Major International Business Headlines Brief::: 11 July 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  11 July 2024 

 


                                                                                  

 




 


 

 


 

ü  Mozambique, Zimbabwe, Botswana Team Up for Regional Rail Project

ü  Nigeria: Tinubu to Meet With Organised Labour Today Over New Minimum Wage

ü  Guinea Bissau: Ties That Bind - Guinea-Bissau's Dependence On China

ü  Ethiopia: How Urban Redevelopment Is Changing Addis Abeba's Health Outlook

ü  South Africa: Gautrain Operator, Numsa Back to Negotiating Table

ü  South Africa: DPWI Investigates Theft of R300 Million

ü  Kenya: Employer of Teachers in Kenya Warns Public to Watch Out for This Fake Job Ad

ü  Tanzania Sees New Dawn in Advanced Cooking Stoves

ü  Guinea Bissau: Guinea-Bissau - Nothing Works Without China

ü  Mastercard exec Shamina Singh on the 'missing middle' of small businesses

ü  Musk defeats ex-Twitter staff seeking $500m in severance

ü  UK economy grew faster than expected in May

ü  China rocked by cooking oil contamination scandal

 




 


Mozambique, Zimbabwe, Botswana Team Up for Regional Rail Project

Mozambique, Zimbabwe, and Botswana are collaborating on a major infrastructure project that includes upgrading the Beira-Zimbabwe-Botswana railway system and constructing a new deepwater mineral port in southern Mozambique.

 

This regional initiative promises to boost trade and economic development in the region, particularly in the mining and transportation sectors. It would allow the development of major coal reserves in landlocked Botswana and their transportation through Zimbabwe to ports in Mozambique.The project aims to facilitate the transportation of Botswana's vast coal reserves, with the new port serving as a key export hub. The railway line will extend into central Botswana, connecting to existing infrastructure in Zimbabwe."We are working with our brothers in Zimbabwe so that we can link the Machipanda line to Zimbabwe," said Mozambican President Filipe Nyusi, adding that further discussions between the three countries involved will take place "in the coming weeks."

 

 

Mozambique has already completed the upgrade of the Beira-Machipanda line, and work has begun on a 10-kilometer extension to Mutare in Zimbabwe. Discussions are underway to further connect the railway network across the three countries."The proposal has been there for some time to make the linkage. In fact, the idea is to link the region through Zimbabwe. As you know, Zimbabwe and Botswana railways have been linked and worked together in the past; the same arrangement was there between Mozambique and Zimbabwe," the Zimbabwean Ambassador to Mozambique said.

 

The tripartite project also includes the development of the deepwater port in Matutuine, Mozambique. While plans for such a port have existed for decades, the project is expected to be finalized through a tripartite agreement signed this week.The port would facilitate the transportation of coal reserves from landlocked Botswana through Zimbabwe to ports in Mozambique.

 

- New Zimbabwe.

 

 

 

Nigeria: Tinubu to Meet With Organised Labour Today Over New Minimum Wage

President Bola Tinubu is expected to meet with members of the organised labour today (Thursday) to resolve issues delaying the approval of a new minimum wage for Nigerian workers, THISDAY learnt yesterday.

 

A top member of the labour union told journalists that the president has invited the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to the meeting expected to be held at the Presidential Villa.

 

The source said Tinubu was expected to further consult with the leadership of the two labour centres on the N62,000 proposal of the government and private sector and the N250,000 being demanded by labour.

 

 

According to the source, Tinubu would be weighing in on how to reach a common ground with labour.

 

The meeting is coming almost a month after the president promised in his Democracy Day speech on June 12, 2024, that an Executive Bill on the new national minimum wage for workers would soon be sent to the National Assembly for passage.

 

Meanwhile, the President of the NLC, Joe Ajaero has decried the suffering and neglect that retired workers are subjected to in the country.

 

Ajaero who spoke at the 2024 National Pre-retirement Summit held in Abuja yesterday called for a return to the old pension scheme.

 

According to him, currently the federal government is alleged to owe nearly N260 billion in pension arrears, with federal parastatals accounting for an additional N40 billion.

 

He said many workers have fear about what would become of them after retirement because it does not offer security

 

 

"Pension scheme, as it currently stands in Nigeria, unfortunately falls short of its fundamental purpose; to provide for workers in their old age.

 

"Retirement under the present scheme may therefore become a death sentence for many and this has many consequences for behaviour of workers in active service.

 

"The federal government it is alleged to owe nearly N260 billion in pension arrears, with federal parastatals accounting for an additional N40 billion," he said.

 

Ajaero said that some states have arrears stretching up to eight years.

 

"In the private sector, reports indicate that many companies are in arrears of up to three years, deducting contributions from workers' salaries without remitting them to the respective Pension Fund," he said

 

The NLC president further said that the medium for storing pensions which is the Naira has maintained an unstable value and has kept depreciating over the years.

 

The NLC president regretted that pensions which are meant to offer security and peace of mind, ensuring that retirees can enjoy their golden years without financial stress and in good health, have now become an instrument of torment.

 

He said that it is worrisome that most retired members encounter not just health challenges but many suffer untimely deaths because of the character and nature of the pension scheme which he said pauperises them financially at retirement.

 

- This Day.

 

 

 

 

Guinea Bissau: Ties That Bind - Guinea-Bissau's Dependence On China

Guinea-Bissau's dependence on China is immense. Hardly any investment occurs without Chinese planning or financing. During his state visit to Beijing, President Umaro Sissoco Embalo aims to strengthen this cooperation.

 

"The influence of China on Guinea-Bissau is undeniable, especially in economic terms," Bissau-Guinean sociologist and China expert, Diamantino Lopes, said in an interview with DW. Since the country's independence from Portugal five decades ago, almost all infrastructure measures have been carried out and financed by the Chinese, the analyst added.

 

"The government palace, the justice building, the parliament, the renovation of the Palace of the Republic, the 13-kilometer (8-mile) highway between the airport and Safim, the national stadium in Bissau, or the new fishing port in Bandim -- the Chinese control almost everything here," Lopes explained.

 

This week, Guinea-Bissau's President Umaro Sissoco Embalo is in China with a high-ranking delegation. During the three-day visit, cooperation between the two countries is expected to be "further developed and intensified."

 

 

Optimistic tones ahead of the state visit

 

Bissau and Beijing are already collaborating in the areas of education, health, agriculture, infrastructure, fisheries and defense. Ahead of the state visit, the next joint projects were announced: China will finance a large conference center for the upcoming rotating presidency of Guinea-Bissau in the Community of Portuguese Language Countries (CPLP). Additionally, 300 kilometers (186 miles) of roads will be renovated. Furthermore, a new university campus for 12,000 students will be constructed, among other investments, the Bissau-Guinean president announced.

 

"Before we set off for Beijing, China had already announced a donation of $27.5 million (€25.4 million) for Guinea-Bissau," said Embalo, who is currently ruling his country by special decree, bypassing parliament after having dissolved it in December. A date for the upcoming parliamentary elections has not yet been set.

 

 

Generous help or hostile takeover?

 

Without Beijing's support, practically nothing works in Guinea-Bissau: China is currently building the country's only highway, which connects the international airport with the town of Safim.

 

The most important artisanal fishing port in the country, located in Bandim on the outskirts of Bissau, was recently completed by the Chinese for $26 million. Additionally, China also donated agricultural machinery, rice and fertilizer to the government of Guinea-Bissau in 2019. In the health sector, China provides doctors for the hospital in Canchungo in northern Guinea-Bissau and for the main military hospital in the country's capital.

 

The Bissau-Guinean president has described China as an "indispensable partner" and praises China's stance, saying the nation "never interferes in the internal politics of an African country."

 

 

China expert Lopes has a different view on the matter: "As we all know, there are no free lunches in international relations," he warned. China always keeps its own advantage in mind and is not hesitant to demand returns for its gifts sooner or later, he added.

 

What returns could interest China? "China's interests in Guinea-Bissau are mainly in the geostrategic area. From the Chinese perspective, Bissau can certainly act as a gateway to the sub-region due to its location. But there are also tangible economic interests at play," Lopes said. Currently, more than 70 Chinese fishing boats are operating in nearby territorial waters.

 

And the Chinese are also after Guinea-Bissau's natural resources: "Chinese companies exploit rare sands and earth in our country. Additionally, entire forests in the interior of the country have repeatedly been cut down by the Chinese in the past. Furthermore, there are oil deposits in Bissau-Guinean waters. We also have bauxite, phosphate, and other raw materials," so the expert.

 

Lack of transparency

 

Guinea-Bissau's most important export product remains cashew nuts. Until now, these cashews have been primarily exported to India and Vietnam for further processing. Now, according to rumors circulating in local media, China is preparing to take over the entire cashew harvest of Guinea-Bissau for processing in China. Officially, however, the government remains silent, the expert explained.

 

"There is currently no open and critical discussion about a possible cashew deal with the Chinese, just as there is none about the over 70 Chinese fishing trawlers or the wood exports," he said.

 

He also pointed out that a lack of transparency was another major problem. "The contracts our government signs with the Chinese side are not discussed publicly and are not made available to the public. Therefore, the public does not know what China expects and possibly receives in return for its generous development aid," so Lopes.

 

Exchange programs and scholarships

 

One of the main pillars of Chinese-Guinean cooperation has been training and exchange programs for selected groups of Bissau-Guinean society. China annually awards thousands of scholarships to the best students in the country to study at Chinese universities. Additionally, public administration and government employees regularly have the opportunity to attend short-term seminars in China.

 

"About 1,000 officials participate in these programs annually, which is a large number for a small country with just over 2 million inhabitants," said Bacar Camara, editor at Guinea-Bissau's state radio and a correspondent for the Xinhua News Agency, which is controlled by the government of the People's Republic of China.

 

These and other exchange programs have helped improve Bissau-Guineans' perception of China, Camara added. Many visit programs are explicitly aimed at so-called "multipliers," such as journalists, explained the editor, who has himself flown to China several times at Beijing's invitation.

 

"China supports various state and private media. Our state radio, the state newspaper, and the news agency receive financial aid from China, as well as training and technical equipment," he added. Some private media have also benefited from China's help.

 

"The relationships date back to the 1970s when Mao Zedong's China supported our freedom fighter Amilcar Cabral in his fight against the Portuguese colonial rulers. The first soldiers of the liberation organization PAIGC [the African Party for the Independence of Guinea and Cape Verde, editor's note] were trained militarily in China," said Camara.

 

 

Since that time, the relations between Guinea-Bissau and China have been particularly close. Guinea-Bissau is considered a "pioneer" that can serve as a model for other Portuguese-speaking, or Lusophone, countries in Africa, but also for other countries in West Africa.

 

Seen this way, Guinea-Bissau would be the ideal gateway for China to pursue Chinese interests within the framework of the New Silk Road, in which projects to build and expand intercontinental trade and infrastructure networks between the People's Republic of China and over 100 other countries worldwide have been planned and implemented since 2013, so Camara.

 

EU becoming invisible

 

"As you can see, China is the most important partner of Guinea-Bissau in almost all areas. What is new is that there is currently no serious alternative to China. And that is somewhat worrying," said Lopes.

 

Other potential partners are much less visible and much more cumbersome when it comes to decisionmaking and project implementation, the analyst added.

 

"Take the European Union: The EU has also concluded a fisheries agreement with Guinea-Bissau, but the average Guinean sees no tangible results from this agreement." While the Chinese built a new fishing port within a few years, Lopes added, the EU has not managed to expand the old port as promised.

 

"The port entrance is still dirty and silted up. Large ships still cannot dock there," the analyst said. No one knows where, how, with what aim, and with what results the EU is investing in the fisheries sector in Guinea-Bissau, although the EU has been present in Guinea-Bissau for decades, so Lopes. It is very different with China.

 

This article was edited by: Sarah Hucal

 

 

 

 

Ethiopia: How Urban Redevelopment Is Changing Addis Abeba's Health Outlook

Addis Abeba — In Addis Abeba, the new corridor development project is poised to bring about significant changes to the city, enhancing both the economy and the wellbeing of its residents. This development project is transforming the urban landscape into a more efficient, accessible, and livable environment. One of the primary advantages will be the overall improvement in transportation infrastructure, which will reduce traffic congestion, shorten travel times, and enhance connectivity. These improvements will facilitate smoother daily commutes for residents and foster greater economic activity by supporting the efficient movement of goods and services. The modernized infrastructure will also attract more investments, contributing to the city's economic growth and development.

 

A key focus of these developments is their benefits from a public health perspective. The corridor development went to the heart of the shanty areas that were not healthy for residents, especially young children, pregnant women, and people with health conditions. Having worked in the field of public health for over two decades, I would like to highlight how this project will improve Addis Abeba's general health outlook and how it can act as a model for other developing cities with the desire to put their citizens' health at the forefront.

 

 

The city administration has undertaken ambitious measures to make the city more attractive to both tourists and locals. A significant expansion of sanitation services has led to visibly cleaner streets, improved waste disposal facilities and ensured the city with better waste management. Additionally, initiatives like the Prime Minister's Green Legacy Program have played a vital role in enhancing the city's aesthetics, turning what was once a heavily polluted urban center into a more breathable and pleasant environment. Clean Streets, Healthy Lives," a new initiative by the prime minister aims to enhance the standard of living for residents by installing public restrooms. This project marks a significant public health milestone for a city that has long struggled with scarcity of public restrooms, often resulting in citizens using public spaces for sanitation needs.

 

 

Safe Infrastructure

 

Addis Abeba is enhancing its housing quality by upgrading aging buildings and constructing modern ones. This initiative can prevent public health issues, such as lead and asbestos exposure, which are commonly associated with older buildings. Unrenovated structures are particularly dangerous for children, exposing them to a variety of respiratory and developmental issues. According to the World Health Organization, in 2012, environmental factors were responsible for 1.7 million deaths in children under five. These included 570,000 deaths from respiratory infections, 361,000 from diarrhea, 270,000 from neonatal conditions, 200,000 from malaria, and 200,000 from unintentional injuries.

 

Ensuring the durability and safety of infrastructure is also crucial in a metropolis like Addis Ababa. In addition to shielding occupants from the immediate risks of structural breakdowns, durable buildings also promote stability and public safety over the long run. For persons who may be more sensitive to structural incidents, such as the elderly and the disabled, this is especially important. The city seeked to establish a safe residential environment by placing a high priority on the structural integrity of buildings, thereby reducing the dangers associated with outdated dangerous housing.

 

 

Active Lifestyle

 

An active lifestyle plays a crucial role in promoting a healthier society by reducing the risk of chronic diseases, and enhancing overall well-being. Regular physical activity is associated with numerous health benefits, including the prevention and management of conditions such as obesity, cardiovascular disease, diabetes, and certain cancers. Parks and recreational centers are fundamental in fostering an active lifestyle within communities. These spaces provide accessible and safe environments where individuals of all ages can engage in various forms of physical activity. Parks offer open spaces for walking, jogging, and cycling, as well as facilities for sports and playgrounds for children. These spaces promote social cohesion and community well-being, as they become gathering places where people can connect, share experiences, and participate in group activities. Furthermore, the natural settings of parks can provide a relaxing and rejuvenating environment that supports the interaction of humans and nature which is known to be beneficial. By acting as hubs for social interaction, experience sharing, and group activities, these areas promote community well-being, social cohesiveness, and overall improve public health.

 

Parks and recreation areas play a central role in the city's latest development project, reflecting its commitment to enhancing sustainability and environmental friendliness. Championing the Green Legacy project, Addis Ababa is integrating these principles into every facet of its development initiatives. The city administration is actively creating green spaces and recreational facilities to promote physical activity among residents. A concerted effort to enhance pedestrian and cycling infrastructure is clearly injected in the execution of the corridor development. Ample space is being allocated for cycling lanes and pedestrian walkways, aiming to improve accessibility and make commuting more friendly and efficient and reducing congestion from automobiles. Newly constructed bike lanes and pathways encourage biking and walking, helping to reduce the prevalence of chronic diseases such as diabetes, hypertension, heart disease, and obesity.

 

Air Quality

 

Urban green spaces play a crucial role in reducing air pollution by absorbing pollutants. It's known that enhanced green space acts as a natural filter, trapping dust and particulate matter and preventing them from remaining airborne and entering people's lungs. This improvement in air quality helps mitigate pollution-related respiratory diseases such as asthma which can be exacerbated by prolonged exposure to polluted air. These diseases pose significant health risks globally, particularly in densely populated and developing areas.

 

In Addis Abeba, efforts to enhance air quality include planting greenery and improving public transportation infrastructure to reduce reliance on cars and lower vehicle emissions. By promoting sustainable modes of transport and incorporating more green spaces, the city is actively working to improve the overall health and well-being of its residents while addressing environmental challenges. These initiatives collectively contribute to a cleaner, healthier, and more sustainable urban environment further enhancing the public health of the city dwellers.

 

Mental Health

 

The Addis Abeba development project is bringing urban aesthetics to public areas, enhancing the well-being of locals and lowering stress levels. A sense of community is fostered and constructive interactions are encouraged in well-planned urban neighborhoods featuring easily accessible recreational amenities and community centers.

 

Previously characterized by clutter, disorganized colors, and chaotic signage, the city's areas developed are now neat with uniform or planned color schemes. This deliberate aesthetic approach creates a visually cohesive environment that promotes calmness and order, reducing stress and anxiety. A cleaner and less cluttered environment supports mental clarity and overall well-being, contributing positively to mental health outcomes.

 

Considering the severe mental health issues that developing countries face, these advancements are extremely important. Addis Abeba development project fosters resilience and recovery by improving physical infrastructure and offering much-needed relief to a community facing significant challenges. It achieves this by establishing welcoming and well-organized urban places.

 

Life Expectancy

 

Life expectancy is a statistical measure that approximates the average number of years that a person might anticipate to live. It is used as an indicator of a population's general health and standard of living. Numerous factors, such as genetics, lifestyle, access to healthcare, environmental conditions, and socioeconomic level, can affect life expectancy.

 

Addis Abeba's urban development initiatives are enhancing public health in several key ways. By improving mobility and promoting active lifestyles through well-planned green spaces and recreational areas, the city is fostering healthier habits among its residents. Additionally, upgrades to infrastructure and sanitation systems are reducing exposure to environmental pollutants, thereby improving overall environmental quality.

 

Furthermore, well-designed urban environments play a crucial role in mitigating the spread of infectious diseases and enhancing mental health by promoting social cohesion and reducing stressors. Carefully planned urban development not only improves access to healthcare but also encourages healthy behaviors and reduces environmental hazards. These efforts combined contribute to enhanced economic and social well-being, ultimately leading to longer and healthier lives for all residents.

 

Conclusion

 

The extensive urban renovation and development project in Addis Abeba is establishing a standard for improving public health and well-being. A focus on public health, especially in previously unhealthy areas and especially for vulnerable populations, complements these advancements. No matter their economic status, the public will live in healthier environments thanks to improved, safer roadways and easier access to medical facilities. The city's development initiatives are creating the conditions for a safer, more dynamic, and healthier urban future by fostering social cohesion, lowering environmental risks, and improving infrastructure. In the end, this will help all of the city's citizens live longer and in better health.

 

Furthermore, the incorporation of green spaces and sustainable practices into urban planning is promoting physical activity and enhancing air quality, all of which are essential for averting chronic illnesses including diabetes, heart disease, and obesity. In addition to encouraging an active lifestyle, the construction of bike lanes and pedestrian-friendly zones also lessens traffic congestion and automobile emissions, improving the environment. Having access to contemporary conveniences and leisure centers promotes mental health and overall wellbeing by offering areas for unwinding and social interaction. These all-encompassing upgrades guarantee that the advantages of urban development are dispersed fairly, improving Addis Abeba's general standard of living and contributing to better public health outcomes for all residents. AS

 

Editor's Note: Ledet Muleta (BSN, MPH) serves as an advisor at the Strategic Programs Management Office within the Addis Ababa City Administration Mayor's Office. She holds an undergraduate degree from the University of Cincinnati and a Master's in Public Health from the University of Massachusetts Amherst. With over two decades of diverse experience, Ledet's expertise spans public health, policy, advocacy, research, social programs, and communication.

 

- Addis Standard.

 

 

 

 

South Africa: Gautrain Operator, Numsa Back to Negotiating Table

Gauteng Transport and Logistics MEC, Kedibone Diale-Tlabela, has welcomed the decision by the Bombela Operating Company and the National Union of Metalworkers of South Africa (NUMSA) to go back to the negotiating table, following a deadlock in wage negotiations.

 

"We are hopeful that the decision to return to the negotiating table will result in adopting an approach which balances the interests of the workers against the long-term stability and sustainability of the Gautrain," Diale-Tlabela said.

 

On Monday, Bombela Operating Company workers affiliated with NUMSA commenced an indefinite strike due to a wage dispute.

 

Bombela Operating Company moved quickly to implement contingency plans to ensure Gautrain services operate according to schedule, while union members are engaged in the industrial action.

 

Diale-Tlabela said government, as the owner of the Gautrain system, appeals to the two parties to find a speedy resolution to the impasse.

 

The MEC said she believes that such differences can only be resolved through negotiation, given that the end result of industrial action usually has "unpleasant consequences for all parties involved".

 

"To the commuters, even though Gautrain services have not been disrupted by the strike, we appreciate that news of industrial action can justifiably make you feel anxious and uncertain about the reliability of the service. We commit to continuing our role in urging the two parties to find a speedy resolution to the wage dispute," Diale-Tlabela said.

 

- SAnews.gov.za.

 

 

 

South Africa: DPWI Investigates Theft of R300 Million

The Department of Public Works and Infrastructure (DPWI) Minister Dean Macpherson has decided to take the public into his confidence in the interests of transparency to reveal a staggering cyber-crime which involves R300 million being stolen in the past 10 years.

 

In the latest incident that took place in May 2024, the cyber-attackers stole a further R24 million. This prompted a full forensic investigation by the Hawks, South African Police Services, State Security Agency and experts in the ICT and cyber security industry.

 

This revelation emerged as Minister Dean Macpherson and Deputy Minister Sihle Zikalala, conducted detailed assessments on the work of the department and through the incoming briefings from departmental branches.

 

 

"It has become clear that the department has been a soft target and playground for cyber criminals for over a 10-year period and this should have been picked up a lot earlier. I felt it important to let South Africa know what has happened and what we are doing about it," Macpherson said.

 

"I cannot discount the possibility of collusion between officials and criminals in this prolonged period of theft. It is clear that we need better financial controls which I have said to the department are a matter of urgency," the Minister said.

 

The Minister has pledged to crack down on these syndicates and those in cahoots with them internally or externally.

 

"We want to put a stop to this immediately because we cannot allow our department to be subjected to unchecked looting. This is money that could have been spent on our infrastructure drive to improve the lives of South Africans.

 

 

"The investigation will be expanded and deepened to find the masterminds and the beneficiaries of this grand theft, and I want to see them in prison," Macpherson said.

 

Suspensions and seizures

 

Four officials have been suspended and 30 laptops seized by the investigators. The four DPWI officials suspended include three senior management officials and one middle management official.

 

The department was forced to shut down all its payment systems causing significant delays in the payment of its creditors.

 

In May, the department announced that it has ordered a full forensic probe into what it called vulnerabilities in the department's information and technology systems.

 

The department identified the cyber-security vulnerabilities with the assistance of its banking partners, including ABSA and the South African Reserve Bank.

 

The investigation which involve cyber and ICT security experts covers the following:

 

· Causes of the breach and vulnerabilities.

 

· Vulnerability and susceptibility to cyber-crime of the ICT infrastructure within the department

 

· Lack of staff capacity and weak ICT systems

 

"I welcome the precautionary suspension of four individuals, including senior managers, and the seizure of over 30 laptops for further examination by the investigative teams. This will allow the investigations to proceed smoothly.

 

"We are appealing to the team probing this security breach to conclude their investigation with speed. We do not want prolonged investigations with no results and consequences. There is simply no place for corruption in this department," Macpherson said.

 

"I further welcome the initial swift investigation launched by my predecessor and now Deputy Minister Zikalala. The department has suffered a massive financial loss and those responsible for protecting us from cyber criminals must be held to account.

 

"We need answers as to what happened under their watch. We also ask the investigators to trace and follow the money and ensure that it is brought back to the coffers of government," the Minister said.

 

The Minister has committed himself to work tirelessly to ensure the reinforcement of the cyber security systems within the department so that similar incidents are prevented in future.

 

- SAnews.gov.za.

 

 

 

 

Kenya: Employer of Teachers in Kenya Warns Public to Watch Out for This Fake Job Ad

A job advert posted on Facebook claims that Kenya's Teachers Service Commission (TSC) is recruiting tens of thousands of interns. According to the ad, the recruitment drive is aimed at supporting the new competency based curriculum.

 

The TSC is said to be seeking 20,000 interns - 18,000 in junior secondary schools (JSS) and 2,000 in primary schools. It is also inviting "26,000 senior interns to fill permanent and pensionable letters".

 

According to the ad posted on 30 June 2024, interested candidates should apply via the TSC website.

 

 

The TSC is a Kenyan government agency that oversees public school teachers. It is responsible for the registration, recruitment, placement, promotion and discipline of teachers and is the largest public employer in the country.

 

The advert followed a court ruling on 12 June that threw a spanner in the works of plans to convert internships into permanent jobs. This was compounded by a lack of funding for the TSC.

 

As a result, the fate of all 46,000 JSS teacher trainees, both new recruits and those seeking permanent positions, hangs in the balance.

 

The job ad has also been published here and here. (Note: See more instances listed at the end of this report.)

 

So is the job advert that has raised the hopes of tens of thousands of interns real? We checked.

 

Fake job ad

 

There are some indications that the ad is not authentic. It has irregular spacing, different fonts and some bold text, which is unusual for TSC ads.

 

We searched the TSC website for this particular job advert but couldn't find it.

 

The TSC, through its verified Facebook page and X (formerly Twitter) account, posted the ad and marked it as "FAKE".

 

"Fake news alert!" wrote the TSC.

 

The fake job also appears here, here, here, here, here, here, here and here.

 

Read the original story, with links and other resources.

Africa Check is a non-partisan organisation which promotes accuracy in public debate and in the media. Twitter @AfricaCheck and www.africacheck.org <http://www.africacheck.org> 

 

 

 

 

 

Tanzania Sees New Dawn in Advanced Cooking Stoves

In efforts to support the government's campaign in using clean energy, efforts are underway to distribute nationwide technologically- advanced and environmentally safe cooking stoves.

 

The move the whole country embraces will likely save a million acres of forest from destruction.

 

Following the intended move, Tanzanians living in rural and urban areas have been encouraged to take the incoming technology of environmentally environmentally-friendly cooking stoves.

 

Speaking with the Daily News in Dar es Salaam yesterday, the FJM Workshop Manager Epimack Damas said the move aims to implement President Samia's campaign to create clean and environmentally safe cooking.

 

 

The company produces modernized gas stoves, steel fabrication, and selling construction materials as well.

 

"As a company we have employed about 60 youth in the country and we expect to reach more people. I, therefore, encourage youth who are beneficiaries of the company to use their creativities and make a product so as to earn a profit, "he noted

 

Additionally, he elaborated recently at the Dar es Salaam International Trade Fair (DITF), the company met with the clean energy government executives and discussed how they can produce stoves and distribute them to people at affordable price in rural and urban areas.

 

On his part, the JFM Marketing Manager Eugen Malkiory said that the company's mission aims to improve operational service to save customers time noting that they produce quality products at an affordable price.

 

He, therefore, said they will continue to serve Tanzanians in all parts of 26 regions in the country.

 

The company also produces steel materials such as roofing sheets, shapes, and iron bars.

 

Through those products, they intend to expand the scope of foreign markets.

 

- Daily News.

 

 

 

 

Guinea Bissau: Guinea-Bissau - Nothing Works Without China

Guinea-Bissau's dependence on China is immense. Hardly any investment occurs without Chinese planning or financing. During his state visit to Beijing, President Umaro Sissoco Embaló aims to strengthen this cooperation.

 

"The influence of China on Guinea-Bissau is undeniable, especially in economic terms," Guinean sociologist and China expert, Diamantino Lopes, said in an interview with DW. Since the country's independence from Portugal five decades ago, almost all infrastructure measures have been carried out and financed by the Chinese, the analyst says: "The government palace, the justice building, the parliament, the renovation of the Palace of the Republic, the 13-kilometer (8 mile) highway between the airport and Safim, the national stadium in Bissau, or the new fishing port in Bandim -- the Chinese control almost everything here," Diamantino Lopes states.

 

 

>From July 9 to 13, Guinea-Bissau's President Umaro Sissoco Embaló is in China with a high-ranking delegation. During the three-day visit, cooperation between the two countries is expected to be "further developed and intensified."

 

Euphoric tones ahead of the state visit

 

Bissau and Beijing are already collaborating in the areas of education, health, agriculture, infrastructure, fisheries and defense. Ahead of the state visit, the next joint projects are being announced: China will finance a large conference center for the upcoming rotating presidency of Guinea-Bissau in the Community of Portuguese Language Countries (CPLP). Additionally, 300 kilometers (186 miles) of roads will be renovated. Furthermore, a new university campus for 12,000 students will be constructed, among other investments, the Guinean president announced the day before his departure.

 

 

"Before we set off for Beijing, China had already announced a donation of $27.5 million US dollars for Guinea-Bissau," said President Umaro Sissoco Embaló, who is currently ruling his country by special decree, bypassing parliament. He dissolved the parliament in December 2023. A date for the upcoming parliamentary elections has not yet been set.

 

Generous help or hostile takeover?

 

Without Beijing's support, practically nothing works in Guinea-Bissau: China is currently building the country's only highway, which connects the international airport with the town of Safim: A slightly longer section costing 13.6 million euros ($14.7 million). The most important artisanal fishing port in the country, located in Bandim on the outskirts of Bissau, was recently completed by the Chinese for $26 million (€24 million). Additionally, China also donated agricultural machinery, rice and fertilizer to the government of Guinea-Bissau in 2019. In the health sector, China provides doctors for the hospital in Canchungo in northern Guinea-Bissau and for the main military hospital in the country's capital.

 

 

The Guinean president has described China as an "indispensable partner" and praises China's stance, and said it "never interferes in the internal politics of an African country."

 

China expert Diamantino Lopes has a different view on the matter: "As we all know, there are no free lunches in international relations," he warns. China always keeps its own advantage in mind and is not hesitant to demand returns for its gifts sooner or later. What returns could interest China? "China's interests in Guinea-Bissau are mainly in the geo-strategic area. From the Chinese perspective, Bissau can certainly act as a gateway to the sub-region due to its location. But there are also tangible economic interests at play," Lopes continues. Currently, more than 70 Chinese fishing boats are operating in Guinean territorial waters.

 

And the Chinese are also after Guinea-Bissau's natural resources: "Chinese companies exploit rare sands and earth in our country. Additionally, entire forests in the interior of the country have repeatedly been cut down by the Chinese in the past. Furthermore, there are oil deposits in Guinean waters. We also have bauxite, phosphate, and other raw materials." All these resources are, of course, very interesting to China, says Diamantino Lopes.

 

Lack of transparency

 

Guinea-Bissau's most important export product remains cashew nuts. Until now, Guinean cashew has been primarily exported to India and Vietnam for further processing. Now, according to rumors circulating in Bissau in local media, China is preparing to take over the entire cashew harvest of Guinea-Bissau for processing in China. Officially, however, the government remains silent, says Diamantino Lopes: "There is currently no open and critical discussion about a possible cashew deal with the Chinese, just as there is none about the over 70 Chinese fishing trawlers or the wood exports."

 

The lack of transparency is a major problem: "The contracts our government signs with the Chinese side are not discussed publicly and are not made available to the public. Therefore, the public does not know what China expects and possibly receives in return for its generous development aid," explains the expert.

 

Exchange programs and scholarships

 

One of the main pillars of Chinese-Guinean cooperation has been training and exchange programs for selected groups of the Guinean society. China annually awards thousands of scholarships to the best students in the country to study at Chinese universities. Additionally, public administration and government employees regularly have the opportunity to attend short-term seminars in China: "About 1,000 officials participate in these programs annually, which is a large number for a small country with just over 2 million inhabitants," says Bacar Camará, editor at Guinea-Bissau's state radio and a correspondent for the Xinhua News Agency, which is controlled by the government of the People's Republic of China.

 

These and other exchange programs have helped improve Guineans' perception of China, says Camará. Many visit programs are explicitly aimed at so-called "multipliers," such as journalists, says the editor, who has himself flown to China several times at Beijing's invitation. "China supports various state and private media. Our state radio, the state newspaper, and the news agency receive financial aid from China, as well as training and technical equipment," says Bacar Camará. Some private media have also benefited from China's help.

 

"The relationships date back to the 1970s when Mao Zedong's China supported our freedom fighter Amílcar Cabral in his fight against the Portuguese colonial rulers. The first soldiers of the liberation organization PAIGC were trained militarily in China," recalls Bacar Camará. Since that time, the relations between Guinea-Bissau and China have been particularly close. Guinea-Bissau is considered a "pioneer" and can serve as a model for other Lusophone countries in Africa, but also for other countries in West Africa.

 

Seen this way, Guinea-Bissau is the ideal gateway for the Chinese and for Chinese interests within the framework of the "New Silk Road," in which projects to build and expand intercontinental trade and infrastructure networks between the People's Republic of China and over 100 other countries worldwide have been planned and implemented since 2013, concludes journalist Bacar Camará optimistically.

 

EU becoming invisible

 

"As you can see, China is the most important partner of Guinea-Bissau in almost all areas. What is new is that there is currently no serious alternative to China. And that is somewhat worrying," summarizes Diamantino Lopes.

 

Other potential partners are much less visible and much more cumbersome when it comes to decision-making and project implementation, the analyst says: "Take the European Union: The EU has also concluded a fisheries agreement with Guinea-Bissau, but the average Guinean sees no tangible results from this agreement." While the Chinese built a new fishing port within a few years, the EU has not managed to expand the old port as promised: "The port entrance is still dirty and silted up. Large ships still cannot dock there," the analyst says. No one knows where, how, with what aim, and with what results the EU is investing in the fisheries sector in Guinea-Bissau, although the EU has been present in Guinea-Bissau for decades, says Diamantino Lopes. It is very different with China.

 

 

 

 

China rocked by cooking oil contamination scandal

The Chinese government says it will investigate allegations that fuel tankers have been used to transport cooking oil after carrying toxic chemicals without being cleaned properly between loads.

The controversy has spread online as social media users express concerns about potential food contamination.

Tankers used for transporting fuel were found to be carrying food products, like cooking oil and syrup, and were not decontaminated correctly, according to state-run Beijing News.

Transporting cooking oil in contaminated fuel trucks was said to have been so widespread it was considered an “open secret” in the industry, according to one driver quoted by the newspaper.

The case is the latest blow to public trust in the Chinese government's ability to enforce food safety standards.

The controversy has been the top trending topic on Chinese social media in recent days.

On Weibo - the country’s equivalent to X, formerly known as Twitter - there have been tens of thousands of posts about the scandal, which have racked up millions of views.

“Food safety is the most important issue,” a comment liked more than 8,000 times said.

Another comment said: “As an ordinary person, surviving in this world itself is an amazing thing already.”

Many compared it to the 2008 Sanlu milk scandal, in which some 300,000 children became sick and at least six died after drinking powdered milk contaminated with high levels of the industrial chemical melamine.

“This is much worse than the Sanlu scandal, it can’t be settled with just [a] statement,” a user commented.

 

Chinese garlic is a security risk, says US senator

In China, tankers are not limited to any particular type of goods so can, in theory, carry food products straight after transporting coal-based oils.

The claims involve several major Chinese companies including a subsidiary of state-owned Sinograin and the Hopefull Grain and Oil Group.

Sinograin has said it is investigating whether food safety regulations were being followed correctly.

The company also said it will immediately suspend the use of any trucks that are found to have fallen foul of the the rules.

A Hopefull Grain representative told government-controlled newspaper Global Times that it was conducting a "thorough self-inspection".

The Chinese government has said food safety officials will carry out the investigation into the allegations.

They have promised to punish any companies and individuals involved in wrongdoing.

They have also vowed to immediately publish the findings of their investigation.

"Illegal enterprises and relevant responsible persons will be severely punished in accordance with the law and will not be tolerated," state broadcaster CCTV said.

At the local level, both the Hebei and Tianjin provincial governments have said they are also looking into the matter.-BBC

 

 

 

 

UK economy grew faster than expected in May

The UK economy grew faster than expected in May helped by a strong performance from retailers and the construction industry.

The economy expanded by 0.4%, the Office for National Statistics (ONS) said, rebounding from zero growth in April when wet weather put off shoppers and slowed down building projects.

Construction expanded at the fastest rate in almost a year in May, with house building and infrastructure projects boosting the industry, the ONS said.

The question of how to increase growth in the UK's economy was one of the key battlegrounds in the recent general election.

Liz McKeown, of the ONS, said that many retailers and wholesalers "had a good month, with both bouncing back from a weak April".

The services sector, which dominates the UK economy and covers businesses such as hairdressers and hospitality, grew by 0.3% in May, while the construction sector jumped by 1.9%.

The new Labour government has announced a number of measures this week aimed at improving growth.

Chancellor Rachel Reeves has said housebuilding targets will be reintroduced, planning restrictions will be overhauled and there will be an end to the effective ban on onshore wind farms in England.

A new National Wealth Fund has also been announced to attract investment in infrastructure and green industry.

 

Bar chart showing monthly changes in UK GDP growth with the latest being 0.4% in May 2024

Economists warn against placing too much weight on shifts in economic activity over one month because they can be affected by factors such as the weather.

In the three months to May 2024, gross domestic product - which measures the value of goods and services produced in a country over time - grew by 0.9% compared with the previous three months.

That was the quickest pace for more than two years, the ONS said, helped by strong growth in the services sector.

Analysts said the stronger than expected growth could reduce the chances of the Bank of England cutting interest rates when it meets next month.

There had been hopes that rates would be cut from the 16-year high of 5.25% when the Bank meets on 1 August.

Interest rates were increased by the Bank in order to slow the pace of inflation - the rate at which prices rise. However, the latest inflation figures showed the rate had fallen back to the Bank's target of 2%.

Despite this, two members of the Bank's Monetary Policy Committee (MPC), which decides the level of interest rates, have said this week they remain worried that inflationary pressures are persisting.

Rob Wood, chief UK economist at Pantheon Macroeconomics, said: "The UK economy is well and truly putting last year’s minor recession behind it.

"Rate-setters look desperate to ease policy and said in the minutes of their June meeting that they were unconcerned about stronger-than-expected growth," he added.

"Even so, this latest upside growth surprise supports our call that the MPC will wait until September to reduce Bank Rate."-BBC

 

 

 

Musk defeats ex-Twitter staff seeking $500m in severance

A US judge has dismissed a case brought by former Twitter staff, who had accused billionaire Elon Musk of unlawfully denying roughly $500m in severance payments owed to workers fired after his takeover of the company.

Judge Trina Thompson said the employees had not proven that their claims were protected by federal law.

The ruling is a win for Mr Musk, who purchased Twitter in 2022 and immediately set about making changes, including sacking thousands of staff.

The moves sparked multiple lawsuits from former staff and vendors, accusing the company of withholding payments that had been promised.

This complaint was filed in 2023 in a federal court in San Francisco by Courtney McMillian, the former "head of total rewards" at the social media site, which Mr Musk renamed X.

In the complaint, she said the firm had provided staff only one month's worth of pay as severance instead of the far more generous benefits, including at least two months of salary and contributions toward health insurance, that had been promised.

Mr Musk's team had urged the judge to reject the complaint, saying that America's Employee Retirement Income Security Act did not apply as claimed.

The act sets standards for private health and pension plans.

“We are disappointed in the ruling and considering our options for moving forward,” a spokesperson for Ms McMillian's team said.

Other cases, including one brought by former leaders of the company, are still working their way through the courts.

In her ruling, Judge Thompson gestured to those disputes, noting that workers might have opportunities elsewhere to prove their claims.

"The Court lacks jurisdiction. However, plaintiffs are not without recourse. Indeed, there are other cases brought against Twitter for the failure to pay wages or provide employee severance benefits during the same or overlapping period," she wrote.-BBC

 

 

 

 

Mastercard exec Shamina Singh on the 'missing middle' of small businesses

Today in the Executive Lounge, one global firm's innovative solutions to the universal problem of small businesses struggling to survive.

 

The small business sector has a big problem.

It's called the "missing middle", which refers to the gap in provision of financial services and support for small and medium-sized enterprises (SMEs).

These businesses are seemingly caught between a rock and a hard place – they're too big to qualify for microfinance and too small to be eligible for regular bank loans. Consequently, 67% of SMEs worldwide are fighting for survival, according to the World Economic Forum.

A number of international finance institutions, most notably the World Bank, have attempted to close the funding gap, so far with mixed results.

 

This is despite adopting a dual-pronged approach, which includes helping to make SMEs more attractive for investment and liaising with financial institutions in an effort to boost lending.

But the European Bank for Reconstruction and Development says the success of any international organisation aiming to bridge the financial services gap in a particular region hinges on having a strong local presence there, which can understand and meet the needs of SMEs effectively.

Perhaps surprisingly, Mastercard has stepped up to meet this hyperlocal need.

Not all businesses benefitted equally from the shift to digital - Shamina Singh

Contrary to popular opinion, Mastercard isn't a credit card company. It doesn't extend credit to consumers or issue them with credit cards. In fact, the company's main function is to process payments. Mastercard has always put financial inclusion at the top of its agenda, Shamina Singh, the company's executive vice president of sustainability says.

 

Singh is responsible for, among other things, developing and implementing environmental, social and governance (ESG) strategy across the company.

"As the global economy becomes increasingly digitised, one challenge we face is to ensure that new, technology-driven ways of storing, lending, saving, sending and investing money are designed for inclusion, especially for small businesses," says Singh.

Singh highlights Mastercard's Inclusive Growth Score, a tool that provides local financial institutions with a clear view of a particular community's social and economic indicators so they can reliably predict if a small business will thrive there.

"We work closely with our colleagues on the ground in a particular region, so we can better understand if there are viable market opportunities there, and the regulatory environment is supportive of building up small businesses.”

Mastercard's Strive small business programme is one solution that's emerged from this research.

 

Executive Lounge

 

The BBC's series features interviews with executive leaders making innovative, data-driven decisions helping shape the future of business – and paving the path for other leaders to thrive. Read more conversations here.

Designed to address the transition to the digital economy necessitated by Covid-19, which disproportionately affected businesses led by women and ethnic minorities, Strive helps small businesses access the tools and resources they need to digitise. Strive is intended to be a hand-in-glove fit for businesses of all kinds and all around the world – some 'graduates' include Sparkle Lighting, a lighting design company in the heart of the UK, and Kelsie Kay's Coffee Depot situated on a Native American reservation in South Dakota.

"When we launched our first Strive programme, the financing gap for small businesses was $930bn (£743bn) in low and lower-middle-income countries," Singh explains."Globally, this figure was $5.2tn (£4.15tn) annually."

Singh talks to the BBC about the progress made to shrink that disparity – and the work still to be done – to ensure small businesses worldwide have what they need, and a vibrant 'middle' can once again be found.

What inspired the launch of this small business initiative in 2021?

 

 

When seeking credit, some of the small business community falls between the cracks. We call them the "missing middle" [and] they often lack funds to grow. 

In addition, digitalisation emerged as a survival tool during the pandemic, enabling small businesses to remain in operation during lockdowns.

But not all businesses benefitted equally from the shift to digital. Covid-19 quickly exposed deep inequalities and tested the resilience of small businesses – especially those operating in the cash economy.  

The shift to digital has been uneven, and too many small businesses are still unable to benefit from, or fully participate in, the growing digital economy. Even before the pandemic, small businesses were falling behind their larger competitors in terms of integrating digital technologies into their operations.

We developed Strive to help build the resilience of small businesses by helping them go digital, get capital and access networks and know-how. 

 

What role does data play in steering the programme?

 

Before launching each Strive programme, we conduct thorough market analysis to understand the unique issues and [the] needs micro and small businesses face in that particular market.

For example, before launching Strive UK, we conducted quantitative research with over 1,000 small businesses in the UK in addition to a listening tour across the UK with in-depth qualitative interviews with expert organisations supporting SMEs across the public and private sectors.  

Our data-driven approach enables us to monitor our programmes' efficiency and iterate as needed.

Mastercard Luu Thi Hoa, owner of an agricultural co-operative in Vietnam, joined the programme in 2021 (Credit: Mastercard)Mastercard

Luu Thi Hoa, owner of an agricultural co-operative in Vietnam, joined the programme in 2021 (Credit: Mastercard)

 

What criteria does the programme use to determine which countries, territories and regions to prioritise?

 

We have Strive programmes in multiple markets, from Czechia to the UK. Before we launch a programme in a particular region, we assess what that market and its small business owners need, which may be unique to that area.

After all, different markets have different needs. One example is Strive Women, which covers countries such as Pakistan, Vietnam and Peru. Our research shows that, in these regions, men have greater access to productive assets and influence over familial decision-making.

For instance, in Pakistan, only 33% of male entrepreneurs have had to seek their family's permission before starting their business while nearly 60% of female entrepreneurs felt the need to obtain their family's approval, mainly from their father or husband.

Contrast this with Strive USA. Small businesses - which are defined as those with 500 employees or fewer - comprise 99% of all businesses in the US and employ more than 60 million people.

 

Yet, despite their importance, half of these new businesses will fail within five years – often because they can't access the capital, tools and networks they need to stay afloat.

These challenges disproportionally affect underserved businesses and help explain the huge racial wealth gap that exists between white and minority-owned small business owners.

Mastercard by the numbers

 

$74 million: Mastercard Impact Fund grants supported work in 54 countries across financial security, small business growth, impact data science and community support.

37 million: Women entrepreneurs provided with solutions that can help them grow their businesses.

$511 million: Invested in Black communities across the US since 2020, to help close the racial wealth and opportunity gap.

$2 million: Mastercard Strive Innovation Fund 2.0 grants were awarded to 11 organisations.

13 million: Small businesses brought into the digital economy in 2023 through card acceptance technology.

*Source: Mastercard ESG report (2023).

Is there one small business success story that stands out?

 

In Vietnam, we worked with Luu Thi Hoa, the founder of an agricultural cooperative [in the city of Ha Giang]. Hoa started her business in 2017, mainly offline, selling Ha Giang specialties such as honey, herbs and vegetables to tourists.

 

She joined our Ignite program in 2021 with training in financial management, digital marketing, art therapy (to manage stress) and business planning.

Hoa was selected to receive seed funding which she used to fine-tune her packaging and join another online marketing course with a focus on e-commerce platforms sales techniques. During our latest conversation with Hoa, she shared that her business grew by 10 to 15% over the last two years. 

 

 

What opportunities do you see on the horizon for small businesses, and how will Mastercard capitalise on them?

 

Digital is a big opportunity. We created a social enterprise called Farm Pass, which provides a digital marketplace for farmers to access larger markets and negotiate a fair price for their produce. We worked with farmers [for example tomato farmers in India] to create a new type of network that allows them to engage with each other, and the benefits to farmers are clear.-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.

 


 

 


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