Major International Business Headlines Brief::: 08 February 2024

Thu Feb 8 10:06:32 CAT 2024

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Major International Business Headlines Brief:::  08 February 2024 

ü  South Africa: 2023 Tax Laws Published

ü  Ethiopia: PM Abiy Acknowledges Monetary Policy Setbacks in Tackling
Inflation, Calls for Tougher Measures

ü  Nigeria Spent a On Education, Medical Tourism in 10 Years - Cardoso

ü  Seychelles and Malaysia Discuss High-Tech Innovation in Agriculture
Sector

ü  Liberia: Senate Wants Audit to Ascertain U.S. $40 Million Claims

ü  South Africa: Agricultural Sector Urged to Protect Livestock From Extreme
Heat

ü  South Africa: Eskom Reduces Load Shedding to Stage 1

ü  South Africa: Prasa Western Cape Making Strides

ü  Tanzania: Imported Sugar Supply Begin to Ease Shortage, Cool Prices

ü  Namibia: Unemployment Crisis Needs Urgent Action

ü  Yandex: Owner of 'Russia's Google' pulls out of home country

ü  BP reports second highest profit in a decade

ü  Scandal-hit business group will survive, says new boss

ü  Source oil and gas locally, urges Equinor energy boss

ü  Disney: Chief executive Bob Iger bets on Fortnite and Taylor Swift

 <https://www.cloverleaf.co.zw/> South Africa: 2023 Tax Laws Published

National Treasury has announced the publication of the 2023 Tax Acts that
have been promulgated and give legislative effect to the tax proposals
outlined by the Minister of Finance in his annual National Budget Speech
last year.

The Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2023, (Act
No. 19 of 2023) (2023 Rates Act), Taxation Laws Amendment Act, 2023 (Act No
17 of 2023) (2023 TLAA) and Tax Administration Laws Amendment Act, 2023 (Act
No. 18 of 2023) (2023 TALAA) were promulgated on 22 December 2023.

"The 2023 Rates Act gives effect to changes in rates and monetary thresholds
and increases of the excise duties on alcohol and tobacco. The 2023 TLAA
contains more complex, technical, anti-avoidance legislative changes. The
2023 TALAA deals with tax proposals that are technical and administrative in
nature.

"A final Response Document on the 2023 Rates and Monetary Amounts and
Amendment of Revenue Laws Bill (2023 Rates Bill), 2023 Taxation Laws
Amendment Bill (2023 TLAB) and 2023 Tax Administration Laws Amendment Bill
(2023 TALAB), as well as the Explanatory Memorandum to the 2023 TLAB
(Explanatory Memorandum) and the Memorandum of Objects to the 2023 TALAB
(Memorandum of Objects) are also published," National Treasury said on
Tuesday.

The final Response Document updates the Draft Response Document to consider
submissions and decisions made following further inputs made by
stakeholders, the Standing Committee on Finance and the Select Committee on
Finance during public hearings regarding the 2023 Draft Rates Bill, 2023
Draft TLAB and 2023 Draft TALAB.

The 2023 Rates Act, 2023 TLAA, 2023 TALAA, final Response Document,
Explanatory Memorandum and Memorandum of Objects can be found on the
National Treasury (www.treasury.gov.za) and SARS (www.sars.gov.za) websites.

- SAnews.gov.za.

Ethiopia: PM Abiy Acknowledges Monetary Policy Setbacks in Tackling
Inflation, Calls for Tougher Measures

Addis Ababa — During his recent parliamentary address on 06 February 2024,
Prime Minister Abiy Ahmed admitted that the much-anticipated monetary policy
introduced in August 2023 to tackle inflation has fallen short of
expectations.

In a candid acknowledgment of the policy's limitations, the premier
recognized that his administration's ambitious vision for curbing inflation
has encountered obstacles.

"While there has been a modest improvement in addressing inflation, we have
not achieved the level of success we had anticipated," he told legislators.

Back in August 2023, the government introduced a monetary policy aimed at
reducing inflation to below 20% by June 2024 and further to 10% by June
2025.

The implemented monetary reform includes restricting direct advances to the
federal government and imposing a 14% limit on domestic credit growth for
commercial banks. However, this approach has faced criticism due to its
perceived negative impact on both financial institutions and borrowers.

Using an analogy to painkiller medication, the premier emphasized that these
policy measures should be viewed as temporary solutions. Instead, he
stressed the necessity for more rigorous reforms that can offer sustained
solutions to the ongoing challenge of inflation.

"The time has come for bold action and the implementation of tougher reforms
to ensure a lasting solution," he conveyed.

Advertisement The Prime Minister's recent statement marks a notable
departure from the earlier announcement made by Mamo Mihretu, the Governor
of the National Bank of Ethiopia (NBE), a few months ago. Previously, Mamo
had announced that the monetary policy implemented since August 2023 had
resulted in a steady decline in headline inflation, signaling optimism for
the nation's economy.

Last November, Mamo spoke with confidence as he presented the institution's
quarterly report to legislators regarding the monetary policy designed to
combat surging inflation since August 2023.

Citing official statistics showing a decrease in the headline inflation rate
from 35% in March 2023 to 27.7% in September 2023, Governor Mamo assured
lawmakers that the strategic monetary policy implemented by the central bank
to combat inflation was yielding promising results.

Since Mamo's appearance in parliament last November, significant
developments have unfolded.

The annual inflation rate in Ethiopia rose to 28.7% in December 2023, up
from 27.7% in September of the same year, according to the latest price
index released by the Ethiopian Statistical Service.

Both food and non-food items experienced price hikes during the period, with
food inflation surging to 30.6% from 26.7%, while non-food items rose to
30.6% from 30%.

The time has come for bold action and the implementation of tougher reforms
to ensure a lasting solution."Prime Minister Abiy Ahmed

Financial institutions such as the International Monetary Fund (IMF) also
project that the inflation rate will continue to rise. According to the
IMF's projections released in October 2023, inflation is expected to remain
in double digits in 14 countries, including larger economies in the region
such as Ethiopia, Ghana, and Nigeria.

The IMF report attributes the expected surge in inflation to the ongoing
foreign currency shortages and the rapid decline in the value of Ethiopia's
local currency.

Ethiopia is among the countries globally grappling with a significant
depreciation of its currency. Recent data from the Troubled Currencies
Project, which monitors exchange rates in both black and spot markets,
indicates that the Ethiopian birr has depreciated by almost 40% against the
US dollar since January 2022.

During his parliamentary address, the Prime Minister emphasized that
inflation is the result of various economic challenges inherited by the
current administration.

In addition to the volatility observed in the global market, he asserted
that internal instability has hindered the country's efforts to address the
macroeconomic issues currently facing Ethiopia.

"Our internal problems are preventing us from swiftly standing on our feet,"
he stated.

The Prime Minister has emphasized a significant gap in monetary policy
implementation as a major factor contributing to the problem.

He specifically refers to a mismatch between the money injected into the
economy through loans and the funds withdrawn from the market via deposit
mobilization by commercial banks.

Over the past six months, there has been a notable increase in deposits
mobilized by the banking sector, totaling 100 billion birr, thereby pushing
the outstanding balance to 1.3 trillion birr.

"Even if it is mild, this has an effect on tackling inflation," the Prime
Minister commented.

However, during the same period, credit disbursed amounted to over 170
billion birr, with 83% allocated to the private sector. While this may be
perceived as a success compared to previous practices where the majority of
credit went to state-owned enterprises, the Prime Minister indicated that it
has a negative impact on inflation.

Additionally, the Prime Minister highlighted that controlling and reducing
inflation has become the foremost challenge, not only for Ethiopia but also
for many African countries and even developed nations. He informed
legislators that inflation is the result of various economic breakdowns and
cannot be effectively addressed solely through monetary policy.

"One of the contributing factors to rising prices is our inability to
produce in accordance with demand," he explained. "Given that the country
cannot satisfy its own demand, we are compelled to procure numerous items
from the international market, where prices are currently experiencing
unprecedented increases."

In addition to inflation, the Prime Minister outlined a range of
macroeconomic challenges facing the country, including a substantial current
account deficit.

During the first five months of the current fiscal year, the country's
export earnings from goods and services totaled $4.5 billion, while the
import bill surged to $7.5 billion. Similarly, last fiscal year saw earnings
from goods and services at $10.7 billion, while the import bill reached a
staggering $17 billion.

Another lingering macroeconomic issue mentioned during the parliamentary
session is the insufficient improvement in government revenue collection,
which does not correspond to the size and growth of the gross domestic
product (GDP).

In the first half of the current fiscal year, the government collected
revenue totaling 265 billion birr, representing a 17% increase compared to
the same period last year. However, the Prime Minister highlighted, "Despite
the increase, the collected revenue remains insignificant relative to our
GDP."

He referenced the experiences of African countries such as Morocco, which
successfully raised the tax-to-GDP ratio to 30%, and noted that even some
East African countries achieved a tax-to-GDP ratio of 15%.

The Prime Minister emphasized that for a country like Ethiopia with a GDP of
eight trillion birr, the current tax-to-GDP ratio, standing at less than
10%, is insignificant. "In a country with lower government revenue
collection, significant economic development is not feasible."

However, Prime Minister Abiy emphasized that such macroeconomic problems do
not hinder the country from remaining among the few nations in the world
that are registering the fastest growth rates.

According to the IMF's latest projections, Ethiopia is expected to achieve a
6.1% real GDP growth rate by the end of 2023, with a 6.2% growth rate
predicted for 2024. This surpasses the growth rates anticipated for other
East African economies such as Kenya and Uganda, which are expected to grow
by 5% and 4.6%, respectively, in 2023.

However, the government anticipates a growth rate of 7.9% for the current
Ethiopian fiscal year.

- Addis Standard.

Nigeria Spent a On Education, Medical Tourism in 10 Years - Cardoso

The Central Bank of Nigeria (CBN) has blamed the free-fall of the naira on
the huge sum of $40 billion spent by Nigerians on foreign education and
medical tourism in the last 10 years.

The CBN made this clarification yesterday while giving insights into the
constant depreciation of the value of the Naira as against the United States
Dollar, creating a volatile exchange rate for the country.

According to the apex bank, the trend is caused by a decline in the supply
of US Dollars amid the high demand for the currency to pay for foreign
services in the education, health and other sectors.

The CBN governor, Olayemi Cardoso, who stated this at the sectoral debate
organised by the House of Representatives, said Nigeria has spent $40
billion on school and medical tourism in 10 years, putting pressure on the
Naira, causing it to keep depreciating.

Cardoso explained that foreign education expenses amounted to $28.65 billion
while medical treatment abroad incurred about $11.01 billion.

He said given the substantial demand for education, healthcare, professional
services, personal travel, and similar needs, the exchange rate is bound to
face ongoing pressure.

"Given this data, it's crucial to highlight that between 2010 and 2020,
foreign education expenses amounted to a substantial US$28.65 billion, as
per the CBN's publicly available Balance of Payments Statistics

"Similarly, medical treatment abroad has incurred around US$11.01 billion in
costs during the same period. Consequently, over the past decade, foreign
exchange demand for education and healthcare has totalled nearly US$40
billion. Notably, this amount surpasses the total current foreign exchange
reserves of the CBN. Mitigating a significant portion of this demand could
have resulted in a considerably stronger Naira today.

"Personal Travel Allowances have accounted for a total of US$58.7 billion
during the same period. Notably, between January and September 2019, the CBN
disbursed US$9.01 billion to Nigerians for personal foreign travel.

"Continuing on the topic of the demand for US Dollars, Nigeria's annual
imports, which require dollars for payment, amounted to US$16.65 billion in
1980. By 2014, the annual import expenditure had significantly surged to
US$67.05 billion, although it gradually decreased to US$54.71 billion as of
last year. Similarly, food imports escalated from US$2.63 billion in 1980 to
US$14.84 billion in 2019,"

Cardoso said.

According to him, while inflation pressures may persist, albeit temporarily,
they are expected to moderate significantly by Q4 2024, with exchange rate
pressures also expected to reduce with the smooth functioning of the foreign
exchange market.

He further stated that the Nigerian foreign exchange market is currently
facing increased demand pressures, causing a continuous decline in the value
of the naira.

"Factors contributing to this situation include speculative forex demand,
inadequate forex supply due to non-remittance of crude oil earnings to the
CBN, increased capital outflows, and excess liquidity from fiscal
activities.

"The shift to a market-driven exchange rate was intended to create a stable
macroeconomic environment and discourage currency hoarding. However,
short-term volatilities are attributed to arbitrage and speculation.

"To address exchange rate volatility, a comprehensive strategy has been
initiated to enhance liquidity in the FX markets. This includes unifying FX
market segments, clearing outstanding FX obligations, introducing new
operational mechanisms for BDCs, enforcing the Net Open Position limit, and
adjusting the remuneration Standing Deposit Facility cap," the CBN governor
said.

Cardoso noted that while the CBN has the mandate of stabilising the exchange
rate, achieving results would necessitate efforts beyond the bank itself and
indeed to an attitudinal change of all citizens.

He also stated that the relocation of some departments of CBN to Lagos was
not a political decision but only an implementation of what had been done
before now

"We did not change anything, we have always done this in order to get closer
to the banks for best results," he said.

- Leadership.

Seychelles and Malaysia Discuss High-Tech Innovation in Agriculture Sector

Seychelles and Malaysia are exploring potential areas to collaborate with
the aim to achieve food sustainability in the western Indian Ocean island
nation through the provision of technical help.

The honorary consul of Malaysia, Kabilan Muniandy, led a delegation to
Seychelles recently and met with high level officials in the agricultural
sector.

Among the areas discussed were training for the students from the Seychelles
Institute of Agriculture and Horticulture (SIAH) and technicians in the
field so that the country can achieve food security.

The principal secretary for agriculture, Keven Nancy, said the visit was
organised so that the experts could get a firsthand experience of the
agricultural sector in Seychelles.

This will help in identifying the country's needs as well as the level of
research and technology required to help increase production and reduce
importation.

Seychelles imports around 90 percent of its food and has in the past couple
of years started refining its plans for food security.

Nancy explained that Seychelles was looking to develop new agricultural
techniques such as tissue farming and hydroponics.

Also discussed was the possibility of professionals in the domain of
high-tech agriculture visiting the country to share knowledge on the
operation of the technology to offer long-term technical help to local
practitioners.

"We want to engage in these new technologies linked to increasing
agricultural production and to do that we have to be innovative and use
technology and science. We are pushing for any type of high-tech farming in
the country through the use of technology as this is the way forward to make
agriculture more sustainable," he added.

The training for SIAH students and other professionals in the agricultural
sector in Seychelles will be held in May year with the help of a Malaysian
institution - Quest International University. Already several students from
Seychelles attend these courses.

The head of Quest International University, Nicholas Goh, said, "We have a
very strong biotech programme at the University. Since we have Seychellois
students, we want to talk to the minister and others as to why not train
them to come back and help the nation."

During its working visit, the Malaysian delegation met with Flavien Joubert,
who has an agriculture portfolio. The delegation also visited SIAH, the Anse
Boileau Research Centre, the soil and diagnostic laboratory, and the animal
and plant health laboratory in Grand Anse Mahe.

- Seychelles News Agency.

Liberia: Senate Wants Audit to Ascertain U.S. $40 Million Claims

The Liberian Senate has endorsed its Public Account and Audit Committee's
recommendation mandating the General Auditing Commission (GAC) to ascertain
facts through an audit of the bank balances reported by the former and
current Presidents of the country.

During the transitional period in late January 2024, former President George
Weah said his administration left over US$40 million in the consolidated
account.

Contrary to ex-president Weah's report, incumbent President Joseph Boakai in
his first State of the Nation Address disclosed that the actual balance in
the government's consolidated account is US$20.5 million.

To establish the facts in the two separate assertions made by the two
leaders, the Senate initially mandated its Joint Committees on Public
Account and Audit and Banking and Currency with the PAC leading the venture
to investigate the matter and report to the plenary.

However, on Tuesday, 6 February 2024, the Joint Committees following its
investigation recommended that an audit be conducted by the General Auditing
Commission to establish the real balances in the government's account.

The report read in open plenary by the Secretary of the Senate Nanborlor
Singbeh, stressed that the former and current leaders of Liberia failed to
state whether the amounts reported were gross or net account balances.

According to the report, the audit by the GAC will clear the doubt about the
true net inherited by President Boakai.

- New Dawn.

South Africa: Agricultural Sector Urged to Protect Livestock From Extreme
Heat

Western Cape Agriculture MEC, Dr Ivan Meyer, has urged the agriculture
sector to take the necessary measures to protect lives, livestock, crops and
agricultural infrastructure amid the continued extreme heat and numerous
veld fires across the province.

Western Cape MEC for Agriculture, Dr Ivan Meyer, said his first concern is
for agri-workers, producers and farmers, who are daily exposed to harsh
climatic conditions.

Meyer said climate change has a dramatic impact on weather patterns and in
extreme conditions, poses a threat to the lives of agri-workers and
producers.

"The department recognises the impact of climate change and disasters on the
agricultural sector. The increase in both the frequency and intensity of
disasters has necessitated the need for the department to focus on disaster
risk reduction and mitigation strategies," Meyer said.

The MEC said early weather warnings are distributed as and when needed to
all stakeholders.

The department's Director: Sustainable Resource Use and Management, Ashia
Petersen, said during high fire seasons, the establishment of fire control
committees is essential and open-air fires are strictly prohibited.

"In general, an alarm system, firefighting teams and plans must be prepared
in advance to mitigate the impact of a wildfire. It is extremely important
to know the contact details of the closest fire/emergency response unit,"
Petersen said.

Petersen warned that during extremely hot conditions, animals may suffer
heat stress.

"Heat stress can greatly impact cattle producers through decreased milk
production and subsequent calf growth, decreased reproductive performance in
livestock and decreased stocker and feeder performance," Petersen said.

The department said it will continue to work closely with district disaster
management centres, including the provincial disaster management centre and
organised agriculture, to ensure that farmers receive the necessary support
when dealing with disasters.

What to do during veld fires

During veld fires, farmers should move livestock to safety and out of
grazing land to ploughed fields.

If water is not available in sufficient quantities or at adequate pressure
for the control of major fires, sand or other loose mineral soil material
can be an effective method of control.

Farmers must ensure that a firebreak is reasonably free of material capable
of carrying a veld fire across it.

"The farming communities should also establish fire protection associations
to prevent and control veld fires; and insure crops/livestock against
financial loss due to fire damage," the department said.

Advice to livestock and crop farmers:

· Identify animals that are most susceptible to heat stress.

· Develop an action plan for heat stress.

· Animals in heat stress need to drink water.

· Move the animals' feeding time to late afternoon or evening.

· Provide shade if possible. Air movement also promotes animal cooling.

· Cool the ground and the animals gradually and add bedding to the ground
(this will reduce the ground temperature).

· Control flies as much as possible.

· Do not work cattle during extreme temperatures.

· Pay attention to long- and short-term weather forecasts and keep a copy of
the temperature humidity index chart handy.

· Do not irrigate during the day, as more water will evaporate. Instead,
irrigate early in the morning.

· Select heat and drought-resistant crops for the area in which you are
farming.

· Use mulch to minimise evaporation.

To access the fact sheets on fire and heat, go to https://shorturl.at/cvzE8.

- SAnews.gov.za.

South Africa: Eskom Reduces Load Shedding to Stage 1

Eskom has announced that it will reduce load shedding to Stage 1 on
Wednesday at 10am.

The power utility attributed the drop in load shedding stages to sufficient
emergency reserves.

"Due to sufficient emergency reserves and a slight increase in available
generation capacity, resulting from the return to service of two units, load
shedding will be reduced to Stage 1 from 10am today until 2pm. Thereafter,
Stage 2 load shedding will be implemented from 2pm until further notice,"
Eskom said in a statement on Wednesday.

Eskom said it will closely monitor the power system and communicate further
should it be required.

- SAnews.gov.za.

South Africa: Prasa Western Cape Making Strides

Acting regional manager of Passenger Rail Agency of South Africa (PRASA) in
the Western Cape, Raymond Maseko, says the agency has done much work to
recover the province's network following a series of challenges.

Maseko was speaking on the sidelines of a blitz activation at the Cape Town
train station ahead of the State of the Nation Address (SONA) to be held at
the Cape Town City Hall on Thursday evening.

"We had a reset. Post-COVID when we started, there were only 14 stations in
the Western Cape that had train access...out of 125 stations.

"Last year when we were here, the community of the central line did not have
access to trains. As we speak today, we have access to trains up to Nyanga.
There are only 11 stations in the Western Cape out of 125 that do not have
train access.

"If you go currently to Phillipi station, there are people working there. If
you go to Mandalay station, there are people working there and Kapteinsklip,
there are people working there. We are on the cusp of actually recovering
the Western Cape network in its entirety," he said.

Maseko highlighted that despite all the progress made, criminality -
specifically copper cable theft - is hampering the agency's work.

"In South Africa, we have a scourge of cable theft. This is affecting our
business [seriously]. Most of the lines that are not available today [is due
to] the copper theft that has happened. This morning, we had cable theft at
Tygerberg and this... affected the entire system from after 3am. We were
only [set] to recover it moments ago. The impact is so severe.

"We need South Africans to partner with us. There is nothing like
'government infrastructure'. In essence, there is just South African
infrastructure because all of our taxes are what is creating this
infrastructure. It is for South Africans to actually protect the
infrastructure. You see something, say something. Do not just keep quiet,"
he said.

Maseko said the agency has also completed building student accommodation
that will accommodate thousands of students in the city.

"There is student accommodation that we started building just before
lockdown... up until now... [some] 3 200 beds. There are already 1 500
students enjoying the benefits that we have put up. The idea from PRASA is
densification and its also transport-orientated development.

"That means that we are asking the cities - we are asking that any
development that happens - make it around transport hubs. Think about what
we have done here. Students from the Cape Peninsula University of Technology
can be here... that is somewhere around Belville, and UCT that is around
town, they can always live here.

"They get off here, get into a train, get off at the nearest station... and
then they go off into their places of higher institutions," Maseko said.

- SAnews.gov.za.

Tanzania: Imported Sugar Supply Begin to Ease Shortage, Cool Prices

THE sugar shortage that drove prices to record highs is finally poised to
ease as distribution of imported sweeteners began on Monday to fill in the
supply gap.

The Minister for Agriculture, Hussein Bashe said on his X account that a
consignment of imported sugar had begun to be distributed in various areas
in the country at the indicative prices.

"I am pleased to inform you that the imported sugar has started to be
supplied in the market today (yesterday), said the minister on his X account
on Monday.

He said sugar supply would return to normal after local producers acted
swiftly to import part of 100,000 tonnes as approved by the government early
this year.

He said the consignment imported by Kilombero Sugar Company, one of the
sugar producers in the country has started to be distributed.

"I know the challenge of price still exists and there are places where
traders do not follow the indicative price. We have arrested some of the
traders and we have started the process of revoking their licenses," he
stated.

Mr Bashe said that the government would review the law and the entire system
of trading the sweetener from its production in the factories to the
consumer, to make sure the benefit remains mutual to both consumer and
producer.

Either, the government asked the producers to make sure they open depots in
regions and remove the monopoly of a few distributors who hoard the product
and create an artificial shortage.

"We will review the sugar production law to create the best and friendly
environment to protect consumers and producers together with fair
competition for all.

"We are responsible to protect the producer and also to protect the
consumer. I have asked the regional authorities to monitor this and I have
instructed each company to advertise its agents in the media outlets so that
the public can get to know them.

Moreover, Mr Bashe urged Tanzanians to be calm as the government is taking
action as well as the Sugar Board of Tanzania (SBT) continues to manage the
process to control and take to task those who are taking advantage of the
shortage.

He said the sugar industry legally has a monopoly system, which the
government will review without affecting the Tanzanian's jobs.

On his part, the Kilombero Sugar Company Business Director, Mr Fimbo Butalla
explained to the minister that the sugar that was imported was sold at
2,530/- per kilogramme.

"We have sold the imported sugar at the recommended price of 2,530/- a kilo.
We have sold it to our big agents and we do not expect them to sell at a
higher price to benefit themselves.

"We make sure and monitor the whole trend and we have every reason to follow
up with our agents until we finally see the price they are selling," said Mr
Butalla, adding that the company management will not hesitate to revoke any
who will be implicated charging illegal price hike.

Furthermore, Mr Butalla recommended to the government to remove taxes that
caused the higher price of sugar.

"We are thankful that the government has been able to remove the taxes that
were causing the price of sugar to be high. This shows how the government
loves its citizens," said Butalla.

"I would like to assure the people that this is a transitional situation
because our factory (Kilombero) is in the process of having a large factory
that will be able to add more production than 100, 000 tonnes.

Early January this year, Mr Bashe on his X account stated that "Although
rain is still pouring affecting production areas, factories are continuing
with production. We will continue watching closely at the production and I
assure you that within 30-60 days, stability will return and sugar prices
will be stable because we will have reached a better place".

- Daily News.

Namibia: Unemployment Crisis Needs Urgent Action

Namibia is facing a severe unemployment crisis that demands immediate
attention from all sectors of society. The high rate of unemployment is not
only a significant concern for individuals and families, but also poses a
threat to the peace, stability and economic prosperity of the entire nation.
There is an urgent need for comprehensive strategies to combat unemployment
before the situation worsens.

Current landscape

Namibia's existing initiatives to address unemployment require scrutiny. It
is crucial to assess whether these initiatives are yielding the desired
results, and to implement proper monitoring and evaluation mechanisms. One
glaring issue is the mismatch between the courses offered by universities,
and the actual needs of the labour market. For instance, the oversupply of
primary education teachers is creating a surplus in the workforce, leading
to a scarcity of job opportunities in this field.

Alignment

Universities must collaborate closely with the labour market to identify the
skills needed in specific areas. A unified understanding between educational
institutions and industries can prevent the overproduction of graduates in
fields with limited job opportunities.

New industries

Urgent efforts are needed to identify and invest in emerging industries
which can absorb a significant portion of the unemployed workforce.
Government support, incentives, and collaboration with the private sector
are essential in fostering the growth of these industries.

Youth Entrepreneurship and Empowerment: Create a conducive environment for
youth to engage in entrepreneurial activities by providing mentorship
programmes, funding and resources. Encourage a shift in mindset among the
youth towards productive ventures, steering them away from unproductive
activities.

Research

Conduct in-depth research to uncover all factors contributing to
unemployment, including those that may not have been identified yet.
Encourage collaboration between government agencies, academia, private
enterprises and civil society to pool resources and expertise.

Public awareness

Raise public awareness about the urgency

of the unemployment crisis, and the potential consequences if left
unaddressed. Promote a sense of unity and shared responsibility, emphasising
that solving unemployment

is a collective effort involving all sectors of society.

Namibia stands at a critical juncture where decisive action is imperative to
prevent the unemployment crisis from worsening. It is essential to recognise
that unemployment is not solely a government problem; it requires the
concerted efforts of all stakeholders to bring about positive change.

The time to act is now, as addressing unemployment is not only a matter of
economic importance, but also a prerequisite for maintaining peace and
stability in the country.

*Mwaala Shaanika has a Master's degree in public policy and management, a
post-graduate diploma in procurement management, Honours degree in Business
Administration and an Economics degree. This article is written in his
personal capacity.

- New Era.

Yandex: Owner of 'Russia's Google' pulls out of home country

The owner of Yandex, often referred to as "Russia's Google", has said it
will pull out of its country of origin.

Its Dutch-based parent company sold the operation in Russia for 475 billion
roubles ($5.2bn; £4.2bn), much lower than its estimated market value.

The sale to a consortium of investors means Yandex's Russian business is now
a fully Russian-owned entity.

The firm has previously been accused of hiding information about the war in
Ukraine from the Russian public.

Moscow has welcomed the latest deal which the company said was "the product
of an extensive period of planning and negotiation over more than 18
months".

"This is exactly what we wanted to achieve a few years ago when Yandex was
under threat of being taken over by Western IT giants," said Anton Gorelkin,
deputy head of the Russian parliament's committee on information policy.

"Yandex is more than a company, it is an asset of the entire Russian
society," he added.

Set up in the dotcom boom in the late 1990s, Yandex developed its own search
engine, mapping and advertising businesses. Other services include taxis and
food delivery.

The $5.2bn deal is believed to be significantly lower than Yandex's market
value, which was worth around $30bn in 2021.

Despite its nickname of 'Russia's Google', Yandex has no ties to the US
search engine giant or its parent company Alphabet.

Since Russia's invasion of Ukraine, many foreign-owned businesses have
exited the country, often selling assets on unfavourable terms.

Russian president Vladimir Putin also ordered the seizure of others, such as
assets belonging to Western brands Danone and Carlsberg.

Yandex's co-founder, Arkady Volozh, is one of very few top Russia-linked
businessmen to have publicly spoken out against Russia's invasion of
Ukraine. He left the firm in 2022.

Mr Volozh has been hit with sanctions by the European Union, which in 2022
said Yandex is "responsible for promoting [Russian] state media and
narratives in its search results, and deranking and removing content
critical of the Kremlin, such as content related to Russia's war of
aggression against Ukraine".

He is seeking a European Union court to remove sanctions as he says he was
never close to the Russian president Vladimir Putin.

To comply with the Russian government's demands over its content, Yandex
sold some of its online resources to state-controlled rival VK in late 2022.

Even though Yandex presents itself as independent of the authorities,
experiments by BBC Monitoring in 2022 showed that its search results failed
to report Russian atrocities in Ukrainian city of Bucha.-bbc

BP reports second highest profit in a decade

Energy giant BP has reported its second highest annual profit in a decade,
despite it being half the level it announced in the previous year.

Profits were $13.8bn (£11bn) in 2023, down from the record $27.7bn in 2022
when oil prices soared in the aftermath of Russia's invasion of Ukraine.

The price of oil fell back last year, which has cut profits at all energy
firms.

However, BP said it was stepping up its plans to return cash to
shareholders.

The results are the first released by BP since the company announced Murray
Auchincloss as its new chief executive.

Previous boss Bernard Looney resigned last September after admitting he had
not been "fully transparent" about his past personal relationships at the
firm. BP's board said Mr Looney had committed "serious misconduct",
resulting in him forfeiting up to £32.4m in pay and benefits.

The fall in BP's annual profits echo the results from rival Shell, who last
week said profits fell to $28.2bn last year, down from $39.9bn in 2022.

However, excluding 2022's results, BP's annual profit figure was the biggest
since 2012.

In the final three months of 2023, BP reported profits of $3bn, which was
higher than expected, and its shares were up more than 5% by Tuesday
afternoon.

The company also said it planned to increase returns to investors during the
first three months of the year through $1.75bn of share buybacks. It has
also committed to $3.5bn of buybacks over the first half of 2024.

BP said it expected "underlying production from oil production and
operations to be higher" this year, but output from gas and low carbon
energy to be lower.

The company came under fire last year from environmental groups after it
scaled back plans to reduce the amount of oil and gas it produces by 2030.

Reacting to the latest results, campaign group Global Witness criticised
BP's policies.

"Shareholders should want to protect their long-term positions. That means
demanding a rapid clean energy transition for companies like BP. These
reckless shareholder payouts do the opposite," said Jonathan Noronha-Gant
from the group.

However, last week, the Financial Times reported that one investor group -
BlueBell Capital Partners - had called on BP to scrap its targets for lower
oil and gas output altogether, calling them "irrational".

But speaking to analysts on Tuesday, Mr Auchincloss said: "We just disagree
with them if I'm honest.

"We are very happy with the direction of travel, and the shareholders at the
top tier are happy as well."

Susannah Streeter from Hargreaves Lansdown said the priorities of BP's new
boss had been made clear.

"Although on appointment he pledged that BP's strategy to transition from an
international oil company to an integrated energy company was unchanged, the
big share buy-back announcement shows the immediate focus is on boosting the
share price and returning value to shareholders."

Nick Butler, a former head of strategy at BP, told the BBC's Today programme
there had been talk that the company could be a takeover target.

"The real defence against takeovers is performance and if that's going to be
the new chief executive's focus I think we can be a bit more optimistic
about the company," he said.

Energy prices started to climb when Covid lockdowns ended, but jumped in
March 2022 when Russia invaded Ukraine. There were fears about disruption to
energy supplies and many countries imposed sanctions preventing the import
of all Russian oil and oil products.

The price of benchmark Brent crude oil reached nearly $128 a barrel soon
after the invasion, but now stands just below $80.

The 2022 surge in prices led all energy companies to make bumper profits. In
response, the UK government introduced a windfall tax, called the Energy
Profits Levy (EPL), on the "extraordinary" earnings of firms on their UK
operations to help fund a scheme to subsidise gas and electricity bills.

This subsidy scheme ended in June last year, but while household energy
bills have fallen since 2022 they still remain far higher than they had been
before the war in Ukraine began.

BP said that its North Sea business paid $1.5bn (£1.2bn) UK tax in 2023, of
which $720m was due to the EPL. The year before, it paid $2.2bn in tax for
its North Sea operations, including $700m from the EPL.

There had been fears that oil prices might surge as a result of attacks on
shipping in the Red Sea by Houthi rebels, but so far they have been little
changed.

The attacks led many companies, including BP, to divert ships away from the
route through the Suez Canal. It is the quickest sea route between Asia and
Europe and is particularly important in the transportation of oil and
liquefied natural gas.

Cost of living: Tackling it together

What can I do if I can't afford my energy bill?

Check your direct debit: Your monthly payment is based on your estimated
energy use for the year. Your supplier can reduce your bill if your actual
use is less than the estimation.

Pay what you can: If you can't meet your direct debit or quarterly payments,
ask your supplier for an "able to pay plan" based on what you can afford.

Claim what you are entitled to: Check you are claiming all the benefits you
can. The independent MoneyHelper website has a useful guide.-bbc

Scandal-hit business group will survive, says new boss

The new head of the CBI has said there is "jeopardy" over whether it can
survive, after allegations of rape and sexual assault hit the business group
last year.

Dozens of its members including John Lewis and BMW quit the group following
the claims.

The group settled legal action brought by its former boss Tony Danker for
wrongful dismissal on Monday.

Rupert Soames told the BBC that the CBI still had an important role to play.

In his first broadcast interview, Mr Soames admitted to concerns around
whether the 60-year-old lobbying group could survive the "reputational
disaster" which has seen dozens of its high-profile members leave.

Companies including John Lewis, Tesco, Aviva and Jaguar Land Rover quit
their membership after a series of scandals involving allegations of sexual
harassment, rape and drug taking rocked the organisation which tries to
promote best practice within business.

On Monday, the CBI said it had settled a case for wrongful dismissal brought
by Mr Danker, its former director general.

Mr Danker was sacked with immediate effect in 2023 following complaints
about his behaviour, despite the lobbying group clarifying Mr Danker was
completely unconnected to the most serious allegations.

CBI settles legal action brought by sacked boss

CBI suspends key activities after rape allegations

Mr Soames - former CEO of Serco and current chair of Smith and Nephew -
insisted the CBI still had an important role to play as an advocate of
business interests.

"I think that people have found that life without the CBI has left something
missing," Mr Soames said.

He claimed the CBI was instrumental in securing Treasury tax breaks for
businesses that invest heavily in the UK, as well as helping to sway the
government into offering extra free childcare in England in the Autumn
Statement.

Of 270 members that halted their membership, 80% have now returned, he
added.

But not everyone agrees. One former member told the BBC it wouldn't re-join,
and said: "It has been effectively absent from UK civic life for a year and
what have we missed? Nothing."

The exodus of some of its deepest-pocketed members plunged the group into a
financial crisis that resulted in it cutting one third of its 300 staff,
closing overseas offices and having to arrange emergency financing last
year.

The City of London Police said there was "one remaining matter" under
investigation following the allegations which emerged last year.

It had investigated a number of cases that were not able to "progress
further criminally", said detective chief superintendent Richard Waight. He
urged anyone with relevant information to contact the police.

Mr Soames admitted that there was still some doubt as to whether the group
could survive this, as it has to refinance its bank debt in autumn of this
year.

"We are essentially an SME [small and medium-sized enterprise]. "We were
grateful that a number of banks agreed to finance us, but like many other
businesses we are here at the pleasure of our lenders.

"There is jeopardy in anything you do in life. We have to cut our cloth
according to our means."

The voice of business has had a fractious relationship with the Conservative
government over the last decade. Former PM Boris Johnson famously used an
expletive when asked about business concerns during the Brexit negotiations.

At the depths of the CBI's crisis last April, Chancellor Jeremy Hunt said
there was "no point in talking to the CBI if its members aren't talking to
it".

Relations have since thawed, with the chancellor attending a slimmed-down
CBI conference last November.

However, Mr Soames believes both parties now understand the CBI's
importance.

"We notice a position that probably hasn't been true since Tony Blair first
ran for office, where you have both the Conservative and Labour Party
explicitly recognising the importance of business in getting growth going,"
Mr Soames said.

There are myriad other business groups, many of which are more specialised
to the needs of their members - the SMMT for cars, Hospitality UK, UK
Finance, Make UK for manufacturers.

But Mr Soames insisted that if the CBI didn't exist it would still be
necessary to invent it.-bbc

Source oil and gas locally, urges Equinor energy boss

Countries should secure supplies of oil and gas by sourcing locally, the
boss of energy giant Equinor has said.

Anders Operdal told the BBC energy security should be top of the agenda
after Russia's invasion of Ukraine saw supplies disrupted and prices hiked.

Equinor is the biggest investor in the Rosebank oil field in the North Sea -
the largest new UK oil and gas field development in decades.

But critics say new oil fields will not make UK energy supplies more secure.

They argue a faster transition away from fossil fuels is a better strategy
to ensure more stable energy prices..

Equinor is the largest investor in the Rosebank oil field in the North Sea -
the largest new UK oil and gas field development in decades.

It was given the green light the day after the International Energy Agency
announced that any new oil and gas developments were inconsistent with an
international target of keeping the global temperature from rising more than
1.5 degrees above pre-industrial levels.

But Mr Opedal defended Equinor's investment in Rosebank, pointing to the
impact of Russia's invasion of Ukraine on supplies of oil and gas to Europe.

"One of the key learnings from 2022 is that energy security needs to be on
top of the agenda, together with affordability and sustainability," he said.

"Each country needs to, I think, look harder into producing the energy they
need closer to home, and that's really what we are working on to make sure
we can supply Europe, the UK, with gas and oil these days and for decades to
come."

Mr Opedal said that Equinor was taking what he described as "a balanced
view" of the transition away from fossil fuels. He said that investment in
renewables would rise from its current 20% of capital expenditure to 50% by
2030.

"We are investing in Rosebank but we are also investing in Dogger Bank - the
world's largest windfarm," he said.

"We know that, in time, demand for oil and gas will decline and we are
preparing our company for that. We are investing in the energy of the future
while supplying the energy the world needs now," he said.

'Madness'

However, there is a chorus of voices opposing new investment in oil and gas,
arguing it makes countries less secure.

The head of the United Nations, António Guterres, said in 2022 that
investment in new oil and gas was "economic and moral madness".

Piers Forster, the interim chair of parliament's Climate Change Committee
said by contrast shifting to renewables would help keep prices stable.

"The more we reduce our dependence on fossil fuels that are sold on
international markets, the less energy prices will fluctuate," he said.

Most oil produced in UK waters is not sold directly onto the UK market, but
is traded by the private companies that extract it, with the price set by
the global market. Much of the UK's North Sea gas does come into the
country, but still at internationally determined prices.

North Sea oil and gas claims fact-checked

Claire Fyson, from the think tank, Climate Analytics, said the UK should be
cutting fossil fuel use by 6% a year rather than investing in new
developments.

"Numerous studies have shown we'll have a big surplus in fossil fuels if
planned projects go ahead, creating huge risks for not only the climate but
also the economy," she said.

Red Sea attacks

Mr Opedal said attacks on shipping in the Red Sea did not affect Equinor
much directly, because it does not sail much oil through the waterway.

However he said geo-political events in Ukraine and the Middle East were
keeping prices at a higher level.

"It's too early to say but normally all these geopolitical events keep
prices at a higher level than normal supply and demand," he said.

He added that with Russian oil now largely redirected towards Asia, replaced
in Europe by oil from Norway and Europe increasing the number of LNG
terminals, there was now greater price stability than in 2022.

"I wouldn't say this is the new normal, because what is normal in an energy
market? But energy is now more affordable and prices are no longer at a
level where it hampers economic growth," he said.-bbc

Disney: Chief executive Bob Iger bets on Fortnite and Taylor Swift

Disney's chief executive, Bob Iger, has announced a series of moves which he
hopes will bring "significant growth" to the entertainment giant.

The plans include streaming an exclusive version of Taylor Swift's Eras Tour
concert movie on Disney+.

The firm will also invest $1.5bn (£1.2bn) in Epic Games, the maker of the
hugely popular video game Fortnite.

The deal means gamers will be able to interact with Disney, Pixar, Marvel,
Star Wars and Avatar characters.

"This marks Disney's biggest entry ever into the world of games and offers
significant opportunities for growth and expansion," Mr Iger said in a
statement as the company reported its financial results.

The announcements come a day after the company unveiled a joint venture with
rivals Fox and Warner Bros. Discovery to launch a new sports streaming
platform.

Together, the three US media giants own a wide range of sports rights
including the FIFA World Cup, Formula 1, National Football League, National
Basketball Association and Major League Baseball.

In its earnings report, the firm said its Disney+ streaming service shed 1.3
million subscribers following a price increase last October.

Disney also said it still expects the streaming business to reach
profitability by September this year.

For the three months between October and December, Disney reported $23.5bn
(£18.6bn) in revenue, which was little changed from the same period a year
ago.

Mr Iger also announced plans to buy back $3bn worth of shares from
investors.

The company has been under pressure from activist investor Nelson Peltz.

The US billionaire has called for a shakeup of Disney to boost profits from
its streaming business and improve the box office performance of its films.

Disney shares rose by more than 6% higher in extended trading in New York
after the announcements.

Mr Iger previously headed Disney for 15 years before retiring at the end of
2021 but made a shock return to the firm less than a year after stepping
down.

He was brought back after the company's share price plummeted and Disney+
continued to make a loss.

Separately, Disney is facing a lawsuit from actress Gina Carano who was
sacked in 2021 over a social media post in which she compared being a
Republican to being a Jew during the Holocaust.

The lawsuit is being funded by Elon Musk, who made an open call on his
platform X, formerly known as Twitter, for others to join the suit.

-bbc

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2024

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