Major International Business Headlines Brief::: 16 July 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  16 July 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Govt, USAID Partner On $75 Million for Energy Transition

ü  Nigeria: Land-Grabbing Allegation - Govt Investigates AGIP, Shell in
Bayelsa

ü  Kenya: 3.2 Million Customers Yet to Update Their Kenya Power Prepaid
Meters

ü  Nigeria: High Cost of Living Bites Citizens Hard

ü  Kenya: EPRA Increases Road Maintenance Levy By Sh7 to Sh25

ü  Tanzania Aims At Mega Food Storage

ü  Nigeria: Why We'll Support Temporary Ban On Mining Activities in Nigeria
- Military

ü  Uganda: New Project Targets Lucrative Furniture Market in Uganda

ü  South Africa: Transport Department, Taxi Industry to Work Together This
Term, Says Creecy

ü  Malawi: Nacala Logistics Moves to Increase Fuel Haulage to Lilongwe to 15
Million Litres Per Month

ü  Xi tackles slow growth as economy 'hits the brakes'

ü  Burberry boss ousted as sales continue to fall

ü  Truth Social shares surge after Trump shooting

ü  'I surpassed my expectations': How legendary US Olympian Aly Raisman
achieved more than she could have ever imagined

ü  Russia antivirus firm Kaspersky quits US after ban

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: Govt, USAID Partner On $75 Million for Energy Transition

The U.S. Agency for International Development, USAID and the Federal
Ministry of Power, yesterday signed a memorandum of understanding, MoU, to
deepen support for the country's electricity sector reforms.

 

This came as the federal government deducted N120 billion from April revenue
as the first tranche of Presidential Metering Initiative funding.

 

On the government and USAID deal, the USAID/Nigeria Mission Director Melissa
A. Jones and Permanent Secretary of the Ministry of Power Mahmuda Mamman
signed the MoU.

 

According to the statement obtained by Vanguard, the agreement will
facilitate the implementation of a N115.2 billion (approximately $75
million) U.S. government grant-funded technical assistance program for power
sector development and reforms in Nigeria.

 

 

It stated that "Currently, over 85 million Nigerians lack access to grid
power, while many others face unreliable supply. These challenges force many
Nigerian families and businesses to rely on expensive, emission-intensive
gasoline and diesel backup generators."

 

Jones emphasized the U.S. government's commitment to advancing
electrification in Nigeria, stating, "Today's goal is to strengthen
collaboration between USAID and the Federal Government of Nigeria and
provide a framework for partnerships with other key actors, including state
and local governments, electricity generation and distribution sectors, and
the off-grid sector."

 

On his part, Minister of Power Adebayo Adelabu, expressed gratitude for
USAID's support, emphasizing the partnership's potential to transform
Nigeria's power sector.

 

He said, "This collaboration with USAID is a significant milestone towards
achieving sustainable and reliable electricity supply for all Nigerians.
Together, we will address longstanding challenges, ensure transparency,
enhance market liquidity, and accelerate our transition to clean energy
solutions."

 

The USAID addresses these challenges through the Power Africa Initiative, a
U.S. government-led partnership that leverages public and private sector
resources to double electricity access in sub-Saharan Africa.

 

- Vanguard.

 

 

 

Nigeria: Land-Grabbing Allegation - Govt Investigates AGIP, Shell in Bayelsa

The Federal Government has launched an investigation into the complaints of
land-grabbing by oil producing communities in Bayelsa against some
International Oil Companies, IOCs.

 

The Ministry of Petroleum Resources disclosed this in a statement in Abuja,
yesterday, adding that the companies involved are Nigerian Agip Oil Company
and Shell Petroleum Development Company, SPDC.

 

According to the ministry, the probe is in response to a petition by Agi
Bestman, the Coordinator of the Niger Delta MoU, Corporate Social
Responsibilities (CSR) on behalf of the aggrieved communities.

 

The ministry also disclosed that the investigative team was led by Kamoru
Busari, Director of Upstream Department at the ministry.

 

Officials from Office of the Surveyor General of the Federation, the
Nigerian Police and the Bayelsa State Government are the other members of
the team.

 

The team would embark on a fact-finding mission to Biseni, Enebele, Ogbia
and Gbaran communities in Bayelsa State.

 

The communities had in their petition accused the two oil giants, Agip and
Shell of land-grabbing without adequate compensation in the form of
underpayment of tenancy rent.

 

According to the ministry, the investigative team has commenced the exercise
with a meeting with top Bayelsa State government officials.

 

- Vanguard.

 

 

 

 

Kenya: 3.2 Million Customers Yet to Update Their Kenya Power Prepaid Meters

Nairobi — A total of 3.2 million customers are yet to update their prepaid
meters, Kenya Power has announced.

 

Already, 4.2 million users have updated their meters out of the targeted 7.4
million meters.

 

The utility firm is calling on the remaining prepaid customers to update
their meters by August 31st to continue enjoying access to electricity.

 

KPLC General Manager in charge of Commercial Services and Sales, Rosemary
Oduor, assured customers that the meter update process does not affect the
price of electricity in any way or cause the tokens to run out faster,
adding that the update does not affect existing tokens that are already
loaded into the meter.

 

 

"Once a meter is scheduled, a customer receives an SMS notification and
thereafter the update codes are sent to the customer upon purchasing their
electricity tokens," Oduor said.

 

"Our customers are required to update their meters as soon as they receive
their codes to continue enjoying access to electricity," She said.

 

"We are therefore kindly urging those who have not updated yet to purchase
their tokens upon which they will receive their codes and be able to update
their meters."

 

The 'Update Token Meter Yako' campaign is part of an ongoing global exercise
that targets all prepaid meters that use the Standard Transfer Specification
(STS), a universal method to transfer tokens to prepaid meters that ensures
the security of generated tokens.

 

All Kenya Power prepaid meters are on STS specification and therefore
require to be updated.

 

- Capital FM.

 

 

 

 

Nigeria: High Cost of Living Bites Citizens Hard

The worst economic crisis in decades in Nigeria has citizens sacrificing to
make ends meet. Economic reforms are on the cards but for now medicines,
food and other basic commodities are priced beyond the reach of many.

 

Toyin Ogundeko, a resident of Lagos and a caterer by profession, lives with
asthma. Her son has the condition too.

 

Medicines have become so expensive in Nigeria that they can't afford the
inhalers they need.

 

Amid a worsening economic crisis, Ogundeko isn't sure how they will get by.

 

"With the way the economy is going things are really getting tough. You're
struggling to buy foodstuff and you're also trying to stock up on your
medication," she told DW.

 

"So, for me I can cut down on the inhaler for myself. I won't cut it for my
child."

 

 

What's causing the crisis?

 

The worst economic crisis in Nigeria in decades has cost it the ranking as
Africa's biggest economy. Inflation and a volatile exchange rate is driving
the cost of living up in the nation of more than 200 million people.

 

Higher drug import prices have led to local price hikes and a scarcity of
basic medicines. Pharmacist Emmanuel Olaogun Oladeji says Nigerian drug
manufacturers simply can't plug the gap.

 

"There is a limit to what local manufacturers can do. We are grateful to
have the likes of Emzor Pharmaceuticals, and some other indigenous
manufacturers in the country, but there is a limit to what they can do,"
Oladeji told DW.

 

Analysts predict that Nigeria could plunge to fourth position on the list of
African economies in 2024. Businesses are struggling to stay afloat.

 

 

"What caused our problem in Nigeria today is the devaluation of our national
currency as against the US dollar," Alhaji Sani Nasidi, a veteran
businessman, told DW.

 

The high cost of essential commodities citizens are facing is as a direct
result, he said. As a way out of the current crisis, Nasidi suggested:
"Nigeria needs to run away from a dollar economy."

 

Economic reforms bite hard

 

President Bola Tinubu has embarked on a bold set of economic reforms that he
argues are necessary and will bear fruit in the future.

 

His decision to remove fuel subsidies was seen as abrupt. It leading to the
doubling of fuel prices, rising food and transport costs and an increase in
the price of imported products.

 

According to financial analyst and former banker, Aminu Philip Yado, the
high fuel costs are impacting Nigerians broadly.

 

"Transportation is one of the major factors that affects cost of produce in
the market," Yado said. "When you go to the farm and you have to harvest and
transport at a very high cost, there is no way you can come to the market
and charge low. You would certainly have to charge profitably and
sustainably."

 

 

Nigerian labor unions have called several nationwide strikes over salaries
that are too low to keep up with inflation.

 

"The same inflation is what caused companies to run away from Nigeria
because they would not be making profit," said Alhaji Sani Nasidi, the
businessman.

 

"The quality of goods and services they normally produce would be reduced
and people would not have money to buy it."

 

Aminu Philip Yado, the financial analyst, believes that the economy needs
innovation.

 

"What is basically wrong with the economy is that the managers of the
economy themselves are not really having the economy at heart. Everybody
that gets there struggles for his own and not the Nigerian people," Yado
told DW.

 

Yado sees the lack of investment in major infrastructure that could grow the
economy and create jobs for the youth especially as a key factor in the
deepening economic crisis.

 

"When they talk of borrowing, in fact how much of the process of this
borrowing that they want to invest in the Nigerian infrastructure that
actually goes into the investment in that infrastructure in Nigeria?"

 

Energy crisis with devastating impact

 

Nigeria also faces an energy crisis. a troubling power generation situation.
Tinubu is trying to rejuvenate the national power grid by pouring in public
money instead of subsidizing electricity for those who cannot afford to pay.

 

After he scrapped fuel subsidies, Tinubu scrapped a series of elecriticy
subsidies.

 

"If there is power in Nigeria today, all artisans that depend on power to do
their business will go back to doing their business at the cheapest cost
than they are doing now," said Yado.

 

Most business owners are forced to buy generators to keep operations going.
This trend, the financial analyst told DW, is not sustainable.

 

In the meantime, citizens like Toyin Ogundeko and her son, are desperate.
"People have all sorts of complicated conditions and imagine how they're
coping?" she told DW.

 

"So, for me it's a plea to the government: whatever needs to be done, first,
find a way to stabilize this economy, things are getting out of hand."

 

Edited by: Benita van Eyssen

 

 

 

 

 

Kenya: EPRA Increases Road Maintenance Levy By Sh7 to Sh25

Nairobi — The Energy and Petroleum Regulatory Authority (EPRA) has increased
the Road Maintenance Levy by Sh7 to Sh25 despite public criticism of the new
tax.

 

Only last week did the Ministry of Roads and Transport seek public views
before increasing the fuel levy by Sh7 to Sh25 per liter.

 

The exercise was being done simultaneously in Nairobi, Central, North Rift,
South Rift, Upper Eastern, Lower Eastern, Nyanza, North Eastern, and Coast.

 

The Ministry was proposing an amendment to the Road Maintenance Levy Fund
(Imposition of Levy) Order, 2016 by increasing the Road Maintenance Levy on
petrol and diesel.

 

Former Road and Transport CS Kipchumba Murkomen told the Parliamentary
Finance and National Planning Committee last month that the levy was last
reviewed in 2016 and thus needs review.

 

Currently, the levy is set at Sh18 per liter.

 

The CS said that the hike in the tax will see the government collect an
additional Sh32 billion. Now, the fund collects Sh83 billion annually.

 

Extra cash, he added, will allow the administration to repair and build
roads, with a maintenance gap of Sh315 billion between 2023 and 2027 against
the projected Road Maintenance Levy Fund.

 

If the new proposal is passed by MPs, this will push up fuel prices, which
currently stand at record highs.

 

- Capital FM

 

 

 

 

Tanzania Aims At Mega Food Storage

KATAVI — PRESIDENT Samia Suluhu Hassan has instructed the National Food
Reserve Agency (NFRA) to increase its grains storing capacity to reach three
million tonnes by 2030.

 

The Head of State issued the directives yesterday after inspecting the
ongoing construction of the modern silos and warehouses in Mpanda
Municipality in Katavi Region, which will increase storage capacity from the
current 5,000 tonnes of grains to 28,000 tonnes.

 

"This project worth 14bn/-, will help the country to deal with food
insecurity and reduce the post-harvest loss. The modern silos have
significantly increased the grains storage capacity from 5,000 tonnes to
28,000 tonnes," Dr Samia said.

 

 

During the inauguration of new constructed modern grain storage facilities,
the President directed NFRA to make Katavi Region a special independent zone
in purchasing and storing of grains.

 

President Samia also stressed the importance of crop buyers across the
country to provide fair prices to farmers during grains purchasing season.
She reiterated the government's determination to scale up the agricultural
sector, saying the country wants to move from subsistence farming to
commercial farming.

 

Further noticing, she has instructed the regional government to cooperate
with NFRA to look for the areas where they can expand the food storage
projects to enable Katavi become a reliable region for food storage.

 

Moreover, Dr Samia said that the budget for Agriculture Ministry has
increased by three folds in the past three years from 460bn/-in 2020/21
financial year to 1.248tri/- this fiscal year, directing the money to be
well spent in building irrigation schemes, promoting extension services,
procurement of fertilisers and construction of food storage facilities.

 

 

Meanwhile, President Samia has underscored that the government will continue
executing recommendations from the Criminal Justice Commission for the
improvement of nation's criminal justice systems including Tanzania Police
Force.

 

The Head of State made the statement after launching the Katavi Region's
police headquarters building, during her working visit in the region. The
building sits on the compound spanning 1,438 square metres. It has 33 office
rooms, two armory rooms, and two conference halls.

 

"This building is the result of implementation of the commission's
recommendations to create a good working environment for the Police Porce,"
Dr Samia said.

 

She said that such buildings have been built in many places in Tanzania and
they all have the same status, saying that the government is also continuing
to improve police stations in the country.

 

Dr Samia said that the construction of the building is also aligns with the
implementation CCM election manifesto (2020- 2025), which directs for
creation of better environment for the Police Force and to ensure that the
law enforcement agency brings stability and peace in the country.

 

"The manifesto also wants the government to ensure that there is good
governance within the Police Force so that we can have political stability,"
she added.

 

Moreover, Dr Samia directed the Inspector General of Police (IGP),
Commissioner of Police (CP) Camillus Wambura, to ensure that the building's
Information Communication Technology systems are linked with other
institutions under the Police Force in the region.

 

The Criminal Justice Commission was formed by President Samia last year to
investigate the performance of criminal justice institutions in the country.

 

In July last year, the Commission presented 333 recommendations aimed at
guiding the enhancement of justice delivery, bolstering criminal justice
institutions and adhering to the 4R philosophy-- Reconciliation, Resilience,
Reforms and Rebuilding.

 

Presenting its report to the Head of State, the Commission highlighted key
findings including major weaknesses in the entire system of criminal justice
dispensation.

 

The institutions probed by the Commission include the Police Force, National
Prosecution Services (NPS), Prevention and Combating of Corruption Bureau
(PCCB), Tanzania Prisons Service and Drug Control and Enforcement Authority
(DCEA).

 

- Daily News.

 

 

 

Nigeria: Why We'll Support Temporary Ban On Mining Activities in Nigeria -
Military

The military said there is a connection between insecurity and illegal
mining in the country.

 

The Nigerian military says it will support a temporary ban on mining
activities to address the general insecurity in the country.

 

The Chief of Defence Staff, Chris Musa, a general, said this on Monday while
appearing before the House of Representatives Committee on Solid Minerals.

 

The committee is investigating illegal mining in Nigeria.

 

Mr Musa, who was represented by the Director of Operations of the Nigerian
Defence Headquarters (DHQ), Nnaemeka Ignatius, stated that the military
backs the call for a one-year suspension of mining activities in the
country.

 

 

The military's stance on the suspension of mining was in response to a
speech made by the House Leader, Julius Ihonvbere, wherein he said the lower
chamber would consider drastic measures in the solid mineral sector.

 

Speaking on the proposed suspension, Mr Musa said there is a connection
between insecurity and illegal mining in the country. He stated that there
are speculations that banditry and terrorism are used as a smokescreen to
protect illegal mining activities.

 

"The Leader of the House mentioned something about banning mining for a
year. It is very important that we do that. I know the country is going to
feel the effects in terms of revenue, but we need to take this step in order
to ensure that we can decisively deal with those involved in illegal mining.

 

 

"One thing we have noticed is that insecurity thrives where illegal mining
is happening. Someone once said that the issue of banditry and terrorism is
like a smokescreen to stop the government and the military from dealing
decisively with these people. I can't confirm that for sure, but I know
there is a correlation between insecurity and illegal mining," he said.

 

He stated the military has been making arrests, including of some
foreigners. However, he did not provide details of the arrests.

 

PREMIUM TIMES reported that the Minister of Solid Minerals, Dele Alake, also
made the same claim recently but failed to disclose the names of the persons
behind illegal mining in Nigeria.

 

$9 billion revenue loss

 

In his remarks, the Chairman of the Committee, Jonathan Gaza (SDP,
Nasarawa), reiterated that the House is committed to blocking revenue
leakages.

 

He claimed that the Nigerian government loses $9 billion to illegal mining,
adding that there is also the insecurity component.

 

"The unregulated exploitation of our natural resources jeopardises the
sustainability of the mineral sector, leading to environmental degradation
and revenue loss that could otherwise benefit our communities and nation as
a whole.

 

"It is imperative that we take, as a matter of urgency, decisive steps and
necessary actions to address this issue and ensure that our solid mineral
sector operates within the framework of the law, protecting our natural
resources for future generations," he said.

 

In his remarks, the Speaker of the House, Abbas Tajudeen, who was
represented Mr Ihonvbere, said it (House) is determined to take decisive
steps towards addressing nefarious mining practices.

 

He also announced that the House is set to hold a public hearing on two
major bills in the mining sector: the Nigeria Minerals and Mining Act
(Amendment) Bill and the Nigeria Solid Mineral Development Company
(Establishment) Bill.

 

He stated that these hearings will be held on 17 July.

 

The Nigerian government has used the ban on mining in Zamfara State as
strategy against insurgency, though insecurity persists in the state despite
the action.

 

- Premium Times.

 

 

 

Uganda: New Project Targets Lucrative Furniture Market in Uganda

Kampala, Uganda — Two companies - Gestures, a creative furniture
manufacturer based in Uganda, and bkvv Architecten, a renowned architectural
firm based in the Netherlands with extensive experience in climate-friendly
design across Europe and Africa are embarking on an ambitious project to
develop adaptable, sustainable furniture tailored to the unique requirements
of consumers in different sectors.

 

Company executives told The Independent that the initiative focuses on
promoting sustainability and modularity in furniture design, ensuring that
the products not only meet functional needs but also contribute positively
to environmental conservation.

 

 

The focus on sustainable and modular furniture is driven by the need to
address several pressing issues in Uganda including but not limited to
deforestation which is driven by the dependence on hardwood for furniture
production which has had severe environmental consequences.

 

"By promoting the use of sustainable materials such as bamboo and recycled
plastics, Gestures and its partner aims to reduce the carbon footprint
associated with furniture manufacturing," said Vicent Kayondo, one of the
executives at Gestures.

 

Kayondo said, that in the context of educational institutions, modular
furniture can provide flexible and adaptable solutions that cater to
different learning environments.

 

For instance, adjustable desks and chairs can accommodate various teaching
methods and student needs, enhancing the overall learning experience.

 

In the tourism sector, Kayondo said, the demand for durable and
aesthetically pleasing furniture is high.

 

 

Additionally, sustainable materials offer a viable alternative to
traditional wood, ensuring that the furnishings are not only environmentally
friendly but also long-lasting and cost-effective.

 

He said modular designs can also help in optimizing space in hotels and
lodges, providing a better experience for guests.

 

Project details

 

The project involves two phases - the research and design phase and the
large-scale production phase.

 

The R&D phase will run up to September of this year. It will involve
comprehensive field research to gather insights directly from end-users and
decision-makers in the target sectors.

 

This data will inform the development of furniture solutions that are both
practical and eco-friendly, aligning with global trends towards
sustainability and resource efficiency.

 

On July 4, Gestures held a training session in Kampala and was attended by a
team of 20 members who will be directly involved in physical interactions
with key players in the education and tourism sectors.

 

During the training, the trainers including Vicent Kayondo and Ivan
Ssempijja took the team through the entire project concept, ensuring they
had a thorough understanding of the project's objectives and the importance
of their role in achieving them.

 

The team was briefed on the questionnaire they will use for data collection,
which includes queries about current furniture usage, needs and preferences,
design and functionality requirements, and budget considerations.

 

The research aims to capture a comprehensive picture of the market
landscape, providing valuable insights into the factors that influence
purchasing decisions in educational institutions tourism facilities, and
other sectors.

 

This information is crucial for designing furniture that not only meets
current demands but also anticipates future trends hence influencing
prototype designs and manufacture for large-scale production for phase two
of this project.

 

Project executives say modular furniture is the kind that is designed with
versatility and flexibility in mind, consisting of various independent
pieces that can be combined in multiple ways to fit different spaces and
purposes.

 

These pieces can be rearranged, added, or removed to create a customized
layout, making it highly adaptable to changing needs and environments.

 

This type is designed and manufactured with environmental responsibility in
mind, aiming to minimize its ecological footprint throughout its lifecycle.

 

- Independent (Kampala).

 

 

 

 

South Africa: Transport Department, Taxi Industry to Work Together This
Term, Says Creecy

Transport Minister Barbara Creecy has committed to working with the taxi
industry to ensure that the industry fulfils its role in the transport
ecosystem with greater safety.

 

"Taxis are part of community life, and as per the National Household Travel
Survey, now carry eighty 3% of those who use public transport.

 

"During this term, I pledge to work with the industry to ensure it takes its
place in a safer, greener transport ecosystem. We will work together to
decrease levels of conflict and violence, which pose a significant risk to
the sector and to commuters," the Minister said when tabling the Budget Vote
of the department at Parliament's Portfolio Committee on Transport in Cape
Town on Monday.

 

 

Creecy said the department will, in the short-term, continue to assist the
industry to recover from the effects of the COVID-19 pandemic.

 

"The Taxi Relief Fund, created by the department to mitigate the negative
financial effects of the COVID-19 pandemic on the taxi industry, has been
extended in the past year to provide further support to the industry.

 

"The Taxi Recapitalisation Strategy continues to deal with the scrapping of
unroadworthy vehicles, but also aims to regularise and professionalise the
industry by improving safety and incorporating the industry in transport
planning processes," she said.

 

Climate resilience

 

The Minister said as the department continues to "stabilise and optimise our
existing transport sector", new risks and opportunities continue to arise.

 

 

"Climate change, as we have seen over the last couple of years, poses a
significant risk to our built infrastructure in general and our transport
infrastructure in particular. Building the climate resilience of our ports,
road and rail networks is both a necessity and a new opportunity for
investment, growth, economic inclusion and job creation.

 

"Contributing to reducing greenhouse gas emissions in all modes of transport
will become a necessity once the new Climate Bill is signed into law. Our
transport sector is responsible for approximately one tenth of our country's
CO2 emissions, and we will have to do our bit to achieve the NDP target of
net-zero by 2050," she said.

 

In this regard, the Minister said, implementing the department's Green
Transport Strategy "will be a priority" in this term.

 

"In this next decade, transport will also be revolutionised by an
acceleration of digital technology. New technologies and new global
imperatives will fundamentally alter the skills requirements of those
employed in the transport sector, as well as open up new value chains for
new forms of economic access, ownership and employment.

 

"Such innovations include operational automation and real-time tracking of
shipments to assist in port management, digital signalling to modernise the
management of our railway systems, the use of artificial intelligence in
traffic management, and the introduction of self-driven vehicles and drones
for delivery.

 

"The department's Green Transport Strategy includes investing in green
energy infrastructure; promoting the uptake of alternative fuels such as
biogas and green hydrogen; extending the rail network to provide alternative
public transport, and developing 'green procurement guidelines', which will
promote low-carbon technologies," she said.

 

- SAnews.gov.za.

 

 

 

Malawi: Nacala Logistics Moves to Increase Fuel Haulage to Lilongwe to 15
Million Litres Per Month

Nacala Logistics Limited has expressed its commitment to increasing to 15
million litres per month the amount of fuel being hauled to Lilongwe via
rail transport.

 

The company has disclosed that it has already held talks and made agreements
with its partners in Malawi, the National Oil Company of Malawi (NOCMA) and
Petroleum Importers Limited (PIL), to hit the ground running.

 

According to the update sourced from its Facebook page, Nacala Logistics has
a fleet of 88 tanks with a total capacity of 3.5 million liters, capable of
transporting both diesel and gasoline.

 

 

The company is currently transporting fuel to Nacala vs Blantyre, Nacala vs
Lilongwe, Nacala x Cuamba and Nacala vs Moatize. In 2023, Nacala Logistics
reached the historic mark of transporting a total of 114,273,622 liters. Of
this volume, 94,435,897 liters were transported to Moatize, 18,968,105
liters to Malawi and 869,620 liters to Cuamba.

 

"For this year, Nacala Logistics and its partners in Malawi, NOCMA (National
Oil Company of Malawi) and PIL (Petroleum Importers Limited), have made a
commitment to increase the volume to Malawi (Blantyre and Lilongwe) by about
15,000,000 liters per month," reads the statement on the page.

 

Mzuzu-based economist Christopher Mbukwa has described the development as
critical, saying it will help the country cut costs on transportation of
fuel.

 

Mbukwa said this will, in turn, help the country to revive its economy.

 

 

"Hauling fuel through rail transport helps to cut on costs and ferry
relatively larger volumes at once. One of the determinants of fuel price is
transport as such it's extremely important that as a country we should find
sustainable fuel transport. Use of pipelines from Tanzania has been
discussed before. There is need to find how feasible this is," he said.

 

Nacala Logistics operates rail freight transport along the Nacala corridor,
departing from the Port of Nacala to various national and international
destinations.

 

The largest flow of cargo transport is transit from Nacala to Malawi and
vice versa. Cargo in transit from Nacala to Malawi accounts for 90% of the
volume, while the return from Malawi to Nacala corresponds to 10% of the
volume.

 

Nacala Logistics' annual transport capacity is 4,000,000 tons, depending on
the availability of cargo in each flow.

 

Nacala Logistics caters to all types of cargo transportation, including
containerized cargo, bulk cargo, bagged cargo, grain, and liquid bulk.

 

- Nyasa Times.

 

 

 

 

 

Russia antivirus firm Kaspersky quits US after ban

Russian antivirus giant Kaspersky Labs has told BBC News that it is leaving
the US after the Biden administration banned sales and distribution of the
firm's software.

Kaspersky said it had made the "sad and difficult decision" to leave "as
business opportunities in the country are no longer viable".

It comes after Commerce Secretary Gina Raimondo said last month that
Moscow's influence over the company posed a significant risk to US
infrastructure and services.

Kaspersky, which had been operating in the US for two decades, has denied
the allegations.

 

"Starting from July 20, 2024 Kaspersky will gradually wind down its US
operations and eliminate US-based positions," the firm said in a statement.

Its US website has already stopped selling its antivirus and cybersecurity
tools, with a message reading "purchase is unavailable for US customers".

The announcement came after sales and distribution of Kaspersky products
were banned in the US.

 

Ms Raimondo said the US was compelled to take action due to Russia's
"capacity and... intent to collect and weaponise the personal information of
Americans".

"Kaspersky will generally no longer be able to, among other activities, sell
its software within the United States or provide updates to software already
in use," the Commerce Department said.

 

The ruling used broad powers created by the Trump administration to ban or
restrict transactions between US firms and technology companies from
"foreign adversary" nations like Russia and China.

 

It effectively barred downloads of software updates, resales and licensing
of the products from 29 September, while new business was to be restricted
within 30 days of the announcement.

 

Sellers and resellers who violate the restrictions will face fines from the
Commerce Department.

According to the Commerce Department, the Moscow-headquartered multinational
company has offices in 31 countries around the world, servicing more than
400 million users and 270,000 corporate clients in more than 200 countries.

At the time Kaspersky said it intended to pursue "all legally available
options" to fight the ban, and denied it engaged in any activity that
threatened US security.-BBC

 

 

 

 

'I surpassed my expectations': How legendary US Olympian Aly Raisman
achieved more than she could have ever imagined

The decorated US gymnast opened up to the BBC's Katty Kay about blocking out
the noise, trusting her training and her winning mindset.

 

While many 30-year-olds may have one-track careers, US gymnast Aly Raisman
can add "author and advocate" to a CV already filled with Olympic
achievements. The two-time Olympian won six medals as part of the 2012 Team
USA "Fierce Five" at the London Games, and the 2016 "Final Five" at Rio de
Janeiro, but is just as proud of her work keeping athletes safe as she is of
her time on the podium. 

Raisman was one of the victims who suffered abuse at the hands of former
Team USA Olympic gymnastics doctor Larry Nassar. She spoke to BBC special
correspondent Katty Kay in this new episode of her Olympian-focused
interview series, Influential, about life after the case, her cherished
Olympic memories and what legacy she hopes will endure.

Back in 2012, Raisman (then aged 18) was tied for fourth place and not
expected to medal on the balance beam at the Games in London. She left
London the most decorated athlete on the gymnastics team, with three medals.
She'd become the first US woman to win gold for the gymnastics floor
exercise and Team USA had taken home the women's artistic gymnastics team
all-round gold. She'd also won a bronze medal in the balance beam, which
still seems to surprise Raisman to this day.

Where to find Influential with Katty Kay

 

Watch it live on Tuesdays at 22:30 ET on the BBC News channel

Stream the full episode on YouTube

 

"It was such a special experience because I wasn't expected to medal on beam
– so getting that bronze medal was one of my most proud moments," Raisman
tells Kay. Even without the "pressure to win", Raisman recalls a fearsome
experience. "Competing in that arena
 it's so terrifying, the tension in the
arena – you could literally hear a bag of chips open, it's so quiet, so
nerve-wracking. You could hear the clicking of the camera! I was so proud of
myself for handling that pressure."

 

 

0:38

American athlete Aly Raisman on the difference between competing at age 18
and 22

Raisman tells Kay that her confidence was affected from the stress and
pressure, but after a career-changing pep talk from her coach, she was able
to block out the noise, focus on the cheers from her teammates, and get into
what she calls a "flow state", winning the gold medal on her floor routine. 

"I just had to let go and not think," Raisman tells Kay, remembering that
moment. "To this day, it was the best floor routine I've ever done in my
entire life. I just felt in a state of 'flow' – which I've never been in
before competing. I think because my practice was so stressful
 and I was
struggling so much, and my confidence wasn't great, letting it go was the
best decision I made. I did my first pass on the floor and I just knew the
rest of the routine was fine; I felt free and it felt great."

Kay notes that Raisman's smile revealed her happiness to be there, but
Raisman reminded her that she also thought it might be the last floor
routine of her life at the time and she wanted to do her best for herself,
her teammates, her coach, and the country. Yet Raisman kept growing as an
athlete and competitor – and as a team leader.

 

 

 

0:41

Us athlete Aly Raisman on how it feels to be famous

"I was 18 going into London’s 2012 Olympic games; I had just graduated high
school," Raisman reminds Kay. "I was such a baby. Going into Rio in 2016, I
was 22 years old; I was still so young! But I had been around, so I knew. In
London, I was the captain, but still so young. But I felt older in 2016 and
my role had shifted in the team. I felt more of that 'mum' role."

Not only did Raisman have to adjust to being the team elder, she faced a lot
of change upon returning home to the United States from both London and Rio.
Suddenly, she was known around the world; her face was on the covers of
magazines.

I wanted to write something that empowers children and adults to speak up,
while also acknowledging that it's hard to speak up – Aly Raisman

"It surpassed my expectations – how many people supported us and watched
[the Games] and knew us," Raisman admits. "I don't feel like I'll ever get
used to [fame]; I'm still navigating it. I went from being in high school

to getting recognised when I go get coffee. I forget people sometimes know
who I am! I never imagined that I would have achieved this, still getting
recognised [eight years later]. I surpassed my expectations and I'm grateful
for that."

 

Much like Raisman handled mentorship and fame with maturity beyond her
years, she wanted to turn her trauma into something that would help people
beyond the gymnastics community and use her platform for mental health
advocacy. She recently wrote a children's book called From My Head to My
Toes, to help young readers understand concepts like consent and bodily
autonomy.

 

"I wanted to write something that empowers children and adults to speak up,
while also acknowledging that it's hard to speak up," Raisman says. "I'm 30
years old and it's still hard to speak up. I'm still working on it. But even
if [this book] helps one kid be safer and even if it prevents anyone from
having to go through what me and my teammates went through, I feel proud of
that."

 

Raisman has also combined her mental health advocacy efforts with her love
of fashion and tells Kay that some of the best advice she ever got was from
someone she admires in the fashion industry: the shoe designer, Stuart
Weitzman. She tells Kay that when the post-Olympics media pressure got to be
too much, it was Weitzman who told her something that changed her life.

 

"The media kept asking if I was coming back for a third Olympics," Raisman
explains. "I felt like, 'isn't one [Olympics] enough?' I remember I met with
Stuart Weitzman who said to me: 'Don't let the Olympics be the highlight of
your life' – and that was one of the best pieces of advice I've ever
received. I think about it all the time!"

 

In fact, these days, the people who tend to approach Raisman rarely comment
on her gymnastics career – they usually thank her for the conversations
she's started around mental health. To Raisman, gymnastics was a literal
springboard to empowering people to take care of themselves and others. Just
as she's learned to use her voice to speak up in tough moments, she's also
learned to compartmentalise, and tells Kay it's not always easy. 

"So many athletes define their worth by their result," she tells Kay, "But
[Weitzman's advice] helped me realise that I can go on to do other great
things. Obviously winning medals is really exciting and wonderful, but I do
hope when people look back at my career, hopefully they remember that I
helped make athletes safer and I encouraged people to prioritise mental
health."-BBC

 

 

 

 

Truth Social shares surge after Trump shooting

Shares in Trump Media, which runs the Truth Social platform, closed up about
31%. The price had risen as much as 70% in pre-market trading over the
weekend before falling back again.

Analysts said the gains reflected bets that the shooting had improved Mr
Trump's chances of winning the US presidential election in November.

A bullet caught the former president's ear during one of his election
rallies, shortly before the gunman was shot dead by a Secret Service sniper.

 

"I’m supposed to be dead, I’m not supposed to be here,” Mr Trump said in one
of his first interviews since the attack.

Billionaire Elon Musk is among those who have formally endorsed Mr Trump
since the shooting.

 

"As the election intensifies, investors are betting that more individuals
will tune in to the social media platform to express their views as well as
be among the first to view the postings from President Trump and his team,"
said Susan Schmidt, head of public equity at State of Wisconsin Investment
Board.

However, Wall Street analyst Cary Leahey said this was a trade "about the
election more than the business", noting that Truth Social had been
struggling to grow.

"If [Trump's] chances of being elected go up, is his firm more valuable?
Some traders think so.

"I am confident that if Biden dropped out, Truth Social shares would go
down," he added.

 

Mr Trump founded the Trump Media and Technology Group in 2021 after he lost
the 2020 presidential election and was temporarily booted off major social
platforms, including Twitter and Facebook, which accused him of inciting
violence after the Capitol Hill riots.

Truth Social largely follows the same format as X, formerly Twitter, and has
about 2 million active users, although claims vary according to difference
sources.

Mr Trump is the majority shareholder.

 

Will Truth Social solve Trump's money problems?

Trump's Truth Social shares hit by sale plan

Trump's media company tumbles in stock market

'I was saved by luck or God,' Trump says

 

At the current share price - roughly $40 a share - his holdings are worth
roughly $5bn - far more than analysts say is justified by the company's
sales and operations.

The firm's share price has been notoriously volatile, often tied to events
in Mr Trump's life - and his election odds.

Shares of its predecessor company started rallying in January, after Mr
Trump defeated Republican challengers in the primaries.

The price soared further after Trump Media formally debuted on the Nasdaq
stock exchange in March.

 

But shares slumped at the start of his criminal trial in April, in which he
was later convicted of fraud charges linked to hush-money that was paid to
adult-film actress Stormy Daniels.

 

The current share price remains below levels seen in March.

"There is no current fundamental business performance of the company that
supports this current 'price' but buyers are likely political supporters
purchasing shares to support the President's wealth ahead of the election,"
said Thomas J Hayes, chairman of Great Hill Capital.

 

On Saturday, images of Mr Trump holding up his fist defiantly to show he had
survived the assassination attempt elicited roars from his supporting crowd.

Mr Trump later told US media he felt that he had been saved "by luck or by
God".

 

“The most incredible thing was that I happened to not only turn [my head]
but to turn at the exact right time and in just the right amount," he said,
adding that the bullet that grazed his ear could have easily killed him.

 

One audience member was killed in the attack, while two other people were
seriously injured. The gunman has been named as Thomas Matthew Crooks.

The motive of the shooter remains unclear.-BBC

 

 

 

 

Burberry boss ousted as sales continue to fall

Fashion brand Burberry has changed its boss in a bid to revive itself in the
face of plunging sales.

The company said Joshua Schulman, the former head of US brand Michael Kors,
will take over as chief executive, replacing Jonathan Akeroyd who is leaving
Burberry "with immediate effect".

 

The change of leadership came as Burberry reported a sharp fall in sales, as
it continued to be hit by a downturn in demand for luxury goods,
particularly in China.

The company said it was looking at cutting jobs and that if current trends
continue its profits will be below expectations.

 

Burberry - famed for its distinctive camel, red and black check pattern -
said retail revenues fell by 21% in the three months to 29 June.

Chairman Gerry Murphy called the figures "disappointing" with the luxury
market "proving more challenging than expected".

 

Mr Akeroyd had attempted to move Burberry more upmarket, but Mr Murphy said
the brand was now "taking decisive action to rebalance our offer to be more
familiar to Burberry's core customers whilst delivering relevant newness".

 

Catherine Shuttleworth, head of marketing agency Savvy, said the attempt to
move "further up the luxury market has alienated many of their core
consumers who have in effect been priced out of the brand".

"Burberry has lost some focus on who its customer really is and the
statement today that they will refocus the brand back to everyday luxury
will be welcomed," she added.

 

Mr Schulman, who was also head of Jimmy Choo in London between 2007 and
2012, becomes Burberry's fourth chief executive in 10 years. His
predecessor, Mr Akeroyd, had been in the job for two years.

 

M&S to launch clothing repairs service

Abercrombie surges as 1990s revival spreads

Burberry is suspending dividend payments to shareholders for the current
financial year as it looks to save cash.

Mr Murphy said the actions being taken, including cutting costs, would
improve the company's performance in the second half of the year.

Earlier this month, reports said hundreds of jobs at the company could be
cut.

 

On Monday, Burberry's chief financial officer, Kate Ferry, said she could
not comment on job losses as a consultation process was under way, but added
that a few hundred roles could be at risk, mostly in its UK corporate
division.

 

Burberry's sales have been struggling amid weaker demand for luxury goods,
with trading in China and the Americas seeing some of the biggest falls.

In its latest update, Burberry said sales in the Asia Pacific region were
down 23% from a year earlier with sales in mainland China falling 21%. Sales
in the Americas also dropped by 23%.

In May this year, the company had announced a 40% fall in full-year profits.

Burberry is not the only luxury brand to suffer from the downturn. In March,
luxury goods company Kering issued a profit warning after it said demand for
its Gucci brand had slumped in China.

Pauline Brown, former boss of the luxury group LVMH for North America, said
a change in consumer attitudes in China was affecting sales of mid-range
brands particularly.

 

"We see that happening in every market that transitions from an emerging
market to a more mature one. Tastes evolve and people's interest in
displaying their wealth changes along with that," she told the BBC World
Service.

"Quieter" brands like Hermes and the firms targeting the ultra-rich like
Chanel or Montclair, were likely to weather the downturn better than highly
visible brands like Gucci and "aspirational" ones like Coach or Burberry,
she said.

 

Reuters Model on fashion catwalk wearing a beige jumper with a Burberry
check scarfReuters

Burberry is famed for its distinctive check pattern

Mr Murphy said he was "pleased" with Mr Schulman's appointment.

"Josh is a proven leader with an outstanding record of building global
luxury brands and driving profitable growth," he added.

Mr Schulman said he was "deeply honoured" to lead Burberry.

 

"Burberry is an extraordinary luxury brand, quintessentially British, equal
parts heritage and innovation," he said.

Shares in Burberry have more than halved over the past year, and they fell a
further 17% on Monday.

"It’s super tough for luxury brands reliant on aspirational shoppers," said
Susannah Streeter, head of money and markets at Hargreaves Lansdown.

"They aren’t as insulated as the super-rich from the pressures whipped up in
an era of high interest rates and an uncertain economic climate.

"Chopping and changing collections to attract the eye of hard-to-please
fashion editors can confuse customers and there is set to be a return to the
brand’s core principles and the traditional focus on dressing the elite," Ms
Streeter added.-BBC

 

 

 

 

 

Xi tackles slow growth as economy 'hits the brakes'

President Xi Jinping is presiding over a gathering of some 370 top Chinese
Communist Party members

China's economy stumbled in the second quarter, official data shows, just as
the country's top leaders gathered for a key meeting to address its sluggish
growth.

It grew 4.7% in the three months to June, falling short of expectations
after a stronger start in the first three months of 2024. The government's
annual growth target is around 5%.

 

"China’s economy hit the brakes in the June quarter," said Heron Lim at
Moody's Analytics, adding that analysts are hoping for solutions from the
meeting under way in Beijing, also called the Third Plenum.

 

The world's second-largest economy is facing a prolonged property crisis,
steep local government debt, weak consumption and high unemployment.

Past outcomes of the Plenum have changed the course of history in China - in
1978, then leader Deng Xiaoping began opening China's markets to the world,
and in 2013 President Xi Jinping hinted at loosening the controversial
one-child policy.

 

And so there are expectations of this year's Plenum, where Mr Xi is
presiding over a closed-door gathering of 370-plus high-ranking Chinese
Communist Party members.

The rhetoric on state-controlled media has certainly been encouraging.

 

An editorial in The Global Times said a "wide range of reform-focused
polices" are "high on the agenda" and would usher in a "new chapter". Xinhua
referred to "comprehensive" and "unprecedented" reforms. The editorial in
the People's Daily was headlined on a "new era of reform and opening up",
invoking the very phrase Deng coined in 1978.

 

Observers, however, are unsure of how much room there is for bold ideas or
debate in the Party under Mr Xi's heavily-centralised leadership. Some see
the meeting as a mere rubber-stamping exercise for decisions that have
already been made.

Economists are also sceptical the meeting will deliver a quick fix.

 

It has "little impact on near-term growth," says Qian Wang, Asia Pacific
chief economist at Vanguard, because its focus will be on longer-term and
more significant reforms to "unleash the long-term growth potential".

Still, analysts will be watching for announcements that signal the Party's
economic priorities.

 

-  a general view of an under-construction residential housing complex in
Hangzhou in China's eastern Zhejiang province -

China's economy has been reeling from a property crisis, which has led to
construction projects being abandoned midway

Separate data on Monday showed that prices for new homes in June fell at the
fastest pace in nine years.

This is more evidence of the crisis that has engulfed China's property
sector and led to the demise of giants such as Evergrande. The fear is that
it could spread to other parts of the economy.

"There are more than 4,000 banks in China and over 90% are smaller, regional
banks which are highly exposed to the housing market and local government
debt," says Shanghai-based economist Dan Wang.

She believes Party leaders will "push for consolidation of small banks".

Another issue is falling prices - a symptom of weak demand.

Producer prices continued to drop in the last month, while consumer prices
rose by a mere 0.2%, the slowest pace in three months.

Meanwhile, retail sales in June grew by just 2%, which is below expectations
and a sign that consumers are still cautious about spending and uncertain of
the future.

"A major concern is the loss of household, business, and investor confidence
in the government’s ability to navigate the perilous economic environment,"
said Eswar Prasad, former head of the International Monetary Fund's China
division.

Still, questions remain about Beijing's willingness to deliver the sort of
solution that would satisfy observers and the markets.

"The government is reluctant to turn to short-term stimulus plans such as
cash transfer to families," Dan Wang said. "Instead, we expect them to
stress once again on bolstering supply chains and high tech."

That is in line with Beijing's bets on high-tech industries such as
renewable energy, artificial intelligence and chip-making, and exports to
revive the economy. Last month, China reported a record trade surplus -
$99bn (£76.4bn) - as exports soared and imports struggled.

But even that bet faces challenging odds. Major trading partners such as the
European Union and the United States have imposed tariffs and other barriers
on goods made in China, from electric vehicles to advanced chips.-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
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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
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other member of Bulls ‘n Bears nor any other person, accepts any liability
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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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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
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