Major International Business Headlines Brief::: 27 September 2023

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Major International Business Headlines Brief::: 27 September 2023 

 


 

 


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

 


 

 


 

ü  Uganda: One in Four Customers Dissatisfied With Their Insurer, Study

ü  Nigeria: Rumour of Fuel Price Hike Unsettles Motorists, Commuters

ü  Angola: How Angola Is Tapping Space Technology for Developing Key Sectors

ü  South Africa: SIU to Investigate Tshwane's Rooiwal Wastewater Treatment
Works

ü  Tanzania: Mwinyi Vows to Beat 300,000 Jobs Target

ü  Uganda's NSSF Declares 10 Percent Interest Rate for Fy 2022/23

ü  Angola: Economic Commission Approves New Remuneration Structure

ü  Tanzania: Provide Loans to Miners, Minister Mavunde Calls

ü  South Africa: Private Sector Needed to Step in On Transmission Expansion

ü  South Africa: Nzimande Visits Japan to Strengthen Hydrogen Economy
Cooperation

ü  Nigeria Targets New Oil Production Level As Goldman Sachs Predicts
$100/Barrel

ü  Kenya to Build Nuclear Power Plant in 2027

 


 

 


 <https://www.cloverleaf.co.zw/> Uganda: One in Four Customers Dissatisfied
With Their Insurer, Study

A study by the Insurance Regulatory Authority(IRA) has indicated that one in
four customers are dissatisfied with their insurer and the services they get
from them.

 

According to the policyholders' satisfaction study which surveyed 289
customers across eight major cities of the country; Kampala, Masaka,
Mbarara, Fort Portal, Gulu, Soroti, Mbale and Jinja, policyholders reported
overall satisfaction level of about 74%.

 

This means the dissatisfaction levels are at 26% whereas in respect to
individual parameters of satisfaction, high level of satisfaction was
reported with premium payment processes (77%), 8% were

 

dissatisfied and 15% were neutral.

 

On the other hand, 72.8% of policyholders were satisfied with customer
services, 14% were dissatisfied and 14% were neural whereas 64% were
satisfied with the communication from their insurers, 16% dissatisfied and
15% neutral.

 

Out of 130 policy holders who had lodged at least a claim, 68% were
satisfied with the claim processes, 24% were dissatisfied while 8% were
neutral.

 

In terms of the complaints handling process, out of 118 policyholders who
lodged in complaints, 61(51%)were satisfied , 43 (36%) were dissatisfied and
14 (11%) were neutral.

 

The most outstanding drivers of satisfaction cited included; proper pricing
of insurance products, Fair and just payment of compensation, maintaining
good relationship with the insured or policyholders, offering of new
insurance packages, quick claims management and Designing insurance policy
based on requirement and request of the insured.

 

Generally, policyholders rated their satisfaction highly with premium
payment process followed by customer service while complaint handling and
claim handling were rated lowest.

 

The notable outstanding challenges that were faced by policyholders included
delayed and nonpayment of claims, failure by insurers to provide monthly or
annual updates, lack of notification of premium receipt, agents lacking
sufficient knowledge, policy holders having limited knowledge about their
rights, obligations and benefits.

 

Speaking during the release of the survey, the Insurance Regulatory
Authority (IRA) CEO, Al Haj Ibrahim Kaddunabbi Lubega said there is room for
improvement for players in the insurance sector.

 

"It has become evident that one when you have a customer who is satisfied,
he will come back to your company and buy more of that brand that satisfied
him. Also, a customer who is unhappy will in many cases inform 15 or more
people about their not being happy with your brand or product. You must at
all times fight to satisfy the customer before he moves out of your office,"
Kaddunabbi.

 

"It is high time insurance captains ensured customers are satisfied before
they move out of their insurance companies."

 

Kaddunabbi said the survey was informed by the desire to measure the
satisfaction levels of the insurance services offered in the country and see
where improvement is needed.

 

He noted that whereas the average satisfaction levels are at 74%, this is
not enough.

 

"I am not happy with the average score of 74% because this is way below the
expected good marks. However, it is the beginning and will inform our next
study and we will want to know whether we are improving or declining," he
said.

 

 

 

 

Nigeria: Rumour of Fuel Price Hike Unsettles Motorists, Commuters

Motorists in Lagos and Ogun states are going through hard times to buy
petrol as many stations yesterday shut down operations, heightening
speculation of possible hike in pump price.

 

LEADERSHIP had yesterday reported that supplies had dropped significantly as
the Nigerian National Petroleum Company Limited, NNPCL, which currently is
the sole importer of products, may have reverted to the crude swap
initiative to sustain distribution of petrol that had since May this year
been disrupted after President Bola Tinubu announced the removal of subsidy.

 

LEADERSHIP learnt that falling back on the swap option was in response to
depleting supplies following the inability of the Company to sustain
products import as foreign exchange scarcity heightens.

 

Recall that in furtherance of the deregulation of the downstream sector of
the Nigerian oil and gas industry, the Nigerian Midstream and Downstream
Petroleum Regulatory Authority (NMDPRA) had announced that it had issued
petrol import licences to 56 oil marketing companies.

 

Chief executive officer of NMDPRA, Farouk Ahmed, who had disclosed this
during a stakeholder engagement session with petroleum marketers in Lagos,
said that 10 of the 56 firms had shown commitment to supply products from
July to September 2023.

 

At the meeting attended by marketers belonging to the Major Oil Marketers
Association of Nigeria (MOMAN) and the Depots and Petroleum Products
Marketers Association of Nigeria ( DAPPMAN) as well as the Nigerian National
Petroleum Company Limited (NNPC), Ahmed said the purpose was to encourage
the marketers to come into the market.

 

However, this development has not offered any reprieve as foreign exchange
rate has kept increasing and the government has refused to keep upward price
adjustment as requested by markers.

 

The situation was further exacerbated by rising crude oil prices in the
international market.

 

Consequently, the marketers backed out of the bargain earlier agreed with
NMDPRA.

 

Signs of looming scarcity were noticed in parts of Lagos on Monday when
motorists queued longer at filling stations.

 

At TotalEnergies filling station along Mobolaji Bank Anthony way, Ikeja, a
long queue emerged during midday extending traffic close to Maryland.

 

Although some stations were open to motorists many were not using all the
pumps.

 

As of yesterday, the situation had gone out of control in many parts of
Lagos.

 

An attendant at MRS station at Ojota, according to a motorist, announced
after shutting the pumps that they had information that a new pump price was
likely going to be announced today (Wednesday).

 

Elsewhere, most stations have difficulty controlling long queues.

 

But responding to a LEADERSHIP enquiry yesterday, Mrs Iyabode Ayobami-Ojo,
the most senior officer in the Corporate Communications department of NNPC,
said tersely: "NNPC Limited is committed to ensuring energy security in the
country and has not stopped the importation of fuel."

 

The president of the Independent Petroleum Marketers Association of Nigeria,
IPMAN, Chinedu Okoronkwo, also maintained that members of his group were
still receiving products from NNPCL Retail Company.

 

But our source said that the Company is yet to obtain forex facility from
Afreximbank which is affecting its importation.

 

Our source said that the Company is presently hard hit with dollar scarcity
while marketers remain adamant to import.

 

- Leadership.

 

 

 

 

Angola: How Angola Is Tapping Space Technology for Developing Key Sectors

The Angolan space agency, which was established in 2013, is using space
technology to map United Nations' sutainable development goals in the
country.

 

This according to Zolana Joao who heads the Angolan National Space Program
Management Office (GGPEN).

 

Speaking to RFI on the sidelines of this year's World Satellite Business
Week in Paris, Joao said the country benefits from space technologies in
many ways.

 

"Space technology can help in mapping and tracking United Nations'
sustainable development goals such as zero poverty, zero hunger and improved
quality of education," Joao said.

 

Citing an example, he pointed to the fact that Angola has been using
satellites to connect people in the most difficult remote areas where they
don't have access to communications infrastructure.

 

Joao said that over the past 10 years, has gone from being a non-space
faring nation to becoming one of 12 African countries with a space
programme.

 

"So far we have launched two satellites. The one launched in 2017 [suffered]
an orbital failure. Last October, we launched another satellite. It is a HTS
(high-throughput satellite) which will be used for broadband connectivity in
Angola and Africa," he said.

 

Joao said the country's space agency has also carried out a lot of work on
building Earth observation labs that now support the Angolan government and
offer information on key sectors of the economy.

 

RFI website.

 

 

 

South Africa: SIU to Investigate Tshwane's Rooiwal Wastewater Treatment
Works

The Special Investigating Unit (SIU) is expected to probe the construction
of Phase 1 upgrades and urgent refurbishment at the Rooiwal Wastewater
Treatment Works in the Tshwane Metropolitan Municipality.

 

This after President Cyril Ramaphosa signed a proclamation authorising the
corruption busting unit to investigate allegations of maladministration and
corruption in the affairs of the municipality and to recover any financial
losses as a result thereof.

 

"The SIU will also investigate any unauthorised, irregular, or fruitless and
wasteful expenditure incurred by Tshwane Metropolitan Municipality or the
State. The scope of the investigation also covers any unlawful or improper
conduct by officials or employees of the...municipality, the applicable
suppliers or service providers, or any other person or entity.

 

"In addition to investigating maladministration, malpractice, corruption and
fraud, the SIU will identify system failures and make systematic
recommendations to improve measures to prevent future losses," the unit
said.

 

The SIU said it will refer any evidence of criminal conduct to the National
Prosecuting Authority for further action.

 

The unit will also institute civil action in the High Court or a Special
Tribunal to "correct any wrongdoing uncovered during its investigation
caused by acts of corruption, fraud, or maladministration".

 

- SAnews.gov.za.

 

 

 

 

Tanzania: Mwinyi Vows to Beat 300,000 Jobs Target

Zanzibar — ZANZIBAR: ZANZIBAR President Dr Hussein Mwinyi has said that it
is possible to create about 300,000 jobs before 2025 in the Islands.

 

However, to hit that mark, it was imperative for the Zanzibar Economic
Empowerment Agency (ZEEA) to continue with its measures of boosting the
private sector, he said.

 

Gracing the ZEEA one-year anniversary and the launching of Furaha ya
Zanzibar entrepreneurship festival, Dr Mwinyi stressed on collaboration
among key players in empowering the locals, adding that it's a cross-cutting
issue.

 

In particular, Dr Mwinyi praised ZEEA's performance in the past year,
saying: "This has been good and you are on right track and we hope a lot of
success will be recorded within the next two years. You are doing a lot to
ensure enough jobs are created through giving out loans to establish
projects."

 

On the continuing construction of modern markets, and infrastructures'
improvements to speed-up jobs' creations, he asked financial institutions in
Zanzibar, mainly banks, to inject funds as loans to supplement the
government's 20bn/- and 10 million US dollars (about 25bn/-) from Khalifa
Fund.

 

Elaborating, the president said the current demand of 80bn/- to support
young entrepreneurs as loans cannot be shouldered by the government alone,
hence he called upon the private sector, especially hoteliers to chip in by
buying locally produced goods.

 

He added: "Buying local products will reduce importation of goods that are
produced at home. Here, owners of more than 600 hotels in Zanzibar should
support."

 

Also, the government is planning to review policies and laws related to
employment to give priority to local content.

 

Meanwhile, before receiving an award in recognition of his initiatives in
empowering people economically, Dr Mwinyi was also handed over certificates
of appreciation.

 

In response, he thanked them and took the occasion to remind debtors and
ZEEA that they pay fast enough, because it is a revolving fund that others
also wait to apply for.

 

In a related development, President Mwinyi also launched APP/online that
will ease application for loans, where bureaucracies taking several weeks
would not be there.

 

Thanking the e-government department for the digitalisation development, it
was noted that the process was minimised to only 14 days or less, where
people can also apply through their mobile phones.

 

In a separate development, Dr Mwinyi graced a brief panel discussion of
ministers: Simai Mohamed Said (Tourism and Heritage), Omar said Shaaban
(Trade and Industrial Development), Suleiman Masoud Makame (Blue Economy and
Fisheries) and Minister of State President's Office Responsible for Economy
and Investment Mr Mudrik Ramadhan Soraga, who all promised to strengthen
collaboration in the interest of young people and women who want to borrow.

 

In his welcoming note, Mr Soraga commended Dr Mwinyi for his restless
efforts in finding ways to economically empower the locals, adding that the
ZEEA board is also behind the successes recorded since the agency was formed
last year.

 

ZEEA Executive Director Mr Juma Burhan Mohamed informed the gathering that
the organisation targets to reach at least 62,400 people by 2025, especially
by providing free interest loans and training.

 

He added: "So far, we have managed to reach 19,373 (including 11,846 women),
giving a loan amounting to 20bn/-."

 

He said that ZEEA has signed several agreements with other institutions to
clear challenges that were facing entrepreneurs.

 

"We thank Zanzibar Bureau of Standards (ZBS) for reducing the fee from
700,000/- to 50,000/- to enable many local producers to pay for
standardisation of their products."

 

Mr Burhan said that the aim of empowerment was to enable many Zanzibaris to
get engaged in work for self-reliance and also contribute to national
economic growth as a way to fight poverty.

 

He thanked development partners such as FAO for donating 18 processing
machines, Zanzibar Maisha Bora Foundation (ZMBF) for supporting seaweed
farmers and Tanzania Trade Development Authority (TanTrade) for helping find
a market for local products.

 

- Daily News.

 

 

 

 

 

Uganda's NSSF Declares 10 Percent Interest Rate for Fy 2022/23

Kampala, Uganda | THE INDEPENDENT | The National Social Security Fund (NSSF)
has today declared an interest rate of 10% on member savings for the
financial year 2022/23, translating into UGX 1.591 trillion that will be
credited to member accounts immediately. All members have this afternoon
received an SMS indicating their accounts have been credited.

 

The interest rate that is higher than last financial year's 9.65%, was
announced byMatia Kasaija, the Minister of Finance, Planning and Economic
Development at the Fund's 11th Annual Members Meeting held at the Kampala
Serena Hotel this morning.

 

Kasaija commended the Fund for posting a remarkable performance on almost
all the Key Performance Indicators despite a challenging environment
characterized by turmoil in Europe due to the Russia -Ukraine war, the
investor flight from most of the developing markets back to the US,
reduction in value across all East African stock markets and the increased
scrutiny that the Fund underwent in the 3rd quarter of the just concluded
Financial year.

 

"I am especially glad that the Fund's assets registered growth again from
UGX 17.26 trillion in Financial Year 2021/22 to UGX 18.56 trillion in
Financial Year 2023/24. Many naysayers did not imagine the possibility of
growing this Fund to UGX 20 trillion. That you will achieve that strategic
objective a year ahead of schedule is laudable," Kasaija said.

 

He added, "The second KPI I am interested in is the money you generated
during the year because that shows the productivity of the investments that
I approved during the year. I am therefore glad that the total realised
income earned increased by 15% from Ugx 1.9 trillion in the Financial Year
2021/22 to Ugx 2.2 trillion in the Financial Year 2022/23."

 

The interest rate declared is 5.8% above the 10-year average, which means
that the Fund has once again delivered on its promise and surpassed it by
almost 3.8%. As provided for in the NSSF Act, as amended, this new rate will
be calculated and credited to the balance outstanding on the members'
accounts as of 1st July 2022.

 

Martin Nsubuga, CEO of the Uganda Retirement Benefits Regulatory Authority
(URBRA) noted NSSF's consistent upward performance in the past decade.

 

"Retirement Benefits schemes today hold UGX21.6 trillion of assets Under
Management, of which NSSF holds UGX18.5 trillion, while other occupational
schemes hold UGX3tn. It should be noted that NSSF has been in existence
since 1985, but growth has mostly escalated in the last ten years," Nsubuga
said

 

"Similarly, the growth we see in occupational schemes has mostly shot up in
the past 9 years. This not only reflects adherence to the regulatory
requirements, but also indicates a great market potential, if nurtured and
well-supervised."

 

Nsubuga, CEO of the sector regulatory authority, warned of the effects of
low coverage in retirement benefits. He cuationed that "without an urgent
and effective policy response to the situation, Uganda's current and future
retirees will wallow in old-age poverty."

 

"As at June 2023, retirement benefits sector coverage was 14 % of the
working population. This is based on the new Population estimates of
Uganda's labour force issued by UBOS in 2023. There is urgent need to
address the issue of exclusion from the retirement benefits arrangement. "

 

Betty Amongi, the Minister of Gender, Labour and Social Development also
lauded the Fund's performance but challenged it to create more solutions
that will further address social protection in line with the International
Labour Organization, the global body charged with developing international
policies and programmes to improve working and living conditions worldwide.

 

She promised to fast track and issue regulations to operationalize several
benefits/ products that the Fund was innovating to provide more value to
members beyond a good return.

 

Patrick Ayota, the Fund's Managing Director who presented the Fund's
performance results at the meeting, also highlighted its sustainability
agenda that included support to local entrepreneurs to scale and create jobs
as well as the Fund's interventions in health and education.

 

Financial Year 2023/24 Performance Summary

 

Assets Under Management (AUM) increased by 7.5% from UGX 17.26 trillion in
Financial Year 2021/22 to UGX 18.56 trillion in Financial Year 2023/24.

 

Member contributions increased by 15.4% from Ugx 1.49 trillion in Financial
Year 2021/22 to Ugx 1.72 trillion in Financial Year 2022/23

 

Total Realised Income earned increased by 15% from Ugx 1.9 trillion in the
Financial Year 2022/22 to Ugx 2.2 trillion in the Financial Year 2022/23

 

Benefits paid to qualifying members increased by 1% from Ugx 1.189 trillion
in the Financial Year 2021/22 to Ugx 1.199 trillion in the Financial Year
2022/23.

 

The cost-to-income ratio improved from 11.7% in the Financial Year 2021/22
to 9.4% in the Financial Year 2022/23

 

Cost Management - our cost of administration reduced from 1.18% of total
assets to 1.02%.

 

Rate of Compliance slightly improved from 55% in Financial Year 2021/22 to
57% in Financial Year 2022/23

 

Customer Satisfaction increased from 83% in the Financial Year 2021/22 to
86% in the Financial Year 2022/23

 

Staff Satisfaction slightly reduced from 85% in the Financial Year 2021/22
to 82% in the Financial Year 2022/23

 

**More details on the Fund's sustainability agenda and financial performance
report can be found in its annual report that was launched by the NSSF Board
Chairman, Dr. Peter Kimbowa earlier at the Annual Members Meeting. It can be
accessed on the Fund's website www.nssfug.org

 

- Independent (Kampala).

 

 

 

Angola: Economic Commission Approves New Remuneration Structure

Luanda — The Economic Commission of the Council of Ministers approved on
Tuesday the roadmap for the implementation of the New Remuneration
Architecture of Public Administration (RINAR).

 

The aim is to harmonise and strengthen the rules and practices of public
bodies on salaries and other benefits due to civil servants and
administrative staff in relation to the work performed.

 

The Angolan Executive intends, through this roadmap, to make the
remuneration of the Civil Service fairer and more transparent, thus ensuring
greater administrative efficiency and improvement of the quality of public
services provided to citizens and, consequently, the valorization and
motivation of human capital in Public Administration.

 

According to the document approved in a session guided by the President of
the Republic, João Lourenço, the Executive intends to define clear criteria
for salary increases based on the economic context, the attribution to the
civil servant of a competitive remuneration, based on performance,
competence and experience.

 

The initiative foresees the establishment of a non-cash benefits plan,
attractive with an impact on the disposable income of these employees and
the clear communication of remuneration structures, to avoid hidden
inequalities and generate a feeling of salary fairness.

 

National Employment Agenda

 

On the same occasion, the Economic Commission assessed the National Agenda
for Employment, a document that establishes the guidelines for the
coordinated action of the different actors, both public and private, in the
field of promoting employment and the prospect of reducing the unemployment
rate in the national economy.

 

The agenda envisages to bridge the imbalance between the demand and supply
of labor, as well as promoting the improvement of the redistribution of
national income and the reduction of regional asymmetries.

 

In this regard, the Commission recommends that the provincial governors be
consulted in order to obtain more contributions to aforementioned document.

 

NE/VIC/ADR/TED/DOJ

 

- ANGOP.

 

 

 

 

Tanzania: Provide Loans to Miners, Minister Mavunde Calls

GEITA: MINERALS Minister Mr Anthony Mavunde has challenged the GF Trucks &
Equipment Ltd to continue extending its scope in serving miners, saying the
latter is capable of taking equipment from the company on loans and repaying
on time.

 

Minister Mavunde made the remark on Tuesday when officially launched a new
office for the company in Geita Region, which is the home of vibrant mining
activities.

 

"Let me ask you to continue extending the scope, miners are honest and they
have big capacity of taking equipment on loan and paying back without
problem," Mr Mavunde stated.

 

He commended the company for opening the office in Geita and seeing the
importance of enhancing the mining sector, especially by providing equipment
to miners.

 

The company has opened a new office at the Geita regional gold market and
handed over three trucks bought by the miners at the ongoing Geita Mining &
Technology Exhibition.

 

Mr Mavunde said the office will help facilitate mining activities, a move
that may attract more Tanzanians to participate in the activities.

 

"I congratulate you for your decision to bring services closer to miners,"
he stated, adding that this year the region has been tasked to collect
243bn/- to contribute to the government coffers.

 

Company's Marketing Director Mr Salman Karmali said they have planned to
reach out to more Tanzanians in all zones. It has a plan to open a new
office in Lake Zone which would serve mining stakeholders and dealers to get
services.

 

Mr Karmali noted that the company's move to expand was a result of the
Sixth-Phase Government which has put in place good climate for investors.

 

"In line with this, the company targets to produce 1,500 big trucks at its
assembling plant located in Kibaha, Coast Region. The trucks which have been
handed over today are also locally assembled," he pointed out.

 

During the exhibition, the GF also signed contract with the State Mining
Corporation (STAMICO) for supplying machines and trucks.

 

Through this agreement, the company will be supplying equipment and trucks
to large and small-scale miners under supervision of the STAMICO.

 

STAMICO's Managing Director Dr. Venance Mwasse said among the agreed things
were to bring services closer to the miners.

 

"We have agreed to provide equipment loan or sell to miners. Mining sector
requires big capital for huge investment," Dr Mwasse stated.

 

On her part, Ms Efrosina Mwanja, said they collaborate with the company in
loaning equipment and trucks to miners.

 

- Daily News.

 

 

 

South Africa: Private Sector Needed to Step in On Transmission Expansion

Eskom's transmission expansion and strengthening will require a
"considerable amount of resources" that will require government and the
private sector to work together.

 

This is according to Minister in the Presidency for Electricity, Dr
Kgosientsho Ramokgopa, when he was briefing media on the progress of the
Energy Action Plan.

 

"We are looking to tap into the liquidity that is available from the private
sector to allow us an opportunity to expand the grid so that we are able to
accommodate the renewable energy solutions that have been rolled out in the
country, and a number of them have not been connected to the grid as a
result of the constraint on the transmission side.

 

"The transmission expansion and strengthening exercise will require a
considerable amount of resources and we know that the Eskom balance sheet is
constrained and we know that the sovereign matrix has deteriorated, so it's
important that we explore opportunities for the country to tap into the
liquidity that is sitting with the private sector," the Minister said on
Tuesday.

 

He said government is "doing everything possible" to engage the private
sector on what will attract more investment in transmission.

 

"We don't want to repeat the same mistakes that have been committed on the
generation side, where we kicked the can down the road and we just thought
that the private sector on its own will come into the space and resolve the
issues of generation capacity constraints.

 

"What we know is that the State must be a very active participant in that
space and that's why we are doing everything possible to create those
conditions. For us to create those conditions, it is necessary upfront, to
have an appreciation and understanding from the private sector what are some
of those... conditionalities that in their own view will make it possible
for them to be able to finance," he said.

 

Maintenance of power stations

 

Turning to planned maintenance of power stations, Minister Ramokgopa said
Eskom will continue to carry this out on generating units.

 

"We will continue relentlessly with our efforts to ensure that planned
maintenance gets to be executed. The intention is to make sure that
everything possible is done to address the issues around the possibility of
these units failing, going into the future.

 

"Therefore, planned maintenance is something that receives our attention and
we are going to be diligent in ensuring that we are able to execute planned
maintenance so that we are able to derive the benefit going into the
future..." he said.

 

On Eskom's Unplanned Capacity Loss Factor [UCLF], progress was recorded from
the week 18 - 22 September.

 

"[The UCLF] averaged about 13 751MW and... we are now beginning to be
consistently below 15 000MW.

 

"We are striving to go even below 13 000MW to ensure that we have as many
megawatts available because once we reduce the [UCLF], those megawatts get
to be added to the available capacity and they are also able to defray the
intensity of planned maintenance.

 

"That's why there's no reason, as a result of this exercise of reducing the
[UCLF], for us to further intensify load shedding to levels that are
unacceptable. Of course, load shedding by definition is unacceptable," he
said.

 

Load shedding

 

The Minister also reflected on the lower stages of load shedding over the
long weekend and the uptick in load shedding stages announced by Eskom on
Monday.

 

"It came back yesterday on account of a number of reasons, including the
challenges that we are experiencing in the Western Cape as a result of the
weather conditions there. Palmiet [power station] was a big casualty of
those conditions and we were unable to exploit Palmiet, our pump station
there.

 

"On account of the inclement weather in the Western Cape and the Eastern
Cape and our desire to make sure that we are able to support the efforts of
the... emergency people to address and respond to the challenges that are
associated with the... storms that have been experienced there, a decision
was taken by Eskom to say that those areas, because of the difficulties that
they are experiencing, will be exempt from load shedding and then the rest
of the country will carry the load," he said.

 

- SAnews.gov.za.

 

 

 

 

South Africa: Nzimande Visits Japan to Strengthen Hydrogen Economy
Cooperation

The Minister of Higher Education, Science and Innovation, Dr Blade Nzimande,
is leading a delegation to Tokyo, Japan, as part of efforts to build a
hydrogen economy in South Africa.

 

The engagements will profile the work of the Department of Science and
Innovation (DSI) in hydrogen energy, and promote collaboration, investment
and innovation in support of the deployment of hydrogen at scale, as
envisaged in the Hydrogen Society Roadmap for South Africa.

 

The roadmap, launched by the DSI in 2022, is a national coordinating
framework to facilitate the integration of hydrogen-related technologies in
various sectors of the South African economy, a vital part of stimulating
economic growth, in line with the Economic Reconstruction and Recovery Plan.

 

"Establishing a manufacturing sector for hydrogen products and components is
one of the roadmap's key outcomes," the department said.

 

The engagements kick-started on Monday, 25 September, with Minister Nzimande
and the delegation participating in the Tokyo GX Week Plenary Session.

 

The GX Plenary is hosted by Japan's Minister of Economy, Trade and Industry
(METI), Yasutoshi Nishimura, as part of the Tokyo GX Week 2023.

 

Tokyo GX Week, according to the DSI, aims to accelerate efforts towards net
zero emissions.

 

"The programme of international meetings related to energy and the
environment aims to achieve green transformation (GX), moving countries away
from fossil fuel-dependent economic, social and industrial structures,
towards clean energy that will lead to economic growth and development, as
well as reduced greenhouse gas emissions."

 

The Minister will also address the 6th Hydrogen Energy Ministerial Meeting,
which will be attended by Ministers and world leaders in the energy and
environment fields in both the private and the public sectors.

 

Today, the DSI will host a South Africa-Japan workshop with the Japan
External Trade Organisation.

 

The aim of the workshop, the department said, is for South African and
Japanese entities to discuss putting together a large-scale demonstration
project on hydrogen.

 

"Minister Nzimande and Mr Nishimura are expected to sign a memorandum of
cooperation between the DSI and METI to facilitate cooperation on developing
a sustainable and affordable hydrogen and ammonia supply chain."

 

"The two countries have a shared recognition that this is key to achieving
net zero emissions," said the DSI.

 

South Africa and Japan have a longstanding relationship and common interests
in science, technology and innovation (STI).

 

Bilateral cooperation in STI between the two countries has been growing
steadily since the agreement on STI in 2003.

 

The engagements will continue until 27 September.

 

- SAnews.gov.za.

 

 

 

Nigeria Targets New Oil Production Level As Goldman Sachs Predicts
$100/Barrel

Goldman Sachs has predicted oil price going up to $100 again, citing lower
production output from the Organisation of Petroleum Exporting
Countries(OPEC) combined with higher demand, which taken together, "more
than offset significantly higher U.S. supply."

 

The average gas price in the U.S. on September 20 was $3.875, slightly lower
than a day earlier but $0.20 higher than a year ago.

 

Even with higher gas prices, EV purchases have slowed down instead of
rising.

 

In Europe, the deindustrialization of Germany is no longer news, the car
industry is bracing for a Chinese EV rush, and Brussels is trying to build
an energy transition supply chain from scratch.

 

Meanwhile, offshore wind developers are cancelling projects in both Europe
and the U.S., solar developers in the EU are complaining about cheap Chinese
panels.

 

Also, oil and gas companies keep reporting meaty profits and investors are
rediscovering their love of hydrocarbons.

 

At the recent World Petroleum Congress (WPC), in Calgary, oil executives and
government officials both warned against the continued push to discourage
investment in new hydrocarbon production.

 

"There seems to be wishful thinking that we're going to flip a switch from
where we're at today to where it will be tomorrow," Exxon's chief executive
said, during the event.

 

"No matter where demand gets to, if we don't maintain some level of
investment industry, you end up running shorter supply which leads to higher
prices," Darren Woods also said.

 

"This is exactly what we are currently witnessing in Europe and the United
States. Because of the transition push, oil producers are being extra
cautious with production growth.

 

"Also, they are prioritising shareholder returns to keep shareholders on, so
it pays for them to be cautious.

 

In Europe, the supermajors are being squeezed by windfall profit taxes,
activist pressure, and increasingly restrictive legislation, so they are
turning elsewhere.

 

Shell is tapping billions of potential barrels in Namibia, and Total is
considering a $9-billion commitment to oil exploration in Suriname.

 

Meanwhile, drivers across Europe are struggling with higher fuel costs and
higher electricity bills as the EU becomes increasingly dependent on
intermittent wind and solar that need backup from hydrocarbon-fueled power
plants.

 

These plants are taxed heavily for their carbon emissions, which has pushed
the cost of their output and electricity bills higher.

 

All of this is only going to get worse before it gets better. Because
despite a growing number of signs that the transition is not going according
to plan, those in the driver's seat are doubling down on every single
commitment.

 

The offshore wind energy industry is essentially on its deathbed, yet there
has been no change of attitude from governments. The most likely thing they
would do about its problems will probably be even more subsidies instead of
a reconsideration of the role offshore wind would play in the transition.

 

In EVs, dealers are struggling with rising inventories in the U.S., and Ford
said recently it was going to book a $4.5 billion loss on its EV business.

 

In Europe, sales are up strongly, but carmakers are fretting about Chinese
EVs, which are just as good as theirs but cheaper.

 

Solar energy is doing great in the U.S., set for record growth of 32 GW this
year, "helped by investment incentives under the Inflation Reduction Act,"
Reuters reported recently.

 

It appears nobody really cares what happens when the sun goes down over all
those gigawatts. Battery storage is far behind solar in terms of capacity.

 

Solar is doing great in the EU, too, also thanks to heavy subsidies, only
there is a shortage of qualified installers, and local panel producers are
grumbling against Chinese imports that are, according to the industry,
killing them.

 

So the EU recently essentially declared a selective trade war on China
through the mouth of EC president Ursula von der Leyen. China warned there
would be consequences at a time when the country has become a major exporter
of fuels to Europe thanks to the Russian fuel embargo.

 

The price of energy is going to continue higher in both Europe and the U.S.
All because of an ill-conceived transition away from hydrocarbons.

 

Meanwhile, Nigeria's oil output could increase to 2.1 million barrels per
day by December 2024 after the country secured $13.5 billion in investment
pledges over the next twelve months from oil majors.

 

The companies agreed to invest a total of $55.2 billion by 2030 - including
the $13.5 billion over the next twelve months - to lift crude production,
according to a statement from the president's office.

 

Nigeria's oil output stood at 1.18 million bpd in August 2023, according to
the Organisation of Petroleum Exporting Countries (OPEC), meaning production
would nearly double by the end of next year.

 

Nigeria is the top oil producer in Africa but large scale oil theft has over
the years cost the country billions of dollars, while dwindling investment
in the sector has also curtailed output.

 

The losses from theft and a lack of new projects have reduced oil exports
sharply, eroding foreign currency earnings in Africa's biggest economy.

 

President Bola Tinubu has previously pledged to raise the country's oil
production to 2.6 million bpd by 2027, and the investment commitments could
help deliver his promise.

 

The proposed investments are also expected to lead to a 100 per cent
increase in gas production by 2027, exceeding Tinubu's campaign pledge of 20
per cent growth in that time, the statement said.

 

Tinubu's special adviser on energy, Olu Verheijen and the Nigerian Upstream
Petroleum Regulatory Commission, held meetings with fifteen foreign and
domestic oil and gas companies operating in Nigeria to secure the
investments.

 

Chevron, Total, Shell, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith,
First E&P, were among the oil companies that took part in the meetings, the
statement said.

 

"We are faced with a revenue crisis which is impacting all Nigerians,"
Verheijen said in the statement.

 

"Tinubu is actively seeking ways to grow revenue and forex to stabilise our
economy and currency; and the oil and gas sector remains critical to our
ability to do so despite current production levels falling significantly
short of our potential."

 

- Leadership.

 

 

 

 

Kenya to Build Nuclear Power Plant in 2027

Kenya targets to kick off the construction of its first nuclear power plant
in 2027 as the country seeks to further diversify its energy generation amid
rising demand and push for zero-carbon energy, The East African reports.

 

Acting CEO of the Nuclear Power and Energy Agency (NuPEA) Justus Wabuyabo
told the Business Daily the agency has advanced plans to float international
tenders for the construction of the in either Kilifi or Kwale counties.

 

The revelation follows approval by the International Atomic Energy Agency
(IAEA) in 2021 for Kenya to go ahead with setting up the infrastructure for
the plants.

 

"We will do the bidding stage, as anytime between 2026 and 2027 and start
construction in 2027. Construction ranges six to ten years so we are looking
at 2034-35 to commission the first plant," Mr Wabuyabo said.

 

"We are now focusing on Kilifi and Kwale as our ideal sites. They have met
most of the criteria but before we determine the final site, we have to do a
detailed scientific study as provided for by IAEA like seismic tests," he
added.

 

The plant is expected to have a capacity of 1,000 Megawatts (MW), which if
successfully delivered will be key to helping boost the electricity supply
to the economy and help reduce reliance on dirty thermal plants.

 

Kenya's quest to develop a nuclear power plant stems from the projected
increase in electricity demand as the country angles to be a middle-income
economy by 2030.

 

Geothermal energy accounted for the biggest share of the electricity
generated as of May with a share of 45.21 percent followed by hydro (21.05
percent), wind (16.08 percent), and solar at 3.92 percent.

 

But besides the costly nuclear plant, Kenya will also be required to upgrade
its electricity transmission network to provide reliable and off-site power
to nuclear power plants.

 

A joint study by NuPEA and SGS consortium says the current electricity grid
will require significant enhancement based on safety needs imposed on
nuclear plants and the large size of such installations.

 

South Africa is the only African country with a commercial nuclear plant
that accounts for five percent of the electricity generated in the country.
Nuclear accounts for 47 percent of electricity generated in the US.

 

Kenya has over the years stepped up efforts to actualize its nuclear energy
dream and has been sending dozens of students abroad to developed economies
using nuclear energy, to boost their skill sets and ensure that the country
does not wholly import the labour.

 

- New Times.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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