Major International Business Headlines Brief::: 26 April 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  26 April 2024 

 


                                                                                  

 

	
 


 

 


 

ü  Nigeria: FAAN Reopens Lagos Runway After Dana Incident

ü  Namibia Imports Avocados Worth N$16.4m

ü  Mozambique: Growth of Mozambican Economy Will Remain Modest, Says IMF

ü  Nigeria: Again, Dangote Refinery Announces Reduction in Price of Diesel, Aviation Fuel

ü  Kenya: President Ruto Says Kenya Still an Investment Destination of Choice

ü  Cote d'Ivoire: Cocoa Beans Exported From Cote d'Ivoire to EU Originate From Deforested Land in Liberia

ü  Malawi Takes Steps to End Poverty Among Women and Girls

ü  Rwanda: Could Airbnb Take Over Rwanda's Housing Market?

ü  Sudan: UNHCR Completes $2.2 Million Projects in Sudan

ü  Nigeria: Lagos to Roll Out 2,000 CNG Buses, 231 Electric Vehicles in June

ü  No plans to sell TikTok, Chinese parent firm says

ü  Why India's household savings are at a 47-year-low

ü  Why green steam is a hot issue for business

ü  A US TikTok ban could take a bite out of small businesses

ü  US economic growth slows but inflation grows

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: FAAN Reopens Lagos Runway After Dana Incident

The Federal Airports Authority of Nigeria (FAAN) has notified the public and all stakeholders that runway 18L/36R has been reopened for flight operations at about 8 p.m.

 

This is contained in a statement signed by Mrs Obiageli Orah, Director of Public Affairs & Consumer Protection, FAAN, on Tuesday in Lagos.

 

Orah said the development followed the earlier closure of the runway on Tuesday morning due to an incident involving a Dana Air aircraft with registration number 5N-BKI, which overshot the runway during its landing sequence.

 

 

She said prompt actions were taken by FAAN's emergency response team to evacuate and recover the aircraft from the site.

 

Subsequently, comprehensive clearing operations were conducted to ensure the runway was free of any Foreign Object Debris (FOD) that could impede flight safety.

 

She added that the FAAN Operations Division and the Nigerian Airspace Management Agency (NAMA) had jointly conducted a thorough inspection of the runway surface and deemed it safe for the resumption of operations.

 

Also, an appropriate Notice to Airmen (NOTAM) has been issued in this regard.

 

"We acknowledge the area affected by the overshoot was significantly muddy.

 

"A concerted effort was made for the thorough and efficient cleaning of the area to facilitate the swift resumption of operations on Runway 18L/36R.

 

"FAAN wishes to express its gratitude to the traveling public, our airline partners, and all stakeholders for their patience, understanding, and cooperation during the temporary closure.

 

"We sincerely apologise for any inconvenience this incident may have caused.

 

"Ensuring the safety and security of our passengers, staff, and airport operations remains our top priority.

 

"FAAN is committed to providing a safe, secure, and efficient air transport environment for all users of our airports."

 

The authority appreciated everyone for their continued support and understanding. (NAN)

 

- Vanguard.

 

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

 

Namibia Imports Avocados Worth N$16.4m

Low levels of production and lack of access to lucrative markets saw Namibia importing 889 tonnes of avocados worth over N$16.4 million in the final quarter of last year, which represents an increase from the 756 tonnes valued at N$14.5 million imported in 2022.

 

According to the Namibia Agronomic Board's (NAB) latest market intelligence report, commercial avocado production in the country is almost non-existent and during the 2021/22 production year, the country only managed to produce 0.87 tonnes of avocado fruits and even less last year. The growing import of avocados indicates that the fruit is a high-value crop, and therefore vital to the Namibian fruit consumption catalogue. The NAB report also revealed that Namibia has at least 201 avocado trees located mostly in the Kavango and Karst production zones. Karst regions or areas are those with deeply fertile, shallow soil and quality underground water. In our case, it is those areas of the maize triangle heading northeastwards.

 

 

A total of 1 200 avocado seedlings are being imported into the country every year, the report further reveals. Production levels however remain low as local farmers continue to struggle to break even at the national scale.

 

Namibia's consumption is mostly dominated by imports, as local production accounts for less than one tonne for each financial year, which usually runs from April to March each year.

 

Potential

 

The NAB's market intelligence report further demonstrates the country's untapped potential to produce avocados for the local market, and produce over 800 tonnes to eventually replace the imports of over N$16 million witnessed last year.

 

 

"This can be the green skin varieties such as Hass and Fuerte, which are currently the most common varieties imported. Alternatively, other varieties such as Pinkerton, Lamb Hass and Reed can also be explored as they are less vulnerable to heat. Avocados mostly prefer a sub-tropical climate which may be the climatic condition that is rarely experienced in Namibia. This is usually a zone of climate characterised by hot and humid summers, and cool to mild winters," reads the report.

 

This type of climate in Namibia mostly lies along the Kavango and Zambezi production zones and these zones can potentially be ideal for commercial avocado production in Namibia.

 

The fruit study also revealed that the majority of the avocado trees found in Namibia are located in the Kavango production zone, therefore, proving suitability and potential for commercial expansion.

 

"Local farmers are, therefore, encouraged to tap into avocado production to supply the local market and counter the current high avocado import, especially those in areas suitable for avocado production. They are further encouraged to work closely with government institutions for support such as the NAB, which continues to monitor the fruit industry and is committed to developing the fruit industry through strategies that are of benefit to all key value chain actors. There are many existing trade agreements and established export channels through which avocados can be added and explored for export."

 

- New Era.

 

 

 

 

Mozambique: Growth of Mozambican Economy Will Remain Modest, Says IMF

Maputo — The International Monetary Fund (IMF) believes that the growth of the Mozambican economy will remain modest in the coming years, since significant challenges remain.

 

According to Thibault Lemaire, the IMF economist responsible for coordinating the Fund's report on sub-Saharan Africa, cited by the Portuguese news agency Lusa at the end of the IMF and World Bank Annual Meetings, in Washington, "for this year and the medium term, we expect a modest recovery in growth.'

 

According to Lemaire, the non-mining sector in Mozambique should accelerate in 2024, driven by an improvement in the dynamics of the manufacturing and construction industries, taking into account that last year the economy showed "mixed results, with the robustness of the mining sector contrasting with the modest growth of the non-mining sector.'

 

 

For this year, the IMF predicts growth of five per cent for Mozambique, after last year's economic expansion improved to six per cent, up from 4.4 per cent in 2022.

 

"Mozambique's economic expansion was driven by the Coral Sul liquefied natural gas project, the country's first large-scale LNG project, but due to restrictive financial conditions, growth in the mining sector fell short of its potential', the economist said.

 

According to Lemaire, the French oil company TotalEnergies is expected to resume work in the northern province of Cabo Delgado "in the coming months, which will have a positive and significant impact on growth, tax revenues and the country's current account, after the start of production and LNG exports.'

 

Mozambique, he said, faces significant development challenges, namely the increased frequency and severity of natural disasters and climate shocks.

 

"In sub-Saharan Africa, growth is expected to increase from a forecast 3.4 per cent in 2023 to 3.8 per cent in 2024 and four per cent in 2025, with the negative effects of climate shocks continuing and problems in supply chains gradually improving', says the IMF.

 

On a global level, the IMF raised its global growth forecast by a tenth to 3.2 per cent this year, a rate it also expects for next year.

 

 

 

 

Nigeria: Again, Dangote Refinery Announces Reduction in Price of Diesel, Aviation Fuel

This development comes a week after the company announced a reduction in the price of diesel from N1,200 to N1,000 per litre

 

The Dangote refinery on Tuesday announced a further reduction in the price of diesel and aviation fuel to N940 and N980 per litre respectively.

 

This ment comes a week after the company announced a reduction in the price of diesel from N1,200 to N1,000 per litre.

 

Commending the company's efforts last Wednesday, President Bola Tinubu, in a statement through his Special Adviser on Media and Publicity, Ajuri Ngelale, affirmed that Nigerians and domestic businesses are the nation's surest transport and security to a glorious destiny of economic prosperity.

 

 

On Tuesday, the company, in a statement sent to PREMIUM TIMES by its Group Head, Corporate Communications, Anthony Chiejina, explained that the company is committed to ensuring that Nigerians have better welfare.

 

The statement noted that the price change of N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.

 

"I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable prices, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates," Mr Chiejina said.

 

 

He explained that the partnership would be extended to other major oil marketers.

 

"The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country," he said.

 

The Director General of the Manufacturers Association of Nigeria (MAN), Ajayi Kadiri, reacting to the latest development, said "The decision of the company to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.

 

"The trickle-down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity. The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation," Mr Kadiri said.

 

Dangote Petroleum Refinery commenced production of diesel and aviation fuel in January.

 

Announcing the commencement in a statement, the company said the refinery had received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore.

 

The first crude delivery was done on 12 December 2023, and the sixth cargo was delivered on 8 January.

 

The first cargo that arrived at the plant was from Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria and globally, trading over 8 million barrels of crude oil daily.

 

The company made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company (NNPC Ltd).

 

The fresh one million barrels of crude from the Shell terminal via the MT Otis owned by Trafigural is the second consignment to be delivered to the Dangote facility out of the six million barrels of crude being expected by the world's largest single-train refinery.

 

Earlier in the month, the company commenced the supply of petroleum products to the local market.

 

- Premium Times.

 

 

 

Kenya: President Ruto Says Kenya Still an Investment Destination of Choice

Machakos — President William Ruto has said Kenya remains a competitive investment destination of choice.

 

He urged investors to take advantage of the lucrative investment opportunities available in the country.

 

Speaking on Tuesday when he officially opened the Nexgen Packaging Kenya EPZ, Athi River in Machakos County, President Ruto outlined the measures that have been put in place to create a conducive investment environment in the country.

 

He singled out the reduction of power tariff by 50 percent for investors or manufacturers working at night as one of the measures that has gone a long way in creating an environment hospitable to investment.

 

 

"We've done away with the requirement that one must use power to full capacity during day time to benefit from reduction at night," said President Ruto.

 

He also disclosed that the government has increased acreage under cotton from 44,000 acres last year to 104,000 acres this year as part of efforts to increase local fabrics.

 

"This morning, I also approved 5,000 acres for the Naivasha industrial economic zone for more investments," he noted.

 

The President said Kenya's investment in infrastructure, human resource development, renewable energy as well as regulatory incentives and robust justice system has positioned Kenya as an attractive investment destination.

 

President Ruto announced a partnership between Kenya and the United States, facilitated by USAID with over $11 million, aimed at job creation, boosting trade, and fortifying the textile and apparel subsector.

 

He said the investment aims to expand Kenya's fashion industry, grow its apparel manufacturing base, and introduce new vertical integration capabilities to the textile and apparel subsector.

 

"This partnership embodies the future of Kenya - a future built on solid investments, with skilled labour, efficient technology, quality manufacturing, and strong linkages with global markets," he said.

 

He stressed the government's commitment to realizing the textile and apparel sub-sector's full potential through vertical integration, enhancing the value chain to reduce costs, enhance quality control, and promote economies of scale.

 

He said Fabric production will be pivotal in giving Kenyan-made apparel a competitive advantage.

 

"Such an investment would be particularly opportune, given that 40,000 farmers are already farming cotton and producing between 20,000 and 40,000 bales annually, with the potential to increase the number of farmers and acreage under production to achieve at least 260,000 bales annually," he said.

 

Trade and investment CS Rebecca Miano said Kenya was committed to creating a conducive environment for investments.

 

US Ambassador to Kenya Meg Whitman said the two countries will continue to work together for the mutual benefit of its citizens particularly in the area of investments.

 

Machakos Governor Wavinya Ndeti said county governments will work closely with the national government in ensuring ideal conditions for investors.

 

"We will continue supporting initiatives aimed at attracting investors into our country," said Governor Ndeti.

 

And while addressing workers, President Ruto assured them that efforts were being made to address the challenge of water in EPZ, Athi River and Kitengela among other areas.

 

"I want to assure you that the Northern Collector Tunnel is being improved as part of efforts to solve water problems facing this area by June," said President Ruto.

 

The Head of State pointed out that he would implement decisions, however, difficult it may be so long as they would be for the betterment of the country.

 

"I am determined to change Kenya. Those who are making noise now, will thank me later," said President Ruto.

 

He added;"I will make decisions which are right, however, difficult they may be for the prosperity of this country."

 

- Capital FM.

 

 

 

 

Cote d'Ivoire: Cocoa Beans Exported From Cote d'Ivoire to EU Originate >From Deforested Land in Liberia

Authors of an investigation reveal that companies sourcing cocoa from Côte d'Ivoire are promoting the destruction of forests in Liberia.

 

The conclusions of the field investigation, presented by the Initiatives for Community Development and Forest Conservation (IDEF) representative Bakary Traoré, released at a major event held yesterday in Brussels, highlight that the traceability mechanisms used by these companies are flawed and do not comply with the new anti-deforestation regulation published on June 9, 2023, in the Official Journal of the European Union.

 

 

The investigators argue that these mechanisms should be replaced by the robust and transparent national traceability system now in place in Côte d'Ivoire.

 

"Work is currently underway in Côte d'Ivoire to set up a national traceability system. Under this system, all plots of land in Côte d'Ivoire will be geolocated, and producers will be registered. A map of producers, including a barcode system, will also indicate what individual farms are able to produce and track their sales. Our investigation shows the importance of speeding up the work begun by the Ivorian authorities," explains Bakary Traoré, Executive Director of the Ivorian NGO (IDEF) and the report's main author.

 

Bakary said in the release that the current traceability systems were set up by the chocolate companies and are controlled by them.

 

"They are not transparent, and our investigation found them to be flawed. To resolve the problem and comply with new European regulations, traders in raw materials will have to change their approach," he said.

 

According to the release, the demand for cocoa beans is booming around the world and before these beans can be transformed into silver- or gold-leafed chocolates for the pleasure of billions of consumers, they have to pass through a complex market made up of a variety of parties acting as intermediaries between small, poorly paid cocoa farmers and retailers.

 

"This world has long been impenetrable, with one major consequence: thousands of hectares of forest have been destroyed to make way for cocoa plantations," the release said.

 

The release further said, the EU has taken a decisive step with the adoption in June 2023 of the European Union Deforestation Regulation (EUDR) for products linked to deforestation and forest degradation.

 

"As of December 2024, it will be illegal to import and market cocoa beans that, after 2020, were harvested on plots of land deforested to create plantations."

 

 

This regulation, according to the release, presents a unique opportunity to address the historical problems of deforestation in the cocoa sector, which the industry and certification systems have never been able to resolve on a voluntary basis.

 

Côte d'Ivoire is the world's largest producer of cocoa (source: FAO), with 75 percent of its production absorbed within Europe as its single privileged consumer, including 90 percent of France's imports and 70 percent of Germany's.

 

However, the release said that for years, cocoa plantations have been developed at the expense of forests, contributing significantly to their destruction.

 

"As land becomes less productive, farmers clear another area of forest, replanting it with cocoa trees. The figures speak for themselves: with 16 million hectares at the beginning of the 20th century (source: REDD+), by 1986 Côte d'Ivoire's forests had shrunk to 7.85 million hectares. By 2020, when the government clamped down, a mere 2.9 million hectares remained."

 

It further mentioned that as the investigation shows, the situation is driving Ivorian growers to migrate to the fertile lands in Liberia, home to more than half of West Africa's remaining tropical forests.

 

"In the three Liberian villages that were the focus of the report, residents stated that, with this migration, no fewer than "183 producers have settled in recent years, 60 between December 2023 and January 2024 alone."

 

The Conservation Group mentioned that not only is there new deforestation taking place, but there is also a lack of infrastructure in Liberia for growers to export their beans.

 

"As a result, once harvested, the cocoa beans are carried back to Côte d'Ivoire on people's backs."

 

The investigators, according to them, found that Liberian beans were easily mixed with local products, indiscriminately filling bags intended for ordinary sale as well as those destined for export and certified accordingly.

 

"This undermines a system meant to prevent cheating and the importing of beans from other countries."

 

"The traceability system established by the Côte d'Ivoire government is therefore indispensable. By mapping all production plots and having a complete overview of their use, the national system should prevent cheating. At present, because of multiple systems in use, a single plot can repeatedly be designated as a production source, thereby 'laundering' cocoa beans produced through deforestation in Liberia," the release said.

 

The investigators also call on the EU to put in place robust controls as part of the due diligence required by EUDR to help curb this.

 

"The cocoa industry has pledged to end deforestation, but our investigation shows that this is still not happening. EU regulation on deforestation represents a historic opportunity to finally honor the commitment," said Traoré.

 

"The best way to achieve it is to implement a national traceability system covering the entire sector, rather than rely on a piecemeal approach by individual companies. We call on traders, certifiers, and the major chocolate companies to join the conversation and commit to a national traceability system in Côte d'Ivoire," he added.

 

"Many companies claim to be acting to improve cocoa's sustainability, but our investigation shows that the reality on the ground is very different from that projected by big PR campaigns targeting European consumers," Traoré added. "In fact, the large companies are afraid of losing their edge and their access to cheap cocoa. They're doing very well from the inefficient system that has been used so far, and which only produces poverty for millions of producers. This cannot go on," the Conservation Group release concluded.

 

The Initiatives for Community Development and Forest Conservation (IDEF) association is a non-profit organization. Created in 2014, IDEF is an Ivorian organization with an international vocation.

 

- Liberian Observer.

 

 

 

Malawi Takes Steps to End Poverty Among Women and Girls

Blantyre, Malawi — Malawi and its development partners are trying something new to help the country's most vulnerable women and girls get out of extreme poverty. Besides enhancing their socio-economic status, a new three-year program will strengthen their resilience to crises, shocks and disasters.

 

The U.N children agency, UNICEF, the European Union and the Irish government say more than 20% of Malawi's 19.6 million people live in extreme poverty.

 

They said Tuesday women head over 75% of all families living in poverty amid violence and harmful practices that undermine their participation in economic activities.

 

The new Gender Empowerment and Resilience program is expected to benefit more than 500,000 people in nine districts, giving them access to social services and cash transfers.

 

The districts are Mzimba, Ntcheu, Balaka, Chikwawa, Mulanje, Mwanza, Neno, Nsanje and Zomba.

 

 

Shadrack Omol, UNICEF representative in Malawi, said experience has shown that parents and caregivers need to be supported with livelihoods and resources to support their children.

 

"That's why this program is extremely important because through this program we will be working [with] parents," Omol said, "to support them to have the right livelihoods and incomes to support their children to grow to their full potential."

 

About $26 million is being spent to tackle challenges that would help give Malawi women access to economic opportunities and essential social services.

 

Besides cash transfers, the program will help promote access to social behavior change, nutrition, early childhood development, sexual reproductive health and prevention of gender-based violence.

 

Jean Sendenza, minister of gender, community development and social welfare, said in a statement that Malawi has previously made progress in expanding social protections to reach more vulnerable people. However, she says significant gender gaps remain.

 

Eneless Pemba, executive director for Chikondi Girls Project in southern Malawi, said she welcomes the program but says similar interventions haven't yielded results in the past. That's because there has been a tendency to impose solutions without asking what people really want, Pemba said.

 

"We sometimes feel like a girl-child just wants money while there are a lot of issues happening," Pemba said. "For example when you talk about mental health issues, a girl-child, maybe her parents are sick or they don't have food at home like hunger we are facing in Malawi now."

 

Pemba, whose project teaches girls how to make sanitary pads and other skills, says there is a need to encourage girls' entrepreneurship skills to help her find food for the whole family.

 

"There are other small businesses she can do while in school, which can be sustainable for a long time rather than a project which can be there for a year and phase out," Pemba said.

 

Maggie Kathewera-Banda, executive director of the Women's Legal Resources Centre, says there still are some people who need more than resources to help lift themselves up.

 

"Much as we have empowerment programs, where people are supposed to have the skills so that they can move out of poverty, we still have some section of population which are so vulnerable to the extent that they cannot move out of poverty on their own, they need a booster," Kathewera-Banda said. "So as a starting point, cash transfers offer such kind of a thing."

 

Kathewera-Banda says the impact of some projects may not be seen or felt because they focus on small groups out of thousands of people facing poverty.

 

However, EU Ambassador to Malawi Rune Skinnebach and Irish Ambassador to Malawi Séamus O'Grady said in a statement the program will help create an enabling environment for Malawi women and girls to contribute meaningfully to their communities.

 

- VOA.

 

 

Rwanda: Could Airbnb Take Over Rwanda's Housing Market?

There is a chance that if you have traveled in the past for a vacation or even work, at some point you have rented, considered renting an Airbnb, or someone has recommended it.

 

That is what Airbnb, an American company operating an online marketplace for short- and long-term homestays and experiences, has done to the housing market everywhere across the world.

 

The presence of Airbnb across countries has disrupted the housing market to the extent that its growing popularity can visibly be felt across Rwanda, driven in part by demand for affordable rentals.

 

Unlike the traditional hotel model, Airbnb allows ordinary people to rent out extra space in their homes to visitors and tourists. Booked online, the properties on offer are usually way cheaper compared to apartments and hotels.

 

The platform is widely enjoyed for its access to holiday lets ranging from single rooms to entire properties, varying in quality and affordability, and offering a markedly different experience to that found in a hotel.

 

 

ALSO READ: Airbnb will help hotels shape up

 

Honorine Umutoni, a Kigali resident who has put up one of her three rooms for rent on the platform, said being single, many of her rooms are unoccupied and it only made sense to venture into this form of income-generating business.

 

"I live alone and sometimes I may have a relative or friend stay over, but this does not happen very often. I decided to list one room on Airbnb and generate some money to help with my expenses," she said, adding that she is careful with the person she hosts not only in terms of their experience but her safety as well.

 

As Rwanda positions itself as a travel destination for the Meetings, Incentives, Conferences, and Events(MICE) industry, Airbnb has increasingly offered alternative accommodation services, allowing diversification for cash flow into the economy.

 

Growing business for locals

 

ALSO READ: How to harness Rwanda's MICE tourism

 

Eric Mutabazi, owner of Murugo Apartments, said that he registered his rental space on Airbnb last year. At a peak month in December last year alone, he generated around $1,500.

 

He anticipates making much more during summertime from the seven rooms he listed on the platform. This has created visibility for his rentals which mostly attract foreigners who travel or visit Rwanda for short or long-term.

 

Paul Rwigamba, Director of Projects and Property Management, Century Real Estate, said there has been a remarkable growth of the Airbnb market in Rwanda over the past five years, mainly propelled by its affordability for clients and ease to venture into for almost anyone interested.

 

As the country pushes for domestic tourism, he said, we continue to see several Airbnb-listed homes in touristic areas like Musanze and Gisenyi which are affordable for the average Rwandan, but also group visitors from the region or internationals.

 

On the concerns of unfair competition raised in the past by a section of hotel owners, Rwigamba doesn't believe Airbnb creates unfair competition since its target market is different from that of hotel establishments.

 

Rather, he added that Airbnb hosts should endeavor to give standard services and adhere to safety and security measures for their clients to further improve this type of business and make meaningful contribution to the economy.

 

The reflection on security is important given the incident that occurred in 2022, when a guest was assaulted by an American Airbnb host in Musanze District. The case was handled by the Rwanda Investigation Bureau and the Airbnb company would later follow it up.

 

Rwanda Development Board (RDB) announced, in 2016, plans to standardize and regulate the Airbnb business in the country.

 

Speaking to The New Times, Michaella Rugwizangoga, Chief Tourism Officer, RDB, said that they are currently conducting a mapping exercise that will inform the regulation decision.

 

It is being conducted in collaboration with Centre for Financial Regulation and Inclusion (Cenfri) - a South African non-profit think-tank for the financial sector development.

 

Besides Rwanda, Airbnb has a presence in more than 220 countries across the world. The American firm has grown to more than 5 million hosts with over 7.7 million active listings around the world, according to the company's 2023 financial report.

 

In 2023 alone, hosts earned more than $57 billion.

 

In March 2024, Airbnb announced a ban on indoor cameras for properties listed on the site, scheduled to take effect on April 30. The changes also involve a requirement for hosts to disclose the use of noise-decibel monitoring equipment.

 

- New Times.

 

 

 

 

Sudan: UNHCR Completes $2.2 Million Projects in Sudan

Geneva — Yesterday, the United Nations High Commissioner for Refugees (UNHCR) in Sudan announced the completion of two projects funded by $2.2 million from the government of Japan, aiming to meet the urgent needs of refugees, asylum seekers, and host communities affected by the ongoing conflict in Sudan.

 

The first UNHCR project provided shelter and basic relief materials to refugees and asylum seekers in White Nile state, Kassala, and El Gedaref to help improve living conditions.

 

The second project reportedly strengthened health and nutrition services for refugee mothers and children in White Nile state. It also improved water, sanitation, and hygiene facilities in 10 refugee camps.

 

"These projects were implemented at a difficult time when both refugees and the Sudanese people were severely affected by the ongoing devastating conflict. The provision of aid and basic services has become increasingly difficult," said Kristine Hambrouck, UNHCR representative in Sudan.

 

Hambrouck added that the aid was "vital in delivering protection and assistance to refugees, other forcibly displaced people, and host communities in Sudan."

 

Kentaro Mizuuchi, the chargé d'affaires of Japan to Sudan, said that priority was given to those affected by the ongoing conflict, especially women and children, "in response to the catastrophic humanitarian situation in Sudan, where 8.6 million Sudanese are internally and internationally displaced."

 

According to the statement, UNHCR "looks forward to continuing its partnership with Japan and other donors in addressing the ongoing humanitarian crisis in Sudan."

 

The UNHCR is still low on funds after countries pledged $2 billion at the International Humanitarian Conference for Sudan and its neighbours held in Paris last week. Since February 7, the UN agency has been appealing for a combined $4.1 billion "to meet the most urgent humanitarian needs of civilians" affected by the war.

 

"This meeting was an opportunity to turn the tide for Sudan and its four neighbours," said Oxfam in Africa Director Fati N'Zi Hassane. "Once again, the leaders have demonstrated a disregard for the lives of those in Sudan and its neighbours as they pledged less than half of the $4.1 billion needed to urgently help over 14.7 million people in Sudan and millions more suffering in host countries."

 

Chad has emerged as Africa's top per capita host for refugees, accommodating over 1.1 million individuals, among them more than 553,150 new arrivals from Sudan as of mid-February. The UNHCR said the number of people crossing from Sudan into Chad increased in early April to a rate of 500 to 600 people a day.

 

Benoit Kayembe, the head of the UNHCR in Adré, told The Guardian that he thought food insecurity was now as big a push factor as the threat of violence. The 2023 humanitarian response plan for Chad has seen an increase in the number of people in need from 6.9 million to 7.6 million, but it is only a quarter funded.

 

- Dabanga.

 

 

 

 

 

Nigeria: Lagos to Roll Out 2,000 CNG Buses, 231 Electric Vehicles in June

The Lagos State government on Tuesday hinted that it has commenced moves to introduce about 2, 000 Compressed Natural Gas, CNG, buses into the state before the end of 2024.

 

Commissioner for Transportation, Mr Oluwaseun Osiyemi disclosed this at the commencement of the 2024 ministerial briefing on the activities of the ministry in the administration of Governor Bababjide Sanwo-Olu, held at Alausa, Ikeja, Lagos.

 

Osiyemi also said the state government is set to launch about 231 electric vehicles by the end of June, 2024.

 

According to Osiyemi, the state government is already engaging a private company on the acquisition of the CNG buses which will be distributed in two phases of 1,000, scheduled to be introduced by the end of 2024.

 

He explained that measure was part of efforts to alleviate the effects of fuel subsidy removal by the Federal Government on the residents.

 

"We are also looking at introducing about 231 electric vehicles on our road to complement the existing fleet of vehicles, using diesel and petrol," Osiyemi stated.

 

The Commissioner added that the initiative was targeted at delivering cheaper, safer and more climate-friendly energy to residents and Nigerians in general.

 

- Leadership.

 

 

 

 

No plans to sell TikTok, Chinese parent firm says

TikTok's Chinese parent company ByteDance says it has no intention of selling the business after the US passed a law to force it to sell the hugely popular video app or be banned in America.

 

"ByteDance doesn't have any plans to sell TikTok," the company posted on its official account on Toutiao, a social media platform it owns.

 

TikTok did not immediately respond to a request for comment from the BBC.

 

Earlier this week, TikTok said it would challenge in court the "unconstitutional" law.

 

US TikTok ban: When and why could the app be outlawed?

The statement from ByteDance came in response to an article by the technology industry website The Information that said Bytedance was exploring the potential sale of TikTok’s operation in the US without the algorithm that powers it.

 

"Foreign media reports of ByteDance selling TikTok are not true," the company said in the post, which included a screen shot of the article with the Chinese characters meaning "false rumour" stamped on it.

 

The sell-or-ban measure was signed into law by US President Joe Biden on Wednesday.

 

Beijing's tightening grip on private companies has raised concerns in the US, and other Western countries, about how much control the Chinese Communist Party has over ByteDance, and the data it holds.

 

TikTok has repeatedly denied claims the Chinese government has control over ByteDance.

 

"We are confident and we will keep fighting for your rights in the courts," said TikTok boss Shou Zi Chew in a video posted on the platform this week.

 

"The facts, and the Constitution, are on our side... rest assured, we aren't going anywhere."

 

According to TikTok, ByteDance's Chinese founder owns 20% of shares, through a controlling stake in the company.

 

About 60% is owned by institutional investors, including major US investment firms Carlyle Group, General Atlantic, and Susquehanna International Group.

 

The remaining 20% is owned by its employees around the world and three of ByteDance's five board members are American.

 

The Chinese government has also dismissed such concerns as paranoia and has warned that a TikTok ban would "inevitably come back to bite the US".

 

However, TikTok is not facing an immediate ban in the US.

 

The new law gives ByteDance nine months to sell the business, and an additional three-month grace period, before a potential ban can be enforced.

 

That means the sale deadline would most likely come some time in 2025, after the winner of the 2024 presidential election takes office.-BBC

 

 

 

 

Why India's household savings are at a 47-year-low

For decades, India has been a nation of savers. They stash away a significant portion of their earnings for future security, often at the expense of current consumption.

 

But something seems to be amiss now. Recent data from the Reserve Bank of India says India's net household savings stood at a 47-year-old low. Household net savings are the total money and investments families have, like deposits, stocks and bonus, minus any money they owe, like loans and debt.

 

Savings shrank to 5.3% of the gross domestic product (GDP) in the financial year 2023, down from 7.3% in 2022. One economist called this fall "dramatic".

 

There has also been a sharp jump in household debt in the same period. Annual borrowings stood at 5.8% of GDP - the second-highest level after the 1970s.

 

As households increasingly rely on debt to fuel consumption, their savings inevitably erode. The more they borrow, they dedicate more of their income to repaying debt, leaving less for savings.

 

 

Nikhil Gupta, economist at Motilal Oswal Financial Services, says a significant portion of India's increasing household debt is made up of non-mortgage loans. Farm and business loans comprise over half of these loans. (An interesting aside: In 2022, non-mortgage debt in India matched Australia and Japan, and surpassed many other major nations, including the US and China.)

 

AFP A woman watches an Ikea mobile display unit in Mumbai on November 26, 2019. - Ikea, which opened its first store in India in August 2018, is seeking to wow India's burgeoning middle class with its Nordic-cool furniture and fittings, as well as products suited to local tastes, and is aiming to open 25 outlets in the country by 2025.AFP

Borrowing for consumption, including consumer durables, is the fastest-growing segment of consumer debt

Mr Gupta also found that while borrowing for consumption - credit cards, consumer durables, weddings, health emergencies, for example - makes up less than 20% of total household debt, it was the fastest-growing segment.

 

So what does this trend of low savings and high debt tell us about India's economy, the fifth largest in the world? Do increased borrowing and spending point to optimism for the future, or do they warn of challenges such as declining incomes, inflation and economic stress?

 

"There is some amount of consumer confidence. There are many Indians who hope income growth will be strong enough in future. Or they just want to have a good life right now rather than think about what will happen to the future," Mr Gupta says.

 

 

"Is there a change in [the Indian] mindset about spending [more]? Maybe," he says, adding that it's not clear yet what is driving this.

 

What about borrowing money out of necessity or desperation, typically during times of financial hardship or crisis? Extended distress borrowing could easily lead to loan defaults. On the other hand, if the lenders are doing their homework, why would they continue to lend to non-creditworthy borrowers in the throes of a financial crisis?

 

EPA Residential buildings in Mumbai, India, on Monday, Dec. 18, 2023. Wealthy Indians living abroad are snapping up luxury homes in the country, with the investment play driving an unprecedented boom in sales of top-end propertiesEPA

Wealthy Indians are buying up luxury homes across the country

A key problem, according to Mr Gupta, is the lack of granular detail in the official data on the borrowers. What kind of jobs they do? How many people have taken how many loans? (One borrower can take multiple loans.) What are they using the loans for? What is their repayment history?

 

Some clues are available. Mr Gupta and fellow economist Tanisha Ladha at Motilal Oswal have found that the bulk of household debt growth in the past decade was driven by 'credit widening' - an increase in the number of borrowers - rather than 'credit deepening' or higher loans per borrower. Having more people borrowing is preferable to having each borrower take out larger loans.

 

 

They also found that Indian households have a debt service ratio (DSR) - the share of income used to service loans - of approximately 12%, similar to Nordic countries. This ratio is higher than that of China, France, the UK, and the US, all of which have higher household debt levels. The difference is due to higher interest rates and shorter loan tenures in India, resulting in a relatively higher DSR despite lower debt-to-income ratios.

 

In September, India's finance ministry dismissed fears about reducing savings and increasing borrowings, saying people were taking advantage of low interest rates after the pandemic to buy cars, education loans and homes.

 

Also, it said, more people were borrowing to buy assets like home and vehicles which is "not a sign of distress but of confidence in the future employment and income prospects".

 

Zico Dasgupta and Srinivas Raghavendra of Azim Premji University, however, sound a note of caution. The decline in savings coupled with the increase in debt prompted concerns regarding "debt repayment and financial fragility", the two economists wrote in The Hindu.

 

Others like economist Rathin Roy worry about a growing reliance on borrowing in a nation with the lowest per capita income among G20 countries. The government borrows to fund basic services and subsidies, while households borrow to consume, he noted in Business Standard. This reduces the already "declining flow of financial savings" and increases the cost of borrowing.

 

Mr Gupta and Ms Ladha believe that the current high level of borrowing in a year does not endanger India's financial or macroeconomic stability. But there are concerns about its sustainability if this trend persists.

 

"Consumer India's consumption is located at the crossroads of high aspiration for a better life, woefully inadequate quality and quantity of public goods and amenities and modest incomes which are also unstable," writes Rama Bijapurkar, a business consultant, in her new book Lilliput Land.

 

In other words, the Indian consumer is engaged in a deft balancing act.-BBC

 

 

 

 

Why green steam is a hot issue for business

Colorado-based New Belgium Brewing can trace its roots to 1988 and a cycle trip through Belgium.

 

The experience inspired co-founders Kim Jordan and Jeff Lebesch to bring Belgian brewing techniques back to their home town.

 

Three years later and the duo were selling Fat Tire, one of their first beers at a local festival, and they now have over a dozen beers in production.

 

But while they have spent 30 years creating flavours unique to the US market, they have at least one thing in common with all brewers - the use of steam.

 

Steam is used to sanitise their brewing equipment, as well as being a key part of the brewing process.

 

 

Large cone-shaped kettles are used to boil wort - liquid extracted from the initial brewing stage of mashing barley - generating steam.

 

This boiling process helps to remove flavours the brewer does not want in the beer, before the wort is transferred to vessels to ferment with yeast, resulting in beer.

 

Some of the steam generated by the kettles is captured by a heat exchanger, which allows the brewer to use this waste heat in the next batch of brewing.

 

The driving force behind the industrial revolution, steam remains crucial to production processes across multiple industries.

 

 

As well as its frequent use in the food and beverage industry, steam is also used for sterilisation by pharmaceutical companies, and for heating a wide range of buildings such as hospitals.

 

But steam is still primarily generated using boilers run on fossil fuels, giving it a big carbon footprint.

 

Fossil fuels made up 73% of industrial energy use in the US in 2018, with 40% of these fossil fuels used to heat boilers producing steam.

 

To cut that, one option would be to switch to electric. Assuming the electricity is generated from sustainable sources, then the carbon footprint is slashed.

 

But using electricity does have downsides.

 

"The biggest challenge is cost, which is likely to limit the pace of customer adoption," says Maurizio Preziosa, from UK-based engineering firm Spirax Group.

 

While cost might be an issue, the switch is relatively straightforward.

 

Mr Preziosa says that his firm's technology can usually slot into the existing system.

 

"Customers can continue to use the rest of their existing steam infrastructure," Mr Preziosa explains.

 

This has the additional benefit of reducing downtime, a potential obstacle to adoption for companies reliant on tightly calibrated production processes.

 

Atmos Zero AtmosZero’s Boiler 2.0 technology in development at Colorado State University’s PowerhouseAtmos Zero

AtmosZero is developing a heat pump system to make steam

US-based AtmosZero has a different approach to creating steam. Their boiler is a heat pump, which extracts heat from the air and turns it into high temperature steam.

 

It works by circulating liquid refrigerants with low boiling points through a closed loop, capturing warmth from the air.

 

The slightly warmed refrigerant is compressed, raising it to a temperature high enough to boil water.

 

A heat exchanger then transfers that heat from the refrigerant, to water to make steam.

 

The big advantage of this approach is that it cuts operating costs.

 

The company's chief executive, Addison Stark estimates that their heat pump technology could save companies hundreds of thousands of dollars compared to the options currently available.

 

"Being a heat pump-based system, we are significantly more efficient than current boilers - we create about two units of heat output for one unit of energy input, dramatically reducing the operating costs," Mr Stark explains.

 

AtmosZero is still in the early stages, with more development work needed. The goal is to build a manufacturing plant and start delivering boiler systems in early 2026.

 

Mr Stark is confident the system will work at the scale needed by industry. "We are mass-manufactured and simple to deploy."

 

Makers of green steam equipment see demand rising in the coming years.

 

"The expectations of end consumers are shifting," Maurizio Preziosa from Spirax Group explains.

 

"They want to buy from companies who operate sustainably by reducing their impact on people and planet, and this, along with regulatory pressure, is driving demand from our customers who serve those consumers," he says.

 

 

Back in Colorado, preparations are underway for at New Belgium Brewing where AtmosZero will be swapping out one of the brewery's combustion boilers for their heat pump system.

 

This is the next step on a journey of sustainability the company has been on since those early days selling their beer at local festivals.

 

As well as installing solar panels and creating electricity from wastewater, Fat Tire, one of their first beers, became the first certified carbon neutral beer in America in August 2020.

 

This is part of a wider company ambition to become completely carbon neutral by 2030.

 

Changing the way they use steam may just be the key step towards this goal.-BBC

 

 

 

 

A US TikTok ban could take a bite out of small businesses

Without the popular social media platform, some creators and small enterprises across the globe could see their revenue plummet.

 

On 24 April, the US Senate passed legislation to ban TikTok, the popular social media app. Hours later, President Biden signed the bill into law. It requires TikTok's parent company ByteDance to sell the app to non-Chinese owners or face a blanket ban in the US. The decision now faces a complicated and uphill legal battle.   

 

Many devoted fans of the social media platform in the US – more than 150 million users – may see their favourite leisure activity disappear. Yet some of the people who stand to feel most impacted are the creators and small businesses on TikTok that make money through the platform, whether on the side or full-time. 

 

According to March 2024 data from TikTok, more than seven million small US businesses use TikTok, and the company reported it drove $15bn (£12.04bn) in revenue for these enterprises in 2023.

 

The platform is also a major global economic force: in January, TikTok reported small- and medium-sized enterprises on the platform contributed €4.8bn ($5.14bn; £4.12bn) to the GDP of Germany, France, Italy, Netherlands and Belgium in 2023 alone. 

 

Now, facing a TikTok ban, American entrepreneurs are worried about their revenue streams. So too are global businesses that rely on US audiences to buy their products and engage with their content. There may be alternatives, but finding a suitable substitute could be an uphill battle.

 

Growing audiences, finding consumers

Shira, 27, who has more than 500,000 followers on the platform at @shirashiraonthewall, is a full-time content creator. She launched her account on TikTok in 2021 after she moved to the US from Australia. Initially, she shared reaction videos to other people's content as well as her experiences living in the US. Within nine months, her following had ballooned.

 

To generate income, Shira relies on partnerships on TikTok. While she also has accounts on Snapchat and YouTube, she says TikTok has consistently brought in the most money. She's put in a lot of work, she tells the BBC. "I have spent many years growing and developing a really dedicated audience. Doing many live streams, posting and editing for years. It's been a difficult journey to make any money from it, so I'm really grateful I took the leap and got lucky."

 

Shira describes the ban as "devastating". Beyond her own business, she says she's also concerned about potentially hundreds of thousands of jobs that will be lost – in March, TikTok reported the app provides at least 224,000 jobs in the US. "I'm not sure what all these people are going to do if the ban goes through," says Shira. "There is no unemployment for creators or fallbacks."

 

Courtesy of Shira Full-time content creator Shira describes the potenital TikTok ban as "devastating" (Credit: Courtesy of Shira)Courtesy of Shira

Full-time content creator Shira describes the potenital TikTok ban as "devastating" (Credit: Courtesy of Shira)

Ileana Justine, 30, a creator with a following of nearly 200,000 on TikTok at @ileanajustine, expresses similar concerns. Her account took off in 2021 after she began posting about the fact that she and her groom were requiring guests to wear masks at their upcoming wedding to help limit the spread of Covid-19. She was soon launched into the realm occupied by "controversial" content creators, and since then she's "primarily focused on the intersection of lifestyle and political content", discussing topics such as paid family leave, abortion and gun control.

 

Unlike Shira, Ileana isn't a full-time content creator, but her work on the platform still takes time. Beyond her own economics, she's also concerned for people whose income is entirely based on TikTok success. "The platform allows for amplification of their products and stores, which can completely transform their businesses – I have lots of friends who have been able to turn their businesses from side hustles into full-time jobs because of TikTok."

 

Finding an alternative

The ban may not spell doom for businesses – but experts say it will force them to adapt, much of which will be figuring out how to shift their operations to other online platforms. 

 

"We're living in a digital economy … and we're basically relying on technology for all kinds of communication and information," says Mohammad Rahman, a professor of management at the Purdue University Daniels School of Business, US. The idea of going back to how business was done before social media likely won't work, primarily because "consumers [around the world] have changed in terms of how we collect information, how we decide on what to buy".

 

If TikTok is banned in the US, there are existing alternatives such as Meta, and experts predict others could pop up in the future. There's also time for businesses to figure out their next moves; ByteDance will have at least 270 days to sell TikTok from the point of President Biden's approval, a period that may extend further due to by court battles between the ByteDance and the US government.

 

Stephanie Kelly Photography Ileana Justine worries about both part-time and full-time creators if TikTok is banned (Credit: Stephanie Kelly Photography)Stephanie Kelly Photography

Ileana Justine worries about both part-time and full-time creators if TikTok is banned (Credit: Stephanie Kelly Photography)

Yet which platform they might migrate to in the wake of a ban is anyone's guess, says Kristen Schiele, an associate professor of clinical marketing at the University of Southern California's Marshall Business School, especially since many are laser focused on reaching Gen Z, who drive a large portion of spending on TikTok. "It's hard to reach them on any other platform," she says.

 

A global ripple effect

American TikTok users don't just power domestic businesess – they have a global impact. Entrepreneurs in other countries stand to potentially lose the US audiences they depend on for views that ultimately convert to sales, too. Some have already expressed concerns, including within the UK and Canada. In March, a TikTok Canada spokesperson told the Global News via email that "banning TikTok in the US would be devastating to Canadian TikTok creators and small businesses, many of whom rely on being able to reach Americans as a large part of their audience". 

 

Additionally, says Schiele, "There's a lot of cosmetic brands and skin care brands coming from Korea, especially, and China. That's a big thing [on TikTok] right now … those different beauty regimens and the great skin care products that they have."

 

They, too, will have to figure out a pivot to continue to reach US customers without TikTok. And it may be more difficult for international brands to do so. Schiele is optimistic many can, but worries that the blow to up-and-coming companies and international brands could be too much for some, especially smaller enterprises.

 

The account now has one million followers, thanks in part to two teens who insisted McGuckin – who had been fighting with other creators for eyeballs on Instagram – build out his TikTok following. McGuckin began live streaming on the platform each night. After one evening in which he sold $70,000 (£56,195) in cards while streaming alongside his sister in his bedroom, he realised he was onto something big.

 

He's concerned about the revenue hit Dappz Sports will take if a TikTok ban goes into effect, but he adds the platform is about much more than his personal income. As Dappz Sports expanded, McGuckin was able to create 90 jobs for people working in Los Angeles, including to actors and writers who were out of work throughout the Sag-Aftra and WGA strikes in 2023.

 

He's also created a virtual gathering space for a cross-generational audience across dozens of countries, many of whom have visited Dappz Sports on TikTok for years. "We have people who join our stream and they don't spend any money," he explains. "They just come in every night and we're talking about sports and we're talking about our favourite games or we're talking about our favourite moments."

 

He will entertain alternative platforms, especially if they're necessary for the business to survive. Yet, says McGuckin, "this is where we put our most energy into and where we built our community, and it would just be a shame [to lose it] even if we succeed on other platforms".      -BBC

 

 

 

 

US economic growth slows but inflation grows

The US economy grew by less than forecast in the first three months of this year but inflation gathered pace, which could delay an interest rate cut.

 

Official figures revealed the economy expanded at an annualised rate of 1.6%, far below expectations and the growth seen in the final months of 2023.

 

Meanwhile, inflation, which measures the pace of price rises, has increased.

 

At the start of the year, experts had been forecasting a series of interest rate cuts in the US.

 

However, inflation is yet to fall back to the Federal Reserve's 2% target, and on Thursday, figures from the US Department of Commerce showed that inflation increased by 3.4% in the first three months of 2024. This is compared to an increase of 1.8% in the final three months of 2023.

 

Raising interest rates makes borrowing - for things such as loans and mortgages - more expensive and theoretically is meant to encourage people to spend less. The idea is that this helps to bring inflation down by dampening demand.

 

However, US inflation has not fallen back as quickly as expected.

 

At the same time, economic growth - measured as gross domestic product (GDP) - has slowed from 3.4% growth in the final three months of last year to 1.6%. Economists had been expected it to decelerate but only to 2.4%.

 

Olu Sonola, head of US economic research at Fitch, the credit rating agency, said: "The hot inflation print is the real story in this report.

 

"If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach."

 

The key US interest rate is between 5.25% to 5.5% - the highest level in more than 20 years.

 

Stuart Cole, chief macro economist at Equiti Capital in London, said the US Federal Reserve, which sets interest rates, was "now finding itself caught between a rock and a hard place".

 

"The growth numbers suggest monetary policy has worked its magic and the Fed's foot on the monetary brake can be eased somewhat," he said.

 

"But the inflation figures suggest otherwise, and potentially even point to the need for a further tightening."

 

The 1.6% growth figure is the first estimate of GDP. A second reading, "based on more complete source data", will be released on 30 May.

 

Nevertheless, the economy is a key issue as the US heads towards an election later this year.-BBC

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

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Workers day

 

1 May

 


Companies under Cautionary

 

 

 


 

 

 

 


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Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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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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