Major International Business Headlines Brief::: 05 September 2023

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Major International Business Headlines Brief::: 05 September 2023 

 


 

 


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

 


 

 


 

ü  South Africa: NMB Metro Trials Game-Changing Load Shedding Project

ü  South Africa: Electricity Crisis Could Cost ANC Election

ü  South Africa: Fuel, Paraffin and Gas Prices Set to Increase

ü  Niger: Does Europe Need Niger's Uranium?

ü  Namibia: New Minimum Wage for Agricultural Sector

ü  South Africa: MTN Temporarily Pulled Plug On Eastern Cape Health Due to Non-Payment

ü  Namibia: Trans-Kalahari Boosts Regional Development

ü  Namibia: German Billionaire Targets Namibian Beef

ü  Uganda: President's Mineral Export Ban Threatens Thousands of Livelihoods, Tin Processing Plant

ü  Uganda: Fuel Prices Hike Alarms Transporters, Public

ü  Alan Joyce: Qantas boss exits early amid mounting scandals

ü  Wegovy: Weight-loss drug firm becomes Europe's most valuable

ü  Port of Dover to reclaim land from sea to prevent queues

ü  Country Garden: Property shares jump on debt reprieve

ü  New iPhone, new charger: Apple bends to EU rules

 


 

 


 

 <https://www.cloverleaf.co.zw/> South Africa: NMB Metro Trials Game-Changing Load Shedding Project

Nelson Mandela Bay has become the first municipality to let its residents keep the lights on during load shedding, leaving behind big metros such as Johannesburg and Cape Town.

 

The Load Curtailment Project launched on Monday is a game-changer for the city, making it the first metro in the country to roll out the project.

 

Eskom, meanwhile, is testing the load-limiting system in Gauteng.

 

Electricity and Energy MCM Zanele Sikawuti said a total of 115 households in South End would receive new smart electricity meters at no cost to them.

 

 

These households will be able to reduce their electricity usage during load-shedding while leaving their lights and other low electricity-consuming appliances on.

 

NMBM Electricity and Energy executive director, Luvuyo Magalela, said the new smart meter boxes will be able to detect when a household is using way more than the permitted 4,600 Watts during load shedding.

 

"The message is very clear: you reduce your load to stay on. Notification will alert customers to switch off major appliances at the distribution board. Should you not comply, the meter will trip for up to five times; if you fail to reduce again, the meter will switch you off for the duration of the load-shedding period." he explained.

 

The metro is saddled with high volumes of crime and infrastructure vandalism, which the city says happens during load shedding periods where vandals even cut down poles to steal the cables inside them.

 

"This is the second pioneer project for the city following the installation of high mast solar street lights, which were introduced in a bid to fight infrastructure vandalism and theft," said Magalela.

 

 

There's an extra advantage for the metro: "During load shedding the municipality is not able to collect revenue, so the launch of this project will ensure that we can collect revenue during load shedding stages," he said.

 

The pilot project will run for three months benefiting Gqeberha's South End suburb, and should it be successful it will be rolled out all over the city.

 

The pilot area will be monitored by a bulk meter in each substation. Data concentrators will be installed in the substations to monitor all the smart meters.

 

Pictured above: NMBM Electricity and Engineering MMC Zanele Sikawuti, Executive Director Luvuyo Magalela along with lead engineer Humphrey Mthimkhulu and Ward 2 councillor Gouws.

 

-Scrolla.

 

 

 

 

South Africa: Electricity Crisis Could Cost ANC Election

South Africa's electricity minister, Kgosientsho Ramokgopa, is alive to weaponisation of the country's energy crisis against the ruling African National Congress.

 

That country goes to the polls early next year to elect members of the National Assembly, from whom a president is ultimately elected.

 

Speaking during an interview on NBC's talk show 'One on One', Ramokgopa was interviewed by this journalist on the energy situation in his country, and how he has fared in the role since his appointment in March and the 2024 elections.

 

At the onset, the engineer-turned-politician branded the energy crisis the single biggest existential problem facing South Africa.

 

"Load shedding is causing significant devastation to the South African economy. The South African Reserve Bank does make the point that 1 000 megawatts of unmet energy can translate into a contraction of 5% to the South African GDP, about R300 billion. It also goes further to make the point that in 2022, the economy lost about 659 000 jobs as a direct result of load shedding," Ramokgopa said.

 

 

This year, South Africa is likely going to lose 850 000 jobs due to load shedding.

 

"If you look at the sectors that are disproportionately affected, you find that your primary sectors of the economy, mining and agriculture, are adversely affected. And that's important because those are sectors of the economy that have got the highest employment absorption capacity," Ramokgopa continued painting the gloomy picture.

 

He added that the secondary sector of manufacturing is the second hardest hit by the crisis.

 

"If you look at the retail sector, some of the big retail companies, make the point that they have to spend upwards of 1.3 billion rands just to sustain their production or activity. And that translates into inflationary pressure. If you had to look at the share of the poorest [households'] disposable income that is directed at the basic food basket, it's such that it's disproportionate compared to the more affluent, the middle class. Therefore, the poor are disproportionately affected," he said.

 

 

Acknowledgement

 

He then pointed to policy missteps by the governing party - which he is a member of -, which led to the current electricity crisis they find themselves in.

 

In essence, he acknowledged that it is the ANC's fault that the country is today plunged into an electricity crisis.

 

The policy missteps date back to 1997.

 

"Essentially, we've been the principal authors of the failure of generation capacity who are going to be the masterminds of how we are going to resolve the problem. And like I said, it's within sight," the minister said.

 

 

Explaining the policy slip-ups, he said: "So if you look at the historic trend, so you go back to 1997 at the time, the people at Eskom [South Africa's power utility] were making the point that at the rate at which we are connecting new people onto the grid including those in the far-flung rural areas as part of the victory of the democratic project striving towards universal access - and the rate at which the economy is growing, they made the point that we are going to run into a major energy problem in 10 years from 1997, and they were advocating for significant investments in the new generation capacity.

 

"And of course, we made policy choices, which appears to now, it's apparent, those are policy missteps. So at the time, governments thought that the private sector was going to fill the gap. So there's no need for Eskom to embark on new generating capacity. The private sector will be able to read the market, and they'll make the necessary investments. The private sector didn't come to the party. Fast forward to 2005, we were sitting on the problem."

 

But progress has been made since his appointment to resolve the crisis.

 

"When the president unveiled the energy action plan in July of last year, we needed 6 000 additional megawatts to be able to balance. Of course, I did say to you that we have gotten about 3 000 to 4 000 of those megawatts from the time that the president introduced the energy action plan. We are confident that between now and December, we'll get up to 4 000 megawatts. So essentially, we have exceeded what the president's set target," he said.

 

Blackout

 

Asked whether South Africa would one day plunk into a total blackout, he brushed that possibility off.

 

"We will never get to that stage. Let me just explain to you how this thing works. The higher the stages of load shedding, the greater the confidence in the systems operator. So you have generation and then you have demand.

 

So if generation far exceeds demand, what the system operator does, is he engages a mechanism to deny these people who want to demand their right to electricity, and that's what you and I call load shedding," he said.

 

He continued:"The bigger the gap, the higher the stages of load shedding. Why is the system operator doing that? He or she wants to protect the grid. It must operate at about 50 hertz. So that's all that the system operator is doing. The inverse is also true. If you have got a generation that is higher than demand, all that they do instead of denying load shedding, he tell the stations, please bring down the production of electricity. So if you see stage three, stage four, and others, they use it in colloquial terms. You should have confidence that the system operator knows what he or she is doing to protect the grid and ensure that at all times demand is matched by generation".

 

Elections

 

It is an open secret that the energy crisis has been weaponised against the ANC ahead of next year's decisive polls.

 

It is also reported that South Africans will vent their frustration about the lack of reliable electricity supply at the ballot.

 

Ramokgopa is aware of this.

 

"My view is that the minimum requirement in resolving a problem, first is to acknowledge that it exists. And second, just to understand it's a manifestation if you like the anatomy of the problem. We [ANC] have accepted that we are the ones who are the champions of the victory of the democratic project. We have made policy missteps on the electricity question," he said.

 

While the ANC-led government has fallen short on the electricity, it has excelled in other areas, he said.

 

"We have made significant advances in other areas [such as] universal access to the social wage, free basic education, free higher education, the rollout of five million houses for free. So we have achieved all of those," he pointed out.

 

He is confident about liquidating the electricity crisis as a deciding factor in next year's polls.

 

"The resolution of this problem is not inspired by our electoral prospects. It's about the devastation that is causing to the South African economy. When we started, I mentioned the kind of injury that is causing to the South African economy, farmers can produce or can't produce competitively. And that has got the food price and inflation is devastating the poor. So we are resolving an economic question. Of course, it's got political and social manifestations. But in the immediate, it's about the harm that is causing to the South African economy," he said. - emumbuu at nepc.com.na

 

-New Era.

 

 

 

South Africa: Fuel, Paraffin and Gas Prices Set to Increase

The Department of Mineral Resources and Energy (DMRE) said many factors, including the increase in the price of Brent Crude Oil, resulted in the increases.

 

"High prices of petrol are as a result of low inventories and refinery outages, which affected the production of blending components used in summer grade petrol, making it more expensive to produce.

 

"Diesel and paraffin prices increased because of lower shipments of Russia's Urals crude oil, which is rich in middle distillates, as well as rising demand of middle distillates ahead of the winter season in the Northern Hemisphere. LPGas increased because of higher prices of Propane and Butane.

 

"These led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 135.41 c/l, 253.42 c/l and 247.13 c/l, respectively," the department said.

 

The rand's depreciation against the dollar also played a role in the increased prices, as well as a DMRE approved 5c per litre increase in the price structure due to "accommodate the wage increase for forecourt employees, in line with the Motor Industry Bargaining Council (MIBCO) Agreement".

 

The adjusted prices are expected come into effect on Wednesday.

 

-SAnews.gov.za.

 

 

 

 

Niger: Does Europe Need Niger's Uranium?

Will the lights go out in Europe if Niger were to prevent France from mining more of its uranium? DW asked experts in Niger and Europe about the energy supply chain in the wake of the coup.

 

Niger's greatest treasure lies underground: Uranium is the most important commodity in the Sahel state. But coup plotters have been in charge for just over a month, fueling fears that the uranium supply to global markets is in jeopardy.

 

France, the former colonial power in Niger, is in a particularly tight spot. Around two-thirds of its electricity comes from nuclear power plants that are powered by uranium sourced in Niger. It also exports electricity to other countries in Europe that have no nuclear plants of their own.

 

 

Dealings with France 'unequal'

 

In the wake of the coup in Niger on July 26, both the economic cooperation and military partnerships between the two countries are on the line.

 

Niger's new military junta under General Abdourahamane Tiani has signaled it is tired of France.

 

When it took power, the junta ordered a halt to uranium exports and later gave the French envoy 48 hours to leave. Ambassador Sylvain Itte, however, has stayed on in Niamey despite the expulsion. The government of President Emmanuel Macron doesn't want to give up its influence or its supply of raw materials, but there is little tolerance in Niger.

 

"Everyone in Niger feels this partnership is very unequal," said Mahaman Laouan Gaya, a former Nigerien energy minister and the Organization of African Petroleum Producers (APPO) secretary general until 2020.

 

 

In an email to DW, Gaya cited what he said were major inconsistencies. Niger, he wrote, exported uranium worth €3.5 billion ($3.8 billion) to France in 2010, but received only €459 million in return.

 

"If Niger decides not to export uranium to France, it will have dramatic consequences for France but little impact on the Nigerien economy," Gaya said.

 

Some 90% of Niger's population has no electricity, and price exploitation means Niger today also receives too little income for its exports, he added.

 

Has uranium production stopped?

 

For decades, the French nuclear conglomerate Orano (formerly Areva) has been mining uranium in Niger. The material is used mainly to produce fuel rods for France's 56 nuclear power plants.

 

It is not clear whether the junta's moratorium on uranium exports is being implemented.

 

 

"The current crisis has no short-term impact on Orano's supply capacity," a company spokesman recently told the AFP news agency.

 

Meanwhile Niger's former prime minister and opposition leader, Hama Amadou, told broadcaster Voxafrica that the mining company was still producing uranate, the basis for uranium.

 

"I don't think the new authorities have canceled the uranium mining contracts between France and Niger," Amadou was quoted as saying in the report. "So what is the French state afraid of when it comes to its interests in Niger?"

 

Niger mines firmly in French hands

 

Somair exploits the largest uranium mine in the Sahara, located on the outskirts of the city of Arlit. The company is 63% owned by France's majority state-owned Orano group. The remaining 37% is owned by Sopamin, a Nigerien state-owned company.

 

In 2021, the Somair mine accounted for more than 90% of Niger's uranium exports. France and the ousted government of Mohamed Bazoum had also agreed to restart another mine.

 

And in May, Orano signed new contracts with the Nigerien government, extending French uranium mining in the country until 2040.

 

Nigerien journalist Seidick Abba said the coup did not change these commercial agreements between coorporations.

 

"The uranium will still be shipped from the mine near Arlit to France via Cotonou. The contract does not give Niger the right to stop the shipments," Abba told DW.

 

"The junta has no way to stop the deliveries."

 

Europe has other suppliers

 

Last year, France received about one-fifth of its uranium from Niger, according to Euratom Supply Agency data. Central Asian states like Kazakhstan and Uzbekistan in particular also supplied significant amounts of uranium to France.

 

As recently as 2022, Niger was France's third-largest uranium supplier, says Alex Vines of the London-based think tank Chatham House. But the dependence is overestimated, Vines told DW.

 

"France does business with countries like Kazakhstan, Australia, Namibia. It can easily diversify its uranium supply," said Vines.

 

According to the World Nuclear Association, only 5% of the uranium sold on the global market in 2022 came from Niger.

 

Some analysts warn of price increases with far-reaching effects if no or less Nigerien uranium were to or reach the global market.

 

In 2022, French nuclear power dominance in Europe was visible when energy prices increased as many power plants ran out of cooling water.

 

Europe has been searching for alternative uranium supplies. Kazakhstan has already signaled, according to reports, that more uranium could be shipped to Europe if needed.

 

But doubts and worries about whether the lights could go out in Europe because of the conflict in Niger were dispelled by European Commission spokesman Adalbert Jahnz.

 

The European Union (EU) has sufficient stocks of natural uranium to cushion short-term supply risks, he said. There are "sufficient deposits on the world market in the medium and long term to meet the EU's needs," according to Jahnz.

 

-German.

 

 

 

 

Namibia: New Minimum Wage for Agricultural Sector

The Namibia Agricultural Labour Forum has announced a 10% increase on the minimum wage in the agricultural sector effective from 1 October 2023.

 

According to a statement issued by the Agricultural Employers' Association (AEA) on behalf of the forum, the minimum cash wage increases to N$6 per hour or to N$1 170 per month for workers who work 45 hours per week.

 

"For those who do not receive the free rations portion, their allowance in lieu of rations increases to N$650 per month.

 

Thus the value of the minimum basic wage of farmworkers will be N$1 820 per month as from 1 October 2023," said the statement.

 

The forum comprises the AEA, the Namibia National Farmers' Union, the Namibia Emerging Commercial Farmers' Union and the Namibia Farm Workers' Union.

 

According to the forum, this minimum wage is an entry level wage in the agricultural sector for young farmworkers without previous experience.

 

 

The minimum wage is for the agricultural sector on commercial farmland as well as communal farmland, the statement added.

 

"The actual salaries paid to farmworkers with experience are much higher. We believe that most workers on farms are better off than general workers in other industries, as farmworkers usually get free housing, rations, water, electricity and firewood while workers in other industries have to utilise the bulk of their salaries for these commodities," said the forum.

 

The parties further agreed that future adjustments to the minimum wage in the agricultural sector must be collectively negotiated on an annual basis to be effected on 1 October of each year to equalise the negative effects inflation has on the living standard of farmworkers.

 

-Namibian.

 

 

 

 

South Africa: MTN Temporarily Pulled Plug On Eastern Cape Health Due to Non-Payment

In August, telecommunications company MTN joined the list of service providers who have temporarily withdrawn services because the Eastern Cape Department of Health failed to pay their bills. This followed after Afrox, a major oxygen and gas provider to health facilities, in July, threatened to cease supply of its lifesaving products if their account was not settled.

 

Chief Sustainability and Corporate Affairs Officer at MTN South Africa, Jacqui O'Sullivan declined to comment on the MTN matter and referred Spotlight to the health department for comment.

 

"The details pertaining to customers' accounts are confidential and we would therefore refer you to the Eastern Cape's Department of Health for comment," O'Sullivan said.

 

 

Provincial health spokesperson, Yonela Dekeda said MTN has been contracted to provide telecoms services to the department since December 2021. She admitted that the department owes MTN, but declined to reveal the total amount owed.

 

The non-payment of suppliers by the provincial health department, however, is not only affecting MTN but several other service providers have also withdrawn, or threatened to withdraw, their services citing non or late payment.

 

Spotlight understands that a payment agreement has since been reached and services have been restored.

 

The non-payment of suppliers by the provincial health department, however, is not only affecting MTN but several other service providers have also withdrawn, or threatened to withdraw, their services citing non or late payment. These include those contracted by the department to offer critical services such as oxygen provision, provision of surgical consumables such as orthopaedic implants, and provision of equipment for use in theatres. Spotlight also previously reported on a strike of security companies following non-payment.

 

 

Dekeda declined to provide a breakdown of the amounts owed by the department to different suppliers since the department is still in negotiations with different suppliers.

 

'for the sake of patients' lives'

 

Eastern Cape Health MEC, Nomakhosazana Meth in June said in her response to a written question in the Eastern Cape Legislature, that the department owed R4 bn to suppliers of medicines and medical supplies, including medical implants, equipment, oxygen, and anaesthetic gasses.

 

Meth said her department would not be able to pay all its debts due to limited funds meant for goods and services.

 

 

"The department will keep negotiating with sister departments and defer payments that are likely to arise as a result of equitable share depletion. An unaudited payment of R3 billion has been paid in April now and it will be audited by 31 July 2023. The department would pay major suppliers the conditional grant and equitable share portion of the budget who render services within its ambit," she explained at the time.

 

"Where the equitable share portion gets depleted, the department will negotiate with major suppliers to continue supplying the service, for the sake of the lives of the patients. Where the suppliers only fall under the equitable share portion, it will pay the minimum from the available portion of the budget and continue to negotiate for the uninterrupted supply of services."

 

In June, during her budget speech, Meth said of the R28 bn budget just over R7 bn is allocated to goods and services, and 68% - about R19 bn is going towards employment costs. All in all, she vowed that 82% of the total budget is meant for "direct patient and health services".

 

Owing billions

 

But DA MPL and spokesperson for health in the Eastern Cape, Jane Cowley, earlier in a statement slammed the department for poor financial management. "How can it be that a department must beg for extended credit to ensure that patients don't die?" she asked.

 

"About R28 bn has been allocated to the Eastern Cape Health Department this financial year and only 9% (about R2.53 bn) will be set aside for goods and services such as telecoms services, surgical consumables, and more importantly - life-saving medicines and medical equipment," Cowley says.

 

Cowley argues that the department's already limited budget is not efficiently spent. For example, said Cowley, "Of the R23.38 bn left after accruals are deducted, the compensation of employees takes up 81% of the remaining budget." This adds up to R19 bn, yet, she said, "critical medical posts remain vacant."

 

As in other provinces, the Eastern Cape is having to deal with the fact that salary increases in the public healthcare sector in recent years have not been matched by equivalent increases in health budgets.

 

Cowley said almost 17% of this year's R28 bn health budget allocation should be going to pay off debt from previous years.

 

"This comprised only a small percentage of their accruals, which amounted to R4.7 billion. Several small and medium suppliers have cut their losses. Some have been forced to close their doors. Bigger companies have adopted a zero-tolerance approach to carrying this outstanding debt, in some cases for years, and are now taking action," she told Spotlight.

 

In the statement earlier, she said, "I have written to the Minister of Health, Dr Joe Phaahla, to highlight the catastrophic impact of this poor fiscal management and maladministration on the most vulnerable in society, the patients who depend on this department for their health and well-being."

 

'no health facilities were affected'

 

Dekeda told Spotlight the impact of MTN temporarily pulling the plug on telecoms was limited to officials and "no health facilities were affected". She said only officials' mobile telephones were suspended by MTN on 11 August.

 

"But when this suspension was escalated to the Accounting Officer (superintendent-general of the health department), there was an engagement with the CEO of MTN with the view to ensure the restoration of the service. There are no health facilities that were adversely affected by this, only official mobile phone users," she said.

 

 

"There were contingencies that were in effect, as the department has Telkom as another service provider for landlines, a push-to-talk system, and Telullars (a wireless terminal) that are provided for officials who have to work over the weekends. This is part of our systems to promote business continuity in the event there is a breakdown of the official cellular system."

 

Dekeda said, "The suspension of the accounts over the weekend affected all the employees that are in possession of official cellular phones in the department. There were no adverse events reported, as this happened over the weekend. The department diligently worked around the clock with MTN to resolve the issue, as such, telephone lines are confirmed to have been restored."

 

However, that same week Spotlight called several health facilities, including Madzikane ka Zulu Memorial Hospital in Alfred Nzo District, Aberdeen Hospital in Sarah Baartman, Madwaleni Hospital in Amathole, and Frere Hospital in Buffalo City to check if calls go through. This was after some healthcare workers and residents alerted Spotlight to difficulties with phone lines in some facilities.

 

Some calls to landline phones did not go through or were directed to reception before being dropped, while at some hospitals there were recorded automated messages on switchboards that said, "Phones were not serviced".

 

Spotlight has not been able to establish whether or not these issues (and those described below) were caused by the situation with MTN or something else.

 

Dekeda insists no facility was affected by the situation with MTN.

 

On 16 August, a reliable source at a referring hospital told Spotlight it seems like Cecilia Makiwane Hospital and Frere Hospital lines were down. The source confirmed that the department's cellphones were also affected but said they seemed like they started working again on 15 August. The same source stated that the district hospitals' lines were not affected and were fine. The source is not named given the risk of victimisation.

 

"We were working at Frere with no landlines. There are two cellphones at the switchboard and that is how we reach Frere," the source said. "Other than that, the different departments at Frere have shared the doctors' numbers on call so doctors are discussing directly with them. The disruption didn't affect the sick patients as there is no real difference for them because we usually have to speak to the doctor directly. But it is very frustrating now when making a non-urgent appointment for a patient as we usually phone the landline and speak to a nurse working in the department who has an appointment book."

 

The fact that I could not reach the hospital for updates on my son's condition upset me and made me panic. Having been transferred from one hospital to another, his condition was critical.

 

Bonisile Buso from Peddie said he spent hours during that weekend trying to reach Frere Hospital after learning that his injured son had been admitted to hospital. He said he was furious when he couldn't reach staff at Frere Hospital to check on the condition of his son. He only learned later that the telephone lines to that hospital were not functioning.

 

According to Buso, a nurse (from Peddie) called her colleague at Frere Hospital on her personal phone and was told the lines were down. "As that nurse was not on duty at the time, she was unable to assist us. The fact that I could not reach the hospital for updates on my son's condition upset me and made me panic. Having been transferred from one hospital to another, his condition was critical," Buso said. "So I hitchhiked to East London desperate for news about his condition. He is doing well now, however."

 

-spotlight.

 

 

 

Namibia: Trans-Kalahari Boosts Regional Development

Works and Transport Minister John Mutorwa has said the erection of the Trans Kalahari Corridor Secretariat offices in Windhoek aims to facilitate trade and propel the development agendas of Namibia, Botswana and South Africa.

 

Mutorwa stated that the transport corridor is extremely significant for the growth of the region, particularly when it comes to the movement and goods and people.

 

The Trans Kalahari Corridor (TKC) is a tripartite transboundary corridor management institution established with a political and economic vision to pursue or contribute towards deeper regional integration programmes of SADC, SACU and indeed NEPAD.

 

 

"In 2007, a hosting agreement was signed to give practical meaning to the establishment of a secretariat office here in Windhoek," Mutorwa highlighted on Friday at the inauguration of the new offices.

 

On 3 November 2003, the transport ministers of Botswana, Namibia and South Africa signed an agreement at the coastal town of Walvis Bay for the development and management of TKC.

 

In the preamble of the agreement, the three nations committed themselves to the ideals, objectives and principles which include the common vision of new partnerships for Africa's development to eradicate poverty and place those countries individually and collectively on a path of sustainable growth and development.

 

South Africa's transport minister, Sindisiwe Chikunga said it is the collective interest and that of the region and the continent that this collaboration succeeds in providing invaluable lessons to address similar challenges in the region and elsewhere on the continent.

 

 

"Transport is the heartbeat of social development and economic growth. It enables access to infrastructure and amenities for our people and without efficient transport, our respective economies would stagnate," she said.

 

Chikunga added that this is a partnership that must be built on as a stepping stone to giving practical expression to the African Continental Free Trade Area.

 

She said: "The transport sector, particularly the TKC, must lead the charge in dismantling the bottlenecks to free movement of goods and people between our respective countries and the continent."

 

Botswana's transport minister and chairperson of the TKC, Eric Molale, said he hopes infrastructure development of this nature will not be an opportunity for illegal trade and other unwarranted activities on the continent.

 

"We have to make sure that the road is safe to use. We have a scourge of human trafficking; we don't want this road to be associated with that. Another is a scourge of gender-based violence and we don't want the corridor to be associated with that scourge," Molale stressed.

 

The TKC is a road network spanning approximately 1900 kilometres across the territories of Botswana, Namibia and South Africa. It starts in the Gauteng Province in South Africa and continues through Rustenburg and Zeerust in the North-West Province, through Lobatse and Kanye in Botswana, the Mamuno and Trans Kalahari Border Posts, through Gobabis, Windhoek and Okahandja right through to the Port of Walvis Bay. - psiririka at nepc.com.na

 

-New Era.

 

 

 

Namibia: German Billionaire Targets Namibian Beef

The owner of international food-processing company Tönnies Holding ApS & Co plans to open a company in Namibia specialising in the slaughtering, butchering, processing and refining of pork and beef.

 

Clemence Tönnies last week informed President Hage Geingob about his plans during a courtesy visit at State House.

 

Geingob welcomed the investment, but pointed out that Namibia only accepts investors willing to hold hands by focusing on beneficiation, and addressing the high youth unemployment.

 

"Some of our beef is at limited places or zones. We need to clean that up so that we have enough beef to export. If you come and join us, then perfect. It is a thumbs up; we already have markets. Youth unemployment is the biggest problem in the country. Employ them, otherwise there is a threat to the peace and democracy we are currently enjoying in this country because people don't eat those things. We welcome good investors who are willing to add value here," he added.

 

 

The Tönnies Group is a German family business in the meat industry which operates internationally. Its core business involves pork and beef processing.

 

For pork, Tönnies is the German market leader. With revenue of over €6 billion [over N$142 billion], the company is one of the largest meat groups in Europe.

 

Through its subsidiaries, the company processes and supplies pork and beef, sausages and ingredients.

 

Tonnies Holding also offers slaughtering, butchering and processing of pigs, saws and cattle. It serves customers worldwide.

 

 

The President said people with no jobs are easily tempted to do evil deeds.

 

Meanwhile, the German billionaire assured the President that the company will focus on local value-addition and creating youth employment.

 

Moreover, a report by state-owned meat-processing and meat-marketing entity Meatco stated that market development is critical to ensure maximum realisation from various markets.

 

The report by Meatco CEO Mwilima Mushokabanji stipulated that to date, the company successfully exported its first beef consignments to emerging markets, namely China in 2019 and the USA in 2020. Critical to Meatco, he stated, was to ensure the mainstreaming of the Northern Communal Areas (NCAs) as part of living up to the mandate of serving all producers and creating wealth for all Namibians.

 

In the 2022/23 integrated annual report, Mushokabanji stated that for many years, farmers from the NCAs were deprived of accessing current niche markets.

 

"Opportunities are now available to access such markets due to the robust market development strategy that was implemented. Meatco developed the strategy for the NCAs, and successfully mainstreamed the NCAs into the Namibian economy by operating the Katima Mulilo abattoir, and marketing certified beef in line with the Commodity-Based Trade Protocol from the Katima Mulilo abattoir. To date, beef from the NCAs through our Katima Mulilo abattoir is finding space in the Ghanaian market, Angola and the DRC, as exported through the Commodity-Based Trade Protocols," observed the CEO.

 

Mushokabanji noted that Meatco is in final discussions to open the Middle East market to begin exporting NCAs' beef into this market. They made these milestones possible as part of a relentless drive to pursue an inclusive agenda to service all producers, regardless of where they find themselves in Namibia.

 

-New Era.

 

 

 

Uganda: President's Mineral Export Ban Threatens Thousands of Livelihoods, Tin Processing Plant

A ban imposed by President Yoweri Museveni on the export of unrefined minerals threatens to end a once-thriving tin processing plant, putting the livelihoods of thousands at risk.

 

The plant, previously employing over 5000 locals, including small-scale artisanal miners, now lies idle in the bush and may require over 3 billion shillings to restore to working condition.

 

In February 2015, President Museveni instituted a moratorium on the export of iron ore and other minerals, ostensibly as a temporary measure.

 

However, the ban's long-term consequences have taken a heavy toll on artisanal miners, local communities, and mineral processors alike.

 

 

One stark example of the ban's impact is Katanga Hill, located in Kikagate Sub County in Isingiro district, renowned for its tin deposits. Prior to the ban, this area buzzed with mining activities, but the once-vibrant landscape has since transformed.

 

Umar Musana, Artisanal Operations Manager at African Panther Resources, lamented the ban's impact, saying,

 

"The ban didn't only affect the locals who had prioritized tin mining for survival but also this 7 billion tin processing plant formerly owned by African Panther Resources. All the machines are lying idle in the bush."

 

The consequences of the plant's closure extend beyond economic hardship. The plant had also served as a source of water for the community, pumping water from River Kagera.

 

Now, locals, including young children, are forced to trek long distances to fetch water directly from the perilous river, endangering their lives.

 

 

African Panther Resources had previously entered into a Memorandum of Understanding with Wood Cross Capital to repair and revive the machines.

 

The tin smelting plant, situated in Ruti, a suburb of Mbarara city, was expected to add value to tin production, estimated to yield over 3 tons of tin annually.

 

It offered hope that once operational, artisanal miners could return to work and secure their livelihoods.

 

Mehdi Ali, Managing Partner at Wood Cross Capital, expressed optimism, stating,

 

"All the smelted tin shall be exported and is expected to generate an export revenue of over 8 billion shillings annually."

 

As the ban continues to impact the tin industry, local communities, and processors, there is growing urgency to find a solution and restore the once-thriving sector to its former glory.

 

 

 

 

Uganda: Fuel Prices Hike Alarms Transporters, Public

Transport operators have raised concerns over the increasing fuel prices, and asked the government to intervene.

 

Currently the pump price for petrol is at shillings 5430 while diesel ranges between 4999 and 5200 shillings.

 

Fuel prices had stabilized, but in the past couple of weeks they have started to rise. A litre of petrol is trading between 5100 and 5430 shillings per liter, while diesel, which had reached 4600/- at some stations, is now between 4999 and 52,00/-.

 

Those in the transport industry decry the prices, saying that they spend a lot of money on fuel and their passengers are also hesitant to pay more given the current economic situation in the country.

 

 

Every time fuel prices shoot up; the price of commodities also go up since dealers blame this on high transport costs involved in delivering goods on the market.

 

Danel Mushabe, one of the fuel traders, attributes the increase to a number of factors including low production by the oil Producing Companies under the Organization of the Petroleum Exporting Countries (OPEC).

 

Mushabe adds that the dollar's appreciation against the shilling cannot be ignored as it also plays a major role in inflation.

 

However, the state Minister for mineral development Peter Lokeris says the government is hopeful that oil prices will come down because there is no shortage of fuel.

 

The National Bureau of Statistics recently reported a decline in inflation from 3.9 per cent to 3.3 per cent but this is likely to change given the current situation.

 

 

 

 

Alan Joyce: Qantas boss exits early amid mounting scandals

Qantas boss Alan Joyce will depart the airline two months earlier than scheduled amid mounting controversies.

 

Mr Joyce was set to leave in November, after 15 years as chief executive, but will now exit the role immediately.

 

He said recent attention on "events of the past" made it clear this is "the best thing" he could do.

 

The airline is the subject of growing public anger after reaping record profits despite a series of scandals.

 

Chief financial officer Vanessa Hudson will become Qantas' first female boss when she succeeds Mr Joyce on Wednesday.

 

In the past two years Qantas has faced a slew of criticism for expensive airfares, mass delays and cancellations, and its treatment of workers.

 

A week after Qantas announced a record A$2.5bn ($1.6bn; £1.3bn) profit, Australia's consumer watchdog - the Australian Competition and Consumer Commission (ACCC) - said it was taking legal action against the airline over allegations it had sold tickets to thousands of flights it had already cancelled.

 

The lawsuit, announced last Thursday, means the national carrier is now facing legal action on three fronts.

 

It is also appealing against a ruling it illegally outsourced thousands of jobs during the pandemic, and fighting a class action from customers over its inflexible flight credit scheme.

 

Shareholders are now under pressure from some groups - including some parliamentarians - to vote down Mr Joyce's final remuneration package, which is reportedly up to A$24 million.

 

In a statement on Tuesday, Mr Joyce did not address those calls.

 

He said there was a lot he was proud of over his time at Qantas, but it now needed to "move ahead with its renewal as a priority".

 

"There have been many ups and downs, and there is clearly much work still to be done, especially to make sure we always deliver for our customers. But I leave knowing that the company is fundamentally strong and has a bright future," he said.

 

Mr Joyce's Sydney mansion was famously pelted with eggs and toilet paper at the height of the recent airport chaos, and he was struck in the face with a lemon meringue pie in 2017 over his public support for same-sex marriage during a national debate on legalising it.

 

But Mr Joyce has also won praise for steering the airline through the 2008 financial crisis, the pandemic and record oil prices.

 

Qantas chairman Richard Goyder paid tribute to Mr Joyce, saying he "has always had the best interests of Qantas front and centre, and today shows that".

 

"This transition comes at what is obviously a challenging time for Qantas and its people. We have an important job to do in restoring the public's confidence in the kind of company we are."

 

When her posting was announced in May, Ms Hudson said restoring the airline's reputation was her top priority.-bbc

 

 

 

 

Wegovy: Weight-loss drug firm becomes Europe's most valuable

The maker of weight-loss drug Wegovy has become Europe's most valuable firm, dethroning the French luxury conglomerate LVMH.

 

Shares rose after the Danish pharmaceutical giant, Novo Nordisk, launched the popular drug in the UK.

 

At the close of trading on Monday, the firm had a stock market valuation of $428bn (£339bn).

 

The drug is now available on the National Health Service in the UK and also on the private market.

 

Wegovy is an obesity treatment that is taken once a week which tricks people into thinking that they are already full, so they end up eating less and losing weight.

 

Famous personalities such as Elon Musk are among the reported users of the drug, which has captivated Hollywood and the public more widely since it was approved by regulators in the US in 2021.

 

Wegovy and Ozempic - a diabetes treatment with similar effects - have been described as "miracle" drugs.

 

But experts warn the jabs are not a quick fix nor a substitute for a healthy diet and exercise.

 

In trials, users often put weight back on after stopping treatment.

 

'Fanfare'

There has been a global shortage of the jabs so only limited stock arrived for the NHS in the UK.

 

The company has said it will continue to restrict global supplies as it works to ramp up manufacturing.

 

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, told the BBC's Wake Up to Money programme the firm had been "genuinely surprised" by the uptake and said it had been "a victim of its own success".

 

"It's not common that you see a pharmaceutical company so entrenched in popular culture but there are people saying that we need to take a step back and ensure it is being used appropriately and responsibly. Of course, with a lot of fanfare for a drug, you are risking a lot of blowback in the future," she said.

 

In the UK, NHS guidelines say patients can only access Wegovy, which contains the drug semaglutide, if they are significantly overweight and have weight-related health problems.

 

According to the Organisation for Economic Co-operation and Development (OECD), nearly one in three adults are obese in the UK, which is the highest level in Europe.

 

Last month, a new trial showed Wegovy has also been proven to reduce the risk of a stroke or heart attack.

 

While the findings still have to be fully reviewed, experts agreed the results were potentially significant.-bbc

 

 

 

 

Port of Dover to reclaim land from sea to prevent queues

The Port of Dover wants to build out into the sea to avoid delays when the EU's planned biometric border controls system starts.

 

The Port's boss, Doug Bannister, said reclaiming some land would create more space to process passengers.

 

He has previously warned the new system could cause long queues.

 

The new controls, known as the Entry Exit Scheme, were first slated for introduction in 2022, but are now expected to start in autumn 2024.

 

After their introduction people entering the EU will have to register their fingerprints and a photograph alongside their passport.

 

Over the past few years the Port of Dover has seen repeated incidents of queuing at its busiest times, with post-Brexit checks adding to waiting times. Mr Bannister has insisted everything possible has now been done to minimise delays. This summer, with traffic numbers nearly back to pre-Covid levels, there no prolonged problems at the port.

 

However, Mr Bannister has previously warned that under the Entry Exit Scheme (EES), the time taken for non-EU citizens to comply with the new requirements could create bottlenecks.

 

Mr Bannister told the BBC that working with the authorities on both sides of the Channel over the past year had made him more confident.

 

An app may be developed to handle part of the registration process before people arrive at the port, he suggested. However, he said the port needed a solution to prevent "unacceptable" queues materialising at the border.

 

Mr Bannister told the BBC that plans already existed to reclaim land in the port's western docks, for cargo use. Now, he is looking to speed up the project so the new area can be used to hold passengers when EES starts.

 

This acceleration would cost an extra £2m, with the aim of finalising the design by the end of the year, and starting work in the spring. The port is hoping the government may be able to contribute financially.

 

The Dover boss said decisions needed to be made "imminently".

 

Dover is not alone in trying to avoid difficulties as a result of EES.

 

Yann Leriche, chief executive of Eurotunnel's owner Getlink, said the change was something the business "cannot mismanage", with problems "not an option".

 

Getlink is spending £100m to create a new area, where people will be able to register their data at 75 stands.

 

Eurotunnel is also seeing traffic recover, although it is still short of pre-pandemic levels.

 

Getlink has developed technology to process customs controls digitally. It says this now allows goods to cross the Channel as quickly as before Brexit - something it hopes will attract customers.

 

The Port of Dover says it had its busiest day since before the pandemic on Saturday 29th July, with 800 cars arriving every hour at peak times.

 

The average wait time over the summer was 41 minutes during busy periods, it said.

 

Over the the summer the port handled 1.14 million passengers travelling over to France, close to the 1.19 million in 2019.-BBC

 

 

 

 

Country Garden: Property shares jump on debt reprieve

Shares in Chinese property firms have jumped after developer Country Garden reportedly secured an extension to a key debt payment deadline.

 

Major home builders including Country Garden and Evergrande saw their shares rise in Hong Kong on Monday.

 

Investors also welcomed moves by Beijing to step up its support for the faltering economy.

 

It marks some rare, good news for China's crisis-hit real estate industry.

 

Country Garden's Hong Kong-listed shares were around 15% higher on Monday afternoon.

 

The company's shares are still down by more than 60% since the start of this year.

 

Country Garden, which is one of China's biggest property developers, had been due to make payments for a 3.9 billion yuan (£430m; $540m) onshore private bond on Saturday.

 

The firm avoided defaulting on the debt after Chinese creditors agreed over the weekend to allow it to make the payments in instalments over the next three years, according to reports.

 

The company has also wired a payment on a 2.85 million Malaysian ringgit (£490,000; $613,000) denominated bond, according to Bloomberg.

 

However, it is still currently scheduled to make $22m (£17.4m) in debt payments by Wednesday on two US dollar bonds it missed in August.

 

Country Garden did not immediately respond to a BBC request for comment.

 

The company's struggles have come into the spotlight in recent months.

 

Last week, the firm reported a record $6.7bn (£5.2bn) loss for the first six months of the year.

 

Country Garden said in a statement at the time that it was "deeply remorseful for the unsatisfactory performance."

 

On Friday Beijing stepped up measures to boost the economy, with major banks paving the way for further cuts in lending rates.

 

It came as concerns grow about China's property market, which accounts for around a quarter of the world's second largest economy.

 

Issues with home builders to industries making the goods that go in them - are having a major impact as the economy struggles to recover from the pandemic.

 

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

 

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

 

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

 

Just over a week ago, Evergrande posted a 33bn yuan loss for the first six months of the year.

 

Its shares fell by almost 80% last Monday, in their first day of trading in Hong Kong for a year and a half.

 

Evergrande shares have lost more than 99% of their value in the past three years as Beijing cracked down on property firms.

 

China is also facing various issues - including weak economic growth, ballooning local government debt and record-high youth unemployment.-BBC

 

 

 

 

New iPhone, new charger: Apple bends to EU rules

Apple's latest iPhone will almost certainly feature a USB-C charge point when it is unveiled on 12 September.

 

The firm's phones currently use its proprietary Lightning adaptor, unlike rivals, including Samsung.

 

A European Union law requires phone manufacturers to adopt a common charging connection by December 2024 to save consumers money and cut waste.

 

Most new Apple products such as the latest iPads already use USB-C, but the firm had argued against the EU rule.

 

When it was introduced in September 2021, an Apple representative told BBC News: "Strict regulation mandating just one type of connector stifles innovation rather than encouraging it, which in turn will harm consumers in Europe and around the world."

 

Lightning to USB-C adaptors are already available from other electronics brands including Amazon, and all iPhones since the iPhone 8 which launched in 2017 have supported wireless charging.

 

As the current iPhone 14 now looks to be the last Apple device to exclusively use it, this could mark the beginning of the end of the Lightning cable - which retails on the Apple store for £19.

 

It's unclear whether this will be a global change to the product, although the tech giant is less likely to make a different version of the handset for the European market alone.

 

Graphic showing the most common charging connectors - type C USB, Micro USB and Lightning

The changes are anticipated in the new iPhone 15 and iPhone 15 Pro devices which are set to be unveiled next week at the firm's annual autumn event.

 

According to a report by Bloomberg news, benefits of the switch for users will include customers being able to use a single charger for iPads, Macs and iPhones, as well as faster download speeds.

 

The EU common-charger rule covers a range of "small and medium-sized portable electronics", according to the EU, including:

 

mobile phones

tablets

e-readers

mice and keyboards

GPS (global positioning system) devices

headphones, headsets and earphones

digital cameras

handheld videogame consoles

portable speakers.

Any of these charged using a wired cable will have to have a USB Type-C port, regardless of who makes the devices.

 

Laptops will also have to abide by the rules but manufacturers have longer to make the changes.

 

According to the EU, it will save consumers "up to €250m [£213m] a year on unnecessary charger purchases" and cut 11,000 tonnes of waste per year.-BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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