Major International Business Headlines Brief::: 08 August 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  08 August 2024 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Senate Panel Raises Concerns Over State of Nation's Refineries

ü  East Africa: Burundi Joins EAC One Network Area to Lower Calling Costs

ü  Nigeria: Reps Clarify Monthly Salaries, Remain Committed to 50% Pay Cut

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

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

ü  Liberia: Boakai Reassures Investors of Safe, Stable Business Environment

ü  South Africa: Simon's Town Farm Targeted in Power Disconnection Scam

ü  Nigeria: 26 Banks Qualify in CBN's $876m Fx Auction

ü  Nigeria: Crude Supply to Refineries Follows Willing Buyer-Willing Seller Principle, Says Kyari

ü  Kenya: CBK Prints 2024 Series Banknotes With Updated Security Features

ü  Kenya: Tabitha Mutinda Bids Price Control Law for Essential Goods

ü  Former Qantas boss exit pay slashed by millions

ü  Korea tech tycoon charged in K-pop share rigging case

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: Senate Panel Raises Concerns Over State of Nation's Refineries

NNPCL threatened to reveal identities of suppliers of adulterated fuel across the country.

 

The Senate ad-hoc committee investigating the alleged economic sabotage in Nigeria's petroleum industry has expressed concern over the failure of government-owned refineries to function despite committing billions of dollars to their rehabilitation yearly by successive governments.

 

Chairperson of the committee, Opeyemi Bamidele, raised the concern at an interactive session with individuals and companies in the petroleum industry at the National Assembly Complex, Abuja on Wednesday.

 

 

The session was attended by Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of State for Petroleum, Heineken Lokpobiri and Group Managing Director, Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari.

 

Others are Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, and Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, among others.

 

During the session, Mr Bamidele, the senate leader, specifically said about $1.5 billion was approved for the turn around maintenance of Kaduna, Port Harcourt and Warri refineries during the administration of former President Muhammadu Buhari but yielded no significant returns.

 

He said that some individuals managing the rehabilitation of Kaduna, Port Harcourt and Warri refineries are not patriotic and as such reducing the commitment to make the refineries function.

 

 

He said the individuals are managing the government businesses like an orphan and putting efforts in private businesses to make it flourish at the expense of the government properties.

 

"Under different administrations, the federal government invested billions of dollars to maintain and turn around the state-owned refineries in Kaduna, Port Harcourt and Warri.

 

"In 2021, specifically, the Federal Executive Council approved $1.5 billion for the turn-around maintenance of the Port Harcourt Refinery. Yet, this investment has not yielded significant returns.

 

"For us, in the Senate, we believe, it is unfair and unpatriotic to treat government business as an orphan while private businesses are flourishing," he said.

 

Concerns over long queues at filling stations

 

Mr Bamidele also expressed displeasure with the persistent long queues at petrol stations across the country.

 

 

He said the long queues were as a result of the irregular supply of refined petroleum.

 

The panel chairman also listed the circulation of the adulterated petroleum products across the country as part of the challenges in the sector.

 

"Respected stakeholders, you will agree with me that this is truly a challenging period in the recent history of our fatherland. The supply of refined petroleum products has been irregular and problematic. The long queues at filling stations are also a testament to this challenge.

 

"A situation, whereby we now depend almost entirely on the importation of these products, even when we daily supply the global oil market no fewer than two per cent of its crude oil requirements, is to say the least, highly worrisome.

 

"We also have at hand a grievous issue of national concern that directly borders on the importation of hazardous and substandard petroleum products," he added.

 

Mr Bamidele noted that the challenges have also put pressure on the foreign exchange market.

 

"Each of these challenges has put undue pressure not just on our foreign exchange market, but also contributes to the sub-optimal performance of our domestic economy, which the Executive Arm has been taking decisive measures to address in the interest of all Nigeria."

 

No monopoly of products

 

Mr Kyari, in his remarks, said that the NNPCL is not monopolising Nigeria's petroleum industry, contrary to the allegation circulating on social media.

 

He noted that the leadership of the NNPCL under his directive is protected and guided by the provisions of the Petroleum Industry Act.

 

The GMD said some individuals are attempting to blackmail his leadership for involvement in the importation and circulation of adulterated petroleum products which is sabotaging the Nigerian economy.

 

"And all of us here see what is happening in the media. Targeted personal attack on my person, on the institution. And we all know how this works. They are deliberate, they are calculated. So that creates the impression that NNPC Limited and our leadership are doing anything to create economic sabotage in our country.

 

"It is far from it, Mr Chairman. This company has grown, Mr Chairman. We are proud to say this. From a lost company for 43 years to a profit-making company today, Mr Chairman.

 

"Mr Chairman, it is very clear from everything you have said through this investigative hearing that you can see the majority of the issues you have raised have nothing to do with NNPC Limited. Yet, everybody believes, by sheer misinformation which my minister has highlighted, that NNPCL is responsible for creating any economic sabotage in our country," he added.

 

Identities of adulterated fuel suppliers

 

Mr Kyari assured that he would reveal identities of suppliers of adulterated fuel across the country.

 

"We follow the rules. Nobody will bring products into this country that don't meet specifications. If it does happen, it's a crime. It couldn't have passed through any regulatory institution. It is impossible."We all know what happens. Smuggling does take place. And I'm happy that the Customs Service is here. No one can deny that smuggling takes place across our border. But for PMS and every other commodity that you can think of. This is real.

 

 

"Mr Chairman, when the details come, we will tell you what we know. Mr Chairman, I also suggest that it should be said live so that everybody will hear what is going on in the industry."

 

Nigeria below target

 

Mr Edun, on his part, submitted that Nigeria is below the estimated 1.78 million barrels it is projected to produce per day.

 

"For the 2024 budget, we had estimated and projected 1.78 million barrels per day. We are below that target at the moment, although production is moving up, I believe. And we have the experts here, but I believe we are at about 1.6 million barrels per day.

 

"And we have a commitment that we will be able to reach two million barrels per day. And that is critical. And why it is critical is that that is the first source that we look to for foreign exchange, as well as government revenue," Mr Edun said.

 

The finance minister said the federal government is committed to developing the petroleum sector.

 

"There is a commitment to dealing with these issues. And the focus also remains in the oil and gas industry in improving incentives. Already Mr. President has signed some executive orders which have meant that oil and gas investments, particularly in the gas sector, have started to flow back," he added.

 

Oil and gas quickest way to solve Nigeria's economic challenges - Minister

 

Mr Lokpobiri, in his submission, said the best method to resolve the challenges of the Nigerian economic situation is to develop the oil and gas sector.

 

"The oil and gas sector is the most critical sector of our economy. The oil and gas sector is the quickest way to solve our economic problems in the country.

 

"You heard from the minister of finance that the quickest way we can also get forex is also through the oil and gas sector. And so this is one sector that is very fundamental and requires the support of all stakeholders," the Minister added.

 

Premium Times.

 

 

 

 

East Africa: Burundi Joins EAC One Network Area to Lower Calling Costs

Burundi has joined Kenya, Rwanda, South Sudan, Uganda, and Tanzania under the East African Community (EAC) One Network Area (ONA), aimed at reducing telecommunication costs in the region.

 

Burundi's inclusion in the ONA on August 1 means six out of the eight EAC Partner States are now part of the initiative, which promises cheaper calls and mobile data roaming charges across the bloc.

 

The Democratic Republic of the Congo and the Federal Republic of Somalia, the newest members of the bloc, have yet to join the ONA.

 

In a statement, the Burundi Telecommunications Regulation and Control Agency (ACRT) announced the implementation of new tariffs for regional roaming.

 

"These unique tariffs, competitive on a regional scale, will significantly reduce the costs of cross-border communications within the EAC," ACRT said.

 

The agency instructed mobile network operators to communicate the applicable tariffs for regional direct and roaming communications and to apply detailed billing to verify the communications made and the amounts invoiced. This measure aims to ensure a transparent, reliable, and satisfactory user experience.

 

Andrea Aguer Ariik, the EAC Deputy Secretary General in charge of Infrastructure, Productive, Social, and Political Sectors, praised Burundi's decision to join the network, stating that the move would facilitate business operations in East Africa and support the free movement of people, workers, services, and capital as outlined in the EAC Common Market Protocol.

 

"The entry of Burundi will reduce the high cost of mobile roaming charges in the region and strengthen the integration process because East Africans can now communicate more easily without fear of high billing charges on mobile calls whether at home or in another Partner State," said Mr Ariik.

 

He added that the ONA promotes easier communication among the business community, who need to operate across the entire region while transacting merchandise or services. He expressed hope that all eight Partner States would soon join the network.

 

The framework for harmonised EAC roaming was developed and approved by the 30th Meeting of the Council of Ministers in 2014 and endorsed by the EAC Heads of State in February 2015.

 

The framework imposed price caps on roaming charges and called for the removal of surcharges on cross-border telecommunications traffic within the EAC.

 

The 16th Ordinary Summit of the EAC Heads of State directed the Council to expedite the implementation of the Framework for Harmonised EAC Roaming Charges, including the removal of surcharges for international telecommunications traffic originating and terminating within the EAC by July 15, 2015.

 

Business Day Africa.\

 

 

 

 

Nigeria: Reps Clarify Monthly Salaries, Remain Committed to 50% Pay Cut

"We wish to clarify that the actual monthly salary for members is N600,000, after deductions for advances such as housing, which are paid at the commencement of the tenure."

 

Each member of the House of Representatives takes N600,000 as monthly salary against N900,000, which is being speculated by some Nigerians, its spokesperson, Akin Rotimi, has said.

 

Mr Rotimi made the clarification in a statement on Wednesday in Abuja.

 

He reaffirmed the commitment of the House to the 50 per cent deduction in their salary to reduce hardship.

 

"The House of Representatives has been inundated by some media outlets reporting claims of discrepancies in the salaries of members, suggesting that we received 100 per cent of our July salaries.

 

"The report claimed that our salary amounted to N936,979

 

"We wish to clarify that the actual monthly salary for members is N600,000, after deductions for advances such as housing, which are paid at the commencement of the tenure," he said.

 

 

Controversial remunerations

 

The remunerations of the members of the House and their colleagues in the Senate have always been controversial because they remain a closely guarded secret.

 

In August 2020, PREMIUM TIMES reported that while N6.58 billion was being used to pay the salaries and allowances of the 360 members of the House, annually, the nation spent N2.4 billion for the 109 senators.

 

However, in October of that year, a member of the House, Simon Karu, said each member was earning N9.3 million monthly.

 

"The official salary of a member of the House of Representatives which I also receive monthly, is N800,0000. I told you I was going to say it; why don't you wait for me to say it? The office running cost of a member of the House of Representatives is N8.5 million," Mr Karu said.

 

 

Committed to 50% pay cut

 

Meanwhile, Mr Rotimi said the House member who displayed his salary on a TV programme was an exceptional case because he assumed office through a court decision many months after the onboarding process was concluded.

 

He said the House remained committed to the resolution passed on 18 July, which mandated a 50 per cent reduction in members' salaries for six months.

 

In July, lawmakers decided to take a six-month pay cut as a sacrifice due to the economic hardship currently experienced by Nigerians.

 

The pay cut will, however, affect only their basic salaries and not their allowances, which are significantly higher than the basic salaries.

 

"We acknowledge and regret that this resolution was not implemented by the bureaucracy as intended for the month of July.

 

"Resolutions of the House are ratified when the votes and proceedings of plenary are adopted on the next legislative day. Consequently, the bureaucracy was only formally instructed on July 23."

 

The spokesperson said the delay in the implementation was due to necessary administrative procedures and coordination with financial institutions.

 

He added that instructions for adjusting salaries had since been issued and would be enforced moving forward to ensure its pledge is fully realised.

 

"There is nothing to investigate, as some media houses reported, as the House's position on this matter had been provided to some journalists who had reached out for clarification."

 

He called for patience and assured the House of its steadfast adherence to its pledge and sustained efforts to earn the trust and confidence of all Nigerians.

 

(NAN)

 

Premium Times.

 

 

 

 

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.

 

Related Articles

 

Channel resources into production of goods, services for benefit of African continent - Dr Kasser Tee November 8, 2021

EC, NIA plotting to rig 2020 election - NDC alleges May 15, 2020

 

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.

 

 

 

 

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.

 

 

 

 

Liberia: Boakai Reassures Investors of Safe, Stable Business Environment

President Joseph N. Boakai has reiterated his government's commitment to providing a secure and stable environment for investors in Liberia, while also highlighting that his administration would ensure profitable business ventures in the country.

 

Speaking on Monday, August 5, at the opening of the Liberia 2024 Investment Conference in Monrovia, President Boakai detailed his ambitious vision to transform Liberia into a hub of opportunity through strategic investments in key sectors such as agriculture, infrastructure, education, and tourism.

 

"It is in light of all these facts that I stand before you today, in the welcoming atmosphere of this forum, to reassure you that your investment will be secure, stable, and profitable on Liberian soil," President Boakai stated.

 

 

He emphasized the essential role of private sector partnerships in driving innovation and creating much-needed jobs, highlighting his administration's dedication to accountability and transparency.

 

The week-long conference, organized by NOVA Africa Ventures and the National Investment Commission, aims to showcase Liberia's vast investment potential and attract international business leaders.

 

The event, themed "Winds of Change: Leveraging Private Sector Investment to Spur Growth and Development," underscores the country's commitment to economic reform and development.

 

President Boakai, reflecting on his leadership journey since taking office six months ago, underscored his commitment to building a nation grounded in peace, justice, and accountability.

 

 

"Liberia is blessed with abundant natural resources and fertile soil. It is not unreasonable for the Liberian people to demand that our resources be used to build a country in which we can all be proud," he remarked. He outlined the numerous investment opportunities available in Liberia, spanning sectors such as mining, agriculture, tourism, energy, and infrastructure.

 

President Boakai highlighted Liberia's rich terrain and water resources, making it ideal for agricultural ventures, including rubber, iron ore, oil palm, and diverse wood species for furniture manufacturing.

 

The former Minister of Agriculture confidently advocated for Liberia's potential to produce and export various agricultural products like rice, cassava, and corn. The President also pointed to the country's rich deposits of iron ore, gold, diamonds, and other rare minerals, with ongoing operations by concessionaires from Asia and Europe creating numerous mining opportunities.

 

 

He noted the promising tourism sector, with over 4,300 miles of coastline, beautiful beaches, pristine forests, and abundant wildlife, making Liberia an ideal destination for ecotourism, fishing, and aquaculture.

 

With a youthful population, nearly 60 percent below 25 years of age, President Boakai emphasized the availability of a skilled workforce and investment-friendly laws, allowing unrestricted repatriation of income.

 

He assured investors of the government's zero-tolerance policy towards corruption and bureaucratic red tape, vowing to protect every cent invested in Liberia.

 

"With a focus on economic growth, sustainable development, and large-scale investment, Liberia is poised for transformation under President Boakai's leadership," he noted while inviting investors to contribute to Liberia's economic growth and development.

 

Earlier in his welcome address, Jeff B. Blibo, National Investment Chairman, emphasized the event is meant to ensure the government and inter-ministerial commitment to forging strong partnerships with the private sector for the benefit of Liberia.

 

MacDella Cooper, Senior Political Advisor to President Boakai, also remarked on Liberia's wealth in natural resources and strategic location, highlighting the nation's potential as an emerging trade and investment hub.

 

"We want to open the nation up to remove hindrances to doing business, making Liberia a preferred investment destination. His Excellency has a plan to revitalize the economy by leveraging foreign, domestic, and Liberian Diaspora investments," Cooper noted.

 

Amb. David W. Anderson, President and CEO of NOVA Africa Ventures, expressed his deep commitment to showcasing Liberia's abundant opportunities and unique potential. "Our nation is on the cusp of transformative growth," Anderson declared, reflecting the optimistic outlook of the conference.

 

Meanwhile, the Liberia 2024 Investment Conference is expected to pave the way for substantial international investments, fostering economic growth and development in the country.

 

Liberian Observer.

 

 

 

 

South Africa: Simon's Town Farm Targeted in Power Disconnection Scam

A Simon's Town farmer and the workers were targeted for extortion when a man posing as an Eskom employee claimed a ticket had been issued to disconnect power at Rocklands Farm.

 

Listen to this article 5 min Listen to this article 5 min Dr Paul Rowe, the owner of Rocklands Farm in Simon's Town, received a flood of alarming messages on Monday, 5 August from a man claiming to be "Davis Mfundo", an Eskom official. Mfundo told Rowe a ticket had been issued to disconnect the farm's power supply due to tampering with a prepaid electricity box. To prevent the disconnection, he demanded a payment of R5,000.

 

"He claimed to work for Eskom and said he had received a notice that one of the prepaid boxes had been tampered with, and he was coming to cut the power," Rowe explained. The man persistently pressured Rowe for the money, threatening to cut off the electricity if the payment wasn't made.

 

Simon's Town, however, is not under Eskom's jurisdiction but is serviced by the City of Cape Town. The power utility confirmed there is no employee by the name of Davis Mfundo.

 

In a series of WhatsApp voice notes, Mfundo tried to coerce Rowe, who was not at the farm at the time, to pay up to avoid disconnection.

 

"I can stop the team [Mfundo's crew]...

 

-Daily Maverick.

 

 

 

 

Nigeria: 26 Banks Qualify in CBN's $876m Fx Auction

The sale conducted on Tuesday highlights the Central Bank's commitment to stabilising the foreign exchange market and ensuring effective price discovery

 

To enhance liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) said it has successfully conducted a Retail Dutch Auction System (rDAS) sale, resulting in the approval of bids valued at $876.26 million from 26 authorised dealer banks.

 

According to a statement by the Director of the Financial Markets Department at the CBN, Omolara Duke, the sale conducted on Tuesday highlights the Central Bank's efforts to stabilise the foreign exchange market and ensure effective price discovery.

 

 

A Dutch auction is a type of auction in which the auctioneer starts with a high asking price and gradually lowers it until a bidder accepts the current price, thereby winning the auction.

 

Ms Duke said the auction saw a total of $1.18 billion in bids from 32 authorised dealer banks.

 

However, bids amounting to $313.69 million from six banks were disqualified for various reasons, including late submission and unverified documents. Specifically, four banks submitted their bids after the cut-off time of 3:00 p.m., and two banks failed to provide necessary documentation on the trade portal, leading to the disqualification of their bids.

 

She also said authorised dealer banks were required to submit comprehensive templates detailing their customers' outstanding trade-backed foreign exchange demands by email between 9:00 a.m. and 3:00 p.m. on the day of the auction.

 

These templates, protected by passwords, were submitted to the CBN before the deadline for bid submissions. Once received, the bids were opened and collated by the CBN.

 

She said the successful bids will be settled on Thursday, 8 August, with the accounts of all end users funded with the naira equivalent of their bids by Wednesday, 7 August.

 

In line with its objective to boost FX liquidity and promote price discovery, the CBN said it set a cut-off rate of ₦495/US$ for the auction.

 

This rate applies to the $876.26 million worth of bids that were approved by the 26 qualifying banks.

 

Ms Duke emphasised the transparency of the process, stating that the total bids submitted by banks and all qualified bids for payment will be published on the CBN's website for public information.

 

This is the first auction sale since the CBN reintroduced the rDAS sale in a bid to address unmet foreign exchange demand.

 

This move comes as the local currency faces severe pressure amid liquidity issues in the forex market.

 

Premium Times.

 

 

 

 

Nigeria: Crude Supply to Refineries Follows Willing Buyer-Willing Seller Principle, Says Kyari

Following allegations of a deliberate attempt by crude oil producers in the country to starve the brand new $20 billion Dangote Refinery of feedstock, the Group CEO, of NNPC Limited, Mallam Mele Kyari has pointed out that crude supply to refineries is determined by the principal of willing buyer - willing seller.

 

A statement by NNPC Chief Corporate Communications Officer, Mr Olufemi Soneye on Wednesday said Mr. Kyari stated this when testified before the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigeria Petroleum Industry.

 

Kyari, who defended the role played by the national oil company in the saga, said NNPC has not broken any law guiding its operations.

 

 

He held that the company "has not breached any of the enabling laws guiding its dealings with partners, hence should be counted out of any claims of economic sabotage".

 

He pointed out that "refining business is a straightforward business which any investor should know before coming into the market.

 

"Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market. This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery".

 

He maintained that "the law is very clear on domestic crude oil supply obligation and also on providing for local refineries".

 

Kyari added that "the same law also said that there must be a willing buyer and a willing seller".

 

 

Kyari, who also spoke on alleged importation of substandard products into the country, said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any substandard product into the country.

 

He explained that there is enough infrastructure to produce two million barrels of crude per day but the challenges of crude oil theft, pipeline vandalism and absence of investment in the upstream are the major factors hindering the sector.

 

He said the NNPC Limited has grown from a loss-making position to a profit-making entity, pledging full cooperation towards the Committee in its efforts to unravel the allegations being investigated.

 

Kyari said the NNPC Limited, its entire board, management and staff remain loyal, faithful and committed to Nigeria and will continue to act in line with the provisions of the Petroleum Industry Act (PIA), the Company & Allied Matters Act (CAMA) and other enabling laws and regulations governing the nation's energy Industry.

 

"We are faithful, loyal and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules," Kyari concluded.

 

Dangote had two months ago accused oil producers in the country of failing to supply the refinery with the required crude needed for its operation.

 

Vanguard.

 

 

 

 

Kenya: CBK Prints 2024 Series Banknotes With Updated Security Features

Nairobi — The Central Bank of Kenya (CBK) has printed 2024 series banknotes with updated security features ahead of a phased rollout begining with teh Sh1,000 note.

 

In a statement on Wednesday, the institution announced that the new features in the 2024 series banknotes include threads with color-changing effects specific to each denomination.

 

"The changes affect the fifty shillings (KES 50), one hundred shillings (KES 100), two hundred shillings (KES 200), five hundred shillings (KES 500) and one thousand shillings (KES 1,000) currency banknotes," read the statement.

 

The notes also bear signatures of CBK Governor Kamau Thugge and the Principal Secretary for the National Treasury Chris Kiptoo.

 

"The rest of the features remain the same as those of the series issued in 2019," the Cental Bank stated.

 

The updated security thread on the note will appear as a continuous line and will change color when titled.

 

When placed under Ultra-Violet light, the golden band will show the value of the banknote.

 

CBK said banknotes in circulation will remain legal tender and will circulate alongside the newly-released banknotes.

 

Former President Uhuru Kenyatta launched the new-generation backnotes in December 2018, phasing out the old currency bearing the portraits of former Presidents Jomo Kenyatta, Daniel Moi and Mwai Kibaki (Sh40 coin).

 

The changes announced on Wednesday are in line with Section 22 of the Central Bank of Kenya Act which states that the denominations, inscriptions, forms, material and other characteristics of the notes and coins issued by the Bank shall be determined by the Bank in consultation with the Minister, and shall be notified in the Gazette and in other media of public information likely to bring them to the attention of the public.

 

Capital FM.

 

 

 

Kenya: Tabitha Mutinda Bids Price Control Law for Essential Goods

Nairobi — A new law proposing price control for essential household good will empower government to determine wholesale and retail prices, upsetting the preveiling market-driven pricing mechanism.

 

The law will provide for price control for goods including maize, maize flour, wheat wheat flour, rice, cooking fat or oil, sugar and prescribed pharmaceutical drugs.

 

The Bill sponsored by Nominated Senator Tabitha Mutinda intends to stabilize prices in the market and cushion Kenyans from exploitation.

 

The Price Control (Essential Goods) (Amendment) Bill, 2024, gives the government the authority to set retail and wholesale prices for key commodities.

 

 

 

 

Former Qantas boss exit pay slashed by millions

Australian airline Qantas will slash the exit package of its former chief executive after a series of scandals and costly legal cases.

Alan Joyce's multi-million dollar payout will be cut by more than 40%, the company has told investors.

Qantas will also cut short-term incentives for current and former senior executives by more than a third.

At the same time, Qantas released the findings of a review of how the company was run during Mr Joyce's time in charge.

“The events that damaged Qantas and its reputation and caused considerable harm to relationships with customers, employees and other stakeholders were due to a number of factors,” the airline said.

“While there were no findings of deliberate wrongdoing, the review found that mistakes were made by the board and management".

Mr Joyce was due to receive A$21.4m ($14m; £11m) after leaving the firm last year but the package will now be cut by A$9.26m.

He was chief executive for 15 years when he led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices.

However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, mass delays and cancellations as well as its treatment of workers.

Mr Joyce's successor, Vanessa Hudson became the first woman to lead the airline when she too over last September.

He had been set to leave the firm in November but stepped down two months earlier than planned.

At the time, Mr Joyce said attention on "events of the past" made it clear this is "the best thing" he could do.

The airline has been the subject of growing public anger after reaping record profits despite a series of scandals.

Last year, Qantas lost a High Court case over the sacking staff during the pandemic.

In May, it also agreed to pay A$120m to settle a lawsuit over the sale of thousands of tickets for flights that had already been cancelled.-BBC

 

 

 

 

Korea tech tycoon charged in K-pop share rigging case

South Korean technology tycoon, Kim Beom-su, who is also known as Brian Kim, has been indicted on charges of stock price manipulation.

Kakao executives led by Mr Kim have been accused of buying large amounts of shares in K-pop agency SM Entertainment to inflate its stock price and undermine a competing offer to take over the company.

Mr Kim, who founded the internet giant Kakao, has been in detention since being arrested just over two weeks ago.

In a statement around the time of his arrest, Kakao said Mr Kim did not order or tolerate any illegal activity.

The Seoul Southern District Prosecutors’ Office indicted Mr Kim on allegations that he broke financial market rules.

The trial date will be set at a later stage, according to local reports.

The charges are related to a bidding war that came ahead of Kakao buying a controlling stake in K-pop agency SM Entertainment of almost 40% in March last year.

Prosecutors allege Mr Kim was involved in a four-day buying spree of SM Entertainment shares aimed to push up its stock market valuation beyond the reach of a rival bidder Hybe, the agency behind K-pop superstars BTS.

The case has sent shockwaves through South Korea's technology industry, which has long seen Mr Kim as a visionary internet pioneer.

He is the most high profile tech executive to be placed behind bars in South Korea since Samsung Electronics chairman Lee Jae-yong served 18 months in prison after being convicted in 2017 on bribery charges.

Mr Kim's rise from humble beginnings to become a multi-billionaire has made him hugely popular in a country where a few family-run corporations, known as chaebols, control much of the economy.

He is credited with founding and expanding Kakao, which is now one of South Korea's most successful internet businesses.

Kakao runs South Korea's largest messaging app, along with a growing list of other online businesses that include gaming, shopping and banking.

In 2022, a Kakao outage caused by a fire that damaged its servers raised concerns about how reliant the country had become on the technology giant's services.

Just hours before Mr Kim's indictment was announced, Kakao reported operating profits of 134 billion won for the second quarter of the year, an 18.5% increase from the same period last year.-BBC

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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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.

 


 

 


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