Major International Business Headlines Brief::: 11 October 2023

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Major International Business Headlines Brief:::  11 October 2023 

 


 

 


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

 


 

 


 

ü  Africa: Nigeria Rises to 4th in Africa's Trade Rankings

ü  Tanzania: Zanzibar Records Increased Inflation

ü  Nigeria: Senate Launches Probe Into Crude Oil Theft, Tasks Five
Committees

ü  Mozambique: Palma Attack Victims Take TotalEnergies to Court

ü  South Africa: Eskom Board Chairperson Steps Down

ü  Nigeria: IMF Downgrades Nigeria's Economic Growth Projection

ü  Tanzania: Zanzibar Launches Minerals Prospecting, Exploration

ü  Zambia: Remove Illegal Miners From Mpika Gold Site

ü  Nigeria: Petrol Subsidy - Nigeria Spent N4 Trillion in 2022 - Official

ü  Namibia: Agri Union Calls for Cooperation Among Farmers

ü  EU warns Elon Musk 'disinformation' is spreading on X after Hamas attack

ü  People struggle to leave Israel as flights book up

ü  IMF defends gloomy UK forecast after government criticism

 


 

 


 <https://www.cloverleaf.co.zw/> Africa: Nigeria Rises to 4th in Africa's
Trade Rankings

The latest Africa Trade Barometer has revealed that Nigeria has moved up
four positions from eighth to forth in the country rankings.

 

The Stanbic IBTC Holdings Plc shared some of its latest findings from the
Africa Trade Barometer 2023 Issue three report. The report, which assesses
key economic indicators in Africa, highlights several noteworthy
developments across African countries.

 

According to the latest Africa Trade Barometer, Nigeria has moved up four
positions from eighth to fourth in the country rankings. The recently
launched and highly anticipated Africa Trade Barometer provides valuable
insights into Africa's trade dynamics and opportunities. This edition
highlights Nigeria's significant role in shaping the continent's trade
landscape, comprehensively analysing its current state and prospects.

 

 

The index rankings are based on seven thematic categories, including trade
openness, access to finance, macroeconomic stability, infrastructure,
foreign trade, governance economy, and trade financial behaviour. Changes in
a country's ranking are driven by changes in their aggregate score and
relative ranking against other countries. Rankings are relative to the 10
countries in the index and pegged on a scale of 0 -100.

 

South Africa has the highest tradability index, while Angola has the lowest.
Nigeria's improvement in the Trade Barometer ranking is due to advances in
the Quantitative Trade Barometer (QTB) and Survey Trade Barometer (STB)
rankings. The country moved up from position seven to four in the Standard
Bank (SB) QTB ranking and from 8 to 5 in the SB STB ranking.

 

 

This achievement is attributed to significant improvements in business
confidence scores, ease of access to credit, and government support for
trading activities.

 

The report also deeply examines Nigeria's export and import statistics,
showcasing its major trading partners and critical industries. By analysing
the country's trade policies and emerging trends, stakeholders gain a
holistic understanding of the Nigerian market and its growth potential.

 

One of the critical areas of focus within the report is identifying
challenges Nigerian businesses face in international trade. It delves into
infrastructure gaps, regulatory complexities and logistical bottlenecks;
consequently offering insight into strategic measures taken by the Nigerian
government to address these issues and enhance trade competitiveness.

 

The 2023 African Trade Barometer highlighted the policies and initiatives
implemented by Nigeria to attract foreign direct investment (FDI) and
promote trade diversification. The report explored investment opportunities
in sectors such as agriculture, manufacturing, technology, and renewable
energy, providing a valuable resource for local and international businesses
seeking to expand their operations in Nigeria.

 

The chief executive, Stanbic IBTC Bank, Wole Adeniyi said "we are excited
about this comprehensive report, specifically focusing on Nigeria, which
plays a pivotal role in African trade.

 

"Through our detailed analysis, we provide stakeholders with a deep
understanding of Nigeria's trade landscape, the challenges, opportunities
and potential for growth. This report will contribute significantly to
Africa's overall trade narrative."

 

-Leadership.

 

 

 

 

Tanzania: Zanzibar Records Increased Inflation

Zanzibar — INFLATION in Zanzibar has increased in the last twelve months
until September this year, driven by soaring prices of food items and
non-alcoholic beverages.

 

"The inflation increased to 7.45 percent in last twelve months ending
September from 6.82 percent in August," said Ms Salma Saleh Ali- the Head of
the price, Office of Chief Government Statistician (OCGS)- Zanzibar, in her
monthly media briefing on Consumer Price Index (CPI).

 

She said price increase of food and non-alcoholic beverages category by
13.94 percent in September compared with 11.66 percent in August contributed
to inflation increase.

 

Economist from the Central Bank of Tanzania (BOT) Dr Ulrick Mumbeli, said
inflation is directly related to the amount of money in circulation, and
that his bank has been taking different measures to control circulation and
maintain the currency value against US dollar.

 

He said the government was trying to address shortage of US dollars in the
market and fuel price increase, which is vital in transportation of food and
other essential commodities.

 

-Daily News.

 

 

 

Nigeria: Senate Launches Probe Into Crude Oil Theft, Tasks Five Committees

The Senate resolved to invstigate the oil theft in the Niger Delta following
adoption of a motion at plenary on Tuesday on 'Urgent need to investigate
incessant and nefarious acts of crude oil thefts in Niger- Delta region'.

 

The Senate has mandated its committees on Petroleum Resources, (Upstream,
downstream,) Gas, Host communities and Niger Delta to conduct investigation
on oil theft in the region.

 

It specifically mandated the committees to investigate the actions of
security forces, militia groups, local populace, company employees, and any
individuals or entities suspected to be using sophisticated methods to
pilfer from oil facilities within the country.

 

The resolution was sequel to adoption of a motion at plenary on Tuesday on
'Urgent need to investigate incessant and nefarious acts of crude oil thefts
in Niger- Delta region'.

 

The motion was sponsored by Ned Nwoko (PDP- Delta) and co-sponsored by SeEde
Dafinone and J.Thomas.

 

 

Mr Nwoko, in his lead debate, said Nigeria was largely dependent on crude
oil for its economic growth and development.

 

He said the National Bureau of Statistics (NBS) reported that oil sector
contributed 6.33 per cent of the nation's GDP which translated to 45.6
billion dollars in 2022 .

 

Mr Nwoko said the oil sector in Nigeria plays pivotal role in providing
employment opportunities for millions of Nigerian citizens accounting for 70
per cent of its budget financing, while oil and gas made up of 90 per cent
of export and 85 per cent of government revenue in the first quarter of
2022.

 

He said statistical data which has been reported over the years, indicated
that pipeline vandalism, oil bunkering, has brought Nigeria Into serious
socio-economic crisis.

 

The senator said current collaborative efforts involving joint task force of
the military, with contributions of various security entities, state and
local governments, and International Oil Companies (IOCs) in the Niger Delta
region, has yielded positive results.

 

 

He said the efforts has led to an increase in oil production, reaching 1.51
million barrels per day in first quarter 2023.

 

"This figure marks an improvement from the 1.49 million barrels per day
recorded in the same quarter of 2022 and is notably higher than the
production volume of 1.34 million barrels per day in the fourth quarter of
2022" the senator said.

 

But Mr Nwoko said inspite of efforts of military personnel and security
agencies in combating oil theft in the Niger Delta region, individuals
within the institutions still engaged in the illicit activities.

 

"These individuals collaborate with unscrupulous figures within the oil
industry to undermine the nation's economy.

 

"Also observes that it has come to attention that oil theft in Nigeria
thrives due to a troubling collaboration between security forces, militia
groups, the local population, and certain employees within oll companies .

 

 

"These parties employ sophisticated methods to carry out theft from all
facilities located within the country given Nigeria's vast oil and gas
reserves," he said.

 

He expressed concerns about accusations and counter-accusations of oil
bunkering and various other crisis between the military and local militia
groups.

 

"In 2022, it was reported that Nigeria suffered daily loss of approximately
437,000 barrels of crude oil, amounting to a value of 23 million dollars,
due to criminal activities.

 

"Moreover, between March 2023, Nigeria incurred a substantial loss of 65.7
million barrels of crude oil, valued at 83 dollars per barrel, translating
to a staggering revenue loss of N2.3 trillion as a result of oil theft."

 

He expressed worry that the activities of oil thieves and their
collaborators has significantly hampered crude oil production posing a
substantial threat to the nation's economy.

 

Contributions, reactions

 

Contributing, Mpigi Barinada (PDP- Rivers) called for proper check on issues
of oil thefts in Niger Delta, adding that there was challenge of
collaboration among security agencies.

 

Osita Izunaso (APC- Imo) said oil bunkering was a major economic sabotage
for Nigeria , saying that it was a multifaceted issues.

 

He said the solution required sustainable measures and not on ad-hoc basis.

 

Buhari Abdulfatah called for a review of the laws to provide for punitive
measures for would be offenders.

 

Adams Oshiomole (APC-Edo) urged the Senate to support President Tinubu in
the fight against oil thieves,saying that it was time to stop oil thefts in
Nigeria.

 

He said it was shameful that so much was been stolen from oil, and urged the
senate to invite the service chiefs to interface with senate on what the
security agencies were doing to stop oil thefts.

 

President of Senate, Godswill Akpiabio, said he believes strongly that the
armed forces were in better position to secure the country.

 

He thanked the sponsor of the motion, while urging the committee to do a
holistic investigation in the interest of the nation.

 

Senate consequently urged the committee to present its report on the
investigation in six weeks.(NAN)

 

-Premium Times.

 

 

 

Mozambique: Palma Attack Victims Take TotalEnergies to Court

Seven survivors and family members of victims of a militant attack in
Mozambique filed a complaint against TotalEnergies for "involuntary
manslaughter and failure to provide assistance to a person in danger", RFI
reports.

 

The French oil company, which at the time was in charge of a large-scale gas
project in the area, is accused of negligence and of failing to secure the
safety of its subcontractors during the attack on Palma in March 2021, which
was carried out under the banner of the Islamic State.

 

White contractors were prioritised for evacuation ahead of black locals
during a rescue operation following the attack by insurgents, according to
Amnesty International. In a report compiled from interviews with 11 black
survivors, Amnesty said that even dogs were pulled to safety before black
people by a helicopter that airlifted civilians from a hotel where they had
sought refuge.

 

 

The attack on Palma left dozens of Mozambicans and foreigners dead,
according to the government, and displaced tens of thousands. It marked a
major intensification in a conflict that has wreaked havoc across Cabo
Delgado province for more than five years.

 

The attacks occurred after French energy giant Total announced that work
would gradually resume at a liquified natural gas project in the region.

 

Cabo Delgado remains deep in crisis almost five years after extremist
violence began in the region. Since October 2017, Cabo Delgado has come
under attack by militants - causing the deaths of more than 3,000 people and
displacing over 850,000 others - leading to a humanitarian crisis. The
attacks - many of which were accompanied by atrocities - included beheadings
and the destruction of public and private infrastructure.

 

 

 

 

South Africa: Eskom Board Chairperson Steps Down

Eskom board chairperson, Mpho Makwana, is expected to step down from his
role at the power utility's next AGM scheduled for the end of October.

 

This was announced by the Department of Public Enterprises (DPE) in a
statement.

 

Makwana is expected to be replaced by current board member, Mteto Nyati, as
chairperson, with a handover process to be done throughout this month.

 

Public Enterprises Minister Pravin Gordhan said: "We wish to thank Mr
Makwana for his contribution during the most difficult time for Eskom. We
wish him well in his future endeavours.

 

"Our efforts to stabilise Eskom and restructure it into three subsidiaries
-- generation, transmission and distribution -- remain on track. As
government, we are committed to ensuring that Eskom has the right skills,
talent and experience to support our pursuit of a more secure energy future
for South Africans."

 

Makwana wished the power utility success.

 

"I am grateful for the opportunity afforded to me by the government of the
Republic of South Africa to serve a second term as chairperson of the Board
of Directors of Eskom SOC Limited. I wish Eskom and its people success, and
thank its committed stewards for their unstinting efforts to revive the
utility.

 

"I thank the Minister for the positive, amicable manner upon which we
conclude my tenure," Makwana said.

 

-SAnews.gov.za.

 

 

 

Nigeria: IMF Downgrades Nigeria's Economic Growth Projection

The IMF said global headline inflation is expected to steadily decline from
its peak of 8.7 per cent in 2022 (annual average) to 6.9 per cent in 2023

 

Nigeria's economic growth is projected to decline from 3.3 per cent in 2022
to 2.9 per cent in 2023, the International Monetary Fund (IMF) has said.

 

The Washington-based lender made this known in its "World Economic Outlook:
Navigating Global Divergences" released on Tuesday.

 

The IMF also projected that the country's economy would grow at 3.1 per cent
in 2024, with the negative effects of high inflation on consumption taking
hold.

 

"The forecast for 2023 is revised downward by 0.3 percentage point,
reflecting weaker oil and gas production than expected, partially as a
result of maintenance work," the report said.

 

The IMF said global headline inflation is expected to steadily decline from
its peak of 8.7 per cent in 2022 (annual average) to 6.9 per cent in 2023
and 5.8 per cent in 2024.

 

 

It said the forecast for 2024 is revised upward by 0.6 percentage points,
reflecting higher-than-expected core inflation.

 

"On a year-over-year basis, projected global headline inflation peaked at
9.5 per cent in the third quarter of 2022 and is projected to reach 5.9 per
cent by the fourth quarter of 2023 before falling to 4.8 per cent in the
fourth quarter of 2024, still above the pre-pandemic (2017-19) annual
average of about 3.5 per cent," the report said.

 

Although the IMF said monetary tightening is starting to bear fruit, a
central driver of the fall in headline inflation projected for 2023 is
declining international commodity prices.

 

It added that nearly three-quarters of economies are expected to see lower
headline inflation in 2023, but the pace of disinflation is especially
pronounced for advanced economies.

 

 

These economies, the IMF said, are expected to see (annual average)
inflation fall by 2.7 percentage points in 2023, about double the (1.3
percentage point) decline projected for emerging markets and developing
economies.

 

It explained that part of this difference reflects advanced economies'
benefiting from stronger monetary policy frameworks and communications,
which facilitate disinflation, but the difference also reflects lower
exposure to shocks to commodity prices and exchange rates.

 

In low-income developing countries, the IMF said inflation is on average
projected to be in double digits and is not expected to fall until 2024.

 

"There are also large differences in the expected pace of change in headline
inflation across major economies, reflecting different starting points. The
euro area is expected to see an especially sharp fall in (year-over-year)
inflation in 2023 of 6.6 percentage points from 9.9 per cent in the fourth
quarter of 2022 to 3.3 per cent in the fourth quarter of 2023, with the fall
reflecting in part the decrease in energy prices," it said.

 

 

Background

 

The IMF had in April retained its growth forecast for the Nigerian economy
in 2023 at 3.2 per cent.

 

The IMF said tentative signs in early 2023 that the world economy could
achieve a soft landing with inflation coming down amid steady growth have
receded due to stubbornly high inflation and recent financial sector
turmoil.

 

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

 

Apart from the removal of subsidy, the Central Bank of Nigeria (CBN) also
announced the unification of all segments of the forex exchange (FX) market
as part of efforts to engender transparency in the markets and boost
investors' confidence.

 

The policy has been widely applauded as well-intentioned and necessary but
it has put additional pressure on the local currency and manufacturers, with
ripple effects on prices.

 

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

 

In July, the CBN raised its benchmark lending rate to 18.75 per cent.

 

The bank said, "hiking the interest rate has made a lot of difference in
moderating the rate of inflation".

 

It noted that the option to continue the hike in the policy rate, albeit
moderately, also presented a strong alternative premised on the expected
liquidity injections into the economy from the recent efforts to unify the
nation's foreign exchange markets.

 

Also, the country has in recent years faced severe revenue problems,
pipeline vandalism and crude oil theft in its oil-producing region.

 

-Premium Times.

 

 

 

Tanzania: Zanzibar Launches Minerals Prospecting, Exploration

Zanzibar — ZANZIBAR Ministry of Water, Energy, and Minerals of Zanzibar and
Aseel Oilfield Services Limited have jointly launched research activities
aimed at understanding the mineral resources in the Isles.

 

The launch of the research activities which represent a significant
milestone in the comprehensive development of Zanzibar's mining sector and
sets the stage for a robust exploration plan, was held at the ministry's
headquarters at Maisara.

 

The collaborative initiative is a result of the Memorandum of Understanding
(MoU) signed between Aseel Oilfield Services and the Ministry of Water,
Energy, and Minerals of Zanzibar in July 2023.

 

 

This agreement encompasses various large-scale projects, including mining
activities in Unguja and Pemba. The inaugural research phase aims to provide
valuable insights into Zanzibar's mineral reserves, aligning with the vision
of Zanzibar President Dr Hussein Mwinyi for a prosperous Zanzibar.

 

The Principal Secretary of the Ministry Joseph Kilangi, emphasized the
invaluable commitment demonstrated by Aseel Oilfield Services in supporting
previous government initiatives. He expressed his sincere appreciation for
Aseel's efforts, noting their unwavering dedication and welcoming these
exciting initiatives.

 

Mr Kilangi highlighted key points of emphasis, expressing gratitude towards
the professionalism and sincerity demonstrated by the Aseel team in
executing the project.

 

He also emphasized the geological similarities between Zanzibar and other
mineral-rich regions, underscoring the potential for mineral deposits on
Unguja and Pemba islands.

 

 

Mr Kilangi assured the project team of the ministry's full cooperation,
honoring the contractual obligations.

 

Deputy Minister of Water, Energy and Minerals Shaaban Ali Othman called upon
residents of Unguja and Pemba islands to cooperate with the professional
team from Aseel Oilfield Services and the team from the geology and mineral
department of the ministry as they carry out their vital duties.

 

Mr Othman officially launched the exploration activities on the island,
extending government support to the team and emphasizing the need to
maintain momentum throughout the entire phase.

 

He also confirmed the government's commitment to provide Aseel with the
first right of refusal for extraction in case any discoveries are made.
Additionally, he mentioned that the ministry will closely review and analyze
bi-weekly progression reports and strategize accordingly, aiming to
establish a sophisticated database for the ministry.

 

Mr Iman Al-Jabry, the Chairman of Aseel Oilfield Services group, expressed
deep gratitude for the government's steadfast commitment to building a
transparent and investor-friendly environment in Zanzibar.

 

He assured both the ministry and the general public of Aseel Oilfield
Services' unwavering dedication to the successful completion of mineral
exploration and the implementation of various other proposed projects.

 

-Daily News.

 

 

 

Zambia: Remove Illegal Miners From Mpika Gold Site

It is disturbing that rampant illegal mining in the country has continued
unabated despite several interventions by law enforcement agencies.

 

One may wonder if this illegality is thriving because some people genuinely
lack alternative income-generating opportunities or it is just an organised
crime spearheaded by some illegal mining syndicates.

 

Many mines across Zambia have been invaded with reports of illegal miners
being killed while digging for various minerals, now becoming daily news.

 

Shockingly women and little children have also been initiated in this
illegality.

 

 

Like we have stated before, this trend undermines formal mining activities,
thus reducing the much-needed investor confidence and ultimately limiting
Government revenue.

 

We therefore understand the frustrations of Muchinga Province Minister Henry
Sikazwe who expressed his displeasure over the continued increase of illegal
mining activities in the area.

 

Mr Sikazwe is worried at the rising numbers of people who have invaded
Kanyelele Gold Mine in Mpika District and that despite his office reporting
the matter to the ministries of Defence, Home Affairs and Mines, nothing
much has been done.

 

If these illegal miners are not removed from the site, the minister fears
that lives could be lost as cases of dysentery have continued being recorded
in the area.

 

It is hoped that like Mines and Mineral Development Permanent Secretary
Hapenga Kabeta promised normalcy will return to Kanyelele Gold Mine.

 

 

Still on mining, it is refreshing to hear from Dr Kabeta that the Government
is contemplating to start full-scale sugilite mining in Luapula Province
next year.

 

The Government has already dispatched geologists to the province to examine
the extent of the available mineral.

 

Dr Kabeta stated that geological findings will determine the nature of
investment required in the area.

 

Some geologists were earlier sent to Muyombe in Mansa for 30 days and
another team is expected in the area this week to conduct further
investigations for 20 days.

 

Another group will be in Muyombe next month for drilling, but this is
subject to the findings of the second probe.

 

More geologists will be dispatched to Milenge on a similar mission.

 

This news should bring the needed relief to the people of Luapula who for
some time now have been complaining of rampant illegal mining of sugilite in
the area.

 

Several people have been arrested for mining sugilite illegally.

 

It is hoped that more of such activities are extended to other areas where
they are reports of mineral deposits.

 

In the same vein, the Zambia Environmental Management Agency (ZEMA) needs to
heed President Hakainde Hichilema's call to expedite the issuance of
approvals of environmental licences for artisanal miners to help reduce
illegal mining.

 

There have been concerns by artisanal miners that there was a prolonged
delay by ZEMA to issue environmental approvals to artisanal and small scale
miners.

 

-Times of Zambia.

 

 

 

 

Nigeria: Petrol Subsidy - Nigeria Spent N4 Trillion in 2022 - Official

According to an official, in 2022, the Nigerian government expended more
than N4 trillion on PMS subsidy.

 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority
(NMDPRA) on Tuesday said Nigeria imported a total of about 23.5 billion
litres of Premium Motor Spirit (PMS), also known as petrol, in 2022.

 

The NMDPRA's Chief Executive Officer, Farouk Ahmed, disclosed this at the
ongoing Energy Labour Summit organised by the Petroleum and Natural Gas
Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

 

Speaking at the event on Tuesday, Mr Ahmed said "Last year alone, Nigeria
imported a total of about 23.5 billion litres of PMS. Our average daily
truck out over 8 years stood at over 55 million litres per day, with a peak
of 66.7 million litres recorded for the year 2022."

 

 

According to him, in 2022, the Nigerian government expended more than N4
trillion on PMS subsidy.

 

This, he said, amounted to about 20 per cent of the budget for the year,
caused a strain on the fiscal viability of the government, and became a
major obstacle to inclusive participation in the downstream petroleum
sector.

 

Mr Ahmed, represented by Bashir Sadiq, executive director of corporate
services and administration of the agency, said while Nigeria is greatly
endowed with abundant reserves of over 37 billion barrels of crude oil and
over 206 TCF of gas, the produced resources are largely exported.

 

"The country needs a very robust mid and downstream sector to maximise the
inherent values that can be derived from these resources. The mid and
downstream sector is where the most value derivable from the nation's
hydrocarbon resources can be obtained through the creation of employment,
accelerated industrialization of Nigeria, security of energy and generation
of revenue to list just a few," Mr Ahmed said.

 

 

He said a transparent mid and downstream market attracts investments,
promotes efficiency, competition and sustainable development of the sector.

 

He explained that achieving transparency requires some key components such
as effective laws, clear sectoral policies and strategic objectives, sound
regulatory frameworks, optimal enforcement and compliance of all regulatory
requirements.

 

Mr Ahmed said the Petroleum Industry Act (PIA) 2021, which is the governing
legislative instrument that defines the key regulatory frameworks of the mid
and downstream industry has made substantial provisions that will guarantee
optimal transparency in the operations of the sector.

 

 

He noted that the NMDPRA is working with all its stakeholders to effectively
develop a transparent midstream and downstream sector in line with the
mandates defined in the PIA.

 

"I am glad to inform you that we have achieved remarkable progress in this
regard through our extensive stakeholder consultation during the formulation
and rollout of our regulations," he added.

 

Fuel Subsidy

 

Speaking on the fuel subsidy removal, he said Nigeria's changing energy
landscape requires clear and stable policy frameworks, appropriate
governance structures, secured operating environment, availability of
in-country competences, access to long term affordable financing and
purposeful leadership at all levels.

 

"This is necessary to encourage and promote sustainable investment across
the value chain and guarantee predictability for mid and long term business
planning and ease of doing business.

 

"To entrench the above, on 16th August 2021, the long-awaited Petroleum
Industry Bill was signed into law and it became the "Petroleum Industry Act
2021".

 

"This important milestone ushered in a new dawn in the history of the growth
and prosperity of the Nigerian oil and gas industry through key industry
reforms which include the removal of fuel subsidy and migration to a full
market-based pricing for petroleum products which is the only way to attain
a transparent mid and downstream value chain for petroleum products supply,"
he said.

 

While acknowledging the social benefits of petrol subsidy in Nigeria, Mr
Ahmed said the fiscal burden associated with its sustenance constituted a
significant challenge for government's ability to fund national budgets over
the years.

 

"The escalating burden was largely driven by upward trajectory in global
crude oil and products prices, freight rate and other associated cost on one
hand and the year-on-year increase in average daily evacuation from depots
on the other hand. The operation of subsidy regime in Nigeria also impacted
the pace of development of the midstream sector by limiting refinery
design/construction to only products that have been fully deregulated.

 

"The immense midstream and downstream investment opportunity that Nigeria
holds can only be optimised in a fully operationalized market-based pricing
environment for all petroleum products."

 

He further explained that the subsidy regime in Nigeria created a situation
where a substantial regional petrol retail pricing differential incentivized
increasing cross-border smuggling.

 

"The financial implication of PMS subsidy rose to over N400 billion monthly
which translates to over N4.8 trillion (US$6bn) annually making it
unsustainable in the short to medium term.

 

"Subsidy on PMS hugely impacted Government revenues available to all tiers
of government leading to inability of the government to meet their
obligations," he said.

 

In the same vein, he said perennial challenge of the fuel subsidy which has
over the years encouraged inefficiency, waste and environmental pollution,
has been a major bottleneck to aligning to Sustainable Development Goals
(SDGs) of providing cleaner energy.

 

"Hence, on 29 May 2023, payment of subsidy on PMS was ended by the new
administration of President Bola Ahmed Tinubu.

 

"This policy decision will facilitate the development of healthy competitive
markets and operational efficiency that will promote transparency, private
sector investment in the downstream value chain of the Nigeria's oil and gas
sector," he noted.

 

He added that the complete deregulation of the downstream sector is a
regulatory and policy framework that is being implemented across all arms of
relevant government organisations in strong collaboration with the private
sector.

 

"Transparency across the entire supply chain of the downstream sector has
been greatly enhance and the expected impact of improved midstream sector
will be created in the near term through increased domestic refining
capacity in Nigeria," he said.

 

-Premium Times.

 

 

 

Namibia: Agri Union Calls for Cooperation Among Farmers

Outgoing Namibia Agricultural Union (NAU) president Pieter Gouws has called
for cooperation among members rather than individualism if they are to leave
a "good legacy".

 

He was addressing the 77th annual NAU congress in Windhoek on 4 October
where Thinus Pretorius was elected NAU president, while Jaco van Wyk took
over as the chairperson of the Livestock Producers Organisation.

 

Gouws said farmers are at the bottom of the national economy value chain and
70% of the population is directly and indirectly dependent on the
agricultural value chain.

 

 

"We are at the mercy of external variables, such as weather conditions,
minimal to no influence on product prices, worldwide attack on meat and meat
products, the so-called methane gases from cattle and other ruminants," he
said.

 

He also cited land reform actions and land use patterns that result in a
definite change in the immediate environment, absentee landowners, increased
pressure on rural security and disaster management, wildfires, pest control
and predator/problem animal control.

 

"We also have to contend with foreign fortune seekers who want to plunder
our natural resources and, on top of all this, virtually no government
support," he said.

 

He said despite all these challenges, farmers continue to write stories of
hope with their tenacity, determination, future vision, dreams and faith.

 

"However, these stories cannot be told in isolation and cannot achieve
success if they are not done in an organised, structured manner. That is why
this organisation - NAU - is so critically important," he added.

 

 

Gouws highlighted that the union had grown in the past five years and with
it the "rejuvenation" of the organisation and farming community.

 

"The entry of the younger generation into farming will inevitably lead to
various challenges, conflict situations and requires innovative thinking,"
he said, adding that during November, the NAU in collaboration with Landbou
Weekblad and Theo Vorster of Galileo Capital, will offer three masterclasses
in family farming at Keetmanshoop, Tsumeb and Okahandja.

 

This is part of NAU's capacity building for members and specifically
successful young farmers.

 

Continuing on the subject of "good legacy", he announced several prizes to
be awarded - ranging from an Agristar, Agriculture Woman of the Year,
Community Project to Media Personality.

 

 

"None of the winners could have achieved this if they had operated in
isolation, but each had a vision, calling or dream and I am sure none of
them did it with the expectation of recognition, but to serve to making the
environment a better place and empowering people with information," he said.

 

He warned farmers not to think changes are happening in Namibia alone and
that international actions, seemingly occurring 'far' from Namibia, cannot
have a massive impact on farmers' day-to-day activities.

 

"The Ukrainian-Russian war is a significant example of this.

 

The impact of the escalating refugee issues in the United States of America,
United Kingdom and European Union may result in a reduced investment from
these countries in southern Africa due to the economic downturn.

 

"Additionally, the expansion of the Brazil, Russia, India, China, and South
Africa (Brics) countries' alliance could also bring about a serious change
in existing trade agreements, with consequent adjustments to regulations and
requirements that may lead to a stronger negative sentiment from the EU
towards southern Africa.

 

"It is, therefore, vital that NAU membership to Southern Africa
Confederation of Agricultural Unions (Sacau) be maintained. We must be part
of this group and make our mark on issues that will directly affect us.

 

Times will certainly not get easier. On the contrary, the challenges are
becoming more intense."

 

He said the recovery after the 2013-2019 drought was not yet achieved and
the immense challenges regarding power supply to the agricultural sector in
South Africa also has a serious negative impact on Namibian product prices
and, therefore, economic recovery.

 

Gouws said repeated requests to the land reform ministry for corrected land
tax assessments and timely issuance of new assessments have so far been
unsuccessful.

 

He appealed for an extension for the settlement of these assessments.

 

- email: matthew at namibian.com.na

 

-Namibian.

 

 

 

 

EU warns Elon Musk 'disinformation' is spreading on X after Hamas attack

The EU has warned Elon Musk that X is being used to spread "disinformation"
after Hamas' attack on Israel.

 

In a post on the site formerly known as Twitter, the bloc's industry chief
said "violent and terrorist content" had not been taken down, despite
warnings - as is required by EU law.

 

Mr Musk said his company had taken action, including by removing
newly-created Hamas-affiliated accounts.

 

He asked the EU to list the alleged violations.

 

Thierry Breton, Commissioner for the Internal Market of the European Union,
did not give details on the disinformation he was referring to in his letter
to Mr Musk.

 

However, he said that instances of "fake and manipulated images and facts"
were widely reported on the social media platform.

 

"I therefore invite you to urgently ensure that your systems are effective,
and report on the crisis measures taken to my team," he wrote in his letter
which he shared on social media.

 

His letter comes days after the Palestinian militant group Hamas launched an
attack on Israel, killing hundreds of residents and taking dozens of
hostages.

 

In response, Israeli forces have launched waves of missile strikes on Gaza
which have killed more than 900 people.

 

EU safety laws start to bite for big tech

In his response on X, Mr Musk said: "Our policy is that everything is open
and transparent, an approach that I know the EU supports.

 

"Please list the violations you allude to on X, so that the public can see
them."

 

Mr Breton said that Mr Musk was "well aware of your users' - and
authorities' - reports on fake content and glorification of violence",
adding that it was up to him to "demonstrate that you walk the talk".

 

The EU Digital Services Act (DSA) is designed to protect users of big tech
platforms.

 

It became law last November but firms were given time to make sure their
systems complied.

 

On 25 April, the commission named the very large online platforms - those
with over 45 million EU users - that would be subject to the toughest rules,
among them X. The law came into effect four months later in August.

 

Under the tougher rules, larger firms have to assess potential risks they
may cause, report that assessment and put in place measures to deal with the
problem.

 

Failure to comply with the DSA can result in EU fines of as much as 6% of a
company's global turnover, or potentially suspension of the service.

 

Mr Musk dissolved Twitter's Trust and Safety Council shortly after acquiring
the company in 2022. Formed in 2016, the volunteer council contained about
100 independent groups who advised on issues such as self-harm, child abuse
and hate speech.-bbc

 

 

 

 

People struggle to leave Israel as flights book up

Securing direct flights from Israel to the UK has become increasingly
difficult with more airlines cancelling flights after the Hamas attacks.

 

Virgin is now operating one flight to and from Tel Aviv a day instead of two
and BA is flying one round trip.

 

EasyJet, Ryanair, Wizz Air, Air France, Lufthansa and Emirates have
suspended flights from Israel into the UK.

 

One travel agent said he been "inundated" with calls from people trying to
get flights back to the UK.

 

Jeremy Segel, director of West End Travel, which specialises in trips to
Israel, said many flights were booked up with only the "odd seat" available.

 

He arrived back in the UK on Monday with his family which were part of
44-strong group who journeyed to celebrate the Jewish festival of Sukkot.

 

While his BA flight was delayed, Mr Segel told the BBC people were
"panicking" in Ben Gurion Airport as they learned of flights being
cancelled. At one stage, "everyone started running" in the airport over a
false alarm of an attack.

 

"People are very nervous, people are very defensive," he said.

 

BA's website shows that its earliest flight to the UK from Ben Gurion
Airport is on Monday 16 October and a one-way ticket costing more than
£1,300. For the following Monday, a ticket is about £226.

 

Live: Israel says Gaza border finally secured as air strikes continue

Virgin Atlantic and Israel's national carrier El Al - which is still
operating two flights daily to London Heathrow and two to Luton Airport -
have no availability on their UK-bound services until next week.

 

Several airlines have introduced flexible booking policies and allowed
customers to change travel dates for free.

 

Flightradar24, a website which tracks flights, told the BBC many airlines
had cancelled journeys due to safety concerns. But it pointed out that the
airspace over Israel isn't closed, so the number of flights flying to or
from Tel Aviv "is currently down to individual operators".

 

Despite a dwindling number of direct flights leaving Israel, Foreign
Secretary, James Cleverly, urged UK nationals wishing to leave to use
commercial transport, with no UK government evacuation currently planned.

 

The Foreign Office is advising against all but essential travel to Israel
and the Occupied Palestinian Territories, and against all travel to certain
parts of the region.

 

"There are air flights, and of course there are land borders with friendly
nations - with Egypt, with Jordan," Mr Cleverly said. "If you seek to leave
Israel we are working with the air industry and with Israeli air traffic
control to maintain those flights."

 

'What are we supposed to do?'

One woman from London, who asked the BBC to withhold her name, remains in
Tel Aviv along with her husband, another adult couple and 12 children.

 

She said the group was "going through a lot of trauma" and had been forced
to search for places to hide when air-raid sirens had sounded. The children
especially were "shaking from fear".

 

"I can't tell you about the fear we are living through," she said. "We have
been trying to contact anyone to get us home."

 

She said she had tried to called the British Embassy in Israel but had
received no reply.

 

"We are very disappointed as we live in England and no one is willing to
help us get back safely," she said. "What are we supposed to do in this time
of war?"

 

Asked if the government's policy on not currently facilitating an evacuation
from Israel for UK citizens could change, Mr Cleverly said the situation in
Israel was "very fast moving".

 

"I'm not able to speculate as to what might happen in the future."-bbc

 

 

 

 

IMF defends gloomy UK forecast after government criticism

The International Monetary Fund has rejected government suggestions that its
latest assessment of the UK economy is too gloomy.

 

The influential global group forecasts the UK will have the highest
inflation and slowest growth next year of any G7 economy, falling behind the
US, France, Germany, Canada, Italy and Japan.

 

The Treasury said recent revisions to UK growth had not been factored in to
the IMF's report.

 

But the group denied being pessimistic.

 

IMF chief economist Pierre Olivier Gourinchas told the BBC: "We're above the
Bank of England estimate [for growth] for next year, so I don't think we are
particularly pessimistic. I think we're trying to be honest interpreters of
the data here."

 

Forecasts are never perfect given the many factors that affect economic
growth - from geopolitics to the weather. But such reports can point in the
right direction, especially where they align with other predictions.

 

The IMF, an international organisation with 190 member countries, has said
the forecasts it makes for growth the following year in most advanced
economies have, more often than not, been within about 1.5 percentage points
of what actually happens.

 

What is the IMF and why does it matter?

In July last year, it forecast that the UK economy would grow by 3.2% in
2022. It revised that upwards to 4.1% at the start of this year.

 

But official UK figures released last month estimated that the country's
economy expanded by 4.3% in 2022 - considerably more than the IMF's initial
estimate.

 

According to the group's latest forecast, which it produces every six
months, it expects the UK to grow more quickly than Germany in 2023, keeping
the UK out of bottom place for growth among the G7.

 

But it downgraded the UK's prospects for next year, estimating the economy
will grow by 0.6%, making it the slowest growing developed country in 2024 -
widely predicted to be a general election year.

 

The IMF says the UK's immediate prospects are being weighed down by the need
to keep interest rates high to control inflation, which has been falling but
remains stubbornly above target.

 

It warned Bank of England rates would peak at 6% and stay around 5% until
2028. Rates are currently 5.25%.

 

"The decline in [UK] growth reflects tighter monetary policies to curb
still-high inflation and lingering impacts of the terms-of-trade shock from
high energy prices," the report said.

 

The IMF's forecast has come at a bad time for the UK government, which is
keen to promote the idea that the economy is at a turning point with
inflation falling decisively and interest rates likely to have peaked.

 

Government sources suggested the IMF had not taken into account the fact
that expectations for market interest rates had fallen in recent weeks, and
that the Office for National Statistics (ONS) had upgraded its assessment of
the UK's post-pandemic recovery.

 

However, Mr Gourinchas rejected that, telling the BBC that the IMF had
"absolutely" factored in interest rates peaking late last month and that
"there is no discrepancy".

 

He added that a "preliminary read" of the ONS's revised data had changed the
picture for 2021, but "probably not much" for the current forecasts.

 

"If anything," he said, past upgrades for 2021 would mean "there is less
room to grow and catch up, so it might not lead to a big change upwards in
terms of the growth performance."

 

IMF rates prediction

Responding to the IMF's report earlier, Chancellor Jeremy Hunt said: "The
IMF has upgraded growth for this year and downgraded it for next - but
longer term they say our growth will be higher than France, Germany or
Italy.

 

"To get there we need to deal with inflation and do more to unlock growth."

 

On Tuesday, the Bank of England's Financial Policy Committee (FPC), which
monitors the stability of the UK financial system, also warned on the UK's
high interest rates.

 

It said financial markets expected rates would "have to stay high for a long
time", putting pressure on household finances.

 

"The full impact of higher interest rates has not yet passed through to all
borrowers," it added.

 

The IMF is already warning of signs of a slowdown in the world economy after
what appeared to be a resilient start to the year.

 

For example, tourism had recovered following the pandemic, boosting
economies with large travel and tourism sectors such as Italy, Mexico and
Spain.

 

But a slowdown in interest-rate-sensitive manufacturing sectors was dragging
on growth and there were signs that China's momentum was fading following
its "reopening surge" at the start of 2023.

 

The IMF predicts global growth will fall from 3.5% in 2022 to 3% in 2023 and
2.9% in 2024.

 

"The global economy continues to recover from the pandemic and Russia's
invasion of Ukraine, showing remarkable resilience," Mr Gourinchas said.

 

"Yet, growth remains slow and uneven. The global economy is limping along,
not sprinting."-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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