Major International Business Headlines Brief::: 23 October 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  23 October 2023 

 


 

 


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

 


 

 


 

ü  Africa: Energy, Mining Account for $7.8bn Deals in Sub-Saharan Africa -
Report

ü  Nigeria: 500,000 Jobs Created From Solar Interventions in Rural Areas -
REA

ü  Ethiopia to Generate U.S.$141 Million Exporting Meat

ü  Ethiopia's Quest for Access to Sea Is Quite Pertinent, Needs to Be
Addressed

ü  Nigeria: Implications of CBN's Revised Forex Policy On Food Security

ü  Angola: Kenya, Angola to Resume Direct Flights to Spur Trade

ü  Uganda: Kadaga Calls for Collective Efforts to Achieve Clean Energy
Access

ü  Malawi Fails to Sustain Export Deals

ü  Malawi: Ecobank's Commitment to Education and Digital Empowerment Is a
Continuous Journey

ü  South Africa: Airbnb Says It Contributed R23.5bn to SA's Economy Last
Year - and There's Plenty of Room for Growth

ü  South Africa: Load Shedding Remains Suspended

ü  Angolan Executive Wants Family Businesses Involvement in Agriculture

ü  South Africa: One Train a Day for Eastern Cape Commuters

ü  Foxconn: Taiwan-based iPhone-maker investigated by China

ü  Elon Musk says X to have two new premium tiers

ü  Government borrows less than expected in September

 


 

 


 <https://www.cloverleaf.co.zw/> Africa: Energy, Mining Account for $7.8bn
Deals in Sub-Saharan Africa - Report

Energy, mining & utilities (EMU) sector saw the highest aggregate deal value
in Sub-Saharan Africa (SSA) in 2022, raking in $7.8 billion out of the $19.2
billion deals in the region, according to a report by KPMG, a top
professional service company.

 

According to the report titled "Doing Deals in Sub-Saharan Africa," the
sector also recorded the region's highest deal volume at 64 deals in 2022,
matching the total for 2021. In total, there were 297 deals valued at
$19.2billion in the region in 2022.

 

The report, which noted that the region is home to a wealth of natural
resources, a major attraction for investors who can take a long-term view,
stressed that availability of physical assets and natural resources was the
most frequently cited driver for respondents' recent acquisition or
investment.

 

The report noted that mergers and acquisitions, M&A deal activity in SSA
made an impressive comeback in 2022 following the pandemic and, unlike the
rest of the world, posted record transaction volumes.

 

 

"There were 297 deals announced last year -- a 21% increase from 2021 and
almost double the activity seen in 2020. While total deal value fell sharply
year-on-year in 2022, it remained within a range of annual aggregate values
seen in the previous decade, reaching$19.2bn, a notable recovery from $8.6bn
in 2020." it noted.

 

While expressing optimism for future deals, the report recorded South Africa
and Nigeria as the top investment destination for investors. It said most
international investors expressed willingness to return to the market, with
68% indicating that their experience of dealmaking in the region was
positive.

 

Commenting on the report, Partner & Head, Transaction Services KPMG West
Africa, Ijeoma Emezie-Ezigbo, noted that Sub-Saharan Africa continues to
present a significant opportunity for investors. She stressed that the
region's demographics and significant headroom for economic development are
among the factors which will continue to spur growth over the coming years.

 

She advised that investors that take medium-to-long-term positions in the
region with careful asset exposure are primed to potentially reap better
long-term returns.

 

She, however, noted that recent global and regional trends posed challenges
to investment opportunities in the region.

 

- Daily Trust.

 

 

 

 

Nigeria: 500,000 Jobs Created From Solar Interventions in Rural Areas - REA

The rural Electrification Agency (REA) has stated that its interventions in
rural areas have led to the creation of over 500,000 new jobs through its
solar mini-grids.

 

In a statement, the agency said it has been able to deploy over 1,650km of
solar street lights, improving power, security and economic growth in rural
areas.

 

It stated that from 2020 to date, REA has provided power to over 7.5 million
people including 1.5 million households, delivering 130 mini-grid projects,
including 1.3 million standalone home systems.

 

It added that in response to subsidy removal, it is implementing
interventions to develop electric mobility, mini-grids, distribute home
systems, and deploy streetlights, potentially supporting up to 250,000
households in the coming year.

 

 

"REA completed 1,403 projects under the capital budget, delivering solar
street lights, mini-grid projects, standalone home systems, and grid
extension works.

 

"Through various programmes, including the Energizing Education Programme,
Energizing Agriculture Programme, Beyond COVID-19, and Economic Clusters,
REA delivered over 65MW of power across Nigeria's six geo-political zones.

 

"REA has delivered over 500MW of power, electrified numerous communities,
created 500,000 new jobs, and attracted over $2 billion in investments in
the renewable energy sector over the past decade."

 

The statement, which acknowledged the ongoing anti-graft investigation in
the agency, noted that it is collaborating closely with the Ministry of
Power, National Assembly, and anti-corruption agencies, to initiate further
reforms within REA.

 

It added that its Director of Funds and Accounts, who is at the centre of
investigations has been redeployed to the Office of the Accountant General.

 

"The allegation levelled against the then director is undergoing
investigation by the anti-graft authorities including the core REA staff
alleged to be involved. This marks a significant step forward, as it
demonstrates the agency's commitment to accountability," it said.

 

- Daily Trust.

 

 

 

Ethiopia to Generate U.S.$141 Million Exporting Meat

ADDIS ABABA - Ethiopia has planned to generate some 141 million USD from the
export of move 38,000 tons of meat and meat products this Ethiopian fiscal
year, Livestock Development Institute disclosed.

 

The Institute Executive Director Asrat Tera(PhD) told the Ethiopian Press
Agency(EPA) that the country is

 

working hard to boost export earnings through increasing quality and volume
of animal products as well as expanding market access.

 

Ethiopia ranks first in Africa and fifth in the world in terms of livestock
resources, however, Asrat said the country is not generating the income it
deserves from due to various challenges like poor market system and lack of
coordination among abattoirs.

 

He mentioned that the country's revenue from the sector is very low as it
earned only 1.1 billion USD from the sector in the past 14 years.

 

The country has 12 large slaughter houses that can export more than 200,000
tons of meat annually if the operate at full capacity. However, these
slaughterhouses are only processing and exporting 20,000 tons meat per year
which is10 percent of their capacity, he noted.

 

 

Accordingly, the institute is striving to increase export earnings by taking
measures to boost the quality and volume animal products as well as market
expansion.

 

The institute in collaborating with other stakeholders has been undertaking
a fruitful activities including the preparation of different legal
frameworks and launching of various initiatives, as to the Executive
Director.

 

Yelemat Tirufat initiative, a four-year development programme designed to
boost animal products, is also an important means to increasing the
production of the livestock sector as it has a complete package to develop
the industry.

 

Moreover, the nation is working hard to expand market access that trade its
animal products with the right price. In this regard, Asrat expressed that
agreements have been signed with China and other Asian countries this year
to import Ethiopia's animal products.

 

- Ethiopian Herald.

 

 

 

 

Ethiopia's Quest for Access to Sea Is Quite Pertinent, Needs to Be Addressed

Addis Ababa — Ethiopia's quest for access to sea and alternative ports
through legal agreements is quite pertinent and needs to be addressed given
her age old proximity and historical linkage with the sea ports.

 

Scholars from Haromaya, Jimma and Gambela universities said that it is
appropriate to strongly work on accessing port facilities through
agreements, amicable negotiations and mutual equity with due respect to the
sovereignty of port owning neighboring countries.

 

Instructor and researcher at Haromaya University Dr. Reta Duguma told ENA
that Ethiopia has been using Adulis, Masawa and Assab ports for ages by
developing the facilities.

 

He remarked that as the past history of the country indicates, Ethiopia has
never been a landlocked country and had stronger economic bondage with these
ports.

 

The scholar further recalled that ever since the establishment of the
Axumite Empire around 2nd century B.C, Ethiopia has been conducting
commercial relations with the neighboring and distant countries through
these ports.

 

 

Dr. Reta added that Ethiopia had invested huge amount of wealth on these
ports including her investments on the Port of Assab in the 1950s.

 

"The UN Convention on the utilization of ports by landlocked countries
provides that such countries can access ports through mutual discussions and
agreements with port owner countries with due respect to the sovereignty of
port owning countries, " he added.

 

Instructor of history and researcher, Dr. Ketebo Abdiyo said for his part
that Ethiopia used to own Adulis and Azuli ports from ancient times. He
added that up until 1991, Ethiopia owned Adulis, Massawa and Assab ports.

 

He noted that given the above mentioned historical settings, Ethiopia's
quest for access to sea and port services is appropriate but it is necessary
to carefully consider how the country can access to the ports.

 

A PHD candidate and instructor of history at Gambela Health Science College,
Beyene Hameretibeb said that Ethiopia had owned and developed the Port of
Assab.

 

He remarked that the cession of Eritrea from Ethiopia through a referendum
should not have given Eretria an exclusive ownership of the port.

 

Ownership and accession of sea port is a vital factor for the economic
development of any country and Ethiopia's proposal to access these ports is
appropriate that should be addressed, he added.

 

Beyene stressed that Ethiopia's demand for sea ports synchronizes with
international maritime laws and treaties.

 

He added that the resolution 390-5 passed by the UN in 1952 has a positive
implication for access to seas by landlocked countries.- ENA.

 

 

Nigeria: Implications of CBN's Revised Forex Policy On Food Security

Some experts express mixed feelings about the impact of the CBN policy on
the state of food security in the country.

 

Last Thursday, the Central Bank of Nigeria (CBN) announced that it had
lifted the restriction on the 43 items prohibited, in 2015, from accessing
foreign exchange (FX) from the official foreign exchange windows.

 

"Importers of all the 43 items previously restricted by the 2015 Circular
referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to
purchase foreign exchange in the Nigerian Foreign Exchange Market," a
statement signed by Isa AbdulMumin, the CBN's director of corporate
communications, said.

 

The new decision by the central bank to remove forex restrictions on these
items came about eight years after the bank on 23 June 2015 restricted those
who deal in the items from accessing forex at the authorised FX window. The
aim of the policy was to reduce pressure on the demand for dollars for
importation and to encourage local production of these items.

 

 

Some of the affected items include rice, cement, margarine, palm kernel,
palm oil products, vegetable oils, meat and processed meat products,
vegetables and processed vegetable products, poultry, tomatoes/tomato paste,
soap and cosmetics, and clothes.

 

Other items include private aeroplanes/jets, Indian incense, tinned fish in
sauce, cold rolled steel sheets, galvanised steel sheets, roofing sheets,
wheelbarrows, head pans, metal boxes/containers, enamelware, steel drums and
pipes, wire mesh, steel nails, wood particle boards, and panels.

 

Also affected were security and razor wire, wood particle and fibre boards
and panels, wooden doors, furniture, toothpicks, glass/glassware, kitchen
utensils, tableware, tiles (vitrified, ceramics), textiles, wooden fabrics,
plastic/rubber products, polypropylene granules, and cellophane wrappers.

 

 

Subsequently, amidst efforts to achieve its backward integration policy on
key items, the central bank added fertiliser and maize/corn to the list of
items.

 

The policy drove importers to source forex in the parallel market for
transactions, resulting in additional pressure and demand for FX at the
unauthorised window.

 

A review of the unbanned items indicates that there are about 10
food-related commodities among those restricted.

 

Impact on food security

 

Over the last decade, prices of food commodities on the aforementioned list
such as rice, maize and poultry products ( eggs, chicken) among others,
which are major staple foods among Nigerians, have skyrocketed by over 100
per cent.

 

The upward trend in the prices of these staples as well as other products
has had a negative impact on the purchasing power of many citizens, making
it difficult for many households in the country to afford daily meals.

 

 

Last year, PREMIUM TIMES reported how the average price of poultry feed in
Nigeria rose by at least 168 per cent in the last three years, a surge that
underlines the scale of Nigeria's food inflation in the last few years.

 

According to the National Bureau of Statistics (NBS) latest inflation
report, Nigeria's food inflation rate in September rose to 30.64 per cent on
a year-on-year basis. The figure implies a 7.30 per cent points increase
compared to the rate recorded in September 2022 (23.34 per cent).

 

The ripple effect of this trend is evident in the state of food
availability, accessibility and affordability in the country amidst
inflationary pressure and the lingering effects of climate change.

 

In July, amidst rising food prices, President Bola Tinubu declared an
immediate "State of Emergency" on food insecurity in the country.

 

The move is perceived as part of an aggressive push to boost agricultural
productivity and reduce the high prices of major staple foods in Nigeria.

 

The government also noted that the development is in line with its short-,
medium and long-term strategies towards addressing the challenges of food
affordability and accessibility in the country.

 

While the CBN's decision to lift the ban on the 43 items signifies a major
step in resolving the country's forex crisis, experts have also registered
mixed feelings about the impact of the removal on the state of food security
in the country.

 

Experts speak

 

Reacting to the CBN's removal of the forex restrictions on the 43 items,
Dairy Hills Limited Chief Executive Officer, Kelvin Emmanuel, described the
initiative as a "good development".

 

He said the restrictions gave undue advantage and drove demand to the
parallel market, which created a black market premium that currently sits at
32.5 per cent.

 

Mr Emmanuel expressed concerns that the lifting of the ban on the 43 items
will not impact the backward integration drive that has been touted by the
government.

 

He said aside from allowing those who deal in the items to access FX from
the official window, they are still under a customs ban.

 

"I believe in order to truly bring back the FX rates to the band of real
effective exchange rates (REER), the Central Bank needs to clear all
outstanding forwards in Capital & Dividend Remittances, Form A and
Commercial Letters of Credit," he told PREMIUM TIMES in an interview.

 

He explained that the CBN needs to also work on rebalancing the encumbrances
on the external reserves for FX swaps to banks as well as securities lending
done with External Asset Managers to the apex bank without approval from the
National Assembly.

 

"An important key to slowing down inflation, and adjusting the inflation to
interest yield curve for sustainable credit, Nigeria needs to fast track
backward integration for import substitution for enterprise manufacturing,
to reduce the shocks for durable goods to FX," Mr Emmanuel said.

 

On his part, Azeez Salawu, founder of Community Action for Food Security
(CAFS AFRICA), described the CBN decision as a "complex move" with both
potential benefits and risks.

 

On the one hand, he said, it might help increase the supply of these food
items in the domestic market by making it easier for importers to access
foreign exchange, and could subsequently help in stabilising prices and
addressing short-term food shortages.

 

However, Mr Salawu noted that there are concerns that the move might
discourage local food production.

 

"Nigeria has been striving to achieve self-sufficiency in food production,
and by easing the FX ban, there's a possibility that the agriculture sector
might not receive the same level of support it needs to thrive," he said.

 

The food systems expert said the FX ban removal could negatively affect
small-scale farmers and local food producers, who may face stiffer
competition from cheaper imported products.

 

Impact on food security

 

Speaking on food security, Mr Salawu explained that the impact on food
security in Nigeria hinges on how well the CBN's decision is managed.

 

"It's crucial that it doesn't disincentivize local food production efforts.
The government should take a balanced approach that encourages importation
of what can't be produced locally while promoting and supporting domestic
agriculture to ensure long-term food security," he said.

 

Razaq Fatai, Research and Advisory lead at Vestance, a data-driven
intelligence and advisory firm helping to transform Nigeria's food systems,
said because key agricultural inputs were not on the list of the 10
food-related items affected by the CBN policy, the impact on domestic
production costs were limited.

 

However, he lamented that there is a risk of increasing agricultural input
costs if naira depreciates further at the official channel due to increased
FX demand.

 

Mr Fatai said importers of food items like rice and cooking oil may still
rely on the parallel market for dollars, maintaining price pressure. He
explained that to genuinely benefit households, complementing the CBN policy
with a reduction in import tariffs on these vital food products could pave
the way for price reductions.

 

"Stabilising the exchange rate by curbing crude oil theft and boosting local
food production is crucial for domestic food price stability," he added.

 

Way forward

 

For importers of the 43 items to secure dollars, Mr Fatai said a substantial
increase in FX supply is imperative, and that this will primarily hinge on
the government's ability to boost oil production.

 

"Borrowing is not a viable option due to rising global interest rates unless
the government can secure concessional loans from institutions like the
World Bank," he said.

 

The food system expert said the flow of remittances won't pass through
official channels until exchange rates harmonise, and that other FX sources,
like foreign investments, won't materialise until macroeconomic stability is
achieved.

 

On his part, Mr Salawu said the success of the CBN's policy largely depends
on effective monitoring and control to ensure it doesn't compromise
Nigeria's progress towards self-sufficiency in food production.

 

- Premium Times.

 

 

 

 

Angola: Kenya, Angola to Resume Direct Flights to Spur Trade

Nairobi — Kenya and Angola will push for the resumption of direct flights
between Nairobi and Luanda as part of their efforts to spur bilateral trade.

 

President William Ruto said Kenya-Angola trade has been on the rise in the
past four years.

 

However, he observed that more needs to be done to unlock the underlying
potential.

 

"There is a huge scope for these numbers to go up if we strengthen our
interconnection."

 

Besides flights, the Head of State announced the activation of a visa-free
regime to ease the free movement of people.

 

"Angolans coming to Kenya will not require a visa. Angola will equally
consider the same for Kenyans," said President Ruto.

 

This, he added, will facilitate a wider interaction of diverse ideas,
resources and businesses.

 

He was speaking on Saturday at State House, Nairobi, when he held talks with
his Angola counterpart João Lourenço.

 

The two leaders also had a joint media briefing where Kenya pledged to
support Angola's candidature for membership in the African Union Peace and
Security Council.

 

During the event, 11 legal instruments were signed.

 

They include on wildlife and conservation, shipping and maritime, mining,
youth affairs, forestry, agriculture, ICT, oil and gas, health, diplomacy
and public service.

 

President Lourenço told the media that the instruments provide a rich
foundation for the growth of Kenya-Angola relations.

 

"This will usher in a new era of our common prosperity," he said.

 

In the event were Deputy President Rigathi Gachagua, Prime Cabinet Secretary
Musalia Mudavadi, Cabinet Secretaries, among others.

 

- Capital FM.

 

 

 

 

Uganda: Kadaga Calls for Collective Efforts to Achieve Clean Energy Access

Kampala, Uganda — The First Deputy Prime Minister of Uganda and Minister for
East African Community Affairs Rebecca Kadaga on Thursday, launched the 5th
edition of the Sustainable Development Goals (SDGs) run in 2023.

 

The run whose proceeds will be dedicated to the installation of a Solar
Power supply system for Buliisa Health Centre IV in Buliisa district is
slated for October 27, 2023, at Kololo ceremonial grounds.

 

This year's run is dedicated to promoting SDG 7 which calls for access to
affordable and clean energy with participants taking on 10km, 15km, and 17
km.

 

"The proceeds from this year's SDG RUN will be dedicated to the installation
of a Solar Power supply system for Buliisa Health Centre IV in Buliisa
district and planting trees in the same district to mitigate the impacts of
climate change that may arise from oil processing in the Albertine region,"
the Deputy Prime Minister said at Press Conference hosted at her office in
Kampala.

 

"One of the key areas of focus for Uganda's energy sector is expanding
access to clean energy access to the countryside," she added.

 

This year's SDG RUN serves as a precursor to the Renewable Energy Conference
& Expo, with a focus on SDG 7, ensuring accessible, affordable, reliable,
and sustainable energy for all.

 

- Independent (Kampala).

 

 

 

 

Malawi Fails to Sustain Export Deals

Officials from the Malawi Investment and Trade Centre (MITC) have come out
in the open to concede that Malawi is failing to sustain export deals.

 

This comes hot on the heels reports from the ministry of Trade and Industry
that the country is failing to sustain export deals for produce in South
Sudan and India where there are great demand for pigeon peas.

 

MITC chief executive officer Paul Kwengwere says the unsustainability of
export deals the country gets is one of the factors that is affecting the
trade sector in the country.

 

He has since asked Malawians to produce more if the country is to export
more.

 

Kwengwere said this at a sensitization workshop of the 2023 Intra African
Trade Fair scheduled for 9 to 15 November in Egypt, where over 30 Malawian
companies are expected to take part.

 

Meanwhile, principal secretary in the ministry of Trade and Industry
Christina Zakeyu said the mega farms Initiative will ensure the country
sustains its deals.

 

She also disclosed that following the country's participation at the
China-African Economic and Trade (CAET) in July this year, eleven Malawian
companies have been accredited by China to be exporting their produce such
as soya and tea to the country.

 

- Nyasa Times.

 

 

 

 

Malawi: Ecobank's Commitment to Education and Digital Empowerment Is a
Continuous Journey

Having invested a state-of-the-art Smart information & communication
technology (ICT) lab at Ngumbe Community Day Secondary School (CDSS) in
Blantyre on the commemoration of 10th Anniversary of Ecobank Day, the bank
emphasises that their "commitment to education and digital empowerment is
not just a one-day event -- it is a continuous journey".

 

This was pledged by Ecobank Malawi's Executive Director, Weluzani Chingota,
saying they are "dedicated to fostering a prosperous and digitally empowered
future, and we will persistently work towards this goal."

 

 

The school's e-lab has been equipped with 40 desks; a desktop computer; a
Smart TV; internet connectivity and 20 tablets loaded with the Ministry of
Education's MiLab virtual science laboratory App and zero-rated e-learning
platforms.

 

Ecobank partnered with the Ministry of Education to support government's
nationwide 'Connect-a-School Program' and present at the glamorous event was
the Ministry of Education's Director of Education Planning, Victoria
Geresomo, who was guest of honour and was accompanied by a high ranking
entourage from the Ministry.

 

Chingota said: "I am truly honoured to stand before you today on this
exceptional 10th Anniversary of Ecobank Day -- an occasion that embodies our
unyielding commitment to education, digital empowerment, and community
development.

 

"The theme we celebrate today; 'Transforming Africa Through Education-Excel
with Digital Skills', is a testament to the pivotal role that education and
digital empowerment play in the progress of our beloved country and
continent at large.

 

 

"Education is the cornerstone of progress, and digital skills are the bridge
to a brighter future. As a responsible financial institution, Ecobank
believes in giving back to the communities we serve, and education is one of
the most powerful ways to make a lasting impact."

 

The refurbished and furnished Smart ICT Lab cost Ecobank K25 million, and
Chingota added that it has been equipped with innovative technology --
"designed to inspire and empower the next generation of leaders".

 

"Our aim is to bridge the digital divide and provide students with the
resources they need to excel in an increasingly digital world. We believe
that this donation will go a long way in complementing the Malawi Government
through the Ministry of Education's 'Connect-a-School' project that aims to
establish Smart ICT labs across the country like the one we are donating
today."

 

 

Thus he made the pledge that this was not Ecobank's one-off investment,
saying: "It is not enough to provide technology; we must ensure that our
young learners know how to harness its potential.

 

"This is why, on this Ecobank Day, we conducted a digital literacy session
here at Ngumbe CDSS in order to impart essential digital skills and equip
students with the tools to thrive and lead in an ever-evolving landscape.

 

Our commitment to education and digital empowerment is not just a one-day
event; it is a continuous journey. Ecobank is dedicated to fostering a
prosperous and digitally empowered future, and we will persistently work
towards this goal.

 

He paid special tribute and deep gratitude to partners, Ministry of
Education; popular music artist Driemo as the Ecobank Day Ambassador, his
fellow staff members, Ngumbe CDSS and the entire community for their
support.

 

"It is through collaboration and shared purpose that we can make a
meaningful difference in the lives of these young minds," he emphasised. As
we celebrate Ecobank Day, let us remember that every child we empower today
is a beacon of hope for a brighter, more digitally inclusive tomorrow.

 

"Thank you for joining us in this noble mission -- together, we can
transform lives, communities and our shared future through education and
digital skills. Let's join hands to transform Africa through education and
excel with digital skills."

 

On her part, the Director of Education Planning, Victoria Geresomo -- who
represented Secretary for Education, Chikondano Mussa as she had another
important official engagement -- honoured the partnership with the Ministry
saying the bank has not only pledged but demonstrated their commitment to
supporting their efforts in transforming education in Malawi through
digitalisation and digital skills development.

 

"Today is a most exciting day for the teachers and students of Ngumbe CDSS
as they have been enabled to benefit from the Ministry's Connect-a-School
Program through our timely partnership with and donation from Ecobank
Malawi.

 

"We understand this is a kick-off to a digital transformation partnership
with Ecobank for the next 3 years and we, therefore, look forward to a huge
impact in our schools and communities.

 

"The important role of education in spurring the socio-economic growth of
any country is inarguable. In fact, it is well articulated in our country's
national development agenda, the MW2063. It is the orchestra of all the
other sectors.

 

"The MW2063 recognises human capital development as a key enabler of our
collective vision to create an inclusively wealthy and self-reliant nation
that is propelled by a knowledge-based, innovation-centred and
technology-driven economy.

 

"In this regard, the Ministry of Education bears the bold task of
establishing a vibrant and competitive national education system that
promotes development and the provision of need-based curricula. This
includes ensuring necessary application of science, technology and
innovation (STI) techniques to stimulate our country's socio-economic
development and industrial growth."

 

The visibly inspired Geresomo pledged that the Ministry "is determined to
enhance equitable access to relevant education programs at all levels of the
education system, and to enhance the quality of educational outcomes in all
schools".

 

"Our commitment to building lasting collaborative relationships with private
sector partners, such as Ecobank Malawi, with whom we will provide quality
and relevant education to the Malawi nation is similarly unwavering.

 

"We believe that this will transform the education landscape in our country
and appeal to the appetite of our youth."

 

She thus highlighted that in line with the Ministry's National Education
Sector Investment Plan (2020-2030) and the First 10-Year Implementation Plan
of the MW2063 (MIP-1, 2021-2030), they aim to:

 

1. Facilitate and promote the digitalisation of educational content;

 

2. Ensure the connectivity of all secondary schools to the internet and
establishment of ICT/Smart Labs in all Secondary Schools;

 

3. Enable access to and availability of technological facilities, such as
tablets and other gadgets, by teachers and learners;

 

4. Encourage the utilisation of innovative training methodologies and tools;
and

 

5. Ensure access to sustainable energy sources that support and enhance
teaching and learning experiences in our schools.

 

"All these areas of transformational redress are aptly covered by the
Connect-a-School Program of which Ecobank Malawi is now a part through their
contributions to Ngumbe CDSS as a kick-off and show-off of what Ecobank is
made of, and what we should expect in the next 3 years.

 

"It, therefore, gives us great pleasure, and indeed encourages us, to know
that we have the support of Ecobank Malawi in the delivery of this noble
task as we firmly believe that with such partnerships on the implementation
of our national education strategy, we will fulfil our commitment to our
people everywhere in Malawi.

 

She thus encouraged all other private sector enterprises to follow suit and
adopt a school or more where they can establish and equip a Smart ICT Labs
as Ecobank Malawi and others have done.

 

"This generous donation by Ecobank Malawi to Ngumbe CDSS is testament to our
shared belief that every student deserves access to quality education and
necessary educational resources to develop new skills.

 

"Ecobank Malawi has today given you, our students, an opportunity to
actively participate in our country's development process through exposure
to new technologies by which you will gain and generate knowledge to sustain
our country's future and your own.

 

"Our teachers, you too deserve the support and resources to deliver engaging
and effective lessons that inspire and motivate your students while
similarly developing new skills for yourselves. This donation plays a
critical role in enabling you to do so."

 

She also encouraged parents and guardians that the world is rapidly changing
and it is an indisputable fact that the future is digital -- thus "children
must be adequately prepared for the future world of work in which they will
be global leaders, entrepreneurs, innovators and industry champions in their
selected fields".

 

She urge parents and guardians to support their children in their quest for
greatness by allowing them enough time to focus on their education, advising
them in their studies and encouraging them to develop their digital skills
through responsible use of different technologies.

 

She also encouraged the parents and guardians who can afford to buy tablets
and/or other smart phones for their children while also advising that the
Smart ICT Lab should not be just a room with gadgets, but rather a space
where students will explore, collaborate and enhance their learning
experience using the latest technology.

 

"Let it be a space for teachers to design, deliver and assess learning
activities that are aligned to the curriculum and needs of learners. We
require that the school management furnish us with annual reports of the
performance of the candidates in physics and chemistry at MSCE level.

 

She gave an example of Chiwamba CDSS where its head teacher Jaziel Kapinga
and staff has reported improved learner interest in science, technology,
engineering and mathematics (STEM) subjects and improved performance at MSCE
in physics and chemistry.

 

She urged the Ngumbe CDSS teachers, led by its principal, Feggie Mwale and
the students to responsibly manage and utilise the investment given, saying
that might inspire and motivate Ecobank Malawi and other partners to
continue supporting and transforming education with the Ministry with more
schools to enjoy the benefits of similar technological boost.

 

She thus expressed her Ministry's deep appreciation for the investment,
which a shared vision of enhancing education through technology, emphasizing
that this was "the power of collaboration through public-private
partnerships (PPP) in education."

 

On her part, Ngumbe CDSS Principal, Feggie Mwale assured Ecobank and the
Ministry that they would take care of the investment, saying since they
initiated the e-lab some five years ago, they have never lost any of the
investment they injected.

 

She was full of gratitude and appreciation that they too would become
technologically savvy as most of them are still in analog mode -- attracting
a huge round of laughter from the distinguished guests and her students.

 

- Nyasa Times.

 

 

 

 

South Africa: Airbnb Says It Contributed R23.5bn to SA's Economy Last Year -
and There's Plenty of Room for Growth

The online marketplace says short-term rentals are not only helping South
Africans earn money, they provide guests with stays in parts of the country
that are not traditionally deemed tourist destinations

 

Short-term rentals are boosting South Africa's economy by contributing more
than R23.5-billion to the GDP - and that's from a single platform: Airbnb.

 

The online marketplace for short- and longer-term stays says its new report,
for which it commissioned Genesis Analytics, shows Airbnb has more than
doubled its contribution to tourism and grown job creation by 70% since
2019.

 

The report was released in the run-up to the Airbnb Africa Travel Summit
which takes place on Tuesday, bringing together policymakers, tourism
experts, innovators and others from across the continent.

 

Most of that growth has come via domestic travel, which has been
consistently higher than regional and international travel on the platform.
And 60% of Airbnb guests in SA were domestic travellers, who sustained the
local tourism sector throughout the Covid pandemic.

 

Although about two-thirds of total host earnings came from the Western Cape,
domestic guests travelling through Airbnb help to spread the value of
tourism to different parts of the country.

 

Some of the fastest-growing destinations on Airbnb are outside traditional
hotspots too. Six of the country's 10 fastest-growing sites on Airbnb
between 2019 and 2022 are located outside of traditional tourist hotspots of
Cape Town, the Kruger Park...

 

-Daily Maverick.

 

 

 

South Africa: Load Shedding Remains Suspended

Due to the continued improved generation fleet performance and emergency
reserves fully recovered, load shedding will remain suspended and only
resume on Tuesday at 16:00, Eskom said on Sunday.

 

"Stage 1 load shedding will be implemented on Tuesday from 4pm until 5am on
Wednesday. Thereafter, load shedding will be suspended from 5am until 4pm,
followed by Stage 1 load shedding from 4pm until 5am on Thursday," Eskom
said.

 

This pattern will be repeated daily until further notice.

 

Breakdowns are currently at 13 559MW, while planned maintenance is at 4
765MW of generation capacity.

 

Demand forecast for the evening peak is 25 054MW.

 

Eskom said it will communicate should any significant changes occur.

 

- SAnews.gov.za.

 

 

 

 

Angolan Executive Wants Family Businesses Involvement in Agriculture

Malanje — Angola foresees increasing its productive capacity through the
involvement of family business sectors, to meet the citizens' food needs,
develop the food industry and expand exports.

 

The statement was made by the minister of State for Economic Coordination,
José de Lima Massango, when he presided over the opening ceremony of the
National Agricultural Campaign, held this Saturday, in the municipality of
Luquembo, 275 kilometers off Malanje City.

 

According to the governor, the agricultural sector is the Executive's focus
and priority, which is why it has drafted and implemented programmes like
Planagrão (grain production), Planapecuária (livestock) and other projects
for the production of several crops, with emphasis on rice.

 

 

In this sense, he highlighted investments in infrastructure to support
agriculture and the mobilization of resources to promote large-scale
agriculture, especially grains, cereals and coffee, as well as financing for
private livestock farming and the distribution of seeds and agricultural
inputs to farmers.

 

He said it is the government's intention to improve the quality of seeds and
put the country's irrigated perimeters into operation, having stressed that
the Executive will also continue to invest in the agricultural education of
rural work-force, providing them with tools that allow good agricultural
practice.

 

In turn, the minister of Agriculture and Forests, António de Assis, recalled
that the Executive outlined public policies aimed at agribusiness, to
overcome social needs and lower food prices in the country.

 

 

He stressed that special attention falls on rice production, to reduce the
foregein currency that the country spends on importing this product.

 

To implement this project, he appealed to traditional authorities to
mobilize young people and farmers to increase this culture, since Malanje
and other provinces have water potential and fertile land for this purpose.

 

He also defended the need to overcome the figure of 15 thousand tons of rice
currently produced, which is why the private sector must focus on this task,
producing more and more.

 

The minister revealed that the Executive made 153 billion kwanzas (US$18.1
milllion) available for the agricultural campaign now open, to finance
agricultural projects.

 

On the occasion, the acting governor of the province of Malanje, Angelino
Quissonde, stated that Malanje has the conditions to reach top positions in
terms of agricultural production, which is why the Executive has been
supporting this cause through the distribution of agricultural instruments
and seeds.

 

He said that 60% of the amount allocated to the anti-poverty program has
been applied to support agriculture, benefiting peasant families and former
military personnel engaged in rural activities.

 

The opening of the agricultural year culminated with the inauguration by the
minister of State of an agrarian development station (EDA), distributing
agricultural inputs to agricultural cooperatives, the opening of an
agricultural fair and the launch of sowing for the period 2023/2024.

 

NC/PBC/CF/jmc

 

- ANGOP.

 

 

 

 

South Africa: One Train a Day for Eastern Cape Commuters

Since Monday you can now leave Kariega for Gqeberha by train at 6:15am and
take the return trip at 5:15pm

 

There have been no scheduled passenger train services in Gqeberha since
September 2022, due to "operational challenges". But now, since Monday, the
Passenger Rail Agency of South Africa (PRASA) has managed to introduce just
one train service in the Nelson Mandela Bay region, departing Kariega at
6:15am for Gqeberha and departing Gqeberha at 5:15pm for Kariega, weekdays.

 

The full journey takes over an hour and costs R9.

 

On Saturdays it departs Kareiga at 7am and Gqeberha at 2:30pm.

 

On Thursday afternoon, no more than 100 commuters boarded the ten-carriage
train, leaving it almost empty.

 

The National Education, Health and Allied Workers' Union has welcomed the
service. Regional secretary Samkelo Msila said on Friday morning, trains
would bring relief from the high cost of travel for the working class.

 

 

"We hope that at this stage, elements of corruption in PRASA have been
rooted out, so that no further compromise can affect the movement of
trains," he said.

 

Commuter Thembelani Zondani, from Red location in New Brighton, said many
people had quit jobs because they felt that they were working just to pay
transport. Whereas the taxi cost him R19, his train ticket was just R7.50.

 

Grade 11 learner Okuhle Mtulu also paid R7.50 to get to school. But he was
unable to buy a ticket at New Brighton station, because the ticket kiosks
are vandalised. He bought his ticket on the train. "There are not even
toilets or shelters ... It's bush and asbestos lying around as rubble," he
said, describing the station.

 

Provincial PRASA spokesperson Mimi Katsio, said while facilities and
protection services employees are deployed, customer service employees have
been doing refresher training, while train operation employees have been
training for the change to new locomotives. The staff complement is 607 for
the East London and Gqeberha corridors.

 

She said PRASA security is working with law enforcement agencies and railway
SAPS to have crime prevention teams patrolling stations and platforms.

 

"Our focus now is to restore services, trust from our commuters, and
patronage numbers," said Katsio.

 

In a statement on Tuesday, PRASA Group CEO Hishaam Emeran said, "The
Gqeberha-Uitenhage area is one of our most important regions."

 

- GroundUp.

 

 

 

Foxconn: Taiwan-based iPhone-maker investigated by China

China has launched an investigation into Taiwan-based iPhone-maker Foxconn,
Chinese state media reported on Sunday.

 

The Global Times, citing anonymous sources, says officials conducted tax
inspections at Foxconn businesses in two Chinese provinces.

 

Foxconn says it will co-operate with the investigation.

 

The company is the biggest maker of iPhones for US tech giant Apple and is
one of the largest employers in the world.

 

The Global Times also said China's natural resources department made on-site
investigations into land use by key Foxconn businesses in the provinces of
Henan and Hubei.

 

"Legal compliance everywhere we operate around the world is a fundamental
principle of Hon Hai Technology Group (Foxconn)," the company said in a
statement.

 

"We will actively cooperate with the relevant units on the related work and
operations," it added.

 

Foxconn's founder Terry Gou is running as an independent candidate in
Taiwan's presidential election that is due to take place in January.

 

The election is expected to have a significant influence on Taiwan's
relationship with China given tensions between them have ratcheted up in the
past year.

 

As Beijing's claims over the self-governed island have grown more assertive,
presidential candidates have pitched their differing visions on how to
respond.

 

Mr Gou has positioned himself, based on his years of experience working in
China, as an alternative to the incumbent Democratic Progressive Party
(DPP), which is seen as hostile to Beijing.

 

But he said he was not scared of China when he announced his candidacy: "If
the Chinese Communist party regime were to say 'If you don't listen to me,
I'll confiscate your assets from Foxconn,' I would say 'Yes, please, do it!'

 

The iPhone billionaire who wants to be Taiwan president

A spooked and lonely Taiwan looks for new friends

He resigned his seat on Foxconn's board in September after announcing that
he was entering the presidential race. He handed over the management of the
company in 2019 when he announced his first run for the presidency but
retains a 12.5% stake in Foxconn.

 

At that time, he was a member of the Kuomintang (KMT), a major political
party in Taiwan which is seen as Beijing-friendly.

 

The Global Times reported that "many people" in Taiwan suspect Foxconn is
being investigated because Mr Gou is running for the presidency.

 

However, the state-run paper added that Chinese experts said the
investigation "is normal and legitimate, as any company goes through tax
inspections".

 

The Global Times also cited experts as saying the investigation may impact
the elections and that "if the secessionists who seek 'Taiwan independence'
win the elections, that would be a huge disaster to the peace and stability
of the region, and the Chinese people of both sides of the Taiwan Straits,
including the ones in the business circle, should work together to prevent
disaster from happening."

 

Beijing insists that nations cannot have official relations with both China
and Taiwan, with the result that Taiwan has formal diplomatic ties with only
a few countries. Although the the US maintains diplomatic relations only
with China, it remains Taiwan's most important ally.

 

Meanwhile, some are suggesting that the investigation is a way of China
hitting back at the US over its sanctions by targeting one of its biggest
companies, Apple.

 

"It does feel like this might be a bit of a retaliation to the US
sanctions," Rachel Winter, investment partner at Killik & Co, told the BBC's
Today programme.

 

"The US has imposed a lot of sanctions on China to try and limit their
technological capabilities and it does feel that by going after Foxconn they
will be harming Apple which is one of the US's most successful
companies."-bbc

 

 

 

 

Elon Musk says X to have two new premium tiers

Elon Musk has said his social media platform X, formerly known as Twitter,
will launch two new tiers of premium subscriptions.

 

"One is lower cost with all features, but no reduction in ads, and the other
is more expensive, but has no ads," the billionaire said in a post on X.

 

It comes as the firm started charging new users $1 in New Zealand and the
Philippines for accessing the platform.

 

Mr Musk did not provide more details on the plans.

 

New users who opt out of subscribing will only be able to take "read only"
actions, such as reading posts, watching videos, and following accounts, the
company said in its website.

 

It is not clear if there will be any free options.

 

Mr Musk has long said that his solution for getting rid of bots and fake
accounts on the social media platform is charging for the service.

 

Since taking over the firm in October last year he has looked to incentivise
users to pay for an enhanced service, which is now called X Premium. Some
users now opt to pay $8 per month for the blue check subscription service.

 

Its "Not A Bot" subscription method aims to reduce spam, manipulation of the
platform and bot activity.

 

He has also tried to woo advertisers back to X with offers of discounts.

 

Mr Musk's rapid changes, including mass layoffs and disbanding content
moderation teams, has led to advertisers halting ads on the service.

 

He acknowledged that the platform has taken a hit on revenue and blamed
activists for pressuring advertisers.

 

Wider issue

Other big tech companies have also experimented with a mix of ad-supported
and subscription plans.

 

While Alphabet's YouTube has both paid and free, ad-supported ones,
Netflix's ad-supported plans are also chargeable, though at a lower price.

 

YouTube, which like X is populated by content from users, shares a part of
its subscription revenue with creators.

 

X, which also shares some of its ad revenue with content creators, did not
disclose if content creators will be paid in ad-free subscription models.

 

Despite Mr Musk's attempts to generate revenue on X, as the company faced
criticism over lax content moderation, advertisers have not come flooding
back over concerns their ads might appear next to inappropriate content.

 

Last week, the European Commission launched an investigation into X to see
whether it complies with new tech rules on illegal and harmful content
following the spread of disinformation on its platform after Hamas's attack
on Israel.-bbc

 

 

 

 

Government borrows less than expected in September

Government borrowing in September was lower than most economists had
expected but remains high, figures show.

 

Borrowing - the difference between spending and tax income - was £14.3bn
last month.

 

This was £1.6bn less than a year earlier, but the sixth highest in September
since records began in 1993.

 

The statistics come ahead of the Autumn Statement in November, but so far
the chancellor has downplayed the possibility of any tax cuts.

 

Economists had predicted government borrowing to be £18.3bn last month,
while the Office for Budget Responsibility had forecast the level to be
£20.5bn.

 

The better-than-expected numbers from the Office for National Statistics
(ONS) have prompted some, such as the right-leaning Institute of Economic
Affairs think tank, to suggest there is now room for "some well-targeted tax
cuts" in the Autumn Statement.

 

How does government borrowing work?

Chancellor Jeremy Hunt is also under pressure from some Conservative MPs to
announce plans to lower taxes before the next general election, calls which
have increased following the party's double by-election defeat on Friday.

 

Craig Tracey, MP for North Warwickshire, said cutting income tax or national
insurance would be the best way to make voters feel better now. "The thing
[voters] need to see is an immediate impact on their bottom line," he said.

 

And former Tory minister John Redwood called for taxes on self-employed
people to return to pre-2017 levels and for the VAT threshold to be raised
for small businesses.

 

The Resolution Foundation, which campaigns on improving living standards for
those on low to middle incomes, said high inflation had pushed up the
nominal value of the government's tax income, which had given a "short-term"
boost for the chancellor ahead of his budget update.

 

But Cara Pacitti, senior economist at the think tank, said the short-term
gain was "likely to be more than offset by longer-term pain" caused by
higher interest rates.

 

"Together, this is likely to reduce the chancellor's already limited room
for manoeuvre," she added.

 

Mr Hunt appears to have all but ruled out near-term tax cuts to date, saying
they are "virtually impossible" and that the government needs to prioritise
bringing down inflation.

 

Responding to the latest borrowing figures, Mr Hunt said the government's
spending on debt interest was twice the level it was last year and was
"clearly not sustainable".

 

But he said the government "had to borrow during the pandemic to protect
lives and livelihoods" and blamed Russia's invasion of Ukraine for having
"pushed up inflation and interest rates".

 

2px presentational grey line

Analysis box by Andy Verity, economics correspondent

Given all we hear about how little "wiggle room" the chancellor has for tax
cuts or spending rises against his politically chosen fiscal targets, there
are some sharp reminders in today's figures of how quickly that wiggle room
can stretch or contract when the economics or the politics changes.

 

Take the interest payable on central government debt: not horribly high in
September, but in fact third lowest since monthly records began in 1997. The
reason is that on about a quarter of its outstanding debt, the government
pays interest linked to the old-fashioned Retail Prices Index measure of
inflation, which has dropped sharply over the past year.

 

Then take the government's income from taxes which has been going up -
largely because it's taking more from households in income tax and national
insurance. Regardless of political promises from both major parties not to
raise the rate of tax, the amount of tax the chancellor is raking in from us
has shot up because of frozen tax thresholds.

 

So while spending has risen, the government's interest bill has dropped and
its revenue is sharply up because of what's happened to inflation. All of
which may remind us why the government's finances are nothing like our own.

 

2px presentational grey line

Last week Mr Hunt said that higher interest rates were likely to cost the UK
an extra £20bn to £30bn per year.

 

The ONS said government debt was nearly £2.6 trillion in September, more
than 2% higher than last year.

 

The larger the national debt gets, the more interest the government has to
pay back.

 

The debt is usually linked to inflation or interest rates, and with both
being relatively high in recent times, it means the government has had to
pay more overall in interest on its debt.

 

Divya Sridhar, economist at PwC, said public spending in the UK was
"particularly susceptible" to inflation "because a significant proportion of
UK government debt is index-linked, meaning interest payments go up with
inflation".

 

But with inflation falling from its peak last year, some repayments on debt
have come down. In September, the ONS said interest on government debt was
£0.7bn, a big drop of £7.2bn compared with the same month in 2022.

 

"We continue to be optimistic that the government will meet its target to
halve inflation by the end of this year. There are considerable gains to be
made from a public finances perspective if this target is met," said Ms
Sridhar.

 

Chart showing UK debt as a percentage of GDP

Alison Ring, director of public sector and taxation at the Institute of
Chartered Accountants in England and Wales, said the scrapping of HS2's
northern leg was "likely to result in a relatively small reduction in
spending in the second half of the financial year, with the government
continuing to search for other savings to offset higher than anticipated
spending on debt interest and inflationary pressures on costs".

 

Mr Hunt on Friday said that the UK needed to "get debt falling and reduce
public sector waste so that those delivering public services can get back to
what they do best; teaching our children, keeping us safe, and treating us
when we're sick".

 

Since the Conservatives came to power in 2010, local government funding has
been heavily cut, there have been large real-term cuts in education funding,
and there are gaps in NHS funding.

 

This week the independent Institute for Fiscal Studies said the UK economy
was in a "horrible fiscal bind" with no room to cut taxes or increase public
spending.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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