Major International Business Headlines Brief::: 27 August 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  27 August 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Uganda: Museveni Advocates for Family-Owned Companies to Prevent Land
Fragmentation

ü  Nigeria: Global Union, Niger Rep Labour Decry Worsening Rights Abuse in
Nigeria

ü  South Africa: Eskom Anticipates 'Load Shedding Free Summer'

ü  Nigeria: Resident Doctors Begin 7-Day Warning Strike Over Abduction of
Colleague

ü  Nigeria: Ekiti Government Issues Advisory On Outbreak of Fall Armyworms

ü  Liberia: CBL Dismisses U.S.$10 Million Scam Allegation By Portuguese
National, Cites Fraud Concerns

ü  Ghana: Complete Existing Projects Before Initiating New Ones - Gyla

ü  Liberia Vs. World Bank - Who's Telling the Truth On Debt Default and
Fisheries Fund Mismanagement?

ü  Kenya: Bolt Announces 10 Percent Pay Hike for Drivers Following Concerns

ü  Ugandan Lawyers Urged to Push for Digital Rights As AI Adoption Grows

ü  Somalia: Al-Shabaab Issues Warning to Somali Banks Over New 5 Percent
Sales Tax

ü  South Africa: SA-China State Visit to Focus On Strengthening Economic
Relations

ü  Africa: Addis-Based Boeing's Africa Office to Commence Operation in
October

ü  Canada hits China-made electric cars with 100% tariff

ü  Have Swiss scientists made a chocolate breakthrough?

 


 <mailto:info at bulls.co.zw> 

 


 

Uganda: Museveni Advocates for Family-Owned Companies to Prevent Land
Fragmentation

In Uganda and across Africa, the traditional practice of dividing a father's
property among his children often leads to smaller and less productive land
parcels over generations.

 

This cultural norm, while deeply rooted, is increasingly clashing with
modern economic realities, resulting in reduced agricultural productivity
and limited economic potential as land becomes too fragmented for effective
use.

 

During a recent thanksgiving ceremony for Science, Technology, and
Innovation Minister Monica Musenero at Petete Primary School in Butebo
District, President Yoweri Museveni addressed this issue head-on.

 

 

He emphasized the importance of avoiding the fragmentation of family
property and urged communities to consolidate assets under a family company
to ensure better management and increased productivity.

 

"When the head of the family goes to heaven, don't fragment the property;
work as a company. When you sell, deduct expenses and share the profit,"
Museveni advised.

 

He explained that a family company could allow members to meet individual
needs or form their own separate companies using proceeds from the
collective family business.

 

The division of land among children often leads to disputes, weakening
family bonds as each member vies for what they perceive as their fair share.

 

These disputes can result in long-term tensions, fractured relationships,
and even legal battles, undermining the unity that should ideally prevail
within a family.

 

 

Property that should enhance family wealth often becomes a source of
conflict due to common customary beliefs.

 

For example, a property dispute in Mbale City has severely divided a family,
with allegations that a mother and her son unfairly seized a prime property,
sidelining the other children.

 

The conflict escalated into violence, leading to the imprisonment and
subsequent death of one family member in Ngenge Prison. This tragic event
highlights the severe impact of property disputes on family relationships.

 

President Museveni's call to consolidate family assets under a family
company seeks to address the issues of land fragmentation and foster family
cohesion, offering a potential solution to preserve and grow family wealth
across generations.

 

Edmund Nangulu, a legal practitioner based in Mbale, attributes the
fragmentation of property to two main factors: the growing population and
customary land tenure systems.

 

 

He notes that the preference for individual land ownership is strongly
influenced by traditional practices and the prevalent belief in witchcraft.

 

These factors contribute to suspicion and mistrust among family members,
especially in polygamous families, exacerbating the issue of property
fragmentation.

 

Financial constraints significantly worsen the problem, as many families
lack the resources for large-scale farming.

 

In Bulambuli District, for instance, large-scale agriculture is typically
undertaken by outsiders, while local landowners often lease their land due
to financial limitations.

 

Nangulu suggests that targeted support, such as offering tractor services
and agricultural inputs to landowners with considerable holdings, could
enhance local farming capabilities.

 

Andrew Byaruhanga, Executive Director of Resource Rights Africa, pointed out
that the culture of subdividing a deceased person's estate is legally
mandated, especially for parents who die without a will.

 

He shared his personal experience of struggling with an inheritance issue
for eight years. His family inherited land from their grandfather, which
they collectively used to plant a woodlot that earned the family shs24
million upon sale.

 

However, his efforts to prevent subdivision were thwarted by the legal
requirements that apply to customarily owned land.

 

The cultural setup in Africa, where joint ventures are not commonly
embraced, also undermines this vision. Even where parents have substantial
assets, including companies, children often push for division rather than
collective ownership.

 

This contrasts with other communities, such as the Indian community, where
managing family property collectively is more common.

 

The customary land tenure system aligns with President Museveni's vision for
managing family assets, where family members collectively own land with
their names on the certificate of title.

 

This arrangement grants all members the right to use the land but restricts
the right to sell, helping to prevent fragmentation.

 

However, the Certificate of Customary Ownership (CCO), which formalizes this
arrangement, is not widely known or promoted by the government.

 

The absence of a dedicated registry for CCOs in the Ministry of Lands
further complicates its implementation.

 

With the right legal and cultural shifts, the president's vision could lead
to more sustainable management of family assets across generations.

 

Nile Post.

 

 

 

 

Nigeria: Global Union, Niger Rep Labour Decry Worsening Rights Abuse in
Nigeria

As the President of Nigeria Labour Congress, NLC, Joe Ajaero, prepares to
honour Police invitation on Thursday over alleged criminal conspiracy,
terrorism financing, treasonable felony, subversion, and cybercrime,
IndustriALL Global Union, IGU, and Nigerien Labour Union yesterday decried
the worsening rights abuse in Nigeria.

 

IGU and the Union des Syndicates des Travailleurs du Niger, USTN, the
umbrella body of workers in Niger Republic, in separate statements, called
on the federal government to end all forms of harassment, intimidation and
persecution of labour movement and their leaders in Nigeria.

 

 

The Geneva, Switzerland-based IGU, in a petition by its General Secretary,
Atle Høie, to the Office of the Deputy Commissioner of Police, Intelligence
Response Team, IRT, Department of Force Intelligence, DFI, the Federal
Capital Territory, FCT, Abuja, lamented what it described as "unfounded
charges of criminal conspiracy, terrorism financing, treasonable felony,
subversion, and cybercrime.

 

"This resorting to spurious charges that come with heavy prison sentences is
meant to intimidate and silence the labour movement."

 

The petition was copied affiliates in Nigeria, including the Chemical and
Non-Metallic Products Senior Staff Association, CANMPSSAN; Nigeria Union of
Petroleum and Natural Gas Workers, NUPENG; National Union of Textile,
Garment & Tailoring Workers of Nigeria, NUTGTWN; Petroleum and Natural Gas
Senior Staff Association of Nigeria, PENGASSAN; and National Union of
Chemical Footwear Rubber Leather and Non-Metallic Products Employees,
NUCFRLANMPE.

 

 

Others are Steel and Engineering Workers Union of Nigeria, SEWUN; National
Union of Electricity Employees, NUEE; and Automobile, Boatyards, Transport,
Equipment & Allied Senior Staff Association, AUTOBATE.

 

Also copied were IndustriALL Vice President, Rose Omamo; Sub Saharan Africa
Regional Co-chairman, Susan Khumalo; and Sub Saharan Africa Regional
Co-chairman, John Adaji,

 

The petition read: "Dear Mr Adamu S. Mu'azu, Assistant Commissioner of
Police, Nigeria.

 

I am writing this letter to you as the General Secretary of IndustriALL
Global Union, which has 550 affiliates in 130 countries, including Nigeria,
representing over 50 million workers in the mining, energy, and
manufacturing sectors.

 

"It is to call on the federal government of Nigeria and police to respect
fundamental trade union rights to freedom of association and not to resort
to intimidation and violence to resolve the cost-of-living crisis.

 

 

"It is appalling to learn that the Nigerian police want to interview Comrade
Joe Ajaero, President of Nigeria Labour Congress, NLC, and General Secretary
of the National Union of Electricity Employees, NUEE, which is affiliated to
IndustriALL on unfounded charges of criminal conspiracy, terrorism
financing, treasonable felony, subversion, and cybercrime.

 

"This resorting to spurious charges that come with heavy prison sentences is
meant to intimidate and silence the labour movement.

 

"Having closely followed the workers' mass actions in Nigeria this year, I
cannot see that Comrade Ajaero has committed any crime but simply carried
out his duties as a trade union leader. These duties are protected by
international labour standards, the national constitution and labour laws.

 

"As part of the NLC collective, he has been campaigning for pro-worker
economic policies and better working conditions for Nigerian workers that
include living wages, affordable transport and social security for
vulnerable communities.

 

"Importantly, his approach has been to promote social dialogue with the
federal government of Nigeria to reverse the increasing cost of living which
is impoverishing millions of workers.

 

"Instead, with the occupation of Labour House by armed police and the
confiscation of union documents, it seems the government has no interest in
addressing the workers' grievances but unfortunately seeks to further the
conflict through intimidation and violence.

 

"However, I believe there is still an opportunity to resolve the impasse
amicably through social dialogue."

 

Nigerien Labour Union

 

Similarly, the Secretary General of the Union des Syndicates des
Travailleurs du Niger, USTN, the umbrella body of workers in Niger Republic,
Alain Adikan, in a solidarity letter to the NLC President, said: "Indeed,
the threat by the Nigerian police to arrest Comrade Ajaero, his accusation
and interrogation on the fallacious pretext of 'criminal conspiracy,
financing terrorism, treason, subversion and cybercrime is worrisome.'

 

"This retrograde and tyrannical practice does not honour the government of
the Federal Republic of Nigeria, which has always been considered a model of
democracy, respect for trade union rights and human rights.

 

"USTN condemns this persecution as an abuse of state power against trade
union leaders who freely exercise their fundamental rights. USTN calls on
the government of Nigeria to take all necessary measures to put an end to
any violation of human and trade union rights.

 

"We offer our moral support to Comrade Joe Ajaero and his comrades in this
difficult ordeal and urge them to take greater determination and
perseverance in their struggle to defend the material and moral interests of
their comrades."

 

Vanguard.

 

 

 

 

South Africa: Eskom Anticipates 'Load Shedding Free Summer'

Eskom anticipates that South Africa will experience a "load shedding free
summer" if it manages to keep unplanned losses at power stations below 13
000MW.

 

This is according to the power utility's Group Chief Executive Officer
(GCEO) Dan Marokane who briefed the media on the state of Eskom and Summer
Plan on Monday.

 

"Our view is that if we keep the unplanned losses below 13 000MW, we should
have a load shedding free summer. At worst, we anticipate that in the event
that unplanned losses reaches up to 15 500MW, we will at most experience
Stage 2 [load shedding].

 

"The performance over the last four months has consistently hovered around
unplanned losses of 12 000MW. Our power station managers and our teams are
very alive to that, their focus is on controlling unplanned losses and
should we stay below 13 000MW, we should have a comfortable summer,"
Marokane explained.

 

 

The GCEO added that over the coming months, more generation capacity is
expected to come online from power stations.

 

"That 2500MW [of added capacity] will add significant margins to our
reserves and once we have that, together with the sustained performance that
we are seeing, we should get into a conversation sooner in the New Year, by
March, as to when we can essentially indicate that from our perspective,
load shedding at the chronic level that it was, is now behind us," Marokane
said.

 

He noted the dramatically improved generation performance but warned that
the level of performance must be sustained throughout the entire business.

 

"There's been a structural shift in the performance of our coal fleet. That
structural shift is evidenced in the reduction of unplanned outages...and
from the performance of 152 days without load shedding.

 

"In contrast to where we were last December sends a signal that something,
fundamentally, has shifted and it is all on the back of the generation
recovery plan.

 

"The performance...has been above expectation and it is beefed by the
interventions we have executed from a generation recovery plan. This
performance needs to be institutionalised so that our ways of working as a
business do not go back to where we were," he said.

 

SAnews.gov.za.

 

 

 

 

Nigeria: Resident Doctors Begin 7-Day Warning Strike Over Abduction of
Colleague

The Nigerian Association of Resident Doctors (NARD) has declared a seven-day
warning strike over the abduction of Dr Popoola Ganiyat, a member of the
association, at the staff quarters of the National Eye Centre Kaduna, eight
months ago.

 

NARD's deputy South-East caucus leader, Dr. Egbue Obiora, told LEADERSHIP
that the warning strike commenced on Monday, and that the situation will be
reviewed after the seventh day.

 

He said, "NARD has commenced a one-week warning strike starting from today,
on account of the kidnap of our colleague, Dr. Popoola Ganiyat, a resident
doctor at the National Eye Centre Kaduna.

 

"After the warning strike, we will review the situation, we will
collectively review what has been done, we will review the efforts by the
government.

 

"The decision whether to continue with the strike or not is going to be
taken by the congress."

 

Dr. Ganiyat was kidnapped alongside her husband and nephew on 27th December
2023. After several efforts and negotiations, the abductors released her
husband on the 8th of March 2024, and made subsequent fresh demands for the
release of the other two victims.

 

Leadership.

 

 

 

 

Nigeria: Ekiti Government Issues Advisory On Outbreak of Fall Armyworms

The official says Fall Armyworm (Spodoptera frugiperda) has been a
significant maize pest in Nigeria since 2016 and warned that it is capable
of inflicting total yield loss

 

The Ekiti State Government has advised farmers to be on the lookout for the
Fall Armyworm (FAW) infestation outbreak in the state.

 

The advice was contained in a statement issued on Sunday by Ebenezer
Boluwade, the state commissioner for agriculture and food security.

 

Mr Boluwade said the Federal Government, in collaboration with the Food and
Agriculture Organisation (FAO) of the United Nations, has directed state
governments to activate an FAW Desk to assess the severity of the
infestation in cereal-producing areas.

 

He said Fall Armyworm (Spodoptera frugiperda) has been a significant maize
pest in Nigeria since 2016 and warned that it is capable of inflicting total
yield loss.

 

He noted that maize is one of the most important cereal crops grown in
Nigeria and a major part of the diet of millions of people in the country.

 

 

Mr Boluwade said the state government uses holistic management strategies to
control invasive pests and prevent famine.

 

He emphasised the need for an "Integrated Pest Management approach" that
requires the "integration of cultural, biological, botanical, physical,
genetic and chemical control measures" to reduce the population of FAW in
maize farms.

 

Mr Boluwade also said farmers could use botanical methods, including neem
(Dogonyaro) tree leaves and Wild Mexican Sunflower (locally known as the
June 12 plant).

 

He said that the process involves collecting a 50:50 portion of the two
plants at 1kg each, soaking and macerating them in 10 litres of water,
filtering, and using the filtrate to make 15 litres of pesticide in a
sprayer to spray the whorls of the maize plants.

 

Another method suggested by Mr Boluwade is the use of Chili pepper and wood
ash in a ratio of 1:4, poured into the whorls of maize plants.

 

Mr Boluwade also suggested another mixture of Tobacco, Garlic, or wood Ash
for use on the whorls of maize.

 

He listed the chemical brands for FAW control to include Caterpillar Force,
Sharp Shooter, Rocket, Cypermethrin, Ampligo, and NIHORT Lyptol/Raktin.

 

He urged affected farmers to contact the FAW Desk at the state Ministry of
Agriculture and Food Security at +234 813 051 5166.

 

According to the UK Department of Entomology, while Fall armyworms can
damage corn plants in nearly all stages of development, they will
concentrate on later plantings that have not yet silked.

 

The agency said the worms can only be effectively controlled while the
larvae are small, adding that early detection and proper timing of an
insecticide application are critical.

 

Premium Times.

 

 

 

 

Liberia: CBL Dismisses U.S.$10 Million Scam Allegation By Portuguese
National, Cites Fraud Concerns

Monrovia — The Central Bank of Liberia (CBL) has refuted claims made by a
Portuguese national, Joao Miquel Amaro Correia, who alleges that the Bank
failed to transfer US$10 million to him following an agreement he supposedly
reached with unidentified Liberian institutions for a real estate
development project in Liberia. The CBL described Mr. Correia as a victim of
what appears to be a grand scam.

 

In a letter dated June 26, 2024, Mr. Correia raised a complaint addressed to
several government officials and civil society organizations, urging them to
investigate two senior officials of the CBL. He accused these officials of
refusing to facilitate the transfer of the funds and of engaging in actions
that sabotaged the purported agreement.

 

 

Following a thorough review of Mr. Correia's complaint, the CBL highlighted
numerous inconsistencies and falsehoods in the allegations. These
discrepancies cast significant doubt on the claims made against the two CBL
officials. In a lengthy email included in the complaint, Mr. Correia made
wide-ranging assertions that, according to the CBL, do not establish a
logical basis for his accusations.

 

The CBL categorically clarified that it does not facilitate payments based
on agreements made between private parties or businesses. Furthermore, the
individuals named by Mr. Correia as secretaries to the CBL officials he
claims to have dealt with are not employed by the Bank. This revelation
suggests that Mr. Correia may have been misled into believing he was
conducting business with CBL staff.

 

Moreover, Mr. Correia failed to disclose the identities of the Liberian
institutions with which he allegedly reached the real estate development
agreement. The CBL argues that this omission, along with other
inconsistencies, raises serious concerns about the credibility of his
claims.

 

The CBL reaffirmed its commitment to maintaining secure financial
transactions as mandated by Liberian law. The Bank also issued a strong
caution to the public, urging them to take precautions against scams and
warning against falsely representing oneself as doing business in the name
of the CBL.

 

Liberian Investigator.

 

 

 

Ghana: Complete Existing Projects Before Initiating New Ones - Gyla

The Ghana Youth Leadership Academy (GYLA) has urged stakeholders in project
development, particularly municipal assemblies, to prioritise the completion
of existing projects before initiating new ones.

 

According to the non-partisan advocacy group, this approach would ensure
that resources are utilised efficiently and projects are brought to fruition
rather than being left unfinished.

 

In a statement issued on Wednesday by the leader of the group, Prince Yeboah
Okyere, it noted that the Auditor General's reports are replete with these
projects, which have now become setbacks to the socio-economic development
of the country.

 

 

It said that projects intended to improve essential services, including
healthcare, education, and housing, have instead become symbols of wasted
resources and lost opportunities for national development.

 

To address this, the statement said the group would engage with local
assemblies to identify effective strategies and measures to help ensure
existing projects are completed before new ones commence.

 

"We plan to collaborate with local government and rural development
authorities, recognising their oversight role in ensuring project
completion," it stated.

 

According to the group, abandoned projects, such as incomplete schools and
hospitals, severely impact communities by forcing children to travel long
distances for education and residents to seek distant medical care, which
can be life-threatening in emergencies.

 

 

These unfinished initiatives symbolise broken promises and highlight the
need for accountability in governance.

 

The group called on the youth to demand the completion of such projects to
secure their future and uphold community well-being.

 

"Every Ghanaian is encouraged to demand accountability and advocate for
better governance, transparency, and community involvement," it said.

 

The statement urged the government to complete its promises and focus on
public needs, while calling on traditional leaders, the media, and NGOs to
play their respective roles in efforts to ensure accountability and drive
positive change.

 

With 40 fellows across eight advocacy groups, the GYLA empowers young
leaders nationwide through leadership training, community engagement, and
social advocacy.

 

It aims to develop future leaders who are passionate about sustainable
development and addressing pressing national issues, including abandoned
infrastructure projects.

 

Ghanaian Times.

 

 

 

 

Liberia Vs. World Bank - Who's Telling the Truth On Debt Default and
Fisheries Fund Mismanagement?

Monrovia — The Liberian government and the World Bank appear to be at odds
after the Bank accused the country of defaulting on debt obligations and
mismanaging funds tied to a key fisheries project. The Ministry of Finance
and Development Planning (MFDP) and the National Fisheries and Aquaculture
Authority (NaFAA) have refuted the claims, insinuating that Bank misinformed
the press on the debt default, however, the Ministry did not clarify when
the debt payment was made.

 

The Liberian Investigator reported last Friday that the World Bank suspended
Liberia's access to critical funding on August 15, 2024, due to the
government's failure to meet its debt obligations. The suspension, The
Liberian Investigator gathered, affects several projects and funding
channels, including active credits, Project Preparation Facility advances,
and Institutional Development Fund grants. The suspension was triggered
after Liberia reportedly failed to settle payments within the required
60-day window.

 

 

"The World Bank looks forward to the Republic of Liberia's payment of all
overdue amounts and remains committed to supporting Liberia to ensure the
effective implementation of all the projects in its portfolio, for the
benefit of the Liberian people," said Michael Sahr, the World Bank's
External Affairs Officer, confirming the suspension to The Liberian
Investigator on August 21.

 

Ministry of Finance Refutes Default Allegations

 

In response to the World Bank's claims reported by The Liberian
Investigator, the Ministry of Finance and Development Planning (MFDP)
categorically denied that Liberia defaulted on its debt obligations.
According to the Ministry, the government has made payments totaling
approximately $44.3 million under President Joseph Nyuma Boakai's
administration since January 2024. This amount includes $23 million in
arrears from 2023 and $21 million in scheduled repayments for 2024.

 

 

"The payments to the IDA so far stand at $12.19 million," the Ministry's
statement noted. "This announcement comes in the wake of some recent media
reports suggesting that Liberia was suspended from the World Bank due to
overdue loans."

 

The Ministry further explained that the confusion stems from reduced
external transfer dates at the Central Bank of Liberia (CBL), a legacy issue
inherited from the previous administration. According to the MFDP, the
Federal Reserve Bank of New York, which handles international payments for
the CBL, reduced the weekly transfer period from five days to two days due
to irregular transactions prior to the transition of power in January 2024.
The Ministry clarified that this reduction has caused payment delays that
have been wrongly interpreted as defaults.

 

 

"This administration inherited a debt portfolio of $2.6 billion, including
$1.5 billion accumulated under the CDC government in six years," the
statement continued. "Despite these challenges, the Ministry of Finance
remains committed to maintaining the government's credibility and
strengthening relationships with development partners."

 

The Ministry argued that the Federal Reserve Bank of New York, which handles
international payments for the Central Bank of Liberia (CBL), reduced the
weekly transfer period from five days to two days due to irregular
transactions that occurred before the transition of power in January 2024.
The World Bank, however, contended that the overdue debt had exceeded the
60-day grace period window, leading to the suspension.

 

Fund Reallocation in Fisheries Project

 

Another controversy with the World Bank involves the Liberia Sustainable
Management of Fisheries Project (LSMFP), managed by the National Fisheries
and Aquaculture Authority (NaFAA). On July 31, 2024, World Bank Country
Manager Georgia A. Wallen issued a strongly worded letter to NaFAA Director
General Emma Metieh Glassco, highlighting "factual inaccuracies" and
"misrepresentations" in NaFAA's Project Progress Report.

 

The World Bank specifically disputed NaFAA's claim that $3 million
originally allocated for the construction of NaFAA's headquarters was
reallocated to purchase vehicles and other items, allegedly with the World
Bank's approval. "The document contains factual inaccuracies and weighty
allegations that fundamentally mischaracterize the role, priorities, and
actions of the World Bank," Wallen's letter stated. "The report also
misrepresents the nature of the World Bank's working relationship with the
LSMFP Project Implementation Unit (PIU) and refers to reallocations under
the Project for which no formal requests have been received."

 

The letter further clarified that reallocation of project funds must undergo
formal processes, including approval by the World Bank's Board of Directors.
"World Bank policies and legal agreements are meant to ensure that project
funds are used for the purposes intended," Wallen emphasized.

 

NaFAA Defends Project Management

 

However, Madam Glassco defended NaFAA's management of the project, insisting
that all reallocations were conducted with full transparency and approval
from the World Bank. "There was no disbursement done without the explicit
'no objection' from the World Bank," Glassco asserted. "We possess
comprehensive documentation to substantiate these processes, and these will
be made available to the public and the media."

 

While NaFAA displayed communications seeking the restructuring of the
project funds to the World Bank, its dossier of documents did not include
any showing formal approval from the World Bank.

 

According to NaFAA, $831,000 of the reallocated funds was used to procure
six vehicles, two motorbikes, public awareness billboards, and electric
generators--resources that Glassco argued were essential for the project's
success. "These expenditures were necessary for the effective implementation
of the project and were sanctioned by the World Bank," she said.

 

Glassco also pushed back against allegations that the vehicles were used for
political purposes, dismissing such claims as baseless and politically
motivated. "This orchestrated misinformation campaign is a direct attack on
the progress and transparency NaFAA has maintained under my leadership," she
declared, pointing to former employees and political adversaries as being
behind the spread of these "falsehoods."

 

Meanwhile, the World Bank has announced that it will conduct a Mid-Term
Review (MTR) of the LSMFP in October 2024. This review will focus on
assessing the project's progress, particularly regarding beneficiary
outcomes and value for money. The MTR will also revisit unresolved issues
from the previous Supervision Mission and propose recommendations to improve
project performance.

 

Liberian Investigator.

 

 

 

 

Kenya: Bolt Announces 10 Percent Pay Hike for Drivers Following Concerns

Nairobi — Ride-hailing platform Bolt has increased earnings for drivers by
10 percent to cushion them from rising operational costs.

 

The Estonian-based firm said that the hike will apply across all its ride
categories.

 

For example, with the extra 10 percent, a trip that would ordinarily cost
Sh200 will now grow to Sh220, representing a Sh20 increase.

 

The increment follows a series of engagements between drivers and the
company that culminated in the decision to raise their earnings.

 

"This fare adjustment is not just a price change but also a step towards
acknowledging the value our drivers bring to the platform every day," Bolt
Rides General Manager Linda Ndungu said.

 

 

"We believe that this move will help our drivers earn a fair wage, which in
turn will allow them to continue providing the reliable and safe
transportation our riders depend on."

 

Drivers of online taxis and food deliveries have been demanding fare hikes
for months amid escalating costs of living in the country, exacerbated by
rising fuel prices.

 

For instance, a liter of petrol now retails at around Sh188.8, up from an
average of Sh106 in 2020.

 

"The company will continue to monitor the economic landscape and engage with
all stakeholders to make any necessary adjustments in the future," the firm
added.

 

This comes after Little App also hiked drivers' earnings by 15 percent to
cushion them from tough operating environments.

 

The tech company says that the adjustment will not only ensure that cab
drivers earn a fairer wage but also help reinforce reliability, convenience,
and safety to clients.

 

This comes after drivers demanded better rates to sustain their livelihoods
amid high fuel costs, among others.

 

Capital FM.

 

 

 

 

Ugandan Lawyers Urged to Push for Digital Rights As AI Adoption Grows

Digital rights experts have urged Ugandan lawyers to engage in legislative
advocacy as more government agencies adopt artificial intelligence (AI)
enhanced technologies in their operations.

 

This digital shift and adoption increases the collection of personal data,
raising concerns amid the state's push for more repressive laws related to
digital civic space, surveillance, internet censorship, website filtering,
network disruptions, and information manipulation through disinformation -
posing a threat to internet freedoms.

 

At a capacity-building workshop organized by the Collaboration on
International ICT Policy for East and Southern Africa (CIPESA), lawyers were
advised to strengthen their efforts in response to these challenges. The
workshop highlighted the growing use of AI to manipulate and influence
public opinion, particularly in political power struggles, such as those
involving the first son and Chief of Defense Forces (CDF) Gen. Muhoozi
Kainerugaba, and President Museveni's son-in-law, Odrek Rwabwogo.

 

 

The state's previous use of manipulative social media accounts to spread
disinformation against the opposition ahead of the 2021 general elections
was cited as an example. There are also concerns that with the adoption of
biometric technology-driven elections, nations are more susceptible and
vulnerable to information security breaches before, during and
post-elections.

 

Legal professionals, human rights advocates, and digital rights enthusiasts
at the CIPESA workshop unanimously agreed on the need for collaborative
strategies, including pushback, litigation, online activism, and multi-actor
advocacy, to counter digital rights violations.

 

 

The lawyers were also encouraged to pursue public interest strategic
litigation and class action lawsuits to challenge unlawful surveillance
practices and set legal precedents that safeguard privacy rights. Such
actions, according to experts, would not only provide stronger protections
against surveillance but also ensure robust oversight mechanisms.

 

Baker Birikujja, the manager of compliance and investigations at the
Personal Data Protection Office (PDPO), emphasized the importance of
existing digital protection laws, such as the Regulation of Interception of
Communications Act, the Electronic Transactions Act, and the Data Protection
& Privacy Act and Regulations (2019, 2021).

 

However, he noted that privacy and digital rights violations by both public
and private sector players have become more prevalent as more agencies rely
on personal data to customize services and influence corporate decisions.

 

Birikujja stressed that organizations must account for the data they
collect, minimize data collection and retention through lawful processes,
and ensure the protection of personal information from unauthorized access
and use. He warned that violations of these obligations could result in
fines of up to 2 per cent of an institution's annual gross turnover or the
imprisonment of officers who knowingly permit non-compliance.

 

According to Birikujja, over 13 per cent of Ugandans are unaware of their
data protection and privacy rights, while a staggering 80 per cent of
government agencies believe that the data protection law does not apply to
them.

 

CIPESA legal officer Edrine Wanyama emphasized the importance of
distinguishing between regulation and control, noting that while regulation
ensures digital rights and freedoms, control can stifle these rights. He
called for balanced policies that protect rights without suppressing freedom
of expression.

 

The workshop participants also deepened their understanding of essential
digital rights, including access to information (ATI), freedom of expression
(FoE), privacy, and freedom of assembly and association (FoAA).

 

Observer.

 

 

 

Somalia: Al-Shabaab Issues Warning to Somali Banks Over New 5 Percent Sales
Tax

Mogadishu — Al-Shabaab, the militant group controlling parts of Somalia, has
issued a stern warning to local banks and financial institutions against
complying with the recently introduced 5% sales tax by the Somali
government.

 

This directive, communicated through various channels including direct video
messages and social media posts, marks a bold move by Al-Shabaab to
interfere with the economic policies of the government.

 

The ultimatum, set to expire within a week from August 25, 2024, demands
that all private individuals withdraw their funds from banks participating
in the tax collection, or face the consequences at their own risk.

 

 

Al-Shabaab's spokesperson accused these financial entities of betraying
public trust by facilitating the tax, which has been a point of contention
among Mogadishu's traders and residents, leading to protests over the past
few days.

 

This tax, part of a broader economic reform package supported by
international aid, aims to bolster government revenue. However, its
implementation has been met with resistance, not just from the public but
now directly challenged by Al-Shabaab, which sees this tax as an overreach
by the government into territories and economic activities it claims to
control or influence.

 

Al-Shabaab's involvement in Somalia's financial ecosystem isn't new; the
group has long been known for its sophisticated taxation system, imposing
zakat and other forms of taxes on businesses and individuals within its
controlled areas. This latest move, however, directly targets the formal
banking sector, aiming to disrupt government revenue collection at its
nascent stage.

 

 

The group's threat comes at a time when Somalia is already grappling with
security challenges and economic recovery. The government, backed by
international support, has been trying to assert control over financial
flows, aiming to cut off funding to Al-Shabaab. The introduction of the 5%
sales tax was seen as a step towards formalizing and regulating economic
activities, which Al-Shabaab perceives as a threat to its financial
autonomy.

 

The implications of Al-Shabaab's warning are multifaceted. For the banks,
compliance with the tax could mean facing potential attacks or other forms
of retaliation from the militants. Conversely, not complying could lead to
legal repercussions from the government, caught between enforcing its
sovereignty and managing security risks.

 

 

For the average Somali, this situation adds another layer of complexity to
daily life, where economic decisions are now tinged with security
considerations. The public's reaction has been mixed, with some supporting
the government's efforts to stabilize the economy, while others fear the
immediate repercussions of Al-Shabaab's threats.

 

This standoff also highlights the delicate balance of power in Somalia,
where economic policy becomes a battleground for control and legitimacy
between the government and insurgent groups.

 

The international community, particularly those providing aid and support
for economic reforms, will be watching closely. How this situation unfolds
could set precedents for how economic policies are implemented in conflict
zones, where governance is contested not just on the battlefield but in the
financial sector as well.

 

As the deadline set by Al-Shabaab approaches, all eyes are on Somalia's
financial institutions and the government's response. This episode
underscores the ongoing challenges of governance, security, and economic
development in regions where state authority is contested by non-state
actors like Al-Shabaab.

 

Shabelle.

 

 

 

 

South Africa: SA-China State Visit to Focus On Strengthening Economic
Relations

With China being South Africa's largest trading partner, the upcoming State
Visit to the People's Republic of China by President Cyril Ramaphosa is
expected to fortify the economic relationship between the two countries.

 

In 2023, South Africa's bilateral trade reached $34 billion, with exports
totalling $12 billion and imports at $22 billion.

 

"China's substantial contribution to our investment drive has made it the
largest source of foreign direct investment for South Africa. We anticipate
concluding several important agreements during this State Visit, including a
Framework Agreement on Development Cooperation, addressing the trade
balance, and expanding market access," spokesperson for the Minister of
International Relations and Cooperation, Chrispin Phiri, said on Monday in
Pretoria.

 

 

Phiri said these agreements will strengthen South Africa's Comprehensive
Strategic Partnership with China and elevate regional and multilateral
cooperation to support global peace and security.

 

The President will travel of China from 2 - 5 September 2024 to further
strengthen diplomatic and trade relations between the two countries.

 

"This visit is a testament to the robust relations between our two nations,
built on mutual respect and benefit. It follows President Xi Jinping's
fourth State Visit to South Africa, further strengthening our ties.

 

"The primary focus of this visit will be to fortify our economic
relationship. South Africa's largest trading partner, China, has played a
pivotal role in our economy.

 

 

"Our relations with China are central to realising our developmental agenda
and efforts to implement the National Development Plan. This visit provides
an opportunity to review progress on existing trade and cooperation, and to
expedite and finalise new areas of collaboration," he said.

 

While in China, the President will lead the South African delegation to the
Forum on China-Africa Cooperation (FOCAC) Summit in Beijing from 4 to 5
September 2024.

 

The Summit, themed, 'Joining Hands to Advance Modernisation and Build a
High-Level China-Africa Community with a Shared Future', will further South
Africa's cooperation under the Belt-and-Road Initiative, the Global
Development Initiative, the Global Security Initiative, and the Global
Civilisation Initiative ("Three Initiatives").

 

Meanwhile, Minister of International Relations and Cooperation Ronald Lamola
successfully concluded his working visit to Japan, which coincided with the
Tokyo International Conference on African Development (TICAD) Ministerial
Meeting on 24-25 August 2024 in Tokyo.

 

Launched in 1993, TICAD is the first international developmental partnership
with Africa. It advocates for Africa's development agenda and strengthens
economic cooperation between Africa and Japan.

 

The Minister led South Africa's delegation at the Ministerial Meeting, held
under the theme, 'Realising a Sustainable Future'.

 

The Government of Japan convened this significant gathering in collaboration
with the United Nations Development Programme (UNDP), the Office of the
Special Adviser on Africa (UNOSAA), the World Bank, and the African Union
(AU) Commission.

 

"The Minister's visit to Japan coincided with Toyota's announcement of a
strategic investment of R 1.2 billion in the South African automotive
industry and our first consignment of avocados to Japan. This marks a
significant moment for our agricultural sector in the East Asia market.

 

"These important economic developments will go a long way to drive faster
industrialisation, job creation, and transformation implementation. The
Minister reiterated that South Africa enjoys a significant relationship with
Japan, underpinned by a fair economic partnership that contributes
significantly to our nation's economic development and people-to-people
relations," Phiri said.

 

SAnews.gov.za.

 

 

 

 

Africa: Addis-Based Boeing's Africa Office to Commence Operation in October

Addis Ababa, — Addis Ababa-based Boeing's Africa office will begin
operations in October, Boeing Africa Managing Director Henok Teferra
announced.

 

Recall that the aerospace company revealed it was in the process of opening
its African headquarters in Addis Ababa, Ethiopia.

 

Following the announcement, the Managing Director told ENA that the
company's office will officially start its operation in October 2024.

 

Henok stated that the American aerospace company decided to open its African
headquarters in Addis Ababa considering the successful work Ethiopia is
achieving in the aviation sector and its African hub status.

 

The opening of Boeing Company's African office in Addis Ababa will enable
Boeing to further strengthen and expand its cooperation with Ethiopian
Airlines in various sectors, he explained.

 

 

The opening of the office will also create more opportunities for Ethiopia
to strengthen and maintain its status as Africa's aviation center, the
Managing Director added.

 

Boeing will cooperate with Ethiopian Airlines, especially to strengthen
cooperation for joint production of aircraft components, he pointed out.

 

Boeing and Ethiopian Airlines have formed a strategic partnership to
manufacture critical aircraft components in two sectors, he stated, pointing
out that Ethiopian Airlines has been manufacturing and supplying wire
harnesses for Boeing and Boeing is supporting Ethiopian to produce
insulation blankets at the Kilinto Industrial Park in Ethiopia.

 

As a leading global aerospace company, Boeing develops, manufactures and
services commercial airplanes, defense products and space systems. ENA.

 

 

 

Canada hits China-made electric cars with 100% tariff

Canada says it will impose a 100% tariff on imports of China-made electric
vehicles (EV) after similar announcements by the US and European Union.

 

The country also plans to impose a 25% duty on Chinese steel and aluminium.

Canada and its Western allies accuse China of subsidising its EV industry,
giving its car makers an unfair advantage.

 

China has called the move "trade protectionism" which "violates World Trade
Organization rules".

 

"We are transforming Canada's automotive sector to be a global leader in
building the vehicles of tomorrow, but actors like China have chosen to give
themselves an unfair advantage in the global marketplace", said Canadian
Prime Minister Justin Trudeau.

Canada's duties on Chinese EVs are due to come into effect on 1 October,
while those on steel and aluminium will be implemented from 15 October.

A Chinese Commerce Ministry spokesperson said Canada's actions "seriously
undermine the global economic system, and economic and trade rules".

"China urges the Canadian side to immediately correct its erroneous
practices," they added.

China is Canada's second-largest trading partner, behind the US.

In May, the US said it would quadruple its tariffs on imports of Chinese EVs
to 100%.

That was followed by the EU, which announced plans to impose duties on
China-made EVs of up to 36.3%.

Canada's tariffs on Chinese EVs will include those made by Tesla at its
Shanghai factory.

"Tesla will almost certainly be lobbying the Canadian government to get some
leeway on these tariffs, as they have already with Europe," said Mark
Rainford, a China-based car industry commentator.

"If they fail at mitigating the tariff enough, they'll likely look at
switching their Canadian imports to either the US or European factories
since Canada is their 6th largest market this year and thus not
insignificant."

Tesla did not immediately reply to a request for comment from BBC News.

Earlier this month, the EU cut its planned extra tariff on China-made Teslas
by more than half, after further investigations requested by Elon Musk's car
maker.

Chinese car brands are still not a common sight in Canada but some, like
BYD, have taken steps to enter the country's market.

China is the world's largest manufacturer of EVs and its car makers have
quickly gained a significant share of the global market.

Meanwhile, Canada has struck deals worth billions of dollars with major
European car makers, as it tries to become a key part of the global EV
industry.-BBC

 

 

 

 

Have Swiss scientists made a chocolate breakthrough?

Imagine picking up a nice juicy apple - but instead of biting into it you
keep the seeds and throw the rest away.

That's what chocolate producers have traditionally done with the cocoa fruit
- used the beans and disposed of the rest.

But now food scientists in Switzerland have come up with a way to make
chocolate using the entire cocoa fruit rather than just the beans - and
without using sugar.

The chocolate, developed at Zurich’s prestigious Federal Institute of
Technology by scientist Kim Mishra and his team includes the cocoa fruit
pulp, the juice, and the husk, or endocarp.

 

The process has already attracted the attention of sustainable food
companies.

They say traditional chocolate production, using only the beans, involves
leaving the rest of the cocoa fruit – the size of a pumpkin and full of
nutritious value - to rot in the fields.

The key to the new chocolate lies in its very sweet juice, which tastes, Mr
Mishra explains, "very fruity, a bit like pineapple".

This juice, which is 14% sugar, is distilled down to form a highly
concentrated syrup, combined with the pulp and then, taking sustainability
to new levels, mixed with the dried husk, or endocarp, to form a very sweet
cocoa gel.

The gel, when added to the cocoa beans to make chocolate, eliminates the
need for sugar.

Mr Mishra sees his invention as the latest in a long line of innovations by
Swiss chocolate producers.

In the 19th Century, Rudolf Lindt, of the famous Lindt chocolate family,
accidentally invented the crucial step of "conching" the chocolate – rolling
the warm cocoa mass to make it smooth and reduce its acidity – by leaving a
cocoa mass mixer running overnight. The result in the morning? Deliciously
smooth, sweet chocolate.

Lindt An old drawing of chocolate production in a Lindt factoryLindt

Lindt has been making chocolate since the 19th Century

 

"You need to be innovative to maintain your product category," says Mr
Mishra. "Or... you will just make average chocolate."

Mr Mishra was partnered in his project by KOA, a Swiss start-up working in
sustainable cocoa growing. Its co-founder, Anian Schreiber, believes using
the entire cocoa fruit could solve many of the cocoa industry’s problems,
from the soaring price of cocoa beans to endemic poverty among cocoa
farmers.

"‘Instead of fighting over who gets how much of the cake, you make the cake
bigger and make everybody benefit," he explains.

"The farmers get significantly extra income through utilising cocoa pulp,
but also the important industrial processing is happening in the country of
origin. Creating jobs, creating value that can be distributed in the country
of origin."

Mr Schreiber describes the traditional system of chocolate production, in
which farmers in Africa or South America sell their cocoa beans to big
chocolate producers based in wealthy countries as "unsustainable".

Imogen Foulkes Letizia Pinoja views a vintage poster at the exhibition
exploring Switzerland's colonial pastImogen Foulkes

Letizia Pinoja says that without trade in colonial goods Switzerland would
not be the land of chocolate

 

The model is also questioned by a new exhibition in Geneva, which explores
Switzerland’s colonial past.

To those who point out that Switzerland never had any colonies of its own,
chocolate historian Letizia Pinoja counters that Swiss mercenary soldiers
policed other countries' colonies, and Swiss ship owners transported slaves.

Geneva in particular, she says, has a particular link to some of the most
exploitative phases of the chocolate industry.

"Geneva is a hub for commodity trade, and since the 18th Century, cocoa was
reaching Geneva and then the rest of Switzerland to produce chocolate.

"Without this commodity trade of colonial goods, Switzerland could never
have become the land of chocolate. And cocoa is no different from any other
kind of colonial good. They all came from slavery."

Listen to Business Daily: Swiss chocolate breakthrough

Nowadays, the chocolate industry is much more highly regulated. Producers
are supposed to monitor their entire supply chain to make sure there is no
child labour. And, from next year, all chocolate imported to the European
Union must guarantee that no deforestation took place to grow the cocoa used
in it.

But does that mean all the problems are solved? Roger Wehrli, director of
the association of Swiss chocolate manufacturers, Chocosuisse, says cases of
child labour and deforestation remain, particularly in Africa. He fears that
some producers, in a bid to avoid the challenges, are simply shifting their
production to South America.

"Does this solve the problem in Africa? No. I guess it would be better for
responsible firms to stay in Africa and help to improve the situation."

That is why Mr Wehrli sees the new chocolate developed in Zurich as "very
promising... If you use the whole cocoa fruit, you can get better prices. So
it's economically interesting for the farmers. And it's interesting from an
ecological point of view."

Chocosuisse Two halves of a cocoa fruit are held in someone's
handsChocosuisse

The whole of the cocoa fruit can now be used to make chocolate

 

The link between chocolate production and the environment is also stressed
by Anian Schreiber. A third of all farm produce, he says, "never ends up in
our mouths".

Those statistics are even worse for cocoa, if the fruit is abandoned to use
only the beans. "It's like you throw away the apple and just use its seeds.
That's what we do right now with the cocoa fruit."

Food production involves significant greenhouse gas emissions, so reducing
food waste could also help to tackle climate change. Chocolate, a niche
luxury item, may not by itself be a huge factor, but both Mr Schreiber and
Mr Wehrli believe it could be a start.

But, back in the laboratory, key questions remain. How much will this new
chocolate cost? And, most important of all, without sugar, what does it
really taste like?

The answer to the last question, in this chocolate-loving correspondent’s
view, is: surprisingly good. A rich, dark but sweet flavour, with a hint of
cocoa bitterness that would fit perfectly with an after dinner coffee.

The cost may remain something of a challenge, because of the global power of
the sugar industry, and the generous subsidies it receives. "The cheapest
ingredient in food will always be sugar as long as we subsidise it,"
explains Kim Mishra. "For a... tonne of sugar, you pay $US500 [£394] or
less." Cocoa pulp and juice cost more, so the new chocolate would, for now,
be more expensive.

Nevertheless, chocolate producers in countries where cocoa is grown, from
Hawaii to Guatemala, to Ghana have contacted Mr Mishra for information about
the new method.

Chocosuisse Close up shot showing a variety of broken chocolate and cocoa
fruitChocosuisse

No Swiss chocolate companies have eliminated the use of sugar completely

 

In Switzerland, some of the bigger producers - including Lindt - are
starting to use the cocoa fruit as well as the beans, but none, so far, has
taken the step of eliminating sugar completely.

"We have to find daring chocolate producers who want to test the market and
are willing to contribute to a more sustainable chocolate," says Mr Mishra.
"Then we can disrupt the system."

Perhaps those daring producers will be found in Switzerland, whose chocolate
industry makes 200,000 tonnes of chocolate each year, worth an estimated
$US2bn. At Chocosuisse, Roger Wehrli sees a more sustainable, but still
bright, future.

"I think chocolate will still taste fantastic in the future," he insists.
"And I think the demand will increase in the future due to the growing world
population."

And will they be eating Swiss chocolate? "Obviously," he says.-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

 


 

 

 

 


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