Major International Business Headlines Brief::: 26 July 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  26 July 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: Safaricom Shareholders Approve Sh26.04bn Final Dividend

ü  Africa: Spotlight on Trade Act Renewal at the 2024 AGOA Forum in DC

ü  Eritrea Suspends Ethiopian Airlines Flights, Cites Luggage Theft,
Pilferage

ü  Nigeria: Senate Panel to 'Expose' Importers of Adulterated Fuel

ü  Africa: Towards a Sustainable Blue Economy for Africa

ü  Nigeria's Inflation Rate Exaggerated, Says APC National Secretary Basiru

ü  Kenya's Green Economy Could Create Nearly 240,000 Jobs By 2030

ü  Nigeria: Traders Warn Against Neglect of Informal Sector

ü  South Africa: Spectre of New Hotel Looms Over SA's Oldest Mosque

ü  Angola/Portugal Economic Partnership Dominates Filda2024 2nd Day

ü  Actors go on strike over video games AI threat

ü  Reeves set to reveal public finance shortfall of billions

ü  ChatGPT reveals search feature in Google challenge

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya: Safaricom Shareholders Approve Sh26.04bn Final Dividend

Nairobi — Safaricom shareholders have approved a Sh0.65 dividend per share,
amounting to Sh26.04 billion for the financial year ended March 31, 2024.

 

This follows an interim dividend of Sh0.55 per share, totalling Sh22.04
billion, paid in March 2024.

 

The company's total dividend payout for the year now stands at Sh1.2 per
share, representing a cumulative Sh48.08 billion.

 

"In the financial year under review, the business displayed significant
resilience in producing outstanding growth in both our top and bottom lines.
This enabled us to achieve a major milestone, attaining, in our Kenyan
business alone, earnings of more than USD1 billion before tax and interest,"
he said.

 

Despite the firm's strong financial performance, Safaricom says that the
year was marked by a challenging economic environment in both Kenya and
Ethiopia on account of high interest rates, inflation, and currency
fluctuations, impacting disposable income and business operations.

 

The Telco however exuded confidence, underscoring its commitment to
delivering value for shareholders through strategic investments and robust
strategy execution.

 

The company anticipates breaking even in Ethiopia by the end of its fourth
year of operations.

 

- Capital FM.

 

 

 

 

Africa: Spotlight on Trade Act Renewal at the 2024 AGOA Forum in DC

The trade legislation known as AGOA is the focus of discussions this week in
Washington, DC between senior U.S. officials and Africa trade ministers,
along with key regional economic organizations, labor and civil society
groups and private sector representatives. The African Growth and
Opportunity Act, which extends duty-free treatment to goods from eligible
sub-Saharan African countries, was first enacted in 2000 and renewed by
Congress in 2015 with the to create jobs in Africa and the United States
while promoting economic growth across the continent.

 

This year's meeting, a annual gathering mandated by the Act, kicked off
Wednesday with a Civil Society and Organized Labor Forum and a Private
Sector Forum. With legislation's expiration approaching - in September 2025
– the urgency for Congress to act is permeating the session taking place in
Washington, DC. "I call on Congress to quickly reauthorize and modernize
this landmark Act," President Biden said in a statement  "For more than two
decades, the bipartisan African Growth and Opportunity Act has formed the
bedrock of America's economic partnership with African nations."

 

 

Speakers at the Private Sector session - hosted by the U.S. Institute of
Peace, the Corporate Council on Africa and the U.S. Department of Commerce -
echoed the President's appeal appealed to Congress to update and extend the
law. Keynoting the event to underline administration engagement, Secretary
of State Antony Blinken said AGOA "has let entrepreneurs expand to new
markets to grow their businesses" and "has created tens of thousands of good
jobs across our nations – from Portland, Oregon to Port Louis, Mauritius."
He said the administration is committed to "modernizing AGOA," reflect
changes in economies and international markets since the law was passed.
"We see value in an AGOA that is agile, that's adaptable, that's capable of
driving trade forward in a dynamic environment."

 

 

Corporate Council on Africa

Corporate Council on Africa CEO Florie Liser moderating a panel at the AGAO
Private Sector Forum with Prosper Africa Coordinator British Robinson and
Jaswinder Bedi, chair of the Kenya Private Sector Alliance.

U.S. Trade Representative Katherin Tai in her welcoming remarks stressed the
need to make AGOA "more responsive to more of today’s challenges" singling
out supply chain fragility and the climate crisis. For the "next iteration
of AGOA, she said more voices must be incorporated, "especially women,
youth, smaller companies, and the African Diaspora." British Robinson, who
heads Prosper Africa, pointed to the recently concluded $56m South African
table grape deal as an example of the vital role that facilitation plays in
ensuring that AGOA has the greatest impact. Her office is tasked with
coordinating the efforts of 17 U.S. government agencies to promote trade and
investment with the 32 AGOA-eligible countries in sub Saharan Africa.

 

During the Civil Society and Organized Labor Forum at the Wilson Center,
former U.S. Ambassador to South Africa Patrick Gaspard, said the way AGOA is
implemented is crucial. He now heads the Center for American Progress, which
released an in-depth analysis entitled "AGOA Reauthorization Offers an
Opportunity for Expanded Commitments to Development, Labor, and Climate in
Sub-Saharan Africa. "To be successful it's clear that we need more foreign
direct investment in sub-Saharan Africa" Gaspar said at the labor panel he
moderated. "But more investment does not necessarily lead to creation of
good jobs."

 

 

Corporate Council on Africa

Deputy Secretary of Commerce Don Graves addressing the AGOA Private Sector
Forum.

"Worker rights and collective bargaining have to be the basis to ensuring we
can promote development," Zingiswa Losi, president of the South African
labor confederation Cosatu, told the session, according to posts on X by
the U.S.-based international worker rights organization Solidarity Center.

 

Along with the pressing deadline for passage, the shape of the new
legislation is a prime topic for debate. A number of enhancements have been
suggested for the bill that was introduced in April by Senators Chris Coons
(Democrat-Delaware) and Jim Risch (Republican-Idaho)  - S.4110 - the African
Growth and Opportunity Act Renewal and Improvement Act of 2024.

 

Among the issues raised in those discussions is how to boost both the flow
of critical minerals from Africa and the benefits to Africa from that trade.
Another is whether AGOA might  somehow support the burgeoning IT and fintech
sectors across Africa.

 

 

 

 

Eritrea Suspends Ethiopian Airlines Flights, Cites Luggage Theft, Pilferage

Eritrean authorities have suspended all flights by Ethiopian Airlines to its
airspace effective.

 

In a statement, the Eritrean Civil Aviation Authority accused the Ethiopian
Airlines of pursuing "consistent and persistent malicious trading
practices".

 

It also said the airline was operating a "systematic and organised
passengers' luggage theft, pilferage, damage, prolonged delays and loss with
no compensation in particular, coupled with unjustified and unwarranted
price hikes and other irregularities witnessed".

 

The authorities said the suspension came after "repeated and relentless
calls" made on Ethiopia Airlines to rectify the pitfalls and other
irregularities imposed on the travelling public, failed to yield anything.

 

 

In a notice published on its social media accounts, Ethiopian Airlines said
it had received a notice from the Eritrean Civil Aviation Authority
indicating the suspension of all its flights to Eritrea, effective September
30.

 

"The specific reasons for this suspension have not been disclosed to us,"
the airline said, adding that it was seeking clarification from the Eritrean
authorities on the matter.

 

Hanna Atnafu, a spokesperson for the airline, told Reuters the flight
suspension came as a surprise.

 

"What is shocking and saddening to our airlines was just 15 days ago, on
July 8, there was a letter sent to (us) requesting, to increase our weekly
flight frequency from 10 flights to 15," Atnafu said.

 

However, this publication understands that in citing "unjustified and
unwarranted price hikes", the Eritrean authorities are alluding to recent
complaints about ticket prices.

 

Travellers have recently complained that sometimes the airline tickets
exceeded $800 for just a one-hour return flight, which has been deemed
exorbitant and unfair.

 

Additionally, a recent policy change by the airline requiring all ticket
sales outside Ethiopia to be conducted exclusively in US Dollars may have
been the final straw.

 

Eritrean travellers in Asmara had previously been able to purchase tickets
using the local currency.

 

The Eritrean authorities asked all Ethiopian Airlines travellers destined to
the State of Entrea to adjust their flights and subsequently, look for other
options.

 

Turkish, Egypt and Saudi airlines have regular flights to Eritrea.

 

State-owned Ethiopian Airlines is ranked the largest in Africa by revenue
and profit by the global industry body International Air Transport
Association.

 

- Nile Post.

 

 

 

 

Nigeria: Senate Panel to 'Expose' Importers of Adulterated Fuel

The committee also said it would investigate the reasons behind the failure
of the nation's refineries to commence operation despite huge funds
allocated to them yearly.

 

The Senate ad-hoc committee investigating the importation of adulterated
petroleum products has vowed to reveal the identity of people behind the
importation as dangerous fuel circulates across the country.

 

The Chairperson of the Committee, Opeyemi Bamidele, gave the assurance at a
press briefing in Abuja on Thursday.

 

On 3 July, the Senate constituted a 15-member committee to unravel the
circumstances surrounding the persistent importation of hazardous petroleum
products by the Nigeria National Petroleum Company (NNPCL).

 

 

Other members of the committee are Asuquo Ekpeyong (Cross River), Abdullahi
Yahaya (Kebbi), Tahir Monguno (Borno) Olamilekan Adeola (Ogun) Diket Plang
(Plateau) and Abdul Ningi (Bauchi), Khabeeb Mustapha (Jigawa), Ipalibo
Banigo (Rivers), Adams Oshiomhole (Edo), Adetokunbo Abiru (Lagos), Osita
Izunaso (Imo), Sahabi Ya'u (Zamfara), Olajide Ipinsagba (Ondo) and Ekong
Sampson (Akwa-Ibom).

 

Mr Bamidele, the senate leader, said all the suppliers, importers,
regulatory bodies and other entities involved in the exercise would be held
accountable for the action.

 

"Our investigation seeks to identify and hold accountable all parties
involved in the importation and distribution of adulterated petroleum
products (PMS and AGO). This includes suppliers, importers, regulatory
bodies and any other entities that may have contributed to this serious
lapse in quality control," he said.

 

Management of the Dangote oil refinery had recently accused the Nigerian
Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of
indiscriminately granting licenses to marketers to import dirty refined
products into the country.

 

Depot and Petroleum Products Marketers Association of Nigeria have since
denied the allegation.

 

Aside from damaging vehicles, the contaminated fuel is causing economic
sabotage to Nigeria's petroleum industry.

 

Mr Bamidele said the committee would engage critical stakeholders and
regulatory bodies to unravel the truth and fish out the culprits.

 

Probes failed repairs of refineries

 

Mr Bamidele said the committee would investigate the reasons behind the
failure of refineries to commence operation despite huge funds allocated to
them yearly.

 

He also stated that in doing this, the panel would engage the Nigerian
National Petroleum Corporation Limited (NNPCL) management to ascertain why
the refineries ceased to commence operation.

 

 

"It is pertinent to note that in the course of interactions with the
identified stakeholders, the ad-hoc committee will visit any of their
facilities that it deems necessary, especially the state-owned refineries,
to ascertain their status, considering the huge funds already invested in
their various Turn Around Maintenance year in, year out without any
meaningful result.

 

"The Committee, along with Nigerians, is particularly interested in
understanding why local refineries are not working despite the substantial
amount spent annually on their maintenance and operations.

 

"We will closely examine what the Nigerian Petroleum Corporation Limited
(NNPCL) has been doing to address this pertinent problem," he said.

 

Transparent participation

 

Mr Bamidele said the committee would create a platform for the public and
key actors in the petroleum industry to submit memoranda as part of being
transparent with the investigation.

 

He said in the course of the investigation, the panel would also organise a
public hearing to be held from 10 to 12 September.

 

"The public hearing will be held from September 10th to 12th, 2024. The
sessions will enable us to engage directly with key actors in the petroleum
industry and unravel those behind the illicit practice of importing
hazardous and substandard petroleum products into the country contrary to
established protocols and standards."

 

The senate leader assured that the committee would recommend necessary
actions to curtail the importation and circulation of the adulterated in the
future.

 

"In line with our mandate, we will definitely unravel the roots of economic
sabotage in Nigeria's petroleum industry and make necessary recommendations
that will entrench global best practices in the industry and open it up for
more investments, especially in the midstream and downstream sectors."

 

No witch hunt

 

Mr Bamidele said the lawmakers will not witch-hunt any individual, group of
people or corporation.

 

"May I categorically state that this ad-hoc committee is not meant to witch
hunt any individual or group of people or corporation, but rather to find a
lasting solution for our collective mutual gains.

 

"To this regard, the ad-hoc committee seeks the cooperation of stakeholders
in order not to jeopardise the good intention."

 

Committee members speak

 

Also speaking, a committee member, Asuquo Ekpenyong, said it would issue a
warrant arrest through the Inspector General of Police on any of the
involved parties who refused to appear before it.

 

He advised the parties concerned to ensure they appear before the committee
when summoned.

 

Another member, Abdul Ningi, assured that he would use his position in the
Senate to ensure that all the culprits are brought to book in the country's
interest.

 

Sahabi Ya'u, on his part, said the committee members would not compromise
for any reason.

 

He said the lawmakers are more concerned about protecting their integrity
and names, assuring that they would be fair and transparent in their
investigations.

 

Also speaking, Ipalibo Banigo assured us that the committee would be fair
and transparent to Nigerians.

 

- Premium Times.

 

 

 

Africa: Towards a Sustainable Blue Economy for Africa

Debating Ideas reflects the values and editorial ethos of the African
Arguments book series, publishing engaged, often radical, scholarly,
original and activist writing from within the African continent and beyond.
It offers debates and engagements, contexts and controversies, and reviews
and responses flowing from the African Arguments books. It is edited and
managed by the International African Institute, hosted at SOAS University of
London, the owners of the book series of the same name.

 

Water defines communities, eras and livelihoods. It means different things
to different people. To some, it holds ancestral and traditional values, for
others it symbolises superstition or fear, and for some others still, it
embodies lifestyles and supports livelihoods. Thirty-two of fifty-five
member states of the African Union are coastal states and another six are
islands or archipelagos. This means that about one-third of African
countries are landlocked and must rely on their coastal neighbours for much
of their imports. The continent only represents 7 per cent and 5 per cent
respectively of maritime exports and imports by volume in a world in which
90 per cent of global international trade is sea-borne.

 

 

Africa is host to a vast body of Blue Economy resources. Africa's coastal
and island states include an estimated 13 million km² of ocean territory.
The continent includes over 30,000 km of coastline and over 1.5 million km2
of Exclusive Economic Zones (EEZs). Africa also boasts an extensive network
of inland freshwater sources, including seven major rivers (over 2,000 km
long), lakes and wetlands, spanning all five of the continent's regional
economic mechanisms in Central, East, North, Southern and West Africa.

 

The relationship of Africa's peoples to the continent's waters has not
always been harmonious. Many of these sources of water provided channels
through which Africans were transported into slavery overseas throughout the
17th century. Many perished. European contests over the control of Africa's
waters subsequently framed the Scramble for Africa in the late 19th century.
The General Act (adopted at the end of the Berlin Conference which
partitioned the continent in February 1885, acknowledged that its goal was
"to assure to all nations the advantages of free navigation on the two chief
rivers of Africa flowing into the Atlantic Ocean."

 

Unsurprisingly, the erasure of African history has, incredibly, also been
indexed to water. Thus, in schools across the continent, children are taught
how different Europeans "discovered" different bodies of water in Africa,
from West Africa's River Niger to the Southern Africa's Victoria Falls.
Today, many of these sources of water and the livelihoods built around them
are under multi-dimensional threat from pillage, pollution, and piracy. The
consequences are evident.

 

 

It is estimated that 80 per cent of the population of the archipelago of São
Tomé and Príncipe is afraid of the Ocean and cannot swim. In West and
Central Africa, the myth of Mami Wata ("mother water" in Pidgin English) who
represents both the positive benefits - transport, trade, wealth and fish -
and the negative associations - floods and drownings - of rivers and lakes
also contributes to the fear of large water spaces. On the other hand and in
a strange turn of fate, the Atlantic Ocean and Mediterranean Sea are once
again sources of trafficking of Africans as thousands of impoverished
fishers who are victims of illegal fishing and crime at sea, and unemployed
youths around the continent trundle away for greener pasture despite the
risks and frequent deaths.

 

In this context, it may seem difficult to find cause to celebrate or
commemorate the African Day of Seas and Oceans.

 

Yet, that is exactly what the world will and should be doing on 25 July,
designated by the African Union (AU) since 2015 as the day to raise
awareness of the continent's enormous water challenges and the need to
sustainably harness its rich marine resources and biodiversity. Nine years
later, the AU itself is only just beginning to scratch the surface with
various blue economy initiatives, thanks to the adoption of the Africa Blue
Economy Strategy (ABES) in implementation of the recommendations of the Blue
Economy Summit held in Nairobi in 2018.

 

The AU is not alone in seeking to promote a blue economy in Africa. Many
multilateral institutions appear eager to promote sustainable marine
economies on the continent. Proposed initiatives of relevance here include
the United Nations Decade of Ocean Science for sustainable development (UN
Decade of Ocean Vision 2030) and its Africa Roadmap; the Third United
Nations Ocean Conference to be held in Nice, France in June 2025; as well
the forthcoming (2025) review of the Sustainable Development Goals (SDGs).

 

Like the AU's ABES and its Action Plan for 2021-2025, these initiatives have
gone almost unnoticed to most Africans, not least due to a perceived or real
technicality of the issues and a seemingly entre-soi attitude that makes
water affairs at the maritime or riparian levels appear to be the exclusive
preserve of a narrow intellectual or security sector elite.

 

Where African maritime and marine sectors have been at the forefront of news
cycles over the past two or so decades, it has essentially been for negative
reasons such as piracy off the coasts of Somalia and the Gulf of Guinea, or
other forms of sea-based criminality and illegal fishing by foreign
countries and companies. As necessary and essential as combating these
scourges may be, Africa now needs to look at more constructive strategies to
sustainably utilise its marine resources and address its water challenges.
This requires a shift in narrative and action.

 

Water spaces as the last frontier for African development and economic
growth matter in the global sustainability project. At the heart of this are
the needs of future generations. For this to happen in the water sector, at
least three things must occur.

 

 

First, multi-stakeholder partnerships are required, involving government,
private investors, non-governmental actors, communities and internationals
to promote holistic approaches to the development of Africa's blue economies
to ensure awareness and understanding of the importance of water ecosystems
and spaces in the lives of all around the continent. This must emphasise the
participation of everyone in the preservation, protection and sustainable
uses of water resources and spaces for the betterment of riverine and
coastal communities, countries, and the continent at large.

 

Second, historical miseducation concerning Africa's water resources must
end. Mungo Park did not "discover" the River Niger, nor did David
Livingstone "discover" the Victoria Falls. These were local water resources
already in use by the local communities. The narrative of expropriation of
Africa's water resources foregrounded the appropriation of those resources
subsequently by foreign interests, many of whom have gone on subsequently to
toxify or pollute them through irresponsible exploitation that continues to
endanger local communities.

 

Third, these acts of actual or constructive expropriation have fed
alienation of local communities, leading to a deepening of pathologies of
maritime insecurity across the continent. To end these, maritime security
initiatives require both to be owned by African countries and also to
involve local communities.

 

Finally, growth that is impactful and translates into the promised
empowerment of African peoples, particularly youth and women, depends on the
transformative exploitation of the continent's marine, mining and
agricultural resources; on improving road, rail, fluvial and port
infrastructure and transports for efficient intra-African trade; and
ensuring the training of an African expertise that can effectively
understand and apply local knowledges, cultures, and contexts, because our
waters are the gateways to our jobs and sovereignty

 

Africa as a continent cannot afford to promise development to the next
generations without the latter's full participation and involvement from the
design stage, and for the fullest benefit of peoples and communities. If
current generations have not been raised to understand, protect, and
sustainably utilise marine and inland water spaces and resources, all actors
in society now must engage in acquisition and transmission of knowledge
about oceans, seas, rivers, and lakes.

 

Agnes Ebo'o is an international law practitioner specialising in maritime
affairs, oceans governance and citizens participation. Chidi Anselm Odinkalu
teaches International Human Rights Law at the Fletcher School of Law and
Diplomacy at Tufts University in Medford, Massachusetts.

 

Read the original of this report, including embedded links and
illustrations, on the African Arguments site.

 

 

 

 

Nigeria's Inflation Rate Exaggerated, Says APC National Secretary Basiru

The National Secretary of APC made the claim when confronted with NBS'
latest data on Nigeria's inflation on the Channels Television's primetime
show, 'Politics Today', on Wednesday evening.

 

The National Secretary of the ruling All Progressive Congress (APC),
Surajudeen Basiru, said Wednesday that Nigeria's inflation rate, as given by
the state-owned National Bureau of Statistics (NBS), is exaggerated.

 

The lawyer and former senator made this claim on the Channels Television's
primetime show, 'Politics Today', on Wednesday evening.

 

He said it when confronted with the NBS data, insisting that Nigeria's
inflation rate had slowed down over the past four months.

 

 

"I am aware that NBS is currently working on analysing and rebasing our GDP,
and when the figures come out, then you can now be talking of a correct
figure.

 

"I know that there are inflation challenges, but they are not up to that
level," he said.

 

The top APC officer argued that the NBS data shown to him did not reflect
the agency's current inflation rate.

 

NBS' latest report on inflation said Nigeria's inflation rate stood at 34.19
per cent as of June.

 

PREMIUM TIMES reported that with the June report, Nigeria's inflation rate
rose for the fifth consecutive month as Nigerians grappled with increased
cost of living.

 

The Nigerian government has been scrambling to implement extraordinary
measures to address the relentless rise in food prices, but these efforts
have yet to yield any significant impact.

 

Earlier this month, the Minister of Agriculture, Abubakar Kyari, confirmed
that the President Bola Tinubu administration has suspended duties, tariffs,
and taxes on the importation of major food items such as beans, wheat, and
husked brown rice.

 

Mr Basiru, who served as Attorney-General and Commissioner for Justice in
Osun State, blamed the current economic hardship and food insecurity on
global events such as the Middle East crisis and the COVID-19 pandemic.

 

He argued that Nigerians are not the only victims of the economic hardship,
maintaining that it is a global problem.

 

Mr Basiru also spoke about the upcoming nationwide '10 days of rage' protest
organised by young Nigerians, which will take place from 1 to 10 August, to
express their grievances over hunger and insecurity in the country.

 

The APC chief said the protest is politically motivated and has nothing to
do with the economy.

 

However, he said President Bola Tinubu's administration was working hard to
address issues regarding inflation and pleaded with Nigerians to be patient
instead of embarking on the "10 days of rage" planned protest on 1 August.

 

Pat Utomi cautions APC

 

Responding to Mr Basiru's claims, Pat Utomi, a political economist and
professor who also appeared on the TV programme, cautioned the ruling APC
against stifling the voice of Nigerians.

 

He advised that people be allowed to exercise their right to protest.

 

He said protests are allowed in every democratic setting, encouraging
freedom of expression.

 

However, Mr Basiru insisted that the APC has the right to query the basis of
the protest.

 

He also challenged Mr Utomi to bring workable solutions to address Nigeria's
woes instead of encouraging Nigerians to protest.

 

Mr Utomi said part of the solution includes allowing Nigerians to work
together to move the country forward. He also said Nigeria underutilises its
intellectual resources in governance.

 

He proposed reforms in the Nigerian National Petroleum Company Limited
(NNPCL) and advised the government to cut down the cost of governance and
channel the resources to alleviate hunger.

 

- Premium Times.

 

 

 

 

Kenya's Green Economy Could Create Nearly 240,000 Jobs By 2030

Nairobi — Africa's green economy has the potential of creating up to 3.3
million new direct green jobs on the continent by 2030, with the majority
particularly in the renewable energy solar sector.

 

According to the 'Forecasting Green Jobs in Africa' latest report by FSD
Africa and Shortlist, a talent and impact advisory firm, Kenya is predicted
to create between 40,000 and 240,000 green jobs by 2030.

 

Significantly, it predicts that 60 percent of the employment generated by
the green economy over the coming six years will be skilled or white collar
in nature, with 10 percent comprising advanced jobs.

 

Further 30 percent are projected to be 'specialized', requiring
certification or vocational training, and 20 percent will be administrative
in emphasis.

 

 

Crucially, these job types tend to attract higher salaries and will,
therefore, play a central role in spurring the growth of the middle class in
countries hosting these high-growth sectors.

 

"This is the first public report that takes seriously the notion that human
capital and talent is important as both an input to green economic growth,
and as a positive outcome in the form of millions of new, direct jobs, "said
Paul Breloff, CEO of Shortlist.

 

The report indicated that stability of the unskilled jobs created will offer
ladders up the employment scale for candidates, whose employability will be
enhanced by access to training and experience.

 

"There is a cross-sector effort across Africa to spur employment and
sustainable development but stakeholders lack a shared, granular
understanding of where the green jobs are going to come from. This report
offers a methodology for forecasting green jobs which allows us to get
practical about where we need to invest to make these jobs happen," said
Mark Napier, CEO of FSD Africa.

 

 

The study, which underscores the critical importance of a skilled workforce
as an input accelerating African green industries, revealed that millions of
jobs created in the green revolution will also contribute to the
formalization of African economies and the inclusion of whole populations in
stable systems of remuneration, social security, and taxation.

 

It also outlined key strategies required to cultivate Africa's green jobs
ecosystem, from targeted investments in high-potential sectors and value
chains to the fostering of cross-sector collaboration among governments, the
private sector, educational institutions, and investors to the development
of comprehensive support policies for green sectors.

 

The report focused on 5 countries across the continent, including Kenya, the
Democratic Republic of the Congo (DRC), Ethiopia, Nigeria, and South Africa,
which together account for more than 22 percent of new jobs in key sectors
such as renewable energy, e-mobility, agriculture, construction, and
manufacturing.

 

- Capital FM.

 

 

 

Nigeria: Traders Warn Against Neglect of Informal Sector

The Market Traders Association of Nigeria (MATAN) has alerted the government
about dangers of neglecting the informal sector, as its exclusion can hinder
economic growth.

 

MATAN national secretary, Olakunle Johnson, gave the advice during the
signing of a Memorandum of Understanding (MoU) with the Ndigboamaka
Progressives Markets Association on Wednesday in Lagos.

 

The Ndigboamaka is the umbrella body of major markets in Lagos State led by
its President Chinedu Ukatu.

 

Johnson, also the national chairman of Project Steering Committee
Integration Market Trader's Revenue Management System, on VAT Direct
Initiative VDI, said good relations between the government and the informal
sector had become imperative to expedite economic growth.

 

 

Stressing the importance of the Igbo traders in the commerce of the state
and Nigeria, Johnson said that the government must always get the informal
sector involved in economic development.

 

"The informal sector takes a larger chunk of close to 80 per cent of
Nigerian workers while the remaining 20 per cent is occupied by the formal
sector.

 

"This affirms the fact that the informal sector drives the system.

 

"Government needs MATAN in any negotiation with the people in the informal
sector because the association has the required data to access them
appropriately.

 

"If neglected, it will not speak well for the country," he said.

 

According to him, only MATAN can talk to everyone in the informal sector in
the language they understand.

 

Speaking on the MoU, Johnson said that both associations were collaborating
to make sure more traders come to the tax net.

 

He said that the step was part of the efforts to implement the integration
of the market revenue management system, VAT initiative.

 

"Lagos has almost over 400 markets of which Igbo traders control about 68-70
markets.

 

"We have met the Igbo traders' section, they are important in Lagos because
if removed from the markets in Lagos, we will be left with pepper and all
other perishable market traders.

 

"MATAN, having signed MoU with the Federal Internal Revenue Services (FIRS),
the Joint States Internal Revenue Services, the Association of Local
Government in Nigeria and other government agencies, all strata of the
informal sector, have keyed into this project.

 

"So, the government needs to go back to the grassroots and bring them to the
tax net, including those exempted from paying tax.

 

"Once we know ourselves and the data is available, we will be able to
decipher if any change of status occurs and ensure tax payment accordingly,"
Johnson said.

 

He said that the government also needed to involve MATAN in its efforts
geared towards ensuring the welfare of the citizens.

 

According to him, most of the economic crises facing the country came
because the informal sector was left behind.

 

He said that informal traders' services needed to be recognised by the
government while also bringing traders on board by creating a template for
them.

 

Speaking, Ukatu said: "The MoU we signed with MATAN is a historic one
because for so long we have been contributing so much to grow the nation's
GDP but nothing is coming our way in terms of benefit.

 

"Looking at the MATAN Idea, we find it good enough and that informs our
decision to partner with them.

 

"Our market covers major international markets where importers and exporters
trade, an entry point of more than N23 million verifiable traders here."

 

Earlier in his welcome address, the chairman of MATAN, Lagos State chapter,
Chief Moshood Fadaka, said that no serious government would neglect the
informal sector of the economy.

 

- Leadership.

 

 

 

 

South Africa: Spectre of New Hotel Looms Over SA's Oldest Mosque

Bo-Kaap residents appeal City's decision to approve a new six-storey
development in the historic suburb

 

Earlier this month, Cape Town's Municipal Planning Tribunal approved a new
six-storey hotel and restaurant in the Bo-Kaap.

The hotel planned for the historic suburb will be ten metres from South
Africa's oldest Muslim Mosque.

The Bo-Kaap residents' association is appealing the tribunal's decision.

A new six-storey development planned for the Bo-Kaap will significantly
impact the heritage of the picturesque, historic suburb in Cape Town, say
local residents.

 

 

The Auwal Mosque, which is the first mosque established in South Africa, is
just ten metres away on the same block as the planned hotel and restaurant
to be built on what is currently an empty lot.

 

Bo-Kaap residents have opposed other large developments in the suburb.
Following the Municipal Planning Tribunal's approval for Flyt Property
Investment's development at 150 Buitengracht Street, the Bo-Kaap Civic and
Ratepayers Association (BKCRA) is launching an appeal against the tribunal's
decision.

 

According to the tribunal's report, the current application was initially
for an eight-storey building that would function as a 76-room hotel with a
restaurant on the first storey, but the plans were adjusted following a
six-month engagement process with the South African Heritage Resources
Agency (SAHRA).

 

Flyt Property Investment purchased the vacant piece of land on 150
Buitengracht Street in 2017. Two years later Bo-Kaap was declared a Heritage
Protection Overlay Zone (HPOZ).

 

Although the current application dates back to 2022, there were several
attempts to develop on the site before then.

 

BKCRA chairperson Osman Shaboodien says the building as it is currently
planned will still negatively impact the heritage of what is one of the
city's oldest areas, which dates back to the 1760s when the Dutch colonial
government built rental houses to be leased to slaves from the East Indies
and Africa.

 

With its colourful Georgian houses, Bo-Kaap is one of Cape Town's tourist
attractions and part of South Africa's cultural heritage. According to South
African History Online, the reason many of the houses are painted in bright
colours is because the houses had to be painted white while they were leased
from the colonial authorities. When people were allowed to buy the
properties and the rule was lifted, their owners expressed their freedom by
repainting them in bright colours.

 

 

Shaboodien said the association was not against development in the area, but
there "needs to be a balance between development and the community".

 

"[This is] a destructive development that destroys the very essence of our
heritage. ... We are not only a community of brick and mortar," he said.

 

He said the planned building should be redesigned and meet the HPOZ
criteria.

 

The BKCRA has stated the proposed development would impact the narrow roads
and historic cobblestones that have already suffered damage.

 

The BKCRA statement noted the last public participation on the planned
building took place more than two years ago, and the application at the time
was not the same as the one approved by the tribunal.

 

"The stature and presence of the Auwal Mosque will be marred by the looming,
excessively tall, and bulky building. The special sense of religious,
spiritual, and social order surrounding the mosque will be disrupted by this
secular building's scale, architectural character, and activities," reads
the statement.

 

Shireen Sampson, who lives in a house adjacent to the proposed development,
said she was concerned her privacy would be compromised.

 

"You will have this monstrosity here and the balconies are facing us. All
these people are going to look (onto our property). We want development, but
it must comply with the community's concerns," said Sampson.

 

Cape Town Deputy Mayor and Mayco Member for Spatial Planning and
Environment, Eddie Andrews, said the public participation process had been
followed.

 

Andrews said the HPOZ applied to any proposed development, regardless of
when the land was purchased.

 

In response to emailed questions, property developer Zane De Decker said the
site had a long history and they "have had extensive and protracted
engagement with the Bo-Kaap residents".

 

De Decker said he was unable to answer specific questions as he was on
leave. When GroundUp asked to be referred to someone else, he said he was
the only one who could comment.

 

In the tribunal report, Flyt Property Investment argues: "Most concerns have
been raised around the scale of the building in terms of bulk and height.
The Auwal Mosque is used to highlight this point, yet no mention is ever
made of the much larger hotel development in proximity, in the same HPOZ.
Very selective use of townscape has been used in all arguments."

 

"We feel that most of the comments received fundamentally do not pertain to
the departures applied for, possibly due to the continued lack of clarity in
terms of policy guidelines for HPOZs," it reads.

 

The BKCRA, meanwhile, argues the development is "simply too big and bulky"
and "it includes a number of features which unnecessarily exaggerate its
scale".

 

The deadline to appeal the Municipal Planning Tribunal's decision is Friday
26 July.

 

- GroundUp.

 

 

 

Angola/Portugal Economic Partnership Dominates Filda2024 2nd Day

Luanda — The holding of the Angola/Portugal Economic Forum, with a view to
strengthening the economic partnership between the two countries, was one of
the main highlights of the second day of the 39th edition of the Luanda
International Fair (FILDA 2024).

 

During the event, witnessed by the Portuguese Prime Minister, Luís
Montenegro, two agreements were signed, one with the Institute for
Industrial Development and Innovation (IDIA) and the other between the
Angola Industrial Association (AIA) and the Portuguese Business
Confederation.

 

The Angola/Portugal Economic Forum allowed participants to reflect on topics
such as "Agro-industry in Angola: Reality, challenges and opportunities",
"The importance of logistics chains and certification" and "Global gateway
initiative and financial support instruments to investment."

 

 

Another fact that marked the second day of Angola's largest business
exchange was the launch of a 100% digital bank branch, capable of carrying
out all operations requested by customers virtually, using artificial
intelligence, in an initiative by the company Innovation Makers.

 

Presented for the first time in Angola, this is a new concept of digital
bank agency, designed using innovative self-service machines.

 

On the same day, the regular transport pass called "GIRAMAIS" was also
launched to facilitate the sale of tickets to public transport users, in an
initiative by the National Ticketing Company (ENBI).

 

With an issue value of 5,990 kwanzas (US$6), the pass guarantees users of
public transport (buses, boats and trains) the request for public transport
services through a digital application or portal created for this purpose.

 

Public transport users, who do not fall into the Social pass category
(students, former combatants, elderly people, etc.), will be able to
purchase the said pass at ENBI stores, with 10 trips being the minimum
number of trips.

 

As part of the launch of GIRAMAIS, a memorandum of understanding was signed
this Wednesday between ENBI and the company Pay4all (Payments for all), to
facilitate the loading of the aforementioned transport passes.

 

The FILDA 39th edition takes place from the 23rd to the 28th of this month,
in the Angolan capital, under the motto "Food security and international
partnership: the binomial of economic diversification", in an area of 144
thousand square meters, 42 thousand of which are playful exhibition areas .

 

The business exchange, which has more than a 1,350 exhibitors from the
previous edition, is the biggest showcase for national promotion, doing
business and promoting jobs. In fact, the international character of FILDA
also has a fingerprint on promoting the diversification of the economy.

 

Taking place in the ZEE - Special Economic Zone, Luanda - Bengo is a direct
or indirect invitation to invest in Angola.

 

- ANGOP.

 

 

 

 

Actors go on strike over video games AI threat

Major video game makers - like Activision, Warner Bros and Walt Disney - are
facing a strike by Hollywood performers over the use of artificial
intelligence (AI).

It follows a year and half of talks over a new a contract between the
companies and a union representing more than 2,500 video game performers.

The two sides say they have agreed on several key issues, such as wages and
job safety, but protections related to the use of AI technology remain a
major hurdle.

The industrial action was called by the Screen Actors Guild-American
Federation of Television and Radio Artists (Sag-Aftra), which last year
paralysed Hollywood with a strike by film and television actors.

 

The performers are worried about gaming studios using generative AI to
reproduce their voices and physical appearance to animate video game
characters without providing them with fair compensation.

"Although agreements have been reached on many issues... the employers
refuse to plainly affirm, in clear and enforceable language, that they will
protect all performers covered by this contract in their AI language,"
Sag-Aftra said in a statement.

“We’re not going to consent to a contract that allows companies to abuse AI
to the detriment of our members," it added.

However, the video game studios have said that they have already made enough
concessions to the union's demands.

“We are disappointed the union has chosen to walk away when we are so close
to a deal," said Audrey Cooling, a spokesperson for the 10 video game
producers negotiating with Sag-Aftra.

"Our offer is directly responsive to Sag-Aftra’s concerns and extends
meaningful AI protections that include requiring consent and fair
compensation to all performers working under the [Interactive Media
Agreement]," she added.

The Interactive Media Agreement covers artists who provide voiceover
services and on-camera work used to create video game characters.

The last such deal, which did not provide AI protections, was due to expire
in November 2022 but has been extended on a monthly based while talks
continued.

Last year, TV and film actors in the US won $1bn (£790m) in new pay and
benefits, as well as safeguards on the use of AI, following a strike
organised by Sag-Aftra.

The 118-day shutdown was the longest in the union's 90-year history.

Combined with a separate writers' strike, the actions severely disrupted
film and TV production and cost California's economy more than $6.5bn,
according to entertainment industry publication Deadline.-BBC

 

 

 

 

Reeves set to reveal public finance shortfall of billions

An audit of public spending pressures will see claims of a "black hole"
worth tens of billions of pounds by the new government.

Chancellor Rachel Reeves said she would give a statement to Parliament on
Monday showing “honesty” about the scale of the challenge faced by the new
Labour government.

She vowed to "fix the mess we inherited" but would not confirm speculation
that the "black hole" stood at more than £20bn per year.

BBC News has contacted the Conservative Party for a response.

 

The new government will suggest its predecessor left various crucial public
services unfunded in areas from public pay to prisons.

"On Monday, the British public are finally going to see the true scale of
the damage the Conservatives have done to the public finances," a Labour
source said.

"They spent taxpayers’ money like no tomorrow because they knew someone else
would have to pick up the bill. It now falls to Labour to fix the
foundations of our economy and that work has already begun."

 

On Monday, Ms Reeves will also set out the government’s response to the
public sector pay recommendations, which are about 3% higher than in current
spending plans

The chancellor is likely to accept some above-inflation pay settlements for
public sector workers after being warned by independent pay bodies about
recruitment and retention challenges, and calculating that the public is
keen to draw a line under months of rolling strikes.

 

Cabinet ministers have spent the week saying a thorough look at their
departmental books has revealed more "severe" problems than previously
anticipated.

The opposition say this is an elaborate effort to butter up the public for
some tax rises at the Budget in the autumn.

The "black hole" arises because the government says it must spend extra
money to keep public services functioning.

 

However, governments draw up their own rules on how much they should borrow
to fund public services like the NHS and how the country’s debt is managed.

Paul Johnson, director of the Institute for Fiscal Studies think tank, said
it was not credible that the government had now looked at the books and
found problems to be more severe than expected, given how many organisations
have pointed out that "most public services are now performing considerably
worse than they were pre-Covid."

"The choice, as ever, is do you want the public services to be as good as
they are, better than they are, or are you willing to see them get worse?,"
he told the BBC Radio 4 Today programme.

 

The extra money the government needs to find to meet self-imposed targets
around debt in the future has been labelled the "black hole".

The former chancellor, Jeremy Hunt, may have instead suggested not spending
these sums.

 

Mr Hunt acknowledged to the BBC this week that he would not have been able
to fund immediate tax cuts, had the Conservatives won the election.

Some economists suggested during the election that many of these spending
pressures, and the possibility taxes would need to be raised to fund them,
were obvious and should have been made clear to the voting public.

 

While the BBC understands there will be no tax policy announcements on
Monday, the implication of the audit is that the Treasury will spend the
summer trying to find extra savings, or extra taxation revenue, to fill this
“black hole”.

 

A more optimistic economic outlook from the independent forecaster the
Office for Budget Responsibility would also help improve some tricky
trade-offs.-BBC

 

 

 

 

ChatGPT reveals search feature in Google challenge

OpenAI is working on adding new powers to its artificial intelligence (AI)
bot, as it seeks to edge out Google as the go-to search engine.

The company said it was trialling a search feature that incorporates
real-time information into its ChatGPT product, allowing the bot to respond
to user questions with up-to-date information and links.

 

The tool is currently available to a limited number of users in the US.

But it is expected to eventually be incorporated into the company's ChatGPT
bot, which launched the wave of excitement about AI when it burst on the
scene in 2022.

 

OpenAI, which is backed by Microsoft, has since introduced numerous tools,
including for coding, making videos, data analysis and creating images.

It said its users would also be able to ask the new search tool follow-up
questions to their original queries.

"Getting answers on the web can take a lot of effort, often requiring
multiple attempts to get relevant results," the company said in its
announcement.

"We believe that by enhancing the conversational capabilities of our models
with real-time information from the web, finding what you’re looking for can
be faster and easier."

 

Analysts have long argued that AI chatbots are the future of search.

That is currently a very lucrative business for Google, which has been
racing to add AI-powered tools of its own.

Shares in its parent company, Alphabet, ended the day down nearly 3%
following the announcement.

 

Other AI companies are also pursuing search products, but Google remains by
far the dominant player, claiming more than 90% of the market globally.

The expansion of AI has raised environmental concerns, however, because of
how much energy the systems use.

 

The changes to how search engines respond to queries - offering
conversational paragraphs instead of directing users to links - have also
raised alarm among news companies, many of which rely on search traffic for
audiences and revenue.

 

OpenAI said it was working with publishers, including the Atlantic and News
Corp, on its new search feature.

"We are committed to a thriving ecosystem of publishers and creators," the
company said.

 

"In addition to launching the SearchGPT prototype, we are also launching a
way for publishers to manage how they appear in SearchGPT, so publishers
have more choices."

The company has previously been sued by for allegedly "stealing" content to
train its systems, including by the New York Times.

 

It has also announced partnerships with some outlets, including the
Associated Press.

OpenAI said media companies could still be featured in their results, even
if they have declined to supply their material to train its model.-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

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

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www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


 (c) 2024 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

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