Major International Business Headlines Brief::: 28 August 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  28 August 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: Astral Aviation Launches Guangzhou-Nairobi Flight

ü  Uganda Drills 72 Wells Ahead of Oil Production

ü  South Africa: Thousands of Teaching Posts to Be Cut in the Western Cape

ü  Rwanda Is Creating Shiny, Modern Cities After the Genocide - but This
Won't Help Communities Heal From the Past

ü  Liberia Secures $209 Million IMF Extended Credit Facility in 40-Month
Staff-Level Agreement

ü  Nigeria: NNPC Commences LNG Shipment to Japan, China

ü  Namibia: Understanding the New Minimum Wage

ü  Ethiopia: Govt Imports 50 Million Liters of Cooking Oil, 200,000 Quintals
of Sugar to Tame Surging Prices Ahead of Ethiopian New Year

ü  Ghana: Birth Defects Link to Heavy Metals, Chemicals Use in Galamsey - Dr
Ampomah

ü  Ghana: Birth Defects Link to Heavy Metals, Chemicals Use in Galamsey - Dr
Ampomah

ü  South Africa: Concern Over Unaffordability of Housing

ü  Nigeria: Tinubu Moves to Boost Nigeria's Economy With Visit to China in
Sept

ü  Can Barbie help beat teen smartphone addiction?

ü  Bill rises not enough to stop sewage spills, say firms

ü  Starmer in Berlin to 'turn corner on Brexit'

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya: Astral Aviation Launches Guangzhou-Nairobi Flight

Astral Aviation has launched its first flight from Guangzhou, China, to
Nairobi, Kenya, with an onward connection to Maputo, Mozambique, marking the
airline's expansion into the Asian market.

 

The direct flight between China and Africa is aimed at bolstering trade and
logistics links between the two regions. Guangzhou, a key hub in southern
China, serves as a critical gateway for various goods, including electronics
and e-commerce products.

 

Astral Aviation's CEO, Sanjeev Gadhia, highlighted the significance of the
new route, emphasising its role in enhancing connectivity between Asia and
Africa. The service is intended to meet the growing demand for cargo
transportation, ensuring the timely and safe delivery of goods such as
perishables, industrial products, and high-tech equipment.

 

The new Guangzhou route is in line with Astral Aviation's broader strategy
to expand its global reach, with additional routes planned to further
connect key markets across Asia and Africa.

 

According to IATA, African airlines recorded the highest percentage growth
in demand, with a 40.6% increase in the Africa-Asia market compared to May
2023.

 

Business Day Africa.

 

 

 

 

Uganda Drills 72 Wells Ahead of Oil Production

Kampala, Uganda — Uganda's oil sector is advancing significantly with 72 out
of 457 wells drilled at the Tilenga and Kingfisher oil projects as
TotalEnergies and CNOOC Uganda Limited push towards commercial production
slated for 2025.

 

Energy and Mineral Development Minister, Ruth Nankabirwa, said during a
media briefing on August 21 in Kampala, that Tilenga Project has made
substantial progress, with 63 of the planned 426 wells now drilled across
Nwoya and Buliisa Districts.

 

Meanwhile, the Kingfisher Project in Kikuube District has seen the
completion of nine out of the 11 wells required for the initial phase of oil
production.

 

 

The Tilenga Project, which spans both sides of the Nile, is exhibiting
promising hydrocarbon indicators in its targeted reservoirs. Nankabirwa also
noted that development plans for a Liquefied Petroleum Gas (LPG) facility
are awaiting government approval and licensing.

 

She said drilling operations have concentrated on six out of the 31 well
pads designated for the Tilenga project, which will accommodate 426 producer
and injector wells. The well pads--Jobi-Rii 05 & 04, Ngiri 03 & 01, and
Gunya 01 & 04--are being actively developed, with all three drilling rigs
operational. As of August 16, 2024, seven well pads are over 85% complete
and ready for rig installation, Nankabirwa confirmed.

 

The Tilenga Industrial Area, set to host the Central Processing Facility
(CPF), Drilling Support Base, and Construction Camp, is nearly complete at
99.7%. The area has been handed over to the Drilling and Wells Contractors
and the Engineering, Procurement, Supply, Construction, and Commissioning
(EPSCC) contractor.

 

 

The CPF construction is progressing with main pipe racks and foundation
bases, achieving an overall completion rate of 47.8%. Meanwhile, the
4,000-person Construction Camp is assembling accommodation units, currently
housing about 2,500, with additional recreational facilities under
development.

 

Land acquisition for the Tilenga project has been largely successful, with
99.7% of project-affected persons (PAPs) compensated and in-kind
compensation (land for land) completed for 21 out of 33 PAPs, representing
63%.

 

Kingfisher project

 

The Kingfisher Project in Kikuube District, operated by CNOOC Uganda
Limited, is also advancing. This project includes a Central Processing
Facility (CPF) with a capacity of 40,000 barrels per day and plans to drill
31 wells across four well pads.

 

 

Since beginning production well drilling in January 2023, nine of the eleven
wells required for First Oil have been completed. Construction of well pad
sites and infield roads is 92% complete, and approximately 1,020 acres of
land have been acquired.

 

Both Tilenga and Kingfisher projects are implementing livelihood restoration
programs, including transitional and psychosocial support, agricultural
improvements, reproductive health services, and vocational training.

 

To meet its 2025 commercial production target, Uganda must complete two
critical infrastructure projects: the refinery and the East African Crude
Oil Pipeline (EACOP). However, progress has been impeded by financial
constraints.

 

Regarding the $5 billion EACOP project, Nankabirwa reported significant
advancements since the issuance of a construction license in 2023, which
allowed civil works to commence at the Main Camps and Pipe Yards (MCPYs) in
Hoima and Sembabule districts.

 

Engineering, Procurement, Construction Management, and Commissioning (EPCMC)
activities are ongoing in London and Dar es Salaam, with Worley and
subcontractors ICS Engineering and Norplan reporting an overall EPCMC
progress of 39.2%, with detailed engineering at 89.1%, surpassing the
planned 88.3%. The construction of the thermal insulation plant in Nzega
District, Tabora region in Tanzania, was completed and commissioned in March
2024, with seven batches of line pipe, totaling 500 kilometers, delivered to
Tanzania, five of which reached the Thermal Insulation System plant.

 

In contrast, progress on the $4.5 billion refinery remains limited.
Nankabirwa indicated that negotiations for key commercial agreements,
including the Implementation, Crude Oil Supply, and Shareholders Agreements
with Alpha MBM Investments LLC, commenced in January 2024 and are ongoing.

 

Independent (Kampala).

 

 

 

 

South Africa: Thousands of Teaching Posts to Be Cut in the Western Cape

Schools are expected to receive their 2025 staff allocations on Friday

 

On Tuesday, the Western Cape Education Department (WCED) issued a circular
to principals, educators and school-based staff at public schools about post
allocations for 2025.

The WCED said it faces a R3.8 billion budget shortfall over the next three
years. Consequently, 2,407 educator posts will be cut effective from January
2025.

The National Professional Teachers' Organisation of South Africa said they
oppose the cuts and stressed that education will be affected.

More than 2,400 educator posts will be cut in the Western Cape from 1
January 2025. This is according to a circular issued by the Western Cape
Education Department (WCED) on Tuesday on posts for 2025.

 

In the circular, the WCED's head of education, Brent Walters, said the
department only received 64% of the cost of the public sector wage
agreement, with the remaining 36% to be funded by the province.

 

 

Walters said in an effort to cut spending, the WCED had frozen the
recruitment of non-educator staff at head office and across districts, with
a current vacancy rate of 21%, and had also cut spending across its
directorates.

 

According to the WCED, a circular was issued on 21 November 2023, indicating
that to maintain the number of permanent teaching posts in the system and
stability in the schools, "cost containment measures" needed to be
implemented.

 

But despite budget cuts of R2.5 billion, the WCED still faces a R3.8 billion
budget shortfall over the next three years, Walters said.

 

"Considering the growing budget shortfall and fiscal uncertainty, we have no
alternative but to announce the reduction of the educator post allocation by
2,407 posts, effective 1 January 2025 - the start of the 2025 school year,"
Walters said.

 

According to National Professional Teachers' Organisation of South Africa
(NAPTOSA), there are currently 37,135 teachers in the Western Cape and
34,728 posts are now proposed for 2025.

 

"We can now either run into the red financially or we can reluctantly reduce
the number of educators in our system in order to afford our current wage
bill," Walters said.

 

He said that schools will receive their 2025 staff allocations on Friday.
"We should never have been placed in this position and it is a fight we
share with other sectors such as health."

 

He said the Western Cape Government had already taken steps "to address the
impact of the decision not to fully fund educator salaries, as well as
raised the matter at the Council of Education Ministers' meeting for urgent
action".

 

NAPTOSA Western Cape provincial CEO Riedwaan Ahmed said the union opposes
the cuts.

 

He said the process "will inevitably result in the non-renewal of contracts"
and some educators being classified as "excess".

 

"This will have a negative impact on the education of every child in every
classroom in this province.

 

"The ratio the WCED is projecting -- one teacher for every 36 learners --
does not translate to the reality within our classrooms in the Western Cape.
... While the WCED says they want to ensure education for every learner in
every classroom, that has now certainly gone out the window," said Ahmed.

 

"The contract posts are going to go first... The WCED says they are pro-poor
and we've asked them not to touch the foundation phase. But we'll see on
Friday," said Ahmed.

 

GroundUp.

 

 

 

 

Rwanda Is Creating Shiny, Modern Cities After the Genocide - but This Won't
Help Communities Heal From the Past

Over the past 17 years, Rwanda has cleared informal settlements to make way
for modern urban construction. Kigali's ambitious city master plan is
expected to be fully realised by 2050. But what about the people who are
pushed out in the process, and their memories? Shakirah E. Hudani presents
some of their stories in her new book Master Plans and Minor Acts: Repairing
the City in Post-Genocide Rwanda. She answers questions about Kigali's
emergence from conflict, and what could be.

 

What has emerged from the state's vision for Kigali?

 

Kigali was established as a colonial outpost in 1907 by German administrator
Richard Kandt. The city became the capital of an independent Rwanda in 1962
but remained mostly an elite hub separated from rural areas of the country,
where the majority of the population lived.

 

During the genocide against the Tutsi and soon thereafter, the city became a
site of refuge for those fleeing the violence. Ultimately it became a site
of resettlement as many returned from around the region and further afield
to rebuild the capital.

 

 

Approximately 60% of Kigali's population lived in informal settlements in
2012. Conceptual master planning for the city began in 2007-2008 and was
initially led by American firm Oz Architects. This process was followed by a
more extensive Singaporean designed master plan for the city in 2013. Large
areas of the existing city were marked for rezoning and rebuilding by 2040.

 

In readiness, the majority of the city's informal settlements have been
targeted for demolition. Some residents in now demolished areas such as
Kiyovu cy'Abakene and others areas like the Bannyahe settlement in Gasabo
District have been offered unaffordable housing far from the city centre,
their jobs and social networks.

 

The Kigali City master plan has been revised for 2050. Six secondary cities
around the country have been replanned too. They have been set up as
gateways for Rwanda's transformation into an urban-led, middle-income
country. Planners working on Kigali envisage a green city, connected to
investment opportunities for a certain class of Rwandan and for drawing in
foreign capital.

 

These aesthetically pleasing plans promise "Kigali Yacu!" (Our Kigali!). But
my research shows that far from being inclusive, these plans do not redress
the social and spatial inequalities in the country. About 83% of Rwandans
live in rural areas. Research further shows that Rwanda is "the most unequal
country in east Africa".

 

Read more: Kampala, Kigali and Addis Ababa are changing fast: new book
follows their distinct paths

 

In the aftermath of conflict and genocide, my book argues, planners must pay
attention to social equity. Dispossession can undercut bonds of trust and
processes of social repair, and create instability. Repair has multiple
meanings. Social repair relates to reciprocity between neighbours and social
relations around the home and the neighbourhood. It also relates to the
repair of the built environment in Kigali and in smaller urban areas.

 

 

I suggest that more popular alternatives to master-planning must emerge.
Citizens of all areas must be centrally involved, rather than just the state
and top-down planning expertise. "Minor acts" of repair centred on place are
key to rebuilding an equitable city and restructuring social relations after
genocide.

 

What is the cost of this bold authoritarian vision?

 

I started work in Rwanda in 2002, examining the community-based trials
taking place after Rwanda's 1994 genocide against the Tutsi. These
Inkiko-Gacaca trials sought to lay the foundation for both grassroots
justice and reconciliation in Rwandan society. Yet scholarship has shown
that mistrust remains and that, under the surface, reconciliation is an
ongoing process.

 

The city master plan erases social memory in urban spaces. It replaces the
city's existing built environment without considering its effects on ideas
of healing and conciliation centred on place.

 

Many of my interviewees in older areas of Kigali like Muhima and Nyamirambo
expressed a sense of loss and disorientation about the emerging new contours
of the city. They had developed social networks tied to older spaces in the
city, to neighbourhoods and routines. For them, the city was not "born
again". Instead it was a site of memory maps.

 

What could Rwanda's planners do better?

 

Many key planners working on Rwanda's new cities are architectural and
planning experts from overseas. They have little personal experience with
the country's complex history and its contested politics of memory. Rwanda's
cities are hence being designed largely for an elite class of Rwandans and
for foreign technocrats and investors.

 

Such problems are common to other cities in the region. But they are more
urgent in a post-conflict, post-genocide space where urban erasure fails to
reckon with traumatic memory.

 

Rwandans I interviewed said planning needs to be smaller scale, more
gradual, inclusive of all, and more "humane", as one trader put it. Many
stated in different ways that the city is a historical milieu and can't be
remade on a large scale. For instance, one person remarked that one cannot
simply replace a whole city, without first reckoning with existing memory
and the history that the new city supplants.

 

I met long-term residents of older parts of Kigali who helped each other
through informal systems of mutual aid, operating in the private sphere
through neighbourly initiatives to repair homes and exchange food. They also
shared stories of living in Kigali over time, and the meanings particular
roads or places in the neighbourhood had for them.

 

 

Top-down planning at scale threatens to replace localised memory and
place-based sociality.

 

What would a Kigali-for-all look like?

 

According to my study, many Rwandans of all walks of life dream of access to
the city and would celebrate a more inclusive vision for urban space. Yet
many are unable to access housing and public spaces in Kigali due to lack of
affordability and policing that is tough on informality of all kinds.

 

Others still cannot move to urban centres from rural grouped settlements
(imidugudu), where most of Rwanda's rural population live, in part because
they can't afford the associated costs.

 

Rather than prescribing particular policies or types of urban design, my
book takes the position that these problems must also be viewed from the
perspective of social memory and repair and how these coalesce and come to
be represented in urban space.

 

Read more: Key models that Kampala needs to consider to manage its urban
sprawl

 

Reparative planning approaches take into account incremental and
smaller-scale practices of planning. They must consider the history of
rupture that has affected Rwanda over time, and address the types of
unresolved memory that inhabit its old neighbourhoods and informal
settlements.

 

Instead, Rwanda's state vision presents a bold version of official history
that explicitly prioritises unity and compliance, as well as a single
narrative of the past.

 

The questions at stake are hence not just planning questions of how to
design a better city. My book shows us that we must broaden definitions of
planning and repair to consider social repair in urban environments.

 

Shakirah Hudani, Assistant Professor of African Studies and City Planning,
University of North Carolina at Chapel Hill

 

 

 

 

Liberia Secures $209 Million IMF Extended Credit Facility in 40-Month
Staff-Level Agreement

Monrovia — The International Monetary Fund (IMF) and the Government of
Liberia have reached a staff-level agreement to establish a new 40-month
Extended Credit Facility (ECF). The agreement outlines a comprehensive
strategy to support Liberia's economic reforms and key policy objectives.
The arrangement, worth SDR 155 million (approximately US$209 million),
awaits final approval by the IMF Executive Board, with discussions scheduled
for September 25.

 

The ECF is a key financial mechanism offered by the IMF to assist low-income
countries facing prolonged economic challenges. Through low-interest loans
and extended repayment periods, the ECF helps these countries achieve
macroeconomic stability and implement long-term structural reforms. The
program typically focuses on improving fiscal discipline, managing public
finances, and addressing governance challenges, all of which are crucial for
promoting economic growth and reducing poverty.

 

 

Background

 

This recent agreement follows an IMF mission that visited Liberia to assess
the country's eligibility for financial support under the ECF. The mission
began on June 24, 2024, with discussions held at the Ministry of Finance and
Development Planning. During these talks, IMF Mission Chief Daehaeng Kim
emphasized the importance of Liberia's partnership with the IMF and the
potential for this ECF arrangement to reinforce the government's ongoing
reforms.

 

The then Finance Minister, Boima S. Kamara, highlighted the significance of
restoring the ECF program as it directly impacts not only the relationship
with the IMF but also broader international partnerships with entities like
the World Bank, the European Union, and USAID. Kamara noted, "Reinstating
the ECF program is crucial for Liberia's economic health. It influences not
only our engagements with the IMF but also our interactions with other
international partners. Furthermore, it affects budgetary support and
critical infrastructure funding."

 

The Liberian government has already implemented several key measures to
align with IMF requirements and ensure the success of the ECF arrangement.
These measures include establishing a Liquidity Working Group, creating a
Cash Management Committee, developing a Debt Management Strategy,
introducing a Value Added Tax (VAT), and performing payroll updates. These
initiatives are intended to enhance fiscal management, improve public
financial governance, and demonstrate the government's commitment to meeting
IMF conditions.

 

IMF's Support for Liberia's Reform Agenda

 

Mr. Kim expressed optimism regarding Liberia's path forward, noting that the
new ECF program would play a pivotal role in restoring fiscal
sustainability, rebuilding external reserves, and revitalizing a reform
agenda that focuses on tackling corruption and enhancing governance. "The
IMF staff welcomes the authorities' efforts to address immediate policy
challenges and restore policy credibility. We remain committed to supporting
the implementation of key policy priorities," Kim stated.

 

The government's proactive stance, coupled with its collaboration with the
Central Bank of Liberia (CBL) and commercial banks, indicates a strong
commitment to fulfilling the conditions necessary for the program's
approval. Liberia's success in securing this arrangement would not only
stabilize its economy but also bolster confidence among international
investors and development partners, creating the conditions necessary for
long-term growth and development.

 

With the IMF's backing and Liberia's commitment to reform, the upcoming ECF
arrangement represents a crucial step in navigating the country through its
economic challenges toward a more stable and prosperous future.

 

Liberian Investigator.

 

 

 

 

Nigeria: NNPC Commences LNG Shipment to Japan, China

NNPC LNG Ltd., in collaboration with NNPC Shipping Ltd, is scheduled to
deliver at least two more LNG cargoes to the Asian market on DES basis by
November," the statement said.

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) on Monday said it
has commenced shipment of Liquefied Natural Gas (LNG) cargoes to Japan and
China on Delivered Ex-Ship (DES) basis.

 

Olufemi Soneye,

 

the chief corporate communications officer of NNPC Ltd, in a statement on
Monday said this is in line with the company's strategic vision to be a
dynamic and reliable global energy supplier of choice.

 

 

"In line with its strategic vision to be a dynamic and reliable global
energy supplier of choice, the Nigerian National Petroleum Company Limited
(NNPC Ltd) has commenced shipment of Liquefied Natural Gas (LNG) cargoes to
Japan and China on Delivered Ex-Ship (DES) basis," Mr Soneye said.

 

He explained that NNPC Ltd achieved the milestone through the collaboration
of two of its downstream subsidiaries, NNPC LNG Ltd and NNPC Shipping Ltd,
which delivered its first DES LNG cargo from the 174,000m³ LNG vessel,
Grazyna Gesicka at Futtsu, Japan, on 27 June.

 

"Since then, it has expanded its footprint to China with the delivery of one
LNG cargo on DES basis," he said.

 

Delivered Ex-Ship (DES) is an international commercial term that requires
the seller to deliver the products/goods at a specific port.

 

The seller takes responsibility for the shipping and insurance for the
products/goods until they get to the specified port of delivery. It requires
expertise and a higher level of efficiency to execute than the Free on Board
(FOB) system.

 

 

Mr Soneye added that NNPC Ltd has been involved in LNG trading since 2021
with its first LNG cargo sale in November of that year. It has since traded
over 20 cargoes into the European and Asian markets on FOB basis.

 

Speaking on the development, the Executive Vice President, Downstream, Dapo
Segun, said: "The DES system, apart from being more financially rewarding,
allows NNPC Ltd inroads into the downstream segment of the LNG sector and
positions it to capture more market shares while building in-house capacity
and ensuring that global customers are familiar with the NNPC Ltd brand."

 

The statement noted that the collaboration between NNPC LNG Ltd and NNPC
Shipping Ltd in executing the LNG supplies on DES basis has strengthened the
latter's position as a world class shipping provider in the LNG sector.

 

Managing Director of NNPC Shipping, Panos Gliatis, said "NNPC Shipping
intends to build a shipping portfolio (including owned vessels) so that we
can provide our sister company and other clients all the shipping
flexibility they need."

 

"NNPC LNG Ltd., in collaboration with NNPC Shipping Ltd, is scheduled to
deliver at least two more LNG cargoes to the Asian market on DES basis by
November. More orders are expected before the end of year," the statement
said.

 

Premium Times.

 

 

 

 

Namibia: Understanding the New Minimum Wage

A Wage Order was published this month under the authority of the Labour Act
11 of 2007, setting a new minimum wage for all employees. Here is a look at
the details.

 

How much is the minimum wage?

 

N$18 an hour.

 

When does it take effect?

 

In general, as of 1 January 2025 - but it will be phased in gradually over
the next three years for domestic workers (which includes child-caregivers,
cooks, drivers, gardeners and housekeepers) and agricultural workers (which
includes anyone working for an agricultural undertaking or an agricultural
employer).

 

 

For domestic workers, the minimum wage will be N$12 an hour from 1 January
2025, rising to N$15 an hour from 1 January 2026 and reaching N$18 an hour
from 1 January 2027.

 

For agricultural workers, the minimum wage will be N$10 an hour from 1
January 2025, rising to N$14 an hour from 1 January 2026 and reaching N$18
an hour from 1 January 2027.

 

Can it be paid partly in kind, such as through the provision of food or
housing?

 

No. The minimum wage must be paid in cash. If in-kind contributions are
provided to an employee, they must be over and above the minimum cash wage.

 

How is the minimum wage calculated?

 

It applies to the normal ordinary hours of work. It does not include any
'extras' - such as payment for overtime or work on public holidays, tips,
bonuses, equipment, food or accommodation allowances, S&T payments and
medical aid or pension contributions. These must be paid over and above the
regular minimum wage

 

 

How will it be enforced?

 

The national minimum wage will be treated as a binding term of every
contract of employment, collective agreement or law on wages - unless any of
these authorities provides a wage that is more favourable to the employee.

 

Is anyone exempt?

 

Yes. The Wage Order does not apply to members of the Namibian Defence Force,
the Namibian Police, city police services, the Namibia Central Intelligence
Service or the Namibia Correctional Service. These employees are not covered
by conditions of service in the Labour Act.

 

The Wage Order applies to all other employees, including employees placed by
a private employment agency.

 

 

The Labour Act allows any employer to apply to the minister for an exemption
from a Wage Order. An exemption can be granted for either one of two
reasons: (1) The terms and conditions of employment that apply to the
affected employee are at least as favourable as the provisions of the Wage
Order.

 

(2) There are special circumstances that justify an exemption in the
interests of affected employees. The ministry must notify the affected
employees if the minister grants an exemption.

 

Who decided on this minimum wage?

 

The Wage Order was issued by the minister of labour, based on the
recommendation of the Wages Commission.

 

The Labour Act authorises the establishment of the Wages Commission. Its
composition changes from time to time, but it must always include people
nominated by registered trade unions and registered employers'
organisations.

 

In this case, a Wages Commission was convened in February 2021 to
investigate the possibility of a minimum wage.

 

Interested parties were invited to make submissions to the commission. It
held 13 public hearings and stakeholder engagements throughout Namibia, and
received 115 oral submissions and 60 written submissions.

 

It was initially supposed to report to the minister on 30 September 2021,
but this deadline was extended to 31 March 2022.

 

What is the purpose of the minimum wage?

 

It is designed to progressively achieve the goal set out in Article 95(i) of
the Constitution, which commits the state to ensuring workers "are paid a
living wage adequate for the maintenance of a decent standard of living and
the enjoyment of social and cultural opportunities".

 

When will it be revisited?

 

The Wage Order must be reviewed by the Wages Commission every two years.

 

The order mysteriously says this review will be "in addition to any annual
inflationary increase provided for in the Act" - but the Labour Act is
currently silent on inflationary increases.

 

Dianne Hubbard is a legal consultant with many years of experience in public
interest law and a passion for trying to make legal issues clear and
accessible.

Namibian.

 

 

 

 

Ethiopia: Govt Imports 50 Million Liters of Cooking Oil, 200,000 Quintals of
Sugar to Tame Surging Prices Ahead of Ethiopian New Year

Addis Abeba — To address the rising prices observed in various markets
across Ethiopia, the government has announced the importation of 50 million
liters of edible oil.

 

In a briefing on 26 August, 2024, Kassahun Gofe, State Minister for Trade
and Regional Integration, stated that the cooking oil is being transported
via the Ethio-Djibouti Railway and by trucks.

 

According to Kassahun, this essential commodity has been primarily procured
by the government to "improve the cost of living and stabilize market prices
for the upcoming Ethiopian New Year."

 

Following the recent implementation of comprehensive macroeconomic reforms
by the government, the nation, particularly the capital city of Addis Abeba,
has experienced a noticeable surge in consumer prices.

 

 

This price inflation has prompted authorities to take action against
businesses accused of engaging in price gouging and hoarding practices.

 

A survey conducted by Addis Standard across various markets in Addis Abeba
revealed a significant increase in prices for certain products, especially
imported goods and essential domestic commodities such as oil, sugar, and
onions.

 

A trader operating at the city's prominent market, Merkato, who requested
anonymity, reported a substantial price hike for cooking oil. A five-liter
container of cooking oil, previously priced at 900 birr, is now being sold
for as much as 1,200 birr.

 

Another resident of Addis Abeba, located in the Shola market, who also
preferred to remain anonymous, confirmed a similar trend in cooking oil
prices. The price of cooking oil has increased from 1,000 birr to 1,500
birr.

 

Similarly, the price of sugar has risen from 100 birr per kilogram to 116
birr.

 

On 25 August, 2024, the Ethiopian Industrial Input Development Enterprise
(EIIDE) announced the procurement of 200,000 quintals of sugar, which will
be transported to the country within a week.

 

In an interview with state media, Yeshimebet Negash, CEO of the EIIDE,
stated that following the recent implementation of macroeconomic reforms,
the enterprise is aligning its efforts with the government's directives to
prevent artificial shortages of consumer goods.

 

According to the CEO, the 200,000 quintals of sugar were purchased at a cost
of 2.3 billion Birr. "The sugar will start entering the country next week,"
she said.

 

Addis Standard.

 

 

 

Ghana: Birth Defects Link to Heavy Metals, Chemicals Use in Galamsey - Dr
Ampomah

The activities of illegal mining commonly known as 'galamsey' has been
linked to the increase in birth defects among newborns and infants in the
country.

 

Accordingly, health experts have stressed the need for urgent steps to curb
the menace, and other environmental degradation activities that pose health
risks to the population.

 

"We do know that heavy metals and some of these chemicals ad substances used
in the galamsey activities can actually cause birth defects like Cleft so if
you have a situation where your water bodies or your food sources get
contaminated with a lot of these heavy metals, thechances of you getting
children born with these abnormalities are higher.

 

 

"We do not have to wait for the worst to happen before we take action.It is
important for all of us to take the necessary steps to make sure that our
water and our food sources stay free from such contamination," Dr Opoku Ware
Ampomah,the Chief Executive Officer of the Korle Bu Teaching Hospital
(KBTH), cautioned.

 

Speaking at the launch of this year's Cleft Awareness Week in Accra on
Friday, Dr Ampomah disclosed that Ghana records one case of Cleft lip or
palate in every 1,000 babies born while globally, a child is born with the
condition inevery three minutes.

 

Cleft, which is a gap or split in the upper lip or the roof of the mouth
(palate), occurs during pregnancy when parts of a baby's face do not join
together properly resulting inchallenges with eating, breathing, hearing,
and speaking.

 

Although Cleft lip or palate could also be geneticas a result of issues like
vitamin deficiency, some medications or toxins a pregnant woman may be
exposed to, Dr Ampomahsaid the condition could be surgically corrected
within 45 minutes.

 

He dismissed myths that children born with Cleft were a curse or evil,
encouraging mothers to seek medical attention when they give birth to babies
with signs of the condition.

 

"I also like to caution all women who are in the fertile age that when you
miss your period, don't start just taking any medication anyhow. Check
whether you are pregnant or not, so that you don't end up ingesting the
substance that will end up affecting your child," he stated.

 

Mr Henry Quist, theActing Country Manager of Operation Smile-Ghana, a
non-profit medical organisation, which provides free cleft care in the
country, encouraged parents and guardians with Cleft children to take
advantage of 'operation smile' outreaches to correct the anomaly.

 

According to him, surgery could be performed on babies with Cleft lip
fromthree to six months and for those with palate, between nine and 12
months of birth.

 

"Immediately a child is born with this condition, the mother should try and
get in touch with us. We use a comprehensive care approach for these
surgeries,comprising nutrition, language and speech therapies, oral health
and surgical operations to not fix the physical deformities, but improve the
overall quality of life for the children, boosting their self-esteem and
opening new opportunities for them," he stated.

 

With five partner hospitals including theKorle Bu Teaching Hospital, Tamale
Teaching Hospital and Polyclinic,Ho Teaching Hospital, Cape Coast Teaching
Hospital and the Eastern Regional Hospital are currently under the
'Operation Smile' intervention, and the organisation in the next five years
is seeking to perform about 2,700 life saving Cleft lip or palate surgeries
across the country.

 

Ghanaian Times.

 

 

 

 

South Africa: Concern Over Unaffordability of Housing

Human Settlements Minister, Mmamoloko Kubayi has expressed concern at the
high number of people who cannot access housing.

 

Just less than six million mortgage and home loan applications were received
and processed between 2018 to 2022 and of this number, two million were from
previously advantaged persons (PAPs) with just over one million approvals.

 

At a briefing in Pretoria on Monday, the Minister announced government plans
and developments in the human settlements sector.

 

She said the country's gap market was experiencing serious difficulties in
accessing housing.

 

According to an analysis of applications from historically disadvantaged
persons (HDPs), the total number of applications over five years is about
four million valued at R2 trillion, and the number has been on the increase
over the years although it slowed down in 2020 because of COVID-19.

 

"The total number of approved applications over five years is 49% of the
total valued at R1 trillion compared to a decline which is valued at R636
billion and approximately half of the applications are declined which is an
indication the number of people who can't access housing is still high,"
said the Minister.

 

She added that the number of "HDPs applications is twice as high as that of
their white counterparts. In addition, the average mortgage loan approved
per HDPs was R527,000 compared to PAP at an average mortgage value of R2,5
million which still indicates wealth inadequate," Kubayi explained.

 

 

The Minister also noted a higher number of applications, 1.3 million from
women are approved compared to 1.1 million received from men.

 

High interest rates resulting in the high cost of living, limited access to
finance, higher property prices, a high level of indebtedness and limited
supply of affordable housing were some of the reasons touted for the
unaffordability of housing.

 

The Minister also highlighted the work the department is doing in
collaboration with other stakeholders, such as building material suppliers
and financial institution to ease the burden of housing for first-time
homeowners in the gap market.

 

READ | Interventions to make housing affordable

 

Home loan market activities

 

She noted that the Home Loan and Mortgage Disclosure Act (HLAMDA) was
promulgated in the year 2000 and that the Act is intended to compel
financial institutions to disclose information about their leading
activities and practices in the home loan market.

 

 

"The information is disclosed to the Office of Disclosure through the
Secretariat which is within the Department of Human Settlement, and the
information submitted to the Office of Disclosure is mortgages,
pension-backed leading and unsecured lending for home loan /use purpose
only.

 

"In the past, it had only been possible to ascertain the number of home
loans granted by financial institutions, but not those home loan
applications which have been declined and reasons," Kubayi explained.

 

She said that these trends highlight the performance of financial
institutions, and it helps them to establish the home loan leading patterns
and practices of financial institutions.

 

In her presentation on mortgage approvals for lower -medium-income brands
(R0-15,000), the Office of Disclosure's analysis of the past five years
showed a concerning trend in the affordability of housing for the gap
market.

 

She said the decline in the approvals in the gap market is quite
significant, and this indicates that access to mortgage finance for the gap
market is becoming increasingly difficult.

 

Home Loan and Mortgage Disclosure Amendment Bill

 

Meanwhile, Kubayi underscored the need to finalise the Home Loan and
Mortgage Disclosure Amendment Bill to address discriminatory lending
practices and promote fair access to housing finance.

 

"The Office of Disclosure is an important institution which is a critical
element in achieving spatial transformation and integrated human
settlements. Currently the information it receives is riddled with data
duplication and incompleteness.

 

"Without data quality control and non-compliance by financial institutions,
the picture we have just presented could be worse than we think. It is
therefore important that this office be given all the necessary support
including legislative amendments to strengthen its ability to discharge its
responsibilities," Kubayi said.

 

SAnews.gov.za.

 

 

 

 

Nigeria: Tinubu Moves to Boost Nigeria's Economy With Visit to China in Sept

President Bola Tinubu will, in the first week of September 2024, embark on a
high-profile visit to the People's Republic of China aimed at fostering
economic ties and securing investments for Nigeria.

 

Briefing newsmen Tuesday on the significance of the proposed visit at the
State House, Abuja, the Media Adviser to the president, Ajuri Ngelale, said
the president's itinerary include site visits to prominent Chinese
corporations, including Huawei Technologies and the China Rail and
Construction Corporation (CRCC), to fast-track the completion of the Ibadan
to Abuja segment of the Lagos to Kano high-speed rail line.

 

The president, according to the presidential spokesperson, will also engage
in strategic meetings with 10 chief executives of major Chinese
corporations, boasting assets under management totalling over $3 trillion,
across various sectors, including ICT, oil and gas, aluminium production,
seaport construction, financial services and satellite technology
development.

 

 

The visit, he stated, is expected to yield immediate and long-term benefits
for the Nigerian economy and people, underscoring the president's commitment
to economic growth and development.

 

His words: "President Bola Tinubu, will depart for the People's Republic of
China, most specifically, Beijing, from the nation's capital within the
first week of September, to engage in a series of meetings and activities
with immediate and future benefit to the Nigerian economy and the Nigerian
people.

 

"First and foremost, His Excellency, Mr. President, will conduct site visits
to two major Chinese corporations -- Huawei Technologies, as well as the
China Rail and Construction Corporation (CRCC). This is with a view to
achieve one of Mr. President's top agenda items, which is the completion of
the Ibadan to Abuja segment of the Lagos to Kano high speed rail line.

 

 

"Thereafter His Excellency, Mr. President, will meet 10 selected chief
executive officers of 10 major Chinese corporations with assets under
management totalling over $3 trillion across multiple sectors of the
economy, including information and communications technology, refining oil
and gas, aluminium production, seaport construction, harbour construction
and dredging services, financial services, satellite technology development,
as well as many other critical sectors."

 

The presidential adviser also disclosed that President Tinubu is scheduled
to meet with his Chinese counterpart, President Xi Jinping, and would be
signing several Memoranda of Understanding (MOUs) aimed at deepening
cooperation between the two nations.

 

 

He said the agreements will focus on key areas, including green economy,
agriculture, satellite technology development, media enterprise development
and promotion, blue economic development and national planning cooperation.

 

The meeting will also provide a platform for the two heads of state to
discuss matters of mutual interest, spanning economic cooperation, national,
regional and international security, and other pressing global issues.

 

According to him, "Mr. President will also meet with his Chinese counterpart
in the person of President Xi Jinping, where several MoUs will be signed.
The MoUs will involve agreements in deepening cooperation, in green economy,
in agriculture, in satellite technology development, in media enterprise
development and promotion, as well as blue economic development and national
planning cooperation.

 

"This is going to be part of a broader engagement where the two heads of
state will discuss matters of mutual interest across, not just the economy,
but also on issues of national, regional and international security."

 

Ngelale also disclosed that the president, as Chairman of the ECOWAS
Authority of Heads of State and Government, will join other African leaders
at the Forum on China-Africa Cooperation (FOCAC) Summit and will deliver key
remarks on behalf of the region, addressing critical matters of mutual
interest between China and Africa.

 

He added that the president will also participate in the high-level peace
and security plenary, where he will share Nigeria's perspective on regional
and continental security challenges.

 

His words: "Furthermore, Mr. President, would thereafter join the FOCAC
Summit, where several African heads of state will be present to engage with
Chinese leaders on various important matters.

 

"At this FOCAC Summit, President Bola Tinubu, in his capacity as the
Chairman of the ECOWAS Authority of Heads of State and Government, will
deliver remarks on behalf of the region and certainly would proceed to the
high level peace and security plenary, where he will further deliver remarks
on peace and security in the region and in Africa in his capacity as the
President of the Federal Republic of Nigeria.

 

"This engagement is expected to yield very tangible, immediate and future
dividends for the sake of the Nigerian economy and for the benefit of the
Nigerian people and the president is placing a premium on deliverables,
ensuring that this is not a talk-shop, but that this is something that will
yield results for our people, justifying any expenditure that is made during
the course of this trip."

 

This Day.

 

 

 

Can Barbie help beat teen smartphone addiction?

A Barbie-branded phone has been launched in the UK and Europe with the aim –
its makers say – of helping young people take a break from their
smartphones.

It is a very pink and fundamentally very basic device, with no front camera,
only one game and very limited access to the internet.

 

Manufacturer HMD, which also makes phones for Nokia, says it's trying to tap
into what it calls a "surge" of people wanting a smaller "digital impact" on
their lives.

But others say that would be better achieved by teaching people how to use
their devices in a healthier and more controlled way.

 

There are growing calls from parents and campaigners to limit the time
children spend on smartphones, or even ban the devices completely.

 

Their concerns range from the suspicion children will end up with shorter
attention spans, to the fear that they might be exposed to harmful or
illegal content.

Some schools are taking action, perhaps most eye-catchingly the UK's best
known fee-paying school, Eton College. It is providing some of its pupils
with "brick" phones – also sometimes called feature phones – which can only
send and receive texts and calls.

 

It says it wants to "balance the benefits and challenges that technology
brings to schools."

And this week mobile network EE waded into the debate by advising parents
not to allow their under-11s smartphones at all.

 

Lars Silberbauer, a senior executive at HMD, says it is these trends his
firm is responding to.

"We've seen this surge which started in the US coming to Europe, that more
and more people actually want to not be having a digital experience all the
time," he said.

 

Digital detox

Some may be sceptical about how truly noble Mr Silberbauer's motives are –
and he did concede he would “love” to be able to incorporate a messaging
platform like WhatsApp into the Barbie phone.

But I spent a day using it and, for now, there is little doubt that as a
digital detox it was certainly effective because of its very limited
functionality.

It is mirror-fronted flip phone and has no app store or touch screen. I had
no social media at all, and the phone can not receive anything more advanced
than SMS messages.

That means no text messages with "read receipts" or the function to see when
someone is typing. It is the default setting on many smartphones – so I
didn’t get many text messages either.

Even with predictive text enabled I found the numbers and letters keypad
much slower than a touchscreen keyboard and as a result I ended up calling
more people than usual, which perhaps was no bad thing.

And I discovered there are only so many times you can play the retro Nokia
game Snake, even when it’s called Malibu Snake and it's pink.

 

But the handset certainly attracted a lot of attention, especially from
girls and young women, as I walked around Glasgow city centre with it.

There is of course the danger that instead of being pestered for a
smartphone, parents will find themselves being pestered for a piece of
Barbie merchandise - which may be just as unwelcome.

The phone has a launch price of £99 in the UK – twice what you would pay for
a non-branded Nokia feature phone. There are plenty of other phones on the
market that offer the same limited functionality, but without any kind of
big corporate tie in.

 

"I’d imagine quite a few people will be tempted to buy it as a bit of fun,
but in reality, everyone is so dependent on their smartphones that anything
more than the odd day of detox will be a stretch," says Ben Wood, a phone
expert who has his own museum of devices released over the years.

Nonetheless, he says, there is a market for what are sometimes called
"dumbphones". His firm, CCS Insight, estimates that around 400,000 will be
sold in the UK this year.

"That's an attractive niche for a company like HMD", he says.

 

Some experts suggest that withdrawing smartphones is no real solution – they
are woven into our lives, after all – and instead children need to be taught
how to use them in a healthy and safe way.

"What we should be doing instead is thinking about, how do we build really
good, really long term, sustainable digital literacy skills in that
generation," says Pete Etchells, professor of psychology and science
communication at Bath Spa university, who has written extensively about the
issue of screen time.

“I think we could all be better at using our phones in a healthier and more
resilient way," he said.

HMD is also working on a separate project, a new device which it is
designing in collaboration with parents. It says more than 1,000 people have
signed up to work on it so far.

And Mr Silberbaum concedes that the resulting handset may well end up being
something that sits somewhere between a dumbphone and a smartphone.

 

“Do I want the smartphone with all the bells and whistles, or do I want to
have something that can actually help me have a more considered approach to
digital? That's the choice we want to deliver,” he said.-BBC

 

 

 

 

Bill rises not enough to stop sewage spills, say firms

The proposed cap on increases to water bills would create a "risk" that
companies would not be able to raise enough cash to stop sewage spills,
firms will say later.

In July, regulator Ofwat proposed an average £19 a year ceiling on water
bill rises, with a final decision due in December.

 

However, industry lobby group Water UK will say on Wednesday the cap would
"hamper" companies' ability to improve services.

 

Water firms have faced criticism from campaigners for making payouts to
investors and handing bonuses to bosses while not investing enough in their
businesses.

 

When Ofwat first proposed the limit as part of its draft decision on the
water companies' 2025 to 2030 business plans, Water UK said the regulator
had "got this wrong".

 

Ofwat's suggested rise is a third of what Water UK wants. It said water
companies must be able to charge more so they can spend money on fixing
leaks.

It argued water companies had to be profitable to attract the investment
needed to improve a system overwhelmed by the increased rainfall caused by
climate change.

The UK's largest water company, Thames, has already seen its shareholders
abandon plans to invest more money, plunging it into a financial crisis.

 

A report to be published by consultancy Oxera on behalf of Water UK on
Wednesday in response to Ofwat's draft decision said it "would likely result
in significant investability issues for the sector as a whole".

 

"In particular, there is a material risk that the sector is unable to raise
the new equity investment required to finance the proposed investment
programme," it will add.

 

An Ofwat spokesperson told the BBC it would carefully consider all responses
to its proposals.

"We expect to receive responses from many organisations, including water
companies, customers, environmental and consumer organisations and
investors.

"These are likely to reflect a diverse range of views on the proposals we
have made."

 

Critics have said water companies have historically neglected investment in
favour of executive salaries and shareholder dividends.

They have suggested a ban on director bonuses until leaks and sewage spills
are dealt with.

 

Water UK's comments will come as Thames, Yorkshire Water and Northumbrian
Water face a £168m fine from Ofwat for a "catalogue of failure" over years
of leaks.

Raw sewage spills into England's rivers and the sea by water companies more
than doubled last year.

 

Meanwhile, a BBC investigation earlier this year revealed sewage had
potentially been released illegally 6,000 times in 2022 by England's water
companies in breach of their permits.-BBC

 

 

 

 

Starmer in Berlin to 'turn corner on Brexit'

The UK is starting talks on a new co-operation treaty with Germany, as the
Labour government looks to "reset" relations with Europe.

 

Sir Keir Starmer, who is in Berlin for meetings with German Chancellor Olaf
Scholz, said the deal was part of a bid to "turn a corner on Brexit".

 

Downing Street said the agreement would cover areas such as energy security,
technology, defence and illegal migration.

 

It added it would also cover access to each other's markets and trade across
the North Sea.

After Berlin, Sir Keir will travel to Paris to meet French President
Emmanuel Macron and attend the Paralympics opening ceremony.

 

No 10 said it hoped the new treaty with Germany could be agreed by early
next year.

Although detailed plans have not been disclosed, discussions about improving
market access are expected to focus on areas such as helping firms
certificate their products, and providing more information about tenders.

 

Downing Street added it would build on a defence pact between the two
countries already being negotiated, which is due to be finalised in the
autumn.

That agreement, announced last month, saw the two countries pledge to buy
more military equipment together and to make it easier for each other's
armies to use it, as well as increasing co-operation in areas such as cyber
warfare.

 

Sir Keir has vowed to forge a closer economic relationship with Europe,
including a "much better" deal on trade than the one negotiated by Boris
Johnson in late 2020.

His Labour government wants to strike deals with the EU to reduce border
checks on food products, lessen paperwork for touring artists, and boost
recognition of work qualifications, making it easier for some professionals
to work abroad.

 

It also wants to broker a security pact with the EU, as well as a new
returns agreement for failed asylum seekers.

It remains unclear whether Brussels would entertain major changes to the
UK's existing Brexit trade deal, which is due to be reviewed in 2026.

 

Nils Schmid, foreign affairs spokesperson for Mr Scholz's Social Democratic
Party, said the two leaders were "more or less on the same page" in wanting
a closer relationship between the UK and the EU.

 

He told BBC Radio 4's Today programme Germany hoped to facilitate UK
cooperation with the EU on issues including trade, student mobility and
defence.

Mr Schmid said a scheme making it easier for young Germans to travel to the
UK to study was "major feature of our wish list".

He insisted such a scheme would not be about "immigration in a general
sense" but "stays of limited duration" for educational programmes, student
exchanges or work experience.

 

However, the Labour government has said there are no plans for a scheme that
would allow young people from EU countries to live and work in the UK, with
young Britons allowed to do the same in Europe in return.

 

Ahead of the visit, Sir Keir said the UK had a "once in a generation
opportunity to reset our relationship with Europe".

He said co-operation with both Germany and France would be "crucial" on
migration and boosting the UK's economic growth.

 

"We must turn a corner on Brexit and fix the broken relationships left
behind by the previous government," he added.

Earlier, Sir Keir met German President Frank-Walter Steinmeier. He will also
meet the bosses of energy engineering group Siemens Energy and defence firm
Rheinmetall, which makes vehicles for the British Army, later.-BBC

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
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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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