Major International Business Headlines Brief::: 04 July 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  04 July 2024 

 


 


 

	
 


 

 


 

ü  Nigeria: Senate Flays Govt's Poor Implementation of N9 Trillion Capital
Components in Budgets

ü  Somalia: European Union Warships Dock in Somalia's Puntland As Piracy
Resurfaces

ü  Namibia: Prisoners Sue Govt Over Internet Use for Studies

ü  Kenya Eyes U.S. After Tapping Into EU Market Under EPA

ü  Kenya's Economy Slows By 0.5pc to 5pc in Q1 of 2024

ü  RwandAir Celebrates One Year of Direct Flights to Paris

ü  East Africa: Ethiopia and Djibouti Will Boost the EAC

ü  East Africa: Finance Minister Meets Japanese Special Envoy to the Horn of
Africa

ü  Morocco's Airport Capacity to Reach 80 Million Passengers By 2035

ü  Nigeria: 50,000 Jobs for Nigerians Underway in U.S., Canada, Others -
NATEP

ü  Nigeria: CBN Warns Banks Against Rejecting Dirty/Mutilated Naira Notes

ü  Jeff Bezos to sell another $5bn of Amazon shares

ü  India's X alternative Koo to shut down services

ü  Japan declares victory in 'war' on floppy disks

 


 

 


 <mailto:zitfmktg at zitf.co.zw> Nigeria: Senate Flays Govt's Poor
Implementation of N9 Trillion Capital Components in Budgets

The senate, yesterday, challenged the federal government to intensify
efforts in funding the capital components of the three national budgets
running concurrently.

 

In addition, the red chamber, yesterday, constituted an ad-hoc committee to
investigate the continued importation of hazardous petroleum products and
dumping of substandard diesel in the country

 

Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola,
raised the issue of capital expenditure funding when Minister of Finance,
Mr. Wale Edun, and Accountant General of the Federation, Dr. Mrs Oluwatoyin
Madein, appeared before the panel over the budgets' performance.

 

 

Adeola lamented the poor funding of the capital components of the budgets
and urged the Coordinating Minister of the Economy to improve on that.

 

He said, "It is the capital component of the budgets that will showcase this
government largely in terms of performances. The capital components tend to
showcase various projects that will be executed by this government and
people can say, oh, the government is doing this, it's doing that.

 

"That is why we are emphasising the performance of the 2024 budget capital
component.

 

"The N1.84 billion achieved so far out of a N9 trillion capital expenditure
component is nothing to write home about. I would want you to, please, look
towards this direction."

 

Adeola, urged the minister to engage more with the MDAs because most of them
were not aware of the current arrangement regarding funding of capital
projects.

 

 

He said, "I tell you for free, some agencies will tell you that they have
not been given any money for capital, when we are fully aware that the
process of payment of capital has changed.

 

"And I want you to do more engagement with the ministries and departments
and agencies of the government.

 

"That shows a lot of engagement has to go on from time to time to bring it
to their notice that you are no longer in charge of payment to contractors.

 

"I want you to, please, do a kind of continuous engagement. It will help, so
that everybody can come to terms that the system has changed."

 

Adeola added, "Everything about the method of payment, method of business
has changed. I would say that.

 

"Coming back to the Nigerian National Petroleum Company Limited (NNPCL), we
make it known that we have been assured of two million barrels.

 

 

"Long before now, we have been on 1.2 million barrels over this period. So
that shows that we now have the capacity of two million barrels. Why is it
now the NNPCL is assuring us of two million barrels?"

 

The senate panel chairman also hinted on plans by the red chamber to
organise a public hearing on NNPCL where stakeholders in the oil and gas
sector would be invited, including the finance minister.

 

He explained, "They (NNPCL) have promised to deliver on our refineries for
the last couple of months, billions of dollars have been expended and
nothing to show.

 

"The local producers have not been encouraged, the local refineries have not
been encouraged. No progress has been made in this direction. So all this
and more is what we look into in the future."

 

Adeola, nevertheless, commended the minister for achieving 100 per cent
funding of the 2023 supplementary budget.

 

He said, "We did supplementary budget, which we have achieved 100 per cent
release, which is highly commendable.

 

"It will not be out of place for you to have a periodic report on the
implementation level of these agencies, so that at least you can be guided
on why transiting to the new method of payment as you can be guided.

 

"As for the main 2023 budget, we are lagging behind by over 50 something per
cent. I also strongly believe that we should work around the clock."

 

In his remarks, the finance minister told the senators that the federal
government had made progress in its ongoing forensic investigation into the
N30 trillion ways and means.

 

Edun also said the take-off of the electric and CNG vehicles had been held
up by a spike in freight costs.

 

He pledged that his ministry would intensify efforts in monitoring the
revenue generating agencies.

 

He equally said the country's debt service was up to date.

 

Edun added, "The procurement of electric and CNG buses and conversion kits,
more importantly, has been held up by a spike in the freight costs.

 

"It's just the ingenuity of one of the young men that is in that business
that I've got a bulk carrier that has a lower freight cost.

 

 

"Otherwise, the trade cost per bus became daunting and it made people just
hold up to see whether in fact this procurement was profitable for them."

 

On debt payments, he said, "We have paid $700 million in debt services for
420 national development agencies and others."

 

Speaking on ways and means, Edun explained, "We are also interrogating the
N22.7 trillion that we met on the ground. We had instituted forensic audit
to see the impact.

 

"We are also interrogating the revenues that are due to us from everybody
because we need to, in view of the fact that ways and means is going down
rather than up. So we are servicing all the debts."

 

Meanwhile, the senate, yesterday, constituted an ad-hoc committee to
investigate the continued importation of hazardous petroleum products and
dumping of substandard diesel in the country.

 

The upper chamber appointed Leader of the Senate, Senator Opeyemi Bamidele,
to lead 14 other senators to unravel masterminds of the illicit practice and
transaction.

 

President of the Senate, Senator Godswill Akpabio, set up the ad-hoc
committee at the plenary yesterday, after Chairman, Senate Committee on
Niger Delta Development Commission (NDDC), Senator Asuquo Ekpenyong, moved a
motion on the urgent need to probe the continued importation of hazardous
petroleum products.

 

Reports had revealed that 12 diesel cargoes conveying a total of 660
kilotons of diesel were exported by refineries to offshore Lomé, Togo, for
further distribution to West African markets, mainly Nigeria.

 

At the plenary yesterday, Akpabio lamented the danger of hazardous petroleum
products, stressing the need for the senate to immediately investigate and
unravel those behind the hazardous practice.

 

Consequently, the senate president appointed Bamidele to chair the 15-man
committee to investigate the masterminds and submit its report within three
weeks.

 

Concerned about the reports, Ekpenyong observed that the quality of the said
diesel was below the Nigerian standard in terms of flash and sulphur levels

 

He explained that the diesel "is priced below fair market value, which
constitutes dumping on the World Trade Organisation (WTO) rules, which
stipulates that countries are permitted to take measures to protect their
local industries in the event of dumping.

 

"The WTO also recognises the impact of dumping on domestic industries, and
therefore stipulates tariff regimes, such as anti-dumping duties and import
restrictions l measures to ensure that domestic producers are unfairly
disadvantaged."

 

He disclosed that even though the Nigerian Midstream and Downstream
Petroleum Regulatory Authority (NMDPRA) recently revised the standards of
diesel importation into Nigeria in line with the Petroleum Industry Act,
2021, it had been incapable of enforcing compliance with the standards.

 

He further explained that the ban on importation of diesel would be
beneficial to the Nigerian petroleum industry and, indeed, the entire nation
and as such, NMDPRA should cease import licenses in order to address all
concerns.

 

Ekpenyong said if the situation was allowed to continue, local producers
would have no option than to stop the commissioning of gasoline units and
shutdown refineries until the regulatory environment improved.

 

The senate then set up an ad-hoc committee to launch an investigation into
the continued importation of hazardous petroleum products, and dumping of
substandard diesel in Nigeria.

 

Chaired by Bamidele, other members of the ad-hoc committee included Senator
Adams Oshiomhole (Edo North), Senator Abdul Ningi (Bauchi Central), Senator
Osita Izunazo (Imo West), Senator Ifeanyi Uba (Anambra South), Senator Diket
Plang (Plateau Central), Senator Mohammed Monguno (Borno North), Senator
Abdullah Yahaha (Kebbi North), Senator Olamilekan Solomon (Ogun West),
Senator Khabeeb Mustapha (Jigawa South-West), Senator Shahabi Ya'u (Zamfara
North), and Senator Tokunbo Abiru (Lagos East).

 

-This Day.

 

 

 

Somalia: European Union Warships Dock in Somalia's Puntland As Piracy
Resurfaces

Bosaso — In a significant development aimed at enhancing regional maritime
security, warships belonging to the European Union (EU) recently docked at
the shores of Puntland, a region in northeastern Somalia.

 

The visit was marked by a high-level meeting between the Deputy Director
General of the Puntland Maritime Police Force (PMPF), Mr. Mohamud Silal
Omar, and senior officers from the EU Naval Force (EU-NAVFOR) Operation
Atalanta, particularly the ESPS NUMANCIA.

 

The meeting, which also included the Commander in Chief of the PMPF forces,
Admiral Manuel ALVARGONZÁLEZ MÉNDEZ, focused on a range of critical issues
including maritime piracy, illegal fishing, illicit weapons trade, narcotics
trafficking, and maritime terrorism.

 

Both parties emphasized the importance of intensifying joint operations
against these threats to ensure the stability and security of the region's
maritime environment.

 

During the discussions, the sharing of intelligence and the successes
achieved in joint operations against maritime piracy were highlighted.

 

 

The close monitoring of pirate activities and the prevention of their
organized attempts at sea were noted as significant achievements,
underscoring the effectiveness of the collaboration between the PMPF and
EU-NAVFOR.

 

The outcome of the meeting was a unanimous commitment to further strengthen
cooperation and to develop more robust and proactive measures to counter
maritime security threats.

 

Both the PMPF and EU-NAVFOR agreed on the necessity of early intervention to
thwart any potential actions by pirates and terrorists at sea.

 

This visit by the EU warships to Puntland signifies a deepening of
international efforts to combat maritime insecurity in the Horn of Africa.

 

It is expected that the enhanced cooperation will lead to more effective
surveillance, deterrence, and response capabilities in the region's maritime
domain, thereby contributing to broader regional and global security goals.

 

-n Shabelle.

 

 

 

Namibia: Prisoners Sue Govt Over Internet Use for Studies

Eighteen inmates suing the prison authorities over a decision to end their
internet access are awaiting a judgement in their case at the end of next
week.

 

The inmates filed an urgent application against the minister of home
affairs, immigration, safety and security, Albert Kawana, Namibian
Correctional Service (NCS) commissioner general Raphael Hamunyela and three
NCS officials at the Windhoek High Court in March in an attempt to have
their access to the internet and online study facilities restored.

 

Judge Herman Oosthuizen on Friday last week postponed the judgement on their
application to 12 July.

 

The 18 applicants in the matter are asking the court to review and set aside
a decision that they would not be allowed to continue to use their own
laptops and Wi-Fi devices while pursuing online studies.

 

They also want the court to review and set aside an NCS official's decision
to remove school desks and chairs that they used in Windhoek Correctional
Facility for study purposes.

 

 

The prisoners have informed the court that they successfully registered for
the 2024 academic year, with the assistance and approval of the NCS, in
February this year.

 

They have also stated that their only means of studying is online, and that
it is essential that they have access to the internet and computer devices
needed to access the internet.

 

The prisoners are alleging that the head of education services at Windhoek
Correctional Facility on 6 February first removed their laptops and then
also took away the Wi-Fi devices they used as part of their studies.

 

The inmates state they had no other choice than to hand over the items.

 

The first of the applicants in the case, Rodney Shaningua, said in a sworn
statement filed at the court: "This summary decision left us shocked and
dumbfounded, especially given the fact that these internet pocket Wi-Fi
devices were given to us by our academic institutions for online study
purposes, seeing that our studies have completely been migrated to online
study mode, and because these pocket Wi-Fi devices, at all times, have been
collected from the institutions by the correctional services."

 

 

According to Shaningua, the affected inmates were told they would instead
have to rely on the NCS' own internet network, which he claimed is
"hopelessly unreliable, ineffective, and can even go for days and weeks
without connectivity".

 

Shaningua also alleged that the prison authorities' decision to restrict his
and the other applicants' access to the internet was a reaction to demands
made by detained accused in the Fishrot fraud, corruption and racketeering
case, who he said have threatened to take legal action if they were not
allowed to have Wi-Fi devices and use Gmail addresses.

 

 

Shaningua, who told the court he is a final-year law student, said he and
the other applicants in the matter were not given an opportunity to be heard
before the prison authorities made the decision to restrict their access to
the internet.

 

In court documents, the government responded by saying the decision of the
officer in charge to remove the internet dongles was done in the lawful
exercise of powers vested in him by the Correctional Service Act of 2012.

 

Hamunyela said in an answering affidavit that the use of pocket Wi-Fi
devices was allowed temporarily in the wake of the Covid-19 pandemic, which
restricted movement and face-to-face teaching.

 

The NCS is providing internet connectivity to prisoners who need it for
their studies, and that connectivity is not ineffective, unreliable, slow or
poor as alleged, according to Hamunyela.

 

He said the internet service provided to inmates allows them to access all
websites necessary to do their studies.

 

Hamunyela said some inmates have abused their internet access by watching
movies, sending messages and also accessing pornographic websites, instead
of using it for study purposes.

 

On Shaningua's allegations that demands from the Fishrot accused prompted
the prison authorities to act against him and fellow students, Hamunyela
said internet access has been provided to the accused in the Fishrot case so
that they can prepare for their trial, while Shaningua and his co-applicants
are all sentenced offenders who have been granted internet access for
educational and academic purposes only.

 

"The two should not be conflated," Hamunyela said.

 

The inmates are represented by lawyers James Diedericks and Johan van
Vuuren.

 

The respondents are represented by government lawyer Wilhelm Amukoto.

 

-n Namibian.

 

 

 

 

Kenya Eyes U.S. After Tapping Into EU Market Under EPA

Nairobi — Kenyan exports will now access duty-free, quota-free markets in 27
European Union nations following the Economic Partnership Agreement between
Kenya and the European Union (EPA).

 

Speaking during the launch of the TRIFIC Special Economic Zone (SEZ) COSSA
program, Trade Cabinet Secretary Rebecca Miano affirmed that international
investors are confident about Kenya's economic potential, which offers a
great opportunity to seize global markets.

 

"I want to confirm that the market access we have established in Kenya is
quite big and now we must work on increasing our production so that we can
satisfy the market because the European Union Economic Partnership agreement
came into force," said Miano.

 

 

Under the European Union EPA Agreement, all Kenyan exporters will enjoy
market opportunities in EU countries, including Austria, Belgium, Croatia,
Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
the Netherlands, Poland, Portugal, Romania, Slovakia, Spain, and Sweden.

 

CS Miano commended the TRIFFIC Chanzo ONESPACE Startup and Scaleup
Accelerator (COSSA) program, stating that the program will create African
tech multinational companies by allowing them to trade globally.

 

"The launch of the COSSA program in the eyes of my ministry is a significant
milestone because it positions Kenya as an innovation and investment hub,"
she said.

 

CS Miano revealed that the Ministry has commenced talks on strategic trade
and investment partnerships in order to tap into the lucrative market in the
United States, having already concluded a comprehensive Economic Partnership
Agreement with the United Arab Emirates.

 

"Recently, we concluded the comprehensive Economic Partnership Agreement
with the United Arab Emirates, and now we are discussing trade and
investment partnerships with the United States. This gives me a lot of
confidence because soon we shall be able to seize this big market," stated
Miano.

 

According to Miano, the Strategic Economic Partnership Agreements will
enable Kenyan businesses to expand and succeed in other countries as the
government continues to enhance the country's economic potential through
pro-investment policies in order to attract direct foreign investment.

 

-n Capital FM.

 

 

 

 

Kenya's Economy Slows By 0.5pc to 5pc in Q1 of 2024

Nairobi — The Kenyan economy slowed by 0.5 percent to 5 percent in quarter
one of this year, weighed down by decelerating growth in the construction as
well as transportation and storage sectors.

 

The latest Kenya National Bureau of Statistics (KNBS) Quarterly Gross
Domestic Product Report shows that growth in the construction sector dropped
to 0.1 percent in the three months to March 2024, down from a growth of 3
percent during a similar period in 2023.

 

"Cement consumption declined by 12.7 per cent to stand at 1,949.9 thousand
metric tonnes from 2,234.2 thousand metric tonnes in the corresponding
period of 2023," KNBS says in the quarterly report.

 

 

"The quantity of imported bitumen decreased from 25,482.6 metric tonnes
recorded in the first quarter of 2023 to 17,237.8 metric tonnes in the
period under review," it adds.

 

Similarly, transportation and storage sectors slowed to 3.8 percent compared
to 6.6 percent during the review period.

 

"Electricity and Water Supply sector recorded a decelerated growth of 2.4
per cent in the first quarter of 2024 compared to a growth of 3.7 per cent
in the corresponding quarter of 2023."

 

However, agriculture, forestry, and fishing activities grew by 6.1 percent,
followed by real estate (6.6 percent), financial and insurance (7 percent),
information and communication (7.8 percent), and accommodation and food
services (28 percent).

 

"Similar to the first quarter of 2023, agricultural production was vibrant
in the corresponding quarter of 2024, owing to favourable weather conditions
that supported crop and animal production during the quarter," the report
continues.

 

-n Capital FM.

 

 

 

 

RwandAir Celebrates One Year of Direct Flights to Paris

RwandAir Continues to Connect Europe and Africa as the Only Airline
Providing Direct Service Between Paris and Kigali 

 

RwandAir is celebrating the first anniversary of its direct flights from
Paris to Kigali, providing improved connectivity between Africa and Europe.
Launched in June 2023, the flight operates three times a week. With
RwandAir's extensive network of destinations, the route allows travelers to
connect to East, West, Central, and Southern Africa via Kigali, providing a
gateway to Africa.

 

In the past year, the airline has operated over 150 flights between these
destinations as it meets the growing demand from the European market. And,
as the world gears up for the 2024 Summer Olympics, RwandAir is proud to
provide special assistance and travel for some Olympic athletes traveling to
Paris.

 

RwandAir provides the only direct route between Paris and Kigali and offers
stopover service for some flights connecting through Kigali. This allows
passengers to explore Rwanda before continuing on to their final
destinations.

 

Deogratias Higiro, the country manager for RwandAir in Paris, stated: "We
are proud to mark this milestone and the ongoing success of RwandAir's
direct flights between Paris and Kigali. This route has played a vital role
in expanding our global connectivity and demonstrating our dedication to
offering an outstanding travel experience for our customers."

 

"We have seen a growing demand from the French market, reflecting the strong
ties and mutual interests between Rwanda and France. Our direct flights have
made travel more convenient for our valued customers and serve as a bridge
to increase tourism, business, and cultural ties between both countries."

 

Flight WB700 departs Kigali every Tuesday, Thursday, and Saturday at 00:50
AM and arrives at Paris' Charles de Gaulle Airport at 09:30 AM the same
morning.

 

The returning flight WB701 leaves Paris at 09:30 PM every Tuesday, Thursday,
and Saturday, arriving in Kigali, the vibrant capital of Rwanda, at 06:00 AM
the following morning.

 

RwandAir offers a generous baggage allowance. Customers flying in Economy
Class can check in two bags of 23kg each, while those flying in Business
Class can check in up to three bags of 23kg each.

 

For more information about RwandAir and to book flights, please visit
rwandair.com.

 

For further information, please contact: communications at rwandair.com

 

About RwandAir 

 

Based in Kigali, RwandAir is the national airline of Rwanda and one of the
world's fastest-growing carriers. It has a modern fleet of 14 aircraft,
including a freighter servicing 24 destinations across Africa, Europe, and
the Middle East. The airline has a reputation for delivering a premium
service to all its customers while also promoting Rwanda's tourism and trade
industry.

 

 

 

East Africa: Ethiopia and Djibouti Will Boost the EAC

The East African Community (EAC) is considering the admission of Ethiopia
and Djibouti into the bloc.

 

This comes on the heels of Somalia joining the bloc, an indicator that
regional leaders view the integration expansion as one of the strengths that
the region can leverage on.

 

The admission of Ethiopia and Djibouti could potentially unlock new
opportunities for economic growth and cooperation, positioning the bloc as a
more influential player on the African continent. However, the likely
accession of the dual could bring new challenges and opportunities to the
EAC.

 

 

Over the past few years, the EAC economy has experienced an average growth
rate of over five per cent, positioning it among the fastest-growing regions
in sub-Saharan Africa. Its enormous potential for economic and industrial
growth can be attributed to the presence of a good business environment, and
deeper trade among member states.

 

The move to integrate the Horn of Africa into the EAC bloc will create a
broader market of nearly 800 million people. This could deepen regional
integration, enhance market access, and stimulate intra-regional trade,
given their strategic location in the Horn of Africa.

 

Furthermore, their participation could bolster infrastructure development,
spur investment opportunities, and promote cross-border cooperation in areas
such as energy, transportation and telecommunications. Uganda stands to
benefit significantly from the potential accession of Ethiopia and Djibouti
to the EAC.

 

Ethiopia is the second most populated country in Africa after Nigeria, with
a large domestic market of nearly 123.4 million in 2022, as noted by the
World Bank. Increased market access to Ethiopia's sizable population would
offer new opportunities for Ugandan exporters, particularly in sectors such
as agriculture, services and manufacturing.

 

 

Furthermore, Ethiopia's strong economic growth and industrialization efforts
could attract investment and technology transfer to Uganda, fostering
economic development and job creation. In addition, Ethiopia's improved
regional infrastructure connectivity would enhance Uganda's trade links with
other EAC member states and beyond, facilitating smoother movement of goods
and people.

 

Notably, Ethiopia is a regional leader in air transportation, with Ethiopian
Airlines as one of Africa's three top global carriers, covering an extensive
network across the continent.

 

Moreover, Ethiopia's geopolitical significance could strengthen the EAC's
bargaining power in international trade negotiations, benefiting Uganda
through collective representation on global platforms. Addis Ababa is
already involved actively in regional integration initiatives in the Horn of
Africa and has played a part in the success of the Intergovernmental
Authority on Development (IGAD) in maintaining peace and security in Africa.

 

 

On the other hand, Djibouti's accession to the bloc comes with several
potential benefits. Notably, Djibouti is strategically located in the Horn
of Africa at the southern entrance to the Red Sea, with a coastline of
nearly 372km.

 

This presents the EAC region with an opportunity to access crucial sea trade
routes between Africa and the Middle East and Asia, thereby bolstering the
prospects to increase trade and investments. In addition, Djibouti's
enormous natural assets could be used to boost travel and tourism growth
within the region.

 

Similarly, its vast infrastructure of undersea telecommunications (fiber
optic) cables could provide a platform to boost high-speed data
transmission, seamless internet connectivity, and the establishment of
digital industries within the bloc. On the downside, the Horn of Africa
grapples with several looming risks which need to be addressed to ensure a
smooth integration process.

 

For instance, in the past two years (2021 - 2023), Ethiopia has been gripped
by civil conflicts in the northern regions of Afar, Amhara and Tigray.
Moreover, the Afar-Issa conflict in Ethiopia's Sitti Zone and the presence
and activities of Islamist terrorist groups in the neighbouring Somaliland
and Puntland State of Somalia, pose potential security risks to Djibouti's
stability and growth trajectory.

 

Furthermore, Djibouti continues to serve as a safe haven for the refugees
from the instability in the Middle East, mainly Yemen. This situation is
exacerbated by the presence of foreign military bases, including those of
China and the United States of America.

 

With the potential admission of Ethiopia and Djibouti, the potential
benefits to EAC are promising, yet not without challenges. The EAC needs to
carefully take into consideration these complexities through strengthening
diplomacy to maintain regional stability and bolster socio-economic
integration.

 

The writer is a research associate at EPRC, Makerere University.-Observer.

 

 

 

 

East Africa: Finance Minister Meets Japanese Special Envoy to the Horn of
Africa

Port Sudan — The Minister of Finance and Economic Planning, Dr. Jibril
Ibrahim, on Wednesday, met with the Japanese envoy to the Horn of Africa,
Ambassador Shimizu Shinsuke, and members of his delegation, including
Kentaro Mizuuchi, Japanese Charge' d'Affaires, and Ms. Mayuki Nishimura, in
the presence of Ambassador Omar Issa, representative of the Ministry of
Foreign Affairs, and a number of technicians from the Minister's Office and
the Ministry of Foreign Affairs.

 

Finance Minister welcomed the appointment of a Japanese envoy to the Horn of
Africa, and stressed the importance of his presence despite the difficulty
of the mission due to tensions in the region, pointing out to the good
relations and mutual respect between Japan and the African continent, which
facilitates the envoy's mission given the absence of Japan's colonial
history in the region.

 

 

The minister briefed the Japanese special envoy to the Horn of Africa on the
causes and repercussions of the war and the efforts made to end it through
dialogue between various civil forces at home and abroad, referring to the
Cairo conference scheduled to be held in the coming days.

 

For his part, the Japanese special envoy to the Horn of Africa stressed the
importance of the Horn of Africa region and the interest of the Japanese
government in resolving conflicts there, particularly in Sudan, calling for
a ceasefire through direct talks.

 

The minister of Finance and Economic Planning pointed out that the war
requires understanding the reality of Sudan and the nature of the conflict,
stressing that the terrorist rebel Rapid Support Forces (RSF) militias are a
tribal force whose loyalty is to the tribe and family. He also explained
that the government of Sudan has been calling for peace since the beginning
of the war, and that the continued external support for the terrorist rebel
RSF militia from the UAE and some neighboring countries contributed to the
expansion of the war and the destruction of the country, urging the
necessity of Japan and the international community intervention to uncover
and stop this interference.

 

 

Regarding food security in Sudan, the minister denied the existence of
famine, and confirmed the existence of sufficient food production,
indicating that the problem lies in distribution, and that Sudan only needs
production inputs to produce its food without the need for food aid from
abroad. He praised the successful projects implemented by the Japanese
government through JICA in the fields of water and electricity, calling for
continued Japanese support and the need to provide direct support to Sudan.

 

The Japanese special envoy to the Horn of Africa indicated that $150 million
had been allocated to the Horn of Africa region, and that JICA's return to
work in Sudan would take place soon with the improvement of the security
situation in the country, stressing their support for Sudan in the UN
Security Council.

 

At the conclusion of the meeting, the Minister thanked the government of
Japan again for its interest in resolving the conflict in Sudan, and invited
it to participate in the post-war reconstruction and rehabilitation phase as
a strategic partner, and to enter into projects through the BOT system,
particularly in the areas of infrastructure and the construction of roads,
airports, ports, water and electricity stations. BH/BH

 

-n SNA.

 

 

 

Morocco's Airport Capacity to Reach 80 Million Passengers By 2035

Rabat — Morocco is looking to increase the capacity of its airports to 80
million passengers by 2035, from the current 40 million, thanks to projects
aimed at extending and renovating several airports, Minister of Transport
and Logistics, Mohamed Abdeljalil, said here Wednesday.

 

Speaking during the 28th Session of the General Assembly of the Arab Civil
Aviation Organization (ACAO), Abdeljalil pointed out that increasing the
capacity of Moroccan airports is part of the Kingdom's preparations for the
joint organization of the 2030 Football World Cup.

 

He added that Morocco will renovate these airports, develop air navigation
equipment and strengthen air connectivity, particularly low-cost, given the
important of civil aviation in the success of major international events.

 

 

In this respect, the Minister pointed out that Morocco's flag carrier Royal
Air Maroc (RAM) is looking to quadruple its air fleet by 2037, with the aim
of transforming Casablanca's Mohammed V International Airport into an
intercontinental international hub.

 

Abdeljalil also highlighted Morocco's efforts in the fields of cybersecurity
and the digitalization of international civil aviation activities, as well
as its willingness to adopt legal and regulatory changes to promote this
sector at both international and Arab level.

 

Highlighting the Kingdom's initiatives to develop civil aviation safety and
security, the government official underlined that Morocco had been able to
raise the average of the civil aviation safety audit carried out by the
International Civil Aviation Organization (ICAO) to 85%, reflecting the
efforts made by the country to develop the civil aviation sector.

 

-n MAP.

 

 

Nigeria: 50,000 Jobs for Nigerians Underway in U.S., Canada, Others - NATEP

The German Agency for International Cooperation (GIZ), in partnership with
the National Talent Export Programme - Nigeria (NATEP), has commenced a
three-day workshop on how to create jobs through remote work and physical
talent export, while revealing that plans are underway to export 50,000 jobs
to different parts of the world.

 

The workshop, currently ongoing in Abuja, has as its theme: "Possibilities
and Requirements for Work and Study in Germany and Mastering Remote Work."

 

During the opening ceremony, Olufemi Adeluyi, the National Coordinator of
the National Talent Export Programme, said: "We have signed an MOU with Lab
Four, based in Memphis, USA, to channel 50,000 remote jobs to Nigeria over
the next three years as part of efforts to get inflow of forex into the
country."

 

Adeluyi added that his programme was partnering with the Unique Talent
Export Limited (UTEL), in Kuwait, with a commitment to create 250 jobs in
the GCC countries, Germany, Scandinavian countries and other parts of
Europe.

 

Also speaking at the event, the Programme Component Manager, GIZ, Nigeria,
Tolulope Olaiya, said over 320,000 Nigerians have benefitted from the
project in the last five years.

 

Olaiya encouraged Nigerians to make use of the Nigerian-German Centre for
Migration and Development for their benefit, saying: "We have integrated
these centres within the frameworks of the Ministry of Labour and Employment
and the migrant resource centres.

 

-n Daily Trust.

 

 

 

Nigeria: CBN Warns Banks Against Rejecting Dirty/Mutilated Naira Notes

The Central Bank of Nigeria (CBN) has warned Deposit Money Bank (DMBs)
against rejecting dirty and mutilated Naira banknotes from depositors.

 

In circular posted on its website this evening, the apex bank threatened to
apply strict penalties against any DMB found to be rejecting such notes.

 

The circular signed by the Director of Currency Operators, Mr. Mohammed
Solaja, referenced: COD/DIR/INT/CIR/001/018 and dated June 28, 2024 reads in
full, "The central bank of Nigeria had received several reports of rejection
of dirty/ mutilated naira bank notes by some deposited money bank (DMB's)

 

"Consequently, it has become imperative to remind DMB's that the CBN
circular dated July 2 2019, reference number COD/DIR/GEN/CIR/01/006 which
prescribes penalties for the rejection of naira bank notes is still
enforceable and binding on erring DMB's.

 

"Going forward, the Central Bank of Nigeria shall not hesitate to apply
strict sanctifications on DMB's who are reported to have rejected deposits
of naira bank notes from the public, under any guise."

 

-n Vanguard.

 

 

 

Jeff Bezos to sell another $5bn of Amazon shares

Amazon founder Jeff Bezos says he will sell another 25 million shares in the
technology giant, worth nearly $5bn (£3.9bn).

It comes after the company's stock market value hit a record high on
Wednesday.

In February, he announced that he would sell Amazon shares worth around
$8.5bn.

 

That marked the first time since 2021 that Mr Bezos had sold Amazon shares.

The company's shares have risen by more than 30% this year on expectations
that growing demand for artificial intelligence (AI) technology will boost
earnings at its cloud computing business.

 

Last month, Amazon's stock market valuation topped the $2tn for the first
time.

However, that is still behind other major technology firms Nvidia, Apple and
Microsoft, all of which have crossed the $3tn mark.

 

Amazon reported robust quarterly earnings at the end of the April, that
showed the company's bet on AI was paying off.

 

Mr Bezos stepped down as the company's chief executive in 2021 and is
currently its executive chair and remains its largest shareholder.

 

He founded Amazon in 1994 in a garage in Bellevue, Washington, when the
internet was still in its infancy.

The company started out as an online bookseller, touting the world's largest
collection of ebooks.

Since then Amazon has become one of the world's leading online retail and
cloud computing companies.

He also founded the rocket company Blue Origin, which in May sent six
customers to the edge of space.

Mr Bezos is the world's second richest person, according to the Forbes
Billionaires list, with an estimated net worth of around $214bn.-BBC

 

 

 

India's X alternative Koo to shut down services

Millions of social media users in India are stranded after homegrown
microblogging platform Koo, which had branded itself as an alternative to X,
announced it was shutting services.

The platform's founders said a shortage of funding along with high costs for
technology had led to the decision.

Launched in 2020, Koo offered messaging in more than 10 Indian languages.

It gained prominence in 2021 after several ministers endorsed it amid a row
between the Indian government and X, which was then known as Twitter.

 

The spat began after Prime Minister Narendra Modi's government asked the
US-based platform to block a list of accounts it claimed were spreading fake
news. The list included journalists, news organisations and opposition
politicians.

The Indian government's war with Twitter

India's Twitter alternative with global ambitions

X complied initially but then restored the accounts, citing "insufficient
justification".

The face-off continued as the government threatened legal action against the
company's employees in India.

Amid the row, a flurry of supporters, cabinet ministers and officials from
Mr Modi's Bharatiya Janata Party (BJP) migrated to Koo overnight. Many of
them shared hashtags calling for X to be banned in India.

By the end of 2021, the app had touched 20 million downloads in the country.

 

However, the platform has struggled to get funding in the last few years.

On Wednesday, founders Aprameya Radhakrishna and Mayank Bidawatka said that
Koo was "just months away" from beating X in India in 2022, but a "prolonged
funder winter" had forced them to tone down their ambitions.

 

“We explored partnerships with multiple larger internet companies,
conglomerates and media houses but these talks didn’t yield the outcome we
wanted,” they wrote on LinkedIn.

“Most of them didn’t want to deal with user-generated content and the wild
nature of a social media company. A couple of them changed priority almost
close to signing.”

 

In February, Indian news websites had reported that Koo was in talks to be
acquired by news aggregator Dailyhunt. But the talks did not succeed.

In April 2023, Koo fired 30% of its 260-member workforce as the company
faced severe losses and a lack of funding.

 

The founders said they would have liked to keep the app running - but the
cost of technology services for that was high and so, they “had to take this
tough decision”.-BBC

 

 

 

Japan declares victory in 'war' on floppy disks

It's taken until 2024, but Japan has finally said goodbye to floppy disks.

Up until last month, people were still asked to submit documents to the
government using the outdated storage devices, with more than 1,000
regulations requiring their use.

 

But these rules have now finally been scrapped, said Digital Minister Taro
Kono.

In 2021, Mr Kono had "declared war" on floppy disks. On Wednesday, almost
three years later, he announced: "We have won the war on floppy disks!"

 

Mr Kano has made it his goal to eliminate old technology since he was
appointed to the job. He had earlier also said he would "get rid of the fax
machine".

Once seen as a tech powerhouse, Japan has in recent years lagged in the
global wave of digital transformation because of a deep resistance to
change.

 

For instance, workplaces have continued to favour fax machines over emails -
earlier plans to remove these machines from government offices were scrapped
because of pushback.

The announcement was widely-discussed on Japanese social media, with one
user on X, formerly known as Twitter, calling floppy disks a "symbol of an
anachronistic administration".

"The government still uses floppy disks? That's so outdated... I guess
they're just full of old people," read another comment on X.

 

Others comments were more nostalgic. “I wonder if floppy disks will start
appearing on auction sites,” one user wrote.

Created in the 1960s, the square-shaped devices fell out of fashion in the
1990s as more efficient storage solutions were invented.

A three-and-a-half inch floppy disk could accommodate up to just 1.44MB of
data. More than 22,000 such disks would be needed to replicate a memory
stick storing 32GB of information.

Sony, the last manufacturer of the disks, ended its production in 2011.

As part of its belated campaign to digitise its bureaucracy, Japan launched
a Digital Agency in September 2021, which Mr Kono leads.

 

But Japan's efforts to digitise may be easier said than done.

Many Japan businesses still require official documents to be endorsed using
carved personal stamps called hanko, despite the government's efforts to
phase them out.

People are moving away from those stamps at a "glacial pace", said local
newspaper The Japan Times.

And it was not until 2019 that the country's last pager provider closed its
service, with the final private subscriber explaining that it was the
preferred method of communication for his elderly mother.-BBC

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

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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:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

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