Major International Business Headlines Brief::: 29 September 2023

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Major International Business Headlines Brief::: 29 September 2023 

 


 

 


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

 


 

 


 

ü  Uganda: Cnooc Sends Ugandan Students to China Further Their Oil and Gas Studies

ü  Nigeria: NEC Urges Labour to Shelve Planned Strike, NUPENG Threatens to Halt Fuel Supply

ü  Nigeria: Mobile Cyber Threats Rising in Nigeria, Others - Report

ü  Zambia Set for a Fuel Pipeline Upgrade

ü  Uganda Looks to Chinese Backers After Pipeline Funders Withdraw

ü  Uganda Looks to Chinese Backers After Pipeline Funders Withdraw

ü  Malawi Government Needs K226bn to Feed 4.4 Hungry Stomachs

ü  South Africa: Eskom Pumping Dangerous Levels of Soot Into the Air

ü  Nigeria: Investigation - Kano Farmers Helpless As Sand Mining Destroys Farmlands

ü  South Africa: Employment Up By 0.4 Percent

ü   

 


 

 


 <https://www.cloverleaf.co.zw/> Uganda: Cnooc Sends Ugandan Students to China Further Their Oil and Gas Studies

The China National Offshore Oil Corporation (CNOOC) Uganda, the operator of the Kingfisher oil field in the Albertine region, has flagged off Ugandan students to China to further their studies in oil and gas .

 

The students who were awarded with scholarships to undertake petroleum studies will pursue a bachelor of petroleum engineering at the China University of Petroleum-East China.

 

According to CNOOC, the purpose of this scholarship program is to enhance capacity building and skills

 

development in the oil and gas industry, to promote and ensure Ugandans' participation in the oil and gas industry.

 

 

Since 2014, CNOOC Uganda Limited has so far sponsored a total number of eight Ugandan students, five at the

 

bachelor's level and three at the master's level to undertake studies at China University of

 

Petroleum (East China).

 

Jean Remmy Amanya, one of the beneficiaries of this prestigious scholarship expressed gratitude and joy as he thanked CNOOC Uganda Limited for the opportunity.

 

He also acknowledged his fellow scholarship winners and their collective commitment to a brighter future, emphasizing the importance of education as a transformative tool for Uganda and the world.

 

Amanya reaffirmed their dedication to academics and the opportunities in China, concluding with congratulations to his fellow scholarship winners and blessings for their pursuit of academic excellence.

 

Liu Xiangdong, the president of CNOOC Uganda Limited emphasized the company's unwavering commitment to education, capacity building, and national content development in Uganda. T

 

Liu also conveyed his heartfelt congratulations to the scholarship recipients, recognizing their dedication to their studies and their potential to be future leaders of Uganda.

 

He also extended gratitude to the parents, guardians, and families present for their unwavering support and emphasized their crucial role in the students' success.

 

The send-off ceremony was attended by representatives from various departments within CNOOC Uganda Limited, the scholarship beneficiaries, and their parents, who contributed to the significance of the occasion.

 

 

 

Nigeria: NEC Urges Labour to Shelve Planned Strike, NUPENG Threatens to Halt Fuel Supply

As the clock ticks towards October 3, the date Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have scheduled to commence a nationwide indefinite strike, the federal government appears to be ramping up efforts to appease the trade union centres and try to prevent them from embarking on the industrial action.

 

National Economic Council (NEC), chaired by Vice President Kashim Shettima, yesterday, appealed to NLC and TUC to shelve the planned strike, pleading for more time for government to address labour's demands.

 

Attorney General of the Federation (AGF) and Minister of Justice, Mr. Lateef Fagbemi, SAN, also yesterday, warned the organised labour against the planned nationwide industrial action, stating that going ahead with it would amount to violation of a subsisting court order.

 

 

However, Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) directed its members to withdraw their services nationwide from Tuesday, in line with the indefinite strike called by NLC and TUC.

 

Amid the growing tension over the strike, NLC yesterday stressed that it had not reached any form of understanding with the federal government on suspension of the planned industrial action.

 

NLC's clarification came as United Action Front of Civil Society, the organised platform of civil society groups and activists on matters of governance and democracy in Nigeria, yesterday, announced its endorsement of the planned industrial action.

 

NLC and TUC had on Monday directed all their affiliates to commence an indefinite strike by midnight, Tuesday, October 3. The decision was reached after the National Executive Council (NEC) meetings of the two labour centres held in Abuja.

 

 

In a joint communiqué signed by NLC President, Joe Ajaero, and TUC President, Festus Osifo, the unions stated that they had deeply analysed the current situation in the country, taking into cognisance the extensive hardship and deprivation afflicting citizens across all states of the federation, and unanimously condemned the federal government's apparent conscious lethargy and tardiness in handling the consequences of its petrol price hike on Nigerians.

 

But briefing newsmen at the end of the National Economic Council (NEC) meeting held at State House, Abuja, Governor of Plateau State, Caleb Mutfwang, disclosed NEC's resolution on the proposed industrial action, and said the council had asked all the 36 state governors to resume negotiations with labour leaders in their respective states.

 

Mutfwang said NEC was of the opinion that continuing on the path of dialogue would be the best option for the economy, especially at the state level.

 

 

The Plateau State governor stated, "Council noted the notice by the national leadership of the Nigeria Labour Congress to proceed on an indefinite strike from October 3, 2023.

 

"The council noted further the implication of this strike for the economy and the nation and, thus, urged members to continue to engage with the leadership of their respective states and to appeal to them to shelve the action and continue on the path of dialogue with the federal government. This is the appeal of Council."

 

Explaining further the grounds for the council's appeal, the governor decried the situation of most of the states when the various governors took over on May 29. He stated that many of them were just coming out of prolonged industrial strikes, adding that enforcing a new strike at this time would further damage the economy.

 

Mutfwang pleaded for more time for government to address the concerns of labour, acknowledging that there are feelers that leaders at every level genuinely want the issues raised by labour addressed once and for all.

 

According to him, "NEC actually expressed genuine concern on the situation in the country and appreciates the concern by labour to have those issues addressed.

 

"That is why NEC is appealing for patience, appealing for time to be able to address the concerns of labour. We also believe that Mr. President will be addressing the nation 1st of October and some of the concerns of labour will be appropriately addressed in the president's speech."

 

The governor said it was important to recognise that Nigeria was a federation, "So whatever happens, labour is represented in all the 36 states and the FCT and NEC is appealing that discussions should continue at the state levels because there will be peculiarities as to the issues to be addressed concerning the demands of labour.

 

"Therefore, dialogue is the way to go.

 

"The nation is at a very critical moment at this time. Some of the states, when they took over on May 29, the workers were on strike, some of those issues have just been resolved, for the workers to return to work. To ask them to go back immediately, it's going to further damage the economy.

 

"Therefore NEC, while expressing genuine concern about the situation in the country, appeals for calm and patience and I want to believe that the leadership across the nation at this point in time wants to truly address the issues that concern labour and the general populace and move the country forward."

 

Speaking earlier, Shettima identified stability as one of the priorities in the economic agenda of the President BolaTinubu administration for 2024.

 

The vice president stated that government at the federal, state and local government levels must remain committed to re-evaluating their priorities, streamlining processes, and making bold decisions that would reflect key social issues, including social protection, social investment, and nutrition.

 

In his opening address at the meeting, titled, "Planning for Stability: Our Agenda for Economic Growth in 2024," Shettima reminded the governors and other members of NEC that the weight of the tough decisions to rescue Nigeria's economy depended on their cooperation and goodwill.

 

 

He noted that what set Tinubu apart as a Nigerian leader was the courage to embark on fixing the country's economy through bold reforms.

 

Identifying stability as a major priority in next year's economic agenda, the vice president said, "It took courage to embark on fixing an economy hindered by decades of political lip service. But that's what has set President Tinubu apart: his bold reforms to reposition the economy and save it from further erosion."

 

Responding to a question on the probability of the administration drawing up a supplementary budget, Governor Abdullahi Sule of Nasarawa State said there was no need for such yet, going by the presentations before the NEC.

 

Speaking to a question around the $3 billion loan taken by the Nigerian National Petroleum Company Limited (NNPCL) to stabilise the naira exchange rate, Sule said the new team at the Central Bank of Nigeria (CBN) would require some time to put their acts together and take steps to achieve the stabilisation.

 

Equally speaking at the briefing, Minister of Budget and Economic Planning, Atiku Bagudu, said the council supported Tinubu's eight-point agenda, stressing that it holds the key to Nigeria's development.

 

"The meeting appreciates all the eight-point agenda of President Bola Tinubu and his investment drive around the world and measures he has taken so far," Bagudu said.

 

The minister said the council was satisfied with the collaboration between the federal and state governments, and advised the sub-nationals to explore the abundant opportunities in the energy sector, in line with the new Electricity Act.

 

Bagudu stated, "In particular, the meeting agreed that there should be vigorous implementation of key resolutions in collaboration between the states and the federal government.

 

"One of the resolutions highlighted is the energy sufficiency for sustainable economic development. Government at all levels should promote the migration of heavy duty industry system from fossil fuel to gas infrastructure as well as acknowledge that the new Electricity Act empowers states and individuals to participate in all components of the energy sector."

 

Bagudu stressed that state governments were encouraged to carry out energy audits in order to determine their energy needs as well as explore areas of collaboration with the private sector based on their competitive advantages.

 

Minister of the Federal Capital Territory (FCT), Nyesom Wike, said at the briefing that the council, after receiving the report of the special committee on impact of flood and disaster across the states in Nigeria, adopted the grouping of states according to what they suffered from flooding.

 

Wike listed the states under their various categories to include, "Group A: states with over 15 points (most affected) Anambra, Bauchi, Bayelsa, Benue, Borno, Kogi, Nasarawa, Niger, Rivers, Enugu, Kano, Oyo, Yobe, Zamfara.

 

"Group B: (states with 10-15 points) Cross River, Delta, Jigawa, Kwara, Ondo.

 

"Group C: (states with less than 10 points) Katsina, Abia, Adamawa, Akwa Ibom, Bauchi, Ebonyi, Edo, Ekiti, Gombe, Imo, Kaduna, Katsina, Kebbi, Lagos, Ogun, Osun, Plateau, Sokoto, Taraba, FCT."

 

The FCT minister said the council directed the National Emergency Management Agency (NEMA) to immediately provide intervention to the affected states. He added that a roadmap would be developed and articulated by NEC in collaboration with the chairman of Nigeria Governors Forum (NGF).

 

The governor of Katsina State, Dikko Radda, gave an update on the distribution of palliatives, as presented by the NGF chairman, and governor of Kwara State, Abdulraman Abdulrazaq.

 

Radda, who disclosed to journalists that the federal government had released N2 billion to each state and the FCT, added that the NGF chairman informed the council that members were making progress and urged them to re-double efforts as states looked forward to more interventions.

 

Accountant-General of the Federation, Mrs Oluwatoyin Madein, said the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, made a presentation to NEC on the fiscal policy and tax reforms. Madein disclosed that the committee was set up by Tinubu to review and redesign Nigeria's fiscal system with respect to revenue mobilisation through both tax and non-tax avenues; quality of government spending; and sustainable debt management.

 

She said, in addition, the committee would identify relevant measures to make Nigeria an attractive destination for investment and facilitate inclusive economic growth.

 

Senior Special Assistant to the President on Media and Communications, Stanley Nkwocha, gave details of balances in the country's excess crude and other accounts as follows: Excess Crude Account, $473,754.57; Stabilisation Account, N34, 936,868,803.58; Development of Natural Resources, N128, 330,636,441.14.

 

AGF Warns NLC, TUC against Planned Nationwide Strike

 

Fagbemi warned organised labour against the planned nationwide industrial action.

 

In a letter to the NLC and TUC lawyer, Mr. Femi Falana, SAN, the AGF reminded the workers' union that the law banning any strike action in respect of the removal of subsidy was still in force and must be obeyed by all parties. He appealed to the labour leaders to comply with the law and exploit other peaceful and legal mechanisms in addressing whatever grievances they might have against the government and its policies.

 

In the letter dated September 26, Fagbemi told Falana that as counsel to the labour leaders, he was under obligation to let them know the consequences of proceeding with the scheduled strike action.

 

The letter, personally signed by the AGF, drew the attention of the labour leaders to a subsisting order of injunction which restrained them from leading workers in the country to any form of strike action.

 

The letter read in part, "The attention of the ministry has been drawn to media reports on the proposed nation-wide strike action by the NLC and TUC scheduled to commence on 3rd October 2023.

 

"You are kindly invited to recall the antecedence of previous steps, actions on this matter, particularly the exchange of correspondence between this office and your firm, before and after the nationwide 'action/protest' declared by the NLC on 2nd August 2023.

 

"Whilst your clients had maintained that the nationwide protest by NLC is in furtherance of its constitutional right to embark on protests, the ministry has repeatedly advised on the need to advise your clients to refrain from resorting to self-help and taking actions capable of undermining subsisting orders of a court of competent jurisdiction."

 

The minister also reminded the labour leaders how the government had abandoned its contempt proceedings against them following the intervention of the president and National Assembly, in order for the government and labour to engage in further negotiations without any form of encumbrances.

 

 

Fagbemi stated, "However, in its communique issued at the end of its National Executive Council meeting on August 31, 2023, NLC resolved to embark on a total and indefinite shutdown of the nation within 14 working days or 21 days from August 31, 2023.

 

"Also on September 26, 2023, the presidents of NLC and TUC, jointly issued a communiqué stating that organised labour had resolved, 'to embark on an indefinite and total shutdown of the nation beginning on zero hours, Tuesday, October 3, 2023'.

 

"From a review of the contents of the above communiques and available media reports, the proposed strike action is premised principally in furtherance of issues connected with the removal of fuel subsidy, hike in fuel price and consequential matters of making provisions for palliatives and workers welfare.

 

"These are undoubtedly issues that have been submitted to the National Industrial Court for adjudication. Therefore, the proposed strike action is in clear violation of the pending interim injunctive order granted on 5th June 2023 restraining both Nigeria Labour Congress and Trade Union Congress from embarking on any strike of any nature, pending the hearing and determination of the pending Motion on Notice.

 

"We wish to reiterate that a court order, regardless of the opinion of any party on it, remains binding and enforceable until set aside. It is the expectation of the public that the labour unions would lead in obedience and observance of court orders and not in its breach.

 

"It is, therefore, the earnest expectation of this office that your distinguished law firm will advise the labour unions on the need to protect the integrity of courts and observe the sanctity of court orders."

 

The AGF added, "Consequently, you are kindly requested to impress it upon the organised labour unions to note the fact that their proposed strike action is in gross breach of the subsisting court order, as well as the appropriateness of addressing their grievances/demands within the ambit of the law.

 

"Hence, the need for them to be more accommodating and show greater appreciation of the effect of the order of the court, by shelving the strike action.

 

"The foregoing will afford parties more room for further mutual engagements, for a holistic and sustainable resolution of all outstanding issues on this matter in the overall national interest."

 

NUPENG Directs Members to Halt Fuel Supply

 

NUPENG directed its members to withdraw their services nationwide from Tuesday, in line with the indefinite strike called by NLC and TUC.

 

NUPENG said it was disturbing and unfortunate that the federal government and other tiers of government were insensitive to the excruciating socio-economic pains Nigerians were passing through as a result of harsh and sudden economic policies introduced by the Tinubu administration.

 

In a mobilisation letter jointly signed by NUPENG President, William Akporeha, and General Secretary, Afolabi Olawale, the oil workers' union said although they were aware of the huge effect a-24 hour industrial action by organised labour could have on businesses and the socio-economic lives of the nation, the government's actions and inactions were inextricably forcing organised labour to take "this very hard and painful route."

 

The letter said, "Consequent upon the joint resolution of the National Executive Council of the Nigeria Labour Congress and Trade Union Congress ,as the outcome of the joint National Executive Council meeting of the two labour federations, held on September 25, 2O23, we wish to inform all our members in the formal and informal sectors of the Nigeria oil and gas industry and alert the general public that the rank and file members of our union are hereby directed to commence full mobilisation and ensure an unwavering compliance with the directive of the two labour centres to all affiliate unions to embark on a nationwide industrial action from midnight of 3rd October, 2023."

 

NUPENG described as worrisome the apparent lack of regard for the cries and yearnings of the organised labour, civil society organisations, and the general public by the present administration.

 

It stated, "It appears the administration is arrogantly taking the goodwill and the tolerance level of the workers and Nigerians in general for granted. This arrogance is demonstrated clearly and loudly by the ways and manners meetings with organised labour and outcomes of such meetings are taking with levity and disrespect.

 

"Beyond any reasonable doubts, the government has demonstrated high insensitivity, lack of respect and regards to organised labour and the Nigerian masses.

 

"Therefore, it is in the light of the above that NUPENG, as a responsive and responsible affiliate union of the NLC, will fully comply with the resolution of the joint NEC meeting and we hereby direct the leaders in the four zonal councils of our great union to mobilise all our members in the formal and informal sectors to shut down services effective 3rd October, 2023.

 

"All NUPENG members, including the Petroleum Tanker Drivers (PTD), Petrol Stations Workers (PSW), Liquefied Petroleum Gas Retailers (LPGAR) and all other allied workers in the value chain of petroleum products distribution must comply with this directive from midnight of Tuesday, 3rd October 2023."

 

Furthermore, NUPENG directed all its branches and units to ensure full compliance by setting up compliance and monitoring teams in all operational locations.

 

NLC: No Agreement Reached with FG to Suspend Planned Nationwide Strike

 

NLC stressed that it had not reached any form of understanding with the federal government to suspend the indefinite strike scheduled for Tuesday. It also said there was no scheduled meeting with government that might lead to the suspension of the proposed strike.

 

In a statement issued by NLC's Head of Information and Public Affairs, Mr. Benson Upah, the labour movement said it became necessary to make the clarification following inconsistencies allegedly contained in the statement credited to Director of Press, Ministry of Labour and Employment, Mr. Olajide Oshundun.

 

Upah stated, "Accordingly, we find it necessary to make clarifications. Firstly, we do not have any agreement with the government to suspend the planned strike action.

 

"Neither do we have any date for a meeting with government that may lead to the suspension of the proposed strike.

 

"While we do not intend to demean or minimise the office of the Minister of Labour and Employment, this matter is beyond the ministry. This should have been obvious to them during our most recent meeting.

 

"Secondly, while we appreciate the role played by the Minister of Labour and Employment, Simon Lalong, in securing the release of the executives of the National Union of Road Transport Workers from unlawful/illegal police detention, we take exception to the ministry describing these executives as factional leaders."

 

NLC advised the Nigeria Police and those behind the travails of the NURTW officials "to desist from this despicable and shameful conduct".

 

Meanwhile, United Action Front of Civil Society endorsed the planned indefinite nationwide strike.

 

Head of National Coordinating Centre of the civil society group, Olawale Okunniyi, said, "It is unfortunate that while the arbitrary fuel price hike in the name of subsidy removal on premium motor spirit has pushed most Nigerians below poverty line, government continues to play the ostrich, in spite of the promises made to labour leaders on the need for upward review of workers' wages, inclusive palliatives to citizens, among others.

 

"The leadership of the United Action Front of Civil Society wishes to enjoin all civil society leaders, activists, working people in the private and public sectors as well as all well-meaning Nigerians in general to team up with us in rallying support for the success of the indefinite strike action declared by labour by making out time to be part of the civil society coordinating centre charged to enforce citizens' sit-at-home during the nationwide strike action called to save Nigeria; push for living wages for the working people and better welfare conditions for Nigerians in the face of excruciating consequences of the exploitative and wrongheaded policies of government."

 

Okuniyi said it was evident that the present government lacked the requisite wherewithal to fix the rots perpetrated by the immediate past government of the same party and might end up worsening the situation.

 

He said it was regrettable that rather than prioritise reduction in the cost of governance, the Tinubu administration was deliberately indulging in over-bloated appointments, as typified by the appointment of the highest number of ministers and the largest cabinet yet in Nigerian history.

 

Okuniyi stated, "It is also regrettable that the National Assembly, which only recently arbitrarily allocated public funds to its members who embarked on recess, has also increased the number of its standing committees, which would also translate into additional cost of governance in an economy where overwhelming majority of the masses could barely cope with the costs of living in Nigeria or afford one square meal.

 

"The leadership of the organised civil society, therefore, urges all Nigerians to rally behind NLC and TUC in protest against the insensitivity and dubious politics of the Nigerian government, which has, so far, demonstrated total lack of comprehension and sensitivity to the economic challenges facing the country.

 

"We wish to reiterate that the inhuman policy of arbitrary hike in fuel price has further impoverished and pauperised millions of households, who were hitherto merely coping with meagre wages and incomes for their livelihoods."

 

- This Day.

 

 

 

 

Nigeria: Mobile Cyber Threats Rising in Nigeria, Others - Report

Among the most prevalent mobile threats that were detected in the Middle East, Turkiye and Africa region are adware and mobile banking threats.

 

Africa has become one of the hotspots of mobile cyber threats in the world, according to new research published Thursday by Kaspersky, a global cybersecurity and digital privacy company. The report indicates that threats to mobile devices increased in the second quarter of 2023.

 

Among the most prevalent mobile threats that were detected in the Middle East, Turkiye and the African region are "adware and mobile banking threats."

 

 

There was a significant rise particularly in adware detections: 94 per cent in Nigeria, 49 per cent in Turkiye, 27 per cent in South Africa, 39 per cent in Kenya, and 6 per cent in the Middle East.

 

Meanwhile, banking trojans, which are used to hunt for data related to online banking and e-payment systems, are another concerning threat for mobile users. Specifically, Turkiye saw a twofold increase (102 per cent) in Trojan-Banker detections in Q2 2023 compared to Q2 2022, the report said.

 

While users increasingly rely on their mobile devices to share personal data and connect to corporate networks, the report noted that the number of mobile threat detections particularly in Africa, the Middle East, and Turkiye increased by 5 per cent.

 

However, it stated that these threats were blocked by Kaspersky Mobile Solutions. The researchers said a total of 5.7 million mobile malware, adware, and riskware attacks were blocked.

 

 

"With the growing adoption of smartphones and mobile banking in the Middle East, Turkiye, Africa region, cybercriminals are likely to further increase their targeting of mobile devices," said Anton Kivva, Malware Analyst and Team Lead at Kaspersky.

 

"We can expect a surge in phishing attacks, mobile malware, and malicious apps disguised as legitimate financial services. Cybercriminals will continue to exploit social engineering tactics, such as SMS phishing and voice phishing, to trick mobile users into revealing sensitive information or downloading malicious content," he said.

 

The most common threat to mobile devices was potentially unwanted software (RiskTool). The company said 30.8 per cent of all RiskTool threats were detected.

 

It added that a "total of 370,327 malicious installation packages were detected, of which: 59,167 packages were related to mobile banking Trojans while 1,318 packages were mobile ransomware Trojans."

 

Threats statistics in the reports were more prevalent on Android devices which hold a dominant market share in the Middle East, Africa, and Turkiye. Apple devices are not immune to cyber threats but are difficult to monitor due to OS specifics, the researchers said.

 

"Individuals and organisations in the Middle East, Turkiye, and Africa should prioritise mobile cybersecurity measures, including robust antivirus software, regular updates, user education, and vigilance against social engineering tactics to safeguard their mobile devices and sensitive data," Mr Kivva said.

 

Recommendations

 

To protect yourself from mobile threats, Kaspersky recommends downloading apps only from official stores like Apple AppStore, Google Play or Amazon Appstore.

 

"Apps from these markets are not 100 per cent failsafe, but at least they get checked by the moderators and there is some filtration system -- not every app can get onto these stores. It's worth looking through user reviews of an app to see if there is any negative feedback on its functionality," the organisation said.

 

It also advised individuals to check the permissions of apps that they use and think carefully before permitting an app, especially when it comes to high-risk permissions such as Accessibility Services.

 

"A reliable mobile security solution like Kaspersky Premium can help you to detect malicious apps and adware before they start behaving badly on your device. Also, update your operating system and important apps as updates become available. Many safety issues can be solved by installing updated versions of software."

 

The organisation called on the mobile industry to enhance cyber protection at all levels, including security for users, by providing tailored cybersecurity services.

 

- Premium Times.

 

 

 

Zambia Set for a Fuel Pipeline Upgrade

The new pipeline is expected to receive 6.5 million litres of fuel from the Tanzania-Zambia Mafuta pipeline, built 54 years ago. Analysts say the cost of fuel will reduce when the new pipeline becomes operational.

 

Zambia's heavy reliance on fuel is clearly evident on any given day, as thousands of wheels criss-cross the country's busy roads.

 

But Zambia does not produce its own crude oil. It is dependent on imports from the Middle East and Europe via the port in Dar es Salaam in neighboring Tanzania. Distributing fuel to all corners of the country is a long and expensive task, as most of it is transported by road.

 

But a soon-to-be-constructed fuel pipeline may change the situation, with a pipeline project in Zambia's Muchinga province's Mpika town already underway.

 

The ageing Tanzania Zambia Mafuta (TAZAMA) pipeline -- built in 1968 -- will supply 6.5 million litres of fuel to the new depot in Muchinga, according to Zambian officials.

 

 

"The consequence of that [construction] now, is that all the fuel required to be delivered to northern province, Muchinga province, Luapula province, will be picked up from here," TAZAMA Managing Director, Davison Thawete told journalists while inspecting the project.

 

A much-needed upgrade on the way

 

The TAZAMA pipeline runs for 1,710 kilometers (1,062 miles) and has been transporting raw crude oil material for refining from the Port of Dar-es-Salaam in Tanzania to Indeni Petroleum Refinery in Zambia's Ndola town for decades.

 

According to Zambian authorities, the new facility will have more advanced specifications compared to the TAZAMA pipeline.

 

Tanzanian and Zambian officials held talks over the new project and the security of the TAZAMA pipeline in July.

 

During the meetings, Zambia's Minister of Defense Ambrose Lufuma expressed concerns over the security of the TAZAMA pipeline -- particularly related to vandalism -- and how this could impact the new project.

 

 

"There have been security concerns, as the pipeline passes through communities in both countries," Lufuma said.

 

"Previously, the pipeline was transporting commingled (oil) products, but now it has been upgraded to finished products, hence the need for further security."

 

Enhancing fuel distribution

 

The new project will be completed by November this year to enhance fuel distribution across the country, Zambian authorities have told DW.

 

Zambia currently consumes just over 1 million liters of fuel in a day. A liter of diesel in the capital Lusaka costs approximately $1.07 (€1.01) -- a rate many struggle to afford.

 

 

The high prices of fuel are often linked to the cost of transportation and distribution by road, especially in the country's north.

 

Zambia has a long-term goal of stabilizing diesel supply and maintaining favorable pump prices.

 

Residents in communities like Muchinga, Luapula and other northern provinces expect some changes due to the ongoing construction.

 

Energy expert Johnstone Chikwanda told DW that the new project is critical in making fuel more affordable for Zambians.

 

"It is going to help, because it means it will cut back on the time spent on transporting the fuel into Muchinga province, which could also feed other adjacent provinces." Chikwanda said.

 

Zambia's energy regulation board also hopes road infrastructure will be better protected once the new facility becomes operational.

 

"Instead of running around the whole country with trucks, fuel will be distributed by pipelines," Reynolds Bowa, the chairman of Zambia's Energy Regulation Board (ERB) told DW.

 

"It will save us money, wear and tear on the roads and the price of the product will be cheaper."

 

Chikwanda said he expects the Zambian government to replicate such projects across the country as soon as possible to make fuel transportation safer.

 

"As you know, the road carnage, we have a lot of congestion on our roads and these tankers have been exploding, the accidents have been a lot, and so transporting fuel by pipeline is an encouraged practice globally, it is cheaper, and it is safer," he said.

 

The pipeline, the government said, will also provide an opportunity for TAZAMA to export fuel to Congo's richest mineral towns, as well as Rwanda and Burundi.

 

Ineke Mules

 

 

 

 

Uganda Looks to Chinese Backers After Pipeline Funders Withdraw

Harare — Uganda is in the closing stages of talks with Chinese bankers to help fund a contentious pipeline project after some Western partners withdrew, a top official said on Wednesday, the East African reports.

 

The multibillion-dollar project is being led by French energy company TotalEnergies, which will construct oilfields in Uganda and transport the crude through a 1,445-kilometer (900-mile) pipeline to a port in Tanzania.

 

Human rights organizations and environmental activists, who claim the plan will endanger delicate ecosystems and the livelihoods of tens of thousands of locals, criticized the plan.

 

 

At least 26 Ugandans filed a lawsuit against French oil firm TotalEnergies in Paris, France, seeking compensation for alleged human rights abuses at the company's huge megaprojects there. Two enormous TotalEnergies projects, the East African Crude Oil Pipeline (EACOP) project, a 1,500km pipeline bringing crude oil to the Tanzanian coast through a number of protected nature reserves, and the Tilenga exploration of 419 oil wells, one-third of which are in Uganda's largest national park of Murchison Falls, are at the centre of their complaint before the Paris court.

 

The government vowed to move through despite the resistance, and TotalEnergies said that procedures were followed to protect the environment and fairly compensate those who have been displaced by the project.

 

With a 62% ownership in the pipeline, TotalEnergies is the largest shareholder, while state-owned oil corporations from Tanzania and Uganda each own 15%, and China National Offshore Oil Corporation owns eight percent. The pipeline is part of a U.S.$10 billion plan to develop Lake Albert's oilfields in Northwestern Uganda and transport the crude to global markets via Tanga, Tanzania's port on the Indian Ocean.

 

A total of 6.5 billion barrels of crude are believed to be beneath the lake, of which 1.4 billion barrels are currently thought to be recoverable. Nearly 20 years after the reserves were discovered, Uganda's first oil is anticipated to flow in 2025. President Yoweri Museveni praised the project as an economic windfall for the landlocked nation, where many people live in poverty.

 

 

 

Uganda Looks to Chinese Backers After Pipeline Funders Withdraw

Harare — Uganda is in the closing stages of talks with Chinese bankers to help fund a contentious pipeline project after some Western partners withdrew, a top official said on Wednesday, the East African reports.

 

The multibillion-dollar project is being led by French energy company TotalEnergies, which will construct oilfields in Uganda and transport the crude through a 1,445-kilometer (900-mile) pipeline to a port in Tanzania.

 

Human rights organizations and environmental activists, who claim the plan will endanger delicate ecosystems and the livelihoods of tens of thousands of locals, criticized the plan.

 

 

At least 26 Ugandans filed a lawsuit against French oil firm TotalEnergies in Paris, France, seeking compensation for alleged human rights abuses at the company's huge megaprojects there. Two enormous TotalEnergies projects, the East African Crude Oil Pipeline (EACOP) project, a 1,500km pipeline bringing crude oil to the Tanzanian coast through a number of protected nature reserves, and the Tilenga exploration of 419 oil wells, one-third of which are in Uganda's largest national park of Murchison Falls, are at the centre of their complaint before the Paris court.

 

The government vowed to move through despite the resistance, and TotalEnergies said that procedures were followed to protect the environment and fairly compensate those who have been displaced by the project.

 

With a 62% ownership in the pipeline, TotalEnergies is the largest shareholder, while state-owned oil corporations from Tanzania and Uganda each own 15%, and China National Offshore Oil Corporation owns eight percent. The pipeline is part of a U.S.$10 billion plan to develop Lake Albert's oilfields in Northwestern Uganda and transport the crude to global markets via Tanga, Tanzania's port on the Indian Ocean.

 

A total of 6.5 billion barrels of crude are believed to be beneath the lake, of which 1.4 billion barrels are currently thought to be recoverable. Nearly 20 years after the reserves were discovered, Uganda's first oil is anticipated to flow in 2025. President Yoweri Museveni praised the project as an economic windfall for the landlocked nation, where many people live in poverty.

 

 

 

Malawi Government Needs K226bn to Feed 4.4 Hungry Stomachs

Malawi Government says it needs K226 billion to feed 4.4 million people facing acute hunger.

 

Commissioner for Department of Disaster Management Affairs (DoDMA) said the government has already provided part of the money for the purchase of the food.

 

According to Malawi Vulnerability Assessment report, about 4.4 million are facing hunger this year mostly because most of their food was washed away during the cyclone Freddy triggered heavy rains and floods.

 

Meanwhile, Saudi Arabia through King Salman Relief Centre, has made a K500 million donation aimed at aiding the implementation of Tropical Cyclone Freddy recovery interventions.

 

Kalemba assured that everyone will be assisted with food items.

 

- Nyasa Times.

 

 

 

South Africa: Eskom Pumping Dangerous Levels of Soot Into the Air

Eskom has strained its coal-fired power facilities, causing four out of its 15 plants to violate government emission standards, according to a Reuters report confirmed by Eskom insiders.

 

These breaches have halted a four-decade trend of slowing particulate matter emissions, mainly ash and soot, forcing the government to make some tough decisions between providing consistent power or ensuring its citizens' health.

 

Eskom, which produces 80% of its electricity from coal, had formerly slashed particulate emissions by 75% following an upgrade initiative in the 1980s.

 

However, the current power outage crisis, predicted to dent this year's economic growth by a conservative estimate of 2%, has pushed Eskom to operate its facilities at heightened capacities, delaying essential upgrades.

 

Particularly alarming is the 35-year-old Kendal power station, which in recent data emitted between 10 and 30 times the limit.

 

Lauri Myllyvirta of the Finland-based Centre for Research on Energy and Clean Air warns of the heightened health risks, particularly in the impoverished Mpumalanga coal belt, where a concealed 2021 government report linked over 5,000 annual deaths to lapses in enforcing air quality standards.

 

Eskom faces potential legal consequences, with a hearing set for November regarding the Kendal plant's violations from 2015 to 2017.

 

In response, Bheki Nxumalo, Eskom's generation head, stated that repair efforts are in progress, with the ambition to have the majority of the plants compliant within two years. - Scrolla.

 

 

 

Nigeria: Investigation - Kano Farmers Helpless As Sand Mining Destroys Farmlands

The activities of sand miners in Kano have been a source of concern for farmers and environmentalists in the affected areas.

 

Clutching a shovel, Yunusa Umar, 30, joins a group of young men at the ever-expanding bank of Tumburawa river in Tassa, a village in Dawakin Kudu Local Government Area (LGA) of Kano State.

 

There, they collect sand extracted from the river into waiting tipper trucks.

 

"I earn between N5,000 and N10,000 or more daily," he says of his daily job with a smile.

 

"When we started working here, there were only wheelbarrows and small trucks," his colleague, Bashir Ahmad, chips in.

 

"Now, bigger tipper trucks are coming here...More than 100 trucks load sand here every day."

 

More than 2,500 labourers work at this site, according to Aliyu Ismail, the chairman of the group of labourers.

 

 

"We have been working here for like 17 to 18 years. When we started, we used buckets and carts to fetch sand. We fetched a maximum of two small trucks daily," he says.

 

Agrarian community folding to sand mining

 

A few miles from the river bank, Yazidu Labaran, 35, stands on his farm, his gaze fixed on the drivers of his biggest fear.

 

Mr Labaran says the activities of Mr Umar and his cohorts will eventually consume his farmlands and there is nothing he can do about it. But his nightmare is already Rabiu Audu's reality.

 

Some years ago, Mr Audu, now 50, watched helplessly as sand mining expanded the river bank until it eroded his three-acre farmland in Rukku, Kura LGA of Kano State.

 

"In a few months, they wll reach my own farm. Like three to four months," Mr Labaran says.

 

More than 100 farmers in the area have lost their farmland to this problem, Abdulwahab Tsoho, the Secretary of the Association of Tassa Rice Farmers' Cooperative Union, says.

 

 

Across three local government areas of Madobi, Kura and Dawakin Kudu LGAs, PREMIUM TIMES interviewed at least a dozen farmers who lost their farms to expanding riverbanks.

 

A silent environmental problem

 

The activities of sand miners along the Tumburawa river that cuts through several local government areas in Kano State, have been a source of concern for farmers in the communities and environmentalists who pay attention to the development.

 

Sand mining is a silent global environmental problem that is largely ungoverned.

 

Annually, 50 billion tonnes of sand is mined across the world, making it the most extracted material in volume and the second most used resource after water, according to the United Nations Environment Programme (UNEP).

 

 

While the scale at which sand is being mined in Nigeria is largely undocumented, increasing population and urbanisation are driving the demands for construction sand that the Tumburawa river possesses. Without regulations, the extraction is wreaking havoc; escalating the risk of erosion, undermining protection against storm surges and impacting biodiversity. It has also affected water supply, food production and fisheries, all of which pose a threat to the livelihood of people in the affected areas and beyond.

 

In the mid-2010s, excavation of sand threatened the Tumburawa bridge after its foundation was affected. An emergency repair in 2017 saved it from collapse.

 

During a visit to the state the following year, the then Minister of Works and Housing, Babatunde Fashola, appealed to the Kano State authorities to stop sand mining along the river. But it continued unrestrained, expanding river banks and eroding farmlands.

 

Sand mining in Kano

 

There are at least 96 valid sand mining titles in Kano State, according to documents obtained from the Mining Cadastre Office (MCO) through a Freedom of Information Act (FOIA) request.

 

Of these, 51 were granted permission to operate in the three LGAs where this investigation was conducted: Madobi, Kura and Dawakin Kudu.

 

>From 2018, when more than 90 per cent of these licences were granted, communities in the areas saw a surge in the number of sand excavators planted in the river and the activities of sand miners.

 

In 2021, a five-member team of the National Environmental Standards and Regulations Enforcement Agency (NESREA), found over 30 dredging equipment in the river during an investigation that followed a complaint by farmers.

 

A copy of the report, obtained by PREMIUM TIMES, also revealed that up to 500 tipper trucks haul excavated sand out of the site daily.

 

A review of the satellite imagery of Tassa village in Dawakin Kudu LGA, a major sand mining hub, revealed a rapid expansion of the river banks and the disappearance of farmlands close to the river.

 

The satellite images of the past five years also showed how the number of sand dredges in the river multiplied from only one machine visible in the satellite images in 2015 to six in 2018 and to 30 in 2021.

 

When small-scale sand mining began at the river more than a decade ago, it was not much of a concern until it started wreaking havoc, residents say.

 

 

"If you know this river before now, it was as if you could run and jump to the other end of it," says Abdulwahab Tsoho, the secretary of the Association of Tassa Rice Farmers' Cooperative Union.

 

"But that is not the case anymore. If we are to count all those who lost their farms as a result of this work (sand mining), it would be at least 100 farmers. Some even had to sell their farms as they had no choice. Others didn't even sell it, yet the farm fell to sand mining."

 

Realising they could not stop the sand mining activities, some of the farmers sold their farmlands to the sand miners for paltry sums. Those who refused to sell their farms said the activities of sand miners eroded them anyway.

 

For instance, Nuhu Bala, 24, and his siblings did not sell their farmland but it was eroded eventually.

 

"At first, they were avoiding our own part of the land. But people told us that they would still encroach on it whether we sold it or not. And that was what happened," Mr Bala says.

 

Shuaibu Haruna, 35, says he was paid N500,000 for his 10 hectares of land, an amount he says he took because they would still encroach even if he decided to reject the money.

 

Government reports indict sand miners

 

Fed up with the increasing loss of their only source of livelihood to the activities of sand miners, farmers from the three LGAs affected - Kura, Madobi and Dawakin Kudu - rallied together to take action.

 

The farmers, under the Association of Tassa Rice Farmers' Cooperative Union, wrote multiple petitions to the authorities, seeking intervention.

 

According to documents seen by this newspaper, at least 68 farmers signed the petition written to the Kano State Public Complaint and Anti-Corruption Commission, the Kano State Ministry of Environment, the Ministry of Agriculture, and the River Basin Development Authority.

 

Their efforts looked promising at first, as the Kano State Public Complaint and Anti-Corruption Commission filed a suit against two mining companies; Yammawa and Sons Nigeria Limited with the Small Scale Mining License (SSML) 32117 and Sani Musa Tamburawa with the SSML 284990.

 

The petition also prompted an investigation by the National Environmental Standards and Regulations Enforcement Agency (NESREA), which revealed that the land has been "heavily degraded".

 

"The public complaint received was very genuine, as verified by the NESREA team and the magnitude of environmental degradation occasioned by the sand mining activities was monumental," a preliminary report by NESREA concluded.

 

Another report by the Kano State Ministry of Environment confirmed that the sand mining activities had continuously "destroyed farmlands including trees and existing crops."

 

It added that the irrigation activities which the people depended on as their main source of income had reduced to the minimum due to the erosion menace and the lack of adequate irrigation water.

 

In yet another report, the Hadejia-Jama'are River Basin Development Authority noted that the sand mining had tampered with the river embankments and eroded a large part of it.

 

"The water table of the area became apparently low due to the mining activities hence reducing the irrigation activity and the ecosystem as a whole," it said.

 

The federal agency thus suggested that the authorities concerned stop the said mining activities, noting its damaging effects on the welfare of the communities around the areas.

 

But for unknown reasons, the Kano Anti-Corruption Commission withdrew the case against the sand miners, the farmers said.

 

Efforts to get more information on this did not yield results. The spokesperson of the commission, Kabir Abba, promised to furnish PREMIUM TIMES with details of the case including documents, but never did despite multiple reminders.

 

What followed the suit's withdrawal was multiple lawsuits by the sand miners against the farmers' association and its leaders: Mr Tsoho and Habibullahi Muhammad, the spokesperson for the farmers' association.

 

The sand miners accused them of obstructing their work as they had lawfully obtained operation licences.

 

In separate suits, Hussaini Sulaiman and Wasilu Muhammad, who worked with Yammawa and Sons Limited and Sani Musa, respectively, filed another suit at the Kano State High Court against the Economic and Financial Crimes Commission (EFCC) and the farmers' association.

 

This followed an invitation served to the duo by the EFCC which received petitions from the farmers.

 

In the suit, both individuals asked the court to declare unconstitutional, "the invitation and threat" against them by the EFCC arising from the farmers' petition.

 

They also asked for N1 million as damages.

 

'The least regulated sector'

 

Sand mining activities, despite its effect on agriculture and rural livelihood, have continued along the Tumburawa river because of the loose regulations around sand mining, according to Haruna Manu, an environmental researcher and doctoral student at the Bayero University Kano.

 

He said that the government agency saddled with the responsibility of enforcing environmental regulations, National Environmental Standards and Regulations Enforcement Agency (NESREA), has no specific regulations on sand mining and burrow pit operation.

 

"Sand mining is the least regulated sector in this country," says Mr Manu, who is also the Executive Director of the Kano-based Savannah Environmental Initiative.

 

"We have regulations on waste management, construction, on chemicals and water but there's no regulation on sand mining... After water, sand is the most consumed resource globally. But unfortunately, it is the least regulated and the least controlled.

 

"You will see a situation where the government issues a licence to someone. But there are no specifications about the depth.

 

"I have seen countries where they put a limit to the area you can mine at a point in time. But here in Nigeria, there's no such standard. That is the major challenge we have.

 

"NESREA has about 35 regulations on the environment. But there's none on sand mining or borrow pit operation."

 

As sand mining continues, farmers count losses

 

Farmers across the three local government areas said the loss of their farmlands has thrown them into untold hardship.

 

Some migrated to smaller farms they owned, while others now work as farmhands on other people's farms.

 

They also recalled the estimated annual yield on their lost farms.

 

On his five acres of farmland, Haruna Abdul, 40, says he harvested N400,000 worth of sugarcane and 20 bags of maize annually.

 

"I am now a labourer working on other people's farms," he says.

 

On his father's farm, Abdullahi Rabiu says they harvested an average of N2 million worth of sugar cane and 80 to 100 bags of maize, every year.

 

"All we have left now is our other farm where we grow millet. Before our farm close to the river bank was eroded, our maize lasted us till another farming season," he says.

 

Shuaibu Haruna's now-lost farmland used to fetch him between ₦500,000 to ₦800,000 from the sale of produce including maize, onions and sugarcane.

 

'We'll meet in heaven'

 

Although unaffected at the time, Musa Sani says he would leave the sand miners to God should they finally extend their activities to his farmland - an inheritance from his father.

 

"They have not encroached on my farm, but if they continue, they will finally reach my side. So I am praying to God that before they reach my own side, there should be a solution," he says.

 

"I am not going to sell it and if they encroach on it, we will meet in heaven."

 

***This report is produced with support from the Centre for Journalism Innovation and Development (CJID) through its Natural Resources and Extractives Programme (NAREP) fellowship

 

- Premium Times.

 

 

 

 

South Africa: Employment Up By 0.4 Percent

Employment has increased by 39 000 or 0.4% quarter-on-quarter, from 10 039 000 in March 2023 to 10 078 000 in June 2023.

 

This is according to the latest Quarterly Employment Statistics report released by Statistics South Africa on Thursday.

 

According to the report, this was largely due to increases in community services (40 000 or 1.4%), business services (12 000 or 0.5%), mining (2 000 or 0.4%) and electricity (1 000 or 1.7%).

 

However, there were decreases in the following industries: manufacturing (-10 000 or -0.8%), transport (-3 000 or -0.7%), trade (-2 000 or -0.1%) and construction (-1 000 or -0.2%).

 

 

Total employment was up by 104 000 or 1.0% year-on-year between June 2022 and June 2023.

 

Full-time employment decreased by 25 000 or -0.3% quarter-on-quarter, from 8 816 000 in March 2023 to 8 791 000 in June 2023. This was largely due to decreases in community services (-11 000 or -0.5%), manufacturing (-10 000 or -0.9%), construction (-6 000 or -1.4%) and transport (-1 000 or -0.3%).

 

The electricity and business services industries reported no quarterly change. However, there were increases in mining (2 000 or 0.4%) and trade (1 000 or 0.1%).

 

Full-time employment decreased by 46 000 or -0.5% year-on-year between June 2022 and June 2023.

 

Meanwhile, part-time employment increased by 64 000 or 5.2% quarter-on-quarter, from 1 223 000 in March 2023 to 1 287 000 in June 2023.

 

This was largely due to increases in community services (51 000 or 8.6%), business services (12 000 or 5.2%), construction (5 000 or 7.1%) and electricity (1 000 or 100.0%).

 

 

The manufacturing industry reported no quarterly change. However, there were decreases in the following industries: trade (-3 000 or -1.3%) and transport (-2 000 or -11.8%).

 

Part-time employment increased by 150 000 or 13,2% year-on-year between June 2022 and June 2023.

 

The second quarter report also provides insight into employment figures in industries before and after the COVID-19 pandemic. Three out of eight industries (mining, manufacturing and community services) have returned to pre-pandemic employment levels.

 

"Gross earnings paid to employees increased by R3.6 billion or 0.4% from R828.7 billion in March 2023 to R832.4 billion in June 2023. This was largely due to increases in the following industries: community services, trade, transport, construction, manufacturing and mining. However, there were decreases in the following industries: business services and electricity.

 

 

"The year-on-year total gross earnings increased by R42.9 billion or 5.4% between June 2022 and June 2023," StatsSA said.

 

StatsSA said that basic salary/wages paid to employees increased by R19.3 billion or 2.6% from R738,5 billion in March 2023 to R757.8 billion in June 2023.

 

This was largely due to increases in the following industries: community services, business services, trade, manufacturing, construction, transport and mining. However, the electricity industry reported a quarterly decrease.

 

The year-on-year basic salary/wages increased by R38.6 billion or 5.4% between June 2022 and June 2023.

 

"Bonuses paid to employees decreased by R17.7 billion or -26.4% from R66.9 billion in March 2023 to R49.3 billion in June 2023. This was largely due to decreases in the following industries: business services, manufacturing, community services and electricity. However, there were increases in the following industries: transport, trade and construction.

 

"The year-on-year bonus payments increased by R2.1 billion or 4.4% between June 2022 and June 2023," StatsSA said.

 

Meanwhile, overtime paid to employees increased by R2.0 billion or 8.7% from R23.3 billion in March 2023 to R25.4 billion in June 2023.

 

This was largely due to increases in the following industries: manufacturing, business services, transport, trade, construction and electricity. However, the community services industry reported a quarterly decrease.

 

"The year-on-year overtime payments increased by R2.3 billion or 10.1% between June 2022 and June 2023.

 

"Average monthly earnings showed a quarter-on-quarter increase of 2.8%, from R25 274 in February 2023 to R25 994 in May 2023. Year-on-year, average monthly earnings increased by 5.4%," StatsSA said.

 

- SAnews.gov.za.

 

 

 

 

 

 


 


 


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

 


 

 

 

 


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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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