Major International Business Headlines Brief::: 14 September 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 14 September 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Blackout Across Nigeria As National Grid Collapses

ü  Rwanda: Social Media and the Mental Health of Young Adults - the Need for
Digital Detox

ü  Nigeria: Rush for Solid Minerals Turns Farmers Into Sacrificial Lambs in
Nasarawa

ü  Uganda: Eacop Contractor Visits Pau's CEO

ü  Nigeria: Blackout As Nigeria's Electricity Generation Drops 93.5% to
273MW

ü  Nigeria: 100 Days - Economy Reforms Have Made Life More Difficult -
Financial Experts

ü  Nigeria, Other African Economies Underutilize $3trn Circular Economy

ü  Nigeria: Labour Party Knows Obi Lost 2023 Polls - Soyinka

ü  Rwanda: Israel Envoy to Rwanda - We Want More Israeli Investors in Rwanda

ü  Arm: UK chip designer in $54.5bn market return

ü  Tim Gurner: Tycoon apologises over call for layoffs to fix worker
attitudes

ü  Taiwan election: Foxconn founder Terry Gou picks Netflix actress as
running mate

ü  US inflation pressures stubborn as fuel prices rise

ü  France halts iPhone 12 sales over radiation levels

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Blackout Across Nigeria As
National Grid Collapses

Due to this development, one of the distribution companies said all its
interface TCN stations are out of supply.

 

Nigerians were on Thursday morning thrown into darkness after the national
grid system collapsed.

 

The system is operated by the Transmission Company of Nigeria (TCN) from
Osogbo, Osun State.

 

Some of the nation's Distribution Companies confirmed that the grid
collapsed in the early hours of Thursday, as most of their feeders are out.

 

The Enugu Electricity Distribution Company PLC (EEDC) in a statement said
that "a total system collapse" occurred at 12:40 a.m. on Thursday.

 

"This has resulted in the loss of supply currently being experienced across
the network," the company said in a statement signed by Emeka Ezeh,

 

Head of Corporate Communications.

 

Due to this development, the distribution company said all its interface TCN
stations are out of supply, and it will be unable to provide service to
customers in Abia, Anambra, Ebonyi, Enugu and Imo States.

 

"We are on standby awaiting detailed information of the collapse and
restoration of supply from the National Control Centre (NCC), Osogbo," it
said.

 

The General Manager, Public Affairs at the TCN, Ndidi Mbah, told PREMIUM
TIMES Thursday morning that the public would soon be updated about the
development.

 

-Premium Times.

 

 

 

 

Rwanda: Social Media and the Mental Health of Young Adults - the Need for
Digital Detox

Our emotional, psychological, and social well-being are all parts of our
mental health. It influences our thoughts, emotions, and behaviours.
Additionally, it influences how we respond to stress, interact with others,
and make good (or bad) decisions. Despite being a critical component of
human well-being, it is frequently disregarded and stigmatised.

 

The World Health Organization reports that the prevalence of mental health
issues is rising at a rate of 13 per cent each year, which is quite
concerning. Mental health issues can affect individuals of all ages, and
their prevalence can vary based on numerous factors, including demographic,
cultural, and socioeconomic factors.

 

 

Young people often experience significant life changes and transitions, such
as leaving home, starting college or a job, and forming new relationships.
These changes can be stressful and may contribute to the onset or
exacerbation of mental health issues.

 

Young adults are usually in good health and it's uncommon to see them
feeling unwell, but we see an ever-growing number of younger people
consulting with mental health issues.

 

A Rwanda mental health survey that was conducted in 2018 showed the most
prevalent mental disorders were major depressive episodes (12.0%), panic
disorder (8.1%), and Post-Traumatic Stress Disorder (PTSD) (3.6%). Many
other studies in Rwanda have shown similar results in mental health
disorders and also show that these disorders are strongly associated with
functional impairment.

 

Rwanda is a relatively young country, looking at the population age
structure, we see that 50 per cent of Rwandans are under 20 years of age
while the average age of the population of Rwanda is approximately 22.7
years according to our last census. With a significant portion of the
population being under 20, there may be a significant prevalence of mental
health issues in this demographic.

 

Many young people are now constantly using social media for communication
and entertainment purposes. Consequently, it has the potential to have both
positive and negative effects on them. On the plus side, technology promotes
social contact and connectivity, allowing people to keep in touch over long
distances, exchange stories, and access knowledge and learning.

 

It also provides a stage for advocacy, creativity, and self-discovery.
However, continual exposure to edited pictures and information can encourage
inaccurate comparisons and result in problems. Social media's addictive
qualities can harm your sleep, productivity, and mental health. Due to the
constant sharing of personal data online, privacy and security issues are
also a constant.

 

 

It's important that young people or their family members recognise early
signs and symptoms of mental health issues related to excessive social media
use. These may include increased anxiety, depression, sleep disturbances,
decreased self-esteem, or a sense of social isolation.

 

Recognising these signs early allows for timely intervention and support.
Family members, in particular, can play a vital role by maintaining open
lines of communication with young individuals and actively listening to
their concerns. Encouraging healthy offline activities, offering emotional
support, and helping set limits on screen time can all contribute to a more
balanced and mentally healthy approach to social media use. If these signs
persist or worsen, seeking professional help from a mental health provider
is advisable.

 

Rwanda has the appropriate mental healthcare infrastructure as part of
universal healthcare and young people should be able to access care. Despite
this progress, mental health stigma persists and deters many young
individuals from seeking help.

 

Stigmatisation can be a barrier to accessing care, as young people may fear
discrimination or judgment from their communities or even family members.
But as much as care is available, we should do more to prevent the
occurrence of mental health strain.

 

We should carefully look at conducting public awareness campaigns to inform
parents, caregivers, and young people themselves about the potential risks
of excessive social media use, exposure to inappropriate content and how to
mitigate them, practicing digital detox like reduction of screen time,
curating what you see on social media, and in general practicing mindful use
of social media.

 

It's important to emphasise that mental health issues can affect individuals
of any age, and they should not be stigmatised or dismissed. But it's
crucial to understand the particular risks and developmental challenges that
young people experience. It is crucial to offer age-appropriate mental
health care, education, and accessible services that cater to the unique
needs of young people because adolescence and young adulthood may be
exceptionally difficult times, marked by significant transformations and
societal pressures.

 

This dual strategy makes sure that we recognise the commonality of mental
health issues while proactively addressing the unique problems that young
people encounter, thereby fostering their resilience and well-being.

 

-New Times.

 

 

Nigeria: Rush for Solid Minerals Turns Farmers Into Sacrificial Lambs in
Nasarawa

Chinese companies are at the forefront of mining activities in Nasarawa
State that are taking land away from local farmers.

 

Ilyasu Umar's farmland in Adudu, Nasarawa State, served his family for
generations until he was evicted from it in 2021.

 

Adudu is located in Obi Local Government Area of Nasarawa, an agrarian
northern Nigerian state with lots of mineral deposits. However, the
exploitation of the minerals is turning into woes for the local farming
population. The lush green landscape of the area, once devoted to
agriculture, is now being devoured by mining operations.

 

Mr Umar, whose 30 hectares of farmland was taken, is in despair like many
other farmers who have accused community leaders of supporting mine
operators to take their farmlands without compensation.

 

"This land belonged to my family for almost four generations. I cultivated
maize, cassava and sesame and got bountiful harvests in years past. I
remember the farming season of 2018 when I harvested over 1000 kilogrammes
of maize from that same piece of land," Mr Umar told PREMIUM TIMES.

 

 

"When the miners started coming into the community, it was a cause for
concern for me and the other farmers. The sarkin (chief) has taken all the
land from us and said we should not complain about it," he said.

 

Some other villagers corroborated Mr Umar's account of the land takeover.
They narrated how mine operators allegedly induced the community's chief
into taking land from farmers and handing it over to the mining firms.

 

His farmland seized, Mr Umar now works as a driver, moving local goods to
neighbouring towns.

 

"I had to immediately take up work as a driver to support my family. It's a
completely different line of work, and the income is not as steady as when I
was a farmer," he said with a hint of nostalgia.

 

 

"While many other farmers who were displaced have relocated to nearby
villages in search of new farming opportunities, I find myself unable to do
the same at the moment because of my family."

 

Apart from being displaced from their farms, the farmers also said they
received no compensation from the mining company.

 

"We, the farmers, have never received payment or compensation from the
mining operations in this community. And we do not have the power to do
anything about the situation," Mr Umar said

 

"We hope the government and the people in authority will hear about our
plight and address it."

 

We did no wrong

 

However, the community leaders and the operators of one of the big mining
companies in the village said they did no wrong in the acquisition of the
land.

 

Amali Ubangiri, the CEO of Adudu Prospective Mining Ltd., and Imap Mohammed,
his associate, initially claimed that their company provided compensation to
the affected farmers and also resettled them in new farming locations.

 

 

Mr Ubangiri said his company started its operations in the village five
years ago and paid the appropriate compensation for every farmland it took.
He also said the company is actively contributing to the development of the
local communities, in line with its corporate social responsibility.

 

"We have always adhered to the regulations and guidelines set forth by the
government, ensuring fair treatment and compensation for any farmland
acquired for mining purposes. We have a legal mining license for Adudu and
the Sarkin Adudu, His Royal Highness, Alhaji Abdullahi Mohammad Hassan,
knows of our presence in the community."

 

When asked to provide details of how the compensation was paid to individual
farmers like Mr Umar, Mr Ubangiri acknowledged that his firm did not make
any direct payments to the displaced farmers.

 

"Indeed, we didn't provide direct compensation to the farmers, but we
diligently fulfil our social responsibilities to the community. For
instance, we have contributed to infrastructure development, including road
construction in Adudu," Mr Ubangiri explains.

 

If no payment was made to the farmers, then who got the compensation? This
question was put to Mr Ubangiri who simply insisted that his firm violated
no law in acquiring the land it mines on.

 

The affected farmers said they wrote to the mining company and the local
chief but got no response from either of them.

 

"We took the step of writing an official letter of complaint to Adudu
Prospective Ltd., but unfortunately, we haven't received any response from
them," Mr Umar said.

 

The chief of Adudu, Abdullahi Hassan, whom the farmers accused of conniving
with the mining firm, said he acted for the benefit of the community. He
said the land belongs to the community and he and other chiefs approved that
it be given to the mining company, without compensation to the farmers.

 

"The decision to allocate lands to the mining company was made after
carefully considering the potential benefits for our community. As community
leaders, we are responsible for ensuring our people's progress and
development.

 

"Some farmers were indeed using the lands for agriculture, but we believed
that the mining activities would bring about a more significant
transformation that could benefit a wider spectrum of people," he said.

 

Mr Hassan said the community plans to relocate displaced farmers to new
farming locations.

 

"The presence of the mining company in the village has indeed brought about
progress for us, so we must support it. However, we do have plans to
relocate the displaced farmers to new farming locations. In the meantime,
they may need to seek alternative employment to sustain themselves," he
added.

 

The unheard cries of farmers in Toto

 

The situation in Adudu is similar to that in Toto, a town in Toto local
government of the same Nasarawa State.

 

Many farmers in the local government were reluctant to speak about their
situation.

 

 

After being rebuffed by at least six farmers, this reporter made a
breakthrough during a chance encounter with an okada operator in the
village. The motorcycle taxi operator, who asked not to be named for fear of
reprisal from the village authorities, said he was a farmer until his
farmland was seized in October 2020.

 

He said the community leader had granted some Chinese companies the right to
exploit mineral resources on lands occupied by farmers.

 

"Before my land was taken, I grew crops like maize, cassava, and yams. It
was a big farm because it gave my family enough food and some extra to sell.
But in 2020, Sarkin said we should leave the land at the end of the farming
season. That was in October 2020.

 

"That was how I became an okada rider. I had a sense of dignity as a farmer.
I used to provide for my family without worrying about daily expenses but
things are a lot different now."

 

A request for an interview with the Sarkin Yakin Toto, Mohammed Keche, was
denied by his palace officials.

 

But his spokesperson, Ibrahim Ahmed, said the chief acted legally by
supporting the takeover by the mining firms.

 

"The Sarkin is committed to the well-being of the community first before
anything else. Any claims of farmland dispossession are baseless and
unfounded. All the mining operations going on in Toto are legally carried
out with the permission of the government and our sarkin," Mr Ahmed said.

 

When the reporter mentioned some of the farmers whose farmlands were taken,
Mr Ahmed said the land never belonged to them.

 

Mining companies mum

 

At the mining site in Toto, this reporter saw extensive extraction of
minerals. Two Chinese companies, "Wanwang Global" and "Lideal Mines Ltd.,"
were carrying out mining operations in Toto.

 

The companies had state-issued mining licenses and were conducting
excavations for the exploration of solid minerals, particularly lithium, in
Toto.

 

Officials of the two firms declined to speak with this reporter. The
spokesperson for "Lideal Mines Ltd" declined to provide a statement, citing
ongoing legal issues, while officials at "Wanwang Global" also declined
comment.

 

Nasarawa's Minerals

 

The discovery of more minerals in different communities in Nasarawa now
appears to be a curse to farmers in the state. Some of the minerals Nasarawa
was known for include coal, bauxite and lead.

 

Sidikat Salau, the coordinator for the Initiative for Advancement of Mining,
Earth Science, and Environmental Protection (IAMEEP), an NGO advocating
sustainable practices in the extractives sector, said the region's wealth
has been further enriched by the relatively recent revelation of significant
Lithium deposits in the Toto area.

 

"In present-day Nasarawa, the concept of exclusivity regarding mineral
titles is non-existent. Instead, it is the Sarkis, community kings, and
chiefs who wield the power. They have expelled all the individuals holding
legitimate licenses," she said.

 

"We have conducted a thorough analysis, and it has become evident that these
Chinese companies, under the guise of sugar processing, are actually
siphoning off one of the world's most precious minerals - lithium.

 

"Just last year, the value of lithium stood at a staggering $78,000 per
tonne, and this cost is projected to soar even higher. The reason behind
this meteoric rise is lithium's pivotal role in the production of electric
vehicles, laptops, and mobile devices," she explained

 

Same story in other communities: "I was a farmer"

 

The situation in Adudu and Toto is not different from that of Agwatashi, in
the same Obi LGA as Adudu, where this reporter met Sani Abubakar, another
displaced farmer.

 

Mr Abubakar has a new job at a site where extracted solid minerals are
undergoing cleaning and packaging. While he spoke, other workers were
stacking the materials in cement bags for evacuation to the company's depot.

 

"I was a farmer until about a year ago. We heard about happenings in
neighbouring villages (about land seizure for mining operations) but we
never thought Agwatashi could be like those places," Mr Abubakar said.

 

He grew maize and sorghum and harvested between 50 and 65 bags of sorghum
per farming season, he recalled.

 

"At first, it was all so difficult to accept. But I had to find a means to
feed and support my family. Leaving Agwatashi was never an option; this is
my home; my roots run deep here."

 

However, due to his new job at the mining site, Mr Abubakar appears to be
happier than Mr Umar and the other farmers in Adudu.

 

"They pay me fairly well," he said of his new job where he does manual
cleaning and bagging of freshly extracted solid minerals.

 

He said he prefers his life as a farmer, but the responsibility he owes to
provide for his family is more vital than any sentiment.

 

The Riri situation

 

This reporter took a bike ride from Agwatashi to Riri, another village in
Nasarawa where mining is also ongoing. Here, the displaced farmers said they
had been fairly compensated for their seized farmlands.

 

Abdul Idris, one of the farmers, said the community leader handled the
negotiations for compensation with the mining company.

 

"As farmers, we were not directly in contact with the mining company.
Instead, all the arrangements were made through our community leader, and he
provided the compensation."

 

Mr Idris did not disclose the amount he was paid but appears to be
contented. Like other affected farmers in Riri, he has acquired a new plot
of land in a different area and relocated there to resume his agricultural
activities.

 

Nasarawa government concerned

 

Danlami Wada, a deputy director at the Nasarawa State Ministry of Mines and
Steel Development, told PREMIUM TIMES that the pervasive disputes over land
arising from mining activities in the state are a concern to the government
and it is addressing the issue.

 

"We aim to strike a balance between harnessing our mineral resources for
economic growth and safeguarding the interests of our communities,
especially the farmers who have relied on these lands for generations," Mr
Wada said.

 

He said the government has measures to ensure that mining activities do not
jeopardise the well-being of local communities. However, the government is
not involved in settlements or compensations between farmers and mining
companies, he said.

 

"We have no say in compensations and resettlements of affected farmers
unless the cases are reported to us."

 

However, Mr Wada said his ministry has been working to create awareness
among mining companies about the importance of community engagement, fair
compensation and sustainable practices.

 

He urged farmers to come forward and report any injustice or issue they face
due to mining operations.

 

Food Security

 

If the situation in Adudu, Toto, and Agwatashi persists and spreads to other
states rich in minerals, it can worsen Nigeria's already dire food
situation.

 

About 25 million Nigerians are at risk of starvation, according to UNICEF,
due to various issues such as insufficient food production and insecurity.

 

Attah Ademu, an agricultural economist, said farmland grabbing has a broader
implication on food security. He said the loss of farmlands disrupts local
food production, leading to increased reliance on imported goods and higher
food prices. This, in turn, affects the most vulnerable populations, pushing
them further into poverty and food insecurity.

 

"Smallholder farmers constitute a significant proportion of all farm
holdings in the country. And in turn, many of us living in the urban parts
of the country depend on these people for our food. Almost 80 per cent of
the food we enjoy comes from these small-scale farmers," he said.

 

"So what do you expect to happen when you dispossess them of their farmland
and sole livelihood? It will worsen poverty and put more people at risk of
food insecurity."

 

"This reporting was done with the support of the Centre for Journalism
Innovation and Development".

 

-Premium Times.

 

 

 

 

Uganda: Eacop Contractor Visits Pau's CEO

Kampala, Uganda — On Sept.7, Aimin Luo, the General Manager of China
Petroleum Pipeline Engineering Co Ltd (CCP) paid a courtesy call to Ernest
Rubondo, the Executive Director of the Petroleum Authority of Uganda to
reinforce their working relationship.

 

CCP is the construction contractor for the EACOP and above-ground
installations for the project and Tilenga pipeline projects.

 

The courtesy call was to introduce the CCP team to the Authority in the
build-up to commence construction activities on the EACOP.

 

Luo expressed his gratitude to Rubondo for the opportunity to work on such a
significant project and acknowledged the importance of the EACOP and Tilenga
pipeline projects and assured the PAU of CCP's commitment to delivering
high-quality construction services.

 

Rubondo expressed his confidence in CCP's capabilities to efficiently
construct the pipelines. He acknowledged the significance of the projects
for the East African region and stressed the importance of timely and safe
execution.

 

-Independent (Kampala).

 

 

 

 

Nigeria: Blackout As Nigeria's Electricity Generation Drops 93.5% to 273MW

Nigeria's power supply dropped by 93.5 per cent to 273 megawatts, MW in the
early hours of today, from 4,182MW recorded on Monday, this week, following
a complete system collapse, due to equipment failure or grid disturbance in
the sector.

 

Data obtained by Vanguard from Nigeria Electricity System Operator, the
semi-autonomous arm of the Transmission Company of Nigeria, TCN, showed that
Afam VI, Dadinkowa, Ibom Power, Jebba, Olorunsogo generated 0.70MW, 0.00MW,
32.90MW, 240MW and zero respectively.

 

Managing Director/CEO of TCN, Sule Abdulaziz, did not respond to calls and
text messages, but a top industry leader, who confirmed the development,
said: "The grid has been very unstable for days before the latest system
collapse. As we speak, there is blackout."

 

Checks by Vanguard showed that Nigeria's electricity generation dropped,
Tuesday, by 59 per cent to 1,705 megawatts, MW, from 4,182 MW recorded the
previous day at 06:00hours, due to grid disturbance.

 

It indicated that many households and businesses are currently generating
their independent power at higher costs because of the high price of diesel
currently hovering at over N600 per litre, but also the high cost of petrol
that shot up by about 169 per cent to over N500 per litre since June 2023,
from N186 per litre (major marketers) in the preceding month of May 2023.

 

The Minister of Power, Adebayo Adelabu, had promised Nigerians that they
will witness improved power supply across the nation soon.

 

Speaking at a recent reception organized for him, he said: "We know it's not
something that is achievable overnight but we believe that once the
foundation is laid, others can also build on it. I can tell you that between
six months and one year, we will start seeing improvement in the power
sector."

 

 

 

 

Nigeria: 100 Days - Economy Reforms Have Made Life More Difficult -
Financial Experts

The Association of Capital Market Academics of Nigeria (ACMAN) has lamented
the outcomes of the recent economic reform measures, saying it has been
characterized by weak growth, high inflation, unemployment and volatile
exchange rate, among others.

 

While x-raying the 100 days performance of the current administration,
ACMAN, in a press statement yesterday, said: "The Nigerian economy has been
characterized by weak growth, high inflation, unemployment and volatile
exchange rates, rising public debt and fiscal imbalance compounded by CBN's
Ways and Means and a corrupt fuel subsidy regime. These legacy challenges
confronted the President on assumption of office. Against this backdrop, the
twin policies designed to end fuel subsidy and unify multiple exchange
rates, which defined the administration's first 100 days in office, were
largely welcomed by both domestic and foreign investors and seemed to boost
confidence in the economy.

 

 

"Perhaps nowhere has this confidence manifested better than the stock market
where the benchmark index (NGX ASI) hit the highest level ever in the
history of the Nigerian stock market (over 68000 points) with year-to-date
return now above 30 percent.

 

"But these reforms have left in their wake unpalatable outcomes which have
made life more difficult especially for the ordinary Nigerian. Inflation
rate is on the rise with food prices largely unaffordable. There is evidence
of declining economic activities with fewer vehicles on the roads and
reduced work days in both private and public sectors. Similarly, not a few
micro and small businesses have reduced their scale of operations due
largely to inability to afford the high cost of fuel."

 

Continuing, Prof Uche Uwaleke, President, ACMAN, said: "The President is
advised to move speedily to ameliorate the pains brought on vulnerable
Nigerians on account of the sudden removal of fuel subsidy. This sahould
include scaling up the interventions in Micro, Small and Medium-sized
Enterprises, MSMEs and Agriculture as the cuarrent size of the total package
is very small, at less than N1 trillion.

 

"We are convinced that more money can be made available to cushion the
negative impact of fuel subsidy removal from reducing cost of governance,
plugging revenue leakages and tackling the challenge of crude oil theft".

 

The Association of Capital Market Academics of Nigeria (ACMAN) has lamented
the outcomes of the recent economic reform measures, saying it has been
characterized by weak growth, high inflation, unemployment and volatile
exchange rate, among others.

 

While x-raying the 100 days performance of the current administration,
ACMAN, in a press statement yesterday, said: "The Nigerian economy has been
characterized by weak growth, high inflation, unemployment and volatile
exchange rates, rising public debt and fiscal imbalance compounded by CBN's
Ways and Means and a corrupt fuel subsidy regime. These legacy challenges
confronted the President on assumption of office. Against this backdrop, the
twin policies designed to end fuel subsidy and unify multiple exchange
rates, which defined the administration's first 100 days in office, were
largely welcomed by both domestic and foreign investors and seemed to boost
confidence in the economy.

 

 

"Perhaps nowhere has this confidence manifested better than the stock market
where the benchmark index (NGX ASI) hit the highest level ever in the
history of the Nigerian stock market (over 68000 points) with year-to-date
return now above 30 percent.

 

"But these reforms have left in their wake unpalatable outcomes which have
made life more difficult especially for the ordinary Nigerian. Inflation
rate is on the rise with food prices largely unaffordable. There is evidence
of declining economic activities with fewer vehicles on the roads and
reduced work days in both private and public sectors. Similarly, not a few
micro and small businesses have reduced their scale of operations due
largely to inability to afford the high cost of fuel."

 

Continuing, Prof Uche Uwaleke, President, ACMAN, said: "The President is
advised to move speedily to ameliorate the pains brought on vulnerable
Nigerians on account of the sudden removal of fuel subsidy. This sahould
include scaling up the interventions in Micro, Small and Medium-sized
Enterprises, MSMEs and Agriculture as the cuarrent size of the total package
is very small, at less than N1 trillion.

 

"We are convinced that more money can be made available to cushion the
negative impact of fuel subsidy removal from reducing cost of governance,
plugging revenue leakages and tackling the challenge of crude oil theft".

 

-Vanguard.

 

 

 

Nigeria, Other African Economies Underutilize $3trn Circular Economy

Nigeria's largest container terminal, APM Terminals, Apapa, has been
honoured by the Shipping Correspondents Association of Nigeria (SCAN) with a
special recognition award for blazing the trail in setting new standards for
the welfare of dockworkers in Nigeria.

 

The award was presented to APM Terminals as part of the maiden SCAN
Dockworkers' Day celebration held in Apapa, Lagos.

 

"APM Terminals is being honoured for successively setting a benchmark in
salary, insurance, capacity building and general welfare of dockworkers far
ahead of other terminal operators in the country, and for pioneering the
training of female crane operators in a predominantly male-dominated sphere,
thereby increasing their skills and employability," the association said.

 

 

The President-General of the Maritime Workers Union of Nigeria (MWUN),
Comrade Adewale Adeyanju, who presented the award on behalf of SCAN,
commended APM Terminals for blazing the trail in granting palliatives to its
employees and for creating a conducive working environment at the port.

 

Also speaking at the event, the Chairman, Seaport Terminal Operators
Association of Nigeria (STOAN), Princess Vicky Haastrup, said over the past
17 years, terminal operators have raised the salaries of dockworkers by more
than 2,000 percent.

 

Haastrup said before cargo handling operations were concessioned to private
terminal operators in 2006, dockworkers were dehumanised, underpaid and did
not have conditions of service.

 

The Terminal Manager of APM Terminals, Apapa, Steen Knudsen, who was
represented at the event by the Commercial Manager, Temilade Ogunniyi, and
the Employee Relations Manager, Benedict Nwangwu, commended SCAN for
recognising the efforts of the leading terminal operator in lifting the
standards of port operation in Nigeria, and in enhancing the welfare of its
employees.

 

-Vanguard.

 

 

 

 

Nigeria: Labour Party Knows Obi Lost 2023 Polls - Soyinka

Nobel laureate, Professor Wole Soyinka, yesterday, alleged that the
leadership of the Labour Party, LP, knew that its presidential candidate,
Peter Obi, lost the February 25 election.

 

Soyinka accused the leadership of LP of trying to force "a lie" on
Nigerians, especially youths, that Obi won the election.

 

The Nobel laureate spoke at an event titled "The Lives of Wole Soyinka -- A
Dialogue" organised by Africa in the World.

 

The event took place in Stellenbosch, South Africa.

 

While speaking at the event, Soyinka was asked to react to his comment
against the Vice-Presidential candidate of LP, Datti Baba-Ahmed after the
general elections.

 

 

Soyinka said the truth matters to him, noting that many people always look
for shortcuts.

 

His words: "This recent election - two things happened first of all. One
party took over the labour movement, which is not my favourite movement, and
then it became a regional party.

 

"Whereas it was a marvellous breach into the established two camps. Peter
Obi achieved something remarkable there, that he broke that mould. However,
he did not win the election.

 

"I can say categorically that Peter Obi's party came third not even second
and the leadership knew it but they want to do what we call in Yoruba
'gbajue', that is force of lies."

 

While he alleged that the LP leadership attempted to mobilise young people
to protest against the outcome of the election on the "banner of lies and
deceit, Soyinka said: "They were going to send some of the hardliners, proud
young people into the street to demonstrate."

 

He, however, said: "I'm also ready to be among such demonstrators but only
on the banner of truth not on lies, and deceit.

 

"This party (LP) wanted the same thing (referring to 2011 post-election
violence) to happen on the basis of a lie and we find this vice-presidential
candidate on television boasting, insisting, threatening and trying to
intimidate both the judiciary and the rest.

 

"What kind of government will result from that kind of conduct? In addition,
they did not know this but they were being used.

 

"Before the election, there were certain clandestine forces, including some
former generals, who were already calling for an interim government before
the elections began."

 

"Some of them were known figures, including a proprietor of a university
calling for an interim government before the election took place."

 

-Vanguard.

 

 

 

 

Rwanda: Israel Envoy to Rwanda - We Want More Israeli Investors in Rwanda

Four years ago, Israel opened an embassy in Rwanda which furthered bilateral
relations between the two countries, focusing on development elements for
improving people's livelihood. The cooperation revolves around areas of
mutual interest, such as technology and innovation, modernizing precision
agriculture, education, healthcare, tourism promotion, investment, and more.

 

On August 29, the new Israeli Ambassador to Rwanda, Einat Weiss, presented
her letters of credence to President Paul Kagame. She replaced Ron Adam who
concluded his tour of duty in the country.

 

The New Times' Alice Kagina had an exclusive interview with Weiss to discuss
the bilateral relations and her areas of priority as she takes on her
duties.

 

The excerpts:

 

Thank you, Ambassador Einat Weiss, for your time. What's been your
experience working in Rwanda as a diplomat, so far?

 

Being a diplomat in Rwanda is an amazing experience, the minute you land
here is an eye-opener. You see the amazing infrastructure and the buildings,
it's a little bit of a small New York.

 

However, being an Israel diplomat comes with an extra advantage because of
the shared bond between the two countries.

 

What does it mean to you personally, to serve your country in Rwanda, as the
two countries share values and history, like the Jewish holocaust and the
1994 genocide against the Tutsi in Rwanda?

 

Obviously, the meaningfulness of the bond is based on our shared history and
you cannot take our past from our present and the future. We cannot take
away the fact that our parents and grandparents had to endure catastrophe.

 

We cannot take from our culture the aspect of what it means but it is also
the engine of our passion for life, success, and progress because we know
that we survived and our countries were built from ashes. In terms of
history, Rwanda is only 30 years old and Israel is 75, so, we are young
countries, but we showed the world that we can.

 

While presenting your copies of credentials to President Paul Kagame, what
did you discuss in terms of furthering Israel-Rwanda relations?

 

There were 12 of us and understandably, we did not get enough time. But we
briefly discussed the potential of bilateral relations between our two
countries, what has been achieved, and my areas of priority.

 

 

It's been four years since the establishment of the Embassy of Israel in
Rwanda, how much has this produced, in terms of mutually beneficial projects
between the two countries?

 

I am going to do the unpopular and applaud my predecessor! Amb. Ron Adam has
done an amazing job because he realized you have to build people-to-people
connections.

 

I found a very functioning embassy that has done great in connecting and
understanding what Israel cooperation is all about. For example, every year
we send about 250 students to study modern agriculture and gain experience
working in Israel.

 

I have met a group of 20 alumni and they all got back with tools they didn't
have before and started their own businesses. I want to continue building on
that model as well as the center of excellence established in Rwanda to
facilitate knowledge exchange.

 

As you begin your tour of duty as the Ambassador of Israel in Rwanda, what
will be your priorities?

 

I believe there is so much to be done in health and education sector but
also continuing with agriculture. I have to say that I found this country
very well based on smart and resilient people. So, we want to further the
existing bond by renewing the direct flight between the two countries, which
attracts more tourists whereby people can fly for 4 hours instead of 12
hours.

 

We want to see a significant increase in the number of businesses that come
here and agreements signed, a rise in trade and more Israel investors coming
to Rwanda in the long run.

 

Seeing this great country, I believe it will take the relationship to the
next level.

 

Long overdue but African leaders continuously demand an equal sit at
decision-making tables of issues of concern affecting the globe. With your
work experience in different parts of the world, how do take this in?

 

I am a great believer that Africa is the future. Africa as a continent
doesn't need help, it can do it itself. You have massive youthful population
that is eager to succeed, natural resources, and everything needed to be the
future of the world.

 

If I take Rwanda, I don't know any other country in the world that has done
this much change in 30 years. It's mind-blowing to realize what you have
done. And as Israel, we take much pride in what we can do together in
partnership.

 

On a parting note, who is Weiss outside work?

 

[laughs] I am first a family person with two twins who are toddlers now. I
am proud to say that I am 100 percent mother when am out of work and 100
percent diplomat at work.

 

I enjoy hiking and I really hope to explore this country to the last mile.
My favourite place is the forest and I almost named my child "Forest",
that's how much I love it. I love sports, hosting, and laughing.

 

-New Times.

 

 

 

Arm: UK chip designer in $54.5bn market return

UK-based chip designer Arm Holdings has secured a $54.5bn (£43.6bn)
valuation, as it makes its highly-anticipated return to the stock market.

 

The shares were priced at $51 each, which is at the top of the range that
had been indicated to prospective investors.

 

It makes the sale the biggest initial public offering (IPO) of the year.

 

Arm shares are scheduled to start trading on New York Nasdaq stock market on
Thursday.

 

The company says 95.5 million shares were sold, raising $4.87bn for its
Japanese owner SoftBank Group.

 

Arm customers, including Apple, Google, Nvidia, Alphabet, Advanced Micro
Devices, Intel and Samsung have all said they would invest in the IPO.

 

In March, Arm announced that it would not list its shares in the UK, in a
blow to the London stock market.

 

Reports in January said Prime Minister Rishi Sunak had held talks with
SoftBank about a potential UK listing.

 

Arm said it had decided that listing the company solely in the US was "the
best path forward".

 

Hermann Hauser, who was involved in the development of the first Arm
processor, told the BBC's Today programme that the UK's decision to leave
the European Union was partly to blame for the shares being listed in the US
rather than the UK, as it had affected the standing of the London Stock
Exchange.

 

"The hope, of course, was to have a dual listing
 but that wasn't really
possible because of the size of the IPO and the London Stock Exchange isn't
the size it used to be," Mr Hauser said.

 

A star of the British technology industry, Arm estimates that 70% of the
world's population uses products that rely on its chips, including nearly
all of the world's smartphones.

 

SoftBank took Arm private seven years ago after buying it in a deal worth
$32bn.

 

It had agreed to sell Arm to rival US chip giant Nvidia but the plan was
abandoned in February last year.

 

The sale had faced major regulatory hurdles in the UK, US and European
Union.-bbc

 

 

 

 

Tim Gurner: Tycoon apologises over call for layoffs to fix worker attitudes

One of Australia's richest men has apologised after he said that
unemployment should jump to remind arrogant workers of their place.

 

"We need to see pain in the economy," Tim Gurner had said.

 

But Mr Gurney said later that he "deeply" regretted the comments, which
sparked a global backlash.

 

He has previously made headlines by suggesting young people cannot afford
homes because they spend too much on avocado toast.

 

Video of his comments has gone viral, attracting over 23 million views and
strong criticism online.

 

Speaking during a property summit this week, the 41-year-old said the
Covid-19 pandemic had changed employees' attitudes and work ethics for the
worse - singling out builders as an example.

 

The gym-owner-turned-real-estate-mogul claimed that shift is hitting
productivity in the sector, which - combined with tougher regulations - is
fuelling Australia's housing shortage.

 

He proposed the country's current unemployment rate of 3.7% should rise by
40-50% to reduce "arrogance in the employment market". That would see more
than 200,000 people lose their jobs.

 

"There's been a systematic change where employees feel the employer is
extremely lucky to have them," Mr Gurner said.

 

"We need to remind people they work for the employer, not the other way
around."

 

But later, Mr Gurney said in a post on LinkedIn that he had "made some
remarks about unemployment and productivity in Australia that I deeply
regret and were wrong".

 

He said there were "important conversations to have in this environment of
high inflation, pricing pressures on housing and rentals due to a lack of
supply, and other cost of living issues".

 

He said his comments were "deeply insensitive" to employees, tradespeople,
and families "across Australia" who are affected by cost of living pressures
and job losses.

 

Mr Gurney added that he appreciated that the loss of a job "has a profound
impact" on workers "and I sincerely regret that my words did not convey
empathy for those in that situation".-bbc

 

 

 

 

Taiwan election: Foxconn founder Terry Gou picks Netflix actress as running
mate

Foxconn founder Terry Gou has chosen actress Tammy Lai as his running mate
in the Taiwan presidential election.

 

Today's announcement has shocked many as Ms Lai has no political experience.

 

Mr Gou is running as an independent after failing to secure the nomination
from main opposition Kuomintang.

 

Taiwan has been a democracy since 1996. China remains a key factor as it
claims the island as its territory and does not rule out the use of force to
achieve unification.

 

Considered pro-China, Mr Gou's ratings is falling behind William Lai of the
Democratic Progressive Party, Ko Wen-je of Taiwan People's Party and Hou
Yu-ih of the Kuomintang in multiple polls.

 

Ms Lai, 60, has been in show business for decades. She played a presidential
candidate - a character seemingly inspired by President Tsai Ing-wen - in
the Netflix show Wave Makers. The series has sparked a Me too movement in
Taiwan earlier this year.

 

Ms Lai's father is a US veteran who was deployed to Taiwan. However, he had
left the island before she was born, according to local magazine Business
Today.

 

Mr Gou has been appealing to voters with his business success and experience
in working with China. He started Foxconn in 1974 and the company has become
a main supplier for Apple.

 

"I was being open-minded," Ms Lai said. "After meeting Mr Gou a few times, I
find him to be someone I can cooperate with because he's very interesting."

 

There are speculations about Ms Lai's nationality, because Taiwan laws do
not allow presidential candidates with dual nationalities. A spokesman said
Ms Lai would answer the question herself later.

 

Dennis Weng, an associate professor at Sam Houston State University in the
US, said it was a good move for Mr Gou, but it might not affect the results
of the January election eventually.

 

"Tammy Lai had a great performance in Wave Makers, and most of the audience
are young people. But young people do not support Terry Gou," he told BBC
Chinese.-bbc

 

 

 

 

US inflation pressures stubborn as fuel prices rise

Consumer prices in the US rose by more than expected last month, driven by
higher costs for rent and fuel.

 

The inflation rate, which measures the pace of price rises, was 3.7% over
the 12 months to August, the Labor Department said, up from 3.2% in July.

 

The figures underscore the challenges facing officials trying to stabilise
prices, which soared last year at the fastest pace in decades.

 

The inflation rate has dropped significantly from its peak last year.

 

But analysts said the US central bank, which aims to keep inflation at 2%,
is likely to remain worried that the problem has not been resolved.

 

The bank has already raised its benchmark interest rate to the highest level
in 22 years,targeting a range of 5.25% to 5.5%,in an effort to contain price
rises.

 

It is due to meet later this month to consider whether further increases
will be necessary.

 

US inflation chart

Wednesday's report showed fuel prices were the main driver of the jump in
consumer prices from July to August. Monthly inflation was 0.6%, the highest
since June 2022.

 

Stripping out food and fuel, where price swings are common, prices still
rose by 0.3%, more than expected.

 

Housing costs, which many analysts had expected to start cooling this year
and make up a major part of the US consumer price index, also rose for the
40th month in a row.

 

Analysts said the Federal Reserve is still unlikely to raise interest rates
at its meeting, especially since rate rises have little influence over fuel
prices, which were the biggest contributor to the rise in inflation in
August.

 

But Wednesday's data could push it to act later in the year, said Charles
Hepworth, investment director at GAM Investments, an asset management group
based in Zurich.

 

The latest figures are "unlikely to encourage the Federal Reserve that the
necessary cooling in the economy that they are looking for is being achieved
as quickly as they want," he said.

 

"Energy prices are beyond their control. Despite this we should expect that
a November hike is likely still in play."

 

Higher interest rates cool the economy by encouraging saving and making it
harder for households and businesses to take out loans to buy homes, expand
operations and or spend on other items. In theory, price increases should
ease as the economy slows.

 

Despite its efforts, Federal Reserve chairman Jerome Powell warned last
month that inflation remained "too high".

 

"We are prepared to raise rates further if appropriate, and intend to hold
policy at a restrictive level until we are confident that inflation is
moving sustainably down toward our objective," he said.-bbc

 

 

 

France halts iPhone 12 sales over radiation levels

France has ordered Apple to stop selling the iPhone 12 for emitting too much
electromagnetic radiation.

 

On Tuesday, the French watchdog which governs radio frequencies also told
the tech giant to fix existing phones.

 

The ANFR has advised Apple that if it cannot resolve the issue via a
software update, it must recall every iPhone 12 ever sold in the country.

 

But the World Health Organization has previously sought to allay fears about
radiation emitted by mobile phones.

 

It says on its website there is no evidence to conclude that exposure to low
level electromagnetic fields is harmful to humans.

 

The iPhone 12 was first released in September 2020, and it is still sold
worldwide.

 

Apple told the BBC it was contesting the ANFR's review, and said it had
provided the regulator with lab results from the tech giant itself and third
parties which show the device is compliant with all the relevant rules.

 

It said the iPhone 12 was recognised as being compliant with regulations on
radiation levels worldwide.

 

France's digital minister Jean-Noel Barrot told French newspaper Le Parisien
the decision was due to radiation levels above the acceptable threshold,
according to Reuters.

 

He said the ANFR found the iPhone 12's Specific Absorption Rate (SAR) was
above what is legally allowed.

 

"Apple is expected to respond within two weeks," he said.

 

"If they fail to do so, I am prepared to order a recall of all iPhones 12 in
circulation. The rule is the same for everyone, including the digital
giants."

 

France will share its findings with other regulators across the trading bloc
- which Barrot said could result in "a snowball effect".

 

The ANFR requires the SAR of devices to be checked against two different
ways a phone is used.

 

First there is a "membre" - or limb - check, for when a phone is in close
contact with a person's body, such as when it is held or placed in a trouser
pocket. The SAR limit for this is four watts per kilogram.

 

The regulator said the device's "membre" SAR was 5.74 watts per kilogram -
higher than the limit.

 

There is also a check for when a phone is slightly further away, such as
when it is in a bag or jacket pocket, but the iPhone 12's SAR measure came
in under this threshold.

 

The news first broke on Tuesday in France - the same day that Apple unveiled
its new iPhone 15.

 

The new phone is the first since 2012 to feature an alternative charging
port, and Apple says it will sell an adapter so people can use their
existing cables.

 

It comes as the Chinese foreign ministry issued a rebuttal against media
reports which claimed government agencies had told staff to stop using
iPhones.

 

It said China has not issued any laws, regulations or policies blocking the
use of Apple's products.-bbc

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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