Major International Business Headlines Brief::: 05 August 2024

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Major International Business Headlines Brief:::  05 August 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: Manufacturing, Education Workers See Income Gains Outpacing Other
Sectors

ü  Uganda: Govt Salaries to Be Paid Next Week - Minister Musasizi

ü  Angola: More Than 10,000 Jobs Created in Industrial Sector

ü  Liberia: Boakai Names Acting Governor for Cbl.

ü  Gambia: Farmers Face Setback Due to Collapse of a Bridge

ü  Tanzania: New Era Begins

ü  Nigeria: No Instruction to Tamper With Network Connectivity - Minister

ü  Uganda: Cut Expenditure or Borrow More - Experts Tell Govt

ü  Liberia: Govt Announces 2024 Liberia Investment Conference.

ü  Egypt: Electricity Min., EBRD Delegation Discuss Bilateral Cooperation

ü  Uganda: Govt Decrees Mandatory Life Jackets for Inland Water Transport

ü  South Africa: MTN Loses Special Tribunal Application

ü  Nigeria Needs $47.6bn Annually Till 2030 to Accelerate Economic
Transformation - AfDB

ü  Tanzania: Ride On Electric Train

ü  Global stock markets plunge on US economy fears

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya: Manufacturing, Education Workers See Income Gains Outpacing Other
Sectors

Nairobi — The ICEA Lions has revealed that respondents working in the
manufacturing and education sectors have had the highest proportions of
improved incomes in the second quarter of 2024.

 

This was revealed by the Senior Portfolio Manager at ICEA LION Asset
Management, Richard Muriithi, during the release of the 'Second Quarter 2024
ILAM Consumer Spending Index'.

 

According to Muriithi, respondents working in these two sectors outperformed
those in the trade, transport, and logistics sectors in terms of improved
incomes.

 

In the Q2 of 2024, Muriithi spotlighted that 30 percent of respondents
working in various sectors attested lower income, which was a 5 percent
acceleration from the first quarter of the same year, while less than 20
percent reported a rise in their income.

 

 

"Half of respondents indicated static income levels over the last year,
while 30% reported lower income and less than 20% saw their incomes rise in
the second quarter of 2024 compared to the same period in 2023," he stated.

 

"This represented a deterioration from the first quarter of 2024 when 25% of
respondents noted increases and decreases in their income respectively," he
added.

 

Furthermore, ICEA has noted that individual spending trends, especially in
the lower middle-income segments, had accelerated by 11 percent in the
second quarter of 2024 compared to the first quarter, an increase attributed
to the higher cost of items purchased.

 

During this time, 87 percent of respondents made purchases using their
income, while 13 percent relied on credit.

 

"Individual spending trends improved by 11% in the second quarter of 2024
compared to the first quarter. The additional spending was mainly driven by
women and consumers aged between 26 and 35. The rise in spending was largely
attributed to higher cost of items purchased," it stated.

 

Capital FM.

 

 

Uganda: Govt Salaries to Be Paid Next Week - Minister Musasizi

State Minister of finance in charge of general duties Henry Musasizi has
said that government will pay the delayed salaries of civil servants next
week.

 

Musasizi who also doubles as the Rubanda East legislator made the remarks
while addressing residents of Kyokyezo parish in Nyamweru Sub- County,
Rubanda district, where he was monitoring the progress of the
Kyokyezo-Butambi road construction.

 

Early this week, primary school teachers went on strike in Kabale district
over up paid salaries for June and July.

 

Pupils who had reported to school on Monday and Tuesday were sent home due
to the absence of teachers.

 

 

While addressing locals at Kyokyezo trading center, Minister Musasizi stated
that the salary delay is a nationwide issue and not just limited to only
districts with districts of Kigezi.

 

He discouraged strikes and advised teachers to always seek information from
the government before engaging in such actions.

 

"The salary delay is a nationwide issue, not just limited to only districts
in Kigezi. The delay in salary payments was due to a system migration
between the Ministry of Finance and the Ministry of Public Service, which
affected payrolls," he said.

 

"I advise teachers to always seek information from the government before
engaging in strikes" Minister adds.

 

He assured that the issue has been resolved and all civil servants will
their salaries starting next week.

 

"The issue has been resolved, and all civil servants will receive their
salaries starting next week."

 

Nile Post.

 

 

 

Angola: More Than 10,000 Jobs Created in Industrial Sector

Ondjiva — Ten thousand and 47 jobs were created in 2023 by the industry
sector, with revenue collection valued at seventy-one million, four hundred
and fifty-five thousand and fifty-four (71,455,054.00) kwanzas.

 

The information is contained in the final communiqué of the meeting of the
Local Governance Council, held Saturday, in the province of Cunene, under
the guidance of the President of the Republic, João Lourenço.

 

The meeting considered the Report on Activities Developed by Provincial
Governments during the year 2023, according to which, in the field of
agriculture, a total of 8,557,102,102 (eight thousand, five hundred and
fifty-seven million, one hundred and two thousand and one hundred and two)
hectares, and in the agricultural and livestock sector 10.40, 574 (ten
million, two hundred and forty thousand, five hundred and seventy-four)
kilograms of meat.

 

 

In relation to commerce, it informs that the number of jobs created was
80,856, with Kz 368,924,907.00 (three hundred and sixty-eight million, nine
hundred and twenty-four thousand, nine hundred and seven kwanzas) being
collected.

 

As for energy and water, a total of 46,646 new household connections were
registered, which benefited 2,622,259 (two million, six hundred and
twenty-two thousand, two hundred and fifty-nine) people and 500,375 (five
hundred thousand, three hundred and seventy-nine) five) household water
connections, which benefited 5,261,239 (Five million, two hundred and
sixty-one thousand, two hundred and thirty-nine) citizens.

 

In the period in question, the document indicates, the Hotel and Tourism
sector accounted for 5,178 (five thousand, one hundred and sixty-eight)
hotel units in all provinces, mainly hotels, inns, guesthouses, restaurants
and similar units.

 

The report highlights that during the period in question, policies were
created to improve the economic and social situation, aimed at macroeconomic
stability, economic growth and job creation, in order to solve the
population's most pressing social problems.

 

Health and education

 

The report states that 9,016,024 (Nine million, sixteen thousand and
twenty-four) students were enrolled for the 2023-2024 academic year, in
8,856 (Eight thousand, eight hundred and fifty-six) schools, distributed
across the various education subsystems.

 

It details that 79% of these are primary schools, 14% I Cycle schools, 4% I
Cycle schools and 2% professional technical institutes, while Teacher
Training schools represent 1 percent.

 

 

With regard to health, during the period in question, it was found that of
the total existing health units, 3,308 (three thousand, three hundred and
eight), around 69%, are health posts, 20% health centers, while hospitals
and mother and child centers represent, respectively, 7% and 4%.

 

In 2023, 85 (eighty-five) recently built health units and 116 (one hundred
and sixteen) under construction were recorded.

 

The Local Governance Council considers that the government action, in view
of what was exposed in the report and taking into account the socio-economic
context that characterized the period in question, had its normal course,
despite some difficulties recorded in the various areas.

 

During the meeting, this body analyzed the state of public security in the
country, a report on activities carried out by provincial governments in
2023, execution of the OGE by State Local Administration bodies, as well as
the Agriculture Acceleration and Security Reinforcement Program To feed.

 

The Local Governance Council is the auxiliary and collegial body of the
President of the Republic in formulating policies and monitoring the
implementation of State administration governance policies at local level.

 

Created through Presidential Legislative Decree No. 3/17, of October 13,
this body meets every six months and is chaired by the Head of State,
assisted by the Vice-President of the Republic. LHE/FA/ART/DOJ

 

ANGOP.

 

 

 

Liberia: Boakai Names Acting Governor for Cbl.

President Joseph Nyuma Boakai has appointed Mr. Henry F. Saamoi as the
Acting Executive Governor of the Central Bank of Liberia (CBL).

 

This followed President Boakai's suspension of Executive Governor Aloysius
Tarlue on Tuesday, July 30, 2024, in response to a compliance audit
conducted by the General Auditing Commission. The audit implicated suspended
Governor Tarlue and several former officials in financial impropriety
involving millions of dollars.

 

The government has made several arrests, including former security advisor
to Ex-president George Weah Jefferson Karmoh, former Acting Justice Minister
Cllr. Nyenati Tuan and former Comptroller of the Financial Intelligence
Agency (FIA) D. Moses P. Cooper.

 

Samuel Tweah, former minister of finance, and Stanley S. Ford, former
director of the Financial Intelligence Agency, are out of the country.

 

The Boakai Administration has embarked on an audit of former President
Weah's government, a move brewing tension in the country.

 

 

Former officials described the audit as a witch-hunt and promised to prove
their innocence in court.

 

Audit conducted by the General Auditing Commission withdrawal and
disbursement of millions of dollars from the Government of Liberia's
Consolidated Account with the CBL, outside of compliance procedures and
policies.

 

According to the Executive Mansion, President Boakai has also reactivated
the government's Economic Management Team. The Team is expected to ensure
coordination of the Government's fiscal and monetary policy, acceleration of
economic reforms to build a robust and resilient economy, strengthening of
existing regulations, and improvement of the oversight functions of
Ministries, Agencies, and Commissions.

 

The Team will also serve as a think tank on economic matters, proposing
solutions that would tackle economic uncertainties, especially immediate
policy interventions. It will also improve the implementation of the Public
Financial Management (PFM) law to ensure transparency and accountability for
the attainment of the ARREST Agenda for Inclusive Growth.

 

The team that the President will chair includes the Minister of Finance and
Development Planning, Co-Chair; the Executive Governor of the Central Bank
of Liberia, Member; the Commissioner General of the Liberia Revenue
Authority, Member; the Minister of Commerce and Industry, Member; the
Chairman of the National Investment Commission, Member; and the Economic
Advisers to the President, Members.

 

President Boakai calls on those appointed to continue to demonstrate
diligence, commitment, integrity, professionalism, and loyalty in service to
country.

 

Suspended Executive Governor Aloysius Tarlue, who former President Weah
appointed, holds a tenured position but may be removed based on cause.

 

 

But Mr. Weah terms the arrest of his officials as a witch-hunt, saying that
the government of President Boakai has weaponized the judiciary to go after
former officials.

 

In a statement read here on Wednesday, 31st July, the former president
further lamented that on Monday, July 29, 2024, the government ordered
heavily armed security personnel to carry out series of unlawful detentions
of some former officials, which he described as clearly a political move
intended to target his ex-ruling Congress for Democratic Change (CDC) and
the larger opposition community in the country.

 

According to him, the action was taken void of a grand jury indictment,
noting, "This is the latest transgression of the Boakai Administration in
their callous attempt to undermine the rule of law and security of the
state.

 

"The Unity Party can be assured that the CDC will use all legal and
political means at its disposal to resist this move to weaponize the
country's judicial system to its selfish advantage. Yes, Mr. Boakai, your
actions to politicize justice will be resisted and resisted strongly", Weah
vows.

 

However, President Boakai's government rejects the allegation of a witch
hunt, maintaining that it has sufficient evidence to prove its charges in
court against the accused persons.

 

The arrest warrants were issued to address charges including economic
sabotage, theft of property, illegal disbursement and expenditure of public
funds, criminal facilitation, and criminal conspiracy. The defendants are
accused of conspiring to divert funds from the government illegally.

 

The allegations include that the defendants authorized the Central Bank of
Liberia to transfer money to the FIA's account and subsequently withdrew
these funds for their personal benefit. Specifically, between September 8
and September 25, 2023, the defendants allegedly orchestrated transfers
totaling over one billion Liberian dollars and substantial amounts in U.S.
dollars from government accounts to the FIA's operational account.

 

Reading from the Liberia Anti-Corruption Commission's report at a regular
press briefing held at the Ministry of Information, Cultural Affairs, and
Tourism on Tuesday, July 30, 2024, Minister Jerolinmek M. Piah disclosed
that, on September 8, 2023, as part of an illegal scheme involving scams and
conspiracy, defendant Samuel Tweah sent a letter to the now suspended
Executive Governor of the Central Bank of Liberia Tarlue, authorizing and
instructing the Governor to transfer LD 55,452,540 from the government's
health and social security account.

 

He also stated that on September 19, 2023, as part of the ongoing illegal
activities, defendant Samuel Tweah sent another letter to the Executive
Governor, in which he authorized and instructed the transfer of LD 9,997,000
from a government account held at the CBL to the FIA Liberian Dollar
operational account, noting that the total amount of money transferred to
the FIA operational account was LD 1,055,152,540.

 

"Furthering the scheme, on September 21, 2023, the former Minister of
Finance, Samuel Tweah, sent another letter to the Government of the CBL,
authorizing and instructing the transfer of USD 500 from the government's
health and social security account to the FIA United States Dollar
operational account."

 

Additionally, Minister Piah detailed that between October 8 and October 21,
2023, the total amount transferred by the CBL to the Financial Intelligence
Agency (FIA) operational account was LD 1,085,152,540. Furthermore, on
September 21, 2023, defendant Moses P. Cooper withdrew LD 187,580,000.

 

Reading from court document, the Information Minister noted that on
September 22, 2023, Moses Cooper made two withdrawals from the FIA account:
LD 350,000,000 and LD 450,000,000. On September 25, 2023, Cooper withdrew an
additional LD 10,000,000 from the Central Bank of Liberia account to the FIA
operational account, saying that the defendant withdrew LD 1,055,145,040 in
2023.

 

Piah said that despite the substantial amounts withdrawn, state security
agencies did not receive adequate funds during the period.

 

New Dawn.

 

 

 

Gambia: Farmers Face Setback Due to Collapse of a Bridge

Farmers in Nioro Jattaba are struggling to access their farmlands due to the
collapse of two bridges during the rainy season.

 

"The inaccessibility of our farmlands has become a major hurdle," lamented
Mr. Jabel Bah, a local farmer. "With our movement restricted, agricultural
productivity will suffer."

 

The problems posed by the collapsed bridges have been intensified by recent
flooding caused by heavy rainfall.

 

"The heavy downpour on Monday caused severe flooding at a bridge along the
South Bank Highway between the villages of Nioro Jattaba and Sankandi," said
Mr. Momodou Sowe, the Councillor for Kiang Banta Ward.

 

Despite the National Road Authority's intervention to address the initial
flooding, the damage to farms is substantial. Regional authorities including
the Governor of Lower River Region (LRR), and National Assembly Member for
Kiang West Constituency visited the area to witness the devastation
firsthand.

 

Mr. Sowe emphasised the urgent need for government and regional authorities
to intervene in the restoration of access to agricultural sites for farmers.

 

Alagie Bah, another affected farmer said: "The transportation of crops and
the safety of our children and women are at risk. This is a critical issue
for our community, as agriculture forms the backbone of our livelihoods."

 

Foroyaa.

 

 

 

Tanzania: New Era Begins

Tanzania marked historic milestone in transportation sector with
inauguration of Dar es Salaam-Dodoma Standard Gauge Railway (SGR) route by
President Samia Suluhu Hassan, yesterday.

 

Much has been said about the social and economic impacts of this
long-awaited route, which is poised to be a transformative milestone for
Tanzania's transportation sector.

 

This modern rail link is expected to revolutionise travel within Tanzania by
drastically reducing travel times and stimulating economic activities across
different regions.

 

Aligned with Tanzania's Vision 2025 and CCM's 2020-2025 Election Manifesto,
the government aims to foster a modern, integrated, inclusive and
competitive economy supported by industrial growth, economic services and
enabling infrastructure.

 

 

The party's manifesto emphasises the importance of strategic infrastructure
such as the electric SGR in enabling citizens to carry out their activities
efficiently and effectively.

 

The SGR is prominently featured in the National FiveYear Development Plan
spanning from 2021/2022 to 2025/2026, highlighting that its completion will
enhance both social and economic activities in the country.

 

Construction of the railway commenced in 2017 with two segments between Dar
es Salaam and Makutupora in the Singida region.

 

The first segment covers a total of 300 km between Dar es Salaam and
Morogoro, while the second segment spans 422 km between Morogoro and
Makutupora, as outlined in the National FiveYear Development Plan.

 

Former President Jakaya Kikwete recently praised the initiative, commending
President Samia for her dedication to completing the SGR project.

 

 

Dr Kikwete, who recently journeyed on the new electric train from Dar es
Salaam to Morogoro, commended the comfort and efficiency of the service,
highlighting its substantial reduction in travel time compared to road
transportation.

 

"I am delighted to have experienced this new train service. It offers
exceptional comfort. I intentionally opted for train travel to witness the
progress we have achieved," remarked Dr Kikwete.

 

The efficient Standard Gauge Railway (SGR) service is expected to catalyse
regional development by improving connectivity between key economic centers.

 

ALSO READ: Samia launches historic Dar-Dom electric train services

 

The enhanced transport infrastructure is projected to attract investments,
facilitate trade and provide a more dependable mode of transportation for
both passengers and freight.

 

 

Moreover, the upgraded rail connectivity has the potential to boost tourism
and bolster local economies along the railway corridor.

 

Dr Kikwete also emphasised the broader economic advantages of the SGR,
citing its high capacity for transporting goods and its ability to further
stimulate economic activities, particularly upon extension to Mwanza.

 

In separate interviews with the 'Daily News', economists and business
analysts praised the electrified train route from Dar es Salaam to Dodoma,
foreseeing a significant upsurge in business and production in major cities
and nationwide.

 

They praised the government for its dedication to completing the project
from Dar es Salaam to Dodoma, indicating that the successful completion of
this phase bodes well for the timely completion of the remaining phases
extending to other parts of the country.

 

Dr Sylvester Jotta, a business analyst and Lecturer at Saint Augustine
University of Tanzania (SAUT), described the achievement as a dream realized
and a source of pride for all Tanzanians.

 

In an exclusive interview with the 'Daily News,' Dr Jotta emphasised that
turning dreams into reality requires determination, dedication,
self-discipline and effort, all of which the government has demonstrated
throughout this project.

 

Dr Jotta highlighted the socio-economic impacts of the modern electric SGR
linking Dar es Salaam and Dodoma, noting that it signifies a significant
milestone for Tanzania's infrastructure on both a national and global scale.

 

By connecting the commercial centre of Dar es Salaam with the administrative
capital of Dodoma, the SGR is expected to catalyse increased trade between
the two cities, fostering rapid growth and development.

 

Dr Jotta anticipates that the electric train will expedite the expansion of
both cities.

 

Economist Dr Isaac Safari highlighted that the introduction of the
electrified train will drive competition in the transportation sector,
impacting bus and aircraft owners who may choose to reduce fares to attract
customers and gain market share.

 

Dr Safari emphasised that the electrified train will play a key role in
diversifying the economies of Morogoro, Dar es Salaam and Dodoma, unlocking
new investment opportunities such as real estate development, hotels and
restaurants catering to travellers.

 

Additionally, he noted that the fast and affordable modern train will
significantly reduce travel time for citizens commuting to and from Dodoma,
allowing them to allocate saved hours towards economic productivity.

 

Dr George Mutalemwa, an expert in planning and development, urged the
government to enhance infrastructure in rural areas to stimulate economic
activities and foster overall development.

 

Mr Said Kaoneka, a resident of Kigamboni, foresees that the transportation
system will simplify commuting for employees working in Dodoma while their
families reside in Dar es Salaam.

 

For Tanzania, this presents a new driver for economic growth as many expect
the project will massively transform the transportation sector by
facilitating quicker transportation of goods and people, thereby fostering
regional connectivity and economic integration.

 

Daily News.

 

 

 

Nigeria: No Instruction to Tamper With Network Connectivity - Minister

The Minister of Digital Economy, Bosun Tijani has denied claims that the
government instructed telecom companies to interfere with network services
during the ongoing nationwide protests.

 

Amid reports of slow internet speeds from users of MTN, Airtel, and other
networks, there were speculations that the government might have ordered
telecom operators to disrupt services to hinder the protests.

 

Tijani, however, clarified on Channels TV that there was no directive given
to tamper with phone networks.

 

Tijani said: "There's no instruction to tamper with (phone) networks."

 

Recall on Thursday, Tijani condemned the looting of the National
Communication Commission, NCC, building in Kano State.

 

He said it would be a setback to the federal government's efforts at
encouraging youth employment through technology.

 

Vanguard News

 

 

 

Uganda: Cut Expenditure or Borrow More - Experts Tell Govt

Experts have urged government to choose from cutting its expenditure or
continue borrowing heavily to finance its huge expenditure.

 

Giving a keynote address at a Baraza organized by Kigo Thinkers about the
closure of bankers held at Golden Tulip Hotel, Dr. Fred Muhumuza, a senior
economist said with raising revenue becoming complex, government ought to
cut its expenditure.

 

"Government consumption has for many years been increasing yet imports from
Tanzania which has come up as one of the biggest sources of imports to
Uganda are not taxed. The bulk of imports from Tanzania are not taxed and
until you cut down expenditure to compensate for that lost revenue, the
country won't move anywhere," Muhumuza said.

 

 

"With that loss of revenue, government has either got to scale down itself
through rationalization to make itself leaner or borrow more, including to
pay debts."

 

Dr.Muhumuza said this state of affairs has also seen investments by the
private sector greatly reduce in Uganda from 24.8% to 22.7% in the last nine
years.

 

He noted that these affairs in the economy have also played in other
sectors, including banking system with ripple effects.

 

According to the senior economist, the state of the economy affects banks
through the quality of their assets, mainly loans and cost of mobilising
funds and related lending as interest rates rise.

 

"Interest rates have remained high and trending up mainly due to the need to
anchor inflation on the medium term target and government borrowing. Some
banks have been faced with liquidity challenges as uptake of the Standing
Lending Facility rose to shs26.2 trillion in the three months to May 2024
from shs19.0 trillion in the three months to February 2024," he said.

 

He added that the cost of mobilizing funds was on the increase as the 7-day
interbank weighted average rate rose to 12% from 10.8% in the same period.

 

On the closure of EFC Uganda Limited and Mercentile Credit Bank for failure
to meet the new BOU capitalization requirement, Dr. Muhumuza said that more
banks might be in line for closure.

 

"There might be 25 banks in the but the five top banks control more than 50%
of the market share and when you increase those to 10, you go to almost over
80% of the market share. This means there are very many small banks. They
might find stress and strain to manage in that small market share,"
Dr.Muhumuza said.

 

He said that those that cant do mergers or get acquisition by larger
international banks might end up being closed.

 

BOU increased the minimum paid-up capital requirements for major financial
institutions operating in Uganda that all financial institutions were given
a deadline of June, 30 2024 to comply.

 

The minimum paid-up capital requirement for Tier I financial
institutions(commercial banks) was increased from shs25 billion to shs120
billion by December,31, 2023 and shs150 billion by June,30, 2024.

 

Nile Post.

 

 

 

Liberia: Govt Announces 2024 Liberia Investment Conference.

The Liberian government has officially announced the upcoming 2024 Liberia
Investment Conference, set to take place from August 6 to 8 at the
Ministerial Complex in Congo Town.

 

The conference, organized by Noial African Venture in partnership with the
National Investment Commission (NIC), will be themed "Leveraging Private
Sector Investment for Growth and Development."

 

The Liberian government announced the conference on Thursday, August 1,
2024, during a press conference at the Ministry of Information on Capitol
Hill.

 

This multi-sectoral and inter-ministerial event is designed to bring
together a diverse group of stakeholders.

 

 

They include senior government officials, local and international investors,
members of the Liberian diaspora, and development partners.

 

The aim is to foster economic growth, attract foreign investment, and
showcase Liberia's economic potential.

 

Information Minister Jerolinmek Matthew Piah has revealed that the
conference will feature a robust program, including plenary sessions,
sector-specific discussions, panel debates, and numerous networking
opportunities.

 

Key sectors covered will include agriculture, infrastructure, tourism,
mining, energy, innovation, and technology.

 

On the opening day, August 6, Mr. Piah disclosed that President Joseph Nyuma
Boakai will deliver the keynote address to emphasize the government's
commitment to fostering a vibrant economy, generating new jobs, and
supporting investment initiatives.

 

"Also, on the second day, Vice President Jeremiah Koung will give the
keynote speech, with additional presentations from various ministers
providing insights into investment opportunities in their respective
sectors," Mr. Piah said.

 

He stated that the conference represents a critical opportunity for Liberia
to demonstrate its readiness to engage both domestic and international
investors.

 

The information minister encouraged attendees to approach the event with a
non-political mindset, focusing on the shared goal of nation-building.

 

"The President is committed to fostering an inclusive economic environment
and growth through steady partnerships and private sector engagement," he
noted.

 

New Dawn.

 

 

 

Egypt: Electricity Min., EBRD Delegation Discuss Bilateral Cooperation

Electricity and Renewable Energy Minister Mahmoud Esmat had talks with a
delegation of the European Bank for Reconstruction and Development (EBRD),
led by Managing Director of Sustainable Infrastructure Group Nandita
Parshad, on a number of files, including the energy mix strategy.

 

They also discussed increasing reliance on renewable energy sources,
maximizing returns from natural resources, unified network development
projects and upgrading distribution control centers.

 

During the meeting, the minister lauded fruitful cooperation between the
Electricity Ministry and the EBRD, underlining the future projects to
transform the current network from a traditional power grid to a smart grid
via building and developing its capabilities and infrastructure.

 

The minister said that his ministry attached great importance to exploit
available natural resources and optimize them via expanding the construction
of new and renewable energy plants.

 

He also welcomed cooperation and partnership with the private sector along
with benefiting from its expertise within the framework of the strategy to
diversify energy mix and achieve energy security.

 

The Electricity Ministry works on securing permanent, affordable and clean
sources of energy that will lead to net zero greenhouse gas emissions, he
further noted.

 

Egyptian Gazette

 

 

 

 

Uganda: Govt Decrees Mandatory Life Jackets for Inland Water Transport

The Ministry of Works and Transport has issued a directive mandating the use
of life jackets for all passengers on inland water vessels.

 

This comes as Uganda's inland waterways face an increase in marine accidents
due to seasonal Easterly Monsoon winds and turbulent waves, particularly
from June to September.

 

In a statement, Fred Byamukama, the junior minister for works and transport,
said it was important to adhere to safety measures under the Inland Water
Transport Act 2021 and the Lake Victoria Transport Act 2007.

 

"It is a requirement for all passengers and water travelers to use personal
Life Saving Appliances, such as life jackets, while moving on water,"
Byamukama said.

 

 

He highlighted the government's commitment to reducing marine accidents.

 

The directive outlines strict measures, including mandatory life jackets on
all boats, restrictions on sailing times, and penalties for non-compliance.

 

"A vessel owner who does not provide life-saving appliances on board will be
prosecuted in courts of law," Byamukama warned, adding that passengers who
fail to wear life jackets will also face legal action.

 

The Minister explained that these measures are part of a broader effort to
enhance the safety of Uganda's inland water transport system, ensuring that
all vessels are registered, licensed, and adhere to the specified safety
protocols.

 

The Ministry urges compliance from all stakeholders to prevent further
incidents and safeguard lives on the water.

 

Nile Post.

 

 

 

South Africa: MTN Loses Special Tribunal Application

Telecommunications giant MTN has lost a Special Tribunal exception
application in connection with the alleged irregular supply of mobile
devices for COVID-19 screening to the Limpopo Department of Health.

 

This after the Special Investigating Unit (SIU) launched an investigation
into the affairs of that department which - the unit insists - "revealed
that MTN made an unsolicited proposal to supply the department with 10 000
cell phone devices intended for COVID-19 mass screenings" in that province.

 

"This proposal cost the department R10 million. This falls outside the
prescripts of the Public Finance Management Act (PFMA). The Department of
Health accepted the proposal and subsequent delivery of the devices.

 

 

"The SIU's investigation also found that the former Head of the Department,
Dr Thokozani Florence Mhlongo, as the accounting officer, allegedly exposed
the department to a wasteful expenditure when she authorised the procurement
and payment of 10 000 cell phones to the value of R10 million for Covid-19
household screening.

 

"The department could only manage to distribute 388 of the 10 000 cell
phones between September 2020 and March 2021 and the cell phones were
distributed without the required screening application," the SIU said.

 

The corruption busting unit added that it has instituted civil action in the
Special Tribunal "to review and set aside the contract and recover financial
losses suffered by the Limpopo Department of Health".

 

"So far, the SIU has successfully interdicted the pension payout of Dr
Mhlongo after she resigned from her position as head of the department in
the face of disciplinary action.

 

"The SIU is also empowered to institute civil action in the High Court or a
Special Tribunal in its name to address any wrongdoing uncovered during
investigations related to acts of corruption, fraud, or maladministration.
In line with the Special Investigating Units and Special Tribunals Act 74 of
1996, the SIU refers any evidence of criminal conduct it uncovers to the
National Prosecuting Authority for further action," the unit said.

 

SAnews.gov.za.

 

 

 

Nigeria Needs $47.6bn Annually Till 2030 to Accelerate Economic
Transformation - AfDB

Nigeria will need $47.6 billion annually until 2030 to accelerate its
structural transformation process adding that the bulk of these needed
resources are in supporting SDG9 on industry, innovation and infrastructure
(USD 19.6 billion in 2030 and US$ 3.4 billion in 2063).

 

This is as continuous increase in food prices and inflation would constitute
major setbacks to achievement of the 3.2 per cent and 3.4 per cent 2024/2025
growth projection for Nigeria.

 

According to the 'Nigeria country focus report' which was launched by the
African Development Bank on Thursday, with over 63 percent of Nigerians
still multidimensionally poor, 18 out of 36 states recording poverty levels
that are above the national average.

 

 

It also states that given Nigeria's current performance levels on these
critical sectors and their projected values - assumed to change in line with
GDP per capita, the annual financing gap to fast-track Nigeria's structural
transformation is estimated at US$31.5 billion under the SDG framework in
2030 and US$5.5 billion, assuming the Agenda 2063 deadline.

 

It stated that high poverty reflects the effects of economic shocks as well
as policy and structural challenges in the economy that undermine the
private investment to create quality jobs.

 

Presenting the report, the lead economist, Nigeria country department, AfDB
Jacob Oduor, said that inflation is still an issue in Nigeria, as it remains
higher than the West African average and African average. He stated that the
country's fiscal position is expected to narrow further, supported by the
increased revenue coming from the maturing reforms that are taking place on
the revenue side.

 

 

Oduor noted specific risks to look out for, including insecurity, which he
said was affecting food production, agricultural production, as well as oil
production.

 

"So looking forward to 2024, 2025, growth is expected to improve in 2024 to
3.2 and 3.4 in 2025. But this growth, even though it is better, is still
lower than the West Africa average and the African average. So what we see
currently with the escalation of persistent inflation and escalation of food
prices, which are expected to dampen consumption, are probably going to be
issues that may dampen this growth further.

 

"We also expect to see further pressure on the exchange rates, which have
implications again on imported inflation with a high import bill being
transmitted into the consumption basket of the general population. So
generally, policy measures to foster high and resilient growth in the short
term, currently the tight monetary policy in place should be maintained, but
just cautiously not to increase the monetary policy rate too fast and too
further, because that has implications on credit and that feeds back into
production costs.

 

 

"And then secondly, as the reforms take shape, there's also a need also for
social protection, influencing those who are vulnerable and those who are
adversely affected. But here also targeting of beneficiaries is important,
so as to ensure social benefits only go to those who merit it,"he said.

 

According to the lead economist , Nigeria in the medium term, is expected to
continue with its ongoing tax administration reforms in order to increase
those in the tax bracket. He also highlighted improving security as a
critical strategy for food production in the medium term as well as
increased crude oil production to boost foreign exchange earnings.

 

In the long term, Oduor stressed on the need for infrastructure development,
particularly in energy supply. These infrastructure he said would include
developing refinery capacity to help not just maintain fuel prices at the
pump, but also to deal with the implicit subsidy that the government
currently shoulders.

 

"So when you have pump prices contained, then the expenditure of the
government on the implicit subsidy, which is a concern for the fiscal space
is going to be maintained," he said.

 

Speaking further, Oduor noted that the pace of structural transformation has
not been sufficient for industrial takeoff. This he said has led to the
relocation of labour from agriculture to other sectors particularly
services.

 

According to the report, more than half of Nigeria's workforce (56 percent)
are employed in three sectors that are less productive than the economy-wide
productivity (agriculture, transport, and public service). Manufacturing and
wholesale and retail trade, both of which are only 20 percent more
productive than the economy-wide productivity, the total workforce employed
in the five sectors is 80 per cent.

 

It states that there may be scope for aggregate productivity gains by
reallocating labour to the high productivity sectors, even though not all
the high-productivity sectors are labour intensive. "Modest movements out of
the lowest-productivity sectors may generate some growth. The low relative
productivity of the manufacturing sector, which constraints the pace of
industrial development and the pace of structural transformation is of much
concern.

 

"The manufacturing sector in Nigeria, like in many parts of Africa, is
characterised by a growing number of small and informal firms that
experience employment growth but little or negative productivity growth. The
service sector is the most productive in Nigeria, all the service
sub-sectors except the public service, are more productive relative to the
economy wide productivity. The real estate is 74 times more productive
relative to the economy-wide productivity level,' part of the report read.

 

Also speaking, director general, Nigeria country department, AfDB, Lamin
Barrow, noted that at 2.9 per cent in 2023, GDP growth in Nigeria has
decelerated compared to 3.3 per cent achieved in 2022, which according to
him is largely attributed to high inflation, continued low oil production
and a weakening global economy.

 

 

He said that as reforms being put in place begin to bear fruit, the growth
rate is projected to recover slightly to 3.2% in 2024 and 3.4 per cent in
2025 .

 

He stressed on the need for the Nigerian government to prioritise measures
to accelerate structural transformation including developing infrastructure
and accelerated domestic revenue mobilisation in the context of the ongoing
fiscal consultation program as well as proper valuation of Nigeria's
critical and rare earth minerals.

 

"The report estimates that Nigeria needs significant financing to accelerate
its structural transformation. The annual financing gap to fast-track this
structural transformation is estimated at $31.5 billion to achieve the SDGs
and $5.5 billion to achieve the Agenda 2063 targets.

 

"Closing this financing gap will require innovative policy responses
including accelerated domestic revenue mobilisation in the context of the
ongoing fiscal consultation program as well as proper valuation of Nigeria's
critical and rare earth minerals. These, if well-valued, managed and
managed, will have the potential to generate additional resources and for
that matter substantial additional resources to underpin structural
transformation."

 

For Barrow, limited access to affordable financing is a major constraint to
fast-track Nigeria's structural transformation. This is as he notes that the
country faces rising financing costs in the global financial markets with
its 30-year bond trading at double-digit yields of 10.9 per cent as recently
as June 2024 compared to 8.3 per cent in 2021.

 

In his remarks, the minister of Budget and Economic Planning Atiku Bagudu,
said that the report captures the challenges of macroeconomic reform which
necessitates support from other countries, to ensure that they pay off
quickly.

 

The minister stated that the major challenge bedevilling the country was
under investments in critical areas of the economy. He added that poor
access to capital has led to under investments over the years.

 

He said, "The major reason for this underinvestment is access to capital,
equitable access to capital. Countries like Nigeria, but including most
African countries, needless to say, have had limited access to capital
compared to countries, even in other countries in the south, but compared to
the countries in the northern hemisphere, our access to capital in terms of
pricing, in terms of adequacy, has been tepid.

 

"And we, because of access to capital, even those sectors that can do much
better have not been able to achieve their potential. The best example is
agriculture, our agricultural sector, whether it's farming, whether it's the
livestock sector, especially the livestock sector, we have not invested in
them fast enough to modernise, and it has been, rather than being a source
of economic growth, has been a source of conflict generation.

 

Leadership.

 

 

 

 

Tanzania: Ride On Electric Train

Dodoma — For the majority of Tanzanians, except for those who have travelled
to Western or Asian nations, hardly have an experience to narrate the
comfort of travelling onboard an electric train.

 

The majority have always taken the conventional train travel from region to
region.

 

For Dar es Salaam residents, they use conventional trains to commute to work
as well as to conduct other activities.

 

For them, the familiar sound of the wheels clattering over the tracks, the
occasional jolts and the dense air filled with the aroma of old upholstery
were part of their daily routine.

 

 

Travelling was somewhat cumbersome and took a long time for passengers to
reach their destinations.

 

No wonder, when the government announced the commencement of a new electric
train line service from Dar es Salaam to Morogoro on June 14, this year and
extending services to Dodoma on July 25th this year, it became a huge buzz
and crowd puller.

 

The train services were officially launched yesterday by President Samia
Suluhu Hassan.

 

President Samia told thousands of Dodoma residents, who thronged Dodoma
Station for the official launch of the electric train services, that the
dream has finally come true.

 

She acknowledged the role of her predecessors- the third phase
administration President late Benjamin Mkapa, who conceived the idea of
coming up with the Standard Gauge Railway (SGR) electric train services.

 

 

Dr Samia also saluted the role of the fourth phase President Dr Jakaya
Kikwete, whose administration conducted a feasibility study of the project
and the late fifth phase President Dr John Magufuli for fully embarking on
the execution of the project.

 

Indeed, the government has made the right decision.

 

Just at its infant stage, the electric train has ferried close to 200,000
passengers, according to the Tanzania Railway Corporation (TRC) Director
General Mr Masanja Kadogosa.

 

Of those served, a total of 160,000 are passengers who travelled from Dar es
Salaam to Morogoro and vice-versa, pouring into the TRC coffers a sum of
2.4bn/-, while the Dar-Dom route has already collected a revenue of 744m/-
from 28,000 passengers served so far.

 

Just yesterday, over 2,000 passengers, including a delegation of the
president and other top government leaders, traversed to Dodoma from Dar es
Salaam.

 

 

For the majority, it was both curious and exciting to experience the
journey.

 

On a bright, crisp morning, I was part of the passengers and I arrived at
the gleaming new station in Dar es Salaam initially baptised 'Tanzanite,'
now Magufuli Station.

 

It is small but elegant both exterior and interior. As passengers stepped
onto the platform, the contrast between this new technology and the
traditional trains was striking.

 

Boarding was a breeze; the doors opened effortlessly and I was greeted by a
spacious, well-lit interior.

 

The seats were comfortable, upholstered in soft, modern fabric. I chose a
seat by the window and marvelled at how quiet everything was.

 

There was no clatter of wheels or hissing of steam, just a gentle hum of the
electric engine working its magic. As the train pulled away, the ride was
incredibly smooth.

 

I looked out the window and watched the cityscape transform into a blur of
colours as the electric train gained momentum.

 

It quickly had three stopovers at mini stations in Soga, Ruvu and Ngerengere
before the comfortable ride proceeded to Morogoro Region main Station now
Christened Kikwete Station.

 

All the way, there were no sudden jolts or sways, just a steady, serene
motion that felt almost like gliding through the line.

 

The electric train was sleek and modern, its shiny exterior reflecting the
sunlight in brilliant streaks. Arriving at Dodoma Station, which was
officially named after President Samia, was quite a nice experience.

 

The station itself was pristine, with clean lines and a contemporary design
that made it feel almost futuristic. The train arrived at the station with
barely a sound just a smooth, silent glide.

 

As the train pulled away, the ride was incredibly smooth.

 

I looked out the window and watched the cityscape transform into a blur of
colours.

 

There were no sudden jolts or sways, just a steady, serene motion that felt
almost like gliding through the city.

 

The onboard experience was impressive as well.

 

Digital screens provided real-time updates on the journey and the air
conditioning kept the atmosphere comfortable

 

Daily News.

 

 

Global stock markets plunge on US economy fears

Stock markets across Europe and Asia plummeted on Monday, spooked by fears
that the US economy is heading for a slowdown.

In London, the FTSE 100 index opened 2.3% lower while the Euronext 100
tumbled by 3.5%.

They followed sharp falls across Asia with Japan's Nikkei 225 dropping 12.4%
or 4,451 points in the biggest fall by points in history.

It follows weak jobs data in the US on Friday which sparked concerns about
the world's largest economy.

 

Meanwhile, the yen has been strengthening against the US dollar since the
Bank of Japan raised interest rates last week, making stocks in Tokyo more
expensive for foreign investors.

Stock markets in Taiwan, South Korea, India, Australia, Hong Kong and
Shanghai all tumbled.

A series of weaker-than-expected economic data from the US has fuelled
speculation that the country is slowing.

At the same time, the US Federal Reserve held off cutting interest rates
last week in contrast to other central banks such as the Bank of England,
while major American companies such as Amazon and Intel reported
disappointing financial results.

Official employment data showed that US employers added 114,000 jobs in
July, far fewer than expected while the unemployment rate ticked up.

Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC's Today
programme: "[There are] just some signs that potentially the market is
slowing down a bit.

"I think that also spooked some people on Friday and you’re also seeing the
Japanese market was already closed when that happened so you’re seeing Japan
react to those things that happen last week.”

However, Kei Okamura, a Tokyo-based portfolio manager at investment firm
Neuberger Berman, said that in Asia "the selloff was instigated by the sharp
appreciation of the [yen] as global investors turned cautious on Japanese
corporate earnings, especially that of exporters such as automakers".

The Japanese currency has strengthened more than 10% against the US dollar
over the last month.

A stronger yen makes Japanese goods more expensive, and consequently less
attractive for potential overseas buyers.

Unlike other central banks, the Bank of Japan lifted interest rates last
week to the highest level since the global financial crisis in 2008.

Inflation in Japan rose by more than expected in June while the economy
shrank in the first three months of the year because of a weaker yen and
poor household spending.

Elsewhere in the Asia-Pacific region, Taiwan’s main share index and South
Korea's Kospi both fell more than 8%.

India's main index, the NSE Nifty 50, was trading 2.8% lower and the S&P/ASX
200 in Australia was down about 3.6%.

The Hang Seng in Hong Kong was down 2.5%, while the Shanghai Stock Exchange
was 1.4% lower.

Cryptocurrencies were also down. Bitcoin dropped to around $50,000, its
lowest level since February.

On Friday, stocks in New York fell sharply following the disappointing jobs
data, which also showed that employment for May and June had been revised
down.

The figures for July raised concerns that a long-running jobs boom in the US
might be coming to an end. It stoked speculation about when - and by how
much - the Federal Reserve will cut interest rates.

There are fears that the US economy will slow, despite the most recent data
showing that it expanded at an annual rate of 2.8%.

Ms Kelemen, chief investment officer at M&G Wealth, said: "You can pick out
evidence to create a positive story, you can also pick out the evidence to
create a negative story.

"I don’t think it universally points to one direction yet.”

Stock markets were already worried about high borrowing costs and unsettled
by signs that a long-running rally in share prices, fuelled in part by
optimism over artificial intelligence (AI), might be running out steam.

Friday's decline in the Nasdaq brought the index down about 10% from its
most recent peak - a fall known as a “correction” - that in this case has
happened in a matter of weeks.

The Dow Jones Industrial Average also dropped 1.5% on Friday, and the S&P
500 ended 1.8% lower.

Over the weekend, veteran US investor Warren Buffett's firm Berkshire
Hathaway revealed that it had sold about half its stake in US technology
giant Apple.-BBC

 

 

 

 

 

 


 


 


 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

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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
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