Major International Business Headlines Brief::: 11 September 2023

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Major International Business Headlines Brief::: 11 September 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Govt Designates United Nigeria Airlines to Fly U.S., UK, 4 Others

ü  Uganda: Army to Deploy Satellite in the Space, Says Museveni

ü  Africa: Ethiopia Finishes Filling Reservoir of Contentious Mega-Dam

ü  Africa: 10 Benefits for African Union As a Member of the G20

ü  South Africa: Economic Recovery Measures Improve Economy

ü  Rwanda: Chinese Companies Host Job Fair for Rwandans Who Graduated in China

ü  Nigeria: Elumelu Attracts Indian Investors to Nigeria's Opportunities

ü  Namibia: Ministry Clarifies New Minimum Wage for Agricultural Sector

ü  Tanzania: Govt Throws Weight on ICT Training

ü  Nigeria: Unity Bank Sinks to N39 Billion Loss After Heavy Hit >From Forex Revaluation

ü  Angola: U.S. and EU Praise Angola's Commitment to Lobito Corridor

ü  BMW investment secures future of Mini factories

ü  Roblox coming to PlayStation 4 and PS5

ü  Heathrow and Gatwick airports have Raac on sites

ü  Gas prices jump as strikes in Australia begin

ü  One Chip Challenge: Amazon and eBay pull spicy tortilla from UK shop

 


 

 


 

 <https://www.cloverleaf.co.zw/> Nigeria: Govt Designates United Nigeria Airlines to Fly U.S., UK, 4 Others

United Nigeria Airlines, one of the leading airlines in the country, has received approval for operation of international flights.

 

The airline secured approval to operate international flights to the United States (US), United Kingdom (UK), Netherlands, Italy, Ireland and the United Arab Emirates (UAE).

 

The approval was contained in a letter dated September 8, 2023 from the Federal Ministry of Aviation and Aerospace Development and signed by the Director, Air Transport Management, Mr H. T. Ejiburu, on behalf of the minister, Mr Festus Keyamo.

 

According to the letter addressed to United Nigeria Airlines Company Limited, the approval was in line with the subsisting Bilateral Air Services Agreements (BASA) between Nigeria and each of the countries.

 

 

The letter reads: "I am directed to acknowledge receipt of your letter dated 2nd August 2023 on the above subject and convey the Honourable Minister's approval for the designation of Messrs United Nigeria Airlines Company Limited to operate international flight operations to the undermentioned countries and cities: Netherlands (Amsterdam), Italy (Rome), United Arab Emirates (UAE) (Dubai), United Kingdom (London), United States of America (USA) (Houston) and Ireland (Dublin).

 

"The designation of Messrs United Nigeria Airlines Company Limited is in line with the subsisting Bilateral Air Services Agreement (BASA) between the Government of the Federal Republic of Nigeria and the governments of the six mentioned countries.

 

"Consequently, the airline is hereby advised to liaise with the civil aviation authorities of the aforementioned countries for documentation before the commencement of scheduled flight operations. However, you are obliged to comply with the Nigerian Civil Aviation Regulation (Nig. CARs (2023) Part 18.5.1.1 A-C by taking further steps to liaise with the Nigerian Civil Aviation Authority (NCAA) in fulfilling the requirements if necessary.

 

"Kindly note that the approval has been communicated to the Ministry of Foreign Affairs for its further necessary actions."

 

-Daily Trust.

 

 

 

 

Uganda: Army to Deploy Satellite in the Space, Says Museveni

President Museveni has said the Ugandan army, UPDF will soon join other countries to deploy "eyes" in the space in form of a satellites.

 

"...the force is now becoming more and more comprehensive in terms of capacity to deal with all types of threats. And once we launch our satellite, it will reinforce what we already have, because what the satellite does, it gives you eyes from up. We have some eyes there but we can have more with the satellite,"Museveni said.

 

"When we started, we had only infantry people but now, we have all the arms and we are working on launching a satellite."

 

The president was speaking during the pass-out of 295 cadet officers from the UPDF Land and Air Forces respectively at the Uganda Military Academy Kabamba in Mubende district.

 

 

Museveni said the Ugandan army has kept growing by leaps and bounds, noting that having more eyes in the air will reinforce the UPDF's capabilities.

 

He said that the UPDF has now covered many aspects of national defense and now working on strengthening their presence in the space and more effort in consolidating the marine forces to cater for many parts of Uganda covered by fresh waters.

 

According to the president, young people are lucky to join the UPDF since it is now advanced in development unlike the pioneers who did not have the facilities like now.

 

"The land forces, infantry, artillery, armoured, air-force are all developed now. Therefore, now that you're in this type of force, your future is bright. I'm very happy and congratulate everybody."

 

 

The president also reassured the cadets that even the issue of pay for soldiers is being addressed.

 

"Before the Generals retired, we decided that it's not correct for our long serving fighters to retire with inadequate support. That's why we insisted, and the government gave us the money and from the rank of Major going upwards, the pay has been improved and the retirement package. Therefore, working for the country in the armed forces should become easier for members of the UPDF."

 

Museveni also congratulated the parents for letting their children to join the prestigious institution of the UPDF but cautioned them not to bother their children in the forces by asking them for money.

 

He encouraged the parents to engage in wealth creation and fight poverty.

 

"All the parents, we demand that you wake up so that you don't become a burden to these young officers. When they graduate you start bothering them to send you money instead of you helping

 

 

them. Why? Because the parents are not using resources to get out of poverty. Uganda has good weather so it's not Godly to be poor," Museveni emphasized.

 

"I hear that you spend a lot of time on social media. Are you chatting with people who are knowledgeable or you're exchanging ignorance? If you take those three things seriously, you'll be very far."

 

The Minister for Defense and Veteran Affairs, Vincent Bamulangaki Ssempijja encouraged officer cadets to work more closely together to defeat every threat against the nation.

 

"I encourage you to make the most of your service here wherever you will be required," Ssempijja said.

 

The Chief of Defense Forces, Gen Wilson Mbasu Mbadi said four of the students graduated from academies abroad in Kenya, Jamaica, and the Royal Military Academy Sandhurst.

 

Gen Mbadi applauded President Museveni for his strategic and visionary leadership that has led to the UPDF grow into a professional, effective, efficient and accountable force

 

He said that they're working to ensure Uganda Military Academy achieves a centre of excellence status for cadet training not only for Uganda but also for regional partner states.

 

"One of the requirements particularly for Uganda Military Academy was to introduce a three-year cadet graduate course in line with the East African Community partner states academies as required by the East African community defence and cooperation protocols," Gen Mbadi said.

 

He called upon newly commissioned officer cadets to be aware of the security challenges faced by the countries in the region ranging from cyber threats, terrorism, transnational threats, insurgency among others.

 

"Therefore, you must be ready to effectively be part of the solution to these challenges. For this purpose, the officer cadet training that you have completed, prepared you to be better defenders of peace and security within the country and the region as a whole against any negative forces," Gen Mbadi told the officers.

 

According to the Commandant of Uganda Military Academy Kabamba, Col Wycliff Keita, of the 295 officer cadets ,32 were ladies and 236 cadets are drawn from UPDF specialized departments of medical, ICT, engineering, air force, education, finance, legal services and procurement among others who represent the quality of the young generation of citizens that are taking a patriotic choice to serve their country under the UPDF.

 

The professional cohort consists of 4 postgraduates, 129 graduates and 103 diploma holders some from Kenya, Rwanda, South Sudan and Tanzania.

 

"They have been trained in military knowledge and skills but also exposed to political economy and the symbiosis of our responsibility in the wider social, economic, informational and diplomatic spheres of state power. Accordingly, they have been inducted in the enduring struggle of seeking wise to adopt and innovate to keep the Uganda People's Defence Forces ahead of the curve," Col Keita said.

 

He expressed confidence that having successfully completed a blend of officer cadet training, the officers have been ideologically nurtured to love and serve their country and Africa, saying that they are highly qualified, patriotic and willing to serve.

 

"You are still young, we encourage you to stay fit, healthy and embrace learning. Do not forget our core values of discipline, royalty, duty and honour as you follow the footsteps of many of our heroes that span different phases our country has traversed to achieve the current peace, stability and respect."

 

"Going forward, you'll carry the hopes of the country on your shoulders. Fight fiercely and ethically to defend this country that we love so much," he added.

 

 

 

 

Africa: Ethiopia Finishes Filling Reservoir of Contentious Mega-Dam

The Grand Ethiopian Renaissance Dam is set to double the country's electricity generation and become Africa's biggest dam. Egypt fiercely opposes the megaproject, arguing that it will reduce the flow of the Nile river.

 

Ethiopia said on Sunday it had completed the fourth and final phase of filling a reservoir for its hydroelectric power plant on the Blue Nile river, prompting renewed outcry from Egypt, which has long opposed the megaproject.

 

The Grand Ethiopian Renaissance Dam (GERD) has been under construction since 2011 at a cost of $4 billion (€3.7 billion). It will be the largest dam in Africa when completed and is expected to produce 6,000 megawatts of electricity -- enough to double Ethiopia's current output.

 

Egypt and Sudan say the dam threatens to cut off their water supply, but Ethiopia sees the dam as a boon for economic development in a country where half the 120 million citizens live without power.

 

 

"Congratulations to all on the fourth filling of the Grand Ethiopian Renaissance Dam," Prime Minister Abiy Ahmed's office wrote on social media on Sunday.

 

"Our national perseverance against all odds has delivered."

 

What did Egypt say?

 

Egypt, which suffers from severe water scarcity and relies on the Nile for 97% of its supply, sees the GERD as an existential threat.

 

Egypt's Foreign Ministry said Ethiopia's announcement on Sunday was an "illegal" and "unilateral" measure.

 

The leaders of both countries had held rare talks in July to begin to finalize an agreement for filling the dam and the rules for its operation.

 

But on Sunday, Egypt's Foreign Ministry said this latest development "places a burden on the course of the resumed negotiations, the next round of which... is hoped will witness a tangible and real breakthrough."

 

Ethiopia claims the GERD will not reduce the volume of water flowing downstream.

 

(AFP, Reuters)

 

 

 

Africa: 10 Benefits for African Union As a Member of the G20

The African Union (AU) on September 9 formally secured its seat within the G20, after accepting an invitation extended by Indian Prime Minister Narendra Modi during the G20 summit in New Delhi, India. As part of this influential group, consisting of 19 countries and the European Union (EU), the AU gains access to a host of advantages that can propel the continent's interests and actively shape global agendas.

 

Elevated Representation

 

Joining the G20 has significantly elevated the AU's representation on the global stage. Previously designated as an "invited international organization," the African Union, comprised of 55 member states, now enjoys the same status as the European Union, granting its leaders a platform to directly engage with the world's leading economies, ensuring African voices are heard and respected in international decision-making processes.

 

Influence on Global Governance

 

 

Membership in the G20 empowers the AU to actively participate in shaping global governance. Africa can advocate for policies and initiatives aligned with its unique challenges and priorities, whether related to climate change, trade agreements, or security matters. Amb. Moussa Faki Mahamat, Chairperson of the African Union Commission, expressed the potential of this membership for amplifying the continent's advocacy efforts.

 

Economic Growth Opportunities

 

Participation in the G20 contributes to Africa's economic growth. The AU can leverage this platform to foster economic cooperation, attract investments, and explore opportunities for trade expansion with major global players. The World Bank's positive GDP growth forecasts for Africa further underline the potential for economic advancement.

 

Global Investment

 

G20 membership opens doors to increased foreign direct investment (FDI) and economic partnerships. African nations can attract investments in vital sectors like infrastructure, technology, and renewable energy, fostering economic development.

 

 

Trade Agreements

 

The AU can actively engage in discussions related to international trade agreements within the G20, shaping trade policies that benefit the continent, promote fair trade practices, and reduce trade barriers. G20 leaders are committed to open trade and have mandated key organizations to monitor and report on these commitments.

 

Financial Assistance

 

As a G20 member, the AU can advocate for financial assistance and support for African nations, addressing crucial issues such as poverty alleviation, healthcare, and infrastructure development. The G20's comprehensive financial inclusion plan benefits all nations and populations, including vulnerable groups.

 

Global Security

 

African security challenges often intersect with global security concerns. By participating in G20 discussions on security matters, the AU can effectively address regional conflicts, counter-terrorism efforts, and peacekeeping operations.

 

Climate Change Mitigation

 

G20 membership provides a platform for the AU to advocate for climate action, access climate finance, and collaborate on sustainable development initiatives to mitigate the impact of climate change on the continent, which disproportionately affects Africa.

 

Technological Advancements

 

Leveraging the G20, the AU can explore partnerships, access knowledge, and promote technology transfer, accelerating Africa's technological development. The G20 Digital Innovation Alliance (G20-DIA) offers opportunities for innovation and advancement in the tech industry.

 

Global Collaboration

 

Being a member of the G20 fosters stronger diplomatic relations and collaboration with G20 countries and other international organizations. This enhanced cooperation can lead to joint initiatives addressing Africa's multifaceted challenges, promoting solidarity and shared solutions.

 

By joining the G20, the African Union opens new doors to global engagement, ensuring that Africa's voice is heard and its interests are actively pursued on the international stage.

 

-New Times.

 

 

 

South Africa: Economic Recovery Measures Improve Economy

Deputy President Paul Mashatile has attributed the growth in gross domestic product (GDP) to the economic recovery measures that were implemented by government to support the economy.

 

Stats SA reported that the country's GDP grew by 0.6% in the second quarter of 2023 while it grew by of 0.4% in the first quarter.

 

These measures include financial support for distressed businesses, infrastructure investment, and job creation initiatives such as the Presidential Youth Employment Initiative (PYEI), implemented as the Basic Education Employment Initiative (BEEI) across all nine provinces.

 

"Between April and June this year, at least 135 000 earning opportunities were secured by young people through the Presidential Youth Employment Initiative's National Pathway Management Network.

 

 

"Some 108 061 of these were accessed through the SA Youth platform, with 27 088 opportunities scored through the Department of Employment and Labour's Employment Services of South Africa (ESSA) website. We are adamant that if PYEI can receive more funding, it will reach more young people," Mashatile said on Saturday in Johannesburg.

 

Addressing the Forty Under 40 South Africa Awards Ceremony, he called on young people to take up the opportunities available in digital sectors and others to combat the high youth unemployment rate.

 

"Our government believes that entrepreneurship is part of the remedy for the massive youth unemployment. In partnership with the private sector, we have launched several youth business funding opportunities to help youth start and maintain their businesses. This includes the Youth Challenge Fund (YCF), the Youth Pipeline Development Programme, and the Youth Technology Innovation Fund (YTIF).

 

 

"While these measures have helped stabilise the economy, we must remain vigilant and adaptable to emerging challenges. Moreover, we have also gained some pace by implementing the structural reforms for the reconstruction and recovery plan, Operation Vulindlela," Mashatile said.

 

Since Operation Vulindlela was launched in October 2020 as part of the Economic Reconstruction and Recovery Plan, government has implemented 35 priority structural reforms identified for their impact on economic growth and job creation.

 

"We have made progress in energy, our logistics network, digital communications, and the reform of the visa regime to enable businesses to attract the skills they need to grow. Eleven reforms have been completed, while 14 are on track or progressing well.

 

"Regarding the energy challenge that has remained a top priority in our country, we have amended Schedule 2 of the Electricity Regulation Act to remove the licencing requirement for generation projects of any size," the Deputy President said.

 

 

More than 100 projects are at various stages of development, representing over 10 000 megawatts of new generation capacity and over R200 billion in private sector investment.

 

"Additionally, three projects from the risk mitigation programme have been constructed, with five projects expected to reach financial closure this quarter.

 

"We approved the Electricity Regulation Amendment Bill in March, which has been tabled in Parliament. This Bill will establish a competitive electricity market, enabling multiple generators to compete on a level playing field. These are essential to ramping up energy generation in the short and medium term," the Deputy President said.

 

He said government's efforts in investing in young people means redirecting efforts and resources in a number of critical areas, including the skills revolution and education, providing quality health care, investments in new technologies as part of 4IR and artificial intelligence as well as investments in infrastructure for ease of business and movement of goods allows entrepreneurs to flourish.

 

"Investing in youth participation is not just a trendy concept but a necessity for our collective future. It goes beyond just financial resources. It requires a mind-set shift and a collective commitment to nurturing talent and empowering individuals," Mashatile said.

 

Taking advantage of opportunities on the continent

 

The Deputy President urged entrepreneurs to take advantage of the African Continental Free Trade Area (AfCFTA).

 

"In this regard, South Africa is a significant member of this trade revolution that will shape the continent's future by stimulating innovation and value-chain growth and boosting industrialisation and job creation across industries. The AfCFTA has 54 signatories, making it the largest free trade area in terms of the number of member states, second only to the World Trade Organisation.

 

"As part of Agenda 2063, we must dismantle the barriers that hinder youth participation in the economy. We need to break free from the cycle of generational exclusion and embrace an intergenerational approach where the knowledge and experience of our elders are combined with the fresh ideas and perspectives of today's youth," he said.

 

Mashatile said unlocking the demographic dividend will spark a wave of growth and progress that will benefit the youth and the entire continent.

 

"We need greater collaboration among governments, civil society, the private sector, and international partners to achieve this," he said.

 

-SAnews.gov.za.

 

 

 

Rwanda: Chinese Companies Host Job Fair for Rwandans Who Graduated in China

Around 300 Rwandans who graduated from Chinese universities were on, Saturday, September 9, invited for a job fair where 30 Chinese companies sought to hire some of them.

 

Hosted in Kigali and organised by the Chinese Embassy and the Rwanda China Alumni Organisation (RCAO), an association of Rwandan students who graduated in China, the event featured companies from fields like telecommunications, agriculture, manufacturing, and so on.

 

The job fair was initiated in 2019 and was supposed to be an annual event. However, due to issues including Covid-19, its second edition was only held in 2023.

 

 

"It's been four years since our last event. I hope this revived platform will continue to create chances and opportunities for Rwandan talents, and contribute to Rwanda's economic development," said Wang Xuekun, the Chinese ambassador to Rwanda, in an address he made at the event.

 

He noted that more and more Chinese companies are coming to Rwanda to explore opportunities not only in traditional sectors like infrastructure, manufacturing and transportation, but also in emerging ones like e-commerce, vocational training and communications.

 

"I believe the participation of Chinese companies has become part and parcel of Rwanda's journey to transformation and development," he said.

 

"We aim to provide a good platform for the employment of Rwandan talents who studied in China, and also for Chinese companies' integration into the Rwandan economy. 30 Chinese companies will provide different opportunities for you - our Chinese alumni today. You have been well-exposed to the culture of both countries, understand both Rwanda and China," Wang told the graduates who turned up for the event.

 

 

Patrick Kananga, the Chief Labor and Decent Work Administrator at the Ministry of Public Service lauded the Chinese companies in Rwanda, as well as their government for not only offering scholarships to Rwandan students, but also going an extra mile to make sure that they get jobs after completing their studies.

 

RCAO's President Theoneste Higaniro said the event demonstrates the willingness of Rwanda and China to collaborate and prosper together.

 

"The presence of Chinese companies here demonstrates the deep rooted friendship and growing economic ties between Rwanda and China," he noted.

 

The companies held discussions with the Rwandan graduates who turned up for the job fair, and it is expected that in the next couple of days, some will get hired to work in these companies.

 

-New Times.

 

 

 

 

Nigeria: Elumelu Attracts Indian Investors to Nigeria's Opportunities

Tony Elumelu, Group Chairman, Heirs Holdings, has urged indian investors to channel their resources towards the Nigerian economy, saying this is the best time to invest in Nigeria.

 

According to a statement in Lagos on Sunday, Elumelu wooed the investors at the Nigeria-India Presidential Roundtable and Conference in New Delhi, convened by President Bola Tinubu on Sept. 6.

 

The News Agency of Nigeria (NAN) reports that President Tinubu, at the sidelines of the G20 summit in India, said Nigeria, as the largest economy in Africa, presented abundant investment opportunities and was open for business.

 

 

At the roundtable, investment pledges amounting to nearly $14 billion were committed, while President Tinubu pledged to create the enabling environment for investments to thrive.

 

Elumelu, who has built pan African financial service businesses and now controls significant power and natural resources operations, urged the Indian business community to seize the opportunity to invest in Nigeria.

 

He enjoined the country's private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy, home to 20 per cent of Africans and one of the largest consumer populations globally.

 

"This is the time to invest in Nigeria and I speak as a private sector investor in Nigeria; the companies in our group's investment portfolio demonstrate the opportunity.

 

"I believe you also can take advantage of our track record and success.

 

 

"Nigeria is a huge market; over 200 million people with the largest economy on the continent.

 

"Most importantly, the population is not just over 200 million people, the demography of the population is exciting.

 

"We have a cohort of young people who are there to consume, and we also have people who are intelligent, energetic, hardworking, who provide the human capital that investors need to drive their businesses," he said.

 

NAN also reports that Elumelu was recently named co-Chair of the Business 20 (B20) Action Council, focusing on African economic integration, alongside Sunil Mittal, Founder of Bharti Enterprises (owners of Airtel).

 

Established in 2010 within the G20, the B20 comprises corporate business enterprises and organisations and serves as the official platform for dialogue between the G20 and the global business community. (NAN)

 

-Vanguard.

 

 

 

Namibia: Ministry Clarifies New Minimum Wage for Agricultural Sector

The Ministry of Labour, Industrial Relations and Employment Creation says the new entry-level minimum wage for the agricultural sector announced by the Namibia Agricultural Labour Forum (Nalf) is only binding to members of parties to the collective agreement.

 

In a statement issued yesterday by acting executive director Lydia Indombo, the ministry said the new minimum wage can only be binding to the entire agricultural sector if parties to the collective agreement ask the minister "in a prescribed manner to extend it to the entire sector".

 

The forum on Monday announced a 10% increase in the minimum wage in the agricultural sector, effective from 1 October.

 

 

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 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 with 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," the forum's statement read.

 

Indombo said although the ministry welcomes this wage increase in achieving decent living wages for all working Namibians, it will only bind the entire agricultural sector once it is approved by the minister and has been published in the Government Gazette.

 

"Although not legally obligated, there is nothing preventing non-members to the collective agreement to remunerate their employees with that minimum wage and/or even more, since it is merely a minimum," he said.

 

 

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

 

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

 

"The actual salaries paid to farmworkers with experience are much higher," the forum said.

 

The acting executive director said the ministry will ensure that this minimum wage becomes sectorally binding if parties to the agreement are willing to ask the minister to extend it to the entire sector, and that the submission is done in fulfilment of sections of the provisions of the Labour Act.

 

-Namibian.

 

 

 

 

Tanzania: Govt Throws Weight on ICT Training

Dodoma — THE government through Digital Tanzania Project is set to spend 4.7billion US dollars (equivalent to 11.75tri/-) to train 500 civil servants in Information and Communication Technology (ICT) in efforts to deal with emerging technological challenges.

 

The Permanent Secretary in the Ministry of Information, Communication and Information Technology, Mr Mohammed Khamis Abdulla said the government has lined up a number of strategies that advocate for youth innovation in ICT, development of patent rights and startups for business.

 

The PS revealed this on Saturday during the signing of a bonding agreement between the ministry and the first batch of 20-civil servants who lineup for ICT training abroad as the government wants to tap opportunities available in the digital economy.

 

 

The government will spend almost 3.89bn/- for the batch, whereas as per Training Needs Assessment (TNA) they will learn various courses, including cyber security and forensics, network design and administration, business analysis, software development and administration.

 

Other courses are Artificial Intelligence (AI) and machines learning, internet of things and big data analytics.

 

"Emerging technologies are key in the digital economy and industrial economy as they are important actors to national development, we have outlined the needs and Tanzania Digital Projects is well planned to ensure we have enough experts in ICT" said Mr Abdulla.

The Permanent Secretary urged the beneficiaries to study hard so that upon completion, the government can reap big from its investment, including increased performance and productivity in the digital economy since ICT is key.

 

 

Earlier, Chairperson of the Committee that oversees ICT experts training through Digital Tanzania Project, Ms Salome Kessy underscored the need to return home and serve the country.

 

She said of the 500 civil servants, 50 will undergo long courses and 450 listed for short courses and the ultimate goal is to have Training of Trainers who will pass over the knowledge to others since the training cost abroad cannot cover every one in need.

 

The government will construct two ICT-Centres of Excellence in Dodoma and Kigoma in emerging technologies whereas through the Digital Tanzania Project, eight innovation centres will be set up in Arusha, Mwanza, Tanga, Dar es Salaam, Lindi, Mbeya, Zanzibar and Dodoma.

 

Deputy Permanent Secretary in the Ministry of State in the President Office, Public Service Management and Good Governance Mr Xavier Daudi advised them to study hard as the government is committed to improve skills for efficiency and value for money.

 

-Daily News.

 

 

 

Nigeria: Unity Bank Sinks to N39 Billion Loss After Heavy Hit From Forex Revaluation

Unity Bank's foreign exchange revaluation loss for the period stood at N35.4 billion, compared to N16.2 million a year earlier.

 

AMCON-backed Unity Bank Plc reported a net loss of N38.9 billion for the first six months of the year in contrast to a net profit of N1.7 billion recorded a year ago, its newly issued financial report has shown.

 

The big blow to earnings bucks the ongoing boom among lenders in Africa's biggest economy, where a weakening in the value of the naira by approximately 40 per cent in June alone is helping banks that have loans denominated in foreign currency turn in record profits.

 

 

The new development even enabled some banks to declare higher dividends.

 

The Asset Management Corporation of Nigeria (AMCON) is Unity Bank's foremost shareholder, holding 34.2 per cent of the bank's ordinary shares.

 

Unity Bank's foreign exchange revaluation loss for the period stood at N35.4 billion, according to the bank's financials, compared to N16.2 million a year earlier.

 

No clarification is provided anywhere in the document as to what made up that sum.

 

The financials showed N8.9 billion in long-term loans from the African Export-Import Bank after conversion from the US dollar.

 

"In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term," CEO Tomi Somefun said in a separate statement.

 

 

"The negative shareholders' fund has improved considerably through the injection of N135 billion which moderated the negative shareholders' fund from (-ve) N275 billion in December 2022 financial year-end to (-ve) N178 billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in Q2/2023," she added.

 

The lender drew N135.2 billion in the form of convertible debentures from its other reserves to pare down the negative balance of its shareholders' fund by 35 per cent.

 

Revenue for the period saw a flattish growth as gross earnings climbed to N27.8 billion from N27.6 billion.

 

Net interest income, a key profitability metric, fell 23 per cent to N7.9 billion, strained by a weaker interest income and an increased interest expense.

 

Adding pressure to the bottom line, operating expenses leapt 16 per cent to N15.3 billion driven by a significant jump in personnel expenses.

 

According to the balance sheet, its total liabilities of N688.8 billion exceeded its total assets by 35.1 per cent.

 

Mrs Somefun hinted at plans by the bank to complete its recapitalisation programme soon, saying it will enable the financial institution to "do business as expected in the fast-growing markets in Nigeria."

 

-Premium Times.

 

 

 

Angola: U.S. and EU Praise Angola's Commitment to Lobito Corridor

Luanda — The United States and the European Union have encouraged the commitment of Angola, Zambia and the Democratic Republic of Congo (DRC) to develop the Lobito Corridor, ANGOP has learnt.

 

The US and EU also announced their intention to launch a feasibility study of the railway line.

 

In a joint statement the US and EU reiterate their readiness to support the development of the Corridor, with a focus on the new expansion of the railway line that stretches between Angola and Zambia.

 

The Lobito Corridor covers the port of Lobito, the mining terminal and the Benguela railway (CFB), which stretches for more than 1,300 kilometers from the province of Benguela to Luau, in the province of Moxico.

 

 

It then continues for another 400 kilometers in the DRCongo to Kolwezi, the heart of the mining area known as the Copperbelt, and is directly connected to the railway network managed by the National Railway Society of Congo (SNCC).

 

In the document, the US and the EU highlighted the fact that the infrastructure connects the south of the Democratic Republic of Congo and northwest Zambia to regional and global commercial markets through the Port of Lobito, in the Angolan province of Benguela.

 

The statement released by the website "www.whitehouse.gov" states that the bet represents a strong evolution of the "partnership of partnership" element for global infrastructures and investments.

 

They consider it to be a collaborative approach that could be replicated in other strategic corridors around the world.

 

The US-EU partnership ensures it will modernise "critical infrastructure" across Sub-Sharan Africa to unlock the region's "enormous potential."

 

They said to be excited to join forces to generate economic benefits with our partners in Angola, the Democratic Republic of Congo and Zambia.

 

The partnership commits to combining financial resources and technical expertise to accelerate the development of the Lobito Corridor, including investments in digital access and agricultural value chains that will increase regional competitiveness.

 

As an immediate next step, according to the statement, the US and EU will support governments in launching pre-feasibility studies for the construction of the new Lobito-Zambia railway line, from eastern Angola to northern Zambia.

 

This initiative, it added, is based on initial support led by the US to remodel the railway section from the Port of Lobito, in Angola, to the Democratic Republic of Congo.

 

 

When the transport infrastructure is fully operational, it will increase export possibilities for Zambia, Angola and the DRC, as well as boost the regional circulation of goods and promote the mobility of citizens.

 

Among the benefits, they point out the "significant reduction" in the average transport time, the reduction of logistics costs and carbon emissions when exporting metals.

 

Still within the framework of the Lobito Corridor, the US and the EU plan to explore cooperation in the areas of investment in transport infrastructure, trade facilitation and support for the promotion of capital investment in Angola, Zambia and the DRC in the long term.

 

The strategy includes the development of clean energy projects, support for diversified investment in "critical minerals", expanding digital access, increasing agricultural value chains, as well as training the local workforce, supporting small/medium companies and economic diversification.

 

Concession took place in July

 

Last July, the Presidents of Angola João Lourenço and his counterparts from Zambia Hakainde Hichilema and DRC Félix Tshisekedi, gathered in Lobito to witness the transfer of railway services and supporting logistics of the Lobito Corridor to the consortium which will manage the infrastructure, under a concession for 30 years.

 

In January of this year, the three countries signed an agreement to create a transport and facilitation agency for the Lobito Corridor aimed to boost the circulation of goods and promote the mobility of citizens.

 

The Lobito Corridor concession was handed over to LAR - Lobito Atlantic Railway, a company formed by the Swiss Trafigura, the Portuguese Mota-Engil Engenharia e Construção África SA, and the Belgian Vecturis SA.

 

To kick off the concession, LAR has an estimated investment of US$455 million in Angola and up to US$100 million in the DRC.

 

Data indicates that the profitability of the railway's potential will involve the acquisition of 1,555 wagons and 35 locomotives destined to circulate on the Angolan side of the corridor.

 

The concession contract can be extended for up to 50 years, if the consortium chooses to build the railway branch between Luacano (Moxico) and Jimbe (Zambia), with a total length of 259 kilometers, estimated at US$3.6 million. AL/NIC

 

-ANGOP.

 

 

 

 

BMW investment secures future of Mini factories

German car giant BMW is expected to announce plans to invest hundreds of millions of pounds to prepare its Mini factory near Oxford to build a new generation of electric cars.

 

Production of two new electric Mini models is due to begin at the plant in Cowley in 2026.

 

The move is expected to safeguard the future of the facility, as well as that of another factory in Swindon.

 

More than 4,000 people currently work across the two sites.

 

BMW is expected to say it will spend £600m on updating the Cowley plant, developing the production lines, extending its body shop and building a new area for installing batteries.

 

It also plans to build additional logistics facilities at Cowley and at the Swindon factory - which makes body panels for new vehicles.

 

This will allow two next-generation electric designs, the Mini Cooper and the larger Mini Aceman, to be built at Cowley alongside conventional cars.

 

A third electric model, the Countryman, will be made in Germany.

 

The UK investment will be backed by funding from the government's Automotive Transformation Fund - understood to be worth £75m.

 

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'UK's largest' EV-charging hub opens at NEC

Electric vehicle production begins at unique plant

With the Mini brand expected to go fully electric by 2030, BMW's decision is vital to the future of the two UK factories.

 

The first electric Mini was launched at the Cowley plant in 2019.

 

But last year, the company confirmed production of most of its electric cars would move to China, where the new models have been developed in partnership with Great Wall Motor.

 

At the time, BMW suggested that building both conventionally-fuelled and electric cars in the same factory was inefficient.

 

Now, that plan has clearly changed.

 

Production of the new models will begin next year at Great Wall's factory in Zhangjiagang - with Cowley now expected to start building them as well in 2026.

 

Prime Minister Rishi Sunak said BMW's investment was "another shining example of how the UK is the best place to build cars of the future".

 

Business and Trade Secretary Kemi Badenoch told the BBC's Radio 4 Today programme that the news was "exciting" and that it would ensure the sector "continues to be buoyant".

 

"The automotive sector is one that is very critical to the UK economy and it is facing headwinds, so ensuring we're able to sustain it with continual investment in the industry is fantastic."

 

This is the latest in a series of government-backed investments designed to promote the development of electric vehicles in Britain, ahead of a ban on the sale of new petrol and diesel powered cars due to take effect in 2035.

 

In July, Jaguar Land Rover's owner, the Indian group Tata, said it would build a giant "gigafactory" to produce batteries in Somerset, a project expected to benefit from hundreds of millions of pounds in taxpayer support.

 

Stellantis has just begun production of electric vans at its Ellesmere Port factory in Cheshire; Nissan is expanding output of EVs at its Sunderland factory, while its partner Envision AESC is building a gigafactory close by.

 

Meanwhile Ford is investing heavily in its Halewood plant, preparing it to build electric motors.

 

'Good news'

But there have also been setbacks for the industry in recent years, including the closure of Ford's engine plant in Bridgend in 2020 and Honda's Swindon factory in 2021.

 

In January, Britishvolt, which had been planning to build a battery factory near Blyth, collapsed into administration. The future of the site remains uncertain.

 

David Bailey, professor of business economics at Birmingham Business School, believes the BMW announcement will be "very good news" for the UK industry.

 

"The UK needs to shift towards EVs quickly. The 2035 deadline is approaching," he says.

 

"It has been lagging behind other countries, not just in terms of battery production, but also in terms of EVs… but with the recent announcements, things are going in the right direction."

 

Germany-based analyst Matthias Schmidt believes car firms have been exploiting what he sees as the government's weak position, as it tries to secure new investment in the industry after Brexit.

 

"I would see this as BMW unashamedly playing the subsidy card, which many have done before them and many will follow, trying to squeeze out some fiscal buoyancy aids from the UK government, which holds terrible cards," he says.

 

But he adds that there is a good argument for the Mini brand, with its strong British identity, to be produced in the UK - even if it could be cheaper to make it elsewhere.

 

"Being close to the brand heritage is likely to make sense even if that knocks some margins off the finished product," he says.

 

What is not yet known is where the batteries for the cars to be built at Cowley will come from.

 

That could yet become a critical issue. From next year, new rules will effectively ensure that cars with batteries made outside either the UK or the EU will face steep tariffs when shipped across the Channel.

 

BMW is one of a number of businesses lobbying in the EU and the UK for those measures to be watered down or delayed.-bbc

 

 

 

 

Roblox coming to PlayStation 4 and PS5

The massively popular children's gaming platform Roblox has announced plans to launch on Sony's PlayStation consoles.

 

Roblox has more than 60 million players a day, according to the firm, but it has come under criticism over concerns about poor moderation of its content.

 

Other announcements include a new way to make characters, a communication tool called Roblox Connect, and a full release on Meta's VR platform Quest.

 

It will be available on PlayStation 4 and PS5 in October 2023.

 

Previously, it was only available to play on computers and mobile devices, and on Microsoft's Xbox One console.

 

It is a big move from Roblox as it shores up its position as one of the most popular gaming platforms in the world.

 

Exactly how popular it is is unclear, though in 2020 Roblox told Bloomberg two-thirds of all US children between the ages of nine and 12 play the game.

 

And a Statista survey of 400,000 UK children that same year found Roblox to be overwhelmingly more popular than its closest rival - with 67% of children saying they played it, as opposed to just 23% who said they played Minecraft, which is the best-selling video game of all time.

 

Its popularity stems from its emphasis on creation - that is, rather than being a traditional game, it allows players to make their own games within it. In fact, Roblox refers to players as developers.

 

These developers, who are often children, are able to create games and even potentially make in-game currency from other players, known as Robux.

 

It is often praised for enabling young people to get into game design and be creative - but that same freedom and popularity has also caused it to come under scrutiny.

 

In 2022 the NSPCC and Childline told the BBC that since the pandemic, the number of children calling their helpline with concerns about Roblox had increased five-fold.

 

The launch was announced at Roblox's annual Developers Conference.

 

Roblox also said that an open beta version released on Meta Quest earlier this year had been well-received.

 

The beta version - where an unfinished version of the game was made available to players with either a Quest 2 or Quest Pro headset - had more than one million downloads in its first five days, and the firm said it would get a full launch on Quest later this month.

 

But a PlayStation version, though often requested, remained unreleased until now.

 

The exact details of the launch were sparse, but Roblox said players on both the previous and current generation PlayStation consoles would be able to "able to access the full catalogue of Roblox experiences".

 

Roblox also announced Connect, a system that will allow people to call people in the game using their real names, body language and facial expressions.

 

By pointing a camera at their own face, Roblox will transfer their real-world expressions onto their in-game character.

 

A version of this motion-capture technology was first made available in August, but Roblox Connect is the first attempt from the company to pair up the tech with calling friends.

 

In a blog post explaining the motion-capture technology, Roblox said it was available to players aged 13 and above.

 

Players will have to first give Roblox consent to use their camera before it can be used, and the company said in a privacy notice that it does not record or store information captured from a player's camera, clarifying that "video from your camera never leaves your device".

 

It is unclear in which countries Roblox Connect will launch, and the firm says more details on this will be announced in the future.-bbc

 

 

 

Heathrow and Gatwick airports have Raac on sites

Heathrow and Gatwick airports have said they are monitoring porous concrete found on their sites after school closures linked to the material.

 

The airports had previously found the reinforced autoclaved aerated concrete (Raac) before extensive news coverage over its use.

 

Heathrow said it had the means to keep it safe until it can put "permanent solutions" in place.

 

Gatwick said it has found no cause for concern.

 

The discovery of the concrete, which can crumble, in schools and public buildings has led to a number of closures since the start of September.

 

The material was discovered at Heathrow Terminal 3 last year, and the airport has put measures in place to make it safe.

 

Since the Raac concrete was found at Heathrow, the airport has reviewed its management plans and is satisfied with them.

 

A Heathrow spokesperson said the airport had been "assessing our estate and will continue to mitigate the risk where this material is found".

 

Gatwick has carried out regular inspections on the concrete and is not worried about its findings.

 

A Gatwick spokesperson said: "We have a register of locations containing Raac on the airport campus, which are closely monitored through a regular comprehensive structural inspection regime."

 

The most recent Gatwick inspection was in June, and "did not present any concerns".

 

Gatwick will continue to monitor the Raac on a regular basis, the spokesperson added.

 

A spokesman for Manchester Airport said regular inspections had found no Raac on site, and the airport was running another inspection to double-check.-bbc

 

 

 

 

Gas prices jump as strikes in Australia begin

Natural gas prices have jumped after strike action kicked off at two major liquefied natural gas (LNG) facilities in Australia.

 

The walkouts, in a row over pay and conditions, are taking place at Chevron's Gorgon and Wheatstone plants in Western Australia.

 

The US energy giant's two plants account for more than 5% of global LNG capacity.

 

On Friday, wholesale gas prices in the UK rose by about 10%.

 

"Prices are up this morning… but in a rather moderate way," said analysts at Engie EnergyScan.

 

"We have not yet reached the stage of a drop in supply. So, no need to panic in a context where all other fundamentals are rather bearish," they added.

 

Australia is one of the world's largest exporters of LNG, along with Qatar and the US, and its supplies have helped to cool global energy prices after Russia began cutting its supplies of natural gas to Europe.

 

Workers at major Australia gas facilities to strike

Australia's industrial arbitrator, the Fair Work Commission, has been hosting mediation talks between Chevron and the Offshore Alliance - which is a partnership of two unions representing energy workers.

 

"Unfortunately, following numerous meetings and conciliation sessions before the Fair Work Commission, we remain apart on key terms," a Chevron spokesperson said.

 

Offshore Alliance spokesperson Brad Gandy said Chevron's position had "barely budged" after five days of talks.

 

"Offshore Alliance members call on them to change tack so this dispute can be settled," he added.

 

While wholesale energy costs have fallen since Russia's invasion of Ukraine last year, pressure on prices remains.

 

Oil prices rose this week, with Brent crude trading at about $90 a barrel, after Saudi Arabia and Russia extended their cuts to supplies to the end of the year.

 

LNG is methane, or methane mixed with ethane, cleansed of impurities and cooled to approximately -160C.

 

This turns the gas into a liquid and it can then be shipped in pressurised tankers.

 

At its destination, LNG is turned back into gas and used, like any other natural gas, for heating, cooking and power.-bbc

 

 

 

 

One Chip Challenge: Amazon and eBay pull spicy tortilla from UK shop

Amazon and eBay have removed a super-hot tortilla chip linked to the death of an American teenager from sale.

 

The parents of Harris Wolobah, 14, believe that the One Chip Challenge caused his death last week.

 

It was taken off shelves in the US, where it was widely sold, but imports from global sellers remained on-sale.

 

Amazon said it would remove the product from its sites in the US, Britain, Europe, the Middle East and Africa after BBC Newsbeat contacted the firm.

 

The online retailer also plans to contact any international buyers who'd recently bought the snack to inform them.

 

An eBay spokesperson said user safety was a "top priority" and it had removed sale listings.

 

"We are monitoring our site closely and will remove any other listings if they arise," they added.

 

Harris's official cause of death has not been confirmed, but his parents have called for the One Chip Challenge to be banned.

 

Snack-maker Paqui claims that the single tortilla, sold in a coffin-shaped box, contains a blend of "the hottest peppers available".

 

Millions of people have watched YouTubers and TikTokers attempt the viral dare and their extreme reactions to it.

 

It's thought the popularity of the challenge has inspired lots of teenagers to purchase the product, which carries a warning label, to try it for themselves.

 

An Amazon listing for the One Chip Challenge. To the left the product's box, with the red skull and its blue tongue, is visible. To the right, the title "Paqui One chip challenge 2022 1 pack 0.21 ounce" can be seen. The product has a 4.4 star rating from 17,426 ratings, according to the page. The price of £34.99 is below, along with details of the product such as the pack weigh (6g), and "Flavour: Chili"

IMAGE SOURCE,AMAZON

Image caption,

The 2022 edition of the product was listed on sale via Amazon for £34.99 from a third-party seller

On Thursday, Paqui posted a statement on its website about its decision to remove stock from American stores.

 

The company said the challenge was "intended for adults only" and not for anyone with underlying health conditions or allergies.

 

But it said it had seen an "increase in teens and other individuals not heeding these warnings".

 

"As a result, while the product continues to adhere to food safety standards, out of an abundance of caution, we are actively working with our retailers to remove the product from shelves," it said.

 

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In a further statement sent to Newsbeat, a Paqui spokesperson said: "We are deeply saddened by the death of Harris Wolobah and express our condolences to the family.

 

"We care about all of our consumers and have made the decision to remove the product from shelves."

 

They said the product's label "clearly states" that it is not for children or those with sensitivity to spicy foods.

 

"We are actively working with our retailers and are offering refunds for any purchases of our single-serve one chip challenge product," they added.

 

In the UK, safety and hygiene regulator the Food Standards Agency (FSA), told Newsbeat it's working to find out where the product is sold.

 

Tina Potter, from the FSA, said: "So far we have not received any reports of illness here."

 

Eating chillis and spicy food is considered safe in normal situations, depending on your tolerance.

 

But the body's reaction to very spicy food can mimic its response to burns and cause symptoms like sweating.-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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