Major International Business Headlines Brief::: 10 July 2024

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Major International Business Headlines Brief:::  10 July 2024 

 


 


 

	
 


 

 


 

ü  Nigerian Exchange Bars Eight Companies From Trading

ü  Ghana Is Planning Its First Nuclear Energy Plant - What's Behind the
Decision

ü  Morocco, Niger to Promote Bilateral Cooperation in Transport, Logistics

ü  Africa: Rise of Digital Activism in Africa As Smartphone Adoption Surges

ü  Ethiopia: Cornerstone Laid for Bus Assembly in Mekelle Town With an
Outlay of 564 Million Birr Capital

ü  Ethiopia: Economists Foresee Drastic Measures to Boost Tax Revenue

ü  Nigeria: NCAA to Sanction Airlines Engaged in Deceitful Departure Time
Scheduling

ü  Nigeria: Oil-Backed Loans Needed to Finance Drilling, Other Operations -
NNPC

ü  Nigerian Govt Begins Construction of 2,000 Housing Units in Eight States

ü  Tanzania: Bonds Reopening to Spur Debt Market

ü  Tech giant Samsung workers to strike indefinitely

ü  US officials uncover alleged Russian ‘bot farm’

 


 

 


 <mailto:zitfmktg at zitf.co.zw> Nigerian Exchange Bars Eight Companies From
Trading

The punitive action remains in force until the companies hand in their
outstanding 2023 audited financials to the exchange, the document stated.

 

The Nigerian Exchange Limited (NGX) has banned eight companies listed on the
bourse from trading for falling short of a rule requiring quoted firms to
file audited annual reports ahead of a specified deadline, according to a
Monday market document seen by PREMIUM TIMES.

 

The punitive action remains in force until the companies hand in their
outstanding 2023 audited financials to the exchange, the document stated.

 

 

Mutual Benefits Assurance, Lasaco Assurance, Unity Bank, C & I Leasing,
Secure Electronic Technology, Guinea Insurance, NPF Microfinance Bank and
Regency Alliance Insurance are the companies serving the sanction.

 

Unity Bank, backed by the Asset Management Corporation of Nigeria, is the
only listed bank yet to publish its earnings report for 2023. The government
agency, which was set up to buy bad loans off banks' balance sheets and
recover them afterwards, is Unity Bank's top shareholder, holding more than
one-third of its issued shares.

 

"If an Issuer fails to file the relevant accounts by the expiration of the
Cure Period1, the exchange will (a) send to the issuer a "Second Filing
Deficiency Notification" within two (2) business days after the end of the
Cure Period," NGX said in a document signed by Godstime Iwenekhai, who heads
its issuer regulation department.

 

A cure period often spans 90 calendar days, beginning from the first day of
the year till around the end of the first quarter. Apart from weekdays,
weekends and public holidays are considered calendar days.

 

 

The exchange is duty-bound to notify the capital market regulator, "the
Securities and Exchange Commission (SEC) and the market within twenty- four
(24) hours of the suspension," the document added.

 

Regency Alliance Insurance stated in a regulatory filing on Tuesday that it
is facing constraints "in migrating our reporting standard from IFRS4 to
IFRS 17." IFRS refers to the International Financial Reporting Standard, an
international organisation which provides the rules and guidelines for
preparing accounts for companies.

 

"The effect of this challenge is that the company was not able to file its
Audited Financial Statement (AFS) for the year ended 31 December 2023 and
the unaudited financial statement for the first quarter ended 31 March 2024
(2024 Q1 UFS) within the stipulated period," the underwriter said.

 

It has assured that it will file both its audited financials for 2023 and
its unaudited financial report for the first quarter by 15 August.

 

- Premium Times.

 

 

 

 

Ghana Is Planning Its First Nuclear Energy Plant - What's Behind the
Decision

Ghana is considering bids from five companies for the construction of what
would be its first nuclear power plant. The companies are: France's EDF,
US-based NuScale Power and Regnum Technology Group; China National Nuclear
Corporation; South Korea's Kepco and its subsidiary Korea Hydro Nuclear
Power Corporation; and Russia's Rosatom. The Conversation Africa's Godfred
Akoto Boafo interviewed Seth Kofi Debrah, director, Nuclear Power Institute,
Ghana Atomic Energy Commission, on the pros and cons of adding nuclear power
to the country's power mix, and why Ghana needs to diversify and identify
new energy sources.

 

What makes the nuclear option attractive to Ghana?

 

The country's industrialisation ambitions, fuel constraints, limited
resources, climate conditions and international commitments to climate
change mitigation are among the factors driving Ghana to include nuclear
power in the energy mix.

 

Nuclear power is available all year round, making it reliable. The nuclear
power plant is expected to operate as a baseload plant (the production
facility used to meet some or all of an area's continuous energy demand),
with a capacity factor of about 92%. A conventional nuclear power plant
typically operates for 92% of a calendar year as compared to 54% for natural
gas power plants, 24% for solar and 34% for wind power plants.

 

 

Demand for electricity is growing across the nation. Currently, 84% of the
population have access to electricity but may not be connected to the
electrical grid. This means the power is available in their area but they
may be unconnected due to personal circumstances.

 

Electricity demand is expected to grow rapidly on the back of
electrification projects planned by successive governments, like the rural
electrification project (which aims at supplying electricity to all
communities with a population of 500 or greater) and industrialisation
initiatives (such as developing the manufacturing, alumina and iron
industries).

 

 

Another reason for choosing nuclear power is that Ghana sees it as a way of
supporting its industrial ambitions in the sub-region.

 

For example, Ghana aims to become a net exporter of electricity in the
region through the West African Power Pool, a specialised agency of the
Economic Community of West African States. It covers 14 of the 15 Ecowas
countries and is intended to supply them with reliable energy at a
competitive cost.

 

According to the World Bank, the average electrification rate in west Africa
is about 42%, which means that almost half of the region's population has no
access to electricity. Ghana has an 84% electrification rate.

 

Ghana believes nuclear power can help it achieve its industrial ambitions
while fighting climate change.

 

As a signatory to the Paris Agreement, Ghana has an international obligation
to reduce greenhouse gas. Nuclear power does not produce any of the
greenhouse gases.

 

 

Ghana's electricity sector is dominated by thermal plants that use natural
gas - a fossil fuel. Fossil thermal plants make up 64% of the current energy
mix. This is an over-dependence on a single fuel source. Natural gas has
competing uses in different sectors, so there are frequent fuel shortages.
And the price of natural gas is set by international markets, which leads to
price volatility.

 

Ghana has its own source of natural gas. But these reserves are expected to
start declining by 2028.

 

How dependable is the country's current energy mix?

 

Ghana's current energy mix is made up of 1,584MW installed capacity of
hydro, 3,758MW of thermal power plants (mostly powered by natural gas) and
112MW of solar generation. But the dependable capacity (the total amount of
electricity that the facility can produce and deliver to the power grid) of
renewables is non-existent since the source of their power generation is
variable.

 

The dependable capacity of the energy mix of a country matters a great deal.
The energy mix must have strong baseload capacity (the minimum amount of
electric power needed to be supplied to the electrical grid at any given
time) before renewables are considered, to ensure reliability.

 

No industralised nation developed its economy based on variable generation
of electricity. They needed a reliable backbone that could be depended on at
all times. European countries used natural gas, coal, hydro or nuclear as
their baseload capacity and added on variable renewables.

 

If Ghana wants to exploit its natural resources and become an industrial
giant, it needs sustainable, reliable and affordable baseload electricity.
That can be found in a source like nuclear.

 

Read more: Climate change will affect hydropower -- African countries must
be prepared

 

What's the government's case for nuclear?

 

Ghana doesn't have many other energy options. It has good sources of hydro
but most have already been exploited.

 

Potential small dams are being affected by climate change or variability and
illegal mining. And the economic justification for more small hydro plants
is in doubt.

 

Ghana started its nuclear power journey as far back as the early 1960s but
the idea was never realised. The nuclear power programme was restarted in
2007 under former president John Agyekum Kufuor. The programme has followed
the International Atomic Energy Agency's three-phase approach. Ghana is now
at phase 2: vendor selection and site preparation.

 

 

The plant, which is expected to be constructed along the coast of the
country, is planned to come online in early 2030.

 

Read more: Ghana's electricity crisis is holding the country back - how it
got here

 

Given Ghana's financial constraints, is nuclear power a good idea?

 

Nuclear power plants have proven to be among the cheapest sources of
electricity around the world. Even though nuclear has a huge upfront
financial burden, its long lifespan (over 60 years) and low running cost
makes it one of the cheapest baseload sources of electricity.

 

Around the world, advanced countries seek financial support for their
nuclear projects. There are various models to finance nuclear power plant
procurement, including the option of a public private partnership.

 

How about nuclear waste and the cost of dealing with it?

 

Ghana already operates one of the few radioactive waste storage facilities
in Africa. This means that when Ghana builds a nuclear power plant it will
already have capacity in nuclear waste management.

 

Radioactive waste management, which deals with nuclear waste, is an issue
that needs to be addressed in the early stages of planning a nuclear plant.
This is evident in the International Atomic Energy Agency milestone approach
which most countries follow to develop a nuclear programme. It shows all the
19 infrastructure issues that need to be addressed throughout the
three-phased approach.

 

It is the only power plant that is responsible in dealing with its waste
after its lifetime. In effect, it is the only power plan that plans and pays
for its waste management during operation and post operation with dedicated
funds for waste management.

 

The costs of managing nuclear waste and the nuclear power plant's
decommissioning at the end of its operating life are included in the nuclear
power plant tariff. This is a safety requirement as enshrined in the
International Atomic Energy Agency safety standards. Furthermore, the
country of origin has strict regulations about decommissioning which have to
be adhered to by nuclear power plant owners.

 

One of the major concerns by the public is the treatment or storage of the
high level spent fuel that is sometimes referred to as "waste". High level
spent fuel is the fuel that has been used up through irradiation. These used
fuels usually have over 90% usable fuel that can be re-used through
reprocessing.

 

Seth Kofi Debrah, Professor, School of Nuclear and Allied Sciences,
University of Ghana

 

 

 

 

Morocco, Niger to Promote Bilateral Cooperation in Transport, Logistics

Rabat — Morocco's Minister of Transport and Logistics Mohamed Abdeljalil,
and his Nigerien counterpart Colonel Major Salissou Mahaman Salissou,
discussed, here Monday, the means to promote bilateral cooperation in the
field of transport and logistics.

 

The meeting took place as part of strengthening South-South cooperation
relations, consolidated by the Atlantic Initiative of His Majesty King
Mohammed VI, which aims to promote access to the Atlantic Ocean for Sahel
States.

 

During this meeting, the two ministers praised the excellence of bilateral
cooperation relations, expressing their willingness to further promote them,
namely in the transport sector, through establishing a working committee in
charge of developping a general framework for technical cooperation, with
the aim of exchanging expertise and capacity building in this field.

 

 

Emphasis was also placed on prioritising road safety as a key area for joint
work, by extending Morocco's National Road Safety Agency's (NARSA) expertise
to Niger, as well as Morocco's experience in airport and civil aviation
sectors.

 

In a statement to the press following the meeting, Mahaman Salissou
mentionned discussions on opportunities for access to the Atlantic seaboard
offered by the port of Dakhla, currently under construction, expressing
pride in the fact 100% of the works on this port infrastructure are carried
out by Moroccan experts.

 

He also thanked Morocco for its support for Niger, which has embarked since
June 2023 on a new momentum aimed at preserving the dignity of the people of
Niger.

 

For his part, Abdeljalil affirmed that his department is fully prepared to
lend a helping hand to this sister country, particularly in the field of
transport, recalling that, following High Royal Instructions, the Kingdom
has made available its road, rail and port facilities to the countries of
the Sahel.

 

The Minister also extended an invitation to his Nigerien counterpart to
attend the 4th World Road Safety Conference, which will be held in February
2025 in Marrakech.

 

Last Friday, the Nigerien minister took part in the 7th Morocco Today Forum
(MTF), placed under the High Patronage of His Majesty King Mohammed VI.

 

- MAP.

 

 

 

 

Africa: Rise of Digital Activism in Africa As Smartphone Adoption Surges

>From just making calls, to taking pictures and light browsing, to engaging
in e-commerce transactions to, recently, engaging in digital activism, the
way Africans are engaging with their smartphones is fast evolving. This is
happening against the backdrop of a surge in smartphone usage across the
continent, according to three recent reports.

 

Three different reports show that the continent is witnessing a big shift to
high speed, internet-powered mobile devices - that can take better photos
and have huge storage capacities - driven by 'a growing demand for digital
services and social media engagement'.

 

International Data Corporation (IDC) shows that over the first three months
of 2024, smartphone shipments in Africa surged by 17.9% to reach 20.2
million units compared to previous year, defying macroeconomic challenges
and forex issues.

 

Over the same period, feature phone shipments declined 15.9% to total 18.8
million units.

 

 

"This marks the first quarter where smartphone shipments have surpassed
feature phone shipments in Africa, highlighting a clear transition toward
smartphones across the region," said IDC in a statement.

 

According to IDC, South Africa was the largest smartphone market in Africa,
followed by Nigeria and Kenya respectively- fueled by rising popularity and
availability of competitively priced Chinese brands with advanced features.

 

Kenya's Communications regulator showed in its January to March report that
628,818 feature phones stopped being used as smartphones grew by 886,884 in
the same period. As of March 2024, active feature phones stood at 31.2
million, down from 31.8 million registered in December 2023. The number of
smartphones in use increased from 33.6 million to 34.5 million during the
same period.

 

Another report by global technology market analyst firm, Canalys shows
smartphone shipments recorded an annual growth of 24% to reach 19.2 million
units in Q4 2023.

 

 

During this quarter under review, South Africa, Nigeria, and Egypt grew 15%,
63%, and 63% respectively- witnessed the largest smartphone shipment numbers
on the continent, catalysed by introduction of more affordable smartphone
options that are beginning to reduce ownership numbers of feature phones in
these markets.

 

"The shift from feature phones to affordable smartphones in African markets
reflects a strong consumer push for modernization and improved connectivity,
resulting in rising vendor-level activities in the entry-level segment,"
said Canalys Senior Consultant in Dubai, Manish Pravinkumar.

 

The significant rise of smartphones come at a time when South Africa
experienced its first contested elections since the end of apartheid
era-that saw the ruling political party ANC, lose its majority to over 40%
and forced to form a coalition government with other parties to retain
power.

 

 

The new political path has been partly attributed to a growing use of social
media by other political parties to reach out to and promise young voters to
lift them from poverty, bridge inequalities, address water, housing and
electricity challenges.

 

Kenya has also lately gained attention in local and international media due
to nationwide protests against a controversial finance bill that aimed to
impose heavy taxes on its citizens.

 

The protests, led by young Kenyans from generation Z, used social media
platforms such as X and TikTok to organize and coordinate their efforts
seamlessly, creating an organic, grassroots movement. Unlike previous
protests, smartphones were widely used to document police brutality and
track the progress of the protests as demonstrators fought for their rights
across the country.

 

To sustain the momentum of offline protests, digital activists used
platforms like TikTok and X to share videos in various Kenyan dialects
explaining the finance bill, crowdfund for transport fares for protesters,
and even create a 'wall of shame' of members of parliament supporting the
punitive bill, including their contact information for protesters to call
them out and expose their properties.

 

These activities piled pressure on the Kenyan government and ultimately led
to the complete withdrawal of the bill and a raft of other proposals
including a review of government expenditures aimed at cutting down wage
bill.

 

In both countries, the digital landscape has become a battleground for
political parties competing for attention and support through various online
platforms to engage, persuade, and mobilize voters.

 

All these activities are expected to continue significantly increasing
social media usage in the country and sustaining the adoption of smartphones
and drop of feature phones.

 

By close of 2024, IDC expects Africa's smartphone market to see shipments
increase 5.7% YoY, with a sustained upward trajectory for the next five
years.

 

"This shift, coupled with rising demand, will be the key driver of overall
growth in the smartphone market. Persistent inflationary pressures and
escalating macroeconomic uncertainties may cause short-term fluctuations but
will not impede the long-term transition," said a research manager at IDC,
Akash Balachandran.

 

According to data from Statista, the number of active social media users in
South Africa surged to 26 million as of January 2024, a substantial increase
from 9.8 million users in 2014.

 

In Kenya, the number of social media users stood at 13.05 million in January
2024. This marked a threefold increase from 2014, when the country had
approximately 4.3 million users.

 

- Independent (Kampala).

 

 

 

 

Ethiopia: Cornerstone Laid for Bus Assembly in Mekelle Town With an Outlay
of 564 Million Birr Capital

Addis Ababa, — A cornerstone has been laid for the construction of a company
in Mekelle town that will assemble various types of buses, with an
investment capital of 564 million birr.

 

The cornerstone for Gelila Manufacturing, a local company, was laid on a
31,000 square meter plot of service land in Mekele Industrial Park.

 

Regional officials, Mekele Industrial Park management, and company owners
participated in the event, according to Industrial Parks Development
Corporation.

 

When the company completes construction and begins operations, it will
assemble various buses for both local and international markets.

 

Additionally, it will create job opportunities for many local young citizens
and scholars in the field.

 

Gelila Manufacturing is one of the leading companies that have signed a
contract with the corporation to manufacture leather shoes at Bole Limi
Industrial Park and are completing their construction in a short period of
time.

 

The company has completed the machine installation and is preparing to
produce sample product to start manufacturing in Bole Lemi Industrial Park.

 

- ENA.

 

 

 

 

Ethiopia: Economists Foresee Drastic Measures to Boost Tax Revenue

Government's drastic measures to raise tax revenue are crucial for expanding
basic infrastructure and services and ensuring social justice, according to
economists.

 

Economist Costantinos Beruhtesfa (PhD) told the Ethiopian Press Agency (EPA)
that the government is implementing actions to improve the tax system and
increase revenue options. Compared to other African countries like Kenya,
South Africa, Tunisia, and Morocco, Ethiopia's tax revenue is low. However,
Ethiopia is making exemplary progress in advancing the tax system and
increasing revenue from excise taxes.

 

Proper tax collection helps increase government income, which can be used to
implement laws and plans that improve livelihoods, expand public services,
and promote culture and justice. To this end, Costantinos emphasized the
importance of raising public awareness about the benefits of paying taxes.

 

 

A property tax enables the government to collect necessary tax income from
citizen-owned properties. Strengthening measures related to this law is
essential for improving income and reducing poverty through ensuring social
justice. Costantinos also suggested that the government reduce and
eventually stop subsidies to regional states to strengthen tax collection at
the state level.

 

Another economist Hailemeskel Gazu suggested improving the tax collection
process by monitoring tax auditors. He pointed out that some tax collectors
engage in corruption instead of enhancing tax revenue. "Those involved in
corruption must be held accountable and corrected to bring about attitudinal
change."

 

Hailemeskel recommended applying a digital system and forming a group to
verify tax auditors' reports, which could help the government gain an
additional 10 percent income from current tax revenues. Doubling the current
tax revenue is necessary to ensure national growth through the construction
of vital projects.

 

Hailemeskel also called on revenue-collecting institutions to control tax
fraud and evasion through advanced, technology-supported tax collection
mechanisms. However, he acknowledged that current property tax laws aimed at
increasing revenue are affecting low-income citizens. Amending the new law
is crucial to mitigate its impact on citizens while still expanding tax
options.

 

- Ethiopian Herald.

 

 

 

Nigeria: NCAA to Sanction Airlines Engaged in Deceitful Departure Time
Scheduling

The Nigeria Civil Aviation Authority (NCAA) has frowned at the prevalent
cases of deceitful departure time scheduling by the airlines.

 

The NCAA also warned the airlines to desist from the infraction or face dire
regulatory actions.

 

The Acting Director General, Civil Aviation, Nigeria, Capt. Chris Najomo
stated this on Tuesday at the Authority's corporate headquarters in Abuja

 

He said the NCAA now runs a zero-tolerance approach to regulatory
infractions.

 

Speaking through the NCAA Director, Public Affairs and Consumer Protection,
Mr. Michael Achimugu, the Ag.DGCA at a media interview said when Capt.
Najomo assumed office, "he made the ease of doing business the crux of his
action plan for the NCAA.

 

 

"In line with that action plan, he has made processes for licensing easy for
operators.

 

"The time to secure AOC is now shorter and less cumbersome than it used to
be in the past. The NCAA therefore expects reciprocity from airlines."

 

The Ag.DGCA noted that if the NCAA is making doing business easier for
operators, then it follows that the operators must satisfy the passengers
too wth superior services.

 

"It has come to our notice that some airlines are being reported for
advertising deceitful departure times.

 

"The NCAA regulation says no airline shall display deceitful passenger
departure time at its counter, advert material, or on its' website.

 

 

"We want to make it very clear clear that the DGCA has directed monitoring
and offenders will face serious regulatory actions," he said.

 

According to him, the Authority believes in safety, discipline, and economic
regulation which is evidenced in the recent suspension of ten PNCF holders
for failing to comply with the recertification advisory issued in April
2024.

 

He indicated that whilst the NCAA supports airlines to be profitable because
of their critical value to the economy, it is important passengers are
treated fairly.

 

Speaking to the ease of doing business environment at the NCAA, Capt. Najomo
said the ease of business is an area the Authority will continue to improve.

 

"This is evident in our high score on the Presidential Enabling Business
Council (PEBEC) ranking. Recently our sister agency scored 96 percent but
the NCAA scored 98.5 percent which is an extremely high score. This is
building from the commendable score of 71.04 the NCAA scored during this
year's ICAO Security Audit," he said.

 

"The numbers are improving and we will continue to do what we can to make
the industry safer, and more secure for passengers and stakeholders" he
assured.

 

- Vanguard.

 

 

 

Nigeria: Oil-Backed Loans Needed to Finance Drilling, Other Operations -
NNPC

The Nigerian National Petroleum Corporation, NNPC, Ltd. has said oil-backed
loans would enable the company finance many capital projects, including
drilling operations.

 

The activities would culminate in increasing Nigeria's oil and gas reserves
and production capacity, currently standing at 37 billion barrels and more
than 206 trillion standard cubic feet of gas, respectively.

 

The company said at the right time announcements would be made by financial
advisers and arrangers.

 

Vanguard reported that NNPC had commenced moves to secure about $2 billion
oil-backed loan to finance its operations.

 

 

NNPC reacts

 

In an email response to Vanguard, Chief Corporate Communications Officer,
NNPC Ltd, Olufemi Soneye, said: "When we are ready to proceed with any of
the initiatives mentioned, we will make an official announcement.

 

"As a global energy company, we need funding to undertake aggressive
drilling campaigns. Naturally, we will require financing for our high
capital expenditure projects.

 

"Our financing arrangements are typically announced through our financial
advisers and arrangers. When the time comes, new financing transactions will
be announced to the market."

 

Reuters had reported that "Nigeria's NNPC is in talks for another oil-backed
loan to boost its finances and allow investment in its business. Its chief
executive told Reuters, as pressure mounts on the state-backed oil company
the economy depends upon.

 

 

"The Nigerian National Petroleum Corporation (NNPC), in which the government
is the main stakeholder, aims to raise at least $2 billion, two sources
familiar with the situation said.

 

"Nigeria's government finances rely on the oil the NNPC exports. And oil
provides the bulk of crucial foreign exchange reserves. But pipeline theft
and years of underinvestment have sapped oil production in recent years, and
the cost of gasoline subsidies has further depleted cash reserves."

 

Mele Kyari speaks

 

Reuters also quoted NNPC chief, Mele Kyari, as stating that NNPC wanted a
loan against 30,000-35,000 /bpd of crude.

 

However, he declined to say how much money it sought.

 

He also said: "The cash raised would be used for all of the NNPC's business
activities, including supporting production growth.

 

"We have no problem covering our gasoline payments. This is just money for
normal business and not a desperate act."

 

Vanguard News

 

 

 

 

Nigerian Govt Begins Construction of 2,000 Housing Units in Eight States

"Last month, the first leg of the exercise included ground-breaking for
1,500 units in five northern states."

 

The Federal Ministry of Housing and Urban Development has begun the
second-leg exercise of the Renewed Hope Housing Programme to construct 2,000
houses in eight states.

 

The Minister of Housing and Urban Development, Ahmed Dangiwa, made this
known in a statement signed by the ministry's Director of Information and
Public Relations, Badamasi Haiba.

 

Mr Dangiwa said that the 2,000 houses would cover eight states: Ebonyi,
Abia, Akwa Ibom, Delta, Osun, Oyo, Benue, and Nasarawa.

 

 

Mr Haiba said, "Last month, the first leg of the exercise included
ground-breaking for 1,500 units in five northern states which covered
Renewed Hope Estates in Katsina, Yobe, Gombe, and Sokoto, and a Renewed Hope
City in Kano.

 

"The Oyo event today marks the completion of the second round
ground-breaking exercise, resulting in a total of 2,000 housing units across
eight states.

 

"The phase one of the Renewed Hope Housing Programme aims to deliver 50,000
housing units across Nigeria.

 

"This includes seven Renewed Hope Cities with 500-1,000 units each in the
six geopolitical zones and the FCT and 250-unit Renewed Hope Estates in the
remaining thirty states."

 

According to him, the programme aims to create jobs, uplift lives, and boost
economic development, aligning with the president's Renewed Hope Agenda.

 

 

He said this would stimulate inclusive growth, lift 100 million Nigerians
out of poverty, and build a one-trillion-dollar economy.

 

Mr Haiba said that work was ongoing at the various project sites in all the
states selected under phase one, with plans for completion within a few
months.

 

Mr Dangiwa said the Oyo estate would consist of 50 one-bedroom semi-detached
bungalows, 150 two-bedroom semi-detached bungalows, and 50 three-bedroom
semi-detached bungalows.

 

He said the housing units were designed for affordability and future
expansion, allowing owners to expand their homes as their financial
situation improves.

 

Mr Dangiwa tasked the contractors in Oyo State; Skyhawk Nig. Ltd, Plusvaz
Nigeria Ltd, Blue Sea Investment Ltd, and Harama Global Ltd on ensuring
high-quality construction.

 

He said the various purchasing options for the houses include single-digit
mortgage loans, rent-to-own schemes by the Federal Mortgage Bank of Nigeria,
and outright purchase options, and have been created to ensure affordability
for all Nigerians.

 

The minister added, "The construction of these 250 units in every state is
expected to create over 6,500 jobs across various trades, contributing to
significant economic activity and impact.

 

"The project will also generate numerous economic activities, benefiting
those involved in food sales, block supply, and building material
provision."

 

Mr Dangiwa emphasised the importance of land provision for these projects,
stating, "States not covered under the 2023 supplementary budget will be
included in the 2024 budget, provided they offer land at no cost."

 

(NAN)

 

- Premium Times.

 

 

 

 

Tanzania: Bonds Reopening to Spur Debt Market

TANZANIA — THE Bank of Tanzania (BoT) published the Treasury bonds issuance
calendar for the first half of the fiscal year 2024/25.

 

The central bank has maintained the re-opening programme, and skewed to
long-term bonds, particularly the 20-years tenor. The 20-years tenor has six
(6) auctions, out of fifteen (15) Treasury bonds auctions.

 

However, the average time to maturity for the overall 20-years bonds will be
15.4 years.

 

With the calendar published, and the first auction conducted on 3rd July
2024, let us have a retrospective view of the Treasury bonds market in the
ended fiscal year.

 

 

Primary Market Treasury bonds auctions were generally oversubscribed during
the fiscal year 2023/24, thanks to the long-term bonds between 15-years and
25-years.

 

The overall subscription rate for the period was 142 per cent, while only
53.3 per cent of the tender size, equivalent to 2.83tri/- was accepted by
the central bank.

 

Despite the initial issuance calendar allocating 10.8 per cent each for the
20-years and 25-years tenors, approximately 19.7 per cent and 23.5 per cent
of the total offer size was allocated to the tenors respectively, especially
after the restructuring of the issuance calendar in February 2024.

 

The total amount offered by the Bank of Tanzania in Treasury bonds auctions
amounted to 3.73tri/-, while the tender size stood at 5.31tri/-.

 

The dominance of the long-term tenors was further evident on the number of
number bids, whereby the two longest tenors accounted for 91 per cent of the
total number of bids (9,379), and 88 per cent of successful bids.

 

 

As a result, 76.9 per cent of the tender size value originated from the two
tenors, while accounting for 70.2 per cent of the total amount collected
from the auctions during the year.

 

High number of bids reflects increased participation of retail investors,
whose value of transactions surpassed insurance companies since 2020.

 

According to BoT's Financial Stability Report, individual investors account
ed for 10.8 per cent of the value raised in Treasury bonds auctions, up from
6.3 per cent in 2019. Similar to the previous year, shortterm and
medium-term tenors relatively underperformed.

 

The worst performance was experienced on the 5-years tenor which accounted
for only 7.7 per cent of the total offer size, and 1.8 per cent of the
amount accepted.

 

 

The tenor saw a subscription rate of 20.8 per cent while the central bank
accepted 84.5 per cent of the tender size.

 

The BoT conducted a total of 23 Treasury bills auctions, different from the
initial target of 25 auctions in the initial issuance calendar.

 

Similarly, Treasury bills were generally oversubscribed, lifted by the
364-days tenor which accounts for 65 per cent of the total offer size and 90
per cent of the tender size.

 

The 364-days tenor saw a subscription rate of 218 per cent compared to 158
per cent overall subscription for Treasury bills.

 

The total offer size from the central bank amounted to 2.75tri/- while the
tender size stood at 4.36tri/- from a total of 1,700 bids.

 

Also read: June, the best month to invest in long-tenure bonds

 

The BoT accepted 1,112 bids worth 2.67tri/-, which is 61 per cent of the
total tender size. The 364-days tenor accounted for 86 per cent of the total
collected amount.

 

Secondary Market The value of transactions in the secondary market went up
7.4 per cent year-on-year, amounting to 3.61tri/- for the year ending June
2024, realised in a total of 3,801 deals.

 

The traded amount is 27.6 per cent higher than the amount collected by the
BoT from Treasury bonds auctions during the year.

 

Despite an increased bond turnover, the turnover ratio fell from 17.6 per
cent to 15.5 per cent. This is a result of a slower growth of the turnover
due to a lesser amount accepted by the central bank during the year compared
to the previous.

 

This affects the turnover because majority of transactions usually follow
auctions, hence less acceptance on auctions affects market activities.

 

Following the halt of less accommodative policy, and suppression of yields
since March 2024, the overall premium dropped from 15.5 per cent in 2022/23
to 5.3 per cent in 2023/24.

 

The premium demonstrates market's preference of higher coupon bonds as they
dominate transactions in the secondary market.

 

Treasury Yields Movement Overall, Treasury yields began the year 2023/24
climbing, and peaked in February 2024 when the central bank halted the less
accommodative policy.

 

Short term yields began dropping immediately in February while long term
yields slightly maintained the upward trajectory until March 2024.

 

The 364-days yield to maturity rose from 6.97 per cent in July 2023 to 12.30
per cent in February 2024 before dropping back to 6.75 per cent by June
2024.

 

The prolonged upward trajectory on long term tenors in the beginning of the
year followed the restructured issuance calendar during the time, due to
substantial underperformance of the previous calendar.

 

Execution of the restructured calendar saw a sudden upward shift in long
term yields in March as the bank compensated the previous auction
underperformance, before implementing a push back that saw bond prices
consistently rise to the end of the fiscal year.

 

Maturities Approximately 3.55tri/- worth of Treasury securities matured
during the fiscal year 2023/24, equivalent to 100.16 per cent of the
budgeted domestic borrowings for rollovers during the year.

 

Treasury bills accounted for majority of maturities, amounting to 2.60tri/-,
while matured Treasury bonds stood at 944.6bn/-.

 

This means, the net addition to outstanding Treasury securities during the
year amounts to 1.96tri/-.

 

Different from last year when the 5-years tenor dominated maturities, the
2-years tenor dominated maturities in the year under review, accounting for
43 per cent of total maturities.

 

Moreover, apart from the maturing 2-years tenors, all other matured tenors
have higher yield compared to the latest similar auctions, indicating a
declining cost of domestic debt to the government.

 

Approximately 1.48tri/- worth of Treasury bonds is expected to mature in the
fiscal year 2024/25, while the 2-years tenor maintains dominance by 44 per
cent.

 

Similarly, bonds maturing in the fiscal year 2024/25 carry higher yields
than the current running yields, demonstrating declining cost of debt for
the government.

 

- Daily News.

 

 

 

 

Tech giant Samsung workers to strike indefinitely

A union representing workers at South Korean technology giant Samsung
Electronics has called on its roughly 30,000 members to go on strike
indefinitely, as part of its campaign for better pay and benefits.

 

The announcement came on the last day of a three-day general strike being
held by the National Samsung Electronics Union (NSEU).

The union said it had made the decision after management showed no intention
of holding talks over its demands.

 

The NSEU, which represents nearly a quarter of Samsung Electronics' workers
in South Korea, said its actions had disrupted production. Samsung has
disputed these claims.

 

"Samsung Electronics will ensure no disruptions occur in the production
lines. The company remains committed to engaging in good faith negotiations
with the union," the firm told BBC News.

 

However, the union said: "The company has no intention to engage in a
dialogue even after the first general strike, thus we declare a second
general strike starting from July 10th, lasting indefinitely."

 

The NSEU said about 6,500 workers have been taking part in the strike so far
and called on more of its members to join the industrial action.

A spokesperson for Samsung Electronics declined to comment on how many
workers had joined the walkout.

A protest on Monday was attended by around 3,000 people.

 

"In our view, there will be no production disruption," Jung In Yun, from
Fibonacci Asset Management Global told BBC News.

Last month, the union staged the first walkout at the company since it was
founded five and a half decades ago.

Samsung Electronics is the world's largest maker of memory chips,
smartphones and televisions.

 

It is the flagship unit of South Korean conglomerate Samsung Group.

The firm is also the biggest of the family-controlled businesses that
dominate Asia’s fourth-largest economy.

Samsung Group was known for not allowing unions to represent its workers
until 2020, when the company came under intense public scrutiny after its
chairman was prosecuted for market manipulation and bribery.

 

After the NSEU announcement, the company's shares were trading flat to
slightly lower on the Korea Stock Exchange.

Last week, Samsung Electronics said it expects its profits for the three
months to June 2024 to jump 15-fold compared to the same period last year.

 

A boom in artificial intelligence (AI) technology has lifted the prices of
advanced chips, driving up the firm's forecast for the second quarter.0BBC

 

 

 

US officials uncover alleged Russian ‘bot farm’

US officials say they have taken action against an AI-powered information
operation run from Russia, including nearly 1,000 accounts pretending to be
Americans.

The accounts on X were designed to spread pro-Russia stories but were
automated “bots” - not real people.

 

In court documents made public Tuesday the US justice department said the
operation was devised by a deputy editor at Kremlin-owned RT, formerly
Russia Today.

RT runs TV channels in English and several other languages, but appears much
more popular on social media than on conventional airwaves.

 

The justice department seized two websites that were used to issue emails
associated with the bot accounts, and ordered X to turn over information
relating to 968 accounts that investigators say were bots.

 

According to the court documents, artificial intelligence was used to create
the accounts, which then spread pro-Russian story lines, particularly about
the war in Ukraine.

 

“Today’s actions represent a first in disrupting a Russian-sponsored
generative AI-enhanced social media bot farm,” said FBI Director Christopher
Wray.

“Russia intended to use this bot farm to disseminate AI-generated foreign
disinformation, scaling their work with the assistance of AI to undermine
our partners in Ukraine and influence geopolitical narratives favorable to
the Russian government,” Mr Wray said in a statement.

 

The accounts now appear to have been deleted by X, and screenshots shared by
FBI investigators indicated that they had very few followers.

 

X/Department of Justice Two X accounts, one of "Sue Williamson", bio reading
"Pragmatist, World citizen, Anti-NWO, think for yourself", with seven
followers and one of "Ricardo Abbott", bio reading "Humanist, I am what I
am, Anti-NWO, Question everything", with 23 followers.X/Department of
Justice

 

 

The court documents detailed how the so-called “bot farm” was the brainchild
of an RT deputy editor-in-chief who was looking for new ways to distribute
stories. RT America was shut down when several major US cable TV providers
dropped it shortly after Russia’s invasion of Ukraine in 2022.

Another RT employee developed the network, the court documents said, and
later a Russian intelligence officer joined the effort, which the justice
department described as an attempt “to sow discord in the United States by
spreading misinformation”.

 

Anna Belkina, RT's deputy editor-in-chief, told the BBC via email: "I’m more
than happy to tend to my farm (dacha) - made up mostly of tomatoes and
strawberries, but sadly without any help from the FSB," the Russian security
service.

 

No criminal charges have been made public in the case, but the justice
department said that its investigation is ongoing.

Nina Jankowicz, head of the American Sunlight Project, a non-profit
organisation attempting to combat the spread of disinformation, said it was
not surprising that a Russia-linked operation was relying on AI to create
fake accounts.

 

“This used to be one of the more time consuming parts of their work; now it
has been made much smoother by the technologies that abetted this
operation,” she said, noting that the operation appears to have been
thwarted before it gained traction.

 

“Artificial intelligence is now clearly part of the disinformation arsenal,”
Ms Jankowicz said.

The BBC contacted X and the Russian Foreign Ministry for comment.

 

A recent BBC investigation uncovered details of a separate attempt to
bolster a Russia-based disinformation network, through the use of fake news
sites populated by stories rewritten by AI.-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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