Major International Business Headlines Brief::: 16 November 2023

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Major International Business Headlines Brief:::  16 November 2023 

 


 

 




 


 

 


 

ü  Tanzania Plans Livestock Mass Vaccination

ü  Nigeria: NLC, TUC Suspend Workers' Nationwide Strike

ü  Africa: All Hands Must Be On Deck to Make AfCFTA Work - Prof. Oramah

ü  Kenya: Criticism Over Leaking Roofs at Jomo Kenyatta International
Airport

ü  Uganda: Legal Battle Brews Over Uganda's Fuel Importation Deal

ü  Ethiopia: Govt Renews Call for Rules-Based Access to Red Sea

ü  Rwanda: Bugesera Airport to Be Connected to New Rusumo Power Plant

ü  Nigeria's Inflation Hits 27.33% As Food Prices Rise

ü  Nigeria: Old Naira Banknotes to Remain Legal Tender - CBN

ü  Rwanda: Govt Considers Rewarding Green Buildings

ü  Starbucks faces walkout at hundreds of US stores

ü  PepsiCo sued by New York state for plastic pollution

ü  Four things we learned from the Biden-Xi meeting

ü  Price paid for offshore power to rise by 66%

ü  Subrata Roy: The chequered legacy of India's 'rags-to-riches' tycoon

 


 

 


 <https://www.cloverleaf.co.zw/> Tanzania Plans Livestock Mass Vaccination

DAR ES SALAAM: TANZANIA intends to undertake a nationwide livestock mass
vaccination campaign to increase the livestock export market and farmers'
revenues.

 

Livestock and Fisheries Minister Abdallah Ulega disclosed this on Wednesday
at the State House in Dar es Salaam during a news conference on President
Samia Suluhu Hassan's trips to Morocco and Saudi Arabia, held between
November 8 and 11 this year.

 

Mr Ulega stated that one of the challenges facing Tanzanian livestock in
meeting export requirements was pests and diseases, and the campaign was one
of the measures employed by the government to shift the narrative.

 

 

"At present, they vaccinate, but everyone does it according to their
schedule. We want every livestock keeper to vaccinate, and we will develop a
specific vaccination schedule for each livestock disease," he stated.

 

He asserted that the campaign would contribute to increasing confidence in
Tanzania's meat standards and quality among the nations with whom Tanzania
conducts international business.

 

In order to continue fostering confidence among overseas purchasers, the
government has also set aside disease-free compartment zones.

 

Mr Ulega said that during their visit to Saudi Arabia, they had meetings
with the Almarai company, which is ready to come to Tanzania and start a
project to produce livestock fodder. The company has already started
negotiations with the Ministry of Livestock to initiate the project.

 

 

Other companies that showed interest include the Salic Company and the Crown
Agricultural Company, both of which aim to start projects for the
cultivation of livestock feed (alfalfa) and a project to fatten cows for
sale in the Middle East market.

 

"Those companies have also requested to start cooperative associations of
farmers who will cultivate alfalfa livestock feed, and they will establish
joint collection centres for the companies," said Mr Ulega.

 

He stated that Tanzania has the largest livestock population, but the
problem is that when someone wants to buy, it is difficult to find since the
herders are dispersed.

 

"So, what we are doing is streamlining the process so that those who need to
buy do not have trouble," he said.

 

According to the minister, the deal they have with these firms is to perform
contract farming. The farmers will be given seeds, and after harvesting,
there will be collection centres.

 

 

"In 2021, we sold 1,700 tonnes of meat abroad, but until now, we have sold
more than 14,000 tonnes. This is due to the results of the visits that
President Samia has made to increase business and attract investors," he
told reporters.

 

According to the minister, Saudi Arabia, which did not buy meat from
Tanzania until June of this year, has already purchased 1,400 tonnes, and
their need is 20,000 tonnes in one month, so the opportunity is still quite
large.

 

"The Saudis are ready to cooperate with Tanzania, and the first step is to
ensure that we have out growers to be able to reach the Saudi market
effectively," stated Mr Ulega.

 

As a government, he said they have been implementing various methods to
increase the production of cows that meet the criteria of the foreign
market, including artificial insemination.

 

In September of this year, when speaking at the Africa Food System Forum
2023 in Dar es Salaam, Minister Ulega outlined some of the interventions and
opportunities focused on boosting commercial livestock production to
increase the supply of raw materials for processing industries.

 

These interventions include the implementation of the Livestock Sector
Transformation Plan (LSTP), which includes improving animal breeds through
artificial insemination and the use of improved breeding bulls,
strengthening pasture and water development by establishing commercial farms
for pasture and pasture seed production.

 

He mentioned other initiatives such as strengthening animal health systems
through vaccination campaigns and control of ticks and tick-borne diseases,
enhancing extension services by equipping extension officers with extension
kits and transportation, research, and training.

 

The list of initiatives also includes the value addition of livestock
products, creating an enabling environment for business and investment, and
mainstreaming employment opportunities through the engagement of youth and
women under the auspices of Building a Better Tomorrow through Livestock and
Fisheries Entrepreneurs (BBT-LIFE).

 

"We have recruited 240 youth in the BBT-LIFE programme, whereby the
beneficiaries have been acquainted with the necessary innovative mind
transformation, entrepreneurship skills, and business-oriented perspectives.
They are expected to significantly contribute to increased production, value
addition, and employment inclusion," he stated.

 

- Daily News.

 

 

 

Nigeria: NLC, TUC Suspend Workers' Nationwide Strike

The Joint National Executive Council of the two leading labour unions which
declared the strike - the Nigeria Labour Congress (NLC) and Trade Union
Congress of Nigeria (TUC) suspended the strike on Wednesday.

 

Nigeria's organised labour has suspended its nationwide strike, which began
on Tuesday.

 

The Joint National Executive Council of the two leading labour unions which
declared the strike - the Nigeria Labour Congress (NLC) and Trade Union
Congress of Nigeria (TUC) - announced the suspension of the industrial
action at the end of a meeting Wednesday evening.

 

The development came a few hours after the labour leaders listed six demands
and subsequently met with the National Security Adviser (NSA), Nuhu Ribadu.

 

The meeting was held at the instance of Mr Ribadu, who earlier in a
statement on Wednesday appealed to the labour unions to call off the strike
to give room for negotiations.

 

 

The NLC, TUC and their affiliates had declared the strike against the
background of the attack on the NLC president, Joe Ajaero, in Owerri, the
Imo State capital, on 1 November.

 

The unions accused the Imo State government and the police in the state of
sponsoring thugs and giving them a cover to brutalise Mr Ajaero.

 

The NLC president was attacked and brutalised while preparing to lead a
protest against the Imo State government over alleged non-payment of civil
servants' salaries for months and inhumane treatment of some government
workers in the state.

 

In their demand list which they released Wednesday, the labour unions
demanded that justice be done with respect to Mr Ajaero's attack for the
strike to be called off.

 

Among their six requests were demands for investigation, prosecution and
dismissal of government and police officials involved in the attack on Mr
Ajaero.

 

 

Speaking with journalists after the meeting with the NSA on Wednesday, TUC
president, Festus Osifo, said the federal government, through Mr Ribadu, had
given assurance to meet their demands.

 

Resolution

 

The labour unions in a joint statement on Wednesday signed by the NLC,
General Secretary, Emmanuel Ugboaja, and the TUC, General Secretary, Nuhu
Toro, said: "This suspension is intended to facilitate further discussions
after the federal government had met our crucial demands to address the
distressing abduction and brutalization of the President of the Nigeria
Labour Congress, Comrade Joe Ajaero, and others.

 

"These incidents occurred at the hands of the Police and Governor Hope
Uzodimma's thugs in Owerri, Imo State, on the 1st day of November 2023."

 

The unions noted that an apology was tendered on behalf of the government by
the NSA, who promised to coordinate the investigation.

 

 

"Some of the perpetrators have been arrested, and we were given high
assurances that all others will be fished out and prosecuted.

 

"High-powered investigation is currently being carried out and the
leadership of the labour centres will be briefed continuously as progress is
being made.

 

"We extend our commendation and salute to all affiliates and state councils
for their unwavering commitment and tenacity, which contributed to the
success of the nationwide strike.

 

"Therefore, all affiliates and State councils of both the NLC and TUC are
hereby directed to demobilize, cease any further escalation of the
indefinite strike action, and fully resume work tomorrow, Thursday, the 16th
day of November 2023," the unions said.

 

Background

 

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 on 14 November.

 

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

 

Meanwhile, the presidency 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.

 

PREMIUM TIMES reported partial compliance with the strike directive of the
leadership of the unions by workers in the Federal Capital Territory, Abuja,
and across states on Tuesday.

 

As compliance deepened on Wednesday, the National Security Adviser, Nuhu
Ribadu, waded into the crisis. He called on the labour unions to end the
strike and announced that some suspects who assaulted the labour leader have
been arrested.

 

"The outcome of the investigation will be made public as soon as it is
concluded," Zakari Mijinyawa, the NSA's spokesperson said in a statement
sent to PREMIUM TIMES.

 

"As attested by the NLC leadership, the NSA immediately intervened upon
learning about the travails of the President of the Nigerian Labour Congress
(NLC), Comrade Joseph Ajaero who was assaulted in Owerri, Imo State.

 

"The NSA regrets the incident and condemns it in its entirety as it was
against the rule of law and the principles of freedom of association and
expression subscribed to by President Bola Ahmed Tinubu and his
administration," Mr Mijinwaya wrote.

 

- Premium Times.

 

 

 

 

Africa: All Hands Must Be On Deck to Make AfCFTA Work - Prof. Oramah

Cairo — Professor Benedict Oramah, President and Chairman of the Board of
Directors of the African Export-Import Bank (Afreximbank), has urged key
stakeholders in Africa to ensure that the African Continental Free Trade
Agreement (AfCFTA) is utilised to promote intra-African trade.

 

He emphasised that the continent's dream of industrialisation could only be
realised if the AfCFTA was used to promote trade among African countries

 

"I say this because working with the African Union Commission and the AfCFTA
Secretariat, Afreximbank has supported the delivery of critical
AfCFTA-enabling instruments," he said at the Presidential Summit held under
the ongoing third Intra-African Trade Fair which took place here on Monday.

 

 

The President of Egypt, Abdel Fattah al Sisi, was the guest of honour at the
event.

 

RELATED: The Africa We Want - Private Sector Bill of Rights as Companion to
RECs and the AfCFTA

 

"The Pan-African Payment and Settlement System (PAPSS) is set up and running
and, in fact, being demonstrated here at the Fair. Eleven African central
banks and 81 commercial banks have joined the System, making intra-African
payments quicker, cheaper, more efficient and in African currencies.
Afreximbank supports PAPSS with a settlement and clearing fund of $3
billion," he said.

 

He said the African Collaborative Transit Guarantee Scheme had commenced
operations in the COMESA Region, with Afreximbank as the regional guarantor,
making the movement of goods across Africa's 110 multiple borders easier,
faster, and cheaper.

 

 

Prof. Oramah explained that the combination of the PAPSS and the Transit
Scheme would reduce the foreign currency cost of paying for transit bonds.

 

The AfCFTA Adjustment Fund, he said, had been established and would be
operational by early next year on the $1 billion Afreximbank had approved in
support.

 

"Today, we have added to our various AfCFTA-enabling initiatives when we
launch Afreximbank Intra-African Engineer, Procure, and Construct Contract
Promotion Programme, an initiative which seeks to empower African companies
to successfully bid for, win and execute infrastructural contracts in Africa
through capacity building, twinning, market access opportunities, financing,
guarantees and technology solutions," he said.

 

The initiative, he noted, would help African contractors to participate in
the 60 billion US dollar annual infrastructure investments within Africa,
unlike the current practice where most of the contracts go to non-African
entities.

 

Mr Wamkele Mene, Secretary General of the African Continental Free Trade
Area (AfCFTA) Secretariat, commended Egypt for hosting the IATF for the
second time and for supporting the implementation of the AfCFTA

 

He noted that Egypt had taken the lead in establishing the AfCFTA Trading
Company which aimed to strengthen ties among the member countries of the
AfCFTA.

 

Mr Mene announced that a protocol for investment was in place and that
efforts were being made to establish an investment protocol which would
assist in the development of the Pan-African Trade Investment Agency to
facilitate investments across the continent

 

Mr Albert Muchanga, African Union Commissioner for Economic Development,
Trade, Tourism, Industry and Minerals, said that intra-African trade and the
AfCFTA were the gateway to prosperity for the countries of Africa.

 

Chief OlusegunObasanjo, Chairman of the IATF2023 Advisory Council and former
President of Nigeria, said that the IATF had been a success to date,
recording significant milestones, including the introduction of the African
Buyers Programme, in the thrust to promote greater trade among African
nations.

 

- Ghanaian Times.

 

 

 

Kenya: Criticism Over Leaking Roofs at Jomo Kenyatta International Airport

The online community criticized Kenya's transportation minister and airports
authority due to reported issues of leaky roofs at the terminals of Jomo
Kenyatta International Airport (JKIA), the main airport in the country, BBC
reports.

 

Mwango Capital, a financial research firm, expressed concern about the
abnormal conditions observed by one of its team members at JKIA. The firm
suggested that the Kenya Airports Authority's management may perceive such
occurrences as routine and acceptable. The video showed rain seeping through
the roof above a check-in area, and flowing through the terminal.

 

The airport received backlash over the weekend when its administration
declared that it took 20 minutes to restore power, following a nationwide
blackout that affected Kenya for several hours on November 11 night.

 

Both the airports authority and the transport minister have refrained from
providing comments on the grievances.

 

Transport Minister Kipchumba Murkomen pledged last week to enhance services
at the airport in response to distinct complaints of passenger harassment by
tax officers.

 

In August 2023, JKIA plunged into total darkness due to a power outage,
which Kenya Power attributed to a "system disturbance". The agency stated
that the disturbance subsequently led to the "loss of bulk power supply to
various parts of the country".

 

 

 

 

Uganda: Legal Battle Brews Over Uganda's Fuel Importation Deal

In a legal showdown, the Uganda National Oil Company (UNOC) is gearing up to
face off against petitioners in Machakos High Court's petition number E014
of 2023.

 

Royani Energy Limited, Charles Kombo, and Acacia Ridge Construction seek the
court's intervention in Uganda's move to withdraw from a fuel importation
deal with Kenya.

 

Peter Muliisa, the Head of Legal and Corporate Affairs at UNOC, expressed
confidence in their legal team.

 

"There is no cause for worry on the Ugandan part as the deal is in the best
interest of Ugandans." he stated

 

The legal twist extends across borders, as Kenyan companies filed an
application on November 7th, 2023, escalating the matter.

 

The petition, with three main applicants, challenges the involvement of key
entities, including the Cabinet Secretary Ministry of Energy and Petroleum,
the Attorney General, E & Petroleum Regulatory Authority, and UNOC as the
4th respondent.

 

Muliisa confirmed UNOC's awareness of the application.

 

"We are ready to face the legal challenges head-on." he emphasized

 

At the heart of the controversy is Vitol Bahrain, the focal point of public
scrutiny. Muliisa defended the deal.

 

"There is sufficient evidence to show that the supplier can guarantee steady
petroleum supply to the country." he asserted

 

The decision to cancel the fuel importation into Uganda stems from concerns
over fuel overpricing, raising questions about its impact on pump prices.
Muliisa addressed this, stating,

 

"Amendments in the petroleum supply act will see UNOC directly source fuel
from Vitol Bahrain, starting January 2024, with the aim of benefitting
Ugandan Oil marketing companies."

 

 

 

Ethiopia: Govt Renews Call for Rules-Based Access to Red Sea

Ethiopia has no intention of threatening the sovereignty of any nation but
would like rules-based access to the Red Sea, Prime Minister Abiy Ahmed
(PhD) said, calling stakeholders for discussions.

 

The PM made the above remark yesterday while addressing the 3rd year 4th
Regular Session of the House of People's Representatives.

 

Speaking at the occasion, Abiy expressed Ethiopia's desire to a
principle-based access to the Red Sea that will not harm the rights and
benefits of any of its coastal neighbors. "Ethiopia has no intention to
violate or harm others' sovereignty and needs to make a business law to
resolve the issue.

 

 

"Ethiopia's neighbors are expected to take its pursuit for sea access
positively as the country could not manage such a large population without
reaching an agreement on port use. Ethiopia called coastal neighbors just
for discussion, not for conflict and if the situation is not managed by
discussion, no one will be able to control what would happen next."

 

He also firmly rejected some groups' rumors about political conspiracy that
associates Ethiopia's aspiration to sea access with a plan to grab another
country's land by force.

 

"Ethiopia demands not what has been circulated on some media and our real
demand is what I am telling you now...in addition, I would like to recall
again all countries concerned with the issue that Ethiopia was the owner of
two ports around 30 years ago. During that time, the country had 46 or 47
million people and its GDP was around 10-13 billion USD. Then, it lost its
ownership status and became a commercial user of Assab and Djibouti ports.
Because of the war with Eritrea, Ethiopia remains reliant on one port."

 

 

The people and the government of Ethiopia value the contribution of
Djiboutian brothers and sisters and it has no risk or threat from the
Djibouti government and people. However, if global powers enter into war,
Ethiopia's sole status would be threatened. "That is why we are saying
Ethiopia should not be over dependent on Djibouti ports any longer."

 

Ethiopia is now in risk of losing its primary sea access more than any other
country due the global powers' rivalry. The goodwill of Djibouti might not
be guardian of Ethiopia's interest if war broke out by countries' having
military bases in the region, the PM emphasized.

 

"Moreover, many countries far away from the region are deploying military
personnel across the Red Sea coastline. So, why does it become so strange
and wrong when Ethiopia requests the same thing? Some others are also
considering our appeal to shift the public attention and this is also duly
wrong," the Premier emphasized.

 

- Ethiopian Herald.

 

 

 

 

Rwanda: Bugesera Airport to Be Connected to New Rusumo Power Plant

Rwanda's new airport in Bugesera district will be connected to regional
Rusumo hydroelectric power plant slated to be inaugurated by the end of
2023.

 

The move aims to ensure stable power supply to the new airport under
construction.

 

Patricie Uwase, the Minister of State at the Ministry of Infrastructure
unveiled the plan on Wednesday before senators.

 

The power plant is expected to supply 80 MW which will be shared by Rwanda,
Tanzania and Burundi.

 

It is set to generate power using water from the Akagera River that
straddles the three countries.

 

 

The $340 million project is one of the investment programmes under the Nile
Basin Initiative (NBI) with a mandate to facilitate jointly agreed
transformative regional trans-boundary cooperative projects, or in-country
projects with regional impact, related to the common use of the Nile Basin
water resources.

 

Rwanda has to get an additional 27 MW of electricity to be supplied to the
national grid.

 

She said there are also plans to make the airport green.

 

"So many things will be done to make the airport green. First, it will be
green because it will use renewable energy from the new Rusumo hydroelectric
power plant. There will also be an intelligent system in terms of
electricity use at the airport.

 

We have to install equipment that efficiently uses electricity. This means,
for example, if there is equipment that can use 15 megawatts, they can be
replaced by those consuming two megawatts. This will ensure energy
efficiency," she explained.

 

 

She said the lights, at the airport, should be sensitive so that they switch
off themselves when there are no people.

 

The greening of the airport will showcase the government commitment to the
implementation of Green Building Minimum Compliance System (GBMCS) which is
part of Rwanda's National Building Code.

 

The airport greening comprises energy saving, water conservation, waste
management and material efficiency, indoor environmental quality and green
transportation within the airport among others.

 

Under the ongoing works, LEED (Leadership in Energy and Environmental
Design) Silver Certification was considered.

 

Leadership in Energy and Environmental Design (LEED) is a green building
certification program used worldwide.

 

It includes a set of rating systems for the design, construction, operation,
and maintenance of green buildings, homes, and neighbourhoods, which aims to
help building owners and operators be environmentally responsible and use
resources efficiently.

 

As of 2023 there were over 105,000 LEED-certified buildings.

 

Construction works on the proposed international airport in Bugesera
district have gained momentum and there is optimism that it could be
completed by 2026.

 

With an estimated $2 billion worth of investment, the airport's developers
say that the facility could potentially help Africa's aviation industry take
off.

 

The new facility, according to developers, will boast a 130,000-square-meter
main terminal building capable of accommodating 8 million passengers a year.

 

The figure is expected to rise to over 14 million passengers in the
following decades.

 

The facility will also see a dedicated cargo terminal, capable of
accommodating 150,000 tons of cargo a year.

 

Qatar Airways will have a 60 percent ownership of the new airport as well as
acquire 49 percent of shares in the national carrier, Rwandair.

 

- New Times.

 

 

 

 

Nigeria's Inflation Hits 27.33% As Food Prices Rise

Food inflation rate quickened to 31.52% in October, the NBS said.

 

Nigeria's annual inflation rate rose to 27.33 per cent in October from 26.72
per cent in the previous month, the National Bureau of Statistics (NBS) said
Wednesday.

 

The statistics office said the October 2023 headline inflation rate showed
an increase of 0.61 per cent points when compared to the September 2023
headline inflation rate.

 

The NBS said on a year-on-year basis, the headline inflation rate was 6.24
per cent points higher compared to the rate recorded in October 2022, which
was (21.09 per cent).

 

"This shows that the headline inflation rate (year-on-year basis) increased
in October 2023 when compared to the same month in the preceding year (i.e.,
October 2022)," it said.

 

According to the report, the food inflation rate in October quickened to
31.52 per cent on a year-on-year basis, which was 7.80 per cent points
higher compared to the rate recorded in October 2022 (23.72 per cent).

 

 

In recent years, food prices have been on the rise across Nigeria. The
situation deteriorated due to the impact of government policies such as the
removal of subsidies on petrol, among others.

 

President Bola Tinubu on 29 May during his inauguration, announced the
removal of subsidy on petrol. This development has caused hardship for many
Nigerians with its attendant increase in the prices of goods and services.

 

Over the past months, the naira has depreciated by over 50 per cent at both
the authorised and unauthorised market segments, after the Central Bank of
Nigeria (CBN) announced in June that it had collapsed all forex windows into
the Investors and exporters (I&E) window.

 

Inflation has remained high in Africa's largest economy, prompting the apex
bank to hike interest rates to their highest levels in nearly two decades.

 

In July, Mr Tinubu declared an immediate State of Emergency on food
insecurity to tackle the increase in food prices.

 

He also directed that "all matters pertaining to food & water availability
and affordability, as essential livelihood items, be included within the
purview of the National Security Council."

 

More details later...

 

- Premium Times.

 

 

 

 

Nigeria: Old Naira Banknotes to Remain Legal Tender - CBN

"Without prejudice, the Central Bank of Nigeria wishes to inform the general
public of its desire to extend the legal tender status deadline of the old
design of N200, N500 and N1,000 denominations, ad infinitum," the statement
said.

 

The Central Bank of Nigeria (CBN) on Tuesday said it had extended the legal
tender status deadline of the old design of N200, N500 and N1,000 bank
notes.

 

In a statement on Tuesday signed by its Director, Corporation
Communications, Isa AbdulMumin, the bank said the notes remain legal tender
ad infinitum.

 

 

"Please recall that the Central Bank of Nigeria introduced the redesign of
N200, N500 and N1,000 denominations in October 2022 and certain deadlines
were set for the old design of these denominations to cease as legal
tenders.

 

"Without prejudice, the Central Bank of Nigeria wishes to inform the general
public of its desire to extend the legal tender status deadline of the old
design of N200, N500 and N1,000 denominations, ad infinitum," the statement
said.

 

The bank said this is in line with international best practices and to
forestall a repeat of earlier experiences.

 

"Thus, all banknotes issued by the Central Bank of Nigeria (CBN), in
accordance with Section 20(5) of the CBN Act 2007, will continue to remain
legal tender, ad infinitum, even beyond the initial 31 December 2023,
deadline.

 

"The Central Bank of Nigeria is working with the relevant authorities to
vacate the subsisting court ruling on the same subject," it said.

 

 

Accordingly, it said all CBN branches across the country will continue to
issue and accept all denominations of Nigerian banknotes, old and
redesigned, to and from deposit money banks (DMBS).

 

"The general public is enjoined to continue to accept all Naira banknotes
(old or redesigned) for day-to-day transactions and handle these banknotes
with utmost care, to safeguard and protect the lifecycle of the banknotes.

 

"Also, the general public is encouraged to embrace alternative modes of
payment, e-channels, for day-to-day transactions."

 

Background

 

Last December, the CBN introduced new N200, N500, and N1000 notes, leading
to the withdrawal of the old notes from circulation.

 

The policy caused chaos across the country, with protests breaking out in
different parts of the country.

 

At the height of the melee, many Nigerians encountered challenges doing
business and making cash payments in their daily transactions.

 

On 8 February, the Supreme Court gave an order restraining the CBN from
enforcing the deadline for the phasing out of the N200, N500, and N1000
notes pending the hearing of a lawsuit brought by three states challenging
the new currency redesign policy.

 

The order came as a relief for many bank customers as frustrated Nigerians
had besieged ATM points in a bid to access their money.

 

But despite the order, both Mr Buhari and the CBN governor, Godwin Emefiele,
refused to adhere to the court order.

 

Again, the Supreme Court on 3 March ruled that the Central Bank of Nigeria
(CBN) must extend the use of old banknotes until 31 December due to the
negative impact of the policy. A seven-member panel of the court, led by
John Okoro, unanimously ordered the CBN to continue receiving the old notes
from Nigerian citizens.

 

The court found that President Muhammadu Buhari's directive to the CBN on
the withdrawal of old notes and redesign of new banknotes without proper
consultation was invalid.

 

On 13 March, hours after the presidency said that Mr Buhari never directed
the CBN to disobey the order of the Supreme Court, the CBN directed banks to
comply with the apex court's order and accept the old notes as legal tender
until the end of the year.

 

- Premium Times.

 

 

 

Rwanda: Govt Considers Rewarding Green Buildings

The government is planning to start rewarding green buildings as a way of
encouraging green technologies in the country's construction sector.

 

Edward Kyazze, the Director General in charge of Urbanization, Human
Settlement, and Housing Development at the Ministry of Infrastructure,
disclosed the plan while responding to concerns raised by Senators on
November 14 over the lack of compliance with the green building code.

 

Kyazze said the developers who will not comply with recommended green
building features will not get construction permits.

 

"There are basic requirements for developers as they request construction
permits. To ensure green building, the construction materials must be
locally sourced. 50 per cent of these materials must be locally made. This
means that by reducing the transport cost of imported materials to ports and
from ports to Rwanda, we reduce greenhouse gases from the transport sector,"
he said.

 

 

Buildings must also allow natural lighting into the house during daytime.

 

Green buildings are built with high-performance windows to generate more
sunlight and daylighting.

 

Windows are purposefully designed and placed to give residents a connection
between indoor and outdoor environments through the introduction of sunshine
and views.

 

"The green building must have natural ventilation to supply fresh air in a
way that they do not rely on air conditioners. This will result in using
less electricity," Kyazze said.

 

 

Energy efficiency to ensure energy saving, he said, is one of the green
building characteristics.

 

LED lights save energy since they consume less electricity and do not
require bulb replacement for many years. Green buildings can have solar
panels to generate solar energy.

 

"The developers must ensure they do not use paints with dangerous
chemicals."

 

Green plot ratio

 

He said there is a plan to establish a Green Plot Ratio (GPR), a sustainable
urban planning concept that measures the ratio of green space to total plot
area in a given development or city. Kyazze said the parking should also be
designed in a way that 20 per cent of runoff water penetrates into the soil
in a plot zone.

 

"This is a serious issue because 99 percent of the land around buildings is
paved and doesn't allow penetration of water into the soil which causes
flooding. We are thinking of establishing a law to enforce the parking
redesign. We are also mulling over a levy to be provided by building owners
whose high percentage of the land is paved and is not allowing water
penetration into soil," he noted.

 

 

He said there is a need for landscaping to have trees and gardens in the
plot area.

 

"We are considering the possibility of starting to reward green buildings
since they comply with the Green Building Minimum Compliance System," he
noted.

 

The Rwanda Green Building Minimum Compliance System is a technical document
developed by the Rwanda Housing Authority (RHA). Lately, although the green
building minimum compliance system is not mandatory for residential
developments, willing building owners and real estate developers are
encouraged to adopt the system on a voluntary basis to meet sustainable
development targets.

 

Green buildings incorporate recyclable or recycled materials, non-toxic
paint, carpeting, and furniture with reduced volatile organic compounds and
use water-saving fixtures and other measures. Cooling roofs reflect heat and
light away from the home, increasing the overall efficiency of the home's
heating and cooling system. Dust and other outside air pollutants are
reduced using advanced air filters.

 

Water from the roofs is harvested in large underground cement tanks for home
consumption and small-scale irrigation, allowing erosion control in the
settlement.

 

Rainwater harvesting systems can be used for watering your garden, washing
the car, and even for toilets, saving gallons of water. Rainwater harvesting
controls soil erosion and flooding.

 

Wastewater is also recycled for reuse.

 

Awaited green building projects in Kigali include Kigali Green Complex and
the second phase of Vision City, projects of Ultimate Developers (UDL), a
subsidiary of Rwanda Social Security Board (RSSB).

 

Vision City [phase 2] is a residential project of almost 1,500 houses in
Kigali. Its key features include PV panels and solar thermal water heating
systems, energy and water-efficient plumbing fixtures, advanced wellness
enhancements, integrated air quality sensors, and the use of smart
appliances.

 

- New Times.

 

 

 

Starbucks faces walkout at hundreds of US stores

The union representing thousands of Starbucks workers in the US is staging a
walkout on one of the coffee chain's busiest days of the year.

 

The action comes amid a bitter fight between Starbucks and Starbucks Workers
United, which started organising workers at the company in 2021.

 

The two sides are fighting over pay, scheduling and other issues.

 

Roughly 200 stores are expected to be affected by the 16 November work
stoppage.

 

Barista Michelle Eisen, one of the union's leaders, said the company could
afford to "do better by its workers".

 

The protest is the second to coincide with Starbucks' 'Red Cup' day, when
the company distributes reusable, holiday-themed cups.

 

In some locations, the walkout is set to last just a few hours, while in
others it is expected to shutter the store for most of the day.

 

The union said the action was aimed at calling attention to Starbucks'
refusal to fairly negotiate contracts with the unionised stores.

 

Members are also protesting work conditions, including inadequate staffing
on promotional days.

 

Ms Eisen said she expected more customers and community activists to join
the action this year in a warning sign for the coffee brand.

 

Labor leader Michelle Eisen, of Starbucks, workers United union, speaks
during the Labor Notes conference, in Chicago.

 

 

"That's what's going to set this apart," she told the BBC. "That's what
should scare the company. Their reputation is everything."

 

Starbucks, which operates roughly 10,000 stores across the US, said it did
not expect major disruption.

 

It said it had spent hundreds of millions of dollars on higher wages,
training and new equipment and it blamed the union for delays in talks,
noting successful negotiations at several stores in Canada.

 

"Starbucks remains ready to progress in-person negotiations with the unions
certified to represent partners," the company said in a statement.

 

Since 2021, workers at about 350 of the company's roughly 10,000 locations
in the US have voted to join the union.

 

Starbucks has fiercely opposed the campaign.

 

Union members say it has dragged its feet at the negotiating table and gone
so far as to fire workers and shut stores in an effort to stop the movement.

 

Administrative law judges in the US have found the company has repeatedly
violated labour laws.

 

Starbucks, which typically appeals the findings, has denied wrongdoing.

 

Last year, former boss Howard Schultz was forced to appear before Congress
to answer for the union's claims.

 

The union campaign at Starbucks has been closely watched, and is credited
with helping to galvanise workers at other companies.

 

Ms Eisen, who was involved with the first Starbucks store to unionise, said
watching other unions win big wage increases at other companies, such as
UPS, had been "bittersweet".

 

"It feels like this campaign really lit a fire under the labour movement in
this country and we are still sitting here fighting super hard," she
said.-bbc

 

 

 

 

PepsiCo sued by New York state for plastic pollution

PepsiCo has been sued by New York state for plastic pollution along Buffalo
River that is allegedly contaminating the water and harming wildlife.

 

According to the lawsuit, PepsiCo is the single largest identifiable
contributor to the problem.

 

PepsiCo's spokesperson has told the BBC that it has been "transparent in its
journey to reduce use of plastic".

 

Last week Coca-Cola, Danone and Nestle were accused of making misleading
claims about their plastic bottles.

 

PepsiCo is the world's second biggest food company and many other big
corporations have been facing lawsuits by local authorities about their
impact on the environment.

 

Companies are accused of greenwashing when they brand something as more
eco-friendly, green or sustainable than it really is. It can mislead
consumers who hope to help the planet by choosing those products.

 

Greenwashing tricks: Seven ways not to be fooled

"No company is too big to ensure that their products do not damage our
environment and public health," said Attorney General Letitia James.

 

When her office conducted a survey of all types of waste collected at 13
sites along the Buffalo River last year, it found that PepsiCo's single-use
plastic packaging was the most significant.

 

"Of the 1,916 pieces of plastic trash collected with an identifiable brand,
over 17% were produced by PepsiCo," it said.

 

Other identifiable brands include McDonald's and candy maker Hershey's.

 

According to New York state, PepsiCo manufactures, produces, and packages at
least 85 different beverage brands and 25 snack food brands that
predominantly come in single-use plastic containers. Pepsi said in a
statement that it was "serious about plastic reduction and effective
recycling".

 

It added that this was a "complex issue" which required involvement from
"businesses, municipalities, waste-reduction providers, community leaders
and consumers".

 

The lawsuit alleged that microplastics have been detected in the city of
Buffalo's drinking water supply which "can cause a wide range of adverse
health effects, from reproductive dysfunction to inflammation of the
intestine and neurotoxic effects".-bbc

 

 

 

 

Four things we learned from the Biden-Xi meeting

While officials tried to keep expectations low before the meeting between
Joe Biden and Xi Jinping on Wednesday, the encounter resulted in agreements
on several key issues.

 

"I believe these are some of the most constructive and productive
discussions we've had," President Biden said after the meeting. "We've made
some important progress."

 

President Xi earlier acknowledged that US-China relations have "never been
smooth sailing".

 

But he added that, for the two superpowers, "turning their back on each
other is not an option".

 

Here are four things we learned from their California talks.

 

1) There was common ground on climate

The two countries, which are the world's biggest carbon emitters, agreed on
further measures to tackle climate change, but stopped short of committing
to end the use of fossil fuels.

 

They promised to co-operate to slow methane emissions - a particularly
potent greenhouse gas - and support global efforts to triple renewable
energy by 2030.

 

Experts told the BBC that these are noteworthy developments in advance of a
major climate change conference, COP28, in Dubai later this month.

 

"It's small but important steps on climate change," said Bernice Lee, an
expert on China and a fellow at Chatham House, a UK think tank.

 

David Waskow, from the World Resources Institute, called the methane
agreement a "major step".

 

"China is the world's largest methane emitter and serious actions to curb
this gas is essential for slowing global warming in the near-term," Mr
Waskow said.

 

You can read more on the joint climate measures here.

 

2) They agreed to tackle fentanyl trafficking

The two sides said they would co-operate to fight drug trafficking, and
China agreed to crack down on chemical companies in order to stem the tide
of illegal fentanyl into the US which has contributed to a rise in overdose
deaths.

 

The powerful synthetic opioid played a role in around 75,000 US deaths last
year.

 

Chinese manufacturing companies are a source not only of the drug itself but
of precursor chemicals that can be combined to make it.

 

Vanda Felbab-Brown, an expert on international organised crime at the
Brookings Institution, said the agreement was "a diplomatic and political
statement", but its real impact is still a question mark.

 

"It remains to be seen how China will go after these companies," she said.
"Will it go after three of them? Five? Fifty?"

 

She said she believes China will probably continue to use counter-narcotics
co-operation as a "bargaining chip" and "an instrument of conducting broader
diplomacy".

 

China has clamped down on direct shipments to the US, which means much of
the illegal trade has shifted to routes through Mexico. US officials say
that China hasn't done enough to stop trafficking, while China counters that
the US opioid epidemic is solely America's fault.

 

Biden and Xi meet in California

-

Mr Xi and Mr Biden met at the Filoli Estate, a country house outside San
Francisco

3) After a tense period, military communication will resume

The two countries also agreed to resume military-to-military communication -
a step that was high on the Americans' wish list.

 

The military links were cut by China last year after then-US House of
Representatives Speaker Nancy Pelosi visited Taiwan.

 

Relations deteriorated further after a suspected Chinese spy balloon floated
across the continental US earlier this year before being shot down over the
Atlantic Ocean.

 

"During the Cold War, the United States and the Soviet Union always
maintained military-to-military communication to avoid any accident or
misreading of intent that could cause a war between nuclear powers," said
Mick Mulroy, a former US Deputy Assistant Secretary of Defence. "This needs
to also be the case now between China and the US."

 

BBC North America correspondent John Sudworth - who reported from China for
a decade - points out that there were already signs of a thaw before
Wednesday's meeting.

 

Last week, for instance, for the first time in years, the two sides met in
Washington for discussions about their nuclear arsenals.

 

The two presidents also had substantial discussions about Taiwan on
Wednesday. Mr Xi told his American counterpart that he should "stop arming
Taiwan" and that China's reunification with the island was "unstoppable",
according to China's foreign ministry.

 

A senior US official told reporters that the American approach to the issue
would not change.

 

The US is quietly arming Taiwan to the teeth

Why businesses are pulling billions from China

4) Talks will continue

While there were several specific points of agreement, the mere fact that a
meeting happened - and that Mr Biden and Mr Xi shook hands - is a positive
sign, according to the BBC's North America editor Sarah Smith.

 

Having two of the most powerful presidents in the world speaking to each
other is a diplomatic achievement in itself. If they can agree to keep in
touch, then that alone could be considered a success.

 

As the meeting began Mr Biden told Mr Xi: "I value our conversation because
I think it's paramount that you and I understand each other clearly, leader
to leader, with no misconceptions or miscommunication."

 

The Chinese leader agreed. "Conflict and confrontation has unbearable
consequences for both sides," he said.

 

The two countries are still far apart on many issues. While agreeing to
disagree peacefully is a start, some observers warned against overly
optimistic predictions.

 

"The last four months have seen a truly remarkable improvement in
communications between Washington and Beijing," said Dimitar Gueorguiev,
director of Chinese studies at Syracuse University.

 

"Much of that was directly tied to this Apec meeting, however... we should
not assume that the positive momentum can or will be sustained," he
said.-bbc

 

 

 

Price paid for offshore power to rise by 66%

The price paid to generate electricity by offshore wind farms has been
raised by 66% as the government tries to entice energy firms to invest.

 

Its comes after an auction for offshore wind projects failed to attract any
bids, with firms arguing the price set for electricity generated was too
low.

 

The government has lifted the price it pays from £44 per MWh to £73.

 

It is hoped that more offshore wind capacity will lead to cheaper energy
bills.

 

Companies have said that the cost of building wind farms has soared because
of rising inflation and interest rates, while the maximum price they can
charge for the electricity they generate has been relatively low.

 

Energy firms have told the BBC that electricity produced out at sea would
remain cheaper and less prone to shock increases compared with power derived
from gas-fired power stations.

 

The UK is a world leader in offshore wind and is home to the world's four
largest farms, supporting tens of thousands of jobs, which provided 13.8% of
the UK's electricity generation last year, according to government
statistics.

 

But when the government revealed in September that no companies had bid for
project contracts, plans to nearly quadruple offshore wind capacity from 13
gigawatts to 50 by 2030 - enough to power every home in the UK - were dealt
a heavy blow.

 

The technology has been described as the "jewel in the UK's renewable energy
crown", but firms have been hit by higher costs for building offshore farms,
with materials such as steel and labour being more expensive.

 

According to energy companies, the government's failure to recognise the
impact of higher costs led some firms to abandon existing projects, and all
operators to boycott the most recent auction.

 

On Thursday, Claire Coutinho, the Energy Security Secretary, said: "We
recognise that there have been global challenges in this sector and our new
annual auction allows us to reflect this."

 

Why is the government paying energy firms?

The way the price guarantee between the government and energy companies
works is that when market prices are lower than the set - or "strike" -
price, the government makes up the difference.

 

When they are above the strike price, the generators pay the extra cash back
to the government.

 

But the price paid is only one part of the equation. The other is amount of
electricity which the government will ensure is sold at a guaranteed price.

 

Industry sources have told the BBC that to make up for lost time this year
and to hit its 2030 target, the government will need to attract bids for six
to eight gigawatts of power every year for the next five years.

 

There is another huge problem in how the power produced out at sea is
transported back to land. Hundreds of miles of pylons and underground cables
will be required, many of which would, if built, cross privately-owned land.

 

The BBC understands Chancellor Jeremy Hunt will use his Autumn Statement to
find ways to speed up this process by reclassifying such connections as
critical national infrastructure, while also consulting on ways to
compensate affected communities - including farmers - by offering discounts
on energy bills.

 

"A combination of stick and carrot," as one industry source described it.
"We can't continue to let small wealthy communities block energy
developments for poorer but larger communities."

 

The measures will be part of a broader government ratification of an energy
review conducted by the UK's electricity networks commissioner, Nick Winser,
which laid out a series of recommendations to accelerate the connection of
new power sources to the National Grid.

 

It is understood that the problem was thrown into very sharp relief when
ministers were told that under current rules, a planned battery plant in
Somerset might have to wait more than a decade to get connected to the
electricity network.-bbc

 

 

 

 

Subrata Roy: The chequered legacy of India's 'rags-to-riches' tycoon

One of India's most controversial businessmen, Subrata Roy, died on Tuesday
at the age of 75 in Mumbai, the country's financial capital.

 

Roy was the founder of Sahara Group - a multibillion-dollar conglomerate
with businesses ranging from finance, housing, media, manufacturing,
aviation and hospitality.

 

He died of a cardiac arrest after an "extended battle with complications
arising from metastatic malignancy, hypertension and diabetes", his firm
said in a statement.

 

Roy's legacy was marked by his swift rise to fame and fortune and a
subsequent downfall after his firm was accused of cheating investors of
billions of dollars.

 

But despite his chequered life, Roy remains a fascinating figure in Indian
corporate history.

 

Roy's story of overcoming financial hardship to become one of India's
richest businessmen only added to his larger-than-life persona.

 

He was born in 1948 into an elite land-holding family in the eastern state
of Bihar. But his circumstances changed drastically after the death of his
father.

 

A young Roy reportedly sold salted snacks on a scooter to support his
family. But he seemed to be gifted with a knack for doing business.

 

He took over a struggling finance company - Sahara - when he was in his 20s
and in 1978 revolutionised its financial model, putting the company on the
path to success.

 

Soon the floundering company - which at one point had capital of just 2,000
rupees ($24; £19) - began flourishing and in the 1990s, it went on to become
one of India's largest business conglomerates, hiring over a million workers
in the private sector.

 

Critics say Roy ran his company like a cult, referring to himself as the
"chief managing worker" and guardian of the "Sahara parivar [family]".

 

At the height of its success, the firm sponsored the Indian cricket team and
also owned a stake in a Formula One racing team, Force India. The group also
owned New York's landmark Plaza Hotel and London's iconic Grosvenor House
(it later sold its stakes in them).

 

Roy was known for living life king size. At one point, the Sahara boss owned
a fleet of private jets and helicopters, expensive cars including
Rolls-Royces, Bentleys and BMWs and several properties.

 

He had a penchant for modelling his homes after famous residences - one of
his mansions was built on the lines of the White House; another was a
replica of Buckingham Palace.

 

He also had connections with India's biggest film stars and politicians.

 

The wedding of Roy's two sons in 2004 was attended by more than 10,000
guests, including business moguls, Bollywood idols, cricket stars and
fashionistas.

 

They were flown to the venue in special chartered planes and India's then
Prime Minister Atal Behari Vajpayee also flew down to bless the newly-weds.

 

Subrata Roy

-

Roy owned a fleet of fancy cars

Legal troubles

But Roy's company ran into trouble with the law in the early 2010s.

 

India's market watchdog - the Securities and Exchange Board of India (Sebi)
- began investigating Sahara after it failed to repay money to investors.

 

Two Sahara firms had raised 240bn rupees ($3.9bn; £2.3bn) through bonds that
were ruled to be illegal.

 

Sahara had begun raising the money in the mid-2000s from more than 20
million small investors, many of them based in rural India.

 

Sebi said that Sahara had failed to refund the money despite a court order,
but the group said its liability was much less and that it had deposited an
adequate amount with the regulator.

 

In 2014, Roy was arrested after he failed to show up in court over the case.
He spent a little over two years in jail and was released in 2016 on bail.

 

Since then, he mostly stayed out of the media spotlight. But in 2020, he and
his company were back in the news after he was included in a Netflix series
called Bad Boy Billionaires: India, which traced the stories of Indian
businessmen who got into trouble after becoming successful.-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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