Major International Business Headlines Brief::: 09 January 2024

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Major International Business Headlines Brief:::  09 January 2024 

 


 

 




 


 

 


 

ü  Kenya: Dutch Flower Company Sets Up an Export Facility in Kenya

ü  Somalia: Somaliland Defence Minister Resigns Over Sea Deal With Ethiopia

ü  Tunisia: Six Tunisian Women in Tech of Year 2023 (Reconnect)

ü  Nigeria: Foreign Criminals Go for Gold in Nigeria

ü  Nigeria: Army Destroys 233 Illegal Refineries in Four South-South States

ü  Rwanda: Govt to Construct Rwf13 Billion Animal Treatment Facility

ü  Angola Central Bank Discuss Ways to Reduce Inflation

ü  Nigeria: Dangote Refinery Set for Production, Receives 6th Batch of 1m
Crude Oil Barrels January 8

ü  Namibia: Banks to Face Uphill Battle to Repossess Homes

ü  Nigeria: Chinese, Nigerian Firms Sign $1bn Gas Flaring Deal

ü  Boeing 737 Max 9: Two airlines find loose hardware in jet inspections

ü  Samsung warns of worse than expected profits fall

ü  Barclays bank cut 5,000 jobs in cost-saving drive

 


 

 


 

 <https://www.cloverleaf.co.zw/> Kenya: Dutch Flower Company Sets Up an
Export Facility in Kenya

Nairobi — A flower exporting company, Packed at Source (PASA), has opened up
a flower packaging facility for export at Africa Logistics Properties (ALP)
in Nairobi.

 

PASA, which is a subsidiary of the Dutch Flower Group, announced that the
new facility will also serve as a hub for Africa.

 

Through the unit, fresh cut-flower bouquets will be shipped to the
Netherlands, the United Kingdom, and South Africa.

 

"Excited to see EPZ continue to play a critical role in our export market.
Textiles, pharmaceuticals, agriculture, floriculture, agribusiness, and food
industry companies are flourishing within EPZ, symbolizing the diverse
strength of our economy," Investments, Trade and Industry Cabinet Secretary
Rebecca Miano said.

 

"This growth not only fuels Foreign Direct Investment but also opens up new
avenues for our youth, paving the way for increased employment
opportunities. Together, we're building a stronger, more dynamic Kenya."

 

Flower is one of Kenya's top export earners after tea, thus its importance
to the country's economy.

 

In 2022, for example, Kenya earned a total of Sh90 billion in flower
revenue, which was a slight drop from Sh110 billion during a similar period
in 2021.

 

The decline was attributed to a falling demand for the commodity on the
global market.

 

   -Capital FM.

 

 

 

 

Somalia: Somaliland Defence Minister Resigns Over Sea Deal With Ethiopia

Hargeisa, Somalia — The Minister of Defense of Somaliland, Abdiqani Mohamud
Aateeye, has announced that he has resigned from the ministerial position
after opposing the agreement between Somaliland and Ethiopia.

 

The minister who gave a private interview to Horyaal TV said, "I am resigned
to the fact that the president is giving 20 kilometers of our sea to
Ethiopia and I am against it in my opinion, since we have lost land in
Ethiopia before, and the number one enemy of Somalia is Ethiopia. He knows
both the small and the great."

 

He said that they met the president today, and he told him that he did not
believe that it is appropriate for Ethiopian troops to come to Somaliland.

 

He said that the land of Lughaya where the Ethiopian base is to be built
belongs to his community as an area, and he is thinking about the peace of
Ethiopia in Somaliland, and the president rejected that.

 

The minister also doubted the rent of the sea saying that Abiy Ahmed wants
to take a sea but he does not want to rent a sea and own it, as he noted.

 

The agreement has sparked protests in Somaliland, some supporting it and
some opposing it, with some people supporting it and some people expressing
doubts.

 

On the other hand, the Somali government strongly rejected the agreement
between the two parties, calling it a violation of Somalia's sovereignty.

 

   -Shabelle.

 

 

Tunisia: Six Tunisian Women in Tech of Year 2023 (Reconnect)

Tunis/Tunisia — Six Tunisian women have been named in Tech of the Year 2023
by the Tunisian association RECONNECTT, based in France and bringing
together highly qualified Tunisian skills from all over the world.

 

The winners were chosen on the basis of their professional careers,
scientific publications and commitment to Tunisia.

 

Through their work, projects and achievements, they have all contributed to
Tunisia's radiance in the fields of medical technology, robotics and
neuromuscular medicine, terrestrial and planetary remote sensing, spatial
analysis and water resource management, as well as multi-agent systems
technologies and their applications.

 

 

They laureates are Rym Zalila Wenkstern (Professor of Computer Science and
Director of the Center for Applied AI at the University of Dallas, Texas,
USA), Zohra Lili Chabaane (Professor of Remote Sensing, Geographic
Information Systems and Water Resources Management at the Institut National
Agronomique de Tunisie (INAT), Senda Ajroud-Driss (Professor of Neurology at
the Feinberg School of Medicine at Northwestern University, Chicago, USA),
Olfa Khélia Boubaker (Professor of Control Systems Engineering and Robotics
at the National Institute of Applied Sciences and Technology-INSAT,
Tunisia), Amira Romani (Senior Vice President at Global Innovation &
Technology/ Siemens Healthineers, Germany) and Ines Fenni (Scientist at
NASA's Jet Propulsion Laboratory, Pasadena, CA, USA).

 

The vote was carried out by the association's active members and ambassadors
around the world.

 

Through this naming, RECONNECTT aims to give a boost women in science and
technology in Tunisia, promote scientists, researchers, experts, leaders and
talents, enhance the cultural and heritage capital in Tunisia and worldwide
and develop North-South and South-South partnerships in the Mediterranean in
new technologies.

 

   -Tunis Afrique Presse.

 

 

 

 

Nigeria: Foreign Criminals Go for Gold in Nigeria

Solid minerals are critical national assets - and should be prioritised like
the country's oil and gas exploration.

 

Nigeria's mining sector is diverse in mineral resources that make a
significant contribution to the nation's gross domestic product. The country
is endowed with an estimated US$700 billion in commercially viable minerals,
giving it the capacity to diversify its revenue sources and boost foreign
exchange earnings. Minerals include barite, bitumen, iron ore, lead, zinc,
coal, limestone and gold.

 

However, the mining sector faces multiple challenges. Its poor performance
can be attributed to various factors including opaque extraction, insecurity
and organised crime.

 

Nigeria's natural resources have been exploited by foreign criminals for
decades, and the extractive sector is the most recent target. Since early
2020, several Chinese nationals have been arrested in Nigeria for their
involvement in illegal mining.

 

 

In April 2020, police in Zamfara State arrested two Chinese nationals for
allegedly engaging in illegal mining in the Bukkuyum locality, where the
federal government had banned all mining activities to curb killings by
armed bandits. In September 2022, a Chinese national was arrested by
Economic and Financial Crimes Commission (EFCC) operatives in Ilorin, Kwara
State, in possession of a truckload of minerals suspected to be lepidolite.

 

Policy inconsistencies have created disorder across mining sites and
activities

 

In July last year, the EFCC arrested 13 more Chinese nationals for allegedly
engaging in illegal mining. A month later, an illicit mining company
operated by Chinese nationals in Akwa Ibom State was closed down. The firm
was unable to provide authorisation documents for titanium ore mining. The
firm was unable to provide authorisation documents for titanium ore mining.

 

 

Over the years, policy inconsistencies have created disorder across mining
sites and activities. The lack of comprehensive legislation has enabled
illegal mining characterised by inefficient manual mining techniques,
unlawful trading of highly priced minerals, severe ecological degradation,
spread of diseases and huge loss of government revenue through smuggling.
This has opened the door for foreign organised criminals to exploit illicit
minerals trade nationwide.

 

The recent focus has been on gold mining. In the banditry-affected
north-west and central areas, loose criminal networks engaged in illegal
gold mining have ties to foreign actors and facilitate trafficking. Most
criminal markets for gold in Nigeria are driven by foreign demand but
propped up by local actors. Foreign networks operate like their local
counterparts and have repositioned their activities in the criminal value
chain through direct involvement in illicit gold mining in remote villages
and forests.

 

 

The ENACT project spoke to various law enforcement officials on condition of
anonymity. A senior police officer in Zamfara State in north-west Nigeria
said the incursion of foreign criminals was happening because 'our mining
sector has not been accorded much priority by the nation's security actors
until recently when illegal mining was linked to rural banditry'.

 

'Most of the mining activities are being done by illegal miners because
regulators and security agents have neglected mining sites. Chinese and
other foreigners too, are taking advantage of this prolonged neglect by the
nation's mining regulators and security agents. It's also the reason why
bandits are attracted to the sector.'

 

Most criminal markets for gold in Nigeria are driven by foreign demand but
propped up by local actors

 

Echoing this, an Independent Corrupt Practices Commission senior official
said the problem was driven by 'endemic corruption, opaque mining
regulations, poverty among the residents of host communities and the
readiness of Chinese actors, irrespective of where they operate, to corrupt
the system with foreign funds [to] fuel illegal mining activities and its
attendant security breaches. They are always ready to compromise the mining
regulatory agencies and the local citizens.'

 

The situation is exacerbated by an inadequate visa approval process, driven
by incompetence and corruption. Nigerian immigration authorities continue to
issue tourist visas to Chinese workers, who regularly stay beyond the visa
expiration date to work in the country.

 

In March 2022, the Nigeria Immigration Service in Niger State arrested over
200 Chinese workers who had reportedly entered the country with tourist
visas and stayed after their travel permits expired. ENACT found that this
phenomenon was sustained by cumbersome visa approval processes and outright
violations of travel permits issued for Chinese workers.

 

In a country contending with diverse forms of criminality, the involvement
of foreign criminals in the extractive sector presents a serious security
challenge. Nigeria's government must accord the same level of importance to
solid minerals as it does to oil and gas exploration. These minerals are
among the country's most critical national assets and should be guarded
through a coordinated security response.

 

Foreign criminals could funnel illicit financing to armed or terror groups
for greater access to minerals

 

A recent ENACT study links illicit gold mining in Zamfara to protracted
banditry in the country's north-west. This suggests that if allowed to
continue, foreign criminals could funnel financing to armed or terror groups
for greater access to minerals.

 

The extractive sector must be on the radar of the country's military, police
and Nigeria's Security and Civil Defence Corps. A senior Abuja-based police
officer told ENACT that inter-agency collaboration was needed to identify,
arrest and prosecute foreign criminals. The role of immigration authorities
is crucial. Foreign miners must be properly documented and either granted
legal status or deported.

 

Illegal foreign miners may also be part of larger criminal networks, making
cooperation with China essential. Other measures include enacting or
amending laws to address illicit mining and strengthen penalties. Local
communities should also be sensitised about the negative social,
environmental and security impacts of illegal mining and encouraged to
report suspicious activities.

 

Oluwole Ojewale, Regional Organised Crime Observatory Coordinator, Central
Africa, ENACT, ISS and Freedom Onuoha, Senior Lecturer, Department of
Political Science and Coordinator, Security, Violence and Conflict Research
Group, University of Nigeria-ISS.

 

 

 

Nigeria: Army Destroys 233 Illegal Refineries in Four South-South States

The 6 Division, Nigerian Army, Port Harcourt, destroyed 233 illegal
refineries during "Operation Still Waters 3" in four states in 2023.

 

According to a report from the News Agency of Nigeria (NAN), the four
refineries destroyed were located in Akwa Ibom, Cross River, Delta and
Rivers of the South-South region.

 

General Officer Commanding (GOC) the division, Maj.-Gen. Jamal Abdussalam,
made the declaration on Monday in Port Harcourt on the side-line of the 2023
West African Social Activities celebration of the army.

 

He said the division also arrested 1,112 suspected oil thieves during the
special military exercise in the four states.

 

 

"In 2023, we successfully completed scheduled exercises with a lot of
positive gains. Worthy of note is the field training exercise tagged
"Exercise Still Waters 3."

 

"The exercise has gone a long way in curtailing criminal activities and
other heinous crimes in the 6 Division's area of responsibility.

 

"Over the duration of the exercise, we were able to make 1,112 arrests;
destroyed 233 illegal refineries, and seized 1,111,900 million litres of
illegally refined petroleum products.

 

"Troops also impounded 72 trucks and other vehicles and recovered more than
356 arms and ammunitions during the period," he said.

 

Abdussalam assured that the army would consolidate its achievements in 2023
to enable the Federal Government to attain its set target for crude oil
production in 2024.

 

According to him, the army can only meet expectations if troops remain
dedicated, focused, and committed in the discharge of their collective
responsibilities.

 

"We must ensure zero tolerance for oil theft and activities that will affect
peace and stability across the Niger Delta and the country as a whole.

 

"We will continue to contentiously perform our constitutional roles to
defend democratic values.

 

"We will not rest, and we will continue to go after criminals who attack us
until we get them and make them to pay a higher price for their crimes," he
stressed.

 

The GOC also gave the assurance that the division would do whatever it took
to ensure that crude oil output rose in 2024.

 

NAN

 

   -Vanguard.

 

 

 

 

Rwanda: Govt to Construct Rwf13 Billion Animal Treatment Facility

The government is building a Rwf13.3 billion Veterinary Laboratory Complex
at the University of Rwanda, Nyagatare campus, in Eastern Province, to boost
veterinary medicine, livestock production and technology.

 

The lab will carry out scientific experiments, analyses, veterinary and
animal science research for both domestic and wild animals across the entire
country and the region, according to officials.

 

ALSO READ: Limited access to vet services hurts poultry, pig farmers

 

Raymond Ndikumana, Deputy Vice Chancellor for Strategic Planning and
Administration at University of Rwanda told The New Times that the
Veterinary Laboratory Complex is a considerable resource for the university
to deliver quality education, research, community outreach programmes and
projects.

 

 

ALSO READ: Veterinary council seeks more professionals to boost livestock
enterprises

 

The project is expected to increase the number of veterinary doctors and
technicians as the demand for animal products continues to rise, leading to
an increase in livestock.

 

Currently, the veterinary council has over 5,000 members, implying there is
a gap in animal treatment and production despite the demand.

 

"At its full completion, we also aim at hosting a variety of postgraduate
programmes and nine Continuous Professional Development (CPD) programmes,
meant to build capacity to a critical number of in-service professionals,
equipping them with updated skills in veterinary medicine and animal and
livestock production and technology," he said.

 

ALSO READ: Government to privatise veterinary services

 

 

Ndikumana said construction cost is estimated at Rwf8 billion while
equipment for the complex will cost Rwf5.5 billion.

 

"If the whole needed budget is available, the complex could be completed by
the end of 2024 or in the middle of 2025," he disclosed.

 

New animal sciences college

 

The project, Ndikumana said, is part of UR's ongoing reforms of programmes
and colleges. The Veterinary Laboratory Complex is expected to be a resource
for the proposed new College of Veterinary Medicine, Animal Production and
Sciences.

 

Veterinary Medicine, Animal Production and Sciences is still part of the
School of Veterinary Medicine in the College of Agriculture, Animal Sciences
and Veterinary Medicine (CAVM) which is located in Musanze District,
Northern Province.

 

"We want Animal Sciences and Veterinary Medicine to be a college on its own
and the proposal has been submitted to the cabinet for approval," Ndikumana
said.

 

 

Forestry students from Huye campus have also been relocated to the College
of Agriculture, and Animal Sciences in Musanze District.

 

Reforms in other colleges

 

The reforms are also going on in other colleges such as Business and
Economics Colleges. The University of Rwanda is carrying out a comprehensive
review of all the 158 academic programmes it offers with a target to phase
out those that do not reflect the realities of the current labour market.

 

One of the many highlights of this reform is the concentration of a
particular College at a particular Campus.

 

The Business and Economics College was running campuses in Nyagatare
(Eastern Province), Huye (Southern Province), Gikondo (Kigali City) and
Rusizi (Western Province). It was decided that the College of Business and
Economics will be consolidated in Huye, especially all undergraduate
programmes.

 

University of Rwanda (UR) students studying at the Rusizi campus were, in
November 2023, relocated to Huye District as Rwanda Polytechnic (RP)
prepares to take over the campus to provide Bachelor of Technology degrees.

 

The relocated students are part of the College of Business and Economics.

 

"Students from the College of Business and Economics were moved to UR Huye
Campus on December 24 as part of the ongoing review of the University of
Rwanda. These are students doing Accounting and Finance degrees," Ndikumana
said.

 

Business and Economics students from Nyagatare campus were also relocated to
Huye to pave the way for the Veterinary Laboratory Complex and new college.

 

"The UR Review aims at consolidating the gains realised over the last 10
years since the merger of public Higher Learning Institutions that formed
the University of Rwanda, remove observed inefficiencies towards developing
UR into a premier University with quality education and research reflecting
and supporting Rwanda's ambitions and aspiration," Ndikumana said.

 

The University of Rwanda was created in 2013 after merging seven public
higher learning institutions.

 

   -New Times.

 

 

 

 

Angola Central Bank Discuss Ways to Reduce Inflation

Luena — The Monetary Policy Committee (CPM) of the National Bank of Angola
(BNA) is due to meet on January 19 to analyze and discuss ways to curb the
rising inflation that has hit the Southern African nation, the BNA
spokesperson Manuel Dias has said.

 

Manuel Dias added that one of the goals is to put the current inflation rate
below the present figure of 18.19 percent to stabilize the country's economy
and prices, which as he said, continues to be the main challenge for the
central bank.

 

Asked about the current situation of the national financial system, the BNA
spokesperson said that from a global and systemic point of view, it is
performing well, judging by several indicators that have permanently been
the objective of evaluation by the Financial System Stability Committee.

 

The BNA official stressed that the perspective for this year is to continue
the implementation of the BNA's strategic plan in force from 2023, until
2028 for the success of the country's Central Bank's duties. TC/YD/CF/AMP

 

   -ANGOP.

 

 

 

 

Nigeria: Dangote Refinery Set for Production, Receives 6th Batch of 1m Crude
Oil Barrels January 8

Dangote Refinery appears set to commence production of refined petroleum
products with the receipt of the sixth batch of barrels of crude supplied by
the Nigeria National Petroleum Corporation Limited (NNPCL).

 

The fresh one million Agbami barrels of crude via MT ALMI SUN is the last
cargo to complete the initial scheduled 6 million barrels consignment to be
delivered to the Dangote facility for commencement of operations by the
world's largest single-train refinery.

 

Exactly a month ago, Dangote Refinery received the first one million barrels
of Agbami crude grade from Shell International Trading and Shipping Company
Limited (STASCO), one of the largest trading companies in Nigeria as well as
globally, trading in over 8 million barrels of crude oil per day.

 

 

Since then, Dangote Refinery has been receiving the crude oil in batches,
and the 6th batch of one million barrels of Agbami crude, got discharged
today at the Single Point Mooring (SPM-C2) at the Dangote Offshore Oil
Terminal (DOOT).

 

It would be recalled that the Managing Director of Dangote Ports Operations,
Mr. Akin Omole had told newsmen at the Dangote Quay, Ibeju-Lekki, Lagos that
the Refinery will be in good stead to commence operation, once the 6 million
barrels of crude had been delivered.

 

Omole said, "Once the 6 million barrels are fully delivered, it will
facilitate the initial run of the refinery as well as kick-start the
production of diesel, aviation fuel, and Liquefied Petroleum Gas (LPG)
before subsequently progressing to the production of Premium Motor Spirit
(PMS)."

 

This latest development will play a pivotal role in alleviating the fuel
supply challenges faced by Nigeria as well as the West African countries.

 

Designed for 100% Nigerian crude with the flexibility to process other
crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process
most African crude grades as well as Middle Eastern Arab Light and even US
Light tight oil as well as crude from other countries.

 

Dangote Petroleum Refinery can meet 100% of Nigeria's requirement of all
refined products, gasoline, diesel, kerosene, and aviation jet, and has a
surplus of each of these products for export.

 

   -Vanguard

 

 

 

 

Namibia: Banks to Face Uphill Battle to Repossess Homes

Minister of justice Yvonne Dausab is expected to operationalise a new law
protecting homeowners against bank repossessions due to loan defaults.

 

On 21 December president Hage Geingob signed into law the Magistrates'
Courts Amendment Act of 2023 which protect homeowners.

 

While there is no exact date for when the law would become operational,
justice executive director Gladys Pickering has confirmed the new
amendments.

 

"The law was gazetted on 21 December 2023, but will come into operation on a
date to be determined by the minister of justice. The commencement notice
will also be gazetted," she says.

 

 

Dausab last year submitted a discussion paper to the parliament asking for
leniency in regulations so that borrowers do not lose their homes.

 

"We must make sure and must know that the rights of all interested parties
must be protected and promoted, but the state has a duty to protect and
promote the human rights of all citizens - especially the most vulnerable in
our society, and an opportunity is presenting itself to rectify injustices,"
she said at the time.

 

The old Magistrates' Courts Act has been in place since 1944.

 

The new law imposes restrictions on the auctioning of immovable property,
specifically targeting the homes of individuals facing loan defaults.

 

Lawyer Richard Metcalfe, a vocal advocate for legal protections for
individuals facing the loss of their primary homes due to loan defaults, has
expressed his strong support for these amendments.

 

 

Metcalfe says the alterations were a critical step forward in protecting the
public's interests.

 

"These long outstanding changes to the law are welcomed. It is in the best
interest of all our people and halts the much-despised actions of
cold-hearted corporate irresponsibility," he says.

 

The amendment law broadens the definition of "primary home", granting
authority to the Rules Board for regulations related to property sales,
expanding magistrate' courts' jurisdiction, imposing limitations on property
execution sales, and addressing associated matters.

 

The act now defines "primary home" as main residence, regardless of
occasional stays elsewhere or other property ownership.

 

Section 25 of the act is amended to regulate execution against a judgement
of a debtor's primary home, outlining conditions for sale based on market
value and setting a reserve price.

 

The act further establishes rules for selling immovable property under court
judgement, requiring court approval based on criteria like insufficient
movable assets of the debtor or declaration of the property as executable.

 

Additionally, special considerations apply if the property is a primary
home, allowing the court to explore alternative orders such as attaching
other properties, adjusting repayment terms, or enabling voluntary property
disposal.

 

The court's jurisdiction covers various cases, including property claims of
up to N$1 million in value, ejectment actions against occupants (up to N$1
million in value), determination of rights of way, claims related to liquid
documents or mortgage bonds (of up to N$1 million), disputes from credit
agreements (of up to N$1 million), and other claims under N$500 000.

 

The Bank of Namibia (BoN) last month said amendments could inadvertently
result in discriminatory lending practices.

 

Lending discrimination occurs when credit decisions are influenced by
factors other than the applicant's creditworthiness.

 

BoN spokesperson Kazembire Zemburuka says to address concerns like
discriminatory credit practices, the central bank plans a digital maturity
assessment, leveraging technology to enhance efficiency and reduce
subjectivity, while expressing support for the justice ministry's proposed
amendments and taking allegations of unfair practices seriously.

 

"Discriminatory credit practices form part of the areas that can be
addressed leveraging technology and reducing subjectivity," he says.

 

   -Namibian.

 

 

 

 

Nigeria: Chinese, Nigerian Firms Sign $1bn Gas Flaring Deal

A Chinese firm, Beijing Zhogmin Xinjunlong New Energy Technology Company
Ltd. and NIGUS International, a Nigerian firm, have signed a $1 billion
agreement to fund and develop gas flaring solutions for Nigeria.

 

The deal which is monumental to Nigeria will help to end gas flaring and
introduce Nigeria into the world of Green Sustainable Energy Production.

 

Speaking at the agreement signing, HRH Malik Ado Ibrahim, Chief Executive
Officer and Chairman of NIGUS, said the partnership with the Chinese company
was aimed at imbibing its new state-of-the-art technology profile to convert
flared gas for commercial use.

 

This new technology, according to him, will create Gas-to-Liquid (GTL),
(synthetic diesel to galvanise energy mix), Liquefied Natural Gas (LNG) for
export and Liquefied Petroleum Gas (cooking gas), among others.

 

GTL technology is a process that converts natural gas, the cleanest burning
fossil fuel to high-quality liquid fuels such as gasoline, jet fuel and
diesel.

 

"The joint venture is about NIGUS, as a renewable energy company, joining
forces with the technology that allows us to bring a clean climate economy
to Nigeria and create value from what we are wasting at the moment to
generate lower pricing energy.

 

"We seem not to be contributing to the carbon footprint, we flare a lot of
our gas, 90 per cent of what we produce in Nigeria is being flared, not
utilising the gas."

 

   -Vanguard.

 

 

 

 

Boeing 737 Max 9: Two airlines find loose hardware in jet inspections

Bolts in need of "additional tightening" have been found during inspections
of Boeing 737 Max 9s, United Airlines has said.

 

United Airlines said "installation issues" relating to door plugs would be
"remedied" before the aircraft type would return to service.

 

Inspections began after a section of the fuselage fell from an Alaska
Airlines 737 Max 9 on Friday.

 

Alaska Airlines says it has since found "some loose hardware" on some Max
9s.

 

The Federal Aviation Administration (FAA), which regulates air travel in the
US, has grounded 171 planes of the same type.

 

United said: "Since we began preliminary inspections on Saturday, we have
found instances that appear to relate to installation issues in the door
plug - for example, bolts that needed additional tightening."

 

The door plug is a piece of fuselage, with a window, that fills the space
where an emergency exit would be in certain configurations.

 

It was this part of the Alaska Airlines plane which dramatically fell off
mid-flight over the US state of Oregon, eventually landing in a teacher's
back garden.

 

The plane made an emergency landing but none of the passengers or crew were
seriously injured.

 

The vast majority of Boeing 737 Max 9s used in the US are operated by United
Airlines and Alaska, while Turkish Airlines, Panama's Copa Airlines and
Aeromexico have also grounded jets of the same model for inspections.

 

United said it had cancelled 200 flights as of Monday and expected
significant cancellations on Tuesday.

 

"We have been able to operate some planned flights by switching to other
aircraft types, avoiding about 30 cancellations each on Monday and Tuesday,"
United added.

 

Alaska Airlines said that initial reports from technicians preparing its 737
Max 9 fleet for inspection indicated "some loose hardware was visible on
some aircraft".

 

"When we are able to proceed with the formal inspection process, all
aircraft will be thoroughly inspected in accordance with detailed
instructions provided by the FAA in consultation with Boeing," it said.

 

"Any findings will be fully addressed in a matter that satisfies our safety
standards and FAA compliance. The formal inspections will also require
documenting all findings and those will be reported to the FAA. No aircraft
will be returned to service until all of these steps are complete."

 

Earlier, the FAA said it had provided a checklist for operators to adhere to
during inspections.

 

The FAA said all 737 Max 9 aircraft would remain grounded until operators
"complete enhanced inspections which include both left and right cabin door
exit plugs, door components, and fasteners".

 

"Operators must also complete corrective action requirements based on
findings from the inspections prior to bringing any aircraft back into
service," the statement added.

 

'Days-long search for plane's blown-out panel ended by teacher

Flight 1282 reached 16,000ft (4.8km) when it began its emergency descent on
Friday evening, according to flight tracking data.

 

Images shared online - and later by investigators - showed a wide hole in
the side of the craft, with oxygen masks dangling from the ceiling.

 

Passengers were quoted by The Oregonian newspaper as saying that a young boy
seated near the affected area had his shirt ripped off by the force of the
decompression.

 

The US National Transportation Safety Board (NTSB), which is leading an
investigation into the incident, said pilots had reported pressurisation
warning lights on three previous flights made by the specific Alaska
Airlines Max 9 involved in the incident.

 

The jet had been prevented from making long-haul flights over water so that
the plane "could return very quickly to an airport" in the event the
warnings happened again, NTSB chief Jennifer Homendy said.

 

It is not clear if there is a link between the issues that led to those
warnings, and the issue that caused the blowout on 5 January.

 

Diagram showing a picture of the plane's missing door frame accompanied with
a diagram of the door layout

Alaska Airlines said in its most recent statement: "While we await the
airworthiness directive (AD) inspection criteria from the FAA and Boeing,
our maintenance teams are prepared and ready to perform the required
inspections of the mid exit door plugs on our 737-9 Max fleet.

 

"The 737-9 Max grounding has significantly impacted our operation. We have
cancelled 170 Sunday flights and 60 cancellations for Monday, with more
expected."

 

Boeing said in a statement: "Safety is our top priority and we deeply regret
the impact this event has had on our customers and their passengers."

 

The company's 737 Max has been described as "the most scrutinised transport
aircraft in history" after a series of safety issues.

 

In late 2018 and early 2019, two of its aircraft were lost in near identical
incidents, off the coast of Indonesia and outside the Ethiopian capital
Addis Ababa.

 

A total of 346 people were killed. Both crashes were caused by flawed flight
control software, which ultimately forced the planes into catastrophic
dives, despite the best efforts of the pilots.-bbc

 

 

 

 

Samsung warns of worse than expected profits fall

Technology giant Samsung Electronics says it is likely to see its profits
for the last three months of 2023 fall by more than a third.

 

The decline is much worse than analysts expected and comes as global demand
for consumer electronics remains weak.

 

South Korea-based Samsung is the world's largest maker of memory chips,
smartphones and televisions.

 

The company is scheduled to release a detailed financial earnings report on
31 January.

 

Samsung estimated that its operating profit fell to 2.8 trillion won
($2.13bn; £1.76bn) in the October-December quarter, 35% lower compared to
the same period in 2022.

 

It is much less than the roughly 3.7 trillion won expected by technology
industry analysts.

 

Demand for electronic gadgets and the memory chips that go in them ramped up
during Covid lockdowns as consumers bought new devices to use at home.

 

However, memory chip prices dropped sharply last year. This was because of a
build up of large stocks of the key electronic components in the wake of the
pandemic, and slower sales for devices such as laptops and mobile phones.

 

That had a major impact on Samsung's earnings as it saw its operating profit
for the third quarter of 2023 fall by more than 77% compared to the same
period a year earlier.

 

In the previous quarter, the same measure of profitability plunged by 95%,
which triggered Samsung to cut the number of memory chips it planned to
make.

 

"We are lowering the production of memory chips by a meaningful level,
especially that of products with supply secured," the company said at the
time.

 

Samsung's warning on Tuesday comes as CES, the world's biggest consumer
technology trade show, gets underway in Las Vegas.

 

As well as being a shop window for the latest innovations, it also marks an
annual gathering of the biggest players in the technology industry.

 

Around 130,000 visitors and 4,000 exhibitors are expected at this year's
event.-bbc

 

 

 

 

Barclays bank cut 5,000 jobs in cost-saving drive

Barclays bank has confirmed it cut thousands of jobs around the world in a
huge cost-cutting exercise.

 

Some 5,000 roles were axed from its global workforce of 84,000 last year in
a bid to "simplify and reshape the business", it said.

 

About a quarter of the cuts have taken place in the UK, the BBC understands.

 

A Barclays spokesperson said the bank was supporting affected employees with
training and advice, depending where staff were based.

 

The reduction in headcount has been possible due to redundancies, as well as
vacancies that have not been filled during a hiring freeze, as Sky News
first reported.

 

A spokesperson for the British banking giant confirmed to the BBC that it
made the changes to "improve service and deliver higher returns".

 

Most employees affected worked in back-office support teams, "as management
layers are reduced and the group improves its technology and automation
capabilities", they said.

 

Barclays said the cuts were part of its plans to improve profitability,
which it said were announced in its third-quarter results in October last
year.

 

However, the total number of cuts is much higher than the 900 UK jobs
previously reported.

 

It marks the latest step in its savings programme, which has already seen
jobs go across its retail and investment banking businesses.

 

It has also announced nearly 200 branch closures in recent years, saying
only 10% of transactions were now taking place face-to-face.

 

The bank reported pre-tax profits for the three months to September of
£1.9bn, slightly better than analysts' forecasts, but down from £2bn a year
ago.

 

The latest announcement, which is thought to be among the biggest savings
exercises carried out at Barclays since the 2008 financial crisis, will
increase pressure on the lender ahead of its full-year results for 2023
being published next month.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

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Skype:         Bulls.Bears 



 

 

 


 

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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