Major International Business Headlines Brief::: 07 September 2023

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Major International Business Headlines Brief::: 07 September 2023 

 


 

 


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

 


 

 


 

ü  Uganda: Govt Says It Is Powerless to Stop Fuel Price Hike

ü  Africa: Lawsuit Likely as CAF Cancels Biggest TV Broadcast Deal

ü  Kenya: Private Sector Activity Improves After Odinga, Ruto Truce

ü  Mozambique: Unicef Faces Huge Funding Shortfall

ü  Nigeria: Ports Collapsing, We Must Rehabilitate Them - Minister

ü  Mozambique: New Management System for Beira Container Terminal

ü  Mozambique: Government to Farm Out N7 Highway to Private Companies

ü  Mozambique: Lam Reduces Debt By Over U.S.$61 Million

ü  Ghana Loses Ghc49.5 Million to Cyberfraud in Six Mths

ü  Kenya: Worldcoin Clings to Nod By Owalo, Kassait in Defending Kenyan
Operations

ü  Africa: Masisi Opens Africa Down Under Conference

ü  Kenya: Uber Bets On e-Bikes to Cut Environmental Pollution in Kenya

ü  Liberia: Operations Begin At Jeety's New Factory

ü  China exports fall for the fourth month in a row

ü  Ryanair boss calls air traffic chaos report rubbish

ü  People in UK least likely to say work is important to their life - survey

ü  Bank of England boss says interest rates close to peak

 


 

 


 

 <https://www.cloverleaf.co.zw/> Uganda: Govt Says It Is Powerless to Stop
Fuel Price Hike

The Ministry of Energy has told parliament that the government has no
control over the escalating fuel prices that have rocked the country in
recent weeks.

 

The state minister for energy, Sidronius Opolot Okaasai noted that the hike
in prices is being driven by demand and supply factors on the global oil
market beyond its reach.

 

The state minister for Energy, Sidronius Opolot Okaasai told parliament that
the current hike in pump prices has been triggered by an increase in demand
for oil globally and prices on the international oil market with a barrel of
crude surging from $74.35 in July 2023 to $82.45 in August 2023.

 

 

Okasaai further informed parliament that the ministry's hands are tied,
adding that they will only continue to monitor the subsector and ensure a
stable supply of petroleum products at the most competitive prices.

 

"Uganda operates a liberalized downstream petroleum market, where pump
prices are determined by the forces of demand and supply. Several global
factors have impacted crude oil prices like OPEC members who have
implemented extra supply cuts to balance the oil market,leading to the
reduction of overall oil production. When the global prices rise Uganda is
directly affected.the deepening opaque macro cards are a big player,"
Okasai.

 

Minister Okaasai also says that the increased world oil demand that has
reached the record levels,with demand hitting 103 billion barrels per day in
June 2023 also contributed to the high fuel prices.

 

Okasai "the demand of oil if now at 103bn barrows perday globally which puts
pressure on the supply.the exchange rate is also increasing which equally
impacts the on the pump prices. The dollar has continued to increase against
the shilling.

 

However, legislators didn't seem satisfied with the ministers submission,
some members even attempted to move a motion under rule 59 that Parliament
rejects the ministers statement saying it doesn't provide interventions from
the government.

 

Ssemujju " I move a motion under rule 59, l above that parliament rejects
this statement. What even happened to our fuel reserves? "

 

Naluyima wondered, " Can we have a back up plan. What befell the buffers ?"

 

Other legislators have called for a stable supply of fuel in the country
taking into consideration the fuel reserves to manage external shocks.

 

The speaker however ruled that the statement together with the committee
report be debated tomorrow.

 

Fuel prices had stabilised, but in the past couple of weeks they have
started to rise again. A litre of petrol is trading between Ugandan
shillings 5100 and 5430 per litre while diesel which had reached 4600 Uganda
shillings at some stations is now between shillings 4999 and shillings 5200
shillings.

 

 

 

 

Africa: Lawsuit Likely as CAF Cancels Biggest TV Broadcast Deal

Harare — The Confederation of African Football (Caf) may possibly start
another expensive legal proceeding after unilaterally terminating its
current largest broadcast agreement with Qatari media giant beIN, BBC Sport
reports.

 

The 12-year, U.S.$415 million deal was terminated with immediate effect on
September 1 after CAF's attorneys notified beIN Media Group, which owns the
beIN Sports broadcasting business, of their decision.

 

CAF said that beIN violated their contract and is owed almost U.S.$80
million in unpaid fees.

 

In response, the media organization with headquarters in Qatar acknowledged
"a number of issues that have affected the contractual relationship" and
informed the governing body of African football of its desire to file a
lawsuit unless "open discussions in good faith can resolve this issue".

 

This is the second time in four years that CAF unilaterally terminated a
deal with its largest financial partner. In November 2019, the decision was
made to cancel the largest contract in CAF history, a television and
marketing rights agreement with Lagardere Sports that covered the years 2017
through 2028 and guaranteed at least U.S.$1 billion.

 

The decision to cancel the contract cost the Cairo-based organization some
U.S.$50 million in November 2019. This cost has been paid in the past year
although Lagardere Sports, now known as Sport5, had asked for U.S.$90
million in compensation at first.

 

The Lagardere agreement was broken when Fifa Secretary General Fatma Samoura
was in charge of the African organisation in her special six-month capacity
as a General Delegate for Africa.

 

 

 

 

Kenya: Private Sector Activity Improves After Odinga, Ruto Truce

Nairobi — Kenya's business activities grew in the month of August compared
to a similar period in July, buoyed by the cooling of political tensions
that were experienced during anti-government demonstrations across the
country a few months ago.

 

The latest Stanbic Bank's Purchasing Managers Index (PMI) survey that was
released yesterday shows that the PMI index rose to 50.6 from 45.5, hovering
above the 50 mark for the first time in months.

 

It comes after the state and the opposition agreed to engage in talks,
creating room for political tranquility in the country.

 

"At 50.6 in August, up from 45.5 in July, the headline PMI signaled an
expansion in business conditions for the first time since January," read the
survey in part.

 

 

"However, the index was only slightly above the 50.0 mark, indicating that
the expansion was only marginal. After deteriorating at the sharpest rate in
almost a year in July," it added.

 

"Output levels recovered slightly in August. Surveyed companies often noted
that greater political stability had helped to boost demand and lead to
higher activity, especially in the services and manufacturing sectors where
growth resumed."

 

However, the PMI notes that the improvement was slightly weighed down by a
rapid rise in inflation.

 

"August survey data signaled that inflationary pressures were still
historically marked and continued to hit business expenses," the report
noted.

 

"Nearly 38% of firms saw a monthly rise in their input costs, marking one of
the sharpest rates of cost."

 

-Capital FM.

 

 

 

 

Mozambique: Unicef Faces Huge Funding Shortfall

The United Nations Children's Fund (UNICEF) has warned that it has only
received 22 per cent of the funding needed for its operations in Mozambique.

 

In its humanitarian situation report published on 23 August, UNICEF points
out that it has only received US$19 million for its US$169 million appeal
"to sustain life-saving services for nearly 2.5 million children and
families in Mozambique affected by multiple shocks, including those affected
by conflict in northern Mozambique, Cyclone Freddy, and the cholera
outbreak".

 

To supplement these funds, UNICEF is using US$17.5 million carried over from
last year. However, this still leaves a 77.8 per cent funding gap.

 

 

This comes at a time when the needs in Mozambique are growing. UNICEF warns
of the intensification of the conflict in the northern province of Cabo
Delgado (which has been plagued by Islamist terrorism since 2017) which has
"resulted in the movement of over 7,600 people in July, of whom half are
children".

 

UNICEF also warns that research by the Famine Early Warning System Network
(FEWSNET) at the end of July indicated that food security in areas in the
centre of the country hit by Cyclone Freddy has deteriorated due to the
impact of the cyclone at harvest time. UNICEF states, "Poor households are
likely engaging in coping strategies to minimise food consumption gaps
following a poor/failed harvest and limited access to income (livelihoods)".

 

In addition, UNICEF highlights its concern about the high price of the
staple food maize which is 20 to 66 per cent above average "due in part to
delayed harvests and crop losses during the 2022/2023 agricultural season".

 

 

Looking to the future, UNICEF points out that according to the National
Institute of Meteorology, there is a greater than 90 per cent chance of an
El Nino occurrence during the next rainy season. El Nino conditions
typically lead to irregular and deficient rainfall in the south and centre
of the country and excessive rainfall in northern areas.

 

UNICEF notes that "in July, there were more than 23 consecutive days without
significant rainfall and the majority of the country recorded below normal
vegetation coverage".

 

Funding for UNICEF's work in Mozambique has been received from the
governments of Canada, Japan, the United States, Germany, the United
Kingdom, Switzerland, Norway, Ireland, South Korea, Sweden, the European
Union, and the UN Central Emergency Response Fund (CERF).-AIM.

 

 

 

Nigeria: Ports Collapsing, We Must Rehabilitate Them - Minister

The Minister of the newly created Marine and Blue Economy, Adegboyega
Oyetola, has said the Lagos seaports are in dilapidation and called for
urgent rehabilitation of the facilities.

 

Speaking in Lagos while on a tour of the Lagos Ports, Oyetola said that
government will engage the terminal operators to see how the rehabilitation
of the ports can be funded.

 

The Minister also said that he will engage the Minister of Works on
rehabilitating the port access roads which are also dilapidated.

 

He stated: "I intend to go around and see things for myself and I have seen
a lot of things, the challenges, need to activate a lot of things about our
ports.

 

 

"The infrastructure is almost collapsing from what I have seen. So it is a
major rehabilitation that has to be carried out. "However, I am impressed
with the management of the NPA (Nigerian Ports Authority) but we need to
support them. I am looking forward to a situation where the terminal
managers will be willing to contribute to the rehabilitation of the ports.
So it is going to be a collaboration between the government and the terminal
operators.

 

"I have asked them to let us have the report regarding the collapsed quay
walls and what they have done so far. We need to know so that once we get
approval from Mr. President, we will move to fix the quays.

 

"We need infrastructure to drive the Marine and Blue economy, if we have the
right infrastructure in place, it will diversify the economy. We rely so
much on oil. There are a lot of other opportunities that remained untapped
for so many years. I must commend the President for thinking along this
line. I believe we can do it.

 

"I think to avoid the collapse of the ports, we need to rehabilitate as a
matter of urgency. Then dredging has to continue and then we can put all the
other things in place".

 

On the dilapidated access roads, he said, " I believe it is proper to look
at it and I am going to be engaging the Minister of Works and see what we
can do together with the Minister of Transportation and with all these
things, we are good to go. We are looking at the totality of the ports in
Nigeria".

 

-Vanguard.

 

 

 

 

Mozambique: New Management System for Beira Container Terminal

Cornelder de Mocambique, the private company that operates the port of Beira
in central Mozambique, has announced that it is introducing a new management
system to improve the handling of refrigerated containers, known as
"reefers", in the container terminal.

 

According to a press release issued by the company on 31 August, Cornelder
de Mocambique will work in partnership with Identec Solutions to implement
from October a new and modern management system called Reefer Runner.

 

Part of this will involve the installation of 300 power sockets known as
reefer plugs for the refrigerated containers.

 

 

Luis Rodriguez, the Head of the Container Terminal, explained that the
improvements aim to reduce costs and meet the immediate needs of customers.
For this, "a reliable, fast, and fully documented handling of reefers is
important".

 

He added that "with the Reefer Runner system, we can monitor the fridges
remotely. This is crucial as the number of fridges steadily grows".

 

The press release notes that "by enabling automated 24/7 monitoring of all
individual refrigerated containers, Reefer Runner protects all refrigerated
cargo, transmits vital data, and triggers alarms when necessary. This
technology facilitates more efficient reefer management, significantly
improving the process of importing and exporting reefer cargo at the
terminal and minimising complaints".

 

The installation of this system covers two bonded warehouses, an
International Maritime Dangerous Goods (IMDG) storage area and a
state-of-the-art Navis N4 computerised management system.

 

The recent expansion includes more container storage space and a new
five-lane access road, solidifying Beira's role as an important logistics
centre in the region.

 

This strengthens Cornelder's claim that the Beira Port Container Terminal is
"one of the most modern terminals in southern Africa".-AIM.

 

 

Mozambique: Government to Farm Out N7 Highway to Private Companies

The Mozambican government is considering farming out National Highway N7 to
private companies to guarantee routine maintenance on this approximately
500-kilometre stretch of road that links Vanduzi district, in Manica
province, to Zobue, in Tete province, on the border with Malawi.

 

According to the Minister of Public Works, Carlos Mesquita, cited in
"Noticias" on 23 August, the current state of the road surface is worrying,
with potholes along almost its entire length.

 

"The N7 is vitally important, as it boosts and catapults the province's
economy and is an important link for the countries of the hinterland, which
use it to access the Port of Beira, hence the urgent need for rehabilitation
to provide better comfort for motorists", he said.

 

 

Mesquita guaranteed that while the mobilisation of funds for major work on
the entire length of the road is being discussed, the contractors who have
been mobilised are working on the most critical sites.

 

"We have been discussing with our partners to see if we can find the funds
to carry out an intervention on the entire length of the N7 and other roads
in the country, such as the N1 [the main north-south highway], some of which
will later be farmed out to private management", Mesquita said.

 

At the moment, the government, through the National Roads Administration
(ANE), is investing over one billion meticais (US$15.6 million) for the
emergency rehabilitation and periodic maintenance of 151 kilometres between
Catandica in Manica and Changara, in Tete.

 

Mesquita pledged that the work will be completed by the first half of
2024.-AIM.

 

 

 

Mozambique: Lam Reduces Debt By Over U.S.$61 Million

The publicly-owned company Mozambique Airlines (LAM) has reduced its debt by
around US$61.6 million in the last quarter, following various actions
carried out by Fly Modern Ark (FMA), the South African consultant hired to
revive the airline.

 

According to the LAM restructuring project manager, Sergio Matos, who
revealed the figure on 29 August in Maputo, "this is the result of the
correct posting of transactions in accordance with International Accounting
Standards. The Generally Acceptable Accounting Practices (GAAP) and National
Treasury Accounting Guidelines reduces the debt position".

 

In the last three months, Matos said, there has been a reduction calculated
at around US$14.3 million. Added to the previous US$47.3 million announced
on 29 May, this brings the total debt reduction to US$61.6 million.

 

"LAM is now technically solvent", Matos stressed.

 

 

According to Matos, FMA is now working to recover and forward to LAM's
coffers a sum in excess of US$20 million to purchase an aircraft.

 

"Negotiations are underway with Boeing for the reimbursement of US$23
million, an amount that LAM made in advance for the purchase of Boeings in
the past but which then didn't happen", he said. "We are now in negotiations
to recover this sum, and when this amount is reimbursed, it will further
reduce the debt".

 

LAM has also established new routes, including Maputo-Lusaka, and has
reintroduced the Vilankulos-Johannesburg and Beira-Johannesburg routes.

 

In addition, LAM has re-established inter-provincial routes from the city of
Beira that allow "passengers who want to go to Cabo Delgado or Nampula [...]
to leave from Beira to the provinces of the centre and north". The results
of this will determine whether or not a similar line is created from Nampula
to other parts of the country.

 

 

Three more aircraft have been added to the LAM fleet. "When Fly Modern Ark
started to operate, LAM had seven aircraft and only five were fully
operational", said Matos. "Now, three more have been added and all of them
are operational, which means we have ten aircraft fully operational", he
said. The three aircraft added to the fleet are two CRJ900 and an Embraer
145.

 

The government, he explained, has a programme contract that was signed with
LAM to cover the unprofitable routes (Maputo/Xai-Xai/Maputo,
Maputo/Chimoio/Maputo and Maputo/Lichinga/Maputo) and these amounts were
recorded as debt.

 

"There was also an injection of liquidity during the Covid-19 pandemic to
support the company and this was also recognised as debt. What we did was
contact these institutions and they gave us supporting documents to prove
that it wasn't a debt", he added.

 

Asked if LAM had been mismanaged, Matos said he couldn't say for sure. He
only argued that FMA had brought pragmatism to management, because "the
people are the same and the competence is the same".

-AIM.

 

 

 

Ghana Loses Ghc49.5 Million to Cyberfraud in Six Mths

Ghana recorded GH¢49.5 million direct financial losses through cyber fraud
activities between January and June, this year, Dr Albert Antwi-Boasiako,
the Director-General, Cyber Security Authority (CSA) has disclosed.

 

This figure according to him, constituted just a fraction of cases reported
to state agencies with the possibility that financial losses of unreported
cases could exceed the amount reported so far.

 

Dr Antwi-Boasiako disclosed this at the media launch of this year's National
Cybersecurity Awareness Month in Accra on Sunday.

 

The month of October has been dedicated as a 'National Cybersecurity
Awareness Month' and this year's theme is: "Promoting a culture of digital
safety".

 

 

It is aimed at creating public awareness and conscientising Ghanaians and
organisations on opportunities and threats of the cyberspace and ensuring a
meaningful utilisation of the online resources for a safer environment.

 

Dr Antwi-Boasiako said despite the fact that Ghana had made a lot of
progress in creating public awareness on cybersecurity issues, there was the
need to intensify awareness creation amongst the youth.

 

He said the Authority had received 41,285 contacts between October 2019 and
July 2023 of complaints from the public on cybercrime and other related
activities.

 

Out of this figure, 41 per cent was online fraud including shopping fraud,
romance fraud, online blackmail and identity fraud.

 

Dr Antwi-Boasiako therefore called for collective and individual
responsibility in protecting oneself against digital fraud.

 

He called on the public to contact the Authority through its toll free line
292 to report any issue concerning online fraud for prompt action.

 

Dr Antwi-Boasiako also proposed institutional harmonisation and integration
of the work of state agencies collating statistics on arrests, prosecutions
and convictions of persons involved in cyber fraud.

 

The CSA boss observed that global digitalisation trends had changed the way
businesses conducted business.

 

Therefore, government was creating opportunities, and enabling interventions
for economic growth.

 

Recent statistics indicates that more than 62 per cent (4.95 billion) of the
world's population have access to the internet.

 

In Ghana, internet penetration has increased exponentially from 2.31 million
in 2012 to 17 million users in 2022 representing 53 per cent of the
population.

 

Dr Antwi-Boasiako said cybersecurity awareness was a global initiative aimed
at raising awareness about cybersecurity and promoting best practices for
online safety.

 

Ghana started the National Cybersecurity Awareness in 2017 with the
establishment of the National Cyber Security Week which subsequently evolved
into a month-long event under the auspices of the then National Cyber
Security Secretariat.

 

According to the Groupe Special Mobile Association (GSMA) Mobile
Connectivity Index (MCI) 2023 report, Ghana is ranked 4th in Africa with a
score of 51.4 per cent depicting significant progress in connectivity over
the past five years.

 

In the same report, Ghana had a score of 86.69 per cent in Online Security
(a key dimension of the index) consistent with the country's score on the
ITU's Global Cybersecurity Index (GCI).

 

-Ghanaian Times.

 

 

 

Kenya: Worldcoin Clings to Nod By Owalo, Kassait in Defending Kenyan
Operations

Nairobi — Tools for Humanity, the parent firm for the Worldcoin Operation
Project, was hard-pressed on Wednesday to explain why they failed to
register as a business entity before embarking on data mining activities in
Kenya.

 

Appearing before the National Assembly Adhoc Committee investigating the
firm's operations, Tools for Humanity Chief Legal Officer Scott Thomas told
MPs that since April 2022 they were operating under the legal requirement as
data controllers.

 

Thomas explained that Cabinet Secretary for ICT Eliud Owalo had moved to
allay any concerns that Tools for Humanity was operating outside the
confines of the law.

 

 

"We subsequently engaged with the office of data commissioner and secured
registration certificate as data controllers, as late as 2nd august this
year CS Eliud Owalo said that we were operating within the law," he said.

 

Worldcoin Project activities raised concerns over processing of iris data
captured via an orb scanner issuing users Worldcoin tokens valued at Sh7,000
in July.

 

"We recognize that there might be certain concerns as to our operations but
we feel that we have genuinely and consistently done our level best to
comply with the law," Thomas told MPs.

 

The Tools for Humanity Chief Legal Officer said the Office of Data
Protection Commissioner under Immaculate Kassait as well as their legal
counsels in the country had adequately advised them that they did not need
to register as a business entity.

 

 

"We have looked this question and meaningfully assessed our activities here,
and its our considered view with the advice of Kenyan lawyers that we don't
have to register with the business registration office," Thomas said.

 

"We are not doing business in Kenya,we are just like Uber and Google," he
added.

 

Unregistered business

 

Committee Chairperson Gabriel Tongoyo challenged the argument saying the
firm's data mining activities involved monetary transactions hence linked to
business operations.

 

"You say you were registered as a data controller but as a foreign country
you needed to register with the business registration office to allow you to
continue with your business," Tongoyo said.

 

Mbeere North MP Geofrey Ruku poured cold water on the explanation by Tools
for Humanity that they were not legally required to seek business permits
from the business registration service as data transmitters.

 

 

"There is no way that Tools for Humanity can carry out business activities
through other agents without registration. It's within the Companies Act,
your lawyers gave you wrong advise and you should sack them," Ruku said.

 

Gatanga MP Edward Muriu termed Worldcoin activities suspicious as
information concerning their registration and approvals was still unclear.

 

"Currently its looks like it's a gag of criminals who wants to harvest data
from our young people in exchange for money. We want to find out where does
the forte lies, does it lie with the data commissioner or the lacuna of our
law," he observed.

 

Uncertified scanners

 

Tools for Humanity were also put on the spot for importing Orb operators
which were used to mine data through scanning individuals' irises.

 

The Office of the Director of Criminal Investigation and Communication
Authority Director General Ezra Chiloba revealed that the Orb devices used
to scan irises had not received certification.

 

"Looking into the regulations we observed that there was no need of approval
at the time for the devices that were operating in the country," Thomas
said.

 

"The device was identified by the DCI as a biometric scanner from the point
of entry where it was supposed to seek type approval before entry in the
country. It was supposed to be classified as a communication gadget,"
Tongoyo responded.

 

"The orb device in the classification of DCI is a telecommunication device
and as such a device that should have sought for a type test and approval.
The question begs where type approval happen after operationalization,"
Dagoretti South MP John Kiarie added.

 

Alex Blania, the Tools for Humanity founder explained that on July 24, when
the Worldcoin protocol became available on global exchanges, the firm faced
unprecedented demand it had not anticipated.

 

"While we had spent more than three years preparing for this day
technologically, we were not prepared for the demand for World ID to
increase thirty times practically overnight. We could have done a better job
in managing this increase in demand and the long lines that came with it,"
Blania stated.

 

Concerns over the transparency of Worldcoin operations have been raised in
France, India, Germany, UK and other countries.

 

-Capital FM.

 

 

 

Africa: Masisi Opens Africa Down Under Conference

Canberra — President Dr Mokgweetsi Masisi says Botswana can benefit a lot
from the Africa Down Under Conference currently ongoing in Perth,
Austrralia.

 

Dr Masisi, who gave a keynote address at the conference, said the Africa
Down Under Conference was a leading forum for Australia-Africa business and
government relations, which was first launched to raise awareness of
Australia's interest in the African mining and energy sectors.

 

He said Botswana was a resource-rich country with a credible record of
prudent mineral exploration and exploitation.

 

He said Botswana's mining history bears testimony to the sector's
contribution to the socio-economic development adding that it contributed
considerably to the exports value, government revenue and the Gross Domestic
Product (GDP).

 

-Botswana Daily News.

 

 

 

Kenya: Uber Bets On e-Bikes to Cut Environmental Pollution in Kenya

Nairobi — As Kenya and many other countries around the globe battle the
effects of climate change, Uber has introduced electric motorcycles to
reduce environmental pollution caused by fossil fuel-powered two-wheelers.

 

Kenya now becomes the first country on the African continent where Uber
operates e-bikes.

 

"Now is the time to take solid steps that enhance sustainable practices and
as a business, we are committed to being part of the collective efforts to
reduce the carbon footprint," said Frans Hiemstra, Director and Regional
General Manager, Uber, Middle East and Africa.

 

"Through the launch of Electric Boda on our platform, we are proud to
provide an option for emissions-free mobility in Kenya," Hiemstra added.

 

 

"This launch also supports our global efforts to become a zero-emissions
platform by 2040."

 

The acquisition of e-bikes will be between 15 and 20 percent less for
riders. It will also cut running costs by between 30 and 35 percent.

 

According to the World Bank, the boda boda sector in Kenya employs over 1.5
million young people and contributes approximately Sh202 billion to the
economy annually.

 

"We are doing our part to aid the transition to eco-friendly mobility
products and to support national sustainability objectives," says Imran
Manji, Head of East Africa for Uber.

 

"The launch of Electric Boda will provide Kenyans with one of the most
affordable ways to move from one place to another, with prices 15-20% below
the price of our existing product."

 

-Capital FM.

 

 

Liberia: Operations Begin At Jeety's New Factory

Indian businessman Upjit Singh Sachdeva has disclosed that his US$35 million
rubber-processing factory investment in Weala, Margibi Count will generate
between US$40 to US$50 million in foreign exchange and contribute
substantially to the Gross Domestic Product (GDP) annually for the Liberian
Government.

 

In addition to the huge sum of money that Mr. Sachdeva who is more famously
known in Liberia as "Jeety" will generate for the country's coffers, he also
said that his company will employ 700 or more Liberians. He spoke to
journalists following the ribbons cutting to formally open the factory.

 

 

President George Manneh Weah Thursday, August 31, stopped by briefly from
his hectic political campaign tours to formally dedicate Jeety's modern
rubber-processing factory with the hope and confidence that the operations
of the company will help address the high rate of unemployment in Liberia.

 

Jeety is the former Indian Honorary Consul General. He held the post for
over two decades.

 

President Weah, accompanied by Vice President Jewel Howard Taylor and other
top government officials, cut the ribbon to the plant and switched on the
equipment to commence the first processing of the rubber.

 

Following the dedication, the Liberian leader and his entourage departed the
company's premises to continue his political campaigning in the county.

 

When the President and entourage left, Jetty disclosed that the turning on
of the corporation's equipment by President Weah marks the commencement of
the first phase of the company's operations.

 

 

He pointed out that his machines can consume between 200 to 250 tons of
unprocessed rubber daily.

 

He maintained that the company will continue to purchase rubber from all
local farmers as part of efforts to empower them and help improve the
country's economy.

 

This, he added, will also help put money in the pockets of small rubber farm
holders. Jeety emphasized that the company will be fully functional
throughout the week when huge tons of rubber are purchased from the local
farmers.

 

"Rubber is one of Liberia's main commodities. Every country commodity
increases the Gross Domestic Product (GDP) of the country. Not only that,
the trigger down effect is that, it creates employment for several hundred
thousands of people. That's why we are not putting up any farms. We are
buying rubber from all the small holders in the country and we need 250 tons
of rubber a day."

 

 

He extended his gratefulness and thanks to the all sectors of the Liberian
Government for helping him get the factory setup and running. He mainly
thanked President Weah, Vice President Taylor, the Ministries of Commerce,
Agriculture, Finance and Development Planning, Justice, and Labor. He also
thanked the Director General of the Liberia Immigration Service (LIS) for
the support from the beginning to the end of his project. He particularly
thanked the Liberian Revenue Authority (LRA) Commissioner General for his
unwavering support.

 

The successful Indian businessman disclosed that the company will ensure
that the Liberian government generates US$40 to US$50M when it commences the
exportation of processed rubber during the first phase of its operations.

 

He added that during this phase, the company will produce and export
Technical Specified Rubber (TSR10) and Technical Specified Rubber (TSR20)
respectively.

 

TSR10 and TSR20 are used for the production of tires of all kinds, bags,
mats, among others. "If the second phase begins, we want to start the other
rubber production and in a year time, we want to be hopeful to start to
produce rubber bands, gloves and in the next three to six years as per our
contract with the government, we will make tires," Jeety stated.

 

Jeety, who is the CEO of Jeety Trading Corporation (JTC), stated that the
TSR10 currently being processed by his company is the first processed rubber
used for the production of tires, but such production will not begin now. He
described the company as "one of the best modern factories" in Liberia that
will employ hundreds of citizens.

 

"Currently, we have a work force of 400 people all our workers are from
Weala. We have a workforce that constructed this factory in a short span of
12 months."

 

-New Republic.

 

 

 

China exports fall for the fourth month in a row

China's exports have dropped for fourth month in a row as the "world's
factory" struggles with weak demand at home and abroad.

 

Exports fell 8.8% in August compared with a year earlier, while imports
dropped 7.3%, official figures show.

 

However, those declines were not as bad as expected and an improvement on
the previous month.

 

China is facing several post-pandemic challenges, including a property
crisis and weak consumer spending.

 

A slump in global demand for Chinese-made goods is having a major impact on
a key source of growth for the country's economy.

 

Is China's economy a 'ticking time bomb'?

On Wednesday, a new report by the US Census Bureau showed that China's share
of US goods imports fell to the lowest level since 2006 in the year to the
end of July.

 

The share of imported goods from China was 14.6% over the period. That is
down from a peak of 21.8% in the year to the end of March 2018, before
then-President Donald Trump ramped up the US-China trade war.

 

Chinese authorities are also faced with a deepening slump in the country's
real estate market as some of its biggest developers are struggling
financially.

 

Beijing has so far avoided launching a large stimulus programme to boost the
economy.

 

Instead it has opted for introducing a series of measures in recent months
to help support people and businesses.

 

Also on Thursday, two of the country's major state banks, Commercial Bank of
China and Agricultural Bank of China, said they would lower the interest
rates on existing mortgages for first-home loans from 25 September.

 

Ahead of the publication of the trade figures, Chinese state-run newspaper
The Global Times ran a story on its English language website criticising
negative comments by Western politicians and media about the country's
economy.

 

"The reality is that Chinese economy is well on the recovery track with
increasingly strong innovation and green development momentum, though the
economy faces some difficulties and challenges under the impact of global
economic slowdown," it said.-bbc

 

 

 

 

Ryanair boss calls air traffic chaos report rubbish

The boss of Ryanair has slammed a report on the flights chaos seen over the
bank holiday as "rubbish".

 

Michael O'Leary claimed the findings "downplay the impact on the aviation
industry" and said the report was "full of excuses".

 

The UK's air traffic control system was brought down in a "one in 15
million" event, the head of air traffic services, Nats, said on Wednesday.

 

Hundreds of flights were delayed or cancelled as a result on 28 August.

 

Industry group Airlines UK argues that carriers incurred huge costs in
providing accommodation and putting on more flights for customers who were
stuck overseas.

 

It is now calling for these costs to be covered.

 

Mr O'Leary told the BBC that the disruption will cost the airline between
£15m and £20m in refunds for hotels, food and alternative travel
arrangements.

 

He said that "there won't be any issues" for customers claiming costs, but
demanded that Nats, which controls the UK's air traffic services, "accepts
responsibility for its incompetence".

 

Marion Geoffroy, managing director at Wizz Air UK, said that it, along with
its customers, had "suffered severe disruption" because of cancellations and
accommodation costs.

 

Tim Alderslade, chief executive of Airlines UK, said: "Airlines cannot be
the insurer of a last resort.

 

"We can't have a situation whereby airlines carry the can every time we see
disruption of this magnitude."

 

The group represents the likes of British Airways, EasyJet, Jet2, Ryanair,
Virgin Atlantic and Tui.

 

EasyJet boss Johan Lundgren also said that "many questions are still left
unanswered" after Nats published an initial report into what exactly caused
the system failure.

 

"An incident on this scale should not have happened and must not happen
again," he added, saying that he was looking forward to a more
"wide-ranging" review.

 

How did airport chaos unfold?

In its initial report published on Wednesday, Nats said that at 08:32 on 28
August, its system received details of a flight which was due to cross UK
airspace later that day.

 

Airlines submit every flight path to the national control centre; these
should automatically be shared with Nats controllers, who oversee UK
airspace.

 

The system detected that two markers along the planned route had the same
name - even though they were in different places. As a result, it could not
understand the UK portion of the flight plan.

 

This triggered the system to automatically stop working for safety reasons,
so that no incorrect information was passed to Nats' air traffic
controllers. The backup system then did the same thing.

 

This unfolded in just 20 seconds.

 

Engineers struggled to fix the problem, and called in the manufacturer for
help.

 

Martin Rolfe, chief executive of Nats, said that the system did "what it was
designed to do, i.e. fail safely when it receives data that it can't
process".

 

He described it as "a one in 15 million flight plan that we received",
meaning the engineers took a few hours to work out a situation they were not
familiar with.

 

It was the first time this had happened in the five years the software had
been operating, having processed more than 15 million flight plans, he said.

 

Nats said it had taken measures to prevent the situation from happening
again.

 

"We were in the situation where we had thousands of flights in the air and
we received a piece of data which our systems could not process. If that
happened today, we would absolutely be able to deal with them," Mr Rolfe
told the BBC's Today programme.

 

The UK's aviation regulator, the Civil Aviation Authority (CAA), has also
announced an independent review, expected to report in a few months' time.
The watchdog said it could take action if Nats had breached "statutory and
licensing obligations".

 

How a four-hour fault triggered three days of air chaos

We can avoid chaos in future - air traffic boss

Mr Rolfe apologised again to customers whose holidays were affected during
an interview with the BBC.

 

"We absolutely understand how disruptive the events over the bank holiday
were for people."

 

With planes and crew out of position and most flights already booked up,
many people found themselves stuck abroad on what is usually a big day for
travel - a bank holiday - facing long waits to get home.

 

As last week went on, airlines put on extra flights in an attempt to clear
the backlog.

 

But questions have remained over how one flight plan could cause such huge
disruption. For a time, flight plans had to be processed manually, which
meant restrictions were imposed on the number which could be handled.

 

The system was back online just before 14:30 BST. It wasn't until just after
18:00 that restrictions on air traffic were fully removed.

 

Both Nats and the CAA say safety was never compromised.

 

The Nats report also cites Eurocontrol data as showing 5,592 flights
operated in UK airspace on 28 August, 2,000 (or 25%) fewer than had been
expected. This includes cancelled flights and those which avoided UK
airspace.

 

Nats believes there were about 1,500 cancellations on the Monday alone, with
all UK airlines affected.

 

"Systems of this nature are used throughout the world and this scenario has
never been encountered before," wrote the CAA after its initial assessment
of Nats's report detailing what went wrong.

 

The CAA said the event "is now understood and should it reoccur would be
fixed quickly with no effect to the aviation system".

 

Mr O'Leary is also calling on the Transport Secretary, Mark Harper, to order
Nats to reimburse airlines for these costs, saying "it's the moral thing to
do".

 

Mark Harper MP said that he was pleased to receive confirmation that there
were no safety issues.

 

He added that the independent review from the aviation watchdog will "dig
deeper into this event and understand whether there are any further steps to
be taken to improve the resilience of the air traffic control system".-bbc

 

 

 

People in UK least likely to say work is important to their life - survey

People in the UK are among the least likely to say work should always come
first, according to a new survey.

 

According to the study, people now are more likely to say it would be a good
thing if less importance was placed on work than they did 40 years ago.

 

But this view varies depending on age, the survey by King's College London's
Policy Institute found.

 

While millennials are much more likely to see work as less important, the
opposite is true of older generations.

 

According to the World Values Survey, 73% of people in the UK say work is
"very or rather important in their life" - the lowest of 24 countries.

 

The percentage of people who hold the same view is similar in Russia and
Canada, where 74% and 75% of people state the same thing respectively.

 

By contrast, other Western nations rank much higher than the UK on this
measure, with 96% of people in Italy and Spain agreeing, and 94% in France.

 

And further afield, countries like the Philippines and Indonesia scored 99%.

 

Speaking about the findings, Prof Bobby Duffy, director of the Policy
Institute at King's College London, said the findings suggest a "steady
drift towards a greater focus on getting work-life balance right" in the UK,
with "people less likely to think work should be prioritised over spare
time, that hard work leads to success, or that not working makes people
lazy".

 

The survey suggests that this attitude has increased over time in the UK.

 

Between 1981 and 2022, the share of the British public who said it would be
a good thing if less importance was placed on work rose from 26% to 43%, the
study said.

 

This opinion has gradually become more widespread in several other Western
nations too. For example, over a similar period, the proportion holding this
view rose from 25% to 41% in Canada and from 30% to 45% in Germany.

 

The survey also concluded that the UK has one of the most favourable views
of people who don't work, with only Sweden less likely than the UK to say
non-working individuals are "lazy".

 

However, at the same time, Britons are more likely to agree that work is a
duty towards society than they were around two decades ago.

 

Generational differences

Prof Duffy said there are "very different views between generations in the
UK, with older generations more likely to say work should be prioritised,
even as it becomes less important in their own lives as they move into
retirement.

 

"Millennials, in contrast, have become much more sceptical about
prioritising work as they've made their way through their career."

 

According to the survey, more than half of UK millennials say it would be
better if there was less emphasis on career and work in their lives. But
older generations are not as likely to share this view, with just over a
third of baby boomers agreeing.

 

Baby boomers are people aged between their late 50s to late 70s while
millennials are aged between the mid-20s and the early 40s.

 

Explaining the generation divides, Prof Duffy said: "There will be a number
of explanations for these shifts, from the nostalgia that tends to grow as
we age, in thinking younger generations are less committed than we were, and
the long-term economic and wage stagnation that will lead younger
generations to question the value of work."

 

But he added that the trend in the UK among younger generations in
particular reflects a changing attitude across higher income countries too.

 

"The data also shows a long-term shift in preferences for work-life balance
across a wide range of richer countries, where over the last 40 years across
many major economies, more now say that it would be a good thing if less
importance was placed on work."

 

line

'Job isn't centre of my life'

One example of this shifting attitude towards work is that of Laura's.

 

She cut her working hours so she could spend more time at home with her
family in London.

 

"I really wanted to spend more time with my little boy who is only two years
old," she told the BBC.

 

She also switched careers to pursue interior design.

 

"My old job was just not making me happy - and I thought something needs to
change. And although I find this new role interesting, its not the centre of
my life. That's family and days out with friends."-bbc

 

 

 

 

Bank of England boss says interest rates close to peak

Bank of England Governor Andrew Bailey has said interest rates are close to
their peak, but that they may still have further to rise.

 

He told MPs "we are much nearer now to the top of the cycle" of rate rises.

 

The Bank has hiked rates 14 times in a row as it tries to slow the fastest
pace of price rises among the world's big economies.

 

It is expected to raise borrowing costs again later this month, taking the
Bank rate to 5.5%.

 

The theory is that raising interest rates makes it more expensive to borrow
money, meaning people have less to spend, reducing demand and slowing
inflation, which is the rate at which prices rise.

 

But the Bank rate is currently at its highest level for 15 years, and
inflation has remained stubbornly high.

 

Although inflation fell to 6.8% in the year to July - down from 7.9% in June
- it is still much higher than the government's target of 2%.

 

Speaking to MPs on the Treasury Select Committee, Mr Bailey said there was
evidence that it may be slowing.

 

But it was not clear how much that would reduce the pace of wage growth,
which recently hit a record high. Wage growth can bolster inflation.

 

"Many of the indicators are now moving as we would expect them to move, and
are signalling that the fall in inflation will continue and - as I've said a
number of times - I think will be quite marked by the end of this year," he
said.

 

"The question now is as headline inflation comes down, will we see inflation
expectations continue to come down? And will that be reflected into wage
bargaining?" he added.

 

Britain's economic activity may be cooling after the sharp rise in borrowing
costs, but quickly rising wages have been a focus for the Bank.

 

Mr Bailey's remarks may mean a smaller increase in rates in the coming
months than markets had expected.But he emphasised that the next decision,
on 21 September, will still depend on the latest evidence, including data on
jobs, growth, wages and inflation.

 

He also said again that interest rates may stay high for a while, echoing
earlier comments.

 

More than half of mortgage holders have been hit by the higher rates so far
and many more are set to be squeezed as their fixed rate deals expire in the
coming months.

 

They may face a rise in monthly repayments of hundreds of pounds or
more.-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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