Major International Business Headlines Brief::: 10-April 2024

Wed Apr 10 10:25:24 CAT 2024

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Major International Business Headlines Brief:::  10 April 2024 

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

ü  Ghana: 'Over 700 Ghanaian Products Absorbed Under AfCFTA's Guided Trade Initiative' - Pres Akufo-Addo

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  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  Boeing hit after new whistleblower raises safety concerns

ü  HSBC agrees to sell off its Argentina business

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

ü  Tesla to settle over fatal Autopilot crash

ü  Spain to axe 'golden visas' scheme

 <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/> 

Ghana: 'Over 700 Ghanaian Products Absorbed Under AfCFTA's Guided Trade Initiative' - Pres Akufo-Addo

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has during the State visit of the President of Guinea-Bissau Umaro Mokhtar Sissoco Embaló, announced the giant strides being made by Ghanaian products under the Guide Trade Initiative of the African Continental Free Trade Area.

Following the maiden roll out of the Guided Trade Initiative, President Akufo-Addo said, over 700 AfCFTA self-defined products from Ghana such as cosmetics, processed foods, coconut oil, Shea butter and garments, have been rolled out and targeted by the AfCFTA market under the Guided Trade Initiative which was launched in October 2022.

Speaking at a Joint Press conference at the close of bilateral engagements with President Embaló and his Ministerial team from Guinea Bissau who are on State visit to Ghana, President Akufo-Addo said such transformative showing, "will give us the best opportunity to derive maximum benefit from our abundant natural resources and from our participation in the AfCFTA, and help bring progress and prosperity to our people"

He was confident that, the participation of Ghana, and seven other countries in the GTI of the AfCFTA will stimulate intra-Africa trade, amplify the competitive advantage of participating countries and solidify their status within the global market.

He added that, the GTI has already enabled Ghana for instance, to make significant inroads into the East African market, notably to Kenya and Tanzania.

The Guided Trade Initiative seeks to allow commercial meaningful trading, and test the operational, institutional, legal and trade policy environment under the AfCFTA which aims to consolidate a market of about 1.3 billion people with a combined GDP of 3.4 trillion dollars.

President Akufo-Addo, and his Bissau Guinean counterpart, have been exploring ways to boost further the political, economic, cultural and people to people exchanges between the two countries and foster cooperation at the bilateral and multilateral levels.

He said, President Embaló is in Ghana to "reaffirm the ties of cooperation and the bonds of friendship that Guinea Bissau attaches to her relations with Ghana."

Aside the talk on the numerous benefits on offer under the AfCFTA, the two leaders also looked at extensive ways to drive investment opportunities domestic and foreign into both two countries and the need for enhanced cooperation and partnership in our development efforts.

Aside the shared commitment to the promotion of a fairer world and addressing global issues relating to the 17 goals of the United Nations , they also agreed to intensify advocacy towards the "urgent necessity for the reform of the United Nations, especially of its Security Council" and reiterated their joint commitment to Common African Position on UN reform based on the Ezulwini consensus.

He noted further that, additional discussions held in atmosphere of fruitful cordiality, also focused on areas such as education, trade and industry, agriculture, fisheries and aquaculture, environment, science and technology, petroleum and hydro carbon activities and tourism.

On cooperation in the development of their respective fisheries sectors, he explained that, "the Joint Venture Partnership between private companies of both countries, granting of licenses to Ghanaian fishing vessels, to fish in Guinea-Bissau waters, training of Guinea Bissau personnel in Ghana Fisheries school and the Regional Maritime Academy in electronics, exchange of information on all aspects of fishing, technology, assistance and cooperation from Ghana, in the development of artisanal fishing in Bissau and signing of bilateral fishing agreement between the two counties to safeguard among others the lives of Ghanaians who work in the fishing industry in Bissau. "

It is in this regard that, Ghana and Guinea-Bissau, have agreed to convene in the course of this year, the inaugural session of the Permanent Joint Commission for cooperation which will provide the legal and institutional framework for addressing the trade and investment concerns of our two countries.

Work being undertaken by Ghana's contingent of some 101 soldiers who are part of the ECOWAS Stabilization Support Mission which has been stationed in Bissau since the attempted coup of 1st February 2022 with the honour and responsibility of providing security to the President and the Presidential palace, was also discussed.

- Ghana Presidency.

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.

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.

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- 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.

Boeing hit after new whistleblower raises safety concerns

Boeing is facing new pressure after a whistleblower reported safety concerns over the manufacturing of some of its planes to US regulators.

Engineer Sam Salehpour accused Boeing of taking shortcuts in the construction of its 787 and 777 jets.

He claimed he was "threatened with termination" after raising concerns with bosses.

But Boeing said the claims were "inaccurate" and added it was confident its planes were safe.

"The issues raised have been subject to rigorous engineering examination under [Federal Aviation Administration] oversight," the company said.

"This analysis has validated that these issues do not present any safety concerns and the aircraft will maintain its service life over several decades."

Shares in the plane manufacturer sank almost 2% on Tuesday after the Federal Aviation Administration (FAA) said it was investigating the claims, and the company reported it had delivered just 83 planes to customers in the first three months of the year - the smallest number since 2021.

The whistleblower complaint, which was first reported by the New York Times, is the latest incident to focus attention on the safety of planes made by US-based Boeing, one of the world's two major producers of commercial planes.

The company was already facing criminal investigation and other legal troubles, after an unused exit door broke off of one of its smaller 737 Max 9 planes shortly after take-off in January.

Passengers escaped serious injury but the incident has plunged the company into crisis, forcing a temporary grounding of dozens of 737 Max 9 planes, drawing regulatory probes and prompting Boeing to dramatically slow production of its planes.

The company coming under intense scrutiny again led its chief executive David Calhoun to announce last month that he would step down by the end of the year.

On Tuesday, attorneys for engineer Mr Salehpour said Boeing had made decisions for 787 aircraft assembly which placed stress on joints that linked up parts of the body of the jets, an issue affecting more than 1,000 planes.

In a whistleblower complaint filed with the FAA in January, he alleged the method could reduce the lifespan of the plane.

"These problems are the direct result of Boeing's decision in recent years to prioritize profits over safety, and a regulator in the FAA that has become too deferential to industry," his lawyers, Debra Katz and Lisa Banks, said in a statement.

The attorneys added Mr Salehpour had been transferred to work on the 777 plane after he raised concerns.

They said he had soon observed other issues in the assembly of that plane.

"He was threatened with termination, excluded from important meetings, projects, and communication, denied reasonable requests for medical leave, assigned work outside of his expertise, and effectively declared persona non grata to his colleagues," they said.

The 787 Dreamliner is a bigger plane than the 737, often used on international flights. It has been flying since 2011, but almost from the start has been the target of quality complaints.

Boeing eventually slowed production and stopped deliveries for almost two years, responding to issues that had been raised. The FAA in 2022 cleared Boeing to resume deliveries.

The FAA, which has increased its oversight of Boeing since the door plug blowout in January, said in a statement that it encouraged people in the aviation industry to share information.

"We thoroughly investigate all reports," the agency said when asked about the report.-bbc

HSBC agrees to sell off its Argentina business

Banking giant HSBC is selling off its business in Argentina at a $1bn (£790m) loss after years of battling with the country's unstable exchange rate.

HSBC Argentina, which has more than 100 branches and 3,100 employees, will be bought by Grupo Financiero Galicia, a major private financial group.

Annual inflation in Argentina hit 276.2% last month, the highest in the world.

Five years ago, $1 would buy 43 pesos. It is now worth more than 860 pesos.

HSBC has been in Argentina since 1997, when it took full control of the local Banco Roberts and renamed it. That same year, it established itself in neighbouring Brazil by taking over the ailing Bamerindus bank, leading some observers to speak of its "relentless march into Latin America".

HSBC still holds on in Brazil, but purely as an investment bank: it sold its retail banking operation there in 2015.

Other operations elsewhere in the world have been sold off in recent years as the London-based bank has pivoted to focus more on faster-growing markets in Asia.

HSBC said the sale of its Argentine business, for $550m, will see it book a $1bn loss in its first-quarter results this year.

The size of the loss could vary for several reasons, including "associated hyperinflation and foreign currency translation", HSBC said on Tuesday.

Over the next 12 months, the business will also recognise $4.9bn in losses from historical currency translation reserves.

This refers to the loss that is racked up by translating the financial performance of the Argentine business, which is counted in pesos, on to HSBC's overall balance sheet, which is counted in US dollars.

"These reserve losses have accumulated over many years and arise from the cumulative translation of the Argentinian peso-denominated book value of HSBC Argentina into US dollars," HSBC said.

In 2023 alone, these losses grew by $1.8bn, the bank added.

The exact losses may well change between now and when the sale goes through, because the exchange rate is constantly changing.

HSBC chief executive Noel Quinn said: "We are pleased to agree the sale of HSBC Argentina.

"This transaction is another important step in the execution of our strategy and enables us to focus our resources on higher-value opportunities across our international network.

"HSBC Argentina is largely a domestically focused business, with limited connectivity to the rest of our international network.

"Furthermore, given its size, it also generates substantial earnings volatility for the group when its results are translated into US dollars. Galicia is better placed to invest in and grow the business."-bbc

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

Spain to axe 'golden visas' scheme

The Spanish government has begun the process of eliminating the so-called "golden visa" scheme.

Under the scheme, foreign investors are provided with fast-tracked residency.

At a Cabinet meeting on Tuesday, ministers agreed to end the awarding of the visa, which can be obtained in exchange for buying property worth €500,000 (£428,000) or more.

The visa scheme was created in 2013 by the conservative government of Mariano Rajoy.

It was seen as a way of attracting badly needed foreign investment in the wake of the eurozone crisis, which hit Spain's property sector particularly hard.

A total of 6,200 visas were issued until 2023 for investment in property, according to the organisation Transparency International, although other sources put the number higher.

Nearly half of beneficiaries of Spain's Golden Visa - a total of 2,712 - were Chinese, according to Transparency International.

Russians were the next most numerous recipients, with 1,159, followed by Iranians (203), and citizens of the US (179) and the UK (177).

The "golden visa" scheme also provided residency in exchange for investing €2m (£1.7m) or more in state bonds, or for investing in emerging Spanish companies.

However, only 6% of visas were awarded for reasons other than the purchase of property, the government said.

Prime Minister Pedro Sánchez said his government's intention to scrap the scheme was intended "to guarantee that housing is a right and not merely the subject of business speculation".

He said that the majority of visas awarded were linked to the purchase of properties in places such as Madrid, Barcelona, Valencia, Málaga, Alicante and the Balearic Islands - all areas where the housing market "is under enormous pressure and where it is almost impossible for people who live and work in those places and pay their taxes each day to find affordable housing".

Some areas of the country have been particularly affected by rising rents, such as Ibiza, in the Balearic Islands.

Last year, the government introduced a housing law which aimed to cap rental increases in areas where they have been spiralling.

Mr Sánchez's left-wing allies in his coalition government had been calling for an end to the visa system.

However, critics say that its elimination will not improve matters.

"The problem with housing in Spain, both in terms of sales and rental, is not caused by the Golden Visa, but rather by the increasing lack of supply [of housing] and the accelerating growth in demand," said Francisco Iñareta, of the Idealista property portal.

However, pressure has also come from outside Spain, with the European Commission calling on EU members to clamp down on such schemes, in great part because of security concerns, especially since Russia's invasion of Ukraine.

In 2022, the UK government ended a scheme allowing wealthy foreign nationals to settle in the country if they brought assets with them.

The following year, Ireland scrapped its Golden Visa, while Portugal revised its own version of it, no longer allowing residency in exchange for property purchases.-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> 

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

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