Major International Business Headlines Brief::: 06 December 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  06 December 2024 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Spaza Shop Registration Raises Concerns 

ü  Ethiopia's Path to Prosperity Requires Development of Successor Leaders - DPM Temesgen

ü  Africa: Can Artificial Intelligence Revolutionise Customs in Africa?

ü  Ghana Heads to the Polls - Why the Economy Is the Biggest Issue for Many Voters

ü  Africa: Kenya Strives to Strike a Balance On Muguka

ü  Niger Military Junta Seizes Control of French Uranium Operations

ü  Nigeria: Max Air Airplane Makes Emergency Landing As Engine Catches Fire

ü  Malawi Registers Over 3.4 Million Farming Households in National Agriculture Management Information

ü  Liberia: Boakai Launches 2024 Agriculture Fair Today

ü  Nigeria: Tax Reform Bills - CSOs Kick As FG Blames Opposition On Ignorance

ü  Uganda: Police Tighten Control Over Bulamba Goldfields Amid Safety Concerns

ü  Nigeria's 4 Billionaires' Wealth Drops By $4bn to $23.8bn On Economic Headwinds

ü  Boeing plea deal over fatal Max crashes rejected

ü  Trump tariff threat puts a strain on Canada-Mexico ties

ü  What next for Bitcoin after bursting $100k barrier?

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa: Spaza Shop Registration Raises Concerns 

Deputy President Paul Mashatile has revealed that inspectors have uncovered evidence of South Africans registering spaza shops on behalf of undocumented foreign nationals, reports SABC News. Last month, the government set a deadline for all spaza shops to be registered by December 13. Mashatile has urged citizens to refrain from such practices, emphasizing the need to comply with the law. He said: "Our main concern is that some people are registering spaza shops for undocumented migrants, and this needs to stop. I have no issue if you're a landlord renting out your property, but please don't register shops for illegal individuals in the country."

 

Two Dead in N3 Horror Crash Involving Trucks and a Bus

 

Two people lost their lives in a devastating crash on the N3 near Pietermaritzburg, reports IOL. The collision occurred just after 10 pm on the N3 Northbound near the Market Road offramp. According to ALS Paramedics spokesperson Garrith Jamieson, the incident involved multiple vehicles, including trucks, buses, and cars. Paramedics arrived at a scene of devastation where a rear-end collision between two trucks and a fully loaded bus had taken place on the highway. The vehicles ignited on impact, and the Pietermaritzburg Fire Department worked tirelessly to extinguish the blaze as paramedics triaged and treated multiple casualties. The bus driver and one of the truck drivers succumbed to severe injuries at the scene. Approximately 20 people sustained various injuries and were treated before being transported to nearby hospitals in Pietermaritzburg for further care. The highway was closed temporarily to facilitate rescue and recovery efforts.

 

33 Illegal Miners Rescued from Abandoned Mpumalanga Mine

 

At least 33 suspected illegal miners have been brought to the surface after being trapped in an abandoned mine in Sabie, near Mbombela, Mpumalanga, reports IOL. According to Mpumalanga police spokesperson Brigadier Donald Mdhluli, a total of 41 miners have been rescued, while three fatalities have been confirmed. Mdhluli said that approximately 150 illegal miners were believed to have been trapped at South Mine. The first rescued people were two foreign nationals, aged 23 and 24, and four South Africans.  The rescued people disclosed that they had been forced to mine for gold under harsh and dangerous conditions imposed by their captors. Tragically, three individuals lost their lives while trapped in the mine shaft. Authorities suspect that those orchestrating this illegal operation may be heavily armed, adding another layer of complexity to the investigation.

 

More South African news

 

 

 

 

Ethiopia's Path to Prosperity Requires Development of Successor Leaders - DPM Temesgen

Addis Ababa — Deputy Prime Minister Temesgen Tiruneh, emphasized the urgent need for Ethiopia to cultivate a new generation of leaders capable of advancing the nation's journey towards prosperity.

 

His remarks came during the inauguration of the "Netesebrak Leadership Conference" organized by the African Leadership Excellence Academy.

 

In his keynote address, Temesgen highlighted Ethiopia's historical achievements and setbacks, pointing out that despite periods of strong leadership, the nation's inability to sustain progress has often led to stagnation and regression. He attributed this to the lack of continuity in leadership development.

 

Temesgen noted that while Ethiopia's history is filled with remarkable leaders, there have also been times when the country was left without successors who could uphold and advance their legacy.

 

The country's potential has been compromised due to an inability to maintain consistent leadership structures, he remarked.

 

The Deputy Prime Minister stressed that Ethiopia is currently on a critical path towards addressing its challenges and embarking on a journey to greater heights.

 

He emphasized the necessity of fostering a leadership culture that integrates youth and experienced leaders, creating platforms for mentorship and knowledge exchange to ensure the smooth transition of responsibilities across generations.

 

Ethiopia needs institutions and frameworks that support intergenerational leadership succession, which he described as vital to the country's long-term stability and progress, he added.

 

Both emerging and veteran leaders play a pivotal role in securing the nation's future, he said.

 

He underscored that the nation's success or failure is deeply rooted in the quality of ideas, leadership competence, and dedication to national objectives.

 

Temesgen called for leaders who can transform challenges into opportunities and drive Ethiopia's development forward.

 

The Netesebrak Leadership Conference is seen as a platform to strengthen Ethiopia's leadership continuity and serve as a model for Africa by promoting intergenerational leadership and knowledge-sharing, underscored.

 

Temesgen concluded by urging all stakeholders to sustain national initiatives through effective leadership, ensuring that Ethiopia remains on its upward trajectory.

 

ENA.

 

 

 

 

Africa: Can Artificial Intelligence Revolutionise Customs in Africa?

Artificial Intelligence (AI) has the potential to revolutionise border management, streamline trade operations, enhance efficiency, and strengthen security when fully adopted by nations, experts say.

 

Customs clearance processes, historically burdened by inefficiencies such as excessive paperwork, unpredictable delays, and costly errors, can be transformed by technology, according to David Smason, Chief Executive Officer of Cargo Seer AI, an AI powered cargo inspection platform.

 

ALSO READ: Experts on how digitalisation can drive cross-border trade, expand African exports

 

Studies show that delays at African customs average 12 days in Sub-Saharan Africa, compared with seven and five-and-a-half days in Latin America and Central and East Asia, respectively.

 

Speaking at the Africa Trade Development Forum on December 3, Smason highlighted that AI has the potential to streamline procedures and improve efficiency at customs between countries.

 

"With AI, customs can analyse shipping data in real time, flag anomalies almost instantly, and even predict trade patterns to minimise congestion at ports," he said.

 

Smason also stated that beyond speed, AI offers enhanced security.

 

"Advanced systems can spot suspicious patterns hidden in trade data, such as misdeclared goods, unusual shipping routes, or red flags in customer histories, swiftly addressing customs delays," he explained.

 

ALSO READ: How digitalisation is transforming trade in Africa

 

For instance, he added, machine learning algorithms can identify counterfeit products, illegal wildlife shipments, or smuggled items before they ever reach consumers, something that otherwise could escape human observation in time.

 

"Such innovations are not only safeguarding trade but also protecting the environment and public health by identifying risks hidden within the global supply chain, boosting trade, and reducing delays at customs," he noted.

 

Potential to bring efficiency

 

While some worry that automation could replace jobs, many customs organisations see AI as a collaborative tool rather than a competitor. Technology, they argue, takes care of repetitive tasks, freeing up human agents to focus on complex decision-making.

 

According to Global Freight Insights, a logistics market research firm, companies using AI-enabled customs software have reported up to a 30 per cent reduction in clearance times.

 

Albert Atambo, Chief Manager of the Business Transformation Office at the Kenya Revenue Authority, said that what a human analyst takes five to 30 minutes to analyse, AI is capable of completing in just a few seconds, saving significant time.

 

ALSO READ: Digital technologies could unlock Africa's trade potential, says Ngirente

 

"By integrating scanners between Kenya and Uganda, we have seen an immense increase in image data, nearly doubling the workload for our analysts. AI addresses this challenge by analysing images instantly, drastically reducing delays at ports and borders and tackling bottlenecks caused by manual processing," he observed.

 

But Atambo indicated that AI does not only perform image analysis, it can also analyse consignments, combining data from customs systems, domestic taxes, and partner states to make informed decisions.

 

"By comparing scanned images from Mombasa to those at the Kenya-Uganda border, it ensures transparency and consistency in cross-border transit, promoting trust and economic integration within the East African Community," he said.

 

Atambo also observed that the goal is to use AI to unify all technologies, including smart gates, electronic road parking systems, and scanner data, into one powerful system that ensures efficiency and accuracy.

 

Logistics experts like him argue that solving the current challenges in image analysis and cross-border trade would be nearly impossible without AI, thereby limiting the pace of modernising customs management."

 

'AI could simplify taxation processes'

 

According to Stella Kwera, Manager of Data Science at the Uganda Revenue Authority, AI has potential to simplify the process for taxpayers, such as providing quick and accurate answers to common inquiries, including how to file and how much to pay, saving time for both taxpayers and authorities.

 

"By utilising generative machine learning models, we can offer these answers more efficiently. Additionally, AI allows us to identify potentially fraudulent taxpayers by analysing patterns in their data, which can ultimately boost the country's economy," she said.

 

Generative machine learning models are a type of AI that use machine learning to create new data that resembles the data they were trained on. These models can generate new images, text, audio, and video.

 

Flavia Busingye, Director of Customs at the East African Community (EAC) Secretariat, highlighted the need for enhanced collaboration among EAC member countries and other nations to fully embrace AI in customs processes.

 

"When I reviewed our digital strategies and protocols, I realised there are no specific or standalone provisions relating to AI. This calls for further engagement to adopt AI with clear strategies that enable our customs administrations to leverage available technologies," she said.

 

"As data security and trust are critical components in regional AI collaboration, we must think about better data protection and security. There is often fear around sharing data, so it is vital to establish measures to preserve and protect each nation's data," she added.

 

Busingye also underlined the need to build capacity for AI use across the region, highlighting that some countries are at more advanced stages. "But as a continent, we need to operationalise these technologies collectively and ensure inclusivity."

 

Need for ethical standards

 

Felicien Mwumvaneza, Commissioner for Customs at the Rwanda Revenue Authority (RRA), highlighted the ethical and legal considerations of employing AI in risk assessment and predictive inspections, stressing the importance of fairness and minimising disruptions in data collection during implementation.

 

"The cargo trucking system, for us, has been truly phenomenal. It has significantly reduced risks, mitigated corruption, and minimised costs in our operations," he explained.

 

"From the solutions we have tested, one issue that consistently arises is data accuracy. Whatever solutions we adopt must be context-specific and customised to the trade practices of our region," he added.

 

Mwumvaneza explained that the customs system in the region is very detailed. It includes nearly 6,000 specific categories to classify goods, and some of these categories are broken down into over 500 smaller, more specific classifications. This helps ensure accurate tariffs and proper tracking of goods, but it also makes the system complex to navigate.

 

"This complexity requires that any AI system we adopt must align with our unique needs. The legal battles should underscore the need to carefully consider privacy and copyright laws when deploying AI," he said,

 

A lack of comprehensive regulatory framework, he maintained, leaves countries to navigate uncharted waters.

 

New Times.

 

 

 

 

Ghana Heads to the Polls - Why the Economy Is the Biggest Issue for Many Voters

The outcome and aftermath of Ghana's 2024 elections will be a key test whether the West African nation can find a balance between the dual objectives of living within its means and achieving economic growth that creates sustainable jobs for its teeming youth.

 

Ghanaians are heading to the polls amid rising poverty and high cost of living. Ghana has been in economic crisis since 2022 when it was forced to seek assistance from the International Monetary Fund (IMF) to be able to meet its payments to the rest of the world and restore the health of government finances. This was the second time in the three years that Ghana had to tap the IMF, and 17th since independence in 1957.

 

Though inflation which peaked at 54% in 2022 and the country's currency, the Cedi, have stabilised somewhat since mid-2023 under IMF-supported reforms, these improvements have not been significant enough to be felt by citizens. Inflation remains sticky. Monthly consumer inflation figures have averaged 22.85% from January to November 2024, below the pre-crisis (2017-2021) average of 10.14%.

 

According to a recent report on voter concerns, the major issues are the economy, jobs, education, and roads and infrastructure provision. Others include addressing the illegal gold mining ('galamsey'), health, agriculture, and corruption. The key concern on the economy is the declining living standards.

 

Read more: Ghana's return to the IMF within three years underscores its deeper economic problems

 

This is the context against which the 2024 elections are taking place. As an economist and risk analyst who researches Africa's political economy, my reading is that the outcome and aftermath of the 2024 election will tell us a lot about voters' views about the economy.

 

Among the key voting constituents will be the middle income earners who have been hit hard by the financial and economic crises. Historically, these voters tend to be the most analytical, voting or abstaining based on their analysis and feelings about issues.

 

Read more: Ghana elections: swing voting is on the rise, shaping outcomes - a look at what's driving this

 

Economic crisis and its impact

 

The economy is at the heart of the election and voter choices. This is because of the deterioration of the country's economic fundamentals in the past few years. While the incumbent NPP administration has sought to blame the aftershocks of the Russian-Ukraine war and the pandemic for the severe economic and financial challenges, evidence available shows otherwise.

 

The major contributory factor was the poor management of its public finances, which meant the country did not have enough buffers to withstand these external shocks. Ghana's economy and finances were already precarious before Putin invaded Ukraine in February 2022. Fiscal policy in Ghana is notably procyclical with "a clear bias towards overspending during good times". This is related to commodity and electoral cycles. That is, fiscal deficits tend to increased sharply in election years, and has been even more so following commercial discovery of offshore oil in 2007.

 

The effects of the economic and financial crises since 2022 has been 20-year-high inflationary trends, local currency depreciation, dwindling foreign reserves, rising debt vulnerabilities, and increased poverty. At its height in December 2022, inflation reached 54%, the highest levels in nearly 20 years and public debt was 109% of GDP.

 

The economic challenges also forced Ghana to default on its external debt obligations in December 2022 and approach the IMF for a US$3 billion bailout, which was approved in May 2023. Ghana recently completed a three-step -- domestic, bilateral, and commercial -- debt restructuring process, which began in December 2022.

 

The domestic debt exchange programme (DDEP) was however largely unpopular. For example, pensioners at one point picketed for several weeks at the Ministry of Finance wanting their exclusion from the DDEP.

 

The data also shows that that poverty has been rising in Ghana since 2022. About 850,000 Ghanaians in 2022 were pushed into poverty due to rising costs of goods and services. Ghana's poverty rate is forecast to rise to 30.6% of the population by 2026, indicating the extent the impact of the economic and financial crises on many citizens.

 

Many middle class citizens and households have been heavily impacted by the economic and financial crisis, including the domestic debt restructuring. Traditionally, these aspirational middle class voters, who live in urban and peri-urban areas like Accra, Kumasi, and Cape Coast, tend to be more analytical and vote or abstain based on issues.

 

Not all bad news

 

Nevertheless, Ghana's economy has, since mid-2023, shown some improvements. Inflation has moderated somewhat. The currency, the Cedi, has stabilised against the US dollar, too. These gains have been off the back of IMF-supported reforms

 

The incumbent New Patriotic Party government is campaigning to be retained in power on the strength of these improvements. It has also pointed to investments in education such as its free senior high school policy as some of the positives.

 

The policy agendas of two main parties -- the National Democratic Congress and the New Patriotic Party-- are premised on getting the economy growing again.

 

However, their proposed spending plans, will, if implemented, likely lead to Ghana breaching its debt sustainability thresholds. This would threaten the implementation of the current IMF programme which runs until 2026.

 

The key concern remains whether Ghana will be able to live within its means going forward by reducing corruption and waste in government spending. This will avoid the procyclical boom-bust behaviour especially tied to the electoral cycle.

 

Conclusion

 

Ghana's December 7 elections and its aftermath would be a key test of the extent to which the country is able to maintain the dual objectives of fiscal consolidation and inclusive economic growth that creates sustainable jobs for Ghana's teeming youth.

 

Any new government who comes into power in January 2025 will have very little fiscal space to use to meet the several promises, including on infrastructure provision and the several tax breaks, announced in their pre-election manifestos.

 

Theophilus Acheampong, Associate Lecturer, University of Aberdeen

 

 

 

 

Africa: Kenya Strives to Strike a Balance On Muguka

Amid growing concerns, Kenya needs evidence-based regulations to balance public health and economic interests.

 

In May this year, Mombasa County Governor Abdulswamad Nassir banned the sale, supply, and consumption of muguka in the coastal county. 'We won't die so others live [We won't let citizens die so that others can reap the profits],' he said about the possible impact of this ban on farmers.

 

Muguka is a low-cost, highly addictive variant of khat (Catha edulis) grown in Embu, Meru and Tharaka-Nithi counties in central Kenya. Both muguka and miraa stem from the same plant; however muguka consists solely of the leaves, while the pricier miraa includes the stems and leaves.

 

However, President William Ruto overturned the ban on muguka, and the High Court's Justice Lucy Njuguna issued a restraining order to the coastal counties from effecting the ban until 8 July 2024.

 

Miraa/muguka is a scheduled crop under the Crop Act 2013 and the Miraa Regulations 2022. The latter obligates the government to allocate funds for the farming, licensing, promotion, regulation, transportation, aggregation, selling, marketing and export of the crops.

 

Miraa is also a multimillion-shilling export crop to Somalia and has lucrative local markets. The miraa-growing region consistently votes for and supports the current government, which has rewarded it with cabinet positions and favourable resource allocation.

 

A National Authority for the Campaign Against Drug Abuse (NACADA) study, however, classifies miraa/muguka as a drug containing the psychoactive substances cathinone and cathine, which stimulate the central nervous system. Chewing it produces a euphoric effect. NACADA says consuming the leafy stimulant causes increased energy, alertness and enhanced mood.

 

But it also leads to dehydration, reproductive health problems, dental decay, constipation, insomnia, impaired cognition, dizziness, anxiety and dependence.

 

Muguka is often consumed in combination with various stimulants, including narcotics, alcohol, cannabis and pharmaceuticals. 'We take jaba [slang for miraa] with tap tap [slang for hard drugs] and prescribed diverted pharmaceuticals [such as sedatives] to get more steam,' says a muguka chewer who spoke to ENACT anonymously.

 

Diazepam is a sedative used to sweeten and enhance the effect of miraa. These prescription drugs are often obtained from pharmacies.

 

Though widely consumed in Kenya, Ethiopia, Djibouti and Somalia, khat and muguka face diverse levels of criminalisation and restrictions in countries like Tanzania and Rwanda. They are smuggled throughout the region across the Lamu-Somalia border and are banned in most European countries, the United States and Canada.

 

Shortly after Nassir issued his ban, the governors of the coastal counties of Kilifi, Kwale and Taita-Taveta imposed their own restrictions and taxes on muguka sale and supply. Their reason was the strain put on their limited rehabilitation facilities due to the adverse health impacts of muguka, especially on youth.

 

The coastal leaders claim the widely chewed muguka is increasingly sold to and consumed by school-going children, and that there is a high school dropout rate among youth who use the drug. These leaders see it as a silent narcotic epidemic destroying lives and turning the youth into zombie addicts.

 

Banning the stimulant gained huge support from Muslim religious leaders who expressed displeasure with the stimulant's effects on youth mental health in northern and coastal Kenya. But it triggered protests from the farmers and leaders in muguka-growing regions.

 

At the height of the muguka debate, Ruto invited coastal governors to a stakeholder meeting with their counterparts from muguka-growing regions. The coastal leaders rebuffed the invitation.

 

But after meeting a selection of Embu County leaders, the president's office stated that 'with muguka having been recognised by national legislation, any other laws or orders that contradict national legislation [are] null and void.'

 

'Normalcy has returned - but there is a cautious approach in the sale of muguka on the part of the traders,' said human rights activist Shipeta Hezron. He pointed out that calls to ban or regulate the drug should be made with broader stakeholder deliberations and not with political statements which cannot be implemented in light of current legal frameworks.

 

Many reported mental and physical health impacts of muguka and miraa consumption are based on limited empirical data. Multifaceted research by mandated state agencies is needed on the effects of cathinone and cathine on users of khat products. NACADA recommends research to ascertain the concentrations of cathinone and cathine in miraa and muguka grown in different parts of the country.

 

Empirical research to better understand and reclassify muguka and miraa as Class C substances has also been proposed by the Kenya Medical Association. The findings of such inquiry should form the basis for the public to participate in deliberations on reviewing miraa regulations and how best to institute them.

 

Such a review may include extending the regulations that govern the production, supply, transportation and consumption of alcohol and tobacco to the khat sector. For instance, a review of Miraa Regulations 2022 could introduce stiff penalties for the sale of khat products to school-going children and under-18s.

 

Similar to restrictions on alcohol and tobacco product advertising and promotion, a warning on the possible long-term health effects of muguka should be made available to users.

 

At the same time, restrictions on miraa shops close to learning institutions could be enforced. And, as per the NACADA study, health education awareness programmes on the potential health hazards of khat chewing should be implemented in schools.  ISS.

 

 

 

 

Niger Military Junta Seizes Control of French Uranium Operations

French nuclear group Orano has announced that authorities in Niger have taken "operational control" of its uranium mining unit, in an escalating conflict between the company and the country's ruling junta.

 

The junta, which took power in a coup in July last year, has vowed to revamp regulation of the mining of raw materials by foreign companies.

 

In June, authorities withdrew Orano's permit to exploit one of the largest uranium deposits in the world, Imouraren - which holds an estimated 200,000 tonnes of the mineral. Niger is the world's seventh-largest uranium producer.

 

By late October, the French group had suspended production by its local unit Somair, in the northern Arlit region, due to what it termed increasingly difficult operating conditions and financial issues.

 

The company has also criticised the impossibility of exporting uranium, since Niger closed its border with Benin for what Niamey says are security reasons.

 

Orano holds a 63.4 percent stake in Somair, while the Nigerien state owns 36.6 percent.

 

In a statement released on Wednesday, the French group said: "For several months, Orano has been warning of the interference that the group has been suffering in the governance of Somair. The decisions taken at the company's board meetings are no longer being applied and, as a result, Orano is today confirming that the Nigerien authorities have taken operational control."

 

This latest clash between the junta and Orano - majority owned by the French state - comes as Niger downgrades links with its former colonial power France, and strengthens ties with Russia and Iran.

 

Last month, Nigérien Mining Minister Ousmane Abarchi invited Russian firms to invest in uranium and other natural resource production in the country.

 

Niger embraces Russia for uranium production leaving France out in the cold

 

'Heavy burden on employees'

 

Orano said Somair's board had decided on 12 November to suspend expenses related to production activities "in order to prioritise the payment of salaries and preserve the integrity of the industrial facilities".

 

But days later, a delegation of the regime's advisers visited the Somair mines in Arlit to encourage work there to continue - a move that prompted Orano to declare enforcement of the board's decision "is being deliberately prevented".

 

"The production expenses which continue to be incurred on the site are worsening the company's financial situation with every passing day," its statement said.

 

It added that "representatives of Niger" defended their position at a board meeting on Tuesday, "in particular confirming their refusal to export the production".

 

French nuclear giant slips into the red following Niger-French breakup

 

A total of 1,150 tonnes of uranium concentrate from 2023 and 2024 stocks - the equivalent of almost half of annual production in Arlit - are being blocked, according to Orano - stocks worth around €200 million.

 

"Orano expresses its deepest regret regarding the evolving situation which is placing a heavy burden on the employees and local communities," the company said. "Orano intends to defend its rights before the competent bodies, and reaffirms its belief that only a united effort by all stakeholders to re-establish a stable and sustainable mode of operation can allow Somair to resume activities in peace." RFI website.

 

 

 

 

Nigeria: Max Air Airplane Makes Emergency Landing As Engine Catches Fire

Sources at the airport said the incident occurred about ten minutes after the aircraft took off from the airport.

 

An aircraft belonging to Max Air experienced an engine fire incident shortly after takeoff from the Muhammadu Buhari International Airport in Maiduguri.

 

According to information obtained from airport sources who spoke to PREMIUM TIMES on Thursday morning, the incident occured on Wednesday evening, necessitating the aircraft, which was en route to Abuja with nearly 80 passengers on board, including the Deputy Governor of Borno State, Usman Kadafur, to make an emergency return to the Maiduguri Airport.

 

No fatalities were reported.

 

Mr Kadafur's spokesperson, Dogo Shettima, also confirmed the incident to PREMIUM TIMES when contacted on Thursday, adding that his principal is well and safe.

 

"Yes it is true and he is safe. They have to safe land and later got another flight to Abuja late evening," he said in an interview with this medium.

 

Also, Lucy Dlama, a Senior Special Assistant to the Governor of Borno State on women affairs, who was also on the flight, confirmed the incident.

 

She described their survival as a "miracle".

 

"We were airborne when we suddenly heard a deafening cracking sound, and then the aircraft began to behave erratically as we began to see sparks of fire," she narrated.

 

"It was truly terrifying as the pilot told us we cannot proceed then the plane started to turn for an emergency landing. It was only after we landed that we learned there had been a fire incident affecting one of the engines."

 

Sources at the airport said the aircraft came from Lagos to pick up passengers and that it began experiencing issues about ten minutes after takeoff when one of its engines went up in flames.

 

"The pilot had to shut down the affected engine while attempting to land with the remaining one. After a terrifying struggle, he successfully brought the plane back to the runway," another passenger recounted.

 

Several calls to Max Air numbers posted on the website were left unanswered, as the airline management is yet to speak on the incident as of press time.

 

When contacted, the spokesperson of the Nigeria Civil Aviation Authority (NCAA), Michael Achimugu, said the agency has not been briefed about the incident and that he will revert back later in the evening.

 

"I have not been briefed. I will confirm and revert later tonight," he said.

 

While many passengers reportedly had to forfeit their trip after the near-tragic event,

 

Mr Kadafur and a few others were put on another aircraft.

 

Over the past one year, Max Air has been grappling with regulatory hurdles amidst perceived safety concerns.

 

In May last year, PREMIUM TIMES reported how panic erupted at the Nnamdi Azikiwe International Airport in Abuja after an aircraft belonging to Max Air crash-landed on the runway of the airport.

 

Similarly, in July last year, the NCAA suspended Max Air Boeing 737 ( parts A3 and D43) aircraft from operation over safety concerns.

 

At the time, the regulators said the action was based on several distress occurrences that involved the airline's Boeing B737 aircraft types, urging the airline management to take necessary action before it can resume operations.

 

Premium Times.

 

 

 

 

Malawi Registers Over 3.4 Million Farming Households in National Agriculture Management Information

Ministry of Agriculture has said the nationwide rollout of National Agriculture Management Information System (NAMIS), which began with the farmer organization module also known as farm household registration, registered and geo-mapped 3,446,147 farming household profiles, including their respective land parcels.

 

NAMIS is a comprehensive information management system designed to enhance agricultural data management and structured into 17 specialized modules, Minister of Agriculture Sam Kawale told Parliament.

 

Each module is designed to collect and manage different types of agricultural data, he said.

 

During farmer registration in the farmer organization module, the ministry collaborated with the Centre for Agricultural Research and Development (CARD) at the Lilongwe University of Agriculture and Natural Resources (LUANAR).

 

Kawale said this move aimed to ensure that the registration process was objective and independent.

 

"Following the data collection phase, data underwent thorough management, processing, and validation.

 

"The consultant, working closely with the Ministry, district councils, and other relevant institutions, have ensured that the data is accurate, reliable, and ready for use in planning and decision-making for various agricultural interventions".

 

He added the farmer register is a dynamic system, which will continually evolve to reflect the changing status and activities of farmers.

 

"It is critical that the register remains up-to-date to ensure that the information we collect is always accurate, accessible, and useful for agricultural planning, policy-making, and support services.

 

"To maintain the integrity and functionality of the register, the Ministry will continue to update it through its established structures and systems, ensuring that it remains ready for immediate use by all stakeholders at any time".

 

The other modules for NAMIS, include: Agriculture Statistics, Trade and Marketing, Food Security, Extension and Nutrition, Meteorology, Resource Mapping, Animal Health and Livestock, Land Resource Management, NAMIS Public Portal, Crop and Plant Health, Public Agriculture Monitoring Activity, Fisheries, Water and Irrigation, Non-State Actor Monitoring, Social Accountability, Human Resource and Administration.

 

According to Kawale, each of these modules includes a set of questionnaires configured within the NAMIS system, ensuring that data is collected comprehensively and analyzed effectively.

 

This system will serve as a critical tool for agricultural planning, policy-making, and service delivery in Malawi, the minister stated.

 

"This initiative represents a transformative step in the way we manage agricultural data in Malawi, moving away from traditional paper-based methods to a modern, digital platform that will revolutionize the management of agricultural sector data from generation, analysis, reporting and dissemination .

 

"It provides timely and accurate information to stakeholders and supporting more informed decision-making across the sector, a game-changer for Malawi's agricultural sector.

 

"By providing a digital platform for data collection, analysis, and decision-making, it will empower farmers, improve agricultural productivity, and ensure that we are prepared for the challenges and opportunities ahead," Kawale said.

 

Nyasa Times.

 

 

 

 

Liberia: Boakai Launches 2024 Agriculture Fair Today

President Joseph Nyuma Boakai will launch this year's national agricultural fair today, Agriculture Minister Dr. J. Alexander Nuetah, has disclosed.

 

The event, which will take place at the Booker Washington Institute (BWI) in Kakata, Margibi County, will bring together farmers, agripreneurs, government officials, and private sector members.

 

First implemented in 1956, this year's agricultural fair is under the theme Promoting Agriculture for Food Security Nutrition and Sustainable Development. The fair shall showcase the level of agricultural potential and innovations occurring in the sector over the years as well as provide the opportunity for agricultural actors to discuss the implementation of the new agricultural development plan, taking into consideration the challenges that are still confronting the sector and proposing amicable solutions.

 

Minister Nuetah has urged the citizens to attend the fair, stating the President who has been invited to officially launch the fair has underscored the importance of Liberia Feeding itself.

 

"The President has said we must be able to feed ourselves. This is why he has launched the National Agriculture Development to rally the citizens and development partners to support agriculture," he said.

 

He said the fair had been implemented by successive leaders since 1956 until now. However, it was dormant for several years.

 

The fair officially opened today with the President making a special statement, followed by a farmers' conference and an award ceremony on Friday for best performing actors then the next day Saturday, farmers, agro businesses will showcase produce.

 

The minister said following the president's statement there will be a field visit at the Fuamah Cooperative Farm, along the Bong Mines road by the president to get insight of the level of progress that his ministry is making in working with farmers and cooperatives.

 

"We will also have a presentation on what is the link between the farmers in strengthening their participation. If farmer's participation is not strengthened we will not realize our goal. People will also tell us about the NADP and the National Agriculture Investment Plan NAIP. We want to see what differences exist and how we can strengthen them. The farmers will also inform us about what resolution needs to be made.

 

"We expect the farmers will showcase their produce and want to make sure that all the produce will be bought," he said.

 

Liberian Observer.

 

 

 

Nigeria: Tax Reform Bills - CSOs Kick As FG Blames Opposition On Ignorance

Civil Society Organisations (CSOs) in Nigeria have criticised the federal government for labelling some citizens' opposition to the four tax reform bills as ignorance.

 

The director general of the National Orientation Agency (NOA), Lanre Onilu, said that various quarters in the country are resisting the tax bill because they lack proper awareness regarding the benefits of the proposed tax reforms.

 

Speaking on Wednesday at the Federal Secretariat, Bauchi, during a press briefing with journalists on the potential benefits of the tax reform bills submitted by the presidency to the National Assembly for consideration, Mr Onilu insisted that the reforms offer many advantages, particularly for the poor. He added that those opposing them are political figures who stand to pay more taxes under the new regime.

 

The NOA Director General, represented by the National Director of Planning, Research, and Strategy, Nuru Kobi, said the agency is committed to promoting awareness of ethical values and national development.

 

He added that, in addition to tax reform, the agency is initiating sensitisation campaigns in other areas, including HIV prevention, security awareness, human rights, and discouraging "get-rich-quick" schemes.

 

Mr Onilu argued that critical stakeholders, including the media, must be involved in shaping positive public perspectives on these key issues. He revealed that the tax reform bill would soon be made available in local languages to enhance understanding.

 

For her part, Bauchi State director of the agency, Mrs Theresa Omaga, stated that officials intend to lead efforts in every community within Bauchi State's 20 local government areas.

 

According to her, amplifying these efforts to ensure the message resonates with every Nigerian is paramount.

 

However, civil society organisations have criticised the government for chiding citizens on an issue the government has failed to provide adequate public education.

 

The CSOs that spoke to LEADERSHIP include the Transition Monitoring Group (TMG), Transparency International (TI), and the Civil Society Legislative Advocacy Centre (CISLAC).

 

"It is not wise to attack Nigerians. The government should engage in sensitisation. If the bills benefit Nigerians, they will accept them with adequate sensitisation. Bullying will not solve the problem. If the bills benefit Nigerians, the government should sensitise the people and dialogue with them," the CSOs said while urging members of the National Assembly to be patriotic.

 

LEADERSHIP reports that the CSOs have advocated for fiscal policy reforms that address Nigeria's socio-economic challenges while promoting transparency and inclusiveness. They described the Nigeria Tax Bill 2024 as a landmark legislative initiative that could transform the country's fiscal framework by consolidating legal provisions, enhancing tax administration, and promoting economic transparency.

 

"However, we strongly urge the National Assembly and the Executive to critically examine and address key gaps in the bill to ensure its implementation fosters inclusivity, economic equity, and sustainable governance," the CSOs said.

 

CISLAC executive director, Auwal Musa Rafsanjani, highlighted several critical concerns within the bill.

 

He said: "The proposed derivation model for VAT revenue distribution risks deepening economic disparities among states. Addressing such systemic inequities requires a constitutional review. To mitigate these challenges, we advocate establishing an Equalisation Fund to support less-developed states in building their human capital and institutional capacity until 2030. Additionally, VAT must be collected at the point of sale rather than remitted to corporate headquarters to enhance transparency and prevent regional disparities in revenue allocation.

 

"The proposed increase in VAT rates, which are set to double by 2030, raises significant concerns about its impact on inflation and poverty. We recommend maintaining the current VAT rate of 7.5% until the economy stabilises, coupled with measures to shield vulnerable populations from price shocks. It is also imperative that the list of VAT exemptions be expanded to include essential items such as cooking energy (LPG and kerosene) and electricity for consumer use, to mitigate the regressive effects of taxation on low-income households."

 

"To ensure tax incentives are administered equitably, we emphasise the need for transparency in their implementation. Strengthening the enabling laws of the Nigerian Investment Promotion Commission (NIPC) is critical to preventing misuse and ensuring inclusivity. Furthermore, the bill's provisions for an effective tax rate on multinationals and high-turnover companies must be backed by clear and enforceable guidelines. Strengthening compliance mechanisms will ensure that large corporations and multinational enterprises contribute their fair share to national revenue."

 

"Revenue from the Development Levy must be transparently utilised to enhance education and institutional capacity in underserved regions, supporting long-term human capital development," Rafsanjani stressed.

 

The CSOs underscored that fiscal policies should bridge socio-economic divides while fostering trust between the government and citizens.

 

He further urged the National Assembly to engage with stakeholders, including civil society organisations, to ensure the bill reflects the aspirations and needs of all Nigerians.

 

Senate Suspends Legislation

 

Meanwhile, the Senate has directed its Committee on Finance to halt further deliberations on the proposed tax bill until the outcome of a high-level meeting with the Attorney General of the Federation (AGF).

 

The announcement was made on Wednesday during the plenary session presided over by Deputy Senate President Barau Jibrin, who revealed that a special committee had been formed to address the bill's contentious provisions.

 

The meeting with the AGF to resolve the issues is scheduled for today, Thursday, December 5.

 

This decision follows intense discussions among lawmakers to resolve disagreements on key aspects of the proposed legislation. The contentious provisions have sparked debates among stakeholders over the past few days.

 

The Senate leadership also announced plans for a special meeting at the National Assembly, to be chaired by the Minority Leader.

 

The session aims to provide a platform for lawmakers to harmonise their positions and ensure that the bill aligns with national priorities while addressing concerns raised by stakeholders.

 

The special committee tasked with resolving the issues has the following members: Senators Abba Moro (chairman), Tahir Monguno, Adamu Aliero, Orji Uzor Kalu, Seriake Dickson, Titus Zam, Yahaya Abdullahi, Solomon Adeola, Sani Musa, and Mukhail Abiru.

 

The committee and Senate leadership are expected to lead efforts to ensure a balanced and inclusive approach to the proposed tax legislation.

 

Leadership.

 

 

 

 

Uganda: Police Tighten Control Over Bulamba Goldfields Amid Safety Concerns

The site, closed a month ago, had become a hub for unlicensed artisanal miners, posing severe risks to both human safety and the environment.

 

Authorities have intensified their presence at the Bulamba Ward gold mining area in Namayingo Town Council as part of ongoing efforts to address illegal and hazardous mining practices.

 

The site, closed a month ago, had become a hub for unlicensed artisanal miners, posing severe risks to both human safety and the environment.

 

The Police Minerals Protection Unit has since ramped up its deployment in the area to prevent further incidents.

 

According to ACP Julius Caesar Tusingirwe, Commander of the Police Minerals Protection Unit, the intervention was crucial to mitigating dangers associated with unregulated mining.

 

"People were losing their lives in collapsed pits, while mercury use contaminated nearby water sources. The influx also led to the establishment of informal lodges and restaurants within the mining zone," Tusingirwe explained.

 

The crisis has extended beyond environmental and safety concerns, with local leaders reporting a rise in school dropouts as children abandoned their studies to join mining activities alongside their parents.

 

In a bid to find sustainable solutions, Minister of State for Energy and Mineral Development, Phiona Nyamutoro, visited the area on a fact-finding mission.

 

While community members hoped for the reopening of the goldfields, the minister emphasized the need for proper organization and licensing of artisanal miners.

 

"Form organized artisanal mining associations and obtain the necessary licenses. Only then can mining resume in a structured and safe manner," Nyamutoro urged.

 

It was revealed that, of the thousands of miners previously operating in the area, only one held a valid mining license.

 

A critical meeting has been scheduled for next Tuesday, where the minister, local leaders, and representatives of artisanal miners' associations will discuss the way forward.

 

"This meeting is part of our commitment to finding a lasting solution that balances community livelihoods with environmental protection and safety," Tusingirwe added.

 

Local leaders face the challenge of reconciling the community's economic dependence on mining with the pressing need to safeguard Namayingo's natural and social resources.

 

As the community anticipates the outcome of Tuesday's meeting, the fate of the Bulamba goldfields hangs in the balance.

 

Nile Post.

 

 

 

 

Nigeria's 4 Billionaires' Wealth Drops By $4bn to $23.8bn On Economic Headwinds

The combined net worth of Nigeria's four wealthiest individuals is $23.8 billion, according to the Forbes Real-Time Billionaires List, down from $27.8 billion in Q1.

 

This reflects a decline of $4 billion off their combined wealth in the last eight months, due to economic headwinds, persistent devaluation of the naira as well as high inflationary pressures in the country.

 

These individuals play key roles in critical sectors of Nigeria's economy and maintain significant positions on the global wealth index.

 

Their financial standing reflects trends in Nigeria's economy, which is shaped by currency fluctuations, policy changes, and market forces. The refining industry, for example, is poised for growth. The Dangote Refinery is projected to impact Nigeria's energy sector and Aliko Dangote's position on the wealth index.

 

These billionaires have capitalised on opportunities while managing economic challenges, reflecting their influence on Nigeria's economic trajectory. Their fortunes highlight the intersections of strategic decision-making and economic developments in the country.

 

According to Forbes Real-Time Billionaires List, here are the four Nigerian billionaires on the Forbes list worth $23.8 billion as of December 03.

 

Aliko Dangote -- $11.1 billion

 

Aliko Dangote remains the wealthiest individual in Nigeria and Africa's leading industrialist. His fortune stems largely from cement production under the Dangote Group, as well as operations in sugar, salt, and fertiliser manufacturing. His wealth is projected to grow even further with his ventures like the Dangote Refinery.

 

Mike Adenuga -- $6.7 billion Mike Adenuga ranks as Nigeria's second-richest billionaire, with investments spanning telecommunications and oil production. His telecom company, Globacom, operates as a key player in Nigeria and across West Africa. Adenuga's oil ventures also contribute to his fortune.

 

Abdulsamad Rabiu -- $4.5 billion

 

Abdulsamad Rabiu secures the third spot with wealth tied to the BUA Group, a conglomerate heavily involved in cement manufacturing and sugar refining. His strategic investments have solidified BUA as a formidable competitor in Nigeria's industrial sector.

 

Femi Otedola -- $1.5 billion

 

Femi Otedola rounds out the list with a net worth of $1.5 billion. Known for his energy-related ventures, particularly in power generation and distribution, Otedola has also expanded his investments into other profitable sectors.

 

Leadership.

 

 

 

 

Boeing plea deal over fatal Max crashes rejected

A Boeing plea deal intended to resolve a case related to two fatal crashes of its planes has been rejected by a US judge.

 

The plane maker agreed with the US government in July to plead guilty to one count of criminal fraud, face independent monitoring and pay a $243m (£191m) fine.

 

However, Judge Reed O'Connor struck down the agreement on Thursday, saying it undermined the court and that diversity requirements for hiring the monitor were "contradictory".

 

Family members of the 346 people killed in the crashes welcomed the ruling, describing the plea deal as a "get-out-of-jail-free card for Boeing".

 

 

The Department of Justice said it was reviewing the decision. Boeing did not immediately comment.

 

In his decision, Judge O'Connor said the government's previous years of overseeing the firm had "failed".

 

"At this point, the public interest requires the court to step in," he wrote.

 

He said the proposed agreement did not require Boeing to comply with the monitor's recommendations and gave the company a say in selecting a candidate.

 

Those issues had also been raised by some families of those killed on the flights, who had criticised it as a "sweetheart" arrangement that did not properly hold the firm to account for the deaths.

 

Judge O'Connor also focused on the deal's requirements that race be considered when hiring the monitor, which he said would undermine confidence in the person hired.

 

"In a case of this magnitude, it is in the utmost interest of justice that the public is confident this monitor selection is done based solely on competency," he wrote.

 

"The parties' DEI [diversity, equity and inclusion] efforts only serve to undermine this confidence in the government and Boeing's ethics and anti-fraud efforts."

 

Can Boeing turn it around?

 

Ike and Susan Riffel of California, who lost their two sons, Melvin and Bennett, said the judge had done "the right thing" in rejecting the proposed agreement.

 

"This deal didn't hold anyone accountable for the deaths of 346 people and did nothing to protect the flying public," they said in a statement supplied by their lawyer.

 

They said they hoped the ruling would pave the way for "real justice".

 

An ongoing crisis

Boeing and the Department of Justice have 30 days to develop a new plan in response to the ruling.

 

The plane maker has been struggling to emerge from the shadow cast by two, near-identical crashes of its 737 Max planes in 2018 and 2019.

 

The aerospace giant faced fresh crisis in January when a door panel on a new Boeing plane operated by Alaska Airlines blew out soon after take-off.

 

The incident reignited questions about what Boeing had done to improve its safety and quality record since the accidents, which were tied to the company's flight control system.

 

The door panel malfunction happened shortly before the end of a three-year period of increased monitoring and reporting.

 

Boeing had agreed to the monitoring as part of a 2021 plea deal to resolve a charge it had deceived regulators over the flight control system.

 

In May, the Department of Justice said Boeing had violated the terms of that agreement, opening up the possibility of prosecution.

 

Instead, the two sides struck another deal, angering families who had hoped to see the company brought to trial.

 

In the ruling, Judge O'Connor wrote it was "not clear what all" Boeing had done to breach the 2021 agreement.

 

Nonetheless, he wrote, "taken as true that Boeing breached the [deal], it is fair to say that the government's attempt to ensure compliance has failed".

 

 

Erin Appelbaum, partner at Kreindler & Kreindler, which represents some families of those killed on the 2019 Ethiopian Airlines Flight 302, called Thursday's ruling an "excellent decision and a significant victory" for the victims' families.

 

"We anticipate a significant renegotiation of the plea deal that incorporates terms truly commensurate with the gravity of Boeing's crimes," she said.

 

"It's time for the [Department of Justice] to end its lenient treatment of Boeing and demand real accountability."-BBC

 

 

 

 

Trump tariff threat puts a strain on Canada-Mexico ties

Canada's Prime Minister Justin Trudeau greets Mexico's President Claudia Sheinbaum at the G20 summit in November

Canada is being accused of throwing Mexico under the bus amid a tariff threat ahead of President-elect Donald Trump's second term in the White House.

 

Last week, Trump threatened he would impose a blanket 25% tariff on both countries when he takes office in January unless they secured their shared borders with the US.

 

Canadian officials were quick to distance their country's border issues from those of Mexico, arguing that drug smuggling and unlawful crossings at the southern border were much higher, and that Mexico was serving as a "back door" in North America for Chinese investment.

 

Those remarks have not gone unnoticed in Mexico.

 

 

Mexican President Claudia Sheinbaum told the Associated Press this week that “Mexico must be respected, especially by its trading partners”.

 

She added that Canada had its own social problems with fentanyl use, adding the country “could only wish they had the cultural riches Mexico has”.

 

'It's going to be hard': US firms race to get ahead of Trump tariffs

Sheinbaum's remarks came after Canada's US ambassador, Kirsten Hillman, told the news agency that during a recent dinner at Mar-a-Lago, Trump's Florida residence, Prime Minister Justin Trudeau told the president-elect that the northern border was "vastly different than the Mexican border".

 

Doug Ford, leader of Ontario, Canada's most populous province, said last week that lumping Canada and Mexico together on border security - given the differences between the two boundaries - was "the most insulting thing" he has heard from the US, a long-time close ally of Canada.

 

Canadian officials have also tried to position the US and Canada as a united front against China, while saying they share concerns that China was using Mexico as a backdoor to flood the North American market with cheap imports.

 

In October, Canada imposed a 100% tariff on imports of Chinese-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.

 

Mexico has not levied a similarly steep tariff.

 

At the moment, all three countries are under a North American trade agreement that was renegotiated during Trump's first term. It is up for renegotiation again in 2026.

 

But tensions with China prompted Ford to repeatedly call for separate bilateral trade deals between Canada, the US and Mexico - a proposal that has been backed by Danielle Smith, leader of Canada's oil-rich province of Alberta.

 

"They've had an opportunity to fix these concerns for years and they just don't want to," Ford said in late November.

 

Trudeau has said that while Canada preferred Mexico remain a united North American trade partner, “we may have to look at other options" if the country doesn't address China trade.

 

Marta Leardi-Anderson, the executive director of the Cross-Border Institute at the University of Windsor - an Ontario city connected by a bridge to Detroit, Michigan - said Ford's comments are likely a reflection of Ontario's deep reliance on its US trade relationship.

 

The province is at the heart of the highly integrated auto industry in Canada, and trade between Ontario and the US totalled more than C$493bn ($350bn) in 2023.

 

"That's a huge amount of economic energy from just one region of the country," Ms Leardi-Anderson said.

 

She added that Trump's views on tariffs and border security have forced Mexico and Canada - also long-time allies - to dissect the shortcomings in their relationship in ways they have not done before.

 

These comments were seen as a betrayal by Mexico's lead trade negotiator, Gutierrez Romano, who told Canadian newspaper the Globe and Mail last week that "it is not rational to be divided against the United States".

 

Ford's comments and Trudeau's perceived silence about them were also seen as offensive by some of the Mexican public, says Oliver Santín Peña, a professor at the National Autonomous University of Mexico.

 

"Ultimately, it is not a good time in the bilateral relationship [between Canada and Mexico]," Mr Peña told the BBC, noting the nations have enjoyed a steady relationship for 85 years.

 

He said Sheinbaum's response signals that she will stand up for Mexico when needed, but she is likely not seeking to open a two-front trade war with Trump and Trudeau.

 

"She would not fall for provocations," Mr Peña said, but also wants to communicate "that her country should be respected".

 

Sheinbaum, who took office in October, is still establishing herself in the role and the country's first woman president and has taken the position that Mexico is to be respected as a full and equal partner, particularly by its North American neighbours.

 

"I always will defend Mexico and Mexicans' rights, including those based in the United States," she told the BBC on the campaign trail when asked her about the possibility of working with a second Trump administration.

 

A tale of two borders

While both the northern and southern US borders have reported unlawful crossings and drug seizures, the numbers at the border with Canada are considerably lower than those at the Mexico border, according to official data.

 

US border agents have seized 43lbs (19.5kg) of fentanyl at the northern border between October 2023 and this September, compared to more than 21,000lbs at the southern border.

 

Over the same period, there were just under 200,000 migrant encounters at the northern border, and more than two million at the southern border.

 

Canada has promised to beef up border security since Trump's surprise tariff threat.

 

Meanwhile, Sheinbaum has shared her country's immigration strategy with Trump while emphasising her view of "respecting human rights".

 

"We reiterate that Mexico’s position is not to close borders but to build bridges between governments and between peoples," she has said.

 

Crossings at the US-Mexico border dropped sharply this summer after reaching record highs earlier under the Biden administration, in part due to efforts by Mexico to implement measures like setting up new checkpoints and increasing patrols.

 

Since Trump and Sheinbaum spoke on the phone following the tariff threats, Mexico has also made what it says is a record seizure of fentanyl - some 1,500 tablets with an estimated value of around $400m.

 

Mexico, China and Canada together account for more than a third of the goods and services both imported and exported by the US, supporting tens of millions of American jobs.

 

About 75% of Canada’s exports go to the US, and Canadian imports to the US are valued at $430bn, according to the United Nations Comtrade database on international trade.

 

Mexico is the top trading partner of the US with imports valued at $480bn.-BBC

 

 

 

 

What next for Bitcoin after bursting $100k barrier?

Bitcoin's price has blasted through the much-anticipated threshold of $100,000, raising questions about how much higher it could go - and whether it can shake off its notorious volatility.

 

The world's largest cryptocurrency rose to around $103,400 shortly after 04:00 GMT on Thursday, before falling slightly.

 

Dan Coatsworth, investment analyst at AJ Bell, described it as a "magic moment" for the cryptocurrency and said it had a "clear link" to Donald Trump's election victory.

 

Trump took to social media to celebrate the milestone, posting "congratulations Bitcoiners" and "you're welcome!"

 

The president-elect had previously pledged to make the US the "crypto capital" and "Bitcoin superpower" of the world, helping to push Bitcoin's price higher once he was elected president.

 

It broke through the $100k barrier after Trump said he would nominate former Securities and Exchange Commission (SEC) commissioner Paul Atkins to run the Wall Street regulator.

 

Mr Atkins is seen as being far more pro-cryptocurrency than the current head, Gary Gensler.

 

"Clearly there is anticipation that the new administration is going to be somewhat more favourable to crypto than the old administration was," said Andrew O'Neill, digital assets expert at S&P Global.

 

"So for the price of Bitcoin, I think that that's what's driven the trend so far [and it will] likely continue into the new year," he added.

 

However, Bitcoin has a history of sharp falls as well as rapid rises - and some analysts have cautioned that is unlikely to change.

 

“A lot of people have got rich from the cryptocurrency soaring in value this year, but this high-risk asset isn’t suitable for everyone," said Mr Coatsworth.

 

"It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment."

 

 

What is Bitcoin? Key crypto terms and what they mean

Bitcoin crosses $100k - and seven other wild moments in its history

The Trump effect

During the US presidential election campaign, Trump sought to appeal to cryptocurrency investors with a promise to sack Gary Gensler - chair of the US financial regulator the Securities and Exchange Commission (SEC) - on "day one" of his presidency.

 

Mr Gensler's approach to the cryptocurrency sector has been decidedly less friendly than Trump's.

 

He told the BBC in September it was an industry “rife with fraud and hucksters and grifters”.

 

Under his leadership, the SEC brought a record 46 crypto-related enforcement actions against firms in 2023.

 

Mr Gensler said in November he would step down on 20 January - the day of Trump's inauguration.

 

The choice of Paul Atkins to replace him at the helm of the SEC has been welcomed by crypto advocates.

 

Mike Novogratz, founder and chief executive of US crypto firm Galaxy Digital said he hoped the "clearer regulatory path" would now accelerate the digital currency ecosystem's entry into "the financial mainstream."

 

 

Line chart showing the value of Bitcoin in US dollars, from 31 July 2010 to 5 December 2024. On 31 July 2010, one Bitcoin was worth 6 cents. Its value stayed relatively low until it climbed to around $14,000 in December 2017. It fell again before hitting a peak of around $59,000 in March 2021, and then dropped again before rising to around $61,000 in October 2021. It hit a low of $17,000 in December 2022, before climbing to a high of around $103,000 on 5 December 2024.

Bitcoin has seen fewer drastic falls in value during 2024 than in previous years.

 

In 2022 its price fell sharply below $16,000 after crypto exchange FTX collapsed into bankruptcy.

 

A number of key events besides Trump's victory in the election have helped boost investor confidence that its value will keep going up.

 

The SEC approved several spot Bitcoin exchange traded funds (ETFs) allowing giant investment firms like Blackrock, Fidelity and Grayscale to sell products based on the price of Bitcoin.

 

Some of these products have seen billions of dollars in cash inflows.

 

But its potential to suddenly plummet in value serves as a reminder that it is not like orthodox currencies - and investors have no protection or recourse if they lose money on Bitcoin investments.

 

Carol Alexander, professor of finance at Sussex University, told BBC News that fear of missing out (FOMO) among younger people will see Bitcoin's price continue to rise.

 

But she added that while this could spark a rise in other cryptocurrencies, many of the younger investors investing in meme coins are losing money.

 

Kathleen Breitman, co-founder of another cryptocurrency - Tezos - also had a word of caution for those tempted to invest in Bitcoin.

 

"These are markets that tend to move on momentum so you need to be extraordinarily cautious with it," she told the BBC.-BBC

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

 


 

 


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