Major International Business Headlines Brief::: 02 April 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  02 April 2024 

 


 


 

	
 


 

 


 

ü  Kenya: Over 400,000 Kenyans Benefit From KRA's Tax Amnesty Programme

ü  Kenya Seeks Extension for Duty-Free Sugar Imports

ü  Kenya: KQ Receives a Second Freighter, Boosting Capacity

ü  Tunisia: Draft State Budget 2025 - Government Will Continue to Control
Wage Bill and Rationalise Subsidies

ü  Nigeria: Why Nigeria's Oil Belongs to the North

ü  Liberia: Civil Services Boss Calls for Reforms

ü  Rwanda: Can Artificial Intelligence Play a Role in Rwanda's Healthcare?

ü  Liberia: BEA Mountain Donates Agriculture Materials to Kinjor Citizens

ü  Liberia: China Union Admits to 8 Yrs Failure in Liberia

ü  Gambia: Retail Prices of Most Essential Food Commodities Continue to
Increase

ü  Microsoft: Technology giant splits Teams and Office globally

ü  Country Garden: China property giant suspends shares in Hong Kong

ü  Truth Social: Trump's DJT stock plummets days after going public

ü  Google to delete records from Incognito tracking

ü  Xiaomi: Electric car buyers told they face six-month wait

 


 

 


 <https://www.cloverleaf.co.zw/> Kenya: Over 400,000 Kenyans Benefit From
KRA's Tax Amnesty Programme

Nairobi — Over 400,000 Kenyans have as of March 26 this month benefited from
the Kenya Revenue Authority's (KRA's) Tax Amnesty Programme.

 

The Authority noted that the waiver is only applicable to taxpayers with
penalties and interest with no principal taxes owing and those with unpaid
principal tax accrued up to December 31, 2022.

 

"The tax amnesty applies to periods up to December 31 2022, on condition
that all outstanding principal taxes are settled and all pending or unfiled
returns are filed," stated KRA.

 

KRA introduced the initiative last year following the passage of the Finance
Act, 2023, targeting to reduce the overall debt portfolio through debt
collection and increase the revenue collected from amnesty.

 

It aims to increase the filling rate and encourage more taxpayers to opt for
alternative dispute resolution.

 

KRA, however, warned that after June 30, 2024, any penalties and interest
related to unpaid principal tax or unfilled returns will not be vacated.

 

"If you have outstanding principal tax, reach out to a KRA to guide you on a
flexible payment plan. There will be no Amnesty, Waiver, or write-offs on
penalties and interests after June 30 2024. Act Now!," KRA warned.

 

- Capital FM.

 

 

 

Kenya Seeks Extension for Duty-Free Sugar Imports

Kenya's Ministry of Agriculture is requesting an extension on duty-free
sugar imports due to a local shortage that could lead to a price surge if
the current window expires.

 

Agriculture Cabinet Secretary Mithika Linturi, in a letter to the Treasury
counterpart, says there is a need to extend the existing waiver, which
permits duty-free sugar imports from outside the Common Market for Eastern
and Southern Africa (Comesa).

 

The waiver is set to end on April 6 and Mr Linturi proposed a two-month
extension to fulfill the country's sugar requirements.

 

"The purpose of this memo is therefore to brief you on the current status in
the country and recommend your approval to extend the Gazette Notice 14093
dated October 13, 2023, and Gazette Notice No 10358 dated 2024 to June 30,
2024."

 

 

Kenya has been struggling with local production and last year stopped
millers from processing sugar for three months to allow the cane that was on
the farms to mature, pushing the cost of a 2-kilo packet to Ksh450. The
prices have so far dropped to a low of Ksh390.

 

According to Mr Linturi, the annual demand for table sugar is 1 million
tonnes, averaging 84,000 tonnes per month domestically.

 

With current local production trends, a projected domestic sugar deficit of
192,000 tonnes is anticipated for the first six months of 2024.

 

To cover the shortfall, Kenya aims to secure a total of 720,000 tonnes of
table sugar between January and August 2024, to be met through local
production and imports.

 

Given the ongoing global sugar shortage, Mr Linturi highlighted the
importance of granting importers more time to meet demand.

 

Previously, 100,000 tonnes of duty-free sugar from outside COMESA were
allocated to importers in January 2023 through Gazette Notice No. 15801
dated December 22, 2022.

 

An additional 180,000 tonnes were issued to importers via Gazette Notice No.
7022 dated May 25, 2023, while another 290,000 tonnes was approved for
importation through Gazette Notice No. 10358 dated August 9, 2023, published
on August 11, 2023.

 

Additionally, 250,000 tonnes were allocated through Gazette Notice No. 14093
dated October 13, 2023.

 

Kenya is allowed to import at least 350,000 tonnes of sugar under the Comesa
safeguards to meet the loal demand. Sugar coming outside of the regional
bloc normally attracts a 50 percent duty under the East African Community
Customs.

 

- Business Day Africa.

 

 

 

Kenya: KQ Receives a Second Freighter, Boosting Capacity

Kenya's flag carrier has welcomed its second freighter, marking a key
milestone as the Nairobi-based airline intensifies cargo operations across
Africa, the Middle East, and Asia.

 

The arrival of the Boeing 737-800 Freighter bolsters Kenya Airways' cargo
fleet, elevating its total count to four and amplifying the carrier's
freight capacity across diverse global routes.

 

These freighters are poised to capitalise on burgeoning opportunities
spurred by the African Continental Free Trade Area (AfCFTA), facilitating
trade both within and beyond the continent.

 

Allan Kilavuka, Group managing director and CEO of Kenya Airways, stressed
the airline's commitment to progressively expanding its cargo business to
meet its clientele's evolving needs and foster aerial possibilities.

 

 

KQ Cargo, Kenya Airways' cargo arm, will deploy the new freighter to key
destinations including Sharjah and Dubai World Central in the United Arab
Emirates, Jeddah and Riyadh in Saudi Arabia, Dakar in Senegal, Lagos in
Nigeria, Ndjamena in Chad, Mogadishu in Somalia, Mumbai in India, Free Town
in Sierra Leone, and Monrovia in Liberia.

 

With a cargo capacity of 20 tonnes and a range extending up to 7 hours, the
new addition augments the existing KQ Cargo fleet, which comprises one
Boeing 737-800 and two Boeing 737-300 Freighters.

 

As part of its network expansion, Kenya's national carrier now operates
direct cargo flights between Sharjah in the United Arab Emirates and
Mogadishu in Somalia.

 

In 2020, KQ initiated cargo flights between its base in JKIA and Sharjah,
UAE, returning to Nairobi with general cargo.

 

The airline now services the route weekly, with the inaugural flight taking
place on February 9 and plans to increase frequencies to twice weekly
starting this month.

 

- Business Day Africa.

 

 

 

 

Tunisia: Draft State Budget 2025 - Government Will Continue to Control Wage
Bill and Rationalise Subsidies

Tunis — The draft state budget for 2025 is based on continuing to control
the wage bill, achieving the objectives of the subsidy system, planning
strategic development projects and defining investment spending, according
to the Prime Ministry.

 

In a circular on the preparation of the draft state budget for 2025, sent to
ministers, state secretaries, heads of structures, governors and heads of
programmes, it was also stated that the rate of increase in administrative
expenditure should not exceed 4%.

 

These guidelines were formulated in the context of preserving financial
balances, reducing the state budget deficit and recourse to debt, according
to the same source.

 

 

The Prime Ministry pointed out that despite the signs of improvement in the
global economic situation, characterised by a recovery in the growth rate of
the major economies, uncertainty could affect the international and local
situation, requiring a series of forward-looking measures.

 

He went on to explain that the draft State budget for 2025 is part of
Tunisia's Vision 2035 and the achievement of the objectives of the 2023-2025
Development Plan. To this end, the government plans to restore the pace of
gradual growth by supporting the productive sector and gradually bringing
public finances under control. It also intends to continue reforming the tax
system and the civil service, support public investment and continue
implementing the national strategy for reducing gas emissions and adapting
to climate change.

 

The Prime Minister's Office expects the cost of the wage bill to fall from
16% of GDP in 2020 to 13.6% in 2023 as a result of the measures taken.

 

The government will continue to implement several measures, including the
general increase in accordance with the agreement of 15 September 2022 and
the decrees issued thereunder, and that there will be no call for proposals
for wage increases and the creation of new bonuses.

 

The government will work to rationalise recruitment by targeting it
according to priorities.

 

On the administrative side, the Prime Minister recommends better control
over the management of transport and the disposal of unused cars and
equipment, energy consumption, expenditure on missions abroad and efforts to
rationalise water consumption.

 

Subsidy spending will reach 7.2% of GDP in 2023, mainly on hydrocarbons and
raw materials. The government also plans to better develop control
mechanisms in this chapter of the draft 2025 State Budget.

 

 

In the chapter on investment spending, the Prime Ministry has recommended
implementing the role of regional sectoral committees set up by the Higher
Investment Commission and completing projects. He stressed the obligation
for all ministries to join the "Injaz" system for evaluating project
implementation in order to enter data on the progress of projects.

 

The Prime Ministry has asked that priority be given to the annual projects
and programmes in progress, in order to complete them and, above all, to
review the projects placed under the heading "ongoing", but which have not
yet started in an effective manner, with the aim of ensuring the imperative
of carrying them out and classifying them among the priorities.

 

It pointed to the possibility of abandoning planned investment projects that
are no longer of interest, in order to reduce the State's commitments,
bearing in mind that the authorities are called upon, when taking decisions
on new projects, to take into consideration the various needs of vulnerable
social groups.

 

With regard to subsidies for state enterprises, the Prime Ministry
emphasised the need to mobilise own resources and available surpluses to
cover needs and limit State aid.

 

It noted that the granting of subsidies to enterprises will be carried out
in 2025 in instalments according to the rates determined by the Minister in
charge of Finance, as the person responsible for the State budget, as well
as the need for state enterprises to undertake to provide the services of
the Ministry of Finance with a statement on the execution of the budget for
the last three years as indicated by the competent chartered accountant. It
also stressed the need to adopt these procedures for special accounts. It is
also important for special funds to provide reports to the Ministry of
Finance, while special missions such as the Assembly of People's
Representatives, the Supreme Judicial Council and others are required to
respect the legal deadline for submitting their budget proposals.

 

- Tunis Afrique Presse.

 

 

 

 

Nigeria: Why Nigeria's Oil Belongs to the North

Former presidential aide, Dr. Usman Bugaje, in this interview, speaks on the
Tinubu Presidency and his misgivings about what is happening.

 

He did not hold hostages. He insists he criticises Tinubu because when his
fellow northerner, President Muhammadu Buhari, was doing the wrong things,
he spoke against it.

 

Bugaje can be controversial, yet you can not fault his clear-headed
presentation and analysis of issues. He once said "there are no
oil-producing states but the Nigerian state", and that the "over 70%
landmass of the North is what earned Nigeria the nautical miles into the sea
which Nigeria enjoys and which gives the country the off-shore drilling
rights,".

 

 

In this interview, he clarified his comments with precise lucidity. He spoke
about the Oronsaye report, NASS and budget padding, corruption and why he
does not believe there is any light at the end of the tunnel, especially,
given the way President Bola Tinubu is conducting the affairs of government.
You will find Dr. Bugaje's views are profound.

 

Excerpts:

 

If you were to give a brief assessment of what you make of the Tinubu
presidency, what would you say?

 

It is rudderless. We don't even seem to have any idea of where to go or
where they are going.

 

They came with a promise of fixing the country and, apparently, they did not
do their homework. They think they know, but it is now clear that they don't
know. And we are in a much deeper mess than when he started. And this blame
game of saying that the regime before him had created so many problems.

 

 

Yes, this may well be true. But why are you there? Why did you apply for the
job? So, these are the kinds of things that, if you are there to fix it, you
should come up with ideas. In my view, I think they have no ideas. I think
he should apologise to Nigerians for deepening their woes and bringing a
team of people who know. When you bring your relatives and your own close
associates and they appear to have clearly failed, you should admit that
these people have failed and then open yourself to new ideas.

 

You are playing with the lives of people. People are dying because of hunger
and desperation in the land; people are dying because they can no longer
afford to go to the hospitals because of the rising cost of drugs. People
are dying because they have no hope. Unemployment is increasing, and even
those with jobs are in a very big problem because of inflation. This trial
and error would appear to be the most reckless thing to do in this
circumstance.

 

 

Trial and error? They appear to be trying to...

 

(Cuts in). What I'm saying is that you can not do trial and error with the
lives of the people. But because they don't seem to have the moral
consciousness to have that sense of empathy, they seem to just go about
their businesses, enjoying their lives and taking good care of themselves
the way they have always done in Lagos irrespective of the suffering of
people.

 

But some of these problems had been there even before he came and,
therefore, heaping the blame on him can not be considered fair in any way -
insecurity, economy, forex, power supply? Some say maybe he is just
unfortunate to be Nigeria's president at the wrong time.

 

No! There is no wrong time for anybody who wants to correct and fix a
country. It is either he is fit for the job or he is not. And from what we
are seeing now, he appears not to be fit for the job. And if he wants to be
fair and honest, he should admit it and open his gate for people who know.
But I do not know if the people in the National Assembly would even be able
to point in a better direction than the Executive. I mean the majority of
them in NASS, not all of them. I want to believe there are a few of them who
know what they are there to do and who mean well. The same thing goes for
the Executive, there are just a very few of them who may appear to
understand what is at stake who have the know-how to deal with the issues
and who are sincere. The tragedy is that the few may not be near the kitchen
cabinet so you end up with people who are just there for nothing. What I see
that they do is just loot the treasury, and they have not even been fair
enough to be transparent.

 

Let me cut you there. When you say loot the treasury, what do you mean, I
don't understand? They are just starting.

 

See what Beta Edu did. Are you not in this country?

 

Oh! Beta! That's isolated, and there's no closure yet, but she has been
suspended from office?

 

Yes! Beta! But she has said she's not alone. How many people take public
money and put it in private accounts? She said this much. I'm not in a
position to confirm whether what she said is true or not, but she said it,
and they have not come out to deny it.

 

The other day, you stirred a controversy about Oil producing state and who
should control what?

 

It is not a controversial statement. Go back to our constitution, which is
the grund norm. Look at what it says about the ownership of natural
resources. According to the Constitution of the Federal Republic of Nigeria,
the ownership of natural resources is vested in the Nigerian state itself.
The idea that there is an oil producing state is at variance with our
constitution. It is an idea manufactured by an ignorant mind, a mind that
does not even know the Constitution of the Federal Republic of Nigeria.
Nobody can own the oil, gold, or whatever natural resources that God has
given this country, except the Nigerian state designs another process of
ownership.

 

 

Going by that, then it means the Zamfara State government made away with
gold meant for Nigeria?

 

If that's been done in Zamfara, then it is against the constitution. How
many things have they done against the constitution? I don't support what
they do there or anywhere. I go by what the constitution says, and if you
don't like it, you can change the constitution. You can't have a
constitution yet do things in the wrong way. So many wrong things are being
done, not only in Zamfara but other states, things that are at variance and
an affront to our constitution.

 

My point is that there is no oil producing state. The only oil producing
state is the Nigerian state itself. The idea that there is an oil, gold, or
copper producing state is out of either ignorance or impunity. The real
provision is that ownership of everything under the ground within the
Nigerian territory is vested in the Federal Republic, and there are rules
and regulations.

 

But derivation is enshrined in our constitution as a way of acknowledging
quasi-ownership?

 

Derivation is based on the fact that because extraction is being done in a
particular state, it comes with the destruction of the environment.
Therefore, there is a need to make resources available that would address
that destruction to cushion the effects of that particular process. And it
is not because it belongs to anybody. It belongs to us all, and there is a
formula that recognises environmental destruction in the process of mining
or drilling, particularly the spillage and the way it destroys the
livelihood of fishermen.

 

You made a claim that 78% of oil belongs to the North?

 

I did say that the oil belongs to the North. However, let me explain. As we
know, the constitution has made it very clear that oil and any other
resources belong to the Federal Republic, yet you find some ignorant people
talking about their oil. So, I said if we match that argument, we can still
claim that the oil also belongs to the North. Why? Because 78% of oil in
Nigeria is offshore. Due to the crisis and the environmental issues of
taking oil from the land, most oil companies have found it more economical
and peaceful to go through the sea. While in government, I was part of the
team that was involved in the Gulf of Guinea talks (laws of the sea).

 

What rule did we use? We used the United Nations Convention of the Law of
the Sea. And what did it say? It says that every state that has a border
with water would have an exclusive area, meaning a zone that is exclusive
for it to do its own economic and security activities, protecting its land,
its territory, and fishing. But, where a country wants to extend that beyond
the permitted nautical miles into the sea, there are rules and regulations
that would provide for how far it can go into the sea. What is the major
factor that gives it mileage into the sea? It is the landmass.

 

Whatever we get into the sea is as a result of our landmass as Nigeria. Now,
if you divide the landmass in Nigeria, 78% of the landmass of this country
belongs to the North. As you know, the whole of the South-East states can be
put inside Niger. You can also put another five states in Niger and there
will still be space. One state in the North can take more than two of the
spaces of the total South-East. The North has the landmass. What I am saying
is that if 78% of that landmass gives you that mileage into the sea where
your oil comes from, the 78% of whatever mileage we get into the sea can
therefore be claimed because the 78% landmass belongs to the North which is
the majority. That is the argument. If they are not satisfied with this
ownership, they can go to the National Assembly requesting a change in the
constitution. That way, they can make the resources wherever it is found
that of the state.

 

You talked about NASS. When you look at the processes leading up to the
emergence of some of the people in NASS...

 

(Cuts in again) Exactly! We know this, and it is one of the most
embarrassing things anyone could have imagined, and I've said this several
times. When you elevate people who we know have active cases in EFCC and
people who have active records of what happened even as a minister. And the
type of things said in the open and those things were never denied,
scandalous things and people like that are in NASS and you want to bring
about good governance? Which good governance are you talking about? We are
not ready, and this government does not appear to be ready for progress. I
do not see how these people can fix the economy. How?

 

Talking about NASS, one of your brothers from the North raised dust in the
Senate about the budget but it all turned out, at least, in the reckoning of
the majority of the senators, that the claim was not true. In fact, the
senate majority leader, Senator Bamidele Opeyemi, said what Ningi did
amounted to a civilian coup to attempt to oust Senate President Godswill
Akpabio...?

 

Wait a minute, Jide. I think the idea of a coup is a stupid one. The
parliament is a place for debate. It is a place for different types of
views. Do they mean a senator can not stand up and disagree with the Senate
President, who is a colleague? The senators elected him. In fact, they can
bring him under the rules of the Senate if they don't like the way he runs
it. Their rules allow them to do that. This idea of a civilian coup is a
very silly one, and that senator should be ashamed of what he said. Is he
suggesting that because Akpabio is the Senate President, everything he says
is okay? It is a democracy and that is how it is supposed to be. He should
move out to the executive because that is where there is a hierarchy. At
that level, you have a president who appoints the ministers and can sack the
ministers if he wants. But you can't do that in the Senate. If they don't
like the views of a senator, they should allow the people to vote him out.
Why suspend him? He is representing a constituency. Are they going to run a
government without a representative of a large number of people?

 

But what Ningi did...

 

Ningi was basically alerting the Senate to things that were wrong. Why was
the mic being switched off ? It was because they didn't want us to hear what
was being said. As representatives of the people, we should hear them. Why
is the mic there? If you are putting off the mic, it means that you are
hiding something.

 

 

Why should you hide? This is a public office, and public resources were
being discussed. They are not private matters. Somebody was alerting the
whole country to the fact that there is a lot of stealing, hiding, and
cheating in the budget. If they think what he is saying is wrong, then they
should prove it. To shut him out or suspend him is basically saying he is
correct, and what you are doing is wrong. It is time that the Nigerian
citizens who the senators claimed elected them know exactly what is
happening. They should rise against these senators who are stealing their
public resources.

 

I have been in the House of Representatives, and this issue of constituency
projects remains very controversial and is an avenue for corruption. Even in
our own time, I know what they do. When the project is inserted into the
budget , the legislator chooses what his or her people require, whether
hospital, water, or road. When the amount is put in that particular
ministry, it is not the business of the National Assembly to know even who
the contractor is. Their business is to ensure that constituency projects
are executed and also speak to the ministry about the budget as well as
overseeing what is being done. What I know, even in our own time, is that
members will go to the ministry to present a contractor who will collect the
money and in most cases, they don't do the job at all or they do it halfway.
They then share the rest of the money and give the contractor his
commission. This is a practice I know for sure has been taking place. I know
it has become worse over the years. A lot of this money ends up in the
pockets of the senators. Because politics has become cash and carry, they
are putting together funds for the next election to the detriment of the
country, the destruction of the country.

 

Why do we have armed robbery, banditry, and Boko Haram? It is precisely
because of the actions of these legislators. Rather than have public
resources go into developing the communities, the money is being pocketed.
Hence, development does not take place. People are hungry, and they are not
being fed. They become frustrated, go to the bush, pick up arms, and start
killing innocent people. This is what is called horizontal violence because
it doesn't affect the people who are stealing the money and creating all
these. These legislators are well protected by police with guns all the
time. They live in posch places, very secure areas, and they are not
affected by that.

 

These issues you have raised about democracy and development are disturbing.
If democracy is good for us, are we good for democracy at all?

 

You're right, Jide. It calls to question the democracy we practise in
Nigeria. Of what use is this democracy if it can not provide food for the
ordinary person? Of what use is this democracy if it can not provide
security? Of what use is it if it can not provide healthcare, good schools
for the future of this country? Of what use is it if it can not meet the
expectations of the people? The people are now saying to hell with this
democracy! What have we gained from it? Politicians get into office and
start stealing money, impoverishing the country and leaving us high and dry.
Is this the kind of democracy we want? I pray that bandits will not come out
of the bush one day and do the type of thing happening in Haiti with the way
these politicians are behaving.

 

The cumulative effect of past bad governance is what we are seeing now. At
least, you would agree with me on that.

 

But, unfortunately, the bad governance that is being done now is not any
better than the bad governance that preceded this administration. It appears
to be worse than the bad governance that we saw before. The issue is about
the bad governance of today. Okay, look at the yacht that was bought for the
president. Are you here for a picnic or for fun?

 

But the process of the purchase of the yacht was said to have begun even
before he came in.

 

A serious leader could have stopped it. What kind of irresponsibility is
that? How come it was even paid for before the budgetary approval? Couldn't
the president have stopped the process even for the symbolism of it? Is that
not an insult to NASS? Those ones just simply ratified it. This confirms the
fears of the people that we have a rubber stamp NASS.

 

Look at their party. For goodness sake, look at the leadership of the party.
You are aware of somebody's pictures that went around the world collecting
dollars and putting in the pocket. Come on! What is wrong with us as a
people? You know what I'm talking about, Jide. Is that the leadership of a
party that you want to be proud of? At least the videos are still on the
internet, and everyone can see somebody collecting dollars and putting them
in his pocket. What we are telling the world is that we do not care about
corruption. That means it is just a party of corrupt people. Is that not
shameful? It presents us as corrupt people.

 

You've seen a bit of Nigeria in terms of governance and in terms of
scholarship. How do we navigate and chart a pathway for progress?

 

You see, there are a lot of government documents that I came across that
have provided ideas of how to get out of this.

 

The problems have been two things: One, these people do not even read and
understand these documents. Two, clearly, their minds are not there. And
they are not able to implement it. All these nepotistic appointments do not
show that this government is ready for fresh and progressive ideas. Almost
all the financial institutions have been filled by people from their own
part of the country. Isn't this a shame?

 

Before you go any further doc, Buhari did this and did even worse?

 

So, if Buhari has done something wrong, you, too, must do something wrong?
Isn't that silly? Some of us are able to confront this particular nepotistic
move because when Buhari did it, some of us came out and confronted Buhari
about the silliness of such appointments, and we took him on on this basis.
So, I can do it to anybody else who exhibits these terrible tendencies.

 

The Oronsaye report is being adopted.

 

I would say that we should be cautious. First, the Oronsaye report is not
something that can be implemented in the coming years because it needs to be
reviewed and updated. Before we speak about Oronsaye, the real issue at the
moment is the style of governance. Take a look at the entourage the
President carries whenever he goes out. Why does he need such a large number
of people? Look at what the governors are doing. Look at what everyone at
all levels of government is doing, including the ministers. If the president
really wants to implement the Oronsaye report, the first thing he will do is
to cut down the cost of governance. This should come before the thought of
merging parastatals. I don't think that it is a well-thought through idea
and I don't think they have read the Oronsaye report because if they have
really read the Oronsaye report, they won't be too enthusiastic about it
given the number of years that have gone and things that have taken place.
If they want to implement the Oronsaye report, they must consider the new
parastatals that emerged. For them, the first thing is to make sure that
they update the report, bring in those other parastatals, and review the
context based on the current context. I think there is a need for us to be
more accurate about the Oronsaye report.

 

Some of those who wrote that report are still alive, and they can be
involved in updating it. They have the institutional memory and the
background of what informed their decisions. So, I would rather be cautious
about that and I'm a bit suspicious that these people don't appear to be
honest, they don't appear to be serious in terms of giving solutions to the
problems of this country.

 

- Vanguard.

 

 

 

 

Liberia: Civil Services Boss Calls for Reforms

The latest audit report by the General Auditing Commission (GAC) published
on its website unveils troubling findings for the Civil Service Agency
(CSA), prompting its Director-General, Josiah F. Joekai, Jr., to announce a
comprehensive overhaul aimed at enhancing transparency and productivity
within the Agency.

 

Key findings of the GAC audits include instances of fraudulent payments made
to individuals for services not rendered and payments to ghost employees,
which resulted in significant financial losses due to fraud and
mismanagement of funds.

 

The findings also captured violations of established regulations, such as
paying full salaries to employees on study leave and unauthorized absences,
highlighting serious flaws in payroll management.

 

 

Making the disclosure in Monrovia over the weekend, Director-General Joekai
emphasized that while going through the report, he discovered discrepancies
in consultant contracts and documentation, indicating a lack of proper
control and accountability by the Weah administration.

 

According to him, the former administration spent a staggering US$6.1
million in the last fiscal year alone on consulting services. This
astronomically high expenditure did not reflect the quality of consultancy
provided, which, he noted, undermines the integrity and efficiency of the
civil service.

 

"Taking the CSA as a case study, we reviewed the folders of 18 consultants
selected, employed, and remunerated; I found the following:

 

· None of the 18 consultants received a contract until nine months into the
so-called annual engagement;

 

· Of the 18 consultants, 8 did not have a valid contract in their folders

 

· Only 12 consultants participated in a headcount exercise. The remaining
six have not shown up to date and are still unaccounted for despite
receiving payments. In short, they're ghosts, and

 

· No reports for services provided, performance appraisal reports,
timesheets, and Terms of Reference (ToR), " he explained.

 

He emphasized the urgent need for comprehensive reforms to rectify these
egregious discrepancies and prevent further misuse of public funds. He
added, "Such reforms are imperative to restore our civil service's
efficiency, responsiveness, and integrity, thereby ensuring accountability
and transparency."

 

- New Dawn.

 

 

 

 

Rwanda: Can Artificial Intelligence Play a Role in Rwanda's Healthcare?

Some experts are reckoning that Artificial Intelligence (AI) is one of the
technological developments that will, in no small way, impact health
services, making them better.

 

In a health conference dubbed the e3 International Cancer Conference that
took place in Kigali between March 28-29, health experts from various
countries talked about what they think about AI's role in healthcare
services in the future, noting that it will play a key role not only in
diagnosis but also pre-operative strategies and surgery.

 

Brian de Francesca, a healthcare leader trained at Johns Hopkins talked
about how healthcare information is not currently used to the maximum, and
thus, with AI and machine learning, more use of it can be achieved.

 

"30 percent of the world's data is from health Care. We are only using three
percent of that data," he noted.

 

"With medical knowledge doubling every 73 days, it is simply impossible to
keep up with it. I know we are all trying our best but when baby AI grows up
and has access to all the medical knowledge, all the diagnostic test, all
the treatment plans, all the outcomes everywhere every specialty, the
average frontline physician, the average GP (General Practitioner), the
average family medicine doctor will have access to everything. They will
become super specialists," he added.

 

 

De Francesca noted that if that happens, it will do an incredible job for
Africa as it is going to give more people more access.

 

"I believe going forward, medical education will be far shorter because
there will be less to learn. It will be taught more effectively, it will be
lower cost, it will be available to a larger segment of the population. It's
important. It will result in significantly more healthcare workers and help
to end the global healthcare worker shortage," he said.

 

His counterpart Dr. Jacques Marescaux, a French doctor and expert in
minimally invasive surgeries who is also the Founder of IRCAD, talked about
AI's role in early detection of tumours, diagnosis and surgery.

 

"We need artificial intelligence in each step of surgery. We know everybody
is saying surgery is just a procedure removing a tumour. No! The most
important things are: - one the diagnosis, and then second is the strategy,"
he said, as he added that by AI, undetected tumours can be detected for
proper diagnosis.

 

Giving an example of the stomach, he noted that without AI, it is difficult
to do the diagnosis of early gastric cancer since the stomach is "a big
porch."

 

However, he noted that today, such is possible with technological
developments, for example in China.

 

"For example this company, HiThink. With approximately 4000 engineers in
artificial intelligence, they are able to do the automatic diagnosis of
early gastric cancer and the results are absolutely better with the machine
than with the gastric oncologist," he said.

 

 

In an interview with The New Times, Dr Emmanuel Rudakemwa, a chief
consultant radiologist at Rwanda Military Hospital, said technology has a
role to play in improving Rwanda's healthcare.

 

"If you look at the way we manage cancer, look at chemotherapy, talk about
radiotherapy, talk about surgery, they require infrastructure, they require
equipment, and they require human resources in quantity and quality. There
are gaps there," he noted.

 

"The Rwandan government has come up with very many innovative solutions to
circumvent the issues of low human resource capacity that we have. We are
trying to see how AI, computing or machine learning - be it machine-machine
or man-machine, or deployment of the internet of things can support the
little human resource that we have," he added.

 

Dr. Rudakemwa pointed out that Rwanda has already tried out the use of
technology like robotics in health care, giving an example of the Covid-19
period when robots were deployed to measure temperature at the airport.

 

"We know that our governments have invested heavily in digital
infrastructure, both soft and hard. So it should be the time now to see how
these solutions should be brought to the limelight and contribute
effectively in addressing the day to day challenges we face," he noted.

 

He reckoned that AI might not replace human beings in the near future but
may make their work easy.

 

Dr. Theoneste Maniragaba, an oncologist who is program director for cancer
diseases at Rwanda Biomedical Centre said cancer incidence is rising in
Rwanda, and there is a need for early diagnosis and preventive measures.

 

"Considering the registry that we have, in 2022, we registered about 5,000
cases," he said, adding that breast and cervical cancer cases were among the
leading cases, and many of which reach treatment centres at advanced stages
whereby curative treatment is not an option.

 

Meanwhile, the conference also attracted various people from sectors
including water and sanitation. Vestine Mukeshimana, the Country Director of
WaterAid Rwanda, told The New Times about the relationship between clean
water and fighting diseases like cancer.

 

"Clean water, sanitation and hygiene are at the forefront of the battle when
it comes to blocking infections from entering the human body. Contaminated
water is a key driving route for pathogenic microbes that cause infectious
diseases," she said.

 

"When someone suffers from cancer, one of the characteristics of their
condition is compromised immunity. Their white blood cells go down and this
exposes them to opportunistic diseases. This means that even those
microorganisms that couldn't attack people with good immunity will become
invasive and attack the persons with cancer. So it is very important to
consider water, sanitation and hygiene in the environment of these people
struggling with cancer," she added.

 

- New Times.

 

 

 

Liberia: BEA Mountain Donates Agriculture Materials to Kinjor Citizens

Kinjor — As a means of empowerment, Bea Mountain Mining Company (BMMC) over
the weekend presented several agricultural materials to citizens of Kinjor,
Grand Cape Mount County. The items are aimed at enhancing the level of food
production in the communities.

 

Some of the items are, wheel borrow, cutlasses, shovels, diggers, rain boots
and federalizers. Making the presentation, the community Relations Team
said, BMMC was excited to help the affected communities. The team said BMMC
was not only interested in mineral extraction, but also, improving the
agricultural line in the county so that citizens can become self-supportive
in the future. "Agriculture is one of the cornerstones of every country and
that is why we as a company have decided to help in this direction," the
team said.

 

Receiving the items, Kinjor youth leader Winston Korsor, thanked the company
for such a donation, which he said, will go a long way in addressing some of
the farming needs of the citizens.

 

He promised the management that the materials will be used for its intended
purpose. Besides that, he said part of the items will be used to clean the
city.

 

- FrontPageAfrica.

 

 

 

Liberia: China Union Admits to 8 Yrs Failure in Liberia

More than a month after the 54th Legislature brought China-Union Investment
(Liberia) Bong Mines Co. Ltd to the spotlight for reneging to do the
needful, the company has openly admitted to failure to live up to its
corporate social responsibilities for about eight years in Liberia, while
promising to pay the social development funds owed for the said years.

 

The company's Public Relations Officer Morris Tate, disclosed over the
weekend in Kakata, Margibi County, during a remark at the county's district
four lawmaker's yellow machine dedication program.

 

Representative Emmanuel Yarh invited him to clarify for the public that the
machine was made available by the China Union.

 

 

Mr. Tate remarked: "As I speak to you guys, China Union, for the past eight
years, we have not been working. We have not been doing anything. Even our
social corporate responsibility with the countries, we have not been doing
that, we have not been giving it, so people coming around here saying that
Emmanuel Yarh, China Union, gave him a machine, it can't be true, and it
will never be true."

 

According to him, Margibi County District#4 and Bong County District #7
Lawmakers have been pressurizing China Union to the extent that the company
is now going to pay the social development funds meant for eight years.

 

"Secondly, Hon. Yarh and Hon. Foday have been pushing China Union, and now
China Union is talking about giving some social development funds for the
people for the past eight years," he added.

 

[bsa_pro_ad_space id=1]

 

The company has been dormant for so many years that citizens have
characterized its actions as abandonment.

 

China Union signed a mineral development agreement (MDA) with the Government
of Liberia on January 19, 2009, to continue a $2.6 billion investment that
is expected to help elevate Liberians' living conditions.

 

In 2023, former Vice President Jewel Howard Taylor, who was so disappointed
in the company, described its operations in the country as "no head, no
tail, no middle."

 

She then called on the company to allow other companies to take over the
mines and help the citizens if they were unable to do the work they had
signed up for.

 

China-Union Investment (Liberia) Bong Mines Co. Ltd is a part of China-Union
(Hong Kong) Mining Co., Ltd., a corporation with head offices in Hong Kong,
having the legal entities China Africa Development Fund Co., Ltd as
shareholders.

 

China Union operates the iron ores in Margibi and Bong Counties but
transports them through Montserrado County, making them obligated to the
three counties yearly. Editing by Jonathan Browne

 

- New Dawn.

 

 

 

 

Gambia: Retail Prices of Most Essential Food Commodities Continue to
Increase

The average retail prices of most of the essential food commodities continue
to increase in the month of March.

 

On 11th March 2024, the Ministry of Trade, Regional Integration released the
average prices of most of the essential commodities that are highly consumed
in Ramadan.

 

According to the Ministry, the average retail prices for rice (50kg)
American brand is D2,150; sugar (50kg) is D2,850; flour (50kg) is D1,950;
edible oil (20ltrs) is D1,200; onion (18kg) is D1,200; full chicken(carton)
is D1,850; and chicken legs (1.2kg) is D1,100.

 

However, Foroyaa's inquiry revealed that the average retail prices for most
essential commodities are not stable.

 

 

Therefore, the average price for most of the essential commodities has
increased since March 11.

 

The average retail price for rice (50kg) American brand which was D2150 is
now D2,200, While the price for a bag of sugar (50kg) remains D2,850.

 

The average retail price for edible oil (20ltrs) which was D1,200 is now
D1900 in the market.

 

The average price for full chicken (carton) which was D1,850 is now
increased to D1900.

 

The average price for a bag of onion (18kg) which was D1,200 has reduced to
D800 dalasi.

 

However, some people are selling a bag of onion at D1000 or D1050. This
shows the unstable prices of most of the essential commodities as business
owners set their own prices.

 

- Foroyaa.

 

 

 

 

Microsoft: Technology giant splits Teams and Office globally

Microsoft has said it is splitting the Teams business messaging and video
app from its Office software globally.

 

The firm separated the two products in Europe last year as it faced a
possible fine from competition watchdogs.

 

Teams was added to Office in 2017. The European Commission has been
investigating the move after a complaint from rival Slack in 2020.

 

A Microsoft spokesperson told the BBC that the move is to "ensure clarity
for our customers".

 

It "also addresses feedback from the European Commission by providing
multinational companies more flexibility when they want to standardise their
purchasing across geographies," they added.

 

Microsoft said in a blogpost that Teams Standalone will cost $5.25 (£4.20)
for new customers.

 

It in unclear whether the company's decision to split Teams from Office will
be enough to avoid European Union (EU) antitrust charges.

 

Over the past decade, Microsoft has racked up 2.2 billion euros ($2.4bn;
£1.9bn) in EU antitrust fines for tying or bundling two or more products
together.

 

If found guilty of antitrust breaches, it risks a fine of as much as 10% of
its global annual turnover.

 

In 1998, the US Justice Department sued Microsoft for using its dominance of
the Windows platform to stifle competition from rival web browsers.

 

The company has since loosened its control of what software computer
manufacturers could install on their products, resulting in the surge in
popularity of rival internet browsers.

 

After Teams was split from the Microsoft 365 and Office Suites in Europe
last October, the platform saw little change to the size of its user base,
according to market intelligence firm Sensor Tower.

 

Data cited by Reuters estimated that monthly active users of the Microsoft
Teams mobile app remained flat in the first three months of 2024 compared to
the previous quarter.-BBC

 

 

 

 

Country Garden: China property giant suspends shares in Hong Kong

Crisis-hit Chinese property developer Country Garden has suspended trade in
its shares on the Hong Kong Stock Exchange after delaying the publication of
its annual financial results.

 

The firm said last week that it needed more time to collect information as
it restructures its debts.

 

It defaulted on its overseas debt last year and faces a winding-up petition.

 

In January, rival real estate giant China Evergrande was ordered to
liquidate by a Hong Kong court.

 

Country Garden said "due to the continuous volatility of the industry, the
operating environment the Group confronting is becoming increasingly
complex", when it announced its earnings report would be delayed.

 

The first hearing for Country Garden's winding-up petition, which was filed
by Ever Credit Ltd, is scheduled for 17 May.

 

Ever Credit is a unit of Kingboard Holdings, a laminates maker and property
investor.

 

The suspension of Country Garden's shares came as the Hong Kong stock market
reopened after the Easter weekend.

 

Also on Tuesday, shares in Chinese state-backed property developer China
Vanke fell to a record low.

 

On Friday, the firm reported a fall of more than 50% in its annual profit
and told investors that it aimed to boost its cash flow by slashing debt
over the next two years.

 

China's real estate industry has been facing a major financial squeeze since
2021 when the government introduced measures to curb the amount big
developers could borrow.

 

Several large Chinese property developers, including Evergrande and Country
Garden, have defaulted on their debts in the last few years.

 

Problems in the country's property market are having a major impact as the
sector accounts for around a third of the economy.

 

Beijing has announced various measures in a bid to boost housing demand.

 

Last month, the country's financial markets regulator accused Evergrande and
its founder, Hui Ka Yan, of inflating revenues by $78bn (£62.2bn) in the two
years before the firm defaulted on its debt.

 

The company's mainland business Hengda Real Estate was fined $583.5m while
Mr Hui faces being banned for life from China's financial markets.-BBC

 

 

 

 

Truth Social: Trump's DJT stock plummets days after going public

Shares of Donald Trump's social media company fell by more than 20% on
Monday, less than a week after it began publicly trading under the DJT
ticker.

 

The drop comes after Trump Media & Technology Group reported it had lost
nearly $60m (£48m) last year while only bringing in around $4m in revenue.

 

The price plunge caused the former president's net worth to shrink by $1bn,
according to Bloomberg.

 

Last week, shares surged, giving the company an $11bn valuation.

 

But experts had warned the stock was bound to tumble, as its main product -
Truth Social - loses users and burns cash.

 

The price spike drew comparisons to the pandemic-era "meme stock" mania,
when the share prices of companies like GameStop and AMC soared even though
basic parts of their businesses, such as revenue, were weak.

 

Shares of Trump Media, which makes its money exclusively through advertising
on Truth Social, are still up nearly 200% so far this year.

 

Trump poised for billions as stock market deal passes

The surge has been driven by small-time investors, at least some of whom
appear to be showing support for the former president as his legal troubles,
and the bills that accompany them, pile up.

 

Mr Trump holds a nearly 60% ownership stake in the company and stands to
earn a billion-dollar windfall when he cashes out his shares - though he is
legally barred from doing so for another six months unless the company's
board grants him a waiver.

 

But these investors are making a bet on a company that, in a special filing
on Monday, told the Securities and Exchange Commission (SEC) it "expects to
continue to incur operating losses and negative cash flows from operating
activities for the foreseeable future".

 

According to the financial filing, Trump Media paid about $40m in interest
expenses and $16m in operating losses in 2023.

 

The company said its management had "substantial doubt" that it "will have
sufficient funds to meet its liabilities as they fall due".

 

Truth Social launched in February 2022, about one year after the former
president was banned from Twitter (now X) and Facebook in the aftermath of
the violent riot at the US Capitol.

 

While Mr Trump's accounts on both platforms have since been reinstated, he
has continued to use Truth Social as the main avenue for his social media
posts.

 

But his presence on the platform has not helped it gain a broad audience.
Estimates from Similarweb show the company has roughly five million active
monthly users, far fewer than rivals.

 

Truth Social has claimed it has about 8.9 million sign-ups, but it has
declined to share the commonly disclosed performance metrics that could give
shareholders a better sense of its operations.-BBC

 

 

 

 

Google to delete records from Incognito tracking

Google has agreed to delete billions of records and submit to some
restrictions on its power to track users, under the terms of a proposed
legal settlement.

 

The deal aims to resolve a class action lawsuit brought in the US in 2020,
which had accused the tech giant of invading people's privacy by collecting
user data even when they were browsing in "private mode".

 

The suit had sought $5bn in damages.

 

Google is supporting the deal, though it disputes the claims.

 

It has already made changes in response to the lawsuit.

 

The data deletion will also apply outside of the United States.

 

In January, shortly after the two sides announced plans to settle the case,
the company updated its disclosures to make it clear that it still tracked
user data even when users opted to search privately or using its "Incognito"
setting.

 

That mode provides some increased privacy because it does not save the
browsing activity to the machine being used.

 

Google settles lawsuit for 'private mode' tracking

Apple, Meta, Google investigated by EU

That same month, the firm said it was starting to trial a feature that would
automatically block third-party cookies, which help track user activity, for
all Google Chrome users.

 

It had made that block automatic for Incognito users shortly after the
lawsuit was filed in 2020 and has agreed to ensure that limit is in place
for five years, according to the terms of the settlement deal, filed on
Monday in federal court in San Francisco.

 

On Monday, Google also agreed to delete "hundreds of billions" of private
browsing data records it had collected, the court filing said.

 

"We are pleased to settle this lawsuit, which we always believed was
meritless," Google spokesman Jorge Castaneda said in a statement, noting
that the company would not be paying any damages.

 

"We are happy to delete old technical data that was never associated with an
individual and was never used for any form of personalization."

 

Google is still facing lawsuits from individuals over privacy violations,
which could lead to financial penalties.

 

Lawyer David Boies of Boies Schiller Flexner LLP, who represented users in
the fight, called the deal an "historic step in requiring honesty and
accountability from dominant technology companies".

 

The lawsuit had claimed that despite its suggestions to the contrary, Google
had tracked users' activity even when they set the Google Chrome browser to
"Incognito" mode and other browsers to "private mode".

 

The legal battle revealed documents in which Google employees described
Incognito as "effectively a lie" and "a confusing mess", according to
Monday's court filing.

 

Last year, Judge Yvonne Rogers rejected Google's bid to have the case
dismissed, saying she could not agree that users consented to allowing
Google to collect information on their browsing activity.

 

The deal will now go to the court for approval.

 

The settlement comes as big tech firms are facing increased scrutiny of
their practices in the US and beyond.

 

In the US, Google and its parent company Alphabet are facing two separate
monopoly cases brought by the federal government.

 

It has also recently settled a number of other suits.

 

It paid nearly $400m (£318m) in 2022 to settle claims brought by US states
that it tracked the location of users who had opted out of location services
on their devices.

 

In December 2023, it also agreed to a $700m (£557m) settlement to resolve a
lawsuit brought by a group of US states that had accused it of quashing
competition to its Play Store on Android devices.-BBC

 

 

 

 

Xiaomi: Electric car buyers told they face six-month wait

Just days after Chinese smartphone maker Xiaomi launched its first electric
vehicle (EV), buyers have been told they may have to wait up to six months
for their car to be delivered.

 

Screen grabs on Chinese social media show the firm advising buyers it could
take 27 weeks to deliver the SU7 Max.

 

The company previously said pre-orders had hit 88,898 within 24 hours of it
starting to take orders on Thursday.

 

Xiaomi did not immediately respond to a BBC request for comment.

 

The technology giant, which is the third-largest seller of smartphones in
the world with a market share of about 12%, is taking on EV rivals including
Tesla and BYD in the world's biggest market for cars.

 

The standard SU7 model is priced at 215,900 yuan ($29,872; £23,663) and the
Max version costs 299,900 yuan.

 

The starting price in China for Tesla's Model 3 is 245,900 yuan.

 

The SU7, which has drawn comparisons with Porsche's Taycan and Panamera
models, has a minimum range of 700km (435 miles), beating the Tesla Model
3's 567km.

 

As part of its campaign to promote the SU7, Xiaomi also released special
versions of the car called the Founder's Edition, that come with free gifts,
such as fridges.

 

On Sunday, the technology giant's chief executive Lei Jun said in a Weibo
post that it would open a second round of sales for the Founder's Edition.

 

The firm is hoping that the SU7's shared operating system with its phones,
laptops and other devices will appeal to existing customers.

 

Xiaomi's EVs are made by a unit of state-owned car manufacturer BAIC Group
at a plant in Beijing that can produce as many as 200,000 vehicles a year.

 

But the move comes as sales growth of EVs has slowed globally, triggering a
price war.

 

Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of
its cars in China by thousands of dollars in recent months as local rivals
like the world's top-selling EV maker BYD have slashed prices.

 

In an indication of the challenges facing technology firms who want to make
electric cars, iPhone maker Apple last month reportedly cancelled its plans
to build an EV.

 

Last week, BYD posted record annual profits but said growth had slowed
towards the end of last year.

 

Shanghai-based electric car maker Nio also lowered its forecast for first
quarter deliveries as consumers tightened spending as China's economic
growth weakens.

 

American EV giant Tesla is due to announce its delivery numbers for the
first three months of 2024 this week. Shares in Tesla fell by almost 30% in
the first quarter.

 

Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over
the next 10 years.

 

-BBC

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

Good Friday

 

march 29

 


 

Easter Monday

 

1 April

 


 

Independence Day

 

April 18

 


 

Workers day

 

1 May

 


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
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opinions expressed and recommendations made are subject to change without
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for guideline purposes only and d from third parties.

 


 

 


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