Major International Business Headlines Brief::: 12 September 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 12 September 2023 

 


 

 


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ü  Nigeria, UK Trade Volume Now N7.1 Trillion - British Envoy

ü  Nigeria: FTSE Russell Downgrades Nigeria's Stock Market From 'Frontline'
to 'Unclassified'

ü  Ghana: Increase in Cocoa Price Encouraging but ...

ü  Nigeria Downgraded On FTSE Russell Equity Indices

ü  South Africa: Date Set for Finance Minister's MTBP Statement

ü  Nigeria: Unity Bank Focused On Recapitalisation, Asset Creation -
Official

ü  Rwanda: Housing Authority On Spot for Stalled Huye Stadium Renovation

ü  Tanzania: Truck Drivers Pledge to Adhere to Chemical Safety Measures

ü  Tanzania: Charting Tanzania's Future - a Deep Dive Into Livestock,
Fisheries

ü  Tanzania: Digital Transformation - Tanzania On Track

ü  Twinkies maker Hostess bought by food giant Smucker in $5.6bn deal

ü  Google monopoly trial: Is the US losing the fight against Big Tech?

ü  Pay growth catches up with price rises

ü  Can new Apple iPhone 15 thunder without lightning?

ü  Spotify denies 30-second trick could make you rich

 


 

 


 

 <https://www.cloverleaf.co.zw/> Nigeria, UK Trade Volume Now N7.1 Trillion
- British Envoy

The annual trade volume between Nigeria and the United Kingdom has risen to
£7.6 billion (about N7.15 trillion).

 

The Deputy British High Commissioner, Johnny Baxter, made this disclosure in
Lagos after the arrival of a UK warship, HMS TRENT.

 

The warship from the British Royal Navy arrived at the Lagos Port on Sunday
on a 5-day visit to Nigeria. This will be the second time the ship will be
making a port call to Nigeria since 2021.

 

Speaking at a civic reception organized for the crew, the Deputy British
High Commissioner said trade between Nigeria and the UK is currently valued
at 7.6 billion pounds and that it has been increasing steadily.

 

 

According to him, the visit of HMS TRENT to Nigeria is to further strengthen
bilateral relations between both countries. "It also goes to show the scope
of the relationship that the UK has with Nigerians and we are happy working
together.

 

"This visit is tangible evidence of the UK's position and how important
relationships with a country like Nigeria are. It is also very clear that
working together is the only way of resolving any issue.

 

"The Royal Navy is here because the UK is a committed partner for Nigeria
and the wider West African region. We will continue to work with the
Nigerian authorities to address illegal activities; improve maritime
security; counter piracy and tackle the Illegal Wildlife Trade. To do this
we will draw on the experience we have of cross and multi-agency
co-operation in the UK to promote peace, development and prosperity," he
added.

 

-Daily Trust.

 

 

 

Nigeria: FTSE Russell Downgrades Nigeria's Stock Market From 'Frontline' to
'Unclassified'

Nigeria's stock market took a dramatic plunge to start the week, erasing the
gains of the prior week, as FTSE Russell, the global index provider,
downgraded the Nigerian Exchange from "Frontline" to "Unclassified Market."

 

The downgrade means Nigeria's index status will be removed entirely from all
five FTSE stock indices, effectively given a value of zero. This significant
move is likely to have repercussions for Nigeria's visibility on the
international investment landscape, making it more challenging for the
country to attract foreign capital.

 

The reclassification, set to take effect on September 18, 2023, prompted
immediate selloffs that drove the All-Share Index down by 1.24% to close at
67,296.18 points.

 

 

The downdraft was felt acutely in Nigeria's Tier-1 banking sector, with
Zenith Bank plunging by 5.82%, Guaranty Trust Holding Co. (GTCO) dropping by
8.62%, and Access Bank falling by 8.57%.

 

This resulted in the market's year-to-date (YTD) returns tumbling to 31.11%
and wiping out N463.66 billion ($1.14 billion USD) in market capitalisation,
which closed at N36.83 trillion ($90.81 billion USD).

 

How foreign exchange woes prompt downgrade

 

In a statement released on Monday, September 11, FTSE Russell cited
Nigeria's ongoing foreign exchange problems as a key motivator behind the
downgrade.

 

According to the UK-based financial institution, these issues have hindered
the ability of institutional investors to repatriate trapped capital.

 

 

The statement also expressed skepticism about the effectiveness of Nigeria's
recent foreign exchange reforms, including the adoption of a 'willing
seller, willing buyer' policy at the Investor and Exporter (I&E) foreign
exchange window.

 

Despite these changes--introduced last year--FTSE Russell noted little or no
improvement in foreign exchange supply trends, a factor that continues to
deter capital inflows from institutional investors.

 

Experts divided over move

 

Uchenna Uwaleke, Professor of Finance and Capital market in his reaction
said: "It's an unfair assessment and too quick a decision especially coming
after the new government had heeded the advice of Bretton Woods Institutions
to float the naira"

 

He argued that they pushed us to float the naira when we were not ready,
only to turn around and slam us when the promise of increased Fx inflows has
yet to materialise.

 

However, Managing Director, Chief Economist, Analysts' Data Services and
Resources (ADSR) Limited, Afolabi Olowookere said: "I don't subscribe to
people saying they should have given us time. Why should they? That's their
stock in trade and it is not the first or second time. It's there in the
literature, that hot money will move to where it can get the highest return,
not where it can develop the country.

 

"These people's money is good because they lubricate transactions, they make
that market look attractive but you don't base your planning on them. You
base your decisions on more fundamental issues.

 

-Daily Trust.

 

 

 

Ghana: Increase in Cocoa Price Encouraging but ...

A new price of GH¢1,308.00 for a bag of cocoa has been announced by the
government to take effect from the 2023/2024 cocoa season, and it is 63.5
per cent increase over the previous price of GH¢800.00.

 

Thus, the current price of a tonne increases from GH¢12,800.00 to GH¢
20,943.00.

 

A media report states that it was all joy last Saturday in Tepa when
President Nana Addo Dankwa Akufo-Addo announced the new price at a programme
there.

 

According to the report, farmers thronged the front of the podium on which
the President was speaking and expressed thunderous cheers for the new
price.

 

 

The farmers have every cause to jubilate and we give the government all the
commendation for the price increase because the price of cocoa has
influenced efforts in its increased production since the colonial times.

 

It will be recalled that a coalition of British chocolate manufacturers
began buying cocoa beans in the country, led by WA Cadbury, a subsidiary of
Cadbury Brothers.

 

Then in the 1930s, realising the importance of cocoa to the lives of farmers
and the country's economy, the government took over the industry by setting
up a body for a buying monopoly.

 

The body, which metamorphosed into Cocoa Marketing Board (CMB) in 1947, was
meant to protect farmers from the volatile price fluctuations and this
encouraged more production, to the extent that once upon the time, the
country was the world's leading producer of cocoa after its first official
export of two bags in 1893.

 

 

In the 1970s, even though the world price of cocoa fell by two-thirds,
Ghanaian farmers expressed dissatisfaction with the nearly 40 per cent of
the world market price they were being offered.

 

As a result, some farmers stopped cultivating cocoa and that partly affected
the country's total yield at the world market and so lost its leading
position there.

 

>From the brief historical evidence we have provided and the expression of
joy by farmers for the new price, we can see the price of cocoa playing a
major role in its cultivation.

 

We know that the government is doing other things like subsidising the price
of fertiliser for the cocoa farmers and spraying the cocoa trees, but it
should continue to give a fair and remunerative price for farmers' efforts
and one, as usual, meant to improve their lives.

 

Probably that will encourage them to put in the efforts of old for the
country to recapture its position as the leading producer of the agriculture
produce.

 

This is important because cocoa is the mainstay of the Ghanaian economy and
more yields of it, no doubt, will enhance the country's economic growth.

 

We, however, wish to agree that all the threats to cocoa production in the
country must be eliminated and these dangers are not limited to illegal
mining and the smuggling of the beans to neighbouring countries.

 

Unchecked land acquisition by estate developers is emerging serious danger
that must be nipped in the bud.

 

The truth is that this industry has already started being a threat to
agriculture production in the country and it is about time the government
stepped in to control matters.

 

If this is not done, the whole agriculture industry will be in jeopardy and
cocoa production cannot escape the brunt.

 

-Ghanaian Times.

 

 

 

Nigeria Downgraded On FTSE Russell Equity Indices

FTSE Russell equity indices are used by investors across the world as equity
benchmarks

 

Nigeria has been demoted from a frontier market to an unclassified market
one year after an annual equity country classification review by FTSE
Russell, a subsidiary of London Stock Exchange Group, placed Africa's
largest economy on its watch list of countries monitored for possible
reclassification.

 

The downgrade takes effect from 18 September when Nigerian index
constituents will be deleted at zero value from FTSE Frontier Index Series,
including the FTSE Frontier 50 Index, FTSE IdealRatings Islamic Index
Series, FTSE/JSE All Africa Index Series, FTSE Middle East & Africa Extended
Index Series and FTSE/MV Exchange Index.

 

FTSE Russell equity indices are used by investors across the world as equity
benchmarks, allowing them to track the performance of specific market
segments.

 

 

The decision followed a ratification by the FTSE Russell Index Governance
Board and was arrived at after no improvement was recorded in the ability of
international institutional investors to repatriate capital at a foreign
exchange rate that would be used in FTSE Russell equity indices, a statement
said.

 

"FTSE Russell has received feedback from market participants that although
Nigeria has adopted a floating foreign exchange (FX) rate for the Nigerian
Naira in the Investors' & Exporters' (I&E) FX Window, which is now operating
on a "Willing Buyer, Willing Seller" basis, the lack of liquidity in the I&E
FX Window continues to adversely impact the ability of international
institutional to replicate benchmark changes," the document said.

 

However, Nigeria will be retained in the FTSE ASEA Pan Africa Index Series
even though the execution of some corporate events has been suspended until
further notice.

 

"FTSE Russell will continue monitoring Nigeria and once the foreign currency
delays are cleared for a period of time, Nigeria will be assessed as a new
market in accordance with the FTSE Equity Country Classification Process,"
the statement added.

 

Nigeria is required to spend a period of time on the watch list before it is
re-admitted as an eligible market for the FTSE Russell equity indices.

 

Nigeria was added to the Frontier Watch List from September 2022 for
possible reclassification from frontier to unclassified market status after
reports from index users and market participants from 2020 onwards showed
heaps of unmet dollar demand from investors wanting to repatriate capital
from Nigeria.

 

The overhang is currently estimated at around $10 billion.

 

-Premium Times.

 

 

 

South Africa: Date Set for Finance Minister's MTBP Statement

Finance Minister Enoch Godongwana is expected to deliver the Medium Term
Budget Policy Statement (MTBPS) on November 1.

 

"The Medium Term Budget Policy Statement sets government policy goals and
priorities, forecasts the macro-economy trajectory, and projects the fiscal
framework over the next three years by outlining spending and revenue
estimates, among others," National Treasury said on Monday.

 

Meanwhile, the 2023 Public Financial Management (PFM) conference is expected
to be held from 20 - 22 September.

 

The conference will be held under the theme: 'Innovative and Ethical Public
Finance Management in Challenging Times'.

 

 

According to National Treasury, the key objectives of the conference
include:

 

Building a culture of accountability in specific PFM sectors.

Creating a platform for PFM officials to update their knowledge and
awareness of the latest trends and developments in the financial management
space.

Identifying new and improved practices and workable solutions that could
assist PFM officials in performing their work smarter.

Profiling National Treasury, and its units, as important resources in
achieving and sustaining PFM excellence.

Showcasing available PFM resources and training, and how to access them.

Highlighting good practice.

Building communities of practice.

"The 2023 PFM conference will serve as a platform to create awareness of
some of the latest PFM reforms led by National Treasury. The conference aims
to cover the nine PFM disciplines, which include, among others, Financial
Accounting, Revenue Management, Expenditure Management, Supply Chain
Management, and Budgeting.

 

"The conference will target all spheres of government. Delegates will
include Chief Financial Officers, Provincial Accountant-Generals, heads of
PFM disciplines, and other relevant stakeholders responsible for overseeing
the implementation of the financial disciplines. In addition, development
partners, members of the higher education section and relevant professional
bodies," Treasury said.

 

-SAnews.gov.za.

 

 

Nigeria: Unity Bank Focused On Recapitalisation, Asset Creation - Official

"We are, however, focused on clear-cut plans to close out on our
recapitalization programme very soon to enable us to do business as expected
in the fast-growing markets in Nigeria," the bank said.

 

Retail lender, Unity Bank Plc, says it is focused on recapitalisation in
light of the prevailing foreign exchange revaluation in the financial
system.

 

Commenting on the bank's financial statements for the first half of the
year, the Managing Director/CEO of Unity Bank Plc, Tomi Somefun, noted that
the significant disruptions which characterised the operating environment
have impacted the positions of the bank.

 

 

She noted that the impact is evident in constraints in income generation on
the back of the revaluation of the bank's net foreign liabilities occasioned
by the Naira devaluation during the period.

 

"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," she
said.

 

"Be that as it may, the negative shareholders' fund has improved
considerably through the injection of N135billion which moderated the
negative shareholders' fund from (-ve) N275Billion in December 2022
financial year-end to (-ve) N178Billion as at the end of June 2023, after
absorbing the FX revaluation loss suffered in Q2/2023.

 

"We are however, focused on clear-cut plans to close out on our
recapitalization programme very soon to enable us do business as expected in
the fast-growing markets in Nigeria."

 

 

She further stated that while the bank remains optimistic that the
government's policy initiatives will lead to correction in the market, the
bank has accelerated measures to ramp up asset creation and liability
generation in the short and medium terms.

 

The bank is equally driving its retail growth in every segment of the
market, expanding strategic partnerships; and growing commercial banking
business to develop new and sustainable income lines for the bank.

 

It also hopes to pay sufficient attention to fast-paced process automation,
cost and resource efficiency, targeted value chain relationships, and
product marketing to enhance value creation in the market.

 

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, according to its newly issued financial report.

 

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 bank, however, grew its deposits to N333.38 billion, representing a
marginal increase of 2% compared to N327.42 billion recorded in H1'22 in its
Half-Year unaudited financial statement submitted to the Nigeria Exchange
Group Limited.

 

The bank said growth in deposits demonstrates incremental gains by the
lender from its commitment to deepening its retail footprint through a
well-diversified banking product suite that caters to different segments of
the retail market.

 

Other highlights of the unaudited financial statement include gross income
and total assets which recorded N27.5 billion as against N27.4 billion and
N512.1 billion from N510.1 billion respectively within the period under
review. The net loans portfolio reduced significantly by 31% to N198.6
billion as of 30 June 2023 from N289.4 billion as of 31st December 2022. The
Bank's NPL Ratio remained moderate at below 3% while the liquidity ratio
stood strong at over 45%.

 

Similarly, fees and income commission also witnessed a 10% growth to N3.5
billion from N3.2 billion compared to the corresponding period of 2022, on
the strength of its digital banking platforms and customers' acquisition in
the retail space.

 

-Premium Times.

 

 

 

 

Rwanda: Housing Authority On Spot for Stalled Huye Stadium Renovation

The Huye Stadium facelift is in jeopardy owing to the stalled renovation
works, The New Times has learnt. The 10,000-seat facility, more than four
times its initial capacity, was expected to be completed in October last
year, but all civil works have been stopped despite the progress being at
slightly over 70 per cent.

 

The halt, according to information shared with The New Times, followed a
decision by the Ministry of Justice to reject the request for legal opinion
for the fifth extension of the mega contract between Rwanda Housing
Authority (RHA) and NPD, a renowned local civil engineering company.

 

 

Initially estimated at Rwf9.89 billion for renovation works, the contract
was subsequently extended four times until February 2023, resulting in a
total cost increase of nearly Rwf18 billion.

 

"This was not legally acceptable given that the actions for extension were
carried out after the expiry of the contract," reads part of the document.

 

What went wrong?

 

The government, through RHA, started the upgrading works of Huye Stadium in
order to meet the CAF/FIFA standards, in large part to be able to host
upcoming major tournaments, since Amahoro National Stadium is under
construction.

 

Major events that were slated for the stadium include the 2023 Africa Cup of
Nations (AFCON) qualifiers, the African Nations Championship (CHAN), and the
2026 FIFA World Cup qualifiers in November, this year.

 

However, according to the Auditor General's report for the financial year
ended September 30, several irregularities were noted during the audit of
the project.

 

 

One of the irregularities was that construction works were performed without
an independent supervision firm, contravening the idea that any tender of
works whose value is above Rwf50 million shall require supervision of works
carried out by a registered firm.

 

"Contrary to the above provision, Rwanda Housing Authority (RHA) extended
the contract up to January, 10 (2023) whereas the contract for the
supervisor was to end on October, 15 (2022), hence, works were executed
three months without a supervising company," the document reads in part.

 

"Therefore, the construction of works performed without the supervising firm
implies that the quality of works was compromised without being noted by the
management. Consequently, the realisation of value for money may suffer,"
the document adds.

 

 

The New Times understands that Gasabo 3D, an engineering consultant firm,
had been hired as the supervising firm.

 

"Stalled renovation works and failure to extend the contract affected
negatively the completion of works," the Auditor General said.

 

People living with disabilities left out in renovated stadium

 

Article 25 of the law 01/2007 of 20/01/2007 relating to the protection of
persons living with disabilities in general, stipulates that buildings
providing multiple services for residents must be constructed in a manner
that enables easy access for disabled individuals to utilise said services.

 

Contrary to this provision, however, Huye Stadium does not have a special
place accessible and designed to accommodate spectators with disabilities.

 

"In addition, though specific toilets for people with disabilities have been
installed, some of them are not accessible."

 

In a related development, the Auditor General's report noted that over two
months after the contract had expired, the renovation works were not yet
completed.

 

They include a non-supplied transformer of 1000kVa, soundproofing, flood
lights, and electrification of Kamena Stadium.

 

Other defects include damaged ceilings at the VVIP entrance, VIP seat covers
that have since been damaged, defects in asphalt concrete, and empty powder
firefighting bottles among others.

 

"Going forward, RHA should strengthen its contract management to avoid any
poor contract management," the Auditor General said.

 

What RHA says

 

According to the RHA management, all civil works at Huye Stadium were
expected to be supervised by Gasabo 3D design, but the contract was delayed
due to the claims for an additional amount while as per the terms of the
initial contract, the payment was to be made per progress.

 

"Since the client was agreeing on the extension of time, the consultant was
requested to keep supervising the works as per the terms of the contract as
their claim was still being assessed," RHA management said.

 

Reacting to the idea that people with disabilities have no designated space,
RHA said that the gaps are expected to be addressed in the second phase of
the stadium's extension.

 

-New Times.

 

 

Tanzania: Truck Drivers Pledge to Adhere to Chemical Safety Measures

SOME truck drivers, who transport chemicals within and to neighbouring
countries, have admitted that the training offered by the Government Chemist
Laboratory Authority (GCLA) has been useful.

 

They said the training has provided them with understanding of character of
chemicals, adhering to procedures of safe transportation of chemicals and
taking precautions over effects of hazardous chemicals.

 

The group stated this over the weekend in Dar es Salaam during a training
programme to 36 drivers on safe transportation of chemicals organised by the
GCLA.

 

Speaking on behalf of other drivers from Golden Coach company which deals
with transportation of chemicals, Mr Isihaka Omary, said initially they did
not understand anything about safe transportation of chemicals, but after
the training they understood procedures and various rules guiding
transportation of chemicals as well as how to protect their health and
environment.

 

 

"It's clear that you have opened our eyes on procedures and rules guiding
transportation of chemicals. We have understood more how to protect
ourselves from effects of chemicals," he said.

 

"We thank the GCLA Eastern Zone for running this training programme. We
promise that we are going to implement all that we have learnt," he added.

 

On his part, Human Resources Manager of the Golden Coach Company, Mr
Chrispin Kayombo, said the training has enabled the company to have more
drivers with capacity of transporting chemicals within and to other
countries.

 

"We thank the management of the GCLA for training our drivers who have now
been allowed to transport chemicals as the law requirement," Mr Chrispin
noted.

 

Closing the training on behalf of Chief Government Chemist Dr Fidelice
Mafumiko, authority's manager for Eastern Zone, Mr Danstan Mkapa, called
upon drivers to work on knowledge obtained from the training.

 

Mr Mkapa told the participants that adhering to safety procedures would make
them safe from effects of the hazardous chemicals.

 

-Daily News.

 

 

Tanzania: Charting Tanzania's Future - a Deep Dive Into Livestock, Fisheries

TANZANIA: HELLO to our industry friends and everyone reading this in
Tanzania and the world.

 

Do you know the feeling when you spot a goldmine waiting to be explored?
That is where we are right now with our livestock and fisheries - our very
own ' Green and Blue Economy'. Let's unpack this exciting journey together.

 

Livestock: From Grass to Greatness Tanzania has so much to show the world.
Think of our vast open spaces, rich cultures and old farming traditions. But
did you know that we also house some of the largest numbers of animals
including cows, goats, sheep, poultry and other unique small ruminants in
Africa? You might have heard more about our precious stones or our stunning
tourist places, but our animals, too, hold a big piece of our country's
income pie, making up about 7 per cent of our GDP with a growth of 3 per
cent annually.

 

 

Now, if that sounds big, imagine this: With the right push, we can make it
even bigger. Of course, it's not a walk in the park. We've got to tackle
things like getting our products to bigger markets, teaching our farmers the
latest tricks of the trade and making sure our animals are healthy enough to
compete in global markets. The good news is where there's a will, there's a
way. We're diving deep, investing in our beautiful ranches, holding lands,
breeding centres, better roads, research and extension services and training
programmes for our farmers, especially youths and women.

 

Next up, our waters! Have you ever stood by our vast Indian Ocean coastline
that stretches for over 1,424 kilometres? Or thought about our large inland
water bodies like Lake Victoria, Lake Tanganyika, The Great Ruaha River and
other rivers and lakes? This isn't just about beautiful beaches or vacation
spots. It's also about opportunities, jobs and growth.

 

 

Despite these vast waters, fishing only adds 1.4 per cent to our GDP. That
means there's so much more we can catch - not just fish, but opportunities!
Imagine expanding our fishing nets to include things like tuna farming or
even growing special plants like seaweed in the sea. For this big dream to
come true, we're looking to collaborate with international experts, bring in
investors and most importantly, get our local communities pumped up and
ready to seize these opportunities.

 

When Land Meets Water Here's a cool thought: What if our farms and waters
could help each other out? Think about the leftovers from fish farming
making our land richer, while the stuff we don't use from our farms becomes
food for our fish. It's like nature's own recycle bin, where one man's trash
becomes another fish's treasure!

 

 

What makes all of this truly special? You, me, all of us. We believe that
our people are the real stars of the show. That's why we're thinking big -
bringing in programmes that don't just hand our farmers and fishers tools,
but also teach them how to use them smartly. It's like moving from riding
bicycles to driving rocket-powered cars. We want our people to think bigger,
grow bigger, earn bigger to beat poverty and prosper for generations.

 

We invite the World to Join Us in this vision and the journey we have
embarked on. To all our friends across the globe, our doors are wide open.
But we've got one clear rule: if you're coming in, make sure you're bringing
good vibes and good values. We want partners who respect our people, our
land and our waters. We're all about growth, but not at the cost of our
environment or fairness.

 

We encourage public and private investment. We collaborate with the Private
Sector, the heart of our success. The ministerial commitment is ready to
support investments, by ensuring that the best business environment is in
place. We have in place the Ministry of Livestock and Fisheries Private
Sector Desk and a special team to address all investment processes and
challenges at the sector level.

 

I see many opportunities along the livestock and fisheries value chains
which the private sector can grab! At lower levels of livestock value
chains, opportunities such as improved breed development, vaccines and
drugs, research and extension services, capacity building and training,
investing in poultry, goats, sheep, small ruminants and cattle ranches for
dairy and beef; holding lands, abattoirs, laboratories, animal feed,
processing plants, logistic, data and ICT. Fisheries, deep sea fishing,
processing and packaging, aquaculture including fish feed production. Let us
utilise the geo-economic position of Tanzania that presents a gateway to
Southern, Central and East Africa; the Middle East and Asia! Our private
sector desk is there to guide investors!

 

Public-private partnerships in livestock and fisheries will not only open
economic opportunities in the ecosystem but also contribute to nutrition
solutions given the importance of this sub-sector in the food system,
bearing in mind that animal source consumption is an important indicator in
the National Multisectoral Action Plan.

 

Looking Ahead with Hope, Wearing the hat of the Minister for Livestock and
Fisheries, my dream for Tanzania is simple: Growth that benefits everyone.
We're dreaming of modern ways, better infrastructure, and constantly
churning out new ideas. It's time for not just baby steps, but giant leaps.

 

If you're as excited as I am about the robust opportunities our lands and
waters offer and if you believe in a better, brighter tomorrow, come join
the party. Together, let's write a story - a story of transformation and
economic emancipation where we set the stage for our kids, their kids and
the many generations to come.

 

Thank you, or as we say it here in Tanzania, Asanteni Sana.

 

The writer, Abdallah Hamis Ulega, is the Minister for Livestock and
Fisheries in Tanzania and Mkuranga Member of Parliament.

 

-Daily News.

 

 

 

Tanzania: Digital Transformation - Tanzania On Track

Zanzibar — ZANZIBAR: THE Minister for Information, Communication and
Information Technology, Nape Nnauye has affirmed that Tanzania is on track
to achieving its digital transformation goals.

 

Mr Nape stated this while gracing the closure of the two-day
'Connect-to-Connect summit 2023' in Zanzibar, on Sunday.

 

The summit has enriched the participants with skills and knowledge in
addressing connectivity challenges within their respective countries and
across Africa as a whole.

 

He further said: "I trust that you will leverage on the outcomes of this
summit to further national and regional efforts aimed at fostering
meaningful connectivity, ultimately placing technology in the hands of our
continent's citizens to build inclusive and sustainable communities."

 

 

Equally, the minister informed the audience that Tanzania has gained
significant recognition and ranked first in East Africa, third in Africa and
23rd globally on the GovTech Maturity Index (GTMI) by the World Bank.

 

"These achievements would not have been possible without the establishment
of a supportive policy and legal framework, including the enactment of the
Personal Data Protection Act of 2022," he further said.

 

With the aim of achieving digital transformation, the Minister said Tanzania
is currently in the process of developing a National Enterprise Service Bus
(NESB), facilitating data sharing between the public and private sectors,
along with the establishment of a GovTech Innovation Centre and a Tanzania
Service Directory.

 

 

He explained that these initiatives will enable both the government and
private entities to disseminate information services to the public, adding
that "Our revised National ICT Policy for 2023 underscores an inclusive
approach to developing citizen-centric digital infrastructures that foster
seamless, affordable and accessible delivery systems throughout the
country."

 

Mr Nnape noted that the updated ICT Policy for 2023 aims to create a robust
policy environment to enhance the accessibility, affordability and reduction
of the penetration gap for smart devices, including mobile phones and to
drive digital transformation.

 

"It seeks to strengthen the research and innovation ecosystem, encouraging
individuals and innovators to generate creative solutions for addressing
pressing social issues and also prioritises cyber security and the
development of future-ready ICT human resources in the country."

 

Dr Khalid Salum Mohamed, Zanzibar Minister for Infrastructure, Communication
and Transport said at the Connect-to-Connect summit: "Both the union and
Zanzibar have joined with various stakeholders in communication and IT
industry to achieve digital revolution that will benefit the citizens in
various ways including trade - buying products, advertising and even to
distribute those products through a digital system."

 

 

He said that in collaboration with various telephone companies in the
country, construction of communication towers has been going on to provide
reliable telephone services to everyone in the urban and rural areas,
"Currently we have constructed 45 towers and the main aim is to leave no one
behind in communication."

 

Mr Selestine Kakere, Deputy Permanent Secretary, Ministry of Information
Communication and Information Technology (MICIT) joined the two Ministers to
thank Extensia, Helios Towers, the joint organising committee, media and
sponsors for their pivotal role and tireless efforts in ensuring the success
of this significant meeting.

 

He explained that the two days have spoken loudly that connectivity should
always embrace four major components; namely availability, accessibility,
affordability and more importantly foster solutions to various
socio-economic challenges facing our people.

 

Mr Kakere said that one of recommendations from the summit is that on
digital resilience, Africa has to connect the digital transformation agenda
hand in hand with cyber security, "The two are inseparable and should also
put efforts in educating the youth on how safe to navigate on social media,
but more importantly, working together in addressing issues of cyber
security is not an option but a must.

 

"We are all aware that achieving comprehensive connectivity necessitates
collaborative efforts to overcome the multifaceted challenges before us and
that Tanzania has made significant progress in creating the necessary
environment to realise our vision."

 

The deputy PS highlighted that recent statistics indicate a remarkable
increase in registered mobile phone subscriptions, rising from 55.7 million
in April 2022 to 62.3 million in April 2023, marking an 11.8 per cent surge;
Internet users have similarly expanded from 29.9 million in April 2022 to
33.1 million in April 2023, signifying a 10.7 per cent.

 

-Daily News.

 

 

Twinkies maker Hostess bought by food giant Smucker in $5.6bn deal

Classic US snack maker Hostess Brands is being bought by rival food giant JM
Smucker in a $5.6bn (£4.5bn) deal.

 

"With this acquisition, we are adding an iconic sweet snacking platform
 to
drive continued growth," Smucker's chief executive Mark Smucker said in a
statement.

 

Shares in the firm known for brands including Twinkies, Donettes and Ho Hos
jumped on the news.

 

Smucker is famous for its fruit preserves and Jif peanut butter.

 

Some of America's biggest food brands - including PepsiCo, Oreo maker
Mondelez International and Cheerios maker General Mills - were also
reportedly interested in buying Hostess.

 

Smucker said it expects the deal to be completed in the third quarter of its
current financial year.

 

Hostess, which is based in the city of Lenexa, Kansas, makes several iconic
household brands, including Ding Dongs, Zingers, and Voortman cookies and
wafers.

 

The company, which currently has around 3,000 employees, can trace its roots
back more than a century to when the first Hostess CupCake was sold.

 

In 2012 Hostess filed for bankruptcy after failed talks with its workers'
union left it financially unviable.

 

It was saved from bankruptcy in 2013 by investment firms Apollo Global
Management and Metropoulos & Co.

 

Four years after its near collapse, Hostess Brands returned to the stock
market and is now listed on New York's Nasdaq trading platform.

 

Ohio-headquartered Smucker, which along with its jams and jellies also owns
coffee and pet food brands, has a stock market valuation of around $14bn.

 

The deal marks the latest big takeover this year in the US food
manufacturing business.

 

Last month, Campbell's Soup announced it was buying Rao's pasta sauce owner
Sovos Brands for $2.7bn.

 

The month before that M&M's owner Mars acquired Kevin's Natural Foods, while
consumer goods giant Unilever bought frozen yoghurt brand Yasso in June.

 

Hostess Brands shares ended the New York trading day up by more than 19%.
Smucker shares closed 7% lower.-bbc

 

 

 

 

Google monopoly trial: Is the US losing the fight against Big Tech?

Just a few years ago, a crackdown in the US to curb the might of America's
tech giants seemed at hand.

 

Bosses from Apple, Amazon, Google and Facebook had been hauled before
Congress and President Joe Biden was putting in place a slew of officials
known for their tough-on-tech views.

 

But efforts by Congress to write new rules tackling issues such as privacy
and disinformation are all but dead, and in the courts tech firms have won a
series of high-profile victories in cases challenging their responsibility
for content on their platforms and their right to buy up other firms.

 

On Tuesday, the next legal battle will begin - a high-stakes trial that pits
the government against Google.

 

The company is accused of unfairly cementing its position as the world's
go-to search engine by paying billions of dollars to phone-makers like Apple
and web browsers like Mozilla to be installed as the default option.

 

Prosecutors contend the deals gave Google - which handles some 90% of global
search queries - such a data advantage that it blocked rivals from emerging
and violated US competition laws.

 

The suit, filed in the waning days of the Trump administration in 2020, is
seen as a landmark case - the most serious challenge to the way the tech
industry operates in decades and a key test of whether the US government can
prevail in its fight to rein in the industry.

 

Sundar Pichai, chief executive of Google's parent company, Alphabet, is
expected to testify over the 10-week trial, as are executives from Apple.

 

"It's the anti-trust monopolisation trial of a generation," says Bill Baer,
visiting fellow at the Brookings Institution and a former government
attorney working on competition issues, known as anti-trust in the US.

 

Some analysts say the government has a strong case,

 

They noted similarities with the 1998 suit against Microsoft, which the
courts later found maintained its monopoly over operating systems through
illegal, anti-competitive tactics, like pre-installing Internet Explorer.

 

If the government wins this case, it could mean Google is no longer
automatically installed as a search engine - and perhaps other, more
significant changes.

 

Analysts say that could open up the opportunity for rivals, like Microsoft's
Bing or ChatGPT to gain users - and data - a critical change would leave
consumers with more viable choices.

 

But a government victory is no sure thing.

 

Google has maintained that it provides a superior product - and nothing but
its stronger offering has prevented rivals from working out their own
agreements.

 

Matt Schruers, president of the tech lobby the Computer & Communications
Industry Association, says Google can persuasively liken its deals to
negotiations between food-makers and supermarkets over where products are
placed in stores, agreements that have been examined by US courts and deemed
legal.

 

Mr Schruers says he expects it will also be difficult for the government to
prove that consumers have been hurt - the traditional standard by which
illegal monopoly power has been judged in the US.

 

"US anti-trust law does not protect competitors from their competition. It
protects the competitive process in order to protect consumers," he says.
"Here it seems like the government is picking winners and losers... and
courts have traditionally rejected that view."

 

In other recent US court tangles with tech firms, such as the effort to
block Microsoft's acquisition of videogame-maker Activision Blizzard, the
government has gone down in defeat.

 

That has led to blistering criticism from some quarters, including some
Republicans who have accused the Biden administration of squandering money
on cases it is sure to lose.

 

"Are you losing on purpose?" Republican Congressman Kevin Kiley asked the
head of the Federal Trade Commission, which handled the Microsoft-Activision
case at a hearing in July. Fellow Republican Jim Jordan called the agency's
approach "intimidation followed by inaction".

 

FTC chair Lina Khan and Jonathan Kanter, who heads anti-trust for the
Department of Justice, which is handling the Google case, have defended
their records, pointing in part to wins in other industries.

 

But they have also acknowledged that a tougher competition approach will
mean losses in some cases.

 

Rebecca Haw Allensworth, a law professor at Vanderbilt University, says she
thinks regulators can claim progress even in cases they have lost.

 

"I think it's too early to say that they're losing the fight," she says.
"They're winning some battles and losing some battles but the war is not
over."

 

Later this month, the FTC is widely expected to file a lawsuit against
Amazon. Cases concerning Google's ad business and Facebook's purchase of
Instagram are also on deck in the coming months. Google recently settled a
lawsuit brought by US states over its app store.

 

Regardless of how this wave of lawsuits is resolved, the tech giants are
being slowed by such battles, says Viktor Mayer-Schönberger, professor of
internet governance at Oxford University.

 

But he warns that the US is fighting "the last war" as developments in
artificial intelligence put the big platforms on the back foot. Nor does he
see signs that such suits will address questions - like control over data -
that are likely to play big roles determining the major players of tomorrow.

 

"It doesn't mean we shouldn't do it," he says, referring to anti-monopoly
cases. "[But] we should not hope that this will solve the problems of
platform power."

 

Anti-monopoly campaigner Stacy Mitchell, co-executive director of the
Institute for Local Self-Reliance, says courts have been slow to change,
despite mounting public concern about big business and criticism of how they
have judged competition disputes. But she sees the tide turning.

 

"I've been studying anti-trust issues for more than 15 years and I can't
overstate how much things have changed," she says.

 

"I actually think we're going to win this," she says. But she admits: "I
can't tell you how long it's going to take."-bbc

 

 

 

 

Pay growth catches up with price rises

UK wage growth has caught up with rising prices for the first time in more
than a year, according to the latest official figures.

 

Regular pay, excluding bonuses, rose by 7.8% in May to July compared with
the same period last year.

 

Inflation, a measure of how fast prices of goods and services are rising,
rose at the same pace over the same period.

 

"This means people's real pay is no longer falling," said the Office for
National Statistics (ONS).

 

"Earnings in cash terms continue to increase at a record rate outside the
pandemic-affected period," Darren Morgan, director of economic statistics at
the ONS said, while inflation has come down from its highs.

 

However, the unemployment rate rose to 4.3% in the three months to July from
4.2% a month earlier.

 

Chancellor Jeremy Hunt said wage growth "remains high", but added: "For real
wages to grow sustainably we must stick to our plan to halve inflation.

 

"It's heartening to see the number of employees on payroll is still close to
record highs and that our unemployment rate remains below many of our
international peers," Mr Hunt said.

 

The data is crucial in setting the rise in the state pension from next
April.

 

This is governed by what is known as the triple-lock, which sets the
increase of the highest of average earnings, inflation or 2.5%.

 

The earnings for that calculation - which are total pay, including bonuses -
was recorded at 8.5%.

 

The inflation figure is yet to be published, but seems unlikely to be
higher.

 

That means the state pension is likely to rise by 8.5%, which would be a
weekly increase of £13.30, or an annual increase of £691.60 on the basic
state pension - taking the total for the year to £8,814.

 

For those receiving the new flat-rate state pension, going to those who
reached state pension age after April 2016, the rise is set to be £17.35 a
week, or £902.20 a year - taking the total for the year to £11,502.-bbc

 

 

 

 

Can new Apple iPhone 15 thunder without lightning?

As I write this there are still several hours before Apple unveils the
latest version of its best-selling product, the iPhone.

 

In the last few weeks we've seen the handset come under pressure separately
from both the EU and China. Globally, smartphone sales in general are
slowing, and Apple's highly anticipated virtual reality headset - which the
firm seemed to be positioning as a potential future iPhone - won't go on
sale until next year.

 

When it does it will have a whopping $3,500 (£2,780) price tag.

 

And so, in the meantime, we get to meet the 16th generation of a device
which changed the smartphone landscape forever when it launched in 2007.

 

It may be, ahem, mature, but it still commands enormous interest today -
there are already almost five billion Google search results for the phrase
"iPhone 15", despite no official previews from Apple itself.

 

If you dive in and start reading the speculation and "leaks" buzzing around,
you'll see that the iPhone 15 models are likely to be a little lighter than
their predecessors, with an improved chip, better battery life, better
camera and titanium chassis.

 

You may feel that I could have written something pretty similar this time
last year, or the year before that. I probably did.

 

Apple handset generations, like most devices, tend to feature incremental
improvements most of the time. It's one of the issues blamed for slowing
sales worldwide. People are holding on to their devices longer - not only
because they are expensive both financially and environmentally - but also
because there's no longer the same burning justification to treat yourself
to an upgrade.

 

"I think Apple probably realise they've reached a point where there's such a
critical mass of iPhones that simply maintaining those volumes is a
phenomenal achievement," Ben Wood, a smartphone expert at the analysts CCS
Insight told me.

 

He agrees that while we probably won't see a radically different iPhone on
stage at Apple's annual September event in the US this evening, what we will
see is the theatre of a wealthy company well-versed in performing for its
fan club.

 

Having said that, there is one physical development you won't have seen
before, and if you're in Europe, you'll certainly notice it. The iPhone 15
will almost certainly have a USB-C charging cable point.

 

Currently iPhones rely on a proprietary lightning cable, while most other
devices - including others made by Apple - tend to use USB-C. The crucial
physical difference is that the two are different shapes. So if, for
example, you have an iPhone and a Kindle, your iPhone charger won't fit in
the port for your Kindle and vice versa.

 

Apple has long insisted that diversifying products always leads to greater
innovation. It has also pushed wireless charging as an alternative for
several years - all handsets since the iPhone 8 have been compatible.

 

Nonetheless, the EU has had enough, and declared that all portable devices
need to be compatible with a universal charger by December 2024. And the
rest of the consumer tech sector isn't about to convert to lightning, even
if Apple were to allow it.

 

But you might be justified in adding that cable to your cable drawer (you
know the one) rather than ditching it - Ben Wood says there's a booming
market in second hand iPhones, especially in Africa.

 

"iPhones are getting into the hands of people who couldn't previously afford
them
 and it locks them into the Apple ecosystem," he said.

 

The EU isn't the only territory laying down the law. Last week China
reportedly banned the iPhone from state-run buildings (as you can imagine,
there are rather a lot of those) on security grounds.

 

This has less to do with the phone itself and more to do with the ongoing
tech tussle between China and the US - but it caused Apple's share price to
wobble. The majority of people in China use Android devices, but the iPhone
is the best-selling premium (by which I mean top-dollar) handset.

 

It's additionally awkward for Apple because it still makes products there.
It has been trying to move away - the iPhone 14 is assembled in India, for
example - but it still needs Chinese-based companies and factories.

 

Apple still needs China then. But how much do the rest of us need - or want
- the new iPhone? We're about to find out.-bbc

 

 

 

 

Spotify denies 30-second trick could make you rich

The head of Spotify has denied claims that users can repeatedly listen to
their own uploaded 30-second track to rake in monthly royalties.

 

Finance analysts at JP Morgan had said that Spotify subscribers could make
$1,200 (£960) a month by listening to their song on repeat, 24 hours a day.

 

The claim suggested Spotify's royalty payment structure could be
manipulated.

 

But Daniel Ek, the streaming giant's CEO, says that is not how the
platform's royalties work.

 

The theory was first reported in the Financial Times, and then tweeted about
by Julian Klymochko, founder of Accelerate, a Canadian-based investment
company.

 

"If that were true, my own playlist would just be 'Daniel's 30-second Jam'
on repeat!" Mr Ek tweeted back in response.

 

"But seriously, that's not quite how our royalty system works.

 

Concerns have been raised that artificial streaming - where devices run
chosen tracks on loop - is hindering the music industry, with JP Morgan
executives estimating as much as 10% of all streams are fake, according to
the Financial Times.

 

Just last week, Swedish Newspaper Svenska Dagbladet reported that criminal
gangs were using Spotify's royalty system to launder money made through drug
deals.

 

Taylor Swift smashes more music records

Spotify raises subscription price for millions

According to Spotify's website, it has two tiers of royalties, and artists
are paid out once a month - but how much they get can vary.

 

"Contrary to what you might have heard, Spotify does not pay artist
royalties according to a per-play or per-stream rate," the website says.

 

"The royalty payments that artists receive might vary according to
differences in how their music is streamed or the agreements they have with
labels or distributors."

 

Universal Music Group and Deezer recently announced they will jointly launch
a music streaming model aimed at generating bigger royalties for artists -
meaning they will be paid more if users actively choose to listen to their
music.

 

This could mean Spotify, and other streaming services such as Apple Music,
will be forced to adjust their own models.-bbc

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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