Major International Business Headlines Brief::: 10 December 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  10 December 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Illegal Miners Demand For More Food, Fuel Supplies 

ü  Nigeria: FCT-IRS Launches Taxation Unit to Target High-Income Earners

ü  Tanzania to Benefit From Kenya's Renewable Energy Via New Transmission
Line

ü  Nigeria: Import Licences - Dangote Refinery Applies to Amend Suit Against
NNPC, Others

ü  Nigeria Earns N73tn From Oil Export in 21 Months Amid Surging Govt
Borrowing

ü  Nigeria: PETAN Proposes Special $15m Funding for Members' Projects
Outside Nigeria

ü  Nigerians Will Decide Their President in 2027 - Atiku to Akume

ü  Nigeria Out of List As IATA Reports $1.7 Billion Blocked Funds

ü  Mozambique Political Unrest Disrupts Eswatini Sugar Exports

ü  Kenya: KRA Records 4.3 Percent Revenue Growth in 5 Months to Nov to Sh1tn

ü  Hershey shares jump on Cadbury owner buyout report

ü  What is rage-baiting and why is it profitable?

ü  Murdoch loses bid to change trust in real-life 'Succession' battle

ü  Google unveils 'mind-boggling' quantum computing chip

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa: Illegal Miners Demand For More Food, Fuel Supplies 

A man emerging from the abandoned mines in Stilfontein carried a letter from
the illegal miners still trapped underground, reports IOL. The letter listed
several requests, including mayonnaise, washing powder, tomato sauce, beef,
Koo canned beans, soap, and deodorants. It explained that their supply of
relish was depleted, prompting their request for meat and canned fish. The
miners also said they ran out of rice and paraffin and asked for more
provisions. While food supplies were being delivered to the miners at
Buffelsfontein goldmine, the High Court in Pretoria ruled that the police
had violated a court order permitting community members, volunteers, and
charities to provide the miners with essentials like food and water.

 

Westbury Residents Urge Action on Four-Year Water Crisis

 

Residents from Westbury, Coronationville, Melville, and nearby areas in
Johannesburg have called on the newly elected Johannesburg council speaker
to urgently address the water crisis in their communities, reports SABC
News. The plea arose during a public meeting hosted by speaker Nobuhle
Mthembu to discuss the persistent water cuts. Residents said that they have
endured daytime water outages for the past four years, severely affecting
their daily lives.

 

Gauteng Reopens School Applications for Unplaced Learners

 

The Gauteng Department of Education has announced that it will reopen its
online school admissions process from Wednesday to January 30, reports SABC
News. The department revealed that over 19,000 learners have not yet been
placed in schools due to incomplete applications, while more than 325,000
have already been successfully admitted for the 2025 academic year.
Department spokesperson Steve Mabona encouraged parents to check for
available schools when the system reopens on December 11. Mabona said that
only schools with available space will be listed and urged parents to take
advantage of the reopened system, especially those who missed earlier
deadlines or are new to Gauteng.

 

More South African news

 

 

 

Nigeria: FCT-IRS Launches Taxation Unit to Target High-Income Earners

The agency said over 10,000 individuals earning N25 million or more annually
have been identified, with notices already sent to them.

 

The Acting Executive Chairman of the Federal Capital Territory Internal
Revenue Service (FCT-IRS), Michael Ango, has created a dedicated unit in the
organisation to enforce tax compliance among high-net-worth individuals
(HNIs) in Abuja.

 

Head of Corporate Communications of FCT-IRS, Mustapha Sumaila, disclosed
this in a statement on Monday in Abuja.

 

Mr Ango said the initiative marks a significant shift in Abuja's tax
strategy because the agency wants to close the revenue gap and support
ongoing infrastructure projects spearheaded by FCT Minister Nyesom Wike.

 

He explained that the HNI unit would oversee income assessments, tax
collection, and compliance enforcement while collaborating with government
agencies to ensure streamlined operations.

 

The acting chairman revealed that over 10,000 individuals earning N25
million or more annually have been identified, with notices already sent to
them.

 

He said if they fail to comply, the relevant provisions of the law would be
invoked to recover all the outstanding liabilities.

 

"We believe it is in our mutual interest for HNI taxpayers to comply
voluntarily. Otherwise, we will enforce the law to recover all outstanding
liabilities," Mr Ango said.

 

Read the full statement:

 

PRESS STATEMENT

 

FCT-IRS creates a Dedicated Unit for the taxation of High Networth
Individuals

 

The Federal Capital Territory Internal

 

Revenue Service (FCT-IRS) has created a dedicated Unit for taxation of High

 

Networth Individuals (HNIs) in the FCT.

 

In a circular signed by the Acting Executive Chairman of the Service,
Michael Ango, it was indicated that the Unit would focus on the assessment
and collection of income and other taxes as well as oversee compliance and
enforcement of tax obligations by HNIs in the FCT. The unit will also be
responsible for interfacing with agencies of government and other
organisations, within and outside the FCT, regarding the taxation of HNIs in
the FCT.

 

Further to the creation of the Unit, the Acting Executive Chairman of the
FCT-IRS, Michael Ango, stated that the FCT-IRS is now focused on the proper
identification, profiling and management of high-net-worth individuals
within the FCT for tax compliance purposes.

 

At a meeting to unveil the Unit, the Acting Executive Chairman stated that
HNIs are "any individual whether in paid employment, self-employed, carrying
on business or having passive annual income of N25,000,000.00 (Twenty-Five
Million Naira) and above in any financial year".

 

He, therefore, urged all taxpayers that fall within this category to comply
with their tax obligations and pay up all outstanding liabilities within two
weeks.

 

"For our HNI taxpayers, we believe it is in our mutual interest that they
comply voluntarily and we have identified over 10,000 of such individuals,
with income in trillions of Naira, to whom we have started to send notices.
We expect that they will respond and comply voluntarily, otherwise, we will
apply the relevant provisions of the law and exercise our powers to recover
all the outstanding liabilities"

 

It will be recalled that since resuming Office, as Chief Executive of the
Service, Mr. Ango, has consistently emphasized the need to enhance revenue
generation in the FCT, to support the aggressive infrastructural
transformation being undertaken by the Federal Capital Territory
Administration under the Honourable Minister of the FCT, His Excellency,
Barrister Ezenwo Nyesom Wike, CON.

 

The Acting Chairman stated that he would continue to take steps to ensure
compliance by all taxpayers, irrespective of status and enjoined all
residents of the FCT to continue to support the efforts of this
administration to improve the infrastructure and public services in the FCT
and satellite towns by paying their taxes.

-Premium Times.

 

 

 

 

Tanzania to Benefit From Kenya's Renewable Energy Via New Transmission Line

Nairobi — Kenya has completed a 400-kilovolt transmission line with
Tanzania, paving the way for renewable energy exports and regional energy
integration.

 

Energy Cabinet Secretary Opiyo Wandayi announced the milestone, highlighting
that the line will also allow Tanzania to access clean energy from Ethiopia
via Kenya's infrastructure.

 

"Kenya has finalized the construction of the transmission line, enabling
Tanzania to harness renewable energy from Kenya and Ethiopia," said Wandayi
during the Eastern Africa Power Pool (EAPP) Regional Trade Conference 2024.

 

Kenya's renewable energy capacity, one of the highest in the region,
includes geothermal (841.1 MW), hydroelectric (810.4 MW), wind (425.5 MW),
and solar (210.3 MW).

 

The Energy and Petroleum Regulatory Authority (EPRA) reports that renewable
energy accounts for 79.56% of Kenya's total installed capacity of 2,776.3 MW
as of December 2023.

 

The EAPP conference, attended by over 300 delegates, focused on strategies
for energy integration, bringing together energy ministers, regulators, and
development partners from across Africa.- Capital FM.

 

 

 

 

Nigeria: Import Licences - Dangote Refinery Applies to Amend Suit Against
NNPC, Others

Abuja — The Dangote Petroleum Refinery and Petrochemicals FZE, has
approached the Federal High Court in Abuja for permission to amend the suit
it filed to nullify licenses the Nigeria National Petroleum Company Limited,
NNPCL, and six others secured to import refined petroleum products into the
country.

 

The company, in the application it filed through its team of lawyers, led by
Chief Ogwu Onoja, SAN, prayed the court to grant it leave to amend its
originating summons to correct the name of the 2nd defendant in the matter.

 

The application followed a preliminary objection the NNPCL filed to strike
out the legal action for want of competence.

 

NNPCL had, among other things, contended that Dangote Refinery sued a
non-existing party, noting

 

that the court processes showed that 'NNPC', an entity that is currently
non-existent, was listed as the 2nd defendant in the matter.

 

NNPCL urged the court to strike out its name from the suit, even as it
challenged the locus standi (legal right) of the plaintiff to file the
action it described as "premature."

 

"This 2nd defendant in this suit as consistently seen on the face of the
plaintiff's originating summons, the affidavit in support and the written
address, is Nigeria National Petroleum Corporation Limited, NNPC.

 

"A simple search on the CAC website shows that there is no entity called
Nigeria National Petroleum Corporation Limited, NNPC," it added.

 

More so, it argued that NNPCL which filed the objection and the NNPC, are
not the same, describing the entity listed as the 2nd defendant as a non
juristic person.

 

"The 2nd defendant is not a competent party. The plaintiff's suit is
incompetent. This honourable court lacks the jurisdiction to hear this
suit," the NNPCL argued.

 

Meanwhile, in its fresh application, Dangote Refinery prayed the court to
allow it to correct the name of the 2nd defendant to read "Nigerian National
Petroleum Company Limited," instead of "Nigeria National Petroleum
Corporation Limited (NNPC)" earlier listed.

 

The plaintiff, in its affidavit that was deposed to by one Vincent Sani,
said it noticed the error in the 2nd defendant's name, after the suit was
filed.

 

It said the planned amendment was for record of the court to contain the
correct name of the 2nd defendant as a party in the suit.

 

Pleading the court to accede to its request in the interest of justice, the
plaintiff argued that the defendants would not be prejudiced.

 

Other defendants in the suit are the Nigeria Midstream and Downstream
Petroleum Regulatory Authority, NMDPRA, AYM Shafa Limited, A. A. Rano
Limited, T. Time Petroleum Limited, 2015 Petroleum Limited as well as Matrix
Petroleum Services Limited.

 

Specifically, Dangote Refinery, in the suit marked: FHC/ABJ/CS/1324/2024, is
querying the propriety of the licence that was issued to the defendants to
bring refined petroleum products into the country, when there is no
shortfall in its own production.

 

It is equally praying the court to award N100billion in damages against the
NMDPRA for allegedly continuing to issue import licenses to NNPCL and the
other defendants for the import of petroleum products such as Automotive Gas
Oil (AGO) and Jet Fuel (aviation turbine fuel) into Nigeria.

 

It told the court that the licences were issued to the defendants, "despite
the production of AGO and Jet-A1 that exceeds the current daily consumption
of petroleum products in Nigeria by the Dangote Refinery."

 

Among other things, the plaintiff applied for an order of injunction,
restraining the 1st defendant (NMDPRA) from further issuing and/or renewing
import licenses to the 2nd to 7th defendants or other companies for the
purpose of importing petroleum products.

 

It prayed for an order of court directing the 1st defendant to seal off all
tank farms, storage facilities, warehouses, and stations used by the
defendants for the storage of all refined petroleum products imported into
Nigeria.

 

It will be recalled that the three major oil marketers that were also cited
as defendants in the suit- AYM Shafa Limited, A. A. Rano Limited and Matrix
Petroleum Services Limited- prayed the court to dismiss the suit.

 

They urged the court to stop what they described as plot by Dangote Refinery
to monopolize the energy sector of the Nigerian economy.

 

The marketers argued that allowing the plaintiff to takeover the oil sector
would spell doom for the country.

 

The defendants told the court that they are well qualified and entitled to
be issued licence by the 1st defendant to import petroleum products into the
country within the provisions of Section 317(9) of the PIA.

 

They argued that vesting the plaintiff with the power of monopoly in
Nigeria's petroleum industry, as it is seeking through the legal action,
would kill competitive pricing of petroleum products in the country, further
deteriorate Nigeria's critically ailing economy "and unleash untold hardship
on Nigerians, all of which constitute a recipe for disaster in the polity."

 

Justice Inyang Ekwo had earlier adjourned the matter till January 20, 2025,
to enable the parties to explore an out-of-court settlement of the dispute,
even as the plaintiff expressed its readiness to withdraw the
suit.-Vanguard.

 

 

 

 

Nigeria Earns N73tn From Oil Export in 21 Months Amid Surging Govt Borrowing

Abuja — Nigeria's total crude oil export revenues hit N73 trillion in the 21
months spanning January 2023 to September 2024, THISDAY's analysis of data
from the National Bureau of Statistics (NBS) for the period has shown.

 

The period also saw a significant rise of export of the commodity by about
200 per cent from a meagre value of just over N5 trillion in the first
quarter of 2023 to over N15 trillion in the first quarter of 2024.

 

With capacity to raise production to 2 million barrels per day by just
reopening inactive wells and blocking oil thieves from siphoning the
country's commonwealth, Nigeria has since 2020 struggled to hit its output
target.

 

But despite the massive increase in revenues from crude oil export,
THISDAY's checks indicated that rather than slow down government borrowing,
loans taken by the federal government have indeed soared in the months under
consideration.

 

A review of the 'Foreign Trade in Goods Statistics' of the NBS for the seven
quarters during the period January 2023 to September 2024, implied that in
the first quarter of 2023, Nigeria exported a miserly N5.148 trillion worth
of crude oil, which was even the largest export value for the period.

 

In addition, the value of crude oil exports in Q2, 2023 stood at N5.586
trillion, indicating an increase of 8.50 per cent compared to the value
recorded in Q1, 2023, although it declined by 5.44 per cent when compared to
the same period in 2022 (N5.907 trillion).

 

Also, in Q3, 2023 the value of total crude oil exported by Nigeria,
according to historical NBS data, stood at N8.535 trillion, indicating an
increase of 70.52 per cent compared to the value recorded in Q2, 2023. It
also increased by 83.23 per cent when compared to the same period in 2022,
which was N4.658 trillion.

 

In the same vein, earnings from crude oil exports continued to rise in Q4,
2023 standing at N10.310 trillion, indicating an increase of 20.80 per cent
compared to the value recorded in Q3, 2023 and increased by 109.91 per cent
when compared to the same period in 2022, which was N4.911 trillion.

 

Besides, exports trade in the first quarter of 2024 was dominated by crude
oil exports valued at N15.486 trillion, representing 80.80 per cent of total
exports while the value of non-crude oil exports stood at N3.680 trillion,
accounting for 19.20 per cent of total exports.

 

In the second quarter of 2024, crude oil export was valued at N14.559
trillion representing 74.98 per cent of total exports, while the value of
non crude oil exports stood at N4.859 trillion, accounting for 25.02 per
cent of total exports.

 

Finally, in Q3, 2024, Nigeria's exports trade continued to be dominated by
crude oil exports, valued at N13.406 trillion and representing 65.44 per
cent of total exports while the value of non-crude oil exports stood at
N7.080 trillion, accounting for 34.56 per cent of total exports; of which
non-oil products contributed N2.501 trillion or 12.21 per cent of total
exports.

 

But despite the massive increase in earnings from crude oil, data also
showed that Nigeria's public debt has been growing in the last two years,
with the country's debt stock increasing from N97.34 trillion in Q4, 2023 to
N121.67 trillion in Q1, 2024. This was a 24.99 per cent increase on a
quarter-on-quarter basis.

 

But the federal government recently justified its continued borrowing,
citing legislative approvals and budgetary requirements, even after
revenue-generating agencies reported significant surpluses for the 2024
fiscal year.

 

Speaking during an interactive session between the government's revenue
agencies and the National Assembly Joint Committees on Finance, Budget, and
National Planning, with focus on the 2025-2027 Medium Term Expenditure
Framework (MTEF) and Fiscal Strategy Paper (FSP), Senator Adamu Aliero
sought to know why the government still collect foreign loans despite
exceeding revenue targets.

 

But the Federal Inland Revenue Service (FIRS) Chairman, Zacch Adedeji,
explained that borrowing remains part of the appropriation law passed by the
National Assembly.

 

"Borrowing is part of what has been approved by the National Assembly for
the federal government. Surpassing revenue targets does not negate the
borrowing component of the law," he said.

 

Also, Minister of Budget and Economic Planning, Senator Atiku Bagudu,
stressed that the N9.7 trillion deficit in the N35.5 trillion 2024 budget
necessitated borrowing to fund critical areas.

 

In his defence of government borrowing, the Minister of Finance and
Coordinating Minister of the Economy, Mr. Wale Edun, insisted that there was
the need for borrowing to address funding gaps, especially for initiatives
targeting the poorest and most vulnerable.-This Day.

 

 

 

 

Nigeria: PETAN Proposes Special $15m Funding for Members' Projects Outside
Nigeria

The Petroleum Technology Association of Nigeria (PETAN) has proposed the
creation of a special funding of at least $15 million exclusively for its
members to access for financing of their oil and gas service projects
outside the country.

 

This is as Nigeria continues to push for export of its local content
capabilities beyond its borders through the execution of projects outside
the country's shores.

 

With PETAN members' contribution of their 1 per cent Nigerian Content Fund
(NCF) hitting about $20 million yearly, Chairman of PETAN and Chief
Executive Officer of Geoplex, Mr. Wole Ogunsanya, said it was necessary that
the Nigerian Content Development and Monitoring Board (NCDMB) creates a
dedicated funding scheme to be domiciled with the Bank of Industry (BoI) for
use by the association.

 

Ogunsanya made the proposal while speaking on a panel at the just concluded
13th Practical Nigerian Content Forum (PNC) in Yenagoa, Bayelsa State.

 

He said PETAN with over 100 member companies deserves such dedicated funding
as the association is the largest contributor to the NCF fund being used by
the NCDMB to drive local content in the Nigerian oil and gas industry.

 

Ogunsanya promised that any amount lent to any member of the association to
execute project outside the country would be paid back with an interest and
without any difficulty recovering the money from the company.

 

He explained: "So the next step for us is to ensure that at least $15
million out of the $20 million we're contributing annually as the NCF fund
is dedicated to our members. NCDMB is supposed to help us anyway. If you
give us $15 million on a yearly basis, we'll ensure that that money comes
back to you with interest. "The reason is that if I'm going to do a service
somewhere outside Nigeria, I need to convince NCDMB that the equipment that
they are funding on my behalf, on behalf of PETAN members, they take out to
Uganda for instance, I can make sure that I can domicile that payment and
make sure the bank and the NCDMB get their money back", he noted.

 

-This Day.

 

 

 

Nigerians Will Decide Their President in 2027 - Atiku to Akume

Former Vice President Atiku Abubakar has responded to Secretary to the
Government of the Federation (SGF), Senator George Akume, who suggested that
the North should wait until 2031 to contest the presidency.

 

Atiku insisted that Nigerians will ultimately determine their leader in the
2027 elections.

 

During a recent television interview, Akume said, "President Tinubu, as a
southerner, should be allowed a second term. Those eyeing the presidency
from the North in 2027 should wait until 2031. If it is God's will for Atiku
to be president, even at 90 years, it can happen. But for now, northerners
should look beyond 2027."

 

Reacting via a post on X (formerly Twitter), Atiku's spokesperson, Paul Ibe,
challenged the SGF's remarks, citing an imbalance in Nigeria's leadership
history.

 

"By 2027, the South would have held the presidency for 17 years--eight under
Obasanjo, five under Jonathan, and four under Tinubu--compared to the
North's 11 years, with Yar'Adua's three and Buhari's eight. This creates a
six-year disparity, questioning true equity and fairness," Ibe wrote.

 

He added that the decision to re-elect a government lies with the Nigerian
people and depends on the administration's performance. "Has the Tinubu
government demonstrated that it deserves reelection? The answer is
clear--God forbid!"- Daily Trust.

 

 

 

 

Nigeria Out of List As IATA Reports $1.7 Billion Blocked Funds

For the first time in recent years, Nigeria is out of the list of countries
with a significant amount of airlines' blocked funds as the International
Air Transport Association (IATA) report indicated.

 

Yesterday, the association representing some 340 airlines comprising more
than 80% of global air traffic reported that $1.7 billion in airline funds
are blocked from repatriation by governments as of the end of October 2024.

 

It however stated that this is a small improvement compared to the $1.8
billion reported at the end of April.

 

"Over the last six months, we have seen significant reductions in blocked
funds in Pakistan, Bangladesh, Algeria and Ethiopia.

 

"At the same time, amounts are rising in the XAF /XOF zones and Mozambique.
Bolivia has also emerged as a problem, where repatriating sales revenues is
becoming increasingly difficult and unsustainable for airlines.

 

"This unfortunate game of 'whack-a-mole' is unacceptable. Governments must
remove all barriers for airlines to repatriate their revenues from ticket
sales and other activities in accordance with international agreements and
treaty obligations," said Willie Walsh, IATA's Director General.

 

"No country wants to lose aviation connectivity, which drives economic
prosperity. But if airlines cannot repatriate their revenues, they cannot be
expected to provide a service.

 

"Economies will suffer if connectivity collapses. So, it is in everyone's
interest, including governments, to ensure that airlines can repatriate
their funds smoothly," said Walsh according to the statement.

 

IATA stated that nine countries account for 83% of the airline industry's
blocked funds, amounting to $1.43 billion.

 

However, Nigeria, which featured prominently in the list has been commended
for clearing its blocked funds of almost $800m. This was facilitated by the
Central Bank of Nigeria (CBN).

 

According to the release, Pakistan continues to top the list of blocked
funds countries at $311 million.

 

It stated that this is an improvement from $411 million in April 2024. The
main issue is the system of audit and tax exemption certificates which is
causing long processing delays.

 

Bangladesh has seen the amount of blocked funds decrease to $196 million
(from $320 million in April).

 

The Central Bank needs to continue to prioritise airlines' access to foreign
exchange in line with international treated obligations, the statement
added.

 

It said about $1 billion of airline money blocked from repatriation is in
African countries. That is about 59% of the global tally. Over the last six
months, there were significant reductions in blocked funds in Algeria ($193
million from $286 million April) and Ethiopia ($43 million from $149 million
in April). At the same time, XAF Zone (+$84 million), Mozambique (+$84
million) and XOF Zone (+$73 million) contributed to the largest increases.

 

- Daily Trust.

 

 

 

 

 

Nigeria: New Port Harcourt Refinery Over 90% Completed - Mele Kyari

The Nigerian National Petroleum Company Limited, NNPCL, said the new Port
Harcourt refinery is over 90 percent completed.

 

The Port Harcourt Refining Company, PHRC, operates two refineries; the old
plant with a capacity of 60,000 barrels per stream day (bpsd) and a new
facility with 150,000 bpsd, bringing the refinery's combined crude
processing capacity to 210,000 bpsd.

 

The Group Chief Executive Officer of NNPC, Mele Kyari, spoke, yesterday,
when Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, labour
leaders visited the facility in Rivers State.

 

Kyari, who was represented by NNPC's Executive Vice-President (Downstream),
Isiyaku Abudulai said the new Port Harcourt refinery is under rehabilitation
and would be updated soon.

 

He said: "When the rehabilitation is completed, it will be up and running
and to the state of art compared to any refinery around the world. So, There
will be compliance to health and safety compliance (HSC).

 

"All the assurances of compliance will be made. And that is why a total
rehabilitation is being made. From the contractor's view, Tecnimont SPA ,
and from the reports they send us, they are up to over 90 percent completed
and we will deal with that as soon as possible.

 

"We are following up too to ensure that we get value and that we have a
combined 60,000 bpsd and 150,000 bpsd to get 210,000 bpsd, so that that will
support our refining processes, our products, and with the multiple effects
that we have on our refining products, finished products, that we desire in
this country."

 

Kyari said once the feat is achieved, the refinery can propel sufficiency,
exports and imports and local consumption of petroleum products, especially
petrol.

 

Speaking further, he said the NNPC has ensured that there is an established
and professional technical operations and maintenance (O&M) team that would
continue to operate and maintain the facilities.

 

Kyari said: "And that also involves looking at the processes and the assets,
replacing those aging items that need to be changed and ensuring that the
refinery is up and doing.

 

"I think that's the fundamental, and as I said, we are looking at the best
O&M teams around the world to support that process."

 

The GCEO said the company would scale up monitoring to ensure that "we
comply with the best practices around the refinery across the world."

 

-Vanguard.

 

 

 

 

Mozambique Political Unrest Disrupts Eswatini Sugar Exports

Mbabane, Eswatini — In the wake of political turmoil and protests in
Mozambique, Eswatini's sugar industry has faced disruptions to supply chains
and exports and has had to find alternative routes for its products.

 

Eswatini's sugar industry depends heavily on a terminal at the port of
Maputo, Mozambique, to send its raw sugar to the European Union and the
United States. This terminal, jointly owned by Eswatini, South Africa,
Zimbabwe and Mozambique, has been vital for the country's sugar industry
since the mid-1990s.

 

Nontobeko Mabuza, with the Eswatini Sugar Association (ESA), warned that the
unrest in Mozambique poses a grave threat to Eswatini's exports to regional
and European markets.

 

"The option, however, is for us to move the sugar via the Durban [South
Africa] port, but this would come at an additional cost," Mabuza said. "For
consistency and safe delivery, our customers might choose to migrate to
using the Durban port as the port from which we ship. This would, however,
strain the transport infrastructure and potentially, as I said earlier, come
at an additional cost, and it would possibly also cause longer turnaround
times as the shipments are diverted" from Mozambique to South Africa.

 

In 2023, the ESA generated $305 million from more than 26,000 tons of sugar
exports to the United States and other markets via the U.S. African Growth
and Opportunity Act.

 

But according to Bhekizwe Maziya, chief executive of the national
agriculture marketing board, Mozambique's instability caused severe traffic
congestion and delays at the borders with Eswatini.

 

What was mainly happening, Maziya said, was closure of the Lebombo border
post between South Africa and Mozambique. "So transport had to be rerouted
to Eswatini from South Africa and en route to Mozambique. The effects were
the congestions at our borders and the delays that were experienced by
importers and exporters."

 

The protests led by opposition presidential candidate Venancio Mondlane, who
says he won the recent election, have resulted in a complete shutdown of
traffic on Mozambique's major roads, plus violent confrontations with
security forces that have left more than 100 people dead.

 

Mozambican political activist Solomon Mondlane said the instability could
have far-reaching consequences for southern African economies as landlocked
countries like Eswatini struggle to find other export routes for their
goods.

 

"With the unrest showing no signs of abating, it is essential for
neighboring countries to assess their own trade dependency on Mozambique and
identify alternative routes if necessary to mitigate potential disruptions,"
Mondlane said.

 

Political analyst Sibusiso Nhlabatsi said the Southern African Development
Community must strengthen its conflict management strategies in the face of
internal conflicts within member states, like Mozambique, by establishing a
framework for accountability and ensuring member states are responsible for
their impact on regional stability.-VOA.

 

 

 

 

Kenya: KRA Records 4.3 Percent Revenue Growth in 5 Months to Nov to Sh1tn

Nairobi — Revenue collected by the Kenya Revenue Authority (KRA) in the five
months to last month expanded by 4.3 percent to Sh1 trillion compared to a
similar period last year.

 

Between July and November 2023, the taxman collected Sh963.75 billion,
coming on the back of tough economic challenges.

 

According to KRA, custom taxes grew by 5.9 percent to Sh359.571 billion
(July and November this year), with a monthly average collection of Sh70
billion.

 

Likewise, domestic tax collection stood at Sh643.79 billion, representing a
3.5 percent growth in the review period.

 

"In spite of the progressive growth, the collection was affected by various
economic indicators that directly drive revenue collection," KRA announced
in a statement.

 

"The various indicators that significantly impact on revenue performance
have generally moved contrary to expectations, with adverse impact on
revenue mobilization."

 

Nonetheless, factors such as low domestic demand, as indicated by the slowed
Purchasing Managers Index (PMI) that averaged at 48.94 points in
July-November 2024, indicating a contraction in the economic activities,
impacted revenue collection.

 

Additionally, the government, being a key consumer of VAT-able goods, has
applied austerity expenditure measures that negatively affected various key
sectors over time.

 

KRA now targets to collect Sh2.704 trillion by the end of Financial Year
2024/2025.

 

-Capital FM.

 

 

 

Hershey shares jump on Cadbury owner buyout report

Shares in US chocolate maker Hershey have jumped by more than 10% after a
report that Mondelez International, which owns UK-based Cadbury, has
approached the firm about a potential buyout.

 

A deal could create a snack food giant with combined sales of almost $50bn
(£39.2bn) a year.

 

Both Mondelez and Hershey declined to comment on the report when contacted
by BBC News.

 

In 2016, Hershey rejected a $23bn takeover offer from Mondelez.

 

The approach is still in the preliminary stages and it is not certain that
talks will lead to a deal, according to Bloomberg.

 

Any deal would need the approval of the Hershey Trust Company, a charitable
trust, that maintains voting control over the business. It has previously
blocked the takeover of the firm.

 

A merger of the two companies could bring some of the world's best-known
confectionary and snack foods under one roof.

 

Hershey is known for brands including Hershey's Kisses and Reese's Peanut
Butter Cups.

 

As well as owning Cadbury, Mondelez brands include Ritz crackers, Oreo
biscuits and Toblerone chocolate.

 

The packaged food industry has faced slowing growth as consumers feel the
pinch from years of rising prices.

 

Chocolate companies in particular have had to transfer costs from higher
cocoa prices to their customers.

 

Last month, Hershey cut its revenue and profit forecasts. Its chief
financial officer, Steve Voskuil, said high cocoa prices will be the
"biggest source of inflation" for the firm going forward.

 

Another food giant, Kraft Heinz, also recently cut its annual sales and
profit forecasts as customers cut back on purchases after several rounds of
price rises.

 

Some companies have looked for deals to secure new markets and boost growth.

 

In August, confectionery giant Mars struck a deal to snap up Pringles and
Pop-Tart-maker Kellanova for almost $36bn.

 

Some analysts have forecast an increase in mergers during the upcoming Trump
administration, as the president-elect is seen as more friendly towards deal
making.-bbc

 

 

 

 

 

What is rage-baiting and why is it profitable?

“I get a lot of hate”. The words of content creator Winta Zesu, who last
year made $150,000 (£117,000) from posting on social media.

 

What separates Winta from other influencers? The people commenting on her
posts and driving traffic to her videos are often doing so out of anger.

 

“Every single video of mine that has gained millions of views is because of
hate comments,” the 24-year-old explains.

 

In those videos, she documents the life of a New York City model, whose
biggest problem is being too pretty. What some in the comments don’t
realise, is that Winta is playing a character.

 

“I get a lot of nasty comments, people say ‘you're not the prettiest girl’
or ‘please bring yourself down, you have too much confidence’,” she says to
the BBC from her New York City apartment.

 

 

Two videos from Winta's TikTok page. One titles "celebrity sightseeing" the
other "I was in Gladiator 2"

Winta's TikTok videos are designed to make people cross

Winta is part of a growing group of online creators making ‘rage bait’
content, where the goal is simple: record videos, produce memes and write
posts that make other users viscerally angry, then bask in the thousands, or
even millions, of shares and likes.

 

It differs from its internet-cousin clickbait, where a headline is used to
tempt a reader to click through to view a video or article.

 

As marketing podcaster Andrea Jones notes: “A hook reflects what's in that
piece of content and comes from a place of trust, whereas rage-baiting
content is designed to be manipulative.”

 

But the grip negative content has on human psychology is something that is
hardwired into us, according to Dr William Brady, who studies how the brain
interacts with new technologies.

 

“In our past, this is the kind of content that we really needed to pay
attention to,” he explains, “so we have these biases built into our learning
and our attention.”

 

 

Megan Muir Andréa Jones smiling, holding up her phone and wearing a purple
top.Megan Muir

Andréa Jones is on a mission to make the internet a friendlier place

The growth in rage baiting content has coincided with the major social media
platforms paying creators more for their content.

 

These creator programs - which reward users for likes, comments and shares,
and allow them to post sponsored content - have been linked to its rise.

 

“If we see a cat, we're like ‘oh, that's cute’ and scroll on. But if we see
someone doing something obscene, we may type in the comments ‘this is
terrible’, and that sort of comment is seen as a higher quality engagement
by the algorithm,” explains marketing podcaster Andréa Jones.

 

"The more content a user creates the more engagement they get, the more that
they get paid.

 

"And so, some creators will do anything to get more views, even if it is
negative or inciting rage and anger in people,” she says with a note of
concern. "It leads to disengagement."

 

Rage bait content comes in many forms, from outrageous food recipes, to
attacks on your favourite popstar. But in a year of global elections,
particularly in the US, rage baiting has spread to politics too.

 

As Dr Brady observes: "There has been a spike in the build up to elections,
because it's an effective way to mobilize your political group to
potentially vote and take action.”

 

He notes the American election was light on policy, and instead centred
around outrage, adding, “it was hyper-focused on ‘Trump is horrible for this
reason’ or ‘Harris is horrible for that reason’.”

 

 

Getty Images Wisconsin voters cast their ballots at the American Legion Hall
on 5th NovemberGetty Images

William Brady says elections this year have cause a spike in rage-baiting

An investigation from BBC social media investigations correspondent Marianna
Spring found some users on X were being paid "thousands of dollars" by the
social media site, for sharing content including misinformation,
AI-generated images and unfounded conspiracy theories.

 

Some who study the trends are concerned that too much negative content can
lead to the average person “switching off”.

 

“It can be draining to have such high emotions all the time,” says Ariel
Hazel, assistant professor of communication and media at the University of
Michigan.

 

“It turns them off the news environment and we're seeing increased amounts
of active news avoidance around the world.”

 

Others worry about normalising anger offline and the eroding effects on
people’s trust in the content they view.

 

“Algorithms amplify outrage, it makes people think it's more normal,” says
social psychologist Dr William Brady.

 

He adds: “What we know from certain platforms like X is that politically
extreme content is actually produced by a very small fraction of the user
base, but algorithms can amplify it as if they were more of a majority.”

 

 

The BBC contacted the main social media platforms about rage bait on their
sites, but had no responses.

 

In October 2024, Meta executive Adam Mosseri posted on Threads about “an
increase in engagement-bait" on the platform, adding, “we’re working to get
it under control.”

 

While Elon Musk’s rival platform X, recently announced a change to its
Creator Revenue Sharing Program which will see creators compensated based on
engagement from the site’s premium users - such as likes, replies, and
reposts. Previously compensation was based on ads viewed by premium users.

 

TikTok and YouTube allow users to make money from their posts or to share
sponsored content too, but have rules which allow them to de-monetise or
suspend profiles that post misinformation. X does not have guidelines on
misinformation in the same way.

 

Back in Winta Zesu’s New York City apartment, the conversation – which is
taking place days before the US election - turns to politics.

 

“Yeah, I don't agree with people using rage bait for political reasons,” the
content creator says.

 

"If they're using it genuinely to educate and inform people, it's fine. But
if they're using it to spread misinformation, I totally do not agree with
that.

 

“It's not a joke anymore.”-BBC

 

 

 

 

Murdoch loses bid to change trust in real-life 'Succession' battle

A real-life "Succession" battle for Rupert Murdoch's media empire has ended
with a Nevada court commissioner denying the billionaire's bid to change a
family trust and give control to his eldest son.

 

The case pitted the 93-year-old against three of his children over who would
gain the power to control News Corp and Fox News when he dies.

 

It has been reported that Mr Murdoch wanted to amend a family trust created
in 1999 to allow his son Lachlan to take control without "interference" from
his siblings Prudence, Elisabeth and James.

 

A Nevada commissioner ruled Mr Murdoch and Lachlan had acted in "bad faith"
and called the efforts a "carefully crafted charade", according to the New
York Times.

 

Lachlan Murdoch with his father, Rupert Murdoch, photographed at the 2018
tennis US Open

In a statement, a spokesperson for Prudence, Elisabeth and James said: "We
welcome Commissioner Gorman's decision and hope that we can move beyond this
litigation to focus on strengthening and rebuilding relationships among all
family members."

 

Adam Streisand, a lawyer for Mr Murdoch, told the New York Times they were
disappointed and planned to appeal.

 

A spokesperson for Mr Murdoch declined to comment to the BBC. Mr Streisand
did not immediately respond to inquires.

 

The famous family was one of the inspirations behind the hugely popular TV
series Succession - something the Murdochs have always refused to comment
on.

 

But according to the New York Times report, which is based on a copy of the
sealed court ruling, the billionaire's children had started discussing their
father's death and how they would handle it after an episode of the HBO
series where "the patriarch of the family dies, leaving his family and
business in chaos".

 

The episode led to Elisabeth's representative to the trust writing a
"'Succession' memo" that sought to prevent this from happening in real life,
said reports.

 

The case has played out behind closed doors in Nevada, a state that offers
one of the most confidential legal settings for matters including family
trust disputes.

 

It has a "close on demand" statute that allows parties involved in certain
sensitive cases to request that court proceedings be sealed from public
access, ensuring complete privacy.

 

Mr Murdoch, who has been married five times, also has two younger children,
Grace and Chloe, who do not have any voting rights under the trust
agreement.

 

 

A graphic showing Rupert Murdoch's six children 

The case was launched after Mr Murdoch decided to change the trust over
worries about a "lack of consensus" among the children, the Times reported.

 

Lachan is thought to be more conservative than his siblings and would
preserve the legacy of his media brands.

 

>From the 1960s, Mr Murdoch built a global media giant with major political
and public influence.

 

His two companies are News Corporation, which owns newspapers including the
Times and the Sun in the UK and the Wall Street Journal in the US, and Fox,
which broadcasts Fox News.

 

Mr Murdoch had been preparing his two sons to follow in his footsteps,
beginning when they were teenagers, journalist Andrew Neil told the 2020 BBC
documentary The Rise of the Murdoch Dynasty.

 

"Family has always been very important to Rupert Murdoch, particularly from
the point of view of forming a dynasty," the former Sunday Times editor
said.

 

In 1999, the Murdoch Family Trust, which owns the media companies, was
supposed to largely settle the succession plans.

 

It led to Mr Murdoch giving his eldest children various jobs within his
companies.

 

The trust gives the family eight votes, which it can use to have a say on
the board of News Corp and Fox News. Mr Murdoch currently controls four of
those votes, with his eldest children being in charge of one each.

 

The trust agreement said that once Mr Murdoch died, his votes would be
passed on to his four eldest children equally.

 

However, differences in opinions and political views were said to lead to a
family rift.

 

The battle over changes to the trust was not about money, but rather power
and control over the future of the Murdoch empire.

 

The commissioner's ruling is not final. The court filing acts as a
recommended resolution but a district judge will still weigh in and could
choose to rule differently.

 

The judge could take weeks or months to make a decision, which will not be
available to the public._BBC

 

 

 

 

Google unveils 'mind-boggling' quantum computing chip

Google has unveiled a new chip which it claims takes five minutes to solve a
problem that would currently take the world's fastest super computers ten
septillion – or 10,000,000,000,000,000,000,000,000 years – to complete.

 

The chip is the latest development in a field known as quantum computing -
which is attempting to use the principles of particle physics to create a
new type of mind-bogglingly powerful computer.

 

Google says its new quantum chip, dubbed "Willow", incorporates key
"breakthroughs" and "paves the way to a useful, large-scale quantum
computer."

 

However experts say Willow is, for now, a largely experimental device,
meaning a quantum computer powerful enough to solve a wide range of
real-world problems is still years - and billions of dollars - away.

 

 

The quantum quandary

Quantum computers work in a fundamentally different way to the computer in
your phone or laptop.

 

They harness quantum mechanics - the strange behaviour of ultra-tiny
particles - to crack problems far faster than traditional computers.

 

It's hoped quantum computers might eventually be able to use that ability to
vastly speed up complex processes, such as creating new medicines.

 

There are also fears it could be used for ill - for example to break some
types of encryption used to protect sensitive data.

 

In February Apple announced that the encryption that protects iMessage chats
is being made "quantum proof" to stop them being read by powerful future
quantum computers.

 

Hartmut Neven leads Google's Quantum AI lab that created Willow and
describes himself as the project's "chief optimist."

 

He told the BBC that Willow would be used in some practical applications -
but declined, for now, to provide more detail.

 

But a chip able to perform commercial applications would not appear before
the end of the decade, he said.

 

Initially these applications would be the simulation of systems where
quantum effects are important

 

"For example, relevant when it comes to the design of nuclear fusion
reactors to understand the functioning of drugs and pharmaceutical
development, it would be relevant for developing better car batteries and
another long list of such tasks".

 

What is quantum computing?

 

 

1:43

Companies around the world are racing to make a revolutionary new generation
of computers.

 

Apples and oranges

Mr Neven told the BBC Willow's performance meant it was the "best quantum
processor built to date".

 

But Professor Alan Woodward, a computing expert at Surrey University, says
quantum computers will be better at a range of tasks than current
"classical" computers, but they will not replace them.

 

He warns against overstating the importance of Willow's achievement in a
single test.

 

"One has to be careful not to compare apples and oranges" he told the BBC.

 

Google had chosen a problem to use as a benchmark of performance that was,
"tailor-made for a quantum computer" and this didn't demonstrate "a
universal speeding up when compared to classical computers".

 

Nonetheless, he said Willow represented significant progress, in particular
in what's known as error correction.

 

In very simple terms the more useful a quantum computer is, the more qubits
it has.

 

However a major problem with the technology is that it is prone to errors -
a tendency that has previously increased the more qubits a chip has.

 

But Google researchers say they have reversed this and managed to engineer
and program the new chip so the error rate fell across the whole system as
the number of qubits increased.

 

It was a major "breakthrough" that cracked a key challenge that the field
had pursued "for almost 30 years", Mr Neven believes.

 

He told the BBC it was comparable to "if you had an airplane with just one
engine - that will work, but two engines are safer, four engines is yet
safer".

 

Errors are a significant obstacle in creating more powerful quantum
computers and the development was "encouraging for everyone striving to
build a practical quantum computer" Prof Woodward said.

 

But Google itself notes that to develop practically useful quantum computers
the error rate will still need to go much lower than that displayed by
Willow.

 

Google Google staff, a woman to the left and a man to the right work on the
cryostat which holds the chip and keeps it very cold. The cryostat losley
resembles  a chandelier  made of cascading thin metal tubes.Google

Google staff work on the cryostat that holds the chip and keeps it very cold

Willow was made in Google's new, purpose-built manufacturing plant in
California.

 

Countries around the world are investing in quantum computing.

 

The UK recently launched the National Quantum Computing Centre (NQCC).

 

Its director, Michael Cuthbert, told the BBC he was wary of language that
fuelled the "hype cycle" and thought Willow was more a "milestone rather
than a breakthrough".

 

Nevertheless, it was "clearly a highly impressive piece of work".

 

Eventually quantum computers would help with a range of tasks including
"logistics problems such as cargo freight distribution on aircraft or
routing of telecoms signals or stored energy throughout the national grid",
he said.

 

And there were already 50 quantum businesses in the UK, attracting £800m in
funding and employing 1300 people.

 

On Friday, researchers from Oxford University and Osaka University in Japan
published a paper showcasing the very low error rate in a trapped-ion qubit.

 

Theirs is a different approach to making a quantum computer that's capable
of working at room temperature - whereas Google's chip has to be stored at
ultra low temperatures to be effective.

 

Scientific findings from Google's development of Willow have been published
in the journal Nature

 

Quantum computers makes things happen 'like magic'-BBC

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


 (c) 2024 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

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