Major International Business Headlines Brief::: 20 December 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  20 December 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Liberia: Senate Proposes U.S.$1.8 Million for Capitol Building Renovation

ü  Rwanda's F1 Grand Prix Bid Comes With Opportunities and Challenges

ü  Rwanda: Inside New Rwf30bn Plan to Develop Secondary Cities in Rwanda

ü  Liberia: Senate Proposes $1.8m for Capitol Fire Repairs

ü  Nigeria: Airline Operators Groan Over Multiple Taxation, Call for Review
of Levies Imposed By Govt

ü  Liberia: Its Official - MCC Selects Liberia As Eligible for New
Partnership

ü  South Africa: Riding Cape Town's Southern Line

ü  South Africa: Mister Sweet Workers Face Disciplinary Hearings for Strike

ü  Somalia: Mogadishu Development Project Brings Hope to Somalia

ü  Nigeria: Again, Dangote Refinery Announces Reduction in Price of Petrol

ü  Uganda: Govt Mints Billions From Minerals, Oil

ü  Botswana's Trade Deficit Conundrum

ü  Starbucks baristas to strike in US, union says

ü  N Korea hackers stole $1.3bn of crypto this year - report

ü  Amazon hit by 'strike' during holiday season scramble

 


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Liberia: Senate Proposes U.S.$1.8 Million for Capitol Building Renovation

The Senate said the US$1.8m is projected to finance the restoration of the
Joint Chamber upon the passage of the budget.

 

The Statutory Committee on Ways, Means, Finance, and Budget at the Liberian
Senate has made an initial projection of US$1.8 million for the immediate
renovation of the Joint Chamber of the Legislature.

 

Fire damaged the Joint Chamber on Wednesday this week, but authorities have
not said what caused the fire.

 

The fire incident occurred in the wake of an unresolved political turmoil at
the House of Representatives in which House Speaker Fonati Koffa was voted
out by majority members of that body.

 

So far, an initial Supreme Court intervention did not end the crisis, and
embattled Speaker Koffa is back at the court with a Bill of Information.

 

The House has to concur with the Senate on the proposed US1.8m.

 

Proposing to his colleagues on behalf of the Committee, Bong County Senator
and Chairperson of the Committee, Prince K. Moye, said that they have made a
conscious decision as a Legislature.

 

He noted that they will always endover to ensure that they look at critical
issues that confront the country.

 

He added that the seat of the Legislature was gutted by fire at the time
when the budget was about to be scrutinized and passed.

 

Senator Moye explained that they can't sit and just look and ask partners.

 

"We have to start doing something on our own. So, looking at the situation,
we don't have the full details on the full restoration cost of that damage
that has been done," he noted.

 

Moye indicated that the committee thought to project US$1.8 million as an
initial contribution to ensure that the construction of the Joint Chamber
begins immediately upon the passage of the budget to restore the seat of the
First Branch of Government.

 

According to him, these are major details coupled with other information
that will be provided as the passage and final report from the committee.

 

"We didn't plan for that, but it's a major setback, and so, we have to
project for that," Moye pointed out.

 

Meanwhile, the Committee has proposed the restoration of the District
Development Funds.

 

According to Moye, the proposal for the reactivation of the District
Development Fund will be left with the plenary of the Liberian Senate to
give further instructions so that the budget law can only state the
governance and the management of the funding.

 

"Mr. President of the Senate and colleagues, as you may be aware, the
District Development Program is the only development activity that cut
across the entire seventy-three districts of our country," Moye indicated.

 

"As such, the impact of the government will be felt at the district level,
and that district will have something to show every year if this funding is
maintained," he added.

 

New Dawn.

 

 

 

 

Rwanda's F1 Grand Prix Bid Comes With Opportunities and Challenges

It's not rumors or speculation anymore. Rwanda on December 13 formally
announced its bid to host a Formula 1 Grand Prix, marking a significant
milestone for motorsport not just for Rwanda but in Africa.

 

The announcement, made by President Paul Kagame last week during the FIA
General Assembly in Kigali, has generated both excitement and skepticism.

 

While the project has the potential to bring unprecedented attention to the
East African nation, it also faces untold challenges that could make or
break its success.

 

Rwanda's aspirations to host a Formula 1 race come at a time when the sport
is keen to expand its global footprint.

 

For years, Africa has been absent from the F1 calendar, with South Africa
being the last African country to host a race at the Kyalami circuit in
1993.

 

ALSO READ: Kagame meets Formula 1 President Stefano Domenicali

 

Since then, F1 has focused on markets in Europe, the Middle East, Asia, and
the Americas.

 

However, there has been growing interest in bringing the excitement of F1 to
the African continent once again.

 

Rwanda, with its vision of rapid economic growth and ambition to establish
itself as a global player, has stepped up to fill this void.

 

Motorsport in Rwanda is not a top sport, but with F1 coming to the East
African nation, will the sport leapfrog to a household level?

 

With this ambitious bid, Rwanda will, from now moving forward, going to be
looked with completely different lenses, for its taking on such a mega
project. It sounds impossible but where there is will, impossible is
nothing.

 

The planned race would reportedly take place on a brand-new circuit near the
Bugesera International Airport, just outside Kigali.

 

Designed by former F1 driver Alexander Wurz, the circuit promises to be a
high-speed, flowing track that capitalizes on the country's hilly topography
and scenic lake views, according to reports.

 

Wurz is also designing the new Qiddiyah track in Saudi Arabia, which is
expected to be finished in 2028 and host a Grand Prix in 2029.

 

The Rwandan track could be ready by 2029 or later and, if successful, the
event would represent not just a sporting achievement but a major
infrastructure project for the country.

 

The race is expected to attract thousands of visitors, boost tourism, and
elevate Rwanda's profile on the global stage. Wow, I write this and my heart
jumps just at the mere thought.

 

Yet, the road to hosting an F1 Grand Prix is faced with (the ultimate)
challenges. Perhaps the most significant hurdle is the sheer cost involved.

 

Formula 1 is one of the most expensive and sophisticated sports in the
world, with hosting fees for a single Grand Prix reaching tens of millions
of dollars annually.

 

The construction of a world-class racetrack and the required infrastructure,
including hospitality suites, media centers, and access roads, will add
millions more to the total cost.

 

While Rwanda's government has shown unwavering commitment to the project,
questions remain about how the country will finance such an ambitious
endeavor.

 

How did we get here?

 

Bidding to host a Formula 1 race is a complex and costly process that
involves several key stages.

 

First, a potential host city or country submits an official bid to Formula
1's governing body, the FIA. This includes a detailed proposal outlining the
race location, track design, infrastructure plans, and financial commitment.

 

The bid is then evaluated based on factors such as safety, accessibility,
environmental impact, and commercial viability.

 

If accepted, the host must secure funding for infrastructure development,
including building a world-class race circuit. The cost of building an F1
track is substantial.

 

For instance, basic research shows that constructing a new circuit in Rwanda
could cost upwards of $50 million, depending on the location, design, and
required infrastructure.

 

This includes building the track, pit lanes, grandstands, media facilities,
and improving surrounding roads. These expenses are compounded by ongoing
hosting fees, which can range from $20 million to $50 million annually.

 

Yet, the financial burden is not the only challenge for a country like
Rwanda with limited experience in organizing major motorsport events.

 

While the country has made strides in hosting international events, mostly
non-sport, the 2025 UCI World Road Championships will be the biggest, but
the scale and complexity of an F1 Grand Prix far exceed anything Rwanda has
undertaken.

 

The logistics involved in managing a global spectacle of this magnitude
require extensive planning, expertise, and a proven track record in event
management, none of which are readily available in Rwanda. Everything has to
be built from scratch.

 

The country's leadership, however, is confident that the lessons learned
from smaller events, combined with international partnerships, will help
Rwanda overcome these obstacles, and we have to trust them, for I'm pretty
sure they know what they're doing and the task at hand.

 

Formula 1 races require state-of-the-art facilities, including a pit lane,
paddock, and media center, as well as smooth transport links for the
thousands of people involved.

 

To meet the capacity for such large-scale events, Kigali will need
considerable investment in road systems, hotels, and accommodations to
handle the influx of teams, drivers, and spectators.

 

The creation of a dedicated racing circuit is only one piece of the puzzle;
Rwanda will also need to ensure that it can accommodate the global media and
sponsors that F1 attracts.

 

The country will need to work on cultivating a fan base for motorsport, a
sport that is relatively not so familiar with majority of the citizenry.

 

To ensure that F1 becomes a lasting fixture in the country, Rwanda will need
to engage local communities and invest in creating motorsport awareness
programs.

 

In the long-term, the event could potentially inspire a new generation of
drivers and motorsport enthusiasts, but this will require both time and
resources.

 

Rwanda's success in hosting an F1 race would have ripple effects beyond the
sport. It could stimulate the local economy, create thousands of jobs, and
position the country as a regional leader in sports tourism.

 

It would also align with Rwanda's broader goals of sustainability,
innovation, and infrastructure development, themes that are central to
President Kagame's vision for the future.

 

However, the challenges remain daunting. The logistics, financing, and
infrastructure needs are immense, and there are risks involved, including
the possibility that the project may face delays or cost increment.

 

Still, with strong political will and international collaboration, Rwanda
could rise to the occasion, we all hope.

 

Hosting an F1 Grand Prix would not only transform Rwanda's sports landscape
but also bring it firmly into the international spotlight.

 

Rwanda's bid to host an F1 Grand Prix is a statement of ambition, signaling
the country's desire to creep into the global sporting arena.

 

Although the road ahead is filled with challenges, the potential
rewards--both for Rwanda and for the wider African continent--are immense.

 

If Rwanda can overcome the obstacles in its path, it will be remembered as
the nation that brought the world's most prestigious motorsport event back
to Africa.

 

Currently, the F1 calendar consists of 24 races, held in countries across
Europe, Asia, the Americas, and the Middle East. The 2024's FIA champions
were crowned at the BK Arena in the presence of FIA President Mohammed Ben
Sulayem and President Kagame who presented the FIA Formula One 2024 world
champion trophy to Red Bull star driver Max Verstappen.

 

The Dutchman was receiving the trophy for the fourth time in a row.

 

Iconic venues like Monaco, Silverstone, and Monza feature alongside newer
tracks in Saudi Arabia and Abu Dhabi, creating a global spectacle for fans,
and with Rwanda added to the circuit, F1 will have a true global look.

 

New Times.

 

 

 

 

Rwanda: Inside New Rwf30bn Plan to Develop Secondary Cities in Rwanda

Five secondary cities which are Rusizi, Rwamagana, Nyagatare, Muhanga, and
Huye are beneficiaries of the fund.

 

The Government of Rwanda on Wednesday, December 18, signed a grant agreement
with the German Development Bank KfW, to provide approximately Rwf30 billion
for a new initiative that seeks to promote urban development through
nature-based solutions.

 

Dubbed the "Green and Gender-Sensitive Public Spaces" the initiative is
expected to capitalise on solutions such as tree planting and soil
unsealing, as part of the efforts to address urban challenges related to
climate change, such as landslides and heat retention.

 

ALSO READ: Rwanda secures Rwf30bn German grant to boost urban development

 

According to the Rwanda Environment Management Authority (REMA), which is
also the project's implementing agency, at least five secondary cities
including Rusizi, Rwamagana, Nyagatare, Muhanga, and Huye have been mapped
out as the initial beneficiaries.

 

"For each of these cities, we identified key climate change-related risks,
identified urban areas of highest risk and vulnerability and also identified
suitable sites for the project investment," REMA's Director General, Juliet
Kabera told The New Times in an exclusive interview.

 

ALSO READ: Rwanda launches Climate and Nature Finance Strategy to spur
private sector financing

 

Kabera maintained that the development seeks, to among others, strengthen
Rwanda's urban resilience against climate change while promoting
biodiversity and gender inclusivity.

 

How will it work?

 

According to REMA, climate risks are hazard driven. The agency pointed out
that the major hazards in the five cities include heat, pluvial flooding,
fluvial flooding, and landslide/erosion.

 

Other risks emerging from the hazards include health impacts, loss of or
damage to livelihoods as well as critical infrastructure with vulnerable
groups being most affected.

 

Secondary cities in Rwanda are still "very small" particularly compared to
other cities in the region, and they are also growing at a slower pace.

 

However, while the rapid development of Kigali has positive effects on the
country's economy, widening inequalities pose concerns in terms of
management of migration flows, uncontrolled urban and peri-urban growth in
Kigali, as well as national cohesion.

 

Statistics from the World Bank indicate that by 2050, up to 75 percent of
the world's population is expected to live in cities, making the need for
sustainable urban planning even more urgent.

 

This, experts argue, means that energy and resource consumption must be
drastically reduced, emissions lowered, and urban spaces made more inclusive
and resilient to the effects of climate change.

 

"These so-called nature-based solutions (NbS) could look like this: parks
with good lighting and new public spaces for culture, sport, and local
projects. Additionally, these green spaces can reduce heat stress and reduce
the risk of flooding during heavy rainfall. In such adaptation measures,
vulnerable groups must be prioritized and involved in the decision-making
process," according to Adelphi, an independent think tank contracted for the
initiative.

 

"The degree of resilience of cities to the consequences of climate change is
challenging to measure, and there is often a lack of innovative knowledge
for implementing effective preventative measures against natural disasters,"
Adelphi added.

 

For each of the five secondary cities, REMA said that three to five suitable
locations for adaptive and gender-responsible public green space development
with the highest potential to address the identified climate risks were
identified taking synergies between adaptation and biodiversity protection
into account.

 

"We want to embrace well-managed urban growth that generates sustainable and
climate-resilient urban environments, inclusive economic growth, and
sustainable development."

 

How the five cities were mapped

 

According to information from REMA, the five cities were mapped out based on
their potential to grow faster compared to other secondary cities.

 

The agency noted that some of the cities were also informed by their
proximity and their role in curbing Kigali's urban sprawl due to their
proximity. Also considered is their potential for economic growth.

 

Over the last decade, Rwanda has experienced an annual population growth
rate of 2.3 percent, resulting in an estimated population of 13.2 million in
2022.

 

The figure is expected to nearly double by 2050, with a projected density of
around 900 inhabitants per square kilometer.

 

"The urbanization rate is predicted to surge from 28 percent in 2022 to 66
percent by 2050, with the ultimate country's vision of achieving a 70
percent urban population by 2050. At the onset, the urbanization narrative
is characterized by rural-to-urban migration, fuelling uncontrolled urban
expansion."

 

However, rapid urbanization in these areas presents challenges, including
the imperative for affordable housing, sustainable and inclusive urban
planning, and addressing socio-economic disparities often linked to the
vice.

 

REMA said that the plan is to regenerate settlements to be attractive and
dynamic centers offering fair living conditions, generating both off-farm
jobs and providing affordable housing, while strengthening social and
environmental linkages to favor the emergence of climate-proof secondary
cities.

 

New Times.

 

 

 

Liberia: Senate Proposes $1.8m for Capitol Fire Repairs

Monrovia — The Senate's Committee on Ways, Means, Finance and Budget,
chaired by Bong County Senator, Prince K. Moye has proposed an initial sum
of US$1.8 million in the 2025 Draft National Budget to begin renovation work
on the Rotunda and Joint Chamber of the Capitol Building that were damaged
by the flames.

 

It can be recalled Wednesday, December 18, 2024, the official house hosting
the Liberian Legislature, was gutted by fire. The incident, which took the
nation by surprise, occured amid unresolved impasse among members of the
House of Representatives over the removal of embattled Speaker Jonathan
Fonati Koffa.

 

However, amid ongoing legislative review of the FY2025 Draft National
Budget, Senator Moye, during Thursday's session, told plenary that the
Committee on Ways, Means, Finance and Budget emphasized the need to expedite
the proposal, considering the pending State of the Nation Address (SONA) by
President Joseph Nyuma Boakai on the fourth working Monday in January
pursuant to Article 58 of the 1986 Liberian Constitution.

 

According to him, the purposed allocation belongs to the Liberian citizens,
as such, the use of said money, when approved in the draft budget, will
directly benefit the taxpayers.

 

"The fire incident has highlighted the need for immediate action to restore
our legislative chambers, especially so that this Legislature is to host the
President for his annual address slated for next year January," Senator Moye
stated, expressing commitment to ensure the proper and smooth running of the
government.

 

The Bong County lawmaker further described the Capitol as a democratic
symbol of national governance in the country, stressing the need to
meticulously protect and maintain the National Legislature in the midst of
political disagreement.

 

While expressing frustration over the fire incident, Moye further urged his
fellow senators to prioritize the dignity and working space of members of
the House of Representatives so as to carry out their constitutional
functions.

 

Liberian Investigator.

 

 

 

Nigeria: Airline Operators Groan Over Multiple Taxation, Call for Review of
Levies Imposed By Govt

There have been several agitations from airline operators over multiple
taxes imposed on flight tickets by aviation agencies, insisting that such
taxes are the reasons behind the failure of many airlines in the country.

 

The operators decried the multiple taxation, which according to them, is
fluid, confusing and exploitative, noting that when these taxes are built
into the ticket, travellers tend to think that the total cost of ticket is a
take home for the airlines.

 

Airline Operators of Nigeria (AON) at different fora have complained about
the multi taxation. The operators said these taxes are stifling their
operations and government seemed ambivalent in response to their call over
the years.

 

Domestic airlines, on the average, said they pay about 35 percent to 40 per
cent of a ticket cost as taxes and charges that come under the guise of
statutory levies in addition to other charges.

 

The implemented charges range from Terminal Navigational Charges to enroute
navigation charges, Over-flight charges, clearance charges, and extension
charges. Even foreign airlines don't pay enroute charges or extension
charges, which the local airlines are forced to pay.

 

The levies are divided into aeronautical and non-aeronautical revenues and
are added to charges collected from passengers as air tickets by the
airlines. Twenty of the charges are paid into the coffers of the Federal
Airports Authority of Nigeria (FAAN), six are paid into the Nigeria Civil
Aviation Authority (NCAA) coffers, and the Nigerian Airspace Management
Agency (NAMA) collects three while Bi-Courtney collects four of the charges
from the airlines that operate at its terminal.

 

It was learn that the breakdown of aeronautic charges included aircraft
inspection, which is tickets and Duty Tour Allowance (DTA) paid to the
coffers of NCAA for aircraft inspection overseas. The DTA, however, depends
on the country the aircraft is being inspected. Also, landing charges are
divided into two; day and night. During the day, airlines pay N25 per Kg
kilogramme of the aircraft weight while they are charged N37.5 per
kilogramme of the aircraft at night. FAAN collects the charge from airlines
(maybe this has increased).

 

Also, FAAN collects about N400 per weight of aircraft after 30 hours from
airlines as parking charges while the agency also collects between $40 and
$50 from airlines for using the AvioBridge for en-route charges, FAAN
charges $70 from airlines on international routes while it collects about
N3,000 for carriers on domestic routes.

 

AON said indigenous airlines are compelled to pay NAMA's $75 as a charge for
over-flight while it equally collects $195 from airlines that operate
international or regional flights outside the country while N6,000 is
remitted by indigenous airline operators for the same terminal charge. The
aeronautic agency also collects clearance fees for indigenous airlines.

 

The operators also said that besides, N2, 500 per passenger is remitted to
the purse of BASL as Passenger Service Charge (PSC) for any air traveller
airlifted by airlines at the terminal.The terminal operator also collects
$50 from airlines for using its Avio bridge while it collects another $50 as
extended Avio bridge usage.Also, BASL collects $00.50 from operators as a
check-in counter fee (as at last year).

 

The breakdown of the charges indicates that the NCAA collects 5 per cent of
total fare from airlines as Ticket Sales Tax (TST), and another 5 per cent
each as Import and Export Charges for domestic operators.

 

The regulatory authority also charges airlines 10 per cent each as Import
and Export Royalties.

 

Also, FAAN collects N2,000 for domestic operations and $50 for international
operations as Passenger Service Charge (PSC), and charges N12 per kilogramme
as a Ports Charge.

 

The same agency collects N5 per kilogramme as Export Charge, N20 per
kilogramme on Courier/Tarmac/ Pre-Release and N5 per kilogramme as Air
Cargo.

 

Commenting, the Managing Director and CEO of Aero Contractors, Captain Ado
Sanusi, called for a review of multiple taxes on flight ticket by aviation
agencies and insisted that it is very important to streamline the payments.

 

"As a proposal to the federal government on these taxes, I have made several
proposals. I will make one now. Let them scrap the 5 percent. Let them have
a figure, one figure that airlines should be. One figure that scheduled
airlines should pay. And then let NAMA have one charge. So we know we are
paying NAMA and NCAA for service. And then FAAN, or we can even have one
figure and then they can share among the three of them.

 

"But for us to pay 5 percent, and then pay also for all the services that
NCAA renders, is not good for the sustenance of airline business in Nigeria.
So, I pay 5 percent of my ticket sales. And then I will pay for all the
services that they will render. So if they are coming to inspect an
airplane, they should pay for that. If they are going to do AOC renewal,
they should pay for that. So you pay 5 percent and you pay that.

 

"I hope you are counting. And then you go to NAMA, you pay for enroute
navigation, which I introduced (as former Managing Director) and then you
pay terminal navigation.So, I think that for domestic, I think we should
remove one. I think we should remove enroute and leave the terminal. I think
that is that. And for FAAN, of course, we should have landing. Of course,
when you land, you have to pay for it. But that can be consolidated to one
tax only," Sanusi said.

 

He said that the airlines have made a good presentation to the agencies and
government and hoped that they would buy the recommendation of the airlines.

 

Sanusi said that the high taxes, the unfavourable economy have dogged at the
operations of the airlines, leaving some of them in precarious state,
observing that the airlines and the aviation sector cannot be insulated from
the economic outlook of the country.

 

"You know, in any society, you cannot be more efficient than the system you
operate in. So, the economic condition in the country, the aviation industry
cannot operate more efficiently than the economic situation we have. So, if
the economists say we are in recession, then definitely the situation of the
aviation industry will be reflected in that. We are experiencing challenges
in our economy, definitely there will be challenges in the aviation
industry.

 

"You cannot operate outside, you can't be more efficient than the system you
operate in, and we have economic challenges.So, all these issues of saying
we have made progress and all that, if we are telling ourselves the truth,
we have not. That is the truth, we have not. And unless we agree that we
have not, and we now work towards recovering the economy and then building
the aviation to have a sustainable aviation industry, I think we will just
be going in a cycle and telling ourselves lies. And unfortunately, that is
what is happening," he added.

 

Domestic airlines have called for the review of taxes on their operations
for many years and hopefully the government may begin to listen to them
going forward.

 

This Day.

 

 

 

Liberia: Its Official - MCC Selects Liberia As Eligible for New Partnership

The Millennium Challenge Corporation (MCC) has selected Liberia as newly
eligible to develop a compact. Liberia was designated as eligible in
recognition of the country's commitment to pursuing critical economic and
democratic governance reforms.

 

Friday, December 20, 2024/ MCC expects all partner countries to continue
demonstrating an ongoing commitment to the principles of inclusive
democratic governance that underpin MCC's eligibility criteria.

 

Eligibility does not guarantee that Liberia will receive a compact program.
MCC and the U.S. Embassy look forward to working closely with the Government
of Liberia to launch the compact development process.

 

The size and content of the final program is contingent on analytical work
done in partnership

 

between MCC and the Government of Liberia, the availability of funds, and
the MCC Board of Directors' approval of the proposed program.

 

MCC is a U.S. government agency working to reduce global poverty through
economic growth.

 

Created in 2004, MCC provides time-limited grants that pair investments in
infrastructure with policy and institutional reforms to countries that meet
rigorous standards for good governance, fighting corruption, and respecting
democratic rights.

 

"MCC is proud of our longstanding history with Liberia and is enthusiastic
about embarking on a new partnership to advance opportunities for the people
of Liberia," said MCC's Chief Executive Officer Alice Albright. -Press
release

 

New Dawn.

 

 

 

South Africa: Riding Cape Town's Southern Line

Metrorail has improved from its worst days but some problems still need to
be fixed

 

Last week, this GroundUp reporter rode the Metrorail Southern Line between
Fish Hoek and Rondebosch for one week to assess the quality of the train
services provided to commuters.

 

This is a vital line connecting the city centre and the southern part of the
city, a route not serviced by MyCiTi buses. The route also has potential for
tourists, especially heading south from Muizenberg.

 

Currently, the trains run every 20 minutes on weekdays. They appear to be
clean, safe and mostly on time, but there are some concerns.

 

Currently, passengers can only buy tickets with cash. Sometimes there were
long queues to buy tickets as ticket administrators had to count out the
change for each commuter.

 

According to Zinobulali Mihi, the acting head of marketing and communication
for Passenger Rail Association South Africa (PRASA), PRASA's policy is to
accept only cash as payment for tickets. There are plans for an automated
ticketing system (ATS) that will allow card payments, said Mihi. "The date
is yet to be confirmed."

 

"With the rebuilding of rail that is ongoing post-Covid, under the Recovery
Programme, we have invested in many station upgrades and innovation
systems." These projects include the implementation of the ATS and fencing
around more railways and stations, said Mihi. (Metrorail did not break down
during or because of Covid; its decline in Cape Town occurred years before.)

 

There is currently no automated system for checking tickets which means that
a PRASA employee has to watch the gates to the platforms.

 

Fish Hoek station, which is one of the major stations on the Southern Line,
does have automated access gates that are meant to open when a ticket is
scanned, but these are currently not working. The doors sometimes do not
operate due to vandalism, said Mihi.

 

PRASA has historically had issues with automated access gates. In 2018
GroundUp reported on a R1.1-billion tender for automated access gates in
Cape Town station which hadn't worked since their installation in 2010.

 

Last week, on two occasions the ticket office was closed at Rondebosch
station during the late afternoon commute. This meant people were able to
get on a train without paying.

 

Asked about this, Mihi said the Rondebosch station has staff deployed in the
ticket office all day, including morning and afternoon peak periods.

 

At Fish Hoek station there are people who check the tickets of commuters
getting off the train. But at a smaller station, such as Kalk Bay, there is
no check. On my journey last Friday afternoon, ticket booths at both the
Kalk Bay and Rondebosch stations were closed, which meant there was no way
to buy a ticket.

 

According to Mihi, there are limited staff in the region to check tickets,
so key stations are being prioritised. In holiday periods, Kalk Bay station
is prioritised. "Customers are legally obligated and required to purchase
their train tickets for their intended train trips without expecting their
tickets to be verified," said Mihi.

 

At Fish Hoek station, there are issues with the digital displays on the
platforms which are meant to inform passengers when the trains arrive. Last
week there was no way for commuters to know how long they would have to wait
for a train.

 

The boards sometimes do not operate due to power issues, said Mihi. This can
be caused by vandalism of the power cables, she explained.

 

The line currently ends at Fish Hoek, but trains used to run further south
to Simon's Town. It's unclear if the full line will be resurrected.

 

The trains were reasonably full in the mornings and evenings during rush
hour. But I could always get a seat within about five minutes of boarding
the train.

 

All in all, Metrorail still needs to improve a number of things if the
Southern Line is to get the number of commuters it had over a decade ago.

 

GroundUp.

 

 

 

 

South Africa: Mister Sweet Workers Face Disciplinary Hearings for Strike

Dozens of Premier's Mister Sweet workers face disciplinary proceedings for
gross misconduct after they participated in an 11-week strike.

According to a notice issued by Premier, workers contravened a written
agreement with the United Chemical Industries Mining Electrical State Health
and Aligned Workers Union (UCIMESHAWU) by participating in the strike.

But workers say they had resigned from this union long before the strike and
had joined the Simunye Workers Forum (SWF).

At least 89 of Premier's Mister Sweet workers who participated in an 11-week
strike now face disciplinary proceedings.

 

Most of the 300 workers who had downed tools returned to work in November
after weeks of negotiations between the company and union representatives.
Strikers agreed to Premier's initial offer of a 7% increase for operators
and 6% for general workers during the current year, and of 6% for operators
and 5% for general workers in 2025 and in 2026. They had initially demanded
a minimum wage of R19,500 a month for the highest paid workers.

 

In September the Labour Court dismissed Premier's urgent application to stop
workers from striking, under the Simunye Workers Forum, at its Mister Sweet
branch in Germiston.

 

However the company has now issued disciplinary notices to 89 workers. They
say these workers were still members of the United Chemical Industries
Mining Electrical State Health and Aligned Workers Union (UCIMESHAWU) at the
time, and that the company had signed an agreement with UCIMESHAWU in April,
in which the union had agreed that no strike action would take place.

 

But the workers say they left UCIMESHAWU in 2023.

 

Premier has previously argued before the Commission for Conciliation,
Mediation and Arbitration (CCMA), that the workers should have been bound by
a wage agreement signed in April with UCIMESHAWU. But in a ruling handed
down on 23 May, CCMA commissioner Dineo Phokela found that "the majority of
workers had resigned from UCIMESHAWU before the wage agreement was signed".

 

"When the agreement was signed, UCIMESHAWU was no longer representative of
the majority of workers at the workplace," Phokela said. "The employer
persists in alleging that UCIMESHAWU remains a majority without providing
any proof thereof. They persisted in conducting wage negotiations with a
union that was no longer representative of the majority of the workers at
the workplace."

 

Phokela said most of the resignations had taken place in July 2023. "In some
instances, workers resigned from the Union twice, on both 26 July 2023 and 6
March 2024. They have elected to organise themselves as a workers' forum
under the banner of Simunye Workers Forum with 263 workers from Mister
Sweet."

 

Premier says the workers' actions during the strike constitute gross
misconduct or negligence, disrupting company operations, undermining both
legal and contractual obligations and disregarding company policies. The
company also says the strike was unprotected because the workers had failed
to give notice of the strike to the employer as required by law.

 

But Simunye Workers Forum Organiser Jacob Potlaki pointed out that in May
the CCMA had ruled that the strike was protected. Potlaki said the workers
had only downed tools after the CCMA's ruling. He said the union had given
notice of the strike.

 

Potlaki said Premier had now come up with a "stunt" to fire workers for
participating in a strike, and the Forum would approach the CCMA over the
disciplinary hearings.

 

Premier spokesperson Siobhan O'Sullivan confirmed that 89 Mister Sweet
workers are being charged with misconduct. She said disciplinary hearings
are expected to end on 23 December, "following which appropriate action will
be taken based on the outcome of the investigations".

 

In a notice issued on 29 October, Deputy Registrar of Labour Relations
Mongwadi Ngwetjana said UCIMESHAWU would be deregistered. The union had not
complied with the Labour Relations Act (LRA) and had ceased to function in
terms of its constitution, she said. "This office is of the view that the
union ceased to function as a genuine trade union in terms of the LRA."

 

GroundUp.

 

 

 

 

Somalia: Mogadishu Development Project Brings Hope to Somalia

Washington — In a landmark event for Somalia, President Hassan Sheikh
Mohamud on Thursday officially launched the "New Mogadishu" development
initiative, a transformative project that aims to reshape the capital's
economic landscape.

 

The initiative includes construction of a modern airport, a port and a key
economic zone, all focused on fostering growth and attracting investment.

 

During the launch, Mohamud said the initiative showcases the resilience of
the Somali business community.

 

"Somali businessmen have stepped up to provide essential services during
challenging times, proving their commitment to the nation's progress," he
said.

 

Mohamud also noted the initiative has the potential for massive job
creation.

 

"The creation of this project is not just about infrastructure; it's about
creating opportunities for our youth and uplifting our communities," he
said.

 

"The launch of the New Mogadishu project marks a significant milestone for
Somalia as it seeks to revitalize its capital and strengthen investor
confidence, paving the way for a brighter economic future," Mohamud added.

 

Fardowsa Osman Egal, Somalia's minister of transport and aviation,
emphasized the significance of the new airport in this project.

 

"It is a long dream that is materializing now. Due to the capacity and
function of the current Mogadishu airport, which only has one runway, this
new international airport will help us increase international flights," she
said. "The planned state-of-the-art airport and modern port will serve as
vital infrastructure, creating a financial zone that is expected to draw
both international and local investors."

 

Valued at approximately $650 million, the New Mogadishu initiative is
expected to significantly boost Somalia's economic development.

 

On behalf of Somali business community, Mohamud Abdikarim Gabeyre, the
chairman of the Somali Chamber of Commerce and Industry, welcomed the
initiative.

 

"New Mogadishu, on the northern outskirts of the capital, is a project we
welcome because we heard that the Somali business community will get the
priority of the investment, and we hope it will be successful," he said.

 

On Wednesday, the president also inaugurated a $400 million groundbreaking
development project named Gateway Complex, poised to transform Somalia's
capital by introducing Somalia's first five-star hotel, managed by the
globally recognized Rotana hospitality group, and an international
convention center capable of hosting up to 5,000 attendees.

 

Plans also feature premium hotel apartments, a 300-bed modern hospital, a
leading school, a vibrant shopping complex, residential units and
recreational facilities.

 

Mogadishu has long suffered from lawlessness and terrorist attacks. Although
the capabilities of the al-Shabab terrorist group have been weakened, it
continues to pose a threat by assassinating civilians, particularly those
who install security cameras on their shops and business centers.

 

VOA.

 

 

 

 

Nigeria: Again, Dangote Refinery Announces Reduction in Price of Petrol

The company said the reduction is designed to ease transport costs during
the festive period.

 

On Thursday, Dangote Refinery announced a price reduction from N970 per
litre to N899.50 per litre for marketers.

 

The company's Group Chief Branding and Communication Officer, Anthony
Chiejina, disclosed this in a statement on Thursday.

 

Last month, the company announced a price reduction from N990 per litre to
N970 per litre for the marketers. At the time, the company said the
reduction was a way to show appreciation for Nigerians and their unwavering
support in making the refinery a dream come true.

 

In its statement on Thursday, the company said the reduction was designed to
ease transport costs during the festive period.

 

"To alleviate transport costs during this holiday season, Dangote Refinery
is offering a holiday discount on Premium Motor Spirit (PMS). From today,
our petrol will be available at N899.50 per litre at our truck loading
gantry or SPM," Mr Chiejina said.

 

Furthermore, he said that for every litre purchased on a cash basis,
consumers can buy another litre on credit backed by a bank guarantee from
Access Bank, First Bank, or Zenith Bank.

 

The refinery thanked Nigerians for their continued support as the country
enters the festive season.

 

Mr Chiejina emphasised the refinery's commitment to ensuring Nigerians have
access to premium quality petroleum products that are competitively priced,
environmentally friendly, and engine friendly.

 

He highlighted that the refinery's operations mark the end of Nigeria being
a dumping ground for substandard and 'blended' imported products, which have
posed significant risks to human health, machinery, and the environment.

 

In October, Aliko Dangote, founder and president/chief executive of the
Dangote Group, said his refinery has more than 500 million litres of petrol
in stock, but marketers have not been picking up the product.

 

Earlier in November, the Independent Petroleum Marketers Association of
Nigeria (IPMAN) called on Dangote Refinery to engage stakeholders and review
its pricing strategy, saying the refinery prices are higher than other
suppliers, making it difficult for independent marketers to sell products.

 

IPMAN recently reached an important arrangement with Dangote Refinery to
directly lift petroleum products for distribution to its members' depots and
retail outlets nationwide.

 

Premium Times.

 

 

 

 

Uganda: Govt Mints Billions From Minerals, Oil

Cover Story — The value of Uganda's mineral production has jumped from Shs
19.92 billion in 2020/2021 to Shs 202 billion in 2021/22. That is one of the
findings from the country's third report of the Extractive Industries
Transparency Initiative (EITI), a global standard monitor for the good
governance of oil, gas and mineral resources, based in Oslo, Norway.

 

The report shows that each of the 20 mining companies out of 558 active
mining licence-holders for the 2021/2022 reporting period were able to remit
at least Shs 6 billion to the government and accounted for 98.82% of the Shs
202 billion in mining revenues earned by the government during the reporting
period.

 

The revenue came from taxes on production and export of minerals such as
limestone, iron ore, pozzolana, wolfram, gold, kaolin, syenite, Aggregate,
Volcanic Ash, Marble, Granite, and Diatomite.

 

The key drivers of the increment were limestone, whose value increased from
Shs 223 million in 2020/2021 to Shs 93 billion in 2021/2022; iron ore which
increased from Shs 4 billion to Shs 72 billion, and Pozzolana, a type of
volcanic ash used for mortar or for cement that sets under water, which rose
from Shs 506 million to Shs17.7 billion.

 

Wolfram (tungsten) did not feature amongst minerals produced in 2020/2021
but its production was valued at Shs 6.8 billion for 2021/2022. Meanwhile,
gold production value also increased from Shs 1.96 billion to Shs 3.42
billion.

 

The latest report which was released in Kampala on Nov.28 by the Uganda EITI
Secretariat contains a reconciliation of payments made by oil, gas and
mining entities, and revenues received by government agencies from these
entities, as well as other material payments and benefits accruing to
government from the extractive sector.

 

Gloria Mugambe, the head of the Uganda EITI Secretariat (UGEITI) noted
during the dissemination of the report that the new report saw the inclusion
of more mining companies in the reconciliation scope.

 

She said the country's first EITI report which was published in June 2022,
saw the reconciliation of only oil and gas companies, while the second
report saw the inclusion of the top eight revenue paying mining companies
with a mining licence for 2020/2021. These companies included; Tororo
Cement, National Cement Company-Uganda, Kampala Cement Company, Goodwill
Ceramic Co. Ltd, Wagagai Mining (U) Ltd, Mota Engil and Virat Alloys. This
time, 12 more companies were added onto the previous list.

 

Mugambe said the decision to include companies that contribute at least Shs
6 billion to government coffers; technically called the "materiality
threshold" for the second and third reports was agreed by the Multi
Stakeholder Group (MSG).

 

The MSG is a committee which comprises representatives from the government
(13 members), extractive companies (7 members), and civil society
organisations (5 members). The MSG oversees implementation of the EITI
standard in Uganda.

 

"With each additional EITI report published, our intention is to build onto
the existing data base in the extractive sector and to get a hand on more
specific detail in terms of which companies are present in the sector; which
economic activities they engage in, how much revenue they remit to the
national coffers, how many Ugandans they employ and how they are improving
the economic and social wellbeing of the communities where their activities
are taking place," Mugambe said.

 

"We get data from the relevant government institutions and in this case,
they give us the information regarding which extractive companies are paying
revenues in the reporting period and then we get confirmation of these
numbers from the companies themselves, hence the reconciliation process."

 

An incomplete picture

 

However, Mugambe noted that her team met a few challenges in terms of
responsiveness of the companies and their ability and willingness to engage
in the provision of data and the reconciliation of some of the information
which is quite tedious and detailed.

 

"The result of that is that we do not have a complete picture from the
company's side in terms of how much money they paid during the reporting
period (and) that is where the reconciliation gap came from and that is why
we went ahead to publish the report with only the URA figures but (we) are
still working with the companies that have not yet submitted their
reconciliation figures so that we get the whole picture," she said.

 

Mugambe noted that as her team went about crunching the available revenue
data, they realised afterwards that whereas these companies may be paying
money to URA, that revenue might actually be linked more to manufacturing
than mining.

 

"It's a huge debate within the MSG; the MSG institutions such as the Uganda
Revenue Authority (URA), the Directorate of Geological Survey and Mines
(DGSM); that when a company like Tororo Cement holds a mining licence and it
is mining limestone but it also imports clinker to manufacture cement, would
you call the revenue that is remitted by Tororo Cement, extractives or
manufacturing revenue?"

 

"We still have our work cut out in terms of separating revenues and ensuring
that the money we identify as extractives revenue is actually revenue that
the company has earned from the sector," she said.

 

Mugambe also noted how, during verification of some of the data, her team is
sometimes left frustrated when it goes on the ground to verify the
information.

 

"For instance, we have a company called Virat Alloys which holds an
exploration licence for tin in Ntungamo District in western Uganda. This
company paid Shs 8.3bn in 2021/2022 financial year to URA."

 

"It is actually above our threshold but when we actually engaged with the
company in our attempt to reconcile the figures so they comply with our
reporting requirements, we found out that it is a steel company in
Nalukolongo Industrial Area in Kampala," she said. "The management said they
are not a mining company but rather a steel manufacturing company. But if
you are not in mining, why do you have an exploration licence and you have
held it for some time."

 

"You have a company like Namekara Mining Company Ltd which mines and exports
vermiculite but they don't have production figures for 2021/2022 and yet we
have export figures? When DGSM inspectors go to Namekara to inspect the
mines, what do they find? If they are producing, why don't they have
production figures on record?"

 

Mugambe said the lack of compliance by companies like Virat Alloys which
categorizes itself as manufacturing company and yet it is within the
threshold of mining are the ones which continue to bring about the big
reconciliation gap.

 

However, David Sebagala, the Senior Inspector of Mines who is based at the
Directorate of Geological Survey of Mines told the meeting that fluctuations
in data can be attributed to either error in data but also the
unpredictability of government policies on handling of minerals.

 

"For example, if iron ore was previously not being exported but it
eventually gets exported when there is a statutory instrument to allow for
the export of the iron ore, you are going to have a jump in terms of
production and the taxes," Sebagala said.

 

"There are instances when you are going to have steep drops when, for
instance, a mineral has been traded as an ore and then the government says
stop exporting the ore," he added.

 

Sebagala noted that the same applies to the query on why there could be
export data but no production data. He said when the government suddenly
decrees that there should be no more export of some minerals, the companies
involved are stuck with what they have mined.

 

"They will stop exports that day and they will embark on the process of
solving the challenge. And when they eventually solve the problem, they will
start by exporting the stockpile they had from the previous production. That
is what I think happened with the Namekara vermiculite sale when the
president issued a directive on export of unprocessed minerals. Vermiculite
is actually processed but the ban affected them."

 

Gov't not disclosing contracts

 

When the Ugandan government became a member of the Extractive Industries
Transparency Initiative (EITI) four years ago, citizens hoped the drive,
which seeks to improve transparency and accountability of the oil, gas, and
mining sector, would finally help shine a light onto a sector that, for
decades, has been renowned for its opaqueness and secret deals.

 

Uganda joined the Extractive Industries Transparency Initiative (EITI) in
August 2020, a decision which affirmed its dedication to enhancing
governance in the extractive sector. As an EITI member country, each year,
Uganda is required to publish an EITI report that contains details of the
state of the extractive sector in the reporting period.

 

The EITI requires the country to disclose in detail and transparently all
government money generated from the extractive sector and all significant
payments made by companies in the oil and gas, and mining industries to the
government.

 

But, it appears, those who continue to operate the levers of the sector,
right from far-flung mining areas in the countryside to the boardrooms in
Kampala, are not about to embrace the EITI standards and regulations, as
findings from the third EITI report show.

 

In May this year, Uganda successfully underwent EITI validation, achieving
78.5 points under the 2019 EITI standard, an assessment which some sector
players said reflected "moderate progress."

 

Whereas Uganda scored well on criteria regarding outcome and impact, and
stakeholder engagement, performance in the area of transparency was scored
as moderate.

 

The poor score on the transparency index was blamed on the government not
disclosing contracts it signs with oil, gas, and mining companies. The
second reason was the big gaps in production and export figures for
minerals, mainly gold.

 

The EITI Board wants the government to fix those gaps. Mark Robinson, the
Executive Director of the EITI Board who visited Kampala in August advised
the government that "the disclosure of contracts by all EITI member
countries is a must, not an option."

 

Robinson said this is according to EITI regulations passed in 2021to improve
transparency and accountability in the country's oil, gas, and mining
sector.

 

Siragi Magara, the Extractive Industries Coordinator at Oxfam-Uganda who
also doubles as a member of Uganda's EITI Multi-Stakeholder Group said the
government should know that the EITI standard runs on the Four Ds: data,
disclosure, dissemination and debate.

 

"I am, therefore finding it a very big problem that we are still discussing
the issue of disclosure as a very serious problem even when we decided to
join the EITI," Magara said. He said natural resources are ultimately owned
by citizens, with the government only managing them in trust.

 

"It's just fair that even if Uganda didn't join the EITI, the government
should be informing citizens about the deals it is making with their natural
resources. It would be in the interest of the government to make sure that
citizens know what the government is doing with their natural resources so
that they can develop the confidence they need from them in order to harness
peace and harmony."

 

"It's not about the contracts; no one is interested in the paper; it's
beyond paper. It's about what exactly can be disclosed and is able to stop
corruption tendencies and is able to consolidate revenue gains so that
citizens are able to benefit from their natural resource wealth," he said.

 

Speaking on behalf of the Energy ministry Permanent Secretary, Commissioner
Frank Mugisha said the ministry considers transparency and accountability a
cornerstone in the petroleum sector and is evaluating how best the
disclosure of the Production Sharing Agreements can be done. He said the
Attorney General on behalf of the government and the International Oil
Companies all say they have no problem with the full disclosure of the
agreements.

 

Clovice Bright Irumba who represents the Petroleum Authority of Uganda (PAU)
on the EITI MSG told the meeting that a sub-committee of the MSG is in place
and has been designing ways to show how Uganda is working towards full
disclosure.

 

"Our work involved understanding the dynamics of contracts. We agreed to
meet industry and that meeting was led by the Chairperson of the MSG and in
that meeting, we actually got the agreement in principle; that the industry
would not mind sharing those agreements. The next level was to go back to
the higher levels to meet people with the Permanent Secretary, Ministry of
Energy; the Executive Directors of government agencies and that was done."

 

"It then became clear that we needed to bring the matter to the Minister of
Energy and the Attorney General and there was also a suggestion that we
needed to present a paper to Cabinet although we were divided as to whether
that was necessary considering the fact that Cabinet already approved the
country to join the EITI."

 

But Irumba told the meeting that when they undertook some benchmarking of
countries that subscribe to EITI, they found most do not disclose contracts.
"Although I don't want to say that their behaviour is going to influence
Uganda, we found that most countries actually don't disclose; you don't find
their contracts on any website," Irumba said.

 

Saul Ongaria, the Coordinator of the EITI in Uganda, said steps have been
taken to engage the companies and most of them have declared that they want
transparency. So, it is now upon the government to come to a decision.

 

"Looking at these contracts deeply creates an opportunity for us to identify
gaps that might exist, where leakages are in terms of revenue, and where
opportunities for corruption exist. I think this is something we should
appreciate as institutions of government; that transparency and
accountability actually works to our advantage."

 

Ongaria said claims that disclosed signed contracts put the government at a
disadvantage in negotiations with new prospective investors cannot ignore
demands by international and multi-lateral lending organizations for
transparency and accountability even within the contracts that are already
negotiated.

 

Revenue mobilisation target off

 

Moses Kaggwa, the Director Economic Affairs in the Ministry of Finance as
well as the Chairperson of the MSG in Uganda said the third EITI report
represents a milestone in Uganda's ongoing journey to ensure that the wealth
of the country's natural resources translates into sustainable and shared
prosperity for all Ugandans.

 

Kaggwa noted that since joining the EITI, Uganda has consistently produced
the EITI report. "This has shown the level of commitment and dedication that
we attach to the principles of transparency and accountability," he said.

 

"We need to strengthen our systems to combat corruption, streamline revenue
management and build the capacity of our institutions and communities to
monitor resource use effectively." he added.

 

Kaggwa said the extractives sector is very important to Uganda's economic
development vision which seeks to grow the economy from its current US$53bn
to US$500bn in 15 years' time.

 

"This vision demands not only accountability but also innovation,
investments in human capital and partnerships that can prioritise
environmental sustainability and social equity," he said.

 

Speaking from the EITI Secretariat in Oslo, Edwin Wuardom Warden who
supports Anglophone countries to implement the EITI standard said the Uganda
government will not meet its domestic revenue mobilisation target of 16% of
tax to GDP ratio from the curret 13% unless revenue leakages in the
extractives sector are plugged.

 

"The country's extractives sector remains one of the most vulnerable sectors
where revenue leakages are happening," he said, "This is an area that
affects government coffers and minimizes the opportunities of realising some
of the well-thought out government priorities," he said.

 

Independent (Kampala).

 

 

 

 

Botswana's Trade Deficit Conundrum

Botswana has consistently recorded a trade deficit from September 2023 to
September 2024, Statistics Botswana (SB) revealed in its International
Merchandise and Trade Statistics Monthly (IMTS) September 2024 report. It is
a monthly digest that provides a summary of trade statistics on Botswana's
total imports and exports of goods for September 2024. The international
merchandise trade statistics records all goods which add to, or subtract
from, the stock of material resources of a country by entering (as imports)
or leaving (as exports) its economic territory.

 

During September 2024, Statistics Botswana said the country recorded trade
deficit amounting to P4, 430.6 million while exporting merchandise valued at
P3, 434.5 million to external markets with diamonds being the dominant
exported commodity, accounting for 56.8 percent (P1, 951.3 million).
Statistics Botswana indicated that diamond exports were followed by Copper
and Machinery and Electrical Equipment at 24.0 percent (P823.4 million) and
6.4 percent (P221.4 million) respectively. An independent economist Lame
Bothata said a trade deficit recorded for a whole year is a bad signal for
economic growth.

 

He said the deficit is expected to widen more so that diamonds sales remain
weaker, adding that constant efforts to address the trade imbalance are
important as government seeks to diversify the economy away from mineral
(diamonds) dependence.

 

"Botswana for a very long time has failed to diversify the export basket
base and is dominated by the diamonds. Currently the diamond sales blues are
having a negative impact on the entire economy. Government's efforts to
diversify the economy must be focused on value addition of diamonds where
they can be processed into jewellery rather than exporting them as raw
materials," said Bothata. He also said there is a need to explore Non-
Resource-Based Exports, stating that while diamonds are currently dominant,
actively promoting other sectors like tourism, manufacturing, and
agriculture holds significant potential to diversify the export basket and
reduce heavy dependence on a single commodity.

 

Furthermore, he said it is important for Botswana to carefully study import
composition analysis, saying that entails analysing the specific types of
imported goods (fuel, food, machinery, etc.) to identify opportunities for
import substitution.

 

He said encouraging domestic production of goods currently being imported,
especially food, can help reduce the trade deficit.

 

Meanwhile the report said in September 2024, imports stood at P7, 865.1
million, registering a decrease of 9.9 percent from the revised August 2024
value of P8, 730.7 million.

 

The top imported commodity groups were Diamonds at 19.6 percent, followed by
Fuel at 17.6 percent.

 

Food, Beverages & Tobacco, Machinery & Electrical Equipment and Chemicals
and Rubber Products came next, with contributions of 15.5 percent, 13.1
percent and 10.9 percent in that order.

 

According to Statistics Botswana, the Southern African Customs Union (SACU)
was the main source of imports at 77.9 percent. Asia and the European Union
(EU) accounted for 7.8 percent and 2.9 percent of total imports
respectively.

 

"At country level, South Africa was the main supplier of imports at 59.7
percent of the total, followed by Namibia at 17.2 percent. Mozambique, China
and, Canada contributed 4.5 percent, 3.5 percent and 3.1 percent
respectively," the report underscored.

 

During the period under review, Botswana's exports were mostly absorbed by
Asia and SACU with market share of 39.3 percent and 29.4 percent
respectively.

 

At country level, Botswana's top export destinations were South Africa, the
United Arab Emirates (UAE) and Belgium, having received 23.0 percent, 21.1
percent and 12.4 percent of total exports respectively. Australia and China
followed at 11.7 percent and 11.1 percent respectively.

 

The Patriot.

 

 

 

 

Starbucks baristas to strike in US, union says

A union representing more than 11,000 Starbucks baristas in the US says its
members will hold a five-day strike starting on Friday morning, in a dispute
over pay and working conditions.

 

Workers United says the walkouts will start in Los Angeles, Chicago, and
Seattle, with strike action set to spread each day and reach hundreds of
stores by Christmas Eve unless a deal is reached.

 

It follows the union calling for the coffee shop giant to raise wages and
staffing, as well as implement better schedules for its workers.

 

"We are ready to continue negotiations to reach agreements. We need the
union to return to the table," a Starbucks spokesperson said in response to
the strike announcement.

 

 

The company also highlighted that it offers average pay of over $18 (£14.40)
an hour, as well as "best-in-class benefits."

 

"Taken together they are worth an average of $30 per hour for baristas who
work at least 20 hours per week," it said.

 

Workers United says it represents workers at more than 500 stores across 45
US states.

 

"It's a last resort, but Starbucks has broken its promise to thousands of
baristas and left us with no choice," said Fatemeh Alhadjaboodi, a Starbucks
barista from Texas said in a statement sent to the BBC by the union.

 

Workers United has highlighted what it sees as an unfair pay disparity
between its members and senior Starbucks bosses, including chief executive
Brian Niccol.

 

His annual base pay is $1.6m. He could also get a performance-related bonus
of as much as $7.2m and up to $23m a year of Starbucks shares.

 

Starbucks has previously defended the plan, saying that Mr Niccol was "one
of the most effective leaders in our industry" and that his compensation was
"tied directly to the company's performance and the shared success of all
our stakeholders".

 

Mr Niccol joined the company in September. His predecessor, Laxman
Narasimhan, stepped down after being in the role for less than two years.

 

The world's biggest coffee shop chain has seen flagging sales as it grappled
with a backlash to price increases and boycotts sparked by the Israel-Gaza
war.

 

The strike at Starbucks comes as one of the most powerful labour unions in
the US is staging a protest against Amazon, aiming to put pressure on the
technology giant as it rushes out packages in the final run-up to Christmas.

 

The Teamsters union said Amazon delivery drivers at seven facilities in the
US had walked off the job on Thursday, after the company refused to
negotiate with the union about a labour contract.-BBC

 

 

 

 

N Korea hackers stole $1.3bn of crypto this year - report

Some of the incidents could be linked to remote North Korean IT workers
infiltrating crypto and other technology firms, the report says

A total of $2.2bn (£1.76bn) in cryptocurrencies has been stolen this year,
with North Korean hackers accounting for more than half that figure,
according to a new study.

 

Research firm Chainalysis says hackers affiliated with the reclusive state
stole $1.3bn of digital currencies - more than double last year's haul.

 

Some of the thefts appear to be linked to North Korean hackers posing as
remote IT workers to infiltrate crypto and other technology firms, the
report says.

 

It comes as the price of bitcoin has more than doubled this year as incoming
US president Donald Trump is expected to be more crypto-friendly than his
predecessor, Joe Biden.

 

 

Overall, the amount of cryptocurrency stolen by hackers in 2024 increased by
21% from last year but it was still below the levels recorded in 2021 and
2022, the report said.

 

"The rise in stolen crypto in 2024 underscores the need for the industry to
address an increasingly complex and evolving threat landscape."

 

It said the majority of crypto stolen this year was due to compromised
private keys - which are used to control access to users' assets on crypto
platforms.

 

"Given that centralised exchanges manage substantial amounts of user funds,
the impact of a private key compromise can be devastating", the study added.

 

Some of the most significant incidents this year included the theft of the
equivalent of $300m in bitcoin from Japanese cryptocurrency exchange, DMM
Bitcoin, and the loss of nearly $235m from WazirX, an India-based crypto
exchange.

 

The US government has said the North Korean regime resorts to cryptocurrency
theft and other forms of cybercrime to circumvent international sanctions
and raise money.

 

Last week, a federal court in St Louis indicted 14 North Koreans for
allegedly being part of a long-running conspiracy aimed at extorting funds
from US companies and funnelling money to Pyongyang's weapons programmes.

 

The US State Department also announced that it would offer a reward of up to
$5m for anyone who could provide more information about the alleged
scheme.-BBC

 

 

 

 

Amazon hit by 'strike' during holiday season scramble

One of America's most powerful labour unions is staging a protest against
Amazon, aiming to put pressure on the tech giant as it rushes out packages
in the final run-up to Christmas.

 

The Teamsters union said Amazon delivery drivers at seven facilities in the
US had walked off the job on Thursday, after the company refused to
negotiate with the union about a labour contract.

 

Teamsters members were demonstrating at "hundreds" of other Amazon
locations, according to the union, which described it as the "largest
strike" in US history involving the firm.

 

The company, which employs roughly 800,000 people in its US delivery
network, said its services would not be disrupted.

 

 

"What you see here are almost entirely outsiders — not Amazon employees or
partners — and the suggestion otherwise is just another lie from the
Teamsters," Amazon said in a statement.

 

It was not clear how many people were participating in Thursday's action,
which was joined by members of the United Services Union (ver.di) in
Germany.

 

In the US, the Teamsters union said thousands of Amazon workers were
involved.

 

Overall, the group claims to represent "nearly 10,000" Amazon workers, after
signing up thousands of people at about 10 locations across the country,
many of them in the last few months.

 

The organisation has demanded recognition from Amazon, accusing the company
of illegally ignoring its duty to negotiate collectively over pay and
working conditions.

 

"They've pushed workers to the limit and now they're paying the price. This
strike is on them," said the union's general president, Sean O'Brien.

 

"If your package is delayed during the holidays, you can blame Amazon's
insatiable greed."

 

The Teamsters is a storied US union, with more than one million members
overall. It is known for winning robust contracts for members at firms such
as delivery giant UPS.

 

Most of the Teamsters' Amazon campaigns have involved drivers technically
employed by third-party delivery firms that work with the tech giant.

 

Amazon denies that it is on the hook as an employer in those cases, a
question that is currently the subject of legal dispute. Labour officials
have preliminarily sided with the union on the issue in at least one
instance.

 

Amazon employees at a major warehouse in Staten Island in New York have also
agreed to affiliate with the Teamsters.

 

Their warehouse holds the distinction as the only Amazon location in the US
where a union victory has been formally ratified by labour officials.

 

But it has seen little progress when it comes to contract negotiations since
the 2022 vote. It was not among the locations listed to go on strike on
Thursday.

 

Amazon, one of the largest employers in the US, has long faced criticism of
its working conditions and been the target of activists hoping to make
inroads among its workers.

 

Its fierce opposition to unionisation efforts has also been called into
question.

 

But it is not the only business facing pressure over its refusal to come to
the table about a contract years after the start of unionisation efforts.

 

At Starbucks, where the first coffee shop voted to unionise in 2021, workers
also recently authorised a labour strike, accusing the company of dragging
its feet on negotiations.-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

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

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www.bullszimbabwe.com/blog

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LinkedIn:           Bulls n Bears Zimbabwe

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www.facebook.com/BullsBearsZimbabwe



 

 

 


 

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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