Major International Business Headlines Brief::: 26 October 2023

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Major International Business Headlines Brief:::  26 October 2023 

 


 

 


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

 


 

 


 

ü  Namibia: No More Raw Minerals Exports From Namibia .... Aims to Boost
Domestic Industrialisation Efforts

ü  Ethiopia: Third Round GERD Talks Conclude in Cairo Without Outcome -
Addis to Hold Next Round

ü  South Africa: Over U.S.$5,2 Billion Needed For Transnet's Turnaround Plan

ü  South Africa: Coal Miners Sue Anglo-American for Lung Disease 

ü  Namibia: Green Hydrogen Holds Enormous Labour Potential - Ippr

ü  Kenya's Cassava Demand Exceeds Production By 200%

ü  Nigeria: Niger State to Boost Agriculture With N3.5bn Development Fund -
Official

ü  Nigeria: Labour, Cross River Govt Disagree On Pension Scheme

ü  Nigeria: Tinubu to Present 2024 Budget in November - Senate

ü  Kenya: Auditor General Touts Use of Artificial Intelligence in Fraud
Detection

ü  Nigeria: Oil Theft - Navy Deploys 10 Warships, Helicopters to Nigeria's
Waters

ü  UAW strike: Ford and union agree record pay rise in tentative deal

ü  AI could worsen cyber-threats, report warns

ü  Carnival cruise firm pays thousands over Covid 'negligence'

 


 

 


 <https://www.cloverleaf.co.zw/> Namibia: No More Raw Minerals Exports From
Namibia .... Aims to Boost Domestic Industrialisation Efforts

President Hage Geingob yesterday told the world that Namibia will no longer
export unprocessed mineral products.

 

Speaking at the European Union and Namibian Business Forum taking place in
Belgium, Geingob's statement came after Cabinet decided to prohibit the
exportation of Namibia's critical minerals in raw form. This is in a bid to
create more local jobs, more local value and to boost domestic
industrialisation efforts.

 

Namibia's economy is intricately linked to the extraction and processing of
minerals for export, contributing significantly to its gross domestic
product (GDP) and foreign exchange earnings.

 

 

This applies to minerals such as unprocessed crushed lithium, graphite,
cobalt, manganese and rare earth elements.

 

Geingob was speaking at the opening of the first EU-Namibia business forum,
taking place under the theme, 'Mobilising quality investment and value
addition for green growth in the EU-Namibia partnership'.

 

The forum has a special focus on green hydrogen and sustainable critical raw
materials value chains.

 

The business forum takes place in the margins of the first edition of the
2023 Global Gateway Forum that is underway in Brussels.

 

The EU is a political and economic alliance of 27 countries. It promotes
democratic values in its member nations, and it is one of the world's most
powerful trade blocs.

 

Critical resources

 

Geingob told the gathering that securing access to these critical resources
is not just an economic endeavour, but also a strategic security imperative
for the world's aspirations in delivering on green and clean energy
objectives.

 

 

"As we embark on this journey, we recognise the importance of securing a
sustainable supply of critical raw materials, such as lithium, cobalt and
rare earth elements," he said.

 

The President added that Namibia is endowed with year-round sunlight,
proximity to the Atlantic Ocean and abundant wind power resources.

 

These endowments, he noted, provide a strong foundation for Namibia to
become an exporter of a diverse portfolio of clean energy products.

 

The production and export of renewable hydrogen and its derivatives, coupled
with energy efficiency, electrification and direct use of renewable energy,
are expected to offer Namibia an opportunity to achieve energy security.

 

It also provides a solid foundation upon which to establish new clean
industries.

 

 

"Using Namibia's natural bounty of renewable energy and access to
desalinated water to manufacture clean molecules, such as hydrogen and
ammonia, is indeed a value additive economic activity that will result in
systemic flows of foreign direct investment, significant gross fixed capital
formation, impactful employment creation and a diversification of our
exports to the EU and the world," said Geingob.

 

In addition, the President said, together with European partners, Namibia is
dedicated to improving the sustainability of the extractive industry and
developing local processing, refining, recovery and recycling capacity in
Namibia.

 

The approach, he believes, has the potential to underpin sustainable, clean
and inclusive economic growth, while also fostering domestic resource
mobilisation, economic diversification and deeper linkages to the broader
economy.

 

At the same occasion, Koen Doens, director general for international
partnerships of the European Commission, said the business forum stems from
a clear goal of expanding green hydrogen production capacity in Namibia, the
development of downstream products and the local extractive refining and
recycling industry for raw materials in Namibia.

 

To do so, the forum aims to attract European foreign direct investment (FDI)
into Namibia and facilitate joint ventures.

 

"We are living in a fragmented and multipolar world, which is characterised
by short-term shocks, such as the Covid-19 pandemic, and long-term shifts,
such as climate change and demographic trends.

 

"In such a fragmented competitive world, it's essential to establish
sustainable and equal partnerships to allow us to work together to address
the most pressing challenges of our time. Namibia is a true ally when it
comes to advancing the transition to a green and adjusted economy," Doens
pointed out.

 

Strategic partnership

 

He added Namibia is the first country in Africa with which the EU has signed
a strategic partnership. Since that signing, he noted the two parties have
worked hand-in-hand to facilitate private and public investments to address
challenges in doing business and to set the appropriate regulatory
framework.

 

Also at the opening, Mekondjo Kaapanda-Girnus, Namibian ambassador to the
EU, said the partnership will allow Namibia to seize new opportunities to
strengthen economic cooperation, contribute towards international climate
action -and at the same time promote sustainable development.

 

"We have a unique opportunity to address global and domestic challenges, for
example, related to climate change, unemployment, inequality and poverty. We
can create a model of international economic cooperation that strives to
reconcile things that perhaps in the past were considered difficult to
accommodate the challenge to reconcile people, the economy and the
environment," said Kaapanda-Girnus.

 

Already an attraction

 

In Namibia, Andrada Mining is looking to exploit deposits of lithium and
associated minerals that could well be more than 138 million tonnes.

 

Geingob also listed Broadmind Mining that has a maiden inferred resource of
570 million tonnes of light rare earths.

 

"These materials are essential for achieving our green and clean energy
objectives, and they are in high demand across other industrial sectors -
from aerospace to electronics and health. I am pleased to learn that the
companies referred to earlier are in partnership with their EU counterparts,
and they are willing to go one step further to add value to those minerals
in Namibia - be it in the form of making battery precursors or permanent
magnets," said the President.

 

During a plenary session at the forum, mines minister Tom Alweendo clarified
that when Namibia talks about value addition on its raw materials, there is
nothing like resource nationalism as inferred by some.

 

Resource nationalism is defined as the tendency of people and governments to
assert control over natural resources located in their territory.

 

- mndjavera at nepc.com.na

 

- New Era.

 

 

 

Ethiopia: Third Round GERD Talks Conclude in Cairo Without Outcome - Addis
to Hold Next Round

Addis Abeba — The third round of talks regarding the rules and guidelines
for the initial filling and operation of the Grand Ethiopian Renaissance Dam
(GERD) concluded on 24 October in Cairo, Egypt. The talks lasted for two
days and involved intense negotiations, as stated by the Ethiopian Ministry
of Foreign Affairs, but ended without conclusive outcome.

 

Negotiations resumed after a three year pause following an agreement that
was reached between Prime Minister Abiy Ahmed and President Abdel Fattah
El-Sisi, in July this year "to initiate expedited negotiations to finalize
the agreement between Egypt, Ethiopia and The Sudan on the filling of the
GERD and the rules of its operations, and they will do all the necessary
efforts to finalize it in 4 months."

 

The month of October would have marked the four months period the two
leaders agreed to finalize GERD filling and rules of operations agreement.

 

The Ethiopian delegation, led by Ambassador Seleshi Bekele, who holds the
rank of minister, participated in the negotiations. Egypt's delegation was
headed by Professor Hani Sewilam, the Minister of Water Resources and
Irrigation, while Sudan's delegation was led by Acting Minister of
Irrigation and Water Resources Dawelbeit Abdelrahman.

 

 

Despite lack of conclusive agreement and missed deadline, however,
Ambassador Seleshi said that "the negotiations have seen some progress and
understanding and we have agreed to continue the next in December in Addis
Abeba, Ethiopia."

 

As per the statement from Ethiopia's Ministry of Foreign Affairs, the
delegations engaged in discussions to pinpoint areas of agreement, aiming to
reach a comprehensive deal on the dam. It was decided that the next round of
talks will take place in Addis Abeba, Ethiopia, in December 2023. Ethiopia
emphasized its commitment to finding a fair solution based on international
law.

 

These recent negotiations are part of ongoing discussions spanning over a
decade among the three Nile basin countries in an effort to find a
collaborative resolution to the GERD issue. Talks were initiated in 2014,
when Ethiopia began construction on the project.

 

In 2015, a declaration of principles was signed to guide the negotiations,
but an ultimate agreement has proven elusive. Mediation attempts by the
African Union in 2021 did not result in a breakthrough. Furthermore,
Ethiopia has rejected efforts by Egypt and Sudan to escalate the dispute to
the UN Security Council. Most recently, in August 2022, UAE-brokered
discussions in Abu Dhabi collapsed before a draft deal could be finalized.

 

The current round of talks in Cairo was convened following the July 2023
meeting between Prime Minister Abiy and President el-Sisi, during which they
agreed to conclude negotiations within four months.

 

- Addis Standard.

 

 

 

South Africa: Over U.S.$5,2 Billion Needed For Transnet's Turnaround Plan

Harare — Transnet, a pipeline, rail, and port enterprise owned by the South
African government, is asking Treasury for more than U.S.$5,2 million (R100
billion) over the course of the next two years, according to Engineering
News. The U.S.$5,2 million comprises a proposal that the Treasury assume
responsibility for at least U.S.$3 billion (R61 billion) of its debt and
give U.S.$2 billion (R47 billion) in equity in the form of a subordinated
loan, that in the event that performance goals are met, can be converted to
equity.

 

In order to put the business on a sustainable path for the medium to long
term, the turnaround depends on both the debt reduction and the equity
infusion, used to fund projects that would increase revenue. A portion of
the equity funding is urgently needed including U.S.$156 million (R3,4
billion) needed before the financial year ends in March 2024.

 

Allotments to Transnet were absent from the government's medium-term
spending strategy, which was presented in the February 2023 budget. With the
Treasury ordering all ministries to reduce their 2024 - 2025 budgets, the
fiscal framework is already severely strained. Upon the presentation of the
medium-term budget policy statement on November 1, 2023, some modifications
to the in-year allocations are also anticipated.

 

 

Transnet was found to be seriously troubled during the past year, both
financially and operationally. Reduced freight volumes have been the main
cause of revenue declines, while costs have increased. It violated its debt
covenants during 2022 and 2023, making its debt more costly, and it is
unable to pay off its debt. There has been widespread vandalism,
infrastructure theft, and persistent under-investment in capital equipment
and maintenance.

 

The newly expanded board was requested by Public Enterprises Minister Pravin
Gordhan in September 2023, to promptly draft a recovery strategy and assess
the performance of the management team. As a result, Ali Motala, the head of
the Northern Corridor coal line, and Sizakele Mzimela, the CEO of Transnet
Freight Rail (TFR), as well as Group CEO Portia Derby, resigned.

 

 

Cabinet will soon consider the National Logistics Crisis Committee's Freight
Logistics Roadmap, which is mostly consistent with the turnaround plan.
Although the board's turnaround plan goes into greater depth about the
immediate interventions and investments needed in each of Transnet's
divisions, particularly its train routes, the roadmap covers the more
comprehensive long-term restructuring of the rail system.  This suggests
that Transnet needs debt relief immediately. One option is to move U.S.$3
billion (R61 billion) to the government's own balance sheet. The plan also
suggests that Transnet's U.S.$7 billion (R135 billion) in debt be assumed
entirely by the government in exchange for an annual dividend distribution,
or that Transnet's debt be serviced entirely by the government for an
estimated U.S.$680 million (R13 billion) annually.

 

The turnaround plan also suggests "structural transactions" that are "more
cash generative" as a means of revenue generation for Transnet in lieu of
the bailout. However, it points out that these deals often take 24 to 36
months to finalise, meaning Transnet would need bridging funding from the
government in the interim.

 

Earlier, major coal exporters in South Africa were asked to contribute
hundreds of millions of rand to assist Transnet in resolving a logistics
crisis stemming from a dispute with a Chinese locomotive supplier, China
Railway Rolling Stock Corporation (CRRC).

 

The coal industry has asked for a total payment of almost U.S.$73 million
(R1.4 billion). With this transaction, Transnet hopes to pay off its
outstanding obligation to CRRC and release the locomotives that were held
back. The Chinese corporation is accused of corruption and state capture,
which is related to the conflict with CRRC. Lack of replacement components
has negatively impacted Transnet's rail performance, which has led to a
notable drop in the company's capacity for transporting coal. Several mining
companies had agreed to help in theory, but they had not yet been requested
to actually transfer the monies.

 

 

 

 

South Africa: Coal Miners Sue Anglo-American for Lung Disease 

Anglo-American Faces Class Action Lawsuit from Coal Miners with Lung Disease

 

A class action lawsuit has been filed against nine Anglo American Group
companies, including three under Thungela Resources, on behalf of coal
miners suffering from lung disease, such as coal mine dust lung disease
(CMDLD) and chronic obstructive pulmonary disease (COPD), reports Moneyweb.
Anglo-American, which began mining in South Africa in 1917 and has expanded
globally, is facing allegations of breaching its duties to miners. The
lawsuit was initiated by the Southern African Catholic Bishops' Conference
and is being led by class action specialist Richard Spoor. Motley Rice LLC,
a major U.S. plaintiffs' litigation firm, is consulting on the case. Spoor
previously won a settlement for gold miners with silicosis.

 

KwaZulu-Natal Govt Spends R4.1 Million on Eight Boats, Only One Works

 

 

In 2016, the KwaZulu-Natal education department purchased eight boats at a
cost of R4.1 million with the intention of using them to transport students
across rivers, as the provincial government had decided against constructing
bridges, reports News24. However, the boats were found to be unsuitable for
the shallow rivers, rendering most of them unusable. As a result, only two
schools are being served by a single boat. Conflicting reports arose about
the operational status of the boats, with the Education MEC, Mbali Frazer,
claiming that all boats were operational, while the head of the department,
Nkosinathi Ngcobo, asserted that only one was in use. Members of the
provincial legislature (MPLs) have demanded that the boats be repurposed for
other governmental uses.

 

Nine Suspects Arrested in Kidnapping of Portuguese Businessman

 

Police in Johannesburg have arrested nine suspects, including two women and
a police officer, in connection with the kidnapping of a 53-year-old
Portuguese businessman in Bramley, reports eNCA. The victim was seized
outside his business premises but was later found safe and unharmed in
Kempton Park. The arrested individuals are allegedly part of a syndicate
linked to at least five similar cases targeting Portuguese businessmen,
where ransom payments were demanded from their families.

 

More South African news

 

 

 

 

 

Namibia: Green Hydrogen Holds Enormous Labour Potential - Ippr

Green hydrogen (GH) could hold the most industrial potential to foster a
meaningful structural transformation of Namibia's economic base. To optimise
labour prospects for ordinary Namibians emanating from the country's
ambitious GH plans, government should fortify its efforts to develop local
skillsets to match emerging market demands.

 

These sentiments were expressed last Friday during an Institute for Public
Policy Research (IPPR) presentation themed "the Global Cost of Living Crisis
from a Namibian Perspective". The presentation by IPPR Research Associate,
Kitty Mcgirr, also noted that excess oxygen and electricity production from
GH projects could be used to fill the gaps in domestic consumption demands.
In the briefing paper Mcgirr investigated how the cost of living crisis has
affected Namibia and suggests strategies and reforms which could mitigate
the impact on the most vulnerable.

 

 

Mcgirr pointed out that while recently discovered oil is projected to
contribute more to Namibia's fiscus, with huge revenues expected after 2030,
green hydrogen could actually make a more sustainable contribution in terms
of job creation and infrastructure development. She made this analysis based
on an increasing number of recent foreign inflows that have been garnered on
the back of oil exploration after significant oil discoveries earlier this
year alongside large-scale investments in prospective green hydrogen and
ammonia production. In his 2023 State of the Nation address, President Hage
Geingob stated Namibia had experienced the 'highest year-on-year growth' in
foreign direct investment since 2015 and during the first nine months of
2022.

 

 

"Beyond developing local technical expertise for the renewable energy
sector, government should work to localise value chain linkages through
targeted investment in adjacent sectors such as manufacturing and product
assembling as well as the service sector in local economies such as Lüderitz
which is set to host an influx of industrial workers when Hyphen becomes
operational. It would also be beneficial for government to strengthen the
legal framework governing the operations of the emerging green hydrogen
industry," Mcgirr stated in her presentation.

 

She added that while political commitments have been made to the inclusion
of local expertise, labour, and materials in the industry, ensuring that
these benefits are realised in practice will require supporting legislation.

 

Thus, Mcgirr suggests that the improvement of local content policies (LCPs)
comprising legislative and regulatory instruments as well as contracting and
licensing arrangements to compel firms to make use of local goods and
services is of key importance to these outcomes.

 

 

Mcgirr stated: "This is especially critical given the fact that the current
LCPs model for the mining sector is characterised by vague qualitative
criteria, lax reporting and compliance, and weak implementation and thus
'does not create sufficient confidence that Namibians will benefit' from
green hydrogen production. As has already been suggested by the IPPR in
relation to the National Upstream Petroleum Local Content Policy, the
creation of 'independent oversight bodies' tasked with 'overseeing the
selection of pre-approved local suppliers that can be vetted to ensure they
have clean track records' would also be advisable with regard to the green
hydrogen industry".

 

Meanwhile, Mcgirr made several policy recommendations that could
meaningfully contribute to the cost-of-living crisis in Namibia. These
include; improving the efficiency and productivity of government
expenditure, promoting agriculture as a labour-intensive industry; Filling
the gaps in social protection; offsetting the affordable housing backlog by
fast-tracking flexible land tenure and implementing rent controls; and
fostering the structural transformation of the economic base and investing
in 21st century skills development.

 

The IPPR research associate noted that "positively, the government appears
to have made some progress towards these outcomes over the last 18 months
through its pursuit of 'economic diversification and investment promotion
into nascent high value industries"'.

 

Namibia's expansion of digital, scientific, and technological literacy and
other 21st century skills should be key focus areas for government through
the extension of opportunities in fields such as "data science and
analytics, remote sensing and GIS, programming, mathematical modelling, and
engineering". This is according to Jane Olwoch, director of Southern African
Science Service Centre for Climate Change and Adaptive Land Management
(SASSCAL). Encouragingly, the German government has pledged to support the
upskilling of the Namibian population in this regard by availing N$87.7
million to fund both academic and vocational scholarships through SASSCAL's
Youth for Green Hydrogen scholarship programme.

 

In 2022, the United Nations Development Programme estimated that the global
cost of living crisis had pushed over 51 million people into extreme poverty
at the US$1.90-a-day poverty line with an additional 20 million people
falling into poverty at the US$3.20-a-day benchmark. This brings the net
cumulative figure to 22.7% of the world's population.

 

- New Era.

 

 

 

 

Kenya's Cassava Demand Exceeds Production By 200%

Nairobi — Kenya is relying on cassava importation from neighboring countries
to meet high demand for the food product locally.

 

Self Help Africa Head of Programmes Peter Aluoch says local demand for
cassava grew to 3 million metric tonnes (MT) in last year, below production
of 946,076 MT under 61,592 hectares.

 

The tuber crop pent-up usage is linked to the expansion of cassava
utilization beyond human consumption into use in animal feeds and starch for
industries.

 

"In 2020, the country produced 898,110 MT of cassava from 61,754 ha
translating to productivity of 14.54 tons/ha. This is lower compared to 16 -
24 tons/ha in China, Indonesia, and Thailand," Aluoch says.

 

 

In the East African region, Kenya is the least producer of cassava, as
Uganda produces 4 million MT while Tanzania produces 8 million MT per year,
attributable to the lack of clean planting materials, unstructured markets,
weak seed systems, and a weak regulatory framework.

 

In Kenya, cassava is mainly grown in coastal, central, and western Kenya for
food, income, and livestock feed.

 

Despite its importance, the yields obtained are far from the agronomic
potential of this crop.

 

"The traditional production systems are failing to address the household
food security and income. In the Coastal region for example, cassava is
considered an important food crop and production accounts for 30 percent of
the total national production. In the Eastern region, production accounts
for less than 10 percent of the country's production," he added.

 

 

In the Western region, cassava is considered an important food crop, and its
production accounts for 60 percent of the total national production.

 

The latest data indicates that the average cassava farm yields are low, at
approximately 7-10 MT/ha, compared to the research yield potential of about
50 MT/ha of fresh cassava tubers.

 

State Department Crop Development and Agricultural Research Principal
Secretary Paul Rono raised concerns over the huge import bill for food.

 

"We are still importing food despite the fact that we have fertile land and
resources. We have challenges in food security and the commercialization of
the same. The government has put up a model to promote each and every crop
grown in Kenya. Today's discussion in this forum is aligned to this agenda,"
Rono added.

 

He directed the department in charge of crops, Kalros and Kephis, to move in
the next three months to make sure that all the varieties of crops are
identified, classified, and communicated to understand what it means so that
we can promote our farmers.

 

"We have so many seedlings, some high performers, some low performers. We
will make sure that all those breeds are brought to books in the next 3
months to reshape the sector and bring order within the system. We need to
know which seed belongs where," he added.

 

On her part, Morag Ferguson, Crop Germplasm Scientist and Molecular Breeder,
International Institute of Tropical Agriculture (IITA), says to increase the
growth of cassava, high-quality cassava seeds will be critical to increasing
production in Kenya.

 

"We need a new high yielding variety of seeds that are resistant to viruses.
Right now, we are working with SHA on the Cassava Seed Tracker. This will
improve traceability of seeds and will make it easy to tell the source of
the mother plant," she added.

 

The Conference and Expo, which started on Monday and brought together over
150 exhibitors and over 1,000 participants, started on Tuesday and will end
on Thursday.

 

"Under the present economic crisis that include the COVID-19 pandemic, the
war in Ukraine and resulting food and energy crises, surging inflation, debt
tightening, as well as the climate emergency, underfunding for research,
development and transfer of technology for cassava, will continue to limit
the development and application of better agronomic practices," said Adolfo
Cires, Programme Manager, Finance and Private Sector Development, The
European Union Delegation to the Republic of Kenya.

 

- Capital FM.

 

 

 

Nigeria: Niger State to Boost Agriculture With N3.5bn Development Fund -
Official

The initiative is aimed at boosting agriculture.

 

The Niger State government has earmarked a N3.5 billion development fund to
boost youth participation in agro-business.

 

A statement by Bologi Ibrahim, Chief Press Secretary to the governor of the
state, Mohammed Umaru-Bago, on Tuesday said the Governor announced the
creation of the fund during a technical session of the First Niger Green
Economy Summit.

 

Mr Ibrahim said the government would contribute N1 billion to kickstart the
fund while each of the 25 local governments in the state will contribute
N100 million to the fund.

 

 

He said the first 1,000 beneficiaries of the project will be given a grant
of N1 million.

 

"The N3.5 billion to be realised will be used to purchase seedlings for the
youth to go back to farming," the statement said.

 

The statement further said that Agricultural Extension Colleges would also
be established in all the local governments of the state.

 

The statement said while Mr Bago acknowledged the importance of geo-mapping,
he sought collaboration with relevant organisations like the Nigeria
National Petroleum Corporation (NNPC), in addressing climate change and
other environmental hazards.

 

It said the Group Managing Director, NNPC, Mele Kyari, represented at the
event by the Vice President, Gas, Power and New Energy, Olalekan Ogunleye,
pledged support to the state government in its quest to have a Green
Economy.

 

"NNPC is set to collaboratively give indirect jobs to 500,000 Nigerlites,"
Mr Ogunleye said.

 

Also, the Chief Whip, of the House of Representatives, Usman Kumo, pledged
to support the state's Green Economy.

 

The News Agency of Nigeria (NAN) reports that the highlight of the session
was the signing of a Memorandum of Understanding (MOU) between the state
government and the "One Hectare, One Family Foundation".

 

The MoU was on the provision of one million Banana seedlings to the state.

 

- Premium Times.

 

 

 

 

Nigeria: Labour, Cross River Govt Disagree On Pension Scheme

The workers staged a walkout on a government delegation.

 

Labour unions in Cross River State have disagreed on the planned
implementation of the Contributory Pension Scheme in the state.

 

The News Agency of Nigeria (NAN) reports that the disagreement came to the
fore when the union officials walked out on government officials during a
planned sensitisation of the workers on the scheme in Calabar on Wednesday.

 

The planned sensitisation had in attendance, the national President of the
NLC, Joe Ajaero, and representatives of the state government, led by
Secretary to the Government, Anthony Owan-Enoh.

 

 

The workers said they staged a walkout because of "insincerity" on the part
of the government on the scheme.

 

One of the union leaders who spoke with NAN, on the condition of anonymity,
said the workers discovered that the government was trying to force the
scheme on workers.

 

According to him, "We were never told about the coming of the NLC national
president. We were shocked to see him appear with government officials in
the hall where the sensitisation was to take place.

 

"For us, we concluded that his presence was a plan to force workers in the
state into the scheme.

 

"All we want is for the government to engage the workers more on the scheme
before any decision will be arrived at."

 

The government has, however, maintained that the planned migration of the
workers is for their benefit.

 

The spokesperson to Governor Bassey Otu, Emmanuel Ogbeche, who spoke with
NAN on the workers' protest during the aborted sensitisation meeting, said
the governor aims to prevent a future where the workers are frustrated in
their retirement from service.

 

 

"I am sure you are aware that the state has not paid gratuities since 2014
and this is primarily the concern of Governor Otu in planning a migration to
the contributory pension scheme.

 

He pointed out that the workers present insisted that they would not work
with the three banks that have been pencilled down for the scheme.

 

"These banks that have been engaged by the government are the ones that will
ensure the sustainability of the scheme, but the labour unions are saying
they have their own banks to work with.

 

"This is an act of parliament. Moreover, it is the state government that is
funding it.

 

"Though the planned sensitisation couldn't take place, the government is
hopeful that they see reasons with the benefit of the scheme," he stated.

 

(NAN)

 

- Premium Times.

 

 

 

 

Nigeria: Tinubu to Present 2024 Budget in November - Senate

The Senate assured that the Tinubu administration will sustain the January
to December budget cycle.

 

President Bola Tinubu will present the 2024 Appropriation Bill to the
National Assembly before the end of November for consideration and passage.

 

Chairman of the Senate Committee on Appropriation, Solomon Adeola, disclosed
this on Wednesday while addressing journalists after the inaugural meeting
of the committee.

 

Mr Adeola, the senator representing Ogun West, also disclosed that the
presidency will present the Medium Term Expenditure Framework and Fiscal
Strategy (MTEF-FSP) to the National Assembly next week for proper scrutiny.

 

 

"We will do a thorough job on the budget. Our job is to verify the budget to
meet the expectations of the people. We will look into it thoroughly.

 

"We are expecting the MTEF next week and immediately we receive the
document, the Committee on Finance will go into work and look into it. The
finance minister and the minister of budget and planning are working round
the clock."

 

The senator assured that the Tinubu administration will sustain the January
to December budget cycle for the 2024 appropriation.

 

"I assure you that we won't break the tradition, we will have the budget as
at when due. We will keep to the tradition of the January to December budget
cycle," he said.

 

Mr Adeola said the National Assembly will not pad the budget after the
presidency had presented it for approval.

 

"It has to do with the nomination of a project to the budget document that
will meet the yearnings and the needs of the people, I would not regard that
as padding.

 

"It is still part of the government document, we look into it and it has an
expectation. Budget is an estimate but implementation is another thing. So I
don't believe in budget padding, it never exists in my diary."

 

- Premium Times.

 

 

 

Kenya: Auditor General Touts Use of Artificial Intelligence in Fraud
Detection

Kisumu — The Office of the Auditor General has recommended Artificial
Intelligence (AI) in the professional field to help auditors to focus their
attention on high risk areas, leading to more effective fraud detection.

 

Deputy Auditor General Isaac Kamau said the adoption of AI is inevitable.

 

Kamau said there is a need to adopt AI systems within the professional and
ethical standards.

 

"If you are using an AI system, you must be able to know how it generates
information," he said.

 

He said the system when adopted will make the auditors more efficient and
effective and help in routine tasks to make them automated.

 

 

However, he said the Office of the Auditor General will not be in a hurry in
the near future to adopt the AI system into its daily operations.

 

Speaking to the press in Kisumu on Wednesday during a Governance, Risk and
Compliance conference, Kamau noted that as an office, though AI systems will
help them in managing reporting times, its adoption will not be soon.

 

"We are yet to get into that space, it is a space that is open for
discussion as an office," he said.

 

He noted that they are listening to the industry leaders so as to see what
to adopt and how to go about it.

 

Kamau said as an office, they are slowly but steadily transiting to programs
that will see them offer quick and efficient service delivery to Kenyans.

 

"We are ready to adapt to what will assist us in ensuring that governance
risk and compliance is done in an efficient way since the government is now
digitizing its services," he said.

 

He noted that they must be ready to remain accountable to the taxpayers and
also gain the trust of their practitioners.

 

- Capital FM.

 

 

 

Nigeria: Oil Theft - Navy Deploys 10 Warships, Helicopters to Nigeria's
Waters

The Nigerian authorities have been struggling to curb oil theft in the Niger
Delta region.

 

The Nigerian Navy, on Wednesday, deployed 10 warships, two attack
helicopters and 500 ballistic boats in a special amphibious exercise to curb
crude oil theft and sea robbery in Nigeria's waters.

 

Umar Chugali, Flag Officer Commanding (FOC) Central Naval Command,
headquartered in Bayelsa State, flagged off the exercise code-named
"Exercise Sea Guardian" in a short ceremony in Onne, Rivers.

 

He said the joint military exercise conducted by both the Navy's Central
Naval Command and Eastern Naval Command, Calabar, was launched to reduce
insecurity to its barest in the nation's territorial waters.

 

 

"So, this joint exercise covering both the defence and the policy roles of
the navy consists of 10 ships, two helicopters and over 500 boats for four
days at sea.

 

"This exercise will be used to exercise and demonstrate the capacity and
capability of our ships at sea, to secure Nigeria's maritime space and the
Gulf of Guinea.

 

"Over time, our maritime space has been inundated by some threats both
onshore and offshore, hence this joint exercise that was last conducted in
2021," he said.

 

'Navy is evolving its tactics'

 

Mr Chugali, a rear admiral, said the objective of the exercise was to ensure
that the maritime environment remained safe, secured, and conducive for
socio-economic activities to thrive.

 

"The deployment of our capital ships and other assets will complement the
gains recorded in curbing sea piracy, sea robbery, crude oil theft and other
illegalities on our waters.

 

 

"Every operation presents new sets of challenges considering that security
challenges in the maritime environment have become dynamic, emerging, and
complex.

 

"So, with the emerging complexities in the waterways, the navy is evolving
its tactics and strategies to ensure the insecurities are reduced to the
barest minimum," he added.

 

Mr Chugali said, "Although the International Maritime Bureau had on March
2022 exited Nigeria from countries with sea piracy incidences, the navy
cannot afford to drop its guards."

 

The flag officer commanding said the country was able to record zero piracy
and subsequent exit from the International Maritime Bureau piracy list due
to changes in the navy's tactics and support from the government.

 

According to him, maritime crime was transboundary, hence collaboration with
Gulf of Guinea countries to ensure that fleeing maritime criminals from
Nigeria's waters were not allowed entry into those nations.

 

"To this end, this exercise is not going to be any other exercises conducted
in the past as we have learnt from previous exercises.

 

"Every exercise or operation is an improvement over the previous one, and
so, we are ready and willing to ensure that criminals no longer have space
in our maritime space.

 

"We are sending a very strong message to the remnant of criminals lurking
around our maritime environment to disappear as we push to secure our
waters," Mr Chugali said.

 

'Not involved in oil theft'

 

On his part, the Flag Officer Commanding, Eastern Naval Command, Olusola
Oluwagbire, debunked claims that some of the navy's personnel were involved
in complexities surrounding crude oil theft in the country.

 

He said the allegations were unfounded considering that those who made the
accusations have not come forward to present any evidence to buttress their
claims.

 

"However, we are constantly policing ourselves, and as such, any erring
officer caught engaging in such illicit activities is disciplined and
dismissed from service accordingly.

 

"We are doing our best to present the best foot (personnel) in our
deployments - both in terms of personnel and assets," Mr Oluwagbire, a rear
admiral, said.

 

(NAN)

 

- Premium Times.

 

 

 

 

UAW strike: Ford and union agree record pay rise in tentative deal

Ford and the United Auto Workers (UAW) union have reached a tentative deal
to end a nearly six-week strike, which includes a record pay rise.

 

The agreement would be the first settlement of strikes by workers against
Ford, General Motors (GM) and Chrysler-parent Stellantis.

 

The deal still needs to be approved by union leaders and members.

 

If the new contract gets approval from Ford workers, it would set the
standard for talks at GM and Stellantis.

 

"We told Ford to pony up and they did," UAW President Shawn Fain said.

 

Mr Fain added that the agreement included a 25% wage increase over the life
of the contract, while lowest-paid temporary workers would see pay rises of
more than 150% over the period.

 

The union also won the right to strike Ford over future plant closures, he
said.

 

Ford chief executive and president Jim Farley said in a statement: "We are
focused on restarting Kentucky Truck Plant, Michigan Assembly Plant and
Chicago Assembly Plant, calling 20,000 Ford employees back to work and
shipping our full line-up to our customers again."

 

US President Joe Biden said that he applauded the tentative deal.

 

"[It] provides a record raise to auto workers who have sacrificed so much to
ensure our iconic Big Three companies can still lead the world in quality
and innovation," Mr Biden said.

 

The strike, which started on 15 September, is the first in the UAW's 88-year
history to target all three carmakers at once.

 

The union opened talks seeking a roughly 40% rise in pay over four years.
Other demands included an end to practices that give newer workers lower pay
and fewer benefits.

 

The companies had maintained that the union's requests would hurt their
ability to invest in the long term. They countered with a roughly 20% pay
increase and some other concessions.

 

The UAW put pressure on the motor industry giants by taking industrial
action at the companies' most profitable plants.

 

Why are US car workers on strike?

Car workers' strike costing GM $200m a week

UAW members walked out at dozens of sites, including GM's Arlington, Texas
assembly plant, Ford's Kentucky heavy-duty pick-up factory and Stellantis'
Ram pickup plant in Sterling Heights, Michigan.

 

The announcement came ahead of Ford's quarterly financial results on
Thursday.

 

The union is still striking at GM and Stellantis.

 

After the announcement of the tentative agreement between Ford and the UAW,
GM and Stellantis said that they were working towards tentative agreements
with the union.

 

The estimated total economic losses from the strike had reached $9.3bn
(£7.7bn), research firm the Anderson Economic Group said earlier this
week.-bbc

 

 

 

 

AI could worsen cyber-threats, report warns

By 2025 artificial intelligence could increase the risk of cyber-attacks and
erode trust in online content, a new government report has said.

 

The tech could even help plan biological or chemical attacks by terrorists,
it warns.

 

But some experts have questioned whether the tech will evolve as predicted.

 

Prime Minister Rishi Sunak is expected to highlight opportunities and
threats posed by the technology on Thursday.

 

The government report looks at generative AI - the type of system that
currently powers popular chatbots and image generation software.

 

It is based in part on declassified information from intelligence agencies.

 

The report warns that by 2025 generative AI could be "used to assemble
knowledge on physical attacks by non-state violent actors, including for
chemical, biological and radiological weapons".

 

A simple guide to help understand AI

It says while firms are working to block this, "the effectiveness of these
safeguards vary".

 

There are obstacles to getting hold of the knowledge, raw materials, and
equipment for attacks, but those barriers are falling - potentially
accelerated by AI, according to the report.

 

By 2025, it's likely AI will also help create "faster-paced, more effective
and larger scale" cyber-attacks, it warns.

 

Joseph Jarnecki, who researches cyber threats at the Royal United Services
Institute, said that AI could help hackers, especially in overcoming their
difficulties in mimicking official language.

 

"There's a tone that is adopted in bureaucratic language and cybercriminals
have found that quite difficult to harness," he told the BBC.

 

Oxford University develops AI tool to track virus variants

Is AI about to transform the legal profession?

The report comes ahead of a speech by Mr Sunak on Thursday where he is
expected to set out how the UK government aims to make AI safe, and
establish the UK as a global leader in AI safety.

 

"AI will bring new knowledge, new opportunities for economic growth, new
advances in human capability, and the chance to solve problems we once
thought beyond us. But it also brings new dangers and new fears," Mr Sunak
is expected to say.

 

He will commit to address those fears head on, "making sure you and your
children have all the opportunities for a better future that AI can bring".

 

AI meeting

The speech sets the scene for a government summit next week to discuss the
threat posed by highly advanced AIs.

 

It will focus on the regulation of so-called "Frontier AI": powerful future
AI systems that ministers say "can perform a wide variety of tasks" and
"exceed the capabilities of today's most advanced models".

 

Whether or not such systems could pose a threat to humanity is a hotly
debated.

 

Another newly published report by the Government Office for Science, which
advises the Prime Minister and cabinet, says "many experts consider this a
risk with very low likelihood and few plausible routes to being realised."

 

It says to pose a risk to human existence, an AI would need some control
over vital systems, such as weapons or financial systems.

 

They would also need new skills such as the capacity to improve their own
programming, the ability to evade human oversight and a sense of autonomy.

 

But it notes "there is no consensus on the timelines and plausibility of
when specific future capabilities could emerge".

 

Rules of the road

The big AI firms have mostly agreed that regulation is necessary, and their
representatives are likely to attend the summit.

 

But Rachel Coldicutt, an expert on the social impact of technology,
questioned the focus of the summit.

 

She said it placed too much weight on future risk: "It makes loads of sense
that technology companies, who stand to lose more by being regulated about
the things they're making in the here-and-now, will focus on long-term
risk."

 

"And it has felt over the summer, as if the government position has been
very strongly aligned, supporting those views," she told the BBC.

 

But she said the government reports were "moderating some of the the
fervour" about these futuristic threats and made it clear that there was a
gap between "the political position and the actual technical one".-bbc

 

 

 

 

Carnival cruise firm pays thousands over Covid 'negligence'

The world's largest cruise operator, Carnival, has been ordered to pay the
medical bills of a passenger who caught Covid-19 on board one of its liners.

 

An Australian judge ruled the company misled passengers about safety risks,
and should have cancelled a voyage by the Ruby Princess in March 2020 before
it departed.

 

Some 900 Covid cases and 28 deaths were linked to an outbreak onboard.

 

The landmark ruling could open the door to hundreds of others claiming
damages.

 

The case's lead claimant Susan Karpik, a retired nurse, was travelling with
her husband Henry on the Ruby Princess as it sailed from Sydney to New
Zealand in March 2020, right at the start of the pandemic.

 

Some 2,671 passengers and 1,146 crew members were on board.

 

Mr Karpik, a retired police officer, fell ill with the virus and was
hospitalised for two months, during which time he was put into an induced
coma and at one point given days to live.

 

The judge ruled Carnival's Australian division was found to have been
"negligent and in breach of their duty of care", and ruled Ms Karpiks should
be awarded A$4,423.48 ($2,826) plus interest for out-of-pocket medical
expenses.

 

This is a fraction of the A$360,000 she sued for, but the ruling opens the
door to 1,000 other passengers who travelled on the same voyage to make
claims.

 

Judge Agnus Stewart ruled that Carnival "knew or ought to have known" about
the "significant risk" of an outbreak with potentially "disastrous"
consequences, yet it proceeded "regardless" and that any "reasonable person"
would have cancelled the cruise.

 

Speaking outside the court, Mrs Karpik remembered the 28 people who lost
their lives following the outbreak, saying many "would have been celebrating
a significant event in their lives" in taking the cruise.

 

There had been an outbreak of an "influenza-like illness" on a voyage taken
immediately prior to the trip, the judge said in his ruling. That voyage had
ended early on 8 March 2020, and had raised the risk of the virus being
carried over to the next trip, he added.

 

The ruling is the first class action win against a cruise ship in the world,
according to Shine Lawyers.

 

The number of claimants could also grow should Australia's High Court rule
700 American passengers can be included in the class action lawsuit.

 

The voyage was for a time Australia's biggest single source of Covid
infection and a public inquiry into the outbreak concluded health officials
in the New South Wales state made "serious mistakes".

 

Carnival Australia said it was considering the judgement in detail.-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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