Major International Business Headlines Brief::: 03 April 2024

Wed Apr 3 08:04:23 CAT 2024

 <https://bullszimbabwe.com/> 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief:::  03 April 2024 

ü  Kenya Airways Favours Major Airline for $1 Billion Stake Deal

ü  South Africa: Consumers to Dig Deeper As Petrol, Diesel Prices Increase

ü  Namibia: Transnamib's Secretive CEO Recruitment Worries Union

ü  South Africa: Eskom Applies Electricity Tariff Increase

ü  Namibia: Over 1900 Pensioners Registered for the Debt Relief Programme

ü  Liberia: Nocal Clarifies Media Reports Over Alleged Misapplication of
Funds

ü  Tanzania: Dart, Abu Dhabi Company Close in On Rapid Transport Deal

ü  Nigeria: Zenith Bank Named Nigeria's Best Bank for the 4th Year

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  Liberia: Central Bank of Liberia Sets May 15 As New Cut Off Time for
Replacement of Old Banknotes

ü  Africa Needs Robust Legal Framework to Fight Cybercrime

ü  Will Truth Social post a financial bailout for Trump?

ü  China's ageing population: A demographic crisis is unfolding for Xi

ü  Tesla 'disaster' with fewest deliveries since 2022

 <https://www.cloverleaf.co.zw/> Kenya Airways Favours Major Airline for $1
Billion Stake Deal

Kenya Airways is leaning towards favouring a major airline considering
acquiring a stake in the Nairobi-based carrier, which could inject at least
$1 billion into the company, according to knowledgeable sources.

Multiple global airlines boasting robust financial capabilities are eyeing a
stake in Kenya's flagship carrier, which is racing against time to secure a
new investor before year-end.

In 2022, during a meeting with Delta Airlines' management in the US, Kenya's
President William Ruto signaled Kenya's willingness to divest its entire
48.9 percent stake in the national carrier. Delta Inc is the largest US
carrier by market value.

Business Day Africa has learned that numerous investors other than airlines
have also expressed interest in acquiring a stake in Kenya Airways, but the
carrier showing a preference for a foreign airline.

"We have received a number of expressions of interest from several entities
including airlines, but we mainly think that it would be an airline that
will get preference," disclosed a source familiar with the matter.

This publication understands that Kenya Airways is seeking a financially
robust foreign airline as a strategic investor in its national carrier,
aiming to leverage expertise and reduce reliance on Treasury funding for
operational needs.

The airline is seeking a minimum injection of $1 billion to extricate itself
from negative equity, which currently plagues it. Its total liabilities
swelled from Ksh108 billion in 2022 to Ksh136 billion, primarily attributed
to persistent losses.

The airline plunged into insolvency in 2018 following an ambitious expansion
drive that left it saddled with millions of dollars in debt.

With the Kenyan government owning a 48.9 percent stake and Air France-KLM
holding 7.8 percent, private owners and bankers control the remaining
shares.

To facilitate the recapitalisation effort, Kenya Airways has extended
invitations to external investors, including current stakeholders interested
in boosting their holdings.

Dubbed "Kifaru 2," this initiative aims to infuse fresh capital into the
airline's operations. The airline has actively been working to restructure
its balance sheet, leveraging recent improved performance, which included
reporting a Ksh10.5 billion operating profit in 2023--its first in seven
years.

- Business Day Africa.

South Africa: Consumers to Dig Deeper As Petrol, Diesel Prices Increase

Single Maximum National Retail Price for illuminating paraffin: 58 cents
decrease.

Maximum LP Gas retail price: 19 cents decrease

This means a litre of 95 petrol, which used to cost R24.45 a litre in
Gauteng, will now cost R25,12.

"The average international product prices for petrol increased, while diesel
and illuminating paraffin decreased during the period under review.

"The rand appreciated against the US dollar during the period under review,
on average, when compared to the previous period. The average rand/US dollar
exchange rate for the period 1 March 2024 to 26 March 2024 was 18.8689
compared to 19.0186 during the previous period. This led to a lower
contribution to the Basic Fuel Prices on petrol, diesel and illuminating
paraffin by 10.78 c/l, 10.88 c/l and 10.74 c/l respectively," the CEF said.

Furthermore, Finance Minister Enoch Godongwana announced, during the Budget
Speech in February, increases to the Carbon Fuel levy of some 1c per litre
on petrol and 3c per litre on diesel.

"No increases will be made to the General Fuel and Road Accident Fund levy
on both petrol and diesel.

"With effect from 03 April 2024, the Fuel Levy in the price structure of
petrol and diesel will increase to 396.0 c/l and 384.0 c/l respectively and
the Road Accident Fund Levy in the price structure of both petrol and diesel
will remain at 218.0 c/l," the CEF said.

- SAnews.gov.za.

Namibia: Transnamib's Secretive CEO Recruitment Worries Union

Cash-strapped rail operator TransNamib has spent the last year looking to
replace CEO Johny Smith, who left in mid-2023 after turning down a lucrative
fresh five-year contract.

The union representing the company's workers has expressed concern about
management's delay in pronouncing itself on the matter. The secretary
general of the Namibia Transport and Allied Workers Union (Natau) Narina
Pollman told New Era that the union is equally concerned about the secrecy
surrounding the CEO's appointment, and they raised this issue with the board
two weeks ago.

"We were informed that the board would convene today (Wednesday), and we
expect to be informed of the way forward by next week (this week)," said
Pollman.

"We will make an announcement when we have something meaningful to
announce," stated board chairperson Theo Mberirua when approached by this
publication last week.

He emphasised the sensitivity of the CEO's appointment, and requested that
it be handled "professionally".

Efforts to obtain comment regarding the process from the public enterprises'
ministry have also been unsuccessful.

Sources at the ministry, however, indicated that the process is at an
advanced stage.

New Era understands that interviews for the CEO position were held in
February.

"The process is protracted without an end in sight, and seems to be shrouded
in secrecy," an insider said.

Amongst the five candidates interviewed, New Era is informed that it
includes businessman Brian Nalisa, current acting TransNamib CEO and human
capital executive Webster Gonzo, and Michael Veldman.

The highly-secretive interviews, this publication has been reliably
informed, allegedly took place at the Hippy Tjivikua-led Walvis Bay Corridor
Group's offices in the capital.

Tjivikua, a former TransNamib executive, has also been linked to the job,
despite never applying for it or even participating in the interviews.

Tjivikua factor

New Era has reliably learned that Cabinet officials prefer Tjivikua, who at
one point served as an executive at TransNamib, over Gonzo.

But there is a catch: Tjivikua was never interviewed for the position, which
has complicated matters.

Several attempts to get comment from both men hit a cul-de-sac.

Gonzo referred this reporter to Mberirua, while Tjivikua's number rang
unanswered.

Approached last week, board member Johana Hatutale, who chairs the human
resources committee, declined to comment, saying it was not her purview.

Loan conditions

Meanwhile, the entity's spokesperson Abigail Raubenheimer last week said the
recruitment process has been initiated, and is underway.

"We anticipate making an announcement once the process has been fully
completed," she added.

The appointment of a CEO is not only essential for the efficient operations
of the struggling entity, but also a prerequisite for funding from the
Development Bank of Southern Africa (DBSA) and the Development Bank of
Namibia (DBN), this paper understands.

In 2022, TransNamib received a N$2.6 billion loan intended to bolster
national rail infrastructure, and catapult the financially- challenged
entity to profitability.

However, disbursement of the funds is contingent upon meeting certain
conditions, including the confirmation or appointment of a substantive CEO.

The entity's resurrection relies on the N$2.6 billion loan.

Without providing specifics, Raubenheimer said the company is in the final
stages of meeting the conditions to access the funds.

Limping

TransNamib has been making headlines for all the wrong reasons over the
years.

Talks of possible liquidation surfaced following the demise of Air Namibia
in 2021.

The entity continues to face significant financial challenges due to its
short-term cash flow issues and limited rolling stock capacity, resulting in
a compromised financial position.

For a company solely dependent on rail movement, TransNamib's woes are
exacerbated by faulty locomotives, ageing railway infrastructure and
governance issues, amongst many others.

However, Raubenheimer said the next two years would be critical for the
entity, requiring the procurement of equipment and the maintenance and
refurbishment of existing assets to position the company for increased
revenue-generation.

Broke

Reports in 2022 indicated that the company was operating at a monthly loss
of more than N$10 million, and largely depended on government subsidies to
fund its day-to-day operations.

Asked if this is still the case, Raubenheimer said "shareholder support
alone is not a sustainable long-term solution".

"It is imperative that we address our rolling stock challenges to enhance
revenue-generation and ensure the long-term sustainability of TransNamib as
a state-owned enterprise. Our current equipment is quite outdated, ageing
over 60 years, and their lifespan has ended," she emphasised.

Their priority is thus to address locomotive capacity through short-term
measures.

"In terms of long-term planning, the purchasing of 25 new locomotives will
be done with arrivals expected in 2026. Thus, TransNamib's immediate
priority is to address our short-term locomotive capacity until the arrival
of the new locomotives," she stated.

The lack of funds has also impacted the implementation of the 2018 strategic
business plan, which was supposed to help them break even in 2023.

For the coming financial year, the company has been allocated N$300 million
by the Treasury.

Progress

Despite the funding challenges, TransNamib, according to Raubenheimer, has
made considerable progress towards sustainability.

In the 2019/2020 financial year, TransNamib achieved historic revenue
growth, with a remarkable 10.5% increase in freight revenue.

"TransNamib's property revenue has doubled over the past five years. The
company achieved its first unqualified audit in over a decade, along with
the annual general meeting (AGM) for seven years in 2020, signifying efforts
to clear historical financials, and has continued to boost its corporate
governance efforts with annual AGMs," she continued.

Securing the N$2.6 billion funding from DBSA/DBN is another success story,
followed by the revived Aus to Lüderitz line, which has been dormant for 20
years, the spokesperson said.

- New Era.

South Africa: Eskom Applies Electricity Tariff Increase

The price of electricity will increase this week, following Eskom's
implementation of its new electricity tariff of between 12.72% and 12.74%.

This after the National Energy Regulator of South Africa (NERSA) determined
the increases in December last year.

The increases are as follows:

Local authority tariff charges: 1 July 2024 - 30 June 2025: 12.72%

Eskom direct customers: 1 April 2024 - 31 March 2025:

All tariff charges except the affordability subsidy charge: 12.74%.

Homelight 20A: 12.74%.

Affordability subsidy charge: 25.24%

"The average increase applied to the key industrial and urban tariffs will
be 13.29% due to the increase in the affordability subsidy charge. The
affordability subsidy charge is raised as a subsidy to the Homelight 20A
tariff and is determined by NERSA. This charge exists due to historically
lower Homelight 20A tariff increases and is paid by the non-municipal large
industrial and urban tariffs.

"There are no tariff structural changes for 2024/25, however, Eskom is
considering a tariff restructuring submission to NERSA for implementation in
2025/26," the power utility said.

- SAnews.gov.za.

Namibia: Over 1900 Pensioners Registered for the Debt Relief Programme

The City of Windhoek's newly launched debt relief programme has already made
a significant impact drawing over 1900 pensioners, effectively wiping out a
staggering total of N$524 million in overdue electricity and water bills,
City spokesperson, Cillie Kapolo recently revealed.

The programme was launched to lessen the financial burden of overdue
municipal bills on senior citizens due to difficult economic financial
situations while also increasing financial flexibility.

To be considered eligible for the programme residents must be 60 years or
older or must have turned 60 on or before 30 November 2023. Pensioners who
meet the requirements are eligible for a 100% write-off of their capital and
interest amount accumulated until 30 November 2023.

Kapolo explained the key component of the debt relief programme is to
transition to prepaid water and electricity meters streamlining future
payments and consumption, preventing future debt accumulation, and
encouraging responsible consumption.

Furthermore, the installation of prepaid water and electricity meters in
their homes requires the consent of the pensioner to be eligible. There are
two payment options available, either paying the full amount upfront or
setting up a reasonable five-year payment plan.

Registration for the programme began on 15 February continuing until 15
April 2024 with the City setting venues for registration across the city.
Registration can be done at: the City of Windhoek Head Office on weekdays
from 08:30 to 16:30, Katutura Customer Care (opposite Shoprite Katutura),
and Ombili Customer Care Centre open on Saturdays from 08:30 to 15:00.

" By offering a complete write-off of outstanding municipal debts, the
programme not only alleviates the immediate financial stress on pensioners
but also reflects a broader commitment to social welfare," Kapolo concluded.

- Namibia Economist.

Liberia: Nocal Clarifies Media Reports Over Alleged Misapplication of Funds

Monrovia — The Officer-In-Charge of the National Oil Company of Liberia
(NOCAL), Jacob Kabakole, has made it clear that reports implicating his
entity in an alleged corruption scandal involving approximately $600,000 are
false.

"If you don't have anything to say, shut up. I didn't steal any $600k, and
at NOCAL, your 2 by 5 media platform should shut up," said the NOCAL boss on
Monday, April 1, 2024.

Addressing journalists at the Ministry of Information during a Special Press
Briefing, Mr. Kabakole stated that the information regarding alleged
embezzlement is false and misleading.

"Setting the Record Straight: A Rebuttal to Recent Allegations - In light of
recent reports published by certain media outlets, it has become necessary
to address the misinformation and smear campaign directed at myself and the
esteemed Office of the Officer in Charge (OIC) NOCAL," Kabakole said.

He added: "As I have unequivocally stated, and I am now emphatically
restating, I have done nothing wrong. While all evidence exists that the
media outlets responsible for spreading this misinformation are simply
tabloids, and not one of our more reputable brick and mortar media houses,
we deem it prudent, as is within my fiduciary responsibility, to get ahead
of this mill and nip it in the bud."

According to him, at no point during his oversight of the national oil
company has he signed off on any disbursement of such a sum to anybody,
something he says is a deliberate attempt at tarnishing a reputation built
on integrity and dedication to national progress.

"I am further convinced that the actors behind this ruse have a more
immediate intention to discredit the President's appointment of officers in
charge and to undermine the amount of consideration His Excellency gave to
making this decision. With this realization, I am even more compelled to
address the issues as I am now doing. Gratitude to Supporters: We extend our
heartfelt thanks to the information minister and the leaders of civil
society for their unwavering support during this time," he said.

"I really appreciate those institutions who exercised due diligence to
uphold both the integrity and dignity of our fourth estate. The Facts: To
set the record straight, he listed what he terms as factual details of the
project's progression and financial transactions prior to my appointment as
Officer-in-Charge:

Kabakole stated that on July 13, 2023, NOCAL entered into a contract with
BMC Group Inc. for an office construction project valued initially at $2.9
million. This contract was duly processed and appears to have adhered to the
Public Procurement and Concessions Commission (PPCC) guidelines.

The first payment to BMC, he said, totaled $1,456,928.84 million and was
made on July 17, 2023, signifying the commencement of the contractual
obligations. The payment, he added, was made in two separate checks of
US$728,464.42 each.

He further states that the actual construction began in November 2023,
followed by a contract amendment on November 23, 2023.

"This amendment, approved by the PPCC, increased the contract value to $4.5
million to accommodate necessary project adjustments. The new amount
represented an increment of $1.5 million or 51.72%," he said.

Kabakole added: "NOCAL hired TSC Global as its Project Consultant with the
primary responsibility of monitoring, evaluating, and certifying that BMC
was carrying out the project according to the terms and specifications of
the contract."

On December 15, 2023, he said an additional payment of $796,259.39 was made
to BMC, bringing the total disbursement to $2.2 million, which accounted for
50% of the revised contract value.

"It is crucial to note that these developments, including the financial
transactions, occurred before my appointment. My official responsibilities
commenced on January 29, 2024, by which time the project was well advanced,
and the outlined payments had been completed," he said.

Kabakole added: "In continuation of the facts stated above, we have paid
6.7% of employees' educational benefits, which my predecessor did not see as
a priority over a five-year period. The leadership of the company at the
time claimed it was executing austerity measures, and educational benefits
were not as critical for the operational expense of NOCAL."

He continues: "The Institution, upon my arrival, owed $132,750.00 USD to
staff for educational benefits. The same leadership, unfortunately, during
their departure, paid severance in the tune of close to half a million
dollars, defeating their previous argument for refusing to pay employee
benefits."

- FrontPageAfrica.

Tanzania: Dart, Abu Dhabi Company Close in On Rapid Transport Deal

TANGA — The Dar es Salaam Rapid Transport Agency (DART) has said
negotiations are at an advanced stage with an Abu Dhabi-based private
company, Emirates National Group (ENG), which is expected to run the rapid
transport operations in Dar es Salaam.

The Chief Executive of DART, Dr Athumani Kihamia said during a press
conference held at the Tanga Press Club (TPC) headquarters in Tanga recently
that if the deal is finalised ENG will bring in a total of 177 buses to
provide services in the city.

Dr Kihamia added that if the negotiations sail through, the contract is
expected to be signed this month and that the buses will be delivered into
the country in September and October, ready for service.

He pointed out that the negotiation process and desire to find a partner to
run rapid transport activities through the rapid bus system in Dar es Salaam
City began in 2017 when the government advertised tenders to provide the
service to private service providers under the Public Private Partnership
(PPP) law.

He said negotiations stalled due to disagreements over the price (fare) and
the issue of arbitration.

"In 2020, the government advertised tenders, whereby 40 companies submitted
their sealed bids including ENG, which emerged top and the process continued
until reaching the point of signing a 12-year contract," he told the press.

Dr Kihamia stated that the arbitrator's issue, the price issue, and the
addition of a section of DART that allows it to terminate contract at any
time if it is dissatisfied with the performance, hampered the process again.

However, after the government amended the PPP law, the issue of the
arbitrator was resolved, and engaging an international arbitrator was
allowed because the contract is quite large.

Similarly, he stated that the issue of contract termination at any time by
DART had been resolved as well.

He explained that the rapid bus transport service is currently provided by a
transitional service provider -- UDART Company, which operates approximately
90 buses.

The CE emphasised that the current service provider -UDART will continue to
provide services because many city areas need such services.

"We intend to expand our services not only for the city of Dar es Salaam but
in all cities in the country," Dr Kihamia told reporters.

- Daily News.

Nigeria: Zenith Bank Named Nigeria's Best Bank for the 4th Year

The Bank emerged as the best bank in Nigeria in the Global Finance Best
Banks Awards 2024

Zenith Bank Plc has emerged as the Best Bank in Nigeria in the Global
Finance Best Banks Awards 2024, winning the award for the fourth time since
2019. The Bank was among other banks from 36 countries in Africa recognised
as the prestigious Global Finance announced its 31st Annual Best Bank Awards
Winners.

The editors of Global Finance made the selections after extensive
consultations with corporate financial executives, bankers and banking
consultants, and analysts worldwide. Factors considered in selecting the top
banks ranged from the quantitative objective to the informed subjective.

Objective criteria considered included: growth in assets, profitability,
geographic reach, strategic relationships, new business development and
innovation in products. Subjective criteria included the opinions of equity
analysts, credit rating analysts, banking consultants and others involved in
the industry.

Commenting on the award, the outgoing Group Managing Director/Chief
Executive of Zenith Bank, Ebenezer Onyeagwu said: "This award serves as a
powerful affirmation of our resilience and tenacity despite headwinds and a
very challenging macroeconomic environment. Indeed, it is a testament to our
status as theleading financial institution in Nigeria, dedicated
unwaveringly to delivering exceptional value to our stakeholders".

He expressed profound gratitude to the founder and chairman, Jim Ovia, for
his exceptional vision and foundational role in establishing a resilient and
enduring financial institution. He also lauded the board for their astute
insights and exemplary leadership, the staff for their steadfast commitment
and unwavering dedication, and the customers for their staunch loyalty to
the Zenith brand.

Joseph D Giarraputo, publisher and editorial director of Global Finance,
said: "Banking has reached another watershed moment with the debut of
generative artificial intelligence, which promises to rewrite the industry
playbook,"

He added that: "In this ever-changing environment, the Best Bank Awards
recognise the financial institutions that offer the broadest range of
services, long-term reliability, and technological innovation."

Global Finance's "Best Banks Awards" are recognised amongst the world's most
influential banking/finance and corporate professionals as the most coveted
and credible awards in the banking industry, with winners chosen in 150
countries and territories across Africa, AsiaPacific, the Caribbean, Central
America, Central & Eastern Europe, Latin America, the Middle East, North
America and Western Europe.

Founded in 1987, Global Finance regularly selects the top performers among
banks and other financial services providers, and the awards have become a
trusted standard of excellence for the global financial community.

Zenith Bank's track record of excellent performance has earned the brand
numerous awards, including being recognised as the Best Bank for Digital
Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World
Finance Top 100 Global Companies in 2023 and being recognised as the Number
One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the
2023 Top 1000 World Banks Ranking published by The Banker Magazine.

Zenith Bank also emerged as the Best Commercial Bank, Nigeria, for three
consecutive years from 2021 to 2023, in the World Finance Banking Awards;
Best Corporate Governance Bank, Nigeria in the World Finance Corporate
Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker's
Bank of the Year Awards 2020 and 2022 and the Best Bank in Nigeria, for
three consecutive years from 2020 to 2022, in the Global Finance World's
Best Banks Awards.

It equally came tops as the Best in Corporate Governance' Financial
Services' Africa, for four successive years from 2020 to 2023, by the
Ethical Boardroom; Most Sustainable Bank, Nigeria in the International
Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best
Innovation in Retail Banking, Nigeria in the International Banker 2022
Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the
Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023
and Retail Bank of the Year for three consecutive years from 2020 to 2022,
at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Similarly, Zenith Bank was named Bank of the Decade (People's Choice) at the
ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of
the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation
in Africa 2021 by SERAS Awards.

- Premium Times.

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.

Liberia: Central Bank of Liberia Sets May 15 As New Cut Off Time for
Replacement of Old Banknotes

Monrovia — The Central Bank of Liberia (CBL) has announced an extension of
the deadline for the currency exchange exercise, providing relief for
citizens who have yet to exchange their old banknotes. The new deadline, set
for May 15, 2024, comes after the CBL Board of Governors convened an
emergency meeting on Friday, March 29, 2024.

The decision to extend the deadline was made in light of various challenges
impacting the original March 31st deadline. Factors such as challenging road
conditions in southeastern and Lofa counties, the recent General and
Presidential Elections, the intensity of the run-off Presidential Election,
and ongoing transitional processes have all contributed to delays in the
currency exchange process. The CBL expressed caution in moving cash across
the country during these sensitive periods.

The extension means that the old banknotes, known as Liberian Series 1 (LS1)
and Liberian Series 2 (LS2) banknotes printed before 2021, will remain legal
tender until May 15, 2024. Citizens can continue to utilize these banknotes
for purchasing goods and services within Liberia.

However, after the new deadline, the old banknotes will no longer be
accepted for exchange at commercial banks and Rural Community Finance
Institutions (RCFIs). The exchange exercise will solely take place at CBL
facilities across the country.

The CBL has urged the public to take advantage of this extension to exchange
their old banknotes and has called upon the business community to continue
accepting the old banknotes and depositing them at commercial banks and
RCFIs in exchange for the new currency.

In a statement, the CBL expressed gratitude to all stakeholders,
particularly the Executive and the National Legislature, for their support
in this national endeavor. The Bank emphasized the importance of public
cooperation with the new deadline to ensure the successful completion of the
currency exchange exercise.

The extension of the deadline aims to facilitate a smoother transition for
citizens and businesses alike, ensuring the effective implementation of the
new currency exchange system in Liberia.

- FrontPageAfrica.

Africa Needs Robust Legal Framework to Fight Cybercrime

Alford Nyasha — As Africa, it is essential to reflect on the future
implications of the evolving cyber threat landscape. Our continent is
increasingly facing cyber threats due to rapid technological advancements.

Over the past two decades, technological advancements have revolutionised
various aspects of our lives. While these advancements have brought about
social and economic progress worldwide, they have also led to an alarming
increase in cyber attacks and technology-facilitated crimes. Hardly a day
goes by without news of a cyber attack or the use of technology in criminal
activities.

Although the African Union has made significant efforts to combat
cybercrimes through initiatives such as the African Union's Convention on
Cyber Security and Data Protection laws, the continent still faces notable
challenges.

Organisations like INTERPOL, the United Nations Office on Drugs and Crime
(UNODC), and the African Union Mechanism for Police Cooperation (AFRIPOL)
have demonstrated that Africa, like any other continent, is vulnerable to
cyber attacks.

However, resource constraints, expertise gaps, lack of cooperation among
member countries, and an inadequate legal framework to counter cyber
criminal activities pose significant challenges.

Africa has witnessed a significant development in mobile money services,
which, from a cybercrime investigations perspective, provides criminals with
increased opportunities to target victims and engage in various forms of
criminal activities.

Tech-related scams and their implications for law enforcement, regulators,
and the general population in Africa are also a cause for concern.

The Covid-19 pandemic has accelerated the digital transformation, leading
many organisations in Africa to adopt remote working practices. However,
this shift has resulted in an elevated security risk.

The debate surrounding the cybersecurity risks posed by remote workers
compared to in-office counterparts continues.

Failure to adhere to policies and procedures exposes institutions to a wide
range of cyber attacks, including those targeting third-party services.

Statista reports that 72 percent of organisations express significant
concern over the online security risks faced by their remote employees.
Unfortunately, many organisations are reluctant to invest in cybersecurity,
leaving their systems vulnerable.

Cybersecurity Challenges in the Era of Emerging Technologies

The growth of the Internet of Things (IoT) market, coupled with advancements
in technologies such as 5G and cloud computing, presents Africa with
significant cybersecurity challenges. The collection, transmission, and
storage of vast amounts of data across interconnected devices and cloud
platforms raise concerns about data security and privacy.

Cybersecurity experts predict an increase in Advanced Persistent Threat
(APT) models and the emergence of new cyber attack techniques, botnets,
rootkits, hacker-for-hire services, and supply chain attacks which can all
be facilitated through cybercrime-as-a-service (CCaaS). Additionally, the
surge in cryptocurrency usage is expected to impact Africa, with rising
crypto-related crimes, including pyramid and Ponzi schemes, darknet market
activities, stolen crypto through hacks, and illicit drug transactions.

The advent of technologies like Artificial Intelligence (AI), machine
learning, and quantum computing has led to a rise in cyber-generated crimes.
While AI has its advantages in reducing human workload, it also poses
challenges for cybercrime investigators, such as facilitating artificial
intelligence crimes (AIC).

AI tools like deepfake enable criminals to manipulate multimedia content,
facilitating fraudulent and unlawful activities.

The readiness of Africa to embrace these transformative technologies while
mitigating their disadvantages remains a critical question.

Protecting personal data and individual awareness

As internet usage continues to soar, an increasing amount of personal
information and data is available online. This data can be willingly shared
or compromised through cybercrime attacks and data breaches. The risks faced
by individuals, companies, organisations, and governments have never been
greater. Therefore, cybersecurity awareness becomes paramount, and
organisations must adopt cybersecurity frameworks and standards to protect
internet users within their countries and across the continent.

The need for international cooperation and a cybercrime convention

While various handbooks and studies have been published, and
international/regional organisations have contributed to the prevention and
combating of cybercrime, the rate at which critical infrastructure,
corporations, and individuals are being exposed raises concerns about the
awareness of this cyber pandemic. The adoption of a comprehensive
international convention to combat cybercrime, such as the Comprehensive
International Convention on Countering the Use of Information and
Communications Technologies for Criminal Purposes, is crucial.

Such a convention would enhance international law enforcement cooperation,
bridge capability gaps, and enable global responses to cybercrime.

While we appreciate the adoption by the United Nations General Assembly of
the first global resolution on artificial intelligence that encourages
countries to safeguard human rights, protect personal data, and monitor AI
for risks in March 2024 cybersecurity practitioners are looking beyond 2024
for more resolutions and conventions that will help countries fight the
cybercrime scourge.

As Africa experiences rapid internet penetration and increasing criminal
opportunities, cybersecurity challenges become a shared concern for all
member countries. It is imperative to address resource constraints,
expertise gaps, and the need for a robust legal framework. By prioritising
cybersecurity awareness, adopting cybersecurity frameworks, and facilitating
international cooperation, Africa can strengthen its defences against
cybercrimes and protect its citizens, institutions, and nations in the
digital age.

Alford Nyasha (PhD Candidate) is a Southern African Development Community
(SADC) certified cyber crime expert, trainer and a senior law enforcement
agent who has both international and regional (INTERPOL, AFRIPOL and
Southern African Development Community (SADC) exposure in the field of
cybercrime investigation. A holder of a Post Graduate Diploma in
Telecommunication Systems, Masters Degree, and multi certifications in cyber
forensics and cyber investigations; has been active in the field of cyber
crime investigation, IT security and information assurance for more than a
decade. His passion is to train people to be digitally aware through cyber
awareness programmes He writes in his personal capacity. --

- The Herald.

Will Truth Social post a financial bailout for Trump?

The share price of Donald Trump's media company has fallen from last week's
high when it officially listed on the Nasdaq stock exchange.

But it is still worth more than $7bn (£5.6bn) at current prices - an
astonishing sum given the business behind it.

So what is the Truth Social platform, who owns it, how many users does it
have, and how much money does it make? And is it the answer to Mr Trump's
spiralling legal bills?

What are Trump Media and Truth Social?

Trump Media & Technology Group was founded in 2021 after Mr Trump lost the
presidential election and was temporarily booted from major social media
platforms, including Twitter and Facebook, which accused him of inciting
violence.

The idea was pitched to him by two men, former contestants on his reality TV
show, The Apprentice, who saw an opportunity to create an alternative to the
mainstream social media sites.

In 2022 Trump Media launched its first - and to date only - product for the
public: the social media platform Truth Social.

Much of Truth Social's functionality is identical to X. Users are able to
post 'truths' or 'retruths' as well as send direct messages. Adverts,
meanwhile, are called 'sponsored truths'.

How many users does it have?

Trump Media claims about 9m Truth Social accounts have been created since
its start.

It does not disclose how many users it has, but research firm SimilarWeb
estimates that Truth Social had 5m monthly website visits in February this
year.

By comparison, TikTok received more than 2bn visits, while Facebook had more
than 3bn. X had 104m visits in February, SimilarWeb reported.

Mr Trump has roughly 7m followers on Truth Social, far fewer than the 87m he
has on X. The former president's X account was reinstated towards the end of
2022, but he has only posted once since then.

How much money does it make?

It doesn't.

Trump Media lost nearly $60m in 2023, while bringing in only about $4m in
revenue from advertising, according to its latest financial update, which
also warned of "substantial doubt" about its ability to continue as a
business.

The report was another reminder of the considerable disconnect between the
finances of the company and its stock price, which puts its value at around
$7bn.

As a gauge, in 2013, when Twitter listed on the stock market, it reported
$660m in revenue and had a market value of roughly $24bn.

By 2021, the year before Elon Musk bought Twitter for $44bn, that figure had
grown to more than $5bn.

What does Trump do for the company?

Mr Trump's relationship with the firm is a bit like the licensing deals that
he used in his property empire, in which he signed over his name for the
promotion of a business run primarily by others.

In this case, Mr Trump has also agreed to post non-political messages first
on Truth Social.

The other difference is that this deal did not yield a stream of automatic
licensing fees - instead, Mr Trump was paid by being given shares in the new
start-up.

So who owns it?

Trump Media, which is led by former Republican congressman Devin Nunes, was
originally a private company, and Mr Trump owned 90% of it.

It went public in March 2024 via what is known as a SPAC - basically, it was
acquired by a company whose shares were already trading publicly on the
stock market, in this case, Digital World Acquisition Corp.

Mr Trump now owns about 57% of shares in the combined firm, which was
renamed Trump Media and trades under the DJT ticker - Mr Trump's initials.

Getty Images Shares in Trump Media are now trading on the stock marketGetty
Images

The next biggest owner of TMTG is the Kuwaiti-headquartered investment firm
ARC Global Investments, which has a 6.9% stake, according to Trump Media
filings with financial regulators.

The former Apprentice contestants also have a sizable stakes, though those
holdings are currently subject to legal fights.

Overall, insiders own about 70% of the stock.

Who else owns the stock?

When Trump Media announced its plans to go public in 2021, the news prompted
small-time investors to snap up shares of Digital World, helping to pump up
its price and drawing comparisons to pandemic-era meme stocks.

At the end of 2023, big financial firms owned only about 5% of Digital World
stock, far less than is typical, implying everyday investors had the bulk of
the rest.

With the merger complete, those individuals now also own a significant chunk
of Trump Media, though just how much is not known exactly.

Conversations in online forums suggest at least some of those shareholders
see their stock purchase as a bet on Mr Trump and a way to support him as
his legal troubles, and the bills that accompany them, pile up.

Mr Trump has been ordered to pay more than $350m in damages in a civil fraud
case, with interest charges potentially adding another $100m.

So will this solve Donald Trump's financial problems?

After the merger was completed, Mr Trump saw his net worth more than double
to over $5bn overnight, according to Forbes.

Mr Trump is barred from selling his roughly 78m shares for six months,
unless the company decides to grant him a waiver.

But he stands to earn a windfall should he decide to cash in - even if the
price drops sharply, as many analysts predict.

Shares in Digital World, now Trump Media, have swung wildly since 2021 and
are expected to continue to do so.

They popped to more than $70 apiece when Trump Media formally debuted on 26
March.

They have since fallen and are trading around $50 apiece, which makes Mr
Trump's stake worth $4.1bn.

But that is about where they were the day before the launch and three times
what Digital World shares were worth at the start of 2024.

Even if they were to fall to $1 apiece in six months, Mr Trump could still
raise more than $78m by selling.-BBC

China's ageing population: A demographic crisis is unfolding for Xi

Huanchun Cao and his wife face a dilemma confronting so many of China's
elderly - who will look after them?

Ask 72-year-old farmer Huanchun Cao about his pension and he reacts with a
throaty cackle.

He sucks on his home-rolled cigarette, narrows his brow and tilts his head -
as if the very question is absurd. "No, no, we don't have a pension," he
says looking at his wife of more than 45 years.

Mr Cao belongs to a generation that witnessed the birth of Communist China.
Like his country, he has become old before he has become rich. Like many
rural and migrant workers, he has no choice but to keep working and to keep
earning, as he's fallen through a weak social safety net.

A slowing economy, shrinking government benefits and a decades-long
one-child policy have created a creeping demographic crisis in in Xi
Jinping's China.

The pension pot is running dry and the country is running out of time to
build enough of a fund to care for the growing number of elderly.

Over the next decade, about 300 million people, who are currently aged 50 to
60, are set to leave the Chinese workforce. This is the country's largest
age group, nearly equivalent to the size of the US population.

Who will look after them? The answer depends on where you go and who you
ask.

Chart showing China's population is ageing fast

Mr Cao and his wife live in the north-eastern province of Liaoning, China's
former industrial heartland.

Vast swathes of farmland and mined hills surround the main city of Shenyang.
Plumes of smoke from smelting factories fill the skyline, alongside some of
the country's best-preserved world heritage sites from the Qing dynasty.

Nearly a quarter of the population here is 65 or older. An increasing number
of working-age adults are leaving the heavy industries hub in search of
better jobs in bigger cities.

Mr Cao's children have moved away too but they are still close enough to
visit often.

"I think I can only keep doing this for another four or five years," Mr Cao
says, after he and his wife return from collecting wood. Inside their home,
flames crackle beneath a heated platform - called a "kang" - which is their
main source of warmth.

Xiqing Wang/ BBC Mr Cao walking down the streetXiqing Wang/ BBC

Mr Cao lives in what used to be China's industrial heartland

The couple make around 20,000 yuan (£2,200; $2,700) a year. But the price
for the corn they grow is going down and they cannot afford to get sick.

"In five years, if I'm still physically strong, maybe I can walk by myself.
But if I'm feeble and weak, then I might be confined to bed. That's it.
Over. I suppose I will become a burden for my children. They will need to
look after me."

That is not the future 55-year-old Guohui Tang wants. Her husband had an
accident at a construction site and their daughter's university education
drained her savings.

So the former digger operator saw an opportunity in elderly care to fund her
own old age. She opened a small care home about an hour from Shenyang.

Xiqing Wang/ BBC Guohui TangXiqing Wang/ BBC

The care home Ms Tang runs is her retirement plan

The pigs and geese both honk a welcome at the back of the single-storey
house surrounded by farmland. Ms Tang grows crops to feed her six residents.
The animals are not pets - they are also dinner.

Ms Tang points to a group of four playing cards as the sun shines through
the small conservatory.

"See that 85-year-old man - he doesn't have a pension, he's relying entirely
on his son and daughter. His son pays one month, his daughter pays the next
month, but they need to live too."

She is worried that she too will have to depend on her only daughter: "Now I
will pay my pension every month, even if it means I cannot afford to eat or
drink."

A restless Gen Z is reshaping the Chinese Dream

Love and longing across the Taiwan Strait: The view from China

For generations, China has relied on filial piety to fill the gaps in
elderly care. It was a son or daughter's duty to look after ageing parents.

But there are fewer sons and daughters for ageing parents to rely on - one
reason is the "one-child" diktat which prevented couples from having two or
more children between 1980 to 2015.

Xiqing Wang/ BBC Residents at Ms Tang's care homeXiqing Wang/ BBC

Residents at Ms Tang's care home

With rapid economic growth, young people have also moved away from their
parents, leaving a rising number of seniors to look after themselves or rely
on government payments.

But the pension fund could run out of money by 2035, according to the
state-run Chinese Academy of Sciences. That was a 2019 estimate, before the
pandemic shutdowns, which hit China's economy hard.

China may also be forced to raise the age of retirement, which has been on
the cards for years. It has one of the lowest retirement ages in the world -
60 for men, 55 for white-collar women and 50 for working-class women.

But economists say this is just tinkering around the edges if China is to
avoid what some fear could become a humanitarian crisis in 25 years.

Meanwhile, more and more elderly have been dipping into their pensions.

Xiqing Wang/ BBC The Fengs in their room at the Sunshine Care HomeXiqing
Wang/ BBC

The Fengs in their room at the Sunshine Care Home

"Welcome to my home," beckons 78-year-old Grandma Feng, who only wanted to
use her last name.

It's hard to keep up with her as she races along the corridor to warn her
husband that guests are on the way to their room at the Sunshine Care Home.
The morning exercise class, where she had been giggling and gossiping at the
back with her friends, just ended.

The home was built to house more than 1,300 residents. Around 20 young
people volunteer to live here for free in return for helping to look after
some of the elderly. Private companies partly fund the home, taking the
pressure off the local government.

This is an experiment as leaders hunt for solutions for an ageing China.
Here in Hangzhou, in southern China, they can afford such experiments.

This is a different world from Liaoning - the shiny new buildings that are
rising up host tech companies such as Alibaba and Ant, a magnet for
ambitious, young entrepreneurs.

The Fengs have been here for eight years. The nursing home seems friendly
and there is plenty to do - from gym and table tennis to singing and
drama.-BBC

Tesla 'disaster' with fewest deliveries since 2022

Deliveries from Elon Musk's Tesla have slid sharply in the first three
months of the year, as the EV company grappled with a fire at its European
factory, global shipping disruption and other challenges.

The company handed over just under 387,000 electric cars to customers - the
smallest quarterly figure in more than a year.

That was down more than 8% year-on-year and far fewer than analysts
expected.

Shares fell more than 4% on the news.

Wedbush Securities analyst Dan Ives described the update as an "unmitigated
disaster ... that is hard to explain away".

Tesla shares had already dropped over the last year, reflecting challenges
as higher interest rates make its cars less affordable and rivals ramp up
their own electric vehicle offerings.

The firm has cut prices repeatedly in response. But demand in key markets
such as China has weakened nonetheless, as competitors such as BYD make
gains.

Tesla overtaken by China's BYD at end of 2023

Musk attacks 'dumb eco-terrorists' over Tesla fire

Tesla's problems worsened in the first three months of this year. Houthi
attacks in the Red Sea caused supply disruptions which temporarily shut its
factory in Germany which was later hit by an alleged arson attack.

Mr Ives said the figures suggested the first quarter had been a "train wreck
into a brick wall" for the company, raising the pressure on Mr Musk.

"This is a fork in the road time to get Tesla through this turbulent period
otherwise troubling days could be ahead," he said.

The company said production in the first quarter fell about 1.6%
year-on-year, from 439,701 cars in 2023 to 433,371 during the same period
this year.

But deliveries were more significantly affected, dropping more than 8%
year-on-year.

That marked the first annual fall for any quarter since 2020. Deliveries
were down 20% compared with the final quarter of 2023.

The drop comes as car companies across the industry have been scaling back
their electric car ambitions, warning of weaker-than-expected demand.
However, most forecasters still expect electric vehicle sales to grow
significantly this year.

Tesla has also faced company-specific problems.

Its driverless car software, which it has claimed will unleash a new wave of
growth, has also been under scrutiny, while safety officials have been
probing the firm's power steering and other areas.

Ex-Tesla employee casts doubt on car safety

At the same time, some investors in the firm have voiced concerns that its
line-up of products has grown tired, whileMr Musk's focus has been
elsewhere, including at his social media company X, formerly Twitter, where
his decisions and posts have sparked controversy, denting the Tesla brand.

-BBC

BC

 Invest Wisely!

Bulls n Bears 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:                  <http://www.bullszimbabwe.com/blog>
www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe

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

 <mailto:info at bulls.co.zw> 

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

 (c) 2024 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240403/8e7ba06e/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240403/8e7ba06e/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 236912 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240403/8e7ba06e/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240403/8e7ba06e/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240403/8e7ba06e/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65548 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240403/8e7ba06e/attachment-0001.obj>