Major International Business Headlines Brief::: 20 October 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  20 October 2023 

 


 

 


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

 


 

 


 

ü  Ethiopia: Empowering Ethiopian Women Through Digital Financial Inclusion

ü  Ghana: Govt to Sanction Businesses Over Violation of Human Rights

ü  Nigeria: Ex-Minister of Power Reveals Cabal Sabotaging Stable Power
Supply in Nigeria

ü  South Africa: SA Expected to Retain Its Agoa Status Despite Differences
With US

ü  South Africa: SA's Green Hydrogen Commercialisation Strategy Approved By
Cabinet

ü  South Africa: Cabinet Welcomes Investments in Energy, Transport

ü  Afreximbank Holds 7th Babacar Ndiaye Lecture in Marrakech

ü  South Africa: Group Threatens to 'Shut Down' Bloemfontein

ü  South Africa: Farmers Urged to Implement Risk-Reduction Measures

ü  Nigeria: Diesel Suppliers, Generator Dealers Sabotaging Power Supply -
Ex-Minister, Nnaji

ü  Kenya: Bolt Hikes Fares to Cushion Drivers From Soaring Fuel Prices

ü  Amazon, Expedia and Trustpilot unite to fight fake reviews

ü  Top crypto firms named in $1bn fraud lawsuit

ü  Amazon trials humanoid robots to 'free up' staff

ü  EU gives Meta and TikTok formal Hamas disinformation deadline

 


 

 


 <https://www.cloverleaf.co.zw/> Ethiopia: Empowering Ethiopian Women
Through Digital Financial Inclusion

In a country where gender inequality is entrenched, Lemma is a shining
beacon of hope for the future

 

Hanna Lemma, a fearless women's rights advocate and feminist researcher from
Ethiopia, is leading a revolution. She is passionate about uplifting youth,
amplifying young feminist voices, and advocating for the rights of other
young women in her country. Through her pioneering work at Addis Powerhouse,
a young women-led feminist knowledge production platform, she is challenging
the status quo and empowering young women to take their deserved place in
Ethiopian politics and society.

 

Millions of women around the world struggle to access finance, with an
alarming 9% gap between women's and men's access, according to a joint
report by the African Development Bank (AfDB) and the United Nations
Economic Commission for Africa (UNECA). Research shows that women face a
number of challenges in accessing digital financial tools, including
poverty, limited digital and financial literacy, cultural barriers, lack of
training and awareness of insurance services, difficulty accessing
information on insurance products and services, and limited access to
capital. Some women are also limited by social norms that restrict their
decision-making and interaction outside the home.

 

 

The lack of access to finance is a major challenge in Ethiopia and other
parts of Africa, especially for women. It demands attention, raising
important questions for decision-makers: What continues to fuel gender
disparity in access to finance across the continent?

 

In a conversation about empowerment with allAfrica's Melody Chironda, Lemma
called for stronger policies and improved digital financial inclusion to
break down barriers to financial inclusion for women in Ethiopia.

 

"I was motivated to create Addis Powerhouse to address the gender gap in
Ethiopia, said Lemma. "This gap is curtailing evidence-based advocacy for
women's meaningful inclusion and decision-making, and it is also preventing
the country from overcoming gender-based violence. Young women, in
particular, are disproportionately excluded from decision-making spaces and
targeted for gender-based violence. These issues are often neglected because
young women are not part of the decision-making process. For example,
catcalling, online gender-based violence, unwanted pregnancy, and period
poverty are not taken seriously because young women are unable to advocate
for their own rights."

 

 

"Addis Powerhouse conducts research to show the gender gap and to inform
evidence-based advocacy. Our goal is to influence policy and implementation
change in Ethiopia and to ensure that young women are represented in
decision-making spaces so that they can advocate for their own rights," she
added.

 

Closing the gender gap in digital financial inclusion 

 

"There is a huge gender gap when it comes to access to digital services and
financial institutions in Ethiopia, as is the case in most third-world
countries," said Lemma. Data shows that compared to men, women in Ethiopia
are more severely excluded from traditional savings and financial
institutions. For example, only 3% of women have a formal bank account,
compared to 43% of men. This means that men are more likely to have access
to formal bank accounts, savings, and borrowing systems, as well as
emergency funds."

 

 

Lemma argues that digital financial inclusion can help to close this gap by
providing women with access to a range of financial services, including
digital transactions and mobile money, productive credit, conventional and
interest savings, and micro-insurance.  It is important to use an
intersectional lens to understand the diverse needs of women and to develop
financial services that are accessible to all.

 

"For example, if we are talking about digital financial services, we need to
make sure that we provide women with the information they need to use them.
We also need to make sure that the services are accessible to all women, not
just those with access to smartphones and the internet," she added.

 

Cultural and social barriers

 

Lemma said that there are multiple challenges with regard to cultural and
social norms that prevent women in Ethiopia from accessing digital financial
services.

 

"One challenge is that women have limited digital and financial literacy.
Only 12% of women in Ethiopia have digital and financial literacy, which is
below the global average. This is due to the patriarchal system that
Ethiopia lives in, which limits women's mobility and access to information.
Men usually control household finances and decision-making, and women are
not represented in decision-making spaces in the financial and technological
sectors," she said.

 

"Another challenge is that women are not allowed to work in many cases, and
when they do work, their male counterparts often control their money and
financial decision-making. Women are also overwhelmed by unpaid care work
and reproductive roles and expenses, so they don't have time to learn about
digital financial services or participate in savings systems."

 

"Finally, there is a perception that digital financial services are too
complicated for women to understand."

 

Lemma believes that there are a number of ways to overcome these barriers.
"One way is to create awareness within the community about gender equality
and debunk patriarchal attitudes towards women. This can help to create a
common sense around empowering both men and women and making sure that men
are allies in ensuring that women are included in financial decision-making
and have access to digital financial services," she said.

 

Ethiopian conflict disproportionately impacts women and girls

 

"Women are the prime victims of the conflict in Ethiopia, facing high rates
of gender-based violence, sexual violence, and job loss. The conflict has
also had a significant indirect impact on women, as it has led to high
inflation and economic instability," said Lemma.

 

 

"Despite the challenges that women already face, they are disproportionately
affected by the war and the destabilization of the country. Addis Powerhouse
is advocating for women's voices to be heard and for their interests to be
recognised in the upcoming and ongoing national dialogue, as well as in
peacebuilding efforts. They are working to ensure that women's interests are
documented and taken into consideration when decisions are made at the
regional, national, and international levels. This is how they are trying to
overcome the pressure and pushback they face and to ensure that women's
involvement in peacebuilding and reconstruction is meaningful, not just
nominal," she said.

 

Lemma added: "Ethiopia is currently undergoing a digital transformation, and
there is a growing interest in promoting women's digital financial
inclusion. The government, policymakers, and other regulatory actors are
taking steps to ensure that access to technology and digital financial
services is improved for women. The Women's Digital Financial Inclusion
Advocacy Hub, established by the United Nations Capital Development Fund
(UNCDF), is a good example of the government's interest in this issue. The
hub is working to understand the needs of women and to work with the private
sector and civil society organisations to overcome the challenges that women
face."

 

Challenges and Opportunities

 

Women do not have the same resources or social networks as men, which can
make it difficult for them to meet collateral or guarantee requirements.
Women also lack awareness of available services and how to access them, she
said.

 

She acknowledged that safety and security are concerns when it comes to
digital financial services. However, she believes that digital services can
also elevate some of these risks by reducing the need for women to carry
large amounts of cash and make long trips to make transactions. Digital
services also offer convenience and efficiency.

 

While digital financial service provision is overcoming many of these
challenges, Lemma noted that digital connectivity in Ethiopia is a major
issue. However, Lemma believes that digital financial services are still a
better option than traditional financial institutions for Ethiopian women.

 

How to dismantle patriarchal structures and empower women

 

"To dismantle the patriarchal structures that hinder gender equality and
empower women to achieve their full potential, we must start by addressing
the root of the problem: the patriarchal system itself. This system is
deeply ingrained in our culture, social norms, and family values, and it is
interlinked with every other system in society," said Lemma.

 

"There are many ways to dismantle the patriarchal structures that hinder
gender equality and empower women to achieve their full potential. One
important step is to create awareness of gender inequality and the harmful
effects of the patriarchal system. This can be done through education
programmes, public awareness campaigns, and advocacy efforts," she said.
"Another important step is to support women's leadership and empowerment.
This can be done by providing women with access to education, training, and
resources, as well as by creating opportunities for women to participate in
leadership roles in all sectors of society."

 

Lemma also discussed navigating anti-feminist backlash in Ethiopia.

 

"The internet and technological services, like social media, can be a great
opportunity for the feminist movement and women's rights work. They give
more women the space to talk about their rights and advocate for themselves.
However, this also comes with a global pushback against feminism and women's
rights," she said. "For example, on apps like TikTok, more and more people
have started speaking out against feminism, spreading myths and promoting
backward gender roles and gender-based violence."

 

"We are doubly tasked with creating a positive understanding of feminism and
fighting for women's rights in the face of this pushback. We do this by
using data to counter the backlash. Whenever we communicate about women, we
make sure to back our information with data. This allows us to show people
where the community is and where our society is with regards to seeing women
as human, respecting women's rights, and empowering women."

 

"We also make sure to be critical with our digital safety and security. The
backlash against feminism can lead to online gender-based violence, such as
trolling and stalking. We share our knowledge of digital safety and security
with other young feminist and women's groups so that we can protect
ourselves and advocate for women's rights without facing the worst of the
backlash," said Lemma.

 

Vision for the future of feminism in Ethiopia

 

"I am very hopeful for the future of feminist knowledge production and
gender research in Ethiopia. When we first established Addis Powerhouse, our
primary goal was to amplify young women's voices and advocate for young
women, as young women. We understand the challenges that young women face,
and we want to change the outcome. We also want to inspire and support other
marginalised groups, such as women living with disabilities, to speak out
for themselves. We want to create an intersectional movement where all
women's voices are heard in decision-making spaces," said Lemma.

 

Lemma believes that Addis Powerhouse can play a vital role in shaping the
future of feminist knowledge production and gender research in Ethiopia by
providing resources and support to young women and other marginalised
groups. We want to make sure that the movement has the tools it needs to
succeed."

 

"To young activists starting out, I advise you to read, learn, and explore
different perspectives. Understand the world you live in and the systems
that influence it. Do the work," Lemma said.

 

 

 

 

Ghana: Govt to Sanction Businesses Over Violation of Human Rights

THE government is developing a national action plan on business and human
rights to provide swift sanctions against businesses that violate people
rights in the country.

 

The action plan which is being put together by the collaborative work
between the Commission on Human Rights and Administrative Justice (CHRAJ),
the Office of the Attorney General, the Ministry of Justice and other
relevant agencies, is expected to protect, promote, respect, and address
human right abuses in the trade industry.

 

The Vice President, Dr Mahamudu Bawumia, disclosed this yesterday in Accra,
at the opening ceremony of the 14thBiennial Conference of the Network of
African National Human Rights Institutions (NANHRI).

 

Under the theme: "Nurturing responsible business conduct and respect for
human rights in Africa -The role of African national human rights
institutions in centering human and people's rights in the context of
business operations and the African Continental Free Trade Area Agreement"
the conference brought together 46 National Human Rights institutions on the
continent.

 

 

The Vice President said CHRAJ in the year 2020 conducted a national baseline
assessment on the voluntary principles of security and human right in the
extractive sector in the country.

 

He said in 2021, the Commission concluded national baseline assessment of
business and human rights, in collaboration with the Ghana Institute of
Management and Public Administration (GIMPA), as a prelude to the processes
towards the development and adoption of the national action plan on business
and human right.

 

"As a government, we will support CHRAJ to always deliver on its mandate,
and urged all African leaders to do same for their national human rights
institutions.

 

"The continent needs very strong and independent and result oriented
national human rights institutions, to provide the necessary guidance in
improving on human rights records of our respective countries and continent
as a whole," Dr Bawumia said.

 

 

He said the national action plan on businesses and human rights was
necessitated by the unanimous endorsement of the United Nations principles
on business and human rights, by the Human Rights Council in June 2011, in
its resolution 17(4).

 

The resolutions, he said, was supported by governments all over the world,
with the aim of advancing the protection, respect, and as well provides
solutions on human rights violation.

 

The Vice President said the resolution called on government to adopt a
national action plan on businesses and human right, and highlight sanctions
that needs to be applied when people's rights were abuse in business
transactions.

 

The outgoing chairperson of the NANHRI, Dr Hilarious Mugwadi, said
environment pollution was among the many challenges that come as a result of
business operations in the continent, especially in extractives industry.

 

He explained that, it was because the extractives sector contributes to air
and water pollution that negatively contributes to the challenges facing
some communities in having access to potable water, hence, such development
violates on people rights.

 

The Chairperson of NANHRI, Mr Joseph Whittal, said he was optimistic that
the national action plan on business and human rights would help address
challenges facing individuals and communities in regards to business
operations

 

-Ghanaian Times.

 

 

 

 

Nigeria: Ex-Minister of Power Reveals Cabal Sabotaging Stable Power Supply
in Nigeria

Diesel and petrol suppliers and generator dealers continue to make brim
businesses as power supply remains epileptic in Nigeria.

 

A former Minister of Power, Barth Nnaji, has alleged that diesel suppliers
and generator dealers are sabotaging efforts for Nigerians to enjoy regular
power supply.

 

Mr Nnaji, a professor, made this known while featuring on a radio programme,
captioned: "The South East Political Roundtable" by Flo FM, Umuahia on
Wednesday.

 

The former minister said the endless breakdown of the national grid had
remained a significant concern among Nigerians.

 

According to him, this is despite the Federal Government's claim of spending
N7 trillion as direct interventions in the power sector, even after
privatising the electricity generation and distribution arms of the industry
since November 2013.

 

Mr Nnaji, who is the chairperson of Geometric Power, Aba, identified diesel
suppliers and generator sellers as other obstacles for those who are into
power generation business.

 

 

He said the power sector needed professionals, who understood the Nigeria
Electricity Supply Industry to manage it.

 

"There are two areas when you talk of cabal in the sector - the diesel
suppliers and generator users.

 

"Nigeria is a big user ofgeneratorsr because of our enormous power need and
those who are in the business would not want any interruption.

 

"The diesel suppliers feel that stable power supply would destroy their
business," he said.

 

Mr Nnaji further alleged that the power sector, just like others, had some
cabal, who make gains from the problems of poor power supply.

 

He said: "A graphic picture of how dangerous the diesel suppliers can be was
experienced when we were in government, somewhere in this country, some men
cut down 30KVA line to stop electricity supply to thousands of users.

 

 

"Unfortunately, the diesel supplying company sponsored the operation.

 

"Incidentally the power cable fell on one of them, who later confessed to
the crime."

 

Nigeria has struggled with poor power supply for decades, a challenge that
is estimated to cost businesses about $29 billion yearly, according to the
World Bank.

 

The country has the lowest access to electricity globally, with about 92
million persons out of the country's 200 million population lacking access
to power, according to the Energy Progress Report 2022 released by Tracking
SDG 7.

 

A World Bank report in 2021 also explained that 74 per cent of power users
in the country are dissatisfied with the supply of electricity across the
country. While 93 per cent of metered power users paid their bills
regularly, 78 per cent of electricity consumers in the country received less
than 12 hours of power supply daily.

 

Also, the lack of power supply has increased production costs for many
businesses who are then forced to provide their electricity, mostly using
diesel-run generators as alternative sources of electricity.

 

In June 2015, Nigerian manufacturers said they spent as much as N3.5
trillion annually to generate alternative power for their production
operations due to the collapse of the public electricity supply.

 

In 2018, former President Muhammadu Buhari claimed Nigerians depend less on
generators in their homes and businesses. However, analysts disagreed with
the position as many Nigerians continue to suffer from the ripple effect of
poor power supply.

 

In March, the Abuja Electricity Distribution Company (AEDC) said
insufficient power allocation to the company by generation stations was
responsible for the unstable electricity supply in the region.

 

In June, the Manufacturers Association of Nigeria (MAN) said it loses N10.1
trillion annually to power crisis, just as the World Bank said that Nigeria
will need about $100 billion in the next 10 years to tackle the challenges
in its energy sector.

 

-Premium Times.

 

 

 

 

South Africa: SA Expected to Retain Its Agoa Status Despite Differences With
US

It is almost certain that South Africa's Agoa status will be renewed despite
it and the US often being on opposite sides over geopolitical crises in the
past year.

 

The eligibility of countries for the US's African Growth and Opportunity Act
(Agoa) has been under review during the past few months, and it is becoming
clearer that South Africa is one of the countries that will continue being a
part of the trade agreement.

 

A strong indication of this is that the annual Agoa Forum will take place in
Johannesburg between 1-4 November.

 

Donald MacKay, the director of XA Global Trade Advisors, said: "At present,
I think we are more likely to be extended than terminated. The US agreement
to host the [forum] in SA is a strong positive indicator. On the other hand,
how we speak about the Hamas-Israel war is no trivial thing. If the US
perceives us to be supportive of Hamas, this could swiftly change.

 

"Based on what I have seen in the media, it is not clear to me that the
government understands the very large difference between Hamas and the
Palestinian people, and this could be a lot more problematic than our
fumbles around Ukraine."

 

South Africa's relationship with the US has been turbulent throughout the
year, with SA being embroiled in the Lady R saga and having to constantly...

 

-Daily Maverick.

 

 

 

 

South Africa: SA's Green Hydrogen Commercialisation Strategy Approved By
Cabinet

Cabinet announced on Thursday that it has given the Green Hydrogen
Commercialisation Strategy (GHCS) the green light for implementation.

 

The move, according to the Minister in the Presidency Khumbudzo Ntshavheni,
will ensure South Africa becomes a major producer and exporter of green
hydrogen.

 

"Government has identified possible funding for green hydrogen projects and
the draft Green Paper received extensive feedback from stakeholders," she
said on Thursday.

 

The Minister was briefing the media on the outcomes of Wednesday's Cabinet
meeting.

 

 

Ntshavheni explained that the GHCS gives effect to the Hydrogen South Africa
Strategy that was approved by Cabinet in 2007 to prepare the country for a
hydrogen economy.

 

The strategy is framed within the Hydrogen Society Roadmap developed by the
Department of Science and Innovation and approved by Cabinet in 2021.

 

Meanwhile, the Executive Authority welcomed the hosting of the second South
Africa Green Hydrogen Summit in Cape Town last week.

 

"Green hydrogen has the potential to add additional renewable energy
generation capacity and to support the local development of renewable
energy," the Minister said.

 

On the sidelines of the summit, South Africa concluded Heads of Agreements
with the intention of launching an SA-H2 Fund that will facilitate the
development of the country's green hydrogen sector.

 

The aim, the Minister said, is to attract $1 billion in funding.

 

 

She estimated that the hydrogen economy has the potential to add 3.6% to the
country's gross domestic product by 2050 and approximately 370 000 jobs.

 

Electricity

 

In addition, Cabinet was on Wednesday updated about Eskom's Generation
Systems Performance for the period ending 16 October 2023.

 

Data shows that Eskom's power generation capacity is currently averaging 28
615 MW in comparison to 27 410 MW in May 2023.

 

Cabinet was also informed of the decline in unplanned outages due to plant
breakdown to average 13 743 MW compared to 17 369 MW in May 2023.

 

"This is largely as a result of effective plant maintenance," Ntshavheni
explained.

 

"Cabinet welcomed the addition of another 800 MW to the grid with the return
of Kusile Unit 1 ahead of schedule. The additional capacity will help reduce
higher levels of load shedding."

 

-SAnews.gov.za.

 

 

 

South Africa: Cabinet Welcomes Investments in Energy, Transport

Cabinet has welcomed investments in the energy and transport sector, as they
are expected to create jobs and assist small business owners in the
transport sector.

 

"Cabinet welcomed the R100 million investment by electrical components
supplier ACTOM in the expansion of its plant in Pretoria. This builds local
capacity in manufacturing of electro-mechanical equipment, as the renewable
energy market grows," Minister in The Presidency, Khumbudzo Ntshavheni, said
on Thursday in Pretoria.

 

Addressing media on the outcomes of the Cabinet meeting held on Wednesday,
the Minister said the investment will create jobs and solutions for
renewable energy.

 

 

"Furthermore, Cabinet welcomed the roll out of a R284 million investment by
Moove, which will assist small business owners in the transport sector.
Moove has purchased over 2 000 vehicles, which will be for use by transport
entrepreneurs," Ntshavheni said.

 

Meanwhile, Cabinet commended interagency search and seizure operations led
by the South African Revenue Service (SARS) on 12 October 2023, with close
cooperation between intelligence and law enforcement agencies.

 

These targeted operations helped to prevent revenue losses to the fiscus,
which amounted to more than R500 million and 14 individuals targeted during
the operation.

 

Addressing greylisting deficiencies

 

Cabinet noted progress in addressing greylisting deficiencies identified by
the Financial Action Task Force (FATF) Operating Framework, progress with
the re-rating of at least 14 technical compliance deficiencies and positive
progress in 17 of 22 action items against the original Action Plan.

 

"Cabinet approved the Updated Operational Framework for Targeted Financial
Sanctions to bind the conduct of all agencies involved in the process of
designating individuals and entities in terms of amended section 23 of the
Protection of Constitutional Democracy Against Terrorism and Related
Activities Amendment (POCDARATA) Act," the Minister said.

 

-SAnews.gov.za.

 

 

 

 

Afreximbank Holds 7th Babacar Ndiaye Lecture in Marrakech

Africa will need a system to discover and nurture entrepreneurial talents to
grow its economy and create jobs for its young population. This
recommendation was made by Jim Clifton, chairman of the globally renowned
polling and analytics firm, Gallup, when he delivered the 7th annual Babacar
Ndiaye lecture on 14th October 2023. The lecture, which was held at the
Fairmont Royal Palm Hotel in Marrakech, Morocco, was under the theme "The
New World Order and the Future of Entrepreneurship in Africa"., An
initiative by the Africa Export-Import Bank (Afreximbank) in honour of its
founder, It was the first time that the lecture series was being held in
Africa with the IMF/Annual Meetings being held on African soil for the first
time since Nairobi in 1973.

 

In his welcome remarks, Professor Benedict Oramah, President and Chairman of
the Board of the Bank, reminded the audience of the changing nature of
global trade, particularly the slow-down of globalisation at a time when
Africa was poised to benefit from rising wages in China. The growth in
global trade, following the collapse of the Soviet Union, the emergence of
the World Trade Organisation and the opening-up of China had seen global
trade accelerate dramatically, rising from $2 trillion to $7 trillion in the
year 2000 and $24 trillion by 2022. The uneven benefits of globalisation,
Oramah said, had led to a backlash, with populations in the west and some
political leaders souring on the idea. "The discontentment of the army of
displaced "Blue Collar" workers [in the west] had unprecedented political
consequences, leading to the emergence of anti-globalisation sentiments and
movements amongst political parties and candidates across most of the
economies of the West," he observed.

 

These adverse currents have led to an end of what Oramah called the "golden
age of entrepreneurship," characterised by a reversal in the flows of
foreign direct investment to developing countries, restrictions on
technology transfers, re-emerging trade barriers, including a trade war
between the world's two largest economies and an environment in which
building businesses in the developing world has become riskier and more
difficult. These developments pose a challenge to Africa and require the
continent to prepare for this new era. "The world as we know it has
dramatically changed, and it has changed for the worse at a time when Africa
was expecting to benefit from globalisation that pulled almost a billion
people out of poverty in China. However, as businesses explore new
investment destinations, they can either consider their home country or
elsewhere. What of Africa? What must we do to attract these investments in
Africa?" Oramah questioned, introducing Clifton as someone with the capacity
to help address these questions.

 

 

Afreximbank

Mr Jim Clifton, chairman of the globally renowned polling and analytics
firm, Gallup, delivered the 7th annual Babacar Ndiaye lecture

In his keynote address, Clifton said one of the major challenges in the
world now is that economies are not growing as much as they used to. The
search for growth and the desire to boost it has led many countries to focus
on innovation and invest in systems to facilitate innovation. Clifton argued
that this is the wrong approach pointing out that it is building businesses
that brings innovation to life and engenders economic activity. "There are a
lot of innovations but they have no value unless a customer is willing to
pay for them," he stressed. It is important to distinguish between academic
talent and the ability to generate ideas from entrepreneurship, which
requires a different set of skills, he argued. "We have to understand that
while innovation is really important, if we have a system to support and
grow entrepreneurs or rainmakers, everything will change."

 

At a rate of 3% the global economy can grow to $200 trillion over the next
generation, which Clifton said would be a failure. To reach $300 trillion
which would need growth of 4.5%, there must be a clear understanding of the
respective roles of innovation and entrepreneurship. "We have to understand
that it's a cart and a horse situation and I would suggest to you that the
cart is innovation, and the horse is entrepreneurship and we have to get
really good with the horse," he said. According to Clifton, there are about
5 people in every thousand who have the capacity to build huge companies and
have the entrepreneurial impact that the late founder of Apple, Steve Jobs
had, which means there have to be about 7.5 million of such people in
Africa. The challenge, he said, is to find them. The solution is to have a
"dragnet" that helps to identify and support these individuals, he said.
"This continent has plenty of talent, perhaps more than anywhere else and
there's no reason why you can't build the biggest businesses in the world
here. There are all kinds of minerals here in Africa, but the big money is
still in the human spirit, and we haven't done a good job of unlocking
that," he concluded.

 

In his closing remarks, Dr Hippolyte Fofack, chief economist of Afreximbank,
highlighted the role that entrepreneurs play in economic growth, pointing
out that while Africa has abundant labour and natural resources, it needs
more capital and entrepreneurship to make up the complete quartet required
for production. "Entrepreneurship is one of the most important drivers of
growth in both the developed and developing countries. but I would argue
that it is even more critical in Africa where it is not a choice but a
necessity," he argued, explaining that the low levels of employment require
much more entrepreneurship. "It takes an ocean of entrepreneurs to develop a
continent and entrepreneurial governments to effectively facilitate and
coordinate their actions as we have heard tonight," he added. Dr Fofack
celebrated the role that Afreximbank is playing in supporting
entrepreneurship in Africa through its subsidiaries and initiatives such as
the Fund for Export Development in Africa, Creative Africa Nexus, African
Medical Centre of Excellence and other programmes to support entrepreneurs
and small businesses around the continent.

 

 

Afreximbank

The 7th Annual Babacar Ndiaye Lecture 2023 took place on 14th October 2023
at the Fairmont Royal Palm Hotel in Marrakech, Morocco, was under the theme
“The New World Order and the Future of Entrepreneurship in Africa.” The
lecture series is intended to cement the legacy of the late Dr. Babacar
Ndiaye and sustain his vision of structural transformation of African
economies.

 

About the Lecture:

Afreximbank has hosted this Lecture every year since 2017 in honour of the
late Dr Babacar Ndiaye, the fifth President of the African Development Bank.
Dr Ndiaye transformed the Bank during his decade-long leadership and was
also instrumental in establishing several other enduring Pan-African
institutions including, among others, Afreximbank, Shelter Afrique, and the
African Business Roundtable.

 

About Afreximbank:

African Export-Import Bank (Afreximbank) is a Pan-African multilateral
financial institution mandated to finance and promote intra-and
extra-African trade. For 30 years, the Bank has been deploying innovative
structures to deliver financing solutions that support the transformation of
the structure of Africa's trade, accelerating industrialization and
intra-regional trade, thereby boosting economic expansion in Africa. A
stalwart supporter of the African Continental Free Trade Agreement (AfCFTA),
Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS)
that was adopted by the African Union (AU) as the payment and settlement
platform to underpin the implementation of the AfCFTA. Working with the
AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion
Adjustment Fund to support countries to effectively participate in the
AfCFTA. At the end of 2022, Afreximbank's total assets and guarantees stood
at over US$31 billion, and its shareholder funds amounted to US$5.2 billion.
The Bank disbursed more than US$86 billion between 2016 and 2022.
Afreximbank has investment grade ratings assigned by GCR (international
scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch
(BBB). Afreximbank has evolved into a group entity comprising the Bank, its
impact fund subsidiary called the Fund for Export Development Africa (FEDA),
and its insurance management subsidiary, AfrexInsure, (together, "the
Group").

 

 

 

 

South Africa: Group Threatens to 'Shut Down' Bloemfontein

Members of the Mangaung Concerned Community group have vowed to shut down
Bloemfontein city centre if the municipality and Free State government
continues to ignore their demands for jobs and better services.

 

On Wednesday about 100 residents from communities across Bloemfontein
marched to the municipality's offices at Braam Fischer building before
proceeding to the Premier's office.

 

"We mean business. We are gatvol (fed-up) of poor service delivery in the
city. This is the last march then we are going to act," said Sammy Lebogo,
chairperson of the Mangaung Concerned Community group.

 

 

According to Lebogo, communities would take their dissatisfaction to the
streets to protest as they did in 2021. Protests became violent then.

 

Among their demands on Wednesday was for the majority of government job
opportunities to be allocated to local Mangaung residents. They also demand
that vacant land be made available to local small farmers and for "illegal
spaza shops in Mangaung" to be removed.

 

The Mangaung Concerned Community also requested that their members be
employed to help the municipality to guard illegal dump sites in
communities. They also want the sewage and water treatment plants to be
maintained by unemployed residents who are trained plumbers instead of
hiring outside contractors.

 

Mangaung's deputy mayor Lulama Titi-Odili signed the group's memo on behalf
of Mayor Gregory Nthatisi and Dan Kgothule from Premiers' office received
their memo.

 

"We are going to meet next Thursday where we will be answering them. We will
do a joint media statement just after our meeting," said Kgothule.

 

-GroundUp.

 

 

 

 

South Africa: Farmers Urged to Implement Risk-Reduction Measures

Farmers have been advised to be on the lookout for daily extreme weather
warnings and implement risk-reduction measures.

 

This comes as the Department of Agriculture, Land Reform and Rural
Development (DALRRD) says that in large parts of the country poor to
reasonable veld and livestock conditions are being reported.

 

"Veld fires in several provinces have resulted in damage to grazing land and
infrastructure, as well as contributing to livestock fatalities. Land
preparations are underway for summer crops, and assessments are being
conducted by provinces to quantify the damage," the department said.

 

 

According to the Seasonal Climate Watch issued by the South African Weather
Service (SAWS) on 3 October 2023, above normal rainfall is anticipated for
large parts of the country during the early part of summer "though mostly
with low probabilities of above normal rainfall".

 

"Below normal rainfall is expected during mid-summer over the western and
central parts of the country as predictions still favour above normal
rainfall conditions over the north-eastern parts of the country during
mid-summer, even with an El Niño in place," the weather service reported.

 

The weather service warned that the El Niño effect might still manifest its
influence over the next few months and change the outlook of the rainfall
forecast for mid- and late summer. Both minimum and maximum temperatures are
expected to be above normal countrywide.

 

Considering the seasonal forecast and accompanying caution, the department
advised farmers to approach the season with vigilance.

 

 

"Dryland farmers should wait for sufficient soil moisture before planting.
Drought-tolerant cultivars should be prioritised in areas that have
constantly been experiencing dry conditions.

 

"In regions that are in a reasonable condition, farmers are advised to
prepare in line with the expected conditions, i.e. in line with the seasonal
forecast. However, they should not expand planting land unnecessarily," the
department said.

 

It advised farmers to consider short-season cultivars and note that rainfall
distribution continues to remain a challenge, and not all areas might
receive the anticipated above normal rainfall that is well distributed."

 

It further advised farmers to put measures in place for pests and diseases
associated with wet and hot conditions, as normal rainfall and high
temperatures are anticipated during early summer.

 

"Farmers using irrigation should comply with water restrictions in their
areas. Farmers must continually conserve resources in accordance with the
Conservation of Agricultural Resources Act (CARA), 1983 (Act No. 43 of
1983).

 

"Livestock should be kept in balance with carrying capacity of the veld and
provided with additional feed such as relevant licks. Additionally,
livestock should be provided with enough water points on the farm as well as
shelter during bad weather conditions," the department said.

 

The creation and maintenance of fire belts should be prioritised as well as
adherence to veld fire warnings.

 

"Episodes of flooding resulting from rain-bearing weather systems are likely
and preventive measures should be in place. Farmers are encouraged to
implement strategies provided in the early-warning information issued."

 

-SAnews.gov.za.

 

 

 

 

Nigeria: Diesel Suppliers, Generator Dealers Sabotaging Power Supply -
Ex-Minister, Nnaji

A former Minister of Power, Prof. Barth Nnaji, has alleged that diesel
suppliers and generator dealers are sabotaging efforts for Nigerians to
enjoy regular power supply.

 

Nnaji made this known while featuring in a radio programme, captioned: "The
South East Political Roundtable" by Flo FM, Umuahia on Wednesday.

 

Nnaji said that the endless breakdown of the national grid had remained a
significant concern among Nigerians.

 

According to him, this is despite the Federal Government's claim of spending
N7 trillion as direct interventions in the power sector, even after
privatising the electricity generation and distribution arms of the industry
since November 2013.

 

 

Nnaji, who is the Group Chairman of Geometric Power, Aba, identified diesel
suppliers and generator sellers as other obstacles for those who are into
power generation business.

 

He said that the sector needed professionals, who understood the Nigeria
Electricity Supply Industry to manage it.

 

"There are two areas when you talk of cabal in the sector - the diesel
suppliers and generator users.

 

"Nigeria is a big user of generator because of our enormous power need and
those who are in the business would not want any interruption.

 

"The diesel suppliers feel that stable power supply would destroy their
business," he said.

 

Nnaji further alleged that the power sector, just like others, had some
cabal, who make gains from the problems of poor power supply.

 

He said: "A graphic picture of how dangerous the diesel suppliers can be was
experienced when we were in government, somewhere in this country, some men
cut down 30KVA line to stop electricity supply to thousands of users.

 

"Unfortunately, the diesel supplying company sponsored the operation.

 

"Incidentally the power cable fell on one of them, who later confessed to
the crime."

 

-Vanguard.

 

 

 

 

Kenya: Bolt Hikes Fares to Cushion Drivers From Soaring Fuel Prices

Nairobi — Ride-hailing platform Bolt has increased fares to cushion drivers
from high fuel prices.

 

In the review, the Estonian-based firm has increased fares by between Sh70
and Sh100 across its driver platforms of Economy, Base, Boda, and XL.

 

It has also hiked the minimum fare, with a range of Sh200 and Sh250.

 

Pricing per kilometer has increased since the introduction of a
long-distance rate.

 

The increment comes after the Energy and Petroleum Regulatory Authority
(EPRA) a few days ago hiked fuel prices by Sh5.72, diesel by Sh4.48, and
kerosene by Sh2.45.

 

 

This pushed fuel prices in Nairobi to Sh217.36 for petrol, Sh205.47 for
diesel, and Sh204.46 for kerosene.

 

"At Bolt, the interests of our driver community remain at the heart of our
business and we truly believe that happy drivers provide better quality
service for customers," Bolt Kenya Country Manager Linda Ndungu said.

 

"As such, we have adjusted our pricing to mitigate the rising fuel costs,"
Ndungu added.

 

"This adjustment reaffirms our commitment to offering top earnings for
drivers on our platform, and to remain the preferred, cost-effective choice
for our customers."

 

Price changes, Bolt says, will be implemented across all categories in the
Mombasa, Kisumu, Kakamega, Nakuru, Naivasha, and Mount Kenya regions.

 

-Capital FM.

 

 

 

 

Amazon, Expedia and Trustpilot unite to fight fake reviews

Major online firms including Amazon, Booking.com, Expedia and Tripadvisor
have united to fight fake reviews.

 

The group, which also includes workplace review site Glassdoor and review
platform Trustpilot, will share information on deterring fraudsters.

 

It follows concern that chatbot-like AI systems are being used to write
bogus online reviews for profit.

 

Fake reviews can damage a company's reputation and lead consumers to buy
poor-value products and services.

 

A recent government report found that bogus reviews of products alone could
cost UK consumers around £312m each year.

 

Up to 15% of all reviews on e-commerce platforms in three common product
categories - including consumer electronics, home and kitchen, and sports
and outdoors - were probably fake, it said.

 

The government plans to use the new Digital Markets, Competition and
Consumer Bill currently going through parliament to combat buying, selling
or hosting fake reviews.

 

In the US the Federal Trade Commission is proposing similar action.

 

It comes as the increasing power of AI raises the prospect of an arms race
between the fake review fraudsters and retailers.

 

Some members of the new group, which calls itself the Coalition for Trusted
Reviews, are already using AI to help detect fake reviews, but AI could also
make it cheaper, and quicker to write large numbers of convincing bogus
reviews.

 

The cross-sector group will fight the fraudsters by:

 

agreeing industry-wide standards on what constitutes a fake review

sharing best practice on hosting and moderating online reviews

sharing intelligence on companies selling fake reviews and businesses trying
to use them to improve their reputations.

 

Media caption,

Watch: BBC business correspondent Emma Vardy explains how to spot fake
reviews online

 

Announcing the new group, Amazon vice president Dharmesh Mehta said the
fraudsters were a global problem affecting many industries.

 

"Through greater collaboration and sharing across industries, including
information on fraudsters' tactics and how they operate, we can more
effectively shut down fraudulent review activity, deter other bad actors
from attempting to game our systems, and protect more consumers," he said.

 

Travel booking site Tripadvisor identified 1.3 million fake reviews on its
platform in 2022.

 

Becky Foley, a vice president for the platform, said fake review writers
"often operate outside of jurisdictions with a legal framework to shut down
fraudulent activity, making robust cooperation even more important".--bbc

 

 

 

 

Top crypto firms named in $1bn fraud lawsuit

US prosecutors have accused three high-profile cryptocurrency firms of
defrauding investors of more than $1bn.

 

New York Attorney General Letitia James said Gemini, a crypto exchange, had
lied to customers about the risks of an investment account it offered, which
paid high interest rates on crypto.

 

Genesis, a crypto lender, and its parent company Digital Currency Group were
also involved in the programme.

 

It was halted last November, cutting off customer access to funds.

 

That came shortly after the collapse of FTX, the cryptocurrency exchange run
by Sam Bankman-Fried, who is now fighting fraud charges of his own.

 

Genesis, which had loaned heavily to his companies, filed for bankruptcy a
few months later.

 

Attorney General James said her case concerned "another example of bad
actors causing harm throughout the under-regulated cryptocurrency industry".

 

Digital Currency Group (DCG) and Gemini each said they would fight the
claims.

 

"Honesty and integrity have always been my guiding principles," said DCG
founder Barry Silbert, calling the allegations "baseless".

 

The legal action is the latest to emerge from the implosions in the crypto
industry last year as markets for digital currencies soured.

 

The three companies had worked together on Gemini Earn, which was launched
in 2021 and allowed users to lend crypto to Genesis in exchange for interest
rates of more than 7%.

 

In the lawsuit, prosecutors said Gemini was aware that Genesis had shaky
financials from the start of the programme.

 

But the lawsuit said Gemini failed to alert customers about the risks of
lending to the company, instead claiming that it had been subject to
vetting.

 

In June 2022, the risks increased when Genesis was hit by more than $1bn in
losses from the collapse of another crypto firm.

 

Prosecutors said Genesis and DCG tried to hide the situation with financial
manoeuvring and false reports, including to Gemini, while claiming publicly
that its balance sheet was strong".

 

Genesis and DCG were already facing fraud claims about those efforts from
Gemini, a crypto exchange founded by the Winklevoss twins, who are known for
claiming that their former Harvard classmate Mark Zuckerberg stole their
idea to invent Facebook.

 

Gemini said the lawsuit confirmed its claims against Genesis and it
disagreed with being named as well.

 

"Blaming a victim for being defrauded and lied to makes no sense and we look
forward to defending ourselves against this inconsistent position," it said
in a statement shared on social media.

 

But according to the lawsuit, in the summer of 2022, some top Gemini staff
became worried enough to withdraw their own funds.

 

"These cryptocurrency companies lied to investors and tried to hide more
than a billion dollars in losses, and it was middle-class investors who
suffered as a result," Attorney General James said.

 

She cited a retired 73-year-old grandmother among the 232,000 investors who
were victims of the alleged fraud.-bbc

 

 

 

 

Amazon trials humanoid robots to 'free up' staff

Amazon is trialling humanoid robots in its US warehouses, in the latest sign
of the tech giant automating more of its operations.

 

Amazon said the move was about "freeing employees up to better deliver for
our customers".

 

It said it was testing a new robot called Digit, which has arms and legs and
can move, grasp and handle items in a similar fashion to a human.

 

A union said Amazon had "been treating their workers like robots for years".

 

"Amazon's automation is [a] head-first race to job losses. We've already
seen hundreds of jobs disappear to it in fulfilment centres," said Stuart
Richards, an organiser at UK trade union GMB.

 

As the announcement was made, Amazon said its robotics systems had in fact
helped create "hundred of thousands of new jobs" within its operations.

 

"This includes 700 categories of new job types, in skilled roles, which
didn't exist within the company beforehand," the firm said.

 

According to the tech giant, it now has more than 750,000 robots working
"collaboratively" with its human staff, often being used to take on "highly
repetitive tasks".

 

Amazon pledges parcels in an hour by using drones

US accuses Amazon of illegal monopoly

Amazon Robotics' chief technologist, Tye Brady, told reporters at a media
briefing in Seattle that people were "irreplaceable", and disputed the
suggestion that the company could have fully-automated warehouses in the
future.

 

"There's not any part of me that thinks that would ever be a reality," he
said.

 

"People are so central to the fulfilment process; the ability to think at a
higher level, the ability to diagnose problems."

 

Legs not wheels

Rather than using wheels to move, Digit walks on two legs. It also has arms
that can pick up and move packages, containers, customer orders and objects.

 

Scott Dresser of Amazon Robotics told the BBC this allowed it to "deal with
steps and stairs or places in our facility where we need to move up and
down".

 

But he said the robot was a prototype and the trial was about seeing whether
it could work safely with human employees.

 

"It's an experiment that we're running to learn a little bit more about how
we can use mobile robots and manipulators in our environment here at
Amazon," he said.

 

Mr Dresser suggested that the fears over human jobs being replaced didn't
match what had happened at Amazon.

 

"Our experience has been these new technologies actually create jobs, they
allow us to grow and expand. And we've seen multiple examples of this
through the robots that we have today.

 

"They don't always run unfortunately and we need people to repair them," he
said.

 

Amazon has ramped up its use of robots in recent years, as pressure has
grown to cut costs.

 

Last year it announced it was trialling a giant robotic arm that can pick up
items. It already uses wheeled robots to move goods around its warehouses,
and it has started using drones for delivery in two US states.-bbc

 

 

 

 

EU gives Meta and TikTok formal Hamas disinformation deadline

TikTok and Meta have been formally told to provide the EU with information
about the possible spread of disinformation on their platforms relating to
the Israel-Gaza conflict.

 

Previously they were given 24 hours to provide answers to the bloc's
concerns.

 

But that request did not carry legal force, whereas this latest demand does.

 

Both firms have a week to respond. Under its new tech rules, the EU can open
a formal investigation if it is unsatisfied with their responses.

 

The EU is concerned about the possible spread of terrorist and violent
content, and hate speech, after Hamas' attack on Israel.

 

"We'll publish our first transparency report under the [new law] next week,
where we'll include more information about our ongoing work to keep our
European community safe," a TikTok spokesperson said.

 

A Meta spokesperson said: "Our teams are working around the clock to keep
our platforms safe, take action on content that violates our policies or
local law, and coordinate with third-party fact checkers in the region to
limit the spread of misinformation. We're happy to provide further details
of this work, beyond what we have already shared, and will respond to the
European Commission."

 

The EU's latest demand comes a week after it contacted X, formerly known as
Twitter, over the same concerns.

 

X said at the time it had removed hundreds of Hamas-affiliated accounts from
the platform.

 

Social media firms have seen a surge in disinformation about the conflict
between Israel and Hamas, including doctored images and mislabelled videos.

 

The chief executives of Meta, TikTok, X and Google each received letters
from EU commissioner Thierry Breton earlier in October, giving them 24 hours
to respond.

 

But these letters were not formal, legally-binding requests under new EU
tech laws governing what kind of content is allowed online.

 

Now, under the Digital Services Act (DSA), the firms must respond by the set
deadlines.

 

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

 

Double deadlines

In this formal step under the DSA, the Commission has set Meta and TikTok
two deadlines.

 

First, the firms have been told to provide requested information on "the
crisis response" by 25 October, while they must respond to questions about
protecting election integrity by 8 November .

 

TikTok has additionally been tasked with telling the European Commission how
it is protecting minors online by the November deadline.

 

When the social media firms were previously asked to provide more
information, Mr Breton said Meta must prove it had taken "timely, diligent
and objective action".

 

He later said TikTok "has a particular obligation to protect children &
teenagers from violent content and terrorist propaganda".-bbc

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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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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