Major International Business Headlines Brief::: 18 July 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  18 July 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigerian Govt to Impose Windfall Tax On Banks

ü  Sudan: Decimated Sudan Sugar Industry Faces Bleak Future

ü  Ghana: Potential Power Outages Loom, As Ipps CEO Accuses Finance Minister
of Propaganda Over Arrears

ü  Nigeria: Dangote Refinery Insists IOCs Are Frustrating Its Crude Supply

ü  Malawi: TNM, Macra's Refutes Reports That Service Providers Listen to
People's Phone Calls

ü  Somalia: Somali Parliament Advances Investment Bill in Fourth Meeting of
Fifth Session

ü  Mozambique: Concerned At Lack of Money for Roads

ü   

ü  Mozambique: Electricity Restored to Cabo Delgado

ü  Rwanda: Rice Mills Struggle to Buy Farmers' Produce Amid 'Cheap Imports'

ü  Nigeria: Tinubu Gives Condition for Mining License in Nigeria

ü  Chip stocks drop on fears US to toughen China rules

ü  Pound hits highest level against dollar for a year

ü  Amazon workers narrowly reject union in historic vote

 


 <mailto:info at bulls.co.zw> 

 


 

Nigerian Govt to Impose Windfall Tax On Banks

The tax will help "fund capital infrastructural development, education and
healthcare access as well as public welfare initiatives all of which are
essential components of the Renewed Hope Agenda," President Tinubu said

 

The Nigerian government is taking aim at lenders by introducing windfall tax
on banks' foreign currency revaluation gains, hoping to use the proceeds to
part-finance its spending plans.

 

President Bola Tinubu wrote to the Senate, asking it to back a legislation
that will tax the bumper income derived by banks last year from the
revaluation of their FC-denominated assets after a free fall in the value of
the naira caused a surge in the value of such assets when converted into the
local currency.

 

 

"A proposed amendments to the Finance Act Amendment Bill 2023 are required
to impose a one-time windfall tax on the foreign exchange gains realised by
banks in their 2023 financial statements," President Tinubu said in a letter
to the Senate, read on the floor of the upper parliament on Wednesday by
Godswill Akpabio, the senate president.

 

The tax will help "fund capital infrastructural development, education and
healthcare access as well as public welfare initiatives all of which are
essential components of the Renewed Hope Agenda," he added.

 

The revenue expansion push is coming nearly ten months after a PREMIUM TIMES
analysis of Nigeria's five biggest lenders' (FBN Holdings, UBA, GTCO, Access
Holdings and Zenith Bank) half-year 2023 financials revealed those banks
alone earned N1.3 trillion in foreign exchange revaluation gains, 17 times
bigger than that of the corresponding period of 2022.

 

Nigerian banks are profiting from two of the major economic woes plaguing
Africa's most populous country as it faces a record cost of living crisis
that has tipped many into poverty.

 

While a sticky inflation rate has prompted eleven straight interest rate
hikes from monetary authorities, enabling banks to charge more for loans,
two devaluation rounds executed within the first seven months of Mr Tinubu's
presidency have caused assets held by banks in foreign currencies to balloon
to record levels.

 

Unfortunately, those reforms and policy shifts are pushing many businesses,
especially the import-dependent ones to the brink, with some multinationals
shutting down their Nigerian operations.

 

The current move to tax banks' windfall foreign exchange gains is part of
the aggressive plan of the Tinubu's administration to raise tax revenue's
share of the gross domestic product to 18 per cent from 11 per cent within
three years.

 

 

Nigeria, which has one of the lowest tax revenue in the world, expects to
scale up collection by 57 per cent this year.

 

"We all know that banks are making huge profits. In fact, that's why
everybody is now willing to set up a bank because of huge amount of money
they are getting.

 

"A bank will declare close to about N500 billion. There is no business you
can do in this country where you can get that kind of money," said Aliero
Mohammed, the senator representing Kebbi Central Senatorial District.

 

Last year, the Central Bank of Nigeria forbade banks from using their
foreign exchange revaluation gains from dividend payment purpose, stating
that such income should be set aside as rainy day savings that would help
lenders mitigate future foreign exchange risks.

 

"There is no such tax known to the laws of this country as we speak... If I
have my way, I will say that we step down the second bill which is about
taxation of banks, profits of banks. We cannot grow our economy, we cannot
run our government by continually taking our people, whether they are
corporate citizens of Nigeria or whether they are individuals," said Seriake
Dickson, who represents Bayelsa West in the Senate.

 

"Let it not be said that this Senate without the benefit of a public
hearing, without the benefit of economic expert, financial experts advising
us about the propriety of this legislation, and most importantly also the
timing of this legislation," he added.

 

Apart from vast foreign exchange gains, the big boom banks are witnessing
from interest rate hikes would automatically have been an invitation to
windfall tax if it were to be in the West.

 

Last year, France, Hungary, Italy, Spain and Sweden joined the league of
European markets imposing a windfall tax on banks profiting from rate
increment, with an economy like Czech going as high as 60 per cent.

 

Windfall tax receipts helped Nigeria's African peer South Africa in 2022 to
pay down debt and repair public sector infrastructures. The government hopes
it could help cut public debt as a share of GDP to 69 per cent by 2024/2025
from 71.4 per cent in 2022/2023.

 

- Premium Times.

 

 

 

 

Sudan: Decimated Sudan Sugar Industry Faces Bleak Future

Sudan — Like other sectors of the Sudanese economy and its industrial
institutions, the sugar industry has not been spared from the war that
erupted on 15 April 2023. The devastation has particularly affected sugar
production facilities, especially after the conflict spread to the states of
El Gezira, White Nile, and Sennar, where five of the six operational sugar
factories were located at the onset of the war. Two of these factories have
been directly hit and sustained losses due to the war, while the remaining
four are struggling with numerous challenges that hinder their normal
operation.

 

Sugar is a vital consumer good in Sudan, with one of the highest per capita
consumption rates globally. The combined production of the six sugar
factories in recent years averaged around 427,000 tonnes, whereas their
maximum production capacity should exceed 750,000 tonnes of white sugar.
Pre-war annual consumption was estimated at around 1 million tonnes,
resulting in a yearly shortfall that has been covered through sugar imports
and local repackaging.

 

 

These sugar factories also produce other financially beneficial products
such as methanol, alcohol for medical purposes, and animal feed.
Additionally, the agricultural cycle, alongside sugarcane, incorporates
various grains, vegetables, and poultry farming. This sector employs many
seasonal workers for planting and harvesting sugarcane, as well as skilled
and professional workers in industrial operations.

 

The sugar factories have become targets for the Rapid Support Forces (RSF)
due to their fuel reserves for agriculture, energy generation, and their
large fleets of agricultural machinery, such as tractors and transport
vehicles, which can be repurposed for military use. Furthermore, the sugar
stocks themselves are enticing for seizure and trade. As such, the factories
have been sites of fierce battles between the RSF and the Sudanese Armed
Forces (SAF).

 

El Junaid Sugar: The first factory plundered

 

The first sugar factory attacked was El Junaid during the RSF invasion of El
Gezira. Reports indicated that the RSF stormed the El Junaid Sugar factory
on 18 December 2023, looting all the sugar stockpiles, cars, tractors, and
some office equipment. Although there are no precise estimates of the losses
incurred, it is certain that the factory's prolonged shutdown, exceeding a
year, will pose significant difficulties in resuming operations and sourcing
spare parts.

 

El Junaid sugar factory, the first of its kind established in Sudan in 1962,
sits on the eastern bank of the Blue Nile, about 120 kilometres south of the
capital, Khartoum, with the nearest large city being Rufaa, which the RSF
seized on the same date. The factory and its farm cover an area of 20,000
acres dedicated to sugarcane cultivation. It was designed to produce 66,000
tonnes of white sugar, but recent years have seen production drop to around
20,000 tonnes. The factory faces significant issues related to outdated
machinery, the need for expensive spare parts, high agricultural operation
costs, electricity shortages, a lack of necessary resources, and low worker
wages.

 

 

West Sennar Sugar factory

 

After advancing into Sennar state from El Gezira, the RSF attacked SAF
positions around the West Sennar Sugar factory, forcing them to withdraw. On
26 December, the West Sennar Sugar factory was attacked by raiders who
looted the sugar stores and vehicles, though it is reported that this
occurred under the watchful eyes of the RSF. On the same day, military
aircraft bombed the factory and surrounding areas, causing losses that have
not been independently assessed. The next day, the RSF attacked the
"Sugarcane Research Centre," one of Sudan's most important research
facilities, looting its contents. A SAF-led counterattack on 2 March 2024 to
reclaim the factory was unsuccessful.

 

The West Sennar Sugar factory, located 300 kilometres south of Khartoum on
the western bank of the Blue Nile and just west of the city of Sennar, was
established in the 1970s during the May regime over an area of 35,000 acres
to produce white sugar.

 

Like other sugar factories, West Sennar Sugar factory has faced significant
challenges, reducing its production to about 40,000 tonnes of sugar. Experts
believe the factory will need a complete overhaul post-war due to its
prolonged shutdown, outdated equipment, and loss of operational expertise.

 

Factories yet to be affected by the war

 

Four of Sudan's six sugar factories remain safe from destruction and looting
due to their current locations outside conflict zones, specifically Halfa
New Sugar factory, Kenana Sugar factory, Assalaya Sugar factory, and White
Nile Sugar factory. One of these factories, Halfa New Sugar factory, is in
Kassala state, which has so far remained distant from military operations,
while the other three are in White Nile state, with their agricultural lands
extending into Sennar state.

 

These three factories are the largest and most modern, using relatively
advanced equipment and machinery: Kenana Sugar factory, Assalaya Sugar
factory, and White Nile Sugar factory. The battles are approaching these
factories from three directions despite the RSF' ultimate goal being the
city of Kosti, the headquarters of SAF' 18th Infantry Division. The fronts
are moving from north to south along the White Nile from Omdurman and Jebel
Aulia towards Duwaim and Rabak, from south to north from Sennar state
towards Kenana Air Base and Rabak, and from east to west from Jebel Moya
towards Rabak.

 

Kenana Sugar factory

 

Established in the mid-1970s, Kenana is the largest sugar factory in Sudan,
covering a vast area of 165,000 acres spread between White Nile and Sennar
states. It is designed to produce around 400,000 tonnes of high-purity white
sugar for export, but recent years have seen a decline to about 250,000
tonnes annually on average due to a halt in capital investments necessary
for production expansion.

 

The factory is located 21 kilometres southeast of Rabak and 270 kilometres
south of Khartoum. It is also close to Kenana Air Base, the third most
important airbase for SAF after Wadi Sayedna and Merowe, given the RSF
control over several airports and disruption of operations at other bases.

 

 

Experts fear that any attack on the factory and surrounding areas could
result in losses amounting to billions of dollars and the flight of foreign
investments, as Kenana Sugar factory is a model of joint investment between
foreign and local capital and the Sudanese government.

 

Assalaya Sugar factory

 

Opened in 1980, Assalaya Sugar factory is located 280 kilometres south of
the capital, Khartoum, over an area of 35,000 acres with a production
capacity of around 110,000 tonnes annually. However, the factory has faced
significant issues in recent years, including spare parts shortages,
electricity problems, and a reduction in its agricultural area, now limited
to 13 acres, with average annual production falling to around 35 tonnes of
sugar. Assalaya Sugar factory would be at immediate risk if the city of
Rabak, the capital of White Nile state, were attacked by the RSF, as it lies
just five kilometres north of Rabak.

 

White Nile Sugar factory

 

Debates surrounding Sudan's sugar industry often centre on the White Nile
Sugar factory, which has been mired in controversy since its inception. The
factory's construction faced numerous problems, inflating its cost to around
$1 billion, and there were widespread allegations of corruption involving
senior figures in the now-defunct National Congress Party (NCP).
Furthermore, the factory's initial operations were hindered by American
companies, bound by sanctions at the time, refusing to supply essential
operating software for the machinery and equipment. Completed in 2003, the
factory is located on the eastern bank of the White Nile, 150 kilometres
south of Khartoum, and covers an area of 165,000 acres. It was designed to
produce up to 400,000 tonnes at full capacity and approximately 125,000
tonnes in its early operational stages.

 

Halfa New Sugar factory

 

The second sugar factory established in Sudan in 1963 as part of projects to
resettle the people of Halfa. It is situated 400 kilometres east of Khartoum
in Kassala state, with the nearest city to the project area being Halfa New.
The factory, covering an area of 40,000 acres, was designed to produce
around 60,000 tonnes of white sugar but has only managed about 20,000 tonnes
annually in recent years. The factory has not been directly affected by the
current conflict, as Kassala state has not yet experienced military
operations. However, it faces significant challenges related to electricity
supply, skilled labour, seasonal labour shortages, and high production costs
due to the factory's age and the high cost of spare parts.

 

- Dabanga.

 

 

 

 

Ghana: Potential Power Outages Loom, As Ipps CEO Accuses Finance Minister of
Propaganda Over Arrears

The disagreement between government and IPPs over arrears rears its ugly
head again, threatening the stability in power supply.

 

Ghana's power sector faces a potential crisis as disagreements over the
arrears owed to Independent Power Producers (IPPs) continue.

 

The IPPs claim the government owes them over $2 billion, while the
government asserts the debt is $1 billion. If not resolved amicably and
promptly, this dispute could result in another round of power outages.

 

In a new article copied to The Accra Times, Dr. Elikplim Kwabla Apetorgbor,
Chief Executive of IPPs, criticized Finance Minister Dr. Mohammed Amin
Adam's claim that he has "reconciled or restructured" the IPPs' arrears to
$1 billion. Dr. Apetorgbor argues that this assertion oversimplifies the
complex financial obligations involved. He accused the Finance Minister of
engaging in political propaganda, stating that "the use of the high office
of a finance minister for political propaganda undermines the credibility of
financial management in the sector."

 

 

Dr. Apetorgbor emphasised that proper accounting for power, particularly in
the context of Power Purchase Agreements (PPAs), must adhere to every clause
within these agreements. He called on the Finance Minister to present a
realistic picture, "no matter the frightening outlook, and make full
disclosure of the financial situation."

 

According to Dr. Apetorgbor, a detailed reconciliation should include
interest charges on delayed payments, idle capacity charges, exchange rate
losses, and any other claims under the PPAs. Additionally, he stressed the
importance of explaining how changes in laws and fuel price variations have
been accounted for. These changes in law include new taxes or levies such as
the Growth and Sustainability Levy, Emissions Levy, and Energy Commission's
Variable Charge, which he claims add to the arrears owed to the IPPs. Dr.
Apetorgbor also called for clarification of the methodology used to arrive
at the $1 billion figure, ensuring that all financial obligations under the
PPAs are accurately reflected.

 

The CEO of the IPPs called for "careful scenario and sensitivity analyses on
the options proposed" to make the debt restructuring proposal credible,
acceptable, and fair to investors in the power sector.

 

The Finance Minister in a press conference held on July 1, accused Dr.
Apetorgbor of pursuing his own agenda "The CEO may be doing his own thing".
He said contrary to the CEO's position, the government had reached an
agreement with five out of seven IPPs, downplaying the threat of a possible
shutdown of plants. But industry watchers are concerned that without a
thorough analysis and transparency, the dispute could severely impact
Ghana's power supply and economic stability.

 

- Accra Times.

 

 

 

 

Nigeria: Dangote Refinery Insists IOCs Are Frustrating Its Crude Supply

Mr Edwin, had last month accused IOCs in Nigeria of doing everything to
frustrate the survival of Dangote Oil Refinery and Petrochemicals

 

The Vice President, Oil and Gas, at Dangote Industries Limited (DIL),
Devakumar Edwin, on Wednesday insisted that International Oil Companies
(IOCs) operating in Nigeria have consistently frustrated the company's
requests for locally produced crude as feedstock for its refining process.

 

The management of Dangote Industries Limited disclosed it in a statement on
Wednesday.

 

Mr Edwin's response came against the background of a statement by the Chief
Executive Officer of Nigerian Upstream Petroleum Regulatory Commission
(NUPRC), Gbenga Komolafe.

 

 

Mr Komolafe had in an interview on ARISE News TV said that "it is
'erroneous' for one to say that the IOCs are refusing to make crude oil
available to domestic refiners, as the Petroleum Industry Act (PIA) has a
stipulation that calls for a willing buyer willing seller relationship."

 

Last month, Mr Edwin accused IOCs in Nigeria of doing everything to
frustrate the survival of Dangote Oil Refinery and Petrochemicals.

 

He said the IOCs are deliberately frustrating the refinery's efforts to buy
local crude by jerking up high premium price above the market price, thereby
forcing it to import crude from countries as far as the United States, with
its attendant high costs.

 

On Wednesday Mr Edwin noted that the NUPRC has been very supportive to the
Dangote Refinery as it intervened several times to help the facility secure
crude supply.

 

 

However, he said the NUPRC chief executive was probably misquoted by some
people hence his statement that IOCs did not refuse to sell to the company.

 

"To set the records straight, we would like to recap the facts below. Aside
from Nigerian National Petroleum Company Limited (NNPC Ltd), to date we have
only purchased crude directly from only one other local producer (Sapetro).
All other producers refer us to their international trading arms," Mr Edwin
said.

 

He explained that these international trading arms are non-value adding
middlemen who sit abroad and earn margin from crude being produced and
consumed in Nigeria.

 

"They are not bound by Nigerian laws and do not pay tax in Nigeria on the
unjustifiable margin they earn. The trading arm of one of the IOCs refused
to sell to us directly and asked us to find a middleman who will buy from
them and then sell to us at a margin. We dialogued with them for nine months
and in the end, we had to escalate to NUPRC who helped resolve the
situation," Mr Edwin said.

 

 

He added that when the company entered the market to purchase crude
requirement for August, the international trading arms claimed that they had
entered their Nigerian cargoes into a Pertamina (the Indonesia National Oil
Company) tender, and it had to wait for the tender to conclude to see what
is still available.

 

"This is not the first time. In many cases, particular crude grades we wish
to buy are sold to Indian or other Asian refiners even before the cargoes
are formally allocated in the curtailment meeting chaired by NUPRC," he
said.

 

Commending the NUPRC for its various interventions in the oil company's
crude supply requests from IOCs, and for publishing the Domestic Crude
Supply Obligation (DCSO) guidelines to enshrine transparency in the oil
industry, Mr Edwin said "If the DCSO guidelines are diligently implemented,
this will ensure that we deal directly with the companies producing the
crude oil in Nigeria as stipulated by the PIA."

 

He highlighted that when cargoes are offered to the oil company by the
trading arms, it is sometimes at a $2-$4 (per barrel) premium above the
official price set by NUPRC.

 

"As an example, we paid $96.23 per barrel for a cargo of Bonga crude grade
in April (excluding transport). The price consisted of $90.15 dated Brent
price + $5.08 NNPC premium (NSP) + $1 trader premium. In the same month we
were able to buy WTI at a dated Brent price of $90.15 + $0.93 trader premium
including transport.

 

"When NNPC subsequently lowered its premium based on market feedback that it
was too high, some traders then started asking us for a premium of up to $4
million over and above the NSP for a cargo of Bonny Light. Data on platforms
like Platts and Argus shows that the price offered to us is way higher than
the market prices tracked by these platforms. We recently had to escalate
this to NUPRC", Mr Edwin said.

 

He urged the regulatory commission to take a second look at the issue of
pricing.

 

"NUPRC has severally asserted that transactions should be on a willing
seller/ willing buyer basis. The challenge however is that market liquidity
(many sellers/ many buyers in the market at the same time) is a precondition
for this. Where a refinery needs a particular crude grade loading at a
particular time then there is typically only one participant on either side
of the market.

 

"It is to avoid the problem of price gouging in an illiquid market that the
domestic gas supply obligation specifies volume obligation per producer and
a formula for transparently determining pricing. The fact that the domestic
crude supply obligation as defined in the PIA has gaps is no reason for
wisdom not to prevail.

 

"The $2-$4 is per barrel. It is important that we specify it so people
understand the magnitude. Without specifying per barrel may mean it is just
$2-$4 on the full value of the cargo, which is insignificant," he said.

 

- Premium Times.

 

 

 

 

Malawi: TNM, Macra's Refutes Reports That Service Providers Listen to
People's Phone Calls

Lloyd Gowera, Chief Technical Officer of the pioneer mobile phone service
provider, TNM Plc, has said that the country's telecommunications companies
do not have the capacity to listen in to people's phone calls -- which
Malawi Communications Regulatory Authority (MACRA) also agrees.

 

Gowera vouched MACRA's continued dismissal of this allegation on Monday at
Sunbird Mount Soche in Blantyre during the launch of MACRA's stakeholders'
Open Week, an interactive forum with operators and consumers -- whose main
objective is to enhance its regulatory function.

 

During questions and answers (Q&A) session after speeches and presentations,
when one stakeholder asked if the allegation is indeed true -- as the public
has been made to believe following social media discussions -- MACRA
Director General, Daud Suleman made an impromptu decision to ask Gowera to
answer the question instead on behalf of the regulator and other mobile
phone operators.

 

 

The chief technical officer, though ambushed, clearly articulated that if
such an exercise was to be carried out, the telecommunications companies
would know about it since it's in their space -- but he emphasized that they
do not have such a capacity.

 

He hinted that the Western World, with their sophisticated digital system,
would not be able to listen in to each and every call made by the public but
only do so by law enforcement agencies in tracking high profile criminals
and terrorists under their radar.

 

He also indicated that such an exercise, if they were able to, would even be
more costly in as far as the high number of personnel needed to handle such
a process.

 

 

He thus assured the public that they are free to carry out their phone call
conversations without any fear that they are being listened to by MACRA or
any other law enforcement agencies -- because that is not true.

 

Suleman himself said he also had several instances where he would make a
regular phone call to someone, who in turn would refuse to continue with the
conversation preferring using WhatsApp calls, saying they suspected they
would be listened to.

 

"As TNM's chief technical officer has said, which is also the stand for
Airtel Malawi, this task is impossible as we have always verified before,"
he said, alluding to what MACRA explained of the benefits of Revenue
Assurance System (RAS) -- which some agents thought MACRA was intending to
install a spying machine.

 

The RAS was first introduced in the country 10 years ago but it made MACRA
go through court disputes over the project that made them to lose over US$20
million.

 

 

The RAS project is now helping MACRA to collect data on how mobile and data
operator are generating their revenues and remit the required percentage to
MACRA and that call drops were difficult to handle against the mobile
operators -- as the regulator was not able to have backing evidence before
them.

 

With the RAS installation, MACRA will be able to have back up proof of call
drops where customers are being charged on their call drops.

 

Meanwhile, MACRA Board chairperson, Bridget Chibwana emphasised that one of
the core principles guiding the regulator's operations is transparency,
saying: "Transparent regulatory processes build trust and confidence among
stakeholders."

 

She added that through the Open Week, "MACRA is committed to ensuring that
its actions and decisions are open to scrutiny and that stakeholders have a
clear understanding of regulatory requirements and processes".

 

The Open Week, that extends to Lilongwe and Mzuzu, was presided over by
Minister of Information & Digitalisation Moses Kunkuyu alongside Secretary
for the Ministry, Baldwin Chiyamwaka and Chibwana said they have organised
the Open Week "with the main objective of providing an interactive forum
with operators and consumers in order for us to enhance our regulatory
function".

 

"This MACRA Open Week provides us with a unique opportunity to engage
directly with operators, consumers, and prospective licensees, thereby
enhancing MACRA's regulatory functions and ensuring that our policies and
practices address with the needs of all stakeholders at community, district
and national levels."

 

- Nyasa Times.

 

 

 

 

Somalia: Somali Parliament Advances Investment Bill in Fourth Meeting of
Fifth Session

Mogadishu, Somalia — The Federal Parliament of Somalia held its fourth
meeting in the fifth session today, focusing on the second reading of the
Investment Bill. The bill, prepared by the Trade and Industry Committee,
aims to boost the country's investment climate.

 

The session which was a significant development for Somalia's economic
landscape saw intense discussions among parliamentarians, who spent hours
deliberating on the bill's provisions, significance, and budgetary
implications. The Minister of Planning, Investment, and Economic
Development, Mohamud Abdirahman Beenebene, was present at the meeting.

 

MP Mohamed Sheikh Nur Osman, Chairman of the Trade and Industry Committee,
noted that the bill had passed its first reading and stressed the importance
of addressing its budgetary aspects, which were debated extensively by the
members.

 

Second Deputy Speaker Abdullahi Omar Abshirow concluded the session,
highlighting the extensive debate on the bill's provisions. He also
announced the imminent formation of a committee tasked with addressing the
issue of establishing independent institutions without a budget, with a
mandate to report back to the House.

 

This development marks a crucial step forward in Somalia's efforts to
attract investment and stimulate economic growth. As the bill progresses
through the legislative process, it is expected to pave the way for a more
conducive investment environment in the country.

 

- Shabelle.

 

 

 

 

Mozambique: Concerned At Lack of Money for Roads

Chimoio — The mayors of Mozambique's 65 municipalities are worried at the
scarcity of the money needed to repair access roads, and the late
disbursement of what little money does exist.

 

In previous years, the central government, via the Road Fund, used to
disburse money for the repair and improvement of municipal access roads.

 

But this year, out of a total of 706.4 million meticais (about 11 million US
dollars, at the current exchange rate) budgeted for all 65 municipalities,
only 240.3 million meticais have been disbursed. The funds vary between
seven million meticais for a town to 26 million meticais for a Category A
city.

 

 

But these funds are regarded as insignificant, particularly given the delays
in disbursing them, which is compromising maintenance work on the access
roads.

 

Speaking on Monday at a meeting of the National Association of
Municipalities (ANAMM), its chairperson, the Mayor of Chimoio, Joao
Ferreira, called on the government to speed up the provision of the funds,
so that the municipalities can carry out the activities they have planned

 

"The sum of seven or13 million meticais is a lot for an individual, he said,
"but for a municipality it's nothing'.

 

"The municipal citizens want to see results', Ferreira stressed. "They want
to see what we promised during the election campaign. When there are delays
in the money reaching the municipal coffers, the public doesn't understand
the procedures for disbursements. They just want results and compliance with
the promises that we made'.

 

In the southern city of Maxixe, for example, "we have building works that
are stopped and finishing them depends on the Roads Fund'.

 

"Sometimes the contractor has done 30 or 40 per cent of the job, but the
State can only release the money when the job is finished', said Maxixe
mayor, Hélder Namburete.

 

"The situation with the roads is complicated', said Shafee Sidat, mayor of
Marracuene, in Maputo province. He was annoyed that no high level Road Fund
officials were attending the meeting.

 

"We can't discuss this with somebody of provincial level', declared Sidat.
"The matter is very serious, and we cannot be compromised because of the
promises we made to the public and which should be honoured'.

 

The Road Fund representative for Manica province, Robat Jane, recognized
that the problem requires high level intervention and promised to channel
this concern to his superiors.

 

 

 

 

Mozambique: Electricity Restored to Cabo Delgado

Maputo — The publicly-owned electricity company, EDM, restored on Tuesday
the supply of electricity to the northern Mozambican province of Cabo
Delgado, after it was cut to over 160,000 people on Monday as a result of an
anomaly in the high-voltage network.

 

According to Hermínio Assamo, the EDM director for customer service in Cabo
Delgado, cited by Radio Mozambique, "we did the restoration at around two
o'clock in the morning and reestablished the system. The whole circuit is
powered, the whole province of Cabo Delgado has power.'

 

"It was a total of 166,412 customers who were left without power on Monday
because of an anomaly in the high-voltage network', he added.

 

Meanwhile, the EDM director in the northern province of Niassa, Heitor
Matimele, said that over 10,000 families in Melucu district have been
without electricity since Saturday due to vandalisation of electricity
lines.

 

"Two wooden pylons were knocked down, leaving 10,067 households without
electricity', he said.

 

By the end of 2023, EDM had losses of around 30 million meticais (470,000
dollars, at the current exchange rate) due to the vandalisation of its
infrastructures. This is a reduction on the previous year (2022), when the
cost of sabotage came to around 41 million meticais.

 

 

 

 

Rwanda: Rice Mills Struggle to Buy Farmers' Produce Amid 'Cheap Imports'

Rice mills have thousands of tonnes of unsold rice stocks, and they are
struggling to buy produce from farmers as a result of what they call an
influx of relatively cheap imported rice on the local market, The New Times
has learnt.

 

The issue was reported less than a month after the Ministry of Trade and
Industry (MINICOM) announced new prices at which rice should be bought from
farmers for the harvest for agriculture season B of 2024.

 

The prices announced on June 21, are based on rice quality and variety, with
Rwf500 a kilogramme for short-grain rice, Rwf505 for medium-grain rice, and
Rwf515 a kilogramme of long-grain rice. For Basmati rice, it was priced at
Rwf775 a kilogramme.

 

 

ALSO READ: Mixed reactions as govt slashes rice farm gate prices

 

Speaking to The New Times, Apollinaire Gahiza, Chairperson of a rice
farmers' union in the Rwamagana, Kayonza, and Ngoma districts, said that
while the fixed rice prices at which factories have to buy the produce from
farmers were high in the face of heavy importation of the relatively
low-cost Tanzanian brand, farmers, on the other hand, are not willing to
sell their produce at lower prices because of their investment costs."

 

Some industries, he said, collected rice from the farmers without making
payments or signing contracts with them. "This creates problems. If the
Ministry of Trade and Industry (MINICOM) does not step in to either reduce
the importation of Tanzanian rice or lower the price for local industries,
it will be challenging for them to operate," Gahiza noted.

 

 

The impact on farmers is significant, affecting them both personally and
within their families, he observed.

 

"Farmers are experiencing losses, and this will also impact the next season
because they won't be able to afford fertilisers and other necessary
investments for rice cultivation," he said.

 

"Farmers are left with rice still on the fields or in sacks, risking damage
from rain. The market price for our rice is slightly lower than desired, by
about Rwf15 [a kilogramme], but it's still manageable. However, the presence
of Tanzanian rice affects this balance," he explained.

 

ALSO READ: How can Rwanda bridge its rice production gap?

 

Nyagatare Rice Mill Managing Director, Laurent Basabira, told The New Times,
on July 17, that the factory was receiving produce from farmers and was in
negotiations with banks to get loans to be able to pay the farmers.

 

 

But he said that selling processed rice is a challenge for the Nyagatare
District-based factory, because of the imported Tanzanian rice that is
relatively cheap on the local market.

 

"The imported Tanzanian rice outcompeted our Rwandan rice on the market.
That is the major issue," he said, adding that the market reality makes the
set prices at which rice mills have to buy the produce from farmers
relatively high.

 

He said the factory has more than 2,800 tonnes in its stock from last season
[which he said was expected to have been sold out by June 2024] that it has
not yet sold because of unfavourable prices.

 

And from June up to now [current season harvest], he said, the factory has
received 3,800 tonnes of rice supplied to it from farmers that it is unable
to sell thus far.

 

The factory, he indicated, planned to sell the last season's rice at
Rwf26,500 for a 25-kilogramme pack [as a wholesale price] so that it does
not incur losses, and Rwf24,500 per 25-kilogramme pack of rice for the
current season, the prices that are higher than Rwf19,000 for Tanzanian rice
- for the same quantity.

 

"So, we cannot be able to sell it [as we are outcompeted by the Tanzaniana
rice on the market]," he said, pointing out that they could be able to sell
if the amount of cheap Tanzanian rice available on the market gets lowered.

 

Laurent Ndagijimana, Chairperson of the Rwanda Forum of Rice Milling
Industries (RFRM), provided an overview of the current issues facing the
local rice trade, indicating that the cheap Tanzanian rice was a major
reason for limited sales.

 

"Rice industries already have large stockpiles, and we are working hard to
pay farmers for all the rice that is still among farmers," Ndagijimana
observed. "However, rice is accumulating in many industries."

 

Meanwhile, Ndagijimana said that [in some places in Rwanda], the price of
Tanzanian rice increased from Rwf18,500 to Rwf21,000 just in few weeks, "and
if it reaches Rwf22,000, Rwandan industries can start trading competitively
on the market].

 

"This price increase is promising. We believe that by next month, this issue
will be resolved," he observed, reassuring "we are working very hard, hand
in hand with the government, to reduce the burden on farmers."

 

Cassien Karangwa, Director of Domestic Trade at MINICOM told The New Times
"MINICOM is aware of the challenges expressed by mills that the prices of
imported rice is cheap which makes them unable to trade locally processed
rice on the same market.

 

He said that the ministry held a meeting with the federation of rice mills
and that of farmers, and the agreed upon solutions were adopted.

 

"We agreed that industries should start collecting rice directly from the
fields and establish contracts with farmers. They are also tasked with
exploring new markets and providing weekly reports on rice they have bought
and the challenges they have so that we consider them together," he said,
adding that they also agreed that the mills improve quality for the local
rice to compete with the imported brands.

 

Another option, he said, is to look for other buyers including the school
feeding programme.

 

He pointed out that MINICOM's proactive measures aim to support local rice
farmers and industries, ensuring they remain competitive and sustainable in
the face of market challenges, and that they do not incur losses.

 

- New Times.

 

 

 

Nigeria: Tinubu Gives Condition for Mining License in Nigeria

President Tinubu says the directive will position Nigeria as critical metals
leader.

 

President Bola Ahmed Tinubu has instructed the Federal Ministry of Solid
Minerals Development to only issue mining licenses if they are tied to local
value addition.

 

This is to ensure that young Nigerians are actively engaged in economic
activities, acquiring skills and contributing to the overall development of
the economy.

 

The president gave the directive on Wednesday during the opening session of
the African Natural Resources & Energy Investment Summit, 2024, held at the
State House Conference Centre, Abuja.

 

 

President Tinubu, who was represented at the event by his deputy, Vice
President Kashim Shettima, said his administration is fully committed to
creating an enabling business environment to attract investment that
encourages 'value addition' on solid minerals before they are exported.

 

"We recognize the losses incurred from exporting crude mineral commodities
and understand that it is time to change this narrative. By doing so, we aim
to ensure that our teeming youth are actively engaged in economic
activities, acquiring skills, and contributing to the nation's foreign
exchange earnings. Therefore, the Ministry will only issue mining licenses
if they are tied to local value addition," the president noted.

 

President Tinubu noted that his administration's target in the solid
minerals sector is "to make Nigeria a leader in critical metals."

 

While commending stakeholders for the establishment of the African Minerals
Strategy Group with Nigeria as the first chairperson of the initiative, the
president said, "We aim to set new standards in the mining industry and
ensure that Africa gets an equitable slice of supplying the world with
critical metals."

 

"In our transition to cleaner and more sustainable energy systems, we also
recognize the pivotal role that natural gas plays. Natural gas is a
transition fuel that will fundamentally restructure our nation's economy,"
he added.

 

In leveraging opportunities in the renewable energy space, President Tinubu
explained that "Nigeria has attracted over $2 billion in investment in the
renewable energy sector, making it a fast-growing sector in the economy.

 

"Our commitment is to continue this trajectory and attract more private
sector involvement in the renewable energy space, including manufacturing
locally produced solar panels and batteries."

 

 

He, however, emphasised that discussions on the energy transition must also
include the significance of the petroleum industry as a cornerstone of the
nation's economy.

 

"While we strive to embrace renewable and cleaner energy sources, we
acknowledge that oil and gas continue to play a vital role in our energy and
economic landscape," he stated.

 

The president highlighted strategic priorities in the sector to include the
goal to attract more investment in the oil and gas industry; grow oil
production to 2.1 million barrels a day by December 2024; improve investment
in midstream and downstream infrastructure; tackle theft; and hold
developers accountable for the highest environmental standards.

 

President Tinubu further restated the administration's commitment to manage
resources responsibly, minimizing their ecological footprint and maximizing
their benefits for the nation.

 

Earlier in his opening remarks, Minister of Solid Minerals Development, Dele
Alake, announced the government's strategy under the Renewed Hope Agenda to
position Nigeria as a major player in the global minerals market.

 

"We are committed to transforming Nigeria's solid mineral sector into a
cornerstone for our nation's economic diversification," he said.

 

The minister noted that the government is implementing wide-ranging reforms
to create a more attractive environment for investors, with a focus on
enhancing transparency, regulatory clarity, and investor confidence.

 

The plan, he explained, encompasses several key areas, including policy
reforms, sustainable practices, infrastructure development, and human
capital enhancement. These initiatives are designed to address longstanding
challenges in the sector and unlock the full potential of Nigeria's vast
mineral resources.

 

"This summit represents a significant milestone in our collective journey
toward addressing Africa's vast natural resources and sustainable economic
development," Mr Alake said.

 

Dignitaries at the summit included the senator representing Niger East
Senatorial District, Mohammed Musa; Minister of State for Environment, Ishaq
Salako; Minister of State for Steel Development, Uba Ahmadu, and Permanent
Secretary in the Ministry of Solid Minerals Development, Mary Ogbe.

 

Others were Minister of Mines and Mineral Resources of Sierra Leone, Julius
Mattai; Minister of Mining of South Sudan, Martin Abucha; Minister of Mining
of Malawi, Monica Chang'anamuno; Minister of Mines and Energy of Liberia,
Wilmot Paye; Deputy Minister of Petroleum, Mines and Geology of Chad, Oumar
Moussa, and representatives of the governors of Abia, Ebonyi, Taraba, Kwara,
Enugu, Nasarawa and Akwa Ibom States, among others.

 

*Stanley Nkwocha*

 

*Senior Special Assistant to The President on Media & Communications*

 

*(Office of The Vice President)*

 

- Premium Times.

 

 

 

Chip stocks drop on fears US to toughen China rules

Technology stocks around the world have slumped on fears about the global
computer chip industry.

The sell-off came after a report that the Biden administration could be set
to further tighten restrictions on exports of semiconductor equipment to
China.

Comments by former US President Donald Trump that Taiwan, the biggest
producer of chips, should pay for its own defence added to the concerns.

In the US, the tech-heavy Nasdaq index closed 2.7% lower on Wednesday, while
chip stocks have also tumbled in Europe and Asia.

"Regardless of the outcome of the elections... I think we will see the US
increase some of the restrictions" said Bob O'Donnell, chief analyst at
TECHnalysis Research.

"How far they will take it, though, is the big question."

 

In Asia, chip making giant TSMC lost 2.4% on Thursday, while semiconductor
equipment maker Tokyo Electron was down by around 8.8%.

That came after Nvidia closed 6.6% lower in New York on Wednesday, while AMD
lost more than 10%.

In Europe, shares in ASML, which makes chip making machines, tumbled by
almost 11%.

The falls came after Bloomberg News reported on Wednesday that the US
government is preparing to impose its tightest curbs yet on semiconductor
making equipment to China if firms like ASML and Tokyo Electron continue to
give the country access to their advanced chip technology.

ASML declined to comment when contacted by the BBC. Tokyo Electron did not
immediately respond to a request for comment.

The BBC has also asked the US Commerce Department for a statement.

 

The Biden administration has previously taken steps to restrict China's
access to advanced chip technology.

In October, it restricted exports to China of advanced semiconductors used
in artificial intelligence (AI) technology.

The remarks on Taiwan by Mr Trump also hinted at possible disruption of
global chip supplies.

Taiwan produces most of the world's advanced chips.

 

“Investors always react to any remarks from the US but despite these
comments, the long term business trend for the semiconductor industry is
clearly going up,” said Marco Mezger, Executive Vice President of memory
chip technology company Neumonda.-BBC

 

 

 

 

Pound hits highest level against dollar for a year

The pound hit its highest level against the dollar in a year on Wednesday as
investors bet on UK interest rates staying higher for longer.

Fresh data on Wednesday showed the rate of inflation was proving more
stubborn than expected by some analysts.

This prompted traders to cut bets on an easing of rates in August, and sent
the pound above $1.30 for the first time since last July.

The pound has also been boosted by market hopes that the new Labour
government will offer economic stability.

 

Higher rates in the UK increase the pound's value, because it can attract
more overseas investment. This creates more demand for sterling, pushing up
its value relative to other currencies.

Currency markets responded by betting that UK rates would remain higher for
longer.

UK inflation was steady in June, with the headline rate at the Bank of
England's target rate of 2%.

But some of the underlying measures of inflation being watched closely by
Bank rate-setters remain stubbornly high.

Inflation in the services sector, for example, remained at 5.7% in June,
while core inflation, which strips out the effects of more volatile items
like energy prices, held at 3.5%.

Some central banks, including Switzerland, Sweden and Canada have cut rates
already, but the Bank of England and the US Federal Reserve are yet to make
the same move.

The International Monetary Fund raised its outlook for economic growth in
the UK on Tuesday to 0.7% this year, from 0.5% in its last set of global
forecasts in April.

But it warned the UK was "seeing some persistence” in inflation that might
mean interest rates have to stay “higher for even longer”.

 

Kit Juckes, head of FX Strategy at Societe Generale, said he didn't think
the rally on sterling would last.

However, he added that "there's so much uncertainty in the world", and there
was stability with a new UK government helping the pound.

A hung parliament in France and upheaval in the US presidential race, with
the attempted assassination of Republican candidate Donald Trump on Sunday,
and doubts around the ability of President Joe Biden to serve another four
years in office, have added to global market jitters.

On Wednesday, King Charles set out Prime Minister Keir Starmer's plans to
revive the economy, with a focus on delivering new homes and infrastructure
projects.

Emma Wall, head of investment analysis and research at Hargreaves Lansdown,
said: “Inflation in at target – and marginally down if you care about
decimal places – coupled with a King’s Speech rammed full of ambitious
reforms and a high growth agenda has caused the pound to bounce."

She added that the key to sustaining the rally will be ongoing economic
data, and the Bank of England’s decision on interest rates which is due on 1
August.-BBC

 

 

 

 

Amazon workers narrowly reject union in historic vote

The GMB has narrowly lost its historic bid for union recognition at the
Amazon warehouse in Coventry.

Some 49.5% of workers balloted voted in favour, while 50.5% voted against.
The union needed a majority to vote in favour.

If the GMB had won it would have been the first time Amazon recognised a
union in the UK.

 

The online giant would have been forced to negotiate with workers on issues
such as pay and conditions.

In a statement, Amazon said it placed "enormous value on engaging directly"
with staff.

"We look forward to continuing on that path with our team in Coventry," it
added.

 

The GMB told the BBC it is considering trying again to get recognition at
the Coventry site and that discussions are taking place about its strategy.

The process would include persuading the Central Arbitration Committee,
which is in charge of overseeing applications for recognition, that the pool
of workers eligible to vote had changed.

 

'Union busting'

The GMB, which lost by 28 votes, said its drive for recognition fell
“agonisingly short” and accused Amazon of “union-busting”.

It said there were “anti-union messages by company bosses, including
multiple anti-union seminars” at the warehouse.

 

It added that “the fire lit by workers in Coventry and across the UK is
still burning”, and that the union would “carry on the fight” for low paid
workers.

The union's fight for recognition had been described as a David vs Goliath
battle, with workers facing fierce resistance from the online giant.

It began with a rag tag show of defiance in the summer of 2022, after Amazon
offered workers a pay rise of between 35p and 50p an hour.

Having toiled in warehouses during the Covid pandemic, workers said this
felt like an insult, and in Coventry a small group of angry workers
spontaneously walked out and protested outside the fulfilment centre.

 

Then the GMB got involved and urged the workforce to unionise.

In January 2023, with a GMB membership of just 50, Coventry workers held the
first ever Amazon strike in the UK.

 

It went on to organise a further 37 days of industrial action over the last
year and by recruiting on the picket line, steadily built up its membership
to more than 1,400 members out of the centre's estimated 3,000 plus workers.

In April the union launched a legal challenge against Amazon, claiming it
used underhand tactics to encourage members to cancel their union
membership.

On Wednesday it said that legal challenge would continue.

 

As part of the challenge, the GMB says Amazon put up posters in fulfilment
centres featuring QR codes that generated an email to the union’s membership
department requesting that their membership be cancelled.

 

Amazon responded saying that “employees were telling us they wanted to
cancel their membership but could not find a way to do so, so we provided
information to help.

"We have always been clear, that union membership is an employee’s personal
choice.”

 

Amazon A leaflet with a QR code with text about unionsAmazon

The QR code which the union alleges sent users to a link to cancel their
membership.

Amazon, which is one of the UK's largest private sector employers, with
75,000 workers, made it clear all along that it did not want to recognise a
union and that it wanted to retain direct communication with its staff.

 

After the vote on Wednesday, it further reiterated that “having daily
conversations” with staff was “an essential part of our work culture”.

“We value that direct relationship and so do our employees. This is why
we’ve always worked hard to listen to them, act on their feedback, and
invest heavily in great pay, benefits and skills development," the firm
added.

 

The GMB says it is surprised by what it sees as the fearlessness of an
overwhelmingly immigrant workforce, many of whom arrived recently from South
Asia.

Union organisers estimate that as little as 5% of the Coventry employees are
British born and its campaign leaflets were translated into 12 different
languages.

They say that in the beginning many were frightened to get involved but as
the strikes wore on, and people saw that workers who’d joined picket lines
weren’t facing disciplinary action, their confidence grew.

 

The union is hopeful that the government will strengthen their power to
organise.

Labour has promised legislation in today's King's Speech to make it easier
for unions to win recognition ballots by lowering the required threshold for
victory and to make it easier for union officials to recruit in workplaces.

 

'Wrong side of history'

The general secretary of the Trades Union Congress, Paul Nowak, said that
despite taking on one of the "world's largest corporate giants", the
Coventry union members "only narrowly missed out" on securing recognition.

 

"With Labour set to usher in a new era of stronger workers’ rights,
companies like Amazon are on the wrong side of history," he added.

But Gregor Gall, a professor of industrial relations at Glasgow university,
questioned whether GMB had the resources to take the fight to other Amazon
centres.

"The cost of union organising is very high. The GMB had officers working
full time on it. We won't necessarily see organising drives elsewhere," he
said.

Professor Gall's caution is understandable considering what has happened in
the United States.

 

In 2022 Amazon workers at its Staten Island warehouse in New York became the
first in the US to win union recognition. Two years on, the company has
still not sat down to negotiate with the union and continues to fight legal
challenges to the vote.-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

 


 

 

 

 


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