Major International Business Headlines Brief::: 29 February 2024

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Major International Business Headlines Brief:::  29 February 2024 

 


 

 

	
 


 

 


 

ü  Nigeria: Mixed Reactions Trail Central Bank's Monetary Policy Decisions

ü  Kenya: President Ruto Unveils Ambitious Plan On Kenya's Shift Towards a
Skills-Based Economy

ü  Uganda: Global Economics Expert Sachs Commits to Supporting Uganda in
Formulation of NDPIV

ü  Liberia: Did CBL Violate the Law By Loaning Govt?

ü  Nigeria: Air Peace Announces N1.2 Million for London Route

ü  Africa's Debt Crisis Needs a Bold New Approach - & a Way Forward

ü  Nigeria: Leadership Conference - Moghalu Provides Insights On Economy

ü  Africa: South Sudan's New Finance Minister Braving 'Ghosts' and
Crocodiles

ü  South Africa: Small-Scale Fishers Could Be Allowed to Catch New Species

ü  Nigeria: International Oil Companies Not Leaving Nigeria - Minister

ü  Winklevoss crypto firm Gemini to return $1.1bn to customers

ü  Disney plans $8.5bn merger for ailing India unit

ü  Wendy's denies plans for surge pricing after backlash

ü  US lawmakers reach deal to temporarily avert government shutdown

 


 

 


 <https://www.cloverleaf.co.zw/> N Nigeria: Mixed Reactions Trail Central
Bank's Monetary Policy Decisions

The Monetary Policy Committee of the Central Bank of Nigeria Tuesday
announced a significant increase in its benchmark lending rate by 400 basis
points to 22.75 per cent

 

Economists and policy analysts have expressed concern about the recent
actions taken by the Central Bank of Nigeria concerning the benchmark
interest rate and other monetary policy matters in the country.

 

The Monetary Policy Committee of the Central Bank of Nigeria increased the
benchmark interest rate to 22.75 per cent on Tuesday, as part of the move to
aggressively manage the country's inflationary pressures.

 

Olayemi Cardoso, the governor of the CBN, on Tuesday, disclosed that the MPC
voted to keep the Cash Reserve Ratio (CRR) at 45 per cent while the
Liquidity Ratio was retained at 30 per cent.

 

According to the National Bureau of Statistics, the country's annual
inflation rate jumped to 29.90 percent in January from 28.92 per cent in
December 2023, primarily fueled by a continuous surge in food prices.

 

 

Paul Alaje, chief economist at SPM Professionals, said even though the
monetary policy committee is doing everything possible to fight "stubborn"
inflation, the rate will have a significant impact on the economy.

 

According to him, it is expected that the unemployment rate will rise in the
coming quarters and the impact will be enormous on the overall economy.

 

The latest data from the National Bureau of Statistics shows Nigeria's
unemployment rate rose to 5 percent in the third quarter of 2023, indicating
an increase of 0.8 percent from Q2 2023 (4.2 percent).

 

Mr Alaje said it is obvious that there is no convergence between the fiscal
and monetary authorities.

 

"This also has implications on slowing down the very fragile GDP growth rate
that we are managing and it's obvious that while the monetary authority is
interested in price and exchange rate stability as it concerns them, they
are mindless of what will happen to the overall economy, thus this rate
adjustment," he said.

 

 

He also said this rate may discourage people and businesses from going to
the Nigerian Stock Exchange Market as it may not be safe for them.

 

"They will have to smell the coffee, I know in a matter of weeks, their
banks will start writing them for a review of rate, and for those that want
to start a business that needs funding, they will be affected by the rate as
well- that is why we say when you increase rate (monetary) it will crowd out
employment," he said of business owners.

 

The Director Centre for the Promotion of Private Enterprise, Muda Yusuf, in
a statement Tuesday also said the decision of the MPC would further impact
the real economy, which is already facing several macroeconomic
difficulties.

 

 

"Although the decision was consistent with the typical policy response of
the Central Banks globally, it failed to reckon with domestic peculiarities.
The key drivers of Nigeria's inflation are largely supply-side variables and
the CBN ways and means of financing.

 

"Over the last two years, there has been persistent monetary policy
tightening, yet there has not been any significant impact on the
inflationary pressures. If anything, the general price level has been
continuously on the increase," he said.

 

He observed that the impact of monetary policy on the Nigerian economy is
still quite limited, with weak transmission effects.

 

Mr Yusuf emphasised that in Nigeria, price levels are not significantly
influenced by interest rates, as supply-side factors play a more significant
role in driving inflation.

 

Like Mr Alaje, Mr Yusuf also reckoned that the recent increase in the rate
will lead to higher borrowing costs for the limited private sectors that
rely on bank loans, affecting their operational expenses, product prices,
and profit margins, especially amid challenging economic conditions.

 

Positive Signaling

 

A former deputy governor of the CBN, Kingsley Moghalu, commended the CBN for
the decision.

 

In a post on X, he said it is a necessary step to create a special,
lower-cost financing channel for the real sector and small businesses, which
are particularly vulnerable in the current economic climate.

 

"Correct move by the MPCommittee to dramatically hike the Monetary Policy
Rate by 400 basis points to 22.5 per cent. The situation calls for nothing
less if we are to check inflation over 12-18 months. We did the same a
decade ago to bring inflation from 14 per cent to 8 per cent.

 

"It will hit businesses hard, but inflation is hitting harder. We must slay
the inflation dragon lest it consume our economy and we head to
Zimbabwe/Venezuela. The money supply MUST be reduced. Price stability must
take priority before economic growth in the current situation," he said.

 

- Premium Times.

 

 

 

 

Kenya: President Ruto Unveils Ambitious Plan On Kenya's Shift Towards a
Skills-Based Economy

Nairobi — The government has reiterated plans to enhance its investment
plans in the Information Communication and Technology (ICT) sector further
for accelerated national development.

 

As part of the plans, the government is pursuing strategic plans to set up
more than 1,400 ICT hubs at Constituency and ward levels countrywide, among
other projects.

 

Speaking when he toured and officially opened data annotation solutions
provider Sama Kenya EPZ Delivery Centre in Nairobi, President William Ruto,
accompanied by visiting Ethiopian Prime Minister Abiy Ahmed, said the
government's strategy is part of an effort to accelerate entrenchment of a
skills-based economy.

 

Sama is a global leader in data annotation solutions for computer vision
that power artificial intelligence (AI) and machine learning (ML) models
serving leading global corporations from Nairobi.

 

"Our intentional investment in ICT infrastructure will ensure that we turn
Kenya into a skills-based economy," Ruto added, "With the Government's bias
on new and specialised domains, the youth will stay current with emerging
industry demands, guaranteeing them income."

 

 

With a state-of-the-art delivery centre in Nairobi's Sameer Industrial Park
and employing more than 3,000 staffers, Sama is a global leader in data
annotation solutions for computer vision that power Artificial Intelligence
(AI) and Machine Learning (ML) models.

 

On her part, Sama Chief Executive Officer Ms Wendy Gonzalez confirmed plans
to enhance its Business Process Outsourcing (BPO) investments in the East
and Horn of Africa region to further position the region as an Artificial
Intelligence (AI) value chain investment destination.

 

"Kenya has the potential to become a major player in the global BPO and AI
Value chain market, and we are excited to be a part of this growth. For over
a decade, we have provided individuals who are most likely to be excluded
from formal sector jobs with quality work and skills transfer
opportunities," Gonzalez said.

 

Over 25% of Fortune 50 companies, including Google, NVIDIA, General Motors,
Walmart, Ford, Microsoft, eBay, Ford, and Glassdoor, trust Sama to help them
deliver industry-leading machine learning

 

- Capital FM.

 

 

 

 

Uganda: Global Economics Expert Sachs Commits to Supporting Uganda in
Formulation of NDPIV

KAMPALA — Renowned professor of economics Jeffrey Sachs has committed to
supporting the National Planning Authority (NPA) in the ongoing Fourth
National Development Plan (NDPIV) formulation process.

 

Prof Sachs also pledged support towards enhancing the NPA's planning
capacity in formulating economic models and training on macroeconomics,
financing and climate policy.

 

Sachs, made the pledges during an engagement with National Planning
Authority (NPA) officials on formulation of fourth National Development Plan
(NDPIV).

 

He is in the country upon invitation from the Prime Minister, Robinah
Nabbanja, as a follow-up on Uganda's sideline engagements during the 2023 UN
General Assembly in New York.

 

 

A global leader in Sustainable Development, Sachs is also currently serving
as the director, Centre for Sustainable Development at Columbia University.

 

During the engagement with NPA officials, Sachs also advised Uganda to
consider long-term financing for national development.

 

"Uganda should consider long-term debt for high return investments with an
internal rate of return above 15 percent and a debt cost lower than 4
percent. Uganda should also leverage financing partners such as China and
the Gulf region," Sachs said.

 

Prof Sachs and NPA Board members and technical staff at the Planning
House.He also highlighted the need for long-term strategic planning at
various levels, including the local (parish level), national and regional
planning for areas with shared ecosystems, while citing example of Lake
Victoria for projects on infrastructure and services.

 

 

NPA had hosted Sachs for insights on the priorities for the upcoming fourth
National Development Plan (NDPIV) and mechanisms to accelerate Uganda's
attainment of the United Nations (UN) Sustainable Goals (SDGs).

 

During the engagement, Prof Pamela Mbabazi, the NPA board chairperson
highlighted the authority's commitment to continuing to incorporate SDGs
into the NDPs.

 

She added that the current NDP identifies industry, governance and
environment as accelerators of development through the Uganda Intergrated
SDGs (iSDG) model.

 

According to NPA, the engagement with Sachs underscores Uganda's proactive
approach towards harnessing global expertise to accelerate progress towards
the SDGs and realising Uganda'a Vision 2040 targets of a prosperous,
inclusive and sustainable future.

 

"His perspective for Uganda's future is a highly diversified economy with
agriculture, industry and services as significant growth drivers and a
well-educated human resource with average years of schooling above 14
years."

 

NPA is the government's institution charged with developing comprehensive
and i tergrated development plans with the incorporation of development
agendas such as the SDGs.

 

- Nile Post.

 

 

 

 

Liberia: Did CBL Violate the Law By Loaning Govt?

Monrovia-In Liberia, public sentiments or politics often blur the reasoning
and logic of the law, skewing both the textual meaning and
intent-of-the-framers' doctrines of statutory interpretation.

 

However, the age-old cliche that the 'Law is the Law' will always suffice.
But one has to have an appreciable understanding of the facts and legal
basis leading to the decision before deeming it legal or not.

 

This is the case of the trending issue involving the Central Bank of
Liberia's decision to loan the Government of Liberia US$80 million to pay
civil servants' salaries for November and December 2023.

 

Representative Richard Koon and two others have written the plenary of the
House of Representatives to invite the CBL to answer their claims that the
Bank violated Section 36 of the Amendment and Restatement Public Financial
Management Act (PFM Law) when it granted the loan.

 

 

In short, Rep. Koon claims that the CBL should have received authorization
from the Legislature before crediting the Government.

 

To accept or reject his argument, one has to understand the referenced
provision of the PFM Act and juxtapose it with the related provisions of the
CBL Act.

 

First, let's take a closer view of Section 36, paragraph-the reliance for
Mr. Koon and Co.'s argument: "With the exception of any loans raised for the
purpose of paragraph (b) of subsection 36(2), the terms and conditions of
any loan shall be laid before the Legislature and shall not come into
operation unless they have been approved by a resolution of the
Legislature."

 

Relying only on one paragraph of an entire section is not legally prudent to
form the basis for a strong legal argument. Therefore, reading the preceding
and subsequent paragraphs is important to get a balanced understanding.

 

 

The first paragraph of this section vests the authority only in the Minister
of Finance. It reads: "Subject to the provisions of the Constitution, the
authority to raise money by loan, to issue guarantees and to accept grants
for and on behalf of the Government shall vest solely in the Minister and no
other person, entity or public organization shall, without the prior
approval of the Minister, raise any loan or issue any guarantee, or take any
other action which may in any way either directly or indirectly result in a
liability being incurred by the Government."

 

The second paragraph of Section 36 further defines the authority of the
finance minister, adding that "Loans may be raised upon such terms and
conditions as to interest, repayment or otherwise as may be negotiated by
the Minister or his/her representative but, only for the purpose of (a)
financing budget deficits; (b) treasury and monetary policy management
purposes, etc."

 

 

These provisions of the new PFM law do two things: one, they solely
authorize the Minister of Finance to raise loans with the acquiescence of
the Legislature. Two, they define the purpose for which loans may be
negotiated by the finance minister.

 

This means the PFM law prescribes the authority of the finance minister to
negotiate loans with a specific condition of precedent-seeking legislative
approval. This law puts no burden on the CBL to negotiate loans on behalf of
the government. It is the minister's prerogative to determine the terms and
conditions as to interest and repayment as may be negotiated by the minister
or his/her representative.

 

What the law doesn't include, it excludes. This legal concept means that
mentioning the finance minister as the person with sole vested power means
no other government institution, including the CBL, has the power to
negotiate loans on behalf of the government. How can a body not responsible
for negotiating loans on behalf of the government seek legislative approval?
The legal reasoning here is that the Minister is the one with the sole
authority and no one else.

 

In essence, the CBL cannot be legally responsible for the negotiation of a
loan on behalf of the government. In this instance, the Central Bank could
not have submitted the terms and conditions of this loan to the legislature
for approval, because doing so would be illegal and a usurpation of the
function of the Minister.

 

Simple reasoning suggests that Rep. Koon's argument has a flawed legal basis
and his reliance on Section 36 of the new PFM Law of 2019 is askew.

 

The CBL is governed by the Restated and Amended CBL Act of 2020. But did the
Bank violate its governing law by loaning the US$83 million to the
Government?

 

To know this, let's first view the texts of the CBL Act regarding "Credit to
the Government of Liberia". Sub-section 1 of Section 46 lays out the
procedure for loaning by the CBL.

 

It reads: "Subject to the overall limits specified by this Act, the Central
Bank, by decision of the Board of Governors, may extend credit to the
Government of Liberia with maturities not exceeding six (6) months only
under exceptional circumstances such as war, famine or other natural
disasters..."

 

When former President George Weah wrote the CBL requesting the loan to pay
civil servants' salaries for November and December, he stressed that the
loan was intended to mitigate "national security risk". It appears that Mr.
Weah was keen on averting any disruption to the transitional process after
losing the election in mid-November.

 

At that time issues of grave security uncertainty and potential threat would
have been posed to the transition of power if civil servants' salaries had
remained unpaid. Probably, this would have disrupted any smooth transition.
Hence, a "national security risk", in the wisdom of the former president.

 

National security risk falls in the category of "exceptional circumstances"
as mentioned in Section 46 of the CBL Act. Note that the law provides for
loans to be granted to the government by CBL under certain circumstances.
This section gives examples of conditions that may occasion the need to
grant loans to the government. This Section also prescribes the power of the
CBL Board of Governors - making the august body the sole authority to make
such a decision via a resolution.

 

When the text of the law lacks ambiguity it cannot be construed otherwise.
This is the case of Section 46 of the CBL Act. The power is vested in the
Board and the conditions to grant loans to the government are spelled out.
There's no confusion in the textual meaning of this section.

 

However, one would argue, what constitutes a "national security risk" as
mentioned by the former president in his request to the CBL? That
determination lies squarely within the certain knowledge of the presidency -
who is the chief executive and custodian of the country's national security.

 

The CBL board cannot question the nature of the "security risk" before
approving the loan nor initiate a probe to determine the severity of the
"national security threat" as a condition precedent to approving the loan.
The CBL Act doesn't set this standard and for the CBL Board to attempt so
would be illegal and an assumption of power not prescribed in the law.
Again, the law is the law: what it doesn't give, it withholds.

 

The CBL Board followed all the requirements. They passed a resolution in
keeping with Section 46 and then acted consistent with Section 4 of the Act
which sets the limit for loans to the Government of Liberia.

 

Section 4 reads: "At no time shall the aggregate principal amount disbursed
and outstanding on Central Bank extensions of credit to the Government,
exceed the equivalent of ten ( 10) percent of the annual average of the
Government's total "ordinary revenue" for the two immediately preceding
financial years; provided that for the purpose of this Act, "ordinary
revenue" shall not include borrowing, grants and other forms of financial
assistance, and income from sales of assets."

 

Applying the aforementioned law to the US$83M credit extended to the
Government shows that the amount is not more than ten (10) percent of the
annual average of the Government's total "ordinary revenue" for the two
immediately preceding financial years.

 

The Bank's decision to loan the Government does not breach any laws. It
neither violates the PFM Act 2020 nor the CBL Restated Act of 2020.

 

However, assuming that there is a conflict between the PFM and CBL Acts
(even though there is none in all the applicable provisions regarding
crediting the government), the CBL is obliged to follow only the CBL Act.

 

Section 60 of the CBL Act sets the legal basis for such action, "in the
event that the provisions of this Act conflict with those of other laws,
then the provisions of this Act relating to the authority and functions of
the Central Bank and/or matters of monetary policies shall prevail."

 

In sum, the CBL decision to credit the government of Liberia US$80 million
without Legislative approval based on a request to avert "national security
risk" as presented by former president Weah did not violate the PFM Law. The
PFM Law puts no burden on the CBL to seek Legislative approval but rather
the Minister of Finance. It is the sole authority of the Minister to seek
Legislative approval in certain instances when requesting loans.

 

Additionally, the CBL Board exhausted all relevant steps as required by the
CBL Act before crediting the government, including passing a resolution and
ensuring the limit (US$83) of credit is within 10% of the annual average of
the Government's total "ordinary revenue" for the two immediately preceding
financial years.

 

- Observer.

 

 

 

 

Nigeria: Air Peace Announces N1.2 Million for London Route

Air Peace on Wednesday, announced N1.2 million and N4 million respectively
on its London route for Economy and Business classes, effective March 30.

 

This is contained in a statement in Lagos by the airline's Corporate
Communications Lead, Mr Stanley Olisa.

 

Recall that flight tickets for London in Nigeria are between N2.3 million to
N4.2 million for economy and N6 million for business class.

 

According to Olisa, the flight schedules for Air Peace London route is now
available on our website, and we are crashing the price of flight tickets.

 

"A return economy class ticket goes for N1.2 million, while a return
business class ticket sells for N4 million.

 

"Nigerians studying in the United Kingdom can also now access their special
15 per cent rebate on the already reduced economy fares."

 

The airline had announced a special fare for Nigerian students in the UK
when it hosted travel agents in Lagos in preparation for the launch of the
London route.

 

Olisa also disclosed that London would be the airline's seventh
international destination since kicking off operations, almost 10 years ago.

 

- Vanguard.

 

 

 

 

Africa's Debt Crisis Needs a Bold New Approach - & a Way Forward

Pretoria — It hasn't been easy for African states to finance their
developmental and environmental policy objectives over the past few years.

 

Recent events suggest that the situation may be improving. For the first
time in two years, three African states have been able to access
international financial markets, albeit at high interest rates. Kenya, for
example, is now paying over 10% compared to about 7% in 2014.

 

Many African countries continue to face challenging sovereign debt
situations. Total external debts as a share of Africa's export earnings
increased from 74.5% in 2010 to 140% in 2022.

 

In 2022, African governments had to allocate about 12% of their revenues to
servicing their debt. Between 2019 and 2022, 25 African governments
allocated more resources to servicing their total debts than to the health
of their citizens.

 

 

And in late 2023 the International Monetary Fund estimated that over half
the low income African countries were either potentially or actually
experiencing difficulties paying their debts.

 

This suggests that it will be very difficult for Africa to raise the US$1.6
trillion that the Organisation for Economic Cooperation and Development
(OECD) estimates it needs to reach the sustainable development goals (SDGs)
by 2030.

 

One of the lessons of the COVID pandemic and the climate negotiations is
that Africa can't count on the global community to provide it with
sufficient new funds or with debt relief to deal with either its development
needs or the consequences of crises such as pandemics or extreme weather
events.

 

 

Its official bilateral creditors appear more focused on their own needs and
on other parts of the world than on Africa. Commercial creditors are happy
to provide financing when conditions are favourable and African debt can
help them satisfy their investment mandates.

 

But they are less forthcoming when the going gets tough and the risks
associated with the transaction - and for which they have been compensated -
actually materialise.

 

This suggests that Africa needs to advocate more aggressively for its own
interests. This year offers some good opportunities to promote a more
effective approach to African debt.

 

Careful planning needed

 

There are two international conferences where global economic governance
will be on the agenda. This is also the first year that the African Union
participates as a full member in the G20. In addition, South Africa, the G20
chair in 2025, currently serves on the troika that manages the G20 process.
(G20 Finance Ministers are scheduled to meet in Brazil 28-29 February).

 

 

Debt and development finance will be an important topic in all these forums.
African representatives can use their participation to advocate for a new
approach to sovereign debt that is more responsive to African needs and
concerns. They can also lobby other participating states and non-state
actors for their support.

 

But African states will need to plan carefully. Their starting point should
be the well recognised fact that the current sovereign debt restructuring
process is not working for anyone. The G20 agreed a Common Framework that
was supposed to help resolve the sovereign debt crises in low income
countries.

 

Four African countries applied to have their debts restructured through the
framework. Despite years of negotiations, it has failed to fully resolve the
debt crisis in three of them.

 

Countries outside the Common Framework, such as Sri Lanka, have not managed
to fully resolve their debt crises either. This is costly for both debtors
and creditors. It is therefore in everyone's interest to look for a new
approach.

 

This requires all parties to be willing to entertain new ideas and to
experiment with new approaches to old problems. African states should offer
their own innovative proposals. They should also state that they are willing
to take on new responsibilities if their creditors are willing to do the
same.

 

They can remind their creditors that these experiments would not be taking
place in a vacuum. They can be guided by the many existing, but
under-utilised, international norms and standards applicable to responsible
sovereign debt transactions, for example the Unctad principles on
responsible sovereign debt transactions. Some of these relate to the conduct
of sovereign borrowers.

 

Others focus on responsible lending behaviour and are often cited by
creditors in their own policies dealing with environmental and social
issues, social responsibility or human rights.

 

By basing any new approach on these international norms and standards, both
debtors and creditors will merely be agreeing to implement principles that
they have already accepted.

 

Working from this starting point, African states should make three specific
proposals.

 

Concrete proposals

 

First, they should commit to making both the process for incurring debts and
the terms of all their public debt transactions transparent.

 

This will ensure that their own citizens understand what obligations their
governments are assuming on their behalf. It will encourage governments to
adopt responsible borrowing and debt management practices.

 

They should also agree that they can be held accountable for their failure
to comply with these transparent and responsible sovereign debt practices
and procedures.

 

Second, African states should point out that there is a fundamental problem
with a sovereign debt restructuring process that only focuses on the
contractual obligations that the debtor state owes its creditors.

 

This focus means, in effect, that servicing its debt obligations will trump
the debtor state's efforts to deal with the country's vulnerability to
climate change and the loss of biodiversity, and with its poverty,
inequality and unemployment challenges.

 

This follows from the fact that their creditors can use the restructuring
process to force sovereign borrowers in difficulty, unlike corporations in
bankruptcy, to pay those who lend them money without regard, for example, to
the impact on their obligations to pensioners, public sector employees or
the welfare of their citizens.

 

This exclusive focus on debt contracts is inconsistent with the
international community's interest in addressing global challenges like
climate and inequality.

 

This problem can be resolved if both creditors and debtors agree that they
will adopt an approach to debt negotiations that incorporates the financial,
economic, social, environmental, human rights and governance dimensions of
sovereign debt crises.

 

Third, African states should propose that their creditors publicly commit to
base the new approach to sovereign debt on an agreed list of international
norms and standards relevant to responsible international financial
practices.

 

These will include those dealing with transparency, climate and
environmental issues, and social matters, including human rights.- IPS.

 

 

 

Nigeria: Leadership Conference - Moghalu Provides Insights On Economy

Former deputy governor of the Central Bank of Nigeria, Professor Kingsley
Moghalu, has given a snippet of the issues that would headline his
discussion as the keynote speaker at LEADERSHIP Conference on March 5, 2023.

 

The former central bank executive-turned politician said he and other
speakers at the forum would review the nation's economic issues and
challenges, with a focus on generating solutions to the crisis confronting
Africa's largest economy.

 

"In my own view, I don't think we should waste this crisis, as difficult as
it is. People are hungry, people are angry; what's the way forward? I am
sharing my thoughts. I hope that you will join us at this great event,"
Moghalu said in a televised video clip yesterday.

 

 

He promised to interrogate the economic crisis facing Nigeria and how the
country should take advantage of this crisis to fix the economy for good.

 

"There are so many questions about how an economy is managed. We must find
the answers. We must have hope, but hope is not a strategy.

 

"I will be discussing the strategy that we should use to get out of
Nigeria's mess economically and create wealth for all of us, the citizens,
and create jobs for our young people, and to get revenues and have a
currency that has fair value," he said.

 

This year's conference with the theme: An Economy In Distress: Which Way
Forward? brings together prominent Nigerians, critical stakeholders from
various sectors, legislators, members of the diplomatic corp to brainstorm
on the way out of the present economic quagmire.

 

 

The selection of the award recipients as usual followed a critical review of
their various contributions to the growth and development of Nigeria as laid
down by the founding chairman of the LEADERSHIP Newspaper Group, the late
Sam Nda-Isaiah.

 

The 2023 award is phenomenal with President Bola Ahmed Tinubu clinching the
Person of The Year award for braving monumental odds to clinch the APC
presidential ticket and subsequently win the keenly contested election.

 

For providing exceptional leadership qualities in their states, four
governors emerged as LEADERSHIP 2023 Governor of the Year. They are: Benue
State governor, Rev. Fr. Hyacinth Alia; Umar Dikko Radda of Katsina State,
Muhammed Umar Bago of Niger State and Seyi Makinde of Oyo State.

 

For the 2023 Politician of the Year category, the duo of the presidential
candidate of the Labour Party, Peter Obi, and the senator representing Kogi
Central Senatorial district, Natasha Akpoti-Uduaghan, both emerged winners.

 

 

Obi, a first timer in the presidential race, changed the narrative of the
conduct of the election, making history with the Obidient Movement which saw
a majority of Nigerian youths defying the usual voter apathy and coming out
en masse to cast their votes. Senator Uduaghan-Akpoti, on her part, is the
first female senator from Kogi State who surmounted all odds to reclaim her
mandate through the courts after she was initially denied victory.

 

The LEADERSHIP Public Service Person of the Year was jointly won by Interior
Minister, Dr. Olubunmi Tunji-Ojo, and the managing director/CEO of Lagos
Metropolitan Area Transport Authority (LAMATA), Engr. Abimbola Akinajo.

 

Tunji-Ojo, a.k.a. 'Minister Talk and Do' won the heart of many Nigerians for
his exceptional reforms in tackling the perennial passport booklet problem
while Akinajo's exceptional commitment culminated in the delivery of the
Lagos blue rail line under Governor Babajide Sanwo-Olu.

 

United Bank of Africa,UBA clinched Bank of the Year for its unbroken record
performance in the first three quarters of 2023.

 

Yemi Edun, a seasoned banker, chartered accountant and MD/CE of First City
Monument Bank (FCMB) emerged LEADERSHIP Banker of the Year. Edun
successfully steered the bank through increased SME lending as well as
facilitating credit to small businesses.

 

CEO of the Year was jointly clinched by a trio of the CEO of Emzor
Pharmaceutical Company, Dr Stella Chinyelu Okoli; the CEO of Transcorp
Hotels, Dupe Olusola, and the CEO of Marvelous Mike Press, Engr Michael Bayo
Akinola.

 

LEADERSHIP Social Impact Person of the Year went to the Emir of Bauchi, Dr
Rilwanu Sulaimanu Adamu, for touching and shaping the lives of his subjects
by promoting unity, and tremendous upliftment against myriads of social
constraints that had bedevilled the people of Bauchi for long.

 

The Business Person of The Year Award was won by chairman of Gerewa Group of
Companies, Isa Mohammed Gerewa for building one of the most successful
companies that helped in the achievement of economic diversification.

 

Other winners of LEADERSHIP's coveted awards are Federal Competition and
Consumer Protection Commission (FCCPC) which took the Government Agency of
the Year, and Seplat Energy Plc which won the Oil & Gas Company of the Year.

 

The Company of the Year was won by Zeberced Group, while the Oil and Gas
Local Content Champion of the Year went to Aradel Holdings Plc.

 

IT Company of the Year went to CWG Plc, while Brand of the Year was won by
Flour Mills Nigeria Plc.

 

Fintech Company of the Year was won by MoniePoint.

 

The Artiste of the Year award went to Nike Okundaye Davies for her
unwavering dedication to promoting and empowering Nigerian youths and women
through arts and craft.

 

The Sports Persons of the Year award went to D'Tigress for winning a
historic fourth consecutive AfroBasket title, while Awwalu Sani, for
displaying honesty when he found and returned N15 million to Chadian
merchants who forgot it in his tricycle, won the Outstanding Young Person of
the Year award.

 

- Leadership.

 

 

 

 

Africa: South Sudan's New Finance Minister Braving 'Ghosts' and Crocodiles

A South Sudan minister has set out to eliminate 'ghost workers' from public
payroll and vowed not to pay out a mountain of claims worth millions of
dollars until the invoices are verified.

 

But things do not work like that. Dr Barnaba Bak Chol's determination to
push ahead with the reforms and transformation of South Sudan's limping
economy is simmering discontent among some powerful individuals who benefit
from the schemes.

 

Yet coming as the country prepares for its first general elections in
December, there is a feeling that it could all be a ruse by the ruling Sudan
People's Liberation Movement party - whose leader President Salva Kiir says
he will be on the ballot in the long-delayed elections.

 

Appointed finance and planning minister last August, Bak immediately
declared it was the "right time" for economic transformation.

 

"If we unite and eliminate corruption, and equitably share our national
resources, we can be one of the strongest economies," he said.

 

 

It all sounded like a diaper dream in a nation Transparency International's
corruption perception index gave a measly 13 percent in 2022 - only better
than Somalia that scored 10.

 

Here is a restive nation where the gun is might and the youngest minister to
ever assume the powerful docket of Finance and Planning Minister was talking
of fighting ghosts, forensic audit and scrutiny of invoices.

 

But then Bak started walking the talk. He kicked out security organs that
were involved in collecting illicit fees at the border town of Nimule,
saying the levies were way too many and "much painful to importers and
consumers".

 

A typical South Sudan border post has customs, trade ministry, bureau of
standards, and state revenue authority picking what belongs to Caesar.

 

But there would also be police's CID and traffic - all licking their fingers
at the sight of goods in transit.

 

 

"There are so many collections at the border point, so I have taken the bold
decision... we will have only four institutions at the border collecting
taxes as authorised by the law," he said.

 

The minister's bold stance has been akin to testing the depth of the river
with both feet. In taking away mussels from the mouths of those who have
been munching the public turkey, Bak has picked up a quarrel with a
crocodile when his legs are still in the water.

 

"These people have been doing this for years, they have done this under
every other past minister and no one has dared touch them," said a source in
the South Sudan finance ministry.

 

But South Sudanese civil rights crusader and president of the East African
Civil Society Organisation's Forum, Edmund Yakani, believes it is all
rhetoric in action.

 

"It is going to be very hard for the finance minister to carry comprehensive
and concrete finance reforms in the ministry or the finance sector," Yakani
said.

 

 

He said the reforms cannot work out because the whole system of finance and
planning in South Sudan is not clean and low-level civil servants are deeply
embedded in the corruption.

 

In their 2023 report, the U4 Anti-Corruption Resource Centre, said
corruption in South Sudan is systemic across all levels of government and
pervades nearly every economic sector.

 

"Perpetrators enjoy widespread impunity," the report said.

 

But Bak has moved to address overstaffing at the finance ministry. He has
instituted screening and downsizing to enhance efficiency.

 

"Restructuring is essential for optimal functionality. The screening process
and subsequent capacity building are crucial steps in this direction," he
said.

 

Sickening turnover

 

As well the crocodiles in the murky waters he is trying to drain, Bak holds
a docket that has arguably the worst turnover in the history of public
office anywhere in the world.

 

Since independence in July 2011, President Kiir has appointed 11 finance
ministers.

 

There had been three more between 2005 - when the nation signed the
Comprehensive Peace Agreement that ended decades of liberation war - and
independence.

 

Only two-time finance minister Salvatore Garang Mabiordit has served for two
years when he took over on March 12, 2018, until his sacking on March 12,
2020.

 

Gabriel Changson Chang suffered the ignominy of being dropped even before he
had completed his welcome party on July 2, 2007.

 

He had been appointed in March.

 

"Even as we speak now a former finance minister is lobbying to be
reappointed to finance," a source said.

 

In South Sudan, the finance ministry controls the economy, making it the
centre of power and wealth. To be a finance minister means having all the
resources at your disposal, with the revenue authority and the petroleum
corporation, as well as the central bank, all under the ministry.

 

That boon is its bane, too. It is like a dining table where you are invited,
you eat, wash your hands and leave. There is no hanging around to pick your
teeth because someone else will be washing their hands to eat.

 

Dr John Akech, vice chancellor of the University of Juba, was candid during
Bak's welcome at the ministry, telling the party to give the new minister
just one year and "if he achieves anything, that's when can celebrate".

 

Prof Akech has worked closely with Bak, who until his appointment was an
assistant professor at the School of Business and Management at the
University of Juba, for several years.

 

"The ministry of finance is a machine that roll around bringing people
happily in and spitting them out there," Akech said.

 

Last year, the National Assembly had to suspend debate on the budget when
Finance minister Dier Tong Ngor was fired.

 

 

The attrition bleeds the economy. For many ministers, like Prof Akech
described, it becomes more about picking whatever you can lay your hands on
before you are kicked in the next morning.

 

A finance minister hardly gets past the first circle of planning, or
implementation of a project agreed upon with a development partner. The
defenestration is quick and unforgiving.

 

Presidential Decree

 

Bak said he would introduce an economic emergency intervention plan. He said
it was a policy intended to fix the foreign exchange market by providing
essential goods to lower inflation, and also to accelerate the
implementation of public management financial reforms.

 

"We must first have an efficient revenue mobilisation and an effective
financial management system," said the former controller of accounts and
director of finance in the Office of the President between 2008 and 2012.

 

Faced with crocodiles with himself in the swamp to drain, Bak secured a
golden seal of backing - at least on paper.

 

On January 25, Kiir issued a Presidential Decree to the Ministries of
Finance and Planning, and Public Service to implement a National Payment
System.

 

"The National Payment System shall include screening of pay sheets,
production of financial identification cards and other procedures deemed
necessary to ensure the salaries of civil servants and members of the SSPDF
and other organised forces are paid on time and that ghost names are removed
from the national payroll," he said.

 

Under the biometric system, electronic payroll ID will be used by every
public servant to draw salary.

 

Several efforts in the last decade to implement the system - backed by the
World Bank and donor agencies - have failed.

 

For instance, on March 2, 2022, the World Bank approved $34 million in
International Development Association grant to support a five-year Public
Financial Management and Institutional Strengthening Project in South Sudan.

 

Indication is that powerful persons live in the million-dollar industry of
ghost workers and frustrate any efforts geared at cleansing the public
payroll.

 

Yakani said the high level of misuse, misallocation and embezzlement of
public funds will make financing elections harder and likely raise
elections-related corruption.

 

In 2013, Al Jazeera reported that a probe into police had uncovered 11,000
fake names on the payroll.

 

"A further 16,000 names were being investigated, meaning half the force on
the payroll may be fictitious," then Interior Minister Aleu Ayeny Aleu told
reporters.

 

In 2022, then public service minister Joseph Bangasi Bakosoro revealed that
the government payroll system had been bleeding from irregularities for
years. He cited reports of non-existent workers appearing on payroll and
receiving monthly salaries via forged signatures.

 

In the biometric system, South Sudan hopes for public financial management
reforms, strengthening key oversight institutions, and improving budget
transparency.

 

"We have a lot of employees who are not registered... we are trying to go
biometric to make sure that the government pays the right people," said
Bakosoro, now the minister for the presidency.

 

President Kiir's Decree also supports Bak's war on corruption where he has
been faced with thousands of financial claims worth millions of dollars. Bak
insists on verifying every invoice.

 

"The Ministry of Finance and Planning shall establish an independent
committee to verify and investigate all the national claims and propose ways
in which these claims shall be paid," Kiir ordered in the decree that
directed all government institutions to comply.

 

Yakani feels there is posturing at play because the 'real' political
leadership is not supportive of the fight against corruption.

 

In a way, he could be right, because Juba indicate that Kiir is already
rubbing his hat uneasily over Bak's handling of the ministry.

 

With elections nine months away, the finance ministry will be a trump card
the ruling party will want to see working. Whether the working desired is
Bak's style is what remains to be seen.

 

- Nile Post.

 

 

 

 

South Africa: Small-Scale Fishers Could Be Allowed to Catch New Species

Small-scale fishers in the Western Cape could be allowed to catch new
species, the Department of Forestry, Fisheries and the Environment has said.

 

The Department is finalising policy for the small-scale sector in the
Western Cape.

 

Small-scale fishing cooperatives must be sustainable, Abongile Ngqongwa,
deputy director of small-scale fisheries management, told Parliament on
Tuesday. He said most resources had been declining and the department's
objective was to ensure the fishers were supported and the cooperatives were
"operational".

 

He said the department would examine what should still be allocated to the
small-scale sector. Some species would be shared with the commercial sector.
"That will need to be a fair process moving forward," he said.

 

 

So far, 62 small-scale fishing cooperatives in the Western Cape have been
registered with the Companies and Intellectual Property Commission (CIPC).
Long-awaited 15-year fishing rights were given to about 3,850 small-scale
fishers in November 2023.

 

The finalisation of these rights had been delayed in the Western Cape for
several years, after the 2016-19 rights allocation was set aside and the
process restarted. Rights had already been allocated to fishers and
cooperatives in the Northern Cape, Eastern Cape, and KwaZulu-Natal.

 

Deputy director-general of fisheries management Sue Middleton told
Parliament that species allocated to small-scale fishing cooperatives
included squid, West Coast rock lobster, seaweed, hake handline, linefish,
oysters, and white mussels. She said there had been suggestions that the
basket of species should be enlarged. The department was "welcoming any
suggestions", she said.

 

Middleton also said the department is setting up a three-year programme of
mentors to support cooperatives with business and financial management.

 

MP Hannah Shameema Winkler (DA) asked what the department had learned from
the "botched process" of allocating fishing rights. She said it "doesn't
cast a favourable light on the department that we constantly have to endure
these massive challenges when it comes to fishing rights allocation" and
added that it "erodes the integrity" and "trust" of the fishers.

 

MP Nazier Paulsen (EFF) said that it is important that mentors assist the
cooperatives because running the cooperatives would be "complex".

 

- GroundUp.

 

 

 

 

Nigeria: International Oil Companies Not Leaving Nigeria - Minister

"I want to use this opportunity to assure everyone that no IOC is leaving
Nigeria. They are only going deep offshore," Mr Lokpobiri said.

 

The Nigerian government on Tuesday said international oil companies (IOCs)
are not leaving the country but only shifting their portfolio and further
investments to deep offshore.

 

Nigeria's Minister for State, Petroleum Resources (Oil), Heineken Lokpobiri,
disclosed this at the opening ceremony of the 7th edition of the Nigeria
International Energy Summit (NIES 2024) held at the presidential banquet
hall in Abuja on Tuesday.

 

"I want to use this opportunity to assure everyone that no IOC is leaving
Nigeria. They are only going deep offshore," Mr Lokpobiri said.

 

The minister noted that the divestments by some international oil companies
are a win-win situation as the IOCs are making further investments in the
deep offshore thereby making room for indigenous companies to develop
capacity within the onshore and shallow waters space.

 

 

"It is imperative to note that we are strategically managing the divestment
processes. Our commitment to enhancing our crude oil reserves and production
is unwavering, and we are actively exploring innovative solutions to attract
investment, optimize operations, and foster sustainable growth. We are open
for business and ready to welcome your investments," he said.

 

Mr Lokpobiri added that the transition to cleaner and more sustainable
energy sources is inevitable.

 

"We are actively pursuing initiatives to position Nigeria as a leader in
this energy transition. As we navigate this change, Nigeria recognizes the
need to strike a balance between meeting our growing energy demand and
reducing our carbon footprint.

 

"The diversification of our energy mix, investments in renewable energy, and
the adoption of cleaner technologies are all integral components of our
strategy," he said.

 

 

He explained that in comparison to the global decline of investments in the
oil and gas industry between 2017 and 2022, investments in Nigeria declined
by 69 per cent when compared to the 28 per cent global average decline.

 

"To further buttress the above, the capital investment to reserve ratio
shows the amount of capital deployed to a country's available reserves.
Nigeria has an abysmal capital investment-to-reserve ratio of 5 per cent
compared to Angola (46 per cent), Brazil (115 per cent), Mozambique (92 per
cent) and Guyana (617 per cent).

 

"The window for attracting new investments and exploring our vast reserves
is fast narrowing. If the global energy transition accelerates,
approximately 60 per cent of Nigeria's reserves could be uncompetitive to
produce.

 

"Against this backdrop, we have identified that there are so many licenses
with proven reserves that are not being optimized in the hands of IOCs, NOC,
and others. In line with Mr. President's Renewed Hope agenda, we are working
on changing this narrative," he said.

 

 

He said one of the easiest ways to solve the current foreign exchange
challenges faced in the country is to aggressively increase production which
will in turn bring in additional revenue for the government.

 

"The additional crude produced will serve as a feedstock to our state-owned,
private, and modular refineries. Thereby changing the narrative of Nigeria
being a major refined petroleum products importer to an export hub. The time
to act is now. We need to take bold and decisive actions to harness the vast
hydrocarbon resources," he said.

 

The minister noted that no country is slowing down fossil fuel exploration
and production.

 

"Recall that only recently, the UK government awarded over 100 licenses for
exploration in the North Sea; furthermore, the United States of America
being the highest producer of oil today is also ramping up production. No
country is reducing production.

 

"As a government, ours is to provide a business-friendly and enabling
environment for potential investors. This is what we are doing, and we are
resolute in removing all bottlenecks, disincentives, and impediments
preventing inflows of such investment. This is the whole essence of the PIA
2021," the minister said.

 

Also speaking, the Group Chief Executive Officer of the Nigerian National
Petroleum Company Limited (NNPC Ltd), Mele Kyari, explained that the role of
the company in the divestment of international oil companies from onshore
and shallow water assets in the country is that of a facilitator and not an
obstacle.

 

He further explained that by virtue of its statutory mandate as the enabler
of national energy security, NNPC Ltd's role is to ensure that there is
optimal and sustainable production from the divested assets to guarantee
energy security for the benefit of Nigerians.

 

He assured stakeholders of the company's commitment to work with them to
close the energy deficit gap and create prosperity for Nigerians, adding
that from all indications, all issues of energy scarcity in the country
would be over in the next 10 years.

 

- Premium Times.

 

 

 

 

Winklevoss crypto firm Gemini to return $1.1bn to customers

Cryptocurrency exchange Gemini has agreed to return at least $1.1bn (£870m)
to customers of its defunct lending programme as part of a settlement with
the New York Department of Financial Services (NYDFS).

 

The company will also pay a $37m fine for "significant failures".

 

Gemini's Earn programme was halted during a crypto crash in November 2022.

 

The exchange was co-founded by twins Tyler and Cameron Winklevoss - known
for their legal dispute with Facebook.

 

"Gemini failed to conduct due diligence on an unregulated third party, later
accused of massive fraud, harming Earn customers who were suddenly unable to
access their assets after Genesis Global Capital experienced a financial
meltdown," NYDFS Superintendent Adrienne Harris said in a statement.

 

"Today's settlement is a win for Earn customers, who have a right to the
assets they entrusted to Gemini."

 

The NYDFS also said it could bring further action against Gemini if it did
not return at least $1.1bn to customers.

 

In a blog post Gemini said it had "worked tirelessly over the past 15 months
to advocate for Earn users and seek the return of their assets".

 

"If approved, we will be returning over $1.8 billion in value (at today's
prices) — $700 million more than when Genesis halted withdrawals on November
16, 2022."

 

The company also said it would contribute $40m to the conclusion of Genesis'
bankruptcy in order to benefit Earn customers.

 

The Earn programme was offered in partnership with cryptocurrency lender
Genesis Global Capital.

 

It was halted in November 2022, followed by Genesis filing for bankruptcy.
Since then there has been extensive litigation between Genesis, Gemini and
Genesis' parent company, Digital Currency Group.

 

Gemini Earn customers have been unable to access their funds in those
accounts since late 2022. The settlement means they are one step closer to
getting their money back.

 

Gemini is run by the Winklevoss twins, Tyler and Cameron, who are also known
for a long-running legal dispute with Facebook and its boss Mark Zuckerberg.

 

In January 2023, Gemini and Genesis were charged by US regulators with
illegally selling crypto assets to hundreds of thousands of investors.

 

The companies were accused of breaking the law by offering and selling the
products through Earn, which launched in 2021.

 

The US Securities and Exchange Commission is in charge of the case.

 

-bbc

 

 

 

 

Disney plans $8.5bn merger for ailing India unit

Disney is combining forces with Asia's richest man in a bid to solve
challenges weighing down its streaming business in India.

 

The company said it was merging its Star India service with Viacom18, which
is backed by Mukesh Ambani's Reliance Industries, in a deal worth $8.5bn.

 

Reliance will lead the new business, which is poised to be one of the
biggest media forces in India.

 

It has pledged to inject $1.4bn (£1.1bn) to help the firm grow.

 

Mr Ambani, who built his fortune in the chemical and oil industries and is
now worth more than $100bn according to Forbes, called it a "landmark
agreement that heralds a new era in the Indian entertainment industry".

 

The companies said they expected the deal, which needs approval from
regulators to proceed, to be completed at the end of this year or early next
year.

 

The combined firm would boast more than 120 channels, serving some 750
million customers across the country.

 

Viacom18, which was created in 2007 as a partnership between Reliance and
Paramount, currently runs about 40 channels including MTV, Nickelodeon and
the Hindi-language Colors, as well as the JioCinema streaming service.

 

It has been challenging Disney's Star business in India, which the company
inherited when it purchased a chunk of Rupert Murdoch's Fox empire in 2019.

 

In 2022, Reliance outbid Disney for rights to stream the popular India
Premier League cricket tournament, sparking a sizable fall in subscribers to
Disney's Hotstar streaming service.

 

The company's Star sports channels also reported declines in subscribers and
advertisers in the 12 months to September 2023.

 

Disney boss Bob Iger said the joint venture would keep Disney present in the
large Indian market while benefiting from Reliance's "deep understanding of
the Indian market and consumer".

 

But the deal values Star India at less than a third of what it was in 2019
when Disney took on the business, sources told the Reuters news agency.

 

Disney will own a roughly 37% stake in the joint venture, which will have
exclusive rights to distribute Disney's films and productions in India.

 

Viacom18 will hold a roughly 47% share, and Reliance another 16%.

 

India has emerged as a key battleground in the streaming business, as giants
such as Netflix and Amazon invest heavily to try to seize part of what is
seen as a rapidly growing market.

 

Nita Ambani, Mr Ambani's wife, will serve as chairperson of the new company.

 

-bbc

 

 

 

Wendy's denies plans for surge pricing after backlash

US burger chain Wendy's has denied it is exploring plans to raise prices on
customers at busy moments, claiming its plans were "misconstrued".

 

The firm had told investors this month that it was rolling out digital menu
displays at its restaurants and expected to start testing features "like
dynamic pricing" early next year.

 

The term refers to the practice of rapidly changing posted prices.

 

The plans quickly drew backlash and accusations of "price gouging".

 

In a statement on Tuesday, Wendy's said the goal of the digital menu boards
was to provide "more flexibility to change the display of featured items",
including promoting discounts during slow periods.

 

"This was misconstrued in some media reports as an intent to raise prices
when demand is highest at our restaurants. We have no plans to do that and
would not raise prices when our customers are visiting us most," the company
said.

 

It added that it had never used the phrase "surge pricing", as articles
describing the comments by boss Kirk Tanner had.

 

Why surge pricing is coming

Biggest UK pub chain to charge more at peak hours

The term "surge pricing" was popularised by Uber, which has long charged
higher fares during busy periods.

 

The practice is also common in areas such as airlines and hotels and it is
becoming more widely adopted as technology makes it easier to automate the
changes.

 

In the UK, the Stonegate Group, a major pub chain that owns Slug & Lettuce
and Yates bars, said last year it was raising prices during peak hours.

 

The idea that Wendy's, which claims more than 6,500 restaurants globally,
might adopt a similar strategy sparked outrage online, where many people
said they would simply take their business elsewhere.

 

Left-wing Senator Elizabeth Warren was one of the most high-profile critics,
saying on Wednesday that the plans meant people "could pay more for your
lunch, even if the cost to Wendy's stays exactly the same".

 

"It's price gouging plain and simple, and American families have had
enough," she wrote on X, formerly Twitter.-bbc

 

 

 

 

US lawmakers reach deal to temporarily avert government shutdown

Top US lawmakers have reached a tentative deal to avert a partial government
shutdown ahead of a Friday deadline to approve funding.

 

Four funding bills will now be extended to 8 March while the rest of the
budget will be extended to March 22.

 

"We are in agreement that Congress must work in a bipartisan manner to fund
our government," top US lawmakers said in a joint statement.

 

The House is expected to vote on the stopgap measure as early as Thursday.

 

Democrats and Republicans have been far apart in the budget negotiations on
border security and aid to Ukraine.

 

Republicans control the House by a slim majority, while Democrats hold the
Senate by a single seat. Spending bills to keep the US government open
require buy-in from both parties in order to advance through both chambers
to the president's desk for signature.

 

There have been 10 US government shutdowns or partial shutdowns over the
past four decades.

 

The bipartisan deal was struck by House and Senate negotiators on Wednesday,
one day after congressional lawmakers travelled to the White House to meet
President Joe Biden.

 

It will be "voted on by the House and Senate this week," according to a
statement released by House Speaker Mike Johnson, Senate Majority Leader
Chuck Schumer, Senate Republican Leader Mitch McConnell and House Democratic
Leader Hakeem Jeffries.

 

The congressional leaders now face the difficult task of convincing rank and
file lawmakers to support the deal.

 

The Speaker faces fierce objections from right-wing lawmakers in his ranks
who want spending cuts and insist any further support for Ukraine should be
tied to more money for US border security.

 

Those same members booted out the previous Speaker, Kevin McCarthy, in
October, after they were angered by a short-term budget deal that Mr
McCarthy made with Democrats.

 

If a deal is not reached, roughly 20% of government departments, including
agencies that oversee agriculture, transportation and veterans affairs, will
temporarily close by 12:01 (05:01 GMT) on Saturday.

 

Other federal funding, including defence spending and homeland security and
state department budgets, will expire a week later. Past shutdowns have led
to furloughs of government workers and the closure of national parks.

 

-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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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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