Major International Business Headlines Brief::: 30 November 2023

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Major International Business Headlines Brief:::  30 November 2023 

 


 

 




 


 

 


 

ü  Tanzania: New Mobile App to Counter Vaccine Misinformation

ü  South Africa: Crisis in South Africa As 60,000 Containers Stuck at Sea

ü  Nigeria: Supreme Court Okays Indefinite Use of Old, New Banknotes

ü  Ghana: We Have Enough Reserve Buffers to Support the Economy - BoG
Governor

ü  Rwanda: Unlicenced Seven-Seater Taxis No Longer Allowed in Kigali

ü  Nigeria: Tinubu Presents Nigeria's 2024 Budget to National Assembly 

ü  Tanzania: Eacop Hands Over Houses to Muheza Residents

ü  South Africa: AG - Unauthorised Expenditure Remains High

ü  South Africa: President Mourns Loss of Life in Impala Platinum Mine
Tragedy

ü  Tanzania: Bus Fares Hike - Experts Suggest Solutions

ü  Google and Canada reach deal to avert news ban over Online News Act

ü  Cristiano Ronaldo faces $1bn lawsuit over Binance ads

ü  Gulf investors close in on Telegraph takeover

ü  Feminist site Jezebel to be revived after sale

ü  Amazon latest tech giant to announce AI chatbot

 


 

 


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

 

Tanzania: New Mobile App to Counter Vaccine Misinformation

IN a groundbreaking effort to counter vaccine misinformation, a free,
evidence-based game, 'Cranky Uncle Vaccine', is now available as a mobile
app in Tanzania.

 

The game, created by developers at GoodBeast, equips players with the skills
to identify misinformation while building their knowledge of vaccine safety,
efficacy and importance along the way.

 

"In a world overflowing with misinformation, the true vaccine is knowledge;
and the tools to discern it are more crucial now than ever before," says
Awet Araya, Social and Behaviour Change Manager, UNICEF Tanzania.

 

 

'Cranky Uncle Vaccine' was developed as a collaborative effort by UNICEF, in
partnership with the Sabin Vaccine Institute; Irimi, a public health
behavioural design company; and the Senior Research Fellow Dr John Cook of
the Melbourne Centre for Behaviour Change at the University of Melbourne.

 

Dr Cook developed the original 'Cranky Uncle' game using cartoons, humour
and critical thinking to expose the misleading techniques of science denial
to build public resilience against misinformation.

 

The idea of a vaccine version of the game was conceived early in the
pandemic by Dr Angus Thomson, Senior Social Scientist at Irimi and Cook when
writing UNICEF's Vaccine Misinformation Management Field Guide. UNICEF and
Sabin joined the collaboration to develop the game and assisted with
tailoring, developing, and testing the game's resonance and relevance to
local culture and traditions.

 

Regional, multi-lingual versions of the game were co-designed in East and
West Africa and South Asia, later evolving into country-specific adaptations
for Tanzania.

 

 

"Games and humour are perfect allies for tackling vaccine misinformation,"
says Cook.

 

"They are interactive, engaging, and can be scaled up to reach enough people
to make a difference in building resilience against misinformation."

 

'Cranky Uncle Vaccine' centres around a character called 'Cranky Uncle' (an
archetypal science-denying individual) who insists he knows better than the
world's scientists, and a health worker who shares factual information on
the safety, efficacy, and importance of vaccines.

 

Throughout the game players are mentored by the Cranky Uncle character, who
teaches them different misinformation techniques ('tricks') that he uses to
mislead people about vaccines.

 

"The game is evidence based, starting with the literature review conducted
which identified and classified the top 10 fallacies used globally to push
vaccine misinformation," says Dr Kate Hopkins, Director of Research in
Sabin's Vaccine Acceptance and Demand Initiative.

 

 

The team worked with end users-young people, community health workers and
parents/caregivers-to discuss and localise the script and characters to
their context and ensure that the final content is culturally relevant.

 

A pre- and post-game play survey was administered as part of the pilot
studies. "This exciting programme is about taking the initiative and getting
out ahead of this challenge, rather than always being on the back foot.

 

We want to vaccinate people against vaccine misinformation," says UNICEF's
Surani Abeyesekera who specialises in Social, and Behaviour Change with the
Immunisation Section in New York, HQ.

 

Results have shown that 'Cranky Uncle Vaccine' is effective in helping users
discern vaccine-related misinformation from vaccination facts.

 

A global dashboard, engineered by GoodBeast (who also developed the mobile
app) and supported by UNICEF, tracks data analytics. 'Cranky Uncle Vaccine'
which also rolled out in Ghana, is being tested in other countries including
Rwanda and Pakistan for roll out in 2024, and will be scaled
programmatically, embedded in the ongoing immunisation activities of local
UNICEF offices, Ministries of Health, and community-based organisations.

 

It is available in multiple languages (French, Kinyarwanda, Kiswahili,
etc.). To ensure equitable access and to narrow the digital divide, the game
is also being optimised for low-bandwidth devices (not only as a smart phone
application).

 

Apart from the WhatsApp chatbot and a voice based platform, the game can be
accessed on the Internet of Good Things [IoGT] and as an offline print
version.

 

  Daily News.

 

 

 

 

South Africa: Crisis in South Africa As 60,000 Containers Stuck at Sea

Harare — Numerous vessels are awaiting clearance from the port of Durban,
which handles more than 60% of the country's container cargo, according to
the South African Association of Freight Forwarders (SAAFF), IOL reports.

 

There is a delay caused by equipment problems and severe weather which has
left over 60,000 containers at sea waiting to be offloaded at South Africa's
main port. This is having a detrimental effect on the already fragile
economy of the nation, according to business and political organizations. On
Monday, November 27, traffic jams at the state-owned Transnet port sparked a
political spat, with the major opposition party, the Democratic Alliance
(DA), calling for Public Enterprises Minister Pravin Gordhan to be sacked.

 

Being a major exporter of mineral and agricultural products, Durban's ports
are commonly considered points of entry into southern Africa. Transnet
claims that the city is seeing delays because adverse weather, aging
equipment, and other issues are exacerbating failures. However, the DA and
industry organizations claim that the issue has been accumulating for some
time.

 

Due to theft, maintenance problems, and fraud scandals, Transnet - which
manages all of the country's ports and rail freight network - has long
struggled to support Africa's most industrialized economy. SAAFF reports
that the economy is losing more than 120 million rand (U.S.$6.4 million) a
day due to delays at Durban and other terminals.

 

Increased private sector participation at container ports is one of the
suggested adjustments to the logistics system, according to a statement made
last week by South African President Cyril Ramaphosa.

 

 

 

 

Nigeria: Supreme Court Okays Indefinite Use of Old, New Banknotes

Abuja — The Supreme Court has ruled that both the old and the redesigned
Naira banknotes remain valid legal tenders in the country beyond December
31.

 

The apex court, in a ruling by a seven-man panel led by Justice Inyang
Okoro, on Wednesday, said the banknotes should remain in circulation,
pending when the Federal Government, after due consultation with relevant
stakeholders, takes a decision on the matter.

 

It made the order after hearing an application that was moved on behalf of
the federal government by the Attorney-General of the Federation and
Minister of Justice, Prince Lateef Fagbemi, SAN.

 

It will be recalled that the court nullified on March 3 the ban on the use
of the old N200, N500, and N1000 banknotes as valid legal tenders by the
President Muhammadu Buhari-led administration.

 

The court held that the old Naira notes should be used alongside the
redesigned currencies until the end of the year.

 

 

In its lead judgement that was prepared and delivered by Justice Emmanuel
Agim, the apex court slammed the FG for unilaterally introducing the
demonitization policy through the Central Bank of Nigeria, CBN, without
consulting the Council of States, the Federal Executive Council, the
National Security Council, the National Economic Council, Civil Society
Organizations and other relevant stakeholders.

 

It held that the FG failed to give valid notice to all the federating units
before it decided to withdraw the old banknotes from circulation and
introduce new ones.

 

The Supreme Court maintained that evidence before it established that a
purported notice on the monetary policy was through "mere press remarks" by
governor of the CBN, Mr. Godwin Emefiele.

 

It held that such remarks did not qualify as "reasonable notice" to the
states as envisaged under section 20(3) of the CBN Act.

 

Besides, the court invalidated the directive President Buhari gave in the
broadcast he made on February 16, which allowed only the old N200 note to
remain a legal tender until April 10.

 

While accusing President Buhari of disobeying the interim order it made on
February 8, which directed that the old banknotes should remain in use till
the determination of the case before it, the apex court stressed that the
President, by going ahead to ban the old banknotes, acted in a way that was
inimical to democratic governance.

 

According to the court, having acted in disobedience to its order, FG lost
its right to be granted an audience before it.

 

Following the end of the last administration, the President Bola Tinubu-led
government re-applied to the Supreme Court for an indefinite extension of
its December 31 deadline.

 

  Vanguard.

 

 

 

 

Ghana: We Have Enough Reserve Buffers to Support the Economy - BoG Governor

The Bank of Ghana (BoG) has enough reserve buffers to support the economy
until the second tranche of $600 million balance of payment support from the
International Monetary Fund (IMF) is released to the country, the Governor,
Dr Ernest Addison, has stated.

 

He explained that he was hopeful the government would complete negotiations
with bilateral and commercial creditors before the end of the year to enable
the IMF release the second tranche of the balance of payment support under
the Ghana's three-year Extended Credit Facility with the Fund.

 

Dr Addison disclosed this yesterday in response to a question on thepossible
impact thedelay in release of the second

 

 

tranche of the IMF funds would have on theGhanaian economyduring a press
conference after the 115th regular meeting of the Monetary Policy Committee
(MPC) ofBoG.

 

He said the briefing he had received indicated that there had been fruitful
discussions between the government and its commercial and bilateral
partners.

 

The Governor expressed the hope Ghana would not get to the situation of
Zambia and conclude talks with its commercial and bilateral creditors before
the end of the year.

 

Dr Addison said inthe unlikely event that the second tranche was not
disbursed before the end of the year, the country had enough buffers to last
for six months.

 

He said the BoG through the Gold for Oil and Gold for Reserves Programmes
and previous inflows from the IMF had helped bolstered the reserves of the
BoG.

 

 

Dr Addison said the country's Gross International Reserves, excluding
pledged assets and petroleum funds, reflected a build-up in reserves.

 

The level of reserves, as defined under the IMF-supported programme, he
said, increased to $2.5 billion (equivalent to 1.1 months of import cover)
at the end of October 2023, from the December 2022 position of $1.5 billion
(0.6 month of import cover).

 

"This indicates a build-up of about $1.0 billion, mainly driven by the gold
for reserves programme," the Governor stated.

 

He said the BoG had bought additional 35 tonnes of gold this year to shore
up its gold reserves.

 

The Governor said the expected inflows from the cocoa syndicated loan would
help boost the forex earnings.

 

Touching on the negative equity position of the bank, Dr Addison said BoG
would not float bonds to recapitalise the bank, adding that the government
would have to capitalise the BoG.

 

Dr Addison said the BoG suffered impairment of about GH¢54 billion due to
the Domestic Debt Exchange Programme.

 

  Ghanaian Times.

 

 

 

 

Rwanda: Unlicenced Seven-Seater Taxis No Longer Allowed in Kigali

The government has terminated a directive that allowed owners of
seven-seater vehicles to use them to ferry passengers without a transport
operator licence after introducing new changes in Kigali's public transport.

 

The move, which was announced in early October, allowed the owners of
unlicenced seven-seater cars to carry passengers at a negotiated fare and
without paying taxes.

 

It was a temporary measure introduced to deal with shortage of buses and
long queues at bus stations but the government has now taken further
long-term measures to fix the issues in public transport in the City of
Kigali, according to Minister of Infrastructure Jimmy Gasore.

 

He said the government's latest intervention, especially the move to buy 200
buses and provided them at a subsidised price for potential investors, would
help fix the woes in public transport in the long-run.

 

The owners of the unlicenced seven-seater vehicles did not pay taxes and "we
did not consider them as businesspeople," Gasore said.

 

"It was a temporary move meant to fix the gap in public transport and we
communicated that," he said, adding that those who want to continue as
public transport operators should now get the licence for taxis.

 

According to the new guidelines, which will take effect on December 15,
individuals interested in investing public transport can now apply for a
licence.

 

A cooperative, company or individual who owns a bus that meets the
requirements for public transportation in the City of Kigali will be allowed
to operate after getting a licence from Rwanda Utilities Regulatory
Authority.

 

  New Times.

 

 

 

 

Nigeria: Tinubu Presents Nigeria's 2024 Budget to National Assembly 

The N20.50 trillion budget approved by the Federal Executive Council (FEC)
on Monday is the president's first full-year budget since he assumed office
in May.

 

President Bola Tinubu will today present the 2024 budget to the joint
session of the National Assembly.

 

It is the president's first full-year budget since he assumed office in May.

 

President Tinubu, in a letter, on Monday notified the lawmakers of his plan
to present the document to them today.

 

He had, on the last day of October, transmitted the 2023 supplementary
budget of N2.17 trillion to the National Assembly for consideration and
approval.

 

Both the Senate and the House of Representatives passed the budget a few
days later with little adjustments in some sectoral allocations.

 

The president signed the budget on 8 November.

 

 

Today, Mr Tinubu will present the 2024 budget of N27.50 trillion to the
lawmakers in the session to be held in the House chamber by 11 a.m.

 

The figure was approved by the Federal Executive Council (FEC) on Monday.

 

The approval came a few days after the legislature passed the 2024-2026
Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF-FSP).

 

Key highlights of the 2024 Framework approved by the lawmakers include total
spending of N26 trillion, borrowing plan of N7.8 trillion, exchange rate of
N700 to a US dollar, benchmark of oil price for $73 per barrel of crude oil
and 1.78 million barrels per day. Special intervention (recurrent) was
pegged at N200 billion while special intervention (capital) was marked at N7
billion.

 

However, FEC amended some of the parameters at its meeting presided over by
President Tinubu on Monday.

 

 

Minister of Budget and National Planning, Atiku Bagudu, said the Council
amended the exchange rate from N700 to N750 to a dollar and the crude oil
price from $73.96 to $77.96 per barrel.

 

With the presentation, the Tinubu administration appears set to maintain the
January-December budget cycle commenced by his predecessor, Muhammadu
Buhari.

 

PREMIUM TIMES will bring you LIVE UPDATES of the budget presentation from
the National Assembly. Also, follow us on our Facebook, YouTube and X
(Twitter) channels.

 

LIVE

 

10:30 a.m. Tight security around the National Assembly Complex in
anticipation of the arrival of President Bola Tinubu for the 2024 budget
presentation.

 

Most of the banks and other businesses in the National Assembly are shut
down as access into the complex is restricted.

 

 

According to the agenda released by the National Assembly, plenary sessions
will commence in the two chambers by 10 a.m.

 

The sessions end by 10:30 a.m.. Afterwards, the senators will move to the
House of Representatives chamber to commence the joint session.

 

The Joint Session is ststutorily chaired by Senate President, Godswill
Akpabio with the speaker of the House as co-chairman.

 

President will arrive at the House chamber by 11 a.m.

 

10:34 a.m. The House Leader, Julius Ihonvbere, moved the motion to admit the
President Tinubu and the senators into the Chamber for the joint session.

 

The motion was seconded by Ali Isa.

 

The motion was adopted unanimously.

 

Mr President has yet to arrive.

 

The Speaker announced that the Senators expected into the chamber are 50,
therefore, 50 seats are reserved for them.

 

Speaker Abbas Tajudeen announced that the number of senators expected in the
chamber is 50, therefore, 50 seats are reserved for them.

 

10:52 a.m. The Senate President, Godswill Akpabio, and other senators
arrived in the House of Reps chamber.

 

His procession entered the chamber at 10:52 a.m.

 

Mr Akpabio is the chair of the joint session, while the speaker is the
co-chair.

 

11:04 a.m.  Mr Akpabio and the Speaker, who is the co-chairman of the joint
session, are seated while waiting for the arrival of President Tinubu.

 

According to the agenda, the president will enter the chamber by 11:00 a.m.
However, he is about seven minute late already.

 

This is the first budget presentation by Mr Tinubu, who is expected to
depart to the United Arab Emirates later today for the Climate Change
Summit.

 

Mr President entered the chamber at 11:09 a.m.

 

11:10 a.m. Mr Tinubu arrived into the chamber alongside the Vice President
Kashim Shettima and others.

 

After Mr Tinubu arrived at the podium of the joint National Assembly, the
lawmakers took the national anthem.

 

Some government officials on the president’s entourage includes the Chief of
Staff Femi Gbajabiamila, Secretary to the Government of the Federation
George Akume and the National Chairman of the APC, Abdullahi Ganduje.

 

The presiding officer, Mr Akpabio, directed prayers by Muslim and Christian
lawmakers.

 

Mr Akpabio welcomed President Tinubu and his entourage to the joint session.

 

In his welcome address, Mr Akpabio assured the president that the National
Assembly will maintain a good relationship with the executive arm of
government

 

“We will continue to work hand in hand and eye to eye with the executive as
enshrined in the constitution,” he said.

 

 

The senate president said the federal lawmakers will ensure a proper
scrutiny of the 2024 budget before passage.

 

Mr Akpabio stated further, “Our boys run the executive, therefore,
cooperation is needed.

 

“Your heart will always point to this Assembly.

 

“Within 25 years, we have achieved what took the US 180 years to accomplish,
which is to have former senators as president and vice president,” he said.

 

Mr Tinubu served as a senator in the short-live Third Republic, while his
vice was in the 9th Assembly.

 

“We collectively extend the same sentiment to the Vice President, SGF and
the speaker who are former members of the National Assembly,” the senate
president said.

 

On the proposed budget, he said, “It is our duty to ensure that the budget
ensures transparency and accountability.”.

 

On national security, Mr Akpabio commended the security agencies in the
country on their fight against insecurity. He also commended efforts of Mr
Tinubu in ensuring that Nigeria is secured.

 

Mr Akpabio further said the death of any Nigeria is a loss of a constituent.
Therefore, members are affected.

 

He said the president has been about to restore calm into the country.

 

On the economy, the senate president said, “We have seen significant
reforms, starting with the petroleum subsidy and the unification of multiple
exchange rates,” he said on the economy.

 

He also said the president has released some measures to cushion the effect
of the subsidy removal.

 

Mr Akpabio said he hopes that the budget has some provisions to address the
hardship that Nigerians are going through.

 

Mr Akpabio assured that the 10th National Assembly will continue to support
the administration of President Tinubu

 

Mr Akpabio said the National Assembly will support the unbundling of some of
the federal agencies to ensure effectiveness.

 

He raised the issues of agriculture, education and tackling the brain drain.

 

He asked for the reduction of the debt burden the government inherited.

 

On corruption, Mr Akpabio said the lawmakers would support anti-corruption
efforts of the government.

 

The senate president reaffirmed the commitment of the Assembly to support
the government, while equally stating that the legislaturewill thoroughly
scrutinize the budget.

 

He asked the president to mandate the heads of MDAs not to embark on foreign
trips during the budget hearings.

 

“Let us at this point welcome the president, a man of track record and
alumni of this great assembly,” he said.

 

Mr Akpabio invites President Tinubu to present the 2024 budget.

 

Mr Tinubu begins his address.

 

“I feel at home, feeling welcome,” Mr Tinubu said

 

President Tinubu commended the Mrl Akpabio and Speaker Tajudeen, National
Chairman of the APC, Abdullahi Ganduje and Chief of Staff, Femi
Gbajabiamila.

 

Mr Tinubu described the Minster of the Federal Capital Territory, Nyesom
Wike, as ‘landlord’.

 

President Tinubu commended the National Assembly for the support accorded
his administration.

 

President Tinubu reiterated his commitment to deliver his campaign promises.
He said the budget was made for the future of the country.

 

President Tinubu said the Nigerian economy has witnessed growth since he
assumed office, despite the global fall in economy.

 

President Tinubu said the 2024 Appropriation Bill is christened “Budget of
the Renewed Hope”.

 

He assured that his administration will work closely with development
partners to address funding in the education sector.

 

President Tinubu said he has directed relevant government agencies to work
effectively and attract investors at the COP 28 in Dubai to create an
enabling environment for sustainable energy growth in the country..

 

The president said, “This moment is profound and significant to me because
this is my first presentation of the budget.

 

“I commend your swift passage of the 2023 supplementary budget and the MTEF.

 

 

“I am confident that the National Assembly will continue to work with us and
be thorough.

 

“Our goal is to ensure that the appropriations comes into effect on 1
January 2024.

 

“Today, I stand before you to present our budget to address micro-economic
stability and reduce deficit”.

 

He said the budget will provide the fiscal foundation for the country.

 

Mr Tinubu said, Defence and Internal Security are accorded top priority,
adding that internal security will be overhauled.

 

He said the budget priotises Human capital development with particular
attention given to children.

 

He said a more sustainable funding of tertiary institutions will be
implemented, including the student loan.

 

According to him, “We expect the economy to grow by a minimum of 3.76 per
cent above the forecasted world average. Infaltion is expected to moderate
to 21.4 per cent in 2024.

 

He said the conditional cash transfer will be expanded, adding that those on
the list would be graduated to productive engagement.

 

He added that the government is committed to blocking leakages.

 

He also called on the private sector to partner with the government through
PPP model.

 

The president said his administration will remain committed to ensuring the
establishment of social investment programmes .

 

He said the federal government is currently reviewing the tax system of the
country with a view to increase revenue of the country.

 

President Tinubu said only projects and programmes that align with his
campaign promises were included in the 2024 appropriation.

 

Mr Tinubu said he is confident that the 2024 appropriation will develop the
country

 

Mr Tinubu said the country has not been able to consider the opportunities
in the mineral sector.

 

He asked the lawmakers to be sympathetic to the ordinary citizens who put
their trust in them.

 

Mr Tinubu commended the lawmakers for listening. He, therefore, proceeded to
present the budget at 11:06 p.m.

 

The president is exchanging pleasantries with the federal lawmakers.

 

President Tinubu exchanged pleasantries with the Senate President, Godswill
Akpabio and Speaker of the House of Representatives, Tajudeen Abass. He
thereaffter took his seat.

 

Mr Akpabio invited Speaker Tajudeen to give the vote of thanks.

 

Mr Tajudeen said said millions of Nigerians are living in fear and
expectation for hope.

 

The speaker said he has no doubt that the administration of the President
Tinubu will improve the living conditions of Nigerians.

 

The speaker assured that the National Assembly will ensure that the
president deliver on his promises and improve country’s revenue profile

 

Mr Tajudeen said the National Assembly will collaborate with the masses for
passage of the 2024 Appropriation Bill.

 

He also assured that the National Assembly will continue to support the
Tinubu administration in other areas.

 

Mr Tajudeen urged senators and House of Representatives members to be
committed to the budget defence.

 

Senate President called for national anthem to conclude the presentation of
the 2024 budget.

 

The lawmakers stood up for the national anthem.

 

President Tinubu is stepping out of the chamber of the House of
Representatives after the budget presentation session.

 

  Premium Times.

 

 

 

 

 

Tanzania: Eacop Hands Over Houses to Muheza Residents

Tanga — TANGA: EACOP has handed over 339 houses as replacement of housing
project at Songakibaoni Village in the Muheza, Tanga Region.

 

The EACOP General Manager, Tanzania Branch Wendy Brown said on Tuesday that
the replacement housing programme and their ancillary structures have been a
cornerstone of the company's commitment to households affected by the land
acquisition process.

 

"We are proud to have collaborated with local contractors in the
construction process, empowering the communities we serve and ensuring the
highest quality construction for those impacted by the pipeline project,"
said Ms Brown.

 

 

The EACOP in Tanzania has handed over a total of 339 houses to 293
physically displaced project-affected persons across eight pipeline-affected
Kagera, Geita, Shinyanga, Tabora, Singida, Dodoma, Manyara and Tanga
spanning 21 districts and 102 Villages.

 

Of these 339 replacement houses and their auxiliary structures, 43 were
handed to project-affected persons affected by the early land acquisition
for the main camps and pipe yards last year in Missenyi, Muleba, Bukombe,
Nzega and Singida Districts.

 

The 296 houses were for households affected by the pipeline route land
acquisition covering 1143kilometres across eight regions.

 

The handover of the last replacement house concludes the long journey of the
land acquisition process for the crude pipeline section in the country.

 

In Tanzania, 344 of 9904 project-affected persons were physically displaced,
and of these 293 selected replacement houses and ancillary structures as
their preferred form of compensation.

 

The housing package comprises a 5000-litre water tank as well as a 400-watt
solar array, complete with 200 ampere-hour battery, inverter, and charger
controller.

 

  Daily News.

 

 

 

 

South Africa: AG - Unauthorised Expenditure Remains High

The Auditor-General of South Africa (AGSA) Tsakani Maluleke says
unauthorised expenditure at departments remained high throughout the
administrative term, totaling R28.22 billion over four years.

 

Tabling the 2022-23 general report for national and provincial departments,
their entities and legislatures in Parliament on Wednesday, Maluleke said in
the 2022-23 financial year, such spending amounted to R4.59 billion.

 

Collectively, accounting officers and authorities managed an estimated
expenditure budget of R3.10 trillion in 2022-23.

 

"The irregular expenditure disclosed in 2022-23 totaled R63.37 billion, with
high-impact auditees being responsible for R53.77 billion (85%) of this
amount. These amounts might be incomplete, as auditees no longer have to
include irregular expenditure incurred in prior years or the closing balance
of irregular expenditure in their financial statements," the AG said.

 

 

She said when departments overspend their budgets, they disclose this as
unauthorised expenditure.

 

"If this type of expenditure is condoned, it means that the department needs
to either find more money or absorb the overspent amount, which reduces the
available budget for the following years," Maluleke said.

 

Unlike departments, which must submit their budget vote to parliamentary
committee hearings to be approved, public entities do not have a separate
vote and thus disclose their overspending as irregular expenditure.

 

 

In 2022-23, the irregular expenditure incurred due to overspending was R0.90
billion.

 

High-impact auditees were responsible for R4.35 billion (79%) of the R5.49
billion total overspending across departments and public entities in
2022-23.

 

Material irregularity process sees recovery in financial losses

 

Maluleke has reported that through the material irregularity (MI) process,
accounting officers and authorities have taken action to prevent or recover
financial losses of R2.55 billion since 2019, with some of this amount still
in the process of being recovered.

 

"We are pleased that the MI process is proving to be effective in enforcing
accountability and protecting state resources. Departments and public
entities can direct the recovered funds towards service delivery, enabling
government to achieve its strategic priorities," Maluleke said.

 

 

>From 1 April 2019 - when the amendments to the Public Audit Act became
effective and the AGSA began implementing the MI process - until 30
September 2023 - the cutoff date for MIs to be included in the latest
general report- the audit office identified 266 MIs.

 

"We estimate the total financial loss of the 240 MIs that involved a
material financial loss to be R14.34 billion. The 26 MIs with an impact
other than financial loss involved material public resources not being used
(most often health facilities), harm to the general public due to
infrastructure neglect and poor-quality service delivery, and harm to public
sector institutions mainly because of the non-submission of financial
statements.

 

"We used this enforcement tool to spur accounting officers and authorities
into action to strengthen internal controls, institute disciplinary
measures, stem resource leakage arising from non-compliant procurement
processes, recover funds lost through duplicate payments and overpayments to
suppliers, safeguard assets, and improve the use of public resources such
that they benefit citizens," Maluleke said.

 

She said that where the MIs were not dealt with swiftly or with the required
seriousness, her office included recommendations in audit reports, took
remedial action or referred matters to relevant public bodies for
investigation, where appropriate.

 

Financial management

 

The AG cautioned that when government is not careful with its spending
practices, this reduces the already limited funds available.

 

"The main reasons for the continuing financial losses and waste that we
observed, especially at high-impact auditees, were poor payment practices,
uncompetitive and uneconomical procurement practices, limited value and
benefit for money spent, poorly managed government properties and
accommodation leases, and weaknesses in project management.

 

"Government's budget for service delivery activities is reduced by claims
made against departments, and by auditees overspending their budgets and
being in poor financial health. Ailing institutions, such as the state-owned
enterprises, place further pressure on government by needing bailouts and by
creating potential future obligations as a result of guarantees," Maluleke
said.

 

  SAnews.gov.za

 

 

 

 

South Africa: President Mourns Loss of Life in Impala Platinum Mine Tragedy

President Cyril Ramaphosa has expressed his sadness at the death of 11
mineworkers at Impala Platinum Mine Shaft 11, in Rustenburg in the North
West.

 

Several other miners were injured on Monday afternoon when they were being
hoisted up to surface level when the conveyance they were in, suddenly
started descending rapidly.

 

"The President offers his deep condolences to the families of the deceased
mineworkers.

 

"The President extends his thoughts to the management and staff of Implats
and wishes the injured workers, especially those who are in critical care, a
full recovery," the Presidency said in a statement on Wednesday.

 

President Ramaphosa has called on all stakeholders to assist the Chief
Inspector of Mines in the investigation that will be undertaken in terms of
the Mine Health and Safety Act.

 

According to the Presidency, this process is vital to protecting mineworkers
in line with the industry's Zero Harm objectives and enabling operational
continuity in mines.

 

Meanwhile, Mineral Resources and Energy Minister, Gwede Mantashe, has
assured that his department will investigate the accident. Mantashe visited
the mine on Tuesday following the accident.

 

  SAnews.gov.za.

 

 

 

 

Tanzania: Bus Fares Hike - Experts Suggest Solutions

DAR ES SALAAM: TRANSPORT stakeholders are pushing for alternative
fuel-powered vehicles to cater to the increasing bus fares, which have been
greatly contributed to by the rise in global fuel prices.

 

They said alternative fuels such as gas and electricity will reduce
dependence on oil imports, which are prone to price fluctuations due to
ongoing global geopolitics such as the Middle East Crisis and the
Russia-Ukraine War, which have undermined oil production.

 

The stakeholders shared their views yesterday with the "Daily News" in
reaction to the new fares, which require travellers for commuter and
intercity buses to dig deeper into their pockets after the Land Transport
Regulatory Authority (LATRA) announced that the fares will be effective from
December 8 this year.

 

 

An economist, Dr Isaac Safari, said the increase in bus fares was expected
due to the disruption of the global fuel supply chain caused by geopolitical
tension from the Russia-Ukraine war and the Israel-Hamas conflict, as well
as the post-Covid-19 impacts that have shocked the world economy, including
oil-producing countries.

 

LATRA attributed the increase in fares to, among other things, the global
increase in petroleum products, high operation costs, and ongoing dwindling
returns on operators' investments.

 

Dr Safari said that in the short term, the ripple effects of the increase in
fuel prices were unavoidable, but in the long term, Tanzania can opt for
alternative energy by enhancing e-vehicles and gas vehicles to fill the
vacuum caused by oil importation, which tops production costs.

 

 

"Every day our country experiences an increase in oil demand with disrupted
global fuel supply chains. Investing in alternative energy, including gas,
will significantly meet the demand for the country's energy stability," Dr
Safari said.

 

He said vehicles powered by alternative sources of energy, including gas and
electricity, which will be locally produced, are affordable for bus owners
and will allow citizens to enjoy cheaper transport services.

 

Dr Safari, who also works as a lecturer at the St Augustine University of
Tanzania (SAUT), cited other developing countries such as India as an
example of a country that has been mitigating reliance on oil by shifting to
alternative energy sources, including organic energy from sugarcane remains.

 

To provide relief to citizens from the increased bus fares, Dr Safari
advised the government to reduce taxation in the entire oil supply chain,
warning that such a hike in fares, if left without fiscal intervention, can
result in inflation and economic recession.

 

 

"An increase in fares doesn't mean an improvement in per capita income," he
said.

 

Furthermore, he called upon bus owners to utilise emerging technologies,
including automation and the Internet of Things (IoT), which may be useful
in saving money spent on hiring many agents and middlemen.

 

Dr Safari also urged bus owners to capitalise on good management and
efficiency in service delivery to boost their return on investment.

 

Geologist and politician Professor Sospeter Muhongo echoed the need for
detailed exploration and investment in petroleum and gas as a long-term
measure for the country to have a stable fuel supply.

 

Prof Muhongo, who is also the Musoma Rural Member of Parliament (MP), said
exploration of petroleum deposits will enable the country to scale up
investment in refining fuel resources to create fuel self-sufficiency.

 

He noted that to date, major oil-producing countries, including the
Organisation of Oil Producing Countries (OPEC+) and Russia, have been
cutting oil production to increase demand from oil-importing countries,
leading to an upward trend in oil prices.

 

Prof Muhongo said, for instance, Russia will extend its production cut of
50,000 barrels per day until the end of this year, indicating that global
oil prices will continue to increase until the end of this year and may even
rise until 2024.

 

The Tanzania Bus Owners Association's (TABOA) Secretary-General, Mr Priscus
Joseph, supported the move to alternative energy, as it will reduce bus
companies' operating costs arising from high oil prices, enabling them to
provide affordable transport services to all citizens.

 

Mr Joseph doubted that regardless of the proposed new fares, the operating
costs for buses can still be high due to the dependency on imported oil,
accompanied by worldwide inflation and a scarcity of dollars for economic
mobility.

 

According to LATRA, the commuter bus fare increase has considered the
distance of the bus routes. For instance, for routes within 10 kilometres
that previously cost 500/-, there is an increase of 20 per cent (100/-),
resulting in a new fare of 600/-, according to LATRA.

 

Meanwhile, a commuter bus routing to 36 or 40 kilometres, which previously
charged 1,100/-, has an increase of 27 per cent (300/-), resulting in a new
fare of 1,400/-.

 

Unlike the intercity buses, which have seen changes in price increases based
on factors such as road level (tarmac or gravel) and status, for example,
ordinal buses routing through gravel has a fare increase of three per cent,
while those via tarmac road have an increase of 17 per cent, according to
LATRA.

 

Furthermore, for luxury buses routing through tarmac, the fare has increased
by 19 per cent. However, the bus fares for school students in town will
remain 200/-.

 

  Daily News.

 

 

 

 

Google and Canada reach deal to avert news ban over Online News Act

Google has reached a deal with Canada to avert a news blockade over a law
that forces tech giants to pay for news content.

 

Google had vowed to remove links to news in Canada in response to the Online
News Act, due to take effect on 19 December.

 

Social media giant Meta is already blocking news on its platforms as a
result of the law.

 

The deal comes after months of talks between the search giant and Canada.

 

The law - which is aimed at Google and Meta, owner of Facebook and Instagram
- requires tech firms to negotiate payment agreements with news outlets.

 

The agreement announced on Wednesday requires Google pay C$100m (£58m, $74m)
annually, indexed to inflation, to news outlets.

 

Canada is going to war with Google, and it might not win

An announcement by Canadian Heritage Minister Pascale St-Onge on Wednesday
said the funding would be used "for a wide range of news businesses across
the country, including independent news businesses and those from Indigenous
and official-language minority communities".

 

The statement said that Google would pay a "single collective" which would
distribute the funds to eligible news agencies "based on the number of
full-time equivalent journalists engaged by those businesses".

 

"A sustainable news ecosystem is good for everyone," Ms St-Onge said, adding
that newsrooms closing and laying off workers means that "the health of the
Canadian news industry has never been more at risk".

 

Google released a statement saying it is "pleased that the Government of
Canada has committed to addressing our core issues" with the bill.

 

"While we work with the government through the exemption process based on
the regulations that will be published shortly, we will continue sending
valuable traffic to Canadian publishers," the company's statement continued.

 

Canada's Online News Act was met with outrage from the tech companies when
it was passed this summer, while many media groups hailed it as a positive
step towards market fairness.

 

Google had labelled the bill "unworkable" adding: "This unprecedented
decision to put a price on links breaks the way the web and search engines
work."

 

Meta began restricting Canadian news content on Facebook and Instagram on 1
August. People trying to access news on those platforms see messages saying
they can't see the content in Canada, or can't see any posts.

 

News organisations could have been expected to earn as much as C$329m
($248m; £196m) per year from digital platforms as a result of the law's
passage, according to one estimate.

 

The final figure of C$100m was reached following "extensive negotiations",
Google said.

 

"Google wanted certainty about the amount of compensation it would have to
pay to Canadian news outlets," Ms St Onge told reporters in Ottawa.

 

Wildfire evacuees frustrated by Facebook news ban

 

Media caption,

Watch: Trudeau criticises Meta's decision to block news during wildfire
emergency

 

In 2021, Australian users were blocked from sharing or viewing news on
Facebook in response to a similar law.

 

Australian lawmakers tweaked the law after Meta briefly blocked users in the
country from sharing or viewing news on its platforms.

 

The blackout ended when the amendments were made, and Google and Meta have
since negotiated more than 30 deals with Australian media companies.-bbc

 

 

 

 

Cristiano Ronaldo faces $1bn lawsuit over Binance ads

Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over
his promotion of Binance, the largest cryptocurrency exchange in the world.

 

The plaintiffs claim his endorsement led them to make loss-making
investments.

 

They are seeking damages of "a sum exceeding" $1bn (£790m).

 

The BBC has contacted both Ronaldo's management company and Binance for
comment.

 

In November 2022, Binance announced its first "CR7" collection of
non-fungible tokens (NFTs) in partnership with Ronaldo, which the footballer
said would reward fans "for all the years of support".

 

NFTs are virtual assets that can be bought and sold, but which have no
real-world form of their own - in other words they only exist digitally.
Generally, they are used to mark ownership of something, such as a picture
or video online.

 

"CR7" refers to Ronaldo's initials and shirt number, and is used as branding
in a range of products, from footwear to fragrances, that have helped make
him one of the wealthiest athletes on earth.

 

In a social media video announcing the partnership, Ronaldo told would-be
investors "we are going to change the NFT game and take football to the next
level".-bbc

 

 

 

 

Gulf investors close in on Telegraph takeover

A deal that will bring Abu Dhabi-backed investors a step closer to taking
control of the Telegraph and Spectator magazine could be agreed as soon as
Friday, the BBC understands.

 

The titles were taken over by Lloyds Bank as it sought to recover £1.1bn
owed by the owners, the Barclay family.

 

An Abu Dhabi-backed firm this month agreed to pay the sum and take control.

 

It is not clear yet if the deal will be scrutinised but sources said it was
"unlikely" to be blocked.

 

Under the terms of the deal, the Barclay family is expected to transfer
ownership of the influential titles to IMI Redbird, an investment group
backed by the ruling family of the United Arab Emirates (UAE).

 

People close to the controversial transaction said they thought it was
"highly unlikely" the government would prevent a UK bank from collecting its
debts - or prevent a creditor facing the threat of rising interest payments
from repaying a loan.

 

However, the planned transfer is expected to come under inspection by the
government, which has the power to intervene in transactions on specified
public interest grounds.

 

Culture Secretary Lucy Frazer has already indicated she is "minded" to issue
a Public Interest Intervention Notice (PIIN).

 

Former Telegraph editor Charles Moore and senior conservative politicians
including William Hague have also voiced grave concerns about the
influential Tory-friendly titles falling into the ultimate ownership of a
foreign state.

 

The UAE's Sheikh Mansour would be taking a financial risk by advancing money
to pay off the Barclays debts when it is uncertain that his company would be
able to take ownership of the assets.

 

One person close to the situation said that was "a risk they seemed prepared
to take".

 

Sources close to Lloyds Bank said they should be permitted to collect on
their debts. They said the ongoing issues over eventual ownership and
editorial independence were not a matter for the bank.

 

The repayment of the debt would effectively end an auction process initiated
by Lloyds to reclaim some of their debts.

 

Bidders for the titles had included hedge fund tycoon and GB News owner Paul
Marshall and the Daily Mail owner DMGT.

 

Former CNN chief Jeff Zucker, the front man for IMI Redbird, has accused
rivals of "throwing darts" and "slinging mud".

 

He has insisted that the current editorial independence of the publications
would be assured by robust organisational structures.

 

IMI Redbird is being advised by Ed Richards, the former head of media
regulator Ofcom.

 

The United Arab Emirates is already a significant investor in the UK and is
on a short list of bidders to take a stake in a new nuclear power station at
Sizewell in Suffolk.

 

Sheikh Mansour is also the owner of the Manchester City football team.

 

The deal for the Telegraph, Sunday Telegraph and Spectator values the
publications at around £600 million.

 

The United Arab Emirates will also take a more than £500m charge over the
other assets of the Barclay family, which include the Very retail group.

 

At a high-profile global investment summit on Monday at Hampton Court,
attended by representatives of the UAE, investment minister Dominic Johnson
told the BBC that the UAE was an "important enthusiastic and strategic
investor in the UK".

 

He declined to comment on the Telegraph situation insisting it was a matter
for Department for Culture, Media and Sport (DCMS).

 

The DCMS declined to comment this evening.-bbc

 

 

 

 

Feminist site Jezebel to be revived after sale

Feminist news site Jezebel, which was shut down earlier this month, has been
sold to a new owner.

 

Paste Media, known for its music coverage, said it had taken on the brand
and planned to relaunch soon.

 

It marks the latest revival for a site that started in 2007 as part of the
Gawker empire and in the interim has had several owners.

 

The latest, private equity owned G/O Media, had blamed "economic headwinds"
when announcing the closure.

 

At the time, chief executive Jim Spanfeller said the company had spoken to
more than two dozen potential buyers without success but that he still hoped
a deal could happen.

 

"We have been working on the sale of Jezebel for months and are delighted
that the site has found a new home," Mr Spanfeller said in a statement.

 

The demise of Jezebel after 16 years had drawn tributes and mourning from
those who credited the blog with helping to develop the sharp, personal tone
that came to characterise many new digital publications.

 

The New York Times first reported the sale.

 

Josh Jackson, the founding editor-in-chief of Paste and its president, told
the newspaper that "the idea of there not being a Jezebel right now just
didn't seem to make sense".

 

"When I found out it had been shuttered, I jumped at the opportunity to help
bring it back to life," he said in a statement to the BBC.

 

Terms of the all-cash deal for the brand - which does not currently have any
staff - were not disclosed.

 

"We need to hire an editor-in-chief and they need to hire great editors and
writers," Mr Jackson said. "We hope to start publishing new stories very,
very soon."

 

Paste also purchased Splinter, a political news site that G/O shut down in
2019.

 

The turmoil for Jezebel comes as changes in online advertising, where
spending is increasingly going to tech giants such as Amazon, Google and
Meta, have wreaked havoc on many media businesses, big and small.

 

Paste was founded by Mr Jackson with friends in the Atlanta area more than
two decades ago.

 

The magazine was acquired by Wolfgang, a music company in 2011, and is now
entirely digital.

 

"We've weathered all kinds of changes in the media landscape and we're still
here," Mr Jackson said.

 

"I'm confident we can be a stable home for Jezebel, a site that's averaged
more than three million users a month this year."-bbc

 

 

 

 

Amazon latest tech giant to announce AI chatbot

Amazon has become the latest tech giant to announce a chatbot powered by
artificial intelligence (AI).

 

It said that the bot, called Q, would help businesses to do things like
summarise long documents or group chats and would increase productivity.

 

It comes a year after OpenAI's bot ChatGPT shook the market, sparking a rush
among tech firms to adopt them.

 

Amazon also said it would protect companies from copyright issues arising
from the use of its bot.

 

It follows high-profile lawsuits brought against ChatGPT-maker OpenAI, over
claims that firms' copyright was infringed to train the system.

 

Amazon will hope that Q, which will gradually be rolled out across it main
business applications, will entice more companies to use its cloud computing
services.

 

The bot can also answer customer queries, generate charts, analyse data and
help businesses with their coding needs.

 

The race between tech giants to innovate in AI has been heating up, with
Microsoft considered to be leading the field after its big investment in
ChatGPT.

 

In September, Amazon said it would invest "up to $4bn [£3.2bn]" in
Anthropic, an AI firm set up by ex-OpenAI staff members. It also owns
Mechanical Turk, a service which crowdsources training of AI models.

 

 

As it launches Q, the company promised to protect businesses from copyright
claims, such as the lawsuit brought by comedian Sarah Silverman against
OpenAI and Facebook-owner Meta in July.

 

Ms Silverman, along with two other authors, claimed their books had been
"ingested and used to train ChatGPT", and that Meta's Llama AI system was
also using their work.

 

In November, a judge in the US dismissed much of Silverman's lawsuit.

 

However, other authors including Margaret Atwood and Philip Pullman have
also called on AI companies to compensate them for using their work.-bbc

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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