Major International Business Headlines Brief::: 09 April 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  09 April 2024 

 


 


 

	
 


 

 


 

ü  Kenyan Govt's Conflicting Narratives Unveiled in Fake Fertiliser Saga

ü  Liberia: Finance Minister Wants Increased Focus On Expansion of the
Country's Economy

ü  Africa: Report - US Must Enhance Critical Minerals Strategy in Africa

ü  Tanzania: State Pushes for Union Protection, Emblem for the Union Day
Cebrations Launched

ü  Somalia: Kenya's Miraa Exports to Somalia Suffer Due to High Levies

ü  East Africa's Retail Boom

ü  Nigeria: Road Project - Residents of Lagos Community Protest Planned
Demolition of Properties

ü  Kenya: Infrastructure Last Frontier to Unlock Africa's E-Commerce
Potential

ü  Kenya: President Ruto - Hustler Fund Will Be Shariah Compliant

ü  Ghana: Stakeholders Hold Crunch Meeting Over Energy Crisis

ü  Kenya's Sugar Pricing Committee Cuts Cane Prices By 14 Percent

ü  Jamie Dimon: Bank boss warns US interest rates could rise to 8%

ü  Tesla to settle over fatal Autopilot crash

ü  Without support, many menopausal workers are quitting their jobs

ü  Boom times for US green energy as federal cash flows in

ü  TSMC wins subsidies to expand US chip manufacturing in Arizona

 


 

 


 <https://www.cloverleaf.co.zw/> Kenyan Govt's Conflicting Narratives
Unveiled in Fake Fertiliser Saga

Over the past month, Kenyans have been inundated with divergent accounts
from government officials regarding the counterfeit fertiliser crisis.

 

Top-ranking authorities have issued contradictory statements, revealing a
troubling lack of coherence on a crucial issue impacting food security.

 

Agriculture Cabinet Secretary Mithika Linturi, addressing the House
Committee, disclaimed knowledge of counterfeit fertiliser circulation,
directly contradicting President William Ruto's stern warning against
suppliers of fraudulent supplements.

 

"In our distribution network, we do not have counterfeit fertiliser," Mr
Linturi said, attributing the issue to failure to meet Kenyan standards
rather than outright fraud.

 

This discord was exacerbated when Agriculture Principal Secretary Paul Ronoh
halted fertiliser distribution temporarily last month, even as the
Agriculture CS maintained there was no counterfeit supplement in the
country.

 

President Ruto, following an unannounced visit to the NCPB Eldoret, issued a
resolute warning to perpetrators, vowing to apprehend and prosecute those
involved in the illicit trade.

 

"We will deal decisively with fraudsters attempting to sabotage our food
production programme by peddling fake fertiliser," he declared, promising
free replacements for affected farmers and staunchly defending the nation's
food security.

 

Subsequently, Dr Ronoh announced compensation plans for farmers affected by
the counterfeit fertiliser, with NCPB initiating data collection from
impacted individuals.

 

Government Spokesperson Isaac Mwaura disclosed ongoing investigations into
the manufacturing and distribution of the alleged counterfeit fertiliser
during a recent press briefing.

 

The uncertainty surrounding the fake fertiliser scandal has left farmers in
disarray, prompting some to resort to commercial supplements for their
planting needs ahead of the current planting season.

 

Last year's successful government-backed subsidy programme, which
drastically reduced fertiliser prices from Ksh7,000 to Ksh2,500 per 50-kilo
bag, resulted in a bumper harvest, underscoring the critical importance of
addressing the counterfeit fertiliser crisis promptly and decisively.

 

- Business Day Africa.

 

 <https://www.cloverleaf.co.zw/> Liberia: Finance Minister Wants Increased
Focus On Expansion of the Country's Economy

Monrovia — Liberia's Finance and Development Planning Minister, Boima S.
Kamara has underscored the need to focus on the expansion of the country's
economy.

 

Said Minister Kamara, "as we begin this revenue hearing, it is important to
emphasize that our nation needs an expansion in the country's economy".

 

Minister Kamara told the Joint Legislative Committee on Ways, Means and
Finance that there is a need for the adoption of the necessary fiscal
policies that will ensure strong investments in the economy. He further
highlighted the importance for the Ministry of Finance and Development
Planning and the Liberia Revenue Authority to work with the Legislature to
ensure the appropriate interventions are made especially in the passage of
the Value Added Tax (VAT) Bill.

 

Minister Kamara added that the passage of the VAT Bill will help boost
domestic tax revenue, enhance transparency and accountability, as well as
spur development across the country.

 

He averred that working with the Liberia Revenue Authority, he believes that
the government can achieve the One Billion USD revenue mark depending on how
growth is structured over the next six (6) years.

 

In a passionate call to the members of the Legislature, the Fiscal Boss
urged: "the nation needs us now to forge stronger partnership in developing
the needed fiscal policies to accelerate the country's pace of growth and
development".

 

Considering several favorable macroeconomic conditions, Minister Kamara had
a positive forecast of the country's medium term outlook.

 

"Over the medium term, we are seeking a growth path of five percent to eight
percent (5% to 8%) and possibly up to ten percent (10%) growth over the next
six years," added the Minister with a rich experience in the management of
both the fiscal and monetary sectors of the country's economy.

 

The Boakai's administration submitted the Draft 2024 National Budget to the
National Legislature on March 14, 2024. The projected revenue of the draft
budget is USD 692.2 million dollars.

 

- FrontPageAfrica.

 

 

 

 

Africa: Report - US Must Enhance Critical Minerals Strategy in Africa

State Department — The United States must refine its Africa policy with a
focus on critical minerals, including boosting its diplomatic and commercial
presence in African mining hubs, says a report from the Washington-based
United States Institute of Peace, or USIP.

 

The group says the changes are needed to safeguard against export controls
and market manipulation by geopolitical competitors.

 

The United States heavily relies on imports for many critical minerals for
use in electric vehicle batteries and other applications such as cobalt,
graphite and manganese.

 

"Especially concerning is that the United States is at or near 100% reliant
on 'foreign entities of concern' -- mainly the People's Republic of China --
for key critical minerals," says the USIP report.

 

 

Despite the efforts of the Biden administration and Congress to support U.S.
firms in African markets, progress remains measured, with no sign that China
and Gulf State competitors are retreating. The USIP report recommends the
U.S. government invests in "commercial diplomacy" in Africa.

 

For example, Washington should prioritize to fully realize the potential
benefits of a memorandum of understanding signed with the Democratic
Republic of Congo (DRC) and Zambia, following the U.S.-Africa Leaders Summit
in December 2022 to jointly develop a supply chain for electric vehicle
batteries.

 

The DRC produces more than 70% of the world's cobalt, while Zambia is the
world's sixth-largest copper producer and the second-largest cobalt producer
in Africa.

 

The USIP report also recommends that the U.S. increase the physical presence
of diplomatic and commercial officers in mining centers. Given the proximity
of the Congolese city of Lubumbashi to critical minerals, and the high
priority placed on the country's Lobito Corridor, USIP suggests reopening a
U.S. consulate in Lubumbashi, provided security levels are acceptable.

 

In the mid-1990s, the United States closed its consulate in Lubumbashi
following the end of the Cold War and the redirection of interests and
resources. Lubumbashi is the capital of the mineral-rich Katanga Province
and the second-largest city in the DRC.

 

Gécamines, the Congolese state mining company, is headquartered in the city,
as are other mining companies.

 

Other policy recommendations include prioritizing and leveraging existing
U.S. Agency for International Development programs to assist Africans with
rule-of-law and fiscal transparency efforts, expanding membership of the
Minerals Security Partnership to include African partners, as well as
assisting African nations in building technical capacity in the mining
sector.

 

Launched in June 2022, the Minerals Security Partnership, or MSP, is a
collaboration of 14 countries and the European Union to catalyze public and
private investment in responsible critical minerals supply chains globally.

 

U.S. officials say MSP members represent more than 50% of global gross
domestic product and currently run 23 projects that involve the extraction
and processing of cobalt, copper, gallium, germanium, graphite, lithium,
manganese, nickel and rare earth elements.

 

"We need to scale up our critical mineral supply chains to deploy clean
technologies more quickly, more effectively," U.S. Secretary of State Antony
Blinken told an MSP forum in Leuven, Belgium, earlier this month. "The
demand is rising. By 2040, demand for lithium is expected to grow by more
than 40%. Graphite, cobalt, nickel demand is set to grow 20 to 25 times."

 

- VOA.

 

 

 

Tanzania: State Pushes for Union Protection, Emblem for the Union Day
Cebrations Launched

Dodoma — THE Prime Minister Kassim Majaliwa has said that Tanzanians have
every reason to be proud of the country's Union, asking everyone to cherish.

 

and protect it by all means as it is the main pillar of the nation's
development and wellbeing.

 

Mr Majaliwa made the call yesterday as the country gears to celebrate 60
years of the Union between Tanganyika and Zanzibar on April 26,

 

2024.

 

He was speaking in Dodoma during an official launching of an emblem for the
Union Day celebrations-the occasion that equally coincided with the
launching of a theme for celebrating 60 years of the country's Union.

 

 

The theme for the much-awaited celebrations is '60 Years of the United
Republic of Tanzania: We are United, We are Strong.' The launched emblem
contains pictures of President Dr Samia Suluhu Hassan and Dr Hussein Ali
Mwinyi.

 

Speaking at the event that was attended by various top leaders, the Prime
Minister said that the Union has continuously remained as a catalyst for
development, insisting that it has also contributed to calmness, integration
and strong economy adding that it was a clear example in Africa and the
world at large.

 

"This is a unique Union of its kind in Africa and in the globe which has
intensified brotherhood and sisterhood in both parts of the country, because
it started with mixing sand from both parts but today,

 

we are mixing blood," he added.

 

 

According to him, despite minor challenges, Tanzanians have always remained
united and strong and that whenever union vexes arise, both

 

sides have always maintained dialogue in reaching a unified consensus.

 

"This is one of our national values that we need to cherish and protect at
any cost, therefore, I ask all Tanzanians to continue maintaining it because
there are many nations in the world that united

 

but later failed to maintain their Unions," he added.

 

Premier Majaliwa further used the occasion to provide a schedule for the
Union Day Celebrations which kick off on April 14 in Zanzibar where
President Mwinyi will officiate the launching, which will coincide with the
business exhibitions for Union institutions.

 

According to him, there will also be exhibitions at the Mnazi Mmoja Grounds
in Dar es Salaam on the Mainland side that will be officiated by Zanzibar's
Second Vice-President Hemed Abdulla.

 

 

"The celebrations will also be accompanied by the launching of development
projects between April 15 and May 2024," he noted.

 

On April 22, 2024 at Dodoma's Jamhuri Stadium, Vice-President Dr Philip
Mpango is expected to officiate National Prayers that will be attended by
clerics from all denominations.

 

Mr Majaliwa also said that on April 23, 2024 at Magogoni State House in Dar
es Salaam, President Samia is expected to launch a book containing a history
of the Vice-President's Office.

 

The next day on April 24 at State House in Dar es Salaam, Dr Samia is
expected to commission national medals to different personnels who have an
outstanding contribution to the Union.

 

In the similar schedule, Deputy Prime Minister and Minister for Energy, Dr
Dotto Biteko is expected to officiate the Union symposium scheduled to take
place at Tanganyika Packers.

 

The climax of the Union Celebrations according to the PM is expected to be
officiated by President Dr Samia at Uhuru National Stadium on April 26,
2024.

 

Speaking at the event yesterday, the Minister of State in the
Vice-President's Office (Union and Environment), Dr Selemani Jafo said that
within three years of President Samia in power, about 15 Union contentious
matters were resolved. So far, there are only four pending unresolved union
matters.

 

The event was also attended by the Minister of State in the Second
Vice-President's Office responsible for Policy, Coordination and Zanzibar
House of Representatives, Hamza Hassan Juma.

 

Prior to welcoming the Prime Minister, the Minister of State in the Prime
Minister's Office (Policy, Coordination and Parliamentary Affairs), Jenister
Mhagama said that with 60 years of the Union, Tanzania was now being led by
a woman President who has indeed shown her ability to lead the country and
the world that Tanzania remains strong, united and powerful.

 

- Daily News.

 

 

 

 

Somalia: Kenya's Miraa Exports to Somalia Suffer Due to High Levies

Kenya's miraa exports are taking a severe blow from steep levies, compelling
traders in Somalia to halt purchases of the stimulant from Kenya due to its
dwindling competitiveness in the market.

 

This development is adversely impacting local farmers who are unable to sell
their produce due to the lack of market options, given that Somalia stands
as the primary destination for miraa exports from Kenya.

 

To access the lucrative Somali market, Kenya's stimulant is burdened with a
hefty $4.5 levy per kilogramme, rendering it financially unviable for buyers
in Mogadishu.

 

Kenya's miraa traders argue that with the commission in place, the stimulant
in Mogadishu must sell for upwards of $30 for a bundle, which many consumers
cannot afford.

 

 

"With the effective rationalisation of the costs, the ideal price at the
moment, with the current rains should be $15 per bundle," said Chairman of
the Nyambene Miraa Traders Association (Nyamita), Kimathi Munjuri.

 

the expensive nature of the Kenyan miraa has seen those from Ethiopia gain
favour among buyers, overshadowing the Kenyan product.

 

"The imposition of this levy has significantly inflated miraa prices,
rendering it inaccessible to consumers in Somalia,"

 

Mr Munjuri further highlighted the predicament faced by airlines involved in
miraa transportation, as they grapple with idle capacity due to restricted
shipment quotas imposed by cartels, leading to underutilisation of aircraft
purchased specifically for servicing the stimulant trade.

 

 

Miraa plays a pivotal role in Kenya's foreign exchange earnings, having
contributed over Ksh50 billion since the resumption of exports to Somalia in
July 2022.

 

Despite efforts by elected leaders from Meru to broker a resolution, their
interventions have not yielded tangible results.

 

The industry lobby has vehemently criticised the government for neglecting
the plight of producers, attributing the current predicament to governmental
inaction against cartels responsible for imposing the punitive levy.

 

Expressing disappointment, the lobby emphasised the need for urgent dialogue
between the Kenyan and Somali governments to dismantle the cartel network,
reassess shipment quotas, and review import duties imposed in Somalia.

 

"We implore our government to fulfill its pledge of dismantling these
cartels siphoning off commissions, as promised by the President," remarked
Munjuri, underscoring the urgency of the situation.

 

- Business Day Africa.

 

 

 

 

East Africa's Retail Boom

Retail is emerging among the most vibrant sectors of the East African
economy. Kenya's capital city, Nairobi, has not only become an important
retail market in its own right but a stepping stone into the rest of the
country and wider East Africa. Nairobi is a rising regional shopping
destination, the headquarters to many regional retail and food and beverage
(F&B) businesses, and a launchpad for retail concepts into other East
African areas.

 

It is believed that urbanisation, a growing middle class and the rise of
digital connectivity are boosting the retail sector in Nairobi, according to
a consensus of thought leaders participating in the 11th annual East Africa
Property Investment (EAPI) Summit Retail Forum, which takes place on the
second day of the event to be held on 17 and 18 April 2024 in Nairobi,
Kenya.

 

 

Digitally savvy middle-class Kenyans are demanding local brand experiences
that align with what they see regionally, continentally and internationally,
and are boosting the retail sector in Nairobi. Rising consumer demand has
led to the development of strong local retail brands and the emergence of
international brands--all seeking to capitalise on this growing customer
base.

 

As a key sector of the property industry, retail is crucial to the growth of
a prosperous and thriving real estate market. For this reason, retail and
F&B will take centre stage at the #EAPI2024 Retail Forum, hosted in
Partnership with Village Market, Knight Frank and CBRE Excellerate.

 

The unique platform for East Africa's retail sector to meet and connect with
the region's leading landlords, brokers, financiers, advisory teams and more
will play a part in shaping Africa's most exciting retail market and
exploring regional and global trends.

 

 

Ryan Pape, Country Manager at CBRE Excellerate Kenya, notes that Nairobi's
infrastructural improvements and private sector investment have opened the
playing field to both local and international retailers and F&B chains.

 

"Nairobi's infrastructural improvements and private sector investment has
opened up the playing field to both local and international retailers and
F&B chains. We see increased public and private investment into roads, rail,
shopping malls, convenience malls, cold chains and distribution centres, to
name just a few areas."

 

Hooman Ehsani, Director of New Developments, Greenhills Investment Limited,
which built the Village Market Shopping & Recreation Complex in Nairobi and
took it through five expansions, including Tribe Hotel, believes that
well-positioned brands with the right product mix would do well to open a
store in Nairobi.

 

 

"The Nairobi F&B scene has become considerably more vibrant and appealing
over the last couple of years, with the success of some newer entrants
catalysing more creativity and energy, and encouraging more entrepreneurs to
venture into the space. Similarly, on the retail side, we've seen a
significant spike in interest as business owners aim to meet a growing
appetite, especially for locally produced fashion, home furnishings and
beauty services."

 

Ehsani adds, "Nairobi is now achieving a level of comfortable balance
between retail space in the right locations and better-quality retailers
with the right products for the market. There is renewed confidence within
the business community and increased optimism around stability and growth
opportunities."

 

Wambui Mbarire, CEO at RETRAK Kenya, reports that the biggest recent change
in the market is the increased diversity of retail partners to rent the
newly developed spaces.

 

"Whereas historically, there were one or two potential tenants with the
capacity to rent prime retail real estate, the growth of the sector has seen
more options available to landlords."

 

Mbarire notes that Nairobi, with its diversity and cosmopolitan nature, is a
great place to test and tweak brands for launch into other Kenyan and East
African towns and cities.

 

"The urbanisation that we are seeing countrywide is also providing retail
property players with additional locations outside of the traditional
Nairobi, Mombasa and Kisumu axis. Good examples of this include Nakuru,
Eldoret, Naivasha as well as Kajiado, Kitengela, Kiambu, Limuru, Thika and
Ngong."

 

Mark Dunford, CEO at Knight Frank Kenya, states, "Nairobi's retail, food,
and beverage sector is experiencing a dynamic growth surge, driven by the
strategic expansion of both local and international retailers. This growth
is a result of the city's increasing urbanisation and consumer spending,
which have been supported by private equity investments. The burgeoning
retail landscape offers lucrative opportunities for both investors and
retail brands. As Nairobi's status continues to grow into a prominent hub,
it offers investment prospects for stakeholders in the retail property
sector and capital investors. This is largely attributed to a boost in
investor confidence, fuelled by government-led infrastructure projects and
the growing allure for international retail entities.

 

In today's market, establishing a presence in Nairobi is exceptionally
attractive for retail brands. The city's upgraded infrastructure, combined
with the robust growth of both local and multinational retailers, cements
its position as one of the premier retail markets in Africa.

 

Murray Anderson-Ogle, GM of Marketing and Commercial at API Events, adds,
"Kenya is a key market with many successful local homegrown retail brands,
including those operating in the vibrant F&B arena, and it has the clear
potential to be an African retail real estate powerhouse."

 

All agree that the surging retail market requires a platform to connect with
its real estate stakeholders, and the EAPI Retail Forum answers this need.
#EAPI2024 Retail Forum is exclusively in-person at Radisson Blu, Upper Hill,
Nairobi.

 

"The understanding of this market's changing needs that will be provided at
the EAPI Retail Forum is beneficial to landowners, developers, investors,
and property professionals alike," highlights Pape.

 

"EAPI has been at the leading edge of the conversation around property
trends in the region, and investment in retail and F&B operations has become
a significant part of the investor interest," says Ehsani.

 

Mbarire concludes, "This is the natural progression of the market, and
establishing the EAPI Retail Forum now will ensure participation in one of
the most vibrant sectors of the East African economy."

 

The Retail Forum of the 11th East Africa Property Investment Summitt will
take place on 18 April 2024 at Radisson Blu, Upper Hill, Nairobi, Kenya.

 

- Independent (Kampala).

 

 

 

 

Nigeria: Road Project - Residents of Lagos Community Protest Planned
Demolition of Properties

The protesting residents said their properties had been marked for
demolition and urged the government to shelve the plan.

 

Residents of Okun-Ajah community in Lagos State on Monday protested at the
State House of Assembly over the plan to demolish their properties for the
proposed Lagos-Calabar Coastal Road project.

 

The protesting residents, numbering about 100, said their properties had
been marked for demolition and urged the government to shelve the plan.

 

Leading the protesters, Saheed Olukosi urged the government to follow due
process in handling the matter by reverting to the original gazetted Right
of Way (RoW).

 

 

Mr Olukosi said that the community had checked at the Ministry of Physical
Planning and had got confirmation that their buildings did not encroach on
the RoW of the coastal road alignment.

 

He said that those who deliberately built on the existing RoW should be the
ones having problems.

 

"We are aware of the Federal Government of Nigeria's decision to construct
Lagos-Calabar Coastal Road and series of alignment verification has
commenced.

 

"Okun-Ajah community specifically has preserved the portion of the alignment
gazetted in the survey attached to the Certificate of Occupancy prepared and
signed by Lagos State Surveyor General.

 

"Also, the alignment has been marked by Lagos State Ministry of Physical
Planning and Urban Development since 2006/2013 respectively.

 

"At no point or time did we receive any formal communication that the
alignment of the coastal road has been shifted from the original alignment
being gazetted by the Lagos State Surveyor-General.

 

"On our part, before we bought the land and erected our properties, which
clearly has a global CofO dated December 2006 No 69/69/2006AC, we have
double-checked from the Ministry of Physical Planning that we did not
encroach on the Right of Way of the coastal road alignment. So, our
properties should not be marked for demolition" he said.

 

Another resident, Ridwan Adekunle, said that approaching the alignment from
Ahmadu Bello Way to their community, there was a serious deviation from the
approved coastal road by the field officers from the Ministry of Physical
Planning and the Federal Ministry of Works.

 

"They had been following the alignment, but when they got to our community
they deviated. They had their coastal road clearance, C of O, and our land
is covered by the global C of O," Mr Adekunle said.

 

Addressing the protesters, Desmond Elliot, representing Surulere
Constituency I, promised that the matter would be looked into at the
resumption of plenary.

 

Mr Elliot assured that the assembly would call all the parties involved and
the issue would be fully addressed.

 

(NAN)

 

- Premium Times.

 

 

 

 

Kenya: Infrastructure Last Frontier to Unlock Africa's E-Commerce Potential

Nairobi — In less than a month it will be six years since the grand dream to
create a single African market for 1.2 billion people plus took a concrete
step and therefore now is a good time to reflect on how far we have come and
what we need to do to achieve this goal.

 

March 21 will be the sixth anniversary since the establishment of the
African Continental Free Trade Area (AfCFTA) and there have been many gains
made that are catalyzing efforts to achieve the goal of a seamless
continental market.

 

One area that has the potential to create a borderless and efficient market
as envisioned by AfCFTA is Africa's e-commerce space which Statista
estimated hit the $40 billion-mark last year, this is still small in
comparison to other markets but is still commendable considering that the
market was worth an estimated $29 billion in 2022. Translated this is a 38%
increase.

 

 

So how do we grow this further?

 

For successful e-commerce to happen there must be massive investments in
three critical areas. First, a good, affordable, and reliable internet
network must be available. Consumers, in turn, need to access these services
by possessing internet devices and affording internet plans.

 

Second, there must be a reliable and efficient payment system. Buyers and
sellers must be able to freely and efficiently trade, including having
internet-enabled devices that can allow for reversal of transactions.

 

Third, physical infrastructure must be in place i.e. good roads and of
course, a physical address system or distribution points must be in place to
ensure goods delivered can easily be accessed.

 

 

So, where are we?

 

Looking at where we are Africa is experiencing significant advancements in
the three above areas. Although gathering comprehensive statistics is
difficult due to the continent's vastness and uneven development, a World
Bank report presents a promising picture including important developments in
infrastructure.

 

Between 2002 and 2018, in the areas of mobile networks and broadband
internet, the penetration rate increased significantly as a result of these
critical investments which resulted in it increasing from 2.1% in 2005 to an
astounding 24.4% by 2018.

 

Penetration numbers are higher today due to the continuous fall in the cost
of data and smartphones.

 

Moving on

 

 

If we look at payment systems, Africa, led by the mobile money transfer
services evolution is scoring high. Kenya for instance has the M-Pesa mobile
money transfer service that has evolved to enable users in East Africa to
freely exchange money.

 

This is important because e-commerce platforms and individuals can sell
goods and services because there is an instant payment platform, giving them
confidence.

 

Today Kenyans are ordering for agricultural products from Kampala through
WhatsApp, paying via M-Pesa.

 

Companies have joined the bandwagon. Data from Disrupt Africa shows that
there are 400 fintech on the continent that are now offering services beyond
payments to include finance and insurance.

 

But if we move to the third key ingredient that can catalyze Africa's
e-commerce place, the physical infrastructure such as road and rail, we find
that this is where we will need more investment.

 

Outside of large cities, a significant portion of Africans live in locations
without specific addresses, especially in isolated rural areas far from the
distribution centers which technically locks them out of e-commerce benefits
for obvious reasons. Companies must be able to efficiently pick or drop off
goods at an affordable price.

 

In several African nations, inadequate infrastructure
development--particularly in the area of logistics and transportation--has
had a major impact. More specifically, the lack of investment in these vital
sectors directly accounts for up to 75% of the cost of items supplied.

 

The above example effectively demonstrates how an effective transportation
network serves as the crucial component lacking in smooth e-commerce
transactions throughout Africa, especially in the context of the AfCFTA.

 

The continent's capacity to realize the full benefits of digital trade will
only be successful if we invest in vital infrastructure including roads,
internet connectivity, and storage.

 

The timing for such investment that can fully harness e-commerce is ideal
since there is a strong argument for African nations to keep trading with
one another.

 

Contracting markets in the West and Asia presents a case for more
intra-Africa trade.

 

The writer is Verto Kenya Country Manager

 

- Capital FM.

 

 

 

 

Kenya: President Ruto - Hustler Fund Will Be Shariah Compliant

Nairobi — The Hustler Fund will be recalibrated to allow Muslims consume the
product.

 

President William Ruto said packaging the Fund to be Shariah compliant will
deepen financial inclusion in Kenya.

 

He said so far more than seven million Kenyans are benefiting from the
Hustler Fund that is barely 16 months old.

 

"We will also adjust other Government financial instruments to comply with
the Islamic Law," he explained.

 

He added that the move will make available more funds to drive the country's
development.

 

President Ruto spoke on Monday evening at State House when he hosted the
Iftar Dinner.

 

He challenged religious leaders to be on the forefront in praying for the
country.

 

"We are on track to making Kenya a better country for all. It is our
responsibility to make it greater," he noted.

 

About The Author

 

PRESIDENTIAL COMMUNICATION SERVICE

 

See author's posts

 

- Capital FM.

 

 

 

Ghana: Stakeholders Hold Crunch Meeting Over Energy Crisis

Players in the energy sector value chain on Saturday held a crunch meeting
to discuss the erratic power supply in the country.

 

Convened by the Mines and Energy Committee of Parliament, the meeting was
attended by representatives from the Ministries of Finance and Energy, the
Electricity Company of Ghana, the Ghana Grid Company, the Volta River
Authority, the Bui Power Authority, the Northern Electricity Development
Company, and Independent Power Producers.

 

Speaking with the media after the closed-door meeting, chairman of the Mines
and Energy Committee and MP for Akyem Abuakwa South, Samuel Atta Akyea, said
they had listened to all the stakeholders and had a better grasp of the
issues bedeviling the sector.

 

Having come to that realisation, he then said the need for a load shedding
timetable to manage the situation had become inevitable as the players in
the value chain find solution to the crisis.

 

"[The need for a timetable] is not negotiable. The Committee was very strong
on that. If there are power outages, it could be a problem.

 

 

"But the bigger problem is that those who are enjoying power should know
when it will be available so that they can plan their lives around the
timetable," he outlined.

 

According to Mr Akyea, it came to the fore at the meeting that the
underlining cause of the power outages was the inability of the suppliers to
generate enough power for onward distribution to consumers.

 

"You won't have power outages if demand is met by supply. So if there is
under generation, which there is an admission there is, we should do
everything within our power to generate enough to meet demand."

 

The inability to meet demand, the lawmaker said, was as a result of lack of
finances to procure fuel in order to keep the generation going because "if
the (players along the value chain) have money to cater for operational
cost, we will have good supply of power and bring to an end the outages."

 

 

The next step of the Committee's work, Samuel Atta Akyea said, would be to
monitor how the stakeholders proceeded after the meeting and see to it that
the issues were resolved and ensure that the outages did not become a
permanent feature going forward.

 

President Nana Addo Dankwa Akufo-Addo, Mr Akyea said "is acutely aware of
his record which is on the line. What I am hearing is consistent with what
he is thinking and it will not be too long things will come to normalcy. He
is more concerned than we think."

 

Ranking member on the Committee and MP for Yapei-Kusawgu, John Jinapor,
noted that claims of replacement of transformers as the cause of the problem
was a hoax.

 

"It is obvious that it is generation challenge. It has been confirmed that
there is a deficit. Even as at yesterday (Friday) they were shedding load.
So clearly, the issue of transformers is neither here nor there," he stated.

 

He said the ministries of finance and energy had assured that government was
looking for money to procure the fuel and once that was done and
consistently, the outages would be curtailed.

 

But, Managing Director of the ECG, Samuel Dubik Mahama, said the company was
doing well to keep the lights on, maintaining that load was not being shed.

 

"We are doing our best. The lights are going to stay on. Most of the
transformers we spoke about and intensification processes are almost done.
So we should stay positive. Currently, we are not shedding load."

 

- Ghanaian Times.

 

 

 

 

Kenya's Sugar Pricing Committee Cuts Cane Prices By 14 Percent

Kenya's Sugar Pricing Committee has implemented a 14 percent reduction in
the price of sugarcane, responding to a concurrent decrease in the cost of
the commodity on the retail market.

 

In the most recent review, the committee, mandated with periodically
assessing sugarcane prices, revised the cost from Ksh5,900 per tonne in
March to Ksh5,100, marking one of the sharpest cuts in recent months.

 

"The second Interim Sugar Pricing Committee held a meeting on Thursday April
4, 2024 in Kisumu. During the meeting to review sugarcane price, the
committee resolved that the new sugarcane price will be Ksh5,100 effective
Monday April 8,2024," said the Head of Sugar Directorate Jude Chesire in a
letter to stakeholders.

 

Agriculture and Food Authority cited a notable decline in retail sugar
prices as the driving factor behind this adjustment.

 

"The sugar prices have gone down further that is why, and this is attributed
to increased production," said Mr Chesire.

 

 

Presently, a two-kilogramme sugar packet is available at Ksh390, down from
Ksh450 in August of the previous year.

 

However, data from Kenya's statistics agency-KNBS, indicates the price of
sugar was up by 21 percent in March.

 

To determine the sugarcane cost, the committee considers prevailing sugar
prices and ex-factory rates, aiming for equitable returns to both growers
and millers.

 

The committee comprises representatives from various entities, including
AFA, the Ministry of Agriculture, farmers, millers, and sugar-producing
counties.

 

The government had last year put measures in place to tame the rising cost
of the sweetener in the market. The intervention included boosting imports
to enhance local supply and improving the efficiency of domestic millers.

 

The decline in price of commodity is also attributed to increased local
sugar production after it permitted sugar factories to fully resume
operations last December.

 

In July last year, the regulatory body imposed a four-month ban on cane
milling to allow the crop in the fields to mature before resuming
production.

 

This decision coincided with India, a major global sugar producer, imposing
export restrictions to safeguard its local stocks amid a worldwide shortage
that escalated sugar prices.

 

- Business Day Africa.

 

 

 

 

Jamie Dimon: Bank boss warns US interest rates could rise to 8%

The boss of one of the world's biggest banks has warned US interest rates
could climb to 8%.

 

Jamie Dimon, the head of JPMorgan Chase, said his bank has prepared for
interest rates to jump because of "persistent inflationary pressures".

 

Central banks around the world have been busy raising rates in a bid to
dampen rising prices.

 

But with US inflation gradually easing, the overwhelming expectation is for
the Federal Reserve to cut rates this year.

 

Markets are pricing in two quarter-point rate cuts in 2024.

 

 

In his annual letter to shareholders, Mr Dimon said that the bank was ready
for a "very broad range" of rates, from 2% to 8% or even higher, potentially
pushed up because of high government spending and the need to curb price
rises.

 

Mr Dimon's comments come as US interest rates rest in the range of 5.25% to
5.5% - higher than they have been for more than 20 years.

 

By making borrowing more expensive, higher interest rates encourage saving
and reduce borrowing for home purchases and business investments, cooling
the economy and easing the pressures pushing up prices.

 

Mr Dimon has long warned that investors may be overly confident in their bet
that interest rates will rapidly fall back to lower levels. Last year he
suggested rates could hit 7%.

 

 

"All of the following factors appear to be inflationary: ongoing fiscal
spending, remilitarization of the world, restructuring of global trade,
capital needs of the new green economy, and possibly higher energy costs,"
Mr Dimon wrote in this year's letter.

 

The US Federal Reserve will make its next decision on which way interest
rates will move at the end of the month.

 

The expectation is that it will hold rates at the current level with the
first cut potentially coming in June. The European Central Bank is also
expected to make its first cut in June.

 

On Tuesday, some analysts questioned, however, whether rate cuts lie in
store for the summer in the US.

 

To date, higher borrowing costs have not been the big drag on the US economy
that they were expected to be.

 

 

Though some sectors, such as housing, have slowed sharply, the unemployment
rate remains below 4% and businesses, bolstered by government and consumer
spending, are still adding jobs at an unexpectedly rapid pace.

 

The latest US inflation figures, are due to be published on Wednesday, with
the CPI measure of inflation expected to rise to 3.4% year-on-year, up from
3.2% in February and perhaps making it harder to justify rate cuts.

 

In a speech delivered at Stanford University at the beginning of April, the
Federal Reserve chair Jay Powell said: "If the economy evolves broadly as we
expect, most Federal Open Market Committee participants see it as likely to
be appropriate to begin lowering the policy rate at some point this year."

 

Mr Dimon has been chief executive of JPMorgan Chase since the end of 2005.
One year later he also became chairman and president of the bank. He is the
longest-serving chief executive of a major investment bank.

 

In his letter to shareholders, he also said that he sees the United States
as being at a "pivotal moment" in the midst of global uncertainty.-bbc

 

 

 

 

Tesla to settle over fatal Autopilot crash

Electric car giant Tesla has agreed to settle a lawsuit over a crash in 2018
which killed Apple engineer Walter Huang after his Model X, operating on
Autopilot, collided with a highway barrier.

 

The case, brought by Mr Huang's family, was scheduled to begin in the
California Superior Court this week.

 

If the trial had gone ahead, it would have brought increased scrutiny of the
firm's Autopilot and Full Self-Driving technology.

 

The terms of the settlement were not disclosed and reports have said the
deal still needs to be approved by a judge. Tesla did not immediately
respond to a BBC request for comment.

 

Before the settlement, Tesla argued that Mr Huang had misused the system
because he was playing a video game just before the accident.

 

The firm has previously won trials in California by arguing that drivers
involved had not followed its instructions to maintain attention while using
the system.

 

The electric vehicle (EV) maker faces a series of lawsuits over crashes
related to the alleged use of its driver-assistant technology.

 

The US National Highway Traffic Safety Administration has also been
investigating some accidents involving Autopilot.

 

For many years, Tesla has promised to produce an autonomous car but has yet
to launch one.

 

On Friday, Mr Musk said the company plans to unveil a self-driving robotaxi
in August.

 

The settlement with Mr Huang's family comes at a time when the company is
battling weakening sales.

 

Deliveries slid sharply in the first three months of this year as Tesla
grappled with a fire at its European factory, global shipping disruption and
growing competition.

 

Tesla has cut prices repeatedly in response to increased competition from
rivals such as BYD but demand in key markets like China has fallen.

 

Tesla's shares have lost almost a third of their value since the start of
this year.-bbc

 

 

 

Without support, many menopausal workers are quitting their jobs

Menopause-related symptoms can be debilitating. Many workers say they lack
employer programmes – and have no choice but to leave their roles.

 

In March 2016, Madhu Kapoor decided to resign from her position in the
British government department where she'd worked for 23 years. "I loved what
I did, and I was loyal and committed," says the 58-year-old, from north
London. "But I wasn't coping, and I thought the best thing to do was to
leave."

 

The mother-of-two was in her mid-40s when she first began experiencing
symptoms of perimenopause. She suffered with night sweats, heart
palpitations and migraines that left her feeling weak and lethargic. She
struggled to focus at work, and dreaded attending the regular meetings that
were part of her job as a recruitment specialist. "I lost all my confidence.
I thought I wasn't good at anything," she says.

 

But when she shared how she was feeling with her leadership team, she says
she didn't get the reassurance or emotional support she was looking for.
About six months after that conversation, she decided to hand in her notice.
Though her family was shocked, she felt she had no choice. "I didn't know
who to turn to."

 

The topic of the menopause is becoming less taboo in some countries, as
grassroots campaigns like Menopause Mandate and Let's Talk Menopause help
break down stigma and build awareness. Yet its professional impact on women
(and anyone who experiences the menopause) remains largely unaddressed, say
experts. 

 

 

In a late 2023 survey, UK workplace-healthcare provider SimplyHealth
surveyed more than 2,000 working women aged 40 to 60. Twenty-three percent
considered resigning due to the impact of the menopause, and 14% are said
thy are planning to hand in their notice. Although the survey's sample size
is small relative to the seven-million women in the UK workforce in that age
bracket, it does support anecdotal evidence from women speaking out publicly
about their experiences as a menopausal worker. And if the issue remains
unaddressed, it could impact millions of workers who take the same decision
to leave. 

 

Plus, even for workers who don't leave, the financial toll of sick days,
unpaid leave and missed opportunities due to menopause adds up to an
astronomical cost. Researchers from the Mayo Clinic estimate women's losses
at $1.8bn (£1.43) per year in the US alone.

 

Courtesy of Chiren, Kappor and Fadal From left: Lauren Chiren, Madhu Kappor
and Tamsen Fadal (Credit: Courtesy of Chiren, Kappor and Fadal)Courtesy of
Chiren, Kappor and Fadal

>From left: Lauren Chiren, Madhu Kappor and Tamsen Fadal (Credit: Courtesy of
Chiren, Kappor and Fadal)

Some employers have seen the dire need to support these mid-career workers –
many of whom are in leadership positions – and have introduced
menopause-specific support programmes. Yet experts say that change needs to
happen faster – or millions more workers like Kapoor may feel they have no
alternative but to quit.

 

'I just couldn't continue at that pace'

Nearly eight out of 10 women go through the menopause while they're still at
work, according to London's Faculty of Occupational Medicine. Most will
experience its onset between the ages of 40 and 58, with the transition
phase in which hormones begin to fluctuate – called "perimenopause" –
lasting up to eight years.

 

 

Three quarters of people will experience at least some effects during this
time, with night sweats, fatigue, headaches, joint pain and anxiety among
the 34 medically recognised symptoms. And for, 25% of people, these symptoms
will be debilitating, with a significant impact on their day-to-day lives. 

 

Despite how widespread the problem is, workers going through menopause
report rarely feeling supported. Recent data from consultancy Korn Ferry
showed only 26% of 8,000 women surveyed received help via formal workplace
programs or policies; and in a 2023 survey of 11,000 female union members by
UK trade union Unite, four of five women reported their employer provides no
support at work for those with menopause symptoms.

 

We have to ask ourselves when women leave the workplace at this age or
during this transition, how many are not talking about why – Tamsen Fadal

Many workers not only lack help from formal programmes, but also feel they
don't have an open avenue to even broach the subject of the menopause.

 

 

 

Samantha was 40 years old and working as the PR director of a manufacturing
company when she first began experiencing fatigue, hot flushes and brain fog
at work. At first, it didn't occur to her the symptoms could be a sign of
the menopause. The topic only surfaced when she visited the doctor about the
frequent, heavy periods that had sapped her energy. Throughout the next two
years, the mother of two found it increasingly difficult to manage the
demands of her role alongside severe symptoms. Weekly trips from London to
New York, regular 05:00 starts and juggling multiple responsibilities took
their toll. "I just couldn't continue at that pace," she says.

 

Samantha briefly considered the idea of bringing up the topic with the
person designated to handle HR matters at the company, but his age and
gender made it feel awkward, she says. When she finally floated the idea of
a job share or bringing on an extra person to manage her workload, her CEO
declined the ask. Feeling left with no other option, she handed in her
notice six months later, and opted to start working as a freelance PR and
marketing consultant instead.

 

'No-one wanted to talk about it'

Tamsen Fadal, a US-based journalist, author and menopause-support advocate,
believes the number of women who feel compelled to quit because of the
menopause is under-documented and underestimated. "We have to ask ourselves
when women leave the workplace at this age or during this transition, how
many are not talking about why," she says. "This is a real issue."

 

For many people, the topic of menopause remains taboo. Fadal believes people
find it particularly difficult to share their struggles and articulate the
help they need from employers. "No-one wanted to talk about it from our
mothers to our doctors, so how could employers?" The threat of ageism makes
it even harder for many women to speak out, she adds. "Going in and
articulating our needs is scary. The fear of ageing out of a workplace has
not left our minds."

 

Getty Images Many women say they feel alienated around male leaders while
going through the menopause (Credit: Getty Images)Getty Images

Many women say they feel alienated around male leaders while going through
the menopause (Credit: Getty Images)

 

The fact that many leadership teams remain male dominated adds to the
decision to keep quiet in the workplace, says Lauren Chrien, a UK-based
menopause-acceptance advocate and professional coach. "With men still
occupying a majority of senior leadership positions in most sectors, there
can be a lack of understanding or empathy towards menopause as a critical
health issue."

 

Closing the gap 

Some companies are working to change, rethinking their benefits suites to
help provide better accommodations and programmes for menopausal women.
Adobe, Bank of America and Bristol Myers Squibb are among a handful of major
global employers now offering menopause-specific benefits, such as access to
specialist private medical advice, paid leave and hormone replacement
therapy (HRT) covered by health-insurance plans. Smaller companies, too, are
beginning to understand the importance of these programmes, and take similar
approaches.

 

There's still much more work that needs to be done, however. "Some
workplaces are being proactive in providing support, but others may not
believe it's necessary, or don't know where to begin," says Fadal. 

 

That's why several campaigners, charities and organisations are working to
close this gap. The Menopause Workplace Pledge – in which UK employers
commit to actively provide menopause support to their staff – has been
signed by more than 2,600 employers, including Tesco, the Royal Mail and NHS
England since 2011. Last year, US advertising agency TBWA\Chiat\Day
partnered with the Menopause Information Pack for Organizations (Mipo) to
launch the #HotResignation tag. It called on HR leaders to consider how
resignations were connected to the menopause, and provided free toolkits and
resources to help them improve retention.-bbc

 

 

 

 

Boom times for US green energy as federal cash flows in

President Biden signed the Inflation Reduction Act into law in August 2022

In February US company LanzaJet, which produces sustainable aviation fuel
(SAF) from ethanol, announced that it intended to build a second, larger
plant on US soil.

 

The Inflation Reduction Act (IRA) was a "big influence", says Jimmy
Samartzis, its chief executive.

 

The second plant would add to its facility in Soperton, Georgia - the
world's first commercial scale ethanol-to-SAF plant.

 

"We have a global landscape that we are pursuing
[but] we have doubled down
on building here in the United States because of the tax credits in the IRA,
and because of the overall support system that the US government has put in
place."

 

Signed into law by President Biden in August 2022, the IRA, along with the
so-called Bipartisan Infrastructure Law (BIL) enacted in November 2021, are
intended, amongst other things, to funnel billions of federal dollars into
developing clean energy.

 

 

The aim is to lower greenhouse gas emissions, and incentivise private
investment, to encourage the growth of green industries and jobs: a new
foundation for the US economy.

 

With a 10-year lifespan, and a cost originally estimated at $391bn (£310bn)
but now predicted to reach over $1tn - the final figure is unknown - the IRA
offers new and juicer tax credits, as well as loans and loan guarantees for
the deployment of emissions reducing technology.

 

The tax credits are available to companies for either domestically producing
clean energy, or domestically manufacturing the equipment needed for the
energy transition, including electric vehicles (EVs) and batteries.

 

Consumers can also receive tax credits, for example for buying an EV or
installing a heat pump. The tax credit for SAF producers like LanzaJet is
new in the IRA and, offers between $1.25 to $1.75 per gallon of SAF (though
it only lasts five years).

 

Complementary is the BIL, which runs for five years and provides direct
investment largely in the form of government grants for research and
development and capital projects. Under the BIL, about $77bn (£61bn) will go
to clean energy technology projects, according to the Brookings Institution
which monitors the law.

 

 

Ascend Elements EV battery recycling company Ascend Elements.Ascend Elements

Ascend Elements extracts useful materials from old batteries

One company to benefit so far is EV battery recycling company Ascend
Elements.

 

It has won BIL grants totalling $480m (£380m), which it is matching a
similar amount in private investment to build its second commercial facility
in Hopkinsville, Kentucky.

 

"[The IRA and BIL] are massive investments
 larger than the infrastructure
related provisions in the New Deal," says Adie Tromer from the Brookings.
"There is a clear sense that America has become more serious about
transitioning to a cleaner economy."

 

While rules for some tax credits are still being finalized, tens of billions
in actual public spending is flowing into the economy, says Trevor Houser at
the Rhodium Group, an independent research provider. Rhodium, together with
the Massachusetts Institute of Technology, runs the Clean Investment Monitor
(CIM) to track US clean technology investments.

 

 

According to recently updated CIM data, in the 2023 fiscal year, the federal
government invested approximately $34bn (£27bn) into clean energy, the vast
majority through tax credits.

 

The extent to which the policy instruments are so far spurring not just
announcements - of which there are plenty - but real extra private
investment is harder to know: clean energy investment has been on a general
upward trend anyway and the IRA hasn't been around long. But experts believe
it is rising.

 

Total clean energy investment in the US in the 2023 calendar year including
from both private and government sources reached a record $239bn (£190bn),
up 38% from 2022 according to the CIM data.

 

Clean energy investment in the US, as a share of total private investment,
rose from 3.7% in the fourth quarter of 2022 to 5% in the fourth quarter of
2023.

 

The IRA has had two main positive effects thus far, says Mr Houser.

 

 

It has "supercharged" private investment in more mature technologies which
were already growing very rapidly like solar, EVs and batteries.

 

Getty Images An engineer works on a hybrid direct air carbon capture
technology pilot site in Bakersfield, California, UGetty Images

Emerging technologies like CO2 capture have seen "dramatic" growth in
investment

It has also, combined with the BIL, led to a "dramatic growth" in investment
in emerging climate technologies like clean hydrogen, carbon dioxide capture
and removal and SAF. While the total magnitude of those investments are
still relatively small compared to the more mature technologies, "the IRA
fundamentally changed the economics" says Mr Houser.

 

But the IRA is failing to reach some parts of the green economy: so far it
hasn't lifted investment in more mature technologies which have been falling
like wind and heat pumps, though Mr Houser notes things may have fallen
further without the IRA.

 

On the industry's mind is the fate of the laws, particularly the
longer-to-run IRA, should there be a change of government in the US November
elections.

 

 

Repealing or amending the IRA (or BIL) would require Republican control of
the Presidency, Senate and House - though wholesale repeal would likely face
meaningful opposition from within. The rub is many of the projects that the
IRA is incentivising are being or will be built in Republican states or
counties.

 

Yet a Republican president alone could potentially frustrate things for
example by slowing or deferring loans or grants, or amending the rules which
serve the laws. "A Trump presidency would definitely chill the atmosphere
and possibly more," says Ashur Nissan of Kaya Partners, a climate policy
advice firm.

 

The Heritage Foundation, a conservative think tank and purveyor of
hard-right ideas for the next conservative President, advocates repeal for
both the IRA and BIL. For the organization's Diana Furchtgott-Roth, a former
Trump administration official, it is fiscally irresponsible for the US, with
its vast deficit and debt, to be spending like this.

 

It is also time, she says, that renewable energy such as solar and wind,
into which subsidies have been poured for years, stood on their own feet.

 

Yet others argue the US can't afford not to do take this path. And the point
of the loans program is to take risks to help unlock new solutions that
scale. "It would be failing if there weren't any so called 'failures' within
it," says Richard Youngman, of Cleantech Group, a research and consulting
firm.

 

 

Some European clean energy manufacturing companies are now building
facilities in the US to take advantage of the tax credits that otherwise
would have been built in Europe including solar panel maker Meyer Burger and
electrolyser manufacturers Nel and John Cockerill.

 

"The US wasn't a market for some of these companies in the past because
Europe was more active," says Brandon Hurlbut, of Boundary Stone Partners, a
clean energy advisory firm.

 

The EU's Net Zero Industrial Act (NZIA) is expected to enter into force this
year. It doesn't involve new money, but seeks to coordinate existing
financing and introduces domestic favourability for the first time - putting
in place a non-binding target for the bloc to locally manufacture 40% of its
clean energy equipment needs by 2030.

 

In the UK, chancellor Jeremy Hunt has made clear he isn't interested, nor
can the UK afford to copy the IRA's approach in some "distortive global
subsidy race" and will stick to other ways of helping. The Labour party
recently scrapped its $28bn green investment plan seen as a stab at leaning
into an IRA style policy.

 

A global audience will be watching as the US's clean energy juggernaut
unfolds. And if it leads others to ask what more they can do to produce
clean energy products - even if just for reasons of economic opportunity -
it will be good for humanity's sake, says Mr Hurlbut.-bbc

 

 

 

 

TSMC wins subsidies to expand US chip manufacturing in Arizona

Chip giant Taiwan Semiconductor Manufacturing Company (TSMC) has agreed to
build a third factory in Arizona, raising its total investment in the United
States from $40bn (£32bn) to $65bn (£51bn).

 

The US government has committed $6.6bn in subsidies and $5bn in possible
loans to support the plans.

 

The deal is part of an effort to boost semiconductor production in the US.

 

The US is currently highly dependent on Asia, especially Taiwan, for chips.

 

But it has been pushing to expand local supply amid increased tension with
China, citing economic and national security risks.

 

In 2022 the country approved more than $50bn in grants to support
manufacturing and research for the industry.

 

The Commerce Department has predicted that the investments will expand
America's share of production of the most advanced chips from zero to about
20% by 2030.

 

Laurie Locascio, Under Secretary of Commerce for Standards and Technology,
said the latest support for TSMC marked an "inflection point... that would
restore our nation's leadership in an industry that is foundational to the
US and global digital economy".

 

TSMC, headquartered in Taiwan with a large presence in China, is the world's
largest maker of semiconductors with clients including Apple.

 

It announced its first US factory in 2020. That facility is expected to open
next year and TSMC said a second fab at the complex would start making chips
by 2028.

 

The third facility, announced on Monday, is expected to open by the end of
the decade.

 

The Commerce Department said the deal would create at least 6,000 direct
high-tech jobs, 20,000 in the construction of factories, and tens of
thousands of indirect jobs.

 

TSMC has already pushed back production timelines, because of a shortage of
skilled labour and some questions around US government incentives.

 

The investment comes as US Treasury Secretary Janet Yellen wraps up a visit
to China, where she has been trying to ease tensions between the two giants,
which have flared over issues such as semiconductors and green technologies.

 

Ms Yellen said she thought the relationship had improved, while continuing
to voice concerns about Beijing economic policies that were also a focus
under former President Donald Trump.

 

She spoke out against Chinese government support for companies making
electric cars, solar panels and other projects, though she stopped short of
threatening new tariffs.

 

The US currently imposes steep import duties on electric cars made in China,
a tax other places, including Europe and the UK, are debating.

 

Chinese officials said that their companies' success was due to strong
supply chains and decried the "escalation of green protectionist measures by
some developed economies", according to Reuters.

 

Stephen Olson, a former US trade negotiator and senior adjunct fellow at the
Pacific Forum, told the BBC that both countries had an interest in "trying
to improve the mood music" and signalling "to the rest of the world that the
relationship was being managed".

 

But he said nothing material will have changed as a result of the talks.

 

"China will continue to believe correctly or incorrectly, that the United
States is determined to block its 'peaceful rise', and the United States
will continue to believe correctly or incorrectly, that China engages in a
host of predatory economic and trade policies, which threaten the
rules-based global system," he said.

 

"Those were the perceptions that were entrenched before the meeting started.
And when Janet Yellen gets on the plane and flies back to Washington, I'm
afraid those perceptions will remain entrenched."-bbc

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

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> 

 


 

 


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