Major International Business Headlines Brief::: 26 February 2024

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Major International Business Headlines Brief:::  26 February 2024 

 


 

 

	
 


 

 


 

ü  West Africa: Updated - Ecowas Lifts Sanctions On Guinea, Mali, Niger,
Burkina Faso

ü  Africa: Heavy-Duty Vehicles a Major Contributor to Escalating Pollution
Levels

ü  Egypt to Build Logistics Corridor in Tanzania

ü  Egypt Approves Largest Direct Investment Deal in Partnership With Major
Entities

ü  Kenya: Ethiopia, Kenya Team Up to Thriving Ties

ü  Nigeria: Senate Dumps FIRS On Tax Credit Controversy

ü  Egypt: Cabinet Decides to Stop Power Cuts in Ramadan

ü  Nigeria: Be Patient, CBN Working to Strengthen Naira - Cardoso Begs
Nigerians

ü  Nigeria: Senate Rejects 65-Yr Retirement Age Bill for N/Assembly Workers

ü  Liberia: U.S.$1 Billion Needed to Address Electricity Shortage

ü  Ryanair warns of higher fares in summer due to lack of planes

ü  Red Sea attacks delaying goods and pushing up costs, firms say

ü  AI chip firm Nvidia valued at $2tn

ü  Reddit users say share plans 'beginning of the end'

 


 

 


 <https://www.cloverleaf.co.zw/> West Africa: Updated - Ecowas Lifts
Sanctions On Guinea, Mali, Niger, Burkina Faso

The Economic Community of West African States (ECOWAS) has lifted the
economic sanctions imposed on Niger, Mali and Burkina-Faso.

 

The lifting of the sanctions followed long hours of deliberations by the
regional leaders at an extraordinary summit on the political, peace, and
security situation in the sub region.

 

Announcing ECOWAS resolutions after their meeting, President of the ECOWAS
Commission, Dr Omar Touray, said the body had suspended the closure of the
land and air border to Niger and a no-fly zone of all commercial flights.

 

He said they had also suspended the freezing of all financial transactions
between ECOWAS states and Niger, including transactions relating to the
bloc's central bank and the unfreezing of all of Niger's assets.

 

Touray said the move was "based on humanitarian considerations due to lent
and the approaching month of Ramadan."

 

 

Earlier, President Bola Tinubu called for the suspension of sanctions
imposed on Niger, Mali, Burkina Faso, and Guinea.

 

Speaking at the Extra-ordinary Summit of ECOWAS in Abuja on Saturday,
President Tinubu, who is the Chairman of the Authority of Heads of State and
Government of the organization, said, the sanctions were aimed at
"persuading our brothers that there existed a better path, a path that would
lead to genuine improvement of their people's welfare through democratic
good governance. And this was a path each of our nations had solemnly agreed
with one another pursuant to formal regional treaty and protocol.

 

The President explained that ECOWAS took the steps it did based on the
regional ideals of security, social stability; democratic governance,
political freedom, broad-based prosperity, and sustainable economic
development through fair opportunity for each and every one in West Africa.

 

He said neither hatred nor hidden motive influenced the steps taken and that
there was never any intention to douse or undermine the legitimate political
aspirations of any member state or to advance the interests of any outside
party.

 

The President asked that ECOWAS facilitate the unfettered flow of
foodstuffs, medicines and other humanitarian items to the people of these
nations, especially to the most vulnerable, adding that for Nigeria, this
will also mean the prompt resumption of export of electric power to Niger.

 

- Daily Trust.

 

 

 

 

Africa: Heavy-Duty Vehicles a Major Contributor to Escalating Pollution
Levels

Trucks and buses contribute to economic growth, but stringent regulations
are needed to curb their emissions causing major environment and health
impacts.

 

While heavy-duty vehicle (HDV) exports represent a modest 3.6% of the global
automotive trade's total value, their associated carbon emissions have
surged by over 30% since 2000, with trucks contributing 80% to this
increase.

 

Moreover, HDVs participate substantially to environmental pollution,
accounting for over 40% of on-road nitrogen oxides (NOx) emissions, over 60%
of on-road particulate matter (PM 2.5), and more than 20% of black carbon
emissions, as revealed in the latest report by the UN Environment Programme
(UNEP).

 

 

The report Used Heavy Duty Vehicles and the Environment - A Global Overview
of Used Heavy-Duty Vehicles: Flow, Scale and Regulation report, jointly
launched by the UNEP and the Climate and Clean Air Coalition (CCAC),
provides a first global overview by the UN of the scale and regulation of
used HDVs and their contribution to global air pollution, road accidents,
fuel consumption and climate emissions.

 

The report recommends ways to reduce the harmful aspects of used HDVs on
people's health and the climate.

 

According to the study, HDVs are projected to considerably continue to grow
with increasing economic activities and the need to move people and goods.
This is based on past trends where global sales of trucks and buses doubled
in 15 years (2000-2015).

 

Many developing countries rely on used heavy duty vehicles (HDVs) imports to
grow their fleet. While this promotes more affordable means to increasing
mobility needs in these countries, the report finds that regulation and
enforcement on the quality of used HDVs imported are either low or
non-existent. Further amplifying their impacts, especially in the case of
old, polluting, and unsafe used HDVs.

 

 

To date no country has minimum requirements for exporting used HDVs. The
report finds regulations in over half of used HDV importing countries to be
'weak' or 'very weak' and enforcement to be inadequate.

 

African countries

 

For example, while 25 African countries have adopted standards on used HDVs
towards air pollution control, climate mitigation and improved road safety,
only four have fully implemented these.

 

Worldwide, only two countries have included used vehicles in their national
climate action plans (NDCs).

 

Rob de Jong, head of UNEP's Sustainable Mobility Unit, said: "Trucks and
buses contribute to economic growth just about anywhere in the world, but
ambitious regulations are needed to curb their emissions causing major
environment and health impacts. Introduction of cleaner bus technologies can
be a major driver for the global revolution to low and, ultimately, zero
emissions transport."

 

The report emphasizes that it is a shared responsibility of importing and
exporting countries to ensure cleaner and safer used vehicles are on the
roads of developing countries.

 

It shows the need for regional cooperation for introducing and enforcing
minimum standards, such as emission standards and age limits, raising public
awareness, and more research, for both environment and road safety benefits.

 

For example, by adopting Euro VI equivalent vehicle emission standards and
cleaner fuels, as much as 700 thousand premature deaths can be avoided by
2030.

 

New trucks

 

Currently 97 per cent of all newly registered trucks and 73 per cent of
buses in the EU run on diesel. Better regulations on used HDVs can also lead
to a leapfrog and greater uptake of advanced technologies in developing
countries, including electric buses and trucks.

 

The report represents a first effort of quantifying and qualifying used
heavy-duty vehicle flows, based on export data from Japan, the European
Union, and Republic of Korea - altogether representing about 60 per cent of
the total new and used HDV export market - to 146 predominantly low- and
middle- income countries.

 

The report has limitations, most notably discrepancies in statistics, as
well as lacking publicly available data from the USA, which does not
separate exports of new and used vehicles, and China, an emerging exporter.

 

- Africa Renewal.

 

 

 

 

Egypt to Build Logistics Corridor in Tanzania

Minister of Transportation Kamel Al-Wazir inspected the Kigali Dry Port in
Rwanda, one of Egypt's projects in African countries.

 

The inspection was carried out by Minister of Transportation Kamel Al-Wazir
and accompanied by Ambassador Nermin Al-Zawahiri, Egypt's Ambassador to
Rwanda.

 

Covering an area of 50,000 square meters with an annual capacity of 50,000
equivalent container units, the port is considered the main dry port in
Rwanda, a landlocked African country.

 

This visit aligns with the Ministry of Transportation's efforts, under the
directives of political leadership, to position Egypt as a hub for global
trade and logistics. This involves implementing a comprehensive plan to
enhance connections between Egyptian ports and those worldwide.

 

The Ministry of Transportation will establish a logistics corridor starting
from the Dar Es Salaam Port in Tanzania, passing through a logistics area
and dry port in Tanzania, and extending to a dry port and logistics area in
Rwanda. This initiative aims to facilitate Egyptian exports' access to
African countries and strengthen Egyptian-African relations.

 

The Ministry has established a network of 27 dry ports and logistics zones
within Egypt to serve trade movements and alleviate congestion of goods and
containers at seaports.

 

- Egypt Online.

 

 

 

 

Egypt Approves Largest Direct Investment Deal in Partnership With Major
Entities

Cabinet announced Thursday 22/2/2024 the approval of the largest direct
investment deal through a partnership with major entities.

 

This comes in the context of the current state efforts to attract foreign
direct investment (FDI) and increase the country's foreign exchange
resources, according to the cabinet's statement.

 

Prime Minister, Mostafa Madbouly, stated that this major investment deal,
conducted in partnership with major entities, achieves the state's
development objectives outlined in the National Strategic Urban Development
Plan.

 

He noted that this deal marks the beginning of several investment agreements
the government is currently working on to increase the country's foreign
currency resources.

 

The Prime Minister explained that the complete details of this deal will be
announced, along with the signing of the relevant agreements.

 

He emphasized that the government's success in attracting massive foreign
investments confirms the confidence of major investment entities in the
Egyptian economy and its ability to overcome challenges.

 

 

The projects resulting from this deal will provide hundreds of thousands of
job opportunities, contributing to economic recovery, according to Madbouly.

 

Additionally, various Egyptian companies and factories will participate in
the implemented projects, leading to multiple benefits for the Egyptian
state.

 

"This significant deal, along with others, and the substantial foreign
currency liquidity it will provide, will contribute to stabilizing the
foreign exchange market and improving the economic situation, " the PM
emphasized.

 

He also noted that the government is currently working on finalizing an
agreement with the International Monetary Fund (IMF).

 

Furthermore, the government continues its measures outlined in the State
Ownership Policy document, aiming to empower the private sector and increase
its participation opportunities in developmental sectors.

 

- Egypt Online.

 

 

 

 

Kenya: Ethiopia, Kenya Team Up to Thriving Ties

Ethiopia and Kenya have agreed upon the extension of infrastructural and
port development agreements' implementation for the benefit of their people
and economies, a Kenyan diplomat disclosed.

 

Approached by The Ethiopian Herald, Kenyan Ministry of Foreign Affairs
Political and Diplomatic Affairs Director General Moi Lemoshira said his
country has extended the Lamu Port South Sudan - Ethiopia Transport
(LAPSSET) Corridor Project.

 

Ethiopia and Kenya have extended the agreement that allows Ethiopia to use
the land at Lamu Port. "So we are undertaking several activities to help and
support each other and to develop the infrastructure linking Lamu Port [of
Kenya] to the border town Moyalle [of Ethiopia]."

 

Ethiopia and Kenya have discussed ways to the full implementation of
different agreements that have been signed so far during the Joint
Ministerial Commission Meeting which was concluded last Wednesday.

 

Kenya is still committed to expediting the infrastructure-driven
interconnectedness with Ethiopia in a way to ensure mutual growth and
benefits. "We are here to reaffirm our strong commitment to the bilateral
relations with Ethiopia. Also, we seek how to take the historical ties to
new heights."

 

 

According to him, reviewing the bilateral relations, and evaluating
implementations of memorandums of understandings and bilateral engagements
are equally important to define the path in the future of Ethio-Kenya
holistic partnership. The infrastructural integration has got prime
attention owing to its immense benefit for the people of the two countries.

 

In his biweekly press briefing, Ethiopian Foreign Affairs Spokesperson Meles
Alem (PhD) also said that Ethiopia and Kenya signed seven MoUs on social,
economic and security affairs that will help to deepen the historical
relation.

 

Ethiopia evaluates its relation with Kenya as indestructible in regime
changes and that always remains warm, the spokesperson emphasized.

 

- Ethiopian Herald.

 

 

 

 

Nigeria: Senate Dumps FIRS On Tax Credit Controversy

THE Senate yesterday dumped stay of action position proposed to it by the
Federal Inland Revenue Service ( FIRS) on N2.7trillion Tax Credit Fund
required for specific road construction by the Federal Ministry of Works.

 

Speaking yesterday in Abuja during an interactive session with the Minister
of Works, Dave Umahi, Chairman, Senate Committee on Finance, Senator Sani
Musa, APC, in Niger East who noted that fresh implementation of the policy
outside the N2.7trillion should be halted for now, said "Tax Credit Policy
is a welcome initiative meant for exigencies being addressed and based on
submissions made by the Minister , the N2.7trillion , should be released for
completion of Ongoing projects under the scheme."

 

 

Recall that the Chairman, Federal Inland Revenue Service, FIRS , Zacch
Adedeji , had during an interface with the Committee penultimate week ,
kicked against fresh N2.7trillion requested for by the Ministry of Works
through the Nigerian National Petroleum Company Limited ( NNPCL) for funding
of of roads projects under the Tax Credit Scheme .

 

But the Minister of Works , Senator David Umahi in a counter argument made
before the Committee yesterday said that the N2.7trillion was not a fresh
request but funding gap incurred as at January this year, just as he
explained to the committee that the Tax Credit Scheme , has helped the
Nation to get some critical roads across the country , rehabilitated or
reconstructed within the last three years .

 

Umahi said, "Tax Credit simply means front loading of taxes of the affected
agencies involved and using it for infrastructure development.

 

 

"A very good example of it , was the Apapa - Oshodi Road , reconstructed by
Dangote Plc under the scheme which not only solved the problem of congestion
on the road but provided solid road that can last 50 years life span .

 

"It is the same road infrastructure solution the N2.59trillion Tax Credits
being offered through NNPCL is offering but not well funded yet.

 

" Only N650billion has been released through two batches for funding
execution of the affected roads under the scheme ., making the N2.7trillion
funding gap very necessary . We need the fund for completion of roads
already started under the scheme", he said .

 

The Minister who noted that aside the scheme, the Ministry based on
provisions made in the 2024 budget , has no concrete appropriations for road
construction, said, "2024 budgetary provisions for the Federal Ministry of
works which are slightly above a trillion Naira , are palliatives for road
construction , the reason why the National Assembly should make substantial
appropriation for road infrastructure across the country.

 

" In doing that , at least N4.4trillion , should be appropriated for
100kilometres road construction per each of the six geo - political zones."

 

- Vanguard.

 

 

 

 

Egypt: Cabinet Decides to Stop Power Cuts in Ramadan

The cabinet, under Prime Minister Mostafa Madbouli, on Thursday 22/2/2024
decided to halt the program for reducing electricity loads during the
fasting holy month of Ramadan.

 

The decision was made during the cabinet's weekly meeting in the New
Administrative Capital.

 

MENA

 

- Egypt Online.

 

 

 

 

Nigeria: Be Patient, CBN Working to Strengthen Naira - Cardoso Begs
Nigerians

Ibadan — CSOs protest hardship in Osun·Sanwo-Olu unveils intervention
measures in Lagos·Approves 25% discount on food purchase·Ogun to sell 100
truck load of rice --Abiodun

 

Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, yesterday,
begged Nigerians to be patient, as the management of the apex bank is doing
everything possible to ensure that the Naira is strengthened.

 

Cardoso said this at the 2024 public lecture entitled: 'Recent Developments
in a Nigerian Foreign Exchange Market: Issues, Options and Way Forward',
organised by the Nigerian Economic Society, NES, at the CBN Centre of
Excellence Hall, University of Ibadan.

 

 

The CBN governor, who was represented at the event by Dr. Usman Opanachi of
the Department of Monetary Policy, CBN said: "Anytime the Naira is on trial,
the CBN is also on trial. We are working day and night to address the
challenges and we hope things will work out.

 

"The exchange rate features nearly in every sector. The exchange rate and
inflation are very high now. The exchange rate is a problem.

 

"Excess demand for forex in Nigeria is a legendary problem. It has just been
there and over the years, the bank has implemented various strategies to
address this problem. Those strategies have only been able to provide some
temporary relief.

 

"The Central Bank of Nigeria does not supply or produce dollars. It is the
naira that it produces. The CBN management thinks when you hold the price of
a commodity that is determined by forex down artificially, a time comes when
you will not be able to do that.

 

 

"The thinking of the new management of CBN is that the policies you have are
intended to address the problem. The approach the management has adopted is
the market forces approach. The bank now allows the market forces to play a
greater role in the determination of the price of naira."

 

Delivering the lecture, a renowned economist, Prof Sam Olofin, said it will
be difficult for the CBN to control the foreign exchange saying the parallel
market forces have taken dominance.

 

On the evolution of the Nigerian Foreign Exchange Market, Olofin said: "We
are only applying the same old drugs on a patient without any good results.
The parallel markets are outside the purview of the CBN."

 

In his welcome address, President of the Nigerian Economic Society, Prof
Adeola Adenikinju urged the Federal Government to consult economists on the
weak economy.

 

CSOs protest in Osun

 

 

Meanwhile, a coalition of civil societies in Osun State, yesterday, stormed
the streets of Osogbo, the state capital protesting against hardship in the
country.

 

Members of the coalition converged at the popular Nelson Mandela Freedom
Park in Osogbo around 7:30 am despite the early morning rain in the town.

 

The peaceful protest moved through Old Garage, through MDS to Olaiya where
it addressed residents and participants.

 

Chairman of the coalition, Mr Waheed Lawal said: "This is just awareness for
the protest that will come up on Monday. We are mobilising to the streets to
make those in government realise that Nigerians are dying of hunger."

 

Sanwo-Olu unveils intervention measures

 

Meanwhile, Governor Babajide Sanwo-Olu of Lagos State, yesterday, explained
that his administration was working towards introducing various
interventions to cushion the hardship.

 

The governor stated that part of the intervention includes approval of a 25%
reduction on every foodstuff purchased, worth over N25,000.

 

Sanwo-Olu said this during a special live media chat, tagged: 'Sanwo
Speaks,' to intimate residents of steps being taken by his administration to
reduce the effects of the harsh economic realities on residents.

 

His words: "This administration is working towards putting interventions in
place across different sectors to reduce and ameliorate the sufferings of
Lagosians."

 

"We will open soup kitchens/bowls where identified caterers (mama put) at
least 1,000, will be employed across local government areas to feed those
who need it, once daily.

 

"Beneficiaries will get vouchers to be able to access the kitchens. We will
also be having food purchases and redistribution to people who need it,
especially as we are currently expecting about 100 trailer loads of rice and
grains.

 

"Also, we will be having Sunday markets in 42 identified markets where
people can buy cheaply at discounted rates. Purchase will however be limited
to N25,000 to ensure that those who need it benefit from the initiative.

 

"There will be free delivery in all general hospitals (normal and caesarian
section), and a rebate on certain medications. Six health districts will be
holding free health missions twice a week for the next three months."

 

Ogun to sell 100 trucks load of rice --Abiodun

 

To cushion the effect of the rise in the prices of goods in the country,
Governor Dapo Abiodun of Ogun State, yesterday, disclosed that his
administration has purchased 100 trucks load of rice to be sold at cheaper
rates to residents of the state.

 

Governor Abiodun stated this while speaking at a stakeholders' meeting in
Abeokuta, the state capital.

 

He, however, said the poor, the elderly, and the vulnerable would enjoy free
allocation.

 

He said: "We have decided to give our people foodstuffs like rice, garri,
beans. I have ordered almost 100 trailers of rice, they will start
offloading them tomorrow (today).

 

"We have decided that the poor, the elderly, and the vulnerable will be
given the rice free of charge, while others will have to buy the rice at the
price we formally bought it."

 

- Vanguard.

 

 

 

 

Nigeria: Senate Rejects 65-Yr Retirement Age Bill for N/Assembly Workers

The Senate on Thursday rejected a bill seeking the extension of retirement
age for National Assembly staff to 65 years.

 

The bill seeks an extension of the retirement age of staff of the National
Assembly Service from 60 to 65 years of age and from 35 to 40 years in
service whichever comes earlier.

 

The bill, if it scaled through, would extend the service years of over 200
workers who are due to retire between 2024 and 2026 including the current
clerk, Sani Magaji Tambawal, according to records from the National
Assembly.

 

It was passed in the House of Representatives in December 2023 and
transmitted to the Senate for concurrence in line with parliamentary
procedures.

 

 

The controversial "Harmonised Retirement Age for Staff of the National
Assembly Service Bill" had split workers in the federal parliament.

 

While some vehemently opposed the extension of service years, arguing that
it would affect the career progression of junior workers, others backed it,
saying it would give staff the opportunity to grow for better service
delivery.

 

The Senate, however, stepped down the bill after the majority of lawmakers
spoke against the extension during debate.

 

Senator Enyinnaya Abaribe (APGA, Abia) said passing the bill would stop the
career progression of junior staff and stall the employment of young
Nigerians who desire to work in the parliament.

 

He said the argument that the legislative staff should be allowed to stay
beyond 60 years or 35 years of service because they have expertise in
parliamentary procedures was not tenable.

 

 

Abaribe said a large part of the work in the parliament was done by
lawmakers, who are replaced after four years.

 

Senator Ali Ndume (APC, Borno) cautioned his colleagues and urged them to do
more consultation before taking action on the bill.

 

Senator Muntari Dandutse (Katsina) also spoke against extending the service
years for legislative staff, saying passing the bill will create a vacuum.
And other ministry workers would also be asking for an extension.

 

Only senators Michael Opeyemi Bamidele (Ekiti) and Suleiman Kawu Sumaila
(Kano) spoke in support of the bill.

 

Senate President Godswill Akpabio, in his remark, described the proposed
legislation as controversial and advised that it should be stepped down for
further consultation.

 

He therefore put the bill to a voice vote and a majority of senators
rejected it.

 

- Daily Trust.

 

 

 

Liberia: U.S.$1 Billion Needed to Address Electricity Shortage

Addressing Liberia's perennial power crisis will require significant
financial investment, with the Liberia Electricity Corporation (LEC)
estimating that between US$700 million to US$1 billion is needed for the
construction of a reservoir to alleviate the electricity issue. The lack of
a sufficient reservoir at the Mount Coffee Power plant has been identified
as a long-standing challenge, leading to operational gaps during dry
seasons.

 

And in order to solve this problem, the Executive Director for Planning,
Engineering, and Major Connections at LEC, Dele I. Shobayo, disclosed on
Wednesday that the country needs to invest between US$700 million to US$1
billion to construct a reservoir on the St. Paul River.

 

Shobayo said the construction of a reservoir upstream of St. Paul River now
is essential to resolving the electricity issues in the country. Once
completed, he added, the Mt. Coffee plant would be capacitated enough to
generate more electricity that could even be sold to other neighboring
countries as Ivory Coast is doing currently.

 

 

"The current plant does not have a large reservoir to store enough water to
generate energy during the dry season, and this has been a perennial problem
over the years," Shobayo said in an OKay FM interview on Wednesday.

 

The proposed reservoir project, which is considered capital-intensive, is
projected to take four to five years to complete. The LEC management
emphasizes the importance of this infrastructure development to improve the
country's electricity supply and meet the growing demand from an expanded
customer base.

 

Giving some historicity to Liberia's power crisis, Shobayo disclosed that in
1990, the Liberian government announced that it was committing US$300
million at the time towards developing the reservoir. "This shows that this
problem has been a long standing issue, spanning nearly three decades and a
half now," he said.

 

 

The capacity of the Mount Coffee Hydro Plant during the dry season prior to
the civil war was about five to 10 megawatts, and it is still five to 10
megawatts, despite the huge increase in the country's population. This makes
demand for power huge, he said.

 

"Before the country's civil war, LEC was serving 35,000 customers, but today
it has increased to 250,000 customers in the absence of proper upgrades on
the plant as problems of the past still persist," he noted.

 

Because of this situation, before the civil unrest, LEC had basically other
power plants to complement the Mount Coffee Hydro during the dry season,
which was a 40 megawatt power plant, and also had an HFO power plant,
stating that "during the dry season, there was some form of load sharing,
and there was a time that the LEC had to run those plants to close the gap."

 

LEC management continues to be under the spotlight for its inability to
provide stable power supply to customers across Monrovia and its environs in
recent years, especially since the inception of President Boakai's
administration. The situation has been alarming since the end of January
2024, thereby raising serious concerns in various communities.

 

 

"During this period of the year, LEC experienced most of the challenging
issues with our operations. We are working within the constraints to see how
we can provide power to our customers. All is well even though we are
working under very hard pressure, but we are doing our best to meet the
demand of our customers within the available supply," Shobayo said.

 

He disclosed that the Mount Coffee Hydro only runs four hours now, which
begin at 7 p.m. and shut down at 11 p.m. due to the lack of water supply.

 

Liberia has one of the lowest floors of water this year, according to
meteorological statistics. "We were receiving 1,600 meters per second during
the heat of the rainy season, but now they are receiving just 19 meters per
second," Shobayo noted.

 

Asked what preparation LEC made for the dry season, Shobayo referenced the
power purchase agreement (PPA) between Ivory Coast, particularly Compagnie
Ivoirienne d'Electricité (CIE), and Liberia.

 

"Preparation for the dry season is not a year-long activity but a three-year
plan, which means that to prepare for the dry season in 2025, 2026, and
2027, Liberia or LEC has to begin now," he said

 

He indicated that what CIE provides to Liberia is what the LEC is
distributing to its customers. "But we now have focused on the long term
plan to ensure that we are not depending on anyone. And the best we can do
is to construct the reservoir," he said.

 

With the signing of the PPA for 2023 and 2024 with CIE, Liberia received a
bill of a little over US$23.4 million. The government has paid US$8.9
million, and LEC on its own has paid US$12 million, so the deficit is just a
little over US$2 million, Shobayo said.

 

He, however, disclosed that the low supply of power from Ivory Coast to
Liberia this year is based on technical issues and the recent hosting of the
African Cup of Nations, not the debt owed the entity, stating that LEC last
week paid the amount of US$7.1 million to the company.

 

He said the CIE delegation will be in Liberia next week, and the LEC
management will sit with them to discuss the overall objective of increasing
power to 50 megawatts, which will be able to cater to the average demand
during the dry season.

 

Thomas Zailee Gonkerwon, LEC's Executive Director for Distribution &
Transmission, said it's not like LEC is not engaging Ivory Coast or doing
nothing about the power issue now, but there are operational issues that
come about.

 

"The supplier will tell you that I am able to provide only this amidst
having this agreement and you don't have an alternative," he said.

 

According to him, Ivory Coast has been having some issues, both technical
and demand, and they have been providing electricity to Liberia on a
continuous basis. However, the main issue is that the volume is fluctuating
based on what is available to them.

 

"On the issues of transmission and distribution, we will only transmit and
distribute what we receive and so our cumulative volume now we are receiving
is unable to meet up with the demand of power," he said.

 

"Electricity is social, political and economic and we have to now balance
all of this. We know that Liberian society is mixed, which includes
industrial, residential, functional offices, and commercial with everything
in one place at the same time. We don't have a time functional economy and
Liberia's economy is a 10-hour economy only," he said.

 

Meanwhile, the current reliance on power supply from Ivory Coast underscores
the immediate need for sustainable solutions to enhance Liberia's energy
security and reduce dependency on external sources.

 

Despite facing operational challenges and fluctuations in power supply, LEC
says it remains committed to addressing the pressing power needs of
Liberians.

 

It goes without saying that collaborative efforts with Ivory Coast and
strategic planning for long-term power solutions are crucial steps towards
enhancing Liberia's electricity infrastructure and meeting the demands of a
diverse economic landscape.

 

- Observer.

 

 

 

Ryanair warns of higher fares in summer due to lack of planes

The boss of Ryanair has said holidaymakers will face higher fares this
summer due to new Boeing planes arriving late.

 

Chief executive Michael O'Leary said the delayed delivery of the planes will
constrain capacity for passengers.

 

He said that Ryanair's ticket prices could be up to 10% more expensive this
summer as a result.

 

Ryanair hopes to get some compensation, but is focussed on getting planes
delivered, he added.

 

Mr O'Leary said that a delivery of 57 Boeing 737 Max 8200's was due by
March, but the firm thinks only 40-45 may arrive in time for the summer
season."

 

Boeing has been facing scrutiny since an incident in January when a piece of
one of its jets blew out during a passenger flight. The Alaska Airline
passenger flight, did not lead to serious injuries but forced an emergency
landing.

 

As a result, Mr O'Leary said, the US manufacturer had the US regulator, the
Federal Aviation Administration, "crawling all over them".

 

Major concerns have been raised about quality control for new Boeing
aircraft, sparking a slowdown in production speed.

 

Mr O'Leary said costs saved through hedging on fuel would mean that
Ryanair's fare increase would not be as steep as the 17% rise seen in 2023.

 

Some other airlines also have capacity constraints caused by aircraft not
being available, he added.

 

A problem with Pratt & Whitney engines, for example, has grounded a number
of Airbus planes used by carriers such as Wizz Air.

 

He told reporters that there would be a "higher fare environment across
Europe" this summer.

 

Ryanair's original forecast for the year to the end of March 2025 was that
it would carry 205 million passengers, up from 183.5 million in the 12
months before.

 

Speaking at the firm's Dublin headquarters, Mr O'Leary said: "With less
aircraft, maybe we'll have to bring that 205 million down towards 200
million passengers."

 

"If capacity was growing, I think fares would be falling," he added.

 

Discussing the issues that have engulfed the US plane maker Boeing, Mr
O'Leary described the message he was currently getting from the firm as
"confusion".

 

The boss of the low-cost carrier has repeatedly backed Boeing's top
management but criticised the plane maker's quality control standards.

 

He does not think the removal of the 737 Max programme's boss Ed Clark was
the right move, arguing that having both a replacement for Mr Clark and a
new president for quality did not make sense.

 

Ryanair, he said, wanted one person in charge who was monitoring the
situation daily, having previously said their products were "great aircraft,
it's just that they're not making them on time or delivering them in time".

 

A spokesperson for Boeing said: "We are communicating with customers that
some delivery schedules may change as we take the necessary time to make
sure that every airplane we deliver is high quality and meets all customer
and regulatory requirements.

 

They added that they "deeply regret the impact this is having on our valued
customer Ryanair".

 

"We're working to address their concerns and taking action on a
comprehensive plan to strengthen 737 quality and delivery performance."-bbc

 

 

 

Red Sea attacks delaying goods and pushing up costs, firms say

British firms say they are facing higher shipping costs and delays of up to
four weeks due to Houthi attacks in the Red Sea, a business group said.

 

More than a third of the firms surveyed by the British Chambers of Commerce
(BCC) said they had been affected.

 

That figure rose to more than half among exporters responding to the survey.

 

The added costs could contribute to higher prices in the UK economy
generally, the BCC warned.

 

"There has been spare capacity in the shipping-freight industry to respond
to the difficulties, which has bought us some time," William Bain, BCC head
of trade policy, said. "But our research suggests that the longer the
current situation persists, the more likely it is that the cost pressures
will start to build."

 

Exporters, retailers, wholesalers and manufacturers were more likely than
other firms to be feeling the impact, the BCC found, leaving some short of
goods to sell to customers and components for production lines, or facing
cashflow difficulties.

 

Rerouting shipments around the southern tip of Africa, the Cape of Good
Hope, was adding an extra three to four weeks to delivery times, the BCC
said, with some firms citing price rises of more than 300% for container
hire, it said.

 

Rachael Waring, managing director of Warings Furniture which imports
interior decor for pubs and restaurants, said the conflict had been
affecting her business since before Christmas.

 

"We have had to budget for extra costs, because the quotes we're getting for
containers have been considerably higher," she told the BBC's Wake Up To
Money.

 

She is also offering clients extra services to make up for delays. But she
hopes to counteract some of the cost increases by negotiating lower prices
with the Chinese manufacturers she sources from, and avoid further price
rises for customers if she can.

 

The BCC, which represents more than 50,000 businesses across its network,
said given the circumstances it would like to see extra government support
for exporters, including the formation of an exports council to promote
trade.

 

"The UK economy saw a drop in its total goods exports for 2023, and with
global demand weak, there is a need for the government to look at providing
support in the March Budget," Mr Bain said.

 

The Houthis have attacked commercial vessels traveling through the Red Sea
following the start of the Israel-Hamas conflict in October. The Iran-backed
group said it was targeting ships linked to Israel, the US and the UK in
support of Hamas.

 

The US and the UK have responded with air strikes on Houthi targets in
Yemen.

 

The Red Sea is the fastest sea route between Asia and Europe. Large shipping
firms, including Mediterranean Shipping Company and Maersk, have diverted
vessels to the much longer route around Africa's Cape of Good Hope and then
up the west side of the continent. But that has pushed up costs, including
for insurance, as well as creating delays.

 

Earlier this month one of the UK's best known tea brands, Tetley, warned
supplies were "much tighter" than it would like and rival Yorkshire Tea said
it was also monitoring the situation closely.

 

The BCC heard from more than 1,000 firms in their annual survey, which took
place between 15 January and 9 February.

 

Of those responding 90% were small firms, with fewer than 250 employees.-bbc

 

 

 

 

AI chip firm Nvidia valued at $2tn

Nvidia's market value has touched $2tn (£1.58tn), a new milestone in the
chipmaker's rapid ascent into the ranks of the world's most valuable
companies.

 

Shares in the Silicon Valley firm rose more than 4% in morning trade on
Friday before dropping back a bit.

 

The gains extended a jump after the company's blockbuster earnings report
this week.

 

The company is benefiting from advances in artificial intelligence (AI),
which have powered demand for its chips.

 

Turnover at the firm more than doubled last year to more than $60bn, and
boss Jensen Huang told investors this week that demand was "surging" around
the world.

 

The company, which became worth $1tn less than a year ago, now ranks as the
world's fourth most valuable publicly traded company, behind Microsoft,
Apple and Saudi Aramco.

 

After shares retreated from their early Friday highs, the firm's market
value ended the day just below $2tn.

 

Founded in 1993, Nvidia was originally known for making the type of computer
chips that process graphics, particularly for computer games.

 

Long before the AI revolution, it started adding features to its chips that
it says help machine learning, investments that have helped it gain market
share.

 

It is now seen as a key company to watch to see how fast AI-powered tech is
spreading across the business world.

 

The price of the firm's shares has more than tripled over the last 12
months, from less than $240 apiece to nearly $800 in mid-day trade on
Friday.

 

On Thursday, the day after its earnings report, buyers snapping up shares
pushed its value up by $277bn, Wall Street's largest one-day gain in
history.

 

The report has also helped to drive a broader market rally, appearing to
convince investors that, as Derren Nathan of Hargreaves Lansdown put it, the
boom in AI was "living up to the hype".

 

"It's being used in automotive for design, it's being used in
telecommunications for planning networks, it's being used in mainstream
companies to figure out and get insights into data that they haven't been
able to get before," Bob O'Donnell, a US-based technology analyst told the
BBC earlier this week.

 

"This is now really starting to hit the kinds of companies across the board,
not just specialised tech companies and that's a real tipping point for the
industry."-bbc

 

 

 

Reddit users say share plans 'beginning of the end'

Reddit users have been reacting with deep gloom to the firm saying it plans
to sell shares to the public.

 

The "beginning of the end", "good while it lasted", and "they ruined it",
are just some of the comments made by Redditors, as they are known, since
the announcement on Thursday.

 

The company has said its plans are "exciting" and will offer the business
opportunities for growth.

 

However many users worry the move will fundamentally change the website.

 

Reddit, which was founded almost twenty years ago, is an online forum where
users can post questions and comment on topics that interest them.

 

More than 76 million people, on average, visited every day in December 2023,
drawn by features like its recurring "ask me anything" threads, in which
participants ranging from anonymous ordinary people to former US president
Barack Obama field questions.

 

Some feel the initial public offering (IPO) which has been filed with US
regulators will change the site's spirit.

 

"When the most important customers shift from [users] to shareholders, the
product always [suffers]," said one person.

 

"It becomes 'what can we do this quarter to squeak out an additional point
of revenue', instead of 'how can we make this product better'."

 

History of protest

It is far from the first time Reddit's most vocal users have expressed
displeasure at the platform.

 

In 2023, thousands of Reddit communities became inaccessible in protest at
how the site was being run - in particular controversial charges for
developers of third-party apps, which are used to browse the platform.

 

Some of the biggest Reddit communities then began only allowing photos and
videos of comedian John Oliver, following votes from disgruntled users.

 

But this proved to be short-lived, and Reddit's plan ultimately proved
financially beneficial, as it has struck a deal with Google reportedly worth
$60m (£47m) so the tech giant can use Reddit posts to train artificial
intelligence tools.

 

The filing does not say how much money the firm is hoping to raise by
listing on the New York Stock Exchange.

 

But it provides a glimpse of the firm's operations, including its struggles
to turn its online popularity into profit.

 

It was valued at about $10bn in a private fundraising round in 2021.

 

But the company has recorded losses every year since its start, including
more than $90m last year.

 

In the filing, Reddit said it had not started trying to make money seriously
until 2018. It reported $804m in revenue last year, up more than 20% from
2022.

 

Advertising accounted for nearly all of the revenue, but in a note to
prospective investors chief executive Steve Huffman said he was excited
about opportunities to make the platform a venue for commerce and license
its content to AI companies.

 

"I have never been more excited about Reddit's future than I am right now,"
Mr Huffman wrote. "We have many opportunities to grow both the platform and
the business, the latter through advertising, monetizing commerce on the
platform, and licensing data."

 

Reddit's IPO would be the first by a social media company since Pinterest in
2019.

 

It comes as financial markets in the US are regularly notching new highs,
buoyed by optimism over the economy and a new wave of growth powered by
artificial intelligence.-bbc

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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

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www.bullszimbabwe.com/blog

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LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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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