Major International Business Headlines Brief::: 28 September 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 28 September 2023 

 


 

 


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

 


 

 


 

ü  Ghana: Future Financial Stability in Doubt as Ghana Sinks Deeper Into
Debt

ü  Kenya: African Development Bank Blacklists Kenyan Firm Over Fraud

ü  Ghana: Move to Reduce Poultry Importation Lauded

ü  Ghana: Work On Ho-Sokode Dual Carriageway Begins Soon

ü  Kenya: Govt Settles Sh35.32 Billionn for Credit Fuel Under a
Government-to-Government Deal

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

ü  Kenya: NBK Unveils 'National Business Forum' to Empower SMEs

ü  Kenya: Petitioner Seeking Tik Tok Ban Tones Down Quest

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

ü  Nigeria: Anxiety As Labour Meets On Indefinite Strike Today

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

ü  Evergrande: China property giant suspends shares amid reports of detained
leaders

ü  X scraps tool to report electoral fake news - researchers

ü  ChatGPT can now access up to date information

ü  Rosebank oil field given go-ahead by regulators

ü  Meta announces AI chatbots with 'personality'

 


 

 


 <https://www.cloverleaf.co.zw/> Ghana: Future Financial Stability in Doubt
as Ghana Sinks Deeper Into Debt

Harare — Ghana faces possible bankruptcy, as it's debt crisis sees no end it
sight, according to Nile Post.

 

On October 30, 2022, President Nana Akufo-Addo took the nation into his
confidence. "We are in a crisis, I do not exaggerate when I say so. I cannot
find an example in history when so many malevolent forces have come together
at the same time. But, as we have shown in other circumstances, we shall
turn this crisis into an opportunity to resolve not just the short-term,
urgent problems, but the long-term structural problems that have bedeviled
our economy," he said.

 

The country's financial crisis has been exacerbated by the global impact of
Covid-19 and the war between Russia and the Ukraine. The government was
forced to seek assistance from the International Monetary Fund to prevent it
from defaulting on debt repayments. The IMF provided a U.S.$3 billion loan
to help the country's economy but it was subject to the Ghanaian government
getting its public debt down to more manageable levels and also needed the
buy-in from bond holders.

 

 

At the time, Finance Minister Ken Ofori-Atta said, "the clinching of the
U.S.$3 billion Extended Credit Facility with the International Monetary Fund
will help bring Ghana back on the path of growth, macroeconomic stability
and debt sustainability". Ghana received a U.S.$600 million tranche as part
of the U.S.$3 billion IMF loan.

 

In May, President Akufo-Addo said the U.S.$3 billion would not immediately
resolve Ghana's economic issues. However, the loan reduced currency
fluctuations and increased trust, which helped stabilise the economy.
Inflation has since reduced from its peak of 54% in January, even if it is
currently at about 40%.

 

Ghana, a major producer of cocoa and gold, also has oil and gas deposits.
However, in 2022, its debt rose, and like the rest of sub-Saharan Africa, it
was impacted by the effects of the Covid-19 pandemic and the war between
Russia and the Ukraine.

 

 

The national debt to gross domestic product (GDP) ratio for Ghana is 98.7%
for the year 2023. This percentage is higher than both the figure of 79.6%
that was recorded in 2021 and 88.7% that was observed in 2022.

 

The government reportedly owes independent power producers U.S.$1.58 billion
as the country faces the possibility of widespread blackouts, the Nile post
reports.

 

"Large external shocks in recent years have exacerbated Ghana's pre-existing
fiscal and debt vulnerabilities, resulting in a loss of international market
access, increasingly constrained domestic financing, and reliance on
monetary financing of the government. Decreasing international reserves,
Cedi depreciation, rising inflation and plummeting domestic investor
confidence, eventually triggered an acute crisis," the IMF said.

 

In order to deal with Ghana's debt, the IMF put forward a comprehensive
rescue plan that includes cutting spending, raising revenue, and
safeguarding the most vulnerable people while negotiating with foreign
creditors.

 

The matter was a vital discussion point at the 78th UN General Assembly in
New York, which was attended by several African nations. The debt burden of
developing nations was also a point of discussion - a situation which is
projected to reach above U.S.$200 billion.

 

The Ghanaian government also officially launched the domestic exchange
programme in December 2022 with a request for public participation as part
of steps to restructure and reduce the country's debt portfolio, to levels
that are manageable.

 

According to The Nile Post, Ghana's government owed U.S.$63.3 billion by the
end of 2022 to both domestic and foreign creditors, including pension funds,
insurance firms, and local banks.

 

Now, future financial stability is in doubt because of the lingering debt
problem, geopolitical developments, and rising food and fuel prices.

 

 

 

Kenya: African Development Bank Blacklists Kenyan Firm Over Fraud

Nairobi — The African Development Bank (AfDB) has blacklisted Joycot General
Contractors Limited for engaging in fraudulent practices.

 

This means that the construction company will no longer engage with the
pan-African lender for 15 months from September 8, 2023.

 

AfDB's Office of Integrity and Anti-Corruption investigation found that the
contractor engaged in fraudulent practices during a tender for the
construction of reticulation sewers in Kahawa West, Kahawa Sukari, a
component of the Nairobi Rivers Basin Rehabilitation and Restoration
Programme: Sewerage Improvement Project Phase II, Kenya.

 

The Nairobi Rivers Basin Rehabilitation and Restoration Programme, Sewerage
Improvement Project Phase II, was aimed at improving access, quality,
availability, and sustainability of wastewater services in Nairobi City.

 

"During the debarment period, Joycot General Contractors Ltd. will be
ineligible to participate in Bank Group-financed activities," AfDB said in a
statement.

 

"At the expiry of the debarment period, Joycot General Contractors Ltd. will
only be eligible to resume participation in African Development Bank
Group-financed activities after it implements an integrity compliance
program consistent with the Bank's guidelines."

 

- Capital FM.

 

 

 

Ghana: Move to Reduce Poultry Importation Lauded

Kumasi — The government has started the move to regulate the importation of
poultry products into the country as part of measures to revamp the
industry, the National Chairman of the Ghana National Poultry Farmers
Association, Victor Oppong Adjei, has stated.

 

Cutting down on the importation of cheap poultry in the country, he said,
would help boost the poultry industry.

 

Mr Adjei was speaking to the Ghanaian Times during the opening of a three
day training for the Apex Body of Women in Poultry Value Chain (WIPVaC) on
quality egg production, bio-security to improve hygiene on the farms.

 

 

Organised by the WIPVaC, it was in collaboration with the American Soybean
Association (ASA), World Initiative for Soy in Human Health (WISHH),
Ministry of Food and Agriculture (MOFA) and Ghana National Association of
Poultry Farmers.

 

Mr Adjei said poultry farming was gradually picking up following
government's intervention to help farmers to produce broilers locally.

 

The National Chairman of the Ghana National Poultry Farmers Association
indicated that the move to regulate the importation of poultry products,
followed discussions initiated by the Ghana National Poultry Farmers
Association for the government to support the poultry industry to produce
locally broilers, which is the mainstay of poultry farming.

 

Mr Adjei mentioned that it was difficult to sell broilers in Ghana due to
cheap frozen chickens being imported into the country.

 

"The intervention of government to cut down importation on cheap poultry
productions will go a long way to boost the poultry industry and give
employment to people," he said.

 

 

Mr Adjei noted that about 88 per cent of poultry farmers had lost their jobs
within the past three years due to the high cost of production.

 

They argued that the Planting for Food and Jobs (PFJ) had done little to
reduce the cost of maize, saying in spite of the PFJ the price of maize,
which is a component for feed was high.

 

"Government must be serious with this intervention, it is not the poultry
industry alone that will benefit but the entire country, as poultry alone
can create about 80 per cent of jobs for people," he appealed.

 

Mr Ricky Aboagye Poku, Poultry Specialist at the Animal Production
Directorate, MoFA, also indicated the government's determination to help
revamp the poultry sector.

 

He mentioned that the phase two of PFJ was focused specifically on poultry
"with the idea of cutting down our imports bills on frozen chickens to
upscale the poultry industry in the country."

 

"And this is what government is seeking to do with the phase two of the
Planting for Food and Jobs to produce more rice, soybeans and maize to
ensure cheaper prices to boost the industry," he emphasised.

 

Dr Victoria Norgbey, President, WIPVaC, was full of praise for the foreign
partners for the training, saying there was the need for poultry farmers to
educate the people on the importance of egg consumption for better health.

 

Mr Agyeman Prempeh, Ashanti Regional Animal Production Officer, MoFA, noted
that egg was the cheapest source of proteins and was optimistic farmers
would live up to expectation towards massive production.

 

- Ghanaian Times.

 

 

 

 

Ghana: Work On Ho-Sokode Dual Carriageway Begins Soon

The phase two of the Ho-Sokode Dual Carriageway road project would soon
begin to ensure smooth transportation of goods and services in the Volta
Region.

 

The 30-kilometres stretch of the road would continue from Sokode-Gborgame
through Anyirawase-Tsito to Asikuma-junction to end the 40 kilometres double
road project from Ho to Asikuma.

 

The Volta Regional Minister, Dr Archibald Letsa made this known when he
opened the Anyirawase-Tsito part of the road to traffic after the road was
closed following the breakdown of a bridge two weeks ago.

 

Dr Letsa explained that the Volta Regional Coordinating Council (VRCC) in
collaboration with the Ghana Highways Authority quickly engaged the services
of First Sky Construction Company Limited to re-build the broken bridge
within four weeks.

 

 

The minister added that First Sky Construction Company Limited was the best
choice because the Company was constructing the Asikuma-Kpeve-Have road.

 

According to the minister, First Sky Company's current construction was
close to the broken bridge.

 

He said the contractor had worked beyond the expectation of the VRCC and
completed work on the bridge within six days, therefore the need to open
traffic in view of the busy nature of the road and challenges associated
with the by-pass through Abutia to Dededo.

 

The Volta Regional Director of Ghana Highways Authority (GHA), Mr Aminu
Issaka Abubakar, said even though the construction of the bridge was
completed, it was yet to meet the required capacity for heavy duty trucks to
ply on.

 

He explained that his outfit would continue with laboratory test until the
bridge met the full standard for all manner of vehicles to ply, and stressed
that until further notice, heavy duty vehicles were not allowed to use the
bridge.

 

The Chief Executive Officer (CEO) of First Sky Construction Company Limited,
Mr Oliver Acquah, said quality and standard was the hallmark of the company,
and therefore quality work was the principle upon which the bridge was
built.

 

Mr Acquah explained that instead of the four weeks mandatory period offered
the company to complete the work, the company used six days including day
and night to build the bridge in view of the seriousness attached to the
work.

 

He assured that the bridge area would be tarred within the week.

 

- Ghanaian Times.

 

 

 

Kenya: Govt Settles Sh35.32 Billionn for Credit Fuel Under a
Government-to-Government Deal

Nairobi — Kenya has settled Sh35.32 billion in credit fuel that was signed
early this year under the government-to-government (G-to-G) deal with Saudi
Arabia and the United Arab Emirates (UAE).

 

Treasury Cabinet Secretary Njuguna Ndung'u said yesterday evening that the
state has already paid three Letters of Credits (LCs) totaling Sh35.32
billion ($238.84 million) before maturity.

 

Since the importation of Jet A1/Dual Purpose Kerosene and the transit
portion of super petrol and diesel imports are settled in the American
dollar (USD), Ndung'u stressed that this has helped stabilize the local
currency against the greenback.

 

 

It added that the Kenya Shillings that paid for the local portion of super
petrol and diesel imports are credited to a separate escrow account and
later converted into USD as each individual LC maturity date nears.

 

Currently, the USD escrow account holds $1 billion (Sh147.9 billion), while
the Kenya Shillings escrow account holds Sh115 billion, ensuring timely and
seamless payment of all maturing LCs, Treasury stated.

 

On March 10, 2023, the Government of Kenya entered into Master Framework
Agreements (MFAs) with Aramco Trading Fujairah FZE (Aramco), Abu Dhabi
National Oil Company (ADNOC), Global Trading Ltd., and Emirates National Oil
Company (Singapore) Private Limited (ENOC) for the supply of petroleum
products under a G-to-G arrangement.

 

"The G-to-G arrangement has eliminated spot purchases for the USD by about
100 Oil Marketing Companies which previously created speculative pressure in
the spot market," Ndung'u said.

 

"The G-to-G does not therefore in any way expose the country to exchange
rate volatility or depreciation, but rather protects the economy from such
negative effects."

 

- Capital FM.

 

 

 

 

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.

 

 

 

 

Kenya: NBK Unveils 'National Business Forum' to Empower SMEs

Nairobi — Small and medium-sized enterprises (SMEs) will access funds as
well as financial advisory services through a partnership between the
National Bank of Kenya (NBK) and The Leadership Group, as well as Ashitiva
LLP.

 

While Ashitiva LLP will offer business and legal advisory services, The
Leadership Group will train SMEs to address business hurdles.

 

"We understand the unique challenges they face in securing financing and
expanding their businesses. Our goal is to offer the support required to
overcome these obstacles, enabling them to realize their full potential,"
NBK Managing Director George Odhiambo said.

 

The forum will equip SMEs with skills including mentorship, capacity
building, leadership, and growth for entrepreneurs.

 

"We are highly optimistic about attracting like-minded development partners
who share our vision of supporting businesses through capacity building,
funding, and strategic deal structuring," he said.

 

"Together, we can catalyze entrepreneurial success and foster economic
growth."

 

The Business Forum will begin with 100 businesses in sectors such as
renewable energy, water, education, agribusiness, agriculture, healthcare,
technology, and women in business.

 

- Capital FM.

 

 

 

Kenya: Petitioner Seeking Tik Tok Ban Tones Down Quest

Nairobi — The petitioner seeking a ban on TikTok in the country due to
inappropriate content has toned down and now wants regularization of the
application through strict regulations.

 

Appearing before the National Assembly Public Petition, Bob Ndolo, the
Executive Director General of Bridge Consultancy, amended the petition to
focus on regulation after receiving calls from various stakeholders
regarding the App's usage.

 

This coming days after President William Ruto had talks with TikTok Chief
Executive Officer (CEO) Shou Zi Chew where they agreed on moderation
mechanisms to reduce negative content on the video-sharing application.

 

"We have getting a lot of calls from tiktokers and that's the reason why we
wanted change to push for the regulations of the App to protect national
security and protect the youth from inappropriate content," Ndolo stated.

 

 

Ndolo emphasized that they were not coerced to amend their earlier petition
pushing for the ban on Tiktok following President Ruto's meeting with Tiktok
management that promised to moderate the content on the global App.

 

"We are privy to the discussion between the President and Tiktok CEO but we
became aware through the media.We were not involved in anyway,we have only
had a meeting with Tiktok management from South Africa.We haven't received
any call from statehouse,"

 

Music and Copyright Society of Kenya Chief Executive Officer Ezekiel Mutua
who supports the petition decried that the App has massive negative effects
on the masses due to unregulated content.

 

Mutua implored MPs to take immediate action to safeguard Kenyans from the
negative effects of the App which has exposed children to nudity and
profanity.

 

"The social media sites that are unregulated are conduit for the destruction
of our moral values. We have forgotten the software which is the moral
fabric of our nation and where children are concerned," he noted.

 

 

MCSK CEO expressed that strict regulations must be instituted to ensure
social media users are gagged from generating content aimed at eroding the
country's social fabric.

 

"This kind of content normalizes insanity, obscenity, nudity and immorality.
The app normalizes disrespect even on our national leaders. It can sound
normal but that's how we normalize crime and killing as a way of life," he
said.

 

Bridges Consultancy Advocate Collins Osewe opined that the TikTok App has
violated integral provisions of the constitution and various acts calling
for restriction of individuals who can join the global App.

 

"There is need to regulatory platform that will check or sieve inappropriate
offensive, illegal, unlawful content propagated by any Tiktoker. Tiktok as a
platform is a free for all but we need regulation to either make it a member
club joined voluntary by adults but not free for all,"said Osewe.

 

Clinical Psychologist Professor Ndungu Ikenye called for regulations on the
TikTok App warning that unregulated content will lead to increased mental
health cases, especially among minors.

 

"We ask you MPs to be guardians of our values because the way things are
going to be in the pop culture we are in danger. If we don't have people who
protect our children, mental health go up," said Ikenye.

 

TikTok Commitment

 

TikTok management promised to work with Kenya in reviewing and monitoring
its content. The move, President William Ruto said, will ensure that content
on the platform adheres to agreed guidelines.

 

In a virtual meeting with President Ruto, TikTok CEO Shou Zi Chew committed
to ensuring that content is moderated to fit community standards.

 

This new development means that inappropriate or offensive content will be
expunged from the platform.

 

Chew also agreed to set up a Kenyan Office to coordinate its operations in
the continent.He pledged to hire more Kenyans to work for the platform.

 

- Capital FM.

 

 

 

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.

 

 

 

Nigeria: Anxiety As Labour Meets On Indefinite Strike Today

Following the end of the 21-day strike ultimatum issued to the government by
organised labour last week, the leadership of the Nigeria Labour Congress
(NLC) will meet today to finalise plans for an indefinite strike.

 

The meeting followed several moves by the labour centre to ensure that the
federal government addresses the suffering across the country caused by the
removal of fuel subsidy, and hit a brick wall.

 

In a memo addressed to its executive members and all affiliates, the NLC
national general-secretary, Comrade Emmanuel Ugboaja, summoned an emergency
meeting of the National Executive Council (NEC) to plan for the indefinite
strike.

 

 

>From the unfolding events at the Pascal Bafyau Labour House, the organised
labour may embark on a nationwide strike in a few days.

 

Many Nigerians fear the development would paralyse economic activities and
essential services.

 

Already organised private sector and some civil society organisations have
kicked against the strike, claiming that it would further impoverish workers
and the ailing Nigerian economy.

 

Although the federal government at the instance of the Federal Ministry of
Labour and Employment led by the minister, Simon Lalong had invited NLC to
talks, the meeting which took place last Monday ended without the resolution
on palliatives for workers and Nigerians.

 

The meeting came weeks after the labour centre ended its two-day warning
strike and few days to the end of the 21-day ultimatum.

 

But the NLC national president, Comrade Joe Ajaero maintained that the
congress has given enough time for the federal government to address all
issues raised by the labour centre.

 

 

In a related development, the federal government has assured the organised
labour that the processes leading to the fulfilment of wage award were on
course and would be concluded soon.

 

Lalong who gave the assurance yesterday while receiving the leadership of
the National Union of Road Transport Workers (NURTW) on a thank-you visit
after their release from detention in Abuja called on the NLC not to embark
on their planned strike but allow the government to work and resolve all
pending issues.

 

In a statement issued by the ministry's director of press and public
relations, Olajide Oshundun, Lalong said securing the release of the
detained NURTW members was one of the demands of NLC at last week's meeting
between the congress and the ministers of Labour and Employment.

 

The minister maintained that industrial harmony remains key to the
socio-economic development of any nation, and urged the union to work in
synergy with the federal government in moving the country forward.

 

- Leadership.

 

 

 

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.

 

 

 

 

Evergrande: China property giant suspends shares amid reports of detained
leaders

Shares in crisis-hit Chinese property giant Evergrande have been suspended
in Hong Kong amid reports its chairman has been placed under police
surveillance.

 

It follows reports earlier this week that other current and former
executives had also been detained.

 

Thursday's market statement did not give a reason for the trading halt.

 

But it marks another low for the heavily indebted property giant which
defaulted in 2021, triggering China's current real estate market crisis.

 

In August, the firm filed for bankruptcy in New York, in a bid to protect
its US assets as it worked on a multi-billion dollar deal with creditors.

 

The market trading halt now comes just a month after the firm's previous
17-month suspension was lifted.

 

Evergrande - once valued as the world's most valuable property developer -
is at the centre of a real estate crisis threatening the world's second
largest economy.

 

With more than $300bn (£247bn) of debt, the firm has been scrambling to
raise cash by selling assets and shares to repay suppliers and creditors.

 

Most of Evergrande's debt is owed to people within China, many of whom are
ordinary citizens whose homes have not been finished.

 

When the firm defaulted on its huge debts in 2021, it sent shockwaves
through global financial markets as the property sector contributes to
roughly a quarter of China's economy.

 

Several other of the country's major developers have defaulted over the past
year and many are struggling to find the money to complete developments.

 

In July, Evergrande revealed it had lost a combined 581.9bn yuan ($79.6bn;
£65.6bn) over the post two years.

 

It has been working on a new repayment plan and the company seemed to have
been moving closer to resolving the problem after it filed for US bankruptcy
protection.

 

Its latest plan was to reissue its overseas debt as new bonds that it had to
pay back in about 10 years' time, as well as offering their creditors stakes
in the company as shares.

 

But earlier this week, Evergrande revealed its mainland unit Hengda Real
Estate had defaulted on 4 billion yuan (£449m; $547m) of debt.

 

Chinese business wire Caixin also reported that several current and former
executives has been detained.

 

Then on Wednesday, Bloomberg News reported the firm's founder Hui Ka Yan,
who is also known as Xu Jiayin, had been taken away by police this month and
was being monitored at a designated location.

 

The BBC has been unable to independently confirm Bloomberg's reporting.

 

Trading in its two other units - the property services and electric vehicle
- was also suspended on Thursday.

 

"China's property-sector stress will continue to pose cross-sector credit
risks in the near term," wrote Lan Wang and Duncan Innes-Ker of Fitch
Ratings.

 

"The government's modest policy easing to date is unlikely to drive a sharp
turnaround in homebuyers' sentiment, even though it has led to some recent
improvements in broader economic indicators," their report said.-bbc

 

 

 

 

X scraps tool to report electoral fake news - researchers

Elon Musk's X has disabled a feature that let users report misinformation
about elections, said researchers.

 

The tool, available in the US, Australia and South Korea since 2021, was
expanded to other countries last year.

 

But Reset.Tech Australia said it was removed in recent weeks, except in the
European Union.

 

In a letter, it called the move "extremely concerning", as Australia is set
to hold a referendum next month.

 

"There now appears to be no channel to report electoral misinformation when
discovered on your platform," said the group.

 

Australia's first referendum in almost a quarter century will take place on
14 October. It will decide whether to change the constitution to establish
an Indigenous advisory body to parliament.

 

The Australian Electoral Commission (AEC), which will oversee the
referendum, has said the spread of electoral misinformation is the worst it
has seen.

 

The move could also affect voters' ability to report misinformation ahead of
the 2024 US presidential elections.

 

Users can still report posts that they consider to be hateful, abusive or
spam.

 

Australia to hold historic referendum in October

What is Australia's Voice to Parliament referendum?

According to Reset.Tech Australia, the feature remains available in the EU,
where a recent study suggests that X has the biggest proportion of
disinformation of the six big social networks.

 

The European Commission study examined over 6,000 unique social media posts
across Facebook, Instagram, LinkedIn, TikTok, X, and YouTube.

 

The platform with the largest "ratio of discoverability" of disinformation -
meaning the proportion of sensitive content made up of disinformation - was
X. YouTube had the lowest, the study suggested.

 

"My message for [X] is: you have to comply with the hard law. We'll be
watching what you're doing," the EU's Values and Transparency Commissioner
Vera Jourova warned in the wake of the study.

 

In the EU, tech giants must comply with the EU Digital Services Act (DSA),
which is designed to protect users and stop election interference.

 

Since Mr Musk took over X or Twitter, as it was then known, in late 2022,
the company has been accused of allowing a rise in hate speech and
misinformation. Mr Musk denied this in a BBC interview.

 

He has argued that the platform's "Community Notes" feature, which allows
users to comment on posts to flag false or misleading content, is a better
way of fact checking.

 

The BBC has approached X for comment.-bbc

 

 

 

 

ChatGPT can now access up to date information

OpenAI, the Microsoft-backed creator of ChatGPT, has confirmed the chatbot
can now browse the internet to provide users with current information.

 

The artificial intelligence-powered system was previously trained only using
data up to September 2021.

 

The move means some premium users will be able to ask the chatbot questions
about current affairs, and access news.

 

OpenAI said the feature would open up to all users soon.

 

Earlier in the week, OpenAI also revealed the chatbot will soon be able to
have voice conversations with users.

 

ChatGPT and other similar systems use huge amounts of data to create
convincing human-like responses to user queries.

 

They are expected to dramatically change the way people search for
information online.

 

Can an AI chatbot write a joke about the news?

But until now the viral chatbot's "knowledge" has been frozen in time. Its
database has been drawn from the contents of the internet as it was in
September 2021. It could not browse the net in real time.

 

So, for example, ask the free version when an earthquake last struck Turkey,
or whether Donald Trump is still alive and it replies "'I'm sorry, but I
cannot provide real-time information".

 

ChatGPT's inability to take recent events into account has been a turn-off
for some potential users.

 

"If this functionality or capability weren't there, you would need to go to
Google or to Twitter or to your preferred news outlet. Now, you can treat
this as a source of the latest news, gossip and current events," says Tomas
Chamorro-Premuzic, professor of business psychology at University College
London.

 

"So the main implication is that it's going to absorb a lot of the incoming
questions and inquiries that were going to search engines or going to news
outlets," he said.

 

But, Mr Chamorro-Premuzic added that using the platform to search could be a
double-edged sword.

 

"I think that's a good thing in terms of getting quick responses to your
pressing, burning questions," he said, but warned that without sourcing,
information provided through ChatGPT could be misleading.

 

"If it's not stating in a reliable way what the sources are, and it's simply
doing a mix and a mish mash of what exists out there... then the concerns
are around accuracy and people just assume the information they get there is
reliable when it's not."

 

Already, OpenAI has come under the scrutiny of US regulators over the risk
of ChatGPT generating false information.

 

Earlier this year, the Federal Trade Commission (FTC) sent a letter to the
Microsoft-backed business requesting information on how it addresses risks
to people's reputations.

 

In response, the OpenAI chief executive said the company would work with the
FTC.

 

There were a number of reasons why ChatGPT did not search the internet until
now: computing cost for one thing. It is often said that every single query
costs OpenAI a few cents.

 

More significantly though, the limited data provided a valuable safety net.

 

ChatGPT could not start regurgitating harmful or illegal material it
happened to find newly uploaded to the net in response to a query.

 

It could not spout misinformation planted by bad actors about politics or
healthcare decisions because it didn't have access to it.

 

Asked why it had taken so long to allow users to search up to date
information, the chatbot itself provided three answers.

 

It said developing language models took a long time and was
resource-intensive, that using real-time data had the potential to introduce
inaccuracies, and that there were some privacy and ethical concerns about
accessing real-time information - particularly copyrighted content without
permission.

 

ChatGPT's new functionalities perfectly highlight the enormous dilemma
facing the AI sector. In order to be truly useful, the guardrails have to
come off, or at least loosen - but doing that makes the tech potentially
more dangerous and open to misuse.-bbc

 

 

 

 

Rosebank oil field given go-ahead by regulators

The controversial Rosebank offshore development off Shetland has been
granted consent by regulators.

 

Located 80 miles west of Shetland, Rosebank is the UK's largest untapped oil
field and is estimated to contain up to 300 million barrels of oil.

 

Development and production approval has been given to owners Equinor and
Ithaca Energy, following reassurances over environmental concerns.

 

The plan has faced widespread criticism due to its impact on climate change.

 

Supporters of the project say it is vital for the energy security as it will
reduce reliance on imports.

 

Its owners say it will create about 1,600 jobs during the height of
construction, support 450 UK-based jobs during its lifetime, and provide "a
significant amount of tax revenues for the treasury".

 

What is Rosebank and why is it so controversial?

LIVE: Biggest untapped oil field approved by regulators

It comes after the UK government said in July that it would issue hundreds
of new licences for oil and gas exploration in the North Sea.

 

But last month 50 MPs and peers from all major parties raised concerns
Rosebank could produce 200 million tonnes of carbon dioxide and urged then
Energy Secretary Grant Shapps to block it.

 

rosebank graphic

It has been predicted that Rosebank could produce 69,000 barrels of oil a
day at its peak, and about 44 million cubic feet of gas per day in its first
10 years.

 

Production is expected to begin in 2026/27 but a senior executive with
Norweigan state oil company Equinor has admitted the new field will not be
electrified at that point.

 

Electrification of the extraction process is one of the key industry pledges
for reducing its production emissions.

 

The oil and gas regulator, North Sea Transition Authority, said approval had
been awarded "in accordance with our published guidance and taking net zero
considerations into account throughout the project's lifecycle".

 

Prime Minister Rishi Sunak said it "makes sense" for the UK to use its own
oil and gas supplies as the UK makes the transition to renewables.

 

The UK has a target to hit net zero - emitting no more greenhouse gases such
as carbon dioxide than the amount taken out of the atmosphere - by 2050.

 

"This is the right long-term decision for the UK's energy security," he
added.

 

What does net zero mean?

Meanwhile Energy Security Secretary Claire Coutinho said its value to the
economy would give the UK greater energy independence.

 

"We will continue to back the UK's oil and gas industry to underpin our
energy security, grow our economy and help us deliver the transition to
cheaper, cleaner energy," she added.

 

Opponents argue the oil and gas produced from Rosebank will be sold at world
market prices, so the project will not cut prices for UK consumers.

 

"It won't make the slightest difference to people's energy bills", the Green
Party MP Caroline Lucas claimed on BBC Radio 4's Today programme.

 

Equinor - which is the majority owner of Rosebank - confirmed that during a
briefing for journalists earlier.

 

"If the UK needs Rosebank oil, it will go to the UK through open market
mechanisms", said Arne Gurtner, Equinor's senior vice president for the UK.

 

'Concerns unaddressed'

Scotland's Energy Secretary Neil Gray raised concerns that the majority of
what will be extracted from Rosebank will go overseas rather than contribute
to domestic energy security.

 

"We are therefore disappointed that approval has been given by the UK
government while these concerns remain unaddressed," he added.

 

His colleague Stephen Flynn - the SNP's Westminster leader and MP for
Aberdeen South, a constituency with strong links to the oil and gas industry
- did not oppose the oil field outright.

 

He said that if the UK government was considering oil and gas projects
"through the prism of energy security, net zero, jobs, opportunities and
concurrent renewables investment... then of course it should go ahead."

 

"Where I have concerns is I don't think the UK government is looking at
projects through that prism," he said.

 

Labour leader Sir Keir Starmer has confirmed that his party will not revoke
the licence for Rosebank if it wins the election.

 

But he added that no new licences would be granted if Labour gained power.

 

He told the BBC's Political Thinking with Nick Robinson podcast that
allowing the North Sea exploration to go ahead would provide "the stability
that we desperately need in our economy"

 

Scottish Green MSPs were among those protesting outside the UK government
building in Edinburgh

Image caption,

Scottish Green MSPs were among those who joined a protest against the
Rosebank decision outside the UK government building in Edinburgh

Meanwhile it was condemned as an "utter catastrophe" by the Scottish Greens,
the SNP's partners in the Scottish government.

 

Climate spokesperson Mark Ruskell said it was the "worst possible choice at
the worst possible time" and showed "total contempt for our environment and
future generations".

 

He was among dozens of climate activists demonstrating against the Rosebank
decision out the UK government offices in Edinburgh.

 

Another, Bryce Goodall, said: "We absolutely outraged that this has been
decided in the midst of a cost of living crisis... this oil field is not
going to do anything to lower energy bills or provide energy security
whatsoever so I'm absolutely incensed with anger here."

 

Juliet Dunstone, who was also part of the protest, said: "We need to have a
just transition and we need to prioritise people who are working in oil and
gas to give them those green jobs and get them out of these polluting jobs
that they're stuck in because we need to avert the climate crisis
immediately or millions of people will die."

 

But Russell Borthwick, chief executive of Aberdeen and Grampian Chamber of
Commerce, said: "Rosebank will make an important contribution to UK and
European energy security, create several hundred new jobs here in Scotland
and result in over £6bn being spent within the UK supply chain which is
anchored in Aberdeen and Aberdeenshire.

 

"Today's announcement is a welcome shot in arm for the UK energy sector
which will give investors, operators and the wider supply chain confidence
as they strive to provide the power we need here and now and transition
towards a net zero future."

 

Presentational grey line

James Cook

For more than half a century, North Sea oil has been at the heart of
economic and political debate in Scotland.

 

The discovery of the "black gold" turned Aberdeen into the oil capital of
Europe and fuelled the Scottish independence movement.

 

Critics of the UK's approach say it should have followed Norway's lead by
investing revenue generated by the boom in a sovereign investment fund.

 

Now the industry has moved westwards into the stormy waters of the North
Atlantic ocean, the focus of the debate has switched to the environmental
impact of drilling but those old arguments about economic benefit have been
revived too.

 

For decades Shetland prospered handsomely from oil thanks to a deal the
local council struck with energy firms to allow the construction of a
terminal at Sullum Voe.

 

However the oil from Rosebank will not be processed on Shetland but
offloaded by tanker and sold on the international market.

 

Supporters say the project, run by the Norwegian state energy firm Equinor,
will create hundreds of jobs and bring in billions of pounds in investment.

 

But critics say the biggest winner is Norway.-bbc

 

 

 

 

Meta announces AI chatbots with 'personality'

Meta has announced a series of new chatbots to be used in its Messenger
service.

 

The chatbots will have "personality" and specialise in certain subjects,
like holidays or cooking advice.

 

It is the latest salvo in a chatbot arms race between tech companies
desperate to produce more accurate and personalised artificial intelligence.

 

The chatbots are still a work in progress with "limitations", said boss Mark
Zuckerberg.

 

In California, during Meta's first in-person event since before the
pandemic, Mr Zuckerberg said that it had been an "amazing year for AI".

 

The company is calling its main chatbot "Meta AI" and can be used in
messaging. For example, users can ask Meta AI questions in chat "to settle
arguments" or ask other questions.

 

The BBC has not yet tested the chatbot which is based on Llama 2, the large
language model that the company released for public commercial use in July.

 

Several celebrities have also signed up to lend their personalities to
different types of chatbots, including Snoop Dogg and Kendall Jenner.

 

The idea is to create chatbots that are not just designed to answer
questions.

 

"This isn't just going to be about answering queries," Zuckerberg said.
"This is about entertainment".

 

According to Meta, NFL star Tom Brady will play an AI character called
'Bru', "a wisecracking sports debater" and YouTube star MrBeast will play
'Zach', a big brother "who will roast you".

 

Mr Zuckerberg said there were still "a lot of limitations" around what the
bots could answer.

 

The chatbots will be rolled out in the coming days and only in the US
initially.

 

Mr Zuckerberg also discussed the metaverse - a virtual world - which is a
concept that Mr Zuckerberg has so far spent tens of billions of dollars on.

 

Although Meta had already announced its new virtual reality headset, Quest
3, the company gave further details at the event.

 

Meta's boss described the headset as the first "mainstream" mixed reality
headset. Cameras facing forward will mean the headset will allow for
augmented reality. It will be available from 10 October.

 

The firm's big, long-term bet on the metaverse still appears yet to pay off,
with Meta's VR division suffering $21bn (£17bn) in losses since the start of
2022.

 

The Quest 3 came after Apple entered the higher-priced mixed reality
hardware market with the Vision Pro earlier this year.

 

Mat Day, global gaming strategy director for EssenceMediacom, said Mark
Zuckerberg had "reinvigorated" the VR sector.

 

"Meta's VR roadmap is now firmly positioned around hardware priced for the
mass market. This is a stark contrast to Apple's approach which is aimed at
the high end tech enthusiast," he said.

 

Meta's announcement came on the same day as rival OpenAI, the
Microsoft-backed creator of ChatGPT, confirmed its chatbot can now browse
the internet to provide users with current information. The artificial
intelligence-powered system was previously trained only using data up to
September 2021.-bbc

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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