Major International Business Headlines Brief::: 12 October 2023

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief:::  12 October 2023 

 


 

 


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

 


 

 


 

ü  Africa: VP Urges Africa to Boost Domestic Market for Cashews

ü  Nigeria: Inflation - Protect Poor People From High Energy Prices, IMF
Tells Govt

ü  Tanzania: Rukwa Spotted As Cybercrime Hotspot

ü  Nigeria: State Govts Have No Power to Ban Mining Activities - Minister

ü  Tanzania: Morogoro Has 2000-Km All-Weather Roads, Says TANROADS

ü  South Africa: Government Wants Oil and Gas Exploration to Be Speeded Up

ü  Burundi: Sacked Central Bank Chief Accused of Money Laundering, Arrested

ü  Kenya Power Announces Planned Power Outages in 4 Counties

ü  Namibia Has Enough Uranium to Meet Energy Needs - Tweya

ü  Zambia: Debt Restructuring - Is It Another Auspicious Week for Zambia?

ü  US car strike escalates as expands to Ford's biggest plant

ü  World Bank criticises UK for cutting aid to poorest

ü  BA plane U-turns from Tel Aviv after flights are suspended

ü  Nearly half a billion small tech items thrown away

 


 

 


 <https://www.cloverleaf.co.zw/> Africa: VP Urges Africa to Boost Domestic
Market for Cashews

VICE-PRESIDENT, Dr Philip Mpango has called on African countries to boost
local consumption of cashewnuts and their by-products and tap into the
enormous continental market of almost 1.4 billion people, under the African
Continental Free Trade Area (AfCFTA).

 

Launching Tanzania International Cashew Conference in Dar es Salaam on
Wednesday, Dr Mpango also tasked the Ministry of Agriculture to fast track
investments in cashew processing factories.

 

"It is imperative for African countries to work on reducing cashews consumer
prices, so as to promote regional market for the crop and its related
products, said Dr Mpango at the conference organised by African Cashew
Alliance in collaboration with the Ministry of Agriculture and the Cashewnut
Board of Tanzania (CBT).

 

 

The conference brought together farmers, processors, cooperatives, traders,
regulators, consumers, financial institutions, development partners, policy
makers and other stakeholders of the cashew value chain.

 

"Africa has a huge potential market of an estimated 1.4 billion people under
the African Continental Free Trade Area, lets maximise this potential," he
said.

 

"Let us buy and consume cashewnut produced in our continent...But for this
to happen, consumer prices must be affordable to the majority of our
people," Dr Mpango underlined.

 

He implored the cashew growing countries in Africa to check and put an end
to malpractices in the industry such as unfair grading of cashews and supply
of counterfeit pesticides.

 

He also invited potential investors to invest in the Tanzania's cashew
industry, saying the country has a comparative advantage in the cashew
industry, manifested in its vast arable land and favourable weather
conditions.

 

 

"Tanzania's cashew harvest period (September-December) is the off season for
other main producers (India, Vietnam and West Africa). Additionally,
Tanzania's soil and weather support growing of the large-sized cashew nuts
species," he added.

 

Dr Mpango said under the agriculture sector transformation agenda 10/30, the
country is set to increase the growth of the agriculture sector from the
annual average growth rate of 5 to 10 per cent by 2030.

 

"Similarly, production of raw cashews is projected to increase from an
annual average of 220,000 tonnes over the last ten years (2013/14-2022/23)
to 1,000,000 tonnes per annum by 2030, with intermediate targets of 400,000
tonnes in 2023/24 and 700,000 tonnes by 2026/27," Dr Mpango added.

 

 

"These interventions are expected to scale up cashew nuts production and
maintain Tanzania's position as one of the top three producers in Africa,"
he added.

 

He said the country also aims to process 60 per cent of raw cashew in order
to add value and broaden its market, as well as promoting local consumption
of cashew nuts and its by-products such as jam, juice, cashew milk, wine,
ethanol and oil.

 

He said although several strides have been made, cashew growing countries,
including Tanzania, still face some challenges such as about 90 per cent of
produced cashew nuts is exported in raw form, thus fetching low prices.

 

"Export of raw cashew nuts is also tantamount to exporting jobs and
earnings... those that are associated with extraction of the by-products.
Therefore, every effort must be made to invest in modern processing
facilities, roasteries and packaging techniques of our cashew prior to
exportation." He emphasised.

 

For his part, Agriculture Deputy Minister David Silinde said the government
continues to focus on increasing the amount of locally processed raw cashew
nuts in the country, including providing education, quality machines and
providing a friendly environment for local cashew processors to source raw
cashew nuts through primary market.

 

"We have already started increasing scope of processing to reach 60 per cent
by 2030...One of the major initiatives is the establishment of Maranje
Industrial Park in Mtwara region," he added.

 

Domestic demand for cashew is low in Tanzania and the rest of Africa despite
booming production.

 

The continent's output in 2022 represents 58 per cent of the global cashew
harvest, from 37 per cent in 2008, according to the Africa Cashew Alliance
(ACA).

 

Côte d'Ivoire is by far Africa's biggest cashew harvester. According to
figures released by commodities markets analysts N'kalô the West African
nation produced 1.123 million tonnes of cashew in 2021, a phenomenal 18 per
cent leap from 2020. In 2022, Côte d'Ivoire again breached the 1 million
tonne mark. In 2019, Côte d'Ivoire was the world's third-largest producer
(with 731,000 tonnes), after Vietnam (2.6 million tonnes) and India (786,000
tonnes).

 

In East Africa, Tanzania (300,000 tonnes) Mozambique (122,000 tonnes), and
Kenya (6,000 tonnes) are key regional players.

 

However, by exporting the nut in its raw form, African countries have been
failing to extract additional value from the commodity.

 

- Daily News.

 

 

 

 

 

 

 

Nigeria: Inflation - Protect Poor People From High Energy Prices, IMF Tells
Govt

lLists measures to leverage untapped tax potential to raise revenuelCalls
for expenditure cuts or reprioritizationlAnalysts in divergent views on
IMF's recommendations

 

The International Monetary Fund, IMF, has called on the Federal Government
to focus spending on protecting poor people from the inflationary impact of
high energy prices.

 

Briefing the media at the backdrop of the Fiscal Monitor report released by
the Fund at the ongoing World Bank/IMF Annual Meetings in Marrakesh,
Morocco, yesterday, the Assistant Director, IMF's Fiscal Affairs Department,
Era Dabla-Norris, commending the FG for the removal of the fuel subsidy,
however, said the reform must be complemented with smart policies that focus
on spendings to protect vulnerable groups from impact of high energy prices.

 

 

According to her, to further curtail the inflationary effect of the fuel
subsidy removal, there must be a suite of other macroeconomic policies that
will help to bring inflation down, including leveraging the country's
untapped tax potential to increase revenue collections and debt service
spendings.

 

Protecting poor people

 

Speaking on the need for FG to focus spending on protecting the poor,
Dabla-Norris said: "When we talk about smart policies, we are really
referring to policies that make room in the budget for protecting priority
spending. And that is really education, health care, and targeting these
policies better to protect the most vulnerable groups.

 

"Take removal of fuel subsidies, and I think that fuel subsidy reform was an
important reform Nigeria undertook, the costs to the budget of having these
broad base removal of fuel subsidies is quite significant.

 

 

"By reducing fuel subsidies the government has freed up space for other
types of spending. The important thing is to be able to protect the most
vulnerable group from higher energy prices. So from that perspective, this
policy creates space, a portion of the revenues, it can be unpopular, it can
be a challenging policy, and I think it was the right one, it was the right
decision to make at that time. Now the key is to be able to target better,
because most of these policies don't benefit low income groups. Across the
world we've seen that fuel subsidies tend to benefit middle or higher income
groups. So the key thing is to prioritize this towards the most vulnerable."

 

Curtailing inflation

 

"The first is to protect the most vulnerable from the cost of living. And
there are a number of targeted programs that can be ramped up and the poor,
the really vulnerable populations are protected.

 

 

"A suite of other policies, macroeconomic policies are needed to bring in to
durably bring inflation down. In the case of Nigeria, the revenue to GDP
ratio is quite low relative to other emerging markets and developing
countries. So efforts will need to be made to increase revenue collection in
an efficient manner. Our research shows that countries like Nigeria have
large untapped tax potential.

 

"This is not something that can be done magically overnight, but definitely
over the medium term. Expanding tax bases, reducing exemptions in value
added tax, reducing tax expenditures, rationalizing other types of taxes,
strengthening the quality of your tax institutions, these are all steps that
can be taken to effectively mobilize revenues in a progressive manner, and
then channel that for priority spending, having appropriate monetary
policies in place. Doing away with any kind of central bank financing of the
budget and ensuring that policies are working in the same direction to bring
inflation down is really the issue."

 

Reducing debt service

 

"The most important thing would be durable revenue collections because
revenue collections are very low in Nigeria relative to other peer
countries. And this is widely recognized by the government. So that's one
thing. The second important component would be to rationalize expenditures,
to see what are the priority spending, can spending be cut or reprioritized,
this would be another very important thing to do.

 

"And finally, invigorating growth; Nigeria has tremendous growth potential.
It is one of the largest economies in Africa. It has tremendous potential
for growth. So the kind of structural reforms that are needed, governance,
business climate reforms that are needed to catalyze private investment and
to durably grow, that would be another important way of bringing debt down."

 

Many analysts and financial experts who spoke to Vanguard expressed
divergent opinions on the IMF's recommendations.

 

We need to reform energy sector- Kurfi

 

Commenting on the IMF's position, Mallam Garba Kurfi, Analyst and CEO, APT
Securities & Funds Limited, said: "Yes we need to reform Nigeria's energy
sector particularly the oil sector. We need to go back to days when our
crude production can reach two million barrel per day in order to generate
more foreign exchange to meet our local demand. The same with power in order
to promote small scale entrepreneurs.

 

"As regard smart policies it is all about implementation. The palliatives
policy of N35, 000.00 to FGN staff, if it can be extended to states, will be
welcome. Also the distribution of N25,000.00 to low level workers for a
period of six months is a welcome development.

 

 

"The issue of raising tax collection in order to generate more revenue may
not necessarily curtail inflation; it may increase it. To stabilize the
exchange rate and reduce inflation we need to refine our petroleum
products."

 

No money to cushion effect of high energy cost - Adonri

 

In his own view, David Adonri, Analyst and Executive Vice Chairman at
HIGHCAP Securities Limited, said: "Nigeria's financial situation is
precarious and IMF knows. There is no money to cushion the effect of high
energy cost on the vulnerable or producers. Except if IMF means plugging the
leakages of tax revenue to boost public revenue, Nigeria does not presently
have untapped sources of tax that are not in limbo.

 

"For the very scarce financial resources of FGN to be optimally allocated
and have mass effect, the security sector and productive sector must be
given priority to close supply gap. The excessive burden of debt servicing
which consumes almost all public income must also be addressed, possibly
through debt restructuring so that funds can be available for the smart
spending that IMF advocates. The economic problem that confronts Nigeria now
is beyond any selective rescue operation. When ongoing market reforms
together with fiscal enablers start employing all idle domestic factors of
production, enterprises will resuscitate and the vulnerable will enjoy
productive employment."

 

IMF's recommendations are right - NASO boss

 

Commenting also, President of the National Association of Stevedoring
Operators, NASO, Mr. Bolaji Sunmola, said that Nigerians are a lawless
people but are quick to obey the laws of other countries.

 

He said: "Are we a country that keeps to our social responsibilities? We all
know the answer. But then we all want things to work well. Any leadership
that's going to enforce this of course is going to encounter brick walls,
opposition and sabotage. To me IMF is right; please let us take the hard
decision now to move forward for the sake of generations coming.

 

- Vanguard.

 

 

 

 

Tanzania: Rukwa Spotted As Cybercrime Hotspot

Sumbawanga — Rukwa Region is reported to lead in the country for allegedly
committing cybercrime through telecom handsets, according to the Tanzania
Communications Regulatory Authority (TCRA).

 

The TRCA Manager for Southern Highland Zone Office, Engineer Asijile John
said between April and June this year, a total of 8,991of telcom handset'
SIM cards were identified for being associated with multiple criminal acts
in Rukwa Region.

 

The criminal acts committed through the SIM cards was equivalent to 38.7 per
cent of all-criminal acts committed in the country via telecom handsets. He
mentioned such criminal acts as swindling and theft.

 

 

Eng John revealed this while presenting a topic on cybercrime through
telecom handsets during Rukwa Regional Consultative Committee (RCC) held
recently under the Chairmanship of Regional Commissioner, Mr Charles
Makongoro Nyerere.

 

"In a period of two months between October and November 2022, about 6,767
acts of cybercrime, equivalent to 46 per cent of all cybercrime incidents
reported across the country were in Rukwa Region," he explained.

 

The RC urged leaders, stakeholders and citizens to help address the high
rate of cybercrime committed in the region.

 

Equally, he called upon relevant state organs to address the challenge
permanently in a concerted effort to cleanse the region from the said
setback which has tainted the reputation of the precinct.

 

According to latest TCRA data, from July 2022 to June 2023, a total of
108,395 International Mobile Equipment Identity (IMEIs) linked to incidents
of theft or involvement in criminal activities were blocked by the
authority's systems.

 

 

TCRA Director General, Dr Jabiri Bakari told reporters in Dodoma recently
that the authority has been vigilant in identifying communication equipment
used in fraudulent acts and blocking the devices' IMEI.

 

Dr Bakari highlighted the successful implementation of measures to restrict
usage of fake phones, phones that have been cloned, stolen phones, lost or
damaged phones, as well as unauthorised mobile devices for the period of one
year.

 

This has not only helped in reducing theft incidents but also ensured the
availability of quality communication devices in the market.

 

In November last year, TCRA announced blocking 52,000 phone numbers,
including those of scammers.

 

>From July 2021 to September 2022, a total of 52,087 IMEIs were blocked due
to being reported as lost, stolen, or involved in criminal activities.

 

One of the essential tools that TCRA utilises in this process is the Central
Equipment Identity Register, which allows the verification of all devices
connected to service providers, ensuring compliance with international
standards and safety for users.

 

TCRA has also been vigilant in detecting fraudulent phones entering the
country, resulting in a decline in fraudulent phone incidents from 2020 to
June 2023. However, there were a few isolated cases of phone fraud in
September 2022, said the regulator.

 

The head of Cybercrime Investigative Unit of the Police Force, SSP Joshua
Mwangasa, commended TCRA for their outstanding contribution in countering
cybercrime.

 

He praised the agency for providing state-of-the-art technologies that
greatly facilitate the work of the police force in tackling cybercrime
effectively.

 

- Daily News.

 

 

 

 

Nigeria: State Govts Have No Power to Ban Mining Activities - Minister

The minister disclosed this at the 8th edition of the annual Nigeria Mining
Week in Abuja.

 

No Nigerian state government has any constitutional right to ban mining
activities, the Minister of Solid Minerals Development, Dele Alake, has
said.

 

Mr Alake disclosed this at the 2nd pre-press briefing on the 8th edition of
the annual Nigeria Mining Week in Abuja.

 

The minister spoke in reaction to some states signing an executive order to
ban mining activities.

 

In June, the Taraba State governor, Agbu Kefas, signed an executive order
prohibiting illegal mining activities in the state.

 

 

Mr Kefas, who signed the order during a meeting with traditional rulers at
the state government house in Jalingo, said the order would address
insecurity in the state.

 

He said his government would strengthen its regulatory framework and
collaborate with all relevant agencies to fight the state's illegal mining
activities.

 

Speaking on Wednesday, Mr Alake said no state government has the authority
to interfere with mining operations in the various states.

 

He explained that mining activities are constitutional issues and an item in
the exclusive legislative list of the federal government.

 

"State ban on mining activities across the country is a really sore point.
And it is a constitutional matter. I want to use this opportunity to get to
the Nigerian public that no state, and I repeat, no state has the authority
to interfere in mining operations, no state has the authority. It is a
constitutional matter," Mr Alake said.

 

 

He said mining is exclusively within the purview of the federal government
and, according to the constitution, it is in the exclusive legislative list
not in the residual or the concurrent list.

 

"Every item on the exclusive legislative list belongs to the federal
government. There is no doubt about that. All items on the residual list
belong to the states and all items in a concurrent section belong to both,
but mining, like oil and solid

 

minerals, belongs in the exclusive legislative, therefore, it is the federal
government that has the authority," he added.

 

The minister explained that the ministry is not against any state that wants
to engage in mining activities, provided they follow due processes and get
licensed.

 

Advice to states

 

Due to the peculiar nature of solid minerals and because of the involvement
of the local communities or the host communities, there is an engagement
even in the regulatory framework of mining operations, he said.

 

 

"There is an engagement close with the host communities and the federal
government, through the Ministry of Solid Mineral, has been engaging with
host communities in fact, in the licensing operations or processes or
procedures, there is a provision for the engagement with the host
communities. Now these host communities also belong in the various states,"
he said.

 

"If any state wants to engage in mining, it can form its own Special Purpose
Vehicle (SPV), apply for a mining licence from the office of the Minister
for Solid Minerals go through the due process and be so licensed if it meets
all the criteria.

 

"Such a state is like any company or any individual, institution, or
corporate body. But for a State to wake up and say it is regulating mining
activities is like a state waking up to ban oil exploration it is downright
illegal," he added.

 

The minister added that because the federal government does not want to
engage in confrontations and distractions leading to all kinds of
infractions, it is engaging the states.

 

"The state executives, I have been in touch with the chairman of the
governors forum and I am going to address the National Economic Council
(NEC) of which state governors are members to educate the states. I have
also engaged quite a number of governors individually, some have come to
visit me here.

 

"I have been able to tell them, this is the situation. I have also
discovered that some are not very vast in the constitutional imperatives and
dynamics of this sector. And so there's a need for adequate education and
enlightenment.

 

"However, there is no amount of education and enlightenment that we engage
in that would be outside the purview of the law, of the constitution, and
the constitution is very clear. Mining activities, solid minerals, liquid
minerals all minerals belong in the purview of the federal government," he
said.

 

- Premium Times.

 

 

 

Tanzania: Morogoro Has 2000-Km All-Weather Roads, Says TANROADS

Morogoro — THE Tanzania National Roads Agency (TANROADS) said here on
Tuesday that Morogoro Region has 2,071.23 kilometres of all-weather road
network and called on users to cooperate in safeguarding the costly
infrastructure.

 

Morogoro TANROADS Manager Lazeck Kyamba stated this when giving report on
the agency's role in construction and maintenance of the road network in one
of Tanzania's key food-producer regions as short rains are around the
corner.

 

Mr Kyamba stated that durability of roads essentially depends on proper use,
appropriate and timely maintenance. Road users too are important
stakeholders in safeguarding the roads.

 

 

"We are proud of this enviable network. Remember our region is the nation's
doorway linking the coast and Tanzania's central regions. So, we have
ensured that these roads are in good shape and are passable throughout the
year.

 

"We appeal to all users to join us in protecting the roads," he told
journalists on the region's preparations ahead of the short rains which are
expected later this month.

 

The Tanzania Meteorological Authority (TMA) recently informed that the
coming rains will be average or above average and has called for timely
preparedness to avoid rains effects.

 

Engineer Kyamba explained that the region has 849.42 kilometres of trunk
roads, out of which 384.55km are tarmac and 464.87 km are gravel roads.

 

The regional roads network has a total of 1,221.81 kms -- out of which
1,054.31 kms tarmac and 167.50 kms gravel.

 

The agency has constantly kept its eyes on Kiyegeya Bridge because, he
argued, it is an important link between the region and other regions in
central Tanzania.

 

He said the agency is providing convenient services to transporters at
Mikese, Dakawa and Mikumi weigh bridges and appealed for cooperation from
transporters in observing weight limits.

 

He said the government is committed to building good and durable roads so
that the existing roads are preserved and protected.

 

"We are constantly implementing the directives we receive from the regional
and national levels to ensure that our roads remain in good conditions to
contribute to the wellbeing of Tanzanians," he said, adding that the roads
are important in promoting Tanzania's regional and national economies.

 

- Daily News.

 

 

 

 

South Africa: Government Wants Oil and Gas Exploration to Be Speeded Up

Africa Oil Week panellists discuss opposition to oil and gas at Africa Oil
Week

 

The processes for dealing with environmental challenges to oil and gas
exploration should be speeded up, government agencies argued at Africa Oil
Week in Cape Town.

Applications to explore for oil and gas offshore by energy giants such as
TotalEnergies have been opposed by environmental groups.

Petroleum Agency of South Africa (PASA) chief executive Tshepo Mokoka said a
tribunal or court could be set up to deal with these challenges.

Opposition to oil and gas exploration was at the forefront of discussions at
Africa Oil Week in Cape Town on Tuesday, with government agencies arguing
that processes should be put in place to deal with challenges faster.

 

In a panel discussion between the Petroleum Agency of South Africa (PASA),
PetroSA, the Central Energy Fund, and the Strategic Fuel Fund, PASA acting
chief executive Tshepo Mokoka, said the agency estimated South Africa's
exploration opportunities at about 27 billion barrels of oil, 60 trillion
cubic feet (tcf) of offshore natural gas resources, and 200 tcf of onshore
gas. PASA promotes exploration and development of onshore and offshore oil
and gas resources on behalf of the government.

 

 

But, Mokoka said, time spent dealing with attempts by non-governmental
organisations to block oil and gas projects had to be shortened. "It becomes
important for us to find ways to speed up the resolution of whatever
conflict we might have on the legal front with the NGOs," he said. Mokoka
suggested that a tribunal or court should be set up to deal with these
cases.

 

Earlier this month Environment Minister Barbara Creecy rejected appeals to
block TotalEnergies' application to drill for gas and oil over 10,000 square
kilometres off the West Coast between Cape Town and Cape Agulhas.

 

 

Environmental groups, fishers, and the Western Cape's Department of
Environmental Affairs and Development Planning, had sought to persuade
environment minister Creecy to set aside the environmental authorisation
granted to the French giant by the Department of Mineral Resources and
Energy (DMRE) in April.

 

TotalEnergies has other oil and gas projects currently in the pipeline but
not yet finalised, such as the West Coast's Deep Water Orange Basin and the
Cape South Coast. GroundUp has reported that fishers on the West Coast are
worried that this project will destroy their livelihoods.

 

Sandisiwe Ncemane, interim CEO at PetroSA, said gas was part of a
"diversified energy mix" and a balance had to be found between development
and environmental sustainability. PetroSA has a 20% stake in the
TotalEnergies exploration and production.

 

Gas has been placed at the centre of South Africa's Just Transition, the
Presidential plan to move to a low-emissions and climate-resilient economy.
The DMRE's Integrated Resource Plan (IRP), places natural gas as a "critical
component" in the transition, and a resource that will "complement renewable
energy".

 

Part of the Just Transition would involve converting coal-fired power plants
to gas over time, said Bongani Sayidini, the chief operating officer at
PASA.

 

Exploration and production must be processed faster, he said, especially
environmental authorisations. He said the DMRE processed applications for
exploration rights "quite efficiently" but that the process met with
hindrances at the Department of Forestry, Fisheries and the Environment.

 

Sayidini suggested that a proper and robust "climate change impact
assessment" could be added to requirements.

 

"These environmental groups have an easy way of saying that a climate change
assessment has not been done," he said.

 

Outside the conference, a handful of Extinction Rebellion activists
protested, calling for an end to fossil fuel use.

 

- GroundUp.

 

 

 

 

Burundi: Sacked Central Bank Chief Accused of Money Laundering, Arrested

Harare — The former governor of Burundi's central bank was arresed on
charges of embezzlement of public funds, BBC reports.

 

Dieudonné Murengerantwari was charged by the justice ministry with
"undermining the proper functioning of the national economy, passive
corruption, money laundering, and misappropriation of public assets"
according to the ministry. Attorney General Leonard Manirakiza said that the
former governor would stay in detention while investigations proceeded, but
he did not provide any other information.

 

The arrest comes after Murengerantwari was fired on Sunday, October 8, by
President Évariste Ndayishimiye, less than a year after he assumed the
position.

 

The charges are "provisional" until the conclusion of the investigations,
the justice ministry reportedly said.

 

Murengerantwari is yet to respond to the allegations.

 

Due to a severe lack of foreign exchange, Burundi's economy is in severe
distress, making it tough to import products. Burundi is also dealing with a
fuel shortage and rising prices. An estimate of 65% of the population of 12
million live in poverty, according to the World Bank. Murengerantwari had
previously served as managing director of the development bank connected to
the state of Burundi.

 

Édouard Normand Bigendako, a board member of the bank, has taken over from
him.

 

 

 

 

Kenya Power Announces Planned Power Outages in 4 Counties

Nairobi — Kenya Power has revealed scheduled power outages set to affect
four counties on Wednesday.

 

The power company released a statement outlining the affected areas and the
corresponding outage timings.

 

The four counties slated for these outages include Nairobi, Bomet, Trans
Nzoia, and Nyeri.

 

In Nairobi, parts of Runda, Woodvale Drive, Mugumo Drive, and Ruaka Road
will experience power cuts from 9 am to 5 pm.

 

Bomet County residents in areas such as Chebunyo, Emarti, Kaboson, Tenwek
Hospital, Chepalungu, and adjacent locations will face a power outage from 9
am to 4 pm.

 

In Trans Nzoia County, the neighborhoods of Gumo Farm and Elgon tea will be
without electricity from 9 am to 3 pm.

 

Nyeri County's areas of Ndima and Kiaruhiu are expected to experience power
disruption from 9 am to 4 pm.

 

Additionally, in Kiambu County, residents of Kamwangi, Igegania, and Icaciri
will have their power supply interrupted from 9 am to 5 pm.

 

- Capital FM.

 

 

 

 

Namibia Has Enough Uranium to Meet Energy Needs - Tweya

The Chairman of the Parliamentary Standing Committee on Natural Resources,
Tjekero Tweya said that Namibia has natural resources that can mitigate its
energy challenges when he spoke during a courtesy visit to the Erongo
Govenor's in Swakopmund.

 

The meeting was part of a five-day oversight visit to the Erongo Region and
included visits to Rössing Uranium, Husab Mine, Langer Heinrch Uranium Mine,
Uis Tin Mining, Omusati Granite, Navachab Gold Mine and African Granite.

 

"As policy makers, we are elected by the rich, poor, young, old, and are
obliged to make sure that the law is complied with."

 

"Namibia is now rated the second biggest producer of uranium in the world,
however we have a 60% energy deficit."

 

"The resources that we have to address this energy need is here in Namibia
and it is uranium. The time has come to change our mindset in terms of our
resources," said Tweya.

 

 

The Chairman also said that instead of pointing fingers at each other, there
needs to be more dialogue to find lasting solutions in the mining sector.

 

"There are loopholes in the law that we need to correct and not just
criticise and to blame each other. We must start talking to each other to
provide alternative solutions to change the livelihoods of our people, who
have given us the right and honour to be called honourables."

 

"We should not confuse policies with laws. Some things only need common
sense. We don't need policies to practice common sense," he said.

 

According to the Erongo Governor, Neville André, the region is fortunate to
have an abundance of minerals. "These resources contribute a lot to economic
activities [with] spinoffs not only to the region but also to the country,"
he said.

 

The governor told the chairman of the Standing Committee that his office
takes a stakeholder approach when mitigating operational challenges at the
mines.

 

 

"We have a stakeholder approach when we have operational challenges to see
how we can mitigate these challenges," he said adding the mining inspectors
are needed to assess the legality of all mining operations.

 

"We don't have mining inspectors in the region to monitor explorations and
mining activities so that the laws are followed," he pointed out.

 

Statistics indicate that 11.1% of the country's GDP (Gross Domestic Product)
comes from mining and most of that comes from the Erongo Region, this shows
how crucial the sector is to the population.

 

The regional governor also called on local authorities and mines to engage
in talks to maximize corporate social responsibility so that it makes a
lasting impact on communities.

 

"Nowadays we don't see a meaningful contribution be it to road constructions
or land provision. There needs to be an engagement between the mines and the
local authorities so that they can work together on this. Mines are not
infinite and they need to leave a lasting impact," said André.

 

The Parliamentary Standing Committee on Natural Resources will file a report
on the findings of the mission to be delivered to parliament and then
forwarded to the line ministries.

 

- Namibia Economist.

 

 

 

Zambia: Debt Restructuring - Is It Another Auspicious Week for Zambia?

THE issue of Zambia's debt restructuring has been dragging for some time now
and this forum has been keenly following it since inception, somewhere in
2021.

 

The issue which goes in tandem with the current International Monetary Fund
(IMF) financial support programme has occupied media spaces including that
of this column for a long time now.

 

As stated before, the conclusion of the debt restructuring exercise between
Zambia and its official creditors will mark an embodiment of consistency,
resilience and foresight of government leaders.

 

Over a couple of years, the country has had to make a lot of sacrifices to
resolve the situation created by heavy borrowing by the previous government
administration.

 

What is important is that the country has covered wider ground than what is
remaining in terms of the conditions which have had to be met to clearly
attain the restructured-debt level which would be sustainable and not
choking to the Zambian economy.

 

 

Followers of the country's economic developments and citizens in general
will remember the night of June 22-23 this year which will forever be a
memorable one as it marked the start of a new economic epoch for the
southern African country.

 

This is considering what was at stake had the negotiations for the debt
restructuring exercise completely boggled down.

 

The Zambian government reached an agreement on a comprehensive debt
treatment with its Official Creditors under the Group of 20 (G20) Common
Framework.

 

This landmark achievement was a significant step towards restoring Zambia's
long-term debt sustainability.

 

The agreement entailed Zambia's debt to be rescheduled over more than 20
years with a three-year grace period during which only payments on interest
will be required.

 

 

The agreement paved the way for the approval by the IMF Executive Board of
the first review of the fund-supported programme and allowed for the next
tranche of IMF financing of about US$188 million to be disbursed in August.

 

The deal involved the restructuring of US$6.3 billion in debt Zambia owes
other governments including that of China, at $4.1 billion via the Export-
Import Bank of China alone.

 

This process has been painfully slow for Zambia, with some people especially
the leaders of the opposition -most of whom contributed to the problem
-predicting that it would not materialise.

 

While a great deal has been achieved, there are still a few steps to be
taken to arrive at the final positions.

 

The next stage, which has stalled for some time now is the signing of the
Memorandum of Understanding (MoU) between the Zambian government and its
official creditor committee.

 

 

The Government has made slow progress in talks since June, when, in
principle, it reached a deal with the committee co-chaired by China and
France.

 

The southern African country, which, under the erstwhile regime, was the
first African country to default COVID-19 era in 2020, has been working hard
to cut a concrete deal with its creditors.

 

At one time, the IMF could not release the $188-million disbursement
following delays in the group agreeing to debt relief and other requests.

 

There have been some media reports filtering through from the ongoing IMF
and World Bank Group (WBG) annual meetings in Morocco indicating that the
long-awaited MoU between Zambia and its official creditors could be signed
this week.

 

Bloomberg reports that Zambia's official creditor committee plans to sign
the MoU to restructure the $6.3-billion debt by the close of the meeting
this week and that two people familiar with the matter said.

 

When reached, the agreement would see the interest rates cut to as low as
one per cent and the loans only repaid in 2043, with a 40 per cent reduction
in net-present value of the debt.

 

Last month, Finance Minister Situmbeko Musokotwane said the copper-rich
country will finalise and execute the MoU by the end of the year.

 

Dr Musokotwane is leading a high-level delegation including Bank of Zambia
(BoZ) Governor Denny Kalyalya to the IMF and WBG meetings in Marrakech.

 

A statement by the ministry announcing the arrival of Dr Musokotwane's
delegation in Marrakech on Monday did not give any hint on the MoU but
merely itemised the many high-level engagements the team was scheduled to
participate in.

 

But IMF Africa director Abebe Selassie was on Monday quoted as having
expressed optimism that Zambia and its official creditors would announce a
finalised debt restructuring deal before tomorrow.

 

"We're very hopeful that the authorities and the creditors will be in a
position to make an announcement very, very soon," he told Reuters in an
interview on the sidelines of the IMF and WBG annual meetings adding that:

 

"They've told us that there's been very strong progress, that they're in the
last stage of finalising things." The deal is crucial to Zambia's economy
especially in the short-term.

 

The country still needs to reach a restructuring deal with commercial
lenders, including the holders of the $3-billion Eurobonds, all who may want
to toe the official creditors' line.

 

Similarly, the outcome of the restructuring exercise has a bearing on the
future economic growth level and other economic fundamentals.

 

In its latest report, Africa's Pulse, Volume 28: October 2023, the WBG
states that the MoU with the exact parameters of the treatment with the
bilateral creditors is currently being finalised, more than two years after
the request.

 

Zambia, therefore, hopes the issues will be resolved this week to allow the
Government to concentrate on rebuilding the economy.

 

For comments call: 0955 431442, 0977 246099, 0964 742506 or e-mail:
jmuyanwa at gmail.com.

 

- Times of Zambia.

 

 

 

US car strike escalates as expands to Ford's biggest plant

The United Auto Workers (UAW) union has expanded its ongoing strike by
shutting down Ford's biggest plant.

 

The UAW said 8,700 workers walked out of the truck plant in Kentucky, in
response to Ford refusing to move further in contract bargaining.

 

It is a sharp escalation of its strike against Ford, General Motors and
Stellantis, which began last month.

 

The UAW is pressuring the carmakers to grant higher pay and make other
improvements in new labour agreements.

 

It is the first strike in the union's 88-year history to target the Detroit
Three automakers, which collectively employ more than 140,000 UAW members,
at the same time.

 

With Wednesday's walkout, which has halted production of lucrative pickup
trucks, about a fifth of the auto workers have now downed tools.

 

Workers start historic strike at US motor giants

Car workers strike escalates as enters third week

In a statement, Ford called the latest move by the UAW "grossly
irresponsible".

 

Ford's Kentucky truck plant generates $25bn (£20b) in annual revenue,
accounting for a sixth of the company's global car revenue.

 

The latest walkout is a warning to General Motors and Stellantis, where
negotiations with the UAW are ongoing.

 

It also comes at a time of broader labour unrest and casts a cloud of
uncertainty over an industry that accounts for 3% of the national economy.

 

Two weeks ago, US President Joe Biden became the first sitting US president
to visit their picket line to back striking cars workers in Michigan, where
he said the workers "deserve" raises and other concessions they are
seeking.-bbc

 

 

 

 

World Bank criticises UK for cutting aid to poorest

The World Bank, the globe's top anti-poverty institution, has told the BBC
that recent cuts to the UK foreign aid budget "caused real pain".

 

The Bank added it wanted the UK "back at higher levels" of funding.

 

The UK government was until recently the biggest single donor to the Bank's
fund for the poorest countries in the world.

 

Since 2020 ministers have cut back on aid, temporarily, until Britain's
public finances are back in shape.

 

The UK has halved its funding to the World Bank's International Development
Association fund to £500m a year.

 

The World Bank faces further challenges as it struggles to raise finances
for a new crisis response fund aimed at helping countries respond to higher
poverty levels.

 

"Every dollar counts, every dollar that we get saved lives. The way I look
at this fund is how you actually save lives
 so this caused real pain," said
Axel van Trotsenberg, senior managing director at the World Bank.

 

Mr Trotsenberg, the second-in-command at the Bank, said that donor
contributions had been largely "flat".

 

He added: "We want to build on it. And we want the UK back at higher
levels."

 

Three years of crisis have abruptly ended decades of progress in reducing
global poverty.

 

Absolute poverty, where people live on less than $2 (£1.6) a day, affects
nearly 100 million more people now than before the pandemic.

 

Against this backdrop the World Bank says it needs more funds to deal with
crisis-afflicted poorer nations as soon as this December.

 

But as more funds get diverted into refugee spending other aid flows are
impacted. Money going to sub-Saharan Africa, for example, are down more than
7% in real terms.

 

In response to Mr Trotsenberg's comments, a government spokesperson said:
"The UK is one of the largest aid donors in the world - we have spent nearly
£12.8 billion on aid in 2022 - which is more than many other G7 countries
and is helping to reduce poverty, alleviate the devastating impacts of
climate change and protect the world's most vulnerable people.

 

"Our Overseas Development Assistance is supporting people across the world,
and last year responded to drought in East Africa, food shortages in
Afghanistan and flooding in Pakistan. "Last year, a report by the
Independent Commission for Aid Impact found that - despite us contributing
£10 billion to the International Development Association in the past decade
- our influence goes far beyond funding."

 

Chancellor Jeremy Hunt arrives at the summit on Thursday to "showcase the
UK's leadership on international development" and meet with world finance
ministers.-bbc

 

 

 

 

BA plane U-turns from Tel Aviv after flights are suspended

British Airways has suspended flights to Israel after turning back one of
its planes shortly before landing, due to security concerns.

 

Flight BA165 has returned to Heathrow after nearly reaching Tel Aviv on
Wednesday, BA said.

 

A spokesperson for Israel's airports authority said rockets were flying
around Tel Aviv at the time but were not an immediate threat to the flight.

 

Virgin Atlantic also suspended flights to the city on Wednesday.

 

A BA spokesman said safety was the airline's "highest priority".

 

As flight BA165 was approaching Tel Aviv, air raid sirens went off in the
city. British Airways teams were made aware of this and asked the captain to
turn around and return to the UK.

 

"Following the latest assessment of the situation, we're suspending our
flights to and from Tel Aviv," BA said.

 

"We're contacting customers booked to travel to or from Tel Aviv to
apologise for the inconvenience and offer options including a full refund
and rebooking with another airline or with British Airways at a later date.

 

"We continue to monitor the situation in the region closely."

 

Since Palestinian militant group Hamas attacked Israel on Saturday, many
international airlines have suspended flights to and from Tel Aviv, and
securing flight bookings has become increasingly difficult.

 

For example, the first non-stop single flight available on El Al from Tel
Aviv to Luton was on Friday 20 October, priced at $366 (£297).

 

On Tuesday, one travel agent said he been "inundated" with calls from people
trying to get flights back to the UK.

 

EasyJet, Ryanair, Wizz Air, Air France, Lufthansa and Emirates have all
suspended flights.-bbc

 

 

 

Nearly half a billion small tech items thrown away

Nearly half a billion small electricals such as cables, lights, mini fans
and disposable vapes, were thrown away last year, research from Material
Focus has shown.

 

These "Fast Tech" items, the electrical version of fast fashion, are the
fastest-growing e-waste type, it says.

 

The average home also has thirty unused electrical items gathering dust, the
research shows.

 

These items contain valuable raw materials, and all can be recycled.

 

The not-for-profit group Material Focus commissioned a survey of 2000 people
from Opinium Research. Based on the responses it calculates that 471m "Fast
Tech" items were thrown away in the UK last year, including:

 

260 million disposable vapes

30 million LED, solar and decorative lights

26 million cables

10 million USB sticks

7 million cordless headphones

5 million mini fans.

The average cost of £4 for these items encourages consumers to see them as
disposable, though they aren't always designed to be.

 

They all contain valuable raw materials, such as copper wires and lithium
batteries, which can be recovered through the recycling process.

 

Scott Butler, Executive Director of Material Focus, said: "People may not
realise that they contain valuable materials and will just pop them in the
bin, meaning we lose everything inside them instead of recycling them into
something new. We want to get the message across that anything with a plug,
battery or cable can be recycled and there's somewhere near you to do it."

 

There is a similar picture worldwide. Every year consumers throw away 9
billion kg of cables, toys, vapes, novelty clothes and similar devices which
they often don't recognise as e-waste, according to research from the Waste
Electrical and Electronic Equipment Forum.

 

Material Focus's research also showed that the amount of electrical waste
has decreased since 2017. That's partly because many electrical items are
lighter now, but also because recycling rates have risen. 60% of people now
say they recycle their electricals.

 

But many people also have unused electrical items such as cables, mobile
phones, and remote controls gathering dust - amounting to 30 items per home,
which could all be put to better use.

 

Nadiya Catel-Arutyunova, Sustainability Advisor at the British Retail
Consortium, said: "All retailers selling electricals, whether it is online
or in store, are required to help customers dispose of their old electrical
products - regardless of where they were originally purchased."

 

Material Focus's survey is based on a survey of 2000 nationally
representative adults by Opinium Research, conducted in July for Fast Tech,
and August-September for hoarded electricals. The vapes figure comes from a
survey of 5,156 adults conducted by Yougov between June and August.

 

Material Focus is a not for profit organisation devoted to encouraging
recycling. It is funded by fees paid by electrical producers when they don't
meet their government recycling targets.-bbc

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

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

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231012/b92f62b0/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231012/b92f62b0/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 301380 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231012/b92f62b0/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 118578 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231012/b92f62b0/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 41189 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231012/b92f62b0/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231012/b92f62b0/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231012/b92f62b0/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65577 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231012/b92f62b0/attachment-0001.obj>