Major International Business Headlines Brief::: 04 October 2023

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Major International Business Headlines Brief:::  04 October 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Illegal Oil Refinery Explosion Kills 37 - Report

ü  Mozambique Gains $500 Million-plus Secret Debt Cancellation

ü  Nigeria: Shell's Controversial Data Raises Questions About Efforts to Control Methane Emissions in Nigeria, Others

ü  South Africa: Fuel Prices to Increase From Wednesday

ü  Nigeria's Private Sector Reports Poor Growth Amid Weakening Naira

ü  Kenya Power to Clear Electricity Connection Backlog Within 90 Days

ü  Tanzania: Economic Empowerment - PM Issues Ultimatum

ü  Tanzania On Course to Become Regional Digital Hub

ü  Tanzania: New Aircraft to Boost ATCL Capacity

ü  TikTok: Social media app halts online shopping service in Indonesia

ü  US sanctions Chinese firms in crackdown on fentanyl supply chain

ü  Cost of national debt hits 20-year high

ü  TikTok testing out advert-free monthly subscription

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Illegal Oil Refinery Explosion Kills 37 - Report

The explosion incident occurred at an illegal refinery site in the early hours of Monday.

 

At least 37 people, including two pregnant women, were burned to death after a blast in an illegal oil refinery in a community in River State, South-south Nigeria, a report has said.

 

The incident occurred in the early hours of Monday in the Ibaa community, in Rivers State, Reuters reported on Tuesday, quoting a local security official and community leader.

 

"Thirty-five people were caught in the fire. Two people who were lucky to escape also died this morning in the hospital," Rufus Welekem, the head of security in the community was quoted by Reuters as saying.

 

"Relatives had identified some of the victims and taken them for burial," he said.

 

The report added a witness saw the charred remains of 15 people in an open space surrounded by burnt palm trees and a motorbike.

 

 

Illegal oil refining involves siphoning off crude oil from pipelines and redirecting it into tanks, generally in bushes and forests, where the crude oil is boiled at high temperatures to turn it into different petroleum products.

 

In recent times, illegal oil refining has resulted in severe fatal accidents.

 

PREMIUM TIMES in April last year reported how many people were killed when an explosion rocked an illegal crude oil refinery in Abaezi forest, Ohaji-Egbema Local Government Area of Imo State.

 

This newspaper also reported in March that at least 12 people were confirmed dead following an oil pipeline explosion from an illegal oil bunkering site in the Rumuekpe community, in the Emohua Local Government Area of Rivers State.

 

Guardian newspaper reported in October 2021 how the illegal refining of petroleum products killed 20 people in the Rumuekpe community.

 

 

According to the newspaper, youths of the community were siphoning petroleum products from several pipelines within the stretch of the community when an explosion occurred.

 

Similarly, in April last year, Business Day newspaper reported that over 60 persons were killed in Imo-River's illegal refinery explosion. The incident occurred at the boundary area of Rivers and Imo States.

 

In Rivers State, one of Nigeria's oil-richest states, air pollution, especially the soot in Port Harcourt, the state capital, and its environs, has been attributed to the operation of illegal oil refineries.

 

Over the years, Nigeria has recorded a surge in pipeline vandalism and crude oil theft incidents in its oil-producing region, a development that worsened the nation's revenue challenge.

 

Earlier in September, the speaker of the House of Representatives, Tajudeen Abbas, said Nigeria lost N16.25 trillion to crude oil theft between 2009 and 2020.

 

He said the menace of crude oil theft had hampered the growth of the country's oil production, with between five and 30 per cent of crude oil production lost daily.

 

Security agents have frequently discovered illegal refining sites in the country's oil-producing region.

 

In September, the Defence Headquarters (DHQ) said troops of Operation Delta Safe have in the last two weeks, uncovered and destroyed 89 illegal refining sites in the Niger Delta region.

 

The Director of Defence Media Operations, Edward Buba, said the troops also discovered and destroyed 21 dugout pits, 56 boats, 138 storage tanks, 235 cooking ovens, six pumping machines, one outboard engine, and two speedboats.

 

He said the troops have recovered about 1.2 litres of stolen crude oil, 452,910 litres of illegally refined Automotive Gas Oil, 22,650 litres of Premium Motor Spirit and 3,000 litres.

 

- Premium Times.

 

 

 

 

Mozambique Gains $500 Million-plus Secret Debt Cancellation

Mozambique today announced a negotiated deal with the major Swiss Bank UBS. It took over Credit Suisse after CS collapsed under a series of corruption scandals including the Mozambique secret debt. This ends only part of the case about the secret debt in the commercial count in London.

 

Economy and Finance Minister Max Tonela and Deputy Attorney General Angelo Matusse told a press conference today that the negotiation in London resolves a large part of the Credit Suisse loan. They refused to give details, but we estimate that more than $500 mn of the secret debt has been cancelled, which is a major victory for Mozambique.

 

 

The $2 bn secret debt was borrowed by three companies owned by the government, including the security services SISE. Initially in 2013 and 2014 $622 mn was borrowed by Proindicus, $535 mn by MAM, and $800 by Ematum. Of the Proindicus loan, $118 was lent by the Russian bank VTB and the rest by Credit Suisse, which in turn syndicated some of the loans (that is, sold the loans) to investment funds.

 

In case of dispute, these loans are all adjudicated in the London Commercial Court, and in 2009 legal cases were brought by Mozambique, by Privinvest, and by lenders. Prininvest is the company which received all the money, allegedly for projects in Mozambique, and which is accused of bribery and over-invoicing. What is common in such proceedings in London is that the courts rule on points of law, and then the parties often negotiate a deal in secret.

 

With accrued interest payments and penalties, the Proindicus loan is now probably around $900 mn. The trial is due to start today in London, but UBS and Mozambique have removed most of the Proinidicus loan from the case and announced a deal this morning. VTB and BCP (Banco Commerical Portuguese) are not part of the deal and are continuing with the court case.

 

The exact deal remains secret because of the syndicated loans, but all banks and funds except BCP have accepted what is called a "haircut". The Mozambican government has agreed to pay a small part of the syndicated loans and the banks and funds accepted a substantial loss. Thus I estimate that more than $500 mn in debt has been cancelled. Cancelling more than half the Proindicus debt seems a good deal for Mozambique.

 

The press conference was told that Mozambique's legal costs so far are $80 mn and will continue to rise as the trial resumes. In London Privinnvest has appealed a ruling which said that as President, Filipe Nyusi cannot be called as a witness. But it seems likely that as the court case proceeds and the evidence is laid out, other deals will be done.

 

 

 

 

Nigeria: Shell's Controversial Data Raises Questions About Efforts to Control Methane Emissions in Nigeria, Others

With over a third of methane emissions stemming from fossil fuels production and operation, oil majors - led by Shell - publicly claim to be reducing their methane pollution.

 

Much worse for the climate than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a third stemming from fossil fuels production and operation, oil majors - led by Shell - publicly claim to be reducing their methane pollution, but scientists, experts and watchdogs warn that industry data reporting is very misleading.

 

Despite years of awareness about the climate crisis, greenhouse gas levels continue to soar. Historically, much of the focus has been on carbon dioxide; however, it is now clear that a rapid and sustained reduction in methane is also key to limiting global warming.

 

Methane, with over 80 times the heat-trapping potential of carbon dioxide over 20 years, has contributed to over 30 percent of global temperature rise since the Industrial Revolution, according to the International Energy Agency (IEA).

 

 

Unlike carbon dioxide, which is a wasteful by-product of human activities, methane is a sought-after gas, a product of fracking and other gas-extraction methods.

 

In that sense, allowing methane to be leaked or vented would seem a waste of potential profits. Nevertheless, the energy sector alone is responsible for about 40 per cent of all methane emissions, an estimated 80 million tons per year.

 

In the case of Shell, one of the world's largest oil and gas producers and leader in industry efforts to control methane, the company reported a decrease in total methane emissions from its operations from 50,000 metric tons in 2021 to 40,000 metric tons in 2022, a 27 per cent reduction. It also claims to have met its target to keep methane emissions intensity below 0.2 per cent.

 

 

However, the way fossil giants calculate their emissions is flawed. Currently, only a small number of producers regularly take field measurements and do routine maintenance on equipment to determine leakages or other accidental emissions.

 

Sector-wide, there's virtually "no direct measurement happening at oil and gas extraction sites or infrastructure, including pipelines," said Dominic Watson, a methane expert at the Environmental Defense Fund.

 

Watson said that oil and gas producers have generally been self-reporting their methane emissions for decades. They have also been setting pollution targets in whatever ways "they saw fit for their sustainability reports, using whatever metrics, baselines and target years they wanted to," he said.

 

Everywhere we go, we find methane

 

As power plants and industrial facilities have been rapidly shifting away from burning dirty coal towards cleaner natural gas, "fugitive" methane escaping all along the oil and gas value chain has been significantly underreported - even in jurisdictions where regulators are supposedly paying attention.

 

 

In 2018, a pivotal study of oil and gas facilities in the United States found that rates of methane pollution were more than 60 per cent worse than what the U.S. Environmental Protection Agency was then estimating.

 

Researchers found that over 2.3 per cent of all produced methane was simply venting into the atmosphere.

 

In early 2023, Clean Air Task Force released a report visually documenting widespread methane pollution venting from 430 European oil and gas sites over two years.

 

"Almost everywhere we go, we find methane," said Theophile Humann-Guilleminot, a certified thermographer at the nonprofit. "Up and down the value chain, there is dangerous methane pollution coming out of Europe's oil and gas network."

 

Even "very small methane leakage rates from gas systems rival coal's greenhouse gas emissions," said Debbie Gordon, senior principal of RMI's Climate Intelligence Program.

 

Shell's role in methane emissions

 

Shell is now the world's 5th largest oil producer by volume and fifth largest oil and gas super major by revenue with ongoing exploration, production, refining and chemical operations spread across 70 countries. The company's profits soared to $40 billion in 2022, almost double the amount reported in 2021.

 

Aware of the industry's growing methane problem, in 2018, Shell made headlines by announcing their intent to lead the sector's efforts to control leakage. The company vowed to keep methane emissions intensity below 0.2 per cent by using advanced equipment to detect and repair methane leaks and replacing older equipment.

 

Other companies then followed with similar targets, leading to industry initiatives such as the United Nations Environmental Programme Oil and Gas Methane Partnership 2.0 (OGMP) in 2020. It's the world's only attempt to set a comprehensive measurement-based reporting framework, covering all material sources of methane emissions from both operated and non-operated assets in the oil and gas sector. Over 100 companies have already signed up.

 

In the OGMP's 2022 report, Shell's efforts yielded the awarding of a Gold Standard label - the OGMP's highest rating.

 

For Shell and the rest of the industry to curtain emissions, operators need to both understand where accidental emissions are escaping from, as well as end the practice of deliberately "liberating" methane during routine venting operations. Unintentional methane leaks can flow from malfunctioning valves, compressors and storage tanks, which often are designed to vent methane when pressures build.

 

Studies conducted by the IEA found that more than 70 per cent of emissions can be abated using existing technologies and that about 40 per cent of current emissions can be avoided with measures that would come at virtually no net cost.

 

How oil majors address methane emissions at their owned and operated assets compared to their non-operated assets also varies dramatically. Shell and others "make a lot of public-facing statements that say they are addressing the issue, but significant equity is placed in non-operated assets for which they do not report and have not made any commitments towards cleaning up," said James Turrito, director of Global Campaigns at CATF.

 

"To date, we have not seen as many [national oil companies] attempt to really tackle the methane issue. There are reasons for this and barriers that go beyond simply being bad actors," Mr Turrito said.

 

Shell's on-going methane stain in Nigeria

 

"25 years after Shell left Ogoniland in Nigeria, it continues to ooze oil from wellheads and pipelines into the Niger Delta," said Avena Jacklin from Friends of the Earth South Africa. As it reduces its climate commitments, Shell "continues to extract massive profits from countries in the South...increases in methane emissions, and contamination of our critical water supplies from Shell's operations will exacerbate the climate crisis," she said.

 

According to the World Bank's 2020 Global Gas Flaring Tracker, Nigeria is the seventh-largest gas-flaring country globally. But a 2022 World Bank report shows Nigeria contributed most to the overall global reduction, reducing its flare volumes by 1.3 bcm in 2022, a 20 per cent reduction from 2021 levels. Shell joined the Nigerian Gas Flare Commercialization programme alongside other producers in support of Nigeria's goal to achieve zero routine gas flaring by 2035. First launched in 2018, the program was relaunched in 2022.

 

Shell which helped establish Nigeria's oil sector in the 1950s, contributes close to 40 per cent of the country's total oil production and is the largest oil operator. In 2022, Shell Nigeria paid the Nigerian government over $900 million in taxes and royalties.

 

According to statistics provided by Nigeria's National Oil Spill Detection and Response Agency (NOSDRA) and the Gas Flaring Tracker satellite of the World Bank, oil companies throughout the nation, including Shell, have flared about $3.9 billion worth of gas in the last four years.

 

However, Shell's Sustainability Report 2022, scope 1 emissions for upstream flaring in Nigeria witnessed 2 million metric tons of emissions reduction, with a figure of 3 million metric tonnes in 2022 compared to 5 million metric tonnes in 2021. Their data also shows that between 2018 and 2019, the metric tonnes emissions were pegged at 4 million, respectively. For 2020 it increased to 5 million metric tonnes of emissions.

 

"They have to explain their data," said Segun Omidele, President of the Polaseo Group, a Nigerian oil and gas service company and former Shell employee. Given all the many crude thefts throughout the Niger Delta, leading many operators to reduce, shut down or abandon production, "it is difficult to accept there's been an emissions reduction," he said.

 

Ayodele Oni, an oil and gas expert and member of the legal advisory team for Nigerian National Petroleum Company Limited (NNPCL), said all identified gas flare points in Nigeria are part of the commercialization programme and compliance with it is necessary for companies and producers to get or renew their mining and operating permits. He said reported gas flaring in Shell dropped by 80 per cent between 2010 and 2019. Mr Oni said this was due to the IOC's investment in gas-gathering facilities in Aloma, Adibawa and Otumara.

 

Send in the satellites

 

Detection tools, including handheld devices, airborne technology and more robust methane monitoring satellites, are increasingly available and coming online.

 

Last year, satellites detected around three million tons of methane from oil and gas operations. The European Space Agency alone tracked dozens of "methane events" from oil and gas operations lasting for more than 15 days across almost 70 countries, according to IEA's Methane Tracker.

 

A BBC investigation last year, using World Bank flare-tracking satellite data, identified millions of tons of undeclared emissions from gas flaring at oil fields where Shell, ExxonMobil, and other majors operate.

 

In 2021, Geofinancial Analytics, a satellite data provider, compared the methane output of fossil fuel companies with their expected emissions level based on self-reported data. Shell and Chevron were the worst performers. The company relies on satellite readings of airborne methane concentrations in North America, Europe and Brazil.

 

However, the coverage provided by satellites isn't complete, which means there could be more leaks that are not being accounted for. Existing satellites don't provide measurements over equatorial regions, offshore operations or northern areas such as Russia's main oil and gas-producing areas, the IEA said in a report last year.

 

With help and support from the UN, using a combination of satellite, private and public monitoring methods, the OGMP funds, coordinates and facilitates measurement studies around the world.

 

There are plans to launch a series of cutting-edge satellites with significantly enhanced resolutions in the coming years. EDF will launch MethaneSat in early 2024, which they argue will be the most advanced methane-tracking satellite in space. Carbon Mapper, a US-based NGO, said it will deploy a complete satellite "constellation" by 2025.

 

Shell Games

 

Despite the ongoing climate crisis, Shell continues to develop new oil and gas assets. Since a Dutch high court ordered the company in May to make deeper carbon cuts, Shell has made investments in 10 assets in various countries, including Argentina, Australia, and Brazil.

 

The company's share of the oil and gas from these assets, once burned, will result in 325 million metric tonnes of CO2 emissions, campaigners estimate. The company also co-owns more than 750 untapped oil and gas assets which would amount to 4.3 billion metric tonnes of extra CO2; 30 times more than the total emissions from the Netherlands in 2021.

 

"Every new extraction project Shell approves digs the world into a deeper hole of climate crisis, and the company's relatively meagre investments in renewable energy do not make up for that," Kelly Trout, research co-director at the NGO Oil Change International, said.

 

This report was supported by Clean Energy Wire grants for cross-border journalism on company climate claims.

 

- Premium Times.

 

 

 

 

South Africa: Fuel Prices to Increase From Wednesday

South Africans will once again have to tighten their belts as the fuel prices are set to increase on Wednesday.

 

Mineral Resources and Energy Minister, Gwede Mantashe, announced the adjustment of fuel prices for all grades of fuel, illuminating paraffin and gas.

 

The fuel prices for October 2023 will be adjusted as follows:

 

· Petrol 93 will increase by R1,08 per litre

 

· Petrol 95 will increase by R1,14 per litre

 

· Diesel 0.05% sulphur will increase by R1,96 per litre

 

· Diesel 0.005% sulphur will go up by R1,93.70 per litre

 

· Illuminating Paraffin will increase by R1,51 per litre

 

· The Single Maximum National Retail price for illuminating paraffin will increase by R2,02 per litre

 

· Maximum retail price for LP Gas will increase by R2,50 per kilogram

 

Mantashe said the fuel prices scheduled for the different zones will be published on Tuesday, 03 October 2023.

 

"The department believes that exploration and development of national oil and gas reserves could help moderate the impact of high prices in the long term," Mantashe said.

 

- SAnews.gov.za.

 

 

 

Nigeria's Private Sector Reports Poor Growth Amid Weakening Naira

The Stanbic IBTC's Nigeria's Purchasing Manager Index (PMI), which gauges the overall direction the economy is heading and the health of the economy, gives an outlook of Nigeria's economy for the month of September.

 

Nigeria's private sector reported what could hardly pass as growth in September, with prices of inputs accelerating at one of the swiftest rates ever in response to a weaker naira and steeper cost of running business.

 

The country's purchasing manager index (PMI), which gauges the overall direction the economy is heading and the health of the economy, stood at 51.1 in the month that just went by, compared to 50.2 in August, according to Stanbic IBTC's Nigeria's PMI issued on Monday.

 

 

A reading above 50 points indicates growth while that below 50 points means contraction.

 

Compiled from responses to questionnaires sent to purchasing managers in a panel of about 400 private sector companies, Nigeria's headline PMI, like every other nation's, guides analysts, investors and financial professionals in decision-making, often released ahead of other key economic data.

 

The Central Bank of Nigeria refrained from releasing the data at the end of 2020 after at least five years of consistent publication, forcing Stanbic IBTC to take up the task, which it undertakes in collaboration with S&P Global and Nigeria's statistics office.

 

"Prices remained elevated, with input and purchase prices remaining at period highs," said Muyiwa Oni, who heads equity research for West Africa at Stanbic IBTC Bank.

 

"Input prices increased materially across the major sectors covered, with inflationary pressures most pronounced in wholesale & retail and manufacturing."

 

- Premium Times.

 

 

 

Kenya Power to Clear Electricity Connection Backlog Within 90 Days

Nairobi — Kenya Power is implementing a Rapid Results Initiative (RRI) to fast-track meter installation for new connections across the country.

 

Speaking at Stima Plaza during an event to kick start the Customer Service Week, Kenya Power's Managing Director and Chief Executive Officer Joseph Siror said that the initiative will see pending connections cleared within 90 days.

 

"In the recent past, we have experienced challenges with the procurement of critical materials which has negatively impacted our drive to onboard new customers. I am happy to note that these challenges have been addressed and we have started receiving meters, which we are deploying to clear pending connections," Siror stated.

 

During the period, the Company will connect over 320,000 customers using meters that were procured recently. Currently, the total pending new connections stand at 236,924.

 

Through the RRI that commenced this week, the Company has installed 10,759 meters for new connections.

 

Despite the Company's campaign to raise the national electricity access rate, many customers have been forced to wait for long periods as protracted court battles hindered procurement of meters and other materials.

 

- Capital FM.

 

 

 

 

Tanzania: Economic Empowerment - PM Issues Ultimatum

Dodoma — DODOMA: PRIME Minister Kassim Majaliwa has ordered all Regional Commissioners (RCs) to ensure that they establish economic empowerment centres in all regions and district councils as directed by the ruling party CCM manifesto before the 2025 deadline.

 

The ruling party's election manifesto 2020-2025 directs all regional authorities to ensure that by 2025, all regions and district councils have economic empowerment centres in order to help citizens to own their economy.

 

Speaking at the 7th National Symposium for Economic Empowerment (NEEC), Mr Majaliwa reminded the RCs of their obligation, insisting that they should make sure that the centres are established before 2025.

 

 

He also tasked the regional technocrats to ensure that youth symposiums and workshops were conducted in their regions to help them identify the various economic activities in the areas.

 

At the symposium, the Prime Minister also directed the Ministry of Finance to ensure that financial institutions were bringing financial services closer to the people as well as reducing loans' interest rates so that many people have access to them for their businesses and other economic activities.

 

Also, Mr Majaliwa tasked the Ministry of State in the Prime Minister's Office (Policy, Coordination and Parliamentary Affairs), Public Entities and the Private Sector in general to establish a special database that will have a proper number of people that so far have been empowered economically and identifying the number of those engaging themselves in economic activities.

 

 

"We want to see if the number is enough and, in any case, we realise that the number is not...we will see how best we can double the number," he added.

 

The one-day 7th National Symposium for Economic Empowerment was conducted under the theme: Empowerment for Sustainable Economy.

 

According to the Prime minister, the theme reflects President Samia Suluhu Hassan's agenda of empowering people economically and that it aimed at improving economic empowerment services in the country.

 

Prior to welcoming the Prime Minister to deliver his speech, the Minister of State in the Prime Minister's Office (Policy, Coordination and Parliamentary Affairs), Ms Jenister Mhagama said that this was the seventh time NEEC was convening the symposium for economic empowerment and that the symposium was following the directives by the Prime Minister.

 

Also, the minister said that the main objective of the symposium was to make a thorough assessment of the last symposium to see how the challenges were addressed as well as putting up strategic plans for the future, as well as looking at whether the national economic empowerment policy and its legislation were fully implemented or not.

 

"The major purpose of the government is to make sure that Tanzanians are owning the economy of their country and this can only be achieved through NEEC if the council puts up proper plans for economic empowerment," noted the minister adding that the government equally wanted to see citizens participating in all the ongoing flagship projects in the country.

 

Ms Mhagama however, hinted that his ministry was working on the Prime Minister's directives to look at the National Economic Empowerment Policy and its legislation and see if they meet the current demand.

 

According to the Executive Secretary of the NEEC, Beng'i Issa, the workshop convened different stakeholders involved in empowering citizens economically so as to share experience on different activities regarding empowerment.

 

She said among the participants at the workshop were ministers, Permanent Secretaries, Regional and District Commissioners, Regional Administrative Secretaries, heads of higher learning institutions as well as research institutions among others.

 

She noted that her council had made tremendous strides in increasing empowerment centres in different district councils countrywide, whereas this year economic empowerment centres increased to 20 from 17 that were available last year.

 

"I am glad to inform you that just this year alone NEEC provided training to 10,000 entrepreneurs who are now engaging themselves in different kinds of businesses. Also, this year, financial institutions provided loans to empower Tanzanians economically totalling 2.7bn/-.

 

- Daily News.

 

 

 

Tanzania On Course to Become Regional Digital Hub

Arusha — ARUSHA: TANZANIA is poised to become a digital hub within the East Africa Community (EAC) following the inauguration of the Centre of Competence in Digital Education (C-CoDE).

 

Hosted by the Nelson Mandela African Institution of Science and Technology (NM-AIST), the centre is established within the framework of the Excellence in Africa initiative, collaboration between Mohamed VI Polytechnic University (UM6P) of Morocco and Ecole Polytechnique Fédérale de Lausanne (EPFL) of Switzerland.

 

It is specifically designed to support the transformation of training and educational practices through digital tools and technologies in Tanzania and the EAC region.

 

 

With a construction cost of over 100,000 US dollars (about 250bn/-), the state-of-the-art facility will be equipped with a professional studio complete with camera setups, lighting, internet access and soundproof materials.

 

This setup will enable live streaming and recording of educational content.

 

Speaking during the centre's inauguration on Monday, the Director of Science, Technology and Innovation at the Ministry of Science and Technology, Professor Ladslaus Mnyone underscored the role of the facility in advancing education provision in Tanzania.

 

He said that embracing technologies and coping with rapid technological advancements had significant impact on both professional and personal experiences.

 

"We must prioritise the digital education agenda to enhance learners' capacity while being mindful of addressing potential negative impacts of Information Communication Technology in the learning process," he insisted.

 

 

Prof Mnyone equally challenged stakeholders in the ICT sector to come up with a national strategic plan in science, technology and innovation to strengthen digital literacy in Tanzania.

 

"Our differences notwithstanding; our shared desire to provide opportunities to address socio-economic challenges will drive us forward," he observed.

 

Earlier on, NM-AIST's Vice-Chancellor Professor Maulilio Kipanyula noted that the centre was then a mere physical structure, saying it will serve as a research hub that inspires the next generation of learners, equipping them with invaluable tools and knowledge to address pressing societal issues.

 

According to Professor Kipanyula, the facility will propel digital literacy to greater heights, by focusing on providing learners with authentic knowledge through cutting-edge digital facilities.

 

"In a world increasingly powered by technology, digital education knows no boundaries," he opined.

 

A total of 44 applications from 19 countries were submitted, but it was NM-AIST's proposal which sailed through and was declared as one among six universities to benefit from the programme.

 

The facility becomes the fifth Centre of Excellence to be hosted by NM-AIST, after the Centre for Research Advancement, Teaching Excellence and Sustainability in Food and Nutrition Security (CREATES-FNS), Centre of Excellence for ICT in East Africa (CENIT at EA), Data-Driven Innovation incubation Centre (DDI Incubation Centre) and Water Infrastructure and Sustainable Energy Futures (WISE-Futures).

 

- Daily News.

 

 

 

Tanzania: New Aircraft to Boost ATCL Capacity

TANZANIA : TANZANIA will receive another passenger plane, make Boeing 737- MAX9 today as continuation of the government's efforts to transform air transport and propel the economic growth.

 

The statement was made by the Minister for Transport, Professor Makame Mbarawa in a press conference held in Dar es Salaam, where he said the ceremony will be held at the Julius Nyerere International Airport (JNIA).

 

He said the addition of state- of- the- art passenger plane will bolster efficiency of the Air Tanzania Company Limited (ATCL), in serving more regions across the country and beyond the borders.

 

 

Prof Mbarawa said the reception of the Boeing 737-MAX9 will be undertaken along inauguration of two planes which will be used by the National Institute of Transport (NIT) in practical training for students pursuing pilot courses, as the country aims at having more local experts to run the country airlines.

 

Highlighting the details of the Boeing 737-MAX9 with the capacity to carry six tonnes of cargoes and fly eight hours nonstop, he said the new plane will be utilised for medium-haul routes and carry 181 passengers, where 165 will be in the economy class and 16 in business.

 

The government-owned airline has so far, a fleet of 13 aircrafts; one Dash 8-Q300, five Dash 8-Q400, four Airbus A220-300, two Boeing 787-8 Dreamliner and one Boeing 767-300F (Cargo Freighter).

 

Apart from the Boeing 737 Max 9, ATCL expects to add to its fleet; one more Boeing 737 Max - 9 and one Boeing 787-8 Dreamliner by March 2024.

 

 

ATCL maintains its position as the leading airline in Tanzania, providing extensive domestic and international connectivity with over 120 weekly flights to more than 15 destinations.

 

Air Tanzania currently operates more than ten domestic destinations from Dar es Salaam hub, namely Dodoma, Kilimanjaro, Kigoma, Mpanda, Geita, Mbeya, Mtwara, Mwanza, Bukoba, Songea, Tabora, Iringa, Arusha and Zanzibar.

 

Beyond the borders, ATCL operates to Mumbai (India), Lubumbashi (DRC), Nairobi (Kenya), Hahaya (Comoros), Ndola and Lusaka (Zambia), Harare (Zimbabwe), Bujumbura (Burundi), Entebbe (Uganda).

 

Soon they expect to add more routes to cater for Dzaoudzi (Mayotte), Dubai (UAE), Juba (Southern Sudan), Johannesburg (South Africa), Lagos (Nigeria), Accra (Ghana) and London (United Kingdom).

 

In 2016, the government took a bold decision to revive ATCL by reforming its management, procuring of new planes and expansion of airports to keep pace with the market demand.

 

In a related development, Prof Mbarawa said Tanzania is endowed with abundant fascinating tourists' attractions including beautiful beaches and National Parks that require stable country's airlines to handle tourists' movements.

 

In improving ATCL services delivery, Prof Mbarawa said the government commits on improving services by integrating the company with latest technologies to enable instant communication between service providers and the customers in accompanying the operation of the planes.

 

"The government is adding new plane to reduce delays of flight, we are working ambitiously to modernise ATCL by catching up with customers' demands," Prof Mbarawa pointed out.

 

- Daily News.

 

 

 

 

TikTok: Social media app halts online shopping service in Indonesia

Social media app TikTok is suspending its online shopping service in Indonesia to comply with new rules in South East Asia's biggest economy.

 

The move will take effect at 17:00 Jakarta time (10:00 GMT).

 

The country's government says the regulations are aimed to help protect local physical and online retailers.

 

Indonesia was the first country to pilot the app's e-commerce service in 2021 and became one of the biggest markets for TikTok Shop.

 

Last week, Indonesia announced regulations that would force TikTok to split its shopping feature from the popular video sharing service in the country.

 

Announcing the measures, Indonesia's trade minister Zulkifli Hasan said: "Now, e-commerce cannot become social media. It is separated."

 

He also told social media platforms they had a week to comply with the new rules or risk losing their licence to operate in the country.

 

The announcement came after Indonesia's President Joko Widodo said last month: "We need to be careful with e-commerce. It can be very good if there are regulations but can turn bad if there aren't any regulations."

 

"Our priority is to remain compliant with local laws and regulations," TikTok said in a statement on Tuesday.

 

"As such, we will no longer facilitate e-commerce transactions in TikTok Shop Indonesia," it added.

 

Online retailing in Indonesia has soared in recent years. The value of e-commerce sales will have increased more than sixfold between 2018 and next year to hit 689 trillion Indonesian rupiah ($44bn; £36.5bn), according to the country's central bank.

 

TikTok Shop had been growing its market share since its launch two years ago into Indonesia's online shopping market, which is dominated by platforms such as Tokopedia, Shopee and Lazada.

 

The country of more than 278 million people is home to 125 million TikTok users. That includes 6 million sellers and millions more creators who earn money using TikTok Shop to promote goods.

 

In June, the company's chief executive Shou Zi Chew visited Indonesia, pledging to invest billions of dollars in the region over the next three to five years.

 

The growth of online retailers has had a major impact on the owners of physical shops such as Sukmamalingga, who has had a store selling Muslim clothing such as kaftans at Tanah Abang Market in Jakarta for nine years.

 

"None of my customers from regions in Indonesia shop anymore, even though I often send photos of new models of clothes," he told BBC News Indonesia.

 

Government figures show there are more than 64 million smaller businesses - known as micro, small and medium enterprises - which account for almost two-thirds of Indonesia's economy.

 

The new regulations are another setback for TikTok, which has come scrutiny under in the US, European Union and the UK, where Parliament has banned the app from its network over security concerns.-bbc

 

 

 

 

US sanctions Chinese firms in crackdown on fentanyl supply chain

The US has announced sanctions on 25 China-based firms and individuals allegedly involved in the production of chemicals used to make fentanyl.

 

Fentanyl, a potent opioid used as a painkiller or sedative, plays a major role in the ongoing US drug crisis.

 

Attorney General Merrick Garland said the drug's supply chain "often starts with chemical companies in China".

 

China's embassy in Washington did not immediately respond to a request for comment from Reuters news agency.

 

In April, a spokesperson for the Chinese foreign ministry said there was "no such thing as illegal trafficking of fentanyl" between China and Mexico.

 

This came after Mexican President Andrés Manuel López Obrador called on the Chinese government to help stop the alleged flow of fentanyl and its precursors into his country.

 

The US authorities blame Mexican drug gangs for supplying fentanyl to users across the US.

 

Fentanyl can be legally prescribed by doctors, but a dramatic increase in opioid addiction in the US in recent decades has led to a rise in illegal production and overdoses.

 

In 2022, the drug was linked to a record 109,680 deaths.

 

The US treasury department announced sanctions against what it called a "China-based network responsible for the manufacturing and distribution" of precursors of fentanyl and a number of other illegal drugs.

 

Officials say companies in the fentanyl supply chain routinely use false addresses and mislabelling to avoid their products being identified by law enforcement.

 

Those affected by the sanctions include 12 entities and 13 individuals based in China, as well as two entities and one individual based in Canada, the treasury said.

 

The sanctions will freeze the entities' US assets and bar Americans from dealing with them.

 

Merrick Garland is due to travel to Mexico with other senior officials for meetings on how to tackle the supply of illegal drugs.

 

"We know who is responsible for poisoning the American people with fentanyl," Mr Garland told reporters.

 

"We know that this network includes the cartels' leaders, their drug traffickers, their money launderers, their clandestine lab operators, their security forces, their weapons suppliers, and their chemical suppliers.

 

"And we know that this global fentanyl supply chain, which ends with the deaths of Americans, often starts with chemical companies in China."

 

Fourth wave of fentanyl crisis hits every corner of US

The Real Story: Why can’t America contain the fentanyl crisis?

The justice department has also unsealed indictments charging eight Chinese companies and 12 of their employees with crimes related to fentanyl and methamphetamine production, the distribution of opioids and sales resulting from precursor chemicals.

 

No-one has been arrested and the Chinese government did not work with US authorities on the investigations, Mr Garland said.-bbc

 

 

 

 

Cost of national debt hits 20-year high

The interest the government pays on national debt has reached a 20-year high as the rate on 30-year bonds reaches 5.05%.

 

A rise in the cost of borrowing comes at a difficult time for the chancellor, Jeremy Hunt, as he prepares for the autumn statement on 22 November.

 

Mr Hunt has already made clear that tax cuts will not be announced in November.

 

However, the increased cost of servicing the country's debt pile further narrows his choices.

 

The total amount the UK government owes is called the national debt and it is currently about £2.59 trillion.

 

The government borrows money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime.

 

UK government bonds - known as "gilts" - are normally considered very safe, with little risk the money will not be repaid.

 

Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies.

 

What is quantitative easing?

How does government borrowing work?

The Bank of England has also bought hundreds of billions of pounds' worth of government bonds in the past to support the economy, through a process called "quantitative easing"

 

A higher rate of interest on government debt will mean the chancellor will have to set aside more cash, to the tune of £23 billion to meet interest payments to the owners of bonds.

 

This means the government will have less money to spend on public services like healthcare and schools at a time when workers in key industries are demanding pay rises to match the cost of living.

 

The current level of debt is more than double what was seen from the 1980s through to the financial crisis of 2008.

 

The combination of the financial crash in 2007/8 and the Covid pandemic pushed the UK's debt up from those historic lows to where it stands now.

 

But in relation to the size of the economy, today's debt is still low compared with much of the last century,

 

The US, German and Italian borrowing costs also hit their highest levels for more than a decade as markets adjusted to the prospect of a long period of high interest rates and the need for governments around the world to borrow.

 

It follows an indication from global central banks, including the US's Federal Reserve and the Bank of England, that interest rates will stay "higher for longer" to continue their jobs of bringing down inflation.

 

During the last financial year, the government spent £111bn on debt interest - more than it spent on education.

 

Some economists fear the government is borrowing too much, at too great a cost.

 

Others argue extra borrowing helps the economy grow faster - generating more tax revenue in the long run.

 

The government's official economic forecaster, the Office for Budget Responsibility (OBR), has warned that public debt could soar as the population ages and tax income falls.

 

In an ageing population, the proportion of people of working age drops, meaning the government takes less in tax while paying out more in pensions.-bbc

 

 

 

TikTok testing out advert-free monthly subscription

TikTok is testing a new monthly subscription which would get rid of adverts on the video sharing site.

 

The BBC understands the Chinese firm is trying out the service in an English-speaking market outside the US, but has declined to comment on exactly where.

 

The subscription is being tested at $4.99 (£4.13).

 

Meanwhile, Meta is reportedly mulling ad-free subscriptions for people in the EU to navigate the bloc's advertising rules.

 

TikTok currently displays personalised adverts for all users over the age of 18.

 

TechCrunch, the news website, reported that the test is small scale and there is no certainty that a subscription will be rolled-out globally.

 

YouTube and X, formerly Twitter, are among sites already offering fewer or no ads for a monthly fee.

 

TikTok's parent company, ByteDance, does not share its financial results publicly, but reportedly earned $85bn (£70bn) in revenue in 2022.

 

Research firm Insider Intelligence estimates TikTok earned $9.98bn in advertising revenue last year.

 

According to the Wall Street Journal, Meta, which owns Facebook and Instagram, is looking to charge users in Europe who opt out of personalised adverts on its platforms.

 

Users would be charged roughly €10 (£8.68) a month to use Instagram or Facebook without personalised adverts on desktop, and €13 a month on mobile, Meta has reportedly told EU regulators.

 

A Meta spokesperson told the BBC: "Meta believes in the value of free services which are supported by personalised ads. However, we continue to explore options to ensure we comply with evolving regulatory requirements. We have nothing further to share at this time."

 

The firm said in August, following an EU ruling, that it intended to change its terms and get consent from users to display adverts based on their personal data.

 

It was fined €390m by the Irish Data Protection Commission in January.

 

The regulator said Facebook and Instagram could not "force consent" by saying consumers have to accept how their data is used, or leave the platform.

 

Brooke Erin Duffy, associate professor at Cornell University's department of communication, said that younger audiences accustomed to using social platforms may be resistant to paying for an advert-free experience.

 

"From the outset, users have been socialised to think of these platforms as "free" services," she said. "So it seems unlikely that young users, in particular, will opt for the paid, ad-free model".

 

Maddie Hill, a 22-year-old Orkney Islands-based influencer and contributor to The Social, a BBC Scotland digital platform, said she finds adverts on TikTok less intrusive than those on others.

 

"It's not necessarily something that bothers me too much when I'm scrolling through my For You page," she said. "They're short, you can usually scroll past them so they don't overly impact the viewing experience."

 

Maddie, who has800,000 followers on TikTok, added: "Whenever I've used social media I've always been aware of ads and ads are always coming up, so I think there's an element that like I'm used to it."-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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