Major International Business Headlines Brief::: 02 October 2023

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Major International Business Headlines Brief:::  02 October 2023 

 


 

 


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

 


 

 


 

ü  South Africa: Transnet Fires Executives Over Inflated Straw Prices

ü  Nigeria: Tinubu Increases Six Months Allowance for Federal Civil Servants

ü  Kenya: Over 300,000 Jobs for Kenyans in Google, Intel, Apple

ü  Nigeria: CBN Under Emefiele Was 'Den of Malfeasance' - Tinubu

ü  Ethiopia: Ambassador Stresses Expanding Coffee Export to Japan

ü  Nigeria: New Monetary Policy Regime Will Benefit All Nigerians, Not Just
the Rich - Tinubu

ü  Nigeria: Labour Rejects Tinubu's N25,000 New Wage for Low Level Workers

ü  Nigerian Company Announces Reduction in Cement Price

ü  Nigeria: Years of Lost Economic Opportunities

ü  Uganda: Govt Starts Low Cost Sealing of Community Roads to Boost
Connectivity

ü  Nigeria: Tinubu Vows to Crush Terrorism, Poverty in Nigeria

ü  Kenya: Miraa is Not a Drug It's a Cash Crop Like Any Other - DP Gachagua

ü  Nigeria: Naira Appreciates At Forex Markets

ü  Kenya: Safaricom Picks New Company Secretary As Kathryne Maundu Resigns

ü  Aukus: UK defence giant BAE Systems wins £3.95bn submarine contract

ü  Golden Week: Chinese seek cheap wanderlust in economic gloom

ü  UAW strike: Car workers escalate action, clouding US economy

ü  Evergrande: Anxious Chinese home buyers reel from crisis

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Transnet Fires Executives
Over Inflated Straw Prices

Transnet, a South African state-owned freight transport and logistics
company, has fired two executives over a R33.8 million contract for
thousands of disposable straws. The executives inflated prices from 28 cents
to R29 per unit, reports News24. The scandal was uncovered by the Special
Investigation Unit (SIU), which found that the executives had awarded
contracts to three companies - Ramoyadi Air Conditioning, Ndzalo2 Trading,
and Eagles Ropes - to deliver hundreds of thousands of disposable straws.
The SIU discovered irregularities and a lack of transparency in the
procurement process. The implicated executives, Lerato Mekenete and Landela
Madubane, were dismissed, and their pensions were frozen following an
internal disciplinary process. The SIU's investigators also found that the
contracts were not awarded through a fair, transparent, and open public
tender process.

 

 

Power Utility Eskom CEO Search Continues  

 

The search for a new CEO for Eskom, South Africa's power utility, continues
following the departure of former CEO Andre de Ruyter earlier this year,
reports IOL. The question on how far along was the process of appointing a
new CEO was discussed during a media briefing by Electricity Minister Dr
Kgosientsho Ramokgopa on Sunday October 1. 2023. Ramokgopa said that
Minister of Public Enterprises, Pravin Gordhan, would be able to provide
more detail on the CEO appointment. A government communications officer told
journalists that only one out of 147 candidates in the global search was
recommended, but was later rejected by government. The board is now working
on finding new candidates.

 

Discovery Health Medical Scheme Cuts Medical Savings Accounts on Popular
Plans

 

Discovery Health Medical Scheme (DHMS) is reducing medical savings account
(MSA) allocations for its most popular plans, Classic Saver and Essential
Saver, by five percentage points in 2024 to keep contribution increases
under 4%, reports Moneyweb. This will result in significant reductions in
MSA balances for members, with some seeing cuts of up to 33%. For example, a
main member on the Classic Saver plan will see their MSA drop from R12,180
to R10,020 next year. DHMS defends these changes by saying they allow for
new benefits, such as virtual urgent healthcare and online cognitive
behavioral therapy while preventing contribution increases of 8% to 11%.
However, some members may face significant cost increases due to these
shifts, and they will need to carefully assess their options, Moneyweb says.

 

South African news

 

 

 

 

Nigeria: Tinubu Increases Six Months Allowance for Federal Civil Servants

PREMIUM TIMES reported how Mr Tinubu Sunday morning announced the monthly
payment of N25,000 allowance to junior civil servants.

 

President Bola Tinubu has increased the proposed monthly allowance for
federal civil servants from N25,000 to N35,000, an official has said.

 

The money is still to be paid monthly for six months.

 

The increment was announced in a statement by information minister Mohammed
Idris.

 

PREMIUM TIMES reported how Mr Tinubu Sunday morning announced the monthly
payment of N25,000 allowance to junior civil servants to cushion the effect
of the impact of petrol subsidy removal.

 

 

The president made the announcement in his Independence Day broadcast to
Nigerians, saying the allowance would be paid for six months.

 

However, after the announcement, a government delegation met with leaders of
labour unions where it was agreed that all civil servants should benefit
from allowance.

 

PREMIUM TIMES reported that the meeting was to convince the labour unions,
NLC and TUC, to shelve their planned nationwide strike scheduled to commence
Tuesday.

 

Mr Idris's late Sunday night statement, however, shows the monthly allowance
has now been increased to N35,000.

 

The increment was "following further consultations with the Federal
Government delegation that met with the leadership of the Nigeria Labour
Congress (NLC) and Trade Union Congress (TUC) earlier on Sunday," he said.

 

 

The labour unions are expected to announce today whether they will proceed
with the strike or suspend it.

 

Read the full statement by the minister below.

 

PRESS STATEMENT

 

PRESIDENT TINUBU APPROVES N35,000 PROVISIONAL WAGE AWARD FOR FG WORKERS

 

President Bola Tinubu has approved N35,000 provisional wage award for all
treasury-paid federal government workers for six months, following further
consultations with the Federal Government delegation that met with the
leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress
(TUC) earlier on Sunday.

 

It will be recalled that at the meeting between both parties, the Federal
Government pledged its commitment to fast-track the provision of Compressed
Natural Gas (CNG) buses to ease public transportation difficulties
associated with the removal of PMS subsidy.

 

 

The Federal Government also committed to the provision of funds for micro
and small-scale enterprises as well as waivers on VAT on diesel for the next
6 months.

 

Furthermore, the Federal Government announced that it will commence payment
of N75,000 to 15 million households at N25,000 per month, for a three-month
period from October-December 2023.

 

MEETING HIGHLIGHTS:

 

In light of the discussions held during the meeting between the Federal
Government and Labour representatives, the following were the major
highlights:

 

i) The Federal Government urged the Labour unions not to embark on strike
action as the issues in dispute can only be resolved when workers are at
work.

 

ii) Labour Unions made case for higher wage award.

 

iii) A sub-committee to be constituted to work out the details of
implementation of all items regarding government interventions to cushion
the effect of fuel subsidy removal.

 

iv) The lingering matter of Road Transport Employees Association of Nigeria
(RTEAN) and National Union of Road Transport Workers (NURTW) in Lagos State
needs to be addressed urgently.

 

v.) NLC and TUC will consider the offers by the Federal Government with a
view to suspending the planned strike to allow for further consultations on
the implementation of the resolutions above.

 

Governor Abdulrazak Abdulrahman of Kwara State and Chairman of the Nigeria
Governors Forum (NGF) and Governor Dapo Abiodun of Ogun State, participated
virtually in the meeting, chaired by the Chief of Staff to the President,
Femi Gbajabiamila.

 

Close

Also in attendance were the Minister of Finance and Coordinating Minister of
the Economy, Wale Edun, the Minister of Information and National
Orientation, Mohammed Idris, the Minister of Labour and Employment, Simon
Lalong, the Minister of State, Labour, Nkeiruka Onyejeocha, the Minister of
Budget and Economic Planning, Abubakar Atiku Bagudu, the Minister of
Humanitarian Affairs and Poverty Alleviation, Betta Edu, the Minister of
Industry, Trade and Investment, Doris Uzoka-Anite, the Head of Service of
the Federation, Dr. Folasade Yemi-Esan and the National Security Adviser
(NSA), Mallam Nuhu Ribadu.

 

The labour delegation was led by NLC President, Joe Ajaero, Dr Tommy Etim
Okon, Deputy President, TUC, NLC General Secretary, Emma Ugboaja, TUC
General Secretary, Nuhu Toro, among others.

 

Mallam Mohammed Idris

 

Minister of Information and National Orientation

 

October 1, 2023

 

-Premium Times.

 

 

 

 

Kenya: Over 300,000 Jobs for Kenyans in Google, Intel, Apple

Nairobi — President William Ruto has disclosed that foreign digital
companies have expressed interest in hiring nearly 300,000 employees for
their digital industries.

 

President Ruto, speaking during a church service in Nairobi's Langata area,
stated that the government has successfully secured employment opportunities
for Kenyan citizens in various companies, including Google, Intel, and
Apple.

 

"We have engaged in negotiations with multiple companies. During my visit to
the United States, I toured Google, Intel, and Apple, and they are actively
seeking Kenyan youth to work in the digital sector," he remarked.

 

The head of state emphasized that the government is currently in the process
of establishing Information, Communication, and Technology (ICT) hubs in
every ward to provide training for young Kenyans, equipping them with the
necessary skills for positions overseas.

 

"We are committed to constructing ICT hubs in every ward across Kenya,
equipped with computers and other essential facilities, with the goal of
facilitating employment for 300,400, or even 500 young people in the digital
sector," the president added.

 

In a move to enhance digital opportunities for the nation's youth, the
government, through the Ministry of ICT, has recently initiated the
provision of free Wi-Fi hotspots.

 

-Capital FM.

 

 

 

 

Nigeria: CBN Under Emefiele Was 'Den of Malfeasance' - Tinubu

Mr Tinubu in a broadcast to mark the country's 63rd Independence Anniversary
said he has started the housecleaning and has appointed a new leadership for
the bank.

 

Nigeria's central bank had become a 'den of malfeasance' that needed a
'thorough housecleaning,' President Bola Tinubu said Sunday.

 

Mr Tinubu in a broadcast to mark the country's 63rd Independence Anniversary
said he has started the housecleaning and has appointed a new leadership for
the bank.

 

"I pledged a thorough housecleaning of the den of malfeasance the CBN had
become. That housecleaning is well underway. A new leadership for the
Central Bank has been constituted," he said. "Also, my special investigator
will soon present his findings on past lapses and how to prevent similar
reoccurrences. Henceforth, monetary policy shall be for the benefit of all
and not the exclusive province of the powerful and wealthy."

 

PREMIUM TIMES reported that Mr Tinubu recently appointed Yemi Cardoso as the
new CBN governor after the controversial removal of Godwin Emefiele.

 

Mr Cardoso's appointment has since been confirmed by the Senate.

 

Details later...

 

-Premium Times.

 

 

 

 

Ethiopia: Ambassador Stresses Expanding Coffee Export to Japan

Ethiopian coffee association, coffee growers and trade societies should play
a significant role to expand coffee export to Japan and other countries
thereby becoming more competitive in the sector internationally, so stressed
Ambassador Daba Debele.

 

Coffee is the highest source of foreign currency earnings in the country.
Thus, besides government institutions, the role of Ethiopian coffee
association, coffee growers and exporters is crucial.

 

The Ambassador made the above statements during the discussion held on the
lessons drawn from the expo at the Embassy following the conclusion of World
Specialty Coffee Conference and Exhibition 2023.

 

Appreciating Embassy's effort, Ethiopian Coffee Association President
Desalegne Jenna, urged concerned bodies to come together and join force with
the embassy to properly utilize the coffee sector.

 

During the 2023 expo, the Ethiopian Coffee Association, along with the
Embassy and coffee exporters and growers has conducted showcased a variety
of Ethiopian specialty coffee beans, as well as Ethiopian Coffee Ceremony
supported with visual and video explanation.

 

Over 45 Ethiopian coffee growers and exporters took part at the event which
is organized by the Specialty Coffee Association of Japan (SCAJ) while some
45,000 participants, coffee growers, exporters, importers and processors
worldwide participated at the event.

 

Ambassador Daba held fruitful discussion with Deputy President of JETRO,
Kazuya Nakajo about ways of enhancing coffee trade between the two
countries.

 

Besides promoting Ethiopian coffee, side discussions were also held with
representatives from Marubeni, Mitsui and Co Ltd as well as Japanese high
level coffee growers, exporters aiming at improving coffee export to Japan.

 

-Ethiopian Herald.

 

 

 

 

Nigeria: New Monetary Policy Regime Will Benefit All Nigerians, Not Just the
Rich - Tinubu

"Reform may be painful, but it is what greatness and the future require,"
President Tinubu said.

 

Nigeria's monetary policy regime was once tilted in favour of the elites but
will onwards be fair to all, President Bola Tinubu told the nation Sunday
morning in a televised speech marking Nigeria's 63rd Independence
Anniversary.

 

"Henceforth monetary policy shall be to the benefit of all, not to the
exclusive province of the powerful and the wealthy," he affirmed while
talking about the clean-up of the Central Bank of Nigeria (CBN), where a
recent shake-up sacked the bank's entire leadership.

 

 

Since assuming office, President Tinubu has implemented many reforms
targeting one of the most comprehensive revamp of Nigeria's foreign exchange
system to date.

 

Apart from rejigging the CBN's top hierarchy, he has introduced a series of
measures to allow the official exchange rate of the naira to the dollar and
other major currencies to weaken to a level that placed it close to the
parallel market rate.

 

But that drive, even though crucial to attracting foreign investors, has
brought more agony, as the gulf between the two rates, which closed up
briefly in June, has widened further to the detriment of dollar users,
particularly import-dependent manufacturers.

 

The official exchange rate, 461 to a dollar on the day of the president's
inauguration, stood at 776 at market close on Friday, meaning the naira has
depreciated by 68.3 per cent in the past four months, making it Africa's
worst-performing currency as tracked by Bloomberg.

 

 

The gap between the official rate and the black market rate has widened by
29.4 per cent ever since the two attained convergence in June with the
dollar exchanging for as high as 1004 on the street on Friday.

 

"Those who sought to perpetuate the fuel subsidy and broken foreign exchange
policies are people who would build their family mansion in the middle of a
swamp," President Tinubu said.

 

The CBN under Godwin Emefiele, which he described as "a den of malfeasance,"
ran multiple exchange rates that put the naira in danger of speculation and
round-tripping, while also exposing it to other vulnerabilities.

 

Yemi Cardoso, the new central bank chief, has promised to run an
evidence-based monetary system, sanitise the system and enforce discipline.

 

Nigeria is in a drive to clear an overhang of $6.8 billion obligations,
which has spooked the naira, stifled activity in the foreign exchange
market, and staunched the flow of the much-needed dollar supply the market
needs to trade seamlessly.

 

The Central Bank of Nigeria has a duty to address that urgency immediately
to regain confidence, Mr Cardoso told the Senate on Tuesday at his
screening.

 

Afrexim Bank is engaging oil traders on behalf of the Nigerian government to
finance a $3 billion loan that will help strengthen the naira.

 

-Premium Times.

 

 

 

 

Nigeria: Labour Rejects Tinubu's N25,000 New Wage for Low Level Workers

The Organised Labour has firmly rejected President Bola Tinubu's proposed
N25,000 provisional wage increase aimed at mitigating the impact of the
recent removal of petrol subsidy.

 

During a crucial meeting with the Federal Government team held at the
Permanent Conference Room in the Presidential Villa, Abuja on Sunday, the
Labour representatives voiced their disapproval of the proposed wage
increment.

 

LEADERSHIP reports that President Tinubu had in his maiden Independence Day
Anniversary address to Nigerians on Sunday announced a N25,000 provisional
wage for low level public workers.

 

But, the workers' Unions objected, saying instead, they demanded that the
wage be set at 100 per cent of the current minimum wage.

 

Furthermore, the Labour unions insisted that the provisional wage increase
should be applicable to all workers, not limited to a mere six months, but
rather extended until the approval of a new minimum wage next year.

 

Additionally, organised Labour called for an increase in the Conditional
Cash Transfer program, advocating for the amount to be raised to N25,000 as
opposed to the N5,000 previously disbursed by the previous administration.

 

Details Later...

 

-Leadership.

 

 

 

 

Nigerian Company Announces Reduction in Cement Price

The company said it would review the reduced prices further.

 

A Nigerian cement production company, BUA Cement Plc, has announced a
reduction in the price of the commodity.

 

AbdulSamad Rabiu, the chairperson of BUA cement Plc, last month, said the
company was considering a plan to reduce the price of cement upon completion
of its new lines by the end of 2023.

 

Mr Rabiu had explained that the planned reduction was part of efforts to
support the Nigerian government's quest to alleviate the suffering of
Nigerians.

 

New price

 

 

In a statement on Sunday evening, the company's management said it had now
decided to bring the "price reduction forward" in fulfilment of the pledge.

 

The reduction would now take effect from 2 October, according to the
statement which was posted on the firm's official Facebook page.

 

"As a result, BUA Cement would now be sold at an ex-factory price N3,500 per
bag so that Nigerians can begin to enjoy the benefits of the price reduction
before the completion of our plants," the company said.

 

Before now, BUA cement was sold at between N5,000 and N5,500 per bag in open
markets across the country.

 

Several Nigerians on various social media platforms have expressed their
excitement over the development.

 

More on the way

 

The BUA Cement Plc hinted that it intends to review the reduced prices
further in line with their earlier pronouncements.

 

The company said the further review would take place upon completion of
ongoing construction of its new plants which would increase the company's
production volumes to 17 million metric tonnes per annum.

 

"All pending, undelivered orders which had been paid for at the old prices
will be reviewed downwards to N3,500 per bag in line with the new pricing
from October 2, 2023," it said.

 

"Our licensed dealers are also enjoined to ensure that end users benefit
from this reduction in ex-factory prices as we will monitor field sales to
ensure compliance."

 

-Premium Times.

 

 

 

 

Nigeria: Years of Lost Economic Opportunities

Nigeria's history, especially since independence in 1960, has been
characterised by years of missed opportunities and the attendant shock on
the economy.

 

Analysts said Nigerians are currently paying the price of the failure of
successive administrations to take advantage of the immense opportunities
that presented themselves at the dawn of Nigeria's independence from Britain
in 1960.

 

Oil discovery has become Nigeria's developmental Achilles' heel. This is
because more than six decades after independence and despite the huge human
and natural resources available in the country, Nigeria remains one of the
poorest countries in the world. The country has evolved into one of the
least economically diversified countries because of her pathological
dependence on oil export earnings.

 

 

Oil dependence is said to have led to the underdevelopment of manufacturing
capacity for industrial exports, and export of processed agricultural goods.
The oil sector has not significantly improved the well-being of Nigerians.
Non-oil sectors lead to vastly more employment opportunities than the oil
sector and their economic activities contributed approximately 93 per cent
of GDP in 2020.

 

Unfortunately, despite the contributions of agricultural produce like cocoa,
groundnut, and palm oil to Nigeria's economy and their potential to do
better through higher production, value chain development, local
consumption, and export, this subsector of agriculture has remained
neglected and underutilised.

 

Economic analysts are still befuddled by the undesirable transition from a
country with overwhelming economic potential on the back of agricultural
produce, rich mineral resources, productive youth population, and culture of
discipline at independence, to a mono-economy and the progressive erosion of
the nation's economic potential.

 

 

"Looking back to the 1960s, Nigeria was the second largest producer of cocoa
and highest source of FX before investments in the oil sector. Consistently,
cocoa became the second highest source of FX for the country," Adeola
Adegoke, president of the Cocoa Farmers Association of Nigeria (CFAN), said.

 

Over 50 per cent of all exports in the 1970s and over 60 per cent in 1980
were made up of cocoa. But as time went on, its share steadily decreased,
falling from 49 per cent in 1989 to 22 per cent in 1998. In 2010, cocoa
production accounted for only 0.3 per cent of agricultural GDP.

 

Groundnut, another agricultural produce, sustained the economy through
revenue from exports to both foreign and local markets during the
agricultural boom. The groundnut pyramids were the pillar of the northern
economy and they were also a spectacle as they towered high to a point
higher than most buildings in Kano City.

 

 

In the 1980s, groundnut production in Nigeria nosedived and what was left of
the famous groundnut pyramids in Kano were only stories.

 

Unfortunately, palm oil, another revenue earner at independence was not
spared of the fate that befell cocoa and groundnut trade as the obsession
with crude oil dampened enthusiasm for palm oil production, especially after
independence. The same fate befell other agricultural produce, especially in
the 1980s when rural-urban migration shook the foundation of Nigeria's
agriculture.

 

Most of the development initiatives introduced by successive administrations
could not redeem the situation as most of them were described as half
measures. Such policies include former President Shehu Shagari's Green
Revolution and Olusegun Obasanjo's Operation Feed the Nation. Former
President Muhammadu Buhari's notable agricultural policies include the
Agriculture Promotion Policy (APP), Nigeria-Africa Trade and Investment
Promotion Programme (NATIPP), Presidential Economic Diversification
Initiative (PEDI), Zero Reject Initiative, Economic and Export Promotion
Incentives, National Agricultural Technology and Innovation Policy (NATIP)
and the Food Security Council, among others.

 

Former President Goodluck Jonathan introduced Incentive-Based Risk Sharing
Systems for Agricultural Lending (NIRSAL) through the Central Bank of
Nigeria (CBN).

 

Nigeria's once-thriving palm oil industry is often cited as one of the most
miserably failed economic opportunities in the country. As palm oil found
wider use in food processing and industry, global demand for the commodity
surged. By 1982, worldwide palm oil exports had grown to a staggering
2,400,000 million tonnes per annum.

 

For most of this period, Nigeria held centre stage as one of the largest
producers and exporters of palm oil, accounting for more than 40 per cent of
global output in the 1950s. At the time of the country's independence from
British colonial rule in 1960, palm oil contributed 82 per cent of national
export revenue.

 

However, the oil boom of the mid-seventies and the subsequent decline of
farming proved catastrophic to the sector. By the end of the 20th century,
the Nigerian palm oil harvest had dwindled to just seven per cent of global
production. More embarrassingly, the once-largest exporter had turned into a
net importer of palm oil, sourcing 180,000 MT of the commodity from
international markets to meet local demand.

 

The Nigerian economy for decades has been largely dependent on oil as its
main source of revenue, despite several policies, measures and efforts that
were put in place to rectify the situation by diversifying into other
sources of income.

 

Despite contributing more than 80 per cent of the country's revenue as well
as foreign exchange earnings, the oil sector's contribution to Gross
Domestic Product is minuscule. According to the GDP report, the oil sector
contributed 6.21 per cent to the total real GDP in Q1 2023, down from the
figure recorded in the corresponding period of 2022 and up from the
preceding quarter, where it contributed 6.63 per cent and 4.34 per cent,
respectively.

 

 

Apart from its distraction from other sources of revenue, crude oil
production is also a source of security and environmental problems in the
country with huge amounts of money earmarked for pipeline monitoring and
compensation for environmental degradation caused by oil mining in the Niger
Delta region.

 

The easy revenue provided by oil has also encouraged some sub-national
governments to pay much attention to other sources of revenue in their
states and that is why apart from Lagos and Ogun states, no other states can
survive without the monthly revenue allocation to all tiers of government.
This is said to be a contributory factor to the scourge of unemployment and
infrastructural decay in the country.

 

Among other measures put in place to stabilise the economy, the Structural
Adjustment Programme (SAP) introduced by former President Ibrahim Babangida
liberalised trade and encouraged privatisation and exports. But it also
ushered in unbridled importation of cheap and sub-standard products. Local
manufacturers could not compete partly because of the high cost of
production and the influx of cheap goods. Also, there was no protection for
infant industries.

 

The result of policy flip-flops was a fall in the growth rate of the
manufacturing input. The Nigerian industrial sector is also littered with
the carcasses of collapsed industrial estates in places like Lagos, Ibadan,
Kano, Port Harcourt, among others.

 

For instance, many of the major industrial areas have been converted to
other uses or completely abandoned.

 

Confirming the sustained closure of operations, the Manufacturers
Association of Nigeria (MAN) said in 2009 that 839 firms shut down that
year. As disclosed on the floor of the Senate last Tuesday, 370 firms have
closed down in the past year. Today, manufacturers complain of issues like
multiple taxation, the falling rate of the rate of naira and the attendant
scarcity of foreign exchange, insecurity, energy crisis, inflation, and
policy inconsistencies among others.

 

Perhaps, one of the greatest problems affecting virtually all sectors of the
economy from Independence to date is the inadequacy of power supply which is
blamed for the slowing down of the economy and collapse of many businesses.

 

On June 9, 2023, Nigeria adopted the Electricity Act 2023, which repealed
the Electricity and Power Sector Reform Act of 2005. This effort has however
failed to inspire hope in the economy as the lack of capacity of the current
arrangement is worsened by the regular collapse of the power grid, a
situation that has continued to compel homes and businesses to rely on
generators.

 

-This Day.

 

 

 

 

Uganda: Govt Starts Low Cost Sealing of Community Roads to Boost
Connectivity

The Ministry of Works and Transport has initiated a transformative plan to
upgrade community roads across the country using low-cost sealing methods.

 

This strategic move is aimed at enhancing connectivity and access to
business opportunities while remaining cost-effective.

 

The announcement was made as Vice President Jessica Alupo visited several
roads in Katakwi District to commission the commencement of road
construction projects utilizing low-cost sealing techniques.

 

According to Alupo ,the country is set to benefit from this development by
providing much-needed relief to communities that have for long grappled with
poor road networks.

 

 

Musa Ecweru, the State Minister For Works And Transport said that as part of
this ambitious project in Katakwi, four vital roads linking different
sub-counties and ferry services will undergo improvement.

 

He said, additionally, plans are in place to enhance water transport
services, further facilitating the movement of goods and people in the
country including katakwi.

 

In Getom subcounty, Katakwi the Vice president has already commissioned road
works of 7km low cost sealing of Getom- Toroma road which will be woked on
by CME Enterprise Limited in period of one year at a cost of shs 1.9billion.

 

District authorities say as construction work begins, communities eagerly
anticipate the transformation of their road network as the future looks
brighter for those who have long awaited improved connectivity, economic
opportunities, and enhanced access to vital services.

 

The impact of these developments cannot be overstated, particularly for the
local residents who have endured the challenges posed by inadequate road
infrastructure for far too long.

 

Poor road network has hindered their ability to transport produce to market
areas, stifling economic opportunities and progress.

 

Emmanuel Twinobaze, the assistant commissioner in charge of roads said by
embracing low-cost sealing technologies, the government aims to provide a
sustainable solution to these long-standing issues.

 

This approach not only offers an affordable means of upgrading roads but
also ensures durability and longevity.

 

As construction work begins and communities eagerly anticipate the
transformation of their road network,they say the future looks brighter for
those who have long awaited improved connectivity, economic opportunities,
and enhanced access to vital services.

 

 

 

 

Nigeria: Tinubu Vows to Crush Terrorism, Poverty in Nigeria

Kaduna — President Bola Ahmed Tinubu, yesterday reiterated his
administration's commitment to eliminating poverty, terrorism and all forms
of criminality in Nigeria.

 

He said this in an address delivered during the passing-out parade of cadets
of the 70 Regular Course, Direct Short Service Course 27 (Army) and Direct
Short Service Course 31 (Air Force) of the Nigerian Defence Academy in
Kaduna.

 

President Tinubu, who was represented by Vice President Kashim Shettima,
said the administration was currently implementing programmes and policies
that would empower Nigerians to combat the challenges of poverty,
criminality and terrorism.

 

He said his government had embarked on a new era in the country's national
defence and security strategy.

 

This, he said, would be driven by a resolute commitment to confront the
substantial threats and challenges within the West African sub-region.

 

The president noted that in tackling the poverty inflicted on Nigerians by
activities of terror groups, he would treat every region equally and give
them a sense of belonging in his government.

 

-Daily Trust.

 

 

 

 

Kenya: Miraa is Not a Drug It's a Cash Crop Like Any Other - DP Gachagua

Meru — Deputy President Rigathi Gachagua has reiterated that the government
is committed to resolving challenges affecting miraa Farmers.

 

White attending church service at Methodist church of Kenya in Kaelo,Meru
county Gachagua has called on The National Authority for the Campaign
Against Alcohol and Drug Abuse (NACADA) ,for classifying Miraa as drugs.

 

"We want to tell NACADA that Miraa is not a drug it's a cash crop like any
other those saying Miraa is a drug are enemies of the Meru Community,"
Gachagua said adding that the same reforms being made in coffee sector will
also be prioritized for Miraa crop.

 

 

Gachagua stated that President William Ruto will honor his government
commitments to boost the sector by securing a ready market for Miraa across
the country's borders.

 

Gachagua also assured coffee farmers that the new reforms introduced by the
government to streamline the sector will not be stopped.

 

"I want to assure our coffee farmers that the reforms we started cannot be
stopped! The reforms started in 2019 but were suspended by the previous
regime. We want to tell coffee cartels that they will not succeed this time
round," he said.

 

According to Gachagua, cartels exploiting farmers in the coffee sector are
working with leaders in government by creating artificial crisis urging that
they will be eliminated through the new reforms.

 

"The journey to liberate our coffee farmers is a difficult one but it will
be done. The darkest hour is just before dawn, we are almost there, "He
stated, adding that the government is putting measures to eliminate brokers
for coffee to be bought directly from the farmers.

 

-Capital FM.

 

 

 

 

Nigeria: Naira Appreciates At Forex Markets

The naira strengthened marginally against the dollar at the official market
to close at N755.27/$1 on Friday

 

Naira gained slightly against the United States dollars at the official
market on Friday, data posted on the FMDQ website where official rates are
collated showed.

 

According to the data, the local currency closed at the spot market window
at N755.27 per $1 on Friday. The rate implies a N20.04 or 2.6 per cent
appreciation from N775.31 per $1 recorded in the previous session on
Thursday.

 

The dollar experienced an intra-day high of N700.00 and slipped to a low of
N799.90 on Friday before it eventually closed at N755.27, the data revealed.

 

 

Within the business period, forex turnover plummeted by 12 per cent ($127.82
million) as against $144.55 million posted in the previous market session on
Thursday.

 

Meanwhile, the naira maintained stability at the parallel market on Friday,
data posted on AbokiFX, a website that collates the parallel market rate in
Lagos, showed.

 

According to the data published, the naira was exchanged at the Black market
segment on Friday at N1000 per dollar and sold at N1008 per $1 amidst
scarcity and soaring demand for the greenback currency.

 

At the Abuja street market, currency dealers said they exchanged the dollar
at N993.00 per $1 on Friday as against N997.00 it was exchanged for on
Thursday.

 

"The government is not giving dollars, that is why the dollar is scarce," a
vendor at Wuse Zone 4, Abuja, who gave his name as Aliyu told PREMIUM TIMES
in an interview Friday evening.

 

Mr Aliyu said the dollar was scarce because people were buying the dollars
and hoarding them, and that they will be brought out to resell when the
currency appreciates.

 

"We are only recycling the dollar you are seeing in the market. No new
dollar is in circulation as we speak," the trader said.

 

-Premium Times.

 

 

 

 

Kenya: Safaricom Picks New Company Secretary As Kathryne Maundu Resigns

Nairobi — Linda Mesa Wambani will, from tomorrow, be the new Safaricom
Company Secretary following the resignation of Kathryne Maundu.

 

The firm's board, however, says that Wambani's selection is subject to
regulatory approval.

 

 

With over 19 years of experience in the legal field, Wambani is the current
Senior Legal Counsel at Safaricom, where she provides legal and corporate
governance support.

 

Before Safaricom, she was a commercial and litigation lawyer at Dentons
Hamilton Harrison & Mathews.

 

 

She holds a Bachelor of Law degree from the University of Nairobi as well as
a Master of Business Administration in Strategic Management from the USIU.

 

On the other hand, Maundu leaves after serving in the position for over
seven years.

 

"The Board takes this opportunity to thank Kathryne for her dedicated work,
sound advice and commitment to Safaricom over the years, and wishes her the
very best for the future," the telco said.

 

-Capital FM.

 

 

 

Aukus: UK defence giant BAE Systems wins £3.95bn submarine contract

Britain's biggest defence firm, BAE Systems, has won a £3.95bn ($4.82bn)
contract to build a new generation of submarines as the security pact
between the US, UK and Australia moves ahead.

 

In March, the three countries announced details of the so-called Aukus pact
to provide Australia with nuclear-powered attack submarines by the late
2030s.

 

The pact aims to counter China's ambitions in the Indo-Pacific region.

 

Beijing has strongly criticised the three countries over the deal.

 

"We're incredibly proud of our role in the delivery of this vitally
important, tri-nation submarine programme," BAE Systems Chief Executive
Charles Woodburn said.

 

BAE said the funding will pay for development work to 2028, with
manufacturing of the vessels expected to start towards the end of this
decade.

 

Allies unveil new details of nuclear submarine deal

The first SSN-Aukus submarine is scheduled to be delivered in the late
2030s.

 

Both the UK and Australia will use the SSN-Aukus submarines, which will be
based on a British design.

 

"This multi-billion-pound investment in the Aukus submarine programme will
help deliver the long term hunter-killer submarine capabilities the UK needs
to maintain our strategic advantage and secure our leading place in a
contested global order," UK defence minister Grant Shapps said as the
Conservative party conference got underway in Manchester.

 

BAE said the SSN-Aukus will be the biggest, most powerful and advanced
attack submarine ever operated by the Royal Navy and will eventually replace
the Astute class, which it builds at its site in Barrow-in-Furness, Cumbria.

 

The agreement will provide decades of work at the Barrow-in-Furness
shipyard, where it employs more than 10,000 people.

 

The company said the deal will also fund significant investment at the site,
investment in its supply chain and recruitment of more than 5,000 workers.

 

BAE employs 39,600 people in the UK and has a global workforce totalling
more than 93,000, according to the company's website.

 

Other major UK defence contractors are also getting a boost from the Aukus
deal.

 

In March, it was confirmed that Rolls-Royce Submarines would provide all the
nuclear reactor plants that will power the SSN-Aukus vessels.

 

In June, Rolls-Royce said it would almost double the size of its Raynesway
facility in Derby as a result of the deal. On Sunday, Babcock International,
which maintains and supports the UK's submarines, said it had signed a
five-year deal with the Ministry of Defence to work on the SSN-Aukus design.

 

The Aukus security alliance - which was first announced in September 2021 -
has repeatedly drawn criticism from China.

 

However, the three Western countries say the deal is aimed at shoring up
stability in the Indo-Pacific.-bbc

 

 

 

 

Golden Week: Chinese seek cheap wanderlust in economic gloom

China's gloomy economy has not dampened its people's wanderlust.

 

It is seeing record travel for the annual "Golden Week" holiday despite slow
growth, high youth unemployment and a property market in crisis.

 

More than 21 million people will fly during the 10-day break, which began on
Friday, according to China's civil aviation regulator.

 

That includes 14,000 domestic flights a day as young Chinese on a shoestring
budget look to explore closer to home.

 

This Golden Week - where the annual mid-autumn festival happened to coincide
with National Day celebrations - has turned into the year's longest break.
It's the second Golden Week holiday this year, following a shorter break in
May. But with China's economy showing no major sings of recovery since then,
businesses are hopeful but wary.

 

And travellers are tightening their purse strings - young Chinese, who are
eager to kick off more "revenge travel" after prolonged Covid-19 lockdowns,
have been taking to social media to swap advice on how to make the most of
the holiday.

 

Gaoyang, for instance, said he plans to cover nine Chinese cities, clocking
6000km between all of them, in just eight days. He considers himself a
"special forces traveller", a term for roughing it out so you can run
through a packed yet cheap holiday schedule. Gaoyang's itinerary involves
scaling four mountains.

 

Others have flooded their feeds with hour-by-hour itineraries, detailed
breakdowns of their budget and recommendations for affordable places to eat.
A hashtag challenging people to "trek from China's south to north" was
widely discussed on Weibo while other popular topics included "budget
travel" and "traveling on a whim".

 

Burnt out or jobless - meet China's 'full-time children'

The memes that lay bare China's youth disillusionment

Millions swarm China's sudden 'barbecue capital'

China's national railway said it plans to run 12,000-odd trains each day
over the holiday - a 20% jump on an average day otherwise - to meet the
increased demand. Domestic travel bookings - for air and train tickets,
hotel reservations and tour packages - for Golden Week surged by 88%
compared to the previous week, said online travel agency Trip.com. And they
are up by more than four times compared to the same period last year.

 

Top domestic destinations include Beijing, Shanghai, Chengdu and Hangzhou,
which is currently hosting the Asian Games. Cities in the northwest, known
for their scenic autumn landscapes, like Burqin and Urumqi in Xinjiang are
also expecting more tourists, according to Trip.com.

 

But the average spend per traveller may not stack up against the increased
traffic, warns Gary Bowerman, director of travel marketing firm Check-in
Asia. He said the spends had been lower than forecast during the last Golden
Week break in May when domestic travel had rebounded to pre-pandemic levels.

 

Passengers travel at Nanjing South Railway Station in Nanjing, East China's
Jiangsu province, Sept 28, 2023.

 

Local businesses that are vying for tourism dollars seem well aware of
shrunken budgets. Some travel agencies are promoting "pure fun, no shopping"
group tours to assure prospective customers that there are no hidden costs.
Chinese food delivery and e-commerce app Dianping is encouraging people to
take a nationwide food tour: "The motherland is so big, let's go eat," reads
the tagline on one of its pages on Weibo.

 

But the deals haven't tempted some, such as public relations executive
Sally. The 30-year-old says she decided to stay put this Golden Week,
instead taking only a day-trip with her friends to the outskirts of Beijing,
where she lives.

 

"There is so much to see and explore within China. Of course we all want to
enjoy ourselves, but the thought of spending money and the guilt that comes
with it doesn't interest me," she said.

 

But on the whole, otherwise cautious consumers appear to be willing to
splurge on one-time expenses like travel, said Steve Saxon, who leads
consulting firm McKinsey's travel practice in Asia. While domestic travel is
certainly a boost for the sluggish economy, he said it's not yet clear
whether this is still the result of "pent-up demand because of travel
restrictions" that had been in place for three years, or if the "demand will
be long-lasting".

 

This is also the first long holiday since China ended restrictions on people
travelling outside of the country - it lifted a ban on group tours to more
than 70 countries in August.

 

Tourists visit the Hongya Cave scenic spot during the Mid-Autumn Festival
and National Day holiday on September 30, 2023 in Chongqing, China.

 

Popular spots in China such as the Hongya Cave have seen a huge numbers of
tourists

Most people still have some reservations about travelling out of China, with
data from travel analytics firm ForwardKeys showing outbound travels down
40% when compared with 2019.

 

But momentum seems to be picking up, with Malaysia, Thailand, and South
Korea expected to see a larger number of Chinese tourists this week compared
with Golden Week in 2019.

 

"I wanted to go somewhere abroad because anywhere in China would be so, so
crowded," says journalist Yucca Yu who has planned an eight-day trip to
Malaysia, which includes hiking up the country's highest mountain, Mount
Kinabalu. He said he picked South East Asia because he didn't want to spend
"too much" on flights.

 

"I guess people like me are still 'revenge travelling' because I haven't
travelled abroad for leisure in years," he added.

 

"I will have to save up in other aspects of life - living in poverty but
travelling richly."-bbc

 

 

 

 

UAW strike: Car workers escalate action, clouding US economy

The United Auto Workers (UAW) union is expanding a strike at some of
America's biggest car firms, sending the row over pay and benefits into its
third week.

 

Union boss Shawn Fain said 7,000 more staff at Ford and General Motors
factories are set to walk off the job.

 

The latest action did not target Stellantis, reflecting new momentum in
those talks, he said.

 

Roughly 18,000 workers were already on strike in a dispute that has cast a
cloud over the US economy.

 

US President Joe Biden and former President Donald Trump, who is running for
re-election, both visited the Detroit area this week to address the issue,
which comes as labour tensions simmer across the country.

 

The union opened talks seeking a roughly 40% rise in pay over four years and
an end to practices that give newer hires lower pay and fewer benefits,
among other demands.

 

The companies have maintained that the union's requests would hurt their
ability to invest in the long term. They have countered with a roughly 20%
pay increase and some other concessions.

 

On the picket line in Michigan this week, many workers said they were ready
for an extended fight.

 

"People are fed up. We want there to be a middle class," said Emily Yettaw,
who has worked at GM for 17 years. "They're making billions in profit and we
deserve better."

 

The union, which represents 146,000 workers at the three companies, has been
slowly ratcheting up pressure on the car makers to strike a deal since
labour contracts expired on 14 September.

 

The latest action expands the work stoppages to a Ford factory in Chicago
that makes Explorers, and a GM factory in Michigan which makes large
crossover SUVs such as the Chevrolet Traverse and Buick Enclave.

 

The union's prior targets included 38 facilities that distribute parts to
dealers and three factories - one at each company.

 

In a message to employees, General Motors said "calling more strikes is just
for the headlines, not real progress".

 

The company said it had not received a "comprehensive" reply since it put
forward a proposal on 21 September. It said that offer provided workers with
"historic wage increases and job security while not jeopardizing our
future".

 

"We continue to stand ready and willing to negotiate in good faith to reach
an agreement that benefits you and doesn't let the non-union manufacturers
win," said Gerald Johnson, executive vice president for global
manufacturing.

 

The economic impact of the action remains limited, but is building. In just
its first week, the stand-off had led to an estimated $1.6bn (£1.3bn) in
economic losses, including more than $100m (£81m) in lost wages - a cost
that is weighing on local economies.

 

Jennifer Romero owns the Karma Coffee & Kitchen in Wayne, Michigan. Her
shop, with a flier in the window supporting the strike, is located just down
the road from a closed Ford factory. Jennifer says sales have been
noticeably slow at her store.

 

"Our neighbourhood is mostly blue collar workers," she said. "If they're not
working, they're not spending money and if they're not spending money, we're
not making money."

 

For the car companies, which are facing heavy investment costs and intense
competition as the industry ramps up production of electric cars, the timing
of the dispute "could not be worse", said Wall Street analyst Dan Ives of
Wedbush Securities.

 

"This UAW debacle strike trajectory is like watching a slow moving car crash
take place on black ice," he wrote in a note on Friday.

 

"This is a defining period for Detroit and the future of the auto industry
as we firmly believe that if GM, Ford, Stellantis accept anything close to
the deal on the table the future will be very bleak for the US auto
industry."

 

For now, workers on the picket line in the Detroit area this week said they
remained committed to the fight, despite the loss of income for many that
will come from receiving just $500 (£410) in strike pay a week.

 

"It's ramen noodles and mac and cheese time," GM workers in Ypsilanti joked.
"No more Red Lobster."

 

"I don't think anybody is scared to be out here," added Kemi Hooker, 53, who
has worked for GM for 24 years. "We'll do what it takes".

 

 

 

 

Evergrande: Anxious Chinese home buyers reel from crisis

"When I think about it, I cry," says Mrs Guo about the home she had bought.
"It's hard, and I feel sorry for my son and myself."

 

In 2021, just months before the Chinese property giant Evergrande showed the
first signs of crisis, Guo Tianran (whose name has been changed on request)
and her husband bought an apartment off-plan for their only child from the
top-selling developer.

 

The couple, nearing their 60s, had scrimped to afford the $30,000 (£24,500)
down payment on the yet-to-be-built flat. They bit the bullet in pledging to
use 75% of their income to pay for the mortgage.

 

"We wanted to help our son, to give him a place to start out on once he
graduates from college," Mrs Guo told the BBC earlier this month. But just
months after their purchase, Evergrande's facade began to crack.

 

In Henan, the central Chinese province where they had bought the home,
building work ground to a halt.

 

"We saw the main frame being built, and suddenly we heard that Evergrande
was falling. Then construction stopped last year," she says.

 

Why should I care if Evergrande collapses?

In September 2021, Evergrande failed to repay more than $100 million to
offshore lenders. At that time it was estimated that the firm had more than
1.5 million unfinished homes. The default brought to light a real estate
crisis in China which is still spiralling two years later. The bankrupt firm
has spent the past 18 months trying for a recovery deal, but news this week
that its founder Hui Ka Yan and other senior leaders have been detained by
police has renewed alarm over its future.

 

"I used some of my retirement money for the down payment. We will be paying
[off the] mortgage for the next 30 years," says Mrs Guo who was initially
told that she would get the keys by December this year.

 

But as China's housing crisis grows, so have her fears: "We don't want to
end up with nothing," she said.

 

It's a worry shared by so many others who have sunk their life savings into
a new home - that their dreams have been bulldozed.

 

What is adding to the worry is that Evergrande is not the only real estate
developer in deep trouble. Another property giant, Country Garden, reported
a record $6.7bn half-year loss. Analysts estimate it has sold one million
homes that are yet to be completed.

 

A woman rides a bicycle past an Evergrande housing complex in China's
capital Beijing on 28 September 2023

Evergrande buyers are uncertain if they'll ever receive the home they paid
for as the company's crisis worsens

"I almost bought an apartment from Country Garden," said 31-year-old Zhang
Min who also lives in Henan.

 

She told the BBC that she and her fiancée had planned to buy the place as
their marital home. Her parents' house had been built by Country Garden, and
the young couple had been told they could buy a discounted property in
August. But they changed their mind when they heard the firm was on the
brink of a default.

 

"We're certainly not postponing our wedding because we didn't buy a new
home. I will just have to give up pursuing the idea of 'newlyweds living in
a new house'," says Ms Zhang.

 

"My parents' generation have seen two decades of China's housing market only
going up. These days people around me are all worried about house price
depreciation."

 

China's property market accounts for a third of its economy, fuelling
concerns about the impact on allied industries, from construction materials
such as steel and cement, to household appliances. And yet this is one more
crisis for Beijing, which is also battling slowing growth, falling exports
and a youth unemployment rate that has risen above 20%.

 

Burnt out or jobless - meet China's 'full-time children'

The memes that lay bare China's youth disillusionment

Beijing has sought to temper public concern. State media has said little
about Mr Hui being put under police surveillance, and the foreign ministry
appeared to stonewall questions on the subject from reporters at its daily
briefing on Thursday. But the news has been a top trend on Chinese social
media platforms such as Weibo, with more than 600 million views around the
topic of Mr Hui's surveillance alone.

 

Many on Weibo were critical of how Evergrande and other property giants had
been allowed to get to this point. Why weren't there enough protections for
buyers, users have asked.

 

"Because of inadequate mechanisms and regulation, it's almost become a norm
that companies could 'blow up'", one user wrote. There appears to be concern
that the property crisis could spread to more developers because
Evergrande's situation has revealed systemic flaws - the effects of
excessive borrowing and deep discounts to lure buyers had drained the firm's
coffers.

 

Security guards form a chain outside the Evergrande's headquarters in
Shenzhen at a protest where buyers demanded repayment of loans and financial
products on 13/9/21

 

The security outside Evergrande's Shenzhen headquarters in 2021 at a protest
by angry buyers

Another user asked: "How will they ever deliver [those] apartments? Many of
these units have been paid for by the savings and hard-earned money of
several generations across families?"

 

People were also sharing their experiences as disillusioned and anxious home
buyers. In one video on Douyin, China's version of TikTok, a man said he had
to work three jobs to afford both his mortgage and his current rent -
because he can't move into his unfinished Evergrande flat.

 

When Evergrande's failings first emerged two years ago, there were protests
outside the firm's offices in Shenzhen in southern China. Those
demonstrations have started up again in recent months. At one recent
protest, buyers chanted: "Construction stops, mortgage stops. Deliver homes
and get repaid!"

 

Why people in China stopped paying their mortgages

Mrs Guo says she and other Evergrande buyers aren't sitting idly by either.
They have formed three groups on WeChat, with nearly 500 members each.

 

"We have organised ourselves to go to the government. With so many of us
they can't possibly ignore it," she said.

 

She also told the BBC that she had been warned by local officials not to
speak to the media, and fed promises that construction work at the
Evergrande property where she bought a flat would resume soon.

 

But a few members of her group check on the construction site every day.
They've seen only a few workers and minimal progress.

 

"Some of us have stopped paying the mortgage," Mrs Guo says. "If the bank
pushes too hard, they will sleep in the lobby of the bank."

 

With additional reporting by Ian Tang and Kelly Ng in Singapore

 

Yan Chen is a reporter with BBC Chinese-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
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been compiled from s believed to be reliable, but no representation or
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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
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whatsoever for any loss howsoever arising from any use of this report or its
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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.

 


 

 


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<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
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