Major International Business Headlines Brief::: 05 January 2024

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Major International Business Headlines Brief:::  05 January 2024 

 


 

 




 


 

 


 

ü  Uganda: Museveni Slams West After U.S. Removes Uganda From Economic
Program

ü  Ethiopia: US Calls for Dialogue to De-Escalate Tensions Following
Ethiopia-Somaliland MOU

ü  South African Businessman Overtakes Dangote As Africa's Richest Person

ü  Africa: A Quick Look At Africa 2024 Through GDP's

ü  Kenya: Nairobi County Goes Cashless in Revenue Collection

ü  Morocco: Positive Outlook for Morocco's Development Prospects

ü  Nigeria: Third Mainland Bridge Closure - Govt, Lagos Issue Travel
Advisory

ü  South Africa: Nationwide Home Affairs Failure As New Year Begins

ü  South Africa: City of Cape Town Events Generate Almost R4bn for Economy

ü  Namibia: Three-Month Grace Period for Mandatory SIM Card Registration

ü  Telegraph takeover: Gulf bidders promise press freedom

ü  Trump companies got millions from foreign governments, Democrats say

ü  After Hollywood, Bollywood fights 'unfair' contracts

ü  Carrefour to halt Pepsi sales over price rises

 


 

 


Uganda: Museveni Slams West After U.S. Removes Uganda From Economic Program

Kampala, Uganda — Days after the United States removed Uganda from an
economic assistance program due to human rights concerns, Uganda's president
harshly criticized the West.

 

In a speech Thursday, President Yoweri Museveni urged lawmakers from the
Commonwealth of Nations to reject what he called the evil tendencies of
Western countries toward societies different from them.

 

 

Museveni told the 33 parliament speakers from Commonwealth countries meeting
in Kampala that the West's oppression takes the form of aggression, looting,
enslavement, displacement, ethnic cleansing, colonization and indirect
domination without occupying one's territory.

 

 

"If you want freedom, if you value freedom, then you should value the
freedom of everybody," he said. "If you value independence, if you value
dignity, then you must respect the dignity of everybody. Stop manipulations
and lectures to the societies that are different from yours."

 

 

Museveni accused "some countries" of using technological progress to hold
down other countries that have different values.

 

 

"Instead of using this human progress for the benefit of all, some actors
out of greed and philosophical, ideological and strategic shallowness,
miscalculate and seek to monopolize knowledge and also use knowledge to
oppress others," he said.

 

Since Ugandan lawmakers passed an anti-homosexuality law in May 2023, the
East African country has come under pressure for the abuse of human rights.

 

The World Bank withdrew funding from the nation, and just this week, Uganda
lost its eligibility for the U.S. African Growth and Opportunity Act, or
AGOA.

 

Through AGOA, some countries in sub-Saharan Africa, including Uganda, had
duty-free access to the U.S. market for close to 6,000 products.

 

Asuman Basalirwa, the member of Uganda's parliament who introduced the
anti-gay legislation that has been described as the world's harshest law
against the LGBTQ community, said he is not surprised that Uganda is facing
consequences.

 

 

"I am really disappointed about their preferential treatment of rights,"
Basalirwa said. "And that makes them lose the moral authority to attack the
country over the anti-homosexuality law."

 

Regardless, he said, "nobody should tell you that the country will not
suffer as a result of closure of AGOA."

 

Uganda's earnings through AGOA grew from $4 million to about $8 million in
the 12 months up to June 2023.

 

Museveni said Uganda could still take advantage of its access to the 2.4
billion people who live in Commonwealth nations, made up mostly of former
British colonies, to grow its economy.

 

Basalirwa said Uganda also needs to find paths to markets in East Asia and
get a foothold in the U.S. market.

 

-VOA.

 

 

 

Ethiopia: US Calls for Dialogue to De-Escalate Tensions Following
Ethiopia-Somaliland MOU

Addis Abeba — The US State Department has called for diplomatic dialogue to
de-escalate tensions in the Horn of Africa following a "historic" memorandum
of understanding between Ethiopia and Somaliland granting Ethiopia a sea
access in return of international recognition for Somaliland.

 

The State Department spokesperson, Ned Miller, addressing questions
regarding the US position on the agreement during a press briefing on
Wednesday said that the US is concerned by the reports from the region. "We
join other partners in expressing our serious concern as well about the
resulting spike in tensions in the Horn of Africa," he said.

 

He reaffirmed the United States' acknowledgment of the sovereignty and
territorial integrity of the Federal Republic of Somalia, as defined within
its 1960 borders.

 

Further probed on whether the U.S. believes the deal should be rescinded,
the spokesperson refrained from a direct answer, reiterating the call for
diplomatic engagement. "We urge all stakeholders to engage in diplomatic
dialogue."

 

 

Meanwhile, the African Union Commission, through Chairperson Moussa Faki
Mahamat, has urged Ethiopia and Somalia to "refrain from any action that
unintentionally may lead to a deterioration of the good relations between
the two neighboring Eastern African countries."

 

The Chairperson stressed in a statement that "the imperative to respect
unity, territorial integrity and full sovereignty of all African Union
member states including Federal Republic of Somalia and Federal Democratic
republic of Ethiopia."

 

The Memorandum of Understanding (MoU) between Ethiopia and Somaliland, which
could grant Ethiopia sea access in exchange for supporting Somaliland's
quest for international recognition, has been rejected by Somalia.

 

Following an emergency cabinet meeting on 02 January 2024, the country
declared the MoU "null and void", and recalled its Ambassador to Ethiopia
for consultations. Additionally, Somali President Hassan Sheikh Mohamud
reiterated to the Somalia Federal Parliament the country's stance on its
territorial inviolability. Somalia views the deal as an infringement on its
territorial integrity, considering Somaliland as an integral part of its
territory.

 

 

The Ethiopian government has since released a statement indicating that the
MoU includes a clause for an "in-depth assessment" of Somaliland's
recognition efforts, emphasizing Ethiopia's commitment to peaceful and
mutually beneficial solutions.

 

The European Union, the Arab league, and IGAD have all expressed concerns
and called for calm and restraint among the involved parties.

 

The European Union has reminded parties of the importance of respecting the
unity, sovereignty, and territorial integrity of the Federal Republic of
Somalia. The EU's statement emphasized that adherence to these principles is
"key for the peace and stability of the entire Horn of Africa region."

 

IGAD, while not specifically mentioning the MoU, stated that it is
"diligently monitoring" the situation and recognizes "the potential
implications for regional stability." The Arab League however condemned the
MoU and expressed solidarity with the Government of Somalia.

 

-Addis Standard.

 

 

 

South African Businessman Overtakes Dangote As Africa's Richest Person

The South African counts his biggest regret as the failure to acquire 50 per
cent of Gucci when he had the chance to buy it for just $175 million.

 

South Africa's luxury goods tycoon Johann Rupert and his family have taken
the crown as Africa's top billionaire after Nigeria's Aliko Dangote lost the
prime spot.

 

According to the latest Forbes billionaire ranking, Mr Rupert and his family
are currently the 201st wealthiest in the world, while Mr Dangote is the
219th.

 

The valuation of the wealth of Mr Dangote, who held the first place on the
African billionaire ranking for more than 12 years, came under pressure
after a major devaluation of the naira by roughly 40 per cent last June and
the free fall that followed left his wealth much weaker in dollar terms.

 

Mr Dangote earns the bulk of his fortune in naira, which finished 2023 as
the third worst-performing currency in the world of the 151 currencies
tracked by Bloomberg.

 

 

PHOTO CREDIT: Hollywood movie 'House of Gucci' starring Lady Gaga to screen
in Nigeria

 

Presently valued at $9.5 billion, Mr Dangote's wealth declined by nearly
one-third last year.

 

Born over 73 years ago in Stellenbosch, South Africa, Mr Rupert chairs the
Swiss-based luxury goods company Compagnie Financiere Richemont and South
Africa-based investment holding company Remgro.

 

Richemont's most iconic brands include Cartier and Montblanc. His net worth,
together with that of his family, is estimated to be $10 billion.

 

The billionaire also holds a 26 per cent stake in Reinet, an investment
holding company headquartered in Luxembourg.

 

The wealth of Mr Rupert & family has been on a steady rise since 2020 after
slumping by 34.3 per cent over the two previous years. It climbed to $7.1
billion in 2021 from $4.6 billion a year ago, jumping to $8.9 billion in
2022 and reaching an all-time high of $11.1 billion last year.

 

That feat lifted the billionaire to the 157th position on the Forbes World
Billionaire Ranking in 2023.

 

Mr Rupert part-owns the Saracens English rugby team and Anthonij Rupert
Wines, named after his deceased brother.

 

He counts his biggest regret as the failure to acquire 50 per cent of Gucci
when he had the chance to buy it for just $175 million.

 

-Premium Times.

 

 

 

Africa: A Quick Look At Africa 2024 Through GDP's

With the arrival of 2024, various financial institutions have disclosed
their projections for the African continent in the new fiscal year. In line
with the predictions of experts, there is a growth expectation of 4.2% in
the general perspective for the African continent (IMF). Private consumption
and investment are predicted to drive an acceleration in gross domestic
product (GDP) for roughly 80 per cent of countries by 2024. While the growth
rate in the continental economy was 3.9 per cent throughout 2022, this
number decreased to 3.6 per cent in 2023. Among the main factors of this
performance decline are the interest rates increased by the central bank
against global inflation and the profound impact of the war in Ukraine on
global commercial activity and the resulting intercontinental trade
vulnerabilities.

 

Clear economic growths are expected to begin initially with countries that
have more active resources in terms of natural resources and production. 21
countries, which we can call moderate in terms of natural resources and
industrialisation, mainly Ivory Coast, Kenya, Uganda, Mozambique, etc., are
expected to have an economic growth of 6.2% throughout 2024, evidently
exceeding the average growth figure. Senegal is one of the countries we've
included which is expected to see a considerable increase in growth compared
to other African nations. This is thanks to the significant effects of the
upcoming natural gas project slated for 2024. Surrounded by Venezuela,
Brazil, and Suriname on its opposite shore, Senegal's economic growth is
forecasted to reach 10.6 per cent in 2024, located at the farthest point of
West Africa.

 

 

Apart from the optimistic representations, there are also expectations of a
downturn in growth figures for 2024 in certain nations. The 2024 fiscal year
does not bode well for key oil exporting countries like Angola, Nigeria,
South Sudan, and Equatorial Guinea, as they are set to be affected by the
anticipated decrease in oil prices and the depreciation of their currencies.

 

 

Experts claim that the future growth of the region depends on the
fulfillment of three global factors. In light of the global economic
recovery following the Ukraine war, the region is projected to experience
improved export opportunities and lowered import expenditures thanks to
smoother supply chain operations (Without a doubt, assuming that the current
situation in the Suez Canal resolves quickly - otherwise, we will have to
consider a vastly different outcome in the not-so-distant future).

 

Furthermore, there is a forecasted decrease in global inflation for 2024.
Therefore, it is expected that major central banks will ease their monetary
policy tightening in the first half of that year, resulting in less pressure
on exchange rates in sub-Saharan Africa. Anticipated for 2024, a 6 per cent
decline in crude oil prices is on the horizon as demand softens. This
decrease is set to have a positive effect on growth, given that net fuel
importing countries contribute to two-thirds of the region's GDP.

 

 

In order to bring a better understanding the related economic topic, I plan
on focusing on the GDP per capita of some leading African nations below ;

 

Botswana : Botswana, whose economy is largely based on tourism, natural
resources and agriculture, has a very high level of personal income.
Estimated GDP per capita in 2024 is $7, 539.

 

South Africa : The South African economy is characterized by its variety,
encompassing sectors like mining, agriculture, and services. Estimated GDP
per capita in 2024 is $6, 121.

 

Egypt : The economy of Egypt is multifaceted, with prominent sectors
including tourism, oil and gas, and agriculture. Estimated GDP per capita in
2024 is $4, 693.

 

Morocco : The economy of Morocco is characterized by a variety of sectors,
including tourism, agriculture, industry, and services. Estimated GDP per
capita in 2024 is $3, 526.

 

Angola : Angola's economy heavily relies on its oil and natural resources.
Estimated GDP per capita in 2024 is $2, 452.

 

Ghana : Sectors such as agriculture, petroleum, and services provide a
strong foundation for Ghana's economy. Estimated GDP per capita in 2024 is
$2, 241.

 

Kenya : As a regional economic powerhouse, Kenya's economy is multifaceted,
encompassing the service industry, agriculture, and tourism. Estimated GDP
per capita in 2024 is $1, 953.

 

Ethiopia : The growth of Ethiopia's economy is being driven by advancements
in agriculture, manufacturing, and infrastructure. Estimated GDP per capita
in 2024 is $1, 787.

 

Senegal : Senegal's economy is largely comprised of natural resources,
agriculture and production sector. Estimated GDP per capita in 2024 is
$1,773.

 

Nigeria : The African country of Nigeria holds the title for most populous,
and its economy reflects this diversity through its significant involvement
in the oil and gas sectors. Estimated GDP per capita in 2024 is $1, 734.

 

Tanzania : Tanzania's economic prosperity is driven by the contributions of
agriculture, tourism, and natural resources. Estimated GDP per capita in
2024 is $1, 241.

 

Rwanda : Rwanda's economy is based mainly on agriculture and tourism.
However, recently the necessary steps have been taken for a serious
industrial development move. Estimated GDP per capita in 2024 is $1, 064.

 

My constant refrain has been that Africa is the next big thing in the world
of business. The continent is attracting investments that will have a direct
impact on its gross national income. This is sure to bring about greater
prosperity and livability in countries. Through increased investment and
responsible utilization of natural resources, the African continent has
experienced a noticeable boost in its Gross Domestic Product figures. With
such a substantial 75 per cent increase in just seven years, it is not hard
to imagine where the income levels of the African continent will stand in
2050.

 

GDP OF AFRICA FROM 2020 TO 2027

 

2020

 

2.449,6 Billion $

 

2021

 

2.738,6 Billion $

 

2023

 

2.980,1 Billion $

 

2024

 

3.144,8 Billion $

 

2025

 

3.665,6 Billion $

 

2026

 

3.965,7 Billion $

 

2027

 

4.288,1 Billion $

 

-New Times.

 

 

 

 

Kenya: Nairobi County Goes Cashless in Revenue Collection

Nairobi — Nairobi Governor Sakaja Johnson has taken a significant step in
modernizing revenue collection by announcing a strict "No Cash" policy.

 

Addressing the public at City Hall Annex on Wednesday, where he recently
inaugurated the Customer Service Center and has been actively involved in
assisting both the Revenue Collection and Customer Care teams, Governor
Sakaja emphasized the importance of transitioning to a cashless system.

 

"I want to inform all Nairobians that, from now on, we will not be accepting
any cash payments. If any member of my revenue team requests payment in
cash, please report them to 0738 041 292, and we will take immediate action.
Legitimate County staff members will not ask for cash payments. Furthermore,
enforcement activities will commence in February. No staff member is
authorized to enforce any collections this month. We are using this month as
a transition period to fully implement the Unified Business Permit (UBP)
system," stated Governor Sakaja.

 

 

The cashless policy is also aimed at taming rampant corruption at the county
government.

 

"The Nairobi City County Government has adopted a strict "No Cash" policy
for revenue collection. We urge our customers to make payments through the
Nairobi City County Government Revenue collection accounts upon receiving
their invoices. Payments can be made through:

 

Cooperative Bank, account name: Nairobi City County Revenue Collection,
account number: 01141709410000.

 

Equity Bank, account name: Nairobi City County Revenue Collection, account
number: 1770279910476.

 

USSD Number: *647#.

 

Revenue payers are also encouraged to visit the NairobiPay e-service Portal
(www.nairobiservices.go.ke), City Hall Annex Customer Service Centre
offices, or any Sub-county Finance offices for further clarification."

 

This cashless policy marks a significant move towards modernizing revenue
collection methods and ensuring transparency in the process.

 

-Capital FM.

 

 

 

 

Morocco: Positive Outlook for Morocco's Development Prospects

The country could outperform its low-middle-income African peers - but only
if it resolves the Western Sahara/SADR dispute.

 

North Africa and the Sahel have generally been in the news for all the wrong
reasons. Coups last year rocked Mali, Niger, Chad and Burkina Faso, warring
factions are tearing Libya asunder, and African migrants seeking greener
pastures are defining domestic politics in the European Union (EU).

 

Several natural disasters caused widespread destruction in 2023, including
Libya's floods and an earthquake in Morocco. Another quake hit the country
this week.

 

However, new analysis on Morocco's development prospects provides some good
news.

 

The country is unique in several respects. Geographically, it's the only
African nation with Atlantic and Mediterranean coastlines, and a land border
with an EU member (Spain) at the tiny enclaves of Ceuta and Melilla.

 

 

It claims the disputed Western Sahara territory, a sparsely populated area
of mostly desert and a former Spanish colony rich in phosphates and
fisheries, and which it part-annexed in 1975. The status of the Sahrawi Arab
Democratic Republic (SADR), proclaimed as such by the Polisario Front,
remains a divisive issue in the African Union (AU). Morocco left the AU in
1984 shortly after the SADR was admitted as a member, only rejoining in
2017.

 

Morocco is one of few African countries to achieve the SDG of eliminating
extreme poverty

 

Morocco is one of only two semi-constitutional monarchies in Africa -
Lesotho is the other. Both have an elected Parliament, placing them in a
modestly more democratic league than Eswatini, Africa's last absolute
monarchy.

 

Unlike most other North African states, Morocco depends heavily on imported
hydrocarbons to meet its energy needs. It has been unable to develop oil or
gas resources despite vigorous exploration efforts. While the amount of
electricity production from renewable sources increases year-on-year, the
share of renewables in total final consumption decreases, given Morocco's
expanding energy demand.

 

 

In the wake of the Arab Spring that started in Tunisia in December 2010,
Morocco witnessed street protests demanding, among others, the removal of
the king's executive powers. Morocco was ultimately less affected by the
widespread popular revolt than other countries in the region, probably
because it had experienced several years of solid economic growth.

 

King Mohammed VI, who ascended to the throne in 1999, also adopted several
reforms early in his reign that softened the harsh authoritarianism evident
previously.

 

The Moroccan constitution - prepared through a consultative commission and
reflecting some political reforms - was adopted by referendum in 2011. It
outlaws single-party rule and requires that political parties not be founded
on a religious, ethnic or regional basis. It grants the political opposition
the right to 'free, honest and transparent' elections, equality between men
and women, and various personal and political rights, including the right to
strike.

 

 

Nearly two-thirds of Moroccan jobs are in the 'grey' economy and nearly 77%
of employment is informal

 

After years of steady growth, Morocco experienced a sharp economic
deceleration in 2022 due to domestic and international shocks, including a
drought and high commodity prices. This happened despite efforts to open its
economy for greater private-sector participation and investments in
education, health and ICT competitiveness that improved productivity.

 

Still, the country struggles with an inflexible labour market. A large
component of its labour force is engaged in the informal sector - with up to
two-thirds of Moroccan jobs in the 'grey' economy. Nearly 77% of employment
is informal if one includes the large subsistence agricultural sector. The
dominance of state-owned enterprises that receive favourable treatment and
are exempt from competition laws is a drag on economic growth.

 

With a gross domestic product (GDP) per capita of US$8 368 (in 2017 values),
Morocco is classified as a lower-middle-income economy. On the Current Path
or business-as-usual forecast based on the International Futures forecasting
platform, Morocco's GDP per capita will rise to US$10 718 in 2043. But it
has the potential for an increase of up to 33% above that, outperforming its
low-middle-income African peers.

 

One of the reasons for this optimistic forecast is that Morocco has a more
mature population structure than most African countries and already benefits
from a large working-age population relative to dependents. On the Current
Path trajectory, Morocco's population will increase from 36.5 million in
2019 to 43.3 million in 2043. However, inequality is relatively high.

 

Efforts to benefit from excellent trade relations with the US and Europe
have been disappointing

 

Among the eight sectoral interventions modelled, full implementation of the
African Continental Free Trade Area scenario will have the greatest positive
impact on GDP per capita. In contrast, the manufacturing scenario is most
likely to reduce extreme poverty, followed by growth in agriculture. Morocco
is one of few African countries to achieve the Sustainable Development Goal
of eliminating extreme poverty.

 

Morocco's efforts to benefit from excellent trade relations with the United
States (US) and Europe have been disappointing. Comprehensive free trade
agreements were signed with the US in 2006 and the EU in 2000. Trade in
industrial products is entirely liberalised, and Morocco also has
substantial access to the EU's agriculture market.

 

Negotiations for a Deep and Comprehensive Free Trade Area started in 2013
but were put on hold in 2014 at Morocco's request. An amendment of the
EU-Morocco Association Agreement protocols, which extended tariff
preferences to products originating in Western Sahara, entered into force in
2019.

 

In response to the lacklustre results from trade with the US and Europe,
recent years have seen a determined effort to turn more towards trade and
investment in Africa, which offers significant opportunities. Morocco has
launched an aggressive campaign to woo African countries, including joining
the AU in 2017, hosting the organisation's 2018 summit, and serving on its
Peace and Security Council.

 

Still, its trade with the rest of Africa is low, as is regional trade
integration in North Africa. The Western Sahara/SADR dispute is the single
largest impediment to economic growth and diversification of the economies
of Morocco and North Africa generally. Progress towards resolution is
urgently needed.

 

Jakkie Cilliers, Head, African Futures and Innovation, ISS Pretoria-ISS.

 

 

 

 

Nigeria: Third Mainland Bridge Closure - Govt, Lagos Issue Travel Advisory

>From 12 a.m. to 12 noon, the bridge would be open for Mainland Inbound
Island travels. Conversely, from 12 noon to 12 a.m., motorists would be able
to access the bridge from the Island to the Mainland.

 

In line with plans to close the Iyana Oworonshoki-Adeniji Adele bound of the
Third Mainland bridge for repairs from Tuesday, 9 January, the Lagos State
government, on Thursday, issued a travel advisory to ease the burden of
commuting and ensure seamless movement for residents.

 

Commissioner for Transportation, Oluwaseun Osiyemi, who made the disclosure,
said the closure is part of the ongoing work that started in November 2023
with the fixing of the ramps, adding that the remaining parts of the bridge
would also be repaired in phases.

 

 

Mr Osiyemi informed residents that from 12 a.m. to 12 noon, the bridge would
be open for Mainland Inbound Island travels, while those who intend to come
from the Island to the Mainland are advised to use Eko Bridge.

 

"Conversely, from 12 noon to 12 a.m., motorists would be able to access the
bridge from the Island to the Mainland while motorists from the Mainland
heading towards the Island will have to use Eko Bridge," he said.

 

Mr Osiyemi noted that the timings were selected to match the peak period
flow of traffic and reduce travel stress.

 

He urged road users to cooperate with the state's traffic management
officials throughout the duration of the repairs.

 

The Federal Government had earlier announced plans to close a section of the
bridge from the second week of 2024 in two phases, with each phase scheduled
to last for six weeks.

 

 

Federal Controller of Works, Lagos State, Olukorede Kesha, who announced
this in a statement, explained that the planned closure will commence from
11 a.m. on Tuesday, 9 January 2024. Mrs Kesha disclosed that the first phase
of the closure would be done on the Lagos Island-bound carriageway of the
bridge.

 

"Consequent upon the above, motorists are hereby advised to use alternative
routes and links, which include Ojota-Ikorodu Road-Funsho Williams
Avenue-Eko Bridge-Apogbon-CMS and Ojota-Ikorodu
Road-Jibowu-Yaba-Oyingbo-Iddo-Carter Bridge-CMS. Motorists can make use of
Gbagada-Anthony-Ikorodu Road-Funsho Williams-Eko Bridge-Apogbon-CMS.

 

"Motorists are further advised to cooperate with the traffic management
officials deployed to manage traffic and ensure hitch-free movements to
minimise discomfort during this repair period. While thanking the general
public for their past cooperation and understanding, more is expected this
time," the statement read in part.

 

The 11.8 km bridge has witnessed series of rehabilitation in recent times
before the latest planned repairs.

 

-Premium Times.

 

 

 

 

South Africa: Nationwide Home Affairs Failure As New Year Begins

The Department of Home Affairs has been offline since Tuesday due to a
"technical problem" at the State Information Technology Agency.

As a result, thousands of people across the country have been unable to
apply for necessary documentation at the start of the new year.

In Kariega, about 100 people who had spent time and money to get to the Home
Affairs office, were left frustrated.

A nationwide failure of the Department of Home Affairs' online system left
thousands of people unable to apply for or receive necessary documents on
the first two working days of 2024.

 

 

While more than 100 people waited vainly for assistance at the Home Affairs
office in Kariega (formerly Uitenhage) on Wednesday, two officials, who
cannot be named as they did not have authorisation to speak to the press,
said messages on the work WhatsApp group showed the system had been down in
the other provinces as well.

 

They said there was a "technical glitch" in the system, resulting in
thousands of applications being unprocessed.

 

This was confirmed by Home Affairs spokesperson Siya Qoza on Thursday.

 

In a general press release, Qoza stated the department's services were not
available due to a "technical problem on the State Information Technology
Agency (SITA) mainframe which affects access to the National Population
Register".

 

He stated SITA had assured its technicians were attending to the matter.

 

 

In response to queries from GroundUp on Thursday, he said at midday that
Home Affairs offices had started getting back online.

 

In the meantime, people seeking necessary documents wasted time and money
travelling to Home Affairs offices. In Kariega, scores of people from
surrounding townships and nearby towns had paid taxi fare to get to the Home
Affairs office in the Kariega city centre, only to find they could not be
assisted as the system was offline. An official told GroundUp the system at
the Kariega branch had been "on and off" since 18 December last year.

 

"Yesterday we did not work and today still, applications cannot be processed
because the system is blocked and is offline. This needs IT specialists to
look at it and that's only when we will know what the problem is," he said.

 

Shortly before midday on Wednesday, pensioner Blom Mtsitsi gave up on
watching the queuing screen and went to sit outside. Mtsitsi said he had
spent money to make the hour-long journey from Despatch with his son
Silulami, and had been waiting at the Kariega Home Affairs office since 7am.

 

He said he had come to apply for a new ID as he had lost his in July last
year. "I can't do anything without an ID, it's a must-have."

 

He said he had left home at 6am to be there early and one of the first in
the queue.

 

"I only drank coffee in the morning and I am hungry now," he said.

 

When GroundUp went to the Kariega Home Affairs office on Thursday morning,
there were again people trying to get assistance, but the system was still
offline.

 

-GroundUp.

 

 

 

 

South Africa: City of Cape Town Events Generate Almost R4bn for Economy

The year 2023 was a prolific year for the City of Cape Town as it hosted
more than 1 200 events, which contributed nearly R4 billion to the economy
and created job opportunities for its citizens.

 

>From hosting Africa's first Netball World Cup, the ICC Women's T20 World
Cup, the first Formula E race in sub-Saharan Africa, the Loeries Creative
Week, the return of Tweede Nuwe Jaar Minstrel Street Parade and many more --
the year proved to be a success for the city's sports, arts and culture
sectors.

 

"Research studies on three key events hosted in the city during this period
revealed a substantial R2 billion economic impact. This is a holistic impact
on the economy, which includes direct and indirect economic impact, and
destination marketing, among others.

 

 

"A further R1.9 billion in economic activity was generated by just 20 of the
events hosted in the calendar year. This is the actual direct spend by event
attendees, participants and event organisers in Cape Town. In addition, over
1.3 million people attended or participated in the top 40 events in 2023,"
the city said on Thursday.

 

The City of Cape Town's Events Permit Office permitted over 1 200 events in
the calendar year.

 

>From major international sporting events, top tier music concerts, cultural
masterpieces and an abundance of lifestyle events, Cape Town had it all in
2023. Through its Events Support Process, the city supported more than 170
events during the period.

 

"The importance of these economic spin-offs from events cannot be
overstated. We have seen over the last couple of years how events can become
catalysts for growth for other sectors in the value chain, including
accommodation and food, travel, local retail and tourism attractions here in
Cape Town.

 

 

"We have also seen that an overwhelming majority of event organisers use
local suppliers for logistics, equipment rental, security, production,
staffing and hospitality. Additionally, hosting a number of local and
international events has helped tremendously in promoting Cape Town as a
premier tourism destination to a global audience.

 

"Event organisers have worked hard over the last 15 months with support from
the City's Events Department to get the events back in the direction we were
headed before the pandemic. We would like to salute all involved for their
hard work,"' the City's Mayoral Committee Member for Safety and Security, JP
Smith, said.

 

The top 20 events hosted in Cape Town in 2023 created over 26 000 job
opportunities for people in the greater events ecosystem, including
security, catering, logistics, production and transportation, among others.

 

The city is planning to keep the momentum for events going this year as
well.

 

It has an exciting line up in the events space with the Tweede Nuwe Jaar
Minstrel Street Parade, kicking off a year that will also feature the SA20
Final at Newlands, the Cape Town Carnival, Africa Travel Week, Comic Con
Cape Town and the world champion Springboks will battle with the All Backs
at DHL Stadium in September 2024.

 

For all the latest information on events in Cape Town, visit
eventsincapetown.com.

 

-SAnews.gov.za.

 

 

 

 

Namibia: Three-Month Grace Period for Mandatory SIM Card Registration

The Minister of Information and Communication Technology, Hon Peya
Mushelenga has given mobile operators a grace period after recently
extending the mandatory Subscriber Identity Module (SIM) registration for
another three months.

 

SIM Registration is a policy adopted by the Namibiabn Government to address
security concerns, restrict digital crime and enable the application of
selected digital services. It also infringes upon honest citizens' privacy,
now enabling the government to track their movements and user
preferences."Given the extension and extra measures implemented by the
operators to register all active cards, I trust that all subscribers will
comply with the law," stated the minister

 

 

"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 subscribers who have not yet done so to use the
grace period," he said.

 

I hereby extend the period for submission of information of existing
customers referred to in that regulation, for three months from 1 January
2024 to 31 March 2024, in respect of all service providers - totaling a
two-year registration period.

 

As of 27 December 2023, mobile operators have collectively reported that
62.5% of active SIM card users have registered.

 

This has translated into 1,491,349 out of 2,383,920 active subscribers
registering despite a full year and a half granted for this process since
June 2022.

 

The decision by the minister to extend the registration period is in line
with powers vested in him in terms of section 13 of the Interpretation of
Laws of Proclamation, 1920 (Proclamation No.37 of 1920) read with regulation
10 (1) of the Regulations in terms of Part 6 of Chapter V the Communications
Act published under Government Notice No 40 of 15 March 2021 after
consultations were done with relevant stakeholders.

 

 

According to Mushelenga, the SIM registration will be used to manage crime
and further help mobile operators with online services. "It will be used to
manage mobile fraud, act as a tool for e-service rollout and be an
instrument that eases and enables digital surveillance and interception as
part of investigations of criminal offenses and counter-terrorism efforts."

 

"In this digital era, there is no doubt that cellular phones are essential
in providing digital and/or online services, providing opportunities for
citizens to embrace virtual teaching and learning, mobile banking and online
shopping," said Mushelenga.

 

SIM registration is required by the International Telecommunication Union, a
United Nations Agency, of which Namibia is a member, and many African
countries have already complied with this requirement. Mandatory SIM
registration is in line with international best practices, and Namibia now
joins 185 other countries across the world that have already implemented
mandatory SIM card registration.

 

The Communications Regulatory Authority of Namibia issued a directive that
the mandatory capture of biometric data will no longer be required for SIM
card registration.

 

Mobile operators will only need the information set out in the regulations,
which consists of the customer's name, address of ordinary residence and
Namibian ID, passport or any other official identity document issued by the
government of any other country.

 

-Namibia Economist.

 

 

Telegraph takeover: Gulf bidders promise press freedom

The Abu Dhabi-backed bidder for the Daily and Sunday Telegraph has said
journalists will be given total editorial freedom.

 

The ownership of the papers was due to be transferred to the Gulf-backed
RedBird IMI consortium.

 

But the government intervened over fears the papers might come under the
control of an autocratic foreign state.

 

Jeff Zucker, who is leading the bid, told the BBC commitments were backed by
legally binding agreements.

 

An independent editorial trust board will further protect the Telegraph's
editorial independence, the former CNN executive added.

 

The bid is largely funded by Sheikh Mansour bin Zayed bin Sultan al-Nahyan -
owner of Manchester City Football Club and vice-president and deputy prime
minister of the United Arab Emirates (UAE).

 

Despite providing 75% of the money, Mr Zucker insists the UAE will remain a
"passive investor", with no influence over editorial decisions.

 

There have been grave concerns from MPs, many of the Telegraph's current and
former journalists, and its readership that the newspaper might fall under
the control of an authoritarian foreign state.

 

But Mr Zucker, who will take over as chief executive of the Telegraph and
Spectator if the deal gets the go-ahead, insisted his investment firm would
be a responsible owner of the titles.

 

The Telegraph and the Spectator magazine were put up for sale last year when
they were seized by Lloyds Banking Group from long-time owners the Barclay
family, which had failed to pay back a loan of more than £1bn.

 

Lloyds commenced an auction process, but at the last minute, the Barclay
family paid off their debt with money lent by Sheikh Mansour bin Zayed
al-Nahyan.

 

In return, the Barclay family agreed to transfer its ownership of the
Telegraph and Spectator to Redbird IMI, a joint venture between US firm
RedBird Capital and International Media Investments (IMI) of Abu Dhabi,
managed by Mr Zucker.

 

That was the point at which the UK government intervened by issuing a Public
Interest Intervention Notice.

 

Government intervenes in Abu Dhabi's bid to buy Telegraph

Addressing why Redbird IMI had not entered the auction process for the
publications like the other bidders, Mr Zucker said he had wanted certainty
that his group's bid would clinch the deal.

 

"We were a little smarter than some of our competitors and our ability to do
that doesn't mean that there was anything nefarious about it. It just means
we were a little bit smarter," he added.

 

The Daily and Sunday Telegraph wield significant influence in Britain -
particularly among conservative voters and politicians.

 

Boris Johnson, when Prime Minister, once famously quipped that The Daily
Telegraph "is my real boss".

 

Senior figures in the Conservative party have expressed deep misgivings at
the proposed takeover, including veteran Tory MP David Davis who said: "The
UAE is an authoritarian regime with a pretty dismal human-rights record. Its
leaders are not fit to preside over our media."

 

One solution, floated by people close to the deal, was a plan to dilute the
Abu Dhabi shareholding by finding additional investors for the bid, reducing
its stake to a level below controlling interest.

 

However, this was rejected by the potential buyers.

 

Mr Zucker insisted his bid was "American led" and said the proposed
structure would preserve the papers' independence.

 

"We are confident that our commitments and the incredibly robust legally
underpinned editorial protections that we have submitted will be sufficient
to address any concerns," he asserted.

 

The establishment of an editorial trust board is key to Redbird IMI's
editorial protection assurances.

 

Mr Zucker said the board would serve three functions: to ensure the
editorial independence of the titles, to handle all disputes that arise, and
to approve the appointment of an editor.

 

"I think that taken collectively, there's no UK newspaper that has stronger
protections of editorial independence," he added.

 

The Telegraph's current editor, Chris Evans, would stay in place, according
to Mr Zucker, though he admitted he had not yet had that conversation with
Mr Evans.

 

The transfer of control is far from certain, and the whole process could
easily drag on for many months as the government may also refer the matter
to the Competition and Markets Authority - which could leave the ownership
of the paper in limbo during a critical election campaigning period.

 

Gulf states have been very significant investors in the UK in recent years.
UAE-based investors have poured billions into ports, housing projects,
windfarms and science parks and are being courted for an investment in a new
nuclear power plant at Sizewell in Suffolk. The Conservative government
potentially risks offending deep-pocketed friends if it draws a line at its
favoured newspapers.

 

But opponents of the deal point to examples of breaches of press freedom,
including reports of a mass firing of journalists at Al Roeya, a newspaper
in Dubai owned by IMI, after its editors had decided to run a story on high
fuel prices in UAE.

 

An IMI spokesperson said: "We are fully committed to the editorial
independence of the Telegraph and the Spectator. The legal undertakings we
are making to the UK government to protect the journalistic freedom of the
titles include a separate independent Editorial Trust to act as guardian, an
additional undertaking from IMI to not engage in any way with journalists or
their reporting, and the structural separation in the Redbird IMI fund
buying the Telegraph and Spectator. This is a business investment for us and
we will play no part in the running of the Telegraph or the Spectator."

 

The decision will ultimately fall to the Culture and Media Secretary, Lucy
Frazer, either to let it go ahead, require further guarantees or amendments,
or block it outright.

 

The Department for Culture, Media and Sport declined to comment.

 

The BBC understands that Ofcom and the government received the plans more
than a week ago and a preliminary ruling is expected some time in
February.-BBC

 

 

 

Trump companies got millions from foreign governments, Democrats say

Donald Trump's hotels and other businesses accepted more than $7.8m (£6.1m)
from foreign governments during his presidency, according to a new report
from Democrats in Congress.

 

They found that China was responsible for more than $5.5m of those payments,
which Mr Trump is accused of accepting in violation of the US constitution.

 

The report is based on documents released by Mr Trump's former accounting
firm after a court battle.

 

Mr Trump did not immediately comment.

 

The US constitution bars presidents from accepting gifts or other benefits
derived from their position without express permission from Congress.

 

The former businessman, who made his name as a hotel and property developer,
has been dogged by questions about his firms' dealings since he entered the
White House in January 2017.

 

At the time, he placed his sons in charge of the companies' day-to-day
operations but maintained ownership of the businesses, which included the
Trump International Hotel in Washington, which became a known haunt for
lobbyists, foreign delegations and others.

 

Mr Trump, who is currently campaigning for a second term, faced numerous
lawsuits alleging conflicts-of-interest.

 

In 2021, America's highest court threw out the cases, saying they were moot
after he lost the 2020 election.

 

Representative Jamie Raskin, the top Democrat on the House Oversight
Committee, said the investigation showed Mr Trump "put lining his pockets
with cash from foreign governments seeking policy favors over the interests
of the American people".

 

"The report's detailed findings make clear that we don't have the laws in
place to deal with a president who is willing to brazenly convert the
presidency into a business for self-enrichment and wealth maximization with
the collusive participation of foreign state," he wrote in the introduction
to the report.

 

Democrats said their investigation showed that Mr Trump's loyalties were
split by the payments, which came from at least 20 governments many of which
had sensitive or politically charged matters before the US.

 

They cite as an example that Mr Trump supported arms sales to Saudi Arabia
that were opposed by Congress due to fears the weapons would be used against
civilians.

 

The report also notes he cast doubt on US intelligence assessments that the
Crown Prince Mohammad bin Salman had ordered the murder of Washington Post
journalist Jamal Khashoggi.

 

After China, Saudi Arabia and its royal family was the second biggest patron
of the Trump businesses, spending more than $600,000 at his properties,
according to the report.

 

Qatar, Kuwait and India rounded out the top five list.

 

Democrats said that the findings reflect just the first two years of his
presidency and only four of his properties, claiming it likely represented
just a fraction of the money Mr Trump's businesses made from foreign
governments during his time as president.

 

In 2022, Democrats lost control of Congress and could no longer compel
release of documents, cutting short the investigation.

 

Republican James Comer, who is leading an inquiry into the business dealings
of President Joe Biden's son, Hunter, during his father's vice presidency,
dismissed the findings.

 

"It is beyond parody that Democrats continue their obsession with former
President Trump," he said in a statement. "Former President Trump has
legitimate businesses but the Bidens do not."

 

Mr Trump's tax records, released in 2022, revealed significant business
losses during his presidency and he has scaled back his business.

 

The Trump Organization sold the Washington hotel to an investment group for
$375m in 2022.-BBC

 

 

 

 

After Hollywood, Bollywood fights 'unfair' contracts

Writing is a lonely business, and for many in India's Bollywood, not a
profitable one.

 

Unless a screenwriter lands a big break - a successful film where they also
get credit. But until then, money and opportunity are often in short supply.

 

A major reason, writers say, is the "harsh contracts" they have to sign,
which they allege are designed to protect the interests of the producer.

 

"Most contracts have arbitrary termination clauses and offer paltry fees,
especially to newcomers," says Anjum Rajabali, a senior member of the
Screenwriters Association (SWA) - the Indian equivalent of the Writers Guild
of America (WGA) - which has more than 55,000 members across the country.

 

"They also don't pay writers for reworking drafts and give producers the
right to decide whether a writer should be credited for their work or not,"
Mr Rajabali says, adding that some contracts even ban writers from
approaching the union if there's a dispute with the producer.

 

The SWA has advocated for members' rights for decades, but recently, it has
been exploring more assertive ways to reduce the alleged power imbalance
between producers and writers.

 

In December, it held a meeting to discuss changes writers would like to see
in their contracts. More than 100 writers, including some big Bollywood
names such as Abbas Tyrewala and Sriram Raghavan, attended.

 

"The plan now is to invite producers to sit across the table and work with
us to make contracts more equitable," Mr Rajabali says, adding that "most
producers agree" that writers need better pay and some kind of job security.

 

The BBC has emailed questions to the Producers Guild of India, but has not
received a response.

 

The successful outcome of a months-long writers' strike in the US last year
has bolstered the confidence of Indian screenwriters to put forth their
demands. The strike, which brought Hollywood to a halt, forced producers to
agree to better terms for writers.

 

But the movement in India is still in a nascent stage, and experts say that
something as drastic as a strike isn't likely soon. This is partly because
of the way the industry functions, where good relationships are key to
getting work, and because of the sheer number of people waiting to catch a
break.

 

It's also because contracts for writers are a relatively new phenomenon in
India. Up until the mid-2000s, writers relied on the "word" of a producer
when it came to getting paid. Even the amount for a script was negotiated
orally and producers would pay writers irregularly rather than in steady
instalments.

 

"After big corporations started funding studios, writers started being given
contracts. But as producers have tried to increase profits and cut down on
financial risks, the contracts have become harsher and more unreasonable,"
Mr Rajabali says.

 

Why audiences turned against a Bollywood epic

He points out a particularly unfair clause many producers have begun adding
to their contracts - that a writer will have to indemnify the producer for
any losses incurred due to protests or controversies sparked by a film.

 

He says this is because of increasing instances of hardliner groups
targeting films for "hurting religious sentiments". Protesters have torn
posters, destroyed film sets and filed complaints over dialogues or scenes
they find offensive.

 

As a precaution, producers have started getting lawyers to approve scripts,
Mr Rajabali says, adding that it is unfair to ask writers to "pay for losses
after you have bought the script".

 

Writers say such clauses put them in a vulnerable position and that the
insecurity affects their creativity.

 

Hitesh Kewalya, a Mumbai-based screenwriter, remembers how difficult his
life was before he managed to get a foothold in the industry.

 

He had quit his job in advertising to pursue scriptwriting, but struggled to
pay rent.

 

"At one point, I had written seven movie scripts, but because the films
didn't get made, I wasn't paid for any of them," Mr Kewalya says.

 

He adds that things haven't changed much for today's writers and many quit
the industry because it's hard to make a living.

 

But there's a sliver of a silver lining, as some producers have begun taking
corrective steps.

 

Nikhil Taneja, who earlier worked in a senior role at one of Bollywood's
biggest film production companies, says that he has started offering
remuneration proportionate to the scale of a project to writers working with
his own company, Yuvaa. This means that if a platform increases the budget
for a project, the writer's fee is also increased - a rare clause in the
entertainment industry.

 

Mr Taneja admits that writers' contracts are exploitative, but says this is
more because of the nature of filmmaking.

 

"Filmmaking is a risky business because there's no science to it. A film
with the best director and biggest stars can flop or struggle to get a
release. And it's the producer who has to bear the loss," he says.

 

It's true that producers enjoy the biggest share of profits when a film does
well, but when it doesn't, they still have to pay people.

 

He says that the proliferation of streaming platforms has made it even more
difficult for films to be discovered and watched, let alone become a hit.

 

Another reason is the way films are made - often, the script changes during
the shooting with inputs from actors, directors or dialogue writers. It can
change drastically during editing too.

 

"So the finished product is very different from the initial script and
that's why producers pay a major portion of the writer's fee towards the end
of a project," Mr Taneja says.

 

But he says that this does not mean that things should continue as they are
and that writers - whose scripts are the building blocks of a film - deserve
to be treated better. "But this will happen only when writers come together
and demand their rights. Only then will the industry take notice," he says.

 

Meanwhile, Mr Rajabali says the SWA will continue to press for its demands,
which include giving all writers at least a minimum basic fee, due credit
and ridding contracts of exploitative termination and indemnity clauses.

 

"The fight is going to be a long one, but writers are known to be
perseverant people."-BBC

 

 

 

 

Carrefour to halt Pepsi sales over price rises

Grocery giant Carrefour will stop selling Pepsi products in France, citing
"unacceptable price increases".

 

The supermarket started putting up signs in stores on Thursday to inform
customers of the decision, which will affect products such as Pepsi soda,
Doritos and Quaker cereals.

 

Pepsi said it would continue to try to negotiate in "good faith".

 

The spat comes as France continues to grapple with food prices that are
rising uncomfortably quickly.

 

The most recent report from the government statistics agency estimated that
food prices rose 7.1% in December from a year earlier.

 

French Finance Minister Bruno Le Maire last year pushed major food companies
to bring down prices, threatening special taxes on "undue" profits.

 

The government also moved up its deadline for price negotiations between
food companies and supermarkets to this month in an effort to get a grip on
the problem.

 

Pepsi has raised prices in recent years, pointing to rising costs. In
October it said it expected further hikes in 2024.

 

The company has also been active in what critics describe as "shrinkflation"
- reducing the size of packets for sale, but not dropping prices at the same
rate.

 

Carrefour, France's second-largest grocer, has been one of the most
prominent retailers to push back against the practice.

 

In September, it posted French supermarket puts up 'shrinkflation' signs on
certain products, including Lipton Ice Tea, which is a Pepsi brand.

 

The new notes for Pepsi products, a picture of which the company shared on
LinkedIn, say "we are no longer selling this brand due to unacceptable price
increases".

 

Despite the price fight, French shoppers will still be able to buy Pepsi
products that are currently on the shelves, the spokesperson told the news
agency.

 

Pepsi said it had been in discussion with Carrefour for many months.

 

"We will continue to engage in good faith in order to try to ensure that our
products are available," it said.

 

The public price dispute is unusual but not unprecedented.

 

In 2022, Tesco faced off with Kraft Heinz over price rises for staples such
as baked beans, ketchup and tomato soup.

 

German grocers Edeka and Rewe also halted sales of certain products from the
manufacturer Mars, citing price hikes.

 

Edeka also reported a dispute with Pepsi last year, while a standoff between
Milka chocolate-maker Mondelez and Belgian supermarket Colruyt led to a gap
in supply last year.-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
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been compiled from s believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
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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.

 


 

 


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