Major International Business Headlines Brief::: 31 January 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  31 January 2024 

 


 

 




 


 

 


 

ü  Ethiopia: Coal Factory Covering 75% Local Demand to Operate Soon

ü  Nigeria: Naira Hits All-Time Low At Forex Markets

ü  Africa: Climate-Smart Farming Gets Funding Boost at COP28, But Small Farmers Still Struggle

ü  Nigeria: Ship-Owners Challenge Govt Over Cabotage, Trade Policy

ü  Tanzania: Traders Warned Against Illegal Hikes in Sugar Prices

ü  Liberians Assured Road Expansions

ü  Nigeria: NNPC in Talks With South Korean Investors for Gas Projects

ü  Mozambique: - Lam Still in the Readaptation Phase, Says Minister

ü  Mozambique: - Mozambique and French Energy Agency Strengthen Cooperation

ü  Malawi: Cannabis Officials Says They Don't Know How Much Money Malawi Is Making From the Product

ü  Angola: Insurance Companies Urged to Invest in Agricultural Insurance

ü  Angola Reiterates Aim to Create Diamond Exchange

ü  Angola: Public Transport Network in Cabinda Gets New Buses

ü  Elon Musk: Judge blocks 'unfathomable' $56bn Tesla pay deal

ü  Universal Music to pull songs from TikTok

ü  PayPal cuts 2,500 jobs in the face of rising competition

 


 

 


 <https://www.cloverleaf.co.zw/> Ethiopia: Coal Factory Covering 75% Local Demand to Operate Soon

Tarcha — A coal factory in Dawro Zone having a capacity of substituting 75 % of country's imported coal would get operational soon, Company Representative disclosed.

 

The construction of the coal factory that has been undertaken for the past two years in Dawro Zone's Tarcha Town by ET Mining Development Company at a cost of five billion Birr has reached final phase, the Company Representative Wondimu Mitiku said.

 

He told the Ethiopian Press Agency (EPA) that the construction of the factory is at its final phase where necessary machines are being installed.

 

 

As to him, the company plans to inaugurate the factory in less than two months after finalizing the installation and test of machines.

 

"Ethiopia has a coal resource, but it imports processed coal from South Africa. Ethiopia's cement factories are using imported processed coal and ET Mining Development aims to substitute over 75 % of imported processed coal," Wondimu stated.

 

As to the Representative, the company has the capacity to supply 150 ton refined coal per hour.

 

Factory's Project Manager Belay Asefa for his part said that Ethiopia's processed coal demand is high as it demands 400 million USD on average.

 

However, ET Mining Development's coal factory is on final stage to start supplying quality processed coal at home, he said, adding that the factory has the capacity of supplying 3,600 tons of coal product per day.

 

According to Wondimu, the factory has already began undertaking social responsibility by supporting community development projects in the surroundings.

 

It has built two health centers and now constructing a school that createdover 300 jobs during the construction period. Moreover, the factory would create about 400 jobs when it gets operational, Wondimu indicated.

 

- Ethiopian Herald.

 

 

 

Nigeria: Naira Hits All-Time Low At Forex Markets

Naira slipped to an all-time low at the official and unofficial markets on Tuesday to trade N1,482.57 and N1,491.00 respectively

 

Naira slipped to an all-time low against the United States dollar across forex markets on Tuesday as the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in the country.

 

According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market. The rate represents 10 per cent depreciation from N1,348/$1 the domestic currency traded in the previous session on Monday.

 

 

Meanwhile, the local currency also depreciated further at the unauthorised market on Tuesday amidst lingering dollar scarcity and high demand.

 

According to parallel market rates posted on Tuesday, the dollar was exchanged at N1,491.00 per $1 at the black market segment.

 

Tue 30 Jan, 2024 · 09:00 AM 💵 1 USD ⇛ ₦1,490.514💷 1 GBP ⇛ ₦1,855.291💶 1 EUR ⇛ ₦1,585.719💶 1 CAD ⇛ ₦1,102.015 v1.1.2-- ₦aira Rates (@naira_rates) January 30, 2024

 

This implies that the spread between the official and unofficial window stands at N8.4.

 

Concerns

 

In the face of the continuous depreciation of the naira, the CBN has blamed inadequate dollar liquidity for the uncertainty, promising to boost supply and clear the pending backlog of foreign exchange demand.

 

 

On Tuesday, the CBN announced that it had cleared all verified dollar backlogs to foreign airlines operating in the country, after injecting an additional $64.44 million into the sector.

 

The central bank said the latest payment brings the total amount disbursed to the aviation sector to $136.7 million.

 

In a circular published Monday, the CBN raised concerns over traders reporting "inaccurate and misleading information," including under-reporting of transaction pricing, which it claimed affects the exchange rate.

 

"Deliberate attempts to create price distortions by reporting false transaction details amounts to market manipulation which will not be tolerated and will henceforth face sanctions," the CBN said.

 

The bank also noted that it is committed to a well-functioning and transparent market that functions on a willing buyer, willing seller basis, with prices quoted and displayed transparently.

 

- Premium Times.

 

 

 

 

 

Africa: Climate-Smart Farming Gets Funding Boost at COP28, But Small Farmers Still Struggle

Despite not securing a phase-out of fossil fuels, COP28 witnessed a historic focus on food. The summit saw over $7 billion in funding commitments, as well as a pledge by 152 countries to include food and agriculture in their climate plans.

 

There is no doubt that commercial agriculture is a major contributor to the climate crisis, responsible for around a third of global greenhouse gas emissions, according to Greenpeace. This includes emissions from land use change, on-farm production, processing, transport, packaging, and retail. With the world's population expected to reach 9.7 billion by 2050, issues around food security and environmental impact are only likely to escalate.

 

While funding commitments for climate-smart agriculture at COP28 offers a glimmer of hope, it remains to be seen how much of it will materialize. Right now the heatwaves, floods, and droughts are no longer distant warnings, but a lived experience for millions of people.

 

 

Transforming food systems - A Malawian perspective on COP28 and beyond

 

Dr. Betty Chinyamunyamu is a force to be reckoned with in the Malawian agricultural landscape. As the CEO of the National Smallholder Farmers Association of Malawi (NASFAM), she leads the largest independent smallholder-owned association in the country, empowering over 100,000 members. Her passion for sustainable agriculture and her dedication to supporting smallholder farmers are evident in her work.

 

With the COP28 commitment to addressing the challenges in food systems, Dr. Chinyamunyamu offers a grounded perspective from the heart of Malawian agriculture. While she acknowledges the potential of these initiatives, she emphasizes the need for practical implementation that considers the realities of smallholder farmers.

 

In the past few years, smallholder farmers in Malawi have been severely affected by the impacts of the climate crisis.

 

 

"For example over the past two years, there have been four severe cyclones that have devastated communities with many farmlands being lost," she said. "Consequently, the smallholders are eager to adopt any practices and innovations that are meant to assist them. However, what is important is that the farmers must fully comprehend the initiatives. What this means therefore is that the smallholders must be involved in all processes related to the initiatives. They need to participate in their development as well as monitor their effectiveness and not only be involved in their implementation. It is those initiatives where the smallholders are taken as full participants in the initiatives and not mere beneficiaries that more effectiveness is achieved.

 

"Smallholders must also be adequately trained so that they understand the principles well enough. There must also be an effort to translate all relevant communication into vernacular languages so that the smallholders can easily understand," she said.

 

 

Dr. Chinyamunyamu pointed out that Climate-Smart Agriculture (CSA) is not just about farming, it's about building resilience in the face of a changing climate.

 

"Climate-smart agriculture is an integrated farming practice that incorporates sustainable production practices to enhance resilience and reduce environmental impact. It involves using climate-resilient crops and crop varieties, efficient soil and water management, and precision farming to adapt to changing conditions and mitigate climate change effects on agriculture," she said.

 

"Beyond adapting, CSA mitigates climate change by reducing greenhouse gas emissions from agriculture," said Chinyamunyamu.

 

"This three-pronged approach aims to not only boost yields and farmer incomes but also build resilience against climate change, reducing greenhouse gas emissions from agriculture."

 

Dr. Chinyamunyamu painted a clear picture of how developing nations can unlock their full potential in tackling climate challenges. "It's not just about securing funds," she said, "but about building the capacity to utilize and manage them effectively." She emphasized the crucial role of strong governance, advocating for "robust institutions that can steward resources and monitor their impact." Enhanced transparency, she believes, is equally vital, "building trust and attracting diverse funding sources, empowering nations to chart their own climate-resilient course." Beyond structures, Dr. Chinyamunyamu highlighted the importance of "capacity-building programs and partnerships", equipping nations to "access, manage, and allocate funds effectively for impactful climate initiatives".

 

How the $100 billion climate finance gap hinders progress

 

Dr. Chinyamunyamu added that "the struggle to meet the $100 billion annual commitment in the Paris Agreement is casting a long shadow over our fight against climate change."

 

The $100 billion goal, set in 2009 and reaffirmed in 2015, was meant to be a collective effort by developed nations to support developing countries in tackling climate challenges. It's a critical lifeline for nations facing rising sea levels, extreme weather events, and shifting agricultural patterns. Yet, despite repeated pledges, the actual flow of funds has fallen short. In 2020, developed countries only managed to mobilize $83.3 billion, leaving a significant gap.

 

This unmet promise, she argues, "cripples the ability of developing nations, who are often on the frontlines of climate impacts, to implement crucial adaptation and mitigation measures."

 

"The shortfall impacts developing nations' ability to implement adaptation and mitigation measures, and therefore negatively affecting the global fight against climate change," she said.

 

According to a report by the United Nations Environment Programme (UNEP), the annual financing shortfall for adaptation alone now stands at $194 billion to $366 billion, with existing financial flows reaching just $25 billion during the 2017-2021 period. The UNEP estimated that developing countries required $215-$387 billion per year until 2030 to adapt to climate impacts, with the figure set to rise.

 

 

The enormous funding gaps in these countries must be covered mainly by long-term, low-cost, and accessible financial flows from international public sources. The report urges developed countries to commit to a minimum annual inflow to the fund and establish a separate goal for climate finance for Least Developed Countries, focusing predominantly on climate adaptation, with simplified access to funds.

 

As the dust settles from COP28, hope for a brighter future flickers in the eyes of smallholder farmers around the globe.

 

Dr. Chinyamunyamu sees precision agriculture, wielding data like a modern almanac, optimizing resources and yields. Climate-smart practices, like diverse crops and regenerative techniques, will heal the land. Resilient crops, born of innovation, will weather storms, while water wisdom, through drip irrigation and rainwater harvesting, will conquer scarcity.

 

She champions digital tools, empowering farmers with knowledge and market access, but reminds us: that technology is just a tool.

 

"Integrating digital tools, data analytics, and farmer-centric approaches are also very important and can significantly enhance the resilience and livelihoods of smallholder farmers," Dr. Chinyamunyamu added.

 

Can $200 million boost global food supply?

 

In the face of climate's harsh hand, climate-resilient farming sows the seeds of hope. By adopting climate-resilient agriculture practices like water harvesting and drought-resistant crops, farmers can build resilience against climate shocks and ensure their communities have food on the table.

 

Climate-smart agriculture needs a critical ingredient: funding.

 

For small farmers struggling to adapt to climate change and feed the world, the $200 million partnership announced at COP28 could be a game-changer.

 

The $200 million funding commitment by the government of the UAE, the Bill & Melinda Gates Foundation, for the work of the Consultative Group on International Agricultural Research (CGIAR) and other organizations, unveiled at COP28 offers support for small farmers worldwide.

 

Small-scale farmers, who produce up to 70% of the food in developing countries, are central to transforming the food system. However, they receive only a tiny fraction of climate finance. The World Bank sounds a stark warning: Africa's broader socioeconomic development hinges on its ability to adapt and build resilience in agriculture. Without it, the continent's future prosperity hangs in the balance.

 

This partnership aims to accelerate the adoption of climate-smart agricultural practices, strengthen research and development, and support policy and practice recommendations. True transformation requires not just money, but collaboration, innovation, and a resolute commitment to building a more resilient future.

 

Enock Chikava, the Interim Director of Agricultural Development at the Bill & Melinda Gates Foundation, echoes this sentiment. He oversees developing and deploying innovations that support small-scale farmers in sub-Saharan Africa and South Asia, the unsung heroes feeding a vulnerable world.

 

"What's needed are the investments to take proven innovations to scale, to make the leap from reaching thousands of farmers to reaching millions," Chikava said.

 

He underscored the double burden faced by small-scale farmers. "Climate threats to small-scale agriculture in Africa and South Asia are about more than food. They erode an economic sector that provides employment for the majority, particularly women. This is about poverty reduction, malnutrition, and women's economic opportunities."

 

"Many have come forward at COP28 to support CGIAR. However, investments in small-scale farmers remain low relative to the magnitude of the climate threat to food production. I think the challenge to ensuring sufficient financing is twofold."

 

"So, helping small-scale farmers adapt to climate change is essential for driving progress in areas like reducing poverty and malnutrition and increasing economic opportunities for women. Improving crop and livestock productivity - meaning producing more food without expanding farmlands - is also critical for protecting wildlife habitats and natural resources and reducing food-related emissions."

 

"Second, investors need to see that there are many proven innovations already available that can help farmers adapt, and many African farmers already are using them. What's needed are the investments to take them to scale, to make the leap from reaching thousands of farmers to reaching millions," added Chikava.

 

Chikava also expressed disappointment with COP28's progress.

 

"Support for small-scale farmers and adaptation is far below what's needed. Negotiations could have done much more to address the disparity between adaptation costs and available funding."

 

However, he was pleased to see new efforts emerge at COP28 to elevate the importance of agriculture innovation as an essential component of the fight against climate change. That included new support for CGIAR and its partners to expand access to solutions many farmers are already using to adapt.

 

"But support for small-scale farmers and adaptation in Global South countries is far below what's needed. Many leaders remain frustrated that there is still a significant gap between the rapidly rising costs of adaptation and available funding. COP28 negotiations could have done much more to address this disparity. The imbalance is especially troubling because these countries have contributed the least to causing climate change but are suffering first, and the most. This is a colossal climate injustice."

 

Chikava said: "We need to acknowledge a measure of progress at COP28 while also making it clear that we are still not where we need to be on adaptation. Ultimately, achieving impact requires donors to sustain and significantly enlarge existing commitments. It's also important for world leaders to embrace clear benchmarks for adaptation in areas like agriculture that can hold them accountable for achieving specific milestones.

 

"Just as targets for reducing emissions are oriented around an effort to keep warming from exceeding 1.5°C, we need to be investing in adaptation with a commitment to achieving clear, measurable levels of resilience for vulnerable communities. Because even in a best-case scenario for emissions reductions, it will take a long time for these cuts to slow the current pace of climate change," he said.

 

Chikava highlighted a key issue that needs solutions tailored to the realities of the Global South, particularly when it comes to crop choices.

 

"A fundamental challenge is to develop tools, technologies, and solutions that are fit for purpose," he said. "That means strategies that align with food production in the Global South - that target the crops and livestock farmers raise and the environments and climates where they thrive."

 

"For example," he said. "500 million Africans regularly consume cassava, and millions of farmers grow it. For decades, this crop did not get anywhere near the attention given to crops like maize, wheat, and rice. Yet cassava is an ideal crop for adapting to climate change because it will survive in hot, dry, and flood conditions that cause other crops to fail."

 

He emphasized the need for investments in proven innovations, pointing to CGIAR's work with drought-resistant cassava varieties that have boosted yields by 30-100%.

 

"We've supported a CGIAR partnership that is using advanced tools to supply African farmers with a new generation of improved cassava varieties. These varieties are helping farmers boost yields by 30 to 100%. They also provide resistance to cassava viruses that are spreading more rapidly due to climate change," he said.

 

Making climate-smart a reality

 

Chikava said some of the most promising solutions for helping farmers thrive in a changing climate are already hiding in plain sight.

 

"There are several popular, naturally hardy food crops widely cultivated in Africa and South Asia that can help farmers grow more with less. I mentioned cassava. The list also includes millets, pigeon pea, sweet potatoes, yams, teff, and sorghum. The common denominator is that they all have been neglected by major breeding programs and that has caused yields to stagnate and threats from crop diseases to intensify. But that's starting to change."

 

But the tide is turning, said Chikava.

 

"We're also supporting an effort to use computer simulations and weather monitoring satellites to provide African farmers with long-range climate forecasts to help them anticipate and navigate climate threats long before they happen. They can plant sorghum instead of maize if rains will be light, or adjust their planting times if the rainy season is not happening on schedule, which is increasingly the case," he said.

 

Why supporting smallholder farmers is now a top priority

 

"I think it has finally become clear that for regions like sub-Saharan Africa and South Asia, the climate crisis is largely being experienced as a  food and agriculture crisis," Chikava said.

 

In the wake of COP28, the focus on supporting smallholder farmers seems to have increased. Chikava isn't surprised by COP28's emphasis on supporting smallholder farmers.

 

"Small-scale farmers are experiencing significant losses, and that has major implications for food security and economic stability in some of the fastest-growing countries in the world."

 

"I'm optimistic that more people now understand that if we want to be serious about confronting climate change, we must pay more attention to the struggles of small-scale farmers - and to the many opportunities available to help them adapt," Chikava said.

 

- Edited by Melissa Britz

 

 

 

 

Nigeria: Ship-Owners Challenge Govt Over Cabotage, Trade Policy

The Nigeria Ship-Owners Association, NISA, has challenged the Federal Government to stop granting waivers to foreign ship owners operating in the Cabotage area to demonstrate its seriousness with developing the local shipping industry.

 

Speaking with Vanguard on the issue, president of NISA, Sola Adewumi, said stoppage of waivers for Cabotage will increase the number of local ships operating within the costal ways; which will in turn grow local capacity in terms of manpower and number of ships.

 

He also challenged the federal government to change its trade policy from the present the Free On Board, FOB to Cost Insurance and Freight, CIF, which, he said, is the global best practice.

 

He stated: "The most concern for us at Nigerian Shipowners Association is the issue of granting of waivers to foreign vessels for Cabotage operation. "Government must stop granting of these waivers to foreign ships to operate in the Cabotage area and ensure a complete implementation of the Cabotage Act the way it should be".

 

He further noted, "The Federal Government must change its trade policy by ensuring that Nigerian cargos are left to Nigerians to lift. Even if the Nigerian ship owners do not have the required ships, they can always bring in ships that will fly Nigerian flag to handle such cargos and by so doing; it will empower and transfer capacity to them". Adewunmi also raised other issues in the way of developing the Nigerian shipping industry, saying, "The issue of bureaucracy as it concerns ship bunkering must be addressed.

 

- Vanguard.

 

 

 

 

Tanzania: Traders Warned Against Illegal Hikes in Sugar Prices

KATAVI: KATAVI Regional Commissioner Ms Mwamvua Mrindoko has warned traders in the region against price hikes of sugar on the pretext of shortage of the commodity in the markets

 

The RC said she will never hesitate to take legal measures against a few traders hiking sugar prices arbitrarily on the pretext of a shortage of the commodity in the market because it hurts the citizens.

 

She issued the warning in Mpanda Municipality yesterday emphasizing that the days of the defiant traders were numbered.

 

"There are some unscrupulous businesspeople in Katavi who want to make big profits by raising sugar prices. There is no justification for hiking sugar prices because there is a shortage in the market," the RC stressed.

 

 

The RC said she was prompted to issue the warning following a report that sugar prices in most retail shops in Katavi region have currently surged above the indicative prices, fluctuating between 4,000/- and 5,000/- per kilo.

 

According to her, as per the Tanzania Sugar Board (TSB), the indicative sugar prices for wholesale in Katavi remain between 2,600/- to 2,800/- while the retail price is 3,200.

 

"I urge traders in the region the retail price of sugar must not exceed 3,200/- per kilogramme short of that the defiant traders will face the full force of the law," she warned.

 

The TSB indicative sugar prices remain between 2,800/- to 3,200/- per kilogramme depending on the geographical location in Rukwa, Kigoma and Katavi Region wholesale price is between 2,600 and 2,800/- while the retail price is 3,200/-

 

"The indicative prices is the same for Katavi Rukwa and Kigoma so there is no justification for price hike, either based on production fall or increased transport costs" she explained.

 

- Daily News.

 

 

 

 

Liberians Assured Road Expansions

Liberia's new President Joseph Nyumah Boakai has vowed road expansions and improvements as a top priority for his Administration.

 

This commitment was contained in his first State of the Nation Address (SONA) delivered on Monday, 29 January 2024.

 

Boakai campaigned on road development as a top priority in seeking to relieve the country of years of economic stagnation and ensure better transportation access across the oldest African Republic.

 

In his address on Monday, he said there has been some progress in the road and transport sector during the reviewed period but there are considerable challenges in road development.

 

 

"...The total paved roads in our national road network amount to only 1,131.1km, representing 8.7% percent of the 13,000 km road network we need," Boakai said.

 

According to the Liberian president, the fact underscores considerable challenges in road infrastructure and the urgent need to fund road development in the country.

 

He also noted that with the assistance from friendly partners, the country made notable progress in paving some primary roads, including the Gbarnga to Salayea, the Ganta to Saclepea, the Ganta to Yekepa, and the Sanniquellie to Loguato corridors.

 

In addition, he said as of now, 37.7 percent of work on the ELWA to RIA Road Project has been accomplished.

 

"To access all county capitals, my Government will work to alleviate the problems faced by commuters using our primary roads, especially during the rainy season," Boakai assured.

 

 

"This situation also causes major impediments to the economic development of our people, as these primary routes are major economic corridors to all parts of our country."

 

He said the restoration of the County Road Maintenance Stations will be a key deliverable and this is why he has commissioned a "NO CAR STUCK IN THE MUD" 100-DAY DELIVERABLE to make all major primary corridors pliable.

 

Boakai noted that this flagship road delivery program will include the Freeport to St. Paul Bridge Road.

 

He disclosed that having received funding through the Government of Japan, they will begin construction of a 4-lane road from the Gabriel Tucker Bridge to the Freeport of Monrovia.

 

"Additionally, the Government of Japan is expected to provide funds to expand the Gabriel Tucker Bridge to 4 lanes," said President Boakai.

 

He said the Government has also secured additional support from Japan for the conduct of feasibility studies for the expansion of the Freeport to St. Paul Bridge corridor, and his government will allocate funds to complete the 6.5 km Freeport to St. Paul Bridge Road.

 

At the same time, Boakai assured the Legislature that his Government will ensure that funding from the National Road Fund is utilized to maintain and rehabilitate roads for the good of the public.

 

- New Dawn.

 

 

 

 

Nigeria: NNPC in Talks With South Korean Investors for Gas Projects

"The talks will pave the way for the execution of a Memorandum of Understanding (MoU) that will unlock strategic foreign direct investment...," the statement said.

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) on Tuesday said it has held talks with a South Korean consortium led by Daewoo E & C on the development of gas projects in Nigeria.

 

Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, made this known in a statement on Tuesday.

 

The statement said the discussions held in Seoul, South Korea, on Monday, were aimed at deepening NNPC Ltd's drive to tap into the nation's vast gas resources to be a supplier of clean and affordable energy to the global market.

 

 

The NNPC said that South Korea, a major destination for Liquefied Natural Gas (LPG) exports and the consortium, in collaboration with the Korean Export-Import Bank, expressed interest in advancing discussions on investing in greenfield and other gas development opportunities.

 

"The talks will pave the way for the execution of a Memorandum of Understanding (MoU) that will unlock strategic foreign direct investment in line with the President Bola Ahmed Tinubu administration's policy of making Nigeria a prime destination for global investors," the statement said.

 

The statement also added that the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, congratulated Temile Development Company, an indigenous player in the gas sector, on the commissioning of its 23,000 cubic meters ultra-modern Liquefied Petroleum Gas (LPG) Carrier in Ulsan, South Korea, on Tuesday.

 

 

Mr Kyari said the vessel, named Alfred Temile 10, represents a significant stride towards deepening the utilisation of gas in-country and growing gas revenues.

 

"It is great that Temile Development Company is able to complete the construction of the 23kt LPG vessel. This will go a long way in improving access to LPG in the domestic market and providing cleaner fuel in our country.

 

"Nigeria's objective is to ensure that everyone has access to clean energy and particularly walks away from biomass as a source of energy. We know this is good and that is why we will continue to support it," Mr Kyari was quoted in the statement as saying.

 

He said that NNPC Ltd, alongside its partner West Africa Gas Ltd (WAGL), was building its vessels which will boost LPG supply in Nigeria with a view to saturating the market.

 

- Premium Times.

 

 

 

 

Mozambique: - Lam Still in the Readaptation Phase, Says Minister

Maputo — The Minister of Transport, Mateus Magala, claims that Mozambique Airlines (LAM) is still in the readaptation phase, following a malfunction that prevented one of the company's aircraft from taking off from the western city of Tete, as well as a recent postponement of a direct flight from Maputo to Lisbon.

 

In April, the government placed LAM under the management of the South African company Fly Modern Ark (FMA), which is responsible for bringing the company into profitability, and rescuing it from bankruptcy.

 

Magala, who as speaking at the opening ceremony of the Southern Africa Climate Outlook Forum, acknowledged that LAM has problems, including frequent aircraft breakdowns, delays and rescheduling of flights

 

 

"It would be better to rescue the company than let it die', he said. "We have never had the illusion that our company is healthy. We never had that, but we decided to treat the sick. We always opt for optimism and I think optimism should be the general rule of our people. We come from much diversity and many challenges, but without optimism we can't fulfill our potential. We have to believe in ourselves', the Minister said.

 

Regarding the breakdowns of the company's airplanes, Magala said that the ideal solution would be to renew the fleet, but there is no money to buy these aircraft.

 

"If we had the financial conditions, which we hope to have one day, we could renew the fleet and equip our services more. We have more qualified staff. It doesn't matter if we have money and infrastructure if our human capacity falls short of modernization. These are factors that we have to combine. We will learn. We are resilient', Magala said.

 

Under the FMA administration, the company resumed direct flights from Maputo to Lisbon, after an interruption of 12 years. It has also acquired its first Boeing 737-300 freighter, in order to meet the demand for the transportation of goods.

 

According to Magala, there is a need to acquire more experience to manage the machinery that the company has been trying to introduce.

 

"There will be more to come because it's a new experience after 10 years without us flying. We don't have pilots who know how to fly the Boeing 777. So we're in the process of giving them the opportunity to learn because aviation is science, not curiosity. Curiosity is important, but science is fundamental', he said.

 

The pilots, he said, are being trained "and it will take them six months to adapt to the new machine, then we'll have a Mozambican crew.'

 

 

 

 

Mozambique: - Mozambique and French Energy Agency Strengthen Cooperation

Maputo — The Mozambican government and the French International Energy Agency (IEA) have strengthened cooperation in order to attract more investment in the energy sector, taking into account that Mozambique intends to become an energy hub in the southern African region.

 

According to the executive director of the IEA, Fatih Birol, who was speaking to reporters on Sunday in Rome, after the end of an audience granted to him by Mozambican President Filipe Nyusi, in the context of the Italy-Africa Summit - the conversation with the Mozambican president about the country's enormous energy potential was fruitful.

 

"The meeting served to evaluate the transformation of the energy sector to make the country economically prosperous, from the exploitation of natural gas and hydroelectric power, among others. We are working together on a strategy that will attract many investors from all over the world', he said.

 

Birol also took the opportunity to invite the President to take part in the "Clean Cooking' Summit to be held on 14 May in Paris.

 

The May summit will be co-chaired by Tanzanian President, Samia Suluhu Hassan, the Prime Minister of Norway, Jonas Gahr Støre and the executive director of the IEA.

 

"I'm very happy because the President has told me that he intends to take part in this meeting on 14 May in Paris to find a definitive solution to the problem', said Birol.

 

 

 

 

Malawi: Cannabis Officials Says They Don't Know How Much Money Malawi Is Making From the Product

Four years since the legalization of industrial hemp in the country, the Cannabis Regulatory Authority says data has not yet been documented on how much money has been realized from the export of the crop.

 

The move has promoted the Center for Social Accountability and Transparency Executive Director, Willy Kambwandira, to argue that absence of this information is a recipe for speculation that some people could be benefiting from the crop at the expense of Malawians.

 

However, director general of the authority, Dr. Ketulo Salipira, says the authority is conducting its first ever production surveys, which will determine the amount and also how much crop has been exported.

 

Salipira added that they are facing various challenges, such as the misunderstanding of the Cannabis Regulation Act by some policymakers and the general public, as some confuse medicinal hemp with recreational use.

 

- Nyasa Times.

 

 

 

Angola: Insurance Companies Urged to Invest in Agricultural Insurance

Luanda — Insurance companies in the Angolan market need to identify the best mechanisms to develop and disseminate agricultural insurance throughout the country to increase production and strengthen food security, the Finance Minister Vera de Daves de Sousa said Tuesday in Luanda.

 

Speaking at the presentation ceremony of the results of study on the national insurance market carried out by international consultancy Enrst Young (EY), in partnership with the Angolan Insurance Regulation and Supervision Agency (ARSEG), the minister said agriculture is the sector of economic activity that plays a fundamental role in the process of any economy.

 

 

The minister added that agricultural insurance can contribute on a large scale to the security of agricultural investments, both for farmers and for financial institutions.

 

According to Vera Daves, increasing national production and economic diversification are among the main objectives of the Angolan government, which is focused on safeguarding national food security.

 

In July 2023, the minister said, the Angolan government signed a technical assistance agreement with the International Finance Corporation (IFC) to support ARSEG and the insurance companies in implementing Agricultural Insurance in Angola.

 

According to the minister, the process should be based on climate indices that are suitable for agricultural producers and thus protect national production.

 

The sector's contribution to the Gross Domestic Product (GDP) totals less than one percent, the minister said.

 

About EY

 

Multinational EY aims to build a better business world, helping to create long-term value for its clients, employees and society, as well as generating confidence in the markets.

 

Equipped with information and technology, several EY teams in more than 150 countries ensure trust through auditing and help their clients grow, transform and operate through auditing, consulting, tax, transactions, strategy and legal services. OPF/AC/TED/AMP

 

- ANGOP.

 

 

 

 

Angola Reiterates Aim to Create Diamond Exchange

Saurimo — Angola's Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, reiterated Tuesday the country's goal to create a diamond exchange to boost the diamond market subsector and support the diversification of the national economy.

 

According to the minister, the project is aligned with the United Nations' sustainable development actions and goals, the African Mining Vision and African Vision 2063.

 

In the diamond cutting sector, the minister said, it is important to recognize the importance of continued improvement of internal capacities, strengthened infrastructure chain and increasing production volumes to attract investment.

 

 

The minister underlined the construction of a Diamond Development Centre in eastern Lunda Norte as a new development in this sector, having invited investors to embrace the business opportunity and to invest in diamond cutting factories and training of young people.

 

"In 2023 there was a poor performance in the global diamond industry, so we must be aware of these changes and work to guarantee authenticity and continue to add value to national rough and cut diamonds," the minister said.

 

The minister added that provisional measures have been created to encourage diamond cutting in Angola and to make it more attractive for investors.

 

"Our aim is to increase the quantity of diamonds cut in our country and guarantee their quality, so that we can compete effectively at regional level and also begin to make a mark on the international market," Azevedo said. JW/ASS/AMP

 

- ANGOP.

 

 

 

 

Angola: Public Transport Network in Cabinda Gets New Buses

Cabinda — Fourteen new buses, with capacity for 64 seats each, went into circulation in Cabinda, on Tuesday, to reinforce the local public transport fleet.

 

The buses were delivered to four operators in the sector, following a public tender, and they must reimburse the amount of 58,354,933.00 million kwanzas for each bus, within 10 years.

 

The beneficiaries previously paid a partial amount of 2,917,747.00 kwanzas, corresponding to 5% of the total amount, to receive the buses, with the remaining being paid in a monthly installment of 461,976.55 kwanzas.

 

Speaking to the press at the end of the ceremony to hand over public buses to operators in the sector, the governor of Cabinda, Mara Quiosa, said that the province now has 64 vehicles in circulation.

 

Mara Quiosa acknowledged that the number of public transports in the district is still reduced to meet the existing demand, having reiterated the government's commitment to continue investing in improving the supply of urban transport services in the region.

 

The public transport operator, Vicente Massiala, promised to work to reduce the flow of people at stops.

 

Public servant Osvaldo Simba praised the government's initiative and called for a rational use of resources.

 

In turn, primary school student João Samuel said she believes that the means made available will minimize the problem of public transport in the region.JFC/VM/DOJ

 

- ANGOP.

 

 

 

 

Elon Musk: Judge blocks 'unfathomable' $56bn Tesla pay deal

A judge in the US state of Delaware has annulled a $55.8bn (£44bn) pay deal awarded to Elon Musk in 2018 by the electric car company Tesla.

 

The lawsuit was filed by a shareholder who argued that it was an overpayment.

 

Judge Kathaleen McCormick called the compensation "an unfathomable sum" that was not fair to shareholders.

 

In a post on X, which was formerly known as Twitter and is owned by Mr Musk, he wrote: "Never incorporate your company in the state of Delaware".

 

The pay deal was the biggest ever in corporate history, helping to make Mr Musk one the richest people in the world.

 

During the week-long trial, Tesla directors argued the deal was made to ensure that one of the world's most dynamic entrepreneurs continued to dedicate his attention to the company.

 

But the judge ruled that Tesla and Mr Musk's attorneys "were unable to prove that the stockholder vote was fully informed" and that he had "extensive ties with the persons tasked with negotiating on Tesla's behalf".

 

"Given the judge found Mr Musk to be in control of the board, it's hard to justify a transaction like this," Brian Quinn, a professor at Boston College Law School, told the BBC.

 

In a 201-page ruling, Judge McCormick ruled that the approval of the pay package by Tesla's board was "deeply flawed."

 

She also said the compensation package had been negotiated by Tesla directors who had been "swept up by the rhetoric" surrounding Mr Musk's "superstar appeal".

 

Greg Varallo, an attorney for the Tesla shareholder Richard Tornetta who brought the lawsuit in 2018, said it was a "Good day for the good guys," in an email reported by the Reuters news agency.

 

"While folks are upset about the size of the pay, that should not be the key concern," Ray Wang, founder and chief executive of Silicon Valley-based consultancy Constellation Research told the BBC.

 

"If the compensation committee would have been properly informed, shareholders would not have a case," he added.

 

The ruling can be appealed to the Delaware Supreme Court.

 

Shares in Tesla were down by around 2.5% in extended New York trade. They have lost more than 20% of their value so far this year.

 

Mr Musk also posted on X: "I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters". He then posted a poll asking his followers whether or not Tesla should "change its state of incorporation to Texas, home of its physical headquarters".

 

"That is a question for Tesla shareholders, not his Twitter followers," said Professor Quinn.

 

"He treats Tesla like his own but even if he calls himself the 'Technoking of Tesla', he is not the majority owner," he added.

 

As well as being the chief executive and a major shareholder of Tesla, Mr Musk also owns several other companies including the social media platform X, the rocket company SpaceX, and the brain chip firm Neuralink.

 

After selling a large chunk of his stake in Tesla to buy X, Mr Musk currently now owns about 13% of the electric carmaker but has recently said he wants a bigger stake in the firm.

 

Mr Musk said he is concerned about Tesla's investments in artificial intelligence (AI) technology.

 

"I am uncomfortable growing Tesla to be a leader in AI and robotics without having 25% voting control," he said in a social media post.

 

He said the current shareholder structure makes Tesla vulnerable to a "takeover by dubious interests" and he wants more control over its direction.

 

"Unless that is the case, I would prefer to build products outside of Tesla," Mr Musk added.-bbc

 

 

 

 

Universal Music to pull songs from TikTok

Universal Music is set to pull its millions of songs from TikTok after a breakdown in talks over payments.

 

The move would mean the social media platform would no longer have access to songs by artists including Taylor Swift, The Weeknd and Drake.

 

Universal accused TikTok of "bullying" and said it wanted to pay a "fraction" of the rate other social media sites do for access to its vast catalogue.

 

TikTok said Universal was presenting a "false narrative and rhetoric".

 

Music companies earn royalty payments when their songs are played on streaming and social media platforms.

 

Although TikTok - which is owned by Chinese company ByteDance - has more than one billion users, it accounts for just 1% of Universal's total revenue, the label said.

 

In an "open letter to the artist and songwriter community" Universal - which controls about a third of the world's music - claimed that "ultimately TikTok is trying to build a music-based business, without paying fair value for the music".

 

Universal also said that along with pushing for "appropriate compensation for our artists and songwriters", it was also concerned about "protecting human artists from the harmful effects of AI, and online safety for TikTok's users".

 

The company said it would stop licensing its content to TikTok when its contract expires on 31 January.

 

In response, TikTok said: "It is sad and disappointing that Universal Music Group has put their own greed above the interests of their artists and songwriters.

 

"Despite Universal's false narrative and rhetoric, the fact is they have chosen to walk away from the powerful support of a platform with well over a billion users that serves as a free promotional and discovery vehicle for their talent," it added.

 

This is the first time that Universal has taken the major step of removing its songs from a technology firm's platform.

 

Universal holds a dominant position in the global recorded music industry. It holds the rights to a huge array of artists from the Beatles, Elton John and Coldplay to Adele, BTS and Blackpink.

 

It also owns Sophie Ellis-Bextor's Murder on the Dancefloor, which has been a recent hit on TikTok.

 

In July last year, Warner Music, which is the world's third-biggest recorded music company, and TikTok struck a new licensing deal.-bbc

 

 

 

 

PayPal cuts 2,500 jobs in the face of rising competition

PayPal says it will cut another 2,500 jobs, or 9% of its global workforce, a year after making a similar move.

 

Chief executive officer Alex Chriss told staff that the decision was made to "right-size" the company "through both direct reductions and the elimination of open roles".

 

The staff who are affected will be notified by the end of the week, the digital payments giant said.

 

PayPal faces rising competition from rivals such as Apple, Zelle and Block.

 

Mr Chriss was brought in from software company Intuit last year to help turn around PayPal.

 

Investors hoped he would be able to revive the company's share price which has fallen by more than 20% in the past 12 months.

 

In November, the PayPal reported its first earnings under its new boss, which topped analysts expectations, giving investors some hope that its turnaround was underway.

 

Last week, the firm launched new artificial intelligence-driven products as well as a one-click checkout feature.

 

The latest job cuts follow tens of thousands of layoffs by other technology giants in recent months.

 

More than 260,000 jobs were lost in the sector last year, according to the Layoffs.fyi website, which tracks technology industry job cuts.

 

In just the last month, almost 100 tech firms - including Meta, Amazon, Microsoft, Google, TikTok and Salesforce - have announced a total of 25,000 job cuts.

 

This week, Block, which is led by Twitter's co-founder Jack Dorsey, began cutting jobs as part of its goal to trim its workforce by 1,000 by the end of the year.

 

Last year, executives blamed job losses on the pandemic hiring spree and high inflation which resulted in weak consumer demand.

 

However, some technology industry workers are fighting back. Earlier this month, a union representing workers at Google said it was "needless" for the tech giant to cut hundreds of jobs when it makes billions of dollars a year.-bbc

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not 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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