Major International Business Headlines Brief::: 12 April 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  12 April 2024 

 


 


 

	
 


 

 


 

ü  South Africa: Who Ends Up Paying If DMRE Cooks the Price of Nuclear
Power? SAFCEI Asks

ü  Kenya's Weekly Coffee Earnings Decline By $2 Million

ü  Kenya's Fuel Consumption Drops On Rising Fuel Prices

ü  Kenya: Senate Energy Committee Orders Sakaja's Arrest for Frustrating Gas
Blast Probe

ü  Kenya: Tiktok Commits to Kenya's Creative Economic Growth and Safety

ü  Nigeria: Lagos-Calabar Coastal Highway Gulps N4bn Per Kilometre - Umahi

ü  Nigeria: How Nigerian Scholar Invented Insect Control Technology for
Farmers in Brazil

ü  Africa: Energy Gaps: Slight, Uneven Progress Still Leaves Many Africans
Without Electricity

ü  Rwanda: Africa's Merchandise Exports Forecast to Grow 5.3 % in 2024

ü  Kenya: Kisumu County to Withdraw Pay for Medics On Strike

ü  Namibia: City of Windhoek Extends Deadline for Pensioners' Debt Relief
Registration

ü  Namibia: China Open to More Namibian Commodities

ü  Nigeria: Activists Urge Nigeria to Refuse Shell's Oil Selloff Plans

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Who Ends Up Paying If DMRE
Cooks the Price of Nuclear Power? SAFCEI Asks

It has been just over two (2) weeks since  the deadline for  comments on the
Department of Mineral Resources and Energy's (DMRE) draft 2023 Integrated
Resource Plan (IRP2023).  T he Southern African Faith Communities
Environment Institute (SAFCEI) assessment is that the draft IRP  does not
provide a realistic assessment of the costs of nuclear power .

 

While civil society and policy experts have highlighted a myriad of
concerns, SAFCEI has focussed on how the  DMRE's IRP2023  has   the cost  of
nuclear power at an artificially cheap level. The organisation  urges  the
government  to  heed expert insights, which are based on the facts of the
economics of nuclear power, and which  emphasize  that "ambitious nuclear
programmes are seldom realized because of the high costs."

 

SAFCEI's Executive Director Francesca de Gasparis says, "By relying on
unrealistic costing for nuclear power, the IRP2023 seems to be an attempt to
push South Africa into purchasing up to 14,500 MW of new nuclear reactors.
Others have raised concerns about the IRP. The cost of nuclear underscores
our reasons for joining the call for the IRP2023 to be redone. While noting
that the Integrated Energy Plan for South Africa, Section 6 of the National
Energy Act, came into operation at the start of this month – after a legal
intervention last year by SAFCEI and The Green Connection."

 

Construction costs are typically quoted as the cost, excluding finance
charges, and this total 'overnight cost' is quoted in cost per unit of
capacity. As part of its IRP2023 documentation, the DMRE gave two figures
for new pressurized light water generation III+ reactors. According to the
DMRE, the total overnight cost for a 1500 MW reactor is US$3,6517/kW, while
a 1250 MW reactor comes in at US$4,270/kW. However, these costs do not
correspond with the department's own commissioned study into the price of
new nuclear power plants for South Africa –  Supply-Side Cost and
Performance Data for Eskom Integrated Resource Planning by Electric Power
Research Institute  – and those of plants currently or recently constructed.

 

"But when we consider the real costs associated with constructing a new
nuclear plant, such as with the study that looked at Areva's 1600 MW EPR and
Westinghouse's AP1000 (capacity 1117 MW), then we see quite a different
picture. Using the current exchange rate, we see that the total overnight
costs are estimated at US$6,458 and US$6,172, respectively, which is way
more expensive than the costs suggested by the DMRE in the IRP2023. For the
entire nuclear plant, this works out re spectively at US$10.3 bn for the
EPR, which is R193,85bn in rand, and US$6.9 bn for the AP1000 which is
R129,87bn, at today's exchange rates," says de Gasparis.

 

The multi-faith environmental justice organization questions how the DMRE's
costs in the IRP2023 are between 54.7% and 66.9% lower than its own
commissioned expert study, adding that this appears to be a blatant attempt
to rig the IRP, in order to make nuclear energy fit. According to the IRP,
the optimum new build for South Africa is a combination of nuclear power and
renewables. But when compared to the known costs of these two reactor types,
the study itself is flawed.

 

Professor Steve Thomas of Greenwich University  wrote in his recent report
"A much more reliable indicator is the cost of the 'previous' project,
perhaps with some addition as the trend in the real cost of nuclear power
plants has been upwards throughout the history of the nuclear industry. If
we take the mean value of the last four projects for EPRs and AP1000s, where
costs are known, it is roughly valued at about $12,000/kW in the 2024
economy. The problem is, therefore, not so much that large numbers of
hopelessly uneconomic reactors will be built, it is the 'opportunity cost'
of wasting a decade or more on an option bound to fail, thus sacrificing the
more financially attractive options that are much less prone to failure and
much quicker to implement."

 

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

 

 

Kenya's Weekly Coffee Earnings Decline By $2 Million

Kenya's Coffee experienced a 20 percent decline in overall earnings for the
week, attributed to low volumes, despite a rise in the value of a 50-kilo
bag, according to market data from the Nairobi Coffee Exchange.

 

The figures reveal that the total earnings for the week declined from $10
million last week to $8 million in the latest sale, weighed down by a drop
in the volumes offered for sale.

 

The volumes offered for sale this week declined from 29,082 bags offered
last week to 26,813 in the review period, pulling down the overall value of
the beverage.

 

 

However, the coffee market recorded the highest value for the season with
the kilo of the commodity rallying two percent to $252.

 

The rising price of coffee is attributed to declining volumes at the
international market, which has pushed up the value.

 

On Monday, both Arabica and Robusta coffee prices experienced significant
increases in the world market, with Arabica hitting a six-month high and
Robusta reaching an unprecedented peak.

 

Market momentum was fueled by persistent worries stemming from the potential
impact of extensive rainfall in Brazil's key coffee-producing regions on
crop yields.

 

The Minas Gerais region, which accounts for roughly 30 percent of Brazil's
Arabica production, suffered negative impacts from the rains, raising
concerns about supply disruptions in the market.

 

On the other hand, Vietnam, the world's largest producer of Robusta coffee
beans, is experiencing tight supplies, which is a significant bullish
factor. Vietnam's agriculture department projected on March 26 that coffee
production in the 2023/24 crop year could decrease by 20 percent.

 

The government of Kenya is actively advocating for coffee reforms aimed at
increasing farmers' earnings by eliminating brokers along the value chain.

 

Kenya primarily sells up to 95 percent of its total production to the world
market, with only five percent allocated for local consumption.

 

- Business Day Africa.

 

 

 

 

Kenya's Fuel Consumption Drops On Rising Fuel Prices

Nairobi — Kenya's fuel consumption and demand fell last year, the latest
data from the Energy and Petroleum Regulatory Authority (EPRA) shows.

 

According to a report, Kenyans consumed 4.3 million cubic meters of fuel in
2023, down from 4.5 million cubic meters during a similar period in 2022.

 

The fall came at a time when the government introduced an additional eight
percent on fuel to 16 percent last year, helping push the prices of super
petrol, diesel, and kerosene to their highest levels, making them
unaffordable for Kenyans.

 

The depreciation of the local unit against major foreign currencies, such as
the American Dollar, also made fuel importations costly, with oil marketing
companies passing on extra charges to consumers.

 

 

"The overall domestic demand for petroleum products declined by 3.01% to
2,717,699.16 m3 compared to a corresponding period in 2022. This reduction
in consumption could be attributed to suppressed demand," they stated.

 

However, EPRA points out that there was a significant increase in fuel
demand in December last year, which they attributed to increased travel
following the festive season.

 

"The demand of petroleum products through the period under review was steady
with the highest consumption level being recorded in August 2023," the
Authority wrote in the report.

 

"This notably coincides with the highest demand for AGO. The highest demand
for PMS was recorded in December 2023 and can be attributed to increased
travel during the festive season," it added.

 

Kenya Pipeline Company, which primarily handles petroleum products in the
country, nonetheless handled more petroleum compared to the past three
years, which they say is due to an increased volume in the transit market.

 

The company handled 4.1 million cubic meters of fuel in 2023, compared to
3.7 million cubic meters in 2022.

 

"The Kenya Pipeline Company (KPC) primarily handles petroleum products
imported into the country. This represents about 95% of petroleum products
imported during the period under review."

 

- Capital FM.

 

 

 

 

Kenya: Senate Energy Committee Orders Sakaja's Arrest for Frustrating Gas
Blast Probe

Nairobi — The Senate Energy Committee has asked Inspector General of Police,
Japhet Koome, to arrest Nairobi Governor Johnson Sakaja over failure to heed
their summons.

 

The committee has accused Sakaja of frustrating a probe into February's gas
explosion in Embakasi's Mradi area that left six dead and scores injured.

 

Nairobi Senator Edwin Sifuna said the committee wants IG Koome to present
Sakaja before it on April 25 to shed more light on the incident.

 

Further, the committee resolved to impose a fine of Sh500,000 on the
Governor.

 

 

"The Senate Energy Committee looking into the Mradi gas explosion in
Embakasi has resolved to fine Governor Sakaja another Sh500,000 and
requested the IG of Police to arrest and present him to the committee on
25th April 2024," Sifuna said Thursday.

 

Narok Senator Ledama Ole Kina called out the individuals allegedly shielding
Sakaja and urged law enforcement to uphold justice by taking appropriate
action.

 

"Whoever is protecting Sakaja Johnson must know he is an accomplice and must
look in the mirror and let justice prevail," Ole Kina said.

 

Thursday's development came days after the County Public Accounts and
Investments Committee (CPAIC) put Nairobi Sakaja on notice for disregarding
invitations and summons from the legislative body.

 

Sakaja had failed to appear before the CPAIC to address audit queries,
particularly regarding the utilization of Sh76 billion from 2019 to 2023.

 

In November 2023, the Senate Transport Committee fined Governor Sakaja
another Sh500,000 and ordered his arrest for skipping its summons for a
year.

 

The county chief had allegedly snubbed the Roads, Transportation, and
Housing Committee since November 2022.

 

- Capital FM.

 

 

 

 

Kenya: Tiktok Commits to Kenya's Creative Economic Growth and Safety

Nairobi — Fortune Mgwili-Sibanda, TikTok's Head of Public Policy and
Government Relations for Sub-Saharan Africa, has emphasized TikTok's role in
the country's creative economy and its commitment to safety.

 

Addressing Kenyan legislators on April 9, 2024, Sibanda announced ongoing
capacity-building workshops for policymakers and regulatory agencies,
focusing on online safety, data privacy, and content moderation.

 

"TikTok is committed to being a responsible and positive force in the lives
of our user community in Kenya. As a global platform, our mission is a
simple one 'to inspire creativity and bring joy'," stated Sibanda.

 

 

She noted that Kenya is a youthful nation with over 80% of its population
aged 35 and below, facing youth unemployment challenges, and TikTok aims to
partner with the Kenyan government to empower young people through
technology for sustainable livelihoods.

 

"The platform has already seen local talents like Dennis Ombachi
(@theroamingchef), Amos Ngahu (@moneygossip), and Elsa Majimbo
(@elsa.majimbo) emerge, showcasing diverse skills from cooking to financial
literacy and comedy, respectively," Sibanda said.

 

TikTok is heavily invested in supporting creators in Africa, particularly in
Sub-Saharan Africa, through initiatives like the Africa Creator Hub and
LevelUpAfrica program, aimed at nurturing and upskilling talent.

 

They also promote learning and education through hashtags like
#LearnOnTikTok, which offers tutorials on various topics.

 

TikTok believes in the potential of the creative economy in Kenya,
supporting initiatives like the Talanta Hela project and partnering with
Yunus Social Business to invest in social enterprises.

 

The platform serves as a powerful tool for SMEs and entrepreneurs,
contributing to economic growth and job creation.

 

Additionally, TikTok invited government officials to visit its Transparency
and Accountability Centre in Dublin to see firsthand how the platform
ensures community safety.

 

- Capital FM.

 

 

 

Nigeria: Lagos-Calabar Coastal Highway Gulps N4bn Per Kilometre - Umahi

The Minister of Works, David Umahi said the Lagos-Calabar coastal highway
will gulp N4bn per kilometre and not N8bn per km, as reportedly claimed by
former Vice President Atiku Abubakar.

 

Umahi stated this in an interview on Arise Television on Thursday.

 

The sum of N4bn per kilometre simply means the total Lagos-Calabar coastal
project will be completed at the cost of N2.8trn.

 

The minister also dismissed claims that the project didn't follow the due
procurement process, stating that the contract was awarded on a
counter-funding basis and not on a Public-Private Partnership as widely
claimed.

 

Recall that Atiku, last week, questioned President Bola Tinubu
administration's decision to allegedly award the contract to Gilbert
Chagoury's Hitech without competitive bidding, daring the president to
disclose the full cost of the Lagos-Calabar highway project.

 

The People's Democratic Party, PDP candidate also wondered why the Tinubu
administration released N1.06tn for the pilot phase, or six per cent of the
project, which begins at Eko Atlantic and is expected to terminate at the
Lekki Deep Sea Port.

 

 

Reacting to Atiku, Umahi explained that despite the soaring costs of
materials in the construction industry due to commodity price inflation and
supply chain disruptions, the ministry is committed to prudence, promising
to reveal the true cost.

 

Umahi confirmed that the project would be completed within eight years, with
the use of concrete pavement on the four-lane carriageway.

 

He also explained that although N1.06tn was appropriated, the full amount
had not been disbursed.

 

Umahi said, "People are just building castles without knowledge and they
don't know figures, I will run the figures for you. We are going to compare
the cross-section of the one the former vice president mentioned that was
renegotiated for $11.1bn for 700 km.

 

 

"So you have to now ask what was there to be constructed. And what was there
to be constructed is the only available design from NDDC.

 

"They had designed the entire 700 km but we are not following exactly that
pattern or right of way. We have a different modification. The original
design had two carriageways on each side of the road with four lanes.

 

"And in the middle, they did not provide for the train track. It's just
going to be a water-collecting basin. But the coastal road we are
constructing has a total of 10 lanes, you know, not only that it has a total
of 10 lanes, it also have what we called shoulders.

 

"And the total shoulders can be put at about 23 metres. So when you put the
total concrete pavement we are doing, it's about 59 metres. When you put the
total flexible pavement that he quoted it's about 23 metres.

 

"And so when you run the figures, you now find out that under his
calculation, it is giving you about over N19bn per kilometre. Now if you
divide it by the 23 kilometres that they are doing, it is about 2.225 times
a standard superhighway carriageway, which is N11.55bn.

 

 

"Whereas what we are doing, if you divide it, you get N5.167bn, So when you
now divide using our 1.067, you get about N4bn/km. If you go back to what he
has quoted, you will get over N8bn.

 

"So using concrete, which should be more expensive because of the kind of
terrain we have, and using flexible pavement, which shouldn't stand the
coastal route, you will find out that our cost is N4bn instead of the N8bn
claimed by the former vice president."

 

On the mode of the construction process, Umahi said government never
envisaged the project under a Private Public Partnership arrangement but
under an Engineering, Procurement, Construction and Finance programme as
currently used on the Abuja- Markurdi road project.

 

He said, "This administration never envisaged the project under Private
Public Partnership. It has always been under engineering, procurement,
construction and finance. And so under this kind of arrangement, as you have
on the Abuja to Makurdi road project, the federal government is required to
pay a certain amount for counterpart funding.

 

"And so in this particular project of Abuja to Makurdi, which is being
handled by China Harbour, the government is paying 50 per cent counterpart
funding. Then you have also from Makurdi to 9th Mile in Enugu state, where
we are also paying 50 per cent counterpart funding. So, there's a marked
difference between PPP and EPC plus F. And in this particular project, there
will be a negotiated counterpart funding of between 15 and 30 per cent.

 

"When I was a governor, I had the African Development Bank fund a project
through counterpart funding and I used some of the money to build some
sections of the road. So part of what we are constructing under sections
one, two and three currently funded by the federal government will fall
under the percentage counterpartfunding. When we finalise the negotiation,
it will be between 15 per cent and 30 per cent."

 

- Vanguard.

 

 

 

 

Nigeria: How Nigerian Scholar Invented Insect Control Technology for Farmers
in Brazil

Nigerian scholar, Dr Abdulrazak Ibrahim, invented an insect control
technology that is protecting farmers' crops in Brazil.

 

The genetic engineer co-led an African-Brazil project that is responsible
for the creation of the first-ever biolistic facility to be in Northern
Nigeria.

 

Ibrahim said he got the inspiration to delve into science, technology and
innovation pathways fields of knowledge from Obafemi Awolowo University's
Professor Funso Sonaiya.

 

His invention which he patented with deposits at the Brazilian Industrial
Property Organization, has consequently saved farmers from crop wastage.

 

 

It has helped the South American country from losing a large chunk of her
potential food produce to the insects.

 

Ibrahim is an agricultural biotechnologist and Agricultural Research for
Development (AR4D) expert with over 20 years of experience within Africa's
National Agricultural Research and Innovation System (NARIS), South America
and the Tropical Agriculture Platform (TAP) framework.

 

He obtained a Ph.D. in Molecular Biology at the Universidade de Brasilia
(UnB), Brazil; a master's degree in Biochemistry from Universidade Federal
do Ceara (UFC), Fortaleza, Brazil, and a BSc degree in Biochemistry from
Bayero University, Kano, Nigeria.

 

He is experienced in capacity development, agricultural Innovation systems
(AIS), food systems approach, plant biotechnology stewardship, stakeholder
engagement, development of transgenic crops, laboratory and field management
of GMCrops, biosafety and foresight.

 

- Vanguard.

 

 

 

 

Africa: Energy Gaps: Slight, Uneven Progress Still Leaves Many Africans
Without Electricity

Fewer than half of households enjoy a supply of electricity that works
"most" or "all" of the time.

 

Key findings

 

Access: On average across 39 countries, about two-thirds (68%) of Africans
live in enumeration areas (EAs) served by an electric grid, ranging from
just 29% in Madagascar to 100% in Tunisia and Seychelles. o Rural residents
(44%) and the poorest citizens (56%) are far less likely to have access to
an electric grid than their urban (94%) and well-off (91%) counterparts. o
Across 30 countries surveyed consistently over the past decade, the share of
EAs with an electric grid has increased by 4 percentage points.

Connection: Six in 10 African households (60%) are actually connected to an
electric grid. Citizens in Seychelles and Mauritius enjoy universal
coverage, but fewer than one-fourth of households are connected in
Madagascar (22%) and Malawi (17%). o Like access, connection shows huge
disadvantages for rural households (35%, vs. 86% in urban areas) and poor
households (45%, vs. 87% among the well-off).

Reliability: Fewer than half (44%) of Africans enjoy a supply of electricity
that works "most" or "all" of the time. On average across 33 countries
surveyed in both 2014/2015 and 2021/2023, this proportion has increased by
just 4 percentage points. o Only about one in 10 households in Malawi (10%),
Sierra Leone (11%), and Nigeria (13%) report having a reliable supply of
electricity. o Lower rates of reliable electricity among rural and poor
households reflect not only less access to the national grid and fewer
connections, but also lower-quality service for households that are
connected.

Priority and government performance: The provision of electricity ranks
ninth among the most important problems that Africans want their government
to address. o Fewer than half (44%) of Africans are satisfied with their
government's performance on electricity provision.

Electricity is an engine of economic and social development, highlighted in
the call for universal energy access in United Nations Sustainable
Development Goal 7 (United Nations Development Programme, 2019). Access to
electricity facilitates progress in health care, education, technology, food
security, and employment, reducing poverty and improving the quality of life
(Blimpo & Cosgrove-Davies, 2019).

 

 

But according to the most recent "Tracking SDG 7" progress report, 567
million people in sub Saharan Africa lacked access to electricity in 2021 -
about the same number as a decade earlier (IEA, IRENA, UNSD, World Bank, &
WHO, 2023). The COVID-19 pandemic reversed some gains in access and
highlighted the fact that a majority of health facilities lack reliable
electricity (IEA, 2023; Golumbeanu & Knuckles, 2022).

 

While off-grid renewable sources of energy are growing in importance,
investment is limited and inadequate to achieve SDG targets (World Bank,
2023).

 

Afrobarometer survey findings from 39 African countries show that progress
in electrification remains slow and uneven, leaving large swaths of the
population - especially rural and poor households - without access to power.
Experiences vary dramatically by country, but on average, fewer than half of
households enjoy a reliable supply of electricity, and a majority of
citizens are dissatisfied with their government's performance on electricity
provision.

 

Derick Msafiri Derick Msafiri is an intern for REPOA, the Afrobarometer
national

partner in Tanzania.

 

Richard Adjadeh Richard Adjadeh is a data analyst for Afrobarometer and a
master of public policy student in the Department of Political Science at
MSU

 

- Afrobarometer.

 

 

 

 

Rwanda: Africa's Merchandise Exports Forecast to Grow 5.3 % in 2024

Africa is expected to record better growth in merchandise trade in 2024 with
trade volume increasing by 5.3 per cent in the year from 3.1 per cent
registered in 2023, the World Trade Organisation (WTO) has said in its
latest global trade outlook report.

 

The forecasted growth is way above the global average of 2.6 per cent.

 

The WTO said on Wednesday, April 10, that if its forecast for 2024 is
realized, Africa's exports will finally exceed their 2019 level by the end
of this year, but imports will only just match their earlier level.

 

 

According to the report, Africa was the only region that saw its imports
decline since 2019, with a cumulative drop of 5 per cent. This suggests that
increased export revenue from higher commodity prices did not translate into
greater consumption and income in the region.

 

Africa's import volume growth is expected to increase by 4.4 per cent in
2024 from a contraction of 2.4 per cent a year before, helping to prop up
global demand for traded goods this year. All other regions are expected to
see below average import growth.

 

More broadly, high energy prices and inflation continued to weigh heavily on
demand for manufactured goods, resulting in a 1.2 per cent decline in world
merchandise trade volume for 2023.

 

The New Times Business Editor Julius Bizimungu spoke to WTO's Senior
Economist, Coleman Nee, to break down last year's global trade growth trends
and explain the outlook for 2024.

 

The interview has been edited for clarity and brevity.

 

 

Below are excerpts;

 

1. Despite a decline in global merchandise trade in 2023, commercial
services exports were up 9per cent to $7.54 trillion. What explains the
better performance in commercial services?

 

Some of it is the ongoing recovery from the pandemic. Travel spending was up
71% in 2022 and 38% in 2023 but it only ended up 4% higher than in 2019.

 

Also, spending on other commercial services including business services
tends to be very stable with respect to the business cycle, so in general,
services trade is a force for stability.

 

2. What services performed better and from which regions can this growth
largely be attributed to?

 

Travel, as mentioned above. In general, digitally delivered services have
performed better than goods and also other types of services, up 9% in 2023
and 50% compared to pre-pandemic levels.

 

 

3. WTO economists have revised the growth forecast for merchandise trade for
2024 and 2025 to 2.6% and 3.3% after falling 1.2% in 2023. What does this
expected positive performance based on?

 

I would characterize 2.6% growth in 2024 as moderate. Mostly it is the
easing of inflation, so the EU [European Union] will cease to be a drag on
import demand. Then some of it is ongoing recovery from the pandemic, which
is still being felt in a number of ways.

 

China only really relaxed their pandemic controls at the start of last year,
and the hoped-for surge in spending did not materialize.

 

Overall, most industrialized countries should see trade recover gradually in
2024, with all regions making a positive contribution to growth on both the
import and export side.

 

4. What goods whose performance are expected to recover more than others?

 

We do not necessarily have forecasts by product. But we have seen trade in
automotive products already surged in 2023 so growth may slacken off there.

 

Surprisingly, trade in clothing, textiles and electronics declined in 2023,
so they could see a rebound this year.

 

5. You indicate that major economies will drive the growth in trade. What
countries or regions will push this growth?

 

Asian economies will make a large contribution to import demand, partly due
to their return to growth and partly due to their weight in world trade.

 

Europe will recover more gradually, ceasing to be a negative in 2024 and
finally adding to growth in 2025.

 

6. How is the African region in particular expected to grow both in
merchandise trade and commercial services exports?

 

Africa should see moderate growth in 2024, with merchandise export volume up
5.3% and import volume up 4.4%. It has been flat on average in volume terms
since the pandemic but imports have been negative.

 

They are only expected to surpass their 2019 level by the end of this year.

 

7. What commodities/goods will shape the outlook in the case of Africa, and
what countries?

 

Commodity prices have come down, which is good news for net importers but
less positive for net exporters (e.g., oil, natural gas).

 

 

8. The WTO Director General Ngozi Okonjo-Iweala has said, "We are making
progress towards global trade recovery, thanks to resilient supply chains
and a solid multilateral trading framework." isn't that too optimistic in
light of ongoing war in Ukraine and Red Seas disruptions?

 

Actually, trade has held up in the face of major shocks. Merchandise trade
volume was essentially flat throughout 2023 - the 1.2% decline is only
relative to 2022.

 

It was also up 6.3% compared to the pre-pandemic peak in the third quarter
of 2019, and up 19.1% compared to 2015. So, the big picture is really one of
resilience in international trade.

 

As for the Red Sea crisis, its short-term economic impact has been limited
to date but its longer-term impact will depend on how long it persists and,
on the frequency, and severity of attacks.

 

9. How will these disruptions and geopolitical tensions likely shape the
outlook for the next one to two years?

 

Geopolitical tensions do not have a direct impact on the forecast because
the future is unknown, but they do make it more likely that actual trade
growth will be at the low end of our estimated range.

 

10. Last year, WTO warned of the increasing risk of deglobalization during
which it said that trade was becoming increasingly reoriented along
geopolitical lines. Will this trend continue? To what extent does it
threaten to affect trade growth?

 

We do see some evidence of fragmentation along political lines, but it is
not dramatic. Bilateral United States/China trade has grown less than their
trade with other countries, but trade relationships overall have not changed
much compared to the pandemic period.

 

Fragmentation is more a risk than a reality so far, but there are some
dimensions that remain under-investigated, for example service trade and
digital fragmentation.

 

- New Times.

 

 

 

Kenya: Kisumu County to Withdraw Pay for Medics On Strike

Kisumu — Kisumu Governor Anyang Nyong'o has directed the County Public
Service Board to henceforth stop payment of salaries to the striking
doctors.

 

Nyong'o however lauded a number of doctors who have continued to offer
critical services at the public hospitals in the wake of a countrywide
strike by the healthcare workers.

 

"I want to extend sincere appreciation to dedicates healthcare workers who
continued to provide essential services to the community," he said.

 

The Governor defended his county for cordial working relationship with the
Kenya Medical Practitioners, Pharmacists and Dentists Union (KMPDU) to have
their issues raised in the Collective Bargaining Agreement (CBA) promptly
addressed.

 

 

He announced that doctors who have not been present in their working
stations and have withdrawn their services will not be paid.

 

In a statement to the media on Thursday, Nyong'o further committed to employ
doctors on short contracts to replace doctors on postgraduate training at
the Jaramogi Oginga Odinga Teaching and Referral hospital.

 

"The County Secretary in conjunction with the Public Board has already been
informed to take necessary action," he said.

 

He further directed that all health workers undergoing speciality training
at JOOTRH will be required to establish service level agreements with the
hospital.

 

"This measure aims to ensure predicability and clear accountability for
service delivery," he said.

 

Nyong'o assured the county residents that his administration will uphold the
highest standards of healthcare delivery and ensure the wellbeing of all
residents.

 

To the striking doctors, Nyong'o called upon the stakeholders in the sector
to continue engaging in a constructive dialogue to find lasting solutions
that prioritize the health and welfare of the communities.

 

- Capital FM.

 

 

 

 

Namibia: City of Windhoek Extends Deadline for Pensioners' Debt Relief
Registration

The City of Windhoek (CoW) has extended the deadline for pensioners to
register for debt relief until May 31.

 

The announcement, made on April 8, comes as a measure to provide further
assistance to senior citizens facing financial strain due to overdue
municipal bills.

 

The registration process will exclusively take place at the Katutura
Customer Care Office on Independence Avenue during weekdays, from Monday to
Friday, between 08:00 and 16:00. It was emphasized that registrations will
no longer be conducted at the Head Office or the Ombili Customer Care Centre
as of 15 April.

 

The municipal authority reiterated that the initiative aims to alleviate the
financial burden on pensioners amidst challenging economic circumstances,
while also enhancing their financial flexibility.

 

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

 

- Namibia Economist.

 

 

 

 

Namibia: China Open to More Namibian Commodities

China has been Namibia's second-largest trading partner for many years, and
bilateral trade volumes between the two countries exceeded US$1.3 billion in
2023, with year-on-year growth of 16.5%.

 

It is the main export market for Namibian minerals such as uranium, lithium
and marble, as well as agricultural products such as beef and oysters.

 

"China welcomes more Namibian products to enter the Chinese market, and the
two governments are currently negotiating on the export of Namibia's deep
sea red crab, abalone, mutton, grape, frozen lobster and others to China,"
stated Shen Jian, Chargé d'affaires at the Chinese Embassy on Tuesday.

 

 

Jian was speaking during an information-

 

sharing session at the China International Import Expo (CIIE) in the
capital.

 

CIIE is aimed at providing firm support to trade liberalisation and economic
globalisation, and actively opens the Chinese market to the world. It
facilitates countries and regions all over the world to strengthen economic
cooperation and trade,

 

and promote global trade and world economic growth to make the world economy
more open.

 

Meanwhile, Tuesday's event transpired to invite the Namibian business
community to actively engage China.

 

"Through today's (Tuesday) promotion conference, Namibian enterprises and
businesspeople will be able to better understand this expo, and bring more
local high-quality commodities into China's huge market so as to share
development opportunities together with China," said Jian.

 

 

He added that more than 50 Chinese

 

enterprises have invested or been doing business in Namibia, creating more
than 10 000 jobs for Namibians. The two major uranium mines of Swakop
Uranium and Rössing Uranium, which have attracted major Chinese investment,
contribute about 7% of Namibia's gross domestic product (GDP) and pay about
N$1.3 billion in taxes to the Namibian government every year.

 

Also at Tuesday's occasion, deputy director in the industrialisation and
trade ministry Angela Pretorius noted it is imperative to continue
consolidating efforts to maintain partnerships that can culminate in the
value addition of local commodities to create much-needed jobs while growing
the economy.

 

She further called for free and fair-trade practices.

 

"We must continue to work together to remove barriers to trade, enhance
market access and promote a conducive environment for investment," said
Pretorius. -mndjavera at nepc.com.na

 

- New Era.

 

 

 

 

Nigeria: Activists Urge Nigeria to Refuse Shell's Oil Selloff Plans

London — Environmental and human rights activists are calling on the
Nigerian government to withhold approval of plans by the London-based oil
giant Shell to sell off its operations in the Niger Delta, unless the oil
giant does more to tackle pollution in the region caused by the industry.

 

For decades, foreign energy firms have extracted hydrocarbons from the Niger
Delta, and Shell is by far the biggest investor. It has earned the companies
-- and the Nigerian government -- billions of dollars. Locals, however, have
long complained of massive environmental damage.

 

"You can't grow crops. You can't drink the water. You can't fish because the
fish are dying or they're dead," said Florence Kayemba, Nigeria director at
the civil society group Stakeholder Democracy Network, based in Port
Harcourt in the Niger Delta.

 

Shell Oil announced in January it is pulling out of its onshore and shallow
water operations the region. It intends to sell its Nigerian subsidiary, the
Shell Petroleum Development Company of Nigeria Limited (SPDC), to
Renaissance, a consortium of five mainly local firms. The sale would include
existing mining licenses and infrastructure. Shell says it is part of a plan
to transition away from fossil fuels.

 

 

Civil society groups say Shell must do more to clean up the environment
before it leaves. A recent report by a Dutch organization, the Centre for
Research on Multinational Corporations, or SOMO, warned the divestment plan
is a "ticking time bomb."

 

"Communities fear that, once Shell exits, they will never see their
environment restored or receive compensation for lost livelihoods," the SOMO
report said. "Most people in the Delta depend on farming and fishing,
occupations that are impossible when the soil and waterways are deeply
contaminated."

 

Florence Kayemba of the Stakeholder Democracy Network, which contributed to
the SOMO report, told VOA that the Nigerian government must scrutinize the
sale more closely.

 

 

"We are very concerned about the legacy of pollution being left behind by
Shell -- not only Shell but also other oil companies that have divested
their assets from the Niger Delta," she said.

 

"We believe that it's very important for the federal government to look into
these issues, because the oil is not going to flow forever," Kayemba added.
"You will have a post-oil Nigeria. You will have a post-oil Niger Delta. And
we need to have an environment that is functional."

 

Oil companies like Shell have often blamed theft and sabotage for oil
spills, a claim contested by environmental groups. Locals also seek to make
money from unlicensed small-scale production known as "artisanal refining,"
according to Kayemba.

 

"What you have is a situation where artisanal oil refining is just
reinforcing what has been happening," she said. "And yet that pollution had
already existed. So, by the time you get to disentangle this, it becomes
really difficult. Who is to blame who?"

 

 

A report commissioned in May 2023 by Bayelsa State, one of the major oil
producing regions in the Niger Delta, estimated that it would cost some $12
billion to clean up decades-old oil spills in the state over a 12-year
period. It blamed Shell and the Italian oil firm ENI for most of the damage.

 

Both Shell and ENI dispute the findings.

 

The SOMO report claims Shell is now selling its operations to domestic
companies that may not have the capability to deal with the aging
infrastructure and legacy of oil exploration.

 

"Shell is selling its oil blocks and infrastructure as going concerns to
companies that appear, in several cases, to lack the finances and
willingness both to deal with the old and damaged infrastructure and to
undertake responsible closure and decommissioning when this becomes
necessary," the report said.

 

"Shell's exit exposes the communities of the Niger Delta to major ongoing
risks to their environment, health, and human rights, long after the oil
industry ceases and likely for generations to come," it added.

 

In a statement to VOA, Shell said that "Onshore divestments by international
energy companies are part of a wider reconfiguration of the Nigerian oil and
gas sector in which, after decades of capability building, domestic
companies are playing an increasingly important role in helping the country
to deliver its aspirations for the sector."

 

"As divestments occur, mandatory submissions to the Federal Government allow
the regulators to apply scrutiny across a wide range of issues and recommend
approval of these divestments, provided they meet all requirements," the
statement said.

 

Shell added that it will continue to deploy its "technical expertise" under
the terms of the sale to the new buyers.

 

The Nigerian government has indicated it intends to approve Shell's
divestment plans. Heineken Lokpobiri, Nigeria's petroleum minister, told the
World Economic Forum in Davos that the government is committed to "fostering
a business-friendly environment" in the sector.

 

"On the part of the government, once we get the necessary documents, we will
not waste time to give the necessary considerations and consent," Lokpobiri
said at Davos January 18, according to Reuters.

 

The Nigerian Ministry for Petroleum Resources did not respond to VOA
requests for comment.

 

- VOA.

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Workers day

 

1 May

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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