Major International Business Headlines Brief::: 06 August 2024

Tue Aug 6 10:18:54 CAT 2024

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Major International Business Headlines Brief:::  06 August 2024 

 <mailto:info at bulls.co.zw> 

ü  Uganda: World Bank Must Stand Firm on Uganda

ü  Nigeria: Again, Nigeria's Electricity Grid Collapses

ü  Kenya: Govt Sets Aside Sh3.5bn for Police, Prisons Salary Increment

ü  Malawi: Tobacco Earning Jumps 40 Percent From Last Year

ü  Ethiopia: Over 550 Billion Birr Additional Budget to Be Approved By
Ethiopia's Parliament

ü  Uganda: Boda Boda Riders Tipped On Road Safety in Entebbe

ü  Kenya's Private Sector Activity Deteriorates On Gen Z-Led Protest

ü  Liberia: Moci, Business Startup Center Monrovia Launches Youth Startup
Business Plan Competition 2024

ü  Morocco's Flag Carrier Re-Launches Direct Casablanca-Beijing Air Route

ü  South Africa: Eskom Delivering 'Exceptional' Performance but Minister
Remains Cautious

ü  South Africa: Power Restored to Diepsloot Welfare Organisations At Last

ü  Kenya: British Firm Kal to Start Making Photocopy Papers in Kenya After
CAK Deal

ü  Japan stocks jump in record daily gain after slump

 <mailto:info at bulls.co.zw> 

Uganda: World Bank Must Stand Firm on Uganda

As the World Bank considers resuming lending to Uganda despite the country’s
recent enactment of the Anti-Homosexuality Act (AHA), it is imperative to
recognize the potential consequences. The Ugandan administration's proposed
“mitigation measures” to prevent discrimination and exclusion within World
Bank projects are insufficient and unenforceable. For the World Bank to
endorse them risks undermining its credibility as a champion of inclusive
development and threatens to discredit Ajay Banga's ambitious development
agenda a year into his mandate.

The AHA, passed in May 2023, has led to increased stigma, violence, and
exclusion of LGBTQ+ individuals in Uganda. In August 2023, the World Bank
halted the authorization of any new loans following its new policy on
anti-discrimination until measures are implemented to ensure that LGBTQ+
people have equal access to its projects. However, the current consideration
to resume lending without robust support for the affected populations
undermines this commitment.

The proposed mitigation measures fail on multiple fronts. They do not
explicitly address discrimination based on sexual orientation or gender
identity, instead referring vaguely to "vulnerable and marginalized
individuals or groups." This lack of specificity fails to acknowledge that
AHA bars LGBTQ+ people from development efforts. The World Bank’s
endorsement of this approach undermines the basic principle that an
effective nondiscrimination policy should name the groups it protects.

Resuming lending to Uganda amid new corruption scandals involving top
government officials, such as Speaker of Parliament Anita Among, only
compounds the issue. Ms. Among’s baseless accusations in March this year
that “homosexuals” are behind the allegations of embezzlement she faces
highlight the deteriorating governance and gap between inflammatory rhetoric
and the trust the Bank places in these non-committal "mitigation measures."

World Bank President Ajay Banga’s leadership is critical in this complex
situation. Banga's tenure has marked a commitment to inclusive and
sustainable development in opposition to his predecessor. However, moving
forward with lending to Uganda signals that the World Bank is willing to
support countries that exclude LGBTQ+ people as long as the government
adopts ineffective and perfunctory policies.

The international community, particularly the Bank’s largest shareholder,
the United States, must hold the World Bank accountable. The Bank's
Environmental and Social Framework (ESF) mandates specific measures to
address risks faced by vulnerable groups. Mitigation measures must
explicitly include sexual orientation and gender identity protections,
backed by enforceable guidelines and independent monitoring. For Uganda,
this means unequivocal protections for LGBTQ+ individuals. Anything less
would betray the principles the World Bank purported to uphold.

As activists committed to human rights and social justice, we urge the World
Bank to stand firm and demand concrete responses from the Government of
Uganda. Human rights violations not only undermine development but also
constitute self-inflicted economic wounds. The fight for LGBTQ+ equality
requires unwavering support from the international community, and the World
Bank must rise to the occasion.

* Frank Mugisha is the Executive Director of Sexual Minorities Uganda
(SMUG).

* Fabrice Houdart is a former senior World Bank country officer, adjunct
professor at Georgetown University and Columbia University, and co-founder
of Koppa, the LGBTI+ Economic Lab.

Nigeria: Again, Nigeria's Electricity Grid Collapses

The grid collapsed around 2:55 p.m. on Monday, with generation dropping to
zero.

Nigeria's electricity grid on Monday collapsed yet again, throwing several
cities into darkness.

The grid collapsed around 2:55 p.m. on Monday, with generation dropping
significantly.

Confirming the collapse, the Abuja Electricity Distribution Company (AEDC),
in a statement posted on its X handle said: "Dear valued customers, We
understand that some of our customers are still without power due to a
system failure from the national grid at 2.55 p.m. today, 5th August 2024.

"Please be assured that the system is gradually stabilising and we are
working diligently with all relevant stakeholders to restore power to the
affected areas as quickly as possible.

"Thank you for your patience and understanding," the statement said.

The General Manager, Public Affairs at the Transmission Company of Nigeria
(TCN), Ndidi Mbah, told PREMIUM TIMES Monday evening that the public would
soon be updated about the development.

In recent years, the power sector has experienced many challenges in areas
of electricity policy enforcement, regulatory uncertainty, gas supply,
transmission system constraints, and significant power sector planning
shortfalls.

In November 2013, the federal government privatised all power generation and
11 distribution companies, with the government retaining the ownership of
the transmission company. This was to improve efficiency in the sector.

However, since privatisation, the grid has continued to collapse amid
efforts to reposition the power sector.-Premium Times.

Kenya: Govt Sets Aside Sh3.5bn for Police, Prisons Salary Increment

Nairobi — The government is on course to fulfill its promise of salary
increase for prison officers and police personnel effective this month after
3.5 billion Shillings aimed at improving the terms and conditions of
officers working in security organs was ring-fenced in the just enacted
Supplementary Appropriations Act, 2024.

A statement from State House says President Ruto assented to the law which
set aside the funds to go towards the enhancement of remuneration in line
with the recommendations of the Report of the National Taskforce on Police
Reforms chaired.

The team lead by Chief Justice Emeritus David Maraga says the gesture will
promote the dignity and living standards of the officers in the security
sector.

"The Bill has also set aside Kshs. 3.5 billion towards the enhancement of
remuneration for the officers serving in various security organs in line
with the recommendations of the Report of the National Taskforce on Police
Reforms chaired," read the statement.

Police officers had not had a salary increase since 2020.

A recent letter by the Head of Civil Service Felix Koskei to treasury
principal secretary Chris Kiptoo and his public service counterpart Amos
Gathecha dated July 25 had indicated that officers will get as a pay rise
starting July 1.

President William Ruto last month expressed government's commitment to
implementing the salary increase for police and prison personnel.

"In line with the commitment I made to our men in uniform, from this month
we will be living up to our commitment to enhance the salaries of our
policemen and prison officers," Ruto said.

"Starting this month [July] they will receive the first instalment of their
increment in salaries," he stated at State House during the swearing-in
ceremony for the newly appointed Prisons Service Commissioner General.

This means apart from prisons and police, the National Youth Service are
also expecting a salary increment.

On May 17, the implementation of recommendations of the Maraga taskforce hit
a snag after the National Treasury failed to allocate budget for the
actualization of the report.

The National Police Service (NPS) had budgeted Sh15 billion for the
implementation of the report but it was slashed in the budget estimates
presented before the National Assembly's committee on Administration and
Internal Security.

NPS accounting officer Bernice Lemedeket told the committee to push for more
funds to boost the performance of the police workforce who were posting low
performance due to challenges.

"We request for kind consideration of the underfunded areas highlighted in
the report and commit that the funds will be utilized prudently in an
efficient, economical and effective manner to enhance service delivery by
NPS," she said.

The Maraga team was appointed by Ruto in December 2022, to spearhead reforms
to be implemented in the three services.

Key among the proposals by the Maraga-led committee was a proposal to
increase the police officers' salaries by 40 per cent in the next three
years.

This means if an officer is earning Sh15,000, he or she will get 6,000 more.

The team recommended that the basic salary of the members of the three
Services be raised by 40 per cent at the lowest constable level with a
decompression ratio, based on the current salary.

For non-uniformed members of NPS, given their work environment, the
Taskforce recommended a new allowance to improve their terms and conditions
of service.

It pushed for increased funding to the National Police. The funds will be
used for police modernization and buying of equipment.

They also want the budget for fuel increased depending on the operation
being undertaken. Justice Maraga also called for the improvement of physical
and operational infrastructure at police training colleges and police
station levels.

About The Author

BRUHAN MAKONG

Bruhan Makong reports on security, human rights, and global affairs. He is
passionate about uncovering the truth, amplifying the voices often drowned
in silence, and holding those in power to account.-Capital FM.

Malawi: Tobacco Earning Jumps 40 Percent From Last Year

Figures from AHL Tobacco Sales show that as of last week, shows that Malawi
has realised a total of $395.31 million from 132.8 million kilogrammes (kg)
of tobacco at an average price of $2.95. Cumulatively, tobacco earnings are
40 percent higher than the $282.6 million realized during the 2023 selling
season.

With Malawi requiring $250 million a month for its import needs, this year's
earnings could be enough to keep the economy running for just over
one-and-a-half months.

Tama Farmers Trust President Abiel Kalima Banda described this year's
tobacco marketing season as successful.

Kalima Banda said tobacco growers saw better prices on the auction floors,
something they had not experienced in the past five to six years.

This would motivate tobacco farmers to stick with the crop, despite the
threats it faces, especially in the absence of suitable replacements.

Kalima Banda, however, bemoaned the delays in remittances of proceeds by
buyers to growers.

Meanwhile, TC says it has so far licenced 60.2 million kg of tobacco for the
next growing season, almost triple the volumes licenced at the same time
last year.

As of August 2 last year, the TC had licenced 21.7 million kg.

TC Public Relations Officer Telephorus Chigwenembe said that, in terms of
the number of licences, TC had issued 12,778 as of Friday compared to 4,913
licences by August 2 last year.

"The commission is impressed with the progress of the grower registration
and licencing exercise, as the data show there is growing interest in the
production of the crop in the 2024-25 farming season.

"TC believes the good prices offered to growers in the recently ended
selling season have motivated many people to turn to tobacco or to increase
their production volumes this year," he said.

TC aims to increase annual tobacco production in the country to 200 million
kg by 2028.

In recent years, Malawi has struggled to meet trade demand for its tobacco.

"In the 2023-24 farming and selling season, the trade demand for Malawi
tobacco was 190 million kilogrammes. However, under 140 million kilogrammes
were sold.

"Looking at the trends, the commission is convinced that there is a
significant market opportunity that Malawi must seize," Chigwenembe said.

In late 2023, Malawi took a significant step forward in its tobacco control
measures by ratifying the WHO's Framework Convention on Tobacco Control
(FCTC), an international treaty designed to address the severe public health
risks associated with tobacco consumption and exposure to tobacco smoke.

A key aspect of implementing the FCTC is working with tobacco farmers on
crop replacement and diversification, which also offers long-term economic,
agricultural and health benefits.

In the meantime, implementation is in its infancy, with farmers hoping they
will soon be able to divest themselves from the crop in favour of others.

-Nyasa Times.

Ethiopia: Over 550 Billion Birr Additional Budget to Be Approved By
Ethiopia's Parliament

Addis Ababa — Ethiopia's Ministry of Finance has announced preparations to
present an additional budget of over 550 billion Birr to be approved by the
House of People's Representatives for the 2024-25 fiscal year.

Recall that the House of People's Representatives has approved 971.2 billion
Birr budget for the 2024/25 fiscal year last month. The budget has an
increment of 21.1 percent from the previous year's federal budget.

Of the initial 971.2 billion Birr budget, 451.3 billion Birr was allocated
for recurrent expenditures, while 283.2 billion Birr was set aside for
capital expenditures.

State Minister of Finance, Eyob Tekalign explained that the implementation
of the macroeconomic policy reforms aims to lay the foundation for building
a sustainable and reliable economy.

He also noted that various financial sources have been providing support
following the implementation of these policy reforms.

Consequently, the Ministry of Finance has been preparing an additional
budget for the 2024-25 fiscal year, on top of the previously announced
federal government budget.

The supplementary budget prepared for approval by the House of People's
Representatives exceeds 550 billion Birr, of which 240 billion Birr is
earmarked for social development.

The State Minister clarified that as the government fully implements its
macroeconomic policy, it is taking into consideration of low-income
citizens.

He emphasized that this additional budget will play a crucial role in
providing adequate subsidies for citizens with regular income and those
supported by developmental safety net programs.

The supplementary budget will be used for subsidies on oil, fuel, and
medicine, helping to preemptively address potential risks that may arise
during the policy implementation period.

Furthermore, efforts to cover national expenses through domestic revenue
will be strengthened, with the policy implementation playing a vital role in
increasing revenue capacity.

The State Minister concluded by stating that the revenue generated by the
economy will be properly collected and allocated to various development
projects.-ENA.

Uganda: Boda Boda Riders Tipped On Road Safety in Entebbe

Various groups that bring together commercial motorcycles for public
transport commonly known as boda boda riders have been tipped on road safety
measures in Entebbe to curb the increasing number of road accidents.

The motorists converged at the bus park in Entebbe town to acquire knowledge
from the road safety enforcers .

While sensitizing riders, Entebbe traffic commander ASP Wycliffe Tumwesigye,
appealed to the road users to ensure safety of their lives and the lives of
passengers while on the road.

He cautioned riders to desist from involvement in criminal acts but adhere
to traffic laws.

The OC traffic lauded the riders for the cooperation and unity exhibited
especially in Entebbe that has led to the crackdown of criminality across
the area.

"I emphasize that as boda boda riders to also embrace government programs
such as Parish Development Model (PDM), Emyooga as a way of empowering
ourselves socially economically "OC Traffic emphasized.

He added that boda boda riders are fond of unlawfully crossing highway roads
especially in Entebbe which is risky.

"You find riders intercepting pedestrians on zebra crossing without
monitoring safety places designated for them"

The riders also received road safety gears including reflector jackets from
Entebbe Fly Express Association (EFEA) in partnership with DFCU Bank.

According to the Association the road safety gears are essential to all road
users and help in reducing accidents.

"We want to make transport systems in Entebbe very unique and attractive to
users, especially those that use Entebbe Road. We have already made those
that use vehicles excited through those that use our association vehicles
apparently because we want people to feel at peace while traveling,"
Chairperson EFEA, Peter Kagwa noted.

Joseph Mulindwa , a road safety analyst urged the riders on financial
literacy, investment, behavior change and cleanliness as key aspects in the
transport sector and an element of social economic transformation.

"Motorists, associate with many people in a day; therefore, they need to be
sensitized and create an awareness on the proper arrangements that may
develop and boost the sector of transport.

Over 10,000 road safety reflector jackets were donated to motorists to
create more awareness and improve road safety conditions.

At least three to four boda boda riders are knocked on Entebbe road due to
reckless road use , according to Entebbe Referral Hospital.

In Uganda, Boda-Boda industry employs an estimated 250,000 youths and a
source of livelihood to over 500,000 people in the country.- Nile Post.

Kenya's Private Sector Activity Deteriorates On Gen Z-Led Protest

Nairobi — Private sector activities in Kenya last month saw a sharp decline,
weighed down by Gen Z's countrywide protests that disrupted business
operations.

Latest Stanbic Bank Kenya's Purchasng Manager's Index (PMI) shows that the
country's PMI in July dropped to 43.1 percent from 47.2 in June.

While a PMI reading below 50 indicates a downtick and deterioration in
business activities, the figure above shows growth and improvement.

Up until last month, Kenyan young people went to the streets to protest the
2024 Finance Bill that was later dropped by President William Ruto.

The new law had recommended a slew of new taxes on mobile money as well as
bread and on diapers and pads through the ecolevy.

"The July PMI is a fair representation of business activity during the
month. Private sector business activity deteriorated, reflecting ongoing
demonstrations and unrest in parts of Kenya for some weeks now, discouraging
output and new orders. Business operations were disrupted, and customers
delayed spending decisions due to the uncertainty," Standard Bank Economist
Christopher Legilisho said.

"With lower sales and orders across most sectors surveyed, purchasing
quantities and inventories slipped for a second consecutive month."

Legilisho added that there was a slight increase in input prices, purchase
prices, staffing costs, and output prices, reflecting the higher cost of
living and taxation.

"However, output price increases in agriculture, services and wholesale and
retail trade were counterbalanced by declines in construction and
manufacturing."

Despite dampened activities, job levels expanded for a seventh month in a
row as firms increased capacity to address month backlogs, exacerbated by
the protests.-Capital FM.

Liberia: Moci, Business Startup Center Monrovia Launches Youth Startup
Business Plan Competition 2024

The Ministry of Commerce and Industry in partnership with the Business
Startup Center (BSC) Monrovia, with support from UNDP through the Livelihood
& Employment Creation project, is pleased to announce the Youth Startup
Business Plan Competition 2024 cohort for young ambitious youth interested
in starting their own businesses.

The Competition targets 350 youth drawn from seven counties: Montserrado,
Grand Bassa, Grand Cape Mount, Grand Gedeh, Sinoe, Nimba, and Lofa counties,
who will participate in two days of business skills training, and
competition for business start-up grants of USD500.

The youth will learn about business and financial planning and present their
business ideas to a panel of judges in the hope of securing grants of up to
US$ 500.00. They will also benefit from coaching and mentorship support when
developing and refining their business ideas.

The competition aims to foster entrepreneurship among Liberia's youth,
identifying their needs and challenges, and developing innovative and
creative solutions.

It is expected that applicants will come forward with business ideas from
all sectors of the economy including agriculture, information technology,
transportation, food processing, manufacturing, health and along all values
chains about the key sectors.

UNDP and the Government of Liberia through the Ministry of Commerce and
Industry are working to support the development of a strong and vibrant
private sector through a business development that is aimed at contributing
to poverty reduction and the empowerment of young people and persons living
with disabilities.

Last year, the Business Plan Competition attracted 1,739 applications from
seven counties: Montserrado, Grand Bassa, Grand Cape Mount, Grand Gedeh,
Sinoe, Nimba, and Lofa counties. The best 300 applicants were invited to the
business skills and pitch training. All 300 entrepreneurs/businesses access
grants up to US$500 to start and expand their enterprises. The ideas cut
across all sectors, including agriculture, information technology,
transportation, food processing, manufacturing, etc. These businesses are
expanding their operations, creating income and employment opportunities,
and providing goods/services to their clients while contributing to economic
growth and development. All applicants are advised to apply with a
registered mobile money number in their names. Applicants will be required
to submit a national identification card before participating in the
Business and Financial Skills Training. Female candidates are strongly
encouraged to apply.

Applicants who have benefited from the last two cohorts of the business plan
competition are not eligible. To apply to this competition please visit this
link: https://bit.ly/undpbusinessplan2024

For more information on the application procedure, follow our social media
accounts: Twitter: @BSC Monrovia, Facebook: @Business Startup Center
Monrovia. @BSC Monrovia LinkedIn. Liberian Observer.

Morocco's Flag Carrier Re-Launches Direct Casablanca-Beijing Air Route

Casablanca — In a bid to strengthen its international network, Morocco's
flag carrier, Royal Air Maroc (RAM), announced on Monday the reinstatement
of the direct Casablanca-Beijing air route.

Starting January 20, 2025, RAM will relaunch the direct air route, which was
launched in January 2020 then suspended a few weeks later due to the
COVID-19 crisis, with three flights per week, the company said in a press
release.

Flights departing from Casablanca will be operated on Mondays, Thursdays,
and Saturdays at 3:15 PM (local time), landing the next day at Beijing
International Airport at 10:50 AM (local time), the same source stated,
adding that departures from Beijing will be operated on Tuesdays, Fridays,
and Sundays at 12:50 PM (local time) to arrive in Casablanca at 8:15 PM
(local time).

Furthermore, the flights will be operated by "Boeing 787-9 Dreamliner"
aircraft with a 302 seats' capacity, including 26 in Business Class.

"We are thrilled to resume the first direct route linking Morocco and China.
The Casablanca-Beijing route is mainly dedicated to the development of
Moroccan tourism, since 80% of the traffic on this route will be made up of
foreign tourists," announced Hamid Addou, RAM's Chairman and CEO, quoted in
the press release.-MAP.

South Africa: Eskom Delivering 'Exceptional' Performance but Minister
Remains Cautious

Minister of Energy and Electricity, Dr Kgosientsho Ramokgopa, has warned
that although Eskom has delivered exceptional performance to keep load
shedding at bay, the country is "not out of the woods yet".

The country has not experienced load shedding for at least 130 days - a feat
last achieved some four years ago.

"[Eskom CEO Dan] Marokane and the Eskom team have done exceptionally well.
So over the past week [the week of July 22]...Eskom has averaged 70% of EAF
[Energy Availability Factor]. When I say EAF, I'm talking about...the rate
at which these units are failing and also the degree to which they
approximate their design capacity.

"The same period last year...we were going through a period of load shedding
and I had said to the country 'short term pain for long term gain'. The same
period last year, we were sitting at about 55% EAF. This is phenomenal. I
want to emphasise, we are not out of the woods yet but the team is doing
exceptionally well," he said at a recent media briefing.

He highlighted another milestone reached by the power utility in July.

"The 23rd of July was a day to celebrate because for the first time since
2018, we had availability of 35 000MW plus.

"The last time we had seen this was the 16th of July 2018. This is
phenomenal, it is a confirmation that the strategy adopted by the board is
working and we are going to stay at it and ensure that we are able to
deliver the kind of performance that is required," he said.

The Minister singled out improved performance at some six power stations,
which he said, had reached at least 70% EAF.

"Kusile and Medupi [power stations] are expected to be in that category
because they are some of our newest power stations. But I think what is
encouraging us is that, consistently, Matla and Matimba [power stations] are
there in that category.

"There's an intra-station competition which is very healthy for the purposes
of driving this EAF," he said.-SAnews.gov.za.

South Africa: Power Restored to Diepsloot Welfare Organisations At Last

Lawyers against Abuse director says they are now able to provide counselling
sessions without the constant noise of the generator

Several welfare organisations in Diepsloot, Johannesburg have finally been
given power after struggling for more than a year without electricity.

On 15 July GroundUp wrote about the difficult conditions under which the
organisations in Extension 2 were working. The transformer supplying the
offices of the South African Depression And Anxiety Group (SADAG), and
Lawyers Against Abuse broke down in May 2023. The organisations, which
operate from containers in a fenced enclosure, were forced to use generators
and had to spend money to buy fuel.

The generators were being pushed to their limits, being run for 50 hours a
week and frequently breaking down.

Eskom blamed the transformer breakdown on illegal connections, and said
fixing infrastructure in the area was too dangerous.

But two weeks after GroundUp published the article, Eskom technicians fixed
the transformer.

"We are so relieved to finally have electricity again after over a year
without it," said executive director of Lawyers against Abuse, Lindsay
Henson. "We can now devote our limited funds, time, and energy towards our
mission, which is providing critical services to women and children who have
experienced abuse".

"Additionally, we are now able to consult with our clients and provide
therapy and counselling sessions without the constant noise of the
generator. Our staff no longer need to put themselves at risk when moving
the generator out and into the centre each day."

Questions sent last week to Eskom's spokesperson had not been answered by
the time of publication.-GroundUp.

Kenya: British Firm Kal to Start Making Photocopy Papers in Kenya After CAK
Deal

Nairobi — British Virgin Islands firm Kingsbourne Assets Limited (KAL) will
start making photocopy papers in Kenya after the Competition Authority of
Kenya (CAK) approved a joint venture (JV) with Amstel Trading Company
Limited.

In the deal, the JV will establish a paper-converting facility in Kenya to
manufacture photocopy paper, slashing delivery time of the products in the
market.

Amstel is also set to expand the distribution of photocopy paper into the
East African Community.

KAL is an investment holding company that owns a range of technology,
expertise, and intellectual property rights related to manufacturing,
conversion, supplying, and sales of pulp and paper products in Indonesia,
through its affiliates. It has no operations in Kenya, however.

On the other hand, Amstel is incorporated in Kenya and imports photocopy
paper into the Kenyan market for sale from paper mills in Indonesia and
Kingsbourne Assets Limited's affiliates.

"JVs typically spur economic growth as a result of increased productivity
and access to new markets. This ensures enhanced availability of goods and
services, in terms of prices and choice," CAK announced in a statement.

The regulator added that it okayed the deal as it was unlikely to negatively
impact competition in the market.

"During merger analysis, and in order to determine the impact that a
transaction will have on competition, the Authority identifies the relevant
product market as well as the relevant geographic market," CAK continued in
the statement.

"The relevant product market comprises products/services that are
interchangeable or substitutable by the consumer due to their
characteristics, prices and/or intended use. Based on this criterion, the
relevant product market for the proposed transaction is the market for for
the provision of printing and photocopy papers."

In the country, the photocopy paper market is a large industry dominated by
a number of suppliers and distributors who mostly import the papers from
Asian countries for local resale to stationers.

Some of the merchants are International Paper & Board Supplies Ltd., The
Paper House of Kenya Ltd., Transpaper Kenya, Tronik Kenya, Officemart Ltd.,
Plannettech, and Direct Office Technology, among others.

Some popular photocopy paper brands are JK Copier, Paperline, A-ONE,
Spectra, Ultima, and Sappi, among others.

According to the 2023 Economic Survey, the value of imported paper into the
Kenyan market was Sh49.3 billion, which translates to 12.33 percent and 2.7
percent market share for KAL and Amstel, respectively.-Capital FM.

Japan stocks jump in record daily gain after slump

Japanese shares rebounded on Tuesday after plunging on Monday and sending
shockwaves through global financial markets.

The Nikkei 225 stock index jumped by 10.23%, or 3,217 points in its biggest
one day gain in points.

In London, the FTSE 100 opened higher following the previous day's fall,
while stock markets in Paris and Frankfurt also rose.

The sharp fall in Tokyo followed the Bank of Japan's decision to raise
interest rates for just the second time in 17 years.

It sent the yen soaring against the dollar making Japanese stocks - and the
country's exports - more expensive for foreign investors and buyers.

Fears that the American economy is heading for a slowdown also hit shares in
the UK, Europe and in the US.

Jesper Koll, executive director of Monex Group Japan, said he still had
confidence in the country's stocks despite Monday's big falls.

"Japan’s fundamentals are strong, recession risks are nil, and corporate
leaders are dead-set on raising capital returns," he told the BBC.

Shares in South Korea also regained some ground on Tuesday. The Kospi stock
index rose 3.5% after falling 8.8% on Tuesday - its worst trading session
since the global financial crisis of 2008.

Taiwan's main stock index jumped almost 3.4%, after a record 8.4% drop on
Monday.

The news comes after share prices tumbled globally on Monday.

In New York, the technology-heavy Nasdaq index opened 6.3% lower but those
losses eased during the day and the index ended the session down 3.4%.

The S&P 500 fell 3% and the Dow Jones Industrial Average was 2.6% down by
the end of trading on Monday.

In Europe, the CAC-40 in Paris trimmed earlier losses to end 1.4% lower
while Frankfurt's DAX and the UK's FTSE 100 lost about 2% each.

Weak jobs data in the US on Friday sparked concerns about growth in the
world's largest economy.

It also stoked speculation about when, and by how much, the Federal Reserve
will cut interest rates.

“Markets are very volatile at the moment and will likely stay volatile until
the Fed decision in September. So we wouldn't rule out rapid swings in both
directions,” said Stefan Angrick, a senior economist with Moody's Analytics.

There are also concerns that shares in big technology companies,
particularly those investing heavily in artificial intelligence (AI), have
been overvalued and are now facing difficulties.

Last week, chipmaker Intel announced major layoffs, as well as disappointing
financial results.

There is also speculation that rival Nvidia, which has been one of the main
beneficiaries of the boom in demand for AI technology, will delay its latest
product launch.-BBC

 Invest Wisely!

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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
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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
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for guideline purposes only and d from third parties.

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