Major International Business Headlines Brief::: 16 December 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  16 December 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Spaza Shop Registration Deadline Looms 

ü  South Africa: Artificial Intelligence Regulation in South Africa 

ü  Uganda: Smart Agriculture Project to Introduce Black Soldier Fly Rearing
in Nebbi

ü  Nigeria: Shell Makes Final Investment Decision On Bonga North Deep-Water
Project

ü  Malawi About to Lose K19bn Funding Due to Govt's Bureaucratic Delays

ü  Rwanda: EPD, BK Foundation Light 141 Households With Solar Systems

ü  Uganda: Govt Urged to Give More Attention to Social Enterprises

ü  Uganda: Over 300 Eritrean Investors Set for Second Diaspora Conference in
Kampala

ü  Liberia: Senate Ends 2025 Revenue Budget Hearing

ü  Nigeria: Govt, World Bank Votes $600m for Rural Roads Expansion

ü  Liberia: Govt Fails in U.S.$42.426m External Resources Mobilization

ü  Bitcoin hits new record high of more than $106,000

ü  Turkey and sprouts drives down cost of Christmas dinner

ü  Royal Mail takeover by Czech billionaire approved

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa: Spaza Shop Registration Deadline Looms 

The Gauteng government has announced plans to assess eligibility for shop
ownership as the deadline for shop registration approaches, reports SABC
News. President Cyril Ramaphosa had set a deadline of 21 days for spaza shop
registrations, which is December 17. Acting Gauteng Premier Lebogang Maile
has said they have encountered challenges and successes during  the
registration process. There have been several deaths due to suspected cases
of food poisoning in spaza shops.  The initiative saw 85 registration
centers established across Gauteng, with over 13,000 application forms
collected so far.

 

Gauteng Aims to Curb Festive Season Deaths

 

Gauteng's law enforcement agencies are intensifying traffic monitoring on
major roads to reduce accidents during the festive season, reports EWN. The
province recorded over 1,400 road deaths last festive season, the highest
nationwide, according to the Road Traffic Management Corporation. The Acting
Premier Lebogang Maile said, "Road safety remains a significant concern as
Gauteng consistently leads the country in terms of road fatalities during
the festive season."

 

Eskom Intensifies Meter Audits, Threatens Fines

 

Eskom has warned that prepaid customers with illegal grid connections will
face prosecution, reports EWN. The deadline to update tampered prepaid
meters has passed after the utility extended the grace period. Spokesperson
Daphne Mokwena said that users found using tokens from unlicensed vendors
would also face penalties. Eskom plans to increase meter audits, with tamper
fines starting at R6,052 and escalating to R12,000 for repeat offenses.
Third-time violators may also face criminal charges.-South African news

 

 

 

 

South Africa: Artificial Intelligence Regulation in South Africa 

Next year's G20 Summit could be an opportunity for leaders to address AI
concerns regarding transparency, accountability and human oversight.

 

Just months after the European Union's (EU) landmark Artificial Intelligence
(AI) Act came into force in July 2024, South Africa's roadmap for harnessing
the benefits of AI was published in October. Now the public has been invited
to participate in consultations.

 

In this context, South Africa urgently needs local regulation to guide the
use of AI applications in a realistic and achievable way.

 

President Cyril Ramaphosa announced the establishment of a Presidential
Commission on the Fourth Industrial Revolution in 2020, of which AI
technologies would form a part. He predicted that by 2030, South Africa
would have 'fully harnessed the potential of technological innovation to
grow our economy and uplift our people.'

 

As the continent's second-largest economy, South Africa might be expected to
lead this, but Nigeria, Mauritius and Rwanda are already developing their
own AI strategies or policies. South Africa's National AI Policy Framework
sets the scene for how policy- and lawmakers want to use AI to enhance
social and economic prosperity.

 

Continentwide, Africa is expected to generate US$1.2 trillion from AI
innovation by 2030, representing a 5.6% rise in the continent's GDP.

 

For South Africa, much will depend on good governance. So far the country
hasn't taken steps to ban AI technologies it doesn't consider safe, and
local advocacy organisations have raised concerns about minority groups
being targeted with technology that's largely imported from other countries.

 

>From February 2025, the EU will ban numerous AI practices, including
AI-based predictive risk assessments for crime and using AI systems for
biometric identification in public places.

 

AI technology advances in both the private and public sectors raise
questions of privacy - much of these addressed by legislation such as South
Africa's Protection of Personal Information Act. Yet there are also issues
of sovereignty, including who owns the data, as much of it resides in data
centres outside of Africa.

 

Africa is also the site of intense geopolitical competition for accessing
its data - a valuable commodity - and is seen largely as an 'untapped
market'. Guardrails are needed to ensure global power politics do not
overshadow African citizens' interests.

 

Rwanda has taken steps to ensure data sovereignty by designating much of its
open data, including public records, financial records, social security
records, etc., as a national asset as part of its Vision 2025 strategy.

 

Data is considered 'essential for fuelling digital progress and advancing
the country's social and economic goals,' and is seen as necessary to
achieve the United Nations' Sustainable Development Goals. However, it needs
the means to store the data locally.

 

Along with ownership issues, there's the question of AI applications' impact
on human security. Will AI reinforce inequalities based on class, race,
etc.? How do you minimise biases baked into AI technology from its origins
elsewhere? And how do you ensure transparency in AI applications?

 

For example, in the case of government data collection, clarity on how and
how much data is collected and for what purpose serves as an important check
against executive overreach. Warnings from Myanmar, where Amnesty
International claimed Facebook's algorithms' contributed to the atrocities
perpetrated by the Myanmar military against the Rohingya people,' should
serve as a warning to policymakers across Africa.

 

Data rights groups fear that AI could be weaponised to attack the weakest in
society or undermine democracy in fragile states.

 

South Africa will also need the know-how and locally relevant research and
development to understand the impact of AI technology to ensure its use can
mitigate existing societal and economic divisions. A white paper on South
Africa's AI planning sheds light on the lack of research continentwide, and
highlights the need to understand impact more clearly.

 

The chart below demonstrates how prepared African states are based on
infrastructure, human capital, technological innovation, and legal
frameworks.

 

One of Africa's biggest challenges is accessing data, says South
African-based media and internet policy expert Guy Berger - especially data
on social media platforms. He points to the African Commission on Human and
Peoples' Rights' recent adoption of an African Alliance for Access to Data
resolution to allow more scrutiny over how social media platforms in
particular work.

 

'In Africa and South Africa, we would be naïve to treat AI as tech on its
own and not consider where it is coming from, particularly with so much
coming from the US,' says Berger. 'We cannot sit here in Africa and assume
the AI tools we can access are neutral. These tools in both their foundation
models and applications have a linguistic bias, algorithmic bias and
cultural bias.'

 

AI technology requires access to vast troves of training data. That training
data must reflect the geography and context in which the technology is being
used. But much of the data behind AI is generated outside of Africa, so
governments, universities, etc. should help facilitate that by pushing for
data access and supporting local innovation to enable relevant AI to be
developed.

 

Increasingly, some AI applications are considered problematic to democratic
principles as they are used to support so-called information operations.
Amani Africa recently reported that alongside AI's benefits for
peacebuilding is the use of deepfakes to impersonate political figures to
propagate false information, posing existential risks to fragile states.

 

In Sudan, for example, AI-generated voice recordings purported to be those
of a military leader ordering civilian killings, viewed by hundreds of
thousands of accounts on social media platforms, could have real-world
consequences.

 

During South Africa's May 2024 elections, a deepfake of Donald Trump
apparently lent support to the newly created MK party. These were clearly
fake. But using more sophisticated AI to distort reality, or 'control
narratives', could pose risks to democracies and state sovereignty by
distorting the domestic discourse of key issues.

 

Additionally, using AI tools to disseminate vast amounts of material (some
fact-based, some mis/disinformation) at a scale and speed that makes
rebuttal hard also poses risks to the information environment.

 

This has been seen in settings such as Rwanda. There, AI tools are being
deployed not only to generate images, video and text at speed to attack
government critics but also to manipulate or 'overwhelm' social media
platforms'systems (based on likes, shares, reposts, etc.) to drown out
dissenting voices.

 

All of this suggests why rules of the road governing the use of AI are
needed and why greater engagement with AI companies and messaging platforms
to understand the context of use and risks is vital.

 

An opportunity to shine the spotlight on these concerns may surface when
South Africa hosts the G20 Summit in 2025. Brazil already set the stage,
acknowledging the threat posed by AI when it hosted this year's meeting in
Rio de Janeiro.

 

Transparency, accountability and human oversight topped its list of
priorities. It's now up to South Africa to build on that momentum.

 

-ISS.

 

 

 

 

Uganda: Smart Agriculture Project to Introduce Black Soldier Fly Rearing in
Nebbi

Nebbi, Uganda — The Ministry of Agriculture, Animal Industry, and Fisheries
(MAAIF) plans to introduce rearing of the black soldier fly to Nebbi farmers
under the Uganda Climate Smart Agricultural Transformation Project (UCSATP).

 

UCSATP is a $354.7 million World Bank Co-funded Project designed to boost
production and productivity targeting progressive farmers. The farmers
groups are expected to co-fund (20%) to join the project while UCSATP itself
will contribute 80 percent. This is all geared at improving particularly
market access.

 

The UCSATP will be implemented in 69 districts across the country, including
7 refugee-hosting districts, strategically covering Uganda's diverse
agro-ecological zones. Zombo, Yumbe, Nebbi and Adjumani in West Nile are
among the districts in the country to benefit from the project.

 

Ogwang Yafesi Commissioner at MAAIF says black soldier fly rearing falls
under the beneficial insects which is one of the fourth supported value
chain enterprises highlighted as an alternative feed to animals since
grazing pastures are becoming depleted due to climate change challenges.

 

"The Ministry has shown much interest in rearing black soldier flies as
another golden opportunity to farmers because of its ability to convert
organic waste to valuable resources which are aimed at improving the
livelihoods of farmers", Ogwang said.

 

Ogwang revealed the project aims to directly benefit 3,900,000 individuals,
of which 40% opportunity will be given to women. UCSATP project indirect
beneficiaries of 9,500,000 individuals and 65,000 refugees.

 

However, local official Alex Oyirwoth says the co-funding of 20 percent will
be impossible since the targeted beneficiaries may not be able to raise the
20 percent being asked in the project design because of the financial gaps
between the farmers.

 

"The project requires a lot of land and if there's no budget for land
procurement since people are aware of the value of lands it isn't easy to
convince the community to give their lands" Oyirwoth said.

 

Opar Jacklyn says the project is good but, it shouldn't frustrate farmers
like what happened with the Agriculture Cluster Development Project ACDP
where farmers spent much of their time on cassava production, but reaped
nothing in the end.

 

She added that elected leaders must act like ambassadors in monitoring
government programs and sensitize community members to embrace smart
agriculture to improve livelihoods for the socio-economic transformations.

 

"Rearing black soldier flies may sound like a joke but, with the level at
which bushes are being burnt, farmers must adopt the workable solutions to
feed their animals rather than relying on pastures and this calls for more
sensitization about the projects," Opar said.

 

Use of the black soldier fly larvae to replace silver fish and soya beans as
the main source of protein in animal feed production has been tried
elsewhere in the country in the past four years..

 

As early as 2019, researchers at Uganda Martyrs University's in Nkozi in
Mpigi district completed testing the effective means through, which farmers
can use black soldier fly larvae.

 

The research that was conducted by the agriculture department is based on
nature with intentions of protecting the environment through the reduction
of silver fish consumption by humans and animal feed production as well as
reduce land under soya bean cultivation.

 

That project that cost sh814 million is financed by the Education and Sports
through the Private sector foundation.

 

The lead Researcher, Edward Ssebbombo, said the innovation has potential to
transform the agricultural sector in the country since it is easy to breed
the said insects.

 

Joseph Ssekandi, the then Dean Faculty of Agriculture at Nkozi, said the
protein obtained from the black soldier fly larvae is 70 percent better than
that acquired from silver fish or soya bean used in the production of animal
feeds.

 

Ssekandi explained that once give feeds mixed with black soldier fly larvae,
birds not only lay eggs with a hard shell but also lay for a longer period.

 

Ssebbombo notes that a separate study conducted by the International center
for insect and physiology and ecology based in Nairobi discovered that it is
cost effective to use the black soldier fly larvae as protein source in
making animal feeds compared to soya and sliver fish.

 

A kilogram of black soldier fly larvae in 2019 cost sh650 while that of
silver fish or soya costs more than sh3000.

 

Sister Theopista Namutebi, a lecturer in the faculty, says black soldier
flies can be captured from the wild by setting up traps around domestic
waste. She says that after being captured and kept in cages, they feed by
sucking water from the waste.

 

The cages where the flies are kept are then placed in an open area where
there is enough sunshine under which they met and lay eggs. "In those cages
we provide for them where they lay eggs and after hatching, they are
transferred to another place as they turn into a larvae stage," says Sr.
Namutebi.

 

Each black soldier fly has a life span of only six days and it can lay up to
900 eggs before it dies. The system set up at the university produces an
estimated four tones of the mills got from this procedure per week. Uganda
Martyrs University has been training farmers in the breeding and production
of the larvae of the black soldier fly.

 

According to the American Association for the Advancement of Science,
insects can provide much of the protein animals need at a much lower
environmental cost. Several studies suggest that many animals do just fine
on insects.

 

A 2014 review by Food and agriculture Organization-FAO scientists of feeding
trials conducted on catfish, tilapia, rainbow trout and several other fish
species, as well as crustaceans, chickens, and pigs, concluded that insect
meal could replace between 25 percent and 100 percent of soymeal or fishmeal
in the animals' diets with no adverse effects.

 

Project Value Chains: 13 value chains have been selected and up to 4 value
chains will be supported in each subregion.

 

Independent (Kampala).

 

 

 

 

 

Nigeria: Shell Makes Final Investment Decision On Bonga North Deep-Water
Project

Shell Nigeria Exploration and Production Company Limited (SNEPCo), a
subsidiary of Shell plc, has announced a final investment decision (FID) on
Bonga North, a deep-water project off the coast of Nigeria.

 

Bonga North will be a subsea tie-back to the Shell-operated Bonga Floating
Production Storage and Offloading (FPSO) facility which Shell operates with
a 55 per cent interest.

 

The Bonga North project involves drilling, completing, and starting up 16
wells (8 production and 8 water injection wells), modifications to the
existing Bonga Main FPSO and the installation of new subsea hardware tied
back to the FPSO.

 

Shell said the project will sustain oil and gas production at the Bonga
facility, adding that Bonga North currently has an estimated recoverable
resource volume of more than 300 million barrels of oil equivalent (boe) and
will reach a peak production of 110,000 barrels of oil a day, with first oil
anticipated by the end of the decade.

 

"This is another significant investment, which will help us to maintain
stable liquids production from our advantaged upstream portfolio," said Zoë
Yujnovich, Shell's Integrated Gas and Upstream Director.

 

Bonga North will help ensure Shell's leading Integrated Gas and Upstream
business continues to drive cash generation into the next decade. Vanguard.

 

 

 

 

Malawi About to Lose K19bn Funding Due to Govt's Bureaucratic Delays

Malawi is at risk of losing K19 billion in European Union (EU) funding due
to delays caused by the government in facilitating district councils to open
foreign currency-denominated accounts with commercial banks.

 

The funds are meant for projects under the Greening and Growing Malawi-Ulimi
ndi Chilengedwe m'Malawi (Uchi) project, which aims to boost smallholder
farmers and agribusinesses in sustainable agricultural value chains. The EU
had requested that these accounts be operational by the end of November
2024.

 

However, the Treasury's new regulations require all such accounts to be
managed by the Reserve Bank of Malawi (RBM) instead of local commercial
banks, creating a bottleneck in the process. A letter from the EU Head of
Delegation, Rune Skinnebach, highlighted that the Accountant General had
been instructed to guide district councils in opening these accounts, but
despite several reminders, no action has been taken.

 

In response to the lack of progress, Skinnebach warned that if the accounts
are not operational by January 13, 2025, the EU will be forced to cancel the
funding agreements. This would result in a loss of K19 billion intended for
agricultural and community development projects.

 

The delay has sparked frustration from local government officials, with the
Malawi Local Government Association criticizing the government for failing
to act on the matter. They argue that it is the same government that has
been encouraging councils to seek alternative sources of revenue but has not
supported such initiatives.

 

The Accountant General, Henry Mphasa, defended the government's stance,
stating that allowing councils to manage foreign currency accounts directly
would violate the Public Finance Management Act (2022). He explained that
discussions with the councils had taken place, and a waiver had been
granted, but a new directive now requires all foreign currency accounts to
be handled by the RBM.

 

A meeting has been scheduled this week to discuss the way forward. The EU is
hoping for swift action from the government to avoid terminating the funding
and to ensure that the vital agricultural projects can proceed. The funding
is seen as critical for supporting rural communities and fostering long-term
economic growth in Malawi.

 

-Nyasa Times.

 

 

 

 

Rwanda: EPD, BK Foundation Light 141 Households With Solar Systems

Energy Private Developers (EPD) and BK Foundation have distributed solar
power systems and improved cookstoves to 141 households in Nyanza and
Ruhango districts.

 

Energy Private Developers is a registered professional association in
Rwanda, bringing together over 200 private companies operating in the energy
sector, which includes solar power, mini-grids, C&I, hydropower, clean
cooking, methane gas, e-mobility, Productive Use of Renewable Energy (PURE),
and a female subsector to empower more women in the energy transition.

 

BK Foundation, which is partnering with EPD, is a philanthropic organisation
that supports education, innovation, and environmental conservation
initiatives in Rwanda.

 

The distribution by these two organisations, which began on December 13 in
Muyira Sector, Nyanza District, aims to contribute to government renewable
energy targets and reduce pressure on forests by households seeking charcoal
and firewood for cooking.

 

Serge Wilson Muhizi, CEO of EPD, stated that the collaboration with BK
Foundation is intended to support the government's goal of achieving 100 per
cent electricity access, and reducing the number of trees cut for cooking
purposes. Currently, electricity access stands at 80 per cent.

 

The government also targets reducing charcoal use from 83 per cent to 42 per
cent of the population.

 

"Access to electricity and clean energy is a basic need for citizens. As
EPD, we are committed to contributing to the government's efforts in
promoting clean energy. Therefore, we partnered with BK Foundation to
deliver on our contribution, starting with 141 households that received
solar home systems and improved cookstoves. This action is part of our
corporate social responsibility initiative," he said.

 

A household receives three lights, a 20-watt battery, and a phone charger,
in addition to an improved cookstove that uses less firewood and charcoal.

 

He mentioned that after supporting households in Ruhango and Nyanza
districts, the initiative will expand to other districts as EPD secures
additional partners.

 

BK Foundation Executive Secretary Ingrid Karangwayire added that their
contribution is part of the Bank of Kigali's environmental conservation
pillar and its environmental, social, and governance (ESG) initiatives.

 

"Through our environmental, social, and governance efforts, we strive to
make a positive impact on both the environment and society. We are fully
dedicated to improving the lives of those we serve by tackling global issues
such as climate change," she said.

 

She reiterated that the improved cookstoves will also help households reduce
the costs spent on buying firewood.

 

"Access to electricity is at 80 per cent, and we are committed to
contributing to bridging the remaining gap," she noted.

 

Felicien Nkundakozera, a resident who was provided with solar power and an
improved cookstove, said: "I live in an area that has not yet had access to
electricity. We commend partners such as EPD and BK Foundation for lifting
us out of darkness. Our children will be able to revise lessons even at
night, and, therefore, class performance will improve."

 

He said that the lighting will also ensure safety during the night.

 

Nkundakozera added that the improved cookstove will reduce the amount of
money spent on buying firewood.

 

"A bundle of firewood bought for Rwf1,500 was being used within just three
days. With the improved cookstoves, the same bundle will last for two weeks.
There is a saving," he noted.

 

Anne-Marie Twagiramana, another resident who also received solar power kits
and an improved cookstove, added: "We appreciate the partners for their
efforts in supporting rural households without electricity. Our children's
class performance will improve thanks to solar power. Our trees have a
chance to survive as pressure on them decreases."

 

Patrick Kajyambere, the Vice Mayor in Charge of Economic Development in
Nyanza District, said that the district's access to electricity was at 77
per cent, reiterating that the support from EPD and BK Foundation will boost
access.

 

"Electricity access in Muyira Sector was at 66 per cent. With support from
EPD and BK Foundation, electricity access has increased by 2 per cent. It
has now reached 68 per cent," he said.

 

Mario Nirere, a representative for the Ministry of Infrastructure during the
event to distribute solar power kits and improved cookstoves in Nyanza
District, said: "We want 100 per cent access to electricity by 2029. EPD and
BK Foundation are among the private developers helping us achieve this
target within five years, given that we are currently at 77 per cent.
Seventy-five per cent of the population will have access to grid energy, and
25 per cent will be using off-grid energy."

 

-New Times.

 

 

 

 

Uganda: Govt Urged to Give More Attention to Social Enterprises

Government has been urged to give social entrepreneurs more attention to
address the country's pressing social and economic issues.

 

The call was made on Friday by Timothy Mugerwa, the CEO of Astute
Strategists during the inaugural Social Enterprise Awards hosted at Four
Points by Sheraton.

 

Mugerwa acknowledged the numerous challenges social enterprises face in
Uganda, including lack of policies and misinformation.

 

He also noted that the government has not yet given social entrepreneurs the
attention they deserve, emphasising that despite these obstacles, social
entrepreneurs continue to play a vital role in addressing the country's
pressing social and economic issues.

 

"What people don't know about the social enterprises is that in Uganda, we
do not have a specific ministry or a department or directorate that's
dedicated to oversee the work of social enterprises," Mugerwa said.

 

He also mentioned the challenge of underfunding of social enterprises by the
government.

 

"I know there are so many initiatives from the government and the private
sector, but they are not targeting social enterprises.So that is still a
challenge. We also have limited spaces for them to network, share
experiences, learn from one another,"

 

He added, "So we feel like the government should give them more attention
because they have huge potential to contribute to the social and economic
development of our country and for the government's Vision 2040 agenda,"

 

He observed that the Social Enterprise Awards awards are going to link
social entrepreneurs to potential founders, potential partners as well as
equipping them with more skills.

 

On his part, Dr. Hillary Kisanja, the chief guest and Private Secretary to
the President of Uganda for Youth in Agriculture, Value Addition, and Export
Promotion appealed to the private sector to synergize with the government to
tap into the different resources of these young social entrepreneurs.

 

"Most of them (social entrepreneurs), lack access to finance, they lack
access to technology, they lack access to machinery, so we have to see how
we can partner and synergize and identify these young people who have come
up to become risk takers, who have become change agents, who have become
transformers, to see how we can support them to move from one level to
another level," Dr Kisanja stated.

 

He noted that the government is undertaking different initiatives by putting
up different budgets in the Central Bank, government banks, and the
Microfinance Support Centre, to support social entrepreneurs with cheaper
loans.

 

"Different budgets have been spearheaded really to support those individuals
who are going to participate into social entrepreneurship in different
categories of business enterprises," he said.

 

The awards ceremony provided a platform for social entrepreneurs to connect,
share knowledge, and collaborate, and celebrate the power of social
entrepreneurship in Uganda.-Nile Post.

 

 

 

 

Uganda: Over 300 Eritrean Investors Set for Second Diaspora Conference in
Kampala

The Office of the President, in collaboration with the Eritrean community in
Uganda, is organizing the 2nd Eritrean Diaspora Investment Conference to
celebrate and enhance the contributions of Eritrean investors to Uganda's
economy.

 

Scheduled for December 21, 2024, at Palace Play Park in Kampala, the event
will be attended by Prime Minister Robinah Nabbanja and Eritrea's Ambassador
to Uganda, Mohammed Sulieman Ahmed.

 

Senior Presidential Advisor on Diaspora Affairs, Abbey Walusimbi, revealed
that this year's conference, themed "Unity Through Diversity," will
consolidate the achievements of the inaugural edition and foster
partnerships between the Eritrean community and Ugandan stakeholders.

 

The Eritrean community in Uganda has shown remarkable business acumen,
contributing over $3 billion to the economy.

 

With a population exceeding 240,000, of which 25% are entrepreneurs and
innovators,Eritreans have embraced Uganda as their second home.

 

Their investments reflect confidence in Uganda's policies, peace, and
inclusivity.

 

"I appreciate and recognize the significant contribution of the Eritrean
community to Uganda's economy. Their business acumen and integration into
the Ugandan community are commendable," Walusimbi said during a preparatory
meeting with Eritrean entrepreneurs.

 

Kisanet Tedros, founder and CEO of Beles Bubu, emphasized the conference's
role in promoting cultural unity and empowerment.

 

She highlighted the event's family-friendly atmosphere, which will include
children's activities, panel discussions, traditional dances, and cultural
cuisines.

 

Kisanet expressed gratitude to President Museveni for fostering an
environment that allows Eritreans to thrive in Uganda, describing the
country as their "second home."

 

Eritrean investor Kidane Ghebrehawariat Habteselassie noted that the
conference would bridge communication gaps between the government and the
Eritrean community, fostering unity and shared interests.

 

He acknowledged President Museveni's call to prioritise common goals over
individual identities and praised the Eritrean community's contributions to
tourism, foreign investment, and cultural exchange.

 

This year's conference will convene over 300 top Eritrean investors,
alongside government officials, academics, families, and community leaders.

 

The vibrant festival will celebrate the Eritrean community's achievements in
Uganda while promoting integration and collaboration with other communities.

 

-Nile Post.

 

 

 

Liberia: Senate Ends 2025 Revenue Budget Hearing

The Senate Statutory Committee on Ways, Means, Finance, and Budget concluded
the hearing on the revenue component of the draft 2025 National Budget,
expressing optimism that the execution of the new budget will begin as of
January 1, 2025.

 

Providing an overview after the end of the hearing on Saturday, the Chairman
of the Senate Committee on Ways, Means, Finance and Budget, Senator Prince
Moye of Bong County, indicated that the 2025 draft Budget was well
structured by the Ministry of Finance and Development Planning, considering
major needs of the Liberian people.

 

According to Senator Moye, in the spirit of transparency and an open budget
process, the revenue hearing which had long been held in "closed door", was
opened to the public based on instruction of President Pro-Tempore, Nyonblee
Karnga Lawrence.

 

Chairman Moye states that considering the analyses done on the revenue
component of the draft instrument, especially domestic revenue and
International contributions, the 2025 budget, which accounts for over eight
hundred and fifty-one Million United States dollars, will have a safe
landing.

 

Based on the conclusion of the revenue hearing, he adds that the Committee
has reverted to the committee room for any other revenue consideration or
discussion.

 

Responding to an inquiry on the failure of the National Port Authority and
National Fishery and Aquaculture Authority to contribute their proposed
contributions to the national Budget, Chairman Moye notes that the Liberia
Revenue Authority will further make an assessment and inform the committee
with respect to said decision.

 

He discloses that with the level of work being done by the committee, there
is a prospect for the discovery of other revenue sources that may further
push the national budget to over Nine Hundred Million United States Dollars.

 

Following the conclusion of the revenue hearing, the Senate Ways, Means,
Finance and Budget Committee Chairman revealed that the hearings for the
expenditure component of the budget will commence today, Monday, December
16, 2024, adding, "We want to ensure that the Budget is passed before
January 2025". Editing by Jonathan Browne

 

-New Dawn.

 

 

 

Nigeria: Govt, World Bank Votes $600m for Rural Roads Expansion

Abuja — In the bid to upscale food production and access to markets for
farmers, the federal government and the World Bank, weekend, disclosed
boosting rural roads expansion with allocation of $600 million, under the
next phase of the Rural Access and Agricultural Marketing Project, RAAMP.

 

The Minister of State for Agriculture and Food Security, Dr Aliyu Abdulahi,
disclosed this while explaining why the funds were necessary, based on the
need to develop the rural economy and reduce rural-urban migration.

 

According to Abdullahi, the funding includes $500 million from the World
Bank and a $100 million counterpart fund from both federal and state
governments.

 

He also said the RAAMP initiative was in 19 states, adding that the major
objective was to ensure the rural economy was supported by concrete and
sustainable rural infrastructural facilities that benefits the rural
populace, where over 70 per cent of Nigerians live.

 

He said: "Most of Nigeria's population resides in rural areas, and
agriculture constitutes over 70 per cent of their economic activity.
However, the lack of functional rural roads limits their ability to market
their produce and sustain their livelihoods.

 

"This federal component will allow us to intervene in strategic areas of
agricultural production that are not prioritised by states due to funding
constraints.

 

"This initiative aligns with the Agenda of President Bola Tinubu, focusing
on food security, inclusivity, poverty eradication and job creation.

 

"It is been implemented in 19 states, and it is a very strong collaboration
with the World Bank, and based on what the project has achieved thus far,
almost all the states of the federation are asking for onboarding, so they
also can benefit from the massive success of this project's delivery.

 

"But as part of the review, all parties are in agreement that we must
include sustainability elements going forward."

 

The National Coordinator, RAAMP, Aminu Mohammed, earlier in a remark,
pointed out that RAAMP was basically to improve rural road networks and
enhance agricultural marketing at that level.-Vanguard.

 

 

 

Liberia: Govt Fails in U.S.$42.426m External Resources Mobilization

Monrovia, Liberia, December 16, 2024 - The Government of Liberia, through
the Liberian Revenue Authority (LRA), has failed in US$42.426 million
External Resources mobilization, as projected in the 2024 recast budget.

 

Also, disappointingly, National Fisheries and Aquaculture Authority (NaFAA)
has failed to contribute (US$1.276m) one point two seven six million United
States dollars as tasked in the 2024 National Budget.

 

Making the disclosure over the weekend during the 2025 Budget hearing at the
Liberian Senate, Liberia Revenue Authority Commissioner General James D.
Jallah said the Liberia Petroleum Refining Company and the National Port
(LPRC) Authority (NPA) are still struggling to contribute what they promised
to the National Budget of 2024.

 

Liberia's Revenue envelop continues to experience consistent growth between
2022-2023, he said, adding that as of November 30, 2024, Liberia's Revenue
Collection has surpassed all previous years, despite the fact of not ending
2024.

 

According to him, as of November 30, 2024 they have raised six hundred and
nineteen point nine, nine two million United States dollars, compared to six
hundred and eleven million United States dollars that was the outturn for
2023.

 

"So, our year today's number has taken our revenue collection in all
previous years. As a matter of fact, we can say since the existence of the
Republic of Liberia", CG Jallah bragged.

 

He noted that they are on target at the end of 2024 and expected to meet the
recast target.

 

Providing the revenue performance update for 2024, he said that the total
resources envelope for 2024 was US$738.86M) seven hundred and thirty-eight
point eight six Million United States dollars in the approved budget.

 

According to him, of that amount, six hundred and ninety-four point six two
six million United States dollars was for domestic revenue, while also in
the approved budget of 2024, forty-two point four two six million was
expected to have come from external sources, unfortunately, they have not
managed to get that money.

 

Also, he lamented that in the recast budget of 2024, the budget numbers
remain the same, with external resources projected at Forty-eight million,
but then the domestic resources envelope was cited from six hundred
ninety-six point four million to six hundred and ninety point eight six
Million.

 

"Now, based on that recast number, overall, we have been able to raise six
hundred and nineteen point nine, nine two million, which constitute 84% of
the overall recast envelope, but if you also look at it in the context of
domestic resources mobilization, it also constitutes 90% of our target of
six hundred and ninety million that was in the recast budget. The balance to
be collected for the domestic resources is US$70 million, and we are
struggling and doing our best to raise that," he promised.

 

Giving update on State Own Enterprises (SoE) revenue contribution and
collection to the National Budget of 2024, he added that on shared task with
the SoE, they were tasked to collect three point two nine million as a
contribution to the budget from LPRC, but, LPRC has done only two point five
million which indicates 65%.

 

"Now, LPRC has one point three two nine million to contribute. Also, the
National Port Authority, or NPA, was given a target of seven point five
million. The original budget was recast to six point three eight two
million; they have been able to do three million of that, which is a 47%
performance level. And so, they have a balance of three point three eight
two million", Jallah explained.

 

Also, for the National Fisheries and Aquaculture Authority, he pointed out
that NaFAA was in the recast budget tasked to provide one point two seven
six million, but, to date, they have not provided or made any contribution
at all against that target.

 

"They still have one point two seven six million to contribute as the budget
of 2024 ends next January. We've dividend of other public entities at five
hundred thousand United States dollars, and today, nothing has been done",
he concluded. Editing by Jonathan Browne

 

-New Dawn.

 

 

 

 

Bitcoin hits new record high of more than $106,000

Bitcoin has surged to a new record high, extending a rally that has seen the
cryptocurrency's price rise by more than 50% since Donald Trump's victory in
the 5 November election.

 

The world's largest cryptocurrency briefly passed $106,000 (£83,890), before
falling back to around $105,000 in Asia trade on Monday.

 

The incoming Trump administration is seen as being far more friendly towards
cryptocurrencies than the Biden White House.

 

On Thursday, the US president-elect reiterated that he is considering
creating a national stockpile of the digital currency, similar to the
country's strategic oil reserve.

 

 

"The Bitcoin rally since the election has been parabolic and the FOMO - or
fear of missing out - rally is gathering momentum," Peter McGuire from
trading platform XM.com told the BBC.

 

"Many investors believe $120,000 is achievable by the end of the year and
then in 2025 there's talk of greater than $150,000 by mid-year".

 

Earlier this month, Trump named Silicon Valley entrepreneur David Sacks as
his artificial intelligence (AI) and cryptocurrency tsar.

 

Mr Sacks is former PayPal executive and a close friend of Trump adviser and
mega-donor Elon Musk.

 

Trump rings bell on record stock market - but will it last?

A $6.2m banana, a crypto empire and Trump's potential conflicts

 

Trump has also said he would nominate pro-cryptocurrency Washington attorney
Paul Atkins as the new head of the Wall Street regulator, the Securities and
Exchange Commission (SEC).

 

Last month, the SEC's current head, Gary Gensler, said he would resign from
the role on the day of Trump's inauguration, on 20 January next year.

 

"I thank President Biden for entrusting me with this incredible
responsibility. The SEC has met our mission and enforced the law without
fear or favour," Mr Gensler wrote on the social media platform X.

 

Trump had previously revealed plans to sack Mr Gensler on "day one" of his
new administration after the SEC chairman took legal action against
cryptocurrency firms, sparking controversy in some quarters.

 

 

 

 

Turkey and sprouts drives down cost of Christmas dinner

Falling turkey and Brussels sprout prices mean Christmas dinner will cost a
little less at the supermarket checkout this year.

 

The price of Brussels sprouts has fallen by 12%, while a 10lb (4.55kg)
frozen turkey will cost you £1.21 less than it did last year, research for
the BBC suggests.

 

But digging deeper we discovered root vegetables have gone up in price this
year, after wet weather delayed the planting season.

 

When all the trimmings are totted up, a family Christmas is set to cost
£31.66 in 2024, down from last year's figure of £32.18. It reflects food
prices rising at a slower rate in the past year, as UK inflation has eased.

 

 

Tom Copas Turkey farmer Tom Copas sitting on a blue crate, with a dog on its
hing legs, resting a paw on his knee. Two other dogs are standing near him
in the foreground. In the background behind a metal gate and fence, there is
a large flock of turkeys.Tom Copas

Mr Copas said he was seeing increased demand for smaller turkeys this
Christmas

The annual change in price for products across Tesco, Sainsbury’s, Asda,
Morrisons, Aldi and Lidl were measured by Retail tracking platform Assosia.

 

The crown of the Christmas feast, the turkey, has fallen in price by 6% this
year, according to this data.

 

Tom Copas, managing director of Copas Turkeys in Cookham, Berkshire, said
the price of turkeys had begun to stabilise after a couple of "incredibly
turbulent" years that had pushed up the cost of rearing his birds.

 

"Hence we're seeing incremental changes in prices year on year, rather than
dramatic ones," added Mr Copas, whose family has been rearing turkeys since
1957.

 

However, Mr Copas says he'd seen slower sales and more demand for smaller
turkeys this year, perhaps indicating customers were tightening their belts.

 

"It's possibly people are trying to keep the overall basket spend down."

 

 

Table showing how the cost of Christmas dinner items has changed since 2023,
with images of each cooked item: Frozen Turkey (4.55kg) down 5.9% at £19.08,
potatoes (2.25kg) up 26.2% at £1.99, carrots (1kg) up 13.4% at 69p, Brussels
sprouts (500g) down 12% at 86p, pigs in blankets (12) down 2% at £2.46, sage
& onion stuffing mix (170g) down 3.8% at 50p, onion gravy granules (250g)
down 6% at 98p and icing-topped mince pies (six) up 4.8% at £1.82.

Brussels sprouts came in at 12p cheaper for a 500g bag compared to last
year.

 

Hot summers and sudden cold snaps of the previous two years had made things
hard for producers, says John Inglis, senior commercial manager at ESG
Drysdale, one of the UK's largest sprout producers.

 

But he says this year has seen us return "back to normality" after "a couple
of tricky seasons" and sprouts are thriving again.

 

 

A tough planting season for root vegetables

Tracy Bush A middle-aged man and woman are stood next to each other in the
foreground of the picture. The man has short grey hair and is wearing a
jacket over a check shirt. To his left is the woman, with sunglasses on her
head and long brown hair, also wearing a jacket. Both are smiling and
looking at the camera. In the background is a ploughed field, with
agricultural machinery and a line of trees visible in the distance. The sky
is clear and blue.Tracy Bush

Tracy Bush, and fellow director of Provenance Potatoes, Graeme Skinner

 

Root vegetables were behind the largest price changes in our Christmas shop.

 

Maris Piper potatoes have seen a whopping 26% increase, with a typical 2kg
bag up from £1.58 to £1.99.

 

Tracy Bush, co-director of Provenance Potatoes in Kent, says poor weather
has had a lot to do with the price of spuds going up in recent years.

 

"We've had a particularly wet spring so planting was difficult for any root
crops, and then the autumn when crops are lifted and harvested, that was
also very difficult," she says.

 

Rodger Hobson smiling man in a blue shirt and glasses, kneeling in a carrot
field and holding up some freshly dug-up carrots.Rodger Hobson

Rodger Hobson runs a family carrot farm in Yorkshire.

 

Carrot farmer Rodger Hobson says the same wet weather delayed this year's
carrot planting season. Last year, the weather was so bad that supermarkets
had to import carrots. This year, they've gone up by 13.4% to 69p per kilo.

 

But Mr Hobson says he would not be surprised if "when it comes to Christmas
week they'll be down to 20p a kilo".

 

This is because carrots are often chosen as "loss leaders" in supermarkets.
They're sold at a loss to attract customers in to spend on more profitable
items.

 

Ged Futter is a retail specialist who used to be a buyer for Asda. He says
supermarkets drastically reduce their prices in the week before Christmas.

 

"Every year they do the same thing," he says, noting that supermarkets
usually fight for customers with cut price "potatoes, carrots, parsnips,
Brussels spouts".

 

Mr Hobson says perishable items make for good loss leaders because customers
can't stockpile them when they are cheap. If supermarkets reduced the price
of long-life items like baked beans, shoppers might be tempted to buy their
year's supply in December, he says.

 

While loss-leaders are good for shoppers, Mr Futter stressed these
below-cost prices "don't show the true cost to the farmer" and can generate
a lot of food waste.

 

"People think that food is cheap to produce - that's not true."

 

This year price rises were not confined to the main meal - the cost of
Christmas desserts also went up.

 

Christmas pudding is 11% more expensive than in 2023, and mince pies are up
by 5%, according to Assosia's research.

 

Jessica White, the owner of Meg Rivers artisan bakery, says: "Our costs have
indeed gone up of ingredients, packaging, wages and like everyone -
electricity." But she says her company had chosen not to put prices up this
year.

 

They have already sold out of Christmas puddings and have had to make more
to fulfil the waiting list, she says. "We make more and more each year and
don't notice a drop in demand."

 

 

How do supermarkets compare?

BBC News also looked into how the cost of a Christmas dinner might vary
depending on where you shop.

 

We compared prices on the websites of the UK's top five supermarkets -
Tesco, Sainsbury's, Asda, Morrisons and Aldi.

 

Our snapshot from one day suggests Aldi was the cheapest supermarket for a
basic list of Christmas essentials, at around £24.30.

 

Asda was second cheapest at £28.22, followed by Morrisons and Sainsbury's.

 

Tesco was most expensive at £36.51. Last year, our research suggested
Morrisons was the most expensive, with Tesco third.

 

 

 

While we tried to find equivalent items across all five supermarkets, there
are some small differences in product sizes or types. So the cost of your
Christmas dinner might vary between supermarkets and the items you choose.

 

Prices will also vary the closer we get to Christmas as supermarket
competition becomes even more fierce.

 

Our BBC analysis should not be directly compared with the price rise figures
from retail analysis firm Assosia as we both use a slightly different
basket.

 

Cost of Living: Tackling it together banner

How to save on Christmas food

Start with a budget: Plan ahead and add up hidden expenses, like tin foil
for roasting a turkey.

 

Write a food list: Decide on your must haves and what you might not miss.

Bargain hunt: Look out for online offers as well as yellow sticker items
which have been reduced.

Use your freezer: Christmas foods that freeze well include butter, meat
joints and some cheeses like cheddar.

Join up with friends and family: This means you can buy bigger pack sizes,
which are often better value.-BBC

 

 

 

 

Royal Mail takeover by Czech billionaire approved

The sale of Royal Mail's parent company to a Czech billionaire has been
approved by the government.

 

The £3.6bn takeover by Daniel Kretinsky's EP Group has been given the
go-ahead after agreeing "legally binding" undertakings.

 

The government will retain a so-called "golden share" that will require it
to approve any major changes to Royal Mail's ownership, HQ location and tax
residency.

 

EP Group will also have to maintain the one-price-goes-anywhere Universal
Service Obligation (USO), which currently means it has to deliver letters
six days per week, Monday to Saturday, and parcels Monday to Friday.

 

 

Mr Kretinsky told the BBC earlier this year that he would honour the USO -
in whatever form it takes - "for as long as I am alive".

 

The USO is currently under review, with Royal Mail suggesting to regulator
Ofcom that reducing second class deliveries to every other weekday would
save up to £300m a year and give the business "a fighting chance".

 

Business Secretary Jonathan Reynolds said: "For too many years progress on
securing a stable future at Royal Mail has stalled, but from day one we have
been committed to providing a secure future for thousands of workers and
customers.

 

He added the agreement was evidence of the government's commitment to
"working towards ensuring a financially stable Royal Mail with protected
links between communities other providers can't reach".

 

Mr Kretinsky said the talks with the government had "resulted in
unprecedented commitments and undertakings that demonstrate the high regard
EP Group has for Royal Mail".

 

"EP Group is a long term and committed investor with a mission to make Royal
Mail a successful modern postal operator with high quality service and
products for its customers," he added.

 

 

The takeover is expected to be completed early next year.

 

EP Group has also made commitments to unions that include workers getting a
10% share of any dividends paid out to Mr Kretinsky, as well as the
formation of a workers group that will meet monthly with the directors of
Royal Mail to give employees a bigger voice on how it is run.

 

Mr Kretinsky had already offered the following guarantees in a bid to secure
the deal:

 

Not to raid the pension surplus

Keeping the brand name and Royal Mail's headquarters and tax residency in
the UK for the next five years

Respecting union demands for no compulsory redundancies to take place (until
2025)

In addition to owning 27% of West Ham United football club and 10% of
Sainsbury, Mr Kretinsky's companies also own a gas transmission service
which still pipes much reduced levels of Russian gas to Europe, paid for and
with the consent of the EU.

 

The takeover was called in for review under national security laws as it is
considered vital national infrastructure.

 

Speaking in front of MPs in November, Reynolds had referred to Mr Kretinsky
as a "legitimate business figure" whose alleged links to Russia had already
been reviewed and dismissed when he became the biggest shareholder in the
company nearly two years ago.

 

Rui Vieira/PA Royal Mail vansRui Vieira/PA

 

Royal Mail, which was split from the Post Office and privatised a decade
ago, has seen its performance deteriorate in recent years, leading to heavy
financial losses.

 

Customers have also complained about deliveries, with important medical
appointments and legal documents not delivered on time.

 

Last week, Royal Mail was fined £10.5m by the regulator Ofcom for failing to
meet delivery targets for first and second class mail.

 

Ofcom said Royal Mail's poor service was "now eroding public trust in one of
the UK's oldest institutions".

 

Royal Mail owner International Distribution Services (IDS) said externally
it had carried out "substantial" reforms this year to try to drive
improvements.

 

The volume of letters being posted in the UK has plummeted, with half the
number being sent compared to 2011 levels.

 

Meanwhile, parcel deliveries have become more popular - and more profitable.

 

Parent company IDS made a small profit last year which was entirely
generated by its German and Canadian logistics and parcels business,
off-setting losses at Royal Mail.

 

Mr Kretinsky told the BBC he intends to invest heavily in the roll out of
delivery lockers to make online deliveries more efficient as has happened
across Europe.

 

Who is Daniel Kretinsky?

Thomas Samson/AFP via Getty Images Daniel Kretinsky with microphone on blue
backgroundThomas Samson/AFP via Getty Images

 

Daniel Kretinsky started his career as a lawyer in his hometown of Brno,
before moving to Prague.

 

He then made serious money in Central and Eastern European energy interests.

 

This includes Eustream, which transports Russian gas via pipelines that run
through Ukraine, the Czech Republic and Slovakia.

 

He then diversified into other investments, including an almost 10% stake in
UK supermarket chain Sainsbury's and a 27% share in Premier League club West
Ham United.

 

The Czech businessman is worth about £6bn, according to reports.-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
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