Major International Business Headlines Brief::: 24 November 2023

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Major International Business Headlines Brief:::  24 November 2023 

 


 

 




 


 

 


 

ü  South Africa: Load Shedding Back With a Vengeance This Weekend! 

ü  Kenya: President Ruto Announces Plan to Privatise 35 Companies

ü  South Africa: President Cyril Ramaphosa Visits Port of Richards Bay

ü  Liberia: Prison Officers Protest Over Delay Benefits

ü  Nigeria: Why U-Turn Is Needed After 60 Years of Oil Dependence -
Stakeholders

ü  Nigeria: Ibom Air Refutes Claims of Stopping Flights to Calabar

ü  Nigeria: Families Spend More As Inflation Persists - NBS Report

ü  Nigeria: Ibom Air Clarifies - No Suspension of Calabar Flights,
Operational Adjustments Made

ü  Nigeria Not Losing Crude Volume From Egina Facility - TotalEnergies

ü  Mali Signs Deal With Russia to Refine Gold

ü  Nissan to lead £2bn investment in UK electric car plant

ü  China trials visa-free travel for six countries

ü  Cruise giant Carnival UK accused of plan to fire and rehire 900 crew

ü  Turkey's central bank raises interest rates to 40%

ü  Nvidia sued after video call mistake showed 'stolen' data

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Load Shedding Back With a
Vengeance This Weekend! 

Hello Darkness, Load Shedding Is Back

 

Load shedding has been ramped up from Stage 4 to Stage 6 from 12pm today,
Friday November 24 to 5am, Monday, November 27, 2023. This is due to a loss
of five generating units over the past 24 hours resulting in a shortage of
generation capacity, as well as the need to replenish our emergency
reserves, Eskom said.

 

The announcement coincides with Black Friday - as consumers are expected in
their droves at various retail outlets, in search of bargains.

 

Stage 6 load shedding means households and businesses will be plunged into
darkness for longer periods.

 

Is SuperSport Snubbing African Football in Favour of European Football?

 

SuperSport has not secured the rights to broadcast Africa's 2026 World Cup
qualifiers, which has been said to suggest a shift in focus towards European
football, reports TimesLIVE. The channel,  which is televised in many
African countries, has not secured rights for various African football
events, including the CAF Champions League, CAF Confederation Cup, and
potentially the Africa Cup of Nations (Afcon). The pay channel has said that
it remains committed to broadcasting African football, but its failure to
secure the rights to these competitions has angered football supporters and
officials in West Africa.

 

Snakes on the Loose! Warm Weather Brings Surge in Sightings

 

Snake catchers are overwhelmed by increasing snake appearances in human
habitats due to warm weather and ample food sources, alarming residents,
reports News24. In KwaZulu-Natal, snake handler Nick Evans has observed
snakes, particularly black mambas, surfacing on numerous properties. Recent
heatwaves seem to have prompted more snake activity, with over 20 snakes,
including Mozambique spitting cobras and a green mamba, removed in two
weeks. Evans highlighted the prevalence of gravid black mambas during this
time, narrating an encounter with a 2.6-meter female black mamba. Meanwhile,
in Cape Town, rising temperatures have brought out Cape cobras, prompting
residents to share sightings. Reptile expert Tyrone Ping emphasised the
danger of Cape cobras' venom and advised against engaging with snakes,
urging people to contact professional snake catchers.

 

 

Opposition MPs Launch Legal Bid Against Parliament's Punishment

 

Julius Malema and five other Economic Freedom Fighters (EFF) MPs have
launched urgent legal action to interdict the punishments recommended
against them for disrupting the February 2023 State of the Nation Address
(SONA), reports News24. They argue that the disciplinary processes lacked
adequate guidelines and fairness, alleging bias due to the ruling party's
influence. If their legal efforts fail, they face potential suspension,
barring their attendance at the 2024 State of the Nation Address. The
Parliament's Powers and Privileges Committee recommended that the EFF MPs be
suspended for one month without remuneration and ordered them to apologise
to Ramaphosa, Parliament, and the public.

 

-South African news

 

 

 

Kenya: President Ruto Announces Plan to Privatise 35 Companies

Cape Town — Kenya's President William Ruto announced that the government has
decided to privatise 35 state-owned companies that are operating
inefficiently due to bureaucratic red tape, Al Jazeera reports.

 

In October 2023, the government changed the law to make it easier to sell
state enterprises to private companies.

 

Kenya's economy is facing many economic challenges, including high
inflation, rising government debt due to loans from the IMF and the World
Bank for infrastructure projects, as well as high food and fuel prices.

 

Kenyans have been under increasing pressure from the government with tax
hikes proposed to bring an end to government lending.

 

The IMF reportedly approved a loan of close to U.S.$1 billion and urged
reforms in public sector firms including the power company and Kenya
Airways, which suffered record losses in 2022.

 

AllAfrica reports that Kenyans have been protesting at the rising cost of
food and petrol prices in recent months - protests that were also fuelled by
opposition party leader Raila Odinga's cost of living protests in the run up
to the presidential elections that was won by President William Ruto. While
the government has been forced to cut spending, including the cutting of
trips by government officials and trimming its burgeoning debt, to among
others the International Monetary Fund, an enormous burden has been placed
on citizens by the government to pay additional taxes to ensure the
completion of infrastructure projects in the country.

 

Another 100 companies will also be considered for privatisation in due
course, the president said.

 

 

 

 

South Africa: President Cyril Ramaphosa Visits Port of Richards Bay

President Cyril Ramaphosa today, 23 November 2023, visited the Port of
Richards Bay to assess the state of the port and efforts underway to address
congestion.

 

The President received a briefing from the leadership of Transnet on the
current challenges at the port and the interventions underway to reduce
congestion and improve efficiency.

 

The high volume of trucks arriving at the Port of Richards Bay is the result
of challenges in the rail system as well as the damage caused to conveyor
belts during a fire in October 2021.

 

The performance of the Northern Corridor railway line, which transports coal
and other commodities to Richards Bay, has declined as a result of
historical underinvestment in infrastructure, insufficient locomotives, and
cable theft.

 

Transnet has put in place a short-term plan to ramp up operations on the
corridor, including the injection of four additional locomotives by the end
of November 2023; an increase in the length of trains from 40 to 50 wagons;
and the return of a conveyor belt at the Richards Bay Dry Bulk Terminal on
an expedited basis by December 2023.

 

 

These interventions are expected to alleviate congestion and increase
throughput over the coming weeks.

 

Government has made the efficiency of the logistics system a core priority,
as a necessary condition for job creation and growth.

 

To achieve this objective, the National Logistics Crisis Committee (NLCC) is
coordinating the implementation of clear, time-bound actions to stabilise
and improve the performance of South Africa's rail system and ports.

 

The NLCC has established five Corridor Recovery Teams (CRTs) comprising
Transnet managing executives, rail and port users, and independent experts
focused on five strategic corridors which are crucial to support the
country's exports, including the Northern Corridor which runs to Richards
Bay. These teams meet on a weekly basis to accelerate the delivery of key
actions to improve the volume of goods transported on the network.

 

 

The private sector has provided support through the NLCC to improve systems
and enhance efficiency across the value chain, secure rail infrastructure,
and fill critical gaps in equipment.

 

The Transnet Board has developed a recovery plan aimed at improving
operational performance and stabilising Transnet's finances over the next 6
to 18 months.

 

In addition to the immediate actions outlined in the recovery plan to
improve operations, government has finalised the Freight Logistics Roadmap
to outline a path for reform of the freight logistics system in the longer
term.

 

The reforms outlined in the roadmap include the introduction of open access
to the freight rail network, which will enable private rail operators to
access rail infrastructure, and greater private sector participation in
container terminals.

 

Significant progress has already been made on these reforms with the
selection of an international terminal operator to partner with Transnet at
the Durban Pier 2 container terminal, which handles 72% of the Port of
Durban's throughput and 46% of South Africa's port traffic.

 

Transnet has established an interim Infrastructure Manager for the rail
network in preparation for the introduction of open access from April 2024.

 

These reforms will fundamentally transform South Africa's logistics system
in the long term, restoring its performance to world-class standards.

 

  Govt of SA.

 

 

 

 

Liberia: Prison Officers Protest Over Delay Benefits

Employees of the Monrovia Central Prison on early Thursday, November 23,
2023, staged a protest preventing inmates from entering and leaving the
prison facility in demand of salaries and just benefits as well as the lack
of food and medical supplies.

 

The situation which later turned chaotic led to two people sustaining major
injuries, a male and female.

 

After several minutes of tussle, calm was restored when the Director of
Administration at the Liberia National Police Asatu Reeves arrived at the
scene and held talks with authorities at the prison facility and along with
the aggrieved employees.

 

 

The angry protesters later extended their protest at the Justice Ministry to
seek redress from Justice Minister Cllr. Frank Musa Dean. At the Ministry of
Justice, Deputy Minister of Finance, Planning and Development Samurai
Wolokolie and others had an indoor meeting on the payment of the officers.

 

Following the meeting, a press conference was held at the Ministry of
Justice, to address the plight of the aggrieved Prison Facility employees.

 

At the joint press conference organized by the Liberian Joint Security and
the Monrovia Central Prison authorities assured the media that they were on
top of the situation.

 

The Director of Prisons Reverend Sainleseh Kwaidah told journalists that the
Government of Liberia has no outstanding salaries for prison employees.

 

 

He noted that those who were protesting did so for their portion of the
Joint Security campaign fund that was given for security operations and
service.

 

" I want to make this clear that those who were protesting were not
protesting for salary. They were protesting for their portion of the Joint
Security campaign fund. Now you are shocked how they are included in the
fund because during the campaign and elections period, they were given extra
time and that is the money they need" she stated.

 

Also speaking, Mr. Moses Carter, spokesperson of the Joint Security Media
Relations and the Liberian National Police, said authorities are working on
the payment of all officers including the LNP.

 

He said that the delayed in the payment of officers was due to the wrong
names and identity they placed on mobile money numbers provided for payment.

 

" We will begin the payment of officers shortly. The Ministry of Justice is
reviewing all the documents. The delay in the payment was due to officers
giving mobile money numbers that do not bear their names. Others also
provided orange mobile money number and we pay with Lonestar and so these
are the things we are addressing" he noted.

 

-New Dawn.

 

 

Nigeria: Why U-Turn Is Needed After 60 Years of Oil Dependence -
Stakeholders

Stakeholders from various sectors have called on the Federal Government, FG,
to make a significant U-turn after six decades of heavy reliance on
petroleum resources.

 

They, however, stressed the importance of diversifying the economy by
focusing on untapped sectors such as tourism.

 

They emphasized that Nigeria possesses vast arable land, a large labor
force, and a vibrant entrepreneurial spirit, which could be harnessed to
drive growth and create employment opportunities.

 

The call was made by the executive director, Advocacy for Good Ethics and
Accountability Development, AGEAD, Mr. Henry Thomas at its 2nd legacy
summit, held, during the week, in Abuja.

 

 

He said: "The year 2023 has been a very challenging and difficult year for
almost everyone in the country. Nigeria as a country has no business with
poverty, the country has rich natural and human resources.

 

"Nigeria was a leading producer of many sectors such as the apparel,
garment, arts and crafts, cosmetics, and the beauty industry and
agro-commodities contributed immensely to the growth of our nation's Gross
Domestic Product (GDP).

 

"However, the discovery of oil in 1956 marked a major setback to other
important productive sectors of the country's economy. Oil has been almost
like a national anthem ever since my existence but quite unfortunate that
leaders have come and gone without a solution. It is on this note that it is
imperative to think and proffer solutions because the only way is to know
the problem and the solution finds its way.

 

"The message I'm trying to pass is that our adventure and expedition into
oil for the past 60 years hasn't led us anywhere and it is time for us to
make a U-turn back to where we are coming from, let's go back to
Agriculture, let's go back to mining, let's go back to culture and tourism,
let's go back to technical education and production."

 

 

Speaking on the need for the country to tap into the wealth of the creative
industry, the Rector Federal Polytechnic Auchi Edo state, and former
Director of Performing Arts, National Council for Arts and Culture, Mr. Sam
Agbi, said: "Tourism goes for a reason, there must be an attraction. Without
attraction, there is no tourism.

 

"You leave your house for a purpose. You don't just travel just like that,
there must be a reason and so you marry tourism and culture. But, in the
case of Nigeria, it is only cultural tourism that we have a comparative
advantage.

 

"Nigeria has no comparative advantage when you say you want to develop beach
tourism. Which mountain do you have that you can compare with others in the
world? Is it wildlife? Is it conferences, I don't know for now. So, the only
tourism we can market is cultural tourism and if we develop that aspect of
cultural tourism, Nigeria has to have a huge amount of money in terms of
foreign exchange and arrivals.

 

"One of the qualities of this creative industry for instance is that some of
them are a royal economy, they stimulate the royal economy because they are
residing with the people. Whenever I tell my children that I want to travel
home, they will say ok because there is a policy of you have to follow me to
know your home.

 

"So, what I am saying is that the incentives at home are not favorable.
Nobody would want to stay in the village and not have facilities but those
with wealth, those with creative industries, most of them are in the
village, they reside with the people. If you don't develop it, you're not
developing the rural economy. If a government really wants to develop that
aspect of the economy, it is helping to generate income for the people that
dwell in that environment."

 

-Vanguard.

 

 

 

 

Nigeria: Ibom Air Refutes Claims of Stopping Flights to Calabar

The airline apologised to passengers affected by flight disruption.

 

Ibom Air, a commercial airline owned by the Akwa Ibom State Government has
refuted media reports alleging it has stopped flights to the Margaret Ekpo
International Airport in Calabar, Cross River State.

 

The airline's group Manager, Marketing and Communications, Aniekan
Essienette, stated this in a statement on Wednesday.

 

"The fact is that, as a result of the sudden unserviceability of one of our
aircraft, we had to reduce some of our scheduled operations, including the
Abuja-Calabar route. It is crucial to note that our Lagos to Calabar flights
have continued to operate daily."

 

 

Mrs Essienette said the airline has notified the Nigeria Civil Aviation
Authority and the affected passengers of the situation.

 

"We are also working to bring the unserviceable aircraft back to
serviceability. Once restored to operational status, the Abuja-Calabar route
will resume. We anticipate the completion of these repairs within a few
days."

 

The airline apologised to the affected passengers and assured them of its
commitment to ensure uninterrupted services to Calabar in the future.

 

Ibom Air, with seven aircraft (five Bombardier CR900 and two Airbus
A220-300) in its fleet, flies 11 routes spanning six cities in the country -
Abuja, Calabar, Port Harcourt, Enugu, Lagos and Uyo.

 

The airline, which launched its maiden flight in June 2019, is rated as one
of the most successful in Nigeria, and has won the best airline of the year
for three consecutive years - 2020, 2021 and 2022.

 

It is expanding its commercial flights to West and Central African
countries, and is expecting the arrival of the first batch of the 10 brand
new aircraft which its signed an agreement with Airbus in November 2021.

 

-Premium Times.

 

 

 

 

Nigeria: Families Spend More As Inflation Persists - NBS Report

Lagos — There are indications that the sustained inflationary pressures in
the economy may have forced a reversal of the trend in household consumption
expenditure.

 

The figures which have been going down since second quarter of 2022, Q2'22,
reversed to an uptrend in 2023, according to the National Bureau of
Statistics, NBS.

 

The NBS, yesterday said that real household c o n s u m p t i o n
expenditure grew yearon- year (YoY) by 3.3 per cent in the second quarter of
2023, Q2'23.

 

The last growth was recorded in Q1'22 when it rose 8.66 per cent. In second
quarter of 2022, Q2'22, household c o n s u m p t i o n expenditure went
negative, down to -5.21 per cent and declined further to -5.83 per cent in
the third Q3'22.

 

 

In fourth quarter 2022, Q4'22, household c o n s u m p t i o n expenditure
fell massively to -12.47 percent and it further plunged by -24.95 per cent
in the first quarter of 2023, Q1'23.

 

In its report entitled, 'Nigerian Gross Domestic Product (Expenditure and
Income Approach) Report for Q1 and Q2 2023', the NBS stated:"Household final
consumption, in real terms, grew by -24.95 percent and 3.30 per cent in Q1
and Q2 of 2023 respectively, on a year-on-year basis.

 

"The observed trend since 2020 indicates that real household c o n s u m p t
i o n expenditure declined in Q1 and Q2 of 2020, accounting for negative
growth rates informed by the pandemic.

 

"However, positive growth rates were recorded since Q3'20 as recovery from
the pandemic was witnessed, while growth became negative from Q2'22 to Q1'23
occasioned by rising prices, the cash crunch witnessed earlier this year as
well as the current challenging economic conditions.

 

 

"Furthermore, growth in Q2'23 stood positive recorded at 3.3 per cent, a
departure from the negative trend recorded in the previous quarter.

 

"On a quarter-on-quarter basis, real household consumption expenditure
decreased by 20.29 per cent in Q1'23 and rose by 11.68 per cent in Q2 of
2023. " H o u s e h o l d consumption accounted for 57.18 per cent of real
GDP at market prices in Q1' 23, and 64.05 percent in Q2'23".

 

"This could be detrimental to capital formation and ultimately economic
growth in the medium term if inflation is not addressed quickly."

 

Analysts comment

 

Against the backdrop of the trend reversal, some analysts have attributed
the development to inflation, which forced households to

 

 

devote more funds to basic necessities such as food while savings,
investments and capital expenditures were suspended.

 

It's inflation induced --Parthian Partners

 

Commenting on the consumption figures, Marvellous Adiele, Senior Associate
at Parthian Partners, a Lagos-based investment finance company, said: "The
growth in household expenditure despite the current economic situation could
be majorly driven by inflation.

 

The rising prices of goods and services mean increased spending for
consumers as they strive to cover their living expenses.

 

"Also, the persistent rise in inflation (27.33 pe rcent as at Oct 2023)
means that consumers' purchasing power continues to decline, which could in
turn affect their standard of living."

 

Families shifted towards recurrent rather than savings, investment --Ex-CIS
boss

 

Reacting also, Olatunde Amolegbe, immediate past president of the Chartered
Institute of Stockbrokers,

 

CIS, said: "The obvious reason is galloping inflation particularly as
related to food and other household items. Families are now having to
dedicate more of their income towards recurrent expenditure rather than
towards savings

 

and investments.

 

It is induced by base effect - Wyoming Capital

 

Also reacting, Tajudeen Olayinka, CEO, Wyoming Capital and Partners said:
"The fact that it suffered a decline of -5.21 per cent in Q2 2022 and had an
improvement of 3.3 per cent in Q2 2023 tells the story of a modest recovery,
still slightly in the negative territory but turned out positive due to base
effect. It is a good development, though.

 

"It is nothing spectacular. It means more efforts are needed to put
household consumption in positive territory, and by extension, economic
growth."

 

Fiscal stimulus measures might have played a substantial role --ID Africa

 

On his part, Clifford, Egbomeade, Public Relations & Communications Adviser
at ID Africa, said: "The second quarter of 2023 witnessed a notable
turnaround in household consumption expenditure, marking a departure from
the persistently negative trends observed since the second quarter of 2022.

 

"Despite an increasingly adverse economic landscape, the 3.3 per cent
year-on-year growth in real household consumption expenditure signifies a
nuanced interplay of various factors.

 

"One pivotal driver contributing to this shift could be the strategic
interventions by policy-makers.

 

 

Government initiatives, such as fiscal stimulus measures, might have played
a substantial role.

 

"Concurrently, the ongoing adjustments of monetary policies, potentially
involving interest rates, might have incentivized borrowing, thereby
empowering households to engage in increased spending activities.

 

"Another influential factor could be the improvement in consumer sentiment.
Positive changes in sentiment, stemming from expectations of a prospective
economic recovery, could have significantly influenced the upturn in
spending behaviour.

 

"Heightened optimism regarding job security, income stability, or overall
economic revival might have emboldened consumers to allocate more towards
consumption, even amidst a challenging economic backdrop.

 

"Furthermore, the phenomenon of pent-up demand likely contributed to this
surge in household expenditure. In periods of economic downturn, consumers
often defer significant purchases. As economic conditions stabilise, there
is often a release of this deferred demand, leading to a surge in spending
across various sectors.

 

This release might have contributed substantially to the observed growth in
household consumption expenditure.

 

"Additionally, specific industry dynamics could have played a role. Certain
sectors experiencing recovery or growth, such as technology and healthcare,
might have induced increased consumer spending within these areas.

 

Likewise, improvements in supply chain efficiencies could have enhanced the
availability of goods, prompting consumers to spend more confidently."

 

GDP by expenditure

 

Meanwhile, the bureau also noted that in Q1'23, the GDP by expenditure grew
in real terms by 2.31 per cent YoY and recorded 2.51 percent in Q2'23.

 

It added:" This shows a sustained positive trajectory since Q4'20.

 

"However, this was a reduction of 0.8 per cent in growth of Q1'23 and a fall
of 1.03 percent in Q2'23 compared to the corresponding period of 2022."

 

According to NBS, the GDP can be derived as the value ofall goods and
services available for final uses and export while the expenditure approach
measures the final uses of the produced output as the sum of final
consumption, Gross Capital Formation, and exports less imports, which are
considered in turn in the report.

 

Nigeria's economy drifting under APC's watch --LP

 

Meanwhile, reacting to the NBS report, the Labour Party, LP, said rising
food prices and the general downturn of the Nigerian economy were direct
consequences of the absence of proper planning and the lack of empathy by
the All Progressives Congress, APC-led Federal Government.

 

National Publicity Secretary of the party, Obiora Ifoh, spoke in response to
the latest NBS report which put the inflation rate at 25.8 per cent as at
August 2023, 26.72 in September, 2023 representing 17 and 18 yearhighs
respectively, said it was proof of the Fedederal G o v e r n m e n t ' s
directionlessness.

 

Ifoh said: "Like the NBS report rightly captured, our economic foundamentals
have been so weakened that our inflation rate keeps soaring, leading to
sluggish economic growth thus forcing millions of Nigerians into poverty.

 

"It is sad that most Nigerians now spend over 80 per cent of their income
onfood alone, and we are not talking about energy cost and out of pocket
expenses on healthcare.

 

"This government has not made pretenses about its intentions with regards to
funding the lavish lifestyles of those in elective office to the detriment
of the suffering people of Nigeria.

 

"How do you explain the N2.1 trillion Supplementarybudget signed into law by
President Bola Tinubu? How much was voted for healthcare, roads and
infrastructure that will benefit ordinary Nigerians?

 

"What you see is billions to be spent on the renovation of accommodation for
elected government officials and the purchase of vehicles.

 

"Now, more than ever before, the cost of food has risen beyond what ordinary
Nigerians can afford. A bag of 50kg rice is today over N50,000, up from
N8,000 only a few years ago.

 

"What it simply means is that the monthly wage of acivil servant cannot buy
a bag of rice. Even the cost of garri, yam, potatoes, maize and other staple
foods have skyrocketed beyond the reach of most Nigerian households with no
hope in sight.

 

"This government lacks basic empathy for the suffering of Nigerians because
while Nigerians are crying out in anguish over the rising cost of living
officials of this administration are busy wasting scarce public funds.

 

"The renewed hope agenda it claims to be pursuing has since become renewed
hopelessness."

 

APC govt remains committed to tackling poverty

 

An APC leader, who did not want his name in print, said: I haven't seen the
full report and what you sent is just a few paragraphs.

 

By the time we see the entire report, we will look at it and decide what our
response would be.

 

"However, our government remains committed to tackling poverty and uplifting
Nigerians. All appointees have hit the ground running and major sectors of
the economy are responding positively to the policies of government," the
leader said..

 

Nigerians getting poorer, hungry while FG borrows to fund luxuries --
Atiku's aide

 

Meanwhile, Special Assistant on Public Communication to former Vice
President Atiku Abubakar, Mr.Phrank Shaibu, said the NBS report showed what
most Nigerians already face.

 

Shaibu who spoke to Vanguard, in Abuja, said: "We are not suprised about the
findings of the report which show that more Nigerians are being impoverished
and that they are spending the little they have on feeding alone.

 

"It is simply a confirmation of what we have always told Nigerians about
this government.

 

"Nigerians will recall, the last time the NBS released its report when
inflation climbed to double digits as soon as APC came into office in 2015,
we informed Nigerians that the situation can only get worse because the APC
is not prepared for governance.

 

"If Nigerians can recall, the battle cry of this administration is that it
will build on what the Muhammadu Buhari administration did.

 

What Nigerians didn't hear was that the sufferings Nigerians were subjected
to for eight years will be doubled.

 

"The number of Nigerians living in extreme poverty which stood at over 133
million, representing roughly 64 per cent of Nigeriansduring the Buhari
regime, has risen under Tinubu.

 

"We invite Nigerians to note that when the PDP was in power, our economy was
in robust health. inflation was within single digit, the exchange rate of
the Naira to the Dollar was around N180 to $1 USD but today, the Naira is
the worst performing currency in the world exchanging at over N1,000 to
$1USD.

 

"A 50 kg bag of rice under successive PDP governments sold for no more than
N8,000 per bag but now you'll struggle to get the same bag for more than
N50,000 at a time the national minimum wage stands at N30,000 per month.

 

"The reality on ground is that Nigerians have never had it so bad but Tinubu
and his team are busy funding their luxurious lifestyles with huge budgets
for renovation of official residences and the puchase of vehicles.

 

Little, if anything, was included in the Supplementary budget signed by the
President for healthcare, building of schools and provision of
infrastructure that will benefit Nigeria's poor and vulnerable."

 

-on Vanguard.

 

 

 

Nigeria: Ibom Air Clarifies - No Suspension of Calabar Flights, Operational
Adjustments Made

Contrary to recent reports, Ibom Air, the Akwa Ibom State government-owned
airline, has refuted claims of suspending flight operations to Calabar,
Cross River state.

 

The airline clarified that it has only adjusted its frequencies to Calabar
due to the sudden unserviceability of one of its aircraft.

 

The head of Marketing and Communication, Aniekan Essienette, stated: "As a
result of the sudden unserviceability of one of our aircraft, we had to make
adjustments to some of our scheduled operations, including the Abuja-Calabar
route. "The airline has communicated this situation to affected passengers
and the Nigerian Civil Aviation Authority, assuring a swift resolution.

 

"Efforts are underway to bring the unserviceable aircraft back to
operational status, and the airline anticipates the resumption of the
Abuja-Calabar route within a few days.

 

"Ibom Air expressed sincere apologies to affected passengers for any
inconvenience caused and affirmed its unwavering commitment to providing
uninterrupted services to Calabar.

 

"The airline is working diligently to address the situation promptly and
ensure seamless travel experiences for its valued customers," she added.

 

-on Vanguard.

 

 

 

 

Nigeria Not Losing Crude Volume From Egina Facility - TotalEnergies

Oil major TotalEnergies has denied reports that massive spill had occurred
in its 200,000 barrels a day Egina facility.

 

The Country Communication Manager, of the oil firm, Charles Ebereonwu, told
LEADERSHIP that contrary to reports there is no massive leak from the
facility and the sheen has been treated with the appropriate response that
resulted in a reduction of most of it.

 

The Nigerian Maritime Administration and Safety Agency (NIMASA), had
reported that efforts are going on to contain oil spill that occurred during
loading operations at the TotalEnergies operated Egina field on November 15.

 

 

Speaking with our Correspondent, Ebereonwu, explained that a minor incident
occurred during crude oil loading from its FPSO to a receiving vessel,
resulting in a minor spill that was immediately contained.

 

The Communications Manager said, "No shoreline or communities have been
impacted.Production has not been affected.".

 

The NIMASA said it is collaborating with the spill detention Agency and the
oil industry regulator to contain the spill, though the volume is not yet
confirmed, spokesperson Osagie Edward said in a statement.

 

A TotalEnergies spokesperson said the spill impact was minimal and
production at the 200,000 barrel-per-day capacity oilfield was not affected.
The company is working with local authorities to clear the resident sheen
from the incident, he said.

 

Oil spills have blighted the oil-rich Niger River delta region for decades,
causing widespread environmental damage and negatively impacting the lives
of millions of people in the local communities.

 

The NIMASA said TotalEnergies is providing aerial surveillance and applying
dispersant while considering further action to clean up the spill.

 

"Since the incident happened, our men have been liaising with other organs
of the government to ensure the pollution is effectively controlled and
managed to protect the marine environment and the communities close to the
incident point," NIMASA chief Bashir Jamoh said.

 

So far, a reconnaissance survey of neighbouring areas shows that coastal
communities across Andoni, Qua-Iboe terminals, Bonny Island, Opobo/Nkoro and
Eastern Obolo have not yet been impacted by the spill.

 

Oil majors operating in Nigeria have faced a string of litigation in the
past over spills.

 

In May, Shell won a UK Supreme Court case over a 2011 oil spill off
Nigeria's coast.

 

-on Leadership.

 

 

 

 

Mali Signs Deal With Russia to Refine Gold

Cape Town — A four-year agreement has been signed between the Mali military
junta and Russia for a gold refinery in the Mali capital Bamako that will
process 200 tonnes of gold annually, BBC reports. Mali is Africa's
third-largest exporter of gold. The commodity is also the country's main
export product by value and is a large contributor to the Mali economy.

 

Finance Minister Alousséni Sanou said that the refinery would allow Mali to
control all gold production and "correctly apply all taxes and duties". Mali
has strengthened its ties with Russia since a 2021 military coup and the
withdrawal of French troops in 2022.

 

Mali is considered one of the 25 poorest nations in the world, relying
heavily on gold and phosphate mining as well as agriculture exports that
includes rice, millet, sorghum and cotton.

 

 

 

 

Nissan to lead £2bn investment in UK electric car plant

Nissan and its partners have announced a £2bn plan to build three electric
car models at its Sunderland factory.

 

The Japanese firm will build electric Qashqai and Juke models at the plant
alongside the next generation of the electric Leaf, which is already
produced there. The scheme could help preserve the jobs of about 6,000
workers directly, and thousands more across the UK.

 

Nissan said that alongside this, a major new battery plant known as a
"gigafactory" will also be needed.

 

This is in addition to the current factory adjacent to the car plant, and a
further gigafactory already being built by its partner, AESC.

 

Nissan will spend £1.12bn on preparing its UK facilities and supply chain
for the new models and training its workforce.

 

Alongside the gigafactory the total new investment will be up to £2bn,
according to the company.

 

Lei Zhang, chairman of AESC, said the firm had launched a feasibility study
on expanding its gigafactory operations in Sunderland. The plan is expected
to receive government support, though it is not clear what form that will
take. Nissan has confirmed it will receive £15m in funding for its research
centre in Bedfordshire.

 

Earlier this year, Nissan's chief operating officer Ashwani Gupta, who has
since left the firm, said that the UK would struggle to remain competitive
with other car-making countries because of higher manufacturing costs,
elevated by energy bills and inflation.

 

Alan Johnson, Nissan's senior vice president of manufacturing and supply
chain, told the BBC's Today programme that the UK "can be a competitive
place for car production, but everything needs to be right".

 

"Not just the plant itself, but the surrounding environment: energy costs,
infrastructure, local government [and] national government support, needs to
be right for it to work," he said.

 

The UK government has provided support for Nissan through the Automotive
Transformation Fund, which received a £2bn top-up in the Autumn Statement on
Wednesday.

 

Mr Johnson declined to comment on how much funding the company has received
from UK taxpayers.

 

He said: "The support we have received in the past has been excellent and
we're very grateful for the support we do receive.

 

"The truth is discussions are ongoing with the government, not concluded,
and therefore I'm not in a position at the moment to make any announcement
or any comment about any numbers."

 

Nissan's announcement comes as an "investment zone" for North East England
was confirmed by the government. The government said it will create more
than 4,000 jobs over five years.

 

Brexit

In the summer, Mr Gupta also warned that the UK's largest car manufacturing
plant in Sunderland would be "unsustainable" without a post-Brexit trade
deal on tariffs.

 

Rules due to take effect in January next year mean there will be a 10%
tariff on cars sold between the UK and EU unless carmakers have sourced at
least 45% of their components by value from the UK or EU.

 

Batteries are the most expensive part of an electric vehicle, and some
manufacturers in both the UK and EU have said they will struggle to meet the
requirements, and have called for the rules to be deferred.

 

Mr Johnson said that Nissan exports 80% of the vehicles made at its
Sunderland plant, "so of course exportation is critical to our success".

 

"In terms of the Brexit deal, we're just getting on with it," he said,
adding that the key to Nissan's strategy is "having your major investments
like battery production in the UK".

 

Other car makers have also expressed concerns about the tariffs.

 

In May, Stellantis, which owns Vauxhall, Peugeot, Citroen and Fiat, said it
may have to close UK factories if the government did not renegotiate the
Brexit deal.

 

The firm has made a commitment to making electric cars in the UK, but said
that if the cost "becomes uncompetitive and unsustainable, operations will
close".

 

The AESC plant in Sunderland is the only one in the UK currently making
electric vehicle batteries, but Jaguar Land Rover owner Tata plans to build
a £4bn factory in Somerset.

 

Some battery firms have had problems setting up in the UK.

 

Britishvolt, which planned to make batteries in the North East, went into
administration earlier this year. It was taken over by Australian firm
Recharge Industries, but that hasn't gone smoothly either, with £2.5m of the
purchase price still unpaid months after it was due.

 

By contrast the EU has 35 plants open, under construction or planned.

 

In September Prime Minister Rishi Sunak announced a major shift in UK green
policy by delaying a ban on new petrol and diesel cars by five years, to
2035.

 

Nissan said in September it would not change its timetable, and that it
would stick to manufacturing electric vehicles only by 2030.

 

The firm's boss Makoto Uchida said at the time it was the right thing to do
for its business, customers and for the planet.

 

Postponing the ban has had a knock-on effect on the number of electric
vehicles expected to be sold in the UK by 2027.

 

The government's independent economic forecaster, the Office for Budget
Responsibility, said on Wednesday that just 38% of new vehicles sold in the
UK in 2027 would be electric, lower than the 67% it predicted in March.-bbc

 

 

 

 

China trials visa-free travel for six countries

China is trialling visa-free travel for citizens from France, Germany,
Italy, the Netherlands, Spain and Malaysia for a year, its foreign ministry
said.

 

>From December to 30 November 2024, ordinary passport holders from these
countries can do business or travel in China without a visa for up to 15
days.

 

This is to help "promote China's high-quality development and opening up",
spokeswoman Mao Ning said on Friday.

 

Currently, most travellers need a visa to enter China.

 

The rare examples of those exempt include citizens of Singapore and Brunei,
who are entering China for business, tourism, family visits and transit for
no more than 15 days.

 

It was only in March that China began issuing all types of visas again. In
March 2020, it had imposed strict travel restrictions in the wake of the
coronavirus pandemic.

 

For three years, China had some of the world's strictest Covid curbs, with
travel restrictions, numerous lockdowns and frequent testing requirements.

 

Its zero-Covid policy, which hit the economy hard, was only lifted last
December.

 

Tens of millions of international visitors came to China each year prior to
the pandemic.-bbc

 

 

 

Cruise giant Carnival UK accused of plan to fire and rehire 900 crew

A leading cruise ship company is being accused of planning to fire more than
900 staff members if they do not accept new terms and conditions.

 

Carnival UK, owner of P&O Cruises and Cunard, notified authorities of the
"fire-and-rehire" plan one day after beginning talks with union members.

 

The Nautilus union said it showed the cruise firm had "no real intention to
engage" in meaningful negotiations.

 

Carnival UK said it was "categorically not making any redundancies".

 

The staff who could be affected include 919 crew working across 10 vessels,
including the Queen Elizabeth and the Queen Mary 2.

 

Last year a separate company, P&O Ferries, became embroiled in a dispute
over the sacking of 800 of its workers by its owner DP World. The firm
sacked staff without notice, replacing them with foreign agency workers who
were paid less than the UK minimum wage.

 

Later, the firm's boss admitted the sackings were illegal.

 

Under UK law, employers planning to make 20 or more staff redundant within
any 90-day period, must first consult staff and speak to trade union
representatives.

 

Why do companies fire and rehire their workers?

P&O won't face criminal action over mass sacking

In the present case, Nautilus, which represents hundreds of those
potentially affected, is accusing Carnival UK of entering into negotiations
over next year's pay and conditions without being open about their fall-back
position - that they were considering a plan to dismiss the workers if talks
failed.

 

It is not currently illegal to fire and then rehire staff, as long as the
correct procedures are followed.

 

Nautilus said Carnival had notified the authorities that it was considering
redundancies, by submitting what is known as a Form HR1, just a day after
starting talks with the union over reducing workers' hours and pay.

 

The union only found out about that notification a week later.

 

The HR1 includes the statement: "Dismissal and re-engagement may be
considered if agreement cannot be reached on new terms."

 

Nautilus said the move suggested that Carnival "never had any intention of
'meaningful negotiation'".

 

Carnival UK said: "We are categorically not making any redundancies and we
will not dismiss and re-engage staff. In fact we have significantly
increased our headcount across our fleet."

 

It added: "This is an annual pay review process with our maritime officers
onboard our ships which will ensure alignment. This will empower our staff,
deliver the right teams across our fleet and attract and retain talent to
work on our ships."

 

The union said the cruise company effectively wanted to "enforce a cut in
20% of their working days", which amounted to a drop from 243 days worked
per year, to 200 days, and a drop in income.

 

It said changes were being enforced and were "not negotiable", leaving
members upset, especially as it seemed that the company were "taking away
flexibility" in terms of when the work could be done.

 

Nautilus has written to the company calling for it to withdraw the threat of
"fire-and-rehire", and engage in meaningful negotiations.

 

Shadow transport secretary Louise Haigh said history was "repeating itself".

 

"The lives of hundreds more seafarers are once again being upended by bad
bosses who know they can get away with it," she said, adding ministers have
ignored "warning after warning" that this would happen again without changes
in employment law.

 

Nautilus's senior national organiser Garry Elliot called on the government
to learn lessons from last year's P&O Ferries scandal and "outlaw the
coercive practice of fire-and-rehire".

 

He added: "Employers cannot be allowed to treat their employees with
contempt and force through fundamental changes to terms and conditions by
playing with their employees' livelihoods."

 

Following the P&O Ferries dispute the government promised to improve the
rights of seafarers, through a nine-point plan to improve pay and conditions
published last year.

 

But Paul Nowak, general secretary of the union umbrella body, the TUC, said
ministers had failed to stop workers from "being treated like disposable
labour".

 

The government had reneged on a pledge to introduce a bill strengthening
workers' rights he said.

 

The BBC has contacted the government for comment.-bbc

 

 

 

 

Turkey's central bank raises interest rates to 40%

Turkey's central bank has raised its main interest rate to 40% as part of a
concerted campaign to tackle soaring inflation in the country.

 

The rise, from the previous rate of 35%, was much greater than expected.

 

But Turkey's central bank suggested rates were approaching the level
required to start lowering inflation.

 

Inflation - which measures the rate of price rises - hit 61.36% in October
and is forecast to rise further and peak in May next year at around 70 to
75%.

 

While central banks globally have raised interest rates in an attempt to
slow rising prices, President Recep Tayyip Erdogan had resisted economic
orthodoxy previously, arguing that higher rates would cause prices to rise.

 

However, since his re-election in May, his stance has changed.

 

The central bank, under its new chief Hafize Gaye Erkan, a former Wall
Street banker, has been allowed to ratchet up interest rates - to try to
increase the cost of borrowing and slow down price rises - from 8.5% to 40%.

 

"The pace of monetary tightening will slow down and the tightening cycle
will be completed in a short period of time," the central bank said.

 

It added interest rates would stay at a high level for "as long as needed to
ensure sustained price stability".

 

Turkey's economy grew dramatically in the early years of President Erdogan's
leadership, but in recent years has struggled.

 

The central bank's previous policy of cutting interest rates despite high
inflation triggered a currency crisis in 2021. It led to the government to
introduce a scheme to protect lira deposits from currency depreciation.-bbc

 

 

 

 

Nvidia sued after video call mistake showed 'stolen' data

There is a rule for video calls at work - close any files you don't want
others to see before sharing your screen.

 

According to a lawsuit filed against tech giant Nvidia, senior staff member
Mohammad Moniruzzaman made this error with disastrous consequences.

 

He was giving an online presentation to a team from his former employer, car
technology firm Valeo.

 

But in the course of it, Valeo claims he accidentally displayed a file
proving he stole its tech secrets.

 

The tech that Valeo claims he took was the source code behind its parking
and driving assistance software - an area Nvidia has been trying to expand
into.

 

"So brazen was Mr Moniruzzaman's theft," the complaint alleges, "the file
path on his screen still read ValeoDocs" - suggesting it was a folder
specifically containing documents taken from Valeo.

 

Valeo claims Mr Moniruzzaman took gigabytes of data in 2021 when he was
working for the German arm of the French firm. He left to join Nvidia later
that year.

 

A letter written by Nvidia's lawyers submitted with the lawsuit said the
tech giant was not aware Mr Moniruzzaman had the data.

 

The firms worked on a joint project, which led to the Microsoft Teams
meeting in March 2022 when Mr Moniruzzaman unwittingly revealed the data.

 

Screenshots

Valeo claims that Mr Moniruzzaman gave a slide presentation and then
minimised the app he was using - but crucially, he was still sharing his
screen, leaving visible the file which Valeo says contained the source code
behind its proprietary software.

 

"Valeo participants on the videoconference call immediately recognised the
source code and took a screenshot before Mr Moniruzzaman was alerted of his
error," the lawsuit claims. "By then, it was too late to cover his tracks."

 

As a result Mr Moniruzzaman was convicted by German authorities in September
2023 over unlawfully holding the data, the court document says.

 

"When questioned by the German police, Mr Moniruzzaman admitted to stealing
Valeo's software and using that software while employed at Nvidia," the
lawsuit claims.

 

It continues: "In fact, Mr Moniruzzaman did not deny the charge of the crime
at any point during the German criminal investigation."

 

This conviction has now led to Valeo launching a suit against Nvidia itself,
in which it claims the tech giant benefitted financially from its "stolen
trade secrets".

 

"Nvidia has saved millions, perhaps hundreds of millions, of dollars in
development costs, and generated profits that it did not properly earn and
to which it was not entitled," the complaint alleges.

 

"In using these stolen trade secrets to develop a competing product, Nvidia
has diminished the value of Valeo's trade secrets," it says.

 

The lawsuit has been filed by Valeo Schalter und Sensoren GmbH, the German
arm of French firm.

 

It is seeking significant damages, and wants the court to make an injunction
prohibiting Nvidia and its affiliates from using Valeo's code.

 

It has been filed in a court in California, which is where Nvidia is
headquartered.

 

In the complaint, Valeo states that after the Teams call in March 2022 it
audited its systems and found Mr Moniruzzaman had copied their source code,
along with "tens of thousands of files" containing other proprietary
information.

 

His Nvidia-owned computers were then seized by German police as part of the
criminal investigation, according to the lawsuit.

 

'Stored locally'

Meanwhile, as part of the complaint, Valeo also submitted a letter it
received from Nvidia in June 2022.

 

In the letter, lawyers representing Nvidia state Mr Moniruzzaman's actions
"were entirely unknown" to the firm until May 2022 - the date he told his
employer he was under investigation.

 

According to their letter, Mr Monizruzzaman told Nvidia the code was "stored
only locally on his laptop", so it could not be accessed by other people at
the company.

 

"Nvidia has no interest in Valeo's code or its alleged trade secrets and has
taken prompt concrete steps to protect your client's asserted rights," the
letter reads, adding that the firm has "cooperated fully".

 

The BBC has approached Valeo for comment. Nvidia declined to comment.-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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