employment.

 

 

Isiaka said creating a successful education-to-employment system requires
new incentives and structures.

 

He said a paradigm shift is needed, adding that a new focus must be set for
jobs of the future.

 

"We must ask if the curriculum and training received in our tertiary
institutions are tailored towards job suitability and entrepreneurship," he
said.

 

He said while government faces a conundrum with high level of youth
unemployment and businesses experience shortage of job seekers with critical
skills; employers, education providers and the youth -all operate in
parallel lines on their understanding of the same situation.

 

He said using Technical and Vocational Education Training, TVET, as a vital
plank, the country could rework its education system as a highway, where the
three drivers of educators, employers and young people walk similar paths
towards productivity.

 

 

He pointed out until the 10th National Assembly, the committee did not exist
as a stand-alone committee as its activities and oversights were hitherto
subsumed under the broad committee on tertiary education.

 

This, he said, attested to the primacy of place the current House leadership
gave to education, particularly technical education, and the conviction that
a knowledge-based economy could be a panacea for development.

 

He said: "As we are aware, technical education deals with the learning
process involving the study of technologies and interrelated sciences
alongside acquisition of practical skills and approaches.

 

"These suites of knowledge are what our Polytechnics, Technical Colleges and
Vocational Education Training, TVET, centres were designed to impact on our
young population for competitiveness in the 21st century global skills
market.

 

 

"Thriving in today's innovation-driven economy, workers and entrepreneurs
need a mix of conceptual knowledge and technical skills.

 

"The World Bank in its education strategy outlook, advised that growth,
development and poverty reduction depend on the knowledge and skills people
acquire; and not by the number of years they stay in the classroom.

 

"In any country, technical education plays vital role in human resource
development. It produces skilled workforce, augments productivity and helps
improve the quality of life of the people. Without doubt, there is a nexus
between the technical education system and socio-economic development."

 

In his remarks, the Speaker, Tajudeen Abbas, posited there could be no
significant economic growth in any country without adequate investment in
education.

 

Represented by the Deputy Speaker, Benjamin Kalu, the Speaker recommended
technical skills development to address unemployment and its attendant
challenges in the country.

 

Abbas said the world of information and technology had now shown that skills
are not only triumphing but the boundless possibilities continue to wow the
generation.

 

"Similarly, no nation can ignore the significant role education plays in
increasing the productive capacity of its citizens towards national
development and, therefore, investment in education becomes a pivotal
element of every strategic government agenda.

 

"The need to design periodic programs such as this and many others is one of
the relevant strategies to empower and strengthen institutions to provide
the requisite skills for manpower development and value to existing labor
strength and emerging markets for both private and public sectors.

 

"Evidence around the world shows that countries that have made progress in
their overall quest for national development prioritize capacity building
and human resource development. The unique role that polytechnics and higher
technical education play in this process cannot be overemphasized. They
provide access to specialized education that is aimed at empowering our
students with the requisite skills needed to address the human resource gap
in industry, manufacturing, entrepreneurship, vocational, and technical
studies," he said.

 

- Vanguard.

 

 

 

 

Nigeria: Depositors of Failed Banks to Get Extra N16.18 Billion - NDIC

Depositors, creditors and stakeholders of 20 failed banks are expected to
get additional N16.18 billion in liquidation dividends, the Nigeria Deposit
Insurance Corporation (NDIC) has disclosed.

 

This would increase the dividends so far paid to the depositors to N61.63bn
having made cumulative payments of liquidation dividends totalling N45.45
billion as of July 2023, representing amounts exceeding the guaranteed sums
to depositors of the 20 banks.

 

NDIC Director, Communication & Public Affairs, Bashir Nuhu disclosed this in
a statement yesterday to clarify issues relating to the failed banks.

 

 

Making a reference to a trending report about fresh liquidation of 20 banks,
the NDIC stated that the 20 banks mentioned were among the banks that had
been previously closed due to the revocation of their operating licenses by
the Central Bank of Nigeria (CBN) between 1994 and 2018.

 

The statement said, "The general public should be aware that the NDIC has
fulfilled its commitment by paying the guaranteed sums owed to depositors.

 

Additionally, "In light of further recoveries from debtors of the liquidated
banks, the Corporation has announced an additional N16.18 billion in
liquidation dividends to be paid to depositors, creditors, and shareholders
of the 20 banks in liquidation."

 

The NDIC listed the closed banks to include Liberty Bank, City Express Bank,
Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon
Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier
Commercial Bank, North South Bank and Prime Merchant Bank.

 

Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims
Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank,
Nigeria Merchant Bank, and Amicable Bank in-liquidation.

 

- Daily Trust.

 

 

 

Malawi Trade Unions to Engage Govt, Employers Over Pay Rise Following Kwacha
Fall

Officials from the Malawi Congress of Trade Union MCTU say they are engaging
the government and other employers to increase salaries of their employees
following the 44 per cent depreciation of the Kwacha.

 

This comes as Malawi joins the rest of the world in commemorating day for
decent work under the theme "ensuring decent work, dignity and respect for
all".

 

Charles Kumchenga, President for MCTU said workers in the country, both in
the public and private sector have been hit hard by the unprecedented
devaluation of the Kwacha which has triggered the rise in cost of living as
the cost of goods and services have drastically gone up.

 

On the commemoration of the day for decent work, Kumchenga said the country
is still lagging behind to achieve decent work as cases of failing to meet
minimum wages and sexual harassment continue to occur.

 

Kumchenga added that they will start engaging authorities including
government officials so that decent work is achieved.

 

Meanwhile, Patience Matandiko, Technical Officer Social Protection for ILO
Malawi Field Office expressed delight with decent work agendas which the
government is working on to improve the working standards.

 

And on his part, George Chilonga Principal Labour Officer in the Ministry of
Labour said as government they are working around the clock to improve
working conditions for employees.

 

- Nyasa Times.

 

 

 

 

Nigeria: Obaseki, Dangote, Others Spotlight Economic Potentials of Edo

The Edo State Governor, Mr. Godwin Obaseki, the Chairman of the Dangote
Group, Alhaji Aliko Dangote, and other industry leaders have said that Edo
state has been positioned with the potential to become a first world economy
on account of its growth trajectory in the past seven years.

 

They noted that at the backdrop of the reforms to attract investments, the
Edo state's economy has recorded a growth rate of 140 percent to
$25.8billion from $10.6billion at the inception of the present
administration in the state.

 

Chairman of the Board of Trustees, Alaghodaro Economic Summit Ltd/Gte, Dr.
Asue Ighodalo, in his address at the summit, disclosed that the investments
attracted through the Alaghodaro Summit alone in the past seven years is put
at $4 billion, noting that the State can drag Nigeria out of its untapped
potential, re-directing the nation to a point of development.

 

 

The Alaghodaro Summit is organised annually by the Edo State Government, in
partnership with the private sector, to mark the anniversary of Governor
Godwin Obaseki in office and showcase the progress being recorded in
transforming the State into an investment haven.

 

This year's summit has the theme, "The Edo Story: Creating Shared
Opportunities into the Future."

 

Speaking at the summit, Dangote said Edo State has comparative advantage
over every other State in the area of agriculture and agro-processing as
well as culture and tourism, noting that the Governor Godwin Obaseki-led
administration has repositioned the State, leveraging its comparative
advantage to drive growth and development across all sectors.

 

 

Aliko, who was the keynote speaker at the 2023 Alaghodaro Investment Summit,
commended the governor for his government's business-friendly reforms that
have continued to spur the influx of investors into the State.

 

Dangote who was represented by the Dangote Group's Managing Director, Mr.
Olakunle Alake, said the safety and security as well as reforms in the
agriculture and tourism sectors have repositioned Edo State as a tourist hub
and investors' haven.

 

Meanwhile, Obaseki had noted that the government focused on six thematic
pillars including institutional reforms, economic revolution, social
welfare, infrastructure development, environmental sustainability and arts
and culture, noting that the bold reforms have positively impacted the lives
of millions of Edo people, placing the State on the path of sustainable and
accelerated growth and development.

 

He also said that Edo has the potential to produce 70 percent of Nigeria's
imported products and reduce the burden on Foreign Exchange (Forex), said
his government has attracted investments in agriculture, manufacturing,
retail, health, arts and culture, tourism and hospitality, among other
sectors.

 

- Vanguard.

 

 

 

 

Nigeria: AfCFTA - Exports Expected to Reach $1trn in 2035 Standard Chartered

Following the implementation of the African Continental Free Trade Area
(AfCFTA) intra-Africa export is projected to reach $1 trillion by 2035,
according to a report released by Standard Chartered Bank Group.

 

In a report it titled, "Future of Trade 2023" the global banking group said
AfCFTA has emerged as a critical imperative to drive intra-Africa trade and
accelerate sustainable economic development within the region.

 

Explaining the place of AfCFTA in Africa's economy, Sunil Kaushal, CEO,
Africa & Middle East, Standard Chartered, stated in the report: "The global
pandemic demonstrated the acute need for Africa to build a robust economic
and social model that can withstand substantial external shocks without
derailing the significant progress that has been made over the past three
decades.

 

"During the pandemic, treasuries ran low on foreign reserves, many African
markets struggled to obtain vaccines, key industries and supply chains were
disrupted, and raising capital became extremely difficult and costly. AfCFTA
forms part of the solution.

 

"The AfCFTA has now been ratified by the majority of African states and,
once fully implemented, will enable, and drive intra-Africa trade and
accelerate sustainable economic development."

 

- Vanguard.

 

 

 

 

Kenya Kwanza MPs Scoff at Raila Odinga Dossier on Govt-to-Govt Oil Deal

Nairobi — Top lawmakers within the Kenya Kwanza Alliance have scoffed at the
threats by Azimio La Umoja One Kenya Leader Raila Odinga to spill the beans
on the much-taunted government-to-government oil deal.

 

Odinga had revealed he has an exposing dossier on the G to G oil deal
arguing that Kenya would significantly ease the pressure on the dollar,
allowing other traders and importers to access the currency for their bills.

 

President William Ruto's government opted for government-to-government oil
supply contracts in March this year after the shilling tumbled to record
lows.

 

 

National Assembly Majority Whip Sylvanus Osoro asked Odinga to reveal the
truth of not only the G to G deal but also the companies that reaped heavily
from the fuel subsidies deal that were adopted to cushion Kenyans from high
fuel prices.

 

"I want that dossier but it shouldn't just be about this government but also
those of previous regimes. That dossier should start with the handshake
government and it should elaborate the companies that reaped from the fuel
subsidies," Osoro stated.

 

Kiharu MP Ndindi Nyoro criticized the Azimio La Umoja Leader urging him to
offer a solution to the government instead of poking holes with no
substantive recourse.

 

"Their work is just bashing the government and throwing stones to the
government. I am grateful they have stopped throwing stones because even if
you criticize words cannot hurt.Words don't cause closure of business. Let
them focus on opposition mandate," Nyoro said.

 

 

Yesterday, Odinga termed the government-to-government oil deal a scam aimed
at ripping off Kenyans who are already burdened by the high cost of living.

 

He disclosed he had a list of 30 top-ranking government officials who were
scamming Kenyans through the government-to-government oil deal by alleging
they had added an additional Sh 30 to oil prices through the deal.

 

"I can say without fear of contradiction that in the Sh 217 fuel prices,Sh
30 goes to some people's pocket.The real fuel price should be Sh
187.Governmnet to Government oil deal is a big scam and next week I will
release the expose,"Odinga said.

 

The Opposition Leader said the revelations prompted the move by the Ugandan
government to stop the purchase of petroleum products from Kenya, saying
middlemen inflated prices by up to 59 percent, inflicting avoidable pain on
consumers.

 

President Yoweri Museveni said Uganda has now contracted bulk suppliers and
refineries to service its requirements, adding that his country has
discussed the decision with both Kenya and Tanzania.

 

Museveni said a refinery scheduled to be built in Uganda would be a
game-changer in petroleum pricing in the region.

 

The move by Uganda deals a heavy blow to Kenya's OMCs which have been
supplying 90 percent to Uganda through their associates there.

 

The firms have been earning billions of shillings in revenue from transiting
fuel to Uganda, which will not only affect local jobs but also reduce tax
revenue collection.

 

In March,the government ditched the Open Tender System (OTS) that has been
in use for importing fuel for nearly a decade in favour of direct
procurement under a government-to-government deal with Saudi Arabia and the
United Arab Emirates.

 

In the G-to-G deal, the three Gulf State-owned firms Saudi Aramco, Abu Dhabi
Oil Company (ADNOC), and Emirates National Oil Company (Enoc) were given
leeway to handpick local oil marketing companies which would distribute fuel
on their behalf.

 

Gulf, Oryx, and Galana were the local oil marketing companies that were
handpicked to distribute the fuel products to other oil companies for the
duration of the deal.

 

- Capital FM.

 

 

 

 

Why businesses are pulling billions in profits from China

Foreign businesses have been pulling money out of China at a faster rate
than they have been putting it in, official data shows.

 

The country's slowing economy, low interest rates and a geopolitical tussle
with the US have sparked doubt about its economic potential.

 

All eyes will be on a crucial meeting between Chinese leader Xi Jinping and
US President Joe Biden this week.

 

But businesses appear to be already erring on the side of caution.

 

"Anxieties around geopolitical risk, domestic policy uncertainty and slower
growth are pushing companies to think about alternative markets," says Nick
Marro from the Economist Intelligence Unit (EIU).

 

What to expect when Biden and Xi Jinping meet

China recorded a deficit of $11.8bn (£9.6bn) in foreign investment in the
three months to the end of September - the first time since records began in
1998.

 

This suggests that foreign companies are not reinvesting their profits in
China, rather they are moving the money out of the country.

 

China needs to make 'corrections'

"China is currently facing slower growth and needs to make some
corrections," says a spokesperson for the Swiss industrial machinery
manufacturer Oerlikon, which pulled 250m francs ($277m; £227m) from China
last year.

 

"In 2022, we were one of the first companies to transparently communicate
that we expect the economic slowdown in China to impact our business," the
spokesperson adds. "Consequently, we began early to implement actions and
measures to mitigate these effects."

 

China remains a key market for the firm. It has close to 2,000 employees
across the country, which accounts for more than a third of its sales.

 

Oerlikon noted that the Chinese economy was still expected to post growth of
around 5% in the next few years, "which is among the highest in the world."

 

Since the onset of the pandemic, businesses like Oerlikon have contended
with the challenges of operating in what is the world's biggest market.

 

China had implemented one of the world's strictest pandemic lockdowns
through its "zero-Covid" policy.

 

This caused disruptions to the supply chains of many companies, such as
technology giant Apple, which makes most of its iPhones in China. The firm
has since diversified its supply chain by moving some production to India.

 

Mr Marro believes more companies have heeded calls for diversification this
year, as tensions between China and the US rose with fresh export
restrictions on raw materials and technology needed to make advanced chips.

 

"We aren't seeing many companies pulling out of China. Many of the big
multinational firms have been in the market for decades, and they're not
willing to give up market share that they've spent 20, 30 or 40 years
cultivating. But in terms of new investment, in particular, we are seeing a
reassessment."

 

Low interest rates

Businesses are also considering the impact of interest rates. China bucked
the trend as many countries around the world raised rates sharply last year.

 

Many major central banks, including the US Federal Reserve and the European
Central Bank, have been hiking interest rates to tackle inflation. The
higher cost of borrowing, which promises higher returns, also attracts
foreign capital.

 

Meanwhile policymakers in China have cut the cost of borrowing to support
its economy and struggling property industry. The yuan has depreciated by
more than 5% against the dollar and euro this year.

 

Rather than reinvesting China earnings back in the country, business are
spending the money, the European Union Chamber of Commerce in China says.

 

It adds: "Those with excess cash and earnings in China have been
increasingly transferring these funds overseas, where they will earn a
higher investment return compared to investments in China."

 

Some firms had withdrawn earnings from China as "part of their long-term
cycles" of taking profits "once their projects reach a specific scale and
profitability", Michael Hart, president of the American Chamber of Commerce
in China, observed.

 

"The withdrawal of profits does not necessarily indicate that companies are
unhappy with China, but rather that their investments here have matured."

 

Mr Hart says it's "encouraging because it means companies are able to
integrate their China operations into their global operations."

 

Canada-based aerospace electronics company Firan Technology Group invested
up to C$10m ($7.2m; £5.9m) in China over the last decade, and withdrew
C$2.2m from the country last year and in the first quarter of 2023.

 

"We are not exiting China at all. We are investing and growing our business
there and taking out any excess cash to invest elsewhere in the world," says
the firm's president and chief executive Brad Bourne.

 

"We had surplus cash in China and bringing it back to help fund our recent
US acquisitions was just prudent cash management, and it meant that our
borrowing was reduced," he adds.

 

Uncertainty ahead

Analysts say there is much uncertainty about what lies ahead - both in terms
of interest rates and China-US ties.

 

China's central bank could move to lower interest rates further this year to
support its economy, says Dan Wang, the chief economist of Hang Seng Bank
China.

 

Lowering interest rates could put more pressure on the already weakened
yuan. "There is very limited room for monetary easing right now because of
the pressure of currency depreciation," she says.

 

"If economic sentiment improves next month, it's safe to say that China will
lower interest rates. But if sentiment doesn't improve, the central bank
will have a very difficult decision to make."

 

Businesses are cautiously optimistic about the upcoming meeting between
Presidents Xi and Biden, says the EIU's Mr Marro.

 

"Direct meetings between the two presidents tend to exert a stabilising
force on bilateral ties. We have also seen a flurry of US-China diplomatic
engagement over the past couple of months, which has contributed to this
feeling that both sides are aiming to put a floor under the relationship,"
he says.

 

"That said, it doesn't take much for things to fall apart again. Until
companies and investors feel like they can navigate with more certainty,
this drag on foreign investment into China will continue."-bbc

 

 

 

 

Meta OKs deleting Threads without losing Instagram

Changes are being rolled out to the Threads app that will enable users to
delete their account while keeping the linked Instagram account.

 

An Instagram account is required to sign up to the Twitter-like app, but
users were frustrated that it was impossible to delete Threads alone.

 

Instagram boss Adam Mosseri revealed the change in a post on Threads.

 

Initially hailed as a "Twitter-killer", Threads struggled to sustain early
record-breaking growth.

 

In October Mark Zuckerberg, the head of parent-company Meta, revealed that
three months on from its July launch the app was attracting around 100
million monthly users - down by more than a half.

 

When Threads was first revealed it was seen as a direct challenge to the
Elon Musk-owned X, formerly known as Twitter.

 

But it went live without a number of features, such as search and direct
messages, that are found on rival platforms.

 

The inability to fully delete an account without deleting the associated
Instagram account was heavily criticised.

 

Users were only able to deactivate - not delete - their Threads account if
they wanted to keep their linked Instagram profile going.

 

The new feature will be accessible from the settings menu in a "Delete or
Deactivate Profile" section, Mr Mosseri posted on Threads.

 

The failure to have such a system had drawn the attention of regulators.

 

When Meta first announced that the change would be coming in September, the
UK's privacy watchdog, the Information Commissioner's Office (ICO) wrote:
"We have been clear with Meta since the Threads service was launched that
people should be able to delete their Threads profiles and account
information, without that having an impact on their Instagram account."

 

It said it was glad "discussions" had resulted in change, adding "people
should not have to sacrifice their usage of one service in order to be
removed from another".

 

Automatic sharing

It was also announced that Threads users will soon be able to opt out of
automatic sharing of posts to either or both Instagram and Facebook.

 

While this feature directly allowed Meta to raise awareness of Threads among
the billions who use these platforms, experts say it was unpopular with many
users.

 

The platform said it had "heard feedback that you want more control over the
experience", Mr Mosseri wrote.-bbc

 

 

 

 

Nepal bans TikTok citing disruption to social harmony

Nepal has banned China's TikTok because its content "was detrimental to
social harmony."

 

The decision comes days after the country introduced a new rule requiring
social media firms to set up liaison offices in the country.

 

TikTok, which has around a billion monthly users, has been banned by several
countries including India.

 

Earlier this year, Montana became the first US state to ban it while the UK
Parliament banned it from its network.

 

Minister for Communications and Information Technology Rekha Sharma has told
the BBC Nepali that the platform spread malicious content.

 

She added that "the ban would come into effect immediately and telecom
authorities have been directed to implement the decision".

 

But Gagan Thapa, a senior leader of Nepali Congress, which is part of the
coalition government, has questioned the government's decision to impose a
ban on TikTok.

 

He said it was an attempt to curb the freedom of expression and officials
should focus on regulating the platform.

 

TikTok has come under scrutiny from authorities around the world over
concerns that data could be passed to the Chinese government.

 

Its parent company, ByteDance, has previously rejected the allegation.
TikTok did not respond to the BBC's request for comment on the latest ban by
the government in Nepal.

 

Although TikTok lags behind the likes of Facebook and Instagram, its growth
among young people far outstrips its competitors.

 

More than 1,600 TikTok-related cyber crime cases have been registered over
the last four years in Nepal, according to local media reports.

 

According to the BBC Media Action report on the media usage in Nepal, TikTok
is the third most used platform nationally.

 

While YouTube and Facebook are popular among internet users of all age
groups, TikTok is highly popular with younger age groups with more than 80%
of social media users aged between 16 and 24 using the platform.

 

Pakistan has temporarily banned the app at least four times since October
2020 while its online shopping service was shut in Indonesia last month.-bbc

 

 

 

 

Avon to open physical shops in the UK for the first time

The cosmetics brand famous for its doorstep slogan "Ding dong, Avon
calling!" is about to open physical stores in the UK for the first time.

 

Women wanted to "touch and experience" the products they were buying, Avon
said.

 

For many years the global beauty giant relied on an army of door-to-door
sales reps, who could demonstrate their wares first-hand.

 

But recently the Covid pandemic accelerated a shift to online sales.

 

Now, in a change of direction, the 137-year-old retailer is adding physical
stores to its arsenal of sales tactics.

 

As well as the UK, it will launch outlets in Brazil and South Africa. It
already has 63 stores in Turkey.

 

The company is looking for ways to follow women "wherever they spend their
time", said global chief executive Angela Cretu, describing the move as an
"exciting new chapter".

 

The UK stores, expected to open over the next two months, would be based in
"neighbourhood communities" rather than on traditional High Streets, Ms
Cretu said, and would be "mini beauty boutiques" showcasing a selection from
Avon's range.

 

Avon has yet to confirm the number and locations of the new shops.

 

John Lewis Christmas advert divides opinion

Avon was established in the US in 1884, but eventually shifted its
headquarters to the UK in 2016.

 

The much-quoted "Ding dong, Avon calling!" advertisement has not been used
since 1967. Yet the brand remains closely associated with doorstep sales and
with an era of stay-at-home mothers, twinsets and Tupperware parties.

 

Retail analyst Natalie Berg said, despite its moves on to social media, the
Avon brand remained "a little dated".

 

But Ms Berg said opening stores could be beneficial for the company.

 

"You can't overestimate the power of human touch and the community you get
in a physical store environment," she said, adding that this was
particularly true for beauty products, which are still mostly sold in shops.

 

Ms Berg said Avon would need to get its in-store technology right in order
to compete with brands that have invested heavily in virtual and augmented
reality, and personalised services supported by digital technology.

 

But local stores could have a "halo effect", she said, meaning they may play
a role in helping customers choose products that they later continue to buy
from sales reps and online.

 

Avon's experience in Turkey suggested that physical stores could boost
business for local door-to-door sales reps, who would be offered training to
run the new outlets as franchises, the company said.

 

"We want to give women the opportunity to open a business, especially in
areas where it is not so easy for them to launch a start-up," said Ms Cretu.

 

The company is also expanding its presence in Superdrug stores, following a
tie-up in September which saw Avon products sold in selected branches of the
pharmacy chain.-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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