Major International Business Headlines Brief::: 19 December 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  19 December 2024 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: New Electricity Act to Take Effect in January

ü  Nigeria: Over Half of Nigerians Want to Emigrate - Report

ü  Nigeria: 2025 Budget - Defence, Infrastructure, Others Get Highest Allocations

ü  Mozambique: Government Postpones Payment of Overtime Debt to 2025

ü  Nigeria: CRSG Approves Six Months Maternity Leave to Boost Breastfeeding Rates

ü  Tanzania: European Union Bans Air Tanzania Over Safety Concerns

ü  Sudan: Finance Minister Meets AfDB President

ü  Nigeria: National Bureau of Statistics Website Hacked

ü  Nigeria: NASS Won't Kill Tax Reform Bills - Akpabio

ü  Nigeria: Senate Extends Implementation of 2024 Budget Till June

ü  South Africa: Deadline for Spaza Shop Registrations Extended to February 2025

ü  Uganda: President Museveni Launches Lukhonge Skilling Hub

ü  Bank of England expected to hold interest rates

ü  Stocks slide as US central bank signals slower pace of rate cuts

ü  El Salvador scales back bitcoin bet to get $1.4bn IMF loan

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa: New Electricity Act to Take Effect in January

President Cyril Ramaphosa has signed the Electricity Regulation Amendment Act into law. However, just like the Basic Education Laws Amendments (Bela) Act, it leaves out two sections, the definitions of "reticulation" and "distribution of power systems", reports IOL. Ramaphosa extended the implementation of two crucial provisions of the Bela Act for three months to allow more time for discussions, especially with Afrikaans-speaking people. The Act will come into effect on January 1, 2025. Two debatable sections of the Electricity Act will be implemented later and announced in the government gazette by the president.

 

Activists Challenge Western Cape's Teacher Post Cuts

 

The Special Action Committee is set to take the Western Cape Education Department (WCED) to court over its decision to reduce teaching staff from next year, reports EWN. The committee, which was formed a few months ago, gave Education MEC David Maynier until 17 December 2024 to reconsider the proposed reduction of 2,407 teacher positions. Neil Dublin, a committee member, believes the decision will have a significant impact on the working class and marginalized communities. Dublin said that they have begun outreach to communities and have the support of the Congress of South African Trade Unions (COSATU) and the South African Democratic Teachers' Union (SADTU) as organized labor cannot tackle this challenge alone.

 

Hailstorm Wrecks Havoc in Limpopo Village

 

A severe hailstorm has devastated the village of Mamatlakala, near Mokopane in Limpopo, leaving many residents homeless, reports SABC News. Several homes have been damaged or destroyed, and public infrastructure has also been impacted. In the aftermath, residents are working tirelessly to repair their houses, with many forced to seek shelter with neighbors. The storm has caused significant damage to electricity infrastructure, leaving the community without power. Some families have been left without shelter, adding to the growing need for urgent assistance.

 

More South African news

 

 

 

Nigeria: Over Half of Nigerians Want to Emigrate - Report

The report also disclosed that over the past six to eight years, the number of Nigerians considering emigration has increased by 21 percentage points.

 

Over half of Nigerians want to emigrate with the percentage who say they have given 'a lot' of thought to emigrating tripling since 2017, a new report has shown.

 

According to the report, this proportion of citizens includes those living in urban areas, the country's highly educated population, the unemployed, and young citizens.

 

The report published by Afrobarometer, a pan-African research network, reveals that the most common reason for this is the desire to escape economic hardship and search for better work opportunities.

 

Afrobarometer, a non-profit based in Ghana, issued this report on Wednesday, the International Migration Day (IMD).

 

The IMD is celebrated on 18 December each year to mark the adoption of a resolution by the UN General Assembly on the International Convention on the Protection of the Rights of All Migrant Workers and Members of Their Families.

 

The research network's report said the most popular destinations of Nigerians are North America, Europe and the Middle East.

 

"56 per cent of Nigerians say they have considered leaving Nigeria, a 20-percentage-point increase compared to 2017. The share who say they have given "a lot" of thought to the idea has tripled, from 11 per cent to 33 per cent."

 

According to the report, the thoughts of emigrating are most common among the most educated citizens.

 

"71 per cent of people with post-secondary school qualifications, 63 per cent of urban residents, and 60 per cent of citizens between age 18- to 35 have considered leaving the country," the report said.

 

Research conducted in other African countries

 

The report also disclosed that over the past six to eight years, the number of Nigerians considering emigration has increased by 21 percentage points.

 

The 21-percentage-point increase in Nigerians considering emigration is more than double the continental average of 9 percentage points.

 

Afrobarometer said it collected this data through a survey involving face-to-face interviews. It said the survey was conducted using a "sample, random, stratified probability sample of 1,600 adult Nigerians."

 

The survey was conducted between 19 June and 17 July and "provides country-level results with a margin of error of +/-2.5 percentage points at a 95 per cent confidence level."

 

Across the continent, interviews were conducted in 23 other African countries in the language of the respondents' choice, with samples of 1,200-2,400 adults.

 

According to the non-profit, previous surveys were conducted in countries in 2000, 2003, 2005, 2008, 2013, 2015, 2017, 2020, and 2022.

 

Half of Africans interested in emigration

 

The 2024 Afrobarometer survey also revealed a growing trend in emigration intentions among Africans residing in countries within the continent.

 

According to the report, almost half of Africans have considered emigrating this year. The non-profit described this as a significant increase compared to the proportion recorded in 2016 to 2018.

 

The intention to emigrate is driven primarily by the search for jobs and the need to escape economic hardship.

 

The report also found that 47 per cent of respondents across the 24 countries have considered moving to another country, with 27 per cent having given the idea "a lot" of consideration.

 

Liberia recorded the highest emigration intentions, with 78 per cent, followed by the Gambia, with 68 per cent, Cabo Verde, with 64 per cent, and Ghana, with 61 per cent.

 

Tanzanians expressed an interest in leaving with 9 per cent, making it the sole country where emigration intentions have declined.

 

"On average, across 22 countries surveyed consistently since 2016/2018, the share of citizens who have thought at least "a little bit" about emigration has increased by 9 percentage points.

 

"Double-digit increases recorded in Liberia (28 percentage points), Mauritius (27 points), Nigeria (21 points), Ghana (20 points), Cameroon (15 points), Namibia (12 points), the Gambia (12 points), and Zimbabwe (11 points) (Figure 2)."

 

The report noted that Tanzania is the only surveyed country where the proportion of citizens giving "some thought" to emigration decreased by 5 percentage points.

 

Prefered location

 

North America and Europe remain the most favoured destinations, attracting 31 per cent and 29 per cent of potential migrants, respectively.

 

According to the research, a quarter of its respondents across the 24 African countries preferred to relocate within Africa.

 

This shows a significant inclination toward regional mobility. "But the most popular destinations for potential emigrants are North America and Europe," the report stated.

 

Afrobarometer also reported that 49 per cent of those interested in leaving their home country cited the need to find work as their primary motivation.

 

Many others sought to escape economic hardship or poverty.

 

Premium Times.

 

 

 

Nigeria: 2025 Budget - Defence, Infrastructure, Others Get Highest Allocations

President Tinubu said the budget reflects a renewed commitment to strengthening the foundation of a robust economy while addressing critical sectors essential for the growth and development envisioned.

 

President Bola Tinubu has said four key sectors of the economy will top his administration's priority in 2025.

 

President Tinubu, who stated this during the presentation of the 2025 budget to a joint session of the National Assembly, listed the sectors as defence/security, infrastructure, health and education.

 

It is titled "The 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity."

 

He said N4.91 trillion has been allocated to the defence and security sector, while N4.06 trillion was allocated to infrastructure.

 

He also said education and health got N3.52 trillion and N2.48 trillion, respectively.

 

The government proposes a ₦47.9 trillion budget for the 2025 fiscal year.

 

President Tinubu highlighted the budget by saying, "Our budgetary allocations underscore this administration's strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives."

 

"As we embark on implementing the 2025 Budget, our steps are deliberate, our decisions resolute, and our priorities are clear. This budget reflects a renewed commitment to strengthening the foundation of a robust economy while addressing critical sectors essential for the growth and development we envision," he added.

 

Speaking on the key priority areas, Mr Tinubu stated that his government would invest heavily in security by equipping personnel with modern tools and technology.

 

"The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty.

 

"Our people should never live in fear--whether on their farmlands, highways or in cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities," he said.

 

We'll complete our legacy projects

 

In his speech, Mr Tinubu reiterated his commitment to completing some legacy projects his administration has embarked on. He said the projects include the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Road.

 

The Lagos-Calabar Coastal Highway has been marred by an alleged lack of transparency in the procurement process and house demolitions. Despite these challenges, the president maintained that the project would be completed.

 

"When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy. Under this programme, we are accelerating investments in energy, transport, and public works.

 

"By leveraging private capital, we hope to complete key projects that drive growth and create jobs. We have already embarked on key legacy projects: The Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output," he said.

 

Regarding investments in human capital development, Mr Tinubu explained that the government is proposing ₦826.90 billion for infrastructure development in the education sector.

 

He added, "This provision also includes funding for the Universal Basic Education Commission (UBEC) and the nine new higher educational institutions."

 

The president also noted that the government had allocated ₦402 billion for infrastructure investments in the health sector and another ₦282.65 billion for the Basic Health Care Fund.

 

Other key elements of the budget

 

The government has a revenue target of ₦34.82 trillion to fund the ₦47.90 trillion budget, including ₦15.81 trillion for debt servicing.

 

The proposed expenditure includes a deficit component of ₦13.08 trillion, or 3.89 per cent of GDP.

 

Other proposed parameters include an exchange rate of ₦1,500 to a dollar and a base crude oil production assumption of 2.06 million barrels per day (mbd).

 

All these variables could be tampered with by the National Assembly during the legislative process.

 

The two chambers are expected to commence work on passing the budget.

 

Premium Times.

 

 

 

 

 

Mozambique: Government Postpones Payment of Overtime Debt to 2025

Maputo — The Mozambican government on Tuesday admitted that it does not have the money to pay education and health professionals for the overtime worked in 2023 and 2024.

 

At a press conference in Maputo, held after the weekly meeting of the Council of Ministers (Cabinet), the government spokesperson, Deputy Justice Minister Filimao Suaze, sugared this bitter pill with a promise that half the debt will be paid in 2025.

 

According to a report in Wednesday's issue of the independent newssheet "Mediafax', Suaze admitted that the government owes teachers 2.9 billion meticais for overtime worked since 2023. But it had paid off 100 per cent of the overtime debt from 2022.

 

Suaze said that the amount claimed by the education sector for 2023 was initially 3.61 billion meticais. Government inspectors checked this figure and brought it down to 3.198 billion meticais. The government decided to pay one billion meticais of the debt this month, pushing the rest into 2025 (when there will be a new government in office).

 

As for health professionals, Suaze said the overtime pay for 2023, as checked by the inspectors, is 270.29 million meticais.

 

For both education and health, the amount owing for overtime worked this year is still being calculated, and will be validated by the General Inspectorate of Finance (IGF). The government hopes to pay all the overtime debt from 2024 next year.

 

To avoid any future accumulation of debts for overtime, the government says it is studying mechanisms that will allow payment for overtime month by month.

 

The failure to pay for overtime has led to disputes between the government and the country's teachers. The most recent of these happened last month when hundreds of teachers in Maputo city and province boycotted examinations for 10th and 12th grade students.

 

In the central city of Beira, teachers allowed the exams to be held, but refused to mark them.

 

 

 

 

Nigeria: CRSG Approves Six Months Maternity Leave to Boost Breastfeeding Rates

In a move to enhance infant health and well-being, the Cross River State government has announced an extension of maternity leave for all nursing mothers in the state's civil and public service from three to six months.

 

The directive which takes effect from December 20, 2024, is contained in a government circular No 7/2024 titled "Approval for increase maternity leave from three to six months with pay for nursing mothers in Cross River State civil/public service" dated 16th December, 2024 and signed by the Head of Service, Obol Dr. Innocent E. Eteng.

 

The doubling of maternity leave in the state, follows a concerning report from the World Health Organization (WHO) which placed Cross River State's exclusive breastfeeding rate at 38.95 percent as of 2023. This figure, used to measure the number of exclusively breastfed children, prompted the State Governor Bassey Edet Otu to take decisive action.

 

The extended maternity leave is intended to support this initiative by enabling mothers to exclusively breastfeed their newborns for the recommended six-month period. The government believes this will significantly improve infant health outcomes in the state.

 

The circular reads, "Arising from the World Health Organization's rating of Cross River State breast-feeding rate,at 38.95 percent as at 2023, (EBF), an indicator which is used in determining the number of exclusively breast-fed children in a state.

 

"In view of the poor percentage recorded in Cross River State by the year ended 2023, His Excellency, Senator (Prince) Bassey Edet Otu, Governor of Cross River State, has approved that henceforth, every child born in Cross River State be entitled to six months exclusive breastfeeding, which will in turn improve the health and well being of the child in Cross River State

 

"Accordingly, maternity leave is hereby elongated from 3 (three) months to 6 (six) months for all nursing mothers in the Civil/Public Service of the State.

 

"Chief Executives and Heads of Ministries, Departments, and Agencies have all been directed to publicise the new policy widely. The change takes effect from Friday, December 20, 2024," the circular noted.

 

Vanguard.

 

 

 

 

Tanzania: European Union Bans Air Tanzania Over Safety Concerns

Kampala — The European Commission added Air Tanzania to the EU Air Safety List, banning the airline from operating within European Union airspace. This decision follows the denial of Air Tanzania's Third Country Operator (TCO) authorization by the European Union Aviation Safety Agency (EASA), citing significant safety deficiencies.

 

The EU Air Safety List includes airlines that fail to meet international safety standards. Commissioner Tzitzikostas emphasized the importance of passenger safety, stating: "The decision to include Air Tanzania in the EU Air Safety List underscores our unwavering commitment to ensuring the highest safety standards. We strongly urge Air Tanzania to take swift action to address these safety issues. The Commission has offered its assistance to Tanzanian authorities to enhance safety performance and achieve compliance with international aviation standards."

 

Air Tanzania joins several African airlines banned from EU airspace, including carriers from Angola, the Democratic Republic of Congo, Sudan, and Kenya. Notable names include Congo Airways, Sudan Airways, and Kenyan carriers Silverstone Air Services and Skyward Express. The ban reflects the EU's strict approach to aviation safety worldwide.

 

Independent (Kampala).

 

 

 

 

Sudan: Finance Minister Meets AfDB President

Abidjan — Minister of Finance and Economic Planning Dr. Gebreil Ibrahim met, on the sidelines of his participation in the third Abidjan African Forum held in the capital Abidjan on Wednesday, with the President of the African Development Bank (AfDB) Group Dr. Akinwumi Adesina, in the presence of the Chargé d'Affaires of the Embassy of the Republic of Sudan to the Republic of Côte d'Ivoire Dr. Al-Gaili Mohamed Abdul-Hamid, where the Minister briefed the AfDB President on the latest developments and the effects of the current war on the economic, social and humanitarian conditions in Sudan.

 

The Minister of Finance also expressed the Sudanese government's appreciation for the continued support provided by the AFDB in various development fields, stressing the importance of coordination between the government and the third party that will be chosen to implement the bank's projects in Sudan, calling on the bank to participate in assessing the extent of vandalization and losses resulting from the war in cooperation with the World Bank and the International Monetary Fund (IMF), and to participate in efforts to hold a donor conference for Sudan to support reconstruction operations.

 

For his part, Mr. Adesina expressed his concern with the developments in Sudan, explaining that the ongoing war in Sudan has negative effects on all countries in the region. He also touched on the efforts to restructure the financing portfolio for projects funded by the Bank, announcing that an amount of one hundred million dollars will be allocated to implement the second phase of the wheat project and ten million dollars to the project of redesigning the Arbaat Dam in Portsudan, in addition to allocating significant amounts for support projects for local communities.

 

At the end of the meeting, the two sides stressed the importance of continuing communication and coordination between them.

 

SNA.

 

 

 

 

Nigeria: National Bureau of Statistics Website Hacked

The NBS revealed that it is currently working to recover the website and urged the public to disregard any messages or reports posted on the site until it is fully restored.

 

The National Bureau of Statistics (NBS) on Wednesday announced that its official website has been hacked.

 

The bureau disclosed this on its X handle on Wednesday.

 

The NBS announced that it is currently working to recover the website and urged the public to disregard any messages or reports posted on the site until it is fully restored.

 

"This is to inform the public that the NBS Website has been hacked and we are working to recover it. Please disregard any message or report posted until the website is fully restored. Thank you," the NBS said.

 

The NBS is the principal agency responsible for the collection, analysis, and dissemination of statistical data in Nigeria.

 

Premium Times.

 

 

 

Nigeria: NASS Won't Kill Tax Reform Bills - Akpabio

Mr Akpabio said the bills would mark a significant reform in Nigeria's tax system since the nation's independence.

 

The Senate President, Godswill Akpabio, has assured the National Assembly that it will do everything within its ability to ensure the passage of the tax reform bills proposed by President Bola Tinubu.

 

He said most of those criticising the bills had not read their provisions and only spoke based on assumptions.

 

Mr Akpabio stated this on Wednesday in his opening remarks at the presentation of the 2024 budget.

 

"We will not kill any reform that you have forwarded to us for consideration, Mr President, but rather engage Nigerians to see the merits in them.

 

"It is disheartening that those who have not taken the time to understand these bills are the loudest critics," he said.

 

On 3 October, President Tinubu transmitted four tax bills to the National Assembly for consideration.

 

The bills are the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

 

However, criticisms have trailed the bills, with some critics saying they are against certain parts of the country.

 

To address the concerns, the Senate constituted a committee to liaise with a delegation of the federal government led by the Minister of Justice and Attorney General of the Federation, Lateef Fagbemi.

 

The two parties were supposed to resolve the grey areas but have yet to do so. It is still not clear why they have not met.

 

Mr Akpabio emphasised that the bills would mark a significant reform in Nigeria's tax system since the nation's independence.

 

He said the bills will present transformative opportunities to small and medium enterprises in the country.

 

"I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria's independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians," he said.

 

Mr Akpabio also maintained that the tax reform would create a conducive and internationally competitive business environment for the country.

 

"These reforms will not only improve Nigeria's revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development," he said.

 

Premium Times.

 

 

 

 

Nigeria: Senate Extends Implementation of 2024 Budget Till June

This followed a request by President Bola Tinubu that the implementation of the budget should be extended to enable the government to fully utilise components of the document.

 

The Senate on Wednesday extended the implementation of the capital component of the 2024 budget till 30 June 2025.

 

The Senate President, Godswill Akpabio, announced the extension during the plenary after it was read for the first, second and third times and supported by most senators.

 

This followed a request by President Bola Tinubu that the implementation of the budget should be extended to enable the government to utilise components of the document fully.

 

The Senate Committee of Supply considered the appropriation bill.

 

Imo West Senator Osita Izunaso told PREMIUM TIMES that the National Assembly had resolved to extend the implementation of the capital component of the 2024 budget of N28.7 trillion until next year.

 

Debate on extension

 

The Senate Leader, Opeyemi Bamidele, led the debate on the extension of the budget shortly after the senators returned to their chamber from the House of Representatives, where they had attended the presentation of the 2025 budget by President Tinubu.

 

Mr Bamidele explained that the extension was required to allow the federal government to complete ongoing projects captured in the budgets.

 

He also cited the need to allow federal government ministries, departments, and agencies to use the significant funds approved for each project execution.

 

Therefore, Mr Bamidele urged his colleagues to support the extension of the 2024 budget to avoid the federal government's abandoned projects in different parts of the country.

 

The Minority Leader, Abba Moro, seconded the proposal for the extension.

 

The Deputy Senate President, Barau Jibrin, said the extension is necessary and advised against a lengthy debate.

 

Mr Jibrin noted that budget extension had been a recurring issue at the National Assembly and that the 2024 budget will not be an exemption.

 

He said the extension is in the country's best interest.

 

Adamawa South Senator Binos Yaroe argued that extending the budget was not according to the Senate's rules.

 

According to him, the rule states that a copy of the draft bills should be distributed to the senators before any debate.

 

Mr Yaroe said the amendment draft should have been distributed to the senators per the upper house's rule.

 

The senate president, however, clarified that the rule applies to a new bill and not an amendment.

 

After the contributions, Mr Akpabio put the matter to voice vote, and most lawmakers supported it.

 

The senate president said the extension will help complete the federal government's ongoing critical infrastructure and is in the interest of Nigerians.

 

The House of Representatives is expected to consider extending the 2024 budget, after which the president will act accordingly.

 

Premium Times.

 

 

 

South Africa: Deadline for Spaza Shop Registrations Extended to February 2025

Government has extended the registration deadline for spaza shops and other food handling outlets to 28 February 2025, as announced by Cooperative Governance and Traditional Affairs Minister, Velenkosini Hlabisa, on Wednesday.

 

This follows the end of the initial 21-day registration period, which concluded on Tuesday, 17 December 2024.

 

A total of 42 915 applications were received, and 19 385 of them have been approved.

 

President Cyril Ramaphosa announced the registration last month as one of the measures to address growing concerns regarding spaza shops and tuck shops, which are linked to an increase in foodborne illnesses and deaths.

 

The President's address highlighted a foodborne illness crisis, with over 890 cases and about close to 30 deaths since September.

 

The Minister emphasised the importance of compliance with health regulations, noting that 1 041 non-compliant shops were closed.

 

"Before the revised deadline of 28 February 2025, government in all its spheres will continue to implement the action plan to address the crisis of foodborne illnesses and the illicit trade of goods across the country," Hlabisa told the media at a briefing in Pretoria.

 

READ | SAPS: We expect everyone to cooperate in compliance inspections

 

Meanwhile, he said those who have registered their businesses and received their acknowledgement of registration still need to undertake a further process to obtain their trading licences.

 

"For this process, environmental health practitioners and other regulatory authorities will still inspect owners of registered food-related trading businesses to ensure that their businesses are eligible to trade."

 

He urged municipalities to maintain capacity for assisting those registering as operations decline during the holiday season.

 

"We also urge business owners to continue with their registration process within their respective municipalities and not wait until the next registration deadline."

 

The Minister explained that the State was dealing with two distinct processes where business owners need to register the spaza shops and comply with health regulations.

 

"This process does not depend on whether you are registered or not. If you don't comply with the health regulations, the business is closed down immediately. Hence, 1 041 spaza shops have already been closed," he added.

 

In addition, the Minister said 15 health experts were appointed to a Ministerial Advisory Committee to develop long-term prevention measures.

 

"We want to emphasise that registration alone does not mean a business is eligible to trade. To obtain a licence or a permit to trade, business owners must comply with all health regulations and municipal by-laws related to conducting a business."

 

Pesticides

 

Meanwhile, the Minister said enforcement efforts included seizing 470 litres of pesticides and intensifying inspections at ports of entry.

 

According to Hlabisa, inspections of imported food items, medicines, drugs, and pesticides have also been intensified at ports of entry.

 

He said heightened surveillance at all 71 ports of entry, especially marine ports in KwaZulu-Natal including Durban, is aimed at preventing the entry of unsafe goods.

 

Warning

 

The Department of Home Affairs' (DHA) Albert Matsaung addressed the legal implications of assisting illegal foreigners to register spaza shops, referencing Section 42 of the Immigration Act.

 

He reiterated the importance of adhering to immigration laws and the role of the DHA and stressed the serious consequences for South Africans who assist illegal foreigners.

 

"No one should assist. No one should provide any kind of support - either be it in the form of providing immovable property, which in this case is the garages or houses where these spaza shops are being run. It means that it becomes a serious offence, criminally and in terms of the Immigration Act."

 

Matsaung stated that anyone who assists a foreigner who does not deserve to participate in this process will be prosecuted.

 

SAnews.gov.za.

 

 

 

Uganda: President Museveni Launches Lukhonge Skilling Hub

According to State House Controller Jane Barigye, the government invests Shs900 million every six months to cover materials, feeding, salaries, and operational expenses at each of the 18 hubs.

 

President Museveni has inaugurated the Lukhonge Skilling Hub in Mbale District, one of 18 vocational hubs established to empower youth with hands-on skills.

 

The facility offers free vocational training in courses such as building, carpentry and joinery, welding, catering, and tailoring, with free boarding provided to all trainees.

 

According to State House Controller Jane Barigye, the government invests Shs900 million every six months to cover materials, feeding, salaries, and operational expenses at each of the 18 hubs.

 

During the launch, graduates showcased their success stories but highlighted the lack of startup capital as a major challenge in setting up their own businesses.

 

Akim Mwayafu, an alumnus who trained in welding and metal fabrication, narrated how he found hope through vocational training.

 

After completing his Senior Six, he had high hopes of joining university and pursuing a bright future. However, financial challenges quickly dashed those dreams. Despite his best efforts, he found himself unable to pay tuition, forcing him to drop the Bachelor's ICT class.

 

"For a while, I felt lost and uncertain about the future, questioning whether all the time I had spent in school had been worth it. It was during this period of uncertainty that I heard about the skilling hub and decided to enroll in a six-month course in welding and metal fabrication."

 

At first, he wasn't sure what to expect. But as the weeks went by, he discovered a passion for working with his hands and creating tangible, valuable products. The training not only equipped him with practical skills but also boosted his confidence.

 

Today, he feels empowered in ways he never thought possible. With the skills he has gained, he can secure work, earn a living, and even dream of starting his own workshop one day. Reflecting on his journey, he admits that while his academic aspirations may not have gone as planned, the hands-on training he received has given him a new lease on life.

 

His story is a testament to the power of vocational education in transforming lives and offering hope to those who might feel left behind by traditional education systems.

 

Moved by the testimonies, President Museveni gifted three outstanding alumni UGX 10 million each to start businesses aligned with their skills.

 

The president further pledged to fund district SACCOS to help vocational graduates acquire the necessary tools and materials to establish their businesses.

 

This initiative aligns with the government's strategy to equip youth with skills and provide financial support, fostering self-reliance and reducing unemployment in the country.

 

Nile Post.

 

 

 

 

Bank of England expected to hold interest rates

The Bank of England is expected to hold interest rates at a meeting later today.

 

Most analysts predict the benchmark rate will stay at its current level of 4.75% when the decision is announced at 12:00 GMT.

 

It comes as inflation rose for the second month in a row to 2.6% in the year to November - pushing it further above the Bank's target of 2%.

 

In November, the Bank's governor Andrew Bailey said the path for rates would likely be "downward from here" but cautioned that the process would be gradual.

 

 

What are interest rates? A quick guide

The Bank moves rates up and down to try to control inflation, which measures the pace of overall price rises.

 

The idea is that if you make borrowing more expensive, people have less money to spend. People may also be encouraged to save more.

 

In turn, this reduces demand for goods and slows the rate at which prices are rising.

 

But it is a balancing act - increasing borrowing costs risks harming the economy.

 

Businesses, for example, may borrow less, making them less likely to create jobs. Some may cut staff and reduce investment.

 

The Bank's Monetary Policy Committee (MPC) - the group of people at the Bank that decide on rates, cut them in November from 5% to 4.75% - the second reduction in 2024.

 

However, rising prices, combined with figures on Tuesday that showed faster growth in wages, suggest that the central bank may need to hold interest rates at their current level for longer.

 

Paul Dales, chief UK economist at the think tank, Capital Economics, said November's higher inflation figure made it very unlikely that interest rates would be cut on Thursday.

 

"There is almost no chance of the Bank of England delivering an early Christmas present with another interest rate cut," he said.

 

"That's especially the case since domestic inflation pressures appear to be a touch stronger than the Bank expected."

 

Capital Economics predicts inflation will dip in December and then rise again in January.

 

But it anticipates that by the end of next year, it would have fallen back to close to the Bank of England's 2% target.

 

 

UK inflation rate hits highest level for eight months

The Bank's base interest rate heavily influences the rates High Street banks and other money lenders charge customers for loans, as well as credit cards.

 

Lenders have mostly "priced in" the impact of a base rate hold or cut when making decisions on their own interest rates.

 

Mortgage rates are still much higher than they have been for much of the past decade.

 

The average two-year fixed mortgage rate is 5.04% according to financial information company Moneyfacts. A five-year deal has an average rate of 4.14%.-BBC

 

 

 

 

Stocks slide as US central bank signals slower pace of rate cuts

US share prices slumped after the central bank cut interest rates for the third time in a row but its economic projections signalled a slower pace of cuts next year.

 

In a widely expected move, the Federal Reserve set its key lending rate in a target range of 4.25% to 4.5%.

 

That is down a full percentage point since September, when the bank started lowering borrowing costs, citing progress stabilising prices and a desire to head off economic weakening.

 

Reports since then indicate that the number of jobs being created has been more resilient than expected, while price rises have continued to bubble.

 

 

Stocks in the US fell sharply as Federal Reserve chairman Jerome Powell warned the situation would likely result in fewer rate cuts than expected next year.

 

"We are in a new phase of the process," he said at a press conference.

 

"From this point forward, it's appropriate to move cautiously and look for progress on inflation."

 

The Dow Jones Industrial Average closed 2.58% lower, suffering its 10th session of declines in a row and marking its longest streak of daily losses since 1974.

 

The S&P 500 lost almost 3% and the Nasdaq Composite fell 3.6%.

 

In morning trade in Asia on Thursday, Japan's Nikkei 225 was around 1.2% lower, while the Hang Seng in Hong Kong was down by 1.1%.

 

Inflation, which measures the pace of price increases, has proven stubborn in recent months, ticking up to 2.7% in the US in November.

 

Analysts have also warned that policies backed by president-elect Donald Trump, including plans for tax cuts and widespread import tariffs, could put upward pressure on prices.

 

Analysts say lowering borrowing costs risks adding to that pressure by making it easier to borrow and encouraging businesses and households to take on credit to spend.

 

If demand rises, higher prices typically follow.

 

Mr Powell defended the cut on Wednesday, pointing to cooling in the job market over the last two years.

 

But he conceded that the move was a "closer call" on this occasion and acknowledged there is some uncertainty as the White House changes hands.

 

Olu Sonola, head of US economic research at Fitch Ratings, said it felt like the Fed was signalling a "pause" to cuts as questions about White House policies make it more unsure about the path ahead.

 

"Growth is still good, the labour market is still healthy, but inflationary storms are gathering," he said.

 

 

'I'm more confident' despite rise in US inflation

US economy growing despite voter angst

Wednesday's rate cut - formally opposed by one Fed policymaker - is the last by the central bank before president-elect Donald Trump takes office.

 

He won the election in November promising to bring down both prices and interest rates. But mortgage rates have actually climbed since September, reflecting bets that borrowing costs will stay relatively high.

 

Forecasts released by the Fed on Wednesday showed policymakers now expect the bank's key lending rate to fall to just 3.9% by the end of 2025, above the 3.4% predicted just three months ago.

 

They also anticipate inflation staying higher next year than previously forecast, at about 2.5% - still above the bank's 2% target.

 

John Ryding, chief economic advisor at Brean Capital, said he thought it would have been wiser for the Fed to hold off on a cut at this meeting, despite the likelihood it would upset markets.

 

"There has been enormous progress made from the peak in inflation to where the US is now and it risks giving up on that progress, possibly even that progress being partially reversed," he said. "The economy looks strong... What's the rush?"

 

The Fed announcement comes a day before the Bank of England is due to make its latest interest rates decision in the UK, where price inflation has also recently ticked higher.

 

It is widely expected to hold its benchmark rate steady at 4.75%.

 

Monica George Michail, associate economist at the National Institute of Economic and Social Research, said the Bank of England was facing rates of wage growth and price increases for services that are hotter than in the US.

 

Some of the government's plans, which include hikes to the minimum wage, will also put pressure on inflation, she added.

 

"The Bank of England is trying to remain cautious," she said.

 

But she warned that inflation risks are present in the US as well, pointing to Mr Trump's tariff plans.

 

Mr Ryding said he thought the Bank of England - which unlike the Fed, does not have to consider unemployment as part of its mandate - was more clearly responding to the reality of the situation in front of it.

 

"The Bank [of England] is being more of a prudent central bank than the Fed is right now," he said.-BBC

 

 

 

 

El Salvador scales back bitcoin bet to get $1.4bn IMF loan

The Central American nation agreed to scale down its controversial Bitcoin policy to help secure a loan agreement

El Salvador has struck a $1.4bn (£1.1bn) loan deal with the International Monetary Fund (IMF) after agreeing to scale back its controversial bitcoin policies.

 

The the global lender said risks related to the adoption of the world's largest cryptocurrency had eased now that businesses will be allowed to decide whether or not to accept bitcoin.

 

In 2021, El Salvador became the first country in the world to make bitcoin legal tender.

 

This week, the cryptocurrency briefly hit a fresh record high of more than $108,000.

 

 

"The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies," the IMF announcement said.

 

"Legal reforms will make acceptance of Bitcoin by the private sector voluntary. For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined."

 

The deal, which is aimed to help support El Salvador's economy, still needs to approved by the IMF's executive board.

 

The IMF had opposed the Salvadorean President Nayib Bukele's crypto-friendly policies, warning they could become an obstacle to it offering financial assistance.

 

Still, Bukele celebrated on social media as bitcoin rallied after Donald Trump's US election victory in November.

 

Earlier this month, as the price of bitcoin topped $100,000 for the first time, Bukele said in a social media post that his country's holdings in the cryptocurrency had more than doubled in value.

 

He also blamed his political opponents for causing many Salvadorans to miss out on bitcoin's rise.

 

The cryptocurrency has rallied since Donald Trump's election victory on the 5 November.

 

The incoming Trump administration is seen as being far more friendly towards cryptocurrencies than President Joe Biden's White House.

 

On Thursday, the cryptocurrency retreated along with global stock markets after the US Federal Reserve signalled a slower pace of interest rate cuts next year.

 

Bitcoin is currently trading at around $100,000.-BBC

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


 (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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