Major International Business Headlines Brief::: 02 January 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  02 January 2024 

 


 

 




 


 

 


 

ü  Nigeria: Tinubu Cuts Borrowing, Signs N28.7trn 2024 Budget

ü  Kenya: Nairobi Expressway Toll Charges Shoots Up in New Year Changes Causing Uproar

ü  Kenyans Hopeful for Economic Recovery in New Year After Tough 2023

ü  Nigeria: Special Report - Old Farm Settlements Cry for Attention As Food Inflation Bites Harder

ü  Kenya: 7 in 10 Kenyans Hold 2023 Worse Than 2022 - Survey

ü  Namibia: Govt Extends SIM Card Registration Deadline to March

ü  Namibia: Twelve Acid Tankers Derail Near Omaruru

ü  Tanzania to Revoke All Dormant Mining Licenses - Minister

ü  Tanzania: Year Ender. 2023 - Milestone in Tz-Uganda Joint Power Project

ü  Kenyans Borrow Sh23 Million From Aspira's Soma Loan Facility to Pay School Fees

ü  China’s BYD closer to taking Tesla's electric car top spot

ü  Microsoft boss changes tune after criticism of UK

ü  Cambridge University trademarks spark rows with firms

ü  Argentina pulls out of plans to join Brics bloc

ü  Françoise Bettencourt Meyers: L'Oréal heiress first woman to amass $100bn fortune

 


 

 


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Nigeria: Tinubu Cuts Borrowing, Signs N28.7trn 2024 Budget

The federal government has reduced the deficit in the 2024 budget to below 3.8 percent of Gross Domestic Product (GDP), thereby reducing the reliance on borrowing.

 

This was disclosed yesterday by minister of finance and coordinating minister of the economy, Wale Edun, after President Bola Tinubu signed the 2024 Appropriation Bill into law in keeping with his avowed commitment to maintaining a timeous, predictable and efficient budget cycle.

 

Tinubu assented to the bill at the State House, Abuja, yesterday, shortly after returning to Abuja from Lagos.

 

 

At the ceremony, the president assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored, adding that all the institutional mechanisms would be deployed in ensuring diligent implementation

 

The president, in a statement by presidential spokesman, Ajuri Ngelale, said, "All MDAs have been directed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which in turn shall ensure the veracity of such.

 

"The minister of finance and coordinating minister of the economy shall hold regular reviews with the Economic Management Team and, in addition, I shall chair periodic Economic Coordination Council meetings," he said.

 

The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

 

 

The president emphasised that his commitment to enhance investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the Nigerian judiciary, the funding for which is captured in the 2024 Appropriation Act.

 

"Funding the judiciary is a major element in our effort to support a just, rules-based society. Statutory transfer to the Judiciary has been increased from N165 billion to N342 billion," the president said.

 

Some of the key estimates are capital expenditure, N10 trillion; recurrent expenditure, N8.8 trillion; debt service, N8.2 trillion, and statutory transfers, N1.7 trillion.

 

Edun explained that the budget deficit is lower at 3.8 percent of GDP, reducing the reliance on borrowing, with improvements in revenue generation using technology and digitalisation to also boost funding.

 

He said, "But overall, the change in this budget is that it is focused on growing the economy. The capital expenditure is larger than the recurrent expenditure; over N10 trillion is going to be the capital expenditure, while recurrent is just about N8.8 trillion.

 

 

"I think that shows the direction of travel. It shows that we can expect an economy rejuvenated, re-galvanized and set for growth."

 

Asked how optimistic is the government on getting the finances to meet this budget, he said, "The first thing to say is that it's a lower budget deficit, so it's a lower financing requirement and, in fact, as a percentage of GDP, the budget deficit is down from 6.1% to 3.8%.

 

"So, we're relying less on borrowing and more on revenue and I think you have to take the two together. I think we're very optimistic about the improvements in revenue that will take place.

 

"We are all ready, even from tomorrow, applying technology and digitalisation to ensure that the revenue that should come to government from all sources, including from government-owned enterprises, comes into the consolidated revenue fund, and on the other side, we are bringing order to government borrowing, so Ways and Means is being eliminated by taking the funding that is required from the market, as opposed to from printing of money by Central Bank.

 

"That, in a nutshell, is what is happening on the financing side. We are very optimistic that not only will this budget be funded adequately, but it will be funded on a timely basis as well," he said.

 

The Senate President Godswill Akpabio, and Speaker of the House of Representatives, Hon. Tajudeen Abbas, were present at the signing.

 

Other senior government officials present at the brief ceremony include: minister of finance and coordinating minister of the economy, Wale Edun; chief of staff to the president, Femi Gbajabiamila; minister of budget and economic planning, Senator Atiku Bagudu, and national security adviser, Nuhu Ribadu.

 

Akpabio praised the "expeditious manner" in which the National Assembly treated the budget and noted that the budget increased slightly from N27 trillion to N28 trillion in order to address human capital development and security concerns.

 

Akpabio said returning to a January-December budget cycle for the first time since 2018 was a sacrifice for national development.

 

He commended Tinubu for cutting short his holiday to sign the budget on the first day of the new year.

 

The Senate president vowed that the National Assembly (NASS) would rigorously oversee the implementation of the budget.

 

He said lawmakers from both chambers collaborated closely during the budget defence process, and will undertake joint monitoring going forward.

 

Akpabio remarked that President Tinubu had instructed ministers and agency heads to provide monthly progress reports, warning that underperformers will be removed.

 

"Ours is to ensure we monitor what goes on to ensure the budget is fully implemented," Akpabio stated.

 

Minister of Budget and Economic Planning Atiku Bagudu said the budget priorities include human capital development, education, health, infrastructure, innovation and science.

 

Meanwhile, the Speaker of the House of Representatives, Tajudeen Abbas, has declared that the new budget has ended controversial borrowing practices that have plagued past administrations.

 

Abbas praised the move, saying it has effectively brought to an end the controversial ways and means of borrowing money.

 

The speaker said President Tinubu also signed a 90-day extension of the 2023 supplementary appropriations bill, allowing it to operate concurrently with the new 2024 budget until March 31st.

 

-Leadership.

 

 

 

Kenya: Nairobi Expressway Toll Charges Shoots Up in New Year Changes Causing Uproar

Nairobi Kenya — The government has released new toll charges for the Nairobi Expressway, sparking uproar among users in times of tough economic times.

 

The new toll charges are contained in a notice Gazette Notice dated December 19, 2023, and signed by Transport Cabinet Secretary Kipchumba Murkomen.

 

Here is a breakdown of the toll charges for different sections of the Nairobi Expressway:

 

Mlolongo to Westlands: Ksh500

 

Syokimau to Westlands: Ksh500

 

SGR to Westlands: Ksh410

 

 

JKIA to Westlands: Ksh410

 

Eastern Bypass to Westlands: Ksh410

 

Southern Bypass to Westlands: Ksh330

 

Capital Center to Westlands: Ksh250

 

Haile Selassie to Westlands: Ksh250

 

The new charges apply to various sections of the expressway, aiming to streamline the toll collection process and support infrastructure development and maintenance.

 

The government said the new toll charges and meant to help finance the ongoing maintenance and operational costs of the infrastructure.

 

"It is not fair at all because things are tough they can't just increase the toll charges at such a time," said Michael Omollo who said he uses the Expressway daily.

 

For fellow motorist Kevin Karanja, "it is double jeopardy because full prices are up and we now have to pay more for toll charges. Welcome to 2024."

 

-Capital FM.

 

 

 

Kenyans Hopeful for Economic Recovery in New Year After Tough 2023

Nairobi — As the new year dawns, majority of Kenyans are expressing optimism and hope for better times ahead despite the challenges they faced in 2023 due to a tough economic climate.

 

Some of those interviewed by Capital FM shared their expectations for a promising 2024, believing that persistent issues such as the high cost of living and heavy tax burdens will soon be addressed, paving the way for economic growth.

 

There has been uproar across the country as Kenyans pleaded for the government to bring down the cost of living that shot up in 2023.

 

Denis Momanyi, a resident of Ruaka, expressed his hopes for 2024, stating, "I'm hoping that the government will reduce the high cost of living and the heavy tax burden that Kenyans have had to endure, especially the housing levy."

 

 

Philomena Atieno, a fish vendor in Siaya, urged the government to fulfil its promise to improve the economy, saying, "We have heard enough promises. It's time for the government to deliver because things are very tough for us."

 

Sospeter Ngugi called upon the Kenya Kwanza government to focus on creating employment opportunities for young people in 2024. He emphasized that addressing youth unemployment is crucial for the nation's economic growth, as many young individuals currently work part-time jobs to finance their education.

 

"This year, I would urge the government to take a serious look at the issue of youth unemployment in our nation because if we don't take care of our young people, our nation will fail," said Ngugi.

 

 

Allan Kirwa from Kitale had a straightforward request for President William Ruto, stating, "Please, reduce the cost of living."

 

Jecinta Kimani, a fruit vendor, expressed her optimism that the government would fulfil its commitments to Kenyans in 2024. She urged individuals to take initiative and work hard, stating, "We cannot keep on blaming the government for what it has not delivered. No matter how many times you blame the economy, no one will bring food to your house, so you have to work hard to put food on your table."

 

Kimani also highlighted concerns about unfair and punitive taxes imposed by the government, noting that these taxes have forced many businesses to switch from digital transactions to cash payments.

 

Fatuma Abdalla from Mombasa expressed how the high cost of living had made life unbearable, saying, "Prices are increasing for everything. Every day in newspapers, on the radio, and on television, we hear about rising commodity prices."

 

Robert Kariuki, a Bodaboda rider, expects the government to take steps to stabilize the economy in 2024. He specifically called for President William Ruto to address the soaring cost of living and fuel prices, emphasizing the pivotal role of the fuel sector in driving the economy.

 

Naomy Moraa, a Nairobi resident, expressed disappointment over the increase in Expressway toll charges and appealed to the government, saying, "I urge the government to consider lowering fuel prices. Nevertheless, I remain optimistic that life will improve in 2024 if the president keeps his promises."

 

In his New Year's address, President William Ruto expressed optimism for positive developments in Kenya in 2024. He acknowledged the challenges faced by the nation but emphasized that the government's efforts to streamline processes would yield long-term benefits.

 

President Ruto outlined initiatives to reduce government expenditures by up to Sh400 billion to minimize the need for borrowing. He stressed the importance of addressing debt issues and promoting economic independence for Kenya.

 

While acknowledging the short-term challenges posed by certain government decisions, President Ruto emphasized that opportunities in the new year would enable Kenya to achieve more and improve the lives of its citizens.

 

-Capital FM.

 

 

 

 

Nigeria: Special Report - Old Farm Settlements Cry for Attention As Food Inflation Bites Harder

Between 1955 and 1960, the late Obafemi Awolowo, then Premier of the defunct Western Region, established farm settlements and institutes across the region, an idea his administration replicated from Israel and Sudan

 

The bus driver huffed and puffed for the umpteenth time, frustrated by the huge craters on every section of the road. It was in the first week of October and the rains had just stopped. The Iyana Church-Olodo Road that connects passengers and residents to Lalupon, Ejioku and other communities on the outskirts of Ibadan, Oyo State, was in a state of disrepair. Passengers, motorcycle riders, and commercial bus drivers were united in their expressions of anger and frustration over the poor state of the road.

 

 

"This road has been like this for a very long while, frustrating passengers and everybody and destroying our vehicles," the driver, Baba Ajadi, lamented, wiping off beads of sweat running across his tired face.

 

"We have complained for several years but we only get promises from the government yet nothing has been done to fix the road."

 

When the bus eventually got to Aba Edun junction, along the road that leads to Iwo in Osun State, this reporter alighted and joined another tricycle to the Lalupon farm settlement. The road leading to the settlement was littered with mud, dirt and waste as residents and commercial tricycle riders lamented endlessly about the impact of the poor infrastructure on productivity at the farm settlement.

 

"How do you expect anyone to come here when the roads are this poor," Kamoru Adesina, a commercial motorcyclist told PREMIUM TIMES when asked about the state of investment in and around the farm settlement. "The place is even not easy to locate because many people don't know that it is a government-owned settlement due to the state of the road."

 

 

At the Lalupon farm settlement, a long line of wooden poultry sheds separates a tiny, untarred road that connects the community with Aba Edun. Some local security officials stood at an open section that serves as the "entrance" of the settlement. There are makeshift lodges built with wooden materials in some bushy sections of the settlement. Away from the entrance, some old, dilapidated buildings stood around the sheds, unoccupied.

 

"That's how the settlement has been for a long time," Elizabeth Bakare, a resident of the Lalupon community who once bought 'holding' at the settlement, told PREMIUM TIMES. She explained that 'holding' refers to a space held by individual farmers which in turn could be managed directly or through proxy, some of them resident in Lalupon community.

 

 

"Many of the people who bought 'holdings' have had to sell it because of the poor state of infrastructure in the farm," she added, noting that a "holding" - typically a shed allocated for farming or poultry - is being allocated for N5,000.

 

"Pensioners and other retired civil servants used to come here to manage their 'holding' but due to poor state of the road and electricity supply and other basic amenities, many of such holdings have been sold."

 

Another resident, Saheed Ojuolape, told this reporter that the Lalupon farm settlement could have contributed immensely to food security in Oyo and its environs, given its potential, but poor infrastructure and neglect by successive governments account for its poor state.

 

"Lalupon settlement is, as of now, majorly for poultry, but the potential is very big if harnessed well by the government. It could help address food inflation and other issues we have in Oyo and many parts of the South-west," he said in Yoruba.

 

"But look at the road from Iwo Road down to Olodo; look at the road from Olodo down to the junction at Lalupon and Aba Edun; look at the road from the junction to the farm; look at the decay on the farm. How will anyone be encouraged to farm here? How will you comfortably transport your farm produce to the city with these roads? How will you preserve farm produce with poor infrastructure?"

 

Meanwhile, PREMIUM TIMES observed that the situation in Lalupon is not significantly different from what obtains at some of the remaining farm settlements established across the old western region under the leadership of the late Obafemi Awolowo.

 

Awo's Imprint

 

Between 1955 and 1960, the late Obafemi Awolowo, then Premier of the defunct Western Region, established farm settlements and institutes across the region, an idea his administration replicated from Israel and Sudan. The plan was implemented under the region's five-year development agenda, with different segments such as animal husbandry, fisheries, poultry and even piggery.

 

The farm settlements were designed to boost agricultural practices and boost the region's economy, with the long-term vision of ensuring food sustainability.

 

Mr Awolowo and his team had visited Israel and Sudan in 1959 to study cooperative farm settlement schemes, with the vision to replicate them in Yorubaland. The visit yielded a 1959 report that recommended the adoption of Israel's Moshavim and Sudan's Gezira agricultural schemes by the Western Region, leading to the establishment of farm institutes in Ikorodu, Obada, Ilesha, Agbadu, and Asaba. Farm settlements were also established across the Western Region.

 

 

Some of the settlements are the Ile Oluji Farm Settlement in Ile-Oluji/Oke Igbo Local Government Area, Mariwo Farm Settlement in Ifedore Local Government Area, Onisere Farm Settlement in Idanre Local Government Area, and Orin-Ekiti settlement, all in Ondo and Ekiti states. Others are the farm settlements in Esa-Oke, Ago-Owu, Oyere and Mokore, all in Osun State. In Ogun, the settlements are the Ado-Odo, Ago Iwoye, Ajegunle, Coker, Ibiade, Ikenne and Sawonjo farm settlements.

 

However, across different parts of the region, many of the farm settlements are now in shambles even as the nation battles unprecedented food inflation and sustainability issues.

 

Food Inflation

 

In its Food Security Update in December, the World Bank said that Nigeria and other countries in Africa, North America, and Latin America have been most affected by domestic food price inflation. While domestic food price inflation remained high, inflation higher than five per cent was experienced in 61.9 per cent of low-income countries, it said.

 

The bank said agriculture, cereal, and export price indices closed two per cent, six per cent, and one per cent higher, respectively, while maize and wheat prices increased eight per cent and 14 per cent, respectively. It added that despite a slowing global economy, demand for agricultural products was anticipated to reach record levels in the 2023/24 marketing season.

 

Following Russia's invasion of Ukraine, trade-related policies imposed by countries around the world surged, worsening a global food crisis that forced countries to design policies to increase domestic supply and reduce prices.

 

In its latest Consumer Price Index for November, the Nigerian Bureau of Statistics (NBS) said Nigeria's food inflation rate increased to 32.84 per cent, 8.72 percentage points higher than what was recorded in November 2022 at 24.13 per cent.

 

The rise in food prices was caused by increases in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and coffee, tea and cocoa, the NBS said.

 

At the sub-national level, the situation was even worse as the cost of food rose highest in Kogi, Kwara, and Rivers where food inflation in each state surged to 41.29 per cent, 40.72 per cent, and 40.22 per cent respectively.

 

In recent years, food prices have been on the rise across Nigeria, a situation that deteriorated earlier in the year due to the impact of government policies such as the removal of subsidies on petrol and other monetary policies.

 

On 29 May, during his inauguration, President Bola Tinubu announced the removal of subsidy on petrol, a development that caused hardship for many Nigerians with its attendant increase in the prices of goods and services. With persistent inflation, Africa's largest economy has had to hike interest rates to their highest levels in nearly two decades to put the pressure at bay - with the ripple effect taking a toll on the general livelihood of the people.

 

Sogo Owoeye, an agriculture extension enthusiast and policy analyst based in Ibadan, told PREMIUM TIMES that the farm settlement initiative would have helped boost food production at the height of global uncertainty, especially in western Nigeria.

 

"The neglect of most of the farm settlements across the country, especially in western Nigeria here, is a major driver of the food inflation and insecurity issues we witness today," he said.

 

"Imagine what is possible if the farm settlements are all in good condition and people can invest massively in agricultural practices with good facilities to support them at the settlements. It would have been a game changer."

 

Interventions

 

In 2019, the Oyo State Government announced plans to revive all the farm settlements in the state. Taiwo Adisa, the immediate past chief press secretary to the governor, said: "We have nine of them (farm settlements) in Oyo State and they are going to be revived. We were in Eruwa three weeks ago and an assurance was given that the over 5,000 hectares located in Ibarapa would be revived with the provision of immediate access roads and necessary empowerment. The same thing will happen at all the other eight farm settlements which were established by Chief Obafemi Awolowo."

 

In 2021, the state government embarked on revamping the Akufo farm settlement by facilitating a N7.6 billion loan from the Central Bank of Nigeria (CBN) to finance the development of the farm settlement and upgrade it to a farm estate (Agribusiness Industrial Hub) as a pilot scheme.

 

In addition to that, arguably one of the most important interventions has been made at the Fashola Farms Settlement at Fashola, which is being rebuilt to become the Fashola Agribusiness Industrial Hub, the first of such hubs in Oyo State. The project is said to be over 80 per cent complete and already hosts private-sector investors including the Friesland Campina calf breeding and livestock pasture development hub.

 

The Fashola settlement is one of three farm settlements being converted to agribusiness industrial hubs by the Oyo State Government, with the other two being Akufo and Eruwa farm settlements.

 

In June, Governor Seyi Makinde of Oyo State said he was impressed by the quality of work done at the Fashola farms, adding that residents would soon feel the economic impact of the project. "I want to tell the people that opportunities are being created and they should take advantage of the positive economic activities going on here and key into them because that is what we want to do," he said.

 

But Mr Owoeye argued that such interventions need to be evenly spread across the settlements and different parts of the stat - and indeed the nation - to have a meaningful impact on domestic food prices and food sustainability.

 

Other Settlements

 

In Oyo State, apart from Fashola, other farm settlements include Ipapo, Ilora, Eruwa, Iresaadu, Akufo, Ogbomoso, Lalupon and Ijaye - all built for arable crops and animal husbandry in the 1960s.

 

When PREMIUM TIMES visited the Akufo farm settlement, first in July and later in October, many of the ageing farmers residing in old houses complained of poor institutional support and a lack of incentives to attract young people to the farm.

 

"The farmers staying on the farms are old because young people are not attracted to the farm," says Baba Ibeji, one of the old farmers on the outskirts of the Eleyele area of Ibadan. "The government said it wants to turn it into a farm estate but more needs to be done to make the settlement worth the while. A number of those working for us here are even non-Yorubas and other foreigners."

 

While there are government intervention projects along the farm settlement, most notably the construction of the road that connects Akufo to Apete-Awotan and other parts of the inner city in Ibadan, this newspaper also observed that many of the houses on the farm are old and dilapidated. A resident farmer who declined to have his name in print told PREMIUM TIMES that many of those who have investments in the farm are often deterred from visiting because of the dearth of infrastructure.

 

"The government has been trying in recent times but they need to do more, especially here in Akufo," the farmer said. "But we have friends in Lalupon, Ipapo and other places and the state of those settlements are poor."

 

The Chief Press Secretary to the Oyo State Governor, Sulaimon Olarenwaju, could not be reached for comments on why the interventions have been poor in other settlements, as his telephone number rang out.

 

A former member of the Oyo State House of Assembly, who declined to have his name in print because he was not authorized to speak on the matter, told PREMIUM TIMES that the government is trying to revive agricultural practice but financing is limited and has been a concern. The ex-lawmaker argued that other states across the region and beyond must also deepen agricultural intervention to complement the efforts of states that are making progress in order to ensure nationwide food sustainability.

 

But Mr Owoeye argued that there must be deliberate efforts to also encourage youth participation in agriculture, with credits and provision of good infrastructure, including internet services to ease logistics.

 

"With our human and natural resources, we have no reason to be struggling with food inflation or sustainability problems as a nation; it is self-inflicted and we can correct it with visionary leadership and good plans," he said.

 

-Premium Times.

 

 

 

 

Kenya: 7 in 10 Kenyans Hold 2023 Worse Than 2022 - Survey

Nairobi — A year-end survey conducted by the polling firm TIFA has revealed that 7 out of 10 Kenyans believe that 2023 presented more challenges than the previous year.

 

Maggie Ireri, the firm's Chief Executive Officer, found in her research that respondents generally characterized the state of affairs in 2023 as "worsening."

 

"Respondents expressed that the cost of living, economic conditions, employment prospects, and access to loans were worse than the previous year," she said.

 

The survey revealed significant dissatisfaction with the challenges of 2023, particularly in the regions of Nyanza at 76 percent and Nairobi at 74 percent.

 

Out of the 1,587 respondents, 87 percent identified the cost of living as a major factor contributing to the perceived difficulties of the year.

 

 

"This perception aligns with reality, evident in the noticeable price rise for essential household items, electricity, fuel, and more," Ireri said.

 

Other factors contributing to the perceived difficulty of 2023, as listed by respondents, included economic concerns (81 percent), worries about employment opportunities (65 percent), challenges in accessing credit or loans (53 percent), and concerns about the political climate (47 percent).

 

Despite the challenges posed by the year 2023, six out of ten Kenyans maintain optimism that 2024 will bring better fortunes.

 

The highest optimism is recorded in North Eastern at 72 percent followed by Rift Valley Region at 68 percent.

 

"This positive outlook among most Kenyan citizens signifies a hopeful perspective on the future. It reflects a collective belief in positive changes or advancements anticipated to unfold in the coming years," Ireri said.

 

The survey took place from November 25, 2023, to December 9, 2023, and involved regions such as Central Rift, Coast, Lower Eastern, Mt Kenya, Nairobi, Northern, Nyanza, and South.

 

President William Ruto, sworn in on September 13, 2022, following his victory in the August presidential polls, pledged to improve Kenya's prosperity and improve living conditions.

 

While a significant number of Kenyans perceive him as having fallen short of his commitment, President Ruto asserts that his administration is steadfast in steering the country toward economic improvement and reducing the cost of living.

 

-Capital FM.

 

 

 

 

Namibia: Govt Extends SIM Card Registration Deadline to March

The minister of information and communication technology, Peya Mushelenga, has announced the extension of the SIM card registration deadline to 31 March.

 

The deadline was set for 31 December, with users who haven't registered facing deactivated SIM cards.

 

Mushelenga on Friday said as of 27 December, mobile operators have indicated that 62,5% of active SIM card users have registered.

 

The minister said this translates into 1 491 349 out of 2 383 920 active subscribers registering since June 2022.

 

"I have consulted the relevant stakeholders. In line with powers vested in me . . . I hereby extend the period for the submission of information of existing customers . . . from 1 January 2024 to 31 March 2024 in respect of all service providers," Mushelenga said.

 

He urged all subscribers to adhere to the law.

 

"The registration of SIM cards is not an open-ended process. Cards not registered by the deadline will be suspended, resulting in unintended consequences. I urge all the subscribers who have not yet done so to make use of the grace period," the minister said.

 

-Namibian.

 

 

 

Namibia: Twelve Acid Tankers Derail Near Omaruru

Twelve acid tankers derailed near Omaruru on Wednesday, leading to a spill of hazardous substances.

 

No injuries have been reported.

 

"Our teams are working around the clock to contain and clean the spill, ensuring the safety and environmental integrity of the area," TransNamib spokesperson Abigail Raubenheimer says, adding that the area has been cordoned off, with warnings issued to the public to maintain a safe distance to avoid any potential hazard.

 

"Upon the derailment, TransNamib immediately activated its emergency response plan," she says.

 

Raubenheimer says all operations along the line have been suspended.

 

"We expect that services on the line will be resumed by Sunday. We sincerely apologise to our stakeholders and customers for any inconvenience caused, and are taking every measure to address the situation promptly," she says.

 

Raubenheimer says an investigation has been launched into the incident.

 

-Namibian.

 

 

 

 

Tanzania to Revoke All Dormant Mining Licenses - Minister

RUANGWA, Lindi: The Tanzanian Ministry of Mining has threatened to cancel all mining licenses of individuals that have either stopped or haven't started operations in what it (the Ministry) called an attempt to strengthen the sector's performance.

 

Minister for Minerals Mr. Anthony Mavunde warned in Ruangwa on Friday that some licenses will be canceled as per the Mining Act of 2010. The minister did not disclose the total number of individuals and companies that will be affected by the decision but insisted the license holders were undermining the sector's growth for not being active.

 

Mavunde had just visited the Kinywe mines in Lindi's Ruangwa district that is set for operational in March next year.

 

"I urge license holders to comply with all legal requirements. We will not tolerate negligence, and licenses that fail to meet legal requirements will be revoked," Mavunde said.

 

He emphasized that the government will provide opportunities for other miners who are willing to take over areas where owners show no intention of developing them, emphasizing the importance of involving more people in the mining economy.

 

The Minister said categorically, President Samia Suluhu Hassan administration anticipates steady growth in mining and related activities across the country.

 

-Daily News

 

 

 

 

Tanzania: Year Ender. 2023 - Milestone in Tz-Uganda Joint Power Project

Bukoba — KAGERA: ON May 25th of this year, an event was held in Isingiro District on the Ugandan side, where President Dr Samia Suluhu Hassan joined her Ugandan counterpart, President Yoweri Museveni, to launch the Kikagati-Murongo Hydroelectric Power Project.

 

This project adds 115 GWh of electricity per year to the power grids of both countries.

 

During the launch, President Dr Samia assured Tanzanians that efforts were in the final stages to link more areas to the national grid and appealed to investors to establish industries.

 

"Tanzania is an attractive country for large investments. The nation boasts reliable electricity following the near completion of several projects, including the Julius Nyerere Hydropower Project that will generate about 2,115 MW," she said.

 

 

She emphasised the need to enhance regional cooperation through the implementation of sustainable development projects for the socio-economic development of their countries.

 

President Samia hailed President Museveni for the invitation to launch the project together.

 

"We express our sincere appreciation. You could have done it alone with your people. I am proud of your vision... congratulations. Also, I congratulate the contractor and all those who have made this project possible," she said.

 

The Head of State paid tribute to the fraternal relations between the two countries, which continue to grow day by day.

 

"The project will cement our relationship on trade, investment, and social engagement. Electricity will improve security in general, reduce inequality between urban and rural settings, and foster micro-economic development," she said.

 

 

President Samia assured that Tanzania remains committed to cementing friendship and ensuring the Musongozi Power Project is implemented.

 

She appealed to President Museveni to allow teams from both parties to discuss and come up with recommendations on how to implement the project.

 

"Shortage of electricity in these countries and indeed the entire Nile Basin region has resulted in an underdeveloped manufacturing sector, hence limited options for business development necessary for income, reducing dependency on toxic fuel and limited opportunities for modernising and improving

 

the quality of key infrastructure, including healthcare, water supply and other social services," she said.

 

 

President Museveni, on the other hand, hailed President Samia for the historic visit, saying that this was the first time Tanzania's President visited that part of Uganda.

 

He hailed Tanzania for aiding Uganda to win the 1978/79 War against Idi Amin. "This is where I was born, 40 miles from here. I have grown up here, herded cows, and fought three wars here.

 

"I am glad to receive you here. We are beginning to utilize the potential of River "Kagyera," but Kagera residents call it Kagera," he said amid applause.

 

President Samia and President Museveni also commissioned the Kikagati Power Company (KPC), which sells its output to Uganda Electricity Transmission Company Limited (UETCL).

 

The Ugandan state-owned company, which is responsible for electricity distribution, sells part of this energy to Tanzania Electric Supply Company (TANESCO).

 

The Kikagati-Murongo Hydroelectric Power Project required an investment of 87 million US dollars to implement. The work was financed through loans taken by KPC from the Netherlands Development Finance Company (FMO) and the Emerging Africa Infrastructure Fund (EAIF) of the Private Infrastructure Development Group (PIDG), a multi-donor organisation with members from seven European countries and the World Bank Group.

 

The project has also received support from the Africa Renewable Energy Fund (AREF), a 205 million US dollar fund managed by Berkeley Energy. All the loans will be repaid over 16 years, starting from the commissioning date of the Kikagati hydropower plant.

 

The Kikagati Hydroelectric Power Project is a low-head, run-of-river 16 MW Hydroelectric Project on River Kagera. Its dam is located on the Kagera River, the largest tributary of Lake Victoria, which serves as the natural border between Tanzania and Uganda.

 

The dam is 8.5m high and 300m long, forming a reservoir on 4 km2 of Tanzanian territory. The electricity produced by the hydroelectric plant is evacuated via a 33kV line.

 

Electricity power is a tool that Tanzanians should utilise by establishing medium and large industries.

 

The government is determined to ensure that by 2025, all villages in the country are connected with electricity.

 

Without an efficient industrial base, the country's economy can hardly develop and create job opportunities.

 

Industries have great potential for creating jobs and attracting capital, skills and knowledge.

 

Electricity is one of the essential resources that have fostered development in various sectors, including industry, business, health, and education.

 

Industries that produce goods for mass consumption, such as clothes, textiles, and edibles, are highly encouraged.

 

The government has embraced industrialisation as part of the solution for unemployment among the youth, as the industrialisation drive is expected to create thousands of job opportunities across the country.

 

-Daily News.

 

 

 

 

Kenyans Borrow Sh23 Million From Aspira's Soma Loan Facility to Pay School Fees

Nairobi — Kenyans have accessed a total of Sh23 million from Aspira's Soma Loan facility to support the education of their children over the past year, the Buy Now Pay Later (BNPL) firm has announced.

 

According to Arnold Muthama, Marketing Lead at Aspira, learners from 126 schools and institutions of higher learning across the country have benefited from the loan facility, which was launched 12 months ago.

 

The Soma Loan Facility aims to empower parents, providing them with convenient and affordable finance to offer their children quality education.

 

Parents or guardians of learners in all educational institutions, from kindergarten to universities, can secure funding of up to Sh500,000 from the Aspira Soma Education Loan facility.

 

 

"This facility is designed to address the challenges of paying school fees and ensure funds are readily available when parents, guardians, and sponsors need them," said Mr Muthama.

 

This announcement comes as schools are set to reopen in the second week of January 2024. Approximately 1.2 million learners are expected to join Junior Secondary School (JSS) in January, advancing to Grade 7, while 1.1 million are proceeding to Grade 8. Additionally, 2.8 million children are anticipated to enroll in pre-primary learning next month.

 

Aspira Kenya, launched in 2018, provides Kenyans with more choices in purchasing goods and services, ranging from household items and personal electronics to travel and insurance, on credit.

 

The platform offers free credit assessment, competitive rates, and limits of up to Ksh 500,000 for individuals, while SMEs can draw up to Sh3 million to scale their businesses.

 

-Capital FM.

 

 

 

 

 

 

 

China’s BYD closer to taking Tesla's electric car top spot

Chinese company BYD has moved a step closer to toppling Elon Musk's Tesla as the world's biggest-selling manufacturer of electric vehicles.

 

The firm said on Monday it had sold a record 526,000 battery-only vehicles in the last three months of 2023.

 

That was helped by a more than 70% surge in sales in December.

 

US-based Tesla is scheduled to release its latest quarterly vehicle production and delivery figures before Wall Street opens on Tuesday.

 

For the year as a whole, Shenzen-based BYD said it had sold more than 3 million so-called-new energy vehicles (NEVs), which includes battery-only vehicles and hybrids.

 

Almost 1.6 million of its total sales were battery-only vehicles, the firm said.

 

Industry analysts have forecast that Tesla sold around 483,000 electric vehicles in the last three months of 2023 and 1.82 million for the year as a whole.

 

Last January, Mr Musk said that Tesla had the potential to achieve 2 million deliveries in 2023 but had since warned that higher borrowing costs were putting pressure on demand for his company's cars.

 

BYD's chief executive Wang Chuanfu co-founded BYD with his cousin in Shenzhen in 1995.

 

The company made a name for itself as a manufacturer of rechargeable batteries - used in smartphones, laptops and other electronics - that competed with pricier Japanese imports.

 

It started selling its shares on the stock market in 2002 and diversified by purchasing a struggling state-owned car manufacturer, Qinchuan Automobile Company.

 

Since 2008 BYD has counted veteran US investor Warren Buffett's Berkshire Hathaway as a shareholder.

 

Analysts say BYD owes its growth to its original business - batteries. They are among the most expensive parts of an EV and making them in-house saves BYD a lot of money.

 

Many of BYD's competitors rely on third-party manufacturers for batteries.-bbc

 

 

 

 

 

Microsoft boss changes tune after criticism of UK

Microsoft's president, Brad Smith, has rowed back on criticism he made last year that the UK was "bad for business".

 

Mr Smith made the comments after the competition watchdog initially blocked the tech giant's planned takeover of the gaming giant Activision Blizzard.

 

He said people's confidence in the UK had been "severely shaken".

 

But he has now said the Competition and Markets Authority, which went on to approve the deal, was "tough and fair".

 

"It pushed Microsoft to change the acquisition that we had proposed, for Activision Blizzard to spin out certain rights that the CMA was concerned about with respect to cloud gaming," Mr Smith said in an interview with the BBC's Today Programme.

 

In April last year, the CMA blocked Microsoft's acquisition of Activision over concerns it would reduce innovation and mean less choice for consumers in the fast-growing cloud gaming business.

 

What Microsoft's huge gaming deal means for players

Microsoft owns the Xbox gaming console while Activision Blizzard produces games including the popular Call of Duty series.

 

At the time of the original rejection, Mr Smith also suggested it made the European Union a more attractive place to do business.

 

It was a blow for the UK government which wants the country to become a tech powerhouse.

 

The regulator gave the deal the green light in October after Microsoft restructured its offer.

 

Mr Smith told the BBC: "I think the CMA vindicated its position but still created a pragmatic path forward for innovation and investment. I think that is good for everyone."

 

However, the boss of the competition watchdog, Sarah Cardell, criticised Microsoft for its conduct, stating in October: "Businesses and their advisors should be in no doubt that the tactics employed by Microsoft are no way to engage with the CMA."

 

She said: "Microsoft had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn't work. Dragging out proceedings in this way only wastes time and money."

 

A controversial deal

Microsoft's plan to buy Activision Blizzard - the largest takeover in the history of the gaming industry - was originally announced in January last year.

 

However, it proved controversial and received a mixed response from regulators around the world.

 

Microsoft submitted a restructured deal for the competition watchdog to review in August 2023.

 

Under the new offer, Microsoft agreed to transfer the rights to stream Activision games from the cloud to Ubisoft, the French video games publisher, for 15 years.

 

It means gamers who prefer rival consoles other than Microsoft's Xbox, such as Sony's PlayStation, can still stream games such as Call of Duty, Overwatch and World of Warcraft from the cloud.

 

In his interview with the BBC, Mr Smith also highlighted Microsoft's £2.5bn commitment to invest in AI infrastructure in the UK over the next three years, and the UK government's "critical" AI Safety Summit held in November, which he attended.

 

"The UK government actually acted more boldly in 2023 than any other government on earth in committing £900m to build out that kind of infrastructure for the UK's researchers," he said.

 

"That, I think, adds up to a strong year. And it's a good reminder - sometimes it's more important to think about how the year ends than what happened on a particular day called the 26th of April."-bbc

 

 

 

 

Cambridge University trademarks spark rows with firms

Cambridge is world-famous, but away from its colleges and cobbled streets, a legal row is brewing over rights to the city name. How far can its university go to protect its intellectual property, and what is it like to take on the 800-year-old institution?

 

Tahl Holtzman applied to trademark the name of his company, Cambridge NeuroTech, in 2017.

 

He thought the process would "be a breeze" and waited for a window for objections to close.

 

But "on the very last day – five minutes to midnight" he was told of formal opposition from "the Chancellor, Masters and Scholars of the University of Cambridge".

 

He recalls "bewilderment" at what he felt was the university's claim to "own the word 'Cambridge'".

 

"It's quite bizarre for any entity to claim they own a geographical location," says Mr Holtzman, 45.

 

"It's sort of a Lords-and-peasants kind of situation where 'I'm the Lord of this – I own Cambridge.'

 

"I think it's particularly unhelpful – indeed harmful – in the Cambridge bubble for the university to stifle start-ups who quite rightly want to say 'We are located in Cambridge, therefore it's part of our trading name and trademark'."

 

The university disputes claiming to "own Cambridge", but does hold trademarks for "Cambridge" in several classes, for both goods and services.

 

These trademarks cover hundreds of items from "university education services" and "teaching apparatus and instruments" to "stickers", "bibles" and "satellite telephones".

 

When it first applied to register the trademark, it argued "Cambridge" was often used to refer to the university or its work, which gave the trademark so-called "acquired distinctiveness".

 

It means the institution can try to stop others using "Cambridge", if it feels its brand might be harmed.

 

Companies that work in unrelated fields have been free to use the city's name in theirs.

 

Mr Holtzman says the 18-month legal battle cost his company £30,000, after which it was allowed to register a trademark for goods but not services.

 

"Cambridge NeuroTech" was, he adds, "the most natural choice" of name for a company that designs equipment for neuroscience research.

 

"I'm based in Cambridge and 'neurotech' is an abbreviation for neurotechnology," he says.

 

"I wasn't going to call it 'Oxford NeuroTech'."

 

Some organisations faced legal action for trying to use "Cambridge" in their names, but others have registered trademarks without formal opposition

Mr Holtzman says the university filed "350 pages of evidence" for his case, driving up his firm's legal fees.

 

"The first thing that came to mind really was David and Goliath," he says.

 

"They can outspend you and they don't care how long it takes."

 

The university has opposed other trademark applications, including for:

 

Tony Cooke, chief executive of Cambridge Clinical Laboratories, says his company spent £26,000 fighting to register its trademark.

 

A letter from the university's lawyers said the company's proposed name was "highly concerning".

 

Mr Cooke says it was "arrogant" and "selfish" of the university "to think that you own a geographic location".

 

"It felt like they were a big entity and we were a small entity, and they would try and push us into capitulating," he recalls.

 

"Cambridge is a very significant city, but it's not just the university."

 

An official criticised the university for a "delusion" it owned the rights to the term Cambridge "no matter what field of activity is involved"

Since 2018, several Intellectual Property Office (IPO) hearings have been held after the university opposed trademark applications.

 

In one decision, hearing officer George Salthouse wrote the university "clearly suffers from the delusion that it owns the rights to the term Cambridge no matter what field of activity is involved".

 

He added that "the days when the then town of Cambridge revolved entirely around the University have long since disappeared", though he accepted it had a reputation for things like publishing and higher education.

 

Mr Salthouse dismissed the university's objections, but his decision was partially overturned in an appeal that found he "fell into error" when assessing evidence of the university's reputation for scientific research.

 

The company involved – Cambridge Quantum Computing – was said to have spent more than £50,000 preparing its case. It was allowed to register trademarks, though the appeal limited some services in one class.

 

Many organisations in the city have successfully registered trademarks including "Cambridge".

 

According to IPO records, membership organisation Cambridge Network, drinks maker Cambridge Distillery and dental firm Cambridge Whites all registered their names without any formal opposition.

 

Beth Collett, a barrister specialising in intellectual property and trademarks at 8 New Square chambers, says a trademark is a "registered right" that allows the owner "to prevent other people from using that sign".

 

She says: "In order to get one, you have to show what the sign is that you're seeking registration for and it has to be registered in respect of specific goods and services."

 

Registering a place name is not allowed without "acquired distinctiveness". A trademark applicant would need to show the name "doesn't just mean the place, but it means something else in respect of the goods and services for which it's been registered".

 

"So the University of Cambridge, I think it's fair to say, is entitled to claim that 'Cambridge' means something specific and, indeed, it means them in respect of various services; for example, educational services."

 

In a statement, a university spokesperson says "polling shows that the vast majority of the public associate the word 'Cambridge' with the University, especially in education, research, innovation and related areas".

 

The statement continues: "We protect the Cambridge name where there's a risk of confusion with the work of the University. This is to prevent people from being misled and to support our global mission in education, research and innovation.

 

"We do not claim to own the rights to Cambridge across all fields of activity and have never done so.

 

"Our aim is always to work with people to agree a way forward that is beneficial to everyone involved.

 

"We will only pursue legal action if we believe our rights are being infringed, or if organisations are trying to trade on the University's reputation or mislead the public into thinking their products and services are associated with us."

-bbc

 

 

 

 

Argentina pulls out of plans to join Brics bloc

Argentina's new President, Javier Milei, has withdrawn the country from its planned entry into the expanding Brics club of nations.

 

In a letter to the leaders of Brazil, Russia, India, China and South Africa, Mr Milei said decisions taken by the preceding government had been revised.

 

The Brics countries are often seen as a counterweight to the Western-led world.

 

Argentina had been among a much-vaunted new tranche of six countries poised to join the grouping next month.

 

It would have been admitted to the Brics club on 1 January, alongside Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates.

 

What is the Brics group and which new countries are joining?

Its change of heart comes after Mr Milei, a populist right-wing outsider, won a surprise election victory in November with radical pledges to overhaul the South American nation's ailing economy.

 

He succeeded left-wing Peronist Alberto Fernández, whose views were more aligned with those of the bloc's existing members.

 

Mr Milei said in his letter that his government's foreign policy "differs in many ways from that of the previous government".

 

He added that although he did not consider it "appropriate" for Argentina to become a full Brics member, he was still committed to strengthening bilateral ties, particularly with the aim of increasing trade and investment flows.

 

Although the Brics alliance is often portrayed as promoting a more multipolar world, it is economically dominated by China, which accounts for more than 70% of the bloc's combined GDP.

 

Argentina's bid for membership under Mr Fernández had the support of Beijing, but Mr Milei has strongly criticised China.

 

On the campaign trail, he described the Chinese government as assassins and said he would not work with communists.

 

Argentina's changing attitudes highlight the delicacy of its economic and political position as it struggles to reverse decades of economic mismanagement.

 

It is battling soaring inflation, with prices rising by about 150% over the last year. It is also struggling with low cash reserves and high government debt, while 40% of the population is living below the poverty line.

 

Mr Milei's administration has already devalued the country's currency by more than 50% as his plans for economic shock therapy begin to take effect.

 

Externally, Brics members Brazil and China are Argentina's two biggest trading partners, but the US is not far behind, making it imperative to preserve good working relations with all three.

 

And as a man who has contemplated replacing the Argentine peso with the US dollar, Mr Milei shows signs of inclining more towards Washington than Beijing in future.-bbc

 

 

 

 

Françoise Bettencourt Meyers: L'Oréal heiress first woman to amass $100bn fortune

L'Oréal heiress Françoise Bettencourt Meyers has become the first woman to amass a $100bn (£78.5bn; €90.1bn) fortune, according to a ranking of the richest people in the world.

 

The French beauty empire founded by her grandfather is on track for its best stock market performance in decades.

 

L'Oréal shares rose to a record high in Paris on Thursday.

 

The firm has seen its sales rebound after the pandemic, when people under lockdown used less makeup.

 

The net worth of Ms Bettencourt Meyers, aged 70, crossed $100bn on the Bloomberg Billionaires Index, making her the 12th richest person in the world.

 

She is still a distance away from French counterpart Bernard Arnault, who was second on the list with a net worth of $179bn. Mr Arnault is the founder of LVMH, the world's biggest luxury group, which owns a portfolio of high-end brands including Fendi and Louis Vuitton.

 

L'Oréal did not immediately respond to a BBC request for comment.

 

Ms Bettencourt Meyers is the vice-chairperson of the company's board. She and her family are the single biggest shareholders of L'Oréal with a stake of around 35%.

 

She became the reigning heiress of L'Oréal after her mother, Liliane Bettencourt, died in 2017.

 

Liliane, who was regularly named France's richest person, had maintained close ties with French leaders and embraced the media limelight.

 

During her later years, she was embroiled in a public fight with Françoise, her only child, who had accused a photographer and socialite of taking advantage of her mother's mental frailty.

 

"My daughter could have waited patiently for my death instead of doing all she can to precipitate it," she said in a TV interview.

 

In 2011, a French court ruled that Liliane had a form of dementia, and awarded Françoise control over her wealth and income. Another family member was tasked to look after Liliane's health and physical well-being.

 

Francoise Bettencourt-Meyers and her mother Liliane Bettencourt at a fashion show in 2012.

 

 

Ms Bettencourt Meyers is said to favour privacy over attending social events frequented by many of the world's wealthy.

 

She is known to play the piano for several hours a day and has written two books - a five-volume study of the Bible and a genealogy of the Greek gods.

 

"She really lives inside her own cocoon. She lives mainly within the confines of her own family," said Tom Sancton, who authored the book The Bettencourt Affair.

 

-bbc

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

 


 

 


(c) 2024 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell: +263 77 344 1674

 


 

 

 

 

 

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