Major International Business Headlines Brief::: 12 June 2024

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Major International Business Headlines Brief:::  12 June 2024 

 


 


 

	
 


 

 


 

ü  South Africa Took Away Zimbabwe's Share of Cecil John Rhodes' Mining
Rights, Now Evading Meetings to Discuss Issue - NRZ

ü  Nigeria: Despite Tinubu's Promises to Revamp Agriculture, Farmers Say
They Face More Hardship

ü  Rwanda: How Youth-Led Innovations Can Boost Agriculture

ü  Africa: Nigeria Intensifies Bid to Host $5bn Africa's First Energy Bank,
Meets With APPO Countries' Envoys

ü  Nigeria: NUPRC Slashes Signature Bonuses for Oil Blocks to $10m for
Deepwater, $7m for Shallow Water

ü  Nigeria's Advertising Industry Worth N605.2bn in 2023 - PWC Report

ü  Nigeria: Customs Intercepts Truckload of Vandalised Rail Sleepers,
Auctions Seized Petrol

ü  Kenya: Govt Agrees With IMF to Unlock 126.05bn Financing

ü  Nigeria: Dangote Refinery Announces New Date for Petrol Supply

ü  Apple brings ChatGPT to iPhones in AI overhaul

ü  Tesla pay fight tests power of Elon Musk's mystique

ü  Raspberry Pi shares soar on stock market debut

ü  GameStop raises over $2bn after Roaring Kitty rally

ü  Elon Musk unexpectedly drops case against OpenAI

 

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa Took Away Zimbabwe's Share of
Cecil John Rhodes' Mining Rights, Now Evading Meetings to Discuss Issue -
NRZ

The National Railways of Zimbabwe (NRZ) is seeking to claim a share of
mining rights from 1.7 million hectares of land in South Africa taken away
by the neighbouring country.

 

The land in question has become a point of contention as Zimbabwe pushes for
mining rights, citing historical agreements and the need for equitable
distribution of resources among Zimbabwe, Zambia and South Africa.

 

The land was originally designated for shared use between Zimbabwe, Zambia,
and South Africa and was historically linked to Cecil John Rhodes, the
British colonialist and founder of the British South Africa Company (BSAC)
and Rhodesia, now Zimbabwe.

 

 

Rhodes, who played a pivotal role in the colonization of Southern Africa,
had originally set aside this expansive tract of land for joint usage but
over the years, South Africa has maintained control and personalized the
usage of this land, sidelining the other two nations.

 

Each of the three countries was allocated a 33.3 percent share by Cecil John
Rhodes under the Rhodes Trust but Zimbabwe is not benefiting from the mining
activities on the said land.

 

NRZ has been for decades struggling to resuscitate its national railway
system.

 

The NRZ's report underscores the importance of this land in terms of mineral
wealth and economic potential, which could significantly benefit Zimbabwe's
mining sector.

 

The National Railways of Zimbabwe (NRZ) General Manager Respina Zinyanduko
gave oral evidence to a joint Parly portfolio committee on Transport and
Foreign Affairs on Tuesday alleging South Africa was evading talks with
Zimbabwe to resolve the impasse.

 

 

Zinyanduko told the joint committee that Rhodes Trust worth 1.7 million
hectares of mining land meant to benefit the national railway company and
being managed by the Pan-African Mineral Development Company had caused the
Zimbabwe government to approach its ministerial counterparts in SA to get
its share but in vain.

 

"Mining rights jointly owned by Zambia Railways ZR, NRZ and the South
African Railways then on the vast land of 1.7 million hectares have not
benefited us because our mining rights were stripped off.

 

"Resolving the issue with South Africa has reached a snag because SA keeps
on evading meetings. SA has not been forthcoming on the issue that once
brought talks between cabinet ministers of the two countries. SA was
represented by former Energy minister Dikobe Ben Martinsi," Zinyanduko said.

 

The reason for not getting any share according to the NRZ GM from SA
authorities was simply, "Zimbabwe was unduly benefiting from the mining
rights or the Rhodes Trust."

 

The general manager also gave oral evidence on other properties owned
internationally and locally by the NRZ where six houses were sold in
Mafikeng, South Africa.

 

"The last house was sold in January 2003," she told the joint committee.

 

Other properties of the railway company were in Botswana where houses were
sold at a yet-to-be-disclosed disposal value in 1987.

 

She said the United Kingdom has currently 10 properties which are
well-managed and bringing in revenue to the company.

 

NRZ has recorded losses for years and struggled to revamp the organisation
to make profits until the government chipped in with a loan to revamp the
parastatal.

 

The wagons are old and the rail system has been vandalized by thieves.

 

Zinyanduko could not, however, give an estimate on how much the NRZ had lost
over the years in terms of revenue from the unavailable Rhodes Trust
benefits as well as other properties elsewhere.

 

- New Zimbabwe.

 

 

 

 

Nigeria: Despite Tinubu's Promises to Revamp Agriculture, Farmers Say They
Face More Hardship

Mr Tinubu has only spent a quarter of his four-year tenure, but millions of
Nigerians including farmers are already questioning his ability to implement
his agriculture promises.

 

Ahead of this year's planting season, Esonu Udeala borrowed N90,000 to rent
a hectare of land for his orange-fleshed sweet potatoes farm in Abuja. But
he now doubts the venture due to lingering insecurity that has extended to
the Nigerian capital, delayed rainfall and inflation driven by recent
government policies.

 

Mr Udeala described the past year as the most "traumatic" for small-scale
farmers in Nigeria and linked the hardship to the lack of 'realistic
assistance' from the government.

 

 

"Now to plant is a nightmare: (there's) high cost of farm inputs, labour,
transport, everything," the farmer said.

 

Like Mr Udeala, several farmers who spoke with PREMIUM TIMES bemoaned the
condition that they faced over the past year as the agriculture sector
continued to be blighted by policy inconsistencies, insecurity, extreme
weather conditions, inadequate agricultural infrastructure, skyrocketing
input prices and the inefficiency of the agriculture ministry.

 

Promises

 

President Bola Tinubu in his inaugural address promised to create
agricultural hubs across the country as part of efforts to boost food
sufficiency and availability in Nigeria.

 

"Agricultural hubs will be created throughout the nation to increase
production and engage in value-added processing," Mr Tinubu said.

 

 

He said the livestock sector will be introduced to best modern practices and
steps taken to minimise conflicts over land and water resources in this
sector.

 

The president said commodity exchange boards would be created to stabilise
prices for animal products and crops such as cashews, cocoa, sesame, soya,
cassava, yam, rubber, okra, palm kernels, groundnut and okra. This, he said,
would guarantee reliable incomes for farmers.

 

Also, the government would modernise the country's grain reserves and food
storage facilities to curb food wastage, prioritise rural infrastructural
development, build effective irrigation systems, create seamless access to
low-cost loans for farmers, build farm cooperatives and expand arable land
areas through large-scale land clearing, he said.

 

"A nationwide programme for storage and other facilities to reduce spoilage
and waste will be undertaken," Mr Tinubu said.

 

Through these actions, the president said, food would be made more abundant
and affordable while farmers earn more.

 

 

But one year later, Nigerians already worry that the government may not
achieve its targets.

 

PREMIUM TIMES examines how Nigeria's agriculture sector fared under Mr
Tinubu after a year in office.

 

Concerns

 

Less than two months after Mr Tinubu took office last year, he declared a
State of Emergency on food insecurity. The measure was aimed at taming
skyrocketing food prices amid the declining purchasing power of Nigerians
and poor income and climate change effects on food prices.

 

The United Nations World Food Programme (WFP) and Food and Agriculture
Organisation (FAO) predicted that over 25 million Nigerians may face acute
hunger at the peak of the lean season (the period between planting and
harvesting - June-August) of that year.

 

Meanwhile, Nigeria's inflation rate has steadily risen since Mr Tinubu
became president. According to the National Bureau of Statistics (NBS),
inflation rose to 33.69 per cent in April 2024 from 22.41 per cent in May
last year. Food inflation followed a similar trend, climbing to 40.53 per
cent in April 2024 from 24.82 per cent last year in May.

 

Although in recent years, food prices have been on a steady rise across
Nigeria, the situation worsened due to the impact of Mr Tinubu's policies
such as the removal of subsidy on petrol, among others.

 

Last August, Mr Tinubu swore in 45 ministers, including Abubakar Kyari, a
former senator, as Minister of Agriculture and Food Security.

 

Upon assuming office at the ministry, Mr Kyari said he would focus on Mr
Tinubu's main target -- food security in the country. But the minister's
impact is yet to be felt by Nigerians after almost a year of overseeing the
ministry.

 

Farmers are still grappling with the effect of the fuel subsidy removal
which sent transportation costs up. The prices of major farm inputs such as
seeds, fertilisers, pesticides and labour have also risen, adding to
existing challenges for farmers.A review of the NBS data indicated that
despite moves by the government to boost food availability in the country to
force down prices of major staple foods, inflationary pressure has remained.

 

This is evident in the prices of basic food items such as bread, rice,
beans, eggs and other poultry as well as livestock products consumed by
Nigerians. In less than 12 months, the prices of major staple food items and
livestock feed ingredients such as maize and soybeans have more than doubled
from what they were in May last year. This has made the prices of basic
protein such as eggs unaffordable for many.

 

Action Plans

 

Following his declaration of a state of emergency on food security, Mr
Tinubu listed specific steps to be taken by the government. These include
the immediate release of "fertilisers and grains to farmers and households"
and protecting "farms and the farmers so that farmers can return to the
farmlands without fear of attacks."

 

The authorities described the development as short-, medium-- and long-term
strategies towards addressing the challenges of food affordability and
accessibility in the country.

 

 

To kickstart the process, the federal government in August released 100
trucks of grains and 100 trucks of fertilisers to each state government to
mitigate the effects of the removal of petroleum subsidies on Nigerians.

 

The government commenced the distribution of grains across the country to
force down food prices.

 

Additionally, the federal government in November last year flagged off the
National Wheat Development Programme in Jigawa State with the intention to
cultivate 100,000 hectares of wheat during the year's dry season farming
schedule.

 

The agriculture minister and other dignitaries at the time emphasised that
wheat production would help attain the national development objectives of
food security, economic diversification, and empowerment of citizens.

 

Similarly, in November last year, Mr Kyari also flagged off the National
Agricultural Show to address food insecurity, alleviate poverty, create job
opportunities and inclusiveness of youth and women in the agriculture
sector.

 

Within the same period, the minister signed a Memorandum of Understanding
(MoU) with John Deere, an agricultural machinery company, in furtherance of
the ministry's plan to procure 2,000 tractors annually.

 

But despite these interventions, the impacts are not significantly felt
across the country. The purchasing power of consumers continues to fall, as
citizens' income cannot match the skyrocketing costs of food commodities.

 

Views

 

Speaking on the progress and challenges facing Nigeria's agriculture sector
in the past year, the country Director of Sasakawa Africa Association (SAA),
Godwin Atser, said when Mr Tinubu committed to prioritising agriculture, it
was positive news to stakeholders in the agricultural sector.

 

While recognising that efforts are being made in that direction, Mr Atser
argued that more needs to be done.

 

"There is an urgent need to invest in the Extension sector by the government
so that innovations get to farmers. The government does not have to reinvent
the wheel. Some works by (non-governmental) organisations should be scaled
up," he said.

 

Mr Atser urged the agriculture ministry to engage farmer organisations and
relevant Non-Governmental Organisations (NGOs) for support.

 

Azeez Salawu, the founder of Community Action for Food Security (CAFS), said
Nigeria's agriculture sector has shown resilience despite its numerous
challenges.

 

He emphasised that the sector remains a cornerstone of the economy,
providing employment for a significant portion of the population and
contributing to food and nutrition security.

 

He said the sector faced considerable challenges in the past year, and that
the removal of fuel subsidies has further affected the sector by increasing
the cost of inputs and transportation across various value chains.

 

"Amidst rising food inflation, Nigeria can take steps to strengthen its
agriculture sector. Firstly, they start by investing in rural infrastructure
such as roads, storage facilities, and irrigation systems to reduce
post-harvest losses and improve market access for farmers," the food
security expert noted.

 

He urged the government to strengthen agricultural extension services to
provide farmers with up-to-date information on best practices, and
climate-smart agriculture.

 

Additionally, Mr Salawu said, the government should facilitate more
efficient access to markets, including digital platforms, to ensure farmers
receive fair prices for their produce.

 

"Lastly, they should promote the diversification of crops and livestock to
reduce dependency on a few staples and improve overall food security," he
added.

 

Emem Essien, co-founder of Crop2Cash, an agritech company providing digital
financial services to farmers in rural communities, said over the last year,
the agricultural sector has experienced a huge decline in production output,
leading to food inflation.

 

"One of the major factors for this aside from the perennial insecurity
challenges is increase in price of major inputs like fertiliser, crop
protective products, and most importantly, fuel price increment," Mr Essien
said. He added that this affected the cost of production, which prompted
farmers to shift their production costs to consumers.

 

For instance, Mr Essien noted that many farmers in the country who practise
dry season production could not do that because they complained it would be
expensive to irrigate their farms and the venture would not be profitable.

 

"As currently being observed, is the issue of climate unpredictability. The
rains are coming late and still haven't been established. Many farmers are
already complaining of crop failure because we mainly depend on rainfed
agriculture. That means they have lost the seeds and initial investments,"
Mr Essien said.

 

The Crop2Cash official explained that in the face of these challenges,
subsidising output is key to solving the challenge of increased food prices.

 

Although Mr Essien said he is not a fan of subsidies, he said when such
initiatives are applied rightly to solving pressing needs, it can be a
catalyst for growth and development.

 

He said if subsidies for inputs are applied for production, there is a risk
of diversion, and that this would mean unintended beneficiaries getting the
support and side selling without actually producing food.

 

"However, when output is subsidised, you already give people the incentives
to produce with an assured guaranteed purchase price," he added.

 

On climate change, Mr Essien said getting farmers access to solar-powered
water pumps will ensure all-year food production and ultimately drive down
the cost of production.

 

- Premium Times.

 

 

 

 

Nigeria: Despite Tinubu's Promises to Revamp Agriculture, Farmers Say They
Face More Hardship

Mr Tinubu has only spent a quarter of his four-year tenure, but millions of
Nigerians including farmers are already questioning his ability to implement
his agriculture promises.

 

Ahead of this year's planting season, Esonu Udeala borrowed N90,000 to rent
a hectare of land for his orange-fleshed sweet potatoes farm in Abuja. But
he now doubts the venture due to lingering insecurity that has extended to
the Nigerian capital, delayed rainfall and inflation driven by recent
government policies.

 

Mr Udeala described the past year as the most "traumatic" for small-scale
farmers in Nigeria and linked the hardship to the lack of 'realistic
assistance' from the government.

 

 

"Now to plant is a nightmare: (there's) high cost of farm inputs, labour,
transport, everything," the farmer said.

 

Like Mr Udeala, several farmers who spoke with PREMIUM TIMES bemoaned the
condition that they faced over the past year as the agriculture sector
continued to be blighted by policy inconsistencies, insecurity, extreme
weather conditions, inadequate agricultural infrastructure, skyrocketing
input prices and the inefficiency of the agriculture ministry.

 

Promises

 

President Bola Tinubu in his inaugural address promised to create
agricultural hubs across the country as part of efforts to boost food
sufficiency and availability in Nigeria.

 

"Agricultural hubs will be created throughout the nation to increase
production and engage in value-added processing," Mr Tinubu said.

 

 

He said the livestock sector will be introduced to best modern practices and
steps taken to minimise conflicts over land and water resources in this
sector.

 

The president said commodity exchange boards would be created to stabilise
prices for animal products and crops such as cashews, cocoa, sesame, soya,
cassava, yam, rubber, okra, palm kernels, groundnut and okra. This, he said,
would guarantee reliable incomes for farmers.

 

Also, the government would modernise the country's grain reserves and food
storage facilities to curb food wastage, prioritise rural infrastructural
development, build effective irrigation systems, create seamless access to
low-cost loans for farmers, build farm cooperatives and expand arable land
areas through large-scale land clearing, he said.

 

"A nationwide programme for storage and other facilities to reduce spoilage
and waste will be undertaken," Mr Tinubu said.

 

Through these actions, the president said, food would be made more abundant
and affordable while farmers earn more.

 

 

But one year later, Nigerians already worry that the government may not
achieve its targets.

 

PREMIUM TIMES examines how Nigeria's agriculture sector fared under Mr
Tinubu after a year in office.

 

Concerns

 

Less than two months after Mr Tinubu took office last year, he declared a
State of Emergency on food insecurity. The measure was aimed at taming
skyrocketing food prices amid the declining purchasing power of Nigerians
and poor income and climate change effects on food prices.

 

The United Nations World Food Programme (WFP) and Food and Agriculture
Organisation (FAO) predicted that over 25 million Nigerians may face acute
hunger at the peak of the lean season (the period between planting and
harvesting - June-August) of that year.

 

Meanwhile, Nigeria's inflation rate has steadily risen since Mr Tinubu
became president. According to the National Bureau of Statistics (NBS),
inflation rose to 33.69 per cent in April 2024 from 22.41 per cent in May
last year. Food inflation followed a similar trend, climbing to 40.53 per
cent in April 2024 from 24.82 per cent last year in May.

 

Although in recent years, food prices have been on a steady rise across
Nigeria, the situation worsened due to the impact of Mr Tinubu's policies
such as the removal of subsidy on petrol, among others.

 

Last August, Mr Tinubu swore in 45 ministers, including Abubakar Kyari, a
former senator, as Minister of Agriculture and Food Security.

 

Upon assuming office at the ministry, Mr Kyari said he would focus on Mr
Tinubu's main target -- food security in the country. But the minister's
impact is yet to be felt by Nigerians after almost a year of overseeing the
ministry.

 

Farmers are still grappling with the effect of the fuel subsidy removal
which sent transportation costs up. The prices of major farm inputs such as
seeds, fertilisers, pesticides and labour have also risen, adding to
existing challenges for farmers.A review of the NBS data indicated that
despite moves by the government to boost food availability in the country to
force down prices of major staple foods, inflationary pressure has remained.

 

This is evident in the prices of basic food items such as bread, rice,
beans, eggs and other poultry as well as livestock products consumed by
Nigerians. In less than 12 months, the prices of major staple food items and
livestock feed ingredients such as maize and soybeans have more than doubled
from what they were in May last year. This has made the prices of basic
protein such as eggs unaffordable for many.

 

Action Plans

 

Following his declaration of a state of emergency on food security, Mr
Tinubu listed specific steps to be taken by the government. These include
the immediate release of "fertilisers and grains to farmers and households"
and protecting "farms and the farmers so that farmers can return to the
farmlands without fear of attacks."

 

The authorities described the development as short-, medium-- and long-term
strategies towards addressing the challenges of food affordability and
accessibility in the country.

 

 

To kickstart the process, the federal government in August released 100
trucks of grains and 100 trucks of fertilisers to each state government to
mitigate the effects of the removal of petroleum subsidies on Nigerians.

 

The government commenced the distribution of grains across the country to
force down food prices.

 

Additionally, the federal government in November last year flagged off the
National Wheat Development Programme in Jigawa State with the intention to
cultivate 100,000 hectares of wheat during the year's dry season farming
schedule.

 

The agriculture minister and other dignitaries at the time emphasised that
wheat production would help attain the national development objectives of
food security, economic diversification, and empowerment of citizens.

 

Similarly, in November last year, Mr Kyari also flagged off the National
Agricultural Show to address food insecurity, alleviate poverty, create job
opportunities and inclusiveness of youth and women in the agriculture
sector.

 

Within the same period, the minister signed a Memorandum of Understanding
(MoU) with John Deere, an agricultural machinery company, in furtherance of
the ministry's plan to procure 2,000 tractors annually.

 

But despite these interventions, the impacts are not significantly felt
across the country. The purchasing power of consumers continues to fall, as
citizens' income cannot match the skyrocketing costs of food commodities.

 

Views

 

Speaking on the progress and challenges facing Nigeria's agriculture sector
in the past year, the country Director of Sasakawa Africa Association (SAA),
Godwin Atser, said when Mr Tinubu committed to prioritising agriculture, it
was positive news to stakeholders in the agricultural sector.

 

While recognising that efforts are being made in that direction, Mr Atser
argued that more needs to be done.

 

"There is an urgent need to invest in the Extension sector by the government
so that innovations get to farmers. The government does not have to reinvent
the wheel. Some works by (non-governmental) organisations should be scaled
up," he said.

 

Mr Atser urged the agriculture ministry to engage farmer organisations and
relevant Non-Governmental Organisations (NGOs) for support.

 

Azeez Salawu, the founder of Community Action for Food Security (CAFS), said
Nigeria's agriculture sector has shown resilience despite its numerous
challenges.

 

He emphasised that the sector remains a cornerstone of the economy,
providing employment for a significant portion of the population and
contributing to food and nutrition security.

 

He said the sector faced considerable challenges in the past year, and that
the removal of fuel subsidies has further affected the sector by increasing
the cost of inputs and transportation across various value chains.

 

"Amidst rising food inflation, Nigeria can take steps to strengthen its
agriculture sector. Firstly, they start by investing in rural infrastructure
such as roads, storage facilities, and irrigation systems to reduce
post-harvest losses and improve market access for farmers," the food
security expert noted.

 

He urged the government to strengthen agricultural extension services to
provide farmers with up-to-date information on best practices, and
climate-smart agriculture.

 

Additionally, Mr Salawu said, the government should facilitate more
efficient access to markets, including digital platforms, to ensure farmers
receive fair prices for their produce.

 

"Lastly, they should promote the diversification of crops and livestock to
reduce dependency on a few staples and improve overall food security," he
added.

 

Emem Essien, co-founder of Crop2Cash, an agritech company providing digital
financial services to farmers in rural communities, said over the last year,
the agricultural sector has experienced a huge decline in production output,
leading to food inflation.

 

"One of the major factors for this aside from the perennial insecurity
challenges is increase in price of major inputs like fertiliser, crop
protective products, and most importantly, fuel price increment," Mr Essien
said. He added that this affected the cost of production, which prompted
farmers to shift their production costs to consumers.

 

For instance, Mr Essien noted that many farmers in the country who practise
dry season production could not do that because they complained it would be
expensive to irrigate their farms and the venture would not be profitable.

 

"As currently being observed, is the issue of climate unpredictability. The
rains are coming late and still haven't been established. Many farmers are
already complaining of crop failure because we mainly depend on rainfed
agriculture. That means they have lost the seeds and initial investments,"
Mr Essien said.

 

The Crop2Cash official explained that in the face of these challenges,
subsidising output is key to solving the challenge of increased food prices.

 

Although Mr Essien said he is not a fan of subsidies, he said when such
initiatives are applied rightly to solving pressing needs, it can be a
catalyst for growth and development.

 

He said if subsidies for inputs are applied for production, there is a risk
of diversion, and that this would mean unintended beneficiaries getting the
support and side selling without actually producing food.

 

"However, when output is subsidised, you already give people the incentives
to produce with an assured guaranteed purchase price," he added.

 

On climate change, Mr Essien said getting farmers access to solar-powered
water pumps will ensure all-year food production and ultimately drive down
the cost of production.

 

- Premium Times.

 

 

 

Rwanda: How Youth-Led Innovations Can Boost Agriculture

Realizing that post-harvest losses were high among horticulture farmers,
Samantha Ainembabazi and her colleagues thought of a solution to the problem
through nanotechnology.

 

Under their Uganda-based firm, Freza Nanotech, their innovative solution
consists of a formulation - and sachets - that inhibits key enzymes
responsible for fruit deterioration, enabling fruits and vegetables to stay
fresh for up to 31 days without refrigeration, according to information from
the firm.

 

"At Freza we use nanotechnology, so we are merging technology with
agriculture; we are more into fruits and vegetable preservation," said
Samantha Ainembabazi, Freza Nanotech co-founder and Chief Operating Officer,
adding that the technology works by slowing down the process of ripening.

 

Ainembabazi, 23, made the observations as she spoke to journalists, at the
inaugural Agriculture, Youth and Technology (AYuTe) Africa Conference themed
'Reimagining Africa's Agriculture in the Next 50 Years," which was held in
Kigali, Rwanda, on June 11.

 

She was among young African agritech innovators who convened for the
conference, which was organised by Heifer International, a global nonprofit
working to end hunger and poverty through sustainable agriculture.

 

The meeting intended to explore the potential of Africa's youth and
innovation to transform agriculture for sustainable food systems.

 

 

The innovators at the event also included Afri-Farmers Market, a
Kigali-based social enterprise that aims to address challenges faced by
smallholder farmers across Sub-Saharan Africa.

 

It uses its e-commerce platform that empowers rural and smallholder farmers
by providing them with a stable market for their agricultural produce among
urban consumers.

 

Norman Mugisha, founder of Afri-Farmers Market, said the e-commerce platform
addresses market uncertainty for the farmer, which is a major challenge.

 

"We want that a farmer grows crops being ensured of the market, and the
consumer gets food delivered to him/her without struggling," Mugisha said,
indicating that through the platform, the firm knows when the farmers with
which it signed contracts will harvest their crops such as tomatoes, onions
or carrots.

 

The firm, he said, buys produce from farmers, stores it in its cold rooms or
collection centres in Kigali, and then deliver it to clients including
hotels, restaurants, and schools that order food from its e-commerce
platform.

 

 

Agri opportunities awaiting youth through leveraging tech

 

The Minister of State for Agriculture and Animal Resources, Eric Rwigamba,
said agriculture faces challenges including soils that are not properly
taken care of, issues with seeds, inadequate access to fertilisers,
agriculture being dominated by old people who did not go to school, those
who are hopeless, and those who have nothing else to do.

 

Climate change effects including destruction of crops, post-harvest losses
that vary depending on value chains, are also a problem, Rwigamba observed,
pointing out "in some value chains and some countries, post-harvest losses
can go up to 40 per cent and 50 per cent."

 

Also, he said that access to market is a big challenge [for some farmers],
citing cases where vegetables and fruits go bad as a result, in some
countries.

 

For him, such challenges present huge opportunities for the young people
through leveraging technology.

 

ALSO READ: Africa bets on agriculture to halt risky youth migration

 

Rwigamba also underscored the need to change the narrative from agriculture
that is subsistence in nature, that is depending on nature and prayers, and
left to those who are helpless, "to agriculture that is in the hands of
young people, educated, learned and well facilitated."

 

"When youth meet technology to take forward agriculture and transform it,
that's a time we are going to stop seeing our young people dying in oceans
trying to look for greener pastures. That's a time we are going to find
rebel groups not able to recruit anymore young people into hopeless civil
wars," he said

 

"That's a time when we are going to end hunger. That's a time when we are
going to use technology to increase production and productivity," he added,
indicating that it is in the hands of the youth to leverage on technology to
find solutions to climate change challenges [such as through tech-based
irrigation], and link farmers to markets.

 

ALSO READ: Is Africa's quest to attract 30% of the youth to agriculture
achievable?

 

Surita Sandosham, the President and CEO of Heifer International told the
young innovators "the millions of smallholder farmers in the continent need
your innovations. And as you continue this exciting journey of transforming
agriculture, Heifer International is here to support you. Through
initiatives such as the AYuTe, we will work with you to leverage the needed
resources and capacity to become the architects of change that you want to
be for your communities."

 

- New Times.

 

 

 

Africa: Nigeria Intensifies Bid to Host $5bn Africa's First Energy Bank,
Meets With APPO Countries' Envoys

The federal government last night went a step further in its bid for
Africa's first energy bank, meeting with envoys of members of the Africa
Petroleum Producers Organisation (APPO) to convince them on why the facility
should be located in Africa's biggest oil producer.

 

The idea of the bank was floated to ensure long-term energy efficiency and
security for Africa, following the hesitation of the West to continue to
invest in fossil fuels on the continent.

 

Speaking at a dinner in Abuja, the Minister of State Petroleum Resources
(Oil), Senator Heineken Lokpobiri, noted that establishing the Africa Energy
Bank (AEB) represents a bold and strategic move towards ensuring energy
security, fostering economic growth, and promoting sustainable development
across Africa.

 

 

He argued that Nigeria's bid to host the headquarters of the pivotal
institution was a testament to its unwavering commitment to these goals,
maintaining that over the past months, the Ministry of Petroleum Resources
had worked tirelessly to prepare for the moment.

 

"We have achieved significant milestones, including a comprehensive
assessment by the APPO Afrexim-Bank inspection team. Their positive
evaluation underscores Nigeria's readiness and capability to host the AEB.

 

"However, the journey does not end here. To secure the hosting rights, we
need the collective support of all APPO Member Countries. Our competitors
have intensified their efforts by appointing Special Envoys to lobby for
their bids.

 

"In response, we are appealing to each of you to recognise the advantages of
situating the AEB headquarters in Nigeria. Nigeria offers a strategic
geographical location, robust infrastructure, and a dynamic energy sector,"
he stated.

 

Nigeria, he said, is committed to fostering a collaborative environment that
will enable the AEB to thrive and achieve its mandate effectively,
explaining that the dinner was not just a gathering, but a call to action.

 

Also speaking, the Permanent Secretary, Ministry of Petroleum Resources,
Nicholas Ella, stated that Nigeria's strategic location at the crossroads of
West Africa renders Abuja offers an unrivalled nexus of connectivity and
accessibility.

 

With its extensive network of transportation infrastructure and logistical
capabilities, Ella said that Abuja offers a strategic gateway to the entire
African continent, providing the bank with unparalleled access to key energy
markets, stakeholders, and decision-makers across Africa.

 

 

"By selecting Abuja as its host city, the Africa Energy Bank can serve as a
linchpin of connectivity, fostering collaboration and catalysing progress on
a continental scale. Nigeria's rich endowment of oil, gas, and renewable
energy resources present an unparalleled opportunity for the Africa Energy
Bank to harness the continent's vast energy potential and drive sustainable
development," he added.

 

Furthermore, he said that Nigeria's burgeoning renewable energy sector,
characterised by abundant solar and wind resources, holds immense promise
for powering Africa's future.

 

With huge oil and gas reserves, he stated that Nigeria seeks to leverage its
energy wealth to catalyse innovation, investment, and economic
diversification across the continent, ensuring energy security and
resilience for generations to come.

 

By hosting the bank, he noted that Nigeria reaffirms its steadfast
dedication to advancing the principles of cooperation, inclusivity, and
shared prosperity among African nations.

 

He said that Nigeria's proactive approach to regulatory reform has
positioned the country as a paragon of stability and transparency within the
global energy landscape.

 

In his remarks, the Permanent Secretary, Ministry of Foreign Affairs, Adamu
Lamuwa, represented by Ben Okorie, described the event as a matter of
extraordinary significance, explaining that the gravity of the decision
cannot be overstated.

 

"It holds the power to shape the trajectory of energy cooperation and
development across Africa for generations to come," he stressed.

 

As Africa embarks on the transformative journey together, guided by the
principles of cooperation, inclusivity, and sustainability, he expressed
confidence at its collective ability to realise a future of prosperity and
progress for all Africans.

 

Among some of the reasons Nigeria marshalled for being the most suitable, in
a brief at the event, was that Nigeria's banks had continued to make giant
strides across the continent, stressing that cooperation with AEB will help
unlock the needed financing.

 

"Nigeria stands as Africa's leading oil producer and ranks as the
ninth-largest oil exporter globally. Nigeria holds Africa's largest natural
gas reserves and ranks ninth globally, boasting proven reserves of 200
trillion cubic feet and gas production capacity standing at 8.5 billion
cubic feet per day.

 

"Nigeria commits to providing the needed privileges and immunities as well
as other guarantees needed to operate the Treaty and the Bank. Nigeria's
robust energy sector provides a solid foundation for the AEB initiative,
offering a conducive environment for addressing its financing needs.

 

"Hosting the bank in Nigeria ensures proximity to key energy technocrats and
experts, which is essential for formulating and implementing effective
solutions to Africa's energy challenges," the country argued.

 

The bank's share capital is expected to be $5billion to be subscribed over
three years with an initial capital of $ 1.5 billion reserved for APPO
member countries. Afrexim Bank has been supporting APPO to establish the
Bank and has approved an investment of $1.75 billion for the bank.

 

The AEB will finance hydrocarbon, oil, and gas infrastructure and
developments across the energy streams and target shareholders shall be
African governments, national oil companies, sovereign wealth funds, private
and public sector institutional investors, and international partners like
the Middle East and Asia.

 

- This Day.

 

 

 

 

Nigeria: NUPRC Slashes Signature Bonuses for Oil Blocks to $10m for
Deepwater, $7m for Shallow Water

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has cut the
bonuses payable by awardees in the 2022 and 2024 bid rounds to a maximum of
$10 million for deepwater assets and $7 million for shallow water and
onshore assets.

 

This followed the approval of its request for reduction of signature bonuses
for oil blocks by President Bola Tinubu, who also doubles as the minister of
petroleum.

 

The Assistant Director, Multiclient Surveys/Regional Studies, NUPRC, Mr.
Ahmad Abdullahi, disclosed this yesterday in Lagos at the Pre-bid Conference
for 2024 Oil Licensing Round.

 

 

He spoke just the Chief Executive Officer of the Commission, Mr. Gbenga
Komolafe revealed that the commission has added more blocks to the 12 that
are being auctioned, saying the number and details of the new blocks would
be posted on the designated bid exercise portal later.

 

Komolafe also countered the recent claim by global Chief Executive Officer
of TotalEnergies, Patrick Pouyanne that there was lack of talents in
Nigeria, saying if there were no talents in the country, the French company
and other International Oil Companies (IOCs) operating in the country would
not be making profits as shown by their records.

 

Pouyanne had while speaking at the Africa Annual CEO Summit in Kigali,
Rwanda, in May, asserted that Nigerians generally love to debate without
having productive conclusions, saying those who take decisions on behalf of
the Nigerian government should learn to agree on consistent frameworks for
operations.

 

However, Komolafe revealed that the commission, in partnership with its
multi-client partners, had acquired more geological data resulting in the
identification of more prospective blocks.

 

 

He said the newly identified blocks would be added to the pool of blocks
originally scheduled for the bid exercise, and that their details would be
made available on the bid round portal.

 

"In addition to these blocks, the seven deep offshore blocks from the 2022
Mini-Bid Round Exercise which cover an area of approximately 6,700 km2 in
water depths of 1,150m to 3,100m shall also be concluded along with this
Licensing round.

 

"To ensure the seamlessness of the Licensing Round exercise, the NUPRC, in
collaboration with our National Data Repository and multi-client partners,
guarantee access to comprehensive and high-quality geological data,
facilitating informed decision-making and strategic investments", he stated.

 

He assured industry players and investors present at the conference that the
licencing round was expected to be a huge success for Nigeria and a big step
towards growing the nation's oil and gas reserves.

 

 

He noted that this would be done through aggressive exploration and
development efforts, boosting production, expanding opportunities for gas
utilisation and end to end development across the value chain.

 

Additionally, he said the exercise was targeted at strengthening Nigeria's
energy security and economy, providing occasion to gainfully engage the pool
of competent companies in the oil and gas sector with multiplier effect in
employment opportunities, enabling transfer of technology, value
optimisation from the petroleum assets and attracting investments.

 

On the global scale, he said the licensing round would be beneficial to all
stakeholders and would in the long run contribute to long-term global energy
sufficiency.

 

Komolafe explained: "The oil and gas industry in Nigeria has embraced the
reality of energy transition and is taking strategic position to leverage on
the opportunities presented by the unfolding era.

 

"However, it is worthy to recognise that recent events around the globe
indicate that fossil fuels will continue to be a core part of the global
energy mix well into the future, even beyond the set 2050 targets for
achieving net-zero carbon emission."

 

The Commission Chief Executive mentioned that a review of Welligence Energy
Analytics reports on licensing round across the globe including Brazil,
Guyana, Angola, Middle East, North Africa, SouthEast Asia among others
revealed that the era of huge front-loaded signature bonuses was over.

 

Accordingly, he said the government has proactively and intuitively vacated
barriers to entry for investment in exploration blocks being offered, in
both the 2022 deep offshore bid round and the 2024 licencing round, in line
with international best practices.

 

He said the 2024 Block Licensing Round was scheduled to last for
approximately nine months, urging all interested parties to visit the
dedicated NUPRC portal for bidding information

 

Komolafe assured that the 2024 Block Licencing Round was not merely a
transactional opportunity but a testament to Nigeria's commitment to
advancing a resilient and sustainable Industry.

 

He also revealed that some persons from certain quarters were writing
petitions against him and the commission and calling for their probe for
trying to reduce the signature bonus on oil blocks.

 

"Some quarters are already saying: 'probe the NUPRC, probe the CCE, they are
trying to give our blocks free of charge to themselves.' People are already
writing petitions against the CCE, that how could the CCE or the commission
be reducing the signature bonus?" he said.

 

He said NUPRC enjoys the support of the president who he described as a
business enabler who had told the world that Nigeria was ready for business,
noting that reforms and incentives introduced by the government would help
attract investments into the oil and gas industry.

 

Komolafe explained that the decision to reduce the signature bonus was s
driven by data, having seen what other countries have done.

 

According to him, Brazil alone dropped signature bonus by almost 90 per cent
just to attract investments, adding that in 2023, the country's signature
bonus was as high as $690 million, but has dropped to about $43 million.

 

He explained, "So, if for us as Nigeria, we still remain signature bonus at
about $100 million and all that, and particularly, that is what is
responsible for the fact that people use their political minds and financial
muscles to get awards and they get the awards and they don't do anything
with it, they keep hawking it.

 

"So, we have moved courageously from that era, and now, we want to do
business as it is supposed to be done properly. So, what we are trying to do
is to move in tandem with the global order, the best practices, so that we
get better result.

 

"Of course, you are all aware that Mr. President recently introduced
incentives, a number of measures to attract more investments into the
sector."

 

He admitted that there were still some teething problems in the sector, but
that the authorities were rising up to the responsibility to address the
problems.

 

- This Day.

 

 

 

 

Nigeria's Advertising Industry Worth N605.2bn in 2023 - PWC Report

A new PwC's report has revealed that the Nigerian advertising industry
(marketing communication) recorded an estimated spending of N605.2 billion
in 2023, with a projection to hit N893 billion by 2028.

 

The report, which was titled, "Economic Contribution of the Marketing
Communications Industry to the Nigerian Economy," also revealed that every
N1 spent on marketing communication in Nigeria has a Gross Domestic Product
(GDP) multiplier effect of N16.50 kobo.

 

According to the report, "the total expenditure on marketing communications
reached an impressive N605.2 billion in 2023, having grown at a remarkable
compound annual growth rate (CAGR) of 18.7 per cent over the past six years,
from N216 billion in 2018.

 

 

"This trajectory is projected to continue, with spending expected to reach
N893 billion by 2028, contributing a significant 1.08 per cent to Nigeria's
GDP, up from 0.7 per cent in 2023."

 

The report, which was commissioned by the Advertising Regulatory Council of
Nigeria (ARCON) and funded by various associations in the industry, was
carried out by PricewaterhouseCoopers (PwC) and presented to stakeholders
yesterday, during a media briefing in Lagos.

 

The associations included the Experiential Marketers Association of Nigeria
(EXMAN), the Association of Advertising Agencies of Nigeria (AAAN), the
Outdoor Advertising Agencies of Nigeria (OAAN), the Media Independent
Practitioners Association of Nigeria (MIPAN) and the Broadcasting
Organisation of Nigeria, (BON).

 

Speaking at the presentation of the report, the ARCON Director General, Dr.
Olalekan Fadolapo, expressed optimism about the industry's recent strides,
including the launch of an audience measurement initiative last week.

 

 

Fadolapo, in his remarks during the media briefing, strongly emphasised the
need to quantify the industry's size and impact as an economic enabler.

 

He said: "We cannot continue to guesstimate the size of the industry. This
report lays the foundation for us to assess the advertising space and its
multiplier effect on the economy every year going forward."

 

He added that findings of the report underscored the industry's paramount
role as a catalyst for consumer demand, business expansion, employment and
innovation across various sectors of the Nigerian economy.

 

Fadolapo, said as part of steps that ARCON has undertaken to advance the
growth of the industry, which included the Audience Measurement and the GDP
Multiplier effect report, the apex regulatory body is also set to hold an
event on the audacious rebrand "Nigeria Project" amongst others that stemmed
from the resolutions contained in the communique of the National Advertising
Conference (NCF) in 2022.

 

 

The Chairman of the NCF, Mr. Tunji Adeyinka, explained that the 2022
conference highlighted a gap in understanding the industry's contribution to
the country's GDP contribution, which prompted the decision to engage the
PwC for a credible assessment.

 

Adeyinka, added that the report examined the advertising industry's direct
monetary contribution to the GDP and its multiplier effect, which is the
amplified impact of advertising investment on overall economic output.

 

In his presentation, the Chairman of the Multiplier Study Committee, Dr.
Femi Adelusi, revealed the profound impact of Nigeria's marketing
communications industry on the nation's economic growth.

 

Adelusi said: "The marketing communications sector has emerged as a
formidable economic powerhouse. The study estimates that for every N1 spent
on marketing communications in Nigeria, the nation's GDP increases by a
staggering N16.5 - a multiplier effect that highlights the industry's
substantial value contribution."

 

Dissecting the industry's segments, Adelusi revealed that the top three
contributors to marketing communication spending in Nigeria between 2018 and
2023 were cable TV (25.5 per cent), digital media (18.5 per cent), and
creative & content production (13.4 per cent).

 

He said, "the proliferation of cable TV, driven by its diverse content
offerings and affordable package options, has captivated a wide consumer
base.

 

"Additionally, the surge in digital media spend, fueled by increased
internet and mobile penetration, as well as the rise of social media and
video-on-demand platforms, has reshaped the marketing landscape."

 

The study also highlighted the growing influence of creative and content
production, which recorded a CAGR of 15.8 per cent between 2018 and 2023,
driven by the popularity of smartphones, social media engagement, and the
appeal of real-time online content.

 

"The investment by video-on-demand platforms like Netflix and Amazon Prime
in Nigerian productions, particularly in the thriving Nollywood industry,
has further bolstered this segment," he added.

 

While acknowledging challenges such as economic pressures, regulatory
reforms, and competition from global players, the study underscored the
industry's strengths, including rising digital trends, opportunities for
local and international partnerships, the ability to leverage technological
innovations like AI and big data analytics, Nigeria's large and culturally
diverse market, and the potential for innovative, locally-tailored marketing
approaches.

 

The report also contained key recommendations that would accelerate the
industry's growth and development, which included creating specific,
measurable goals for the sector's GDP contribution, establishing a Joint
Industry Body (JIB) for operational coordination among broadcasters,
agencies, and advertisers, as well as encouraging strategic alliances among
industry players.

 

Other recommendations included embracing a "global" approach that combined
international best practices with local initiatives, and utilising analytics
tools to track spending patterns and consumer behavior meticulously.

 

"The marketing communications industry is an economic force that deserves
recognition and support. By implementing these recommendations, we can
unlock the industry's full potential, drive sustainable growth, foster job
creation, and cement Nigeria's position as a leading marketing
communications hub in Africa and beyond," the report said.

 

Industry stakeholders have variously praised the study, hailing it as a move
in the right direction.

 

Among the industry leaders that were present during the media briefing were
the President, EXMAN, Mrs. Tolulope Medebem; Vice President of MIPAN, Mrs.
Brenda Nwagwu; President of AAAN, Mr. Steve Babaeko; Mr. Kenny Ogungbe of
the BON and the President, OAAN, Mr. Sola Akinsiuku.

 

- This Day.

 

 

 

 

Nigeria: Customs Intercepts Truckload of Vandalised Rail Sleepers, Auctions
Seized Petrol

The Sokoto area command of the Nigeria Customs Service (NCS) has intercepted
a truck conveying a 20-feet container laden with vandalised railway tracks
along with three suspects on the Kajiji-Kebbi road.

 

Addressing newsmen on Monday, the Area Controller, Kamal Muhammed, said that
on June 8, 2024, operatives of the command clamped down on a notorious
cartel that specialised in vandalisation of railway tracks.

 

He said, "A truck conveying a 20-feet container laden with vandalised
railway tracks along with three suspects were intercepted by the command's
monitoring team on the Kajiji-Kebbi road."

 

He further said that the suspects could not tender evidence of allocation
from the Federal Ministry of Transport.

 

The controller made the revelation while auctioning 11,270 litres of seized
petrol, noting that maritime and cross-border smuggling of PMS had a
negative impact on the overall supply chain of the product in addition to
the possibility of funding of criminal activities with the proceeds.

 

- Daily Trust.

 

 

 

Kenya: Govt Agrees With IMF to Unlock 126.05bn Financing

Nairobi — The government has reached a staff-level agreement with the
International Monetary Fund (IMF), which intends to pave the way for the
disbursement of $976 million (Sh126.05 billion).

 

According to the IMF, the agreement will be part of a comprehensive policy
package needed to complete the seventh review of Kenya's economic program
under the Anti-Money Laundering and Countering the Financing of Terrorism
EFF/ECF arrangements.

 

"If approved by the IMF's Executive Board, the total remaining access will
be adjusted to 135.55 percent of quota (SDR735.77 million, about US$976
million) which will also include a proposed recalibration of 21.67 percent
of quota in access (SDR117.6 million, about US$156 million) toward the
zero-interest concessional resources under the ECF arrangement," revealed
Haimanot Teferra, the IMF country's representative.

 

 

The deal will also include a second review of the Resilience and
Sustainability Facility (RSF) arrangement, which provides affordable
long-term financing to countries undertaking reforms to reduce risks to
prospective balance of payments stability, including risks related to
pandemic preparedness and climate change.

 

The policy package seeks to preserve debt sustainability and price stability
to help Kenya manage its fiscal risks as well as address financial sector
vulnerabilities to support inclusive and resilient economic growth.

 

The IMF stated that the approval of the second review of the Resilience and
Sustainability Facility will give the government access to an immediate
disbursement of $120 million, approved on July 17, 2023.

 

 

"The IMF team and the Kenyan authorities have reached a staff-level
agreement on a comprehensive policy package needed to complete the seventh
review of Kenya's economic program under the EFF/ECF arrangements and the
second review of the RSF arrangement, "added Teferra, the IMF country's
representative.

 

The fund commended Kenya's economic growth, which recovered last year, with
the nation's GDP growing by 5.6 percent on the backbone of a strong recovery
in the agriculture sector following the return of rains after the severe
droughts witnessed in previous years.

 

However, following the destruction of infrastructure caused by the recent
floods and core inflation, the country has experienced strained resources,
highlighting the urgent need for comprehensive financial resources.

 

Additionally, a shortfall in tax revenue collection and deterioration in the
primary fiscal balance in FY2023/24 relative to IMF program targets have
pushed the government to consider fiscal consolidation by introducing
several tax measures in the proposed 2024 Finance Bill.

 

The bill seeks to generate more revenue following pressure on the nation's
public debt, which has now hit Sh. 11.1 trillion.

 

- Capital FM.

 

 

 

Nigeria: Dangote Refinery Announces New Date for Petrol Supply

The Dangote Petroleum Refinery and Petrochemicals has announced that the
supply date for Premium Motor Spirit (PMS) has been moved from June to
mid-July.

 

The President and chief executive officer (CEO) of the Refinery, Aliko
Dangote, attributed the postponement to a slight delay but assured the
public that by the second to third week of July, petrol from the Refinery
would be in the market.

 

Dangote disclosed this while receiving a Senate delegation led by the Senate
President, Godswill Akpabio, on a tour of the $20 billion facility in Lagos
on Sunday.

 

He said, "We had a bit of delay but PMS will start coming out by 10th, 15th
of July but then we want to keep in the tank to make it to settle. By third
week of July, we will be able to sell it in the market."

 

Akpabio, who referred to the refinery as the 9th wonder of the world,
applauded Dangote on the refinery project.

 

The refinery sited in Lagos commenced operations last December with 350,000
barrels-a-day capacity. The refinery has also begun the supply of diesel and
aviation fuel to marketers in the country.

 

Oil marketers were optimistic that the price of petrol by the Dangote
Refinery should significantly be lower than the current retail prices of the
imported refined product which range from N568 to N700 depending on the part
of the country.

 

- Leadership.

 

 

 

 

 

 

Elon Musk unexpectedly drops case against OpenAI

Elon Musk's lawyers have asked a California court to dismiss the case
without providing a reason

Elon Musk has unexpectedly asked a California court to withdraw a legal case
against OpenAI and its boss Sam Altman, which accused them of abandoning the
firm's founding mission of developing artificial intelligence (AI) for
humanity's benefit.

 

The filing submitted by the multi-billionaire's lawyers asked for the
months-old case to be dropped without offering any reason for the move.

It came just a day before the court was expected to hear the
ChatGPT-developer's bid to have the case dismissed.

BBC News has contacted Mr Musk's lawyer and OpenAI for comment.

The latest filing asked for the case's dismissal "without prejudice",
meaning Mr Musk could still reactivate it at a later stage.

The Tesla boss filed the lawsuit against OpenAI at the end of February this
year, arguing the company he had helped found in 2015 had deviated from its
altruistic goals to focus on making money.

Elon Musk sues OpenAI over Microsoft links

ChatGPT-maker OpenAI hits back at Musk criticism

OpenAI countered that Mr Musk had previously backed the idea of a for-profit
structure and even suggested a merger with his electric car firm Tesla.

The feud intensified earlier this week after Apple unveiled a partnership
with OpenAI to boost its Siri voice assistant and operating systems with
OpenAI's ChatGPT chatbot.

After the announcement, Mr Musk posted several messages on his social media
platform X, formerly known as Twitter, criticising the tie-up.

One of the posts ended with the words: "Apple has no clue what’s actually
going on once they hand your data over to OpenAI. They’re selling you down
the river."

However, investors seemed to welcome the news, as Apple's stock market value
rose to a record high above $3tn.

Mr Musk started his own AI company, called xAI, in July 2023, which he said
would aim to "understand reality".

In November that year, xAI launched Grok, a chatbot with "a little humour",
in a bid to rival the likes of ChatGPT.-BBC

 

 

 

GameStop raises over $2bn after Roaring Kitty rally

The firm said it had sold all 75 million shares it had offered to investors

US video game retailer GameStop says it has raised more than $2bn (£1.57bn)
in its second share sale in a month after a rally led by the investment
influencer Keith Gill, known as Roaring Kitty.

 

The announcement comes just days after Mr Gill's first YouTube livestream in
three years.

The company's shares jumped by almost 23% on Tuesday and have doubled in the
last six months.

GameStop's popularity among retail investors during the pandemic helped coin
the idea of meme stocks - those that gain popularity through sites like
Reddit.

Stocks that often became popular were ones that had been heavily bet against
by professional investors, such as hedge funds.

As a result some of these shares saw their prices rise and fall sharply in
hugely volatile trade.

In an announcement to the New York Stock Exchange on Tuesday, the company
said it had sold all 75 million shares it had offered to investors, raising
$2.137bn.

Over the last month, the firm has raised a total of more than $3bn through
share sales as its stock market value jumped.

That includes $933.4m GameStop raised by selling 45 million shares last
month.

Shares in the firm earlier this month after a screenshot was shared on 2
June by a Reddit account tied to Mr Gill, claiming he owned 5 million
GameStop shares - a holding worth more than $100m.

Mr Gill became famous in 2021 for inspiring an army of online investors to
back GameStop.

It led to an unexpected surge in the struggling firm's shares, creating a
financial squeeze on professional Wall Street firms that had bet against the
retailer.

A post from that year showed Mr Gill held about 200,000 shares, worth
$30.9m.

Other so-called meme stocks, including cinema chain AMC and technology firm
Blackberry, also saw their shares prices jump during the pandemic.

GameStop is currently trading at around $30 a share, well below the record
high of $48 they reached earlier in June.-BBC

 

 

 

 

Raspberry Pi shares soar on stock market debut

Shares in computer firm Raspberry Pi soared as much as 40% after they began
trading on the London Stock Exchange.

The Cambridge-based business is known for creating affordable credit
card-sized computers designed to boost coding skills among children.

Shares hit 392p in early trading on Tuesday, above the initial public
offering (IPO) price of 280p.

Raspberry Pi chief executive Eben Upton said: "The reaction that we have
received is a reflection of the world-class team that we have assembled."

He said it was also because of "the strength of the loyal community with
whom we have grown."

Mr Upton founded the business in 2008 and the first product was released in
2012.

It has since sold more than 60 million of its single-board computers alone.

Eben Upton in an office wearing a blue t-shirt and reading a computer
magazine

Computer scientist Eben Upton founded Cambridge-based Raspberry Pi in 2008

 

IPO terms suggested a valuation of £541.6m ($688.8m), the company said in a
stock market update. Raspberry Pi said the listing would raise £166m
($211m).

Shares began trading in "conditional dealing" for institutional investors
and those on the London Stock Exchange. Full open trade is due to begin on
Friday.

'There is life in the London stock market'

Kathleen Brooks, research director at brokers XTB said: "This is a sign that
there is life in the London stock market, and companies can derive value
from listing in London.

"It is also a decent payday for the company's founders and directors."

Raspberry Pi said it would use cash from the equity raised for engineering
projects, improving its supply chain, and other general corporate purposes.

Raspberry Pi Raspberry PiRaspberry Pi

The company opened a store in Cambridge in 2017

 

Raspberry Pi's products have been sold across more than 70 countries
worldwide.

It is a subsidiary of the Raspberry Pi Foundation - a UK charity founded
when the company was set up in 2008, with the goal of promoting interest in
computer science among young people.-BBC

 

 

 

 

Tesla pay fight tests power of Elon Musk's mystique

In 2018, Tesla shareholders approved the biggest pay package in history for
Elon Musk. Six years later, will they do it again?

 

The electric car company will find out this week at its annual meeting,
where it is seeking a show of support for the roughly $50bn deal.

The package - worth an estimated 300 times what the top-earning boss in the
US made last year - won backing from 73% of shareholders who voted six years
ago.

The compensation plan gives Mr Musk rights to roughly 300 million shares – a
roughly 10% stake in the firm - as a reward for the firm meeting goals once
considered laughable, like becoming a $650bn firm.

But earlier this year, a Delaware judge voided the deal after a small
investor sued, ruling that the sum was "unfair" and the process for
determining the package, by a board dominated by Mr Musk, was "deeply
flawed".

Instead of backing down, Tesla said it would submit the deal to another vote
- and seek to reincorporate the company outside of Delaware - calling the
decision "fundamentally unfair, and inconsistent with the will of the
stockholders".

Tesla under pressure

Tesla says the targets were ambitious and the compensation is essential to
keep the billionaire engaged.

"We must stand by our deal," board chair Robyn Denholm wrote to shareholders
this month.

Presented to the world six years ago, the pay deal stirred debate, but few
doubted Mr Musk's importance to Tesla's future.

This time, however, the fight is raising tough questions about his
leadership, at a time when Tesla's shares have dropped sharply from their
highs and its commanding lead of the electric car industry is under
pressure.

Mr Musk has been faulted for alienating potential buyers with controversial
political musings and accused of diverting attention – and resources – to
his other companies, including social media site X, formerly Twitter, which
he purchased in 2022.

'I voted no'

Ven Kolli Ven KolliVen Kolli

Ven Kolli wants to send a message to the board

 

“If this was back in 2018, I would have voted yes, but today, after
everything that has happened, I voted no,” says investor Ven Kolli, an IT
consultant from Colorado, who owns one of the company's cars and first
purchased Tesla stock nearly a decade ago.

Though the 42-year-old expects the deal to pass, he hopes a tough vote will
send a message to Tesla's board, which for years has faced concerns that it
does not exert sufficient oversight of Mr Musk. He is not worried about
losing Mr Musk, believing Tesla has gotten to a point where it can succeed
without him.

"Since the Twitter acquisition closed, a lot of the decisions made
specifically by Elon Musk have been very questionable," he says.

"Ultimately, while he's CEO, his responsibility is to Tesla and I think the
board has lost sight of that," he says. "It’s my opportunity to let my voice
be heard, as small as it may be."

Legal experts say it is not clear if the court will accept the re-vote,
which is not binding, and allow the company to restore the pay package. At
least one shareholder has sued over the company's move already.

But Tesla appears to be hoping that a resounding victory will help as its
legal fight continues, says Ann Lipton, law professor at Tulane University.

"If shareholders overwhelmingly approve the pay package then Musk is hoping,
and maybe he’s right, that the court will think twice about overturning it
again," she says.

Have the wheels come off for Tesla?

Elon Musk unexpectedly drops case against OpenAI

With the vote nearing, Mr Musk and the company have pressed their case with
a barrage of messages and television appearances, even announcing a lottery
for shareholders for a Musk-led tour of its Texas factory.

Mr Musk has stoked the drama on social media, celebrating investors who have
voted in favour, while reproaching opponents as “oathbreakers”.

The entrepreneur, who already owns about 13% of the firm, has also raised
the spectre of leaving Tesla unless he receives a bigger stake.

But keeping Mr Musk may be a less compelling argument than it once was, says
Steve Westly, founder of the Westly Group, an early Tesla backer.

“Elon is a unique visionary 
but I don’t know if that means he’s essential
to be running any or all of those companies today,” says Mr Westly, who no
longer owns shares.

"No one stays on top forever, especially when you’re trying to lead seven
companies at once.”

 

'We believe it should be paid out'

Getty Images Elon Musk in a cowboy hatGetty Images

Tesla is also asking shareholders to approve a plan to reincorporate in
Texas, where it has a large factory

Those against the deal include the shareholder advisory companies ISS and
Glass-Lewis, as well as several major government-affiliated investors, among
them Norges Bank, which manages Norway's pension fund and is one of the
Tesla's 10 biggest backers.

Prominent Tesla investors such as Ron Baron and Cathie Wood, as well as
established firms such as Scottish Mortgage Investment Trust are among those
voicing support.

The trust, which owns about 3.1 million shares, says it backed the deal in
2018 because "it introduced extremely stretching targets that would make a
huge amount of money for shareholders if they were reached".

"Having agreed to that, we believe that it should be paid out."

Executive pay packages at major firms are typically approved with some 90%
of the votes.

Though the deal may not meet that threshold, analysts give it a good chance
of passing, especially if Mr Musk's efforts to whip up support among his
large public fan base are successful.

'Making better cars should be the focus'

Getty Images Tesla Model Y vehicles sit on the lot for sale at a Tesla car
dealership on May 31, 2023 in Austin, Texas. Getty Images

Tesla's Model Y is a top selling electric vehicle globally

 

Retail investors, as opposed to professional firms, own more than 40% of
Tesla's shares, an unusually high figure, reflecting the company's popular
appeal.

Some say their enthusiasm has diminished.

“There’s been a lot of distractions that don’t relate to advancing the brand
and making better cars and I feel like that should be the focus,” says
Kheirallah Ashkar, a 28-year-old engineer in Washington DC, who first
invested in the firm in 2020.

“He’s done a fine job but I don’t think good enough to validate the crazy
money they’re asking us to give him.”

But on the eToro share trading platform, where Tesla has long been one of
the most popular stocks, 97% of the votes cast have been in favour of the
plan.

Almost a third of the roughly 2 million shares held on the platform have
voted, an unusually high number.

"We were pleasantly surprised by the size of the participation but I don't
think we were surprised by the direction of the vote," says eToro chief
executive Yoni Assia.

"We have a lot of Tesla fans on eToro and a lot of Elon fans... It will be
very interesting to see the results of the vote."-BBC

 

 

Apple brings ChatGPT to iPhones in AI overhaul

Apple is to boost its Siri voice assistant and operating systems with
OpenAI's ChatGPT as it seeks to catch up in the AI race.

 

The iPhone maker announced the Siri makeover along with a number of other
new features at its annual developers show on Monday.

It is part of a new personalised AI system - called "Apple Intelligence" -
that aims to offer users a way to navigate Apple devices more easily.

Updates to its iPhone and Mac operating systems will allow access to ChatGPT
through a partnership with developer OpenAI.

ChatGPT can also be used to boost other tools, including text and content
generation. The test version will become available in the autumn.

Tim Cook, Apple chief executive, said the move would bring his company's
products "to new heights" as he opened the Worldwide Developers Conference
at the tech giant's headquarters in Cupertino, California.

There was a cool reaction from the markets though - Apple's share price fell
by 1.91% on Monday, the day of the announcement.

What is AI and how does it work?

The partnership was also not welcomed by Elon Musk, the owner of Tesla and
Twitter/X, who has threatened to ban iPhones from his companies due to "data
security".

"Apple has no clue what's actually going on once they hand your data over to
OpenAI," Mr Musk said on X. "They're selling you down the river."

Apple has not responded to his allegations.

Smartphone maker Samsung also mocked its rival's announcement.

"Adding 'Apple' doesn't make it new or groundbreaking. Welcome to AI", it
posted on X.

It is not the first time the South Korean company has sought to undermine
its competitor.

However the bigger concern for Apple will be whether its new AI tools will
help it catch up with rival firms who have have been quicker to embrace the
technology.

Apple usurped by Microsoft as the world's most valuable company in January,
and was overtaken again by chip-maker Nvidia in early June.

What is 'Apple Intelligence'?

Ben Wood, chief analyst at research firm CCS Insight, said that while
Apple's new personal AI system "should help placate nervous investors", its
ChatGPT integration might reveal and create deeper problems for the firm.

“Apple Intelligence” is not a product nor an app in its own right.

It will become part of every app and Apple product customers use - whether
it’s a writing assistant refining your message drafts or your diary being
able to show you the best route to get to your next appointment.

In that sense, it is similar to Microsoft's AI assistant Copilot – but you
won’t have to pay extra to activate it.

Siri, the voice assistant Apple acquired in 2010, has been refreshed with a
new interface and chattier approach to help users navigate their devices and
apps more seamlessly.

"Arguably this sees Apple admitting its limitations given ChatGPT will kick
in at a point where Siri is no longer able to help a user," Mr Wood told the
BBC.

Apple Screenshots of iPhones with Siri asking whether it can use ChatGPT to
search for the answers to a question Apple

An illustration by Apple showing how ChatGPT will work with Siri

 

Apple was keen to stress the security of Apple Intelligence during Monday's
keynote.

Some processing will be carried out on the device itself, while larger
actions requiring more power will be sent to the cloud - but no data will be
stored there, it said.

This is vital to customers who pay premium prices for Apple's privacy
promises.

The system "puts powerful generative models right at the core of your
iPhone, iPad and Mac," said Apple senior vice president of software
engineering Craig Federighi.

"It draws on your personal context to give you intelligence that's most
helpful and relevant for you, and it protects your privacy at every step."

What does OpenAI and Apple deal mean?

Apple's decision to integrate OpenAI’s ChatGPT tech had been widely
anticipated but it is an unusual move for a company that so closely guards
its own products.

Google and Microsoft have recently faced scrutiny over errors made by their
AI products in recent months, with the search giant rolling back a new
feature in May after its erroneous answers went viral.

For years Apple also refused to allow its customers to download any apps
outside of the App Store on the grounds that they might not be secure, and
would not allow any web browser other than its own Safari for the same
reason.

It only changed when forced to by EU legislation.

Is it recognition that even Apple can’t compete with ChatGPT right now?

If so, it tells us a lot about the current power of the AI supergiant
OpenAI.

The firm did say it would integrate other products in future, but did not
name any.

Apple announced that its mixed reality headset, the Vision Pro, will go on
sale in the UK on 12 July. It has been available in the US since February.

Other new features announced on Monday include:

sending texts via satellite

scheduling messages to send at a later point

using head gestures (nodding for yes or shaking head for no) to control
AirPods Pro

a dedicated app for passwords that is accessible across devices

the ability to hide certain apps or lock them away behind Face ID or
passcodes.-BBC

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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