Major International Business Headlines Brief::: 19 June 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  19 June 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: MPs Begin Debate On Finance Bill 2024

ü  Nigeria: African Ministers Adopt AI Strategy for Digital Transformation
in Nigeria, Others

ü  Nigeria: Govt Must Tighten Security Around Telecom Infrastructure

ü  Nigeria: How Multinational Shipping Lines Frustrates Growth of African
Counterparts

ü  Tanzania: BOT Sells Over U.S.$155 Million to Local Banks

ü  Tanzania: Moody's, Fitch Upgrade to Attract More FDIs to Tanzania

ü  Tanzania Attracts 7.4tri/ - Annually From U.S. Ties - Report

ü  Tanzania: VP Invites Bii to Invest in Clean Cooking Energy

ü  Nigeria Ranks 88th Out of 141 Countries in Logistics Performance Index

ü  Nigeria: Tinubu Pushes for International Cooperation On Maritime Security
for Blue Economy

ü  Rwanda Needs $1.5bn to Achieve Universal Energy Access By 2029

ü  Kenya: Budget Cuts in Kenyan Health Sector Spark Outcry Amid Sickle Cell
Crisis

ü  TikTok faces fresh US pressure over child privacy

ü  Nvidia becomes world's most valuable company

ü  Bacon ice cream and nugget overload sees misfiring McDonald's AI
withdrawn

 


 <mailto:info at bulls.co.zw> 

 


Kenya: MPs Begin Debate On Finance Bill 2024

Nairobi — Members of Parliament began debate on the Finance Bill 2024 that
outlines revenue generating initiatives by the Kenya Kwanza government.

 

The legislators are expected to debate the bill today until 9.30pm.

 

During the session, they will air their views and make oral submissions
about what they make of the contents of the taxation measures.

 

They will also speak to both the contents of the Bill itself and the
recommendations of the Departmental Committee on Finance and Planning after
the government dropped some taxes.

 

Finance and Planning Committee chairperson Kuria Kimani moved the Bill for
the Second Reading on Wednesday morning after he tabled it on Tuesday
afternoon.u

 

- Capital FM.

 

 

 

 

Nigeria: African Ministers Adopt AI Strategy for Digital Transformation in
Nigeria, Others

African ICT and Communications Ministers have unanimously adopted
"Continental Artificial Intelligence (AI) Strategy and African Digital
Compact."

 

This, they said, is to accelerate Africa's digital transformation by
unlocking the potential of the new digital technologies.

 

This was contained in a statement published on AU's official website on
Monday.

 

According to the statement, more than 130 African ministers and experts
convened virtually from June 11 to 13, 2024 for the 2nd Extraordinary
session of the Specialized Technical Committee on Communication and ICT to
ignite digital transformation across the continent amidst rapid evolutions
in the sector fuelled by artificial intelligence (AI) technology and
applications.

 

 

"The Continental AI Strategy provides guidance to African countries to
harness artificial intelligence to meet Africa's development aspirations and
the well-being of its people, while promoting ethical use, minimising
potential risks, and leveraging opportunities," the statement said.

 

It explained that while identifying key priorities and actions to ensure
that Africa fully benefits from the huge opportunities AI offers, the
strategy calls for "Africa-owned, people-centered, development-oriented, and
inclusive approach to accelerate African countries' AI capabilities in
infrastructure, talent, datasets, innovation, and partnerships while also
ensuring adequate safeguards and protection from threats."

 

At the opening of the ministerial session, African Union Commissioner for
Infrastructure and Energy Dr. Amani Abou-Zeid said, "For us Africans,
Artificial Intelligence presents tremendous opportunities. It is a driving
force for positive transformational positive change as well as economic
growth and social progress."

 

The Minister of Information, Communications, Science Technology, and
Innovation of the Kingdom of Lesotho, and Chair of the Bureau of the
technical committee H.E. Ms. Nthati Moorsi emphasised the huge opportunities
that stem from the adoption of AI-enabled systems to promote homegrown
solutions, stimulate economic growth and sustainable development towards
achieving the priorities outlined in the AU Agenda 2063 and the UN
Sustainable Development Goals.

 

- Daily Trust

 

 

 

 

Nigeria: Govt Must Tighten Security Around Telecom Infrastructure

Over the last two decades, the Nigeria's telecommunications industry has
witnessed phenomenal growth which saw 400,000 phone lines in 1998 jumped to
over 200 million active mobile subscriptions as of today.

 

However, the sector is currently being threatened by a growing wave of
vandalism and attacks on telecom infrastructure across country.

 

Cell towers, fiber optic cables, and other telecom equipment are being
targeted at an alarming rate. These attacks disrupt services, cause economic
losses to telecom operators, and slow down Nigeria's economic development.

 

Economic disruption

 

 

President of National Telecommunications Subscribers.of Nigeria (NATCOMS)
Deolu Ogunbanjo, said every attack on telecom infrastructure translates to
service outages, impacting businesses and individuals.

 

Ogunbanjo said businesses lose productivity and financial transactions are
stalled, and communication channels are severed when telecom infrastructure
is damaged or attacked in any form. "This has a domino effect, hindering
economic activity across sectors", he added.

 

Security Concerns

 

Disruptions in communication networks can also hamper emergency response
efforts during disasters or security threats, Ladi Davids, an IT security
expert said.

 

Davids said law enforcement and security agencies rely heavily on telecom
infrastructure for coordination and information sharing and damage to
telecom infrastructure can impede their work.

 

Infrastructure Investment

 

 

Engr Gbenga Adebayo, the chairman of Association of Licensed
Telecommunication Operators of Nigeria (ALTON) said the telecom sector
constantly invests in expanding and upgrading infrastructure and vandalism
would necessitate repairs and replacements, diverting resources away from
network expansion and innovation. "This stifles the growth of the sector and
limits access to better services for Nigerians", Adebayo added.

 

Foreign Investment Discouragement

 

The increasing incidents of vandalism send a negative signal to potential
foreign investors. It indicates a lack of security and respect for
infrastructure, discouraging investment in the sector which is crucial for
further development.

 

ALTON has been vocal about the need for better protection of telecom
infrastructure in Nigeria. Engr Adebayo, in one of the recent press
statements issued by ALTON, argued that telecom infrastructure should be
officially designated as Critical National Infrastructure (CNI). He said
this classification would give it the same level of legal protection as
other vital infrastructure.

 

 

Deterrence through legal consequences

 

With CNI status, damaging telecom infrastructure would carry stricter
penalties, deterring potential vandalism, ALTON also said.

 

Investment and service quality

 

If nothing is done by FG to tighten security around telecom infrastructure,
Adebayo fears a lack of investment in infrastructure due to security
concerns. This could lead to a decline in service quality, similar to what
happened in the energy sector, he added.

 

But the Nigerian Communications Commission (NCC) said the importance of
protecting telecom infrastructure in Nigeria can not overemphasised. Though
NCC's spokesman, Reuben Mouka, could not be reached yesterday while filing
this story, the regulator in some recent events had reiterated its strong
support for protection of telecom infrastructure.

 

The telecom regulatory agency in the country said telecom infrastructure is
critical for quality service and it is doing everything possible to
collaborate with security agencies to protect it. The NCC said it goes
beyond just relying on law enforcement, it said consumers and communities
should also be vigilant and report suspicious activity around telecom
infrastructure.

 

Nigeria's telecom infrastructure is the backbone of the country's economy.
Therefore protecting it is not just the responsibility of telecom operators;
it requires a collaborative effort from the federal government, communities,
and the public. By implementing stricter legislation, fostering community
engagement, and investing in security measures, Nigeria can safeguard its
telecom infrastructure and ensure continued growth and development in the
digital age.

 

The federal government needs to enact stricter legislation to deter
vandalism and impose harsher penalties on perpetrators. Additionally,
establishing a dedicated task force to investigate and prosecute these
crimes would send a strong message of deterrence.

 

- Daily Trust.

 

 

 

 

Nigeria: How Multinational Shipping Lines Frustrates Growth of African
Counterparts

African shipping stakeholders have accused their foreign counterparts of
using fellow Africans to ensure that the continent's shipping capacity does
not grow.

 

The stakeholders explained that these foreign shipping lines who are afraid
of competition from their African counterparts and as such do everything
within their power to ensure that the shipping sector does not grow in the
continent, especially in the West and Central African sub-region.

 

Speaking of the activities of foreign shipping lines, former President of
them Indigenous Ship owners Association, ISAN now Nigeria Ship owners
Association, NISA, Isaac Jolapamo, first raised the alarm when cried out
over a decade ago that the foreign shipping lines were planning to kill
shipping in the sub-region.

 

 

Jolapamo said then that they have succeeded in crippling shipping activities
in most countries in the sub-region and were aiming to do same in Nigeria.

 

This was the period when practitioners like himself, Capt Emmanuel Ihenacho,
then secretary of ISAN, Niyi Labinjo and others ship owners held swell.

 

A few years later, each of the above mentioned, except Capt. Ihenacho who
cleverly divested to oil and gas; lost their investment.

 

Similarly, Frank Ankomah of the Freight and Logistics Department of the
Ghana Shippers Authority, GHA said international shipping lines are slamming
unusual changes on shippers in the sub-region. The GHA official called for
collaboration between the Ghana and Nigeria to fight against such charges.

 

 

Ankomah, who was part of a delegation from Ghana that visited the Nigerian
Shippers Council, recently noted that while these foreign shipping lines
charge shippers in Europe and America based on bill of laden, they charge
shippers in the sub-region based on Twenty Equivalent Units, TEUs which in
the long is more expensive.

 

He further noted that the foreign shipping lines charge as much as $170 per
TEU, stressing that multiplication of $170 by 100 TEUs gives a total of
$17,000. He said that should Nigeria and Ghana succeed in correcting the
above abnormally, the cost of doing business at the ports will be reduced.

 

Speaking recently at a press briefing in Lagos, Managing Director of Kings
Communications, publishers MMS Plus Newspaper, Kingsley Anaroke, described
the activities of some global players in the Blue and Marine industry as
"Economic hit men," who specializes in frustrating local operations for
their benefit.

 

He noted that these people engages Nigerians to work against any policy that
should have been beneficial to the nation for the personal interest of such
Nigerians.

 

- Vanguard.

 

 

 

 

Tanzania: BOT Sells Over U.S.$155 Million to Local Banks

In an effort to address the dollar shortage in the country, the Central Bank
of Tanzania (BoT) sold a total of 155.8 million US dollars to various banks
between January and April 2024.

 

Deputy Minister of State in the President's Office (Finance and Plan- ning),
Mr Juma Makungu Juma, stated that the sales were conducted through the
Inter-Bank Foreign Ex- change Market (IFEM) to increase the liquidity of the
US dollar and facilitate imports of various products and services from
abroad.

 

"Under this program, 18 local banks have ben- efited, with a focus on oil
(20.35 per cent), business (24.4 per cent), and industry (6.16 per cent),"
he recently mentioned.

 

 

He unveiled other strategies being implemented to address the USD shortage,
such as promoting forex bureau de change.

 

Also read:
https://dailynews.co.tz/bot-injects-100-million-us-dollars-to-prop-up-shilli
ng/

 

By April this year, BoT had issued 21 licenses with 100 branches, compared
to 12 licenses with 81 branches as of December 2023.

 

"The government, through BoT, has improved financial legislation,
emphasizing the avoidance of using the US dollar locally, and has long-term
plans to strengthen domestic production to reduce imports," he added.

 

He noted that foreign reserves have been im- proved, and BoT has conducted
currency swaps worth 147 million US dollars with commercial banks.

 

BoT has been implementing the 'Foreign Exchange Intervention Policy, 2023'
since January 2024.

 

- Daily News.

 

 

 

 

Tanzania: Moody's, Fitch Upgrade to Attract More FDIs to Tanzania

Two global credit rating agencies have upgraded Tanzania's economic status
to stable from a positive outlook, thanks to its steady macroeconomic
fundamentals.

 

The country's upgraded economic status is poised to attract more foreign
direct investments (FDIs) and increase access to funds in international
financial markets.

 

Fitch Ratings affirmed Tanzania's long- term foreign-currency Issuer Default
Rating (IDR) at 'B+' with a stable outlook, while Moody's Analytics upgraded
the country to B1 from B2 and expects continued robust GDP growth.

 

 

PwC's National Budget Bulletin June 2024 analysis said the next budget was
read amidst a background of particularly positive sentiment on the country's
economy with projections showing continued strong and accelerating growth.

 

The PwC budget analysis, dubbed Catalysing Growth and Inclusion also shows a
positive trend in increased foreign direct investment, single-digit infla-
tion, and an improving balance of trade position.

 

The analysis further shows that recent developments include an improved
credit rating up- graded by Moody's Analytics in March as well as an
agreement in principle for further significant financial support under the
IMF's Extended Credit Facility (ECF).

 

Deloitte Tanzania, Tax and Legal Partner Festo Barthalome said the 2024/25
budget reflects the government's unwavering commitment to creating a
thriving, inclusive and sustainable economy.

 

"Through continuous reforms, strategic fiscal policies, and targeted
initiatives,

 

 

Tanzania will continue to attract and retain investors who will contribute
to our nation's sustainable development.

 

"We look forward to a future where Tanzania stands out as a premier
investment destination in Africa, offering unparalleled opportunities and a
supportive business environment," Mr Barthalome said in Tanzania Budget
Highlights 2024/25: "Fostering inclusion for sustainable growth".

 

University of Dar es Salaam School of Business lecturer God- saviour
Christopher said eight indicators propelled the country into a stable
outlook as per the 2024/25 budget document.

 

"These indicators reflect a stable economic environment conducive to
domestic and for- eign investments, setting a posi- tive tone for the fiscal
year," Mr Christopher told 'Daily News' yesterday.

 

Some of the indicators are tax relief and simplification, excise duty
reductions, agricultural sector--VAT-exempted agrarian supplies such as
fertilisers and seeds, and Industrial Development Levy.

 

Others include the digital economy, tourism and mining, private sector
empowerment and the telecommunications sector, which has seen a strong
pickup following the removal of the mobile money transaction levy on
electronic money transfers.

 

However, Mr Christopher said hopes that the coming budget would extend this
removal to cash withdrawals were dashed, indicating a cautious approach by
the government in balancing revenue needs and sectoral growth.

 

Minister for Finance Dr Mwigulu Nchemba when tabling the 2024/25 budget
proposal said the two international credit rating agencies assessed the
country's borrowing and debt repayment capacity since late last year.

 

"The benefits of upgrading Tanzania's credit rating include attracting
foreign direct investment and increasing access to funds in international
financial markets for the implementation of both public and private sector
projects," Dr Nchemba said.

 

- Daily News.

 

 

 

Tanzania Attracts 7.4tri/ - Annually From U.S. Ties - Report

A new report has revealed that the relationship between Tanzania and the US
has delivered 2.8bn US dollars (about 7.4tri/-) annually in tangible
benefits to Tanzanians and the country's economy.

 

The report titled 'Investing in Tanzania's People' was launched yesterday in
Dar es Salaam after a survey conducted by AidData, a US-based research lab
at William & Mary's Global Research Institute in close collaboration with
the Policy Research for Development (REPOA).

 

This report considers whether and how the U.S-Tanzania partnership
contributes to Tanzania's growth and prosperity. both in the resources it
mobilizes and, in the outcomes, it achieves during the period of 10 years
from 2012 to 2022.

 

 

The findings show that the US government assistance from 2012 to 2022 in
agriculture was 546m US dollars (about 1.5tri/-), in infrastructures was 579
million US dollars (approximately 1.5tri/-), in the health sector especially
around HIV/Aids was 3.8 billion US dollars (about 10tri/-) and in Malaria
was 533 million US dollars (1.4tri/).

 

The findings indicate that the US was the single largest provider of
HIV/AIDS-related funding by far during the period, helping Tanzania to save
roughly three-quarters of a million lives.

 

"Despite an enduring relationship, there is little information readily
available to assess the value of this partnership, particularly as they
measure progress toward achieving the goals the country set for itself in
Tanzania's Development Vision 2025," stated Ms Samantha Custer, AidData's
Director of Policy Analysis.

 

"Our hope is that this report helps inform policymakers by illuminating
whether and how the US-Tanzania partnership contributes to Tanzania's growth
and prosperity, as well as paving the way for future evidence-based research
into this important topic," she added.

 

 

Dr Donald Mmari, REPOA's Executive Director, commented that the relationship
has benefited Tanzanian businesspeople whereby they enabled them to sell
their products in the US market through the African Growth and Opportunity
Act (AGOA).

 

"The US investments in Tanzania have opened up opportunities for
Tanzanians," Dr Mmari stated.

 

On his part, Dr Jane Mpapalika, a senior researcher at REPOA, affirmed that
the report uncovers and provides a broader picture of aspects arising from
the long-standing partnership that may have been overlooked and unnoticed by
the Tanzanian community at large.

 

"The identified contributions and challenges will inform and ensure the
partnership continues and improves to promote Tanzania's growth and
prosperity," Dr Mpapalika pointed out.

 

The report not only tracks direct US government assistance, but also
quantifies the value of indirect benefits from trade and other channels,
such as foreign direct investment (FDI), contributions from US-based NGOs in
Tanzania, private foundations and individual donors, revenue from American
tourists and remittances from Tanzanians working in the US.

 

"Due to difficulty in measuring non-official investment and financial flows,
our estimate of 2.8bn US dollars per year is likely conservative, and the
overall US contribution to Tanzania's growth and development could be
significantly higher," stated Ms Divya Mathew, a research lead and senior
policy specialist.

 

Tanzanian leaders who were interviewed during the survey routinely cited the
US government and private foundation investments in building their capacity
to prevent and treat HIV/AIDS, Malaria, Tuberculosis and other diseases as
some of the most successful examples of the US-Tanzania partnership.

 

- Daily News.

 

 

 

 

Tanzania: VP Invites Bii to Invest in Clean Cooking Energy

Vice President Dr. Philip Mpango has invited the UK's development finance
institution, British International Investment (BII), to invest in clean
cooking energy to support government efforts in addressing the effects of
climate change.

 

The Vice-President is- sued the plea yesterday during a meeting with BII's
Chief Executive Officer, Mr. Nick O'Donohoe, and his delegation at the State
House in Dodoma.

 

Dr Mpango noted that the institute has been investing in the country for
decades in various sectors such as energy, agriculture, food, forestry,
financial, and communication services "Since 1949, BII has been investing in
priority sectors for national development," he said.

 

 

Statistics show that Tanzania's annual deforestation rate is estimated to be
469,000 hectares per year.

 

Dr Mpango said that the government is committed to opening up the economy by
implementing important reforms in policies and laws to attract business and
investment.

 

He also stated that the government is conducting institutional reforms to
ensure a secure business and investment environment.

 

"The government, under the leadership of President Dr Samia Suluhu Hassan,
is focused on opening up the economy through significant reforms that
stimulate business and attract investment," the VP emphasized.

 

Dr Mpango highlighted that despite the challenges facing the world,
Tanzania's economy continues to improve.

 

In response, BII's CEO, Mr. O'Donohoe, expressed the institute's commitment
to cooperating with Tanzania in various sectors, particularly solar and wind
energy.

 

 

"BII will also support efforts to improve electricity transmission
infrastructure, agriculture, and storage infrastructure for vegetables and
flowers," he added.

 

Mr O'Donohoe noted that Tanzania has emerged as a country with a strong and
growing economy, attracting investors.

 

He thanked the government for creating a favorable climate for the Institute
to implement various projects.

 

BII's Managing Director, Head of Africa, Mr Chris Chijuitomi, and Head of
Planning, Mr John Trees attended the meeting.

 

The Tanzanian delegation included Deputy Minister of State in the
President's Office (Planning and Investment) Stanslaus Nyongo, Deputy
Permanent Secretary of the Ministry of Energy Dr James Mataragio, Tanzanian
High Commissioner to the UK Mbelwa Kairuki, and Director of International
Trade and Economic Diplomacy at the Ministry of Foreign Affairs and East
African Cooperation, Am- bassador John Ulanga.

 

- Daily News.

 

 

 

Nigeria Ranks 88th Out of 141 Countries in Logistics Performance Index

NIGERIA currently ranks 88th position out of 141 countries in the World Bank
Logistics Performance Index, LPI, indicating a minimal improvement in the
global logistics ranking of 91st in 2022.

 

The LPI is an interactive benchmarking tool created to help countries
identify the challenges and opportunities they face in trade logistics and
what they can do to improve their performance.

 

The World Bank LPI is also used to assess the efficiency and effectiveness
of a country's logistics services industry. The index evaluates various
dimensions of logistics performance, including infrastructure, customs and
border management, ease of arranging shipments, quality of logistics
services, tracking and tracing of consignments, and timeliness of
deliveries.

 

 

The top 12 performers on the 2023 LPI are high-income nations. Singapore,
with a score of 4.3, is in first place, a position it also held in 2007 and
2012.

 

Eight of the top 12 scorers Finland (4.2), Denmark, the Netherlands,
Switzerland (4.1), Austria, Belgium, Germany, and Sweden (4.0) are from
Europe. Canada, the United Arab Emirates, and Hong Kong SAR, China, are also
present. For many years, the majority of these economies have dominated
global supply chain networks.

 

The bottom 10 performers are spread across various continents and are
primarily lower-middle-income nations. They either have fragile economies
that are impacted by armed conflict, natural disasters, or political
turmoil, or they are landlocked nations that face difficulties connecting to
international supply chains due to geography or economies of scale. Even
though the average scores of low performers have gone up, several nations'
rankings have remained the same. Those that experience severe logistics
limitations are often those who perform poorly in terms of logistics.

 

The report released by the World Bank emphasizes the critical role that
reliability and resilience play in the effectiveness of logistics.
International trade is a significant driver of economic growth, and
logistics is the backbone of trade.

 

On the Logistics Performance Score, Nigeria recorded 1.9 point out of the
overall point of 5.0, while on the Customs Score it recorded 2.6.

 

On Infrastructure score, Nigeria recorded 2.4 as against another 2.4
recorded for International Shipping score. For Logistics competence score,
it recorded 2.5 as against 2.3 in tracking and tracing score. For timeliness
score, Nigeria recorded 2.7

 

- Vanguard.

 

 

 

 

Nigeria: Tinubu Pushes for International Cooperation On Maritime Security
for Blue Economy

President Bola Ahmed Tinubu has emphasized the importance of international
cooperation on maritime security to unlock the vast potential of Africa's
blue economy.

 

The President spoke at the 2024 International Maritime Conference in Lagos,
held to commemorate the Nigerian Navy's 68th anniversary, at the Naval
Dockyard Limited, Victoria Island, Lagos.

 

Represented by the Vice President, Kashmi Shettima, the President,
acknowledged the transnational nature of maritime threats and the need for
greater international collaboration to address them.

 

The conference with the theme, "Promoting the Blue Economy in Africa through
International Cooperation on Maritime Security," according to him, aligned
with the United Nations Sustainable Development Goal 14, the Vision of
Africa's Integrated Maritime Strategy 2050, and Africa's Agenda 2063.

 

 

He noted that "Significantly, the blue economy is estimated to be worth more
than US $1.5 trillion per year globally and projected to increase to US
$15.5 trillion by 2050. The "Africa Blue Economy Strategy" estimates that
the blue economy currently generates nearly US $300 billion for the
continent, creating 49 million jobs in the process. The Africa Blue Economy
is projected to hit US $405 billion by 2030.

 

"It is very appropriate to state categorically that any collaborative
initiative by the Nigerian Navy to build partnerships across African navies
and Coast Guards is in the right direction.

 

While applauding the Nigerian Navy's efforts in confronting security
challenges in the maritime domain and partnering with other agencies to
mitigate threats, the President, expressed his administration's commitment
to supporting the Nigerian Navy's statutory responsibilities and regional
and international collaboration efforts to provide a secure environment for
Africa's blue economy to thrive.

 

 

He said: "Since its formation 68 years ago, the Nigerian Navy has imbibed
the realities of our national imperatives and has continued to confront
contending issues, by adopting the most optimal policies and strategies to
address the rapidly changing security challenges in our nation.

 

"As an important branch of our armed forces, the Navy has over the years
evolved and reinvented itself to effectively deal with the threats in the
maritime domains. It has also partnered with other maritime agencies to
mitigate these threats affecting our national development. However, these
threats have become transnational, beyond the scope and capability of one
nation to deal with. The situation calls for greater international
collaboration.

 

"Our continent is very rich and endowed with living and non-living
resources, having vast strategic economic resources in her blue economy. A
secured maritime environment, one that is free from threats such as piracy
or other criminal activities is essential for the sustainability of Africa's
blue economy.

 

"Let me affirm that this event comes at a critical period when Nigeria faces
multifaceted security challenges. It therefore calls for improvement in
security conditions required to significantly raise the contribution of the
marine and blue economy sector to the nation's Gross Domestic Product.

 

"Notwithstanding the challenges of the moment, I am glad to reiterate that
my administration is determined to ensure that the Nigerian Navy is
supported to achieve its statutory responsibilities.

 

We shall also support regional and international collaboration as well as
partnership efforts of the Nigerian Navy towards providing the enabling
environment for Africa's Blue Economy to thrive", he stated.

 

President Tinubu urged stakeholders to use the conference as a catalyst to
foster international cooperation on maritime security towards advancing the
blue economy agenda. He also urged participants to explore investment
opportunities in Nigeria's blue economy and enjoy the country's rich
cultural heritage.

 

- Vanguard.

 

 

 

 

Rwanda Needs $1.5bn to Achieve Universal Energy Access By 2029

According to Rwanda Energy Group (REG), the country needs $1.5bn to achieve
universal energy access by 2029 after missing the 2024 target.

 

Currently, the target stands at 77.7 per cent, up from 34.4 per cent in 2017
under the National Strategy for Transformation (NST1) which ran from July 1,
2017, to June 30, 2024.

 

In terms of energy generation, the target was to increase capacity from 208
MW in 2017 to 556 MW by 2024, by developing a mix of hydropower, thermal
methane, solar, and other renewable energy projects.

 

The strategic objective of the project was to build a balanced and
cost-optimised generation mix sufficient to meet growing demand.

 

According to Armand Zingiro, CEO of Rwanda Energy Group (REG), the key
factors that contribute to the expansion of electrification are numerous,
one of which is developing internal capacity to address gaps, particularly
when contractors fail to meet expectations.

 

"On our journey to universal access, one of the approaches/strategies we
took with the support of the government is that we started by extending the
national grid in all the provinces, then we went in all districts, and after
that, all sectors got electricity, now we are at the village level," Zingiro
explained.

 

Currently, power plants can generate 460MW across the country. However, due
to the season, some power plants are not operating to their maximum
capacity, while others are in maintenance, leading to the availability of
only 270MW in the grid for consumption. Meanwhile, the available 270MW
satisfies the current peak demand recorded at 231MW.

 

 

As per the prevailing electricity access rate in Rwandan households, all 416
sectors in the nation have network extensions built in line with the
National Electrification Plan (NEP).

 

The nationwide access rate has reached 77.7 per cent of which 54.4 per cent
is grid and 22.8 per cent is off-grid. The top three districts are Gakenke
with 96.9 per cent, Kicukiro with 93 per cent, and Nyarugenge 92.4 per cent.

 

Twenty-five districts out of 30 have an access rate exceeding 70 per cent
while the remaining five districts have access rates ranging from 61 to 69
per cent.

 

He also mentioned developing an internal ability to fill gaps, especially
when contractors fail to meet expectations, as well as robust control
mechanisms, IT tools/systems, and efficient audits, to increase residents'
resilience.

 

"Scattered settlement is still a challenge but together with relevant
stakeholders we are working on practical solutions to overcome this
challenge," Zingiro added.

 

 

According to Zingiro, the failure to achieve the universal energy access
goal was impeded by funding shortages, procurement challenges,
Covid-19-related material supply chain disruptions, as well as other
political crises. Moreover, households residing in dispersed communities and
lacking the capacity to maintain off-grid solutions were identified as
contributing factors.

 

Projects in pipeline to meet 2029 target

 

Zingiro said there are projects in the pipeline to connect 1.3 million
households between 2024 and 2029.

 

The projects to expand the energy mix through increased use of renewable
sources involve the Nyabarongo II Hydropower Project, aiming to produce 43.5
MW of power. Located at the Nyabarongo River, the Nyabarongo II Multipurpose
Dam is currently being built on the Northern and Southern provinces' border,
between Kamonyi and Gakenke Districts.

 

The dam will measure 59 metres high and 363 metres long, creating a
reservoir with a storage capacity of 803,000,000 cubic metres.

 

To meet energy targets, Ruzizi III is a 206MW hydropower project being
developed on the Ruzizi River. It flows along the DR Congo, Burundi, and
Rwanda borders. Rusizi III will add 68MW to Rwanda's grid.

 

Other projects in the pipeline are improving grid infrastructure and
expansion, solar power projects, power trade, and promoting regional energy
trade as part of the East African Power Pool (EAPP), and the Central African
Power Pool (PEAC) to enable power trade projects.

 

- New Times.

 

 

 

 

Kenya: Budget Cuts in Kenyan Health Sector Spark Outcry Amid Sickle Cell
Crisis

Nairobi — Amid the growing demand for a stronger public health system in
Kenya, the recent announcement of the Ministry of Health being allocated
only Sh127 billion for the 2024-25 financial year has been met with
widespread disappointment and concern.

 

The budget cut of over Sh11 billion has come as a significant shock to the
country.

 

As World Sickle Cell Day (June 19) approaches, Nguvu Change Leader Arnold
Osano hopes to draw the government's attention to the health crisis that
Sickle Cell Disease (SCD) has already triggered in Kenya. He emphasizes that
the reduced budget will further impede efforts to strengthen the healthcare
system and combat SCD.

 

 

In September 2023, the Kenyan Ministry of Health declared that approximately
14,000 children are born with Sickle Cell Disease each year. Through his
online petition, "Give Kenyans Quality and Affordable Healthcare Services,"
Arnold Osano underscores the urgent need to prioritize resource allocation
towards improving preventive, promotive, and curative healthcare services in
Kenya.

 

"Kenya's healthcare system faces significant challenges in managing diseases
like SCD. Primary healthcare facilities often lack the resources for
appropriate treatment, leading to late diagnoses and hindering timely
management. Furthermore, healthcare providers frequently lack the necessary
skills and knowledge to diagnose and manage such diseases effectively,
resulting in suboptimal care. The high cost of treatment also places a heavy
financial burden on patients. We hoped the health budget would focus on
strengthening the system, but instead, the allocation was slashed, which is
a real irony," Osano stated.

 

 

Highlighting Article 43(A) in the Constitution of Kenya, which enshrines the
right of citizens to the highest attainable health standards, Arnold added,
"We urge the National and County Government Departments of Public Health and
Sanitation to ensure effective allocation of medical resources, involve the
legislature to guarantee constructive usage of these resources, implement
management and containment strategies for communicable disease outbreaks,
and strengthen public health systems to restore public trust and confidence.
Only then can we move forward as a strong nation that values the health of
its citizens."

 

Matshidiso Moeti, WHO Regional Director for Africa, echoed these concerns,
noting that African countries lack the necessary resources to provide
comprehensive care for people with diseases like SCD. According to WHO, the
absence of newborn screening programs and surveillance across the region
results in a lack of accurate and reliable data on the disease.

 

The budget cut has raised alarm among health advocates and citizens alike,
who worry that the reduced funding will exacerbate existing challenges in
the healthcare system and hinder progress in addressing critical health
issues such as Sickle Cell Disease.

 

- Capital FM.

 

 

 

 

TikTok faces fresh US pressure over child privacy

The US Federal Trade Commission (FTC) has referred a complaint against
TikTok and its Chinese parent company ByteDance over potential violations of
children's privacy to the Department of Justice (DOJ).

 

The FTC says its own investigation "uncovered reason to believe" that the
firms "are violating or are about to violate the law".

In a statement to BBC News, a TikTok spokesperson said they were
disappointed by the decision.

The case is separate from legislation passed earlier this year to ban TikTok
in the US if ByteDance does not sell the business.

The regulator said its investigation focused on potential violations of the
FTC Act and the Children's Online Privacy Protection Act (COPPA).

The FTC also said it does not usually announce that it has referred a
complaint to the DOJ but in this instance felt doing so was in the public
interest.

COPPA governs the collection, use and disclosure of personal information by
online services about children under 13-years-old.

The FTC Act targets “unfair or deceptive acts or practices” by companies.

In response, a TikTok spokesperson said the company disagreed with the
allegations and that it had "been working with the FTC for more than a year
to address its concerns."

 

"We're disappointed the agency is pursuing litigation instead of continuing
to work with us on a reasonable solution," they added.

When could TikTok be banned under new US law?

A DOJ spokesperson told BBC News they "cannot comment on the substance of
the referral from the FTC against TikTok."

 

"Consistent with our normal approach, the Justice Department consulted with
FTC in advance of this referral and will continue to do so as we consider
the claims," they added.

The FTC's announcement adds to the growing pressure faced by TikTok in the
US.

In April, President Joe Biden signed into law a bill that gave ByteDance a
maximum of a year to sell the app or face a ban in the country.

 

That means the deadline is likely to come some time in 2025, after the
winner of the 2024 presidential election takes office.

The law was introduced to address concerns that TikTok might share user data
with Chinese authorities - claims the company has denied.

In May, TikTok filed a lawsuit aiming to block that legislation, arguing it
is an "extraordinary intrusion on free speech rights" of the company and its
170 million American users.-BBC

 

 

 

Nvidia becomes world's most valuable company

Nvidia boss Jensen Huang, 61, has been described as the 'Taylor Swift of
tech'

 

Nvidia became the world’s most valuable company after its share price
climbed to an all-time high on Tuesday.

The stock ended the trading day at nearly $136, up 3.5%, making it more
valuable than Microsoft. It overtook Apple earlier this month.

American company Nvidia makes computer chips needed for artificial
intelligence (AI) software, and demand for its products has boosted its
sales and profits over the last few years.

 

Many investors believe its earnings can grow even more, which has caused its
share price to soar, though some have questioned its sky-high valuation.

Tuesday’s share price rally means the market now values the company at
$3.34tn (£2.63tn), with the price having nearly doubled since the start of
this year.

Eight years ago, the stock was worth less than 1% of its current price.

 

Competition among AI developers is fierce. Microsoft, Google-owner Alphabet,
Meta and Apple are just some of the tech heavyweights battling to create a
world-beating product.

 

This competition benefits Nvidia, which dominates the vast majority of the
AI chip market.

As such, investors believe the company will continue to surge in value.
Nvidia’s sales and profit figures have surpassed many analyst expectations
in recent years.

In May, after its latest set of financial results were published, Quilter
Cheviot technology analyst Ben Barringer said the company had "once again
cleared a very high hurdle".

 

"Demand is showing no signs of switching off either," he added.

However, a minority are more cautious.

 

In February, Barclays credit analyst Sandeep Gupta argued that Nvidia’s
large market share would be hard to maintain given the increasing number of
rivals and questioned how Nvidia’s customers would monetise AI software.-BBC

 

 

 

 

Bacon ice cream and nugget overload sees misfiring McDonald's AI withdrawn

McDonald's is removing artificial intelligence (AI) powered ordering
technology from its drive-through restaurants in the US, after customers
shared its comical mishaps online.

 

A trial of the system, which was developed by IBM and uses voice recognition
software to process orders, was announced in 2019.

It has not proved entirely reliable, however, resulting in viral videos of
bizarre misinterpreted orders ranging from bacon-topped ice cream to
hundreds of dollars' worth of chicken nuggets.

 

McDonald's told franchisees it would remove the tech from the more than 100
restaurants it has been testing it in by the end of July, as first reported
by trade publication Restaurant Business.

"After thoughtful review, McDonald's has decided to end our current global
partnership with IBM on AOT [Automated Order Taking] beyond this year," the
restaurant chain said in a statement.

 

However, it added it remained confident the tech would still be "part of its
restaurants’ future."

"We will continue to evaluate long-term, scalable solutions that will help
us make an informed decision on a future voice ordering solution by the end
of the year," the statement said.

 

The technology has been controversial from the outset, though initially
concerns centred on its potential to make people's jobs obsolete.

However, it has become apparent that replacing human restaurant workers may
not be as straightforward as people initially feared - and the system's
backers hoped.

The AI order-taker's mishaps have been documented online.

 

In one video, which has 30,000 views on TikTok, a young woman becomes
increasingly exasperated as she attempts to convince the AI that she wants a
caramel ice cream, only for it to add multiple stacks of butter to her
order.

 

In another, which has 360,000 views, a person claims that her order got
confused with one being made by someone else, resulting in nine orders of
tea being added to her bill.

 

Another popular video includes two people laughing while hundreds of dollars
worth of chicken nuggets are added to their order, while the New York Post
reported another person had bacon added to their ice cream in error.

 

The ending of this trial though does not mean an end to concerns about AI
reshaping the workplace.

IBM said it would continue to work with McDonald's in the future.

 

"This technology is proven to have some of the most comprehensive
capabilities in the industry, fast and accurate in some of the most
demanding conditions," it said in a statement.

 

"While McDonald's is re-evaluating and refining its plans for AOT we look
forward to continuing to work with them on a variety of other projects."-BBC

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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been compiled from s believed to be reliable, but no representation or
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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
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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