Major International Business Headlines Brief::: 18 October 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  18 October 2023 

 


 

 


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

 


 

 


 

ü  South Africa May Displace Nigeria As Africa's Biggest Economy - IMF

ü  Nigeria: Ogun to Take Over Lagos-Ota-Abeokuta Road Project

ü  Nigeria: Govt Moves to Review Algeria, Nigeria Air Service Agreement

ü  Nigeria: Federal Govt Pays N135bn Electricity Subsidy to Stop Tariff Hike

ü  Africa Can Produce More Energy Than It Requires - Minister Ramokgopa

ü  Kenya, China Partnership to Accelerate Infrastracture Development

ü  Kenya: Facebook Layoff Lawsuit - Negotiations Crumble as Parties Fail to
Reach Deal

ü  Uganda: World Bank Wants LGBTQI+ Safeguards Before Resuming Fresh Funding

ü  Africa: A Message to Africa's Leaders from the IMF - Diversify Your
Economies

ü  Kenya: KQ Named Africa's Leading Airline for the 5th Time

ü  South Africa: Minister Welcomes Return of Kusile Unit 1

ü  Ethiopia Focuses On Enhancing Rice Production

ü  Country Garden: China property giant default fears grow

ü  Food prices in first monthly fall for two years

ü  X begins charging new users $1 a year in New Zealand, Philippines

ü  US-China chip war: Nvidia hit as China cut off from more advanced chips

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa May Displace Nigeria As
Africa's Biggest Economy - IMF

The International Monetary Fund (IMF) has projected that South Africa could
surpass Nigeria to become the largest economy in Africa.

 

According to the IMF's World Economic Outlook, South Africa, which has one
of the most robust economies in Africa, is estimated to approach a gross
domestic product (GDP) of $401 billion by 2024.

 

However, the Bretton Woods institutions calculations suggest that Nigeria
and Egypt, based on current prices, have GDPs of $395 billion and $358
billion, respectively.

 

The IMF also projects that South Africa will briefly surpass Nigeria, the
most populous African nation, for a year before falling behind once again.

 

The report, released last week, suggests that South Africa could potentially
fall to third place, trailing behind Egypt in 2026.

 

Daily Trust reports that some policies of President Bola Ahmed Tinubu have
further mounted pressure on Nigeria's struggling economy. Topmost among them
is the fuel subsidy removal and the unification of the exchange rates at the
I&E window.

 

Many experts have described the policies as ill-timed as no concrete
evidence was put in place as a buffer for the impact it will have on the
economy.

 

Although the president has said the gains of his economic reforms may not be
felt immediately, experts and labour unions have knocked some of these
policies tagging them as "Anti-people,"

 

Only recently, organised labour had threatened to shut down the economy over
the hardship experienced by Nigerians but opted out at the 11th hour after
meeting with the federal government.

 

- Daily Trust.

 

 

 

Nigeria: Ogun to Take Over Lagos-Ota-Abeokuta Road Project

Ogun State government has declared its readiness to take over the
construction of the Lagos-Ota-Abeokuta Road from the federal government and
transform it into a world-class carriageway.

 

The road which runs through Lagos and Ogun states, has been in a deplorable
condition for years, resulting in untold hardship for motorists, especially
citizens of Ogun State.

 

The Governor Dapo Abiodun-led administration has been providing remedial
work on the road since 2019.

 

Efforts by Prince Abiodun in conjunction with his Lagos State counterpart,
Babajide Sanwo-Olu were rebuffed by the administration of former President
Muhammadu Buhari.

 

 

However, the unrelenting efforts of Governor Abiodun finally yielded fruit
on Monday when the federal government announced its approval for the Ogun
State Government to embark on the reconstruction of the dilapidated road and
toll it.

 

The minister of works, David Umahi, spoke on the new federal government
position after the Federal Executive Council (FEC) meeting at the Aso Villa,
Abuja on Monday.

 

"On permission to build federal roads, when such requests are made, we give
approval within 24 hours but then there are conditions to be met - they must
have to use the Federal Ministry of Works standard designs," Umahi said.

 

Appreciating the gesture of the federal government while commending Governor
Abiodun for his resilience in pursuit of the approval, Ogun State
commissioner for works and infrastructure, Engr. Ade Akinsanya, declared
that the state is ready to take on the project and end the many years of
suffering of her people.

 

Akinsanya, who recalled that the struggle to get the approval from the
federal government started immediately Governor Abiodun was sworn in in
2019, said the decision to allow Ogun take over the project is the best
thing that can happen to the people of the state and other users of the
road.

 

Saying the governor never stopped decrying the decrepit state of the road,
the Commissioner said: "Severally, Governor Abiodun and Governor Jide
Sanwoolu of Lagos State wrote the presidency and the federal works ministry
seeking the handover of among other roads, the Lagos-Sango Ota-Abeokuta
road, Ikorodu-Ogijo-Sagamu road and Sagamu-Ijebu Ode-Benin road.

 

"But the response then was that all the roads were under contracts at the
time, so nothing happened. But our governor, determined to see an end to the
hardship being experienced by our people, did not give up until he was able
to seal the deal on Sunday."

 

- Leadership.

 

 

 

Nigeria: Govt Moves to Review Algeria, Nigeria Air Service Agreement

Minister of Aviation and Aerospace Development, Mr. Festus Keyamo yesterday
said the federal government would review its Bilateral Air Service Agreement
(BASA) with Algeria to allow direct flight between Nigeria and the North
African country.

 

Keyamo stated this when he received the Algerian Ambassador, Mr. Hacine
LALTI who paid him a visit in his office in Abuja, according to a statement
by the ministry's spokesman, Odutayo Oluseyi.

 

He said the demand for a direct flight to Abuja will be achieved, noting
that the meetings of aeronautical engineers from both countries slated
earlier for December will be brought forward tentatively to the 7th of
November to fast-track the BASA agreement review as demanded.

 

 

Daily Trust reports that the BASA with Algeria only allows an airline from
the country to fly to Lagos.

 

But the Algerian ambassador who expressed appreciation to the minister for
hosting him demanded for a review of the July 14th, 2022 agreement to
include a direct flight to Abuja.

 

He said the government of Algeria had identified Nigeria and South Africa as
important business partners.

 

Similarly, the minister promised to witness the inaugural flight of Uganda
to Nigeria while separately hosting the Uganda High Commissioner to Nigeria,
Ambassador Nelson Ocheger.

 

Keyamo said Nigeria and Uganda have a long history of brotherhood, adding
the direct flight to be witnessed will mark the beginning of partnership
between the two countries while noting that free trade agreement between
African countries can easily be achieved through open skies.

 

While inviting the minister to the inaugural flight to Nigeria scheduled for
Thursday, 19th October, 2023, Ambassador Nelson Ocheger also informed the
minister of the business forum slated for Friday, 21th, October, 2023 where
business entrepreneurs from Uganda will meet their Nigerian counterparts for
collaboration and business opportunities.

 

- Daily Trust.

 

 

 

 

Nigeria: Federal Govt Pays N135bn Electricity Subsidy to Stop Tariff Hike

The federal government paid a total of N135.23 billion to subsidise
electricity consumption in the second quarter of 2023, the Nigerian
Electricity Regulatory Commission (NERC) has revealed.

 

The N135.2 billion spent by the federal government to plug revenue
generation shortfall in the power sector in the second quarter of 2023
indicated an increase of N99.21 billion, representing 275 percent compared
to the N36 billion it paid in the first quarter of 2023, data obtained from
the NERC quarterly report indicated.

 

The report stated that the government incurred a subsidy obligation of
N135.23 billion in 2023/Q2, which is substantially higher than the N36.02
billion it incurred in 2023/Q1.

 

 

The Commission stated that the subsidy was due to the absence of
cost-reflective tariffs across all distribution companies, adding that the
increase recorded in the period was a result of the government's policy to
harmonise exchange rates.

 

"In the absence of cost-reflective tariffs, the government undertakes to
cover the resultant gap (between the cost-reflective and allowed tariff) in
the form of tariff shortfall funding.

 

"The government incurred a subsidy obligation of N135.23 billion in 2023/Q2,
which is an increase of N99.21 billion (+275 percent) compared to the N36.02
billion incurred in 2023/Q1.

 

"On average, the subsidy obligation incurred by the Government per month was
N45.08 billion in 2023/Q2," it stated.

 

The report also showed that seven DisCos recorded over 100 per cent
remittance performance in the period. These DisCos include Ikeja (115.21 per
cent), Ibadan (112.86 per cent), Benin (111.32 per cent), Eko (111.20 per
cent), Enugu (108.52 per cent), Jos (108.48 per cent) and Yola (102.44
percent).

 

This indicates that the DisCos had improved remittances to NBET when
compared to 2023/Q1, which according to the Commission can be explained
based on the exchange-rate harmonisation-induced increase in government
subsidy.

 

...As DisCos deploys 178,864 meters, generates N267.86bn Revenue

 

Meanwhile, the Distribution Companies (DisCos) have deployed 178,864 meters
while generating N267.86bn revenue by the end of Q2, 2023.

 

According to a report released by the NERC, prepared in compliance with
Section 56(3) of the Electricity Act 2023, a total of 178,864 meters were
installed in 2023/Q2, representing an increase of 3,583 installations (+2.04
per cent) compared to the 175,281 meters installed in 2023/Q1.

 

 

During the period, the total revenue collected by all DisCos was N267.86
billion out of N354.61 billion billed to customers.

 

The report analyses the state of the Nigerian Electricity Supply Industry
(NESI) covering the operational and commercial performance, regulatory
functions, consumer affairs as well as the Commission's finances and staff
development.

 

According to NERC, the new installations resulted in a 0.85 per cent
increase in net end-user metering rate in the NESI between 2023/Q1 (43.31
per cent) and 2023/Q2 (44.16 per cent).

 

During the quarter, 168,397 meters were installed under the Meter Asset
Provider (MAP) framework while 9,302 meters were installed under the
National Mass Metering Programme NMMP framework.

 

The vendor and DisCo financed framework recorded 1,143 and 22 meter
installations respectively.

 

Following the perceived challenges in meter deployment, the commission
charged the DisCos to utilise any of the five meter financing frameworks
provided in the 2021 Meter Asset Provider and National Mass Metering
Regulations to close their respective metering gaps.

 

As a safeguard for customers against exploitation due to the lack of meters,
the commission said it had continued to issue monthly energy caps for all
feeders in each DisCo.

 

This sets the maximum amount of energy that may be billed to an unmetered
customer for the respective month based on gross energy received by the
DisCo and consumption by metered customers.

 

Under the period in review, the total energy received by all DisCos was
7,100.87GWh while the energy billed to end-use customers was 5,789.21GWh,
translating into an overall billing efficiency of 81.53 per cent.

 

This represents an increase of 3.56 per cent relative to the 77.97 per cent
recorded in 2023/Q1. The total revenue collected by all DisCos in 2023/Q2
was N267.86 billion out of N354.61 billion billed to customers, translating
to a collection efficiency of 75.54 per cent which represents an increase of
6.79 per cent when compared to 2023/Q1 (68.75 per cent).

 

The increase in collection efficiency was attributed to the increased
metering by DisCos and the implementation of various collection campaigns
for improved remittance by post-paid customers. In addition, there was
improvement in the Aggregate Technical, Commercial and Collection (ATC&C)
Loss.

 

- Leadership.

 

 

 

Africa Can Produce More Energy Than It Requires - Minister Ramokgopa

Africa can produce more energy than it requires within the next 30 years if
it takes advantage of its natural resources.

 

This is according to Minister in the Presidency for Electricity, Dr
Kgosientsho Ramokgopa, who was delivering a keynote address on Green
Hydrogen at the Africa Energy Week held in Cape Town.

 

"We need to have a Pan African view in the exploitation of this energy
carrier and our view is that by 2040 Africa can produce up to 50 times more
energy from renewables than the world's estimated demand.

 

"This is as a result of our location advantages. I think we have some of the
radiation levels of any parts of the world and we also have some of the best
wind speeds along the coastal areas," he said.

 

The Minister emphasised, however, that Africa must provide its own
"interpretation" on what a just energy transition constitutes.

 

"We have got an opportunity to define a Just Energy Transition with African
characteristics and in this instance, it is about universal access, the
exploitation of critical minerals that are key to development of green
hydrogen and realising its potential.

 

 

"We can see that by smelting African iron ore locally, we are likely going
to create much needed jobs and therefore the skills that are required to
support that transition. In that way, in addition to broadening the
industrial base, we are really getting people in good quality jobs...this is
in addition to the decarbonisation agenda," he said.

 

Honing in further on green hydrogen, Ramokgopa moved to allay fears that
green hydrogen production will bear a heavy toll on South Africa's water
resources.

 

"It is important that in the conversation around the potential of green
hydrogen, we confront what essentially is an objective inherent risk
associated with the exploitation of this resource and the strain that it's
putting on our water resources.

 

"There's a rich body of literature that suggests that coastal countries can
use sea water to produce green hydrogen and therefore eliminating the strain
that is likely it's likely going to place on limited water
resources...especially countries like South Africa where water is a scarce
commodity," he said.

 

The Minister explained that Sub-Saharan Africa's resources have the capacity
to "produce anything between 5000 and 13 000 million tonnes per year" of
green hydrogen.

 

"We think that could come at about $2 per kilogram...essentially by 2050 and
therefore making green hydrogen financially competitive compared to other
energy sources.

 

"I did make the point that it could also contribute significantly to the
national revenue funds of many African countries of up to $20 billion and
that could distributed to ensure that we are able to expand on social
infrastructure, improve the quality of life of our people and ensure that we
put Africa on a pedestal for significant growth going into the future," he
said.

 

- SAnews.gov.za.

 

 

 

Kenya, China Partnership to Accelerate Infrastracture Development

Beijing — The Government will enhance its partnership with China in
infrastructure development among other areas.

 

President William Ruto asked Chinese investors to take advantage of Kenya's
conducive business environment to foster mutually beneficial partnerships.

 

He observed that collaboration in critical sectors of the economy will drive
economic growth for both nations.

 

"We have an array of opportunities in infrastructure, ICT, agriculture and
energy and I encourage you to invest there."

 

The President made the remarks during a meeting with Mr Li Xi, a senior
member of China's Communist Party Political bureau in Beijing, China.

 

 

Mr Xi pledged China's support to its companies operating in Kenya.

 

Among the projects China is keen to invest in include road construction,
expansion of the Standard Gauge Railway, modernization of the country's
airports and ICT sector.

 

"China and Kenya have a shared dream of eradicating poverty through
socioeconomic transformation from the bottom and we have identified areas
that we can support to realize this vision," Mr Xi said.

 

Mr Xi said his country identifies with President Ruto's Bottom-Up Economic
Transformation Agenda that advocates for inclusive economic growth.

 

"Your bottom-up economic approach is aligned with President Xi Jinping's
belief and we will support your programmes," he added. - Presidential
Communication Service

 

- Capital FM.

 

 

 

 

Kenya: Facebook Layoff Lawsuit - Negotiations Crumble as Parties Fail to
Reach Deal

Settlement talks in a long-standing legal case involving 184 Nairobi-based
Facebook content moderators and Meta, the platform's parent company
collapsed, reports BBC.

 

These moderators, responsible for screening violent and graphic content,
allege that they were terminated for their efforts to organize a union. They
were employed by Sama, a local subcontractor, which expressed no opposition
to unionization.

 

In total 260 moderators were laid off when Sama ended its contract with
Meta. The 184 moderators bringing the legal action allege that they were
laid off in retaliation for complaints about working conditions and attempts
to form a union.

 

The moderators are pursuing a legal case against Meta, Sama, and another
outsourcing firm, Majorel. While Meta utilizes artificial intelligence to
detect and remove graphic Facebook content, it still relies on human
moderators to address problematic posts.

 

 

Numerous moderators spoke about the traumatic nature of their work, which
paid around U.S.$630 per month. One moderator cited the distress of viewing
a video depicting a man taking his own life in the presence of a child.

 

The moderators said they were laid off in retaliation for complaints about
working conditions and unionization efforts. They demand that Meta
acknowledges moderators' right to join a union and address working
conditions. They also allege unfair denial of work opportunities with
Majorel.

 

Recent developments show that Meta's work with Majorel in Kenya won't
proceed due to a court order related to the ongoing legal case. The parties
were ordered to seek an out-of-court settlement through mediation in August,
which has now failed. The legal case will continue, with the next hearing
scheduled for October 31.

 

Meta's lawyer argued that progress was being made in the talks, while
lawyers for the moderators accused Meta of lacking commitment. Sama
expressed disappointment with the mediation's outcome but mentioned reaching
resolutions with around 60 moderators separately.

 

Meta faces more legal challenges in Kenya, including a lawsuit by
ex-moderator Daniel Motaung over poor working conditions and allegations of
its algorithm contributing to hate and violence during Ethiopia's civil war.

 

 

 

 

Uganda: World Bank Wants LGBTQI+ Safeguards Before Resuming Fresh Funding

Harare — The World Bank will make sure that Ugandans are not subjected to
discrimination in its programs before restarting new funding suspended in
August due to an anti-LGBTQ bill, an executive from the bank said.

 

Victoria Kwakwa, the bank's head for eastern and southern Africa, said that
project paperwork from the World Bank will make it clear that LGBTQ+
Ugandans should not encounter prejudice and that staff members will not be
prosecuted.

 

Rights groups said that a wave of abuse, primarily from private persons, is
being directed towards LGBTQ+ people as a result of the Anti-Homosexuality
Act (AHA), which was passed in May and stipulates the death sentence for
specific same-sex crimes.

 

"We're doing all this to clarify this is not what you should be doing in
World Bank-financed projects and to say you are allowed to do it the right
way and you will be not be arrested," Kwakwa said, on the sidelines of the
World Bank and International Monetary Fund's annual meetings in Marrakech,
Morocco. She didn't provide a timeframe for determining whether to continue
supporting Uganda or not after evaluating the effectiveness of the measures.

 

Ugandan officials said the World Bank was hypocritical when it stopped fresh
funding on August 8, 2023, saying that the organization was lending to
nations in the Middle East and Asia that had similar or more restrictive
legislation against LGBTQ+ individuals. A junior finance minister said at
the time that the government would have to amend its Budget to account for
the possible financial impact of the suspension.

 

By the end of 2022, the World Bank had U.S.$5.2 billion worth of projects in
Uganda under its portfolio. The decision to stop new funding has no effect
on these.

 

 

 

Africa: A Message to Africa's Leaders from the IMF - Diversify Your
Economies

Cape Town — If you want your country to grow and improve the lives of your
people, you need to diversify your economy – and stop subsidising the rich
at the expense of the poor.

 

That is one of the clearest messages sent to the leaders of Africa's 45
sub-Saharan nations by the International Monetary Fund (IMF) at this month's
meetings in Marrakech, the first to be held on the continent in 50 years .

 

The meetings reinforced other recent messages from the IMF, in particular
fears of a looming debt crisis among low-income countries, and the effects
of the economic slowdown in China, now the region's largest individual
country trading partner.

 

But the principal headlines generated by the release of the IMF's latest
economic outlook for the region highlighted the fund's expectation that
after two years of falling growth, gross domestic product (GDP) will begin
rising again next year in four of every five countries, to reach a level of
four percent.

 

But as ever, the aggregate figure of four percent conceals a wide range of
differing expectations for different countries and categories of country.
Notable is the difference between countries whose economies are driven by
the export of oil or raw materials such as minerals and those with more
diversified economies.

 

"Both groups of economies will recover next year," the IMF reported, "but at
different paces."

 

Growth in countries where net oil exports make up 30 percent or more of
total exports, or where exports of non-renewable natural resources such as
minerals represent at least 25 percent of total exports, is expected to rise
from 2.6 percent this year to 3.2 percent next year.

 

However, growth in countries with more diversified economies is expected to
improve from 5.3 percent this year, to "an impressive 5.9 percent" in 2024,
the IMF said.

 

The IMF added that what it characterises as a "two-speed recovery" is a
long-standing trend, which became particularly evident during the shock
decline [PDF] in global commodity prices – of around 50 percent – which
occurred between mid-2014 and mid-2015.

 

"Since that episode, the divergence between these two types of economies has
become more entrenched," the IMF outlook added. "Neither group of countries
is expected to completely recover lost ground from the crisis, but
non-resource countries have nonetheless proven more resilient, supported by
their more diversified economies."

 

An examination of predictions for individual countries illustrates the IMF's
argument.

 

Of eight oil exporting nations, growth is expected to exceed the regional
aggregate of four percent in only three – in the Republic of Congo (4.4
percent) and Cameroon and South Sudan (4.2). It is predicted to fall below
four percent in Chad, (3.7 percent), Angola (3.3) Nigeria (3.1) and Gabon
(2.6), while in Equatorial Guinea, where a major company is winding down,
growth is expected to fall by 5.5 percent next year.

 

Growth is generally expected to be better in other countries classified by
the IMF as "resource-intensive", where 10 of 16 countries will improve GDP
by more than four percent, reaching 6.4 percent in Burkina Faso, 6.1 percent
in Tanzania and a remarkable 11.1 percent in Niger (boosted by hydrocarbon
development , although the effects of the recent military coup are unknown).

 

 

IMF

Abebe Aemro Selassie, head of the International Monetary Fund African
Department.

However, South Africa – hit in recent years by damaging electricity
shortages – is an outlier among resource-intensive countries, with the
second lowest-growth projection of all 45 countries at 1.8 percent in 2024.
(The IMF notes that with South Africa comprising just under 20 percent of
regional GDP, average regional growth will be heavily impacted by the rate
of the country's recovery.)

 

Also in this category, growth is expected to be below average in Zimbabwe
(3.6 percent), in Ghana and Namibia (2.7 percent) and the Central African
Republic (2.5 percent).

 

In contrast to economies dominated by the extraction and export of
resources, the region's 21 more diversified economies are predicted to do a
lot better in 2024.

 

The IMF expects the GDP of 14 of 21 nations to grow by more than four
percent, with the top performers projected to be Senegal (8.8 percent, also
impacted by hydrocarbon development), Rwanda (7 percent), Cote d'Ivoire
(6.6), Benin (6.3), Ethiopia and the Gambia (6.2) and Burundi (6 percent).

 

Turning to the effects of economic development on the continent's people,
the IMF report says that despite "enviable natural resources and a rapidly
growing population... incomes for many of the region's inhabitants have
stagnated."

 

Just as GDP has grown more slowly in resource-dependent nations, so has
people's income – and the IMF points out that two-thirds of sub-Saharan
Africans live in these countries.

 

The IMF estimates that incomes in diversified economies could double "in as
little as 20 years", while in resource-intensive countries "this doubling
may take generations, if ever."

 

Looking at solutions, the IMF report returns to its well-known prescription
for promoting growth – abolishing the kinds of subsidies popular with
consumers but which the IMF says hinder growth.

 

The report records that Nigeria, Angola, Zambia and the Gambia have begun
implementing "significant energy subsidy reforms", highlighting Nigeria's
recent abolition of its $10 billion subsidy on fuel and Angola's plan to
phase out energy subsidies totalling nearly $4 billion.

 

"Most of these subsidies," the fund says, "were poorly targeted and tended
to benefit affluent segments of the population. Moreover, a significant
amount of fuel was being smuggled out of the country, rewarding the
rent-seeking behaviour of a small number of individuals and effectively
subsidizing consumers (or distributors) in neighbouring states."

 

At a news conference held as the meetings in Marrakech drew to a close, the
impact of subsidies on Nigeria's capacity to direct funding to development
was discussed by the director of the IMF's Africa Department, Abebe Aemro
Selassie.

 

The IMF outlook had noted that fuel subsidies have totalled four times the
amount of money Abuja has been spending on health. Subsidies entailed
government resources being directed "where they perhaps should not be,"
Selassie said.

 

Nigeria's high interest payments on debt and its failure to generate tax
revenue meant it could not pay for all the services it needed to provide.
Generating tax revenue to pay for services is "by far the most important
area of work that there is for any administration in Nigeria," he concluded.

 

 

 

 

Kenya: KQ Named Africa's Leading Airline for the 5th Time

Nairobi — Kenya Airways (KQ) has been named Africa's Leading Airline for its
economy and in-flight magazine (Msafiri) by the World Travel Awards.

 

This is the 5th year KQ has scooped the title after receiving similar awards
in 2011, 2018, 2019, and 2020.

 

It is also the second consecutive year that Msafiri magazine has been named
Africa's Leading Inflight Magazine.

 

"This award is a testament that our 'customer-first' strategy is bearing
fruit. It is also a vote of confidence from customers in the initiatives we
have implemented to improve customer experience across all touchpoints,"
Allan Kilavuka, Kenya Airways Group Chief Executive Officer and MD, said.

 

 

"It is about listening to the customers and understanding their
needs,"Kilavuka said adding that the company's goal is to be the preferred
Africa carrier by improving it's customer experience," Kilavuka added.

 

KQ revamped its Economy Class inflight service in 2023, which included a
rollout of tray service in economy class to replace the existing box service
and an extra hot meal starter and yoghurt for breakfast on specific mid- to
long-haul flights across the network.

 

On the other hand, Msafiri has been part of the inflight entertainment,
offering KQ guests education and entertainment while onboard.

 

This year, the World Travel Awards (WTA) mark their 30th anniversary of
rewarding travel excellence.

 

WTA was established in 1993 to acknowledge, reward, and celebrate excellence
across all sectors of the tourism industry.

 

"As we celebrate 30 years of travel and tourism excellence through the World
Travel Awards, we are excited to see how the industry has grown over the
last 30 years," said Graham Cooke, Founder, World Travel Awards.

 

- Capital FM.

 

 

 

 

South Africa: Minister Welcomes Return of Kusile Unit 1

The Ministry of Electricity says the return to service of unit 1 at Kusile
Power Station marks a critical milestone in the quest to "recover South
Africa's economy".

 

Eskom on Monday announced that the unit had returned to service a month and
a half ahead of schedule since it was taken offline late last year.

 

The ministry said the Minister in the Presidency for Electricity, Dr
Kgosientsho Ramokgopa, has welcomed the development.

 

"The return of the unit, which had been out of commission, together with
unit 2 and 3 since August 2022 following safety concerns with the structural
integrity of the stack, comes two months ahead of schedule and adds 800MW
onto the grid.

 

"This marks significant overall improvements to generation performance with
Kusile Unit 3, which came back online on 29 September 2023, also returning
back to service two months ahead of schedule.

 

 

"The third of the units (Unit 2) is now expected to similarly return to
service in November 2023, whilst Unit 5 will come into commercial operation
in December 2023," the statement read.

 

The Ministry highlighted the impact that the return of the unit will have.

 

"The return of the Kusile units represents a critical milestone in our quest
to recover South Africa's economy, protect jobs, advance universal access
and improve the quality of life.

 

"The Minister remains focused on bolstering the country's electricity
generating capacity by giving accelerated attention to the expansion and
strengthening of transmission infrastructure to accommodate new renewable
generation capacity.

 

"The Minister congratulates Eskom's Generation team for the sterling hard
work to bring back stability and credibility to the Eskom generation fleet
and reducing the intensity and severity of load shedding," the statement
said.

 

- SAnews.gov.za.

 

 

 

 

Ethiopia Focuses On Enhancing Rice Production

Ethiopia is striving to expand rice production to ensure food security and
generate foreign currency albeit to forex and related challenges, the
Ethiopian Institute of Agricultural Research said.

 

Speaking to the Ethiopian Press Agency (EPA), Institute Crops Research
Director TayeTadesse (PhD) said that Ethiopia's rice production is showing a
promising result towards ensuring food security and generating foreign
exchange in a bid to boost its economy and curb forex glitches.

 

Citing a huge amount of money spent for importation, the director noted that
the country has given due emphasis to the expansion of crops farming
especially rice since the last three years.

 

 

As to him, urbanization causes the higher demand, ranging from 70% to 80%,
of rice consumption.

 

He said, "Joint efforts are needed to substitute the rice imports at the
national level and it is highly important to provide the necessary inputs
including harvesting machines and other facilities," he stressed.

 

Moreover, it is essential to work with various stakeholders to jointly fetch
a higher product and create market linkages by integrating the value chain
for the benefit of the farming community, he added.

 

Bahir Dar University Agri College Teacher and Blue Economy Center of
Excellence Director AlayuYalew (Asst. Prof.) on his part recommended that
the country needs to give priority to crops like rice to ensure food safety
more than ever.

 

As to him, Ethiopia's weather conditions and soils are favorable for this
crop and it is commendable to utilize the resources with improved seeds to
enhance production and productivity.

 

Sharing the above rationale, Fogera Rice Research and Training Center
Director FisehaWorede (PhD) said that a huge amount of yield is projected to
collect in this harvesting season as there was enough rain in the country.

 

In addition to ensuring food security, the director stated that it would
also of paramount importance in supporting the food industry and boosting
the nation's economy at large.

 

"The country has about 5.6 million hectare of land which is convenient for
crops, and over 3.9 ha. of land could be developed through irrigation," he
mentioned.

 

Stating the higher amount of yield from which 65 quintal on average obtained
in the center, he said it has showcased that the nation has the potential to
export this crop as shortly as possible.

 

- Ethiopian Herald.

 

 

 

Country Garden: China property giant default fears grow

China's biggest private property developer Country Garden is believed to
have become the latest property giant to default on its overseas debt.

 

The firm has $11bn (£9bn) in debt and another $6bn in onshore loans, and a
default would mark one of the country's biggest corporate debt
restructurings.

 

Its possible default adds to concerns about China's post-pandemic recovery.

 

Problems in China's property market are having a major impact as the sector
accounts for a third of the economy.

 

The latest figures show that the country's economy grew 4.9% in the three
months between July and September. That is slower than the 6.3% expansion in
the second quarter.

 

Beijing has announced various measures in a bid to boost housing demand, but
property sales numbers have are still down when compared to last year.

 

The latest data also showed property investment in the country fell by 9.1%
for the first nine months of the year.

 

In August, the crisis-hit Country Garden reported a record $6.7bn (£5.2bn)
loss for the first six months of the year. If its default is confirmed,
Country Garden's offshore creditors will begin negotiations with the firm's
financial advisors to start a restructuring process which could take many
months, given the scale of the debt.

 

"This will reignite our concerns about the housing market in China," said
Raymond Cheng, North Asia chief investment officer at Standard Chartered.

 

"Markets will likely seek a more coordinated policy approach in order to
restore confidence and trust the market," Mr Cheng added.

 

When Country Garden's rival Evergrande was declared to be in default in
2021, it triggered China's current real estate market crisis. The chairman
of Evergrande is now under police surveillance.

 

China's real estate industry was rocked when new rules to control the amount
of money big real estate firms could borrow were introduced in 2020.

 

Evergrande, which was once China's top-selling developer, racked up debts of
more than $300bn as it expanded aggressively to become one of the country's
biggest companies.

 

Its financial problems have rippled through the country's property industry,
with a series of other developers defaulting on their debts and leaving
unfinished building projects across the country.

 

China is also facing other problems - they include weak economic growth,
ballooning local government debt and record-high youth unemployment.-bbc

 

 

 

 

Food prices in first monthly fall for two years

Food prices saw their first monthly fall in two years in September, but fuel
prices rose sharply, official figures show.

 

It came as the overall rate of inflation held steady at 6.7%, ending a run
of three consecutive monthly falls.

 

The price of milk, cheese and eggs all decreased, easing the pressure at
supermarket tills, the Office for National Statistics said.

 

But petrol increased by 5.1p per litre, hitting drivers at the pumps.

 

Analysts had expected the overall rate of inflation to fall slightly, and
the ONS said there may be "some disappointment" about the unchanged figure.

 

However, its chief economist, Grant Fitzner, told BBC Radio 4's Today
programme: "If you look across Europe, many countries have seen either
periods lately of no change or in some cases of actual increases in the
headline rate, before they started to resume their falls."

 

He added: "There may be some disappointment out there, but of course, we
have seen significant falls in headline inflation over the last six months."

 

Food prices have soared over the last two years due to supply chain issues
and the war in Ukraine, and on annual basis food price inflation remains
high, running at 12.2% in September.

 

However, the pressure is starting to ease and on a monthly basis food prices
fell by 0.1% between August and September, led by dairy produce and soft
drinks.

 

The only food category that went up was fish, led by frozen prawns.

 

Petrol squeeze

While the cost of a weekly shop may be starting to slow, drivers are being
hit at the pumps as global oil prices rise.

 

Between August and September, petrol rose to an average of 153.6p per litre
and diesel by 6.3p to 157.4p per litre.

 

The price of oil rose last month after Saudi Arabia and Russia, members of
the Opec+ cartel of oil-producing nations, decided to cut production to
support the global market.

 

Events in Israel and Palestine have sparked fears of further increases.

 

On Wednesday, Treasury minister Andrew Griffith expressed concerns that the
conflict could impact fuel prices if it spreads.

 

Mr Fitzner said: "The current conflict in Israel and Palestine is in an area
of non-oil producers but obviously if this conflict spreads that could be
disruptive."-bbc

 

 

 

X begins charging new users $1 a year in New Zealand, Philippines

Elon Musk's X, formerly known as Twitter, has started charging new users in
New Zealand and the Philippines $1 (£0.82) a year to access key features, as
part of a new trial.

 

They include the ability to tweet, retweet, like posts and reply to posts.

 

Those who opt out of the subscription fee will only be able to read posts,
watch videos and follow accounts.

 

The social media platform said that the aim is to "reduce spam, manipulation
of our platform and bot activity".

 

New accounts will also be required to verify their phone number, though Mr
Musk has said that it will still be free to create "read only" accounts,
which do not have key features. .

 

Last month, the boss of X, Tesla and SpaceX suggested that all X users may
have to pay for access.

 

Since Mr Musk bought Twitter for $44bn last year, it has seen a continuous
revenue decline.

 

While there is a clear financial interest for the company to charge users,
the controversial billionaire has said that getting people to pay for the
service is aimed at tackling bots.

 

He has previously said that a bot costs "a fraction of a penny" to make.
"But if somebody even has to pay a few dollars or something, some minor
amount, the effective cost to bots is very high".

 

Paid subscribers of an enhanced service, called X Premium, now pay for more
features like longer posts and increased visibility on the platform.

 

X Premium currently costs $8 a month in the US. The price differs depending
on which country a subscriber resides in, while other users can still use X
for free.

 

One risk of putting X behind a paywall is that the platform may lose a large
chunk of its users. That in turn, could drive down advertising revenue,
which currently accounts for the vast majority of the company's income.

 

In recent weeks, the company has been investigated by the European Union for
the possible spread of terrorist and violent content and hate speech, after
Hamas's attack on Israel.

 

It has also been fined by Australia's internet safety watchdog for failing
to cooperate with a probe into anti-child abuse practices.-bbc

 

 

 

 

US-China chip war: Nvidia hit as China cut off from more advanced chips

The Biden administration has announced new restrictions on exports of
advanced chips to China, including two made-for-China chips from Nvidia.

 

US chip stocks fell as the curbs also hit Advanced Micro Devices and Intel.

 

The curbs are aimed at closing loopholes that became apparent after the US
announced export curbs on chips last October.

 

They are designed to prevent China's military from importing advanced
semiconductors or equipment.

 

Nvidia has said in a filing that the new export restrictions will block
sales of two high-end artificial intelligence chips it created for the
Chinese market - A800 and H800. It said that one of its gaming chips will
also be blocked.

 

Although the curbs also affect other chip makers, analysts believe Nvidia
will be hit the hardest because China accounts for up to 25% of its revenues
from data centre chip sales. Nvidia's shares, which are considered a star
stock, fell by as much as 4.7% in the wake of the announcement.

 

The Semiconductor Industry Association, which represents 99% of the US
semiconductor industry by revenue, said in a statement that the new measures
are "overly broad" and "risk harming the US semiconductor ecosystem without
advancing national security as they encourage overseas customers to look
elsewhere".

 

A spokesperson for the Chinese embassy also said that it "firmly opposes"
the new restrictions, which also target Iran and Russia and go into effect
in 30 days.

 

Two months ago, China retaliated by srestricting exports of two materials,
gallium and germanium, which are key to the semiconductor industry.

 

China is by far the biggest player in the global supply chain of gallium and
germanium. It produces 80% of the world's gallium and 60% of germanium,
according to the Critical Raw Materials Alliance (CRMA) industry body.

 

The materials are "minor metals", meaning that they are not usually found on
their own in nature, and are often the by-product of other processes.

 

Besides the US, both Japan and the Netherlands - which is home to key chip
equipment maker ASML - have also imposed chip technology export restrictions
on China.

 

The constant tit-for-tat between the world's two biggest economies has
raised concerns over the rise of so-called "resource nationalism" when
governments hoard critical materials to exert influence over other
countries.-bbc

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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