Major International Business Headlines Brief::: 18 September 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 18 September 2023 

 


 

 


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

 


 

 


 

ü  Rwanda to Deploy Drones in Fighting Environmental Crimes

ü  Nigeria: Federal Govt, Labour Meet Today Over Planned Indefinite Strike

ü  Tanzania: Traffic Division Suspends 106 Driving Schools

ü  Nigeria: Despite Laws, Underage Home Helps Go Through Horrifying
Experiences in Nigeria

ü  Nigeria: Air Strikes Destroy Over 30 Illegal Oil Refining Sites in Rivers
- NAF

ü  South Africa: Kusile's Unit 4 Returns to Service

ü  Tanzania: Govt to Employ 47,000 Workers

ü  Nigeria: Oil Firms Consider Remote Monitoring Tools for Pipeline
Protection

ü  Namibia: More Cattle Slaughtered Than Exported Live

ü  Kenya to Scrap Container Deposit Fee at Mombasa Port to Ease Trade With
Uganda

ü  China police detain staff at Evergrande wealth unit

ü  Shein in talks to buy Missguided from Mike Ashley's Frasers Group

ü  First grain ships arrive in Ukraine using new route

ü  UAW strike: Biden says striking car workers deserve 'fair share'

ü  Chinese electric cars will reduce UK emissions but what about rivals
here?

 


 

 


 <https://www.cloverleaf.co.zw/> Rwanda to Deploy Drones in Fighting
Environmental Crimes

Rwanda Investigation Bureau (RIB) and the Ministry of Environment have
launched the use of drones in combating environmental crimes.

 

Environmental crime is an illegal act that directly harms the environment
and is the fourth largest criminal activity in the world. It is increasing
by five to seven per cent every year, according to reports.

 

The drones will collect information, conduct inspections for prevention, and
support investigations of environmental crimes.

 

"The drones will help to respond to and control activities that damage our
environment including land degradation, water pollution, and illegal logging
in protected areas," said Minister for Environment Jean d'Arc Mujawamariya.

 

 

"We thank the Rwanda Investigation Bureau (RIB) who joined us in the fight
against environmental degradation where they conducted sensitisation
campaigns on environmental crimes, identified victims of those environmental
crimes, offenders and opened case files for prosecution," she said.

 

She said reports found that commonly degrading activities are in illegal
mining, communities that encroach the protected areas, especially parks,
riverbanks, and water pollution as well.

 

"This drone reaffirms the existing work of conducting inspections for
prevention, detection, and investigations of environmental crimes
countrywide. This drone will help to collect information from no-go areas
and the accurate data and information will inform further action," she said.

 

The minister said the partnership with RIB will learn from the existing good
partnership between Rwanda National Police and Rwanda Environment Management
Authority (REMA) in order to set up joint teams along with security forces
at the district level and other concerned institutions to take appropriate
measures to curb environmental degrading activities.

 

 

The drones will support the country's efforts in protecting the environment
as Rwanda seeks to achieve a vision to be carbon-neutral by 2050.

 

Rwanda has a long-term Green Growth and Climate Resilience Strategy and an
ambitious climate action plan to reduce emissions by 38 per cent by 2030.

 

Crimes to be investigated

 

The environmental degrading activities to be investigated include land
degradation, water pollution, and illegal logging, especially in protected
areas.

 

 

Environmental experts have recommended a thorough investigation into why the
Nyabarongo River continues to be polluted despite billions of money that
have been invested in its conservation and protection.

 

In 2022, President Paul Kagame grilled officials in charge of the
environment over increasing pollution in the Nyabarongo River.

 

Soil erosion is currently the major contributor to pollution in the
Nyabarongo River. According to environmental experts, mining activities are
also leading to the pollution of the Nyabarongo River.

 

At least five mining companies, five clay mining activities, and four sand
mining activities in the districts of Kamonyi, Muhanga, Gakenke, and
Ngororero were found to be polluting the environment last year.

 

Maxwell Gomera, UNDP Resident Representative described the drones to combat
environmental crimes: "These aren't just flying cameras; they're guardians
in the sky, protecting our land and people from the risks of illegal
activities.

 

"The drone will be used in the fight against environmental crimes by
enabling monitoring, detecting, and collecting evidence that will be used to
prosecute the culprits," said Rwanda Investigation Bureau Secretary General
Jeannot Ruhunga.

 

Abias Maniragaba, an environmental expert, said that encroachment is one of
the main environmental crimes in Rwanda.

 

According to the Auditor General report, for instance, the Nyabarongo River
buffer zone is being encroached. No activity is allowed 50 metres from water
bodies' shores.

 

However, the assessment realised that many activities have encroached 50
metres in buffer zones of lakes Kivu and Muhazi shores, as well as 10 metres
from the shores of rivers Nyabarongo and Sebeya, among other water bodies.

 

"The drone is timely to inspect and help in investigating environment crimes
given that there is a limited number of environment inspectors," Maniragaba
said.

 

He said that wildfires and wetlands encroachment should also be focused on
during environmental crime investigations.

 

"For instance, Nyungwe forest was recently burnt and nobody has been
arrested for the crime. Drone is a solution to detect polluters," he noted.
At least 125 hectares of Nyungwe forest were recently burnt.

 

According to a report from the Ministry in charge of Emergency Management,
wildfires have devastated nearly 1,000 hectares of forests within the last
three years. In 2020 alone, wildfires consumed 458 hectares of forests from
July to September, with the most affected districts being Bugesera, Gatsibo,
Kayonza, Muhanga, Nyamagabe, and Nyanza.

 

The report further reveals that wildfires scorched 160 hectares in 2021 and
73 hectares in 2023.

 

Measures to counter illegal logging and poaching in Rwanda's national parks
should maintain speed considering that the cases are still being recorded,
conservation experts have also said.

 

According to the REMA, owners of industries and public buildings have also
failed to conduct and comply with the environmental impact assessment to
avoid likely effects on the environment at the earliest time.

 

Anyone who carries out any activities of compacting or changing the nature
of the wetland except those related to research and science in protected
swamps pays an administrative fine of Rwf5 million and is ordered to
rehabilitate damages.

 

Any person who piles, abandons, disposes of wastes, or dumps wastewater or
materials in unauthorised public or private places pays a fine of Rwf50,000
and is ordered to remove substances or rehabilitate damages.

 

If the acts are committed by a person authorised to treat waste, they are
liable to an administrative fine of Rwf5 million, and the authorisation is
also suspended or withdrawn.

 

-New Times.

 

 

 

 

Nigeria: Federal Govt, Labour Meet Today Over Planned Indefinite Strike

The federal government has again invited the leadership of the Nigeria
Labour Congress (NLC) for talks over its planned indefinite strike.

 

The new meeting is holding after the organised labour had earlier shunned
previous attempts to hold talks with the government before the congress
embarked on the September 6th nationwide warning strike.

 

The purpose of the meeting, according to a statement issued by the director
of press and public relations, Ministry of Labour and Employment, Olajide
Oshundun was to engage the organised labour and respond to its concerns to
guarantee industrial harmony.

 

He said that the minister had already directed the Department of Trade
Unions Services and Industrial Relations to convene the meeting today which
he noted was important that the unions sit with the government to resolve
all pending matters to avert further disruption to the economy.

 

According to him, the minister said that, "The administration of President
Bola Tinubu will always engage the organised labour and respond to its
concerns after due consultation and negotiations in order to guarantee
industrial harmony which is critical to the attainment of the renewed hope
agenda."

 

-Leadership.

 

 

 

Tanzania: Traffic Division Suspends 106 Driving Schools

Arusha - THE Traffic Division of the Tanzania Police Force has suspended 124
motor vehicle driving schools in the country for failing to meet the
required threshold.

 

According to Chief Commanding Traffic Officer Ramadhani Ng'anzi, the
suspended driving schools were given three months to evaluate themselves,
but still fell short of meeting the required standards.

 

The Traffic police commander, who was briefing journalists upon his visit to
the Arusha Technical College's (ATC) mechanical unit last Thursday, said the
traffic division will continue to re-evaluate its policies regarding the
accreditation of new driving schools, with a view of bringing sanity on
roads.

 

 

"We undertook a thorough inspection of the driving schools and only 106
received a clean bill of health," he disclosed.

 

The Head of the Traffic Division further revealed that the inspection
established that the competence of a great deal of drivers left much to be
desired.

 

"The root of the problem stemmed from the syllabus offered at the driving
schools and lack of simulator machines at such learning facilities," he
said.

 

Mr Ng'anzi maintained that the traffic division will continue to suspend the
accreditation of driving schools, to check on whether they are complying
with the required standards or not.

 

Earlier on, the Director of Future World Driving School, Robert Mkolla noted
with concern as to why many people were desperate to get behind wheels, a
move that has seen driving licences issued to those who aren't qualified
drivers.

 

"We are determined to have a common ground of understanding as instructors,
with the aim of churning out competent people and eventually reduce road
accidents," Mr Mkolla explained.

 

According to the instructor, there has been a high demand of drivers to
operate Public Service Vehicles (PSVs) and Heavy-Duty vehicles (HDVs),
calling on fellow owners of driving schools to bridge such a gap.

 

-Daily News.

 

 

 

Nigeria: Despite Laws, Underage Home Helps Go Through Horrifying Experiences
in Nigeria

Some stakeholders expressed concern over the rise in young children being
engaged as home helps due to the prevailing economic challenges.

 

There are laws enacted to protect Nigerian children from various forms of
abuse, yet many underage home helps still find themselves dehumanised.

 

Underage home help is a child, male or female, who works in the employer's
household, performing duties such as cleaning, cooking, babysitting, and
other chores.

 

Many of them can be easily spotted due to their poor state of clothing,
nutrition and sometimes, the presence of injuries on their bodies.

 

A lot of them suffer some form of physical, psychological and or sexual
abuse by employers or other members of the family.

 

Those raped endure it because they are unable to escape, or were threatened
with death if they told anyone.

 

Some will not be served food, until after all members of the family have
eaten; some sleep on the floor in indecent spaces. They are the first to
wake up to resume chores and the last to sleep.

 

 

In most cases, child abuse goes unreported, the few that were reported
usually did not receive the needed investigation and prosecution of
culprits.

 

According to the International Labour Organisation (ILO), 15 million
Nigerian children under the age of 12 are engaged in domestic child labour.

 

ILO describes child labour as work that deprives children of their
livelihood, their potentialities and their dignity as well as that which is
harmful to their physical and mental development.

 

According to the National Agency for the Prohibition of Trafficking in
Persons (NAPTIP) Act of 2015, employing, recruiting, or harbouring a child
under the age of 12 as a domestic worker is a criminal offence punishable by
imprisonment.

 

 

Findings reveal that poverty is the major reason parents give out their
children to work as maids and domestic help.

 

The News Agency of Nigeria (NAN) investigations also revealed that there
were many incidences where child domestic workers were brutalised,
assaulted, and even raped by their employers.

 

For instance, a nursing mother, Ifeoma Ezia, was arrested on 5 July 2020, in
Enugu State, for piercing a six-inch nail into the head of her 10-year-old
maid.

 

She was also alleged to have placed hot electric iron on her body, and
inserted ground pepper into her vagina, for not taking proper care of her
child.

 

A neighbour, who heard her wailing, alerted the police command in Enugu.

 

On 25 July, a civil servant, Ijeoma Ifeanyi, who works with a radio station
in Imo, allegedly poured hot water on her underage maid for preparing watery
pap for her.

 

 

Also on 21 May, the police in Lagos arrested a pregnant woman, Eucheria
Ndigwe, for stabbing her maid with a knife in the Ojo area of the state, for
not washing her bag.

 

Some maids suffer sexual abuse at the hands of their male employers. Such
was the case of a teenager who was allegedly raped by her boss in the Epe
area of Lagos State.

 

The victim accused her boss of always tying her hands and legs and raping
her. He thereafter forced her to take contraceptives and always threatened
to kill her if she told anyone about her experiences.

 

Also, a 15-year-old maid, who was allegedly raped by an Air Force officer in
Ikeja, Lagos State on 8 February 2022, was rescued after she confided in a
neighbour, who eventually reported the case.

 

The survivor revealed that the officer started abusing her when she was 13,

 

These abuses have unfortunately led some of them, who could not withstand
the torture, to death or suicide.

 

One of them was an eight-year-old girl who was beaten to death by her madam,
identified as Oby, in the Isolo area of Lagos State.

 

The employer was apprehended by police officers on her way to dispose of her
corpse.

 

Similarly, Joy Adole was also allegedly tortured to death by her employers,
Mr and Mrs Fortune Stephens on 20 April 2020, in the Bariga area of Lagos
State, for taking a packet of instant noodles.

 

The couple, who beat Joy to death, hung her from the ceiling to make it seem
like suicide. But during investigations, it was revealed that the victim was
beaten to death as marks of violence and a lot of fresh wounds were found on
her body.

 

Some stakeholders, who expressed concern over the rise in young children
being engaged as home helps due to the prevailing economic challenges, said
that the menace required urgent action to be taken against perpetrators.

 

The spokesperson, NAPTIP, Lagos Command, Zakaria Dauda, said that
sensitisation was ongoing to let the public know the implications of child
trafficking and child labour.

 

"Massive sensitisation is already going on in the media. Campaign is being
taken to schools, from primary to university, just to create awareness that
engaging in such is a crime," he said.

 

According to him, almost all the states in Nigeria have adopted the Child
Rights Law, which clearly states that children are entitled to education as
a fundamental right.

 

 

"Ignorance of the law is not an excuse and poverty should not make anyone do
what is wrong, children have rights, grant them those rights.

 

"In most states, primary education is basically free, so do not say that
poverty made you send them to where they will be maimed.

 

"If parents also know the condition their children are in when they are
given out, I am sure they will not want to do it," he said.

 

He appealed to the public to always break the culture of silence by
reporting cases of all forms of child abuse.

 

"If you see something bad happening to a child, say it. We have what we call
informant protection. If you report a case, you are protected; your identity
will not be revealed.

 

"Once it is reported, the culprits will be arrested and prosecuted and when
people realise that such cases can be reported, they will correct
themselves," he said.

 

In the same vein, Juliana Francis, CEO of Youthlsens Initiative Development,
a non-governmental organisation, said it was criminal to employ children as
housekeepers.

 

"In Nigeria, children as young as eight, 10 and 13 years are trafficked into
sex slavery, child labour and other crimes, many end up being killed in the
process," she said.

 

Ms Francis said that child labour destroyed the health, development and
education of children and that parents should not fight poverty by
exploiting their children.

 

"Children need to be shown love and properly catered for, they deserve the
right to basic education, to help them fit into society and become useful
adults.

 

"Parents must resolve to raise their children by themselves. They must be
responsible and go through any challenge with their children by their side.

 

"Let us desist from every activity that exploits our children in whom the
future of our nation lies.

 

"Employers should stop taking underage as house helps, leave them to develop
like other children," she said.

 

Mr Francis, who is also the head of Media, Advocates for Children and
Vulnerable Persons Network (ACVPN), urged the government to ensure proper
implementation of the laws and ensure violators are made to face the wrath
of the law.

 

"Both the parents, who gave out their children as maids and the employers
who hire such children should be prosecuted and punished to serve as
deterrents to others," she said.

 

She said that to eradicate child labour and trafficking, concerted efforts
were required from everyone.

 

"We can curb child trafficking when the government, non-governmental
organisations, civil society groups, the police and the public are involved
in spreading the message and saving children from abuses," she said.

 

Also, a legal practitioner, Isaiah Ode, described the rising cases of abuse
and brutality of underage domestic servants as heartbreaking.

 

He said that engaging a child as a domestic worker was illegal in Nigeria
and contravened the Child Rights Act 2015 as well as the Violence Against
Persons Prohibition Act (2015).

 

Mr Ode urged employers to stop subjecting their maids to inhuman treatment.

 

"Employers should treat their maids as humans, not as animals. It is not
wrong if employers provide them with proper food, clothes and also help them
develop by making them learn skills," he said.

 

According to him, employers who abuse their housekeepers should be
prosecuted.

 

He urged Nigerians to rise against any form of slavery or abuse.

 

However, a traditionalist, Omowale Adisa, asked a rhetorical question, where
is the place of fostering, which is part of the African culture?

 

He explained that some of the big businessmen and politicians we see today
were fostered by people other than their parents.

 

Mr Adisa said that these laws should define the place of fostering properly
and guide the citizenry through the processes and things required by foster
parents and their responsibilities.

 

"We cannot adopt the Western way of life completely, it is in our culture to
foster children.

 

"We should enact laws that encourage fostering but discourage abuse of any
form. These laws should guide parents on what to do for the child.

 

"Education should be top on the list of requirements for a fostered child.
Anyone who violates the law should not be spared," Mr Adisa explained.

 

(NAN)

 

-Premium Times.

 

 

 

 

Nigeria: Air Strikes Destroy Over 30 Illegal Oil Refining Sites in Rivers -
NAF

"These efforts will be sustained in these locations and others until oil
thieves and their accomplices desist from their illegal activities."

 

The Nigerian Air Force, working as part of Operation Delta Safe, has in the
last two months, destroyed over 30 illegal oil refining sites through air
strikes around Cawthorne Channel and Bille, in Degema Local Government Area
of Rivers State.

 

The spokesperson for the Air Force, Edward Gabkwet, made this known in a
statement on Sunday in Abuja.

 

Mr Gabkwet, an air commodore, said the air strikes ramped up efforts at
denying oil thieves and operators of illegal oil refining sites the
opportunity to burst oil pipelines.

 

He said the air strikes conducted at Cawthorne Channel, on Friday, destroyed
four active illegal refining sites with dug-out reservoirs and surface
storage tanks suspected to contain illegal refined products.

 

 

According to him, similar air strikes were also conducted at Bille on
Saturday and early hours of Sunday which destroyed three illegal oil
refining sites with storage tanks and reservoirs.

 

"In one of the sites, a Cotonou boat suspected to be siphoning crude oil
from a flow station was engaged in several passes and destroyed.

 

"In the last two months, Cawthorne Channel and Bille have accounted for the
majority of oil theft and illegal oil refining activities in Rivers State.

 

"Within this period, over 30 illegal oil refining sites in these two
locations have been destroyed by the Land, Maritime and Air Components of
Operation Delta Safe.

 

"These efforts will be sustained in these locations and others until oil
thieves and their accomplices desist from their illegal activities," the
statement added.

 

(NAN)

 

-Premium Times.

 

 

 

 

South Africa: Kusile's Unit 4 Returns to Service

Kusile Power Station's Unit 4 has returned to service bringing back 800
megawatts, which was taken off during the unit's 20-day planned maintenance.

 

Minister in the Presidency for Electricity, Dr Kgosientsho Ramokgopa said
this while briefing the media on the implementation of the country's Energy
Action Plan.

 

The unit came back online on Sunday morning, and will add 800 megawatts to
the capacity available and removes 800 megawatts from the planned
maintenance of Eskom.

 

Units 1, 2 and 3 of the power station located in Mpumalanga were put offline
due to a flue-gas desulphurisation (FGD) mechanism that was damaged in
October last year. This affected stacks at the units. He said that these are
expected to come online between October and the end of November 2023.

 

 

"We've been able to shed a month on the return of unit 3 and the expectation
is that we should be able to return this unit by 14 October. The same is
applicable for unit 1. We should be able to get it on 30 October.

 

On progress made on unit 2, the Minister said the team initially was of the
view that the unit would return on 24 December. However, this has been
revised to 30 November 2023.

 

The Minister reiterated that Kusile is central to addressing the load
shedding question, because "we will need significant more additional
generating capacity to be able to address this."

 

In recent weeks the country has been experiencing various stages of load
shedding including Stage 6.

 

In an update on Sunday afternoon, Eskom said that due to further
improvements in generation capacity, Stage 2 load shedding will be
implemented from 4 pm until 4pm on Monday.

 

Thereafter, Stage 4 load shedding will be implemented from 4pm on Monday
until 5 am on Tuesday. This will be followed by Stage 2 load shedding from 5
am until 4 pm.

 

"This pattern will be repeated daily until further notice," it said.

 

-SAnews.gov.za.

 

 

 

 

Tanzania: Govt to Employ 47,000 Workers

Geita - GEITA : THE Minister of State in the President's Office, Public
Service Management and Good Governance Mr George Simbachawene has said that
the government plans to employ a total of 47,000 workers to address the
shortage of staff in various public offices.

 

Mr Simbachawene unveiled the plan while speaking to civil servants in Chato
District of Geita Region, noting that the shortage of staff in public
offices was due to expansion of various programmes as well as various
projects being executed by the government.

 

He further explained that in dealing with the shortage of employees of
different cadres the government has been making efforts to increase the
number of staff in which until August 2023 the government had successfully
employed 129,074 workers.

 

 

The minister also said the government has also promoted 455,497 employees
since February 2021 to August 2023 the move that increased the government
expenditure to 84.3bn/- per month.

 

The minister noted that for the year 2022 alone, a total of 145,225
employees were promoted.

 

"In terms of changing the cadre, 4,866 employees have changed, while salary
arrears of approximately 220.12m/- have been paid to 130,116 employees.

 

He said that in Chato District, a total of 2,286 employees have been
promoted, 304 employees have changed cadres and 696 are new employees.

 

"We recognise the shortage of staff here in Chato following the
establishment of new institutions including construction of 13 new schools,
five new health centres, we continue working on that.

 

"Soon after taking over the office, our President Samia Suluhu Hassan
decided to start with addressing the shortage of employees; we will improve
and there will be no shortage, since it is the most potential sector," he
said.

 

Mr Simbachawene ordered the formation of data base which will include all
important information of all public servants so that it can be easier for
the government to access their information in case of promotion, change of
employment and payment of various claims.

 

Previously, the Acting Geita Regional Administrative Secretary Mr Herman
Matemu said that until September 2023, employees in the region have been
paid salary arrears amounting to 3.8bn/-.

 

He identified the areas with critical shortage of staff as health, education
sectors, engineers, land surveyors, building consultants, civil servants,
record keepers, engineers and drivers.

 

-Daily News.

 

 

 

 

Nigeria: Oil Firms Consider Remote Monitoring Tools for Pipeline Protection

Key oil and gas experts are gathering in Italy to brainstorm on a number of
options to support drive towards securing oil pipelines and improve
transportation of oil and gas especially through volatile environments.

 

Decision makers from oil and gas companies, leading pipeline operators,
EPCs, storage operators as they gather would discuss the latest pipeline
industry trends and solutions at Transportation Oil & Gas Congress, TOGC
2024, scheduled to in Milan, Italy, on February, 19-20, 2024.

 

Smart solutions and technologies for digital transformation are among the
topics of TOGC 2024, as oil and gas companies see more opportunities for the
application of a wide range of rapidly maturing equipment and tools. As the
industry is moving towards the world of digitalisation, speakers are going
to present the strategies on digital transformation, and share their
thoughts on robotics usage, AI and ML implementation, and AR and VR
utilisation.

 

 

"The most important thing is the artificial intelligence-based analyses
because day by day the machines and the performance of the oil and the
pipelines can be changed. So, the system should analyse it and create
solutions for yourself because it is the future of the business society" -
said Gökhan Dönmez, Sales Manager of Sulzer.

 

Decision-makers of the companies also discover new solutions for the
pipeline integrity maintenance within the Congress: in-line inspection tools
and cases, corrosion protection, remote monitoring tools, drones and UAVs.
For example, remote monitoring tools like satellites allow companies to
monitor pipelines in no-fly zones for aircrafts and drones, as well as to
provide a view of the Earth's atmosphere, oceans, and land surfaces to track
possible geohazards.

 

The benefits of satellite remote monitoring is going to be discussed in
frames of the Congress by Daniel Seidel, Co-Founder & Co-CEO at LiveEO. He
is going to talk about complementing pipeline integrity management with
satellite analytics to detect geohazards and third-party activity at scale.

 

Remote monitoring tools and other topics related to trends of the oil and
gas industry are going to be discussed at TOGC 2024, which brings together
C-level audiences and leading technical specialists. Delegates from Bonatti,
Sicim, INGL, Eni, ICGB, Exolum, OGE, DESFA, Saipem, Techint Engineering &
Construction, Wood, TÜPRAŞ, Moldovagaz are already registered for
participation.

 

-Leadership.

 

 

 

 

Namibia: More Cattle Slaughtered Than Exported Live

More cattle were slaughtered in abattoirs inside the country than were
exported live during the second quarter of 2023, in line with the country's
drive for value addition.

 

According to a statement released by the Meat Board of Namibia recently, the
ratio between live exports and slaughtering in the country improved, with
53% of all cattle marketed being slaughtered while live exports accounted
for 47%, a decline of 5,9 percent of total marketing.

 

The Meat Board said a total of 78 212 cattle were marketed during the second
quarter of 2023, an 8,0% growth from the level observed in the second
quarter of last year.

 

The statement noted that market signals appear to be well-functioning in the
livestock and meat industry as producers responded well to relatively
attractive prices offered by A-class abattoirs.

 

"B2 producer prices paid by export approved abattoirs south of the
veterinary cordon fence averaged N$61,06/kg, a 0,5% increase from the
average N$60,77/kg paid last year during the same period," said the Meat
Board.

 

 

The meat trade regulator said weaner prices struggled to recover during the
second quarter of 2023 and averaged N$24,97/kg by the end of the period.

 

"This is a decline of 31,7% compared to the 2022 level of N$36,58/kg. The
situation is attributed to the decline in demand for Namibian weaners by
South Africa, while South African weaners fetched relatively higher prices
and averaged N$32,05/kg - N$7,08/kg higher than Namibian weaner prices
during the second quarter of 2023," noted the statement.

 

The Meat Board also noted that a total of 276 325 sheep were marketed during
the quarter under review, relative to the 2022 level of 234 354 sheep. The
improved performance in sheep marketing was driven by sustained growth in
the live export of sheep, coupled with increased slaughtering at
export-approved abattoirs.

 

Namibian export-approved abattoirs continued paying higher producer prices
than Northern Cape abattoirs during the second quarter of the year.

 

On average, Namibian export-approved abattoirs paid N$89,04/kg for the A2
grade, N$8,38/kg more than Northern Cape abattoirs, which paid N$80,96/kg
for the same grade.

 

"This price difference is N$3,40/kg more than the Meat Board-established
nominal benchmark difference of N$4,98/kg - in favour of Namibian
abattoirs," noted the Meat Board.

 

-Namibian.

 

 

 

 

Kenya to Scrap Container Deposit Fee at Mombasa Port to Ease Trade With
Uganda

Kenya Ports Authority (KPA) has agreed to scrap the container deposit of
$3,000 (about shs12 million) per container at Mombasa port as a commitment
to easing business for Uganda traders.

 

This was revealed by Capt. William K. Ruto Afni, the Managing Director KPA
during a meeting with Ugandan Foreign Affairs Ministry led by Permanent
Secretary, Vincent Bagiire in Mombasa.

 

Amb Richard Kabonero, the NCIPs coordinator at the Ministry of Foreign
Affairs, Amb. Paul Mukumbya, the Consul General of Uganda Consulate in
Mombasa, Moses Mpungu, the First Secretary at Uganda Consulate in Mombasa
and Aggrey Dhamuzungu, the First Secretary at Foreign Affairs Ministry were
all part of the meeting that also called for remove of all regional trade
barriers.

 

 

Capt. Afni said the Uganda remains a key trade partner for Kenya as its
exports and imports passing through Mombasa are increasing.

 

Almost 50 percent of the costs incurred by most Ugandan traders go into
handling port and transport expenses and if these costs were mitigated,
price levels would fall significantly.

 

Importers face a $40 daily charge, 15 days from the time their goods reach
the country, besides the $30,00 deposit paid to the shipping line.

 

This is forfeited when the cargo is not cleared and collected in the
specified time. Unfortunately, traders often have goods awaiting clearing
and transportation for months.

 

Players say traders are often forced to make costly and sometimes futile
trips to Nairobi and Mombasa to demand faster clearance of freight and
delivery, as their cargo remains in the ports for weeks or even months.

 

 

Uganda accounts for 83.2 percent of transit cargo through the port of
Mombasa, into the hinterland via the Northern Corridor, South Sudan taking
up 9.9 per cent. DR Congo, Tanzania and Rwanda account for 7.2 per cent, 3.2
per cent and 2.4 per cent respectively.

 

During the Mombasa meeting, the Uganda delegation also called for the remove
of Non-Tariff Barriers (NTBs), including the reduction on number of weigh
bridges, roadblocks and time for cargo clearance of goods.

 

Bagiire said it is important for Member States to remain committed in
developing regional transport infrastructure as it will promote regional
integration and trade.

 

He said the cooperation and commitment will eliminate the remaining
non-tariff barriers to trade thereby making the region competitive for
business and investment.

 

The head of the Ugandan delegation said the improvement of infrastructure
and facilities for seaports, inland ports and waterways, roads, rails and
pipelines by the states will enable the region benefit in trade.

 

The Permanent Secretary also recalled the 2013 Summit Directives of the
Partner States of NCIPs that agreed to among others, undertake
infrastructure development projects in coordinated mechanisms within the
Northern Corridor countries for the economic growth and development of the
region.

 

He highlighted the strides and progress of European Union facilitated NCIPs
such as the commencement and fast-tracking of construction and
standardization of Standard Gauge Railway (SGR) network among the Partner
States, One Network Area, cooperation in air services and power generation
and the Single East Africa Tourism Visa.

 

He emphasized the commitment to revive the NCIPs with the planned convening
of the NCIPs 15th Summit that had stalled due to economic and political
challenges.

 

He underscored the need for collaboration with the NCTTCA that offers hands
on experience and framework of implementing the NCIPs.

 

NCTTCA's Dr. Elias Leju indicated the Authority's readiness to facilitate
the hosting of trans-boundary meetings on the construction of the roads of;
Mpondwe-Bunia (Uganda/DRC), Moroto-Lora (Uganda/Kenya), Kaya-Yeyi
(Uganda/South Sudan) and SGR (Uganda/South Sudan and Uganda/Kenya/Rwanda)
among others.

 

 

 

 

China police detain staff at Evergrande wealth unit

Staff of embattled property developer Evergrande's wealth management unit
have been detained by police in Shenzhen, southern China.

 

In a post on social media police called on the public to report any cases of
suspected fraud.

 

Meanwhile, the takeover of the firm's insurance arm by a newly created
state-owned insurer was announced on Friday.

 

Evergrande is at the centre of a crisis that has engulfed China's real
estate industry since 2021.

 

"Recently, public security organs took criminal compulsory measures against
Du and other suspected criminals at Evergrande Financial Wealth Management
Co," Shenzhen Nanshan District Police Bureau said on Saturday.

 

No further details were given on how many people were detained, their
identities - except for the person identified only as Du - or what charges
they could face.

 

Police also said the case is still under investigation and investors could
file complaints to authorities.

 

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

China debt-laden property giant reports record loss

Evergrande Financial Wealth Management Co. is a wholly-owned unit of
Evergrande, which was established in 2015 and is based in Shenzhen.

 

According to his Linkedin profile, Du Liang is the general manager of
Evergrande Financial Wealth Management. The BBC was unable to verify whether
he was among those detained by police.

 

Evergrande did not immediately respond to a request for comment from the
BBC.

 

Under a plan announced on Friday by China's National Administration of
Financial Regulation (NAFR) Evergrande Life Assurance's assets and
liabilities will be assumed by state-owned Haigang Life Insurance Co. Ltd.

 

Evergrande shares were down by around 3% at lunchtime on Monday after
recovering from a loss of 25% in early trade.

 

Since 2020, Beijing has been making it increasingly difficult for property
developers to get access to credit.

 

Once one of China's biggest companies, Evergrande had racked up debts of
more than $300bn (£242bn) as it expanded rapidly.

 

It is currently attempting to restructure its business after defaulting on
its debts and making massive losses.

 

Other major Chinese property developers, including Country Garden and
Sino-Ocean, have been struggling to meet debt repayments.

 

China's real estate industry is a key part of the world's second largest
economy

 

Some experts fear the crisis in the sector could threaten to destabilise the
economy and spill over into the global financial markets.

 

Beijing has also been conducting a crackdown on alleged corruption in the
country's financial sector for more than two years.-bbc

 

 

 

 

Shein in talks to buy Missguided from Mike Ashley's Frasers Group

Mike Ashley's Frasers Group is in talks to sell its Missguided clothing
brand to online fashion giant Shein, the BBC understands.

 

Talks about a deal, which were first reported by Sky News, come only a year
after Frasers took over the brand.

 

Frasers Group bought Missguided for £20m last year after the online fashion
retailer collapsed into administration.

 

Shein, which was founded in China in 2008, is a global giant in the world of
fast fashion.

 

Both Frasers Group and Shein have been contacted for comment.

 

According to Sky, a deal is likely to see Shein buy Missguided's brand and
other intellectual property, while the head office is retained by Frasers.

 

Manchester-based Missguided was founded by Nitin Passi in 2009 and grew to
become one of the UK's biggest online fashion players.

 

But after suffering from supply chain problems, rising freight costs and
increasing competition from rivals, it fell into administration in May 2022,
before being picked up by Frasers Group.

 

Frasers - which owns the Mike Ashley-founded Sports Direct chain - has
expanded rapidly by buying brands that have fallen into trouble. including
Game, Evans Cycles, Jack Wills and Sofa.com.

 

While Mike Ashley is no longer Frasers' chief executive, he owns a majority
stake in the firm.

 

The secretive Chinese brand dressing Gen Z

Shein - which now has its headquarters in Singapore - saw sales surge during
the Covid pandemic when lockdowns led to a jump in online shopping.

 

It was valued at about $66bn earlier this year, although that was lower than
a previous valuation of around $100bn.

 

There has been speculation that Shein will seek to list its shares in the
US.

 

However, in May a group of US lawmakers called for Shein to be investigated
over claims that people from China's mostly Muslim Uyghur population were
use as forced labour to make some of the clothes it sells.

 

Human rights groups and Western governments, including the US and UK, have
accused China of committing crimes against humanity against the Uyghurs.

 

In response, Shein told the BBC: "We have zero tolerance for forced labour.

 

"Our suppliers must adhere to a strict code of conduct that is aligned to
the International Labour Organization's core conventions."-bbc

 

 

 

 

First grain ships arrive in Ukraine using new route

Two cargo ships have arrived at a Ukrainian port after travelling through
the Black Sea using a new route, Ukrainian port authorities said.

 

They reached Chornomorsk on Saturday, and were due to load 20,000 tonnes of
wheat bound for world markets.

 

Officials said it was the first time civilian ships had reached a Ukrainian
port since the collapse of a deal with Russia ensuring the safety of
vessels.

 

Previously the corridor had only been used by ships departing from Ukraine.

 

Deputy Prime Minister Oleksandr Kubrakov said the ships - Resilient Africa
and Aroyat - sailed flying the flag of the Oceanic island nation of Palau
and that their crew consisted of people from Ukraine, Turkey, Azerbaijan and
Egypt.

 

The vessels will deliver the wheat to Egypt and Israel, according to
Ukraine's agricultural ministry.

 

Kyiv unilaterally declared the maritime corridor - which hugs the western
coast of the Black Sea - after Russia abandoned a UN-backed deal that
facilitated grain exports from Ukrainian ports.

 

Moscow said parts of the deal allowing the export of its food and
fertilisers had not been honoured and complained that Western sanctions were
restricting its own agricultural exports.

 

Since then, Russia has threatened to treat civilian ships sailing to Ukraine
as potential military targets.

 

Earlier this week, the UK accused Russia of targeting one such vessel with
multiple cruise missiles as it rested in the Ukrainian port of Odesa
recently.

 

Ukraine is one of world's biggest suppliers of crops such as sunflower oil,
barley, maize and wheat.

 

When Russia invaded in February 2022, its navy blockaded the country's Black
Sea ports - trapping 20 million tonnes of grain which were meant for export.

 

This caused world food prices to soar and threatened to create shortages in
Middle Eastern and African countries, which import significant amounts of
food from Ukraine.

 

Some of these countries, including Afghanistan, Yemen, Sudan and Ethiopia,
remain in desperate need of humanitarian aid.

 

As well as threatening ships passing through the Black Sea, Moscow has
increasingly targeted Ukrainian port infrastructure.

 

It has repeatedly attacked the ports of Izmail and Reni, where much of
Ukraine's grain exports have been leaving from since July, to try and
disrupt operations.

 

Kyiv has accused Russia of a "cynical" attempt to damage its grain exports
and undermine global food security.-bbc

 

 

 

 

 

UAW strike: Biden says striking car workers deserve 'fair share'

US President Joe Biden has sided with workers who have gone on strike in a
pay dispute with three of America's biggest car-makers.

 

Nearly 13,000 staff walked off the job on Friday at three plants owned by
General Motors, Ford and Stellantis.

 

The firms and the United Auto Workers union (UAW) are fighting over terms of
new labour agreements.

 

In remarks on Friday, Mr Biden said "no-one" wanted industrial action, but
he understood worker frustration.

 

"Workers deserve a fair share," he said. "The companies have made some
significant offers, but I believe it should go further to ensure record
corporate profits mean record contracts."

 

Existing labour contracts expired on Thursday, precipitating the walkout.
Though currently limited, the strike is the first in union history to target
all three companies at once.

 

The UAW, which represents more than 140,000 workers at the firms, has also
warned it may widen the walkout, depending on how talks proceed.

 

The union is seeking a 40% pay rise over the four years of the contract,
among other demands, far more than the roughly 20% that the companies have
currently put on the table.

 

The union has justified its demands by pointing to the pay gains for company
bosses, who each received compensation packages last year worth more than
$20m.

 

 

Full-time workers at their plants currently receive hourly pay up to roughly
$32, depending on seniority, as well as bonuses and other benefits.
Temporary workers - a category the union is trying to reduce - earn less.

 

The dispute threatens to trigger higher car prices and major disruption for
the motor giants.

 

The companies maintain that union demands are too onerous at a time when
they are spending billions to shift production to electric vehicles.

 

"We have to make sure the company's going to succeed for the next 115
years," said General Motors boss Mary Barra in an interview with the BBC's
US news partner, CBS, adding that the firm was continuing to negotiate to
try to resolve the differences.

 

On Friday, Ford announced that it had laid off 600 workers at a Michigan
assembly plant as "a consequence of the strike".

 

The fight is a test for Mr Biden, who has struggled at a time of stubborn
inflation to convince voters of his leadership on economic questions.

 

The Democratic president said he would send top advisers, including Labour
Secretary Julie Su, to Detroit, Michigan, to help with the talks.

 

Mr Biden has cast himself as the most pro-union president in history and he
is counting on support from organised labour for his re-election campaign
next year.

 

But his relations have been strained at times, including last year, when he
signed a bill to block a strike by US rail workers.

 

The UAW in May said it would not endorse his re-election campaign, citing
concerns that government subsidies for firms working on electric vehicles
had not been accompanied by commitments to workers.

 

Union offices tied to the factories participating in the first days of the
strike - a GM plant in Missouri, a Stellantis Jeep plant in Ohio and a Ford
site in Michigan - were abuzz with activity on Friday, as people streamed in
to sign up for picket responsibilities and get signs to demonstrate.

 

Many politicians headed to the scene, including Senator Sherrod Brown in
Ohio and Congresswoman Rashida Tlaib in Michigan, who scoffed at the
warnings from company bosses about the financial risks of granting worker
demands.

 

"He makes $20 million," she told the BBC, referring to Ford chief Jim
Farley. "If he's worried about that, maybe he should take a pay cut."

 

Senator Bernie Sanders, the left-wing 2016 Democratic presidential
candidate, was due at a UAW rally on Friday afternoon.

 

Outside of the Ford plant involved in the strike in Michigan, workers
chanting 'No deals, no wheels', were greeted with honks of support by
passing trucks.

 

Demonstrating workers said they were overdue for pay increases and other
improvements, noting sacrifices - like foregoing automatic pay increases
tied to inflation - made in 2009, when the firms faced severe financial
distress.

 

"We gave our concessions up with the understanding that when things got
better ... we would get our stuff back," said longtime Ford worker Sandy
Kirkland. "We're having to now fight for it."-bbc

 

 

 

 

Chinese electric cars will reduce UK emissions but what about rivals here?

The UK is facing a dilemma: should it fight the rising imports of Chinese
electric cars with big new tariffs, in the same way the EU has threatened to
do this week? Or should it allow them to continue? Keeping open to the
imports in would make it easier for the UK to hit its goal of no new petrol
and diesel cars by 2030, and it would make electric cars cheaper. But the UK
car industry could be damaged.

 

The British car industry is showing off its green electric future at a
Bedfordshire racetrack, and behind the marques, some familiar, some less so,
there is a new force.

 

China is cornering the market in electric vehicles.

 

A friendly man from Chinese firm BYD shows me the Atto.

 

"We're really proud of this car," says Mark Blundell. "It's new to the
market, and packed full of technology. In simple terms we can pack 50% more
battery into less space."

 

The car's interior is inspired by a gym. It has a heat pump as standard,
vegan leather, and strings on the door map-pocket tight enough to "get a
tune out of". The display screen on the dashboard rotates at the press of a
button.

 

For now, hands should still be on the steering wheel, though China expects
to be ahead of the game on autonomous driving too.

 

And the all important battery life and range? Impressive.

 

China has cornered the market in electric vehicle batteries. Indeed, many of
the new car companies, including Byd, started off as battery manufacturers.

 

BYD stands for "Build Your Dreams", and they are on course to overtake Tesla
as the world's biggest producer of electric vehicles this year. If hybrids
are included, they are already number one.

 

BYD, long-backed by legendary US investor Warren Buffett, has just started
selling in the UK, and recently wooed the Munich motor show with six models
heading for Europe.

 

Other Chinese brands, such as FunkyCat and Nio, are not yet as well known in
Europe.

 

There are also more-established brands, such as the Volvo-linked Polestar,
and the formerly Oxford-based MG cars, which are being shipped from China.

 

Moreover, most Teslas in the UK in recent years have been shipped from
China, made in the Shanghai Gigafactory that was built in six months in
2019.

 

In total, China has already overtaken Germany for overall global car
exports, and will overtake Japan this year, becoming the world's top
exporter, according to figures from Moody's Analytics.

 

This is no accident according to Andy Palmer, the former Aston Martin and
Nissan boss.

 

"Twenty years ago, I was sitting on the board of [Chinese carmaker]
Dongfeng. It was the decree of the Chinese government that Chinese car
companies needed to leapfrog over western companies and the best way of
doing that was to adopt new energy vehicles, as they called them at the
time. That ultimately, of course, meant battery-electric vehicles," he says.

 

That strategic planning for dominance in this sector meant China carved up
capability on batteries, motors and the raw materials supply chains
stretching across the world.

 

Now the scale they have, combined with subsidies, mean Chinese manufacturers
are able to undercut other global players, Mr Palmer says.

 

It is also important to note that there are fundamental differences between
the production of an electric vehicle and a conventional combustion engine
car.

 

Much more of the car's value is in the battery, compared to the value of the
engine in relation to the rest of the car.

 

The technology and transmission is more straightforward too. If you have the
batteries, it is far easier to add wheels and the technology around it.

 

Companies like BYD are ahead of the game when it comes to innovative battery
technology, and are achieving ranges of as much as 400 miles without the use
of cobalt and nickel. Both rare metals pose acute supply and environmental
challenges, cobalt thanks to its connection with conflict in the Democratic
Republic of Congo and nickel given its dependence on Russia.

 

But the bottom line is that the cars perform well and look the part, being
sold at competitive prices.

 

As Jon Bentley, author of Autopia and presenter of the Gadget Show says:
"[Chinese imports] could really change the European market quite
considerably in a way the Japanese car industry did in the 70s and 80s.

 

"Given that it's the price that is stopping many of us adopting electric
cars, they are potentially a huge market force that we're about to discover
being unleashed upon us".

 

Eliminating new combustion engine vehicles over the next decade is the
single biggest contributor to the government's path to net zero. So cheaper
Chinese models could play a big role in the same way cheaper solar panels
did.

 

On the other hand, even if tariffs are applied to Chinese imports, the
European and British car industry may struggle to compete.

 

A car industry veteran told me earlier this year that Chinese firms were
"sewing up the dealerships".

 

Chinese companies have chosen to expand their exports into Europe and the
rest of the world, but not into the US.

 

So it was striking and inevitable that the European Union announced a new
probe into Chinese electric vehicles this week.

 

The European Commission President Ursula von der Leyen said they had not
forgotten how the solar industry was affected by China's "unfair trade
practices".

 

"Many young businesses were pushed out by heavily-subsidised Chinese
competitors. Pioneering companies had to file for bankruptcy. Global markets
are now flooded with cheaper Chinese electric cars. And their price is kept
artificially low by huge state subsidies. This is distorting our market,"
she said.

 

In the industry, this is seen as a mainly French push, with the Germans a
little more sceptical.

 

German industry is more invested in tie-ups with Chinese industry and its
premium brands stand to suffer the most if what began this week escalates
into a trade war.

 

The Chinese government hit back, calling the investigation "a naked
protectionist act".

 

The process takes just over a year, and could lead to extra, even punitive
tariffs, levied on car imports into Europe.

 

It raises the question of what might happen here in the UK.

 

The independent Trade Remedies Authority, the post-Brexit organisation
responsible for assessing unfair trade, said it has "invited" carmakers to
make a complaint and supply data showing harm done by subsidised Chinese
electric vehicles.

 

Neither the industry body, nor individual carmakers have done so, so far.

 

But some in the industry say that if the EU were to apply punitive tariffs,
then China's export drive could be refocused on the UK.

 

The government does reserve some powers to act on trade defence issues.

 

It is intriguing that the Business and Trade Secretary Kemi Badenoch did
this week cite competition from China in her push to get the EU to delay the
Brexit trade deal restrictions on the electric vehicle trade.

 

But there is an extra twist on this issue for carmakers in Britain, which
some privately describe as "farcical".

 

In a few weeks' time the government will introduce its Zero Emissions
Vehicle (ZEV) mandate, designed to force carmakers down the path towards
hitting targets to eliminate the sale of the combustion engine.

 

If a car company misses its target that 22% of its sales are electric,
starting in January, it will either face fines of £15,000 per vehicle, or
have to buy a surplus credit from a company that has sold lots of electric
vehicles.

 

It happens to be the case that the Chinese-made import brands are mainly all
electric.

 

The net result of all this, fear some in the car industry, is a system where
existing UK manufacturers, including of hybrid cars, will pay thousands of
pounds to subsidise electric imports.

 

Essentially, UK factories, which face competition from Chinese electric
imports, could have to subsidise them.

 

While this is not the intention of the policy it could be the inadvertent
effect.

 

The government has not yet published its response to a consultation on this
that closed four months ago.

 

The expectation in the industry is that sufficient flexibilities will be
introduced to prevent this issue.

 

But the system is just weeks away from being introduced. And it is clear
that the general architecture of the ZEV mandate is designed to provide a
carrot for electric importers, including from China, and a stick for actual
producers of existing cars in the UK.

 

Right now, the EU is looking at restricting Chinese electric vehicle sales,
whereas the UK could inadvertently be subsidising them.

 

Is this part of a conscious post-Brexit strategy to help the British
consumer, with an anti-protectionist free trade approach? Does the route to
mass adoption of zero carbon technologies go through Shanghai?

 

None of this is happening in a vacuum. Apart from the commercial challenge,
many in Parliament are distinctly uneasy about aiding Chinese dominance in a
sector as totemic and strategic as the automotive industry.

 

Are cars different from TVs and Iphones, or more like semi-conductors, 5G
infrastructure and energy?

 

The strategic question is how China cleaned up with two decades of long-term
planning on electric cars and their batteries, on a clear and predictable
consequence of a net zero agenda pushed by the G7 western nations.

 

The more immediate question for Britain is whether we go for cheaper Chinese
imports to aid mass adoption of a key net zero technology, or prioritise
domestic production.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls 'n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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been compiled from s believed to be reliable, but no representation or
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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
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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.

 


 

 


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<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
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