Major International Business Headlines Brief::: 19 February 2024

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Major International Business Headlines Brief:::  19 February 2024 

 


 

 

	
 


 

 


 

ü  Africa: Infrastructure Development Is Key in the African Agenda 2063-Dr
Manzungu

ü  South Sudan: Zero Waste, More Hope in South Sudan

ü  Morocco: The Small Oasis Town Leading the Fight Against Water
Privatisation

ü  Nigeria: Food, Headline Inflation Spike to 35.4 Percent, 29.9 Percent

ü  Namibia: Scheduled Power Outage to Impact Windhoek and Surrounding Areas

ü  Kenya: State Enters a Deal With UK's Firm to Revive Fluorspar Mining in
Elgeyo Marakwet

ü  South Africa: Old Age Grant Is Not Enough to Cover Care Needs,
Researchers Find

ü  Nigeria's Electricity Prices May Increase As Govt Says Subsidy No Longer
Sustainable

ü  Nigeria: Cost of Living Crisis - Tinubu Meets Governors, Rules Out Food
Importation, Outlines 'Solutions'

ü  Tanzania: Kiruswa - Tanzania Has Almost All Rare Minerals

ü  Lunar New Year: China tourism spending tops pre-Covid level

ü  Indian airlines ordered to stop baggage delay chaos

ü  Currys rejects £700m takeover approach from US firm Elliott

ü  Donald Trump launches own-brand shoes after $355m fraud fine

 


 

 


 <https://www.cloverleaf.co.zw/> Africa: Infrastructure Development Is Key
in the African Agenda 2063-Dr Manzungu

Harare — Sub Saharan African renowned Infrastructure Development Expert Dr
Tinashe Manzungu has urged African countries to prioritise infrastructure
development as part of the continent's efforts to attain the Africa Agenda
2063.

 

In an interview, Manzungu emphasised the essence of infrastructure
development in building 'The Africa We Want'.

 

He urged African governments to maximising the financial advantages of the
available regional blocs in line to attain the goal and effectively
implement the African Continental Free Trade Area (AfCFTA).

 

"Currently, growth in African countries is moving slowly on an average of 2%
per annum and at such a rate, we will not get to our objective of making
Africa a global powerhouse of the future. We need to open up the borders and
ensure that even the road transport which sells as the most cost effective
means of transport for goods is well developed and is available to everyone
for the purposes of trade, and we should also have a similar approach with
the railway linking because for you to trade or bring in the benefits
whether to the economy or households, it is all achievable when there is
good infrastructure development in terms of road and railway networks," said
Manzungu.

 

He said infrastructure development in roads and railways will make the
AfCFTA more viable as currently intra-trade in Africa is being compromised
by logistics expenses of product from one African country to another.

 

"It is actually cheaper to bring goods or products from Europe to Africa
that to bring or transport a product within Africa, the borders are too
restrictive in terms of the charges and taxed at border controls, to take a
vehicle from South Africa to Morocco, it may costs millions as compared to
just buying a vehicle from Europe," he said.

 

 

Manzungu noted that even though African countries have agreed on the AfCFTA,
there are still some regions where the concept need to be fully implemented
with clear and practical policies that can be monitored and evaluated to get
the most effective results.

 

He added, "As we are focusing on attaining the Africa we want inline to the
Africa Agenda 2063, the tenacity of our challenges are going to be largely
solved in Africa and by Africans and we must accept that. We have quite a
large number of regional blocs including the SADC Secretariat, African
Business Council, East African Union, West African National Secretariat
among others which we can use as a platform for agreements on strategies
such as the Public-Private Partnership and also strategies that position
ourselves as a continent to the rest of the world is key as well."

 

Manzungu urged African governments to develop clear policies that promote
the infrastructure development of the continent and added that the countries
should also adhere to their own policies, abiding to them religiously.

 

Africa Agenda 2063 is the continent's blueprint and master plan for
transforming Africa into the global powerhouse of the future.

 

It is strategic framework that aims to deliver on its goal for inclusive and
sustainable development and is a concrete manifestation of the pan-African
drive for unity.

 

Self-determination, freedom, progress and collective prosperity pursued
under Pan-Africanism and African Renaissance.

 

- Daily News.

 

 

 

 

South Sudan: Zero Waste, More Hope in South Sudan

Zero energy light bulbs and sturdy bricks for schools and homes. Some
innovative communities in South Sudan are reusing waste in new ways as the
world rallies to ban plastic pollution by the year's end, with help from a
small team of experts led by climate and environmental scientist Shazneen
Cyrus Gazdar at theUN Mission in South Sudan (UNMISS).

 

The team is working with local authorities and civil society to find fresh
solutions to the young nation's environmental challenges, one reused plastic
bottle at a time.

 

There is no supply issue.

 

"Every time it rains in Juba, say during a weekend of rain, you can see
about 25,000 kg (approx. 55,000 lbs) of plastic waste mixed with silt that
flows into the drains, and eventually into the Tomping camp," says Ms.
Gazdar, talking about one of the two UN bases in the capital city of Juba
where some of the nearly 18,000 peacekeepers live.

 

"Finally, the plastic waste makes its way out of all these drains and into
the Nile, which is this beautiful, long, pure river which is less and less
pristine every day after the rain. So, we're trying to set up systems where
we can capture the waste before it actually reaches the Nile."

 

Coping with climate shocks

 

Since South Sudan's independence in 2011 following a historic referendum, it
has faced many political, socioeconomic and environmental challenges.
Despite its lush biodiversity, rivers teeming with life and a bounty of
natural resources, it is among the five most climate-vulnerable countries in
the world, according to the UN Environment Programme (UNEP).

 

In recent years, a devastating cycle of floods and droughts have disrupted
agriculture, exacerbated food security and affected approximately one
million people annually. Above-average rainfall has inundated its rivers and
tributaries, submerging large swathes of land, including homes, farms and
schools.

 

Political and economic uncertainty have taken a toll on the development of
public services such as waste management and recycling, allowing waste to
clog the country's waterways and wetlands as it makes its way to the Nile
River which South Sudan shares with 11 other African countries.

 

Over 200 million people rely on the Nile for their livelihoods, yet poor
waste management can lead to chemical and plastic leakages that threaten
ecosystem services, human health and economic prosperity.

 

Every year, 4.8 to 12.7 million tonnes of plastic are dumped into our
oceans.

 

'Innovate, use what you have and identify solutions'

 

Ms. Gazdar and her team work with people in the community - local
authorities and non-governmental organizations (NGOs) such as the Green
Youth Empowerment as well as community members who are inspired to find
creative solutions to South Sudan's environmental challenges.

 

"Even in the direst situations you still have your creativity, so innovate,
use what you have and identify solutions," said Ms. Gazdar, who has teamed
up with two young South Sudanese, Alice Sabuni and Andrew Ugalla, to build
essential structures reusing one-gallon plastic bottles as bricks.

 

Mr. Ugalla, a teacher, tells his students to bring two plastic bottles a day
to school instead of fees so they can also contribute to the construction
project, said Ms. Gazdar. This way, his students learn the value of
recycling and to be resourceful.

 

Giving plastic bottles a second life

 

"Considering that South Sudan does not currently have recycling facilities,
we're reusing these plastic bottles by filling them with soil and then using
them for construction," explained Ms. Gazdar.

 

Given their durability and resistance to degradation, plastics make robust
bricks.

 

"The NGOs have constructed an amazing collection of structures. Schools have
been built out of these upcycled plastic bottles as well as [for] ablutions,
houses, water tanks and community centres."

 

There is no shortage of plastic waste to reuse. Last year, at a clean-up
event that UNMISS organized during World Environment Day, marked on 5 June,
peacekeepers picked up 1,500 garbage bags worth of waste.

 

Inspired by umuganda, which means "coming together in common purpose" in
Kinyarwanda - a monthly community clean-up campaign in Rwanda - UNMISS plans
to organize more such events to bring people together to care for their
environment.

 

Reducing emissions, creating jobs

 

Reusing plastic also helps to fight climate change. Plastics are detrimental
to the environment and life on the planet throughout their life cycle. They
are mostly produced from fossil fuels and can generate nearly two billion
metric tonnes of greenhouse gas emissions in a year, according to UNEP.

 

Ending single-use plastics by changing production and consumption patterns
also helps to fight the climate crisis. Plastics are detrimental to the
environment and life on the planet throughout their life-cycle. They are
mostly produced from fossil fuels and could generate 2.1 gigatons of
greenhouse gas emissions a year by 2040, according to UNEP.

 

"You use one third less cement in these buildings and no traditional bricks,
so you are mitigating a lot of greenhouse gases, and these buildings can
withstand massive tropical storms and even small earthquakes," said Ms.
Gazdar.

 

Plastic brick buildings

 

Today, there are numerous buildings constructed with the plastic bricks in
Juba. Besides providing shelter and protection, the construction of the
buildings has also become a source of employment for local women and young
people.

 

Next, Ms. Gazdar's team is planning to build waste collection points to
support Juba's new City Waste Management Plant and a Women's Centre for
Excellence for the South Sudan Border Security Police through the Mission's
Quick Impact Project mechanism.

 

The centre will cater to women police officers, providing them with a stable
and safe space to work. Currently, there are no toilets or private spaces
for them to change into their uniforms.

 

"We are all coming together to make the centre," she said. "The women police
(officers) have given us their wish list of structures - offices, changing
rooms, storage, toilets and training rooms. Our implementing partners, the
NGOs, will basically construct the centre using upcycled plastic bottles and
zero energy light bulbs."

 

Find out more about how the world can end plastic pollution here.

 

Learn more about UN Peacekeeping Operations here.

 

Expert hack: Zero energy light bulbs

 

Plastic bottles can also make great light bulbs for energy efficient
buildings. Here's a hack from Shazneen Cyrus Gazdar of the UN Mission in
South Sudan (UNMISS). All you need is plastic bottles, water and chlorine.

 

Step 1: We're using what we have. You take the same 1.5 litre plastic bottle
[approximately 50 fl oz], add water and one or two tablespoons of bleach
into this bottle of water.

Step 2: Seal the bottle and insert it in areas where you may have
traditional light bulbs.

Step 3: Make sure that the top half of the bottle pops out of the structure
so it can capture sunlight through refraction. Each bottle will light up
about one and a half metres around it.

SDG 12: SUSTAINABLE PRODUCTION AND CONSUMPTION

 

Substantially reduce waste generation through prevention, reduction,
recycling and reuse

Achieve sustainable management and efficient use of natural resources

Halve per capita global food waste at retail and consumer levels and
encourage companies to adopt sustainable practices

Support developing countries to strengthen their scientific and
technological capacity to move towards more sustainable consumption and
production patterns

Implement policies to promote sustainable tourism that creates jobs and
promotes local culture

Phase out inefficient fossil fuel subsidies that encourage wasteful
consumption

- UN News.

 

 

 

Morocco: The Small Oasis Town Leading the Fight Against Water Privatisation

For over 100 days, residents of Figuig in Morocco have been protesting plans
to allow a private company to manage the delivery of drinking water.

 

For over three months now, crowds have been taking to the streets of the
small oasis town of Figuig in eastern Morocco to protest proposed water
privatisation. Every Tuesday and Friday, residents of all generations have
united to demand that water remain a public good and kept affordable for
all.

 

The demonstrations began in November 2023 after the municipal council
approved a motion to allow a private company, Al Sharq Distribution Group,
to manage the town's drinking water. The councillors in favour narrowly
outnumbered those against, 9 to 8, in a vote that, curiously, came just days
after the same council had unanimously voted against the proposal.

 

 

Residents fearing that privatisation could lead to higher water prices
immediately organised demonstrations that have continued, twice weekly, ever
since. The demonstrations have seen particularly strong participation from
women, several hundreds - if not thousands - of whom led a women's march in
January 2024.

 

At the start of the movement, people boycotted the local market to show
their discontent. More recently, numerous households in the town of around
11,000 inhabitants have stopped paying their water bills in protest,
according to local activists.

 

Mustapha Yahia, a member of the municipal council and the Authenticity and
Modernity Party (PAM), in the city's opposition, was among those who voted
against the privatisation plan. He told African Arguments that Figuig is
notable for the fact that the council has been in charge of the management
of the drinking water for decades. He said that he does not know why the
council held a second vote on the motion just days after it had
comprehensively defeated it in a first. He said that all nine councillors
who voted in favour, at the second time of asking, belong to the governing
National Rally of Independents (RNI), though four of their colleagues also
voted against.

 

The RNI came into office in September 2021 and is regarded as pro-business
and economically liberal. Its leader, Prime Minister Aziz Akhannouch, is one
of Morocco's best-known businessmen and one of Africa's wealthiest
individuals with an estimated $1.6 billion net worth. He is CEO of Akwa
Group, a multi-billion-dollar conglomerate with interests in oil, gas, and
chemicals.

 

His administration intends to radically reform the distribution of water,
electricity and sanitation in Morocco by supporting the creation of
"regional multi-service companies" to manage these services. The vote in
Figuig has been presented as an application of a law passed in June 2023
that forms part of this proposed overhaul.

 

 

The government says the reforms will modernise service delivery. Critics say
the changes will see the transfer of valuable public infrastructure into
private hands.

 

In Figuig, water is a matter of survival. For centuries, the inhabitants of
what was once a regional trading centre have learnt to adapt to scarce
resources. Living deep in the Sahara desert, they have developed innovative
methods of irrigating land in this delicate oasis.

 

In recent years, however, Figuig has faced growing challenges. Dams and
water tables have depleted amid low and unpredictable rainfall across the
country, dealing a heavy blow to local agriculture. Meanwhile, locals have
found themselves caught in the crossfire of hostility between Morocco and
neighbouring Algeria, whose border surrounds Figuig on three sides. That
border has officially been closed by Algeria since 1994 after it was blamed
by the Moroccan government for a terrorist attack in Marrakech and had visas
imposed on its nationals.

 

Following Rabat's normalisation of relations with Israel in December 2020,
tensions escalated again. In March 2021, Moroccan farmers who had continued
to cross the border to cultivate dates just a few kilometres away were
suddenly expelled, leading to protests in Figuig. A few months later, in
August, Algeria ended diplomatic relations with Morocco.

 

"Historically, a lot of land has already been taken away from the people of
Figuig," says Samira Mizbar, a socio-economist from the region. "They were
dispossessed of their land. Now we want to dispossess them of the management
of drinking water, knowing that the drinking water network was created,
financed by the people of the oasis. We tell these people 'what you have
created, you have to give it to a company'. It's not even to the state -
it's a direct transfer of goods to a company whose goal is to make a
profit."

 

Many fear that if the situation worsens, the population, which has already
experienced successive waves of emigration, might continue to decline and
the city simply disappear.

 

Since November, the movement in Figuig has received support from advocacy
groups such as CADTM and ATTAC Maroc, the Moroccan Association of Human
Rights (AMDH), and opposition figures like Nabila Mounib of the Socialist
Unified Party (PSU). On 24 December, a national committee was set up to
support the Figuig protesters. Its founding communiqué demanded that the
current water management remain unchanged. It requested that the state
provide drinkable water from other locations in order to prevent the
exhaustion of the waterbed and that it build more desalination plants.

 

"The right to water is an inalienable right protected under international
law," says Abdellah Lefnatsa, an AMDH activist, trade unionist, and former
General Secretary of the National Drinking Water Federation (FNEP). "I have
always fought against the commodification of water and denounced the
directives of international institutions which aim to subject drinking water
to the law of the market and therefore to deprive the majority of the
population of their right to food and hygiene."

 

 

He sees the Figuig protests as part of much larger movement in Morocco that
is pushing back against policies that they see as prioritising the profits
of corporations over the wellbeing of ordinary citizens.

 

So far, neither local authorities nor the government have responded to
protesters' demands in Figuig. Security forces are, however, present at
mobilisations and have attempted to limit attendance at times. In early
February, a group heading to the town of Bouarfa, the capital of Figuig
Province, intending to talk to regional authorities, was prevented from
making the journey. Social movements are not unusual in Morocco and have
multiplied since the birth of the February 20 Movement, which launched
nationwide protests in 2011 in the wake of the Arab Spring and instilled a
culture of protest. However, several have been eventually met with
repression, especially after popular pressure has diminished.

 

On 14 February, authorities arrested Mohamed Brahmi (aka MoVo), one of the
leading figures of the movement in Figuig, following a complaint from a
local official. The previous day, a female resident at a march had accused
the official of having pushed her violently. Protesters, including Brahmi,
expressed support for her. The woman was also briefly detained but, unlike
Brahmi, released pending trial.

 

Brahmi's arrest is unlikely to lead people back to their homes and may
galvanise the movement. When Brahmi was taken into custody, hundreds
gathered outside the local police station with some even spending the night
outside. Several activists there insisted on the peaceful nature of the
movement and asked people to remain calm and mobilised. "Stay assured, Mofo,
we will continue the struggle," they chanted.

 

Ilhem Rachidi is a freelance journalist focusing on protest movements and
human rights issues in Morocco and Algeria.

 

Read the original of this report, including embedded links and
illustrations, on the African Arguments site.

 

 

 

 

 

Nigeria: Food, Headline Inflation Spike to 35.4 Percent, 29.9 Percent

The rising cost of production, elevated transport prices, sustained
insecurity and weaker Naira pushed Food and Headline Inflation to 355.41 per
cent and 29.90 per cent respectively.

 

As the rising costs of goods and services in the country persists, the
National Bureau of Statistics (NBS) has released the January 2024 headline
inflation rate which increased to 29.90 per cent relative to the December
2023 headline inflation rate which was 28.92 per cent.

 

Food inflation similarly rose to 35.41 per cent compared to 33.93 per cent
which it was in December last year.

 

Typically inflation in the country slows in January after the spike in
year-end festivities, however, the data released by the NBS showed that the
January 2024 headline inflation rate showed an increase of 0.98 percentage
points when compared to the December 2023 headline inflation rate.

 

 

Commenting on the rising inflation, analysts at CardinalStone Research, in
an emailed note, said: "Consumer prices remain stubbornly elevated, scaling
by 98 bps to 29.9 per cent YoY in January 2024, outpacing Bloomberg
consensus estimate of 29.5 per cent. Most of the pressures remain skewed to
food, fuelled by the rising cost of production, elevated transport prices,
and sustained insecurity concerns.

 

"To rein in rising food prices, the federal government says it will soon
establish a National Commodity Board, tasked with the responsibility of
regulating food prices and managing strategic food reserves.

 

"Despite the action, we think that food prices may remain pressured in the
short term, with the Niger State government banning the mass purchase of
foods in the state for onward distribution to other states in the country.

 

"Elsewhere, core inflation remains biassed to the upside, ticking up by
53bps in the review period. We attribute the uptick to the sustained
currency pressures, given that the naira at the official market has
depreciated by circa 39.7 per cent year to date. Given that the CBN has
guided that the current inflation trajectory requires further tightening, we
see legroom for about 150 bps - 200 bps increase in policy rate at the
February MPC meeting."

 

Analysts at Financial Derivatives noted that, with rising inflation, the MPC
is expected to maintain its hawkish stance in a bid to rein in inflationary
pressure.

 

"The likelihood of MPC raising the policy rate by at least 200 basis points
(bps) to 20.75 per cent p.a. from the current rate of 18.75 per cent p.a. In
the past, an increase in the policy rate has not affected the general rate
but this time it may likely do," it said.

 

 

To the director/CEO of Centre for the Promotion of Private Enterprise
(CPPE), Dr Muda Yusuf, the persistent inflationary pressures in the Nigerian
economy continue to be a troubling phenomenon, especially because of the
acceleration effect on poverty and deterioration of citizens welfare, with
purchasing power continuing to slump over the past few months.

 

He added that, regrettably, the major inflation drivers are not receding; if
anything, they have become even more intense.

 

He said: "These include the depreciating exchange rate, surging
transportation costs, logistics challenges, forex market illiquidity,
astronomical hike in diesel cost, insecurity in farming communities and
structural bottlenecks to production.

 

"These are largely supply side issues. The weakening of the naira against
the currency of our neighbouring countries (CFA) had continued to
incentivise the outflow of agricultural products to these countries. This is
complicating the supply side challenges, especially of food crops."

 

He said tackling inflation requires urgent government intervention to
address the challenges bedevilling production, productivity, foreign
exchange and insecurity in the economy, adding that the real sector of the
economy needs to be incentivised to ensure moderation of production costs.

 

"The government needs to review its tariff policies by granting
concessionary import duty on intermediate products for agro allied
industries and other industrialists. The same is true of investors in the
logistics sector. The exchange rate benchmark for the computation of import
duty should be pegged at N1,000 per dollar.

 

"This is necessary to reduce the pressure of escalating costs of cargo
clearing and minimise uncertainty in the international trade processes. The
policy choice of complete floating of the naira requires a rethink in the
light of the current inflationary outcomes, volatility and market
imperfections," he added.

 

- Leadership.

 

 

 

 

Namibia: Scheduled Power Outage to Impact Windhoek and Surrounding Areas

The City of Windhoek has issued a notification regarding a scheduled power
outage set to affect various neighbourhoods and establishments on 10 March,
from 08:00 to 16:00.

 

The outage is necessary to facilitate planned maintenance work at the CBD
Load Centre.

 

Affected areas include the central business district (CBD), encompassing
prominent locations such as Wernhill Park, Post Street Mall, Town Square,
Namundjebo Plaza, Carl List Mall, Zoo Park, and several financial
institutions and government buildings. Additionally, Windhoek West, Dorado
Valley, and parts of Windhoek North will experience disruptions.

 

Specifically, the outage will impact institutions like the Namibia
University of Science and Technology, Central Hospital, various streets,
hotels, broadcasting studios, and residential areas across Windhoek West and
Windhoek North.

 

Residents and businesses in Dorado Valley, including Ara Street, Victoria
Street, and Kosmos Radio Station, will also be affected.

 

In light of the scheduled maintenance, the City emphasized the importance of
treating all electrical supply points as live at all times, as power
restoration may occur without prior notification. They acknowledged the
inconvenience caused by the outage and assured the public of their
commitment to delivering efficient services.

 

For further inquiries or assistance, individuals are encouraged to contact
the Customer Contact Centre at 061 290 377.

 

- Namibia Economist.

 

 

 

 

Kenya: State Enters a Deal With UK's Firm to Revive Fluorspar Mining in
Elgeyo Marakwet

Kenya has signed a contract with the United Kingdom's Soy-Fujax Mining
Company for the revival of fluorspar mining in Elgeyo Marakwet County.

 

The contract was signed by the cabinet secretary of mining, Salim Mvurya,
who was accompanied by his principal secretary, Elijah Mwangi, and Fujax UK
Regional Director, Hendrick Ryst.

 

The agreement will see the government owning a 15 percent stake in the
mining activities, which is a strategic move to safeguard Kenya's interest
in the sector.

 

According to the state Department of Mining, the contract will see the
generation of Sh4.8 billion into the local economy and, in turn, pave the
way to propel job creation in the region and promote regional development.

 

 

"This marks a monumental milestone in the mining sector which has opened the
doors for the investor in this joint venture to pump in over 4.8 billion
shillings into the local economy, creating hundreds of jobs and promoting
development in the region," the state department of mining stated on X.

 

The State Department of Mining is also working on getting a strategic
investor to establish a gold refinery in Kakamega and a granite plant in
Vihiga County.

 

"Senior officials from the mining department were also present. The major
reforms currently being undertaken by the State Department for Mining are
primarily geared towards making this sector extremely attractive for local,
regional, and international investors," it stated.

 

- Capital FM.

 

 

 

South Africa: Old Age Grant Is Not Enough to Cover Care Needs, Researchers
Find

Pensioners often carry households at the expense of their own needs

 

Beneficiaries of the Older Persons Grant often need to carry households, at
the expense of their own needs, a UCT research report has found.

Most live in big low-income households.

The high cost of food, transport and electricity is straining the budget of
households headed by beneficiaries of the grant.

Researchers at the University of Cape Town (UCT) have found that in most
cases, the Older Persons Grant is not sufficient to meet the needs of
elderly people in South Africa.

 

Professor Elena Moore and other researchers from Family Caregiving, based in
the Department of Sociology at UCT, interviewed 30 families in rural
KwaZulu-Natal and 50 families in the Western Cape to find out how families
headed by pensioners are making ends meet and whether older persons are able
to get the care they need.

 

About 3.9-million people in South Africa receive the monthly Older Persons
Grant, also known as the Old Age Grant, currently at R2,080 per person per
month.

 

 

Family Caregiving analysed data from Wave 5 of UCT's National Income
Dynamics Study (NIDS), which shows that the vast majority of beneficiaries
live in households of five people where the average household income is
R6,850.

 

Older people have significant and unique care needs, the researchers argue.
According to StatsSA data from 2021, the majority of older people need
chronic medication and need to access healthcare facilities: 24% of older
persons in South Africa have diabetes, 68% live with hypertension, and 14%
have arthritis. Older people also often have difficulties with sight,
mobility and cognition, meaning they need additional support to go about
their day-to-day lives, say the researchers.

 

In a rural area in KwaZulu-Natal, Family Caregiving found that most
households had between eight and nine members and were struggling to cover
the cost of food, medical supplies, and transport to clinics.

 

In this area, accessing healthcare is expensive, the team found. A round
trip to town by taxi cost R46 and a trip to the closest clinic and back
costs R82. Physically disabled older people often have to hire a car for
between R200 and R600 to get to a clinic and back. A pack of adult
incontinence products costs R219 and lasts only seven days.

 

Because of the costs of transport and medical supplies, many of these large
households were spending an average of only R1,000-R1,500 a month on food,
according to the report. A lack of access to water and electricity creates
an additional burden for older people in rural areas.

 

In urban areas, such as Cape Town, there is greater access to water and
electricity, health facilities are closer, and households are smaller,
meaning the Older Persons Grant is not stretched as far. But still, the
researchers found, older people are often required to carry households at
the expense of their own care.

 

Low income and low-middle income families in Khayelitsha and Eerste River
told the researchers that the only way to make ends meet is to spend less on
food. Many families are stuck in debt cycles, borrowing from loan sharks
from month-to-month with extremely high interest rates. Unpaid utility bills
stack up, and electricity tariff hikes and rising rental prices put further
pressure on older persons.

 

The monthly cost of nutritious food for a family of seven is R5,324,
according to Pietermaritzburg Economic Justice and Dignity's household
affordability index. Family Caregiving found that low-income households
headed by older persons are often spending less than half that amount on
food because of other household expenses. This has serious consequences for
older people, especially those who need to eat before taking medication.

 

The report recommends additional investment by the government to care for
older people, such as free transport to health facilities and consistent
supply of incontinence products.

 

- GroundUp.

 

 

 

Nigeria's Electricity Prices May Increase As Govt Says Subsidy No Longer
Sustainable

Nigeria's Minister of Power, Adebayo Adelabu, disclosed this at a press
conference in Abuja.

 

The Nigerian government on Wednesday said it has become very difficult to
sustain subsidies on electricity in the country.

 

Nigeria's Minister of Power, Adebayo Adelabu, disclosed this at a press
conference in Abuja.

 

Mr Adelabu explained that the indebtedness of the country's power sector to
electricity-generating companies (GenCos) and the gas companies (GasCos) has
risen to over N3 trillion.

 

"Today, we are owing a total of N1.3 trillion to the power generating
companies, out of which 60 per cent is owed to gas suppliers. Today we have
a legacy debt, prior to 2014, to the gas companies of $1.3 billion; at
today's rate, that is close to N2 trillion.

 

"Now, if you add N2 trillion legacy debt owed to gas companies and the N1.3
trillion being owed to GenCos, we have an inherited debt of over N3 trillion
in this sector. How will the sector move forward? Nigerians deserve the
right to know this.

 

 

"However, we are working underground to make sure that we resolve these
issues and pay these debts either through cash injections or through
guaranteed debt instruments to ensure the continuity in the generation of
power," Mr Adelabu said.

 

Speaking on electricity subsidy, he said countries like Ghana, Togo, and
Benin Republic pay much more than Nigeria for electricity while noting that
the government might not be able to continue funding electricity subsidies.

 

"What we have made provision for in the 2024 budget for subsidy is N450
billion and we will require N2.9 trillion for subsidy. So can we afford it?
We must be realistic. Can we afford it?" he noted.

 

Mr Adelabu said N450 billion is less than 20 per cent of the almost N3
trillion that is required for subsidy if the nation must continue at the
current electricity price.

 

"So these are things that we need to decide on as a nation," he said.

 

He further explained that issues with the electricity supply value chain are
many across all segments in the value chain.

 

He said this was made complicated by a lack of sustaining liquidity and
infrastructure funding, as well as structural misalignment.

 

Mr Adelabu added that the simple technical operational issues are inadequate
shortage of gas supplies and ageing dilapidated generation machinery causing
below optimal capacity utilization causing short supply by the GenCos.

 

"Inadequate power evacuation capacity at GenCos locations, coupled with
unstable and fragile transmission lines, devoid of automated frequency
controls, lacking in fail-over or back-up capacity with frequent human
disturbances through vandalization and theft.

 

"Aging weak distribution infrastructures (lines and transformer) coupled
with huge meter gap causing unbearably large technical and collection
losses.

 

"These are issues that look so simple on the surface and should ordinarily
require little effort to fix over time," he said.

 

The minister's comments appear to indicate the government's plan to remove
the electricity subsidy, in tandem with a recommendation of the
International Monetary Fund (IMF). However, the government has been
reluctant to implement the recommendation as it would further impoverish
Nigerians amidst a cost-of-living crisis caused by government policies.

 

- Premium Times.

 

 

 

Nigeria: Cost of Living Crisis - Tinubu Meets Governors, Rules Out Food
Importation, Outlines 'Solutions'

While the cost of living crisis persists, Nigerians also grapple with the
worsening security situation.

 

President Bola Tinubu on Thursday met with state governors in Abuja to
discuss insecurity and the increase in the prices of goods and services that
have made basic items unaffordable for millions of Nigerians.

 

PREMIUM TIMES has reported how government policies such as the removal of
petrol subsidy have led to over 200 per cent rise in the price of
commodities without any corresponding increase in wages across the country.

 

While the cost of living crisis persists, Nigerians also grapple with the
worsening security situation that has seen almost daily cases of killings
and kidnappings across the country.

 

Mr Tinubu and the governors met at the President Villa on Thursday where
they acknowledged what Nigerians were going through.

 

Part of their resolutions at the meeting was to reject the proposal by some
Nigerians for massive importation of food to at least reduce the prices of
basic food items.

 

"...a decision has also been taken that in the interest of our country,
there will be no need for food importation at this point," Information
Minister Mohammed Idris told journalists after the meeting.

 

Details later...

 

- Premium Times.

 

 

 

Tanzania: Kiruswa - Tanzania Has Almost All Rare Minerals

Tanzania has almost all the critical minerals which the world is looking
for.

 

It needs proper investment for effective exploitation, the Deputy Minister
for Minerals, Dr Steven Kiruswa has said. He said the government under
President Dr Samia Suluhu Hassan has been constructing enabling
infrastructures including roads, ports, railways, airports and electricity
to ensure all areas where mineral resources are situated are accessed.

 

"On the very first day upon arriving here, we were trying to show the world
what minerals resources we have, the critical minerals that the world is
looking for, we have nickel, we have graphite, we have all kinds of minerals
resources which have been sought out by the rest of the world," Dr Kiruswa
said in an interview with CNBC Africa during the Indaba Mining 2024 at Cape
Town in South Africa.

 

 

In that regard, he said, the Ministry of Minerals and its delegation at the
Indaba Mining 2024 made visibility of all critical minerals available and
networked prospective investors ready to ignite the full-scale exploitation.

 

Dr Kiruswa said the government further has made necessary mining policies
and legal and regulation reforms to scale up investment through the Tanzania
Investment Centre (TIC).

 

Furthermore, he pointed out that the local content criteria as the
regulation reforms that demand investors to utilise indigenous resources
like workforces in facilitating the creation of jobs and transfer of
technology.

 

In another development, Dr Kiruswa revealed the country's plan of shifting
from trading raw minerals to value-added ones through intensifying
investment in beneficiation and manufacturing industries in partnership with
the private sector for the sake of return.

 

"Our long-term vision is to be the country that supplies end users' products
from the resources that are extracted. We want to engage in the recycling of
minerals because the sustainable supply will depend on how we can extend the
life span of mining through exploration and how we can recycle some of these
products so that we can guarantee the world that there is continuous supply
of the minerals " he said.

 

However, he noted that the country faces limited capital and technologies
appealing to investors to partner with the government in navigating the
problems.

 

He said interested investors in the mining sector in the country will be
given an exploration license to identify the volume of the critical minerals
available while enjoying a permit to establish beneficiation and processing
facilities to which the country will only reap 16 per cent from the share of
investment.

 

- Daily News.

 

 

 

Lunar New Year: China tourism spending tops pre-Covid level

Tourism spending in China during the Lunar New Year break jumped above
pre-Covid levels, official data shows.

 

Domestic tourism spending hit 632.7 billion yuan (£69.7bn), about 47% more
compared to the same holiday period last year according to government
figures.

 

The celebrations came after years of pandemic lockdowns and restrictions,
which were lifted in early 2023.

 

The data was also boosted as the holiday was a day longer than usual.

 

The figures for the start of the Year of the Dragon showed that 474m
domestic trips were taken during the eight-day break, which ended on Sunday.
That was more than 34% higher than last year and 19% above pre-pandemic
levels in 2019.

 

Although authorities did not give a breakdown of the data, calculations
based on the official figures show that average spending on each trip was
down by around 9.5% compared to 2019.

 

This suggests "consumption downgrading is still widely seen," analysts from
US investment banking giant Goldman Sachs wrote in a note.

 

In pictures: Welcoming the Lunar New Year

The holiday, known as the Spring Festival in China, is the world's largest
annual migration.

 

Traditionally, hundreds of millions of people return to their hometowns in
China to reunite with family members, or visit tourist attractions across
the country.

 

During the pandemic, major celebrations were cancelled and travel was
banned.

 

The jump in overall Lunar New Year spending marks some rare good news for
the world's second-largest economy, which is facing a number of challenges.

 

Among the serious issues Beijing is grappling with are a property market
crisis, weak exports and concerns about falling consumer prices, or
deflation.

 

Meanwhile, official data released on Sunday showed that investment by
foreign businesses into China last year increased by the lowest amount for
three decades.

 

The Foreign Direct Investment (FDI) fell to the lowest level since 1993,
according to the State Administration of Foreign Exchange.-bbc

 

 

 

 

Indian airlines ordered to stop baggage delay chaos

Some of India's top airlines have until 26 February to streamline baggage
delivery to passengers at the airport.

 

The civil aviation ministry has said that passengers should get their
luggage within 30 minutes after landing.

 

It has also said that the first bag should arrive on the baggage belt within
10 minutes of the plane's engine shutting down.

 

Late baggage delivery has been a persistent problem across airports.

 

The Bureau of Civil Aviation Security (BCAS) directed seven airlines,
including carriers like Air India, Vistara and IndiGo, to implement
necessary measures to ensure timely delivery of baggage.

 

The directive comes after the aviation ministry monitored the time it took
for luggage to be delivered to passengers at six major airports in India.
The operations of seven airlines were scrutinized across 3,600 flights.

 

A statement by the ministry said that the review exercise began in January
and was still ongoing.

 

It also said that though the performance of all airlines with regards to
baggage delivery had improved, it didn't meet the mandated guidelines.

 

It added that according to the mandate, the first baggage should arrive at
the baggage belt "within 10 minutes of shutting off the aircraft engine and
the last bag within 30 minutes of the same".

 

Indian passengers have frequently voiced their frustration with the baggage
delivery process at airports.

 

Sometimes, baggage has been delayed for close to an hour, and the wait time
gets longer if there are technical issues with the baggage belt.

 

Over the past few months, the aviation ministry has been taking several
steps to make air travel more seamless.

 

Last week, it ordered the international airport in India's financial
capital, Mumbai, to reduce flights to avoid congestion of air traffic and
improve landing time-bbc

 

 

 

Currys rejects £700m takeover approach from US firm Elliott

Electrical goods retailer Currys has rejected a takeover approach from US
investment firm Elliott.

 

Currys, which operates more than 800 stores globally and employs 28,000
people, said the offer valued the business at about £700m.

 

But the proposal "significantly undervalued" the company, Currys said.

 

Elliott has a reputation as an activist investor, meaning it pursues
companies in order to take them over and change how they are run.

 

In 2018, it bought UK book shop chain Waterstones for an undisclosed amount.

 

Elliott has said it is now considering whether or not to make a formal offer
for Currys, and under UK takeover regulations it has until 16 March to
decide.

 

Like many High Street businesses, Currys has been struggling with falling
sales as customers cut back on spending.

 

Last month, the company said like-for-like sales - which strip out the
impact of store openings and closures - fell 3% over the key Christmas
trading period.

 

Despite this, cost-cutting measures meant that Currys increased its profit
forecast for the year.

 

However, shares in Currys have fallen by more than a third over the past
year and on Friday they closed at 47.08p, valuing the business at about
£534m.

 

In a statement, Currys said that its board had considered the "unsolicited"
proposal from Elliot and "concluded that it significantly undervalued the
company and its future prospects".

 

As well as the Currys stores in the UK and Ireland, the business trades
under the Elkjøp brand in the Nordic region.

 

Last November, the company announced a deal to sell its Greek business -
which trades under the Kotsovolos brand - for £175m.-bbc

 

 

 

Donald Trump launches own-brand shoes after $355m fraud fine

Former US President Donald Trump has launched his own line of Trump-branded
shoes at Sneaker Con - a convention for sneaker fans in Philadelphia.

 

His appearance was met with loud boos as well as cheers after he presented a
pair of the gold-coloured shoes being sold online for $399.

 

His move comes a day after a judge ordered him to pay nearly $355m (£281m)
to New York state for lying about the values of his properties.

 

Trump is widely expected to be the Republican candidate in November's US
presidential election.-bbc

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

Robert Gabriel Mugabe Youth Day

 

Feb 21

 


Nampak

AGM

Virtual (FTS Platform)

28 Feb 9am

 


Art

AGM

virtual (escrow platform)

March 7. 2:30

 


 

2024 auction tobacco marketing season opens

 

13 march

 


 

Good Friday

 

march 29

 


 

Easter Monday

 

1 April

 


 

Independence Day

 

April 18

 


 

Workers day

 

1 May

 


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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