Major International Business Headlines Brief::: 07 August 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  07 August 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  West Africa: Ecowas Member States Urged to Facilitate Cross-Border
Electricity Trade

ü  Uganda: UNRA Unveils Design Outlook for Kira-Kasangati-Matugga Road
Project

ü  Nigeria: 102 Companies Close Shop in Nigeria in 24 Years

ü  Africa: Pivotal Shift At Seabed Authority - Nations Rally for Deep-Sea
Mining Moratorium

ü  Kenya: CBK Makes Changes to Banknotes With 4 Latest Features

ü  Ethiopia: Off-Grid Energy Solutions Benefit Over 580, 000 Ethiopians

ü  Nigeria: Obasanjo Faults Tinubu's Approach to Fuel Subsidy Removal

ü  Kenya: KTDA to Borrow Over Ksh20bn for Bonuses As Minimum Price Hits
Sales

ü  Nigeria: Fuel Importers Will Frustrate Dangote Refinery - Obasanjo

ü  Nigeria: Why Shell Declined Offer to Run Nigerian Refineries When I Was
President - Obasanjo

ü  Alaska Air crew detail 'chaos' after mid-air blowout

ü  Elon Musk sues Unilever and Mars over X 'boycott'

ü  Online games likely to be hit if strikes continue - union

ü  Man charged over theft of Bluey coins worth $400,000

ü  US stock markets rise after days of turmoil

ü  Royal Mint starts turning e-waste into gold

 


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West Africa: Ecowas Member States Urged to Facilitate Cross-Border
Electricity Trade

Participants at the 9th ECOWAS Regional Electricity Regulatory (ERERA)
forum, held in Accra, have urged member states to align their national
electricity policies with regional frameworks for common regulatory
standards, to facilitate cross-border electricity trade.

 

They also called for more opportunities to enhance the capacity of regional
institutions like the system market operator of the regional electricity
market and ERERA, to oversee and coordinate electricity trade activities.

 

These institutions should be empowered to enforce compliance and resolve
disputes.

 

 

The call was in a resolution presented to the forum after two days of
deliberations and adoption of measures, towards the operation of common
electricity market among member states.

 

The event was under the theme, "Electricity trade security in the ECOWAS
Region: The interplay between national policies and free market principles."

 

It focused on the following sub-themes, Free Market Principles and
Electricity Trade, challenges and opportunities in the regional electricity
trade national Policies versus Regional Competitive Market: Practices in the
ECOWAS Region, Technological Innovations and Infrastructure Development for
Enhanced Energy Security.

 

 

The participants shared opinions on the relevance of free market principles
to electricity trade, particularly the benefits and risks of implementing
these principles in the ECOWAS region and the regulatory frameworks of the
Regional Electricity Market.

 

They also discussed how to ensure the security of electricity supply in a
liberalised market by examining the impact of cross-border electricity trade
on national security and the role of regional cooperation in enhancing
overall electricity supply security.

 

The participants urged for the prioritising of transmission and distribution
infrastructure investments to create a reliable and interconnected
electricity grid across the ECOWAS region, which should involve both
upgrading existing infrastructure and developing new projects.

 

They called for the gradual implemention of a phased approach to market
liberalisation, by ensuring that necessary regulatory and institutional
frameworks are in place before fully opening markets with pilot programmes
and incremental reforms to help manage the transition smoothly.

 

 

The participants urged for the development of regional strategies to ensure
energy security, including diversification of energy sources, establishment
of strategic reserves, and regional cooperation on emergency response
mechanisms.

 

They noted that the encouragement and development of financial instruments
and incentives to attract investment in the electricity sector would be an
added advantage which must include exploring opportunities for blended
finance, leveraging both public and private sector funding.

 

The participants advocated the effective implemention of these
recommendations, so that ECOWAS member states could enhance electricity
trade security, promote economic growth, and improve access to reliable and
affordable electricity across the region.

 

The forum was attended by regulators, operators and government
representatives from ECOWAS countries including Benin, Cape Verde,
Coted'Ivoire,The Gambia, Ghana, Guinea Bissau,Guinea, Liberia, Niger,
Nigeria, Senegal, Sierra Leone, Togo with representatives from Mauritania
and Algeria

 

Others participants were the West Africa Gas Pipeline Authority (WAGPA), the
ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE), the West
Africa Power Pool (WAPP), the OMVG, the OMVS, TransCo CLSG, CEB, the GIZ,
USAID, AFD and other development partners.

 

Ghanaian Times.

 

 

 

 

Uganda: UNRA Unveils Design Outlook for Kira-Kasangati-Matugga Road Project

The Uganda National Roads Authority (UNRA) has unveiled the design outlook
for the much-anticipated Kira--Kasangati--Matugga road project, promising
significant improvements to the region's infrastructure and transport
efficiency.

 

In a recent post on social media platform X, UNRA shared detailed plans for
the project, highlighting key features aimed at enhancing road safety,
reducing congestion, and promoting sustainable transport options.

 

Driving Lanes: The project features a dual carriageway from the
Kyaliwajjala--Kira section, providing a smoother and more efficient flow of
traffic. From Kira to Kasangati and onward to Matugga, the road will
transition to a single carriageway.

 

 

Pedestrian Walkways: To ensure the safety and convenience of pedestrians,
dedicated walkways will be incorporated throughout the project. This aims to
promote safer walking routes and reduce pedestrian-related accidents.

 

Cycle Lanes: Recognizing the growing need for sustainable and eco-friendly
transport options, the project will include designated cycle lanes. These
lanes are designed to encourage cycling as a viable mode of transport,
contributing to reduced traffic congestion and environmental conservation.

 

Green Belt / Reserve: A green belt or reserve area is planned for future
road expansion. This foresight ensures that the infrastructure can
accommodate future growth and increased traffic demands without significant
disruptions.

 

The Kira--Kasangati--Matugga road project is part of a broader initiative by
UNRA to upgrade and modernize Uganda's road network.

 

It is expected to boost local economies, enhance connectivity, and improve
the overall quality of life for residents in the region.

 

The announcement has been met with positive feedback from the community,
with many expressing optimism about the potential benefits of the improved
infrastructure.

 

As the project progresses, UNRA are committed to maintaining transparency
and engaging with stakeholders to ensure that the road meets the needs and
expectations of all users.

 

Nile Post.

 

 

 

 

Nigeria: 102 Companies Close Shop in Nigeria in 24 Years

Over the past 24 years, a stark decline in the manufacturing sector has been
observed across Nigeria, leading to the unfortunate closure of 102 companies
in 16 states.

 

LEADERSHIP reports that the trend highlights manufacturers' myriad
challenges, including inconsistent government policies, inadequate
infrastructure, and security concerns.

 

Experts say the closure of these 102 companies across Nigeria's 16 states
represents a significant loss for the nation's economy, contributing to
unemployment and social unrest.

 

The challenges faced by these industries are multifaceted, requiring urgent
government intervention and strategic planning to foster a more conducive
business environment and restore the manufacturing sector.

 

Nigeria has spent billions on intervention to save the industries through
the National Industrial Revolution Plan.

 

JUST-IN: Tinubu Appoints New CEOs For NSIPA, NAPTIP, 5 Others

 

 

(NIRP) launched in 2014, the Economic Recovery and Growth Plan (ERGP)
introduced in 2017 and the Industrial Development Fund, a programme set up
to provide financing for industrial projects.

 

The states affected by the closure of companies are: Abia - 7, Bauchi - 2,
Bayelsa - 1, Borno - 5, Gombe - 4, Kaduna - 5, Kano - 22, Katsina - 2, Kebbi
- 5, Kwara - 13, Nasarawa - 6, Niger - 4, Plateau - 3, Rivers - 1, Sokoto -
2 and Zamfara - 20.

 

Findings on companies that employed over 50 persons before the year 2000 but
have now closed shop indicated that in Kaduna State, major closures include
Kaduna Textile Limited, Arewa Textile and United Nigeria Textile, all
situated in the Kakuri area.

 

Between 2000 and 2024, Zamfara State witnessed the closure of 20 companies,
each employing over 50 workers. Notable casualties include Zamfara Textile
Industries Limited, Gusau Oil Mills, and other enterprises concentrated in
the Gusau industrial area. The economic landscape has been adversely
affected, resulting in significant job losses and community distress. The
state has been beset by banditry in the last few years.

 

Kwara State has also suffered, with 13 companies shutting down, including
reputable names like Global Soap and Detergent Industry and Nigeria Paper
Mills in Jebba. The closures reflect a broader trend of economic hardship
and inadequate support for local industries.

 

Borno State has been particularly hard-hit, losing five companies largely
due to the ongoing Boko Haram insurgency. This insurgency has stifled
investment and led to the collapse of firms like Deribe Oil Company. The
lack of security has rendered the resuscitation of these businesses nearly
impossible.

 

Kebbi State has seen five significant companies go out of business since
2010, primarily due to economic challenges. Gombe State has lost four
companies, including the once-thriving British Cotton Ginnery. Similarly,

 

 

Niger State has reported the closure of four companies, emphasising the
pervasive nature of the crisis across the region.

 

Kano State stands out with a staggering 22 companies having shut down
operations, particularly in the textile, food, and beverage sectors.

 

Other states have not been spared either. For instance, Bayelsa State lost
one plastic company, while Bauchi, Katsina, Sokoto, Abia, Nasarawa, Plateau,
and others have experienced varying degrees of industrial decline.

 

Significant companies like Jos Steel Rolling Mill and Jos International
Breweries have become shadows of their former selves, with little government
intervention to revive them.

 

Experts and workers who spoke to LEADERSHIP attributed the current hardship
and lack of jobs to the inability of the companies to survive in Nigeria.

 

Local textile worker Joseph Kwagh said, "Unless the government wakes up from
its slumber, moribund textile industries and other companies will not be
revived."

 

Vice Chairman of the Kano State Organised Private Sector Union, Hamza Adamu,
highlighted the confluence of low business activity, multiple taxation and
poor electricity supply as critical factors leading to the closure of
industries in Nigeria.

 

FG Disburses Single-digit Loans To Prevent Industry Collapse

 

However, in a strategic move to prevent the collapse of industries in
Nigeria, the federal government has disbursed loans at single-digit interest
rates to the manufacturing sector of the economy and small businesses.

 

The Bank of Industry (BoI), under the Ministry of Industry, Trade, and
Investment, in 2023, disbursed N496.72 billion in loans to 75,809
beneficiaries, marking a 41.5 percent increase in total loans and advances.

 

These efforts align with President Bola Tinubu's economic recovery goals,
emphasizing the government's dedication to empowering Nigerian enterprises
and promoting sustainable operations.

 

Also just recently, the government, through the newly-launched N200 billion
Presidential Intervention Fund (PIF), designed to provide crucial financial
support to micro, small, and medium enterprises (MSMEs), as well as
manufacturers nationwide, announced that the fund will allocate N75 billion
each to MSMEs and the manufacturing sector.

 

The loans, repayable in equal monthly instalments over three years with no
moratorium, are intended to stimulate economic growth and foster industrial
development.

 

Minister of Industry, Trade, and Investment,

 

Dr Doris Uzoka-Anite, highlighted that this new phase follows a successful
initial rollout, which saw significant support provided to nano businesses.
The continuation of this initiative is expected to further strengthen the
country's business environment.

 

For MSMEs, eligible applicants can secure loans of up to N1 million if they
have been operational for at least one year or are registered start-ups.
Requirements include business registration documents, bank statements, and
personal guarantees. Manufacturers can access loans up to N1 billion,
choosing between working capital or asset financing, with specific
documentation and repayment terms.

 

Leadership.

 

 

 

 

Africa: Pivotal Shift At Seabed Authority - Nations Rally for Deep-Sea
Mining Moratorium

Kingston, Jamaica — The International Seabed Authority (ISA) Assembly
meeting concluded last week with no mining authorized, an unprecedented
number of States calling for a moratorium or precautionary pause and a new
Secretary-General elected.

 

Three weeks of negotiations included intense scrutiny of the ISA's annual
financial management; no Mining Code was agreed; a Head of State attended
the meeting to support a moratorium for the first time in the Assembly's
history; and there was the first formal debate ever by the ISA Assembly on
the need to adopt an overall policy for the protection of the marine
environment.

 

 

Momentum to defend the deep increased with 32 states now calling for a
precautionary pause or moratorium. The attendance of senior political
figures, Indigenous Leaders and youth from across the world added weight to
the push to stop mining from proceeding and the election of a new Secretary
General opens up a new era for the ISA.

 

The Deep Sea Conservation Coalition (DSCC) has been present throughout the
negotiations in Kingston and Deep-Sea Mining Moratorium Campaign Lead, Sofia
Tsenikli said: "For years the ISA has operated in its own bubble, pressing
ahead and resisting the mounting calls for precaution. This Assembly meeting
has marked a pivotal shift for the ISA and the moratorium campaign.

 

States and communities that are on the front lines of deep-sea mining and
its impacts are here in Jamaica to defend their homes and cultures from this
destructive activity before it can begin. We applaud the ocean champions
spearheading efforts to safeguard our fragile and essential deep sea."

 

 

Malta, Honduras, Tuvalu, Guatemala, and Austria joined the ever-growing wave
of countries calling for a precautionary pause to deep-sea mining, citing a
lack of scientific knowledge and understanding of the deep sea, the absence
of an effective regulatory regime and the high risk to the marine
environment.

 

The ISA Assembly elected Leticia Carvalho as the new Secretary-General of
ISA after defeating incumbent Michael Lodge, marking a new chapter for the
institution responsible for the effective protection and long-term health of
the deep sea.

 

The DSCC's co-founder Matthew Gianni congratulated Carvahlo and the
government of Brazil on this historic election and noted: "The ISA has an
opportunity to champion a new way forward for sound ocean governance that
prioritizes the precautionary principle and secures the health of the deep
sea and its benefits for future generations.

 

 

We urge the new Secretary General to prioritize advancing transparency in
the work of the ISA and independent scientific research and capacity
building, decoupled from an extractive agenda, to achieve a comprehensive
understanding of the deep ocean, its diversity of species and ecosystems,
and the role they play in maintaining the health of the planet for all of
us."

 

For the first time, the ISA Assembly discussed the possibility of a General
Policy for the protection and preservation of the marine environment, which
could set the necessary conditions to be fulfilled before commercial
deep-sea mining exploitation can be considered.

 

However, no decision was taken, as a group of States, including China,
Italy, Saudi Arabia, Kuwait, Uganda and Ghana, refused to engage in any
development on a General Policy at this Assembly, despite the support from a
large number of States, including Chile, Palau, Vanuatu, Samoa, Switzerland,
Brazil and Greece to bring the protection of the marine environment into the
heart of ISA's supreme organ: the Assembly.

 

We urge the Assembly to open this discussion again next year and to develop
a General Policy to safeguard these fragile ecosystems.

 

DSCC International Legal Adviser Duncan Currie said: "A discussion on the
protection of the marine environment is long overdue at the ISA Assembly
considering the global outcry of environmental concerns surrounding deep-sea
mining.

 

The ISA Assembly, as the supreme organ of the ISA, has the legal authority
under UNCLOS to establish such a general policy. We are disappointed this
didn't happen this year but we look forward to working with states
constructively on the establishment of a General Policy for the protection
and preservation of the marine environment next year."

 

Moreover, a Mining Code remains far from being agreed - a blow to mining
companies - and the unrealistic and artificial 2025 Roadmap remains on the
table, with over 30 outstanding regulatory matters still unresolved,
undecided or undiscussed.

 

DSCC Policy Officer Emma Wilson said, "With independent scientists pointing
to the risks of deep-sea mining, as well as the absence of a robust
scientific understanding of these ecosystems, it's time for States to zoom
out from the technicalities of the mining code and instead address one basic
question: is it or is it not safe to allow this industry to proceed under
the current circumstances? Rushing to adopt a regulatory regime that would
open the gates to a highly destructive activity for an area we know little
about is beyond reckless and risks irreparably and permanently damaging our
ocean and planet."

 

Patricia Roy is a senior press officer for the Deep Sea Conservation
Coalition and Communications INC. She has worked for more than 10 years in
art management and communication in the public and private sectors in
France, the UK and Spain. Working with Communications INC, she specialises
in European and international media strategy, coordination and outreach for
environmental and social campaigns designed by international NGOs.

 

IPS UN Bureau

 

 

 

 

Kenya: CBK Makes Changes to Banknotes With 4 Latest Features

Nairobi — The Central Bank of Kenya (CBK) has made some changes to Kenya's
banknotes with four additional features.

 

The new notes bear the signatures of CBK Governor Kamau Thugge and National
Treasury PS Chris Kiptoo.

 

Additionally, they will be printed with a 2024 as well as the latest
security threads, specific to each denomination.

 

Sh1,000, Sh500, Sh200, Sh100, and Sh50 will be embedded with the new
features, CBK said.

 

"The Central Bank of Kenya (CBK) is mandated to issue currency as conferred
by Article 231 (2) of the Constitution of Kenya and Section 22 (2) of the
Central Bank of Kenya Act. In fulfilment of this mandate, the Bank has made
some changes to the denominations of the Kenyan currency banknotes," the CBK
announced in a statement.

 

However, the apex bank noted that other features will remain as they were
issued in 2019.

 

"All banknotes currently in circulation remain legal tender and will
circulate alongside the released banknotes," it added.

 

"Release of the banknotes will commence with KES 1,000, while other
denominations will progressively follow in the coming months."

 

Capital FM.

 

 

 

 

Ethiopia: Off-Grid Energy Solutions Benefit Over 580, 000 Ethiopians

The implementation of off-grid energy solutions has benefited over 580, 000
citizens across the country, said the Ministry of Water and Energy (MoWE).

 

MoWE Minister Eng. Habtamu Itefa told the Ethiopian Press Agency (EPA) that
the country has been working to increase energy supply by integrating
renewable sources to meet the growing power demand.

 

Accordingly, Habtamu's ministry has been expanding off-grid energy
technologies especially solar energy, which is proposed to reach remote and
rural areas.

 

He mentioned that development partners such as the World Bank Group (WBG)
and others are ready to support energy sector initiatives in the country.
The MoWE also organized sector's structure, trained manpower to exploit
solar energy.

 

 

Ethiopia is endowed with renewable energy potentials such as water, solar,
wind and geothermal energy. So far, over 92% of country's energy production
supply comes from hydropower whereas the remaining energy comes from wind
and other sources with the capacity to generate over 60, 000 MW of electric
power, he added.

 

"Currently, the emerging energy alternative to outreach the rural and remote
areas' growing electricity demand is solar energy." Furthermore, the country
has been performing various activities to exploit solar energy potentials,
according to the minister.

 

On the other hand, Habtamu's ministry is undertaking several works to enable
a total of 80 million people to have access to potable water at the end of
this fiscal year through adding over 5 million new beneficiaries on the 74.6
million people it has already outreached in the just ended fiscal year with
drinking water.

 

Hence, as part of water and sanitary improvement, Clean Ethiopia initiative
requires not only raising funds, but also political commitment. It has a
great contribution to improve the current situation of water and sanitation
service.

 

Previously water and sanitation sector has been facing various challenges.
In this regard, Clean Ethiopia imitative is a focal point to further improve
the sanitary situation and create clean environment, he noted.  Ethiopian
Herald.

 

 

 

 

Nigeria: Obasanjo Faults Tinubu's Approach to Fuel Subsidy Removal

Former President Olusegun Obasanjo has faulted President Bola Tinubu's
handling of the fuel subsidy removal, stating that it was poorly implemented
and has led to biting inflation.

 

The former president suggested that the Nigerian government should have
implemented specific measures to cushion the impact on the economy before
removing the fuel subsidy.

 

In a recent interview with the Financial Times, Obasanjo said the government
should have prepared adequately for the economic impact of the subsidy
removal, asserting that it has effectively returned due to rising costs.

 

 

According to him, the fuel subsidy removed in June 2023 by Tinubu's
administration has come back due to inflation.

 

"There's a lot of work that needed to be done, not just wake up one morning
and say you removed the subsidy.

 

"Because of inflation, the subsidy that we removed is not gone. It has come
back," the former president stressed.

 

Obasanjo called for a shift from a transactional to a transformational
economy to build investor confidence and address the ongoing unrest among
Nigeria's youth, exacerbated by unemployment and lack of skills.

 

Obasanjo highlighted the importance of building investor confidence and
transitioning from a transactional to a transformational economy to
effectively manage such significant policy changes.

 

The former president criticised the management of state-owned refineries and
revealed that Shell declined to invest in Nigerian refineries due to
concerns over corruption and inadequate maintenance.

 

 

"When I was president, I invited Shell and asked them to take equity
participation and run our refineries. They refused, citing poor maintenance
and corruption," he said.

 

"They said there's too much corruption with the way our refinery is run and
maintained. They didn't want to get involved in such a mess," he added.

 

Obasanjo also expressed skepticism about repeated promises to rehabilitate
state-owned refineries.

 

"How many times have they told us that? And at what price?" He criticised
the lack of progress, stating, "Those problems, as far as the government
refineries are concerned, have never gone. They have even increased."

 

LEADERSHIP recalls that on March 15, Mele Kyari, group chief executive
officer of Nigerian National Petroleum Company (NNPC), promised that some of
the refineries would start production by the end of March.

 

However, this deadline was not met.

 

Kyari has now set a new timeline, stating, "Specific to NNPC refineries, it
is impossible to have the Kaduna refinery come to operation before December.
However, the Port Harcourt refinery is expected to commence production in
early August this year."

 

Obasanjo also raised the alarm about potential sabotage of the Dangote
Petroleum Refinery, suggesting that those benefiting from Nigeria's fuel
importation industry might try to undermine its success.

 

"Aliko's investment in a refinery, if it goes well, should encourage both
Nigerians and non-Nigerians to invest in Nigeria. If those who are selling
or supplying refined products for Nigeria feel that they will lose the
lucrative opportunity, they will also make every effort to get him
frustrated."

 

He addressed concern that international oil companies (IOCs) could be
deliberately obstructing the refinery's efforts.

 

Leadership.

 

 

 

 

Kenya: KTDA to Borrow Over Ksh20bn for Bonuses As Minimum Price Hits Sales

The Uhuru Kenyatta administration disrupted the tea sector by introducing a
minimum price and borrowing billions to pay an early enhanced bonus, aiming
to sway producers to vote for Raila Odinga in the 2022 general election.

 

The sector has struggled to recover, relying on expensive loans to meet
obligations. The Kenya Tea Development Agency (KTDA), representing
small-scale farmers and controlling over 60 percent of the country's tea
production, may need to borrow over KSh20 billion this year to pay the
second payment, commonly referred to as the bonus, if the 100 million
kilogrammes of tea held in Mombasa warehouses remain unsold.

 

 

Buyers have been rejecting KTDA teas at auctions, leading to significant
withdrawals from the trading floors before reintroduction for fresh bids
after two weeks.

 

KTDA mortgaged its shares for Sh18.2 billion to pay an early bonus to
farmers before the election in 2022.

 

Last year, KTDA borrowed KSh4 billion from its factories through
inter-factory lending to support struggling ones and KSh50 million from
banks.

 

The borrowings primarily affected factories West of the Rift, where teas
have suffered the most due to the minimum price of $2.43 introduced by then
Agriculture Cabinet Secretary Peter Munya.

 

Critics argue that linking the minimum price to production expenses rather
than the intrinsic value of tea was unwise. Industry experts also highlight
the difficulty of establishing a uniform market price due to the varied
quality of teas from different regions.

 

KTDA has been dealing with over 100 million kilogrammes of tea as carryover
stocks, dating back two years, due to the minimum price discouraging buyers
from purchasing the expensive beverage.

 

The Kenyan government held an urgent meeting with traders and KTDA last week
to assess the situation and find a solution.

 

The 2022 loan was guaranteed by KTDA Management Service, a subsidiary of
KTDA Holdings. KTDA typically closes its books on June 30, with the bonus
payment approved in September and disbursed in October.

 

However, the 2021/2022 bonus was paid at the beginning of July. The funds
were borrowed from multiple banks, including NCBA and Standard Chartered
Bank Kenya.

 

Business Day Africa.

 

 

 

 

Nigeria: Fuel Importers Will Frustrate Dangote Refinery - Obasanjo

Former President Olusegun Obasanjo has stated that those benefiting from
fuel importation will do all within their powers to frustrate the progress
made by the Dangote Petroleum Refinery in Nigeria.

 

Obasanjo stated this in an interview with the Financial Times where he
described the Dangote refinery as a project that should encourage both
Nigerians and non-Nigerians.

 

"Aliko's investment in a refinery, if it goes well, should encourage both
Nigerians and non-Nigerians to invest in Nigeria.

 

"If those who are selling or supplying refined products for Nigeria feel
that they will lose the lucrative opportunity, they will also make every
effort to get him frustrated," he stated.

 

The former Nigerian leader shared his opinion on the heels of recent
allegations by the President of the Dangote Group, Aliko Dangote, that some
government and non-government officials were trying to frustrate the $20bn
refinery.

 

 

LEADERSHIP recalls that Officials of the Dangote Group recently cried out
that international oil companies were frustrating the refinery by refusing
to sell crude or by selling to them at a premium up to $4 above the normal
price.

 

The outcry prompted the Federal Executive Council's directive to the
Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to
Dangote Refinery and other local refineries in the Nigerian currency - naira
against United States' dollars.

 

The refinery also accused the Nigerian Midstream and Downstream Regulatory
Authority (NMDPRA) of deliberately granting licenses to individuals to
import dirty fuel.

 

In its response, the regulator denied this, alleging that Dangote diesel was
inferior when compared to the imported ones.

 

The NMDPRA's Chief Executive, Farouk Ahmed then declared that the country
would not stop fuel importation to avoid a monopoly by the Dangote Group.

 

Dangote Refinery commenced operations at the facility located in Lagos last
December with 350,000 barrels a day.

 

The refinery hopes to achieve its full capacity of 650,000 barrels per day
by the end of the year.

 

It has however commenced the supply of diesel and aviation fuel to marketers
in the country, while petrol supply is expected to commence in August amid
regulatory resistance.

 

Leadership.

 

 

 

 

Nigeria: Why Shell Declined Offer to Run Nigerian Refineries When I Was
President - Obasanjo

Former President Olusegun Obasanjo has disclosed that his administration
persuaded Shell Plc to run Nigeria's refineries but the oil company rejected
the offer.

 

Obasanjo, who was president between 1999 and 2007, disclosed this in an
interview with Financial Times.

 

He said: "When I was president, I invited Shell and I said, look, come and
take equity participation and run our refineries for us. They refused. They
said our refineries have not been well maintained.

 

He recalled how he persuaded Shell to run the country's refineries but the
International Oil Company refused, saying there was too much corruption in
the sector.

 

"When I was President, I invited Shell and I said, look, come and take
equity participation and run our refineries for us. They refused. They said
our refineries have not been well maintained.

 

"We have brought amateurs rather than bringing professionals. They said
there's too much corruption with the way our refinery is run and maintained.
And they didn't want to get involved in such a mess," he stated.

 

Difficulty fixing refineries

 

On the promises that the refineries will be fixed, he asked, "How many times
have they told us that? And at what price?

 

"Those problems, as far as the government refineries are concerned, have
never gone away. They have even increased. So if you have a problem like
that and that problem is not removed then you aren't going anywhere."

 

Daily Trust.

 

 

 

Alaska Air crew detail 'chaos' after mid-air blowout

US transport safety officials investigating a mid-air emergency on a Boeing
737 Max 9 plane have released thousands of pages of documents, including
testimony describing the "chaos" in the moments after the blowout of an
unused door.

It came as a two-day National Transportation Safety Board (NTSB) hearing
about the 5 January incident on an Alaska Airlines flight got underway.

During the event, Boeing told investigators it will introduce design changes
to prevent similar incidents from happening in the future.

The blowout triggered the US aviation giant's second major crisis in recent
years.

 

In the more than 3,000 pages of documents released ahead of the hearing, the
plane's crew described the violent decompression that resulted from the
panel detaching mid-flight.

The plane's co-pilot told the investigation there was a "loud bang, ears
popping, my head got pushed up into the [head-up display] and my headset got
pushed, not off my head, but up almost off my head."

"It was chaos," they said.

"And then, just all of a sudden, there was just a really loud bang and lots
of whooshing air, like the door burst open," a flight attendant said.

"Masks came down, I saw the galley curtain get sucked towards the cabin."

The names of the air crew have been redacted in the documents.

At the hearing, Boeing executives were grilled about the manufacture of the
aircraft involved in the incident and the lack of paperwork explaining who
carried out work on the door plug before the blowout.

A preliminary report by the NTSB detailed how, after a repair at a Boeing
facility, the panel had four bolts missing, which should have helped keep it
in place.

"The safety culture needs a lot of work," said NTSB Chair Jennifer Homendy,
adding that the plane maker needs to take steps to address the issues.

"They are working on some design changes that will allow the door plug to
not be closed if there's any issue until it's firmly secured," said Boeing's
senior vice president for quality Elizabeth Lund.

The NTSB and Boeing have yet to find out who was responsible for removing
and reinstalling the door plug.

But Ms Lund said two workers who are likely to have been involved are now on
paid administrative leave.

The incident was the latest major blow to Boeing's reputation.

It resulted in the grounding of Max 9 planes around the world for two weeks,
a ban on increasing production, a Federal Bureau of Investigation probe and
a management shakeup.

The company recently said it would plead guilty to a fraud charge related to
fatal crashes of two of its 737 Max planes more than five years ago.

Last week, Boeing said it had lost $1.4bn (£1.1bn) between April and June.

It has also named aerospace industry veteran and engineer Robert K 'Kelly'
Ortberg as its next chief executive.-BBC

 

 

 

Elon Musk sues Unilever and Mars over X 'boycott'

Elon Musk's X/Twitter is suing a group of major companies, alleging that
they unlawfully conspired to boycott the site.

It accuses the food giants Unilever and Mars, private healthcare company CVS
Health, and renewable energy firm Orsted - along with a trade association
called the World Federation of Advertisers (WFA) - of depriving it of
"billions of dollars" in advertising revenue.

The lawsuit relates to the period in 2022 just after Mr Musk bought X, then
known as Twitter, when advertising revenue dived.

Some companies had been wary of advertising on the platform amid concerns
that its new owner was not serious enough about removing harmful online
content.

X chief executive Linda Yaccarino said "people are hurt when the marketplace
of ideas is constricted. No small group of people should monopolise what
gets monetised".

Mr Musk tweeted: "We tried being nice for 2 years and got nothing but empty
words. Now, it is war."

The WFA and the accused companies did not immediately respond to requests
for comment.

'The challenge of illegal or harmful content'

Could X go bankrupt under Elon Musk?

Elon Musk launches profane attack on X advertisers

Advertising revenue at X slumped by more than half in the year after Mr Musk
bought the firm as advertisers avoided the platform.

In its lawsuit, X alleges that the accused firms unfairly withheld spending
by following safety standards set out by a WFA initiative called Global
Alliance for Responsible Media (Garm).

Garm's stated aim is to "help the industry address the challenge of illegal
or harmful content on digital media platforms and its monetisation via
advertising".

By doing this, X claims the companies acted against their own economic
self-interests in a conspiracy against the platform that breached US
antitrust, or competition, law.

Bill Baer, who was assistant attorney general for the Department of
Justice's antitrust division under Barack Obama, said the lawsuit was
unlikely to succeed.

"As a general rule, a politically motivated boycott is not an antitrust
violation. It is protected speech under our First Amendment," he said.

Professor Rebecca Haw Allensworth, of Vanderbilt University, said the
boycott "was really trying to make a statement about X's policies and about
their brands".

"That's protected by the First Amendment," she said.

Even if the case succeeds, the social media site cannot force companies to
buy advertising space on the platform.

X is seeking unspecified damages and a court order against any continued
efforts to conspire to withhold advertising spending.

It said in its lawsuit that it has applied brand-safety standards that are
comparable to those of its competitors and "meet or exceed" those specified
by Garm.

It also said X has become a "less effective competitor" in the sale of
digital advertising.

The video-sharing company Rumble, which is favoured by right-wing
influencers, made similar claims in a separate lawsuit against the World
Federation of Advertisers on Tuesday.-BBC

 

 

 

Online games likely to be hit if strikes continue - union

Online games could be first to be hit by the video game acting strike if the
dispute is not resolved quickly, according to a union boss.

Performers in the industry walked out on 26 July after a failure to reach an
agreement over the use of generative artificial intelligence (Gen AI) in
development.

Members of union SAG-Aftra, which represents about 2,500 performers,
recently staged a picket outside the offices of Warner Bros, one of 10 game
companies negotiating with the union.

They say their offer gives workers "meaningful protections" but SAG-Aftra
disagrees.

BBC Newsbeat spoke to Duncan Crabtree-Ireland, the union's chief negotiator,
to find out what it could mean for gamers.

 

Has the strike stopped video games from being made?

Though the strike is focused on a single issue, the rules around it are a
little less clear.

Games that began development before September 2023 are officially exempt
from strike action, so this year's big releases and the hugely anticipated
Grand Theft Auto 6 are unlikely to be affected.

Because video game development takes a long time and is very secretive, the
effects on games might not be clear for a while.

Duncan predicts that "live gaming" - a term used to describe regularly
updated titles like Fortnite and Apex Legends - "will be affected most
quickly".

"Those are games that are constantly rolling out new content at all times,
rely on subscribers and constant refresh in order to maintain their
relevance," he says.

However, almost all big online games were made well before September 2023.

Electronic Arts CEO Andrew Wilson reportedly told investors he didn't expect
the strike to affect the company, which makes several live-service games, in
the short term.

The union previously told gaming site Aftermath that it would include
live-service titles in the strike if the dispute continued for more than 60
days.

Why are video game actors on strike?

Getty Images A man stands with his fist raised as he speaks into a
microphone. He's wearing a black t-shirt with a picture of a fist clenched
around a gaming controller and the text "Sag-Aftra on strike!". People
around him are wearing t-shirts with the same design and holding placards
with the same design.Getty Images

Duncan Crabtree-Ireland (centre) led a recent picket outside Warner Bros'
studios

 

"This is probably one of the most straightforward labour disputes you can
imagine because there's really one issue," says Duncan.

AI was also at the heart of the Hollywood strike that brought productions to
a halt last year.

That action was also led by SAG-Aftra and, Duncan says, "it was one of the
toughest issues to resolve".

Generative AI systems, whether they are designed to produce text, images or
audio, don't create anything from scratch, but are trained on existing
material.

This can include words, pictures and, in the case of actors, performances.

Duncan says the worry is "a very specific use of AI" which relates to
"replicating performances by humans".

The union says it wants guarantees that performers won't be duplicated
without being paid and to have control over how their "face, voice, body is
used to create performances".

TV and film actors were able to reach an agreement giving them protection
from unauthorised use of their likeness by AI.

Duncan says SAG-Aftra is unhappy with the current offer from gaming
companies because they feel it doesn't protect all their members.

Why are actors so worried about AI?

A man holds a gaming controller and looks into the camera in an artfully lit
portrait taken against a black background.

Abubakar Salim has acted in games and also runs his own studio

The union is particularly concerned about stunt performers whose
motion-captured movements might be used as the basis for an in-game
character's climbing or fighting animation.

Currently, the union says, these are treated as "data" rather than
performances, and not covered by existing agreements.

Actor Abubakar Salim, who recently appeared in season two of HBO's House of
the Dragon, has also worked in videogames, most notably as Bayek in
Assassin's Creed: Origins.

He tells Newsbeat the idea that a performer could turn up for a single
recording session, only to have their voice "be saying and doing anything"
is "terrifying".

"I think the big fear here is taking away someone's voice," he says.

"No-one wants their voice being taken away.

"No one wants their stamp on something being taken away."

Abu also founded his own development company, Surgent Studios, which
released debut game Tales of Kenzera: Zau earlier this year.

As a studio owner, he says AI has been around in gaming for a long time, but
thinks generative tools will never replace humans.

Surgent Studios Screenshot shows a character with two glowing, floating
masks at either side of him. He has patterns painted on his body and wears a
necklace with what look like large, sharp teeth hanging from it.Surgent
Studios

Abu also voiced the main character in the English dub of his game Tales of
Kenzera: Zau

"I think it will probably cost more really, truly, because let's say you
make a whole game based on AI voices and you realise that the voices aren't
necessarily that great," he says.

"You then have to replace all those voices with actual actors."

Abu believes that audiences would "hate" content produced entirely by AI.

"I've had the experience of people showing me AI film work, for example, and
being like, 'oh, look how amazing this is'," he says.

"And I'm like, 'this ain't amazing. It looks terrible'.

"As gamers, you'd be able to feel and hear the lack of human connection.

"The beauty of art is that it's from a human being, not from something
that's computer-generated."-BBC

 

 

 

 

Man charged over theft of Bluey coins worth $400,000

An alleged coin bandit has been charged by Australian police with stealing
more than A$600,000 ($393,500; £309,000) worth of limited-edition coins
based on the hit children’s television show Bluey.

The collectable currency caused a frenzy when it went on sale by the Royal
Australian Mint in June this year.

Police say they received a report last month that 63,000 unreleased $1 Bluey
coins had been stolen from a warehouse in Western Sydney, where the man
allegedly worked.

Police say that some of the coins are selling for ten times their original
sale price.

 

NSW Police Force Bluey coinsNSW Police Force

Police say that that while they have recovered around 1,000 coins, they
believe the rest are in general circulation

On Wednesday, the 47-year-old was arrested after a raid on a home. He has
been charged with three counts of break and enter.

Steven John Neilson was denied bail when he appeared in Parramatta Court on
Wednesday.

Police allege the coins were sold online, hours after they were stolen from
the back of a truck at the warehouse where the accused worked.

They were due to be transported to the mint at the time of the alleged
theft, police said.

Police say that that while they have recovered around 1,000 coins, they
believe the rest are in general circulation.

The collection of three $1 coloured coins was branded as Dollarbucks – the
way that money is often referred to in the cartoon.

According to the mint at the time of release, only 30,000 of each coin and
30,000 sets were minted - meaning that around a third of all the coins made
were allegedly stolen.

The Royal Australian Mint declined to comment when contacted by the BBC
saying it was “inappropriate” due to the investigation.

The New South Wales Police investigation was codenamed Strike Force Bandit,
after Bandit who is Bluey's father in the show.

Demand for the coins was huge, with the mint diverting all its phone lines
to the sales centre on launch day, citing "Blueymania".

But as well as being a hot commodity for Bluey fans, they also appealed to
resellers.

The three-coin sets were sold for A$55, while individual coins were marketed
at A$20.

At the time of writing, the BBC found one set of three coins on eBay had
attracted bids of up to A$190 while others were offering sets for A$400.

There is no suggestion that these coins were among those allegedly stolen.

The hit show, about the Heeler family of dogs, is made by Brisbane-based
animation firm Ludo with BBC Studios and the Australian Broadcasting
Corporation.

Bluey has been a huge international success and is now broadcast in more
than 60 countries including the UK, the US and China.

It was streamed for more than 20 billion minutes on Disney+ in the US last
year, putting it in the country's top 10 streaming programmes for minutes
viewed.

There are more than 150 episodes of Bluey across three seasons.-BBC

 

 

 

US stock markets rise after days of turmoil

US shares opened higher on Tuesday as an uneasy calm returned to global
markets after days of sharp falls.

The technology-heavy Nasdaq, the Dow Jones Industrial Average and the S&P
500 all closed higher.

It followed subdued trading in the UK and Europe with London's FTSE 100
initially rising before falling back.

In Japan, the Nikkei 225 stock index jumped by 10.2%, or 3,217 points in its
biggest one-day gain in points, after the previous day's plummet.

The stock market rout began on Friday following disappointing US employment
figures for July which showed that the jobless rate rose, sparking fears of
a recession.

There has also been concern that shares in big technology companies -
particularly those investing heavily in artificial intelligence (AI) - have
been overvalued and some of those firms now face difficulties.

Is the US really heading for recession?

US stocks tumble on fears over slower growth

The volatility intensified on Monday, spreading to Europe and Asia where
Japan's Nikkei 225 slumped by 12%.

But by the end of Tuesday the global picture looked more positive:

The Nasdaq, which had experienced the most turmoil in recent days, closed 1%
higher

The S&P 500 rose by 1% and the Dow Jones was 0.8% higher

In London, the FTSE 100 closed 0.2% higher while Germany's Dax ended flat
and the French Cac 40 lost 0.3%

As well as Japan, stock markets in South Korea and Taiwan also regained
ground, rising around 3.5% after record falls.

"Markets were hit by a perfect storm over the weekend, with numerous factors
combining to spook investors," said Rachel Winter, partner at investors
Killik & Co.

She added that nerves about the US election had also contributed to the
volatility, as "markets detest uncertainty".

'Markets likely to stay volatile'

Economists are divided over the outlook for the US economy, with a number
cautioning that it is premature to suggest the world's largest economy is
heading for a downturn.

If it does, however, it would have wider implications.

"What happens in the US economically and financially does not stay in the
US," said economist Mohamed El-Erian, who is also president of Queens'
College, Cambridge.

"The US has been the major driver of global economic growth, the US consumer
is a very important engine of economic activity so the world as a whole
would suffer if the US were to go into recession."

Fears of recession have renewed calls for the US Federal Reserve to cut
interest rates at its next meeting in September in a bid to boost growth.

Last week, the Fed voted to hold rates in the range of 5.25%-5.5% - the
highest for two decades - while other central banks decided to cut them.

Some experts say that was a mistake and that stock markets are likely to
remain unsettled as a result.

“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.

'Japan’s fundamentals are strong'

The sharp fall in Japanese stocks on Monday was driven in part by issues
facing the country's economy.

Japan's currency, the yen, has been strengthening against the US dollar
since the Bank of Japan raised interest rates last week. It has made stocks
in Tokyo - and Japanese goods in general - more expensive for foreign
investors and buyers.

At the same time inflation in Japan rose by more than expected in June while
the economy shrank in the first three months of the year.

Commenting on the country's outlook, Jesper Koll, executive director of
Monex Group Japan, said he still had confidence in the country.

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

 

 

 

 

Royal Mint starts turning e-waste into gold

The Royal Mint, maker of the UK's coins, has begun processing electronic
waste to extract gold from it.

 

The company has built a large industrial plant on its site in Llantrisant in
Wales to remove the precious metal from old circuit boards.

The gold is initially being used to craft jewellery and later it will be
made into commemorative coins.

E-waste, which includes anything from old phones and computers to TVs, is a
rapidly growing problem - the UN says 62m tonnes were thrown away in 2022.

Its latest report estimates that the mountain of discarded tech is set to
increase by about a third by 2030.

 

BBC/Kevin Church E-waste plant at the Royal MintBBC/Kevin Church

The new plant will process about 4,000 tonnes of e-waste each year

At the Royal Mint plant, piles of circuit boards are being fed into the new
facility.

First, they are heated to remove their various components. Then the array of
detached coils, capacitors, pins and transistors are sieved, sorted, sliced
and diced as they move along a conveyor belt.

Anything with gold in it is set aside.

“What we're doing here is urban mining,” says head of sustainability Inga
Doak.

“We're taking a waste product that's being produced by society and we're
mining the gold from that waste product and starting to see the value in
that finite resource.”

 

Royal Mint Circuit board pieces sorted in processing plantRoyal Mint

The machinery sorts and separates the different parts of the circuit boards

The gold-laden pieces go to an on-site chemical plant.

They’re tipped into a chemical solution which leaches the gold out into the
liquid.

This is then filtered, leaving a powder behind. It looks pretty nondescript
but this is actually pure gold – it just needs to be heated in a furnace to
be transformed into a gleaming nugget.

“Traditional gold recovery processes are very energy intensive and use very
toxic chemicals that can only be used once, or they go to high energy
smelters and they're basically burnt,” says Leighton John, the Royal Mint's
operations director.

“The groundbreaking thing for us is the fact that this chemistry is used at
room temperature, at very low energy, it’s recyclable and pulls gold really
quickly.”

 

Nearly half a billion small tech items thrown away

E-waste drawers of doom growing, say campaigners

There’s no shortage of e-waste for the Royal Mint to target. The UN's 2024
e-waste report places the UK as the second biggest producer of tech trash
per capita, beaten only by Norway.

“Our aim is to process over 4,000 tonnes of e-waste annually,” says Leighton
John.

“Traditionally this waste is shipped overseas but we're keeping it in the UK
and we're keeping those elements in the UK for us to use. It's really
important.”

 

BBC/Kevin Church Brown powder in a sealed containerBBC/Kevin Church

A powder is collected at the end of all the process - it's pure gold

Four thousand tonnes of e-waste should generate up to 450kg of gold, which
is worth about £27m at current prices.

This shift into the waste business is a big change for the Royal Mint.

For more than a thousand years, it has been the UK’s official coin maker.

But with cash use dwindling, e-waste is a new way for the government-owned
company to make money - and save jobs.

“We needed to diversify,” explains CEO Anne Jessopp.

“And given that less people are now needed to make coins, actually it was an
ideal opportunity to move people across [to e-waste processing] so that we
could keep jobs for those people.”

 

BBC/Kevin Church Pile of old circuit boardsBBC/Kevin Church

Circuit boards contains many different materials that could be re-used

As well as recovering gold, the company is also looking at what to do with
all of the other materials that it is separating out from the circuit
boards.

They contain a number of different materials including aluminium, copper,
tin and steel. They’re also investigating whether ground up boards could be
used by the construction industry.-BBC

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

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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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