Major International Business Headlines Brief::: 17 January 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  17 January 2024 

 


 

 




 


 

 


 

ü  Ethiopia's Difficult Start As a Brics Member

ü  Seychelles' Incident Response Team Fumigates Golden Apple Trees to Control Spread of Leaf Beetle

ü  Nigeria: 'Govt to Provide Electricity to People in Unserved, Underserved Communities'

ü  South Africa: Transnet Recovery Underway Following Train Collision

ü  Ethiopia: Challenges and Opportunities Facing the Construction Sector in Ethiopia

ü  Ethiopia: Value of Ports for the Ethiopian Economy

ü  Ghana: 2nd Tranche $3bn IMF Support - Govt Reaches Agreement With Official Creditors ...As IMF Welcomes News

ü  Kenya: Tanzania, Kenya Resolve Air Travel Restrictions Dispute

ü  Ethiopia: Streamlining the Role of Digital Technology for Economic Growth

ü  Ethiopia: Integrated Effort Requires to Provide 1.6 Million Citizens With Clean Water

ü  Nigeria: NRC Moves to Revive Old Narrow Gauge Networks

ü  Apple overtakes Samsung as world's biggest phonemaker

ü  Fujitsu admits it has a 'moral obligation' to compensate Post Office victims

ü  Diddy and drinks giant Diageo settle dispute over tequila

ü  ALI Technologies: Hoverbike start-up files for bankruptcy

 


 

 


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Ethiopia's Difficult Start As a Brics Member

Beset by economic woes and worried by new disagreements with Somalia, Ethiopia's first days as a newly minted member of BRICS were anything but easy.

 

Shortly before the new year, the Washington-based rating agency Fitch marked Ethiopia down to "restricted default", after the government in Addis Ababa failed to pay a Eurobond redemption installment.

 

Ethiopia is in the process of negotiating an aid package with the International Monetary Fund (IMF) to boost the country's ailing economy.

 

Joining the BRICS alliance of emerging economies with four other countries this year provided a glimmer of hope in Africa. Finance Minister Ahmed Shide told Chinese state broadcaster CGTN that the move was an important diplomatic gain for his country. "Ethiopia will continue to cooperate with its traditional partners," he stressed. "But Ethiopia will also significantly improve its relations with new partners such as the BRICS countries, whose economies are growing quickly."

 

 

On the brink of insolvency

 

Last year, the decision of the BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - to accept Ethiopia, along with Egypt, as a new member came as a surprise. Analysts had expected that Africa's largest economy, Nigeria, and Algeria, the largest country by area, would get the nod.

 

Susanne Stollreiter, head the Friedrich Ebert Foundation (FES) in Addis Ababa, which has close links to the governing German Social Democrats, said other factors played a more decisive role: "Ethiopia is very important from a geopolitical point of view. Owing to its large population, its economy has the potential to grow strongly in the future," she told DW.

 

 

For the BRICS group to benefit from such a development, Ethiopia must first solve its economic problems. The country is on the brink of insolvency. "It is being squeezed by heavy foreign debt, but also by the lack of foreign currency and, above all, by rampant inflation. The latter is hurting the population," Stollreiter explained.

 

A flagging international economy, the after-effects of the COVID-19 pandemic, climate change and the wars in Ukraine and the Middle East are also not helping Ethiopia.

 

Threat of famine

 

Ethiopia's economic woes stem in part from its own two-year war in the northern province of Tigray, where rebel formations like the TPLF, supported by regional governments, fought against the troops of Addis Ababa and Eritrea, in a conflict that killed hundreds of thousands and displaced many more. Addis Ababa put the costs of reconstruction at $20 billion (€18 billion).

 

 

The war also changed the perception the West had of the 2019 Nobel Peace Prize winner, Prime Minister Abiy Ahmed, according to Lukas Kupfernagel, head of the Ethiopia office of the Konrad Adenauer Foundation (KAS), which is close to the conservative German opposition party CDU.

 

"Among other things, the USA have cut direct development cooperation to a minimum. Germany did not follow suit and continued to support Addis Ababa, which was greatly appreciated by Ethiopia. But the civil war has led to a shortage of trade routes," Kupfernagel told DW. A year after the war ended, it has become clear "that a lot has been destroyed, especially in the agricultural sector." Famine threatens in Tigray and in neighboring Amhara.

 

Another potential for conflict arose on New Year's Day, when Abiy and the president of the autonomous Somali region of Somaliland, Muse Bihi Abdi, announced that Ethiopia would gain access to the seaport of Berbera and be the first country to recognize Somaliland's independence. An outraged Somalia made it clear that it would not accept such a pact.

 

Ethiopia can rely on the support of its ally, the United Arab Emirates, on this geopolitical matter. The latter also joined the BRICS in January. But analyst Stollreiter stressed that Ethiopia's push for a connection to the world's oceans is aimed, in the first place, at getting the economy back on track by expanding trade, thereby attracting more trade partnerships and investments.

 

Financial aid from BRICS

 

One of the founding ideas of the BRICS was to counter Western dominance in international financial policy. Almost 10 years ago, they began setting up the New Development Bank (NDB) as an answer to the World Bank and the IMF. Once the NDB is fully functional, Ethiopia could benefit from new forms of financing.

 

According to expert Kupfernagel, this could free Ethiopia from being dependent on meeting conditions imposed by the West to obtain credit from the IMF. "That would change the situation completely," Kupefernagel said. But the time has not yet come.

 

Seife Tadelle Kidane from the South African University of Johannesburg also believes that the NDB is a concept liable to move the BRICS forward. With its financial support, countries could build up infrastructure to promote growth and stability. But he warned: "There is no generosity as such in international politics and economics. Every country is looking out for itself." Ethiopia, being vulnerable, should remain flexible, he added.

 

-German

 

 

 

Seychelles' Incident Response Team Fumigates Golden Apple Trees to Control Spread of Leaf Beetle

A recently established Incident Response Team in Seychelles has introduced measures to control the spread of a beetle feeding on golden apples in the country.

 

The beetle, which agricultural officials have preliminary identified as Podontia quatuordecimpunctata, commonly known as leaf beetle, was first seen in the Bel Air area on the main island of Mahe.

 

The Department of Agriculture suspects that the beetle was introduced into the country through imported goods, as this kind of beetle is common in India, China, Philippines and Malaysia.

 

"We began fumigations as soon as we were informed in November, however we had to relent a bit due to the weather conditions," Roy Govinden, a response team member, told SNA.

 

The beetle is brightly coloured - usually yellow or salmon pink- with an antenna of 11 segments. As an adult it can measure up to 5mm in length.

 

 

Since the discovery of the beetle in Seychelles, the Department of Agriculture has sent its technicians to examine the situation as well as fumigate the areas it was found on all affected golden apple trees.

 

"We are taking a suppression approach to fighting the beetle - tackling it from the areas outside of where the first sightings were reported and working our way to the epicentre," he said.

 

The officials also have had reports that the beetle has spread to other areas of Mahe such as La Louise, La Misere and Bel Ombre.

 

The golden apple is a fruit used in the local Creole cuisine - either raw in salads or cooked.

 

The discovery of the beetle is at a time when the fruit is in season and its trees are flowering all over the country.

 

Following the fumigation of the affected golden apple trees, it will take time to see the impact.

 

"We will only know how much of an impact our efforts have had in around a month's time," Govinden concluded.

 

-Seychelles News Agency.

 

 

 

 

 

Nigeria: 'Govt to Provide Electricity to People in Unserved, Underserved Communities'

The Minister of Power, Chief Adebayo Adelabu, has vowed that the Federal Government will provide electricity to unserved and underserved communities in Nigeria.

 

The minister said this on Monday during the project inspection and impact assessment of the 90KW solar hybrid mini-grid at Adafila, Ogbomoso, as part of his working tour on power facilities in Nigeria.

 

Adelabu said that the project can power over 1,300 households, including clinics, schools, and mini-businesses in the community.

 

"The solar mini-grid system uses solar panels embedded in the community, distributing power to the entire community without passing through the national grid.

 

 

"The project gives the community 24 hours of uninterrupted power supply. It is backed up by 240 KW of battery storage during the night when there's no sun.

 

"This community has been enjoying uninterrupted power supply for the past two years; what we are here to do is witness, inspect, and assess the impact of the project on the community.

 

"We have about 27 mini-grid solar systems spread across the state and other locations in Nigeria," he said.

 

The minister noted that the solar hybrid mini-grid project had taken people out of the energy poverty that they had been suffering from for a long time.

 

"With this project, people can improve their businesses because the availability of electricity empowers them to conveniently utilise the skills they have learned and smoothly run their businesses.

 

"We are going to do more of this project nationwide to bring renewed hope agenda of President Bola Tinubu and dividends of democracy to the people at the grassroots.

 

The News Agency of Nigeria (NAN) reports that the minister had earlier inspected the 132KV substations in Oyo and Ogbomoso.

 

The Soun of Ogbomoso, Oba Afolabi Olaoye, receiving minister in his palace, urged the ministry to expedite work on the installation of transmission lines on the newly-installed 132KV substation in Ogbomoso to improve power supply to the ancient city.

 

The traditional ruler reiterated the commitment of Ogbomoso Indigenes to ensuring adequate protection of power infrastructure and other government facilities in the town.

 

-Vanguard.

 

 

 

 

South Africa: Transnet Recovery Underway Following Train Collision

Recovery efforts are underway following a derailment in which two trains collided in the early hours of Sunday morning.

 

According to a statement by the Transnet Freight Rail (TFR), the two coal trains collided in KwaZulu-Natal.

 

Media reports have suggested that the incident occurred after a stationary train was rear-ended by another train after it had stopped due to a power outage at Richard's Bay.

 

"TFR confirms that recovery efforts are underway after a derailment in which two trains collided in the early hours of Sunday, 14 January 2024 at Elubana, outside Richards Bay on the KwaZulu-Natal North Coast.

 

"TFR teams were dispatched to the scene immediately and recovery efforts began in earnest No serious injuries have been reported, and staff involved in the collision were sent for medical observation.

 

"Environmental teams are also at the scene to ensure compliance in the recovery and clean up operations," the statement read.

 

TFR added that an investigation into the incident is also underway.

 

-SAnews.gov.za.

 

 

 

 

Ethiopia: Challenges and Opportunities Facing the Construction Sector in Ethiopia

Ethiopia's construction industry and infrastructure development includes transport infrastructure, road construction, railway and energy projects, real estate and industrial parks. Small and medium construction companies operate in the informal market and local and foreign companies operate in the formal market. The involvement of foreign companies is dominated by Chinese companies which are undertaking large projects. The construction market in Ethiopia is projected to grow at an annual average growth rate of more than 8% to 2026. The country's 10-year development plan includes infrastructure development and the objective of public-private partnerships.

 

Cognizant of the crucial role of the construction in the nation economic growth and to maximize its encouraging activities, the Ministry of Urban Development and Infrastructure made discussion recently with the pertinent stake holders on the newly introduced law. On the occasion, the State Minister of Urban Development and Infrastructure Wondimu Sita said that, the new policy of the sector is prepared by celebrated professionals who have long experience. They identified the sector's main problems which have to be resolved. As to him, the sector must be competitive and sustainable so that it can play vital role on the expansion of infrastructure.

 

 

It is proved that currently the sector has become the major job creator for the unemployed in the urban centers. However, similar to other sectors it faced various challenges and among others, shortage of hard currency for the importation of inputs, the exacerbating unethical practices in the sector, the discrepancy between the complex nature of the construction and the incompetent contractors, the unsafe construction practice risking workers health, delay of project accomplishment and additional cost incurred on the projects, shortage of inputs obtained from local market such as cement and others and shortage of finishing materials imported from abroad.

 

 

According to Wondimu, until 2014 there was no construction policy but for the last 10 years the newly introduced policy has been implemented. More than 150 thousand professionals join the sector annually.

 

More than thousands consultants have also joined the sector. The sector has played pivotal role in expanding infrastructure such as water, health, telecom and others. To support the sector, the construction management institute is established and hundreds of professionals graduate and join the labor market annually.

 

About 16 iron and steel mills are established and supply their products to the market and in such venture it has been possible to substitute the imported iron to some extent.

 

The new draft law considers that exerting coordinated efforts for the betterment of the sector by contractors, consultants and owners of the project is vital and emphasis is given to such venture.

 

In addition, it is underlined that workers' associations and managements should work in the collaborative manner without compromising the construction industry peace. It also emphasizes the vitality of inspection of the construction inputs quality both produced locally and abroad.

 

 

According to Wondimu, due to the rampant corruption, malpractice, shortage of hard currency, delay of payment from the owners of the project, shortage of inputs and other inhibiting factors most professionals leave the sector and engage in other businesses and it is proved that the span on average professionals stay in the sector is only 10 years. To reverse such desperate situation, the Ministry has introduced the 30 years road map that enables to tackle the deep rooted and complicated problems of the sector and to make it competent in the local as well as in the regional market. The new policy intends to hold 25% of the regional markets.

 

He further said that, the sector is heavily dependent on imported materials because numerous inputs are imported from abroad hence, to substitute imports, the policy underlined to exert efforts. The new policy has main objectives and among others, it strives for the establishment of competent institutions in the sector, improving the financial system and inputs, enhancing the sector competency and strengthening partnership.

 

The policy also considers the vitality of social inclusiveness by constructing buildings conducive to physically disabled and women. It also emphasizes the essentiality of the influx of well qualified professionals to the sector.

 

As to Wondimu, evidence shows that there is skill gap between what the sector labor demand and freshly graduate engineers and architects who joined the sector hence, to narrow the gap emphasis will be given for provision of capacity building. The development of the sector should rely on the well qualified human resources. The sector still utilizes an outdated technology. therefore, coming across with cutting age technology should be a priority agenda.

 

Substituting foreign professionals by the local ones is out of site and needs steady efforts. The procuring system is not conducive for consultants, contractors and project owners and unless the problem is resolved attaining the sector development is impossible. The local construction works have poor quality and the capacity for quality control is still not mature. Therefore, rigorous efforts are needed to address the problem through improving the payment system by introducing an obligatory mandate to the executive institutions.

 

The issuance of license is characterized by non-transparent and mischievous process which calls for the assignment of professionals with strong sense of integrity to tackle the problem. 25% of the construction works make workers vulnerable to physical risk and it also contributes to environment pollution. Therefore, to reduce the unwanted outcome conducting the working activities cautiously is essential. It is proved that, women participation in the construction sector is insignificant and in some companies their wage is 50% below the men and adjusting the unjust practice is vital.

 

 

Medina Mohamed is an executive officer in the Department of Construction Infrastructure Development. As to her, the new draft proclamation has two rules and four regulations which help to make the sector competent and create better level playing field to professionals who join the sector. For long the sector has been vulnerable to malpractice and corruption and mitigating the problem needs unreserved efforts.

 

As to her, there are chronic problems that thrived for decades that include lack of quality inputs, ensuring accountability, duplication of efforts, wastage of resources, fragmented laws and regulations, lack of safety in the working places. Hence, providing immediate solutions to the problems is vital.

 

Huge investment is poured on the sector but most works do not conduct based on the cost benefit analysis which left the sector to be inefficient.

 

The newly prepared draft law expected to support the sector to function its day to day work based on ensuring quality construction, to inspect the activities of the stake holders, to be competent at the international level, to add value on the construction works, create markets derived by competition, enhance the role of stake holders, to implement periodical evaluation of contractors, to remove people allegedly joined the sector with no valid certificates, to reduce the possible physical risk during the construction. In addition, it helps to make standardize construction works, to deter theft and malpractice, to realize knowledge and technology transfer, simplified the designing and construction supervision, to make formal contract among owners, contractors and consultants to avoid possible disputes, ensuring weather the construction laws and regulations enforced or not. It also supports regions construction institutions to supervise construction works.

 

Engineer Dawit Mehari is the Construction Management Institute Vice Director and as to him, the construction sector has not reached the level that it was expected to and to change the situation to the better level the new draft law is prepared. The draft law utilized various stake holders' ideas raised on discussions conducted in various occasions and clearly defines the role of each stake holders' duties and rights and if the law is endorsed by the pertinent institution, it paves the way for alleviating the decades long problems of the sector.

 

As to him, it is not possible to address the deep rooted problems of the sector that prevailed for decades by one institution. Therefore, all stake holders must play their part in dealing with the shortcomings of the sector.

 

Emphasizing the roles of stakeholders in information exchange and mutual cooperation Dawit said that, the sector utilizes various materials imported from abroad as inputs by allocating hard currency obtained from the nation's meager resource but sometimes the imported materials found to be below standard. Hence, to keep the quality of the materials the Ethiopian Standard Evaluating Institute has the major responsibility to supervise the materials standards. However, after inspecting the standard it tends to conceal the results rather than making it accessible to stakeholders so as to ensure transparency in the process. Such kinds of practices have their own demerits on the sector working activities. Hence, it has to discharge its duty to make the information accessible to the stake holders.

 

-Ethiopian Herald.

 

 

 

 

Ethiopia: Value of Ports for the Ethiopian Economy

Sea ports are very vital for the economic development of any country. Some countries have several ports for facilitating the import and export of goods. Countries deprived of such natural endowments suffer from exorbitant charges of portal services.

 

Developed countries have revolutionized the way they ship and track shipments from anywhere in the world. They have expanded their reach to a wider group of customers. In so doing they reduce service costs and they run their operations online quickly.

 

It is, therefore, very vital to use efficient ports. Ports are very significant for the Ethiopian economy, despite Ethiopia being a landlocked country.

 

 

Access to efficient and reliable ports is crucial, decisive, fundamental and essential for facilitating international trade. It ensures the smooth flow of goods to local and international markets. In so doing it supports economic growth and development in the country. There are quite a lot of strategies in which ports contribute to the Ethiopian economy.

 

Ethiopia's case for reliable and cost-effective seaport access is very strong. To secure its economic future, it must lower the economic costs associated with being landlocked. Studies reveal that generally landlocked countries tend to be 20% less developed than they would be if they had access to the sea. This is partly caused by cost of trade such as transportation costs ranging between 50 to 260% higher for land locked countries. For Ethiopia to achieve its development objectives, it will require "export-oriented" industrialization and higher productivity in agriculture.

 

 

The country needs to have more control over trade-related costs and ensure stability on both sides of its fronts with neighboring countries. It is reported that transportation costs reach up to 16% of the value of export. It is figured out that foreign trade amounts to one-quarter of the gross domestic product of developing countries. The ports Ethiopia currently uses are becoming expensive, accompanied by storage space and empty containers for export. These factors have motivated Ethiopia to engage in aggressive port diversification initiative. Currently the number of sea and dry ports Ethiopia uses is on the rise.

 

In addition to the Djibouti port, Kenyan border Moyale dry port, Somalilands's Berbera and Djibouti's Tajura are emerging as alternatives. However, the latter routes lack the infrastructure, including roads, petrol stations, service and repair shops, etc. to support bulk shipments.

 

 

Ethiopia has significant leverage over Djibouti in terms of area and population. It is the leading revenue generator ahead of other nations that leased naval bases from Djibouti. Ethiopian trade has been reported to have generated the largest revenues for the Djiboutian economy.

 

The Ethiopian service sector accounted for more than 80% of the Djiboutian GDP, much of it accounted by port services and logistics. With all these services, Ethiopia has still the economic case for securing reliable access to seaport. If Ethiopia is to attract both domestic and foreign investments into its industrial and agricultural sectors, it must guarantee investors that they will have access to global markets at reasonable cost. The planned railways indicate the country's industrialization and transport programs. As the planned railway network reveals, Ethiopia's seaport options are largely limited to Djibouti, which is an important maritime trade route. Both countries benefit from the growing services of seaports.

 

Economically efficient seaports give opportunities for Ethiopia to diversify its trade partners. This helps her to engage in profitable global markets. This opportunity is enhanced through diversification of trading partners, associates and collaborators. Diversification is vital for reducing dependency on specific regions and enhancing economic resilience. Such a strategy helps in reducing transportation costs in global trade. Proximity to efficient ports can help reduce costs.

 

Landlocked countries often face higher transportation expenses. However, well-connected and strategically located ports can mitigate these economic costs. Ethiopia has opportunities for peaceful economic cooperation with countries bordering the seas. This provides supply chain efficiency and benefits. In this regard, seaports play a crucial role in enhancing the overall efficiency of the supply chain. Studies indicate that these ports facilitate the smooth delivery of goods from ships to land transport. In so doing, they reduce waste of time and facilitate transiting activities.

 

Modern transit services ensure timely delivery of goods thereby minimizing cost. Efficiency and effective maritime services attract foreign direct investment (FDI) which will facilitate economic development in Ethiopia. Thus, access to reliable ports makes the country more attractive to foreign investors.

 

Investors consider efficient transportation infrastructure, including roads and ports that facilitate the import and export of goods. These transportation facilities are critical factors when investors decide to establish or expand their operations in the country. Investors critically consider the facilities at seaports for the enhancement of their external trade. They may continue with economic diversification in which seaports are considered. Ports support economic diversification by facilitating the import of raw materials and the export of finished goods.

 

The import of other inputs such as machinery, spare parts and tools require efficient port services. This is particularly relevant for industries such as manufacturing that require a diverse range of inputs. Export of manufactured goods also requires efficient and modern port services.

 

 

Ethiopia benefits from port services in different ways. The operation and maintenance of ports create employment opportunities. Job-seekers may have to be trained in activities related to port services. Additionally, the industries and businesses that rely on port services contribute to skill development and income for unemployed persons. Of course, they also generate revenues for the government from port operations and employee income. Ports generate revenue through various mechanisms, including fees for services, customs duties, and taxes on imported and exported goods.

 

This revenue can be invested in infrastructure development and public services, which in turn generate more employment and income for people residing near seaports. Ports contribute to broader infrastructure development. Road and railway networks are connected to the ports. These networks are extended to inland destinations creating opportunities for people residing along the roads and railways. This connectivity is, therefore, essential for the efficient movement of goods within the country.

 

Ports are important factors for promoting regional integration. As ports are interconnected they create proximity, closeness, contact and convenience. Those countries who own ports should provide assistance to landlocked neighboring countries. The countries may suffer from heavy costs of port services. The burden of such costs may discourage regional economic integration. As a result, the people of those landlocked countries may suffer from the burden of rising prices of imported goods. These goods may consist of basic necessities including health facilities, food items, means of transport and other items. People cannot avoid using these basic imports which require foreign exchange for accessing them. Similarly, they have to export goods to earn foreign exchange with which they import what they need. A few developing countries ensure that the imports are only basic. They do not allow import of luxury goods and services that exhaust their foreign exchange.

 

For developing countries to have healthy economic system, they need to improve their trade balance. They need to focus on export of goods that have the capacity to earn foreign exchange. Ethiopia's exports are essentially agricultural goods and minerals. These exports, however, require inputs or tools with which to produce them. In other words, they need machineries, tools and spare parts all of which require foreign exchange for accessing them. However, these imports enhance competitiveness at local, regional and global levels. If they fail to compete they find it difficult to maintain their balance of trade, in which values of imports become much higher than that of the exports. In this case imports have to be financed by means of borrowing from global financial institutions. These institutions charge high interest rates if the borrower country is weak in its economic performance. Such a borrower is associated with high risk and lenders avoid it to minimize losses.

 

Developing countries including Ethiopia have to develop strategies for enhancing competitive ports. In a world of high competition, ports of the developing countries face dangers of being irrelevant due to their poor services. Only those countries who are engaged in new and competitive initiatives become masters of the sea with dominant shipping services. Those who lag behind would require immense efforts to move faster and surpass their competitors in the efficiency of port services. The use of port services by Ethiopia presupposes strategic considerations.

 

In this respect, the value of ports for the Ethiopian economy lies in their pivotal role as gateways to international trade. They are facilitators of economic diversification, and drivers of job creation and infrastructure development. Efforts to enhance the efficiency and connectivity of ports in Ethiopia require the exploring of strategic partnerships. This will be important for Ethiopia's economic development and global integration. Thus, ports are of great value for the Ethiopian economy.

 

-Ethiopian Herald.

 

 

 

 

Ghana: 2nd Tranche $3bn IMF Support - Govt Reaches Agreement With Official Creditors ...As IMF Welcomes News

The government has announced that it has reached an agreement with its Official Creditors under the G20 Common Framework on a comprehensive Debt Treatment under Ghana's Extended Credit Facility programme with the International Monetary Fund (IMF).

 

The agreement with the Official Creditors paves way for the IMF Executive Board to approve the first review of the Fund-supported programme to allow for the second tranche of IMF financing of US$600 million to be disbursed under the three-year $3 billion deal.

 

A statement issued by the Ministry of Finance on Friday and copied to the Ghanaian Times said, "The development constitutes a significant positive step towards restoring Ghana's long-term debt sustainability."

 

"The Government of Ghana commends the support and cooperation of its Official Creditors in reaching this agreement, which demonstrates a mutual commitment to restoring debt sustainability in line with the IMF programme targets," it said.

 

 

The Finance Ministry said the government was confident that "this debt treatment, which entails significant flow relief during the programme period, will allow for the allocation of additional financial resources towards critical public investments, particularly in healthcare, education, and infrastructure development".

 

The Finance Ministry said the terms of the agreed debt treatment were expected to be formalised in a Memorandum of Understanding between Ghana and Official Creditors, which would then be implemented through bilateral agreements with each member of the Official Creditor Committee.

 

"The Government of Ghana looks forward to further engaging with the Official Creditors to ensure prompt implementation of the agreed terms. The IMF Board Approval should also trigger World Bank Board consideration of US$300 million Development Policy Operation (DPO) financing," the statement said.

 

 

According to the Ministry of Finance, the World Bank was expected to support the Ghana Financial Stability Fund with $250 million to help address the impact of the Domestic Debt Exchange Programme on the financial sector.

 

"These disbursements are key for Ghana's economic recovery and ambitious reform agenda. Today's agreement with Official Creditors will support ongoing engagements with Ghana's commercial creditors, including bondholders," the statement said.

 

It said the government of Ghana remained committed to reaching an agreement with its commercial creditors as soon as possible and takes this opportunity to thank all stakeholders, and said, "The Ministry of Finance hereby reiterates its commitment to restoring Ghana's long-term debt sustainability and strengthening macroeconomic stability."

 

Ghana in July 2022 sought a $3billion three-year deal ECF with the IMF to ensure debt sustainability and to help restore macroeconomic stability.

 

Consequently, the country in May 2023 received the first tranche of $600 million from the IMF under the ECF following the successful completion of the Domestic Debt Exchange Programme.

 

Meanwhile, the International Monetary Fund in a statement issued by Ms Kristalina Georgieva, Managing Director of IMF, after the announcement by Ghana's Finance Ministry, said, "I welcome Minister of Finance Ofori-Atta's announcement that the Ghanaian authorities have reached an agreement in principle with their official creditors on a debt treatment, consistent with the objectives of the IMF-supported programme, which aims to restore macroeconomic stability and debt sustainability, build resilience, and lay the foundations for stronger and more inclusive growth."

 

"I want to thank the Official Creditor Committee, especially the co-chairs, China and France, for all their work to reach this agreement. This is another substantial milestone for the G20 Common Framework under which G20 creditors joined forces to agree on debt relief for Ghana.This agreement clears the path for IMF Executive Board consideration of the first review of Ghana's three-year Extended Credit Facility Arrangement in the next few days. I look forward to continuing our fruitful collaboration with Ghana," said IMF.

 

-Ghanaian Times.

 

 

 

 

Kenya: Tanzania, Kenya Resolve Air Travel Restrictions Dispute

DAR ES SALAAM/NAIROBI: Tanzania and Kenya have reached an agreement that the recently imposed restrictions on air travel should not stand.

 

According to Tanzania's Minister of Foreign Affairs and East African Cooperation, January Makamba's post on X (formerly Twitter), the two East African economic powerhouses have resolved the matter using the relevant authorities.

 

"I spoke to my Kenyan colleague @MusaliaMudavadi. We agree that restrictions on air travel between our countries and from either of our countries to a third country shouldn't stand. With the relevant authorities, we've resolved to settle this issue, per existing agreements, within 3 days," Mr. Makamba posted.

 

On his part, his Kenyan counterpart noted that Tanzania and Kenya have agreed that their respective Civil Aviation Authorities will work together to have the matter resolved amicably within the next three days.

 

 

"I have this evening spoken to H.E. @JMakamba (MP), Minister for Foreign Affairs and East African Cooperation of the United Republic of Tanzania, regarding the decision of the Tanzania Civil Aviation Authority to rescind the approvals for @KenyaAirways to operate passenger flights between Nairobi and Dar es Salaam, effective from January 22nd, 2024.

 

"We have jointly agreed that our respective Civil Aviation Authorities will work together to have the matter resolved amicably within the next three days. There should, therefore, be no cause for alarm," Mudavadi posted on X platform.

 

On Monday, the Tanzania Civil Aviation Authority (TCAA) announced a decision to revoke the approvals for Kenya Airways (KQ) to conduct passenger flights between Nairobi and Dar es Salaam.

 

According to a statement released and signed by the TCAA Director-General, Mr. Hamza Johari, the approvals are under the third and fourth Freedom Traffic Rights with effect from January 22nd of this year.

 

"TCAA, on behalf of the aeronautical authority of the United Republic of Tanzania, has decided to rescind the approvals for Kenya Airways (KQ) to operate passenger flights between Nairobi and Dar es Salaam under the third and fourth Freedom Traffic Rights with effect from January 22, 2024," reads part of the statement.

 

The third and fourth freedoms are traffic rights that allow international services between two countries.

 

The third freedom gives an airline the right to fly (passengers and/or cargo) from one's own country to another country.

 

The fourth freedom gives an airline the right to fly from another country to the home country for the purpose of commercial services.

 

The statement further said that the move was meant to reciprocate the decision by the aeronautical authorities of the Republic of Kenya to refuse Tanzania's request for all cargo flight operations by Air Tanzania Company Limited under Fifth Freedom Traffic Rights between Nairobi and third countries.

 

The TCAA cited the Kenyan authorities' refusal as a breach of section 4 of the Memorandum of Understanding (MoU) on Air Services between the two nations signed on November 24th, 2016, in Nairobi, Kenya.

 

This section stipulates reciprocal treatment for airlines of both countries.

 

"This decision is based on the principle of reciprocity, following the refusal by the Kenyan authorities to grant approval for ATCL'S cargo flights despite the clear provisions of the MoU," the statement said.

 

Following the decision, the statement noted, there shall be no passenger flights by KQ between Nairobi and Dar es Salaam from January 22nd of this year. It further read that Tanzania shall always strive to adhere to the principles of the Chicago Convention 1994 and Bilateral Air Services Agreement between States.

 

-Daily News.

 

 

 

 

Ethiopia: Streamlining the Role of Digital Technology for Economic Growth

In this dynamic world where countries are computing one another to come up with problem solving research and innovation, if you are not capable of beating that contest, the lonely option you have is to be recipient of technologies. As these technologies are a means of modernizing people's way of living and bringing the ease of doing business, it is a must to have all at hand.

 

This era of technology helps to get any sort of information in a speed of light using digital technologies. The people residing in one bend of the world can exchange ideas, views and feeling with others residing in other places. In short, the gaps we were seen in previous centuries are now becoming a history of our planet.

 

 

By and large, the digital era makes the world a narrow village that visualizes what is happening in other parts of the world as we seemed to be physically present there. Using the advanced technologies, the players of international businesses can accelerate trade exchanges. This type of market system is called the digital marketing.

 

It is the promotion and marketing of goods and services to consumers through digital channels and electronic technologies. These digital channels can include the internet, mobile devices, social media platforms, webinars, search engines, online customer communities and other digital platforms.

 

Digital marketing also includes a range of approaches and tactics to reach and persuade the target audience through digital media, including email marketing, social media marketing, search engine optimization, content marketing and online advertising.

 

 

The goal of digital marketing is to improve brand awareness, generate leads, increase website traffic and, ultimately, drive sales and business growth. The process can involve digital marketing tactics similar to traditional marketing. Organizations can combine both traditional and digital marketing techniques as a strategy.

 

In this globalized era, a nation is alienated from others, would not be effective be it in political, social and economic spheres. Hence, apart from understanding how the world countries are interacting one another, applying various advanced technologies is what the era demands from us. Likewise, Digital marketing in Ethiopia is a rapidly growing field, as more and more businesses are realizing the potential of the internet to reach customers and accelerate businesses.

 

In order to maintain economic fracture and accelerate the ongoing Ethiopia's growth, it is quite imperative to improve digital economy and expand industry revolution.

 

 

So as to make the market stable and control the ever mounting inflation and price hike, there is no better option than advancing the digital market.

 

Apart from improving the finance system, the digital economy helps citizens to transacting their money from one account to the other accounts and strengthening business engagement so as to create more jobs.

 

Digitalizing the finance system is one of the ways that helps to recover the economy. For this reason, encouraging potential businesses to engage in this area is quite critical.

 

Recognizing the low level of awareness of the society towards the application of digital finance system is an off-putting challenge; intellectuals and the media should discharge their share to create a well informed society and reverse the situation observed now and then.

 

As we are not producing product that meet the desired quality and standard, products that we are now observing are imported ones. And this is greatly contributing to economic crack.

 

Members of Ethiopian Economic Association who are also participating in the world economic exhibitions should also take a responsibility of attracting foreign investors and improve the digital economy.

 

Digital system is one of the immense options that the 21st century brought to the world. Accordingly, the digital finance is the best option of the day that helps the revival of the country's economy. Countries in the world are now engaged in the digital system. For Ethiopia to be fully involved in the system, fundamental policy changes are highly needed.

 

Digital financial system is also optional instrument to minimize, avoid erroneous working system and attract investments.

 

Parallel to implementing digital finance system, producing standard goods that arouse the interest of local buyers is also critical. The developed countries gave priority for their local products. In order to prop up the present economic performance of the country, the government needs to interfere in the market regulating the market and strengthening the digital system.

 

Apart from upgrading the digital system, improving the service provides in the government institutions and modernizing the working system is also significant.

 

-Ethiopian Herald.

 

 

 

Ethiopia: Integrated Effort Requires to Provide 1.6 Million Citizens With Clean Water

Combined efforts among stakeholders required to achieve the Water for Life plus Project that targets supplying potable water to 1.6 million citizens, Ministry of Water and Energy (MoWE) said.

 

MoWE Minister's Senior Advisor Abera Endeshaw told the Ethiopian Press Agency (EPA) that the water for life plus project was launched two years ago to help 1.6 million Ethiopians with access to clean water and energy.

 

The project which aimed at improving quality of health and education among others incorporates 318 healthcare facilities and 587 schools, he stated, adding that so far28 healthcare facilities and over 45 schools enabled to have basic access to drinking water.

 

 

Health State Minister Dereje Duguma (MD) believed that the project is crucial to benefit the society for improving health through addressing potable water which is the most necessary input.

 

However, absence of check and balance has affected the project execution performance, he added.

 

Over the past two years, only 224,359 people were benefited from the project that was planned to reach 800,000 citizens with potable water, so said Ermias Mekonnen, Water for Life plus Project Audit Coordinator at MoWE.

 

By the same token, only 45 water wells were drilled from the planned 244 wells designed to be prepared in the same period, he mentioned.

 

There are also water bores that don't contain water while some water wells either have a high level of fluoride content or have no information that show the amount, he stressed.

 

As to Dereje, establishing a close cooperation among stakeholders, strengthening the project management unit, and ensuring leadership involvement is crucial to resolve bottlenecks and make the project effective to bear sustainable fruits.

 

Ermias on his part suggested that purchasing specified drilling machines, conducting geological survey before drilling, creating close cooperation between the program management unit, the steering committee and other stakeholders is essential to achieve the project.

 

The water for life plus project is being implemented in 10 woredas in Afar, Amhara, Beninshangul-Gumuz, Gambella, Oromia, SNNPs, Somali and Tigray states with 239 million USD budgeted by the Ethiopian government and Children's Investment Fund (CIFF), it was learnt.

 

-Ethiopian Herald.

 

 

 

 

Nigeria: NRC Moves to Revive Old Narrow Gauge Networks

Lagos — The Nigerian Railway Corporation (NRC) has commenced moves to reactivate the old narrow gauge networks with the Eastern line already at an advanced stage to resume operations.

 

The Eastern line from Port Harcourt to Maiduguri is one of the old narrow gauge lines currently receiving attention of the federal government being undertaken by the NRC.

 

Daily Trust reports that decades after going moribund, the federal government in 2021 performed the groundbreaking for the rehabilitation of the project with new extensions and facilities including the construction of Bonny Deep Sea Port and Railway Industrial Park in Port Harcourt.

 

 

Former President Muhammadu Buhari at the time said the Port Harcourt - Maiduguri railway will translate to reactivation of economic activities along the Eastern corridor, which has been greatly affected by insurgent activities and serves as a stimulus for industry and trade.

 

However, the project was later segmented with a section of the track from Port Harcourt- Aba already completed.

 

Following the completion of the track laying, the NRC has commenced the rehabilitation of coaches and locomotives ahead of the resumption of operation on the all-important route.

 

NRC Director of Mechanical, Engr. Jerry Oche personally immediately swung into action to ensure that the vehicles for Aba Port-Harcourt Train Services are ready in a matter of days.

 

Engr. Oche, assisted by the District Manager, Mr. Mohammed M. Ibrahim, inspected the vehicles for the services and ordered an immediate commencement of repair works so that passengers from this part of the country will begin to enjoy train services.

 

 

Vehicles undergoing immediate repairs are five SPs, 1 SPA, 1 DRC and 2 BVAs.

 

Some of the vehicles in Enugu will be moved down to Aba to assist in receiving the anticipated overflows of passengers and goods, which is usually experienced on the route.

 

Also, NRC, civil engineers are working on the track preparatory to the introduction of Jos intra-city mass transit train in Jos, Plateau State.

 

Deputy Director, Public Affairs of NRC, Mr. Mahmood Yakub in a chat with newsmen also disclosed that several coaches have been rehabilitated to resume the Lagos-Kano Express passenger train.

 

The coaches are currently at Zaria Carriage and Wagons workshop, preparatory to the commencement of the train service, one of the services suspended by the NRC.

 

 

Also there are plans to introduce Kaduna intra-city mass transit train, he said.

 

MD of the NRC, Engr. Fidet Okhiria while inspecting the newly completed Port Harcourt-Aba track, said, "We are working in phases, they have laid the track up to Aba but we are so anxious to commence operation and that is why the minister has directed us to come and see so that we can plan ahead to commence operation.

 

"So we took an inspection from Port Harcourt to Aba. We have confirmed that the main track has been restored.

 

"As we speak, we can put locomotives and wagons on the track from Port Harcourt to Aba. We are working hard to ensure that very soon the operations will start. Signaling and communication would also be restored very soon."

 

The NRC MD had earlier told our correspondent that the Lagos-Kano Express Train Service would resume in the first quarter of this year, saying the NRC is working round the clock to restore the old narrow gauge tracks.

 

Speaking further, the NRC spokesperson Mr. Mahmood Yakub said the corporation has made significant progress in its ongoing drive to bring back the hitherto abandoned networks.

 

"I can tell you, we are doing a lot and very soon Nigerians would begin to see train movement in those hitherto abandoned places. We are also adding more routes like the new intra-city train in Jos; the one in Kaduna, and several others. The Lagos-Kano, which is 1,343 kilometres, is coming back on stream and with the support of the minister a lot of these train routes are coming back.

 

"We have already renovated the coaches in Zaria for the commencement of Lagos-Kano very soon. Also the Jos. Discussions have gone far between the NRC and Plateau State government to introduce the service."

 

-Daily Trust.

 

 

 

Apple overtakes Samsung as world's biggest phonemaker

Apple now has the lion's share of the global smartphone market, knocking Samsung off the top spot for the first time in 12 years.

 

The American phone giant accounted for more than a fifth of phones shipped last year, according to data from the International Data Corporation (IDC).

 

Samsung took 19.4% of the market share with Chinese phonemakers Xiaomi, OPPO and Transsion following behind.

 

Smartphone sales have been faltering as many people upgraded in the pandemic.

 

The IDC reports that almost 1.2 billion smartphones were sold last year - a drop of more than 3% on the previous year. It is the lowest amount sold in a decade, with many consumers tightening their purse strings in the face of economic challenges and high interest rates. Experts predict the market will recover this year.

 

Apple's rise

Still, the IDC said Apple - which sold more than 234 million phones last year - is "the biggest winner".

 

"Not only is Apple the only player in the Top 3 to show positive growth annually, but also bags the number 1 spot annually for the first time ever," said the IDC's Nabila Popal.

 

"All this despite facing increased regulatory challenges and renewed competition from Huawei in China, its largest market."

 

Huawei has recently made strides in making its own chips, after being banned from buying chips that were made using US technology over claims the company poses a national security risk to Washington.

 

Offers to trade in old models as well as interest-free financing plans are also driving demand for premium devices like Apple.

 

Samsung slump

It's disappointing news for Samsung which - until now - had the top spot as the world's largest maker of memory chips, smartphones and televisions.

 

Recently, the South Korean electronics giant warned its profits would drop more than expected as global demand for consumer electronics remains weak.

 

It is also facing competition from cheaper Android models including Transsion and Xiaomi which are getting a boost from both price-savvy consumers and emerging markets.

 

The IDC also said the smartphone market is entering a "very interesting time", with a growing number of Android-providers splintering the market and customers increasingly prioritising foldable phones and AI capabilities.-bbc

 

 

 

 

Fujitsu admits it has a 'moral obligation' to compensate Post Office victims

Fujitsu Europe's boss has admitted the firm has a "moral obligation" to contribute to compensation for sub-postmasters wrongly prosecuted as a result of its faulty IT software.

 

Paul Patterson said Fujitsu gave evidence to the Post Office that was used to prosecute innocent managers.

 

He added that the Post Office knew about "bugs and errors" in its Horizon accountancy software early on.

 

The global chief executive of Fujitsu, Takahito Tokita, also apologised.

 

Making his first public comments on the scandal to the BBC at the World Economic Forum in Davos, Switzerland, Mr Tokita said: "This is a big issue, which Fujitsu takes very seriously."

 

When asked if he would apologise, he added: "Yes, of course. Fujitsu has apologised for the impact on the postmasters' lives and their families."

 

Mr Tokita has previously turned down six interview requests by the BBC, most recently last week.

 

Between 1999 and 2015, more than 900 sub-postmasters and postmistresses were prosecuted for theft and false accounting after money appeared to be missing from their branches, but the prosecutions were based on evidence from faulty Horizon software.

 

Some sub-postmasters wrongfully went to prison, many were financially ruined. Some have since died.

 

It has been described as the most widespread miscarriage of justice in British history, but to date only 93 convictions have been overturned and thousands of people are still waiting for compensation settlements more than 20 years on.

 

On Tuesday, Scotland's top law official apologised to victims.

 

Lord Advocate Dorothy Bain said the Crown Office and Procurator Fiscal Service (COPFS), which has sole responsibility for prosecuting cases in Scotland, had been misled by the Post Office.

 

In England and Wales, the Post Office carried out most of the prosecutions itself.

 

Mr Tokita refused to confirm if the company would return any of the money it earned from the faulty Horizon system.

 

His comments came after others appeared before MPs on the Business and Trade select committee on Tuesday:

 

Fujitsu's Mr Patterson said his "gut feel" was that staff at the company knew about problems with Horizon before 2010

Post Office chief executive Nick Read said he could not give an exact date when the Post Office knew the IT system could be accessed remotely

Both Mr Patterson and Mr Read frustrated MPs who criticised a lack of answers and knowledge of the events

Jo Hamilton, a victim in the scandal, said trying to get compensation from the Post Office felt "like being treated like a criminal all over again"

Former MP Lord Arbuthnot said it was essential for victims, some of which are "living hand to mouth" to get money as soon as possible

Solicitor Neil Hudgell said only three of his group of 77 wrongly convicted sub-postmasters had received full and final compensation.

Mr Patterson apologised for Fujitsu's role in what he said was an "appalling miscarriage of justice", and admitted the company had been "involved from the very start".

 

"We did have bugs and errors in the system and we did help the Post Office in their prosecutions of the sub-postmasters," he said.

 

Asked why Fujitsu didn't do anything about glitches in the Horizon system when the company knew about them at an early stage, Mr Patterson said: "I don't know. I really don't know."

 

Why were hundreds of Post Office workers prosecuted?

How do the Post Office compensation schemes work?

Nick Read, the chief executive of the Post Office, appeared alongside Mr Patterson in front of the committee.

 

He was criticised for not having provided information to the committee with key events in the timeline, such as when the Post Office first knew that remote access to sub-postmasters' Horizon systems was possible.

 

When prosecutions were taking place, Fujitsu had told the Post Office that no-one, apart from sub-postmasters themselves, could access or alter Horizon records - meaning the blame for mistakes could only rest with sub-postmasters, but that turned out to be untrue.

 

"You must surely have had time in four years [since joining the Post Office] to cut to the heart of this issue, which is: when did the Post Office know remote access to terminals was possible?" said Labour MP Liam Byrne, chair of the committee.

 

"I couldn't give you an exact date on that," replied Mr Read.

 

Delays

Earlier, Neil Hudgell, a solicitor representing 400 people directly affected by the scandal and 77 sub-postmasters wrongly convicted by the Post Office, said just three people had been paid full and final compensation.

 

He said layers of bureaucracy, along with certain requests by the Post Office, were causing problems in victims securing financial redress.

 

"Routinely with the overturned conviction cases, it's taken three to four months to get a response to routine correspondence," he said.

 

In some cases, he said requests had been made for documents that were held in Post Office branches that clients had been locked out of some 15 to 20 years ago.

 

"We need to give the sub-postmasters the benefit of the doubt on key matters," Mr Hudgell said.

 

Alan Bates, the campaigning former sub-postmaster at the centre of the ITV drama Mr Bates Vs The Post Office which has thrust the issue back into the spotlight, said that compensation was "bogged down" and the pace of processing claims was "madness".

 

He said his own compensation process was hampered by delays.

 

"I think it was 53 days before they asked three very simple questions," he said. "And there's no transparency behind it, which is even more frustrating," he said.

 

Mr Read, who joined the Post Office in 2019, admitted there was a "culture of denial" behind the organisation dragging its feet over compensation payments.

 

"I think that the most important cultural challenge that I have in my organisation is to ensure that everybody in the organisation sees and understands absolutely what has been going on."

 

Post Office minister Kevin Hollinrake told the committee that he wanted to reduce the amount of bureaucracy involved, but acknowledged there were "a lot of moving parts" with the various compensation schemes.

 

"I think it's incumbent on all of us involved in this process to try and accelerate every part of the process," he said.

 

 

 

 

 

Diddy and drinks giant Diageo settle dispute over tequila

Diageo and rapper Sean Combs, known as Diddy, have said they have settled a legal dispute over their joint spirits brands.

 

The drinks giant ended its partnership with Mr Combs in June after he sued the firm, accusing it of neglecting his tequila brand due to his race.

 

A joint statement on Tuesday confirmed Mr Combs had withdrawn all of his allegations against Diageo.

 

The parties said they had no ongoing business relationship.

 

Mr Combs also said he would "voluntarily dismiss his lawsuits against Diageo with prejudice".

 

The rapper is currently facing multiple sexual assault allegations, all of which he denies.

 

Diddy was accused in a lawsuit by R&B singer Casandra Ventura, known as Cassie in November, of rape and sex trafficking. The pair settled out of court the day after it was filed.

 

Two further women subsequently came forward accusing the rapper of rape. Diddy has denied the claims.

 

Diageo, owner of brands such as Johnnie Walker, Guinness and Tanqueray, said in June its relationship with Mr Combs had been on the rocks since the rapper failed to meet his promises to fund DeLeon Tequila, which they bought together in 2013.

 

Diageo said it had invested more than $100m (£78m) in DeLeon Tequila and "tried for years to salvage the broken relationship with Mr Combs".

 

"Despite having made nearly a billion dollars over the course of our 15-year relationship, Mr Combs contributed a total of $1,000 and refused to honor his commitments," the company said.

 

With the dispute resolved, the Cîroc vodka and DeLeón tequila brands will now be solely owned by Diageo.-bbc

 

 

 

 

 

ALI Technologies: Hoverbike start-up files for bankruptcy

The Japanese start-up ALI Technologies, which had hoped to reimagine urban transport with a futuristic hoverbike, has filed for bankruptcy.

 

Its US parent company said the move was part of a planned relocation to California, where it hopes to revive its dreams with a new business partner.

 

ALI Technologies' hoverbike was heavily publicised - with Prince Albert II of Monaco pictured atop the craft at one point.

 

But it never sold in big numbers.

 

The bike, which executives once said was inspired by Star Wars, resembled a kind of aerial water scooter.

 

It could fly for about 40 minutes at up to 100km/h (62mph) on a single charge.

 

Chief executive Daisuke Katano said he hoped it would provide nothing less than a "new method of movement".-bbc

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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